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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22649

iShares U.S. ETF Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

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: October 31, 2018

Item 1. Reports to Stockholders.

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

OCTOBER 31, 2018

2018 ANNUAL REPORT

iShares U.S. ETF Trust

  iShares Short Maturity Bond ETF | NEAR | Cboe BZX

  iShares Short Maturity Municipal Bond ETF | MEAR | Cboe BZX

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

Table of Contents

	Page
Market Overview		5
Fund Summary		6
About Fund Performance		12
Shareholder Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		30
Statements of Operations		31
Statements of Changes in Net Assets		32
Financial Highlights		34
Notes to Financial Statements		37
Report of Independent Registered Public Accounting Firm		45
Important Tax Information (Unaudited)		46
Board Review and Approval of Investment Advisory Contract		47
Supplemental Information		49
Trustee and Officer Information		51
General Information		53
Glossary of Terms Used in this Report		54

Market Overview

iShares U.S. ETF Trust

U.S. Bond Market Overview

The U.S. bond market declined for the 12 months ended October 31, 2018 (“reporting period”). The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -2.05%. The negative return for U.S. bonds was primarily due to a stronger U.S. economy and higher interest rates. Driven in part by the stimulative effect of federal tax reform legislation, the U.S. economy grew by 3% for the 12 months ended September 2018, its highest year-over-year growth rate in more than three years. Key components of the strengthening economy included the job market, where the unemployment rate declined to its lowest level since December 1969; industrial production, which increased at its sharpest year-over-year pace in nearly eight years; and retail sales, which accelerated for much of the reporting period before slowing in the last two months.

Faster economic growth led to higher inflation, though it remained low by historical standards. As measured by the consumer price index, the year-over-year U.S. inflation rate rose to 2.9% in mid-2018 — its fastest rate in more than six years — before falling back to 2.3% by the end of the reporting period. By comparison, the long-term historical average inflation rate is 3.3%.

In this environment, the U.S. Federal Reserve Bank (“Fed”) continued its efforts to normalize monetary policy. The Fed increased short-term interest rates four times during the reporting period, increasing its short-term interest rate target to 2.25%, the highest level in more than a decade. In addition, the Fed reduced its holdings of U.S. Treasury and mortgage-backed securities by approximately 7% during the reporting period, after quadrupling its holdings in response to the 2008 financial crisis.

Interest rates increased broadly in response to the improving economy and higher inflation. Short-term interest rates increased the most, reflecting the Fed’s actions. For example, the yield of the two-year U.S. Treasury note increased from 1.60% to 2.87% during the reporting period. Longer-term interest rates rose to a lesser degree; the yield of the 30-year U.S. Treasury bond increased from 2.88% to 3.39%. These developments led to the narrowest yield difference, or spread, between short-term and longer-term U.S. Treasury securities in more than 11 years.

Higher interest rates had the most significant impact on U.S. Treasury securities, which typically have greater sensitivity to changes in interest rates compared with other higher-yielding sectors of the bond market. Consequently, the prices of U.S. Treasury bonds declined as interest rates increased during the reporting period. U.S. Treasury inflation-protected securities also declined but to a lesser degree as the inflation rate increased.

Corporate bonds posted mixed returns for the reporting period. Despite the positive economic environment, investment-grade corporate bonds declined the most among the major bond sectors. In addition to higher interest rates, investor concerns about high corporate debt levels, a decline in average credit quality, and relatively high valuations contributed to the weakness in investment-grade corporate bonds. In contrast, high-yield corporate bonds, which have lower credit ratings, performed relatively well, as their higher yields buffered price declines. Strong investor demand for yield, lower issuance levels, and limited interest rate sensitivity contributed to the positive performance of high-yield corporate bonds.

Among securitized bonds, asset-backed securities (bonds backed by credit card receivables, auto loans, and other debt) posted positive returns for the reporting period, benefiting from their higher yields and relatively short maturities. Mortgage-backed securities, both residential and commercial, declined but to a lesser degree than the broader bond market.

M A R K E T    O V E R V I  E W 5

Fund Summary as of October 31, 2018   iShares^® Short Maturity Bond ETF

Investment Objective

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.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.78	%		1.24	%		1.24	%		1.78	%		6.36	%		6.51	%
Fund Market		1.78			1.24			1.25			1.78			6.36			6.53
Bloomberg Barclays Short-Term Government/Corporate Index		1.68			0.76			0.74			1.68			3.84			3.85

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,011.00	$        1.27			$        1,000.00	$        1,023.90	$        1.28		0.25	%

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

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Fund Summary as of October 31, 2018    (continued)   iShares^® Short Maturity Bond ETF

Portfolio Management Commentary

Short-term investment-grade bonds posted positive returns for the reporting period. While longer-term bond prices generally declined in the wake of four interest rate increases by the Fed, the shortest-term bonds are the least sensitive to interest rate changes.

The Fund performed well relative to the Bloomberg Barclays Short-Term Government/Corporate Index. The Fund’s performance relative to the broader short-term bond market benefited from overweight allocations to corporate credit and securitized products, including asset-backed securities (“ABSs”) and commercial mortgage-backed securities (“CMBSs”).

In the Fund’s corporate allocation, the largest contributors to the Fund’s performance were financial and industrial bonds. In general, corporate securities benefited from strong economic growth, tax reform, and healthy earnings. High demand from yield-seeking buyers also boosted corporate bonds.

Banks were the leading contributors to the Fund’s return. These issuers made up 23% of the Fund on average during the reporting period. Despite a flattening yield curve (the difference between short-term and long-term interest rates), banks generally benefited from increasing interest rates, as revenues from longer-term, higher-rate loans outpaced increases in deposit costs. In the industrial sector, overweight allocations to both the consumer non-cyclicals and consumer cyclicals industries were beneficial to the Fund’s performance, reflecting the strong economy, a decades-low unemployment rate, and healthy consumer spending.

Among securitized products, overweight positions in ABSs and CMBSs benefited the Fund, as investors seeking yield drove demand for these products. In addition, CMBSs benefited from falling delinquency rates for commercial loans. Rising property values and the easy availability of financing helped keep commercial mortgage defaults low.

For most of the reporting period, the Fund maintained a similar or shorter interest rate sensitivity (less price sensitivity to interest rate changes) relative to the Bloomberg Barclays Short-Term Government/Corporate Index. This position reflected expectations of interest rate increases by the Fed. By the end of the reporting period, the Fund moved to a slightly longer interest rate sensitivity relative to the broader market.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE
Investment Type	Percent of Total Investments	(a)
Corporate Bonds & Notes	63.2	%
Asset-Backed Securities	26.9
Collaterized Mortgage Obligations	4.8
Commercial Paper	2.1
Certificates of Deposit	1.9
Repurchase Agreements	0.7
U. S. Government & Agency Obligations	0.4

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	20.1	%
Aa	7.8
A	19.9
Baa	33.5
Ba	1.6
P-1	3.1
P-3	1.0
Aaae	0.5
Not Rated	12.5

* 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.

^(a)  Excludes money market funds.

F U N D    S U M M A R  Y 7

Fund Summary as of October 31, 2018   iShares^® Short Maturity Municipal Bond ETF

Investment Objective

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.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		0.95	%		0.84	%		0.95	%		3.10	%
Fund Market		1.01			0.86			1.01			3.20
Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index		0.65			0.72			0.65			2.67

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 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$    1,008.50	$        1.27			$    1,000.00	$        1,023.90	$        1.28		0.25%

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

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Fund Summary as of October 31, 2018    (continued)   iShares^® Short Maturity Municipal Bond ETF

Portfolio Management Commentary

Short-term municipal bonds posted a positive return for the reporting period. While longer-term municipal bond prices generally declined in the wake of four interest rate increases by the Fed, short-term municipal bonds are the least sensitive to interest rate changes. The Fund further maintained a defensive strategy to minimize the effect of rising interest rates.

Supply and demand were mixed. Supply surged as tax reform led to a spike in refunding issuances in late 2017, but that spike was followed by lower-than-normal issuances in 2018. Tax reform also worked to boost demand for municipal bonds, particularly from investors in higher-income tax states such as New York and California. New limits to the deductibility of state income taxes made tax-exempt municipal bonds more attractive for investors from these areas. This helped to offset a decline in demand for municipal bonds from banks and other corporations, which have a smaller incentive to invest in tax-exempt securities following the reduction of the corporate tax rate.

The Fund performed well relative to the broader market, as represented by the Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index. The Fund benefited from overweight positions in bonds rated in the A and BBB categories by Standard & Poor’s, as the higher yields for this class of credit offered attractive yields relative to higher-quality AAA-rated bonds. Strong demand from income investors and a wave of reinvested coupon and principal payments helped support the market for higher-yielding municipal bonds.

To mitigate the effect of rising interest rates, the Fund maintained an overweight allocation to variable-rate demand notes (“VRDNs”). Since interest rates on VRDN securities reset periodically, bondholders can benefit from these interest rate changes. Consequently, the overweight allocation to VRDNs contributed to the Fund’s relative return.

Overweight allocations to tax-backed state and local bonds and school district bonds also contributed to the Fund’s relative performance. On the downside, an underweight allocation to pre-refunded debt securities detracted from the Fund’s relative return.

Portfolio Information

ALLOCATION BY CREDIT QUALITY
S&P Credit Rating*	Percent of Total Investments	(a)
AA	20.9	%
AA-	1.2
A+	2.8
A	29.7
A-	1.8
BBB+	14.2
BBB	0.3
Not Rated	29.1

TEN LARGEST STATES
State	Percent of Total Investments	(a)
New Jersey	22.3	%
New York	19.1
Illinois	8.7
Wisconsin	5.4
Iowa	5.2
Texas	4.8
Washington	4.4
Virginia	3.9
Georgia	3.8
Connecticut	3.2

* 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.

^(a)  Excludes money market funds.

F U N D    S U M M A R  Y 9

Fund Summary as of October 31, 2018 iShares^® Ultra Short-Term Bond ETF

Investment Objective

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.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.02	%		1.06	%		2.02	%		5.27	%
Fund Market		2.08			1.07			2.08			5.33
ICE BofAML 6-Month US Treasury Bill Index		1.68			0.71			1.68			3.52

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

The 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 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,012.70	$        0.41			$        1,000.00	$        1,024.80	$        0.41		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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

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Fund Summary as of October 31, 2018    (continued)   iShares^® Ultra Short-Term Bond ETF

Portfolio Management Commentary

Ultra-short-term bonds posted a positive return for the reporting period. While bond prices generally declined in the wake of four interest rate increases by the Fed, the shortest-term bonds are the least sensitive to interest rate changes. In addition, the Fund is designed to exhibit little share price volatility in most interest rate environments, as demonstrated during the reporting period.

The Fund performed well relative to the Bank of America Merrill Lynch 6-Month U.S. Treasury Bill Index. The largest contributor to the Fund’s return relative to the broader ultra-short-term bond market was an overweight allocation to corporate bonds. Corporate debt benefited from strong economic growth, tax reform, and healthy earnings. In addition, high demand from yield-seeking buyers boosted corporate bonds.

Within the corporate sector, banks were the largest contributors to the Fund’s return. These issuers made up 32% of the Fund on average during the reporting period. Despite a flattening yield curve (the difference between short-term and long-term interest rates), banks generally benefited from increasing interest rates, as revenues from longer-term, higher-rate loans outpaced increases in deposit costs. Bonds issued by industrial companies were also contributors to the Fund’s performance, as industrial production increased, driven by strong demand for consumer products and industrial goods.

Floating-rate notes (“floaters”), which offer some protection from rising interest rates, also contributed to the Fund’s return. Floaters periodically reset their interest rate paid to investors, therefore increasing their payments when interest rates are rising. Toward the end of the reporting period, the Fund reduced its allocation to fully valued floaters in the industrial sector in favor of more attractively valued fixed-rate securities. For example, yields on two-year Treasury notes reached their highest level since 2008 so the Fund added exposure to select maturities with attractive yields. The Fund also increased exposure to asset-backed securities, which offered an attractive risk-reward trade-off.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE
Investment Type	Percent of Total Investments	(a)
Corporate Bonds & Notes	38.8	%
Commercial Paper	35.6
Certificates of Deposit	18.8
Repurchase Agreements	4.6
Asset-Backed Securities	2.2

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	1.7	%
Aa	16.5
A	24.2
Baa	2.4
P-1	30.9
P-2	14.0
Not Rated	10.3

* 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.

^(a)  Excludes money market funds.

F U N D    S U M M A R  Y 11

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

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Schedule of Investments   October 31, 2018 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Adams Mill CLO Ltd., Series 2014-1A, Class A2, 3.54%, 07/15/26 (Call 01/15/19), (3 mo. LIBOR US + 1.100%)(a)(b)	$	6,396	$	6,396,913
Ally Auto Receivables Trust, Class A2, 2.72%, 05/17/21 (Call 01/15/22)		12,910		12,891,868
ALM VII Ltd., Series 2012-7A, Class A1R, 3.92%, 10/15/28 (Call 01/15/19), (3 mo. LIBOR US + 1.480%)(a)(b)		9,000		9,027,326
ALM XII Ltd., Class A1R, 3.33%, 04/16/27 (Call 01/16/19), (3 mo. LIBOR US + 0.890%)(a)(b)		3,735		3,734,188
ALM XVII Ltd., Class A1AR, 3.37%, 01/15/28 (Call 07/15/19), (3 mo. LIBOR US + 0.930%)(a)(b)		22,500		22,466,050
American Express Credit Account Master Trust
Series 2017-1, Class A, 1.93%, 09/15/22		10,500		10,342,331
Series 2017-4, Class A, 1.64%, 12/15/21		21,395		21,266,835
Americredit Automobile Receivables Trust, Class A2, 2.71%, 07/19/21 (Call 04/18/22)		12,140		12,120,745
AmeriCredit Automobile Receivables Trust
Series 2016-4, Class A3, 1.53%, 07/08/21 (Call 01/08/21)		19,085		18,976,760
Series 2017-1, Class A3, 1.87%, 08/18/21 (Call 10/18/20)		820		815,097
Series 2017-3, Class A3, 1.90%, 03/18/22 (Call 04/18/21)		19,200		18,965,182
AMMC CLO 15 Ltd., Series 2014-15A, Class AXR, 3.58%, 12/09/26 (Call 12/09/18), (3 mo. LIBOR US + 1.250%)(a)(b)		1,688		1,688,847
Arbor Realty Commercial Real Estate Notes Ltd., Series 2017-FL1, Class A, 3.58%, 04/15/27 (Call 11/15/19), (1 mo. LIBOR US + 1.300%)(a)(b)		12,170		12,198,800
Ares XXIX CLO Ltd., Series 2014-1A, Class A1R, 3.64%, 04/17/26 (Call 01/17/19), (3 mo. LIBOR US + 1.190%)(a)(b)		8,697		8,700,083
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 3.14%, 11/17/27 (Call 11/17/18), (3 mo. LIBOR US + 0.830%)(a)(b)		4,350		4,334,365
Atlas Senior Loan Fund IV Ltd., Class A1RR, 2.99%, 02/17/26 (Call 11/15/18), (3 mo. LIBOR US + 0.680%)(a)(b)		4,342		4,341,330
Avery Point IV CLO Ltd., 3.59%, 04/25/26 (Call 01/25/19), (3 mo. LIBOR US + 1.100%)(a)(b)		5,494		5,496,458
BA Credit Card Trust, Class A1, 1.95%, 08/15/22		21,000		20,688,072
BlueMountain CLO Ltd., Series 2012-2A, Class AR, 3.74%, 11/20/28 (Call 11/20/18), (3 mo. LIBOR US + 1.420%)(a)(b)		11,000		11,006,065
BMW Floorplan Master Owner Trust, Class A2, 2.60%, 05/15/23, (1 mo. LIBOR US + 0.320%)(a)(b)		21,060		21,092,807
Cabela’s Credit Card Master Note Trust, Series 2014-2, Class A, 2.73%, 07/15/22, (1 mo. LIBOR US + 0.450%)(b)		3,500		3,506,718
Capital One Multi-Asset Execution Trust, Series 2016-A1, Class A1, 2.73%, 02/15/22, (1 mo. LIBOR US + 0.450%)(b)		38,000		38,056,320
Carlyle Global Market Strategies CLO Ltd.
Series 2012-3A, Class A1R, 3.89%, 10/14/28 (Call 01/14/19), (3 mo. LIBOR US + 1.450%)(a)(b)		9,000		9,002,208
Series 2013-2A, Class AR, 3.33%, 01/18/29 (Call 01/18/19), (3 mo. LIBOR US + 0.890%)(a)(b)		6,210		6,189,999

Security	Par (000)		Value
CarMax Auto Owner Trust
Series 2015-1, Class A4, 1.83%, 07/15/20 (Call 04/15/19)	$	20,647	$	20,584,943
Series 2018-2, Class A2, 2.73%, 08/16/21 (Call 12/15/21)		11,660		11,639,062
Cedar Funding II CLO Ltd., Series 2013-1A, Class A1R, 3.56%, 06/09/30 (Call 06/09/19), (3 mo. LIBOR US + 1.230%)(a)(b)		8,000		8,010,822
Cedar Funding VI CLO Ltd., Class AR, 3.56%, 10/20/28 (Call 10/20/19), (3 mo. LIBOR US + 1.090%)(a)(b)		20,500		20,499,287
Chase Issuance Trust
Series 2013-A9, Class A, 2.70%, 11/15/20, (1 mo. LIBOR US + 0.420%)(b)		11,815		11,817,214
Series 2014-A5, Class A5, 2.65%, 04/15/21, (1 mo. LIBOR US + 0.370%)(b)		7,000		7,008,750
Series 2016-A1, Class A, 2.69%, 05/15/21, (1 mo. LIBOR US + 0.410%)(b)		36,750		36,819,116
Chesapeake Funding II LLC
Series 2016-1A, Class A2, 3.43%, 03/15/28, (1 mo. LIBOR US + 1.150%)(a)(b)		6,166		6,182,494
Series 2016-2A, Class A2, 3.28%, 06/15/28 (Call 08/15/19), (1 mo. LIBOR US + 1.000%)(a)(b)		5,680		5,695,801
CIFC Funding Ltd.
Class A, 3.71%, 04/20/30 (Call 04/20/19), (3 mo. LIBOR US + 1.240%)(a)(b)		6,375		6,383,178
Class A1A, 3.59%, 10/17/30, (3 mo. LIBOR US + 1.130%)(a)(b)(c)		15,175		15,175,000
Series 2015-2A, Class AR, 3.22%, 04/15/27 (Call 01/15/19), (3 mo. LIBOR US + 0.780%)(a)(b)		17,000		16,923,019
Citibank Credit Card Issuance Trust
Series 2016-A1, Class A1, 1.75%, 11/19/21		14,385		14,188,951
Series 2017-A9, Class A9, 1.80%, 09/20/21		14,535		14,387,788
CNH Equipment Trust, Series 2017-B, Class A3, 1.86%, 09/15/22 (Call 08/15/21)		19,320		18,992,296
Discover Card Execution Note Trust
Series 2014-A1, Class A1, 2.71%, 07/15/21, (1 mo. LIBOR US + 0.430%)(b)		6,760		6,764,881
Series 2016-A1, Class A1, 1.64%, 07/15/21		8,915		8,898,081
Drive Auto Receivables Trust
Class A2, 2.64%, 09/15/20 (Call 02/15/22)		8,803		8,799,304
Class A2, 2.75%, 10/15/20 (Call 05/15/22)		12,000		11,991,017
Class A3, 3.01%, 11/15/21 (Call 05/15/22)		35,660		35,620,392
Series 2017-2, Class B, 2.25%, 06/15/21 (Call 06/15/20)		1,852		1,850,045
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 3.34%, 04/15/29 (Call 10/15/19), (3 mo. LIBOR US + 0.900%)(a)(b)		16,350		16,283,261
Enterprise Fleet Financing LLC 2.13%, 07/20/22(a)		1,983		1,971,595
2.13%, 05/22/23(a)		7,123		7,054,346
Series 2015-2, Class A3, 2.09%, 02/22/21(a)		2,660		2,651,608
Series 2016-1, Class A2, 1.83%, 09/20/21(a)		1,556		1,555,387
Series 2017-2, Class A2, 1.97%, 01/20/23(a)		12,918		12,819,745
Ford Credit Floorplan Master Owner Trust
Series 2014-2, Class A, 2.78%, 02/15/21, (1 mo. LIBOR US + 0.500%)(b)		11,000		11,018,987
Series 2016-1, Class A2, 3.18%, 02/15/21, (1 mo. LIBOR US + 0.900%)(b)		10,000		10,027,891
Series 2016-3, Class A2, 2.90%, 07/15/21, (1 mo. LIBOR US + 0.620%)(b)		10,000		10,033,200

S C H E D U L E    O F    I N V E S T M E N T S 13

Schedule of Investments (continued)   October 31, 2018 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ford Credit Floorplan Master Owner Trust A, Series 2016-1, Class A1, 1.76%, 02/15/21	$	24,775	$	24,702,003
GM Financial Consumer Automobile Receivables Trust, Class A2, 2.93%, 11/16/21 (Call 09/16/22)		23,250		23,229,965
GoldenTree Loan Opportunities IX Ltd., Class AR2, 3.62%, 10/29/29 (Call 10/29/20), (3 mo. LIBOR US + 1.110%)(a)(b)(c)		16,680		16,680,000
Halcyon Loan Advisors Funding Ltd., Class AR, 3.57%, 07/25/27 (Call 07/25/19), (3 mo. LIBOR US + 1.080%)(a)(b)(c)		16,185		16,185,000
Honda Auto Receivables Owner Trust
Class A4, 3.16%, 08/19/24 (Call 07/18/21)		5,705		5,692,229
Series 2015-3, Class A4, 1.56%, 10/18/21 (Call 12/18/18)		6,596		6,584,877
Series 2015-4, Class A4, 1.44%, 01/21/22 (Call 02/21/19)		6,025		6,000,908
Series 2016-2, Class A3, 1.39%, 04/15/20 (Call 08/15/19)		3,991		3,973,179
Series 2016-2, Class A4, 1.62%, 08/15/22 (Call 08/15/19)		18,000		17,819,978
John Deere Owner Trust, Series 2017-B, Class A3, 1.82%, 10/15/21 (Call 01/15/21)		9,890		9,750,321
LCM XX LP, Class AR, 3.38%, 10/20/27, (3 mo. LIBOR US + 1.040%)(a)(b)		13,750		13,749,647
LCM Xxiv Ltd., Series 24A, Class A, 3.78%, 03/20/30 (Call 04/20/19), (3 mo. LIBOR US + 1.310%)(a)(b)		2,000		2,008,520
LoanCore Issuer Ltd., Class A, 3.41%, 05/15/28 (Call 05/15/20), (1 mo. LIBOR US + 1.130%)(a)(b)		9,450		9,467,590
Madison Park Funding X Ltd., Series 2012-10A, Class AR, 3.92%, 01/20/29 (Call 01/20/19), (3 mo. LIBOR US + 1.450%)(a)(b)		6,250		6,259,436
Madison Park Funding XIII Ltd., Class AR2, 3.40%, 04/19/30 (Call 01/19/19), (3 mo. LIBOR US + 0.950%)(a)(b)		4,000		3,992,073
Marathon CRE Ltd., Class A, 3.43%, 06/15/28 (Call 07/15/20), (1 mo. LIBOR US + 1.150%)(a)(b)		3,640		3,642,941
Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A3, 1.26%, 02/16/21 (Call 06/15/20)		5,542		5,496,079
Mercedes-Benz Master Owner Trust
Class A, 2.62%, 05/15/23, (1 mo. LIBOR US + 0.340%)(a)(b)		21,820		21,859,101
Series 2016-BA, Class A, 2.98%, 05/17/21, (1 mo. LIBOR US + 0.700%)(a)(b)		11,375		11,408,282
Series 2017-BA, Class A, 2.70%, 05/16/22, (1 mo. LIBOR US + 0.420%)(a)(b)		14,540		14,581,398
Navient Private Education Loan Trust
Class A1, 2.63%, 12/15/59 (Call 12/15/27), (1 mo. LIBOR US + 0.350%)(a)(b)		16,338		16,345,501
Series 2014-CT, Class A, 2.98%, 09/16/24 (Call 09/15/21), (1 mo. LIBOR US + 0.700%)(a)(b)		955		955,773
Navient Private Education Refi Loan Trust
Class A1, 2.58%, 12/15/59 (Call 07/15/28), (1 mo. LIBOR US + 0.300%)(a)(b)		15,800		15,800,000
Class A1, 3.01%, 06/16/42 (Call 08/15/26)(a)		24,306		24,196,219
Navient Student Loan Trust, Series 2015-2, Class A2, 2.70%, 08/27/29 (Call 02/25/27), (1 mo. LIBOR US + 0.420%)(b)		2,028		2,029,770
Nissan Auto Receivables Owner Trust, Series 2016-B, Class A3, 1.32%, 01/15/21 (Call 09/15/20)		15,105		14,979,331

Security	Par (000)		Value
Nissan Master Owner Trust Receivables
Class A, 2.60%, 10/17/22, (1 mo. LIBOR US + 0.320%)(b)	$	7,035	$	7,044,136
Series 2016-A, Class A1, 2.92%, 06/15/21, (1 mo. LIBOR US + 0.640%)(b)		18,500		18,556,258
Series 2017-B, Class A, 2.71%, 04/18/22, (1 mo. LIBOR US + 0.430%)(b)		22,513		22,590,629
OCP CLO Ltd., Class A1R, 3.56%, 10/18/28 (Call 10/15/19), (3 mo. LIBOR US + 1.120%)(a)(b)		17,210		17,209,392
Octagon Investment Partners 24 Ltd., Series 2015-1A, Class A1R, 3.21%, 05/21/27 (Call 11/21/18), (3 mo. LIBOR US + 0.900%)(a)(b)		18,600		18,599,202
OHA Credit Partners IX Ltd., Series 2013-9A, Class A1R, 3.48%, 10/20/25 (Call 01/20/19), (3 mo. LIBOR US + 1.010%)(a)(b)		798		798,199
OZLM VIII Ltd., Series 2014-8A, Class A1AR, 3.58%, 10/17/26 (Call 01/17/19), (3 mo. LIBOR US + 1.130%)(a)(b)		2,500		2,500,564
Palmer Square Loan Funding Ltd., Class A1, 3.15%, 11/15/26 (Call 11/15/19), (3 mo. LIBOR US + 0.900%)(a)(b)		13,000		12,998,700
PFS Financing Corp., Series 2017-C, Class A, 2.75%, 10/15/21, (1 mo. LIBOR US + 0.470%)(a)(b)		14,850		14,858,206
Prestige Auto Receivables Trust, Series 2016-2A, Class A2, 1.46%, 07/15/20 (Call 10/15/20)(a)		31		30,618
Regatta VI Funding Ltd., 3.55%, 07/20/28 (Call 07/20/19), (3 mo. LIBOR US + 1.080%)(a)(b)		15,130		15,129,496
Santander Drive Auto Receivables Trust
Series 2017-2, Class A3, 1.87%, 12/15/20 (Call 04/15/20)		2,015		2,013,072
Series 2017-3, Class A3, 1.87%, 06/15/21 (Call 10/15/20)		11,130		11,094,581
SLM Private Credit Student Loan Trust, Series 2005-A, Class A3, 2.53%, 06/15/23 (Call 03/15/28), (3 mo. LIBOR US + 0.200%)(b)		7,225		7,215,204
SLM Private Education Loan Trust
Series 2011-C, Class A2A, 5.53%, 10/17/44 (Call 02/15/21), (1 mo. LIBOR US + 3.250%)(a)(b)		635		647,613
Series 2012-E, Class A2B, 4.03%, 06/15/45 (Call 11/15/18), (1 mo. LIBOR US + 1.750%)(a)(b)		863		863,247
Series 2013-A, Class A2B, 3.33%, 05/17/27 (Call 11/15/19), (1 mo. LIBOR US + 1.050%)(a)(b)		58		58,501
Series 2013-C, Class A2B, 3.68%, 10/15/31 (Call 04/15/21), (1 mo. LIBOR US + 1.400%)(a)(b)		8,081		8,123,680
SLM Student Loan Trust, Series 2011-2, Class A1, 2.88%, 11/25/27 (Call 09/25/31), (1 mo. LIBOR US + 0.600%)(b)		437		439,352
SMB Private Education Loan Trust
Class A1, 2.43%, 09/15/25, (1 mo. LIBOR US + 0.300%)(a)(b)		21,690		21,683,447
Class A1, 2.60%, 12/16/24, (1 mo. LIBOR US + 0.320%)(a)(b)		5,449		5,450,698
Class A1, 2.63%, 03/16/26, (1 mo. LIBOR US + 0.350%)(a)(b)		6,959		6,959,702
Series 2015-A, Class A2A, 2.49%, 06/15/27 (Call 03/15/27)(a)		10,602		10,449,755
Series 2016-C, Class A1, 2.83%, 11/15/23, (1 mo. LIBOR US + 0.550%)(a)(b)		376		376,060

14 2 0 1 8    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments (continued)   October 31, 2018 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Series 2017-A, Class A2B, 3.18%, 09/15/34, (1 mo. LIBOR US + 0.900%)(a)(b)	$	30,000	$	30,218,535
Series 2017-B, Class A1, 2.55%, 06/17/24, (1 mo. LIBOR US + 0.270%)(a)(b)		2,646		2,645,957
SoFi Professional Loan Program LLC
Series 16-C, Class A1, 3.38%, 10/27/36 (Call 10/25/24), (1 mo. LIBOR US + 1.100%)(a)(b)		3,305		3,354,753
Series 16-C, Class A2A, 1.48%, 05/26/31 (Call 10/25/24)(a)		359		358,107
Series 2014-A, Class A1, 3.88%, 06/25/25 (Call 10/25/19), (1 mo. LIBOR US + 1.600%)(a)(b)		215		216,169
Series 2014-B, Class A1, 3.53%, 08/25/32 (Call 08/25/20), (1 mo. LIBOR US + 1.250%)(a)(b)		187		188,789
Series 2014-B, Class A2, 2.55%, 08/27/29 (Call 08/25/20)(a)		1,082		1,070,529
Series 2015-A, Class A1, 3.48%, 03/25/33 (Call 02/25/21), (1 mo. LIBOR US + 1.200%)(a)(b)		536		541,077
Series 2015-B, Class A1, 3.33%, 04/25/35 (Call 07/25/22), (1 mo. LIBOR US + 1.050%)(a)(b)		2,918		2,956,501
TCI-Flatiron CLO Ltd., Series 2016-1A, Class A, 4.00%, 07/17/28, (3 mo. LIBOR US + 1.550%)(a)(b)		6,850		6,868,757
TICP CLO I Ltd., Series 2015-1A, Class AR, 3.27%, 07/20/27 (Call 01/20/19), (3 mo. LIBOR US + 0.800%)(a)(b)		4,015		3,998,858
Treman Park CLO Ltd., Class ARR, 1.00%, 10/20/28, (3 mo. LIBOR US + 1.070%)(a)(b)(c)		21,750		21,750,000
Wheels SPV 2 LLC
Series 2015-1A, Class B, 1.88%, 04/20/26 (Call 01/20/21)(a)		1,303		1,291,984
Series 2016-1A, Class A2, 1.59%, 05/20/25 (Call 10/20/19)(a)		317		316,139
Total Asset-Backed Securities — 24.6% (Cost: $1,225,902,493)				1,223,809,416
Certificates of Deposit
Barclays Bank PLC, 3.00%, 09/19/19		15,000		15,000,366
BNP Paribas SA/New York NY, 2.64%, 12/28/18, (3 mo. LIBOR US + 0.250%)(b)		9,000		9,004,223
Commonwealth Bank of Australia/New York NY, 2.54%, 03/18/19, (3 mo. LIBOR US + 0.200%)(b)		15,000		15,014,175
Credit SuisseAG/New York NY
2.61%, 05/01/19, (3 mo. LIBOR US + 0.270%)(b)		16,000		16,011,136
2.66%, 03/14/19, (3 mo. LIBOR US + 0.330%)(b)		15,000		15,008,505
Royal Bank of Canada/New York NY, 2.50%, 02/07/19, (3 mo. LIBOR US + 0.160%)(b)		15,000		15,005,094
Total Certificates of Deposit — 1.7% (Cost: $85,000,000)				85,043,499
Collaterized Mortgage Obligations
Mortgage-Backed Securities — 4.4%
Americold LLC, Series 2010-ARTA, Class A1, 3.85%, 01/14/29(a)		3,325		3,339,564
AOA Mortgage Trust, Class A, 2.96%, 12/13/29(a)		6,920		6,783,161
Aventura Mall Trust, Series 2013-AVM, Class A, 3.74%, 12/05/32(a)(b)		4,650		4,702,113
BAMLL Commercial Mortgage Securities Trust, Series 2014-FL1, Class A, 3.56%, 12/15/31, (1 mo. LIBOR US + 1.400%)(a)(b)		1,406		1,405,791

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Bancorp Commercial Mortgage Trust
Class A, 3.18%, 09/15/35, (1 mo. LIBOR US + 0.900%)(a)(b)	$	6,753	$	6,749,439
Series 2016-CRE1, Class A, 3.59%, 11/15/33, (1 mo. LIBOR US + 1.430%)(a)(b)		81		81,026
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PW10, Class AJ, 5.59%, 12/11/40(b)		5,575		5,871,743
BSPRT Issuer Ltd., Series 2017-FL2, Class A, 3.10%, 10/15/34, (1 mo. LIBOR US + 0.820%)(a)(b)(c)		1,443		1,443,544
BX Commercial MortgageTrust
Class A, 2.95%, 03/15/37, (1 mo. LIBOR US + 0.671%)(a)(b)		23,190		23,117,188
Class A, 3.03%, 11/15/35, (1 mo. LIBOR US + 0.750%)(a)(b)		10,000		9,994,900
COMM MortgageTrust
Series 2014-PAT, Class A, 3.08%, 08/13/27, (1 mo. LIBOR US + 0.800%)(a)(b)		13,570		13,565,792
Series 2014-TWC, Class A, 3.13%, 02/13/32, (1 mo. LIBOR US + 0.850%)(a)(b)		11,305		11,301,441
Commission Mortgage Trust, Series 2013-CR6, Class A3FL, 2.91%, 03/10/46, (1 mo. LIBOR US + 0.630%)(a)(b)		9,874		9,864,198
Four Times Square Trust Commercial Mortgage Pass-Through Certificates, Series 2006-4TS, Class A, 5.40%, 12/13/28(a)		11,117		11,519,231
Gosforth Funding PLC, Class A1, 2.71%, 08/25/60 (Call 08/25/23), (3 mo. LIBOR US + 0.450%)(a)(b)		11,200		11,195,707
GPMT Ltd., Series 2018-FL1, Class A, 3.18%, 11/21/35, (1 mo. LIBOR US + 0.900%)(a)(b)		11,022		11,001,678
GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.71%, 12/10/27(a)		1,811		1,799,988
Hospitality Mortgage Trust, Series 2017-HIT, Class A, 3.13%, 05/08/30, (1 mo. LIBOR US + 0.850%)(a)(b)		4,990		4,990,033
InTown Hotel Portfolio Trust, Series 2018-STAY, Class A, 2.98%, 01/15/33, (1 mo. LIBOR US + 0.700%)(a)(b)		4,480		4,477,262
LMREC Inc., Series 2016-CRE2, Class A, 3.98%, 11/24/31, (1 mo. LIBOR US + 1.700%)(a)(b)		3,410		3,410,000
Madison Avenue Trust, Series 2013-650M, Class A, 3.84%, 10/12/32(a)		2,060		2,069,040
Morgan Stanley Capital I Trust
Class A, 3.13%, 08/15/33, (1 mo. LIBOR US + 0.850%)(a)(b)		6,860		6,862,143
Class A, 3.35%, 07/13/29(a)		14,480		14,454,531
Series 2017-CLS, Class A, 2.98%, 11/15/34, (1 mo. LIBOR US + 0.700%)(a)(b)		9,512		9,506,084
Natixis Commercial Mortgage Securities Trust, Series 2018-RIVA, Class A, 3.03%, 02/15/33, (1 mo. LIBOR US + 0.750%)(a)(b)		7,500		7,500,004
Resource Capital Corp., Series 2017-CRE5, Class A, 3.09%, 07/15/34, (1 mo. LIBOR US + 0.800%)(a)(b)		2,524		2,524,490
VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.81%, 12/13/29(a)		5,200		5,233,400
WFRBS Commercial Mortgage Trust, Series 2012-C8, Class AFL, 3.29%, 08/15/45, (1 mo. LIBOR US + 1.000%)(a)(b)		23,192		23,512,575
Total Collaterized Mortgage Obligations — 4.4% (Cost: $219,517,310)				218,276,066

S C H E D U L E    O F    I N V E S T M E N T S 15

Schedule of Investments (continued)   October 31, 2018 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper
Energy Transfer Partners LP, 3.01%, 11/13/18(d)	$	25,000	$	24,975,083
Ford Motor Credit Co. LLC, 3.00%, 04/01/19(d)		23,000		22,695,168
HSBC Bank PLC, 2.62%, 03/27/19, (3 mo. LIBOR US + 0.240%)(a)(b)		9,000		9,005,698
Kinder Morgan Inc./DE, 3.07%, 01/03/19(d)		25,000		24,866,563
Toronto-Dominion Bank (The), 2.55%, 02/08/19, (1 mo. LIBOR US + 0.270%)(a)(b)		15,000		15,008,070
Total Commercial Paper — 1.9% (Cost: $96,556,969)				96,550,582
Corporate Bonds & Notes
Advertising —0.3%
Interpublic Group of Companies Inc. (The), 3.50%, 10/01/20		4,465		4,460,063
Omnicom Group Inc./Omnicom Capital Inc., 6.25%, 07/15/19		10,000		10,219,160
				14,679,223
Aerospace & Defense — 1.4%
Lockheed Martin Corp., 4.25%, 11/15/19		16,004		16,185,716
Northrop Grumman Corp., 2.08%, 10/15/20		15,000		14,642,923
United Technologies Corp. 1.90%, 05/04/20		15,000		14,682,846
2.97%, 08/16/21 (Call 08/16/19), (3 mo. LIBOR US + 0.650%)(b)		21,865		21,888,709
				67,400,194
Agriculture — 1.4%
BAT Capital Corp. 2.30%, 08/14/20(a)(e)		30,000		29,358,134
2.91%, 08/14/20, (3 mo. LIBOR US + 0.590%)(a)(b)		24,000		24,072,501
Imperial Brands Finance PLC, 2.95%, 07/21/20(a)(e)		15,000		14,807,611
				68,238,246
Auto Manufacturers — 4.9%
American Honda Finance Corp., 2.59%, 06/16/20, (3 mo. LIBOR US + 0.260%)(b)		10,000		10,004,191
BMW U.S. Capital LLC
2.79%, 04/06/20, (3 mo. LIBOR US + 0.380%)(a)(b)		4,415		4,428,477
3.25%, 08/14/20(a)		13,665		13,644,522
Daimler Finance North America LLC
2.77%, 02/12/21, (3 mo. LIBOR US + 0.430%)(a)(b)		5,000		4,999,184
2.87%, 05/05/20, (3 mo. LIBOR US + 0.530%)(a)(b)(e)		15,500		15,532,539
3.15%, 07/05/19, (3 mo. LIBOR US + 0.740%)(a)(b)		3,500		3,510,187
Ford Motor Credit Co. LLC 2.60%, 11/04/19(e)		15,000		14,819,828
2.68%, 01/09/20(e)		10,000		9,853,470
2.78%, 11/02/20, (3 mo. LIBOR US + 0.430%)(b)		17,000		16,780,360
2.94%, 01/08/19(e)		3,500		3,499,152
3.16%, 08/04/20(e)		20,000		19,651,819
General Motors Financial Co. Inc. 3.20%, 07/13/20 (Call 06/13/20)		50,000		49,557,500
3.26%, 04/09/21, (3 mo. LIBOR US + 0.850%)(b)		10,000		9,999,300
3.50%, 07/10/19(e)		15,000		15,040,168
Hyundai Capital America
3.20%, 04/03/20, (3 mo. LIBOR US + 0.800%)(a)(b)		6,890		6,892,484
3.34%, 09/18/20, (3 mo. LIBOR US + 1.000%)(a)(b)(e)		3,000		3,015,576
Nissan Motor Acceptance Corp.
3.02%, 01/13/20, (3 mo. LIBOR US + 0.580%)(a)(b)		15,000		15,047,340
3.09%, 07/13/22, (3 mo. LIBOR US + 0.650%)(a)(b)		12,500		12,497,254

Security	Par (000)		Value
Auto Manufacturers (continued)
Toyota Motor Credit Corp., 2.84%, 01/17/19, (3 mo. LIBOR US + 0.390%)(b)	$	3,840	$	3,842,560
Volkswagen Group of America Finance LLC, 2.13%, 05/23/19(a)		12,500		12,423,083
				245,038,994
Banks — 22.8%
ABN AMRO Bank NV, 3.08%, 01/18/19, (3 mo. LIBOR US + 0.640%)(a)(b)		4,700		4,703,948
Australia & New Zealand Banking Group Ltd., 2.82%, 08/19/20, (3 mo. LIBOR US + 0.500%)(a)(b)		19,745		19,828,462
Australia & New Zealand Banking Group Ltd./New York NY, 2.70%, 11/16/20(e)		15,000		14,791,059
Banco Santander SA, 3.55%, 04/12/23, (3 mo. LIBOR US + 1.120%)(b)		10,000		10,026,820
Bank of America Corp. 3.05%, 10/01/21 (Call 10/01/20), (3 mo. LIBOR US + 0.650%)(b)		7,500		7,526,194
3.13%, 07/21/21 (Call 07/21/20), (3 mo. LIBOR US + 0.660%)(b)(e)		25,500		25,610,470
3.49%, 04/24/23 (Call 04/24/22), (3 mo. LIBOR US + 1.000%)(b)		7,500		7,574,098
3.63%, 01/20/23 (Call 01/20/22), (3 mo. LIBOR US + 1.160%)(b)		25,000		25,390,894
7.63%, 06/01/19 .		10,000		10,260,867
Series L, 2.25%, 04/21/20(e)		2,000		1,971,034
Bank of Montreal
2.58%, 09/11/19, (3 mo. LIBOR US + 0.250%)(b)		3,350		3,354,553
2.93%, 12/12/19, (3 mo. LIBOR US + 0.600%)(b)		10,185		10,240,695
3.09%, 07/18/19, (3 mo. LIBOR US + 0.650%)(b)		3,500		3,513,929
3.10%, 08/27/21, (3 mo. LIBOR US + 0.790%)(b)		7,000		7,088,165
Bank of Nova Scotia (The), 2.96%, 09/19/22, (3 mo. LIBOR US + 0.620%)(b)		10,000		10,035,889
Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 2.83%, 09/09/19, (3 mo. LIBOR US + 0.450%)(b)		6,000		6,012,640
Banque Federative du Credit Mutuel SA 2.20%, 07/20/20(a)(e)		10,000		9,789,764
2.96%, 07/20/20, (3 mo. LIBOR US + 0.490%)(a)(b)		3,215		3,223,082
Barclays PLC, 2.75%, 11/08/19(e)		35,085		34,840,177
BB&T Corp., 2.90%, 06/15/20, (3 mo. LIBOR US + 0.570%)(b)		9,403		9,451,647
BNP Paribas SA, 2.38%, 05/21/20(e)		15,000		14,798,705
Capital One Financial Corp.
2.97%, 10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.450%)(b)		5,000		4,995,999
3.10%, 05/12/20 (Call 04/12/20), (3 mo. LIBOR US + 0.760%)(b)		15,505		15,579,734
Capital One N.A., 3.67%, 01/30/23 (Call 01/30/22), (3 mo. LIBOR US + 1.150%)(b)		3,000		3,019,376
Citibank N.A., 2.83%, 06/12/20, (3 mo. LIBOR US + 0.500%)(b)		7,060		7,092,031
Citigroup Inc. 2.05%, 06/07/19		10,000		9,940,997
2.45%, 01/10/20 (Call 12/10/19)		10,000		9,907,747
2.50%, 07/29/19(e)		10,000		9,967,603
2.65%, 10/26/20(e)		25,000		24,621,046
3.20%, 01/10/20 (Call 12/10/19), (3 mo. LIBOR US + 0.790%)(b)		8,286		8,330,338
3.20%, 10/27/22 (Call 09/27/22), (3 mo. LIBOR US + 0.690%)(b)(e)		10,000		9,995,836

16 2 0 1 8    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments (continued)   October 31, 2018 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Citizens Bank N.A./Providence RI, 2.88%, 05/26/20, (3 mo. LIBOR US + 0.570%)(b)	$	8,710	$	8,734,089
Commonwealth Bank of Australia/New York NY 2.30%, 03/12/20		15,000		14,818,567
2.40%, 11/02/20(e)		20,000		19,591,971
Cooperatieve Rabobank UA, 3.23%, 09/26/23, (3 mo. LIBOR US + 0.860%)(a)(b)(e)		10,000		9,980,045
Credit Suisse Group Funding Guernsey Ltd., 2.75%, 03/26/20(e)		19,000		18,801,226
Danske Bank A/S 2.75%, 09/17/20(a)(e)		20,000		19,638,273
2.83%, 03/02/20, (3 mo. LIBOR US + 0.510%)(a)(b)		2,500		2,497,014
Deutsche Bank AG, 3.89%, 01/18/19, (3 mo. LIBOR US + 1.450%)(b)		5,000		5,003,135
Deutsche Bank AG/London, 2.50%, 02/13/19(e)		7,000		6,983,561
Deutsche Bank AG/New York NY
3.28%, 01/22/21, (3 mo. LIBOR US + 0.815%)(b)		5,000		4,946,924
4.25%, 02/04/21		9,905		9,866,499
Discover Bank 2.60%, 11/13/18(e)		2,300		2,299,591
3.10%, 06/04/20 (Call 05/04/20)		20,000		19,842,856
Fifth Third Bank/Cincinnati OH, 2.77%, 10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.250%)(b)		10,000		10,004,728
Goldman Sachs Group Inc. (The)
2.55%, 10/23/19		10,000		9,934,468
3.31%, 10/31/22 (Call 10/31/21), (3 mo. LIBOR US + 0.780%)(b)		4,000		4,013,895
3.37%, 06/05/23 (Call 06/05/22), (3 mo. LIBOR US + 1.050%)(b)		15,000		15,099,750
3.49%, 07/24/23 (Call 07/24/22), (3 mo. LIBOR US + 1.000%)(b)		5,000		5,033,338
3.53%, 09/15/20 (Call 08/15/20), (3 mo. LIBOR US + 1.200%)(b)		1,750		1,774,341
3.85%, 04/23/21 (Call 03/23/21), (3 mo. LIBOR US + 1.360%)(b)		7,000		7,138,600
4.08%, 02/25/21, (3 mo. LIBOR US + 1.770%)(b)(e)		10,000		10,274,803
HSBC Bank PLC, 4.13%, 08/12/20(a)(e)		10,000		10,140,528
HSBC Holdings PLC 2.92%, 05/18/21 (Call 05/18/20), (3 mo. LIBOR US + 0.600%)(b)		24,695		24,722,362
3.97%, 05/25/21, (3 mo. LIBOR US + 1.660%)(b)		10,000		10,280,842
4.57%, 03/08/21, (3 mo. LIBOR US + 2.240%)(b)(e)		6,815		7,078,713
HSBC USA Inc., 2.35%, 03/05/20		15,000		14,822,864
Huntington National Bank (The) 2.20%, 11/06/18 (Call 10/06/18)		5,000		4,999,694
2.20%, 04/01/19 (Call 03/01/19)(e)		7,500		7,481,473
2.84%, 03/10/20, (3 mo. LIBOR US + 0.510%)(b)		10,000		10,029,157
ING Bank NV, 2.92%, 08/15/19, (3 mo. LIBOR US + 0.610%)(a)(b)		3,000		3,007,879
Intesa Sanpaolo SpA/New York NY, 3.08%, 07/17/19, (3 mo. LIBOR US + 0.630%)(b)		6,990		6,992,412
JPMorgan Chase & Co.
2.25%, 01/23/20 (Call 12/23/19)(e)		4,000		3,952,904
2.88%, 03/09/21 (Call 03/09/20), (3 mo. LIBOR US + 0.550%)(b)(e)		10,000		10,012,850
3.00%, 06/01/21 (Call 06/01/20), (3 mo. LIBOR US + 0.680%)(b)		19,985		20,014,977
3.39%, 04/25/23 (Call 04/25/22), (3 mo. LIBOR US + 0.900%)(b)		10,000		10,055,000

Security	Par (000)		Value
Banks (continued)
3.44%, 01/15/23 (Call 01/15/22), (3 mo. LIBOR US + 1.000%)(b)	$	15,000	$	15,143,113
4.25%, 10/15/20(e)		10,000		10,155,384
Lloyds Bank PLC 2.70%, 08/17/20 .		20,000		19,717,784
3.47%, 01/22/19, (3 mo. LIBOR US + 1.000%)(b)		1,020		1,021,826
Mitsubishi UFJ Financial Group Inc., 3.16%, 07/26/21, (3 mo. LIBOR US + 0.650%)(b)		10,000		10,039,598
Mizuho Financial Group Inc.
3.11%, 03/05/23, (3 mo. LIBOR US + 0.790%)(b)		3,000		3,000,523
3.47%, 09/13/21, (3 mo. LIBOR US + 1.140%)(b)(e)		20,000		20,281,082
Morgan Stanley 2.80%, 06/16/20(e)		10,000		9,910,831
3.65%, 01/27/20, (3 mo. LIBOR US + 1.140%)(b)		3,000		3,028,852
3.65%, 01/20/22 (Call 01/20/21), (3 mo. LIBOR US + 1.180%)(b)		30,000		30,337,712
3.89%, 10/24/23 (Call 10/24/22), (3 mo. LIBOR US + 1.400%)(b)(e)		5,000		5,091,320
7.30%, 05/13/19(e)		10,000		10,220,400
Series 3NC2, 3.41%, 02/14/20 (Call 02/14/19), (3 mo. LIBOR US + 0.800%)(b)		34,740		34,781,271
MUFG Bank Ltd., 2.35%, 09/08/19(a)(e)		10,000		9,938,487
National Australia Bank Ltd., 2.82%, 05/22/20, (3 mo. LIBOR US + 0.510%)(a)(b)		10,000		10,033,615
Nordea Bank AB, 2.79%, 05/29/20, (3 mo. LIBOR US + 0.470%)(a)(b)		15,000		15,027,300
Nordea Bank Abp, 3.25%, 08/30/23, (3 mo. LIBOR US + 0.940%)(a)(b)		15,000		14,986,530
Royal Bank of Canada 2.70%, 03/02/20, (3 mo. LIBOR US + 0.380%)(b)		5,000		5,009,997
3.03%, 12/10/18, (3 mo. LIBOR US + 0.700%)(b)		2,300		2,301,214
Santander UK Group Holdings PLC, 2.88%, 10/16/20(e)		10,000		9,853,640
Santander UK PLC, 2.35%, 09/10/19		10,000		9,930,100
Skandinaviska Enskilda Banken AB
2.63%, 11/17/20(a)(e)		20,000		19,626,600
2.74%, 05/17/21, (3 mo. LIBOR US + 0.430%)(a)(b)		10,000		9,992,710
Sumitomo Mitsui Banking Corp. 1.97%, 01/11/19		6,880		6,868,458
2.45%, 01/16/20		10,000		9,900,872
3.38%, 01/18/19, (3 mo. LIBOR US + 0.940%)(b)		5,500		5,507,257
Sumitomo Mitsui Trust Bank Ltd., 3.35%, 10/18/19, (3 mo. LIBOR US + 0.910%)(a)(b)		4,400		4,427,869
SunTrust Bank/Atlanta GA, 3.01%, 10/26/21 (Call 10/26/20), (3 mo. LIBOR US + 0.500%)(b)		27,020		27,023,459
Svenska Handelsbanken AB 2.25%, 06/17/19		4,350		4,328,321
2.50%, 01/25/19		5,000		4,997,100
2.78%, 05/24/21, (3 mo. LIBOR US + 0.470%)(b)(e)		12,500		12,562,370
UBS AG/London
2.45%, 12/01/20 (Call 11/01/20)(a)(e)		15,000		14,673,390
2.80%, 12/01/20 (Call 11/01/20), (3 mo. LIBOR US + 0.480%)(a)(b)		5,000		5,004,180
2.91%, 06/08/20 (Call 05/08/20), (3 mo. LIBOR US + 0.580%)(a)(b)		5,300		5,318,232
UBS AG/Stamford CT, 2.38%, 08/14/19		15,000		14,916,988
UBS Group Funding Switzerland AG, 3.53%, 05/23/23 (Call 05/23/22), (3 mo. LIBOR US + 1.220%)(a)(b)(e)		20,000		20,206,536

S C H E D U L E    O F    I N V E S T M E N T S 17

Schedule of Investments (continued)   October 31, 2018 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Wells Fargo & Co.
2.55%, 12/07/20	$	15,000	$	14,702,340
3.35%, 07/22/20, (3 mo. LIBOR US + 0.880%)(b)		5,000		5,042,151
3.66%, 03/04/21, (3 mo. LIBOR US + 1.340%)(b)		10,000		10,203,079
				1,138,465,619
Beverages — 0.2%
Molson Coors Brewing Co., 1.90%, 03/15/19		9,425		9,379,139
Biotechnology — 0.5%
Amgen Inc.
2.20%, 05/22/19 (Call 04/22/19)		3,000		2,988,124
2.79%, 05/11/20, (3 mo. LIBOR US + 0.450%)(b)		8,100		8,118,580
5.70%, 02/01/19		4,000		4,027,853
Gilead Sciences Inc., 1.85%, 09/20/19		12,100		11,976,527
				27,111,084
Chemicals — 1.0%
Dow Chemical Co. (The), 8.55%, 05/15/19(e)		10,000		10,285,128
EI du Pont de Nemours & Co., 2.87%, 05/01/20, (3 mo. LIBOR US + 0.530%)(b)		6,015		6,042,420
PPG Industries Inc., 2.30%, 11/15/19 (Call 10/15/19)		10,868		10,775,644
Sherwin-Williams Co. (The), 2.25%, 05/15/20		25,000		24,575,000
				51,678,192
Computers — 0.6%
Hewlett Packard Enterprise Co.
3.06%, 10/05/21 (Call 09/20/19), (3 mo. LIBOR US + 0.720%)(b)		20,000		20,008,620
3.60%, 10/15/20 (Call 09/15/20)(f)		10,000		10,020,757
				30,029,377
Diversified Financial Services — 2.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.75%, 05/15/19		7,771		7,786,194
4.25%, 07/01/20(e)		10,000		10,062,209
4.63%, 10/30/20		20,000		20,304,958
AIG Global Funding, 2.88%, 07/02/20, (3 mo. LIBOR US + 0.480%)(a)(b)		3,695		3,700,818
American Express Co.
2.85%, 10/30/20 (Call 09/29/20), (3 mo. LIBOR US + 0.330%)(b)		7,750		7,749,844
2.96%, 02/27/23 (Call 01/27/23), (3 mo. LIBOR US + 0.650%)(b)		4,000		3,985,039
American Express Credit Corp., 2.75%, 03/03/20 (Call 02/03/20), (3 mo. LIBOR US + 0.430%)(b)		10,000		10,029,448
Federation des Caisses Desjardins du Quebec, 2.25%, 10/30/20(a)		15,000		14,665,140
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/20(e)		25,000		24,255,411
Horsepower Finance Ltd., 2.15%, 12/02/19(g)		10,000		9,840,240
International Lease Finance Corp. 5.88%, 04/01/19		3,225		3,257,413
6.25%, 05/15/19(e)		23,238		23,608,623
				139,245,337
Electric — 1.1%
Dominion Energy Inc. 1.88%, 12/15/18(a)		10,000		9,986,207
Series A, 1.88%, 01/15/19		4,845		4,838,022
Duke Energy Florida LLC, 1.85%, 01/15/20		8,000		7,881,075
Duke Energy Progress LLC, 2.51%, 09/08/20, (3 mo. LIBOR US + 0.180%)(b)		9,835		9,848,923
NextEra Energy Capital Holdings Inc., 2.30%, 04/01/19(e)		5,000		4,984,053

Security	Par (000)		Value
Electric (continued)
Pacific Gas & Electric Co., 3.50%, 10/01/20 (Call 07/01/20)(e)	$	10,000	$	9,987,471
Sempra Energy, 2.94%, 01/15/21 (Call 01/14/19), (3 mo. LIBOR US + 0.500%)(b)		5,065		5,065,215
				52,590,966
Electronics — 0.1%
Amphenol Corp., 2.55%, 01/30/19 (Call 12/30/18)		4,500		4,496,180
Environmental Control — 0.2%
Republic Services Inc., 5.50%, 09/15/19		7,964		8,128,512
Food — 2.1%
Campbell Soup Co., 2.96%, 03/15/21, (3 mo. LIBOR US + 0.630%)(b)		15,000		14,943,535
Conagra Brands Inc.
2.91%, 10/09/20, (3 mo. LIBOR US + 0.500%)(b)		7,000		6,980,234
3.22%, 10/22/20 (Call 10/22/19), (3 mo. LIBOR US + 0.750%)(b)		9,945		9,950,559
General Mills Inc., 2.98%, 04/16/21, (3 mo. LIBOR US + 0.540%)(b)		21,636		21,617,671
Kraft Heinz Foods Co.
2.76%, 08/09/19, (3 mo. LIBOR US + 0.420%)(b)		12,000		12,010,038
2.91%, 02/10/21, (3 mo. LIBOR US + 0.570%)(b)(e)		4,010		4,017,365
Mondelez International Holdings Netherlands BV, 1.63%, 10/28/19 (Call 09/28/19)(a)		7,500		7,375,019
Tyson Foods Inc.
2.65%, 08/15/19 (Call 07/15/19)(e)		4,590		4,577,091
2.76%, 08/21/20, (3 mo. LIBOR US + 0.450%)(b)		14,160		14,185,369
2.87%, 06/02/20, (3 mo. LIBOR US + 0.550%)(b)		5,475		5,486,148
Wm Wrigley Jr Co., 2.90%, 10/21/19 (Call 09/21/19)(a)		3,500		3,491,460
				104,634,489
Health Care - Products — 0.8%
Becton Dickinson and Co. 2.68%, 12/15/19 .		5,000		4,965,396
3.26%, 12/29/20 (Call 03/01/19), (3 mo. LIBOR US + 0.875%)(b)		28,505		28,527,776
Medtronic Inc., 3.13%, 03/15/20, (3 mo. LIBOR US + 0.800%)(b)		5,312		5,355,858
Stryker Corp., 2.00%, 03/08/19		1,115		1,111,446
				39,960,476
Health Care - Services — 0.8%
Halfmoon Parent Inc., 3.20%, 09/17/20(a)		30,000		29,840,073
UnitedHealth Group Inc., 2.70%, 07/15/20(e)		10,000		9,921,163
				39,761,236
Housewares — 0.1%
Newell Brands Inc., 2.60%, 03/29/19		7,000		6,981,325
Insurance — 0.9%
Allstate Corp. (The), 2.82%, 03/29/21, (3 mo. LIBOR US + 0.430%)(b)		5,710		5,713,926
American International Group Inc., 3.38%, 08/15/20		2,997		2,991,586
Metropolitan Life Global Funding I, 2.30%, 04/10/19(a)		19,915		19,864,490
New York Life Global Funding, 1.55%, 11/02/18(a)		4,750		4,750,000
Pricoa Global Funding I, 2.20%, 05/16/19(a)		10,905		10,864,817
				44,184,819
Machinery — 0.4%
Caterpillar Financial Services Corp., 2.82%, 05/15/23, (3 mo. LIBOR US + 0.510%)(b)		10,000		9,986,076

18 2 0 1 8    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments (continued)   October 31, 2018 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Machinery (continued)
John Deere Capital Corp. 2.63%, 03/13/20, (3 mo. LIBOR US + 0.300%)(b)	$	6,000	$	6,009,699
2.66%, 06/22/20, (3 mo. LIBOR US + 0.290%)(b)		6,000		6,012,600
				22,008,375
Manufacturing — 0.2%
Siemens Financieringsmaatschappij NV 2.15%, 05/27/20(a)(e)		10,000		9,838,991
2.67%, 03/16/20, (3 mo. LIBOR US + 0.340%)(a)(b)		2,000		2,003,314
				11,842,305
Media — 2.2%
Charter Communications Operating LLC/Charter Communications Operating Capital,
3.58%, 07/23/20 (Call 06/23/20)		35,000		34,942,375
Comcast Corp., 2.85%, 10/01/21, (3 mo. LIBOR US + 0.440%)(b)		32,930		32,942,085
Discovery Communications LLC, 3.05%, 09/20/19, (3 mo. LIBOR US + 0.710%)(b)(e)		30,000		30,107,220
Sky PLC, 2.63%, 09/16/19(a)		1,425		1,417,065
Time Warner Cable LLC, 8.25%, 04/01/19		1,950		1,989,557
Warner Media LLC, 2.10%, 06/01/19		10,000		9,946,915
				111,345,217
Oil & Gas — 0.8%
Chevron Corp., 2.53%, 03/03/20, (3 mo. LIBOR US + 0.210%)(b)		6,500		6,511,902
Ecopetrol SA, 7.63%, 07/23/19		16,000		16,464,000
Phillips 66, 3.19%, 04/15/20 (Call 12/10/18), (3 mo. LIBOR US + 0.750%)(a)(b)		5,625		5,625,993
Sinopec Group Overseas Development 2014 Ltd., 2.75%, 04/10/19(g)		12,000		11,974,115
				40,576,010
Pharmaceuticals — 4.9%
AbbVie Inc., 2.50%, 05/14/20 (Call 04/14/20)(e)		35,000		34,542,892
Allergan Funding SCS 2.45%, 06/15/19		18,783		18,746,859
3.00%, 03/12/20 (Call 02/12/20)		43,000		42,844,340
3.59%, 03/12/20, (3 mo. LIBOR US + 1.255%)(b)		20,505		20,732,519
AstraZeneca PLC, 1.95%, 09/18/19(e)		6,500		6,432,783
Bayer U.S. Finance II LLC, 3.00%, 06/25/21 (Call 05/25/21), (3 mo. LIBOR US + 0.630%)(a)(b)		25,000		25,009,388
CVS Health Corp. 2.25%, 08/12/19 (Call 07/12/19)		3,000		2,981,646
2.80%, 07/20/20 (Call 06/20/20)		35,000		34,644,947
2.96%, 03/09/20, (3 mo. LIBOR US + 0.630%)(b)(e)		5,318		5,335,300
3.05%, 03/09/21, (3 mo. LIBOR US + 0.720%)(b)(e)		10,000		10,053,227
3.13%, 03/09/20		12,430		12,401,499
Shire Acquisitions Investments Ireland DAC, 1.90%, 09/23/19		30,000		29,629,031
				243,354,431
Pipelines — 1.9%
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 6.25%, 10/15/22 (Call 11/26/18)		2,000		2,062,500
Enbridge Inc., 2.81%, 01/10/20, (3 mo. LIBOR US + 0.400%)(b)		5,230		5,221,774
Energy Transfer Operating LP, 4.15%, 10/01/20 (Call 08/01/20)		15,000		15,127,807
Kinder Morgan Inc./DE, 3.72%, 01/15/23, (3 mo. LIBOR US + 1.280%)(b)		20,000		20,338,525
Spectra Energy Partners LP, 3.02%, 06/05/20, (3 mo. LIBOR US + 0.700%)(b)		32,000		32,086,123

Security	Par (000)		Value
Pipelines (continued)
TransCanada PipeLines Ltd., 2.13%, 11/15/19	$	2,540	$	2,511,447
Williams Companies Inc. (The), 5.25%, 03/15/20		15,000		15,334,198
				92,682,374
Real Estate Investment Trusts — 0.2%
American Tower Corp., 3.40%, 02/15/19		10,000		10,011,282
Retail — 0.2%
Alimentation Couche-Tard Inc., 2.83%, 12/13/19 (Call 12/13/18), (3 mo. LIBOR US + 0.500%)(a)(b)(e)		8,600		8,598,892
Walgreens Boots Alliance Inc., 2.70%, 11/18/19 (Call 10/18/19)		3,058		3,042,435
				11,641,327
Semiconductors — 1.0%
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.20%, 01/15/21(e)		10,000		9,664,305
2.38%, 01/15/20		5,900		5,831,184
Intel Corp., 2.42%, 05/11/20, (3 mo. LIBOR US + 0.080%)(b)		13,700		13,695,623
QUALCOMM Inc. 2.25%, 05/20/20 .		10,000		9,854,146
3.25%, 01/30/23, (3 mo. LIBOR US + 0.730%)(b)		10,000		9,998,380
				49,043,638
Software — 0.2%
Fidelity National Information Services Inc., 3.63%, 10/15/20 (Call 09/15/20)		10,000		10,021,508
Telecommunications — 2.3%
AT&T Inc. 2.45%, 06/30/20 (Call 05/30/20)(e)		10,000		9,846,779
3.09%, 01/15/20, (3 mo. LIBOR US + 0.650%)(b)		12,000		12,044,251
3.39%, 07/15/21, (3 mo. LIBOR US + 0.950%)(b)(e)		10,000		10,108,491
5.80%, 02/15/19(e)		18,675		18,824,619
5.88%, 10/01/19		2,000		2,048,490
Deutsche Telekom International Finance BV 2.23%, 01/17/20(a)(e)		13,687		13,507,903
3.03%, 01/17/20, (3 mo. LIBOR US + 0.580%)(a)(b)		12,000		12,037,971
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 09/20/21(a)(e)		3,750		3,712,500
Verizon Communications Inc.
2.86%, 05/22/20, (3 mo. LIBOR US + 0.550%)(b		22,940		23,045,157
3.33%, 03/16/22, (3 mo. LIBOR US + 1.000%)(b)		10,000		10,160,490
				115,336,651
Transportation — 0.3%
FedEx Corp., 8.00%, 01/15/19		1,275		1,287,966
Ryder System Inc., 2.45%, 11/15/18		4,473		4,472,215
United Parcel Service Inc., 2.55%, 04/01/21, (3 mo. LIBOR US + 0.150%)(b)		7,500		7,499,545
				13,259,726
Trucking & Leasing — 1.0%
Aviation Capital Group LLC, 3.19%, 07/30/21, (3 mo. LIBOR US + 0.670%)(a)(b)		15,000		15,050,316
Penske Truck Leasing Co. LP/PTL Finance Corp. 2.50%, 06/15/19 (Call 05/15/19)(a)		23,030		22,936,566
3.20%, 07/15/20 (Call 06/15/20)(a)		10,000		9,935,431
				47,922,313
Total Corporate Bonds & Notes — 57.6% (Cost: $2,877,809,457)				2,871,048,565

S C H E D U L E    O F    I N V E S T M E N T S 19

Schedule of Investments (continued)   October 31, 2018 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
Repurchase Agreements
Mizuho Securities USA Inc., 3.08%, 11/01/18 (Purchased on 10/31/18 to be repurchased at $30,002,564, collateralized by non-agency mortgage-backed security, 2.53% to 2.75%, due 02/25/36 to 06/25/37, par and fair value of $66,001,677 and $34,500,000, respectively)(b)(h)	$	30,000	$	30,000,000
Total Repurchase Agreements — 0.6% (Cost: $30,000,000)				30,000,000
U.S. Government Agency Obligations
Mortgage-Backed Securities — 0.4%
Federal National Mortgage Association 5.00% 01/01/20		516		532,187
FHLMC Multifamily Structured Pass Through Certificates
Series K010, Class A2, 4.33%, 10/25/20 (b)		1,250		1,273,523
Series K013, Class A2, 3.97%, 01/25/21 (Call 01/11/21)(b)		8,500		8,625,981
Series K032, Class A1, 3.02%, 02/25/23		961		957,562
Series K037, Class A1, 2.59%, 04/25/23		1,222		1,204,467
Series K715, Class A2, 2.86%, 01/25/21		2,500		2,480,053
Series K721, Class A1, 2.61%, 01/25/22		2,210		2,190,005
Total U.S. Government Agency Obligations — 0.4% (Cost: $17,667,897)				17,263,778
Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.36%(i)(j)(k)		72,065		72,079,775

Security	Shares (000)		Value
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(i)(j)		430,219	$	430,218,504
Total Money Market Funds — 10.1% (Cost: $502,293,933)				502,298,279
Total Investments in Securities — 101.3% (Cost: $5,054,748,059)				5,044,290,185
Other Assets, Less Liabilities — (1.3)%				(62,472,289	)
Net Assets — 100.0%			$	4,981,817,896

^(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 are discount rates or a range of discount rates at the time of purchase.

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

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

^(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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2018, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/17 (000)	Net Activity (000)	Shares Held at 10/31/18 (000)		Value at 10/31/18		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	27,343	44,722	72,065	$	72,079,775	$	108,595	(b)	$	1,318		$	690
BlackRock Cash Funds: Treasury, SL Agency Shares	6,185	424,034	430,219		430,218,504		3,045,516			—			—
				$	502,298,279	$	3,154,111		$	1,318		$	690

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

^(b) 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.

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 the Notes to Financial Statements.

20 2 0 1 8    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments (continued)   October 31, 2018 iShares^® Short Maturity Bond ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	—	$	1,154,019,416	$	69,790,000	$	1,223,809,416
Certificates of Deposit		—		85,043,499		—		85,043,499
Collaterized Mortgage Obligations		—		216,832,522		1,443,544		218,276,066
Commercial Paper		—		96,550,582		—		96,550,582
Corporate Bonds & Notes		—		2,871,048,565		—		2,871,048,565
Repurchase Agreements		—		30,000,000		—		30,000,000
U.S. Government Agency Obligations		—		17,263,778		—		17,263,778
Money Market Funds		502,298,279		—		—		502,298,279
	$	502,298,279	$	4,470,758,362	$	71,233,544	$	5,044,290,185

The following table includes a rollforward for the year ended October 31, 2018 of investments whose values are classified as Level 3 as of the beginning or end of the year.

	Asset Backed Securities			Collateralized Mortgage Obligations
Balance at beginning of period	$	41,387,721		$	—
Realized gain (loss) and change in unrealized appreciation/depreciation		(303,107	)		577
Purchases		69,790,000			2,330,000
Sales		(22,484,614	)		—
Transfers in(a)		—			—
Transfers out(a)		(18,600,000	)		—
Paydown		—			(887,033	)
Balance at end of period	$	69,790,000		$	1,443,544
Net change in unrealized appreciation/depreciation on investments still held at end of period	$	—		$	577

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

The Fund’s investments that are categorized as Level 3 were valued utilizing a single broker quote without adjustment. Such valuations are based on unobservable inputs.

A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

See notes to financial statements.

S C H E D U L E    O F    I N V E S T M E N T S 21

Schedule of Investments   October 31, 2018 iShares^® Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Debt Obligations
Alabama — 1.4%
Bessemer Governmental Utility Services Corp. RB, 5.00%, 06/01/20 (BAM)	$	515	$	536,697
Black Belt Energy Gas District RB, Series A, 5.00%, 12/01/19		500		514,590
State of Alabama Docks Department RB, Series B, 5.00%, 10/01/19		500		511,535
Tuscaloosa City Board of Education RB, 5.00%, 08/01/19		150		153,339
				1,716,161
Arizona — 2.5%
Industrial Development Authority of the County of Pima (The) RB, VRDN, 1.61%, 12/01/25 (Put 11/19/18) (GNMA COLL)(a)(b)		1,200		1,200,000
Industrial Development Authority of the County of Yavapai (The) RB, Series A, 1.65%, 09/01/35 (Put 11/19/18)(a)(b)		2,000		2,000,000
				3,200,000
California — 0.6%
Lancaster Redevelopment Agency Successor Agency TA, 3.00%, 08/01/20		700		711,466
Colorado — 1.6%
County of Arapahoe Co. RB, VRDN, 1.62%, 08/01/31 (Put 11/19/18)(a)(b)		1,700		1,700,000
State of Colorado Department of Transportation COP, 5.00%, 06/15/19		270		274,990
				1,974,990
Connecticut — 3.2%
State of Connecticut GO
Series A, 5.00%, 04/15/20		1,200		1,243,572
Series C, 1.72%, 05/15/34 (Put 11/19/18)(a)(b)		1,820		1,820,000
University of Connecticut RB, Series A, 5.00%, 04/15/20		1,000		1,039,810
				4,103,382
Georgia — 3.8%
Burke County Development Authority RB, 2.20%, 10/01/32 (Put 04/02/19)(a)(b)		1,700		1,697,858
City of Atlanta GA TA, 5.00%, 12/01/19		365		375,570
Cobb County Development Authority RB, 5.00%, 07/15/20		545		570,163
Municipal Electric Authority of Georgia RB, 1.78%, 01/01/48 (Put 11/19/18)(a)(b)		2,125		2,125,000
				4,768,591
Illinois — 8.7%
Chicago Transit Authority RB, 5.00%, 06/01/20		750		779,933
Illinois Development Finance Authority RB, 1.64%, 06/01/29 (Put 11/19/18)(a)(b)		1,100		1,100,000
Illinois Finance Authority RB 4.00%, 11/15/18		100		100,066
4.00%, 09/01/19		145		146,557
VRDN, 1.54%, 11/01/38 (Put 11/19/18)(a)(b)		1,320		1,320,000
VRDN, 1.61%, 01/01/48 (Put 11/19/18)(a)(b)		1,000		1,000,000
VRDN, 1.62%, 02/01/29 (Put 11/19/18)(a)(b)		5,525		5,525,000
Illinois State Toll Highway Authority RB, VRDN, 1.57%, 01/01/31 (Put 11/19/18) (AGM)(a)(b)		1,135		1,135,000
				11,106,556
Iowa — 5.2%
Iowa Finance Authority RB 1.92%, 04/01/22 (Put 11/19/18)(a)(b)		3,360		3,360,000
VRDN, 1.52%, 01/01/47 (Put 11/19/18) (GNMA/FNMA/ FHLMC)(a)(b)		3,300		3,300,000
				6,660,000

Security	Par (000)		Value
Kansas — 0.7%
Geary County Unified School District No. 475 GO, Series B, 3.00%, 09/01/19	$	850	$	857,165
Kentucky — 0.9%
Kentucky State Property & Building Commission RB, Series D, 5.00%, 05/01/21		600		635,796
Tender Option Bond Trust Receipts/Certificates RB, Series 2018, 1.36%, 12/01/41 (Put 11/19/18) (AGM)(a)(b)(c)		500		500,000
				1,135,796
Louisiana — 0.7%
Louisiana Public Facilities Authority RB 1.64%, 12/01/43 (Put 11/19/18)(a)(b)		410		410,000
5.00%, 05/15/21		400		424,524
				834,524
Michigan — 2.7%
County of Genesee MI GOL, Series B, 5.00%, 02/01/19		100		100,727
Michigan State Building Authority RB, Series I, 1.60%, 10/15/52 (Put 11/19/18)(a)(b)		1,190		1,190,000
Michigan State Housing Development Authority RB, Series D, 1.67%, 06/01/30 (Put 11/19/18)(a)(b)		1,000		1,000,000
Michigan Strategic Fund RB, 1.89%, 06/01/39 (Put 11/12/18)(a)(b)		1,165		1,165,000
				3,455,727
Minnesota — 0.9%
City of Minneapolis MN RB, 1.60%, 12/01/27 (Put 11/19/18)(a)(b)		1,100		1,100,000
Missouri — 1.6%
RBC Municipal Products Inc. Trust RB, VRDN, 1.59%, 09/01/39 (Put 11/19/18)(a)(b)(c)		2,000		2,000,000
Nebraska — 0.8%
Central Plains Energy Project RB, 5.00%, 08/01/39 (Put 12/01/19)(a)(b)		1,000		1,027,230
New Jersey — 22.3%
Garden State Preservation Trust RB, 5.00%, 11/01/20		1,690		1,764,749
Hasbrouck Heights Board of Education GO, 2.75%, 07/12/19		1,225		1,228,258
New Jersey Economic Development Authority RB 5.00%, 05/01/19		250		253,130
5.00%, 06/15/21		4,250		4,485,535
5.25%, 09/01/19		500		511,300
5.50%, 09/01/21 (Call 03/01/21)		675		714,089
Series A, 4.00%, 07/01/22		2,000		2,061,820
Series DD-1, 5.00%, 12/15/18		400		401,196
Series DDD, 5.00%, 06/15/19		645		654,991
Series K, 5.50%, 12/15/19 (AMBAC)		750		774,578
Series NN, 5.00%, 03/01/21 (SAP)		255		267,033
Series PP, 5.00%, 06/15/19		750		761,618
Series PP, 5.00%, 06/15/20		1,475		1,530,504
Series XX, 5.00%, 06/15/20 (SAP)		200		207,526
New Jersey Health Care Facilities Financing Authority RB 5.00%, 07/01/19		160		163,027
5.00%, 10/01/20		600		625,788
Series A, 5.00%, 07/01/20		500		522,150
New Jersey Transportation Trust Fund Authority RB 5.00%, 06/15/19		700		710,843
5.25%, 12/15/19		1,500		1,545,045
5.25%, 12/15/20		500		527,880
Series A, 5.25%, 12/15/19		530		545,916
Series A-1, 5.00%, 06/15/19		1,060		1,077,935

22 2 0 1 8    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments (continued)   October 31, 2018 iShares^® Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
Series A-1, 5.00%, 06/15/20	$	275	$	285,794
Series B, 5.50%, 12/15/20 (NPFGC-FGIC)		155		164,436
Tobacco Settlement Financing Corp./NJ RB, Series A, 5.00%, 06/01/19		1,700		1,725,993
Township of Branchburg NJ GO, 3.00%, 10/04/19		1,000		1,007,370
Township of Pennsauken NJ GO, 3.00%, 06/18/19		710		712,684
Township of South Orange Village NJ GO, 3.00%, 07/10/19		2,000		2,008,560
Township of West Orange/NJ GO, 3.00%, 09/06/19		1,122		1,129,251
				28,368,999
New York — 19.0%
Amherst Development Corp. RB, Series A, 1.65%, 02/01/35 (Put 11/19/18)(a)(b)		1,860		1,860,000
Churchville-Chili Central School District GO, 3.00%, 06/28/19 (SAW)		1,100		1,105,841
City of New York NY GO, VRDN, 1.70%, 10/01/40 (Put 11/12/18)(a)(b)		1,400		1,400,000
Enlarged City School District of the City of Troy GO, 3.50%, 06/12/19 (SAW)		2,600		2,620,306
Evans-Brant Central School District GO, 3.00%, 06/27/19 (SAW)		1,525		1,533,571
Gates Chili Central School District GO, 3.00%, 06/27/19 (SAW)		1,200		1,206,348
Jamesville-Dewitt Central School District GO, 3.00%, 09/27/19 (SAW)		1,800		1,812,168
New York City Water & Sewer System RB
VRDN, 1.67%, 06/15/39 (Put 11/12/18)(a)(b)		2,700		2,700,000
VRDN, 1.68%, 06/15/39 (Put 11/12/18)(a)(b)		1,365		1,365,000
North Shore Central School District/NY GOL, 3.00%, 06/26/19 (SAW)		1,000		1,005,400
Onondaga County Trust for Cultural Resources RB, 4.00%, 05/01/19		400		404,676
Somers Central School District GO, 3.00%, 09/13/19 (SAW)		1,100		1,107,777
Spackenkill Union Free School District GO, 3.00%, 06/26/19 (SAW)		1,300		1,305,668
Springs Union Free School District GOL, 3.00%, 06/27/19 (SAW)		1,000		1,005,290
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 1.72%, 11/15/56 (Put 11/19/18)(a)(b)(c)		2,500		2,500,000
Town of Carmel NY GOL, 3.25%, 10/04/19		1,265		1,276,094
				24,208,139
Ohio — 2.0%
American Municipal Power Inc. RB, 3.00%, 08/15/19 (ST STANDBY NT PURCHASE)		135		135,627
County of Allen OH Hospital Facilities Revenue RB, Series A, 5.00%, 08/01/19		500		510,300
County of Hamilton OH RB, VRDN, 1.60%, 09/01/33 (Put 11/19/18)(a)(b)		1,950		1,950,000
				2,595,927
Pennsylvania — 0.8%
Carlisle Area School District GOL, 2.00%, 09/01/19		165		164,964
Commonwealth of Pennsylvania GO, 5.00%, 04/01/20		800		830,776
				995,740
Tennessee — 0.3%
Jackson Energy Authority RB, 5.00%, 12/01/19		350		360,857

Security	Par/ Shares (000)		Value
Texas — 4.8%
City of Houston TX GOL, Series A, 5.00%, 03/01/20	$	1,000	$	1,037,420
City of San Antonio EL, 1.78%, 12/21/18		2,000		2,000,000
Harris County Cultural Education Facilities Finance Corp. RB, Series C-1, 1.70%, 12/01/24 (Put 11/12/18)(a)(b)		2,100		2,100,000
State of Texas RB, 4.00%, 08/29/19		1,000		1,015,820
				6,153,240
Utah — 1.7%
Jordanelle Special Service District RB, 1.60%, 09/01/25 (Put 11/19/18)(a)(b)		2,222		2,222,000
Virginia — 3.9%
Loudoun County Economic Development Authority RB, VRDN, 1.62%, 02/15/38 (Put 11/19/18)(a)(b)		5,000		5,000,000
Washington — 4.4%
Grant County Public Utility District No. 2 RB, 2.00%, 01/01/44 (Put 12/02/20)(a)(b)		1,000		991,110
Washington Higher Education Facilities Authority RB, 1.64%, 10/01/29 (Put 11/19/18)(a)(b)		1,000		1,000,000
Washington State Housing Finance Commission RB, 1.60%, 04/01/43 (Put 11/19/18)(a)(b)		3,545		3,545,000
				5,536,110
Wisconsin — 5.4%
Wisconsin Health & Educational Facilities Authority RB, 1.60%, 11/01/25 (Put 11/19/18)(a)(b)		1,315		1,315,000
Wisconsin Housing & Economic Development Authority RB 1.53%, 03/01/38 (Put 11/19/18)(a)(b)		1,650		1,650,000
VRDN, 1.53%, 03/01/39 (Put 11/19/18)(a)(b)		2,840		2,840,000
VRDN, 1.60%, 03/01/31 (Put 11/19/18)(a)(b)		1,100		1,100,000
				6,905,000
Total Municipal Debt Obligations — 99.9% (Cost $127,264,619)				126,997,600
Money Market Funds
BlackRock Liquidity Funds: MuniCash, 1.45%(d)(e)		80		79,718
Total Money Market Funds — 0.1% (Cost: $79,718)				79,718
Total Investments in Securities — 100.0% (Cost: $127,344,337)				127,077,318
Other Assets, Less Liabilities — 0.0%				33,958
Net Assets — 100.0%			$	127,111,276

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

^(b)  Security is payable upon demand on each reset date.

^(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.

S C H E D U L E    O F    I N V E S T M E N T S 23

Schedule of Investments (continued)   October 31, 2018 iShares^® Short Maturity Municipal Bond ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2018, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/17 (000)	Net Activity (000)	Shares Held at 10/31/18 (000)		Value at 10/31/18		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds: Muni Cash	25	55	80	$	79,718	$	3,178	$	380		$	—

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

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	—	$	126,997,600	$	—	$	126,997,600
Money Market Funds		79,718		—		—		79,718
	$	79,718	$	126,997,600	$	—	$	127,077,318

See notes to financial statements.

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Schedule of Investments   October 31, 2018 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Capital One Multi-Asset Execution Trust, Class A6, 1.82%, 09/15/22	$	3,000	$	2,964,449
Honda Auto Receivables Owner Trust, Class A2, 2.67%, 12/21/20 (Call 10/21/21)		3,760		3,752,916
Mercedes-Benz Auto Receivables Trust, Class A2, 2.71%, 04/15/21 (Call 03/15/22)		3,280		3,274,233
Toyota Auto Receivables Owner Trust, Class A2, 2.77%, 08/16/21 (Call 04/15/22)		3,000		2,994,397
Total Asset-Backed Securities — 2.2% (Cost: $13,002,612)				12,985,995
Certificates of Deposit
Bank of America N.A. 2.60%, 04/04/19		1,000		999,837
2.79%, 07/03/19		1,000		1,000,001
Bank of Montreal, 2.37%, 12/21/18		1,750		1,750,086
Bank of Montreal/Chicago IL 2.48%, 05/07/19, (1 mo. LIBOR US + 0.200%)(a)		2,000		2,000,132
2.55%, 03/06/20, (3 mo. LIBOR US + 0.190%)(a)		2,000		1,999,725
2.63%, 06/13/19, (1 mo. LIBOR US + 0.300%)(a)		500		499,941
2.75%, 11/01/19(a)(b)		1,500		1,500,000
Bank of Nova Scotia/Houston 2.51%, 02/18/20, (3 mo. LIBOR US + 0.180%)(a)		1,000		999,996
2.73%, 10/15/19, (3 mo. LIBOR US + 0.280%)(a)		843		844,027
Barclays Bank PLC 2.72%, 05/17/19		2,000		1,999,104
2.72%, 05/28/19		2,000		1,998,840
3.00%, 09/19/19		2,000		2,000,049
BNP Paribas SA/New York NY 2.49%, 04/04/19, (3 mo. LIBOR US + 0.080%)(a)		2,000		1,999,652
2.59%, 04/18/19, (3 mo. LIBOR US + 0.150%)(a)		1,500		1,499,622
2.64%, 12/28/18, (3 mo. LIBOR US + 0.250%)(a)		750		750,352
Canadian Imperial Bank of Commerce 2.44%, 04/10/19, (1 mo. LIBOR US + 0.160%)(a)		1,500		1,499,736
2.59%, 07/25/19, (1 mo. LIBOR US + 0.300%)(a)		2,000		1,999,999
2.80%, 05/02/20(a)(b)		2,000		1,999,032
3.08%, 10/28/19		2,000		1,999,857
Canadian Imperial Bank of Commerce/New York NY 2.61%, 08/13/19, (1 mo. LIBOR US + 0.330%)(a)		2,000		2,001,740
2.78%, 09/20/19, (3 mo. LIBOR US + 0.410%)(a)		1,500		1,502,991
Citibank N.A./New York, 2.51%, 03/14/19		2,000		1,998,837
Credit Agricole Corporate and Investment Bank/New York, 2.70%, 05/11/20, (3 mo. LIBOR US + 0.385%)(a)		2,000		2,001,036
Credit Suisse AG/New York NY 1.86%, 11/09/18		1,000		999,905
2.52%, 04/09/19, (3 mo. LIBOR US + 0.340%)(a)		1,640		1,641,632
2.61%, 05/01/19, (3 mo. LIBOR US + 0.270%)(a)		1,500		1,501,044
KBC Bank NV, 2.52%, 01/02/19		2,000		2,000,094
Landesbank Baden-Wuerttemberg, 2.50%, 01/07/19		2,000		2,000,202
Mizuho Bank Ltd. 2.80%, 04/15/20, (3 mo. LIBOR US + 0.330%)(a)		1,500		1,499,763
2.91%, 10/25/19, (3 mo. LIBOR US + 0.400%)(a)		3,000		3,005,212
Mizuho Bank Ltd./NY 2.52%, 04/30/19, (3 mo. LIBOR US + 0.300%)(a)		1,000		1,000,791
2.58%, 11/19/18, (3 mo. LIBOR US + 0.450%)(a)		1,000		1,000,233
2.84%, 01/15/20, (3 mo. LIBOR US + 0.310%)(a)		2,000		1,999,991
National Australia Bank Ltd./New York, 2.52%, 03/14/19, (3 mo. LIBOR US + 0.190%)(a)		750		749,739

Security	Par (000)		Value
Natixis SA, 1.81%, 11/20/18	$	1,000	$	999,759
Natixis SA/New York NY, 2.50%, 01/31/19		2,000		1,999,991
Nordea Bank AB, 2.71%, 10/18/19, (3 mo. LIBOR US + 0.270%)(a)		1,000		1,001,237
Nordea Bank AB/New York NY 2.61%, 08/10/20, (3 mo. LIBOR US + 0.270%)(a)		1,000		999,133
2.70%, 07/10/20, (3 mo. LIBOR US + 0.290%)(a)		4,000		4,001,959
Royal Bank of Canada/New York NY 2.50%, 02/07/19, (3 mo. LIBOR US + 0.160%)(a)		1,000		1,000,340
2.65%, 03/22/19, (3 mo. LIBOR US + 0.280%)(a)		1,000		1,000,804
Societe Generale/New York NY, 2.59%, 02/28/19, (3 mo. LIBOR US + 0.280%)(a)		1,000		1,000,027
Standard Chartered Bank/New York 2.40%, 12/24/18, (3 mo. LIBOR US + 0.080%)(a)		1,000		1,000,191
2.47%, 03/25/19, (3 mo. LIBOR US + 0.100%)(a)		1,000		999,797
2.67%, 06/04/19		5,000		4,992,324
2.72%, 04/24/19, (3 mo. LIBOR US + 0.230%)(a)		2,500		2,499,874
Sumitomo Mitsui Banking Corp./New York 2.51%, 03/01/19		3,000		2,997,647
2.55%, 05/15/19, (3 mo. LIBOR US + 0.460%)(a)		2,000		2,003,282
2.79%, 06/18/20, (3 mo. LIBOR US + 0.410%)(a)		2,000		2,000,619
2.83%, 09/09/19, (3 mo. LIBOR US + 0.450%)(a)		800		801,685
2.87%, 07/11/19, (3 mo. LIBOR US + 0.370%)(a)		3,250		3,253,994
2.91%, 07/24/20, (3 mo. LIBOR US + 0.420%)(a)		2,000		2,000,673
Sumitomo Mitsui Trust Bank Ltd./New York 2.52%, 08/16/19, (3 mo. LIBOR US + 0.200%)(a)		3,000		2,999,990
2.60%, 04/17/19, (3 mo. LIBOR US + 0.150%)(a)		2,000		1,999,901
2.61%, 07/09/19, (3 mo. LIBOR US + 0.200%)(a)		1,500		1,500,094
Sumitomo Trust and Banking Co. Ltd. (The), 2.50%, 01/11/19(c)		3,000		2,985,153
Svenska Handelsbanken AB, 2.80%, 04/01/20, (3 mo. LIBOR US + 0.400%)(a)		3,000		3,007,041
Svenska Handelsbanken/New York NY, 2.74%, 10/21/19, (3 mo. LIBOR US + 0.270%)(a)		3,000		3,001,842
Toronto-Dominion Bank 2.73%, 05/10/19		1,875		1,873,995
2.73%, 08/07/19		2,000		1,996,045
Toronto-Dominion Bank/NY 2.65%, 01/24/19		570		569,596
2.68%, 06/12/19, (1 mo. LIBOR US + 0.400%)(a)		1,000		999,938
Wells Fargo Bank N.A., 2.54%, 04/15/19, (3 mo. LIBOR US + 0.100%)(a)		3,000		2,999,854
Total Certificates of Deposit — 18.7% (Cost: $112,710,961)				112,729,983
Commercial Paper
ANTALIS SA, 2.94%, 05/02/19(c)		3,000		2,956,258
AstraZeneca PLC, 2.57%, 11/05/18(c)		3,000		2,998,988
AT&T Inc. 2.87%, 12/04/18(c)		4,000		3,990,510
3.09%, 05/28/19(c)		5,000		4,914,368
3.09%, 05/30/19(c)		1,500		1,474,047
Atlantic Asset Securitization LLC, 2.96%, 09/09/19(c)		2,000		1,948,981
Bank of Nova Scotia (The), 2.87%, 05/30/19(c)		3,000		2,950,151
Banque et Caisse, 2.44%, 02/14/19(c)		1,000		992,601
BAT International Finance PLC, 2.67%, 12/12/18(c)		2,250		2,243,333
Bayerische Landbank NY, 2.62%, 01/02/19(c)		3,000		2,987,537

S C H E D U L E    O F    I N V E S T M E N T S 25

Schedule of Investments (continued)   October 31, 2018 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Bedford Row Funding Corp. 2.51%, 08/26/19, (1 mo. LIBOR US + 0.220%)(a)(d)	$	1,500	$	1,498,728
2.55%, 02/14/19, (1 mo. LIBOR US + 0.270%)(a)		1,000		1,000,340
2.79%, 04/26/19(c)		1,000		986,440
2.91%, 09/12/19(c)		3,000		2,923,159
Bell Canada Inc. 2.62%, 12/03/18(c)		2,250		2,244,745
2.66%, 11/06/18(c)		1,500		1,499,378
2.67%, 01/22/19(c)		3,000		2,981,505
2.67%, 01/25/19(c)		1,000		993,595
2.72%, 02/04/19(c)		2,000		1,985,568
2.85%, 02/21/19(c)		2,000		1,982,730
BPCE, 2.64%, 02/08/19(c)		1,000		992,953
Commonwealth Bank of Australia/New York NY, 2.52%, 01/18/19, (1 mo. LIBOR US + 0.230%)(a)		1,000		1,000,397
Federation Des Caisses Desjardins Du Quebec, 2.74%, 07/22/19(c)		3,000		2,936,860
General Electric Co. 2.51%, 11/08/18(c)		5,000		4,997,372
2.72%, 01/11/19(c)		2,000		1,989,280
HSBC Bank PLC 2.49%, 02/22/19, (3 mo. LIBOR US + 0.180%)(a)		600		600,542
2.66%, 04/17/19, (3 mo. LIBOR US + 0.210%)(a)(d)		1,500		1,500,542
2.70%, 04/16/19(c)		1,000		987,466
ING U.S. Funding LLC 2.47%, 03/05/19(c)		1,500		1,486,380
2.48%, 02/21/19(c)		2,000		1,983,672
2.53%, 02/12/19, (1 mo. LIBOR US + 0.250%)(a)		1,500		1,500,704
2.55%, 03/06/19, (1 mo. LIBOR US + 0.270%)(a)		1,000		1,000,548
JP Morgan Securities LLC, 2.73%, 07/26/19, (3 mo. LIBOR US + 0.200%)(a)		2,000		2,000,000
JPMorgan Securities LLC, 2.84%, 07/11/19(c)		2,000		1,959,492
Keurig Dr Pepper Inc., 2.47%, 11/02/18(c)		4,000		3,999,474
KfW, 2.60%, 04/03/19(c)		2,000		1,979,569
La Fayette Asset Securitization LLC, 2.75%, 03/18/19(c)		10,000		9,898,723
Landesbank Baden-Wuerttemberg 2.34%, 11/13/18(c)		5,000		4,995,892
2.42%, 01/07/19(c)		2,000		1,990,782
Liberty Street Funding LLC, 2.56%, 11/02/18, (1 mo. LIBOR US + 0.300%)(a)		1,500		1,500,027
Lma Americas LLC, 2.70%, 02/01/19(c)		1,000		993,232
LMA S.A./LMA Americas LLC, 2.47%, 01/04/19(c)		3,000		2,986,756
Macquarie Bank Ltd. 2.55%, 02/19/19(c)		2,000		1,983,763
2.69%, 05/28/19(c)		2,000		1,966,885
2.83%, 08/08/19(c)		2,000		1,953,900
Mitsubishi UFJ Financial Group Inc., 2.47%, 01/11/19(c)		2,000		1,990,176
Mondelez International Inc. 2.52%, 12/12/18(c)		6,000		5,982,220
2.56%, 12/10/18(c)		2,000		1,994,371
2.71%, 01/22/19(c)		1,000		993,805
2.74%, 01/10/19(c)		5,000		4,973,898
National Australia Bank Ltd., 2.51%, 04/02/19, (1 mo. LIBOR US + 0.250%)(a)		1,000		1,000,474
NextEra Energy Capital Holdings Inc., 2.58%, 12/05/18(c)		2,000		1,995,106
Nutrien Ltd. 2.48%, 11/13/18(c)		3,000		2,996,972
2.72%, 12/27/18(c)		2,000		1,990,839
Old Line Funding LLC, 2.68%, 04/26/19, (1 mo. LIBOR US + 0.390%)(a)		1,000		1,001,020

Security	Par (000)		Value
Oversea-Chinese Banking Corp. Ltd. 2.47%, 02/26/19(c)	$	1,000	$	991,622
2.50%, 11/07/18, (1 mo. LIBOR US + 0.220%)(a)		1,000		1,000,021
2.54%, 02/19/19(c)		1,400		1,389,027
Reckitt Benckiser Treasury Services PLC 2.63%, 02/04/19(c)		4,000		3,973,803
2.64%, 02/12/19(c)		2,000		1,985,688
Schlumberger Holdings Corp., 2.73%, 03/07/19(c)		1,000		990,154
Societe Generale SA 2.90%, 08/02/19(c)(d)		5,000		4,894,630
2.90%, 08/05/19(c)		2,250		2,201,009
2.91%, 08/26/19(c)		1,500		1,462,737
3.22%, 10/31/19(c)		1,500		1,452,026
Suncor Energy Inc. 2.55%, 12/10/18(c)(d)		2,000		1,994,371
2.55%, 12/12/18(c)(d)		2,000		1,994,073
Suncorp Group Ltd. 2.60%, 03/25/19(c)		2,000		1,977,646
3.01%, 07/23/19(c)		3,000		2,933,264
Swedbank AB, 2.57%, 03/04/19(c)		2,000		1,982,316
Telstra Corp. Ltd. 2.44%, 12/17/18(c)		3,000		2,990,071
3.05%, 04/29/19(c)		3,000		2,956,350
Thunder Bay Funding LLC, 2.77%, 05/02/19(c)		1,500		1,479,069
Toronto-Dominion Bank, 3.09%, 10/18/19(c)		5,000		4,851,084
Toronto-Dominion Bank (The), 2.55%, 02/08/19, (1 mo. LIBOR US + 0.270%)(a)(d)		2,000		2,001,076
Toyota Motor Credit Corp., 2.51%, 04/03/19, (3 mo. LIBOR US + 0.080%)(a)		3,000		2,999,859
TransCanada PipeLines Ltd. 2.51%, 11/01/18(c)		3,000		2,999,802
2.52%, 11/05/18(c)		2,000		1,999,334
UBS AG/London 2.55%, 08/28/19, (1 mo. LIBOR US + 0.260%)(a)		1,000		1,000,138
2.62%, 01/07/19, (1 mo. LIBOR US + 0.340%)(a)(d)		1,000		1,000,587
2.66%, 07/02/19, (1 mo. LIBOR US + 0.400%)(a)(d)		1,000		1,001,312
2.74%, 04/04/19, (3 mo. LIBOR US + 0.330%)(a)(d)		4,000		4,004,022
VW Credit Inc. 2.58%, 01/08/19(c)		2,000		1,989,880
2.67%, 02/21/19(c)		3,000		2,973,831
2.73%, 01/04/19(c)		9,000		8,957,311
2.82%, 03/20/19(c)		3,000		2,966,785
Walgreens Boots Alliance Inc. 2.77%, 01/29/19(c)		4,000		3,972,900
2.83%, 02/19/19(c)		3,000		2,974,350
Total Commercial Paper — 35.6% (Cost: $214,018,822)				213,997,202
Corporate Bonds & Notes
Aerospace & Defense — 1.0%
General Dynamics Corp., 2.88%, 05/11/20 .		2,000		1,992,620
Lockheed Martin Corp., 4.25%, 11/15/19		2,000		2,022,709
United Technologies Corp. 2.89%, 11/01/19, (3 mo. LIBOR US + 0.350%)(a)		500		500,943
2.97%, 08/16/21 (Call 08/16/19), (3 mo. LIBOR US + 0.650%)(a)		1,000		1,001,084
3.35%, 08/16/21		540		537,422
				6,054,778

26 2 0 1 8    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments (continued)   October 31, 2018 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers — 4.1%
American Honda Finance Corp. 2.00%, 11/13/19	$	500	$	494,973
2.46%, 02/21/20, (3 mo. LIBOR US + 0.150%)(a)		2,000		2,000,957
2.59%, 06/16/20, (3 mo. LIBOR US + 0.260%)(a)		4,000		4,001,677
2.83%, 02/12/21, (3 mo. LIBOR US + 0.210%)(a)		1,000		998,023
BMW U.S. Capital LLC 2.84%, 04/12/21, (3 mo. LIBOR US + 0.410%)(a)(d)		2,000		1,998,213
3.25%, 08/14/20(d)		1,850		1,847,228
Daimler Finance North America LLC 2.76%, 02/22/21, (3 mo. LIBOR US + 0.450%)(a)(d)		3,000		2,997,360
3.10%, 05/04/20(d)		1,325		1,317,415
3.14%, 10/30/19, (3 mo. LIBOR US + 0.620%)(a)(d)		250		250,980
Ford Motor Credit Co. LLC, 3.99%, 01/08/19, (3 mo. LIBOR US + 1.580%)(a)		1,375		1,377,727
Harley-Davidson Financial Services Inc., 2.81%, 05/21/20, (3 mo. LIBOR US + 0.500%)(a)(d)		2,000		2,002,481
Hyundai Capital America, 3.15%, 03/12/21, (3 mo. LIBOR US + 0.820%)(a)(d)		1,000		1,000,836
Nissan Motor Acceptance Corp. 2.78%, 09/28/20, (3 mo. LIBOR US + 0.390%)(a)(d)		750		749,751
3.34%, 03/08/19, (3 mo. LIBOR US + 1.010%)(a)(d)		250		250,719
PACCAR Financial Corp. 2.05%, 11/13/20		580		566,117
2.88%, 05/10/21, (3 mo. LIBOR US + 0.260%)(a)		680		681,062
3.10%, 05/10/21		915		909,888
Toyota Motor Credit Corp., 2.20%, 01/10/20		1,500		1,486,409
				24,931,816
Banks — 23.9%
ABN AMRO Bank NV 1.80%, 09/20/19(d)		3,000		2,963,064
2.10%, 01/18/19(d)		3,000		2,995,605
2.88%, 08/27/21, (3 mo. LIBOR US + 0.570%)(a)(d)		3,000		3,002,490
3.40%, 08/27/21(d)		2,500		2,482,715
ANZ New Zealand Int’l Ltd./London 2.25%, 02/01/19(d)		1,500		1,497,258
2.75%, 01/22/21(d)		2,000		1,962,958
Australia & New Zealand Banking Group Ltd., 2.92%, 11/09/20, (3 mo. LIBOR US + 0.320%)(a)(d)		1,000		1,000,956
Bank of America Corp., 2.60%, 01/15/19		856		855,581
Bank of America N.A. 2.05%, 12/07/18		545		544,749
2.56%, 08/28/20 (Call 08/28/19), (3 mo. LIBOR US + 0.250%)(a)		2,000		2,000,834
Bank of Montreal 1.50%, 07/18/19		1,000		989,872
2.93%, 12/12/19, (3 mo. LIBOR US + 0.600%)(a)		510		512,789
Bank of Nova Scotia (The)
2.70%, 01/08/21, (3 mo. LIBOR US + 0.290%)(a)		1,000		999,762
2.91%, 04/20/21, (3 mo. LIBOR US + 0.440%)(a)		2,000		2,004,841
Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 2.83%, 09/09/19, (3 mo. LIBOR US + 0.450%)(a)		1,400		1,402,949
Banque Federative du Credit Mutuel SA, 2.75%, 01/22/19(d)		2,000		1,999,316
Barclays Bank PLC, 6.75%, 05/22/19		1,500		1,529,836
BNP Paribas SA 2.40%, 12/12/18		1,968		1,967,488
2.45%, 03/17/19		2,549		2,544,741
BPCE SA, 2.50%, 12/10/18		1,000		999,758
Branch Banking & Trust Co., 2.25%, 06/01/20 (Call 05/01/20)		1,100		1,082,873

Security	Par (000)		Value
Banks (continued)
Citibank N.A. 2.00%, 03/20/19 (Call 02/20/19)	$	1,500	$	1,494,951
2.97%, 02/12/21 (Call 01/12/21), (3 mo. LIBOR US + 0.350%)(a)		1,000		999,739
3.05%, 07/23/21 (Call 06/23/21), (3 mo. LIBOR US + 0.570%)(a)		2,000		2,006,487
Citigroup Inc., 3.18%, 12/07/18, (3 mo. LIBOR US + 0.860%)(a)		400		400,265
Commonwealth Bank of Australia 1.75%, 11/07/19(d)		1,591		1,568,925
2.78%, 03/10/20, (3 mo. LIBOR US + 0.450%)(a)(d)		1,615		1,618,614
5.00%, 10/15/19(d)		3,000		3,052,587
Commonwealth Bank of Australia/New York NY, 2.30%, 09/06/19		2,000		1,987,280
Cooperatieve Rabobank UA/NY 2.25%, 01/14/19		2,840		2,837,908
2.50%, 01/19/21		1,080		1,056,489
2.94%, 04/26/21, (3 mo. LIBOR US + 0.430%)(a)		1,000		1,002,370
Credit Suisse AG/New York NY, 5.30%, 08/13/19		2,000		2,033,988
Fifth Third Bank/Cincinnati OH, 2.77%, 10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.250%)(a)		1,000		1,000,473
Goldman Sachs Bank USA/New York NY, 3.20%, 06/05/20		445		444,631
HSBC Holdings PLC 2.92%, 05/18/21 (Call 05/18/20), (3 mo. LIBOR US + 0.600%)(a)		3,500		3,503,878
2.98%, 09/11/21 (Call 09/11/20), (3 mo. LIBOR US + 0.650%)(a)		4,000		4,007,240
HSBC USA Inc., 2.38%, 11/13/19		1,120		1,111,522
ING Bank NV 2.00%, 11/26/18(d)		1,500		1,499,355
2.30%, 03/22/19(d)		2,640		2,634,029
JPMorgan Chase Bank N.A., 2.87%, 02/13/20 (Call 02/13/19), (3 mo. LIBOR US + 0.250%)(a)		2,000		2,000,632
Lloyds Bank PLC 2.70%, 08/17/20		1,000		985,889
3.30%, 05/07/21		3,000		2,975,701
Macquarie Bank Ltd., 2.35%, 01/15/19(d)		2,200		2,197,624
Morgan Stanley 2.38%, 07/23/19		3,000		2,987,340
3.34%, 01/24/19, (3 mo. LIBOR US + 0.850%)(a)		2,000		2,002,469
Series 3NC2, 3.41%, 02/14/20 (Call 02/14/19), (3 mo. LIBOR US + 0.800%)(a)		1,000		1,001,188
MUFG Bank Ltd. 2.30%, 03/10/19(d)		1,000		997,746
2.35%, 09/08/19(d)		2,000		1,987,697
National Australia Bank Ltd., 2.78%, 01/12/21, (3 mo. LIBOR US + 0.350%)(a)(d)		2,000		1,997,437
National Australia Bank Ltd./New York, 2.50%, 01/12/21		1,000		978,531
National Bank of Canada, 2.20%, 11/02/20 (Call 10/02/20)		1,000		975,214
Nordea Bank AB, 1.63%, 09/30/19(d)		2,400		2,368,133
Royal Bank of Canada 2.00%, 12/10/18		390		389,735
2.77%, 07/22/20, (3 mo. LIBOR US + 0.300%)(a)		2,000		2,002,910
Santander UK PLC 2.13%, 11/03/20		965		937,813
2.88%, 11/03/20, (3 mo. LIBOR US + 0.300%)(a)		500		499,881
Skandinaviska Enskilda Banken AB 1.50%, 09/13/19		1,750		1,726,439
2.38%, 03/25/19(d)		1,500		1,496,114
2.74%, 05/17/21, (3 mo. LIBOR US + 0.430%)(a)(d)		4,000		3,997,084

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Schedule of Investments (continued)   October 31, 2018 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Sumitomo Mitsui Banking Corp. 1.97%, 01/11/19	$	500	$	499,161
2.51%, 01/17/20		2,000		1,982,490
2.80%, 01/17/20, (3 mo. LIBOR US + 0.350%)(a)		1,000		1,000,947
2.96%, 01/11/19, (3 mo. LIBOR US + 0.540%)(a)		1,250		1,250,688
Sumitomo Mitsui Trust Bank Ltd., 2.05%, 03/06/19(d)		1,635		1,630,527
Suncorp-Metway Ltd. 2.10%, 05/03/19(d)		1,000		995,560
2.38%, 11/09/20(d)		1,250		1,217,154
2.98%, 10/19/20, (3 mo. LIBOR US + 0.500%)(a)(d)		7,000		6,990,550
Svenska Handelsbanken AB 1.50%, 09/06/19		2,250		2,221,115
2.40%, 10/01/20		3,000		2,944,651
2.69%, 09/08/20, (3 mo. LIBOR US + 0.360%)(a)		745		746,495
Toronto-Dominion Bank (The), 3.00%, 06/11/20		1,000		997,095
UBS AG/Stamford CT 2.35%, 03/26/20		2,500		2,467,941
2.38%, 08/14/19		1,513		1,504,627
United Overseas Bank Ltd., 2.96%, 04/23/21, (3 mo. LIBOR US + 0.480%)(a)(d)		2,000		2,001,762
Wells Fargo Bank N.A. 2.75%, 01/15/21, (3 mo. LIBOR US + 0.310%)(a)		2,000		1,996,842
2.98%, 07/23/21 (Call 07/23/20), (3 mo. LIBOR US + 0.500%)(a)		2,000		2,001,372
2.99%, 10/22/21 (Call 09/21/21), (3 mo. LIBOR US + 0.500%)(a)		2,000		2,000,892
3.33%, 07/23/21 (Call 07/23/20)(a)(b)		2,000		1,993,097
Westpac Banking Corp. 2.75%, 03/06/20, (3 mo. LIBOR US + 0.430%)(a)		3,000		3,008,075
3.33%, 05/13/19, (3 mo. LIBOR US + 0.710%)(a)		250		250,725
				143,808,509
Computers — 0.4%
Apple Inc., 1.80%, 11/13/19		1,500		1,483,990
IBM Credit LLC, 2.47%, 09/06/19, (3 mo. LIBOR US + 0.150%)(a)		1,000		1,001,091
				2,485,081
Diversified Financial Services — 1.4%
AIG Global Funding, 1.95%, 10/18/19(d)		555		549,050
American Express Credit Corp. 1.70%, 10/30/19 (Call 09/30/19)		2,450		2,417,519
2.75%, 03/03/20 (Call 02/03/20), (3 mo. LIBOR US + 0.430%)(a)		3,000		3,008,834
Capital One Bank USA N.A., 2.25%, 02/13/19 (Call 01/13/19)		2,500		2,494,642
				8,470,045
Electric — 0.8%
Electricite de France SA, 2.15%, 01/22/19(d)		3,250		3,242,330
NextEra Energy Capital Holdings Inc., Series H, 3.34%, 09/01/20		1,795		1,794,401
				5,036,731
Electronics — 0.2%
Honeywell International Inc. 1.80%, 10/30/19		310		306,400
2.56%, 10/30/19, (3 mo. LIBOR US + 0.040%)(a)		750		749,847
				1,056,247
Health Care - Services — 0.2%
Roche Holdings Inc., 2.25%, 09/30/19 (Call 08/30/19)(d)		1,300		1,291,023

Security	Par (000)		Value
Insurance — 1.0%
Jackson National Life Global Funding, 2.74%, 10/15/20, (3 mo. LIBOR US + 0.300%)(a)(d)	$	5,000	$	4,999,677
Metropolitan Life Global Funding I, 1.75%, 09/19/19(d)		860		850,555
				5,850,232
Internet — 0.3%
Alibaba Group Holding Ltd., 2.50%, 11/28/19 (Call 10/28/19)		1,750		1,739,521
Machinery — 1.8%
Caterpillar Financial Services Corp. 1.80%, 11/13/18		600		599,847
2.56%, 03/15/21, (3 mo. LIBOR US + 0.230%)(a)		1,000		1,000,719
2.80%, 05/15/20, (3 mo. LIBOR US + 0.180%)(a)		1,500		1,499,451
2.90%, 03/15/21		1,500		1,484,107
John Deere Capital Corp. 2.53%, 07/05/19, (3 mo. LIBOR US + 0.120%)(a)		1,170		1,170,439
2.57%, 03/12/21, (3 mo. LIBOR US + 0.240%)(a)		1,000		1,001,725
2.59%, 01/07/20, (3 mo. LIBOR US + 0.180%)(a)		1,000		1,000,312
2.60%, 10/09/20, (3 mo. LIBOR US + 0.170%)(a)		3,000		2,998,182
				10,754,782
Manufacturing — 0.9%
3M Co., 3.00%, 09/14/21 (Call 08/14/21)		1,075		1,071,781
Siemens Financieringsmaatschappij NV 1.30%, 09/13/19(d)		1,100		1,083,850
2.67%, 03/16/20, (3 mo. LIBOR US + 0.340%)(a)(d)		3,000		3,004,971
				5,160,602
Media — 0.6%
Comcast Corp. 2.74%, 10/01/20, (3 mo. LIBOR US + 0.330%)(a)		2,000		2,000,848
3.30%, 10/01/20		1,610		1,609,331
				3,610,179
Oil & Gas — 0.3%
Chevron Corp., 2.40%, 02/28/19, (3 mo. LIBOR US + 0.090%)(a)		2,000		2,000,464
Pharmaceuticals — 1.3%
AstraZeneca PLC, 1.75%, 11/16/18		2,500		2,498,885
CVS Health Corp., 2.25%, 12/05/18 (Call 11/05/18)		3,425		3,422,995
Pfizer Inc., 3.00%, 09/15/21		1,670		1,664,772
				7,586,652
Pipelines — 0.2%
TransCanada PipeLines Ltd., 2.89%, 11/15/19, (3 mo. LIBOR US + 0.275%)(a)		1,500		1,502,294
Retail — 0.2%
Home Depot Inc. (The), 2.47%, 06/05/20, (3 mo. LIBOR US + 0.150%)(a)		1,220		1,221,918
Software — 0.1%
Oracle Corp., 2.25%, 10/08/19		600		596,181
Total Corporate Bonds & Notes — 38.7% (Cost: $233,525,633)				233,157,055
Repurchase Agreements
Barclays Bank PLC, 2.92%, 11/01/18 (Purchased on 10/31/18 to be repurchased at $5,000,406, collateralized by non-agency mortgage-backed security, 4.17% to 6.85%, due 06/01/34 to 11/25/35, par and fair value of $7,580,031 and $5,750,000, respectively) (a)(e)		5,000		5,000,000

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Schedule of Investments (continued)   October 31, 2018 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Citigroup Global Markets Inc., 3.06%, 11/01/18 (Purchased on 10/31/18 to be repurchased at $5,000,425, collateralized by non-agency mortgage-backed security, 3.00% to 5.49%, due 05/10/30 to 03/25/61, par and fair value of $ 6,215,137 and $5,250,000, respectively) (a)(e)	$	5,000	$	5,000,000
Credit Suisse Securities (USA) LLC, 2.76%, 11/01/18 (Purchased on 10/31/18 to be repurchased at $2,000,153, collateralized by non-agency mortgage-backed security, 5.53%, due 08/15/35, par and fair value of $2,294,341 and $2,300,000, respectively) (a)(e)		2,000		2,000,000
JP Morgan Securities, 3.06%, 11/01/18 (Purchased on 10/31/18 to be repurchased at $5,000,425, collateralized by non-agency mortgage-backed security, 2.55%, due 03/22/32, par and fair value of $5,462,347 and $5,350,008, respectively) (a)(e)		5,000		5,000,000
Merrill Lynch, 2.89%, 11/01/18 (Purchased on 10/31/18 to be repurchased at $5,000,401, collateralized by non-agency mortgage-backed security, 4.00%, due 01/25/2056, par and fair value of $6,238,812 and $6,000,001, respectively) (a)(e)		5,000		5,000,000
Mizuho Securities USA Inc., 2.85%, 11/01/18 (Purchased on 10/31/18 to be repurchased at $6,000,475, collateralized by non-agency mortgage-backed security, 2.76% to 5.15%, due 05/30/19 to 09/20/29, par and fair value of $6,143,091 and $6,180,001, respectively) (a)(e)		6,000		6,000,000
Total Repurchase Agreements — 4.6% (Cost: $28,000,000)				28,000,000

Security	Shares (000)		Value
Money Market Funds
BlackRock Cash Funds: Treasury, SLAgency Shares, 2.11%(f)(g)		2,193	$	2,193,235
Total Money Market Funds — 0.4% (Cost: $2,193,235)				2,193,235
Total Investments in Securities — 100.2% (Cost: $603,451,263)				603,063,470
Other Assets, Less Liabilities — (0.2)%				(1,269,459	)
Net Assets — 100.0%			$	601,794,011

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

^(b)  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.

^(c)  Rates are discount rates or a range of discount rates at the time of purchase.

^(d)  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.

^(e)  Maturity date represents next reset date.

^(f)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2018, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/17 (000)	Net Activity (000)	Shares Held at 10/31/18 (000)		Value at 10/31/18		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	319	1,874	2,193	$	2,193,235	$	34,831	$	—		$	—
(a) Includes realized capital gain distributions from an affiliated fund, if any.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	—	$	12,985,995	$	—	$	12,985,995
Certificates of Deposit		—		112,729,983		—		112,729,983
Commercial Paper		—		213,997,202		—		213,997,202
Corporate Bonds & Notes		—		233,157,055		—		233,157,055
Repurchase Agreements		—		28,000,000		—		28,000,000
Money Market Funds		2,193,235		—		—		2,193,235
	$	2,193,235	$	600,870,235	$	—	$	603,063,470

See notes to financial statements.

S C H E D U L E    O F    I N V E S T M E N T S 29

Statements of Assets and Liabilities

October 31, 2018

		iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	4,511,991,906		$	126,997,600		$	572,870,235
Affiliated(c)		502,298,279			79,718			2,193,235
Repurchase agreements, at value — Unaffiliated(d)		30,000,000			—			28,000,000
Cash		—			—			49,000
Foreign currency, at value(e)		26,003			—			—
Receivables:
Investments sold		212			1,834,072			—
Securities lending income — Affiliated		13,779			—			—
Capital shares sold		37,589,162			—			5,016,442
Dividends		1,345,491			51			417,200
Interest		19,744,141			782,010			1,197,062
Total assets		5,103,008,973			129,693,451			609,743,174
LIABILITIES
Bank overdraft		1,489,805			—			—
Collateral on securities loaned, at value		72,063,107			—			—
Payables:
Investments purchased		46,616,563			2,556,872			7,910,662
Investment advisory fees		1,021,602			25,303			38,501
Total liabilities		121,191,077			2,582,175			7,949,163
NET ASSETS	$	4,981,817,896		$	127,111,276		$	601,794,011
NET ASSETS CONSIST OF:
Paid-in capital	$	4,983,667,478		$	127,330,378		$	601,033,494
Accumulated earnings (loss)		(1,849,582	)		(219,102	)		760,517
NET ASSETS	$	4,981,817,896		$	127,111,276		$	601,794,011
Shares outstanding		99,400,000			2,550,000			12,000,000
Net asset value	$	50.12		$	49.85		$	50.15
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a)   Securities loaned, at value	$	65,831,600		$	—		$	—
(b)   Investments, at cost — Unaffiliated	$	4,522,454,126		$	127,264,619		$	573,258,028
(c)   Investments, at cost — Affiliated	$	502,293,933		$	79,718		$	2,193,235
(d)   Repurchase agreements, at cost — Unaffiliated	$	30,000,000		$	—		$	28,000,000
(e)   Foreign currency, at cost	$	25,197		$	—		$	—

See notes to financial statements.

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Statements of Operations

Year Ended October 31, 2018

		iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	3,045,516		$	3,178		$	34,831
Interest — Unaffiliated		87,633,114			1,126,436			7,383,877
Securities lending income — Affiliated — net		108,595			—			—
Other income — Unaffiliated		9,046			—			—
Total investment income		90,796,271			1,129,614			7,418,708
EXPENSES
Investment advisory fees		9,228,872			176,030			246,749
Proxy fees		258			4			14
Total expenses		9,229,130			176,034			246,763
Net investment income		81,567,141			953,580			7,171,945
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,111,738	)		(53,503	)		(2,431	)
Investments — Affiliated		1,318			367			—
Capital gain distributions from underlying funds — Affiliated		—			13			—
Foreign currency transactions		(26,231	)		—			—
Net realized loss		(1,136,651	)		(53,123	)		(2,431	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(14,317,357	)		(224,736	)		(491,071	)
Investments — Affiliated		690			—			—
Foreign currency translations		(730	)		—			—
Net change in unrealized appreciation (depreciation)		(14,317,397	)		(224,736	)		(491,071	)
Net realized and unrealized loss		(15,454,048	)		(277,859	)		(493,502	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	66,113,093		$	675,721		$	6,678,443

See notes to financial statements.

F I N A N C I A L    S T A  T E M E N T S 31

Statements of Changes in Net Assets

	iShares Short Maturity Bond ETF						iShares Short Maturity Municipal Bond ETF
	Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/18			Year Ended 10/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	81,567,141		$	35,966,752		$	953,580		$	378,541
Net realized gain (loss)		(1,136,651	)		582,022			(53,123	)		(29,140	)
Net change in unrealized appreciation (depreciation)		(14,317,397	)		1,498,943			(224,736	)		(21,983	)
Net increase in net assets resulting from operations		66,113,093			38,047,717			675,721			327,418
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Decrease in net assets resulting from distributions to shareholders		(74,611,511	)		(34,147,741	)		(856,151	)		(359,533	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,080,578,493			883,945,139			74,785,143			17,526,350
NET ASSETS(b)
Total increase in net assets		2,072,080,075			887,845,115			74,604,713			17,494,235
Beginning of year		2,909,737,821			2,021,892,706			52,506,563			35,012,328
End of year	$	4,981,817,896		$	2,909,737,821		$	127,111,276		$	52,506,563

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Ultra Short-Term Bond ETF
	Year Ended 10/31/18			Year Ended 10/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,171,945		$	1,318,869
Net realized loss		(2,431	)		(7,501	)
Net change in unrealized appreciation (depreciation)		(491,071	)		66,211
Net increase in net assets resulting from operations		6,678,443			1,377,579
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Decrease in net assets resulting from distributions to shareholders		(6,139,081	)		(1,210,368	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		413,322,400			162,746,995
NET ASSETS(b)
Total increase in net assets		413,861,762			162,914,206
Beginning of year		187,932,249			25,018,043
End of year	$	601,794,011		$	187,932,249

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.

See notes to financial statements.

F I N A N C I A L    S T A  T E M E N T S 33

Financial Highlights

(For a share outstanding throughout each period)

	iShares Short Maturity Bond ETF
	Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14
Net asset value, beginning of year	$	50.25		$	50.17		$	50.04		$	50.15		$	50.07
Net investment income(a)		1.11			0.74			0.50			0.44			0.44
Net realized and unrealized gain (loss)(b)		(0.23	)		0.04			0.14			(0.13	)		0.04
Net increase from investment operations		0.88			0.78			0.64			0.31			0.48
Distributions(c)
From net investment income		(1.01	)		(0.70	)		(0.51	)		(0.42	)		(0.40	)
Total distributions		(1.01	)		(0.70	)		(0.51	)		(0.42	)		(0.40	)
Net asset value, end of year	$	50.12		$	50.25		$	50.17		$	50.04		$	50.15
Total Return
Based on net asset value		1.78	%		1.57	%		1.28	%		0.62	%		0.96	%
Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		2.21	%		1.47	%		1.01	%		0.87	%		0.87	%
Supplemental Data
Net assets, end of year (000)	$	4,981,818		$	2,909,738		$	2,021,893		$	1,781,306		$	418,732
Portfolio turnover rate(d)		48	%		56	%		79	%		23	%		35	%

^(a)  Based on average shares outstanding.

^(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)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Short Maturity Municipal Bond ETF
		Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 03/03/15 to 10/31/15	(a)
Net asset value, beginning of period	$	50.01		$	50.02		$	50.07		$	50.00
Net investment income(b)		0.68			0.49			0.39			0.20
Net realized and unrealized gain (loss)(c)		(0.21	)		(0.03	)		(0.04	)		0.04
Net increase from investment operations		0.47			0.46			0.35			0.24
Distributions(d)
From net investment income		(0.63	)		(0.47	)		(0.40	)		(0.17	)
Total distributions		(0.63	)		(0.47	)		(0.40	)		(0.17	)
Net asset value, end of period	$	49.85		$	50.01		$	50.02		$	50.07
Total Return
Based on net asset value		0.95	%		0.93	%		0.69	%		0.48	%(e)
Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%(f)
Total expenses after fees waived		0.25	%		0.25	%		0.25	%		0.25	%(f)
Net investment income		1.35	%		0.99	%		0.79	%		0.59	%(f)
Supplemental Data
Net assets, end of period (000)	$	127,111		$	52,507		$	35,012		$	35,049
Portfolio turnover rate(g)		221	%		163	%		100	%		184	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(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)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G  H L I G H T S 35

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Ultra Short-Term Bond ETF
		Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Period From 12/11/13 to 10/31/14	(a)
Net asset value, beginning of period	$	50.12		$	50.04		$	49.97		$	50.08		$	49.99
Net investment income(b)		1.16			0.71			0.47			0.24			0.16
Net realized and unrealized gain (loss)(c)		(0.16	)		0.02			(0.02	)		(0.07	)		0.06
Net increase from investment operations		1.00			0.73			0.45			0.17			0.22
Distributions(d)
From net investment income		(0.97	)		(0.65	)		(0.38	)		(0.24	)		(0.13	)
From net realized gain		—			—			—			(0.04	)		—
Total distributions		(0.97	)		(0.65	)		(0.38	)		(0.28	)		(0.13	)
Net asset value, end of period	$	50.15		$	50.12		$	50.04		$	49.97		$	50.08
Total Return
Based on net asset value		2.02	%		1.47	%		0.90	%		0.32	%		0.45	%(e)
Ratios to Average Net Assets
Total expenses		0.08	%		0.09	%		0.18	%		0.18	%		0.18	%(f)
Net investment income		2.33	%		1.43	%		0.93	%		0.47	%		0.35	%(f)
Supplemental Data
Net assets, end of period (000)	$	601,794		$	187,932		$	25,018		$	12,493		$	15,024
Portfolio turnover rate(g)		32	%		11	%		139	%		41	%		71	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(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)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements

1.  ORGANIZATION

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 is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

2.  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 increases and decreases in net assets from operations 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.

Investment Transactions and Income Recognition: Investment 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.

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 non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, 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 investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) 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 each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2018, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, 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 net asset value per share.

Distributions: 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.

Recent Accounting Standards: 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.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

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Notes to Financial Statements (continued)

3.  INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) 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. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. 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. 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.

• Investments in 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.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market 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 as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. 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.

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, regular reviews 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 and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. 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 price quotations 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, but not limited to, quoted prices for similar assets or liabilities in markets that are active, 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 interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs 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 financial instruments).

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 into or out of an assigned level within the 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 a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.  SECURITIES AND OTHER INVESTMENTS

Repurchase Agreements: Repurchase agreements are commitments to purchase 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 upon repurchase amount. Pursuant to the custodial undertaking associated with a tri-party repurchase arrangement, an unaffiliated third party custodian maintains accounts to

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Notes to Financial Statements (continued)

hold collateral for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund. In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits the fund, 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 open repurchase agreements as of October 31, 2018 which are subject to offset under an MRA:

iShares ETF and Counterparty		Market Value of Repurchase Agreements		Cash Collateral Received		Non-Cash Collateral Received	(a)		Net Amount
Short Maturity Bond
Mizuho Securities USA Inc.	$	30,000,000	$	—	$	30,000,000		$	—
Ultra Short-Term Bond
Barclays Bank PLC	$	5,000,000	$	—	$	5,000,000		$	—
Citigroup Global Markets Inc.		5,000,000		—		5,000,000			—
Credit Suisse Securities (USA) LLC		2,000,000		—		2,000,000			—
JP Morgan Securities LLC		5,000,000		—		5,000,000			—
Merrill Lynch Pierce Fenner & Smith		5,000,000		—		5,000,000			—
Mizuho Securities USA Inc.		6,000,000		—		6,000,000			—
	$	28,000,000	$	—	$	28,000,000		$	—

^(a)  Collateral received in excess of the market value of repurchase agreements 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.

Securities Lending: Each Fund may lend its 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 market 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 and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, 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.

As of October 31, 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates 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, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2018 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “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 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, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

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Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of October 31, 2018:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Short Maturity Bond
Barclays Bank PLC	$	14,523,745	$	14,523,745		$	—	$	—
Citigroup Global Markets Inc.		2,080,329		2,080,329			—		—
Credit Suisse Securities (USA) LLC		101,436		101,436			—		—
Deutsche Bank Securities Inc.		202,427		202,427			—		—
Goldman Sachs & Co.		17,034,005		17,034,005			—		—
HSBC Securities (USA) Inc.		1,209,366		1,209,366			—		—
JPMorgan Securities LLC		11,146,233		11,146,233			—		—
Merrill Lynch, Pierce, Fenner & Smith		1,872,407		1,872,407			—		—
Morgan Stanley & Co. LLC		8,168,482		8,168,482			—		—
MUFG Securities Americas Inc.		2,444,779		2,444,779			—		—
Wells Fargo Securities LLC		7,048,391		7,048,391			—		—
	$	65,831,600	$	65,831,600		$	—	$	—

^(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.

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, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the 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 market 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. Such losses are borne entirely by each Fund.

5.  INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each 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

Distributor: 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, 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. Each 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, each Fund retains 80% of securities lending income (which excludes collateral investment fees) 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.

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Notes to Financial Statements (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the year ended October 31, 2018, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Short Maturity Bond	$	38,112

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock for 1940 Act purposes.

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 October 31, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Short Maturity Municipal Bond	$	7,595,936	$	10,543,180

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 shown as dividends – affiliated in the statement of operations.

6.  PURCHASES AND SALES

For the year ended October 31, 2018, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Short Maturity Bond	$	27,720,000	$	31,064,012	$	3,088,058,477	$	1,445,736,399
Short Maturity Municipal Bond		—		—		203,475,642		143,700,541
Ultra Short-Term Bond		—		500,046		170,456,105		35,126,500

There were no in-kind transactions for the year ended October 31, 2018.

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.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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. As of October 31, 2018, the following permanent differences attributable to undistributed capital gains were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Short Maturity Bond	$	6,632	$	(6,632	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/18		Year Ended 10/31/17
Short Maturity Bond
Ordinary income	$	74,611,511	$	34,147,741

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Notes to Financial Statements (continued)

iShares ETF	Year Ended 10/31/18		Year Ended 10/31/17
Short Maturity Municipal Bond
Tax-exempt income	$	856,052	$	359,506
Ordinary income		99		27
	$	856,151	$	359,533
Ultra Short-Term Bond
Ordinary income	$	6,139,081	$	1,210,368

As of October 31, 2018, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Undistributed Tax Exempt Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses)	(a)		Total
Short Maturity Bond	$	9,780,476	$	—	$	(1,172,993	)	$	(10,457,065	)	$	(1,849,582	)
Short Maturity Municipal Bond		—		139,777		(91,849	)		(267,030	)		(219,102	)
Ultra Short-Term Bond		1,171,569		—		(23,259	)		(387,793	)		760,517

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

As of October 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Short Maturity Bond	$	1,172,993
Short Maturity Municipal Bond		91,849
Ultra Short-Term Bond		23,259

As of October 31, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) 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	$	5,054,748,059	$	2,208,560	$	(12,666,434	)	$	(10,457,874	)
Short Maturity Municipal Bond		127,344,348		1,409		(268,439	)		(267,030	)
Ultra Short-Term Bond		603,451,263		158,721		(546,514	)		(387,793	)

8. 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.

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 price 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

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Notes to Financial Statements (continued)

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, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, 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 for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Concentration Risk: 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.

9.  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 were as follows:

	Year Ended 10/31/18						Year Ended 10/31/17
iShares ETF	Shares			Amount			Shares			Amount
Short Maturity Bond
Shares sold		58,650,000		$	2,940,323,176			25,800,000		$	1,295,366,901
Shares redeemed		(17,150,000	)		(859,744,683	)		(8,200,000	)		(411,421,762	)
Net increase		41,500,000		$	2,080,578,493			17,600,000		$	883,945,139
Short Maturity Municipal Bond
Shares sold		1,900,000		$	94,724,355			350,000		$	17,526,350
Shares redeemed		(400,000	)		(19,939,212	)		—			—
Net increase		1,500,000		$	74,785,143			350,000		$	17,526,350
Ultra Short-Term Bond
Shares sold		9,300,000		$	465,896,705			3,350,000		$	167,741,625
Shares redeemed		(1,050,000	)		(52,574,305	)		(100,000	)		(4,994,630	)
Net increase		8,250,000		$	413,322,400			3,250,000		$	162,746,995

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 shares sold in the table above.

10.  LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) 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.

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Notes to Financial Statements (continued)

11.  REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information and undistributed net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended October 31, 2017 were classified as follows:

iShares ETF	Net Investment Income
Short Maturity Bond	$	34,147,741
Short Maturity Municipal Bond		359,533
Ultra Short-Term Bond		1,210,368

Undistributed net investment income as of October 31, 2017 are as follows:

iShares ETF	Undistributed net investment income
Short Maturity Bond	$	2,792,669
Short Maturity Municipal Bond		42,339
Ultra Short-Term Bond		138,705

12.  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 additional disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and

Shareholders of iShares Short Maturity Bond ETF,

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Short Maturity Bond ETF, iShares Short Maturity Municipal Bond ETF and iShares Ultra Short-Term Bond ETF (three of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (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 October 31, 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 October 31, 2018 and each of the financial highlights for each of the periods indicated therein 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 October 31, 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

December 21, 2018

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

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Important Tax Information (unaudited)

For the fiscal year ended October 31, 2018, the Funds hereby designate the following maximum amounts allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:

iShares ETF	Interest-Related Dividends
Short Maturity Bond	$	60,459,656
Short Maturity Municipal Bond		953,580
Ultra Short-Term Bond		5,667,611

The Funds hereby designate the following amounts of distributions from direct federal obligation interest for the fiscal year ended October 31, 2018:

iShares ETF	Federal Obligation Interest
Short Maturity Bond	$	1,377,591
Ultra Short-Term Bond		17,304

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

The Fund hereby designates the following amount of distributions from net investment income as exempt-interest dividends for the fiscal year ended October 31, 2018:

iShares ETF	Exempt-Interest Dividends
Short Maturity Municipal Bond		99.99	%

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Board Review and Approval of Investment Advisory Contract

I. iShares Short Maturity Bond ETF, iShares Short Maturity Municipal Bond ETF and iShares Ultra Short-Term Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At a meeting on May 11, 2018, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c)Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 24, 2018, management presented additional information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its initial meeting. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 12-14, 2018, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses and Performance of the Funds: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, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider),objectively selected by Broadridge as comprising such 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 applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2017, to that of relevant comparison fund(s) for the same periods.

The Board noted that each Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Funds manage each Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the prior year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Funds generally performed in line with expectations relative to each Fund’s reference benchmark.

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

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 12-14, 2018 meeting and throughout the year, and matters related to BFA’s portfolio compliance policies and procedures.

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

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Board Review and Approval of Investment Advisory Contract (continued)

Costs of Services Provided to Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the profitability to BlackRock in managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board further noted that it considered the supplemental information the 15(c) Committee requested, which BlackRock provided, regarding the methodology. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and showed how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Funds did not provide for breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds increase. However, the Board noted that a breakpoint structure for the Funds may be appropriate should material economies of scale exist in the future that are not otherwise shared, 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 of the sharing of scale benefits, as well as the other factors considered at the meeting, the Board concluded that the information concerning the sharing of scale benefits supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, 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 similar investment strategies or investment mandates as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the different and generally more extensive services provided to the 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 Funds, as publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds was generally 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: The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Short Maturity Bond(a)	$	1.005607	$	—	$	0.007293	$	1.012900		99	%		—	%		1	%		100	%
Short Maturity Municipal Bond(a)		0.622693		—		0.007764		0.630457		99			—			1			100
Ultra Short-Term Bond(a)		0.964044		—		0.008626		0.972670		99			—			1			100

^(a)  The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Premium/Discount Information

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

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

Premium/discount information for the Funds covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or since the Fund began trading, if shorter) is publicly accessible, free of charge, at www.iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Funds for the immediately preceding five calendar years (or from the date a Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in each table shows the number of trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Short Maturity Bond ETF

Period Covered: September 26, 2013 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		1,015		80.43	%
At NAV		69		5.47
Less than 0.0% and Greater than –0.5%		178		14.10
		1,262		100.00	%

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Supplemental Information (unaudited) (continued)

iShares Short Maturity Municipal Bond ETF

Period Covered: March 05, 2015 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		545		60.49	%
At NAV		34		3.77
Less than 0.0% and Greater than –0.5%		322		35.74
		901		100.00	%

iShares Ultra Short-Term Bond ETF

Period Covered: December 13, 2013 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		1		0.08	%
Greater than 0.0% and Less than 0.5%		794		65.79
At NAV		57		4.72
Less than 0.0% and Greater than –0.5%		355		29.41
		1,207		100.00	%

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 343 funds as of October 31, 2018. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, Mr. Park, Mr. Small and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (61)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009);Trustee of iShares Trust (since 2009).
Mark K. Wiedman(b) (47)	Trustee (since 2013).	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

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

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

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (69)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (62)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since (2016).
Richard L. Fagnani (63)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information (continued)

Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Charles A. Hurty (75)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (63)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (59)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (54)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (43)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (59)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Charles Park (51)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Benjamin Archibald (43)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised Mutual Funds (since 2012).
Steve Messinger (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Scott Radell (49)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (57)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

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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 at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

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.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income

AGM	Assured Guaranty Municipal Corp.
AMBAC	Ambac Assurance Corp.
BAM	Build America Mutual Assurance Co.
CLO	Collateralized Loan Obligation
COP	Certificates of Participation
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
GOL	General Obligation Limited
LIBOR	London Interbank Offered Rate
NPFGC-FGIC	National Public Finance Guarantee Corp. — Financial
	Guaranty Insurance Co.
RB	Revenue Bond
SAP	Subject to Appropriations
SAW	State Aid Withholding
ST	Special Tax

Counterparty Abbreviations

UBS UBS AG

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	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.

OCTOBER 31, 2018

2018 ANNUAL REPORT

iShares U.S. ETF Trust

  iShares Inflation Hedged Corporate Bond ETF | LQDI | Cboe BZX

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

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

Table of Contents

	Page
Market Overview		5
Fund Summary		6
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		24
Notes to Financial Statements		27
Report of Independent Registered Public Accounting Firm		35
Important Tax Information (Unaudited)		36
Board Review and Approval of Investment Advisory Contract		37
Supplemental Information		41
Trustee and Officer Information		43
General Information		45
Glossary of Terms Used in this Report		46
Additional Financial Information		47

Market Overview

iShares U.S. ETF Trust

U.S. Bond Market Overview

The U.S. bond market declined for the 12 months ended October 31, 2018 (“reporting period”). The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -2.05%. The negative return for U.S. bonds was primarily due to a stronger U.S. economy and higher interest rates. Driven in part by the stimulative effect of federal tax reform legislation, the U.S. economy grew by 3% for the 12 months ended September 2018, its highest year-over-year growth rate in more than three years. Key components of the strengthening economy included the job market, where the unemployment rate declined to its lowest level since December 1969; industrial production, which increased at its sharpest year-over-year pace in nearly eight years; and retail sales, which accelerated for much of the reporting period before slowing in the last two months.

Faster economic growth led to higher inflation, though it remained low by historical standards. As measured by the consumer price index, the year-over-year U.S. inflation rate rose to 2.9% in mid-2018 — its fastest rate in more than six years — before falling back to 2.3% by the end of the reporting period. By comparison, the long-term historical average inflation rate is 3.3%.

In this environment, the U.S. Federal Reserve Bank (“Fed”) continued its efforts to normalize monetary policy. The Fed increased short-term interest rates four times during the reporting period, increasing its short-term interest rate target to 2.25%, the highest level in more than a decade. In addition, the Fed reduced its holdings of U.S. Treasury and mortgage-backed securities by approximately 7% during the reporting period, after quadrupling its holdings in response to the 2008 financial crisis.

Interest rates increased broadly in response to the improving economy and higher inflation. Short-term interest rates increased the most, reflecting the Fed’s actions. For example, the yield of the two-year U.S. Treasury note increased from 1.60% to 2.87% during the reporting period. Longer-term interest rates rose to a lesser degree; the yield of the 30-year U.S. Treasury bond increased from 2.88% to 3.39%. These developments led to the narrowest yield difference, or spread, between short-term and longer-term U.S. Treasury securities in more than 11 years.

Higher interest rates had the most significant impact on U.S. Treasury securities, which typically have greater sensitivity to changes in interest rates compared with other higher-yielding sectors of the bond market. Consequently, the prices of U.S. Treasury bonds declined as interest rates increased during the reporting period. U.S. Treasury inflation-protected securities also declined but to a lesser degree as the inflation rate increased.

Corporate bonds posted mixed returns for the reporting period. Despite the positive economic environment, investment-grade corporate bonds declined the most among the major bond sectors. In addition to higher interest rates, investor concerns about high corporate debt levels, a decline in average credit quality, and relatively high valuations contributed to the weakness in investment-grade corporate bonds. In contrast, high-yield corporate bonds, which have lower credit ratings, performed relatively well, as their higher yields buffered price declines. Strong investor demand for yield, lower issuance levels, and limited interest rate sensitivity contributed to the positive performance of high-yield corporate bonds.

Among securitized bonds, asset-backed securities (bonds backed by credit card receivables, auto loans, and other debt) posted positive returns for the reporting period, benefiting from their higher yields and relatively short maturities. Mortgage-backed securities, both residential and commercial, declined but to a lesser degree than the broader bond market.

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Fund Summary as of October 31, 2018   iShares^® Inflation Hedged Corporate Bond ETF

Investment Objective

The iShares Inflation Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the inflation 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 inflation risk of the underlying fund by holding inflation swaps.

Performance

  Cumulative Total Returns    

	Since Inception
Fund NAV		(1.34	)%
Fund Market		(1.26	)
Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index		(1.25	)

For the fiscal period ended 10/31/18, the Fund did not have six months of performance and therefore line graphs and portfolio management commentary are not presented.

The inception date of the Fund was 5/8/18. The first day of secondary market trading was 5/10/18.

The Markit iBoxx^® USD Liquid Investment Grade Inflation Hedged Index is an unmanaged index that is designed to reflect the inflation 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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning Account Value (05/08/18)

(a)

Ending Account Value (10/31/18)

Expenses Paid During the Period

(b)(c)

Beginning Account Value (05/01/18)

Ending Account Value (10/31/18)

Expenses Paid During the Period

(b)(c)

Annualized Expense Ratio

(b)

$        1,000.00

$    986.60

$        0.24

$    1,000.00

$        1,025.00

$        0.26

0.05%

^(a)  The beginning of the period (commencement of operations) is May 08, 2018.

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

^(c)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (176 days for actual and 184 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	3.1	%
Aa	7.4
A	39.8
Baa	46.3
Ba	3.0
Not Rated	0.4

ALLOCATION BY MATURITY
Maturity	Percent of Total Investments	(a)
1-5 Years	22.2	%
5-10 Years	39.9
10-15 Years	3.7
15-20 Years	8.7
More than 20 Years	25.5

* 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.

^(a)  Excludes money market funds.

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Fund Summary as of October 31, 2018 iShares^® Interest Rate Hedged High Yield Bond ETF

Investment Objective

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.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		3.93	%		2.82	%		3.93	%		13.11	%
Fund Market		3.98			2.83			3.98			13.19
Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index		4.01			3.44			4.01			16.12

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

The Markit iBoxx^® USD Liquid High Yield Interest Rate Hedged Swaps 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 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$    1,019.10	$        0.25			$    1,000.00	$        1,025.00	$        0.26		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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

F U N D    S U M M A R  Y 7

Fund Summary as of October 31, 2018 (continued)   iShares^® Interest Rate Hedged High Yield Bond ETF

Portfolio Management Commentary

Favorable credit and supply-and-demand conditions meant high-yield bonds posted a positive return for the reporting period. Both the Fund’s securities and the interest rate hedge contributed to the Fund’s return.

Rising interest rates during the reporting period meant positive returns from hedging activity, which was the largest contributor to the Fund’s return. Typically, increasing interest rates reduce the value of existing bonds, meaning a rise in interest rates detracts from bond fund performance. Conversely, falling interest rates usually serve to increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and Treasury futures contracts.

The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of high-yield corporate bonds, independent of rising interest rates.

High-yield corporate bonds benefited from the strength of the U.S. economy, record high corporate profits, and corporate tax cuts during the reporting period. In addition, strong investor demand for yield helped the performance of corporate bonds at the same time that the issuance of new high-yield bonds declined. Issuance declined as interest rates rose, making borrowing less attractive, and as companies turned to other sources of capital.

The 12-month high-yield corporate bond default rate stood at 3.4% in August 2018. That’s particularly notable because the level of corporate debt to economic growth reached a record high at the end of 2017. Such high levels of corporate debt in the past have been associated with high default rates.

In terms of the Fund’s underlying securities, pharmaceutical bonds contributed the most to the Fund’s performance, amid a wave of new drug approvals and a more innovation-friendly Food and Drug Administration. Healthcare bonds also contributed meaningfully to the Fund’s performance, due to strong performance by healthcare providers that experienced rising procedure and patient treatment volumes.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	1.0	%
Ba	44.1
B	38.8
Caa	13.9
Ca	0.7
C	0.1
Not Rated	1.4

ALLOCATION BY MATURITY
Maturity	Percent of Total Investments	(a)
0-1 Year	0.1	%
1-5 Years.	43.7
5-10 Years	55.2
10-15 Years	0.6
More than 20 Years	0.4

* 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.

^(a)  Excludes money market funds.

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Fund Summary as of October 31, 2018 iShares^® Interest Rate Hedged Corporate Bond ETF

Investment Objective

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.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.08	%		1.71	%		2.08	%		7.80	%
Fund Market		1.94			1.70			1.94			7.74
Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index		2.43			2.56			2.43			11.83

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

The Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps 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 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$    1,009.10	$        0.51			$    1,000.00	$        1,024.70	$        0.51		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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

F U N D    S U M M A R  Y 9

Fund Summary as of October 31, 2018 (continued) iShares^® Interest Rate Hedged Corporate Bond ETF

Portfolio Management Commentary

The Fund posted a positive return even as interest rates rose for the reporting period, as interest rate hedging offset the decline in investment-grade corporate bond prices. The interest rate hedge was the largest contributor to the Fund’s return. Typically, increasing interest rates reduce the value of existing bonds, meaning a rise in interest rates detracts from bond fund performance. Conversely, falling interest rates usually serve to increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and Treasury futures contracts.

The Fund’s interest rate hedge seeks near-zero interest rate sensitivity and was successful within its targeted range. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of corporate bonds, independent of rising interest rates.

In terms of the Fund’s underlying securities, industrial bonds, which made upapproximately 64% of the Fund on average during the reporting period, were the largest detractors from the Fund’s return. Within the sector, companies in the pharmaceuticals and food and beverage industries detracted meaningfully from the Fund’s performance. Global food and beverage companies were negatively affected by currency fluctuations, especially in emerging markets, while pharmaceutical companies were affected by issues ranging from concerns over drug pricing to global regulations for multinational drug manufacturers.

Other detractors included the technology industry, which declined late in the reporting period amid investor concerns about future growth prospects, and energy, which declined despite rising energy prices, as the futures market reflected modest expectations for oil prices. Acquisitions among heavily indebted cable companies and weak car and truck sales despite pricing discounts led to poor performance in the communications and consumer cyclicals industries, which detracted from the Fund’s return.

Bonds in the financial sector also detracted significantly from the Fund’s return, driven by weak performance in the banking industry. Banks contended with deposit pricing pressures that could restrict growth in lending profits, as well as trade disputes and rising tariffs that dampened long-term growth expectations.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	3.1	%
Aa	7.4
A	39.8
Baa	46.3
Ba	3.0
Not Rated	0.4

ALLOCATION BY MATURITY
Maturity	Percent of Total Investments	(a)
1-5 Years.	22.2	%
5-10 Years	39.9
10-15 Years	3.7
15-20 Years	8.7
More than 20 Years	25.5

* 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.

^(a)  Excludes money market funds.

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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 ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

A B O U T    F U N D    P E R F O R M A N C E / S H A R E H O L D E R    E X P  E N S E S 11

Schedule of Investments   October 31, 2018 iShares^® Inflation Hedged Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 97.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		84,841	$	9,521,705
Total Investment Companies — 97.9% (Cost: $9,717,070)				9,521,705
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(a)(b)		25,445		25,445
Total Short-Term Investments — 0.3% (Cost: $25,445)				25,445
Total Investments in Securities — 98.2% (Cost: $9,742,515)				9,547,150
Other Assets, Less Liabilities — 1.8%				177,830
Net Assets — 100.0%			$	9,724,980

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended October 31, 2018, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 05/08/18	(a)	Shares Purchased		Shares Sold		Shares Held at 10/31/18		Value at 10/31/18		Income		Net Realized Gain (Loss)	(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		25,445	(c)	—		25,445	$	25,445	$	1,229	$	—		$	—
iShares iBoxx $ Investment Grade Corporate Bond ETF	—		84,856		(15	)	84,841		9,521,705		145,960		9			(195,365	)
								$	9,547,150	$	147,189	$	9		$	(195,365	)

^(a)  The Fund commenced operations on May 08, 2018.

^(b)  Includes realized capital gain distributions from an affiliated fund, if any.

^(c)  Net of purchases and sales.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year Ultra Long U.S. Treasury Bond		2		12/19/18	$	250	$	1,060
5-Year U.S. Treasury Note		1		12/31/18		112		350
							$	1,410

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Schedule of Investments (continued)   October 31, 2018 iShares^® Inflation Hedged Corporate Bond ETF

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Reference	Frequency
2.21%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		05/15/21		$(1,892	)	$	(5,994	)	$	20	$	(6,014	)
2.29	At Termination	U.S. CPI Urban Consumers NSA	At Termination		05/15/23		(3,684	)		(22,959	)		56		(23,015	)
2.37	At Termination	U.S. CPI Urban Consumers NSA	At Termination		05/15/28		(4,296	)		(46,760	)		100		(46,860	)
2.40	At Termination	U.S. CPI Urban Consumers NSA	At Termination		05/15/48		(296	)		(5,309	)		15		(5,324	)
									$	(81,022	)	$	191	$	(81,213	)

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)		$191		$—		$—		$(81,213)

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2018, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts		Inflation Linked Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	1,410	$	—	$	1,410
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Net unrealized depreciation(a)	$	—	$	81,213	$	81,213

^(a)  Represents cumulative appreciation (depreciation) of futures contracts and centrally cleared inflation swaps contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.

For the period ended October 31, 2018, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts			Inflation Linked Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts		(1,596	)		—			(1,596	)
Swaps		—			57			57
	$	(1,596	)	$	57		$	(1,539	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		1,410			—			1,410
Swaps		—			(81,213	)		(81,213	)
	$	1,410		$	(81,213	)	$	(79,803	)

S C H E D U L E    O F    I N V E S T M E N T S 13

Schedule of Investments (continued)   October 31, 2018 iShares^® Inflation Hedged Corporate Bond ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	420,145
Interest rate swaps:
Average notional value — pays fixed rate		10,168,000

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	9,521,705	$	—		$	—	$	9,521,705
Money Market Funds		25,445		—			—		25,445
	$	9,547,150	$	—		$	—	$	9,547,150
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,410	$	—		$	—	$	1,410
Liabilities
Swaps		—		(81,213	)		—		(81,213	)
	$	1,410	$	(81,213	)	$	—	$	(79,803	)

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

See notes to financial statements.

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Schedule of Investments   October 31, 2018 iShares^® Interest Rate Hedged High Yield Bond  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 97.3%
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b)		4,801,259	$	404,986,197
Total Investment Companies — 97.3%
(Cost: $417,339,518)				404,986,197
Short-Term Investments
Money Market Funds — 45.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.36%(a)(c)(d)		181,196,855		181,233,094
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(a)(c)		5,837,602		5,837,602
				187,070,696
Total Short-Term Investments — 45.0%
(Cost: $187,061,061)				187,070,696
Total Investments in Securities — 142.3%
(Cost: $604,400,579)				592,056,893
Other Assets, Less Liabilities — (42.3)%				(175,878,421	)
Net Assets — 100.0%			$	416,178,472

^(a)  Affiliate of the Fund.

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

^(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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 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 10/31/18		Value at 10/31/18		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	45,737,039	135,459,816	(b)	—		181,196,855	$	181,233,094	$	1,812,850	(c)	$	(8,419	)	$	9,634
BlackRock Cash Funds: Treasury, SL Agency Shares	1,161,712	4,675,890	(b)	—		5,837,602		5,837,602		51,831			—			—
iShares iBoxx $ High Yield Corporate Bond ETF	1,526,823	3,700,732		(426,296	)	4,801,259		404,986,197		13,485,551			146,188			(12,805,535	)
							$	592,056,893	$	15,350,232		$	137,769		$	(12,795,901	)

^(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.

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate(a)	Frequency
1.33%	Semi-annual	2.56%	Quarterly		N/A		12/09/18		$(82,543	)	$	89,398	$	51,826	$	37,572
2.17	Semi-annual	2.56	Quarterly		N/A		01/12/20		(120,460	)		1,098,440		717,108		381,332
1.82	Semi-annual	2.56	Quarterly		N/A		12/09/21		(112,924	)		4,328,104		1,717,844		2,610,260
2.38	Semi-annual	2.56	Quarterly		N/A		01/12/23		(68,491	)		2,024,216		1,065,512		958,704
2.46	Semi-annual	2.56	Quarterly		N/A		01/12/25		(90,001	)		3,564,495		1,981,945		1,582,550
1.44	Semi-annual	2.56	Quarterly		N/A		12/08/26		(6,600	)		838,920		716,775		122,145
2.23	Semi-annual	2.56	Quarterly		N/A		12/09/26		(28,975	)		2,031,203		634,380		1,396,823

S C H E D U L E    O F    I N V E S T M E N T S 15

Schedule of Investments (continued)   October 31, 2018 iShares^® Interest Rate Hedged High Yield Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate(a)	Frequency
3.25%	Semi-annual	2.56%	Quarterly		N/A		10/18/28	$	(2,800	)	$	914		$	6,287		$	(5,373	)
3.33	Semi-annual	2.56	Quarterly		N/A		10/24/48		(700	)		(507	)		(1,634	)		1,127
											$	13,975,183		$	6,890,043		$	7,085,140

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

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	6,891,677		$(1,634	)		$7,090,513		$(5,373)

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2018, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Net unrealized appreciation(a)	$	7,090,513
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Net unrealized depreciation(a)	$	5,373

^(a)  Represents cumulative appreciation (depreciation) of centrally cleared interest rate swaps contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.

For the year ended October 31, 2018, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	259,586
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	6,573,837

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	330,281,800

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

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Schedule of Investments (continued)   October 31, 2018 iShares^® Interest Rate Hedged High Yield Bond ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	404,986,197	$	—		$	—	$	404,986,197
Money Market Funds		187,070,696		—			—		187,070,696
								��
	$	592,056,893	$	—		$	—	$	592,056,893
Derivative financial instruments(a)
Assets
Swaps	$	—	$	7,090,513		$	—	$	7,090,513
Liabilities
Swaps		—		(5,373	)		—		(5,373	)
	$	—	$	7,085,140		$	—	$	7,085,140

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

See notes to financial statements.

S C H E D U L E    O F    I N V E S T M E N T S 17

Schedule of Investments   October 31, 2018 iShares^® Interest Rate Hedged Corporate Bond  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 95.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)		1,824,319	$	204,743,321
Total Investment Companies — 95.0%
(Cost: $213,579,746)				204,743,321
Short-Term Investments
Money Market Funds — 37.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.36%(a)(c)(d)		78,148,424		78,164,054
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(a)(c)		2,972,028		2,972,028
				81,136,082
Total Short-Term Investments — 37.6%
(Cost: $81,132,454)				81,136,082
Total Investments in Securities — 132.6%
(Cost: $294,712,200)				285,879,403
Other Assets, Less Liabilities — (32.6)%				(70,349,671	)
Net Assets — 100.0%			$	215,529,732

^(a)  Affiliate of the Fund.

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

^(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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 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 10/31/18		Value at 10/31/18		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	32,012,834	46,135,590	(b)	—		78,148,424	$	78,164,054	$	138,228	(c)	$	11,344		$	6,774
BlackRock Cash Funds: Treasury, SL Agency Shares	282,604	2,689,424	(b)	—		2,972,028		2,972,028		38,352			—			—
iShares iBoxx $ Investment Grade Corporate Bond ETF	617,766	2,316,938		(1,110,385	)	1,824,319		204,743,321		5,389,510			(611,073	)		(10,672,470	)
							$	285,879,403	$	5,566,090		$	(599,729	)	$	(10,665,696	)

^(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.

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate(a)	Frequency
1.17%	Semi-annual	2.56%	Quarterly		N/A		12/08/21	$	(45,230	)	$	2,602,372		$	1,964,712		$	637,660
2.38	Semi-annual	2.56	Quarterly		N/A		01/12/23		(29,191	)		862,725			651,404			211,321
2.46	Semi-annual	2.56	Quarterly		N/A		01/12/25		(22,281	)		882,440			694,534			187,906
1.44	Semi-annual	2.56	Quarterly		N/A		12/08/26		(58,515	)		7,437,788			6,612,711			825,077
3.25	Semi-annual	2.56	Quarterly		N/A		10/18/28		(6,800	)		2,220			120			2,100
2.34	Semi-annual	2.56	Quarterly		N/A		12/08/36		(37,498	)		5,235,860			3,897,759			1,338,101
1.77	Semi-annual	2.56	Quarterly		N/A		12/08/46		(26,116	)		7,743,574			6,459,817			1,283,757
3.33	Semi-annual	2.56	Quarterly		N/A		10/24/48		(357	)		(259	)		(5,261	)		5,002
											$	24,766,720		$	20,275,796		$	4,490,924

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

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Schedule of Investments (continued) October 31, 2018 iShares^® Interest Rate Hedged Corporate Bond ETF

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)		$20,281,057		$(5,261	)		$4,490,924		$—

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2018, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Net unrealized appreciation(a)		$4,490,924

^(a)  Represents cumulative appreciation (depreciation) of centrally cleared interest rate swaps contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.

For the year ended October 31, 2018, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps		$6,007,170
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps		$2,503,085

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	180,064,000

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	204,743,321	$	—	$	—	$	204,743,321
Money Market Funds		81,136,082		—		—		81,136,082
	$	285,879,403	$	—	$	—	$	285,879,403
Derivative financial instruments(a)
Assets
Swaps	$	—	$	4,490,924	$	—	$	4,490,924

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

See notes to financial statements.

S C H E D U L E    O F    I N V E S T M E N T S 19

Statements of Assets and Liabilities

October 31, 2018

	iShares Inflation Hedged Corporate Bond ETF			iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	9,547,150		$	592,056,893		$	285,879,403
Cash		26			—			984,996
Cash pledged:
Futures contracts		4,000			—			—
Centrally cleared swaps		169,000			4,450,000			5,978,000
Receivables:
Securities lending income — Affiliated		—			270,508			12,430
Variation margin on centrally cleared swaps		7,598			651,415			824,115
Dividends		201			12,964			6,865
Other assets		—			—			7,703
Total assets		9,727,975			597,441,780			293,693,512
LIABILITIES
Bank overdraft		—			3,423			—
Collateral on securities loaned, at value		—			181,243,117			78,145,950
Payables:
Variation margin on futures contracts		2,577			—			—
Investment advisory fees		418			16,768			17,830
Total liabilities		2,995			181,263,308			78,163,780
NET ASSETS	$	9,724,980		$	416,178,472		$	215,529,732
NET ASSETS CONSIST OF:
Paid-in capital	$	10,000,000		$	421,961,772		$	216,698,697
Accumulated loss		(275,020	)		(5,783,300	)		(1,168,965	)
NET ASSETS	$	9,724,980		$	416,178,472		$	215,529,732
Shares outstanding		400,000			4,600,000			2,250,000
Net asset value	$	24.31		$	90.47		$	95.79
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a)   Securities loaned, at value	$	—		$	177,440,009		$	76,263,652
(b)   Investments, at cost — Affiliated	$	9,742,515		$	604,400,579		$	294,712,200

See notes to financial statements.

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Statements of Operations

Year Ended October 31, 2018

		iShares Inflation Hedged Corporate Bond ETF	(a)		iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	147,189		$	13,537,382		$	5,427,862
Interest — Unaffiliated		2,248			5,779			9,934
Securities lending income — Affiliated — net		—			1,812,850			138,228
Total investment income		149,437			15,356,011			5,576,024
EXPENSES
Investment advisory fees		9,657			1,812,668			496,559
Proxy fees		—			24			7
Total expenses		9,657			1,812,692			496,566
Less:
Investment advisory fees waived		(7,243	)		(1,673,256	)		(331,046	)
Total expenses after fees waived		2,414			139,436			165,520
Net investment income		147,023			15,216,575			5,410,504
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			—			7,701
Investments — Affiliated		9			(139,493	)		(63,465	)
In-kind redemptions — Affiliated		—			277,262			(536,264	)
Futures contracts		(1,596	)		—			—
Swaps		57			259,586			6,007,170
Net realized gain (loss)		(1,530	)		397,355			5,415,142
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(195,365	)		(12,795,901	)		(10,665,696	)
Futures contracts		1,410			—			—
Swaps		(81,213	)		6,573,837			2,503,085
Net change in unrealized appreciation (depreciation)		(275,168	)		(6,222,064	)		(8,162,611	)
Net realized and unrealized loss		(276,698	)		(5,824,709	)		(2,747,469	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(129,675	)	$	9,391,866		$	2,663,035

^(a)  For the period from May 08, 2018 (commencement of operations) to October 31, 2018.

See notes to financial statements.

F I N A N C I A L    S T A  T E M E N T S 21

Statements of Changes in Net Assets

	iShares Inflation Hedged Corporate Bond ETF			iShares Interest Rate Hedged High Yield Bond ETF
	Period From    05/08/18(a) to 10/31/18			Year Ended 10/31/18			Year Ended   10/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	147,023		$	15,216,575		$	9,097,978
Net realized gain (loss)		(1,530	)		397,355			2,697,589
Net change in unrealized appreciation (depreciation)		(275,168	)		(6,222,064	)		3,509,059
Net increase (decrease) in net assets resulting from operations		(129,675	)		9,391,866			15,304,626
DISTRIBUTIONS TO SHAREHOLDERS(b)(c)
Decrease in net assets resulting from distributions to shareholders		(145,345	)		(14,460,293	)		(8,196,203	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		10,000,000			283,576,812			99,965,963
NET ASSETS
Total increase in net assets		9,724,980			278,508,385			107,074,386
Beginning of period		—			137,670,087			30,595,701
End of period	$	9,724,980		$	416,178,472		$	137,670,087

^(a) Commencement of operations.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Prior year distribution character information has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Interest Rate Hedged Corporate Bond ETF
	Year Ended 10/31/18			Year Ended   10/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,410,504		$	1,780,775
Net realized gain (loss)		5,415,142			(208,187	)
Net change in unrealized appreciation (depreciation)		(8,162,611	)		2,453,218
Net increase in net assets resulting from operations		2,663,035			4,025,806
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Decrease in net assets resulting from distributions to shareholders		(4,886,158	)		(1,459,798	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		140,458,346			42,356,829
NET ASSETS
Total increase in net assets		138,235,223			44,922,837
Beginning of year		77,294,509			32,371,672
End of year	$	215,529,732		$	77,294,509

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Prior year distribution character information has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

F I N A N C I A L    S T A  T E M E N T S 23

Financial Highlights

(For a share outstanding throughout the period)

		iShares Inflation Hedged Corporate        Bond ETF
	Period From 05/08/18(a) to 10/31/18
Net asset value, beginning of period		$25.00
Net investment income(b)		0.37
Net realized and unrealized loss(c)		(0.70	)
Net decrease from investment operations		(0.33	)
Distributions(d)
From net investment income		(0.36	)
Total distributions		(0.36	)
Net asset value, end of period		$24.31
Total Return
Based on net asset value		(1.34	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.20	%(g)
Total expenses after fees waived(f)		0.05	%(g)
Net investment income		3.04	%(g)
Supplemental Data
Net assets, end of period (000)		$9,725
Portfolio turnover rate(h)(i)		0	%(e)(j)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(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)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

^(j)  Rounds to less than 1%.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged High Yield Bond ETF
	Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Period From    05/27/14(a) to 10/31/14
Net asset value, beginning of period		$    91.78			$    87.42			$  87.66			$  96.93			$100.10
Net investment income(b)		4.98			4.57			4.86			4.80			1.86
Net realized and unrealized gain (loss)(c)		(1.46	)		4.21			(0.94	)		(9.29	)		(2.87	)
Net increase (decrease) from investment operations		3.52			8.78			3.92			(4.49	)		(1.01	)
Distributions(d)
From net investment income		(4.83	)		(4.42	)		(4.16	)		(4.74	)		(2.15	)
Return of capital		—			—			—			(0.04	)		(0.01	)
Total distributions		(4.83	)		(4.42	)		(4.16	)		(4.78	)		(2.16	)
Net asset value, end of period		$    90.47			$    91.78			$  87.42			$  87.66			$  96.93
Total Return
Based on net asset value		3.93	%		10.26	%		4.73	%		(4.77	)%		(1.03	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(g)
Total expenses after fees waived(f)		0.05	%		0.05	%		0.05	%		0.06	%		0.06	%(g)
Net investment income		5.46	%		5.04	%		5.78	%		5.21	%		4.41	%(g)
Supplemental Data
Net assets, end of period (000)		$416,178			$137,670			$30,596			$48,215			$43,619
Portfolio turnover rate(h)(i)		0	%(j)		0	%		0	%(j)		3	%		3	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(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)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

^(j)  Rounds to less than 1%.

See notes to financial statements.

F I N A N C I A L    H I G  H L I G H T S 25

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Corporate Bond ETF
	Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Period From    05/27/14(a) to 10/31/14
Net asset value, beginning of period		$    96.62			$  92.49			$  92.13			$  97.95			$100.32
Net investment income(b)		3.16			2.76			2.74			2.95			1.32
Net realized and unrealized gain (loss)(c)		(1.16	)		3.73			(0.29	)		(5.82	)		(2.36	)
Net increase (decrease) from investment operations		2.00			6.49			2.45			(2.87	)		(1.04	)
Distributions(d)
From net investment income		(2.83	)		(2.36	)		(2.09	)		(2.81	)		(1.32	)
Return of capital		—			—			—			(0.14	)		(0.01	)
Total distributions		(2.83	)		(2.36	)		(2.09	)		(2.95	)		(1.33	)
Net asset value, end of period		$    95.79			$  96.62			$  92.49			$  92.13			$  97.95
Total Return
Based on net asset value		2.08	%		7.11	%		2.70	%		(2.97	)%		(1.05	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%(g)
Total expenses after fees waived(f)		0.10	%		0.10	%		0.10	%		0.11	%		0.11	%(g)
Net investment income		3.27	%		2.91	%		3.01	%		3.12	%		3.09	%(g)
Supplemental Data
Net assets, end of period (000)		$215,530			$77,295			$32,372			$18,427			$  9,795
	��
Portfolio turnover rate(h)(i)		2	%		0	%(j)		2	%		8	%		4	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(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)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

^(j)  Rounds to less than 1%.

See notes to financial statements.

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Notes to Financial Statements

1.  ORGANIZATION

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 is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

iShares ETF	Diversification Classification
Inflation Hedged Corporate Bond(a)		Non-diversified
Interest Rate Hedged High Yield Bond		Diversified
Interest Rate Hedged Corporate Bond		Diversified

^(a)  The Fund commenced operations on May 08, 2018.

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedules of investments for the underlying funds should be read in conjunction with the Funds’ financial statements.

2.  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 increases and decreases in net assets from operations 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.

Investment Transactions and Income Recognition: Investment 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.

In-kind Redemptions: For financial reporting purposes, 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 net asset value per share.

Distributions: 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.

Recent Accounting Standards: In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.  INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) 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. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or 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 may be valued at the last traded price.

• Investments in 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.

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Notes to Financial Statements (continued)

• 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.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market 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 as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. 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.

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, regular reviews 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 and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. 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 price quotations 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, but not limited to, quoted prices for similar assets or liabilities in markets that are active, 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 interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs 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 financial instruments).

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 into or out of an assigned level within the 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 a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.  SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its 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 market 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 and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, 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.

As of October 31, 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates 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, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2018 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “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 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, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

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Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of October 31, 2018:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Interest Rate Hedged High Yield Bond
BNP Paribas New York Branch	$	7,062,119	$	7,062,119		$	—	$	—
Citigroup Global Markets Inc.		59,005,777		59,005,777			—		—
Credit Suisse Securities (USA) LLC		42,175,000		42,175,000			—		—
Deutsche Bank Securities Inc.		8,190,385		8,190,385			—		—
Goldman Sachs & Co.		14,288,890		14,288,890			—		—
JPMorgan Securities LLC		20,118,909		20,118,909			—		—
Merrill Lynch, Pierce, Fenner & Smith		3,847,878		3,847,878			—		—
UBS AG		1,341,165		1,341,165			—		—
Wells Fargo Bank, National Association		19,098,696		19,098,696			—		—
Wells Fargo Securities LLC		2,311,190		2,311,190			—		—
	$	177,440,009	$	177,440,009		$	—	$	—
Interest Rate Hedged Corporate Bond
Barclays Bank PLC	$	12,513,645	$	12,513,645		$	—	$	—
Wells Fargo Bank, National Association		63,750,007		63,750,007			—		—
	$	76,263,652	$	76,263,652		$	—	$	—

^(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.

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, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the 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 market 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. Such losses are borne entirely by each Fund.

5.  DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: U.S. Treasury futures are used by the iShares Inflation Hedged Corporate Bond ETF to mitigate the potential impact of interest rates on the performance of the bonds held by the Fund or its underlying fund. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement 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. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a 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 (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations 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 involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

Swaps: Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. The iShares Inflation Hedged Corporate Bond ETF uses inflation swaps to mitigate the potential impact of inflation on the performance of the bonds held by the Fund or its underlying fund. The iShares Interest Rate Hedged High Yield Bond ETF and iShares Interest Rate Hedged Corporate Bond ETF use interest rate swaps to mitigate the potential impact of interest rates on the performance of the bonds held by each Fund or its underlying fund.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Each Fund enters into centrally cleared 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 schedule of investments and cash deposited is shown as cash pledged for centrally cleared swaps on the

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Notes to Financial Statements (continued)

statement of assets and liabilities. The daily change in valuation of centrally cleared swaps is recorded as variation margin receivable or payable on centrally cleared swaps in the statement of assets and liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the statement of operations. Upfront payments and receipts are shown as swap premiums paid and swap premiums received in the statement of assets and liabilities 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 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.

6.  INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each 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
Inflation Hedged Corporate Bond		0.20	%
Interest Rate Hedged High Yield Bond		0.65
Interest Rate Hedged Corporate Bond		0.30

Expense Waivers: 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.

For the iShares Inflation Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2023 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 0.05%.

For the iShares Interest Rate Hedged High Yield Bond ETF, 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 the iShares Interest Rate Hedged Corporate Bond ETF, 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 LQD, after taking into account any fee waivers by LQD, plus 0.10%.

Distributor: 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, 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. Each 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, each Fund retains 80% of securities lending income (which excludes collateral investment fees) 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.

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Notes to Financial Statements (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the year ended October 31, 2018, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Interest Rate Hedged High Yield Bond		$  454,744
Interest Rate Hedged Corporate Bond		49,085

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock for 1940 Act purposes.

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 shown as dividends – affiliated in the statement of operations.

7.  PURCHASES AND SALES

For the year ended October 31, 2018, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Inflation Hedged Corporate Bond	$	496,508	$	1,734
Interest Rate Hedged High Yield Bond		7,182,822		1,193,892
Interest Rate Hedged Corporate Bond		8,807,111		2,467,907

For the year ended October 31, 2018, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Inflation Hedged Corporate Bond	$	9,222,288	$	—
Interest Rate Hedged High Yield Bond		312,273,784		35,695,202
Interest Rate Hedged Corporate Bond		259,829,843		124,978,356

8.  INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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. As of October 31, 2018, the following permanent differences attributable to the use of equalization and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Loss
Interest Rate Hedged High Yield Bond	$	146,189	$	(146,189	)
Interest Rate Hedged Corporate Bond		267,272		(267,272	)

The tax character of distributions paid was as follows:

iShares ETF	Period Ended 10/31/18
Inflation Hedged Corporate Bond Ordinary income	$	145,345

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Notes to Financial Statements (continued)

iShares ETF	Year Ended 10/31/18		Year Ended 10/31/17
Interest Rate Hedged High Yield Bond
Ordinary income	$	14,460,293	$	8,196,203
Interest Rate Hedged Corporate Bond
Ordinary income	$	4,818,154	$	1,459,798
Long-term capital gains		68,004		—
	$	4,886,158	$	1,459,798

As of October 31, 2018, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carryforwards			Net Unrealized    Gains (Losses)(a)		Total
Inflation Hedged Corporate Bond	$	1,735	$	—	$	(177	)	$	(276,578)	$	(275,020	)
Interest Rate Hedged High Yield Bond		299,732		—		(810,621	)		(5,272,411)		(5,783,300	)
Interest Rate Hedged Corporate Bond		—		3,185,295		—			(4,354,260)		(1,168,965	)

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

As of October 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Inflation Hedged Corporate Bond	$	177
Interest Rate Hedged High Yield Bond		810,621

For the year ended October 31, 2018, the Funds utilized the following amounts of their capital loss carryforwards as follows:

iShares ETF	Utilized
Interest Rate Hedged High Yield Bond	$	690,315
Interest Rate Hedged Corporate Bond		2,498,799

As of October 31, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Inflation Hedged Corporate Bond	$	9,742,515	$	—	$	(276,578	)	$	(276,578	)
Interest Rate Hedged High Yield Bond		604,414,444		7,100,147		(12,372,558	)		(5,272,411	)
Interest Rate Hedged Corporate Bond		294,724,587		4,494,551		(8,848,811	)		(4,354,260	)

9.  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.

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

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Notes to Financial Statements (continued)

rate changes, usually making their price 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.

Concentration Risk: 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.

10.  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 were as follows:

	Period Ended 10/31/18
iShares ETF	Shares		Amount
Inflation Hedged Corporate Bond
Shares sold		400,000	$	10,000,000

	Year Ended 10/31/18						Year Ended 10/31/17
iShares ETF	Shares			Amount			Shares			Amount
Interest Rate Hedged High Yield Bond
Shares sold		3,500,000		$	320,022,946			2,600,000		$	231,902,853
Shares redeemed		(400,000	)		(36,446,134	)		(1,450,000	)		(131,936,890	)
Net increase		3,100,000		$	283,576,812			1,150,000		$	99,965,963
Interest Rate Hedged Corporate Bond
Shares sold		2,800,000		$	271,201,190			450,000		$	42,356,829
Shares redeemed		(1,350,000	)		(130,742,844	)		—			—
Net increase		1,450,000		$	140,458,346			450,000		$	42,356,829

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 shares sold in the table above.

11.  LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) 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.

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Notes to Financial Statements (continued)

12.  REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended October 31, 2017 were classified as follows:

iShares ETF	Net Investment Income
Interest Rate Hedged High Yield Bond	$	8,196,203
Interest Rate Hedged Corporate Bond		1,459,798

13.  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 additional disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and

Shareholders of iShares Inflation Hedged Corporate Bond ETF,

iShares Interest Rate Hedged High Yield Bond ETF and

iShares Interest Rate Hedged 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 Inflation Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF and iShares Interest Rate Hedged Corporate Bond ETF (three of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (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 October 31, 2018, the results of each of their operations and changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

iShares Inflation Hedged Corporate Bond ETF: statements of operations and changes in net assets for the period May 8, 2018 (commencement of
operations) through October 31, 2018.

iShares Interest Rate Hedged High Yield Bond ETF and iShares Interest Rate Hedged Corporate Bond ETF: statements of operations for the year ended
October 31, 2018 and statements of changes in net assets for each of the two years in the period ended October 31, 2018.

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 October 31, 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

December 21, 2018

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

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Important Tax Information (unaudited)

For the fiscal year ended October 31, 2018, the Funds hereby designate the following maximum amounts allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:

iShares ETF	Interest-Related Dividends
Inflation Hedged Corporate Bond	$	104,202
Interest Rate Hedged High Yield Bond		7,656,043
Interest Rate Hedged Corporate Bond		3,804,635

The Funds hereby designate the following amounts of distributions from direct federal obligation interest for the fiscal year ended October 31, 2018:

iShares ETF	Federal Obligation Interest
Inflation Hedged Corporate Bond	$	189
Interest Rate Hedged High Yield Bond		25,860
Interest Rate Hedged Corporate Bond		18,737

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

The following distribution amounts are hereby designated for the fiscal year ended October 31, 2018:

iShares ETF	20% Rate Long-Term Capital  Gain Dividends
Interest Rate Hedged Corporate Bond	$	934,417

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Board Review and Approval of Investment Advisory Contract

I. iShares Inflation Hedged Corporate Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At a meeting on May 11, 2018, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 24, 2018, management presented additional information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its initial meeting. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 12-14, 2018, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses and Performance 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, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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, excluding iShares funds.

Because the Fund had not commenced operations as of December 31, 2017, the Board did not review any performance information for the Fund.

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

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 12-14, 2018 meeting and throughout the year, and matters related to BFA’s portfolio compliance policies and procedures.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the profitability of the iShares complex to BlackRock, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the iShares funds’ operations for the last calendar year. The Board did not consider the profitability of the Fund to BFA and its affiliates since the Fund had not commenced operations as of December 31, 2017. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board noted that the 15(c)Committee had focused on the methodology and profitability presentation during its meetings. The Board further noted that it considered the supplemental information the 15(c) Committee requested, which BlackRock provided, regarding the methodology. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock

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Board Review and Approval of Investment Advisory Contract (continued)

affiliate, from securities lending by the iShares funds. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and showed how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that a breakpoint structure for the Fund may be appropriate should material economies of scale exist in the future that are not otherwise shared, 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 of the sharing of scale benefits, as well as the other factors considered at the meeting, the Board concluded that the information concerning the sharing of scale benefits supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, 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, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for 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 Fund has not commenced operations as of December 31, 2017. The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to other iShares funds by BFA, such as payment of revenue to BTC, the securities lending agent to the iShares funds, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the iShares funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 iShares funds. The Board further noted that any portfolio transactions on behalf of the iShares funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

II. iShares Interest Rate Hedged High Yield Bond ETF and iShares Interest Rate Hedged Corporate Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At a meeting on May 11, 2018, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 24, 2018, management presented additional information to the Board relating to the

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Board Review and Approval of Investment Advisory Contract (continued)

continuance of the Advisory Contract, including information requested by the 15(c) Committee during its initial meeting. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 12-14, 2018, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses and Performance of the Funds: 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, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising such 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 applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2017, to that of relevant comparison fund(s) for the same periods.

The Board noted that each Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Funds manage each Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the prior year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Funds generally performed in line with expectations relative to each Fund’s reference benchmark.

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

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 12-14, 2018 meeting and throughout the year, and matters related to BFA’s portfolio compliance policies and procedures.

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

Costs of Services Provided to Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the profitability to BlackRock in managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board further noted that it considered the supplemental information the 15(c) Committee requested, which BlackRock provided, regarding the methodology. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and showed how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Funds did not provide for breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds increase. However, the Board noted that a breakpoint structure for the Funds may be appropriate should material economies of scale exist in the future that are not otherwise shared, 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 of the sharing of scale benefits, as well as the other factors considered at the meeting, the Board concluded that the information concerning the sharing of scale benefits supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with similar investment strategies or investment mandates as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the different and generally more extensive services provided to the 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 Funds, as publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds was generally 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: The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Inflation Hedged Corporate Bond(a)	$	0.359903	$	—	$	0.003460	$	0.363363		99	%		—	%		1	%		100	%
Interest Rate Hedged High Yield Bond		4.833487		—		—		4.833487		100			—			—			100
Interest Rate Hedged Corporate Bond(a)		2.812869		—		0.014471		2.827340		99			—			1			100

^(a)  The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Premium/Discount Information

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

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

Premium/discount information for the Funds covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or since the Fund began trading, if shorter) is publicly accessible, free of charge, at www.iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Funds for the immediately preceding five calendar years (or from the date a Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in each table shows the number of trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Inflation Hedged Corporate Bond ETF

Period Covered: May 10, 2018 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		2		2.02	%
Greater than 0.0% and Less than 0.5%		50		50.51
Less than 0.0% and Greater than –0.5%		47		47.47
		99		100.00	%

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Supplemental Information (unaudited) (continued)

iShares Interest Rate Hedged High Yield Bond ETF

Period Covered: May 28, 2014 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 6.0%		3		0.27	%
Greater than 2.5% and Less than 3.0%		1		0.09
Greater than 1.0% and Less than 1.5%		7		0.64
Greater than 0.5% and Less than 1.0%		20		1.83
Greater than 0.0% and Less than 0.5%		581		53.06
At NAV		66		6.03
Less than 0.0% and Greater than –0.5%		412		37.63
Less than –0.5% and Greater than –1.0%		3		0.27
Less than –1.0% and Greater than –1.5%		2		0.18
		1,095		100.00	%

iShares Interest Rate Hedged Corporate Bond ETF

Period Covered: May 28, 2014 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 6.0%		16		1.46	%
Greater than 1.5% and Less than 2.0%		1		0.09
Greater than 1.0% and Less than 1.5%		8		0.73
Greater than 0.5% and Less than 1.0%		10		0.91
Greater than 0.0% and Less than 0.5%		630		57.54
At NAV		49		4.47
Less than 0.0% and Greater than –0.5%		375		34.25
Less than –0.5% and Greater than –1.0%		4		0.37
Less than –6.0%		2		0.18
		1,095		100.00	%

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 343 funds as of October 31, 2018. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, Mr. Park, Mr. Small and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (61)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006);Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009);Trustee of iShares Trust (since 2009).
Mark K. Wiedman(b) (47)	Trustee (since 2013).	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

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

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

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (69)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (62)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since (2016).
Richard L. Fagnani (63)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information (continued)

Independent Trustees(continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Charles A. Hurty (75)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (63)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (59)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (54)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017);Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (43)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (59)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Charles Park (51)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Benjamin Archibald (43)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised Mutual Funds (since 2012).
Steve Messinger (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Scott Radell (49)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (57)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

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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 at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

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.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income

CPI	Consumer Price Index
LIBOR	London Interbank Offered Rate

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Additional Financial Information

Schedules of Investments (Unaudited)

October 31, 2018

Statements of Assets and Liabilities (Unaudited)

October 31, 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)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond  ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.4%
Lamar Media Corp.
5.00%, 05/01/23 (Call 12/03/18)(a)	$	10,629	$	10,602,427
5.38%, 01/15/24 (Call 01/15/19)(a)		8,841		8,850,472
5.75%, 02/01/26 (Call 02/01/21)(a)		6,620		6,657,614
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 12/03/18)(a)		9,460		9,486,961
5.63%, 02/15/24 (Call 02/15/19)(a)		8,815		8,807,129
5.88%, 03/15/25 (Call 09/15/19)(a)		8,219		8,231,645
				52,636,248
Aerospace & Defense — 2.2%
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)(a)		21,234		20,870,262
5.40%, 04/15/21 (Call 01/15/21)		20,550		20,712,939
5.87%, 02/23/22(a)		10,613		10,756,739
6.15%, 08/15/20(a)		17,670		18,131,323
Bombardier Inc.
5.75%, 03/15/22(a)(b)		6,860		6,782,825
6.00%, 10/15/22 (Call 12/03/18)(a)(b)		19,306		18,992,277
6.13%, 01/15/23(a)(b)		19,874		19,646,278
7.50%, 12/01/24 (Call 12/01/20)(a)(b)		16,135		16,397,194
7.50%, 03/15/25 (Call 03/15/20)(a)(b)		26,391		26,391,000
7.75%, 03/15/20(a)(b)		13,064		13,507,137
8.75%, 12/01/21(a)(b)		24,883		26,808,322
KLX Inc., 5.88%, 12/01/22 (Call 12/01/18)(a)(b)		22,938		23,629,581
TransDigm Inc.
5.50%, 10/15/20 (Call 12/03/18)(a)		8,785		8,770,358
6.00%, 07/15/22 (Call 12/03/18)(a)		19,804		19,858,461
6.38%, 06/15/26 (Call 06/15/21)		16,240		15,915,200
6.50%, 07/15/24 (Call 07/15/19)(a)		20,599		20,766,367
6.50%, 05/15/25 (Call 05/15/20)(a)		12,383		12,290,127
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/21)(a)(b)		7,634		7,595,830
Triumph Group Inc., 7.75%, 08/15/25 (Call 08/15/20)(a)		8,754		8,228,760
				316,050,980
Agriculture — 0.1%
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)		8,400		8,295,000
Airlines — 0.2%
Air Canada, 7.75%, 04/15/21(a)(b)		8,541		9,151,681
American Airlines Group Inc.
4.63%, 03/01/20(a)(b)		8,843		8,848,372
5.50%, 10/01/19(b)		8,230		8,314,358
United Continental Holdings Inc., 4.25%, 10/01/22(a)		6,565		6,433,290
				32,747,701
Apparel — 0.2%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)(a)(b)		17,507		16,788,483
4.88%, 05/15/26 (Call 02/15/26)(a)(b)		14,206		13,460,185
				30,248,668
Auto Manufacturers — 1.1%
Allison Transmission Inc.
4.75%, 10/01/27 (Call 10/01/22)(a)(b)		5,642		5,176,535
5.00%, 10/01/24 (Call 10/01/19)(a)(b)		18,570		17,983,870
Fiat Chrysler Automobiles NV
4.50%, 04/15/20(a)		24,912		24,948,506
5.25%, 04/15/23		25,814		25,717,197

Security	Par (000)		Value
Auto Manufacturers (continued)
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 (Call 12/15/19)(a)(b)	$	9,316	$	9,101,097
4.25%, 11/15/19(a)(b)		6,278		6,240,982
4.50%, 10/01/27 (Call 07/01/27)(a)(b)		7,617		6,045,994
5.63%, 02/01/23 (Call 12/03/18)(a)(b)		8,939		8,495,551
Navistar International Corp., 6.63%, 11/01/25 (Call 11/01/20)(a)(b)		19,154		19,521,119
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)(a)(b)		30,775		27,376,926
				150,607,777
Auto Parts & Equiptment — 0.6%
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 04/01/20)(a)		11,083		10,561,033
6.25%, 03/15/26 (Call 03/15/21)(a)		5,754		5,444,723
6.50%, 04/01/27 (Call 04/01/22)(a)		8,512		8,107,680
6.63%, 10/15/22 (Call 12/03/18)(a)		6,910		7,015,377
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/20)(a)(b)		5,834		5,586,055
Dana Inc., 5.50%, 12/15/24 (Call 12/15/19)(a)		7,364		7,095,214
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)(a)		11,434		10,167,837
5.00%, 05/31/26 (Call 05/31/21)(a)		16,024		14,501,720
5.13%, 11/15/23 (Call 12/03/18)(a)		17,979		17,513,543
				85,993,182
Banks — 1.1%
BPCE SA, 12.50%, (Call 09/30/19)(a)(b)(c)(d)(e)		4,439		4,755,057
CIT Group Inc.
4.13%, 03/09/21 (Call 02/09/21)(a)		7,078		7,045,699
4.75%, 02/16/24 (Call 11/16/23)(a)		7,685		7,581,999
5.00%, 08/15/22(a)		17,495		17,604,344
5.00%, 08/01/23(a)		11,363		11,396,142
5.25%, 03/07/25 (Call 12/07/24)(a)		9,600		9,668,572
5.38%, 05/15/20(a)		6,314		6,460,350
6.13%, 03/09/28(a)		6,173		6,397,432
Deutsche Bank AG, 4.30%, 05/24/28 (Call 05/24/23)(d)(e)		25,382		22,885,607
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)(a)(d)(e)		16,235		13,755,756
Fifth Third Bancorp., 5.10%, (Call 06/30/23)(a)(c)(d)(e)		11,441		10,913,785
Freedom Mortgage Corp.
8.13%, 11/15/24 (Call 11/15/20)(a)(b)		6,229		5,747,365
8.25%, 04/15/25 (Call 04/15/21)(b)		12,720		11,740,560
UniCredit SpA, 5.86%, 06/19/32 (Call 06/19/27)(b)(d)(e)		17,008		14,576,458
				150,529,126
Building Materials — 0.7%
Griffon Corp., 5.25%, 03/01/22 (Call 12/03/18)(a)		18,000		16,875,000
Standard Industries Inc./NJ
4.75%, 01/15/28 (Call 01/15/23)(a)(b)		17,252		15,418,975
5.00%, 02/15/27 (Call 02/15/22)(a)(b)		9,643		8,775,130
5.38%, 11/15/24 (Call 11/15/19)(a)(b)		17,226		16,517,085
5.50%, 02/15/23 (Call 02/15/19)(a)(b)		7,536		7,371,512
6.00%, 10/15/25 (Call 10/15/20)(a)(b)		16,911		16,636,196
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 11/16/18)(a)		12,775		12,407,719
				94,001,617
Chemicals — 2.0%
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)(a)		20,086		19,910,248
Blue Cube Spinco LLC
9.75%, 10/15/23 (Call 10/15/20)(a)		10,580		11,743,800
10.00%, 10/15/25 (Call 10/15/20)(a)		7,159		8,098,619

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
CF Industries Inc.
3.45%, 06/01/23(a)	$	14,288	$	13,528,950
7.13%, 05/01/20		7,789		8,090,824
Chemours Co. (The)
5.38%, 05/15/27 (Call 02/15/27)(a)		8,693		8,084,490
6.63%, 05/15/23 (Call 12/03/18)(a)		13,622		13,928,495
7.00%, 05/15/25 (Call 05/15/20)(a)		13,226		13,582,630
Hexion Inc.
6.63%, 04/15/20 (Call 12/03/18)		27,360		24,213,600
10.38%, 02/01/22 (Call 02/01/19)(b)		11,571		10,350,622
Hexion Inc./Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20 (Call 12/03/18)(a)		7,395		4,289,100
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)		11,993		12,071,914
5.13%, 11/15/22 (Call 08/15/22)(a)		6,305		6,375,931
NOVA Chemicals Corp.
4.88%, 06/01/24 (Call 03/03/24)(a)(b)		17,794		16,370,480
5.00%, 05/01/25 (Call 01/31/25)(a)(b)		8,022		7,302,018
5.25%, 08/01/23 (Call 12/03/18)(b)		8,497		8,220,030
5.25%, 06/01/27 (Call 03/03/27)(a)(b)		17,975		16,116,142
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)(a)		8,219		7,321,074
5.13%, 09/15/27 (Call 03/15/22)(a)		10,015		9,360,687
Platform Specialty Products Corp.
5.88%, 12/01/25 (Call 12/01/20)(a)(b)		13,605		12,864,284
6.50%, 02/01/22 (Call 12/03/18)(a)(b)		18,634		18,872,515
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)(a)(b)		7,265		6,365,956
Tronox Inc., 6.50%, 04/15/26 (Call 04/15/21)(a)(b)		10,770		9,820,894
WR Grace & Co.-Conn, 5.13%, 10/01/21(a)(b)		12,958		13,055,185
				279,938,488
Coal — 0.1%
Peabody Energy Corp.
6.00%, 03/31/22 (Call 03/31/19)(b)		6,789		6,766,724
6.38%, 03/31/25 (Call 03/31/20)(a)(b)		7,024		7,003,248
				13,769,972
Commercial Services — 3.6%
ADT Security Corp. (The)
3.50%, 07/15/22		18,759		17,430,718
4.13%, 06/15/23(a)		10,926		10,133,865
6.25%, 10/15/21(a)		16,203		16,729,596
APX Group Inc.
7.63%, 09/01/23 (Call 09/01/19)(a)		6,925		6,163,250
7.88%, 12/01/22 (Call 12/03/18)		14,675		14,716,273
8.75%, 12/01/20 (Call 12/03/18)(a)		11,383		11,161,032
Ashtead Capital Inc.
4.13%, 08/15/25 (Call 08/15/20)(a)(b)		857		794,868
5.63%, 10/01/24 (Call 10/01/19)(b)		483		495,075
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 11/03/18)(a)(b)		9,653		9,885,637
5.50%, 04/01/23 (Call 12/03/18)(a)		12,738		12,387,705
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/19)(a)(b)		13,085		10,043,759
5.88%, 10/15/20 (Call 12/03/18)(a)		12,918		12,608,713
6.25%, 10/15/22 (Call 12/03/18)(a)		7,978		6,983,243
7.38%, 01/15/21 (Call 12/03/18)(a)		8,371		8,266,363
7.63%, 06/01/22 (Call 06/01/19)(a)(b)		22,266		21,329,715

Security	Par (000)		Value
Commercial Services (continued)
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 12/03/18)(a)(b)	$	20,191	$	20,184,943
Nielsen Co. Luxembourg Sarl (The)
5.00%, 02/01/25 (Call 02/01/20)(a)(b)		8,044		7,825,284
5.50%, 10/01/21 (Call 12/03/18)(a)(b)		9,275		9,321,375
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 12/03/18)(a)		12,742		12,710,145
5.00%, 04/15/22 (Call 12/03/18)(a)(b)		40,436		39,249,123
Prime Security Services Borrower LLC/Prime Finance Inc., 9.25%, 05/15/23 (Call 05/15/19)(a)(b)		42,758		45,182,379
Refinitiv U.S. Holdings Inc.
6.25%, 05/15/26 (Call 11/15/21)(a)(b)		17,522		17,390,585
8.25%, 11/15/26 (Call 11/15/21)(a)(b)		22,126		21,462,220
RR Donnelley & Sons Co., 7.88%, 03/15/21(a)		2,605		2,704,316
Service Corp. International/U.S.
4.63%, 12/15/27 (Call 12/15/22)		9,243		8,675,381
5.38%, 01/15/22 (Call 12/03/18)(a)		7,241		7,297,769
5.38%, 05/15/24 (Call 05/15/19)(a)		13,178		13,326,252
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 11/15/19)(a)(b)		11,535		11,111,310
United Rentals North America Inc.
4.63%, 07/15/23 (Call 12/03/18)(a)		15,629		15,498,107
4.63%, 10/15/25 (Call 10/15/20)(a)		12,699		11,739,829
4.88%, 01/15/28 (Call 01/15/23)(a)		28,402		25,588,782
5.50%, 07/15/25 (Call 07/15/20)(a)		12,445		12,164,988
5.50%, 05/15/27 (Call 05/15/22)(a)		16,615		15,762,443
5.75%, 11/15/24 (Call 05/15/19)(a)		14,106		14,158,897
5.88%, 09/15/26 (Call 09/15/21)(a)		16,251		15,893,478
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)(a)(b)		19,123		19,144,513
				505,521,931
Computers — 1.9%
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(b)		24,840		23,980,951
Dell Inc., 4.63%, 04/01/21(a)		7,234		7,279,213
Dell International LLC/EMC Corp.
5.88%, 06/15/21 (Call 11/16/18)(a)(b)		27,194		27,635,902
7.13%, 06/15/24 (Call 06/15/19)(a)(b)		27,945		29,520,900
EMC Corp.
2.65%, 06/01/20		33,632		32,677,463
3.38%, 06/01/23 (Call 03/01/23)(a)		16,769		15,663,084
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)(a)(b)		17,773		18,390,464
Harland Clarke Holdings Corp.
8.38%, 08/15/22 (Call 02/15/19)(a)(b)		13,290		11,983,653
9.25%, 03/01/21 (Call 12/03/18)(a)(b)		13,150		11,637,750
Leidos Holdings Inc., 4.45%, 12/01/20 (Call 09/01/20)(a)		5,759		5,775,317
NCR Corp.
4.63%, 02/15/21 (Call 12/03/18)(a)		7,136		7,013,384
5.00%, 07/15/22 (Call 12/03/18)(a)		9,661		9,202,103
5.88%, 12/15/21 (Call 12/03/18)(a)		6,194		6,187,253
6.38%, 12/15/23 (Call 12/15/18)(a)		11,697		11,623,894
West Corp., 8.50%, 10/15/25 (Call 10/15/20)(a)(b)		19,729		17,822,496
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(a)		39,638		36,615,602
				273,009,429

2 0 1 8    i S H A R E S    S E M I -  A N N U A L    R E P O R T    T O    S H A R E H O L  D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Cosmetics & Personal Care — 0.4%
Avon International Operations Inc., 7.88%, 08/15/22 (Call 08/15/19)(b)	$	8,123	$	8,244,845
Avon Products Inc.
6.60%, 03/15/20(a)		6,383		6,355,075
7.00%, 03/15/23(a)		7,467		6,524,291
Edgewell Personal Care Co.
4.70%, 05/19/21(a)		10,763		10,729,276
4.70%, 05/24/22(a)		8,897		8,677,956
First Quality Finance Co. Inc.
4.63%, 05/15/21 (Call 12/03/18)(a)(b)		9,460		9,298,392
5.00%, 07/01/25 (Call 07/01/20)(b)		5,739		5,279,880
				55,109,715
Diversified Financial Services — 4.2%
Ally Financial Inc.
3.75%, 11/18/19(a)		11,829		11,804,159
4.13%, 03/30/20(a)		11,079		11,081,216
4.13%, 02/13/22(a)		9,387		9,235,635
4.25%, 04/15/21(a)		8,939		8,926,107
4.63%, 05/19/22(a)		6,538		6,521,655
4.63%, 03/30/25(a)		8,108		7,932,086
5.13%, 09/30/24(a)		10,572		10,724,917
5.75%, 11/20/25 (Call 10/21/25)(a)		18,627		19,092,675
7.50%, 09/15/20(a)		8,616		9,099,821
8.00%, 03/15/20(a)		16,207		17,016,449
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.88%, 02/01/22 (Call 12/03/18)(a)		23,812		23,772,710
6.00%, 08/01/20 (Call 12/03/18)(a)		31,306		31,569,033
6.25%, 02/01/22 (Call 02/01/19)		21,490		21,704,900
6.38%, 12/15/25 (Call 12/15/20)		12,099		12,023,381
6.75%, 02/01/24 (Call 02/01/20)(a)		7,722		7,754,799
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 12/03/18)(a)(b)		7,326		7,326,000
7.25%, 08/15/24 (Call 08/15/20)(b)		7,151		6,988,915
7.38%, 04/01/20 (Call 12/03/18)(a)(b)		10,074		10,167,185
7.50%, 04/15/21 (Call 12/03/18)(a)(b)		7,986		8,085,825
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 03/15/22 (Call 09/15/21)(a)(b)		9,094		9,061,792
5.25%, 10/01/25 (Call 10/01/20)(a)(b)		5,449		5,032,379
Nationstar Mortgage Holdings Inc.
8.13%, 07/15/23 (Call 07/15/20)(a)(b)		16,018		16,240,472
9.13%, 07/15/26 (Call 07/15/21)(a)(b)		11,745		11,915,303
Nationstar Mortgage LLC/Nationstar Capital Corp.,
6.50%, 07/01/21 (Call 12/03/18)(a)		9,966		9,928,628
Navient Corp.
4.88%, 06/17/19		595		597,244
5.00%, 10/26/20(a)		9,423		9,463,048
5.50%, 01/25/23(a)		15,420		15,141,977
5.88%, 03/25/21(a)		12,656		12,814,200
5.88%, 10/25/24		9,520		8,972,600
6.13%, 03/25/24(a)		13,422		13,038,215
6.50%, 06/15/22(a)		19,012		19,344,710
6.63%, 07/26/21(a)		13,916		14,317,535
6.75%, 06/25/25(a)		8,734		8,505,981
6.75%, 06/15/26(a)		6,708		6,405,022
7.25%, 01/25/22(a)		11,436		11,904,980
7.25%, 09/25/23(a)		8,407		8,720,949
8.00%, 03/25/20		23,623		24,666,969

Security	Par (000)		Value
Diversified Financial Services (continued)
Quicken Loans Inc.
5.25%, 01/15/28 (Call 01/15/23)(a)(b)	$	17,141	$	15,240,577
5.75%, 05/01/25 (Call 05/01/20)(a)(b)		21,088		20,357,723
Springleaf Finance Corp.
5.25%, 12/15/19(a)		10,479		10,574,621
5.63%, 03/15/23(a)		13,725		13,264,131
6.13%, 05/15/22(a)		17,550		17,621,888
6.88%, 03/15/25(a)		20,768		19,833,440
7.13%, 03/15/26		27,997		26,527,157
7.75%, 10/01/21(a)		10,932		11,551,935
8.25%, 12/15/20(a)		17,498		18,722,860
				600,593,804
Electric — 2.5%
AES Corp./VA
4.00%, 03/15/21(a)		7,699		7,619,049
4.50%, 03/15/23 (Call 03/15/20)(a)		6,693		6,615,160
4.88%, 05/15/23 (Call 12/03/18)(a)		13,248		13,115,520
5.13%, 09/01/27 (Call 09/01/22)(a)		8,095		7,993,813
5.50%, 04/15/25 (Call 04/15/20)(a)		8,070		8,075,044
6.00%, 05/15/26 (Call 05/15/21)(a)		6,921		7,071,099
Calpine Corp.
5.25%, 06/01/26 (Call 06/01/21)(a)(b)		19,027		17,504,840
5.38%, 01/15/23 (Call 12/03/18)(a)		20,829		19,735,477
5.50%, 02/01/24 (Call 02/01/19)(a)		10,821		9,833,584
5.75%, 01/15/25 (Call 10/15/19)(a)		26,079		23,335,489
5.88%, 01/15/24 (Call 12/03/18)(a)(b)		7,627		7,607,933
6.00%, 01/15/22 (Call 12/03/18)(a)(b)		12,362		12,418,016
Clearway Energy Operating LLC
5.38%, 08/15/24 (Call 08/15/19)		7,118		7,042,371
5.75%, 10/15/25 (Call 10/15/21)(b)		4,128		4,066,080
DPL Inc., 7.25%, 10/15/21 (Call 07/15/21)		7,992		8,486,545
NextEra Energy Operating Partners LP
4.25%, 09/15/24 (Call 07/15/24)(a)(b)		9,400		8,963,370
4.50%, 09/15/27 (Call 06/15/27)(a)(b)		8,868		8,172,416
NRG Energy Inc.
5.75%, 01/15/28(a)		14,954		14,916,615
6.25%, 05/01/24 (Call 05/01/19)		14,009		14,344,971
6.63%, 01/15/27 (Call 07/15/21)(a)		21,851		22,561,157
7.25%, 05/15/26 (Call 05/15/21)(a)		16,856		17,937,594
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)(a)		9,539		8,942,813
6.50%, 06/01/25 (Call 06/01/20)(a)		8,848		6,600,977
9.50%, 07/15/22 (Call 07/15/20)(a)(b)		7,425		7,536,375
10.50%, 01/15/26 (Call 01/15/22)(b)		10,682		9,314,704
Vistra Energy Corp.
5.88%, 06/01/23 (Call 12/03/18)		9,527		9,668,417
7.38%, 11/01/22 (Call 12/03/18)		31,179		32,387,186
7.63%, 11/01/24 (Call 11/01/19)		21,399		22,681,870
Vistra Operations Co. LLC, 5.50%, 09/01/26 (Call 09/01/21)(b)		15,692		15,395,475
				359,943,960
Electrical Components & Equipment — 0.1%
Energizer Gamma Acquisition Inc., 6.38%, 07/15/26 (Call 07/15/21)(a)(b)		7,918		7,997,180
Energizer Holdings Inc., 5.50%, 06/15/25 (Call 06/15/20)(a)(b)		11,935		11,583,344
				19,580,524

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronics — 0.2%
Sensata Technologies BV
4.88%, 10/15/23(a)(b)	$	7,926	$	7,727,850
5.00%, 10/01/25(a)(b)		12,871		12,380,293
5.63%, 11/01/24(a)(b)		5,539		5,525,153
				25,633,296
Energy - Alternate Sources — 0.1%
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)(a)(b)		8,814		8,362,282
5.00%, 01/31/28 (Call 07/31/27)(a)(b)		11,219		10,009,452
				18,371,734
Engineering & Construction — 0.3%
AECOM
5.13%, 03/15/27 (Call 12/15/26)(a)		17,399		16,202,819
5.88%, 10/15/24 (Call 07/15/24)(a)		12,120		12,332,100
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)(a)(b)		17,434		17,172,490
				45,707,409
Entertainment — 1.8%
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)(a)		8,926		8,267,708
5.88%, 11/15/26 (Call 11/15/21)(a)		10,844		9,927,295
6.13%, 05/15/27 (Call 05/15/22)(a)		7,318		6,690,482
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)(a)(b)		29,452		27,408,768
Cinemark USA Inc.
4.88%, 06/01/23 (Call 12/03/18)(a)		14,297		13,957,446
5.13%, 12/15/22 (Call 12/03/18)(a)		7,364		7,382,410
Eldorado Resorts Inc.
6.00%, 04/01/25 (Call 04/01/20)(a)		14,320		14,161,138
6.00%, 09/15/26 (Call 09/15/21)(a)(b)		10,573		10,364,976
International Game Technology PLC
6.25%, 02/15/22 (Call 08/15/21)(a)(b)		26,210		26,996,300
6.25%, 01/15/27 (Call 07/15/26)(b)		11,948		11,791,123
6.50%, 02/15/25 (Call 08/15/24)(a)(b)		18,762		19,012,159
Scientific Games International Inc.
5.00%, 10/15/25 (Call 10/15/20)(a)(b)		20,572		19,131,960
10.00%, 12/01/22 (Call 12/03/18)(a)		37,919		39,720,152
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/19)(b)		16,881		15,928,807
5.50%, 04/15/27 (Call 04/15/22)(a)(b)		7,567		7,152,836
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)(a)(b)		16,360		16,576,770
				254,470,330
Environmental Control — 0.3%
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)(a)		5,291		5,256,196
5.88%, 07/01/25 (Call 07/01/20)		5,080		4,940,300
6.00%, 01/01/27 (Call 01/01/22)		6,644		6,411,460
6.38%, 10/01/22 (Call 11/03/18)(a)		7,212		7,352,814
GFL Environmental Inc., 5.38%, 03/01/23 (Call 03/01/20)(a)(b)		5,588		5,065,721
Hulk Finance Corp., 7.00%, 06/01/26 (Call 06/01/21)(a)(b)		6,884		6,355,916
Tervita Escrow Corp., 7.63%, 12/01/21 (Call 12/03/18)(a)(b)		9,666		9,823,073
				45,205,480

Security	Par (000)		Value
Food — 2.0%
Albertsons Companies LLC/Safeway Inc./New Albertson’s LP/Albertson’s LLC
5.75%, 03/15/25 (Call 09/15/19)(a)	$	20,487	$	18,085,266
6.63%, 06/15/24 (Call 06/15/19)(a)		21,702		20,532,128
B&G Foods Inc.
4.63%, 06/01/21 (Call 12/03/18)(a)		10,327		10,275,365
5.25%, 04/01/25 (Call 04/01/20)(a)		16,428		15,609,534
ESAL GmbH, 6.25%, 02/05/23 (Call 12/03/18)(a)(b)		15,078		14,795,288
JBS Investments GmbH, 7.25%, 04/03/24 (Call 04/03/19)(a)(b)		15,769		15,948,372
JBS USA LUX SA/JBS USA Finance Inc.
5.75%, 06/15/25 (Call 06/15/20)(a)(b)		15,693		15,065,280
5.88%, 07/15/24 (Call 07/15/19)(a)(b)		13,886		13,629,109
6.75%, 02/15/28 (Call 02/15/23)(a)(b)		8,318		8,016,473
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)(a)(b)		16,272		15,937,936
4.88%, 11/01/26 (Call 11/01/21)(b)		13,071		12,604,178
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 03/15/20)(a)(b)		16,697		15,569,952
5.88%, 09/30/27 (Call 09/30/22)(a)(b)		12,929		11,720,914
Post Holdings Inc.
5.00%, 08/15/26 (Call 08/15/21)(a)(b)		29,729		27,347,303
5.50%, 03/01/25 (Call 03/01/20)(a)(b)		17,282		16,741,937
5.63%, 01/15/28 (Call 12/01/22)(a)(b)		15,323		14,408,217
5.75%, 03/01/27 (Call 03/01/22)(b)		22,580		21,527,207
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 12/03/18)		657		648,116
6.00%, 02/15/24 (Call 02/15/19)(a)(b)		11,660		11,630,850
				280,093,425
Food Service — 0.3%
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)(a)		7,143		6,798,837
5.00%, 04/01/25 (Call 04/01/20)(a)(b)		9,343		9,223,517
5.00%, 02/01/28 (Call 02/01/23)(a)(b)		19,475		18,476,906
5.13%, 01/15/24 (Call 01/15/19)		14,867		14,775,940
				49,275,200
Gas — 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)(a)		12,836		12,040,254
5.63%, 05/20/24 (Call 03/20/24)(a)		10,470		10,017,546
5.75%, 05/20/27 (Call 02/20/27)(a)		7,439		6,922,957
5.88%, 08/20/26 (Call 05/20/26)(a)		11,679		11,037,780
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 03/01/20)(a)		570		518,700
7.50%, 11/01/23 (Call 11/01/19)(a)		10,278		10,074,735
				50,611,972
Health Care - Products — 1.5%
Avantor Inc.
6.00%, 10/01/24 (Call 10/01/20)(a)(b)		25,084		24,986,017
9.00%, 10/01/25 (Call 10/01/20)(a)(b)		34,191		34,562,827
DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21 (Call 12/03/18)(a)(b)		19,390		19,519,913
Hologic Inc.
4.38%, 10/15/25 (Call 10/15/20)(a)(b)		17,284		16,203,750
4.63%, 02/01/28 (Call 02/01/23)(a)(b)		5,751		5,254,976
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 11/16/18)(a)(b)		11,434		11,670,620
12.50%, 11/01/21 (Call 05/01/19)(a)(b)		6,261		6,771,272

2 0 1 8    i S H A R E S    S E M I -  A N N U A L    R E P O R T    T O    S H A R E H O L  D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Products (continued)
Mallinckrodt International Finance SA, 4.75%, 04/15/23(a)	$	7,924	$	6,481,585
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 12/03/18)(a)(b)		13,025		12,829,625
5.50%, 04/15/25 (Call 04/15/20)(a)(b)		11,721		9,431,068
5.63%, 10/15/23 (Call 12/03/18)(a)(b)		10,680		9,118,050
5.75%, 08/01/22 (Call 12/03/18)(a)(b)		16,849		15,003,268
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22 (Call 12/03/18)(b)		22,889		21,996,329
Teleflex Inc.
4.63%, 11/15/27 (Call 11/15/22)(a)		8,574		7,949,688
4.88%, 06/01/26 (Call 06/01/21)		5,073		4,936,210
				206,715,198
Health Care - Services — 7.8%
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 12/03/18)(a)		12,483		12,498,604
Centene Corp.
4.75%, 05/15/22 (Call 05/15/19)		16,585		16,565,098
4.75%, 01/15/25 (Call 01/15/20)(a)		20,143		19,891,212
5.38%, 06/01/26 (Call 06/01/21)(a)(b)		30,120		30,571,800
5.63%, 02/15/21 (Call 12/03/18)(a)		22,710		23,023,682
6.13%, 02/15/24 (Call 02/15/19)(a)		16,543		17,268,824
CHS/Community Health Systems Inc.
5.13%, 08/01/21 (Call 12/03/18)(a)		18,648		17,622,360
6.25%, 03/31/23 (Call 03/31/20)		53,046		48,786,406
6.88%, 02/01/22 (Call 12/03/18)(a)		41,090		20,647,725
8.13%, 06/30/24 (Call 06/30/21)(a)(b)		22,599		17,740,215
8.63%, 01/15/24 (Call 01/15/21)(a)(b)		18,617		18,779,899
11.00%, 06/30/23 (Call 06/30/20)(a)(b)(f)		30,586		25,539,310
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)(a)		25,099		23,597,939
5.13%, 07/15/24 (Call 07/15/19)(a)		29,177		27,818,446
5.75%, 08/15/22 (Call 12/03/18)(a)		20,849		21,109,612
Encompass Health Corp., 5.75%, 11/01/24 (Call 12/03/18)(a)		22,326		22,287,945
Envision Healthcare Corp., 8.75%, 10/15/26 (Call 10/15/21)(a)(b)		20,651		19,999,203
HCA Healthcare Inc., 6.25%, 02/15/21(a)		16,439		17,055,463
HCA Inc.
4.25%, 10/15/19(a)		5,832		5,859,702
4.50%, 02/15/27 (Call 08/15/26)(a)		20,809		20,162,764
4.75%, 05/01/23(a)		20,575		20,698,553
5.00%, 03/15/24(a)		33,998		34,465,472
5.25%, 04/15/25(a)		22,955		23,418,404
5.25%, 06/15/26 (Call 12/15/25)(a)		26,309		26,763,927
5.38%, 02/01/25(a)		43,612		43,791,293
5.38%, 09/01/26 (Call 03/01/26)		15,767		15,616,886
5.63%, 09/01/28 (Call 03/01/28)		17,516		17,340,840
5.88%, 03/15/22(a)		21,639		22,584,434
5.88%, 05/01/23(a)		20,069		20,808,442
5.88%, 02/15/26 (Call 08/15/25)(a)		23,840		24,385,936
6.50%, 02/15/20(a)		48,526		50,103,095
7.50%, 02/15/22(a)		32,436		35,249,823
LifePoint Health Inc.
5.38%, 05/01/24 (Call 05/01/19)(a)		7,171		7,515,567
5.50%, 12/01/21 (Call 12/03/18)(a)		21,227		21,535,087
5.88%, 12/01/23 (Call 12/03/18)(a)		7,132		7,461,855
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)(a)		13,533		13,497,757

Security	Par (000)		Value
Health Care - Services (continued)
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 06/01/19)(a)(b)	$	27,065	$	27,577,611
RegionalCare Hospital Partners Holdings Inc., 8.25%, 05/01/23 (Call 05/01/19)(a)(b)		8,239		8,723,041
Tenet Healthcare Corp.
4.38%, 10/01/21(a)		15,876		15,630,716
4.50%, 04/01/21(a)		13,887		13,764,249
4.63%, 07/15/24 (Call 07/15/20)(a)		31,330		30,197,420
4.75%, 06/01/20(a)		6,862		6,863,838
5.13%, 05/01/25 (Call 05/01/20)(a)		23,611		22,625,241
6.00%, 10/01/20(a)		30,079		30,839,999
6.75%, 06/15/23(a)		32,078		31,841,425
7.00%, 08/01/25 (Call 08/01/20)(a)		8,098		7,943,696
7.50%, 01/01/22 (Call 01/01/19)(b)		12,459		13,013,052
8.13%, 04/01/22(a)		48,007		49,927,280
WellCare Health Plans Inc.
5.25%, 04/01/25 (Call 04/01/20)(a)		20,568		20,516,580
5.38%, 08/15/26 (Call 08/15/21)(a)(b)		12,232		12,216,710
				1,103,744,438
Holding Companies - Diversified — 0.0%
Spectrum Brands Holdings Inc., 7.75%, 01/15/22 (Call 12/03/18)		6,295		6,433,931
Home Builders — 1.6%
Beazer Homes USA Inc.
5.88%, 10/15/27 (Call 10/15/22)(a)		6,402		5,169,615
8.75%, 03/15/22 (Call 03/15/19)(a)		7,491		7,532,194
Brookfield Residential Properties Inc., 6.50%, 12/15/20 (Call 12/03/18)(a)(b)		11,502		11,502,000
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.13%, 07/01/22 (Call 12/03/18)(a)(b)		9,106		8,868,719
K Hovnanian Enterprises Inc.
10.00%, 07/15/22 (Call 07/15/19)(a)(b)		9,126		8,806,590
10.50%, 07/15/24 (Call 07/15/20)(a)(b)		5,773		5,284,701
KB Home, 7.00%, 12/15/21 (Call 09/15/21)(a)		8,660		8,986,324
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)(a)		9,804		9,532,464
4.50%, 11/15/19 (Call 08/15/19)(a)		6,780		6,796,950
4.50%, 04/30/24 (Call 01/31/24)(a)		10,791		10,224,473
4.75%, 04/01/21 (Call 02/01/21)(a)		9,909		9,934,805
4.75%, 11/15/22 (Call 08/15/22)(a)		10,750		10,644,650
4.75%, 05/30/25 (Call 02/28/25)(a)		8,552		8,145,780
4.75%, 11/29/27 (Call 05/29/27)(a)		14,609		13,659,415
4.88%, 12/15/23 (Call 09/15/23)(a)		5,940		5,806,138
5.88%, 11/15/24 (Call 05/15/24)(a)		7,674		7,722,045
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)(a)		6,048		5,878,081
PulteGroup Inc.
4.25%, 03/01/21 (Call 02/01/21)(a)		10,912		10,885,811
5.00%, 01/15/27 (Call 10/15/26)		10,237		9,448,751
5.50%, 03/01/26 (Call 12/01/25)		10,605		10,392,900
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.25%, 04/15/21 (Call 12/03/18)(a)(b)		7,798		7,778,505
Toll Brothers Finance Corp.
4.35%, 02/15/28 (Call 11/15/27)(a)		6,194		5,447,623
4.38%, 04/15/23 (Call 01/15/23)(a)		5,247		5,038,694
4.88%, 03/15/27 (Call 12/15/26)(a)		8,350		7,702,875
5.88%, 02/15/22 (Call 11/15/21)(a)		6,379		6,505,694

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Home Builders (continued)
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(a)	$	7,147	$	6,664,578
William Lyon Homes Inc., 5.88%, 01/31/25 (Call 01/31/20)		7,715		6,798,844
				221,159,219
Home Furnishings — 0.1%
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)(a)		9,885		9,046,123
5.63%, 10/15/23 (Call 12/03/18)		7,402		7,215,408
				16,261,531
Household Products & Wares — 0.4%
Kronos Acquisition Holdings Inc., 9.00%, 08/15/23 (Call 12/03/18)(a)(b)		15,589		13,854,724
Prestige Brands Inc.
5.38%, 12/15/21 (Call 12/03/18)(a)(b)		5,251		5,190,916
6.38%, 03/01/24 (Call 03/01/19)(a)(b)		8,959		8,847,012
Spectrum Brands Inc.
5.75%, 07/15/25 (Call 07/15/20)(a)		17,170		16,697,825
6.63%, 11/15/22 (Call 12/03/18)(a)		8,707		8,904,214
				53,494,691
Insurance — 0.5%
Genworth Holdings Inc.
4.80%, 02/15/24		4,327		3,742,855
4.90%, 08/15/23		4,912		4,334,840
7.63%, 09/24/21		12,475		12,693,312
7.70%, 06/15/20(a)		2,446		2,509,053
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)(a)(b)		22,880		22,305,140
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)(a)		8,498		8,179,325
Voya Financial Inc., 5.65%, 05/15/53 (Call 05/15/23)(a)(d)(e)		14,154		13,997,305
				67,761,830
Internet — 1.7%
Netflix Inc.
4.38%, 11/15/26(a)		15,949		14,608,487
4.88%, 04/15/28(b)		25,881		23,745,817
5.38%, 02/01/21(a)		8,560		8,721,213
5.50%, 02/15/22(a)		11,820		12,055,100
5.75%, 03/01/24(a)		6,107		6,215,145
5.88%, 02/15/25(a)		12,616		12,820,064
5.88%, 11/15/28(a)(b)		31,863		31,305,397
6.38%, 05/15/29(b)		4,065		4,085,732
Symantec Corp.
3.95%, 06/15/22 (Call 03/15/22)(a)		5,442		5,240,436
4.20%, 09/15/20(a)		11,129		11,101,177
5.00%, 04/15/25 (Call 04/15/20)(a)(b)		19,848		18,735,841
VeriSign Inc.
4.63%, 05/01/23 (Call 12/03/18)(a)		12,480		12,478,440
4.75%, 07/15/27 (Call 07/15/22)		8,937		8,403,461
5.25%, 04/01/25 (Call 01/01/25)(a)		7,205		7,186,988
Zayo Group LLC/Zayo Capital Inc.
5.75%, 01/15/27 (Call 01/15/22)(b)		28,326		27,765,145
6.00%, 04/01/23 (Call 12/03/18)		22,427		22,872,037
6.38%, 05/15/25 (Call 05/15/20)(a)		14,189		14,525,989
				241,866,469
Iron & Steel — 0.7%
AK Steel Corp.
7.00%, 03/15/27 (Call 03/15/22)(a)		7,442		6,634,204
7.63%, 10/01/21 (Call 12/03/18)(a)		5,022		5,015,723

Security	Par (000)		Value
Iron & Steel (continued)
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)(a)	$	7,397	$	7,420,116
7.88%, 08/15/23 (Call 05/15/23)(a)		8,767		9,239,980
ArcelorMittal, 5.25%, 08/05/20		792		810,457
Cleveland-Cliffs Inc.
4.88%, 01/15/24 (Call 01/15/21)(a)(b)		5,566		5,346,452
5.75%, 03/01/25 (Call 03/01/20)(a)		19,184		18,128,880
Steel Dynamics Inc.
5.00%, 12/15/26 (Call 12/15/21)(a)		5,328		5,203,088
5.13%, 10/01/21 (Call 12/03/18)(a)		10,084		10,134,420
5.25%, 04/15/23 (Call 12/03/18)		5,315		5,324,016
5.50%, 10/01/24 (Call 10/01/19)(a)		7,884		7,919,314
U.S. Steel Corp.
6.25%, 03/15/26 (Call 03/15/21)		9,521		8,973,542
6.88%, 08/15/25 (Call 08/15/20)		13,486		13,216,280
				103,366,472
Leisure Time — 0.3%
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 12/03/18)(a)(b)		6,793		6,713,748
5.38%, 04/15/23 (Call 12/03/18)(a)(b)		7,507		7,507,000
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/22)(a)(b)		13,869		13,136,717
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a)(b)		10,336		9,715,840
				37,073,305
Lodging — 2.2%
Boyd Gaming Corp.
6.00%, 08/15/26 (Call 08/15/21)(a)		11,600		11,231,459
6.38%, 04/01/26 (Call 04/01/21)(a)		12,755		12,634,890
6.88%, 05/15/23 (Call 11/16/18)(a)		12,449		12,931,399
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/19)(a)(b)		8,166		8,359,943
10.75%, 09/01/24 (Call 09/01/19)(a)(b)		9,184		8,998,680
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/19)(a)		17,400		16,612,650
5.13%, 05/01/26 (Call 05/01/21)(a)(b)		25,286		24,717,065
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 04/01/20)(a)		15,742		15,269,740
4.88%, 04/01/27 (Call 04/01/22)(a)		9,597		9,157,638
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 6.75%, 11/15/21 (Call 12/03/18)(a)(b)		15,152		15,530,800
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		6,256		5,655,163
5.25%, 03/31/20(a)		6,682		6,765,525
5.75%, 06/15/25 (Call 03/15/25)(a)		16,811		16,358,903
6.00%, 03/15/23(a)		22,517		22,840,869
6.63%, 12/15/21(a)		21,999		22,997,409
6.75%, 10/01/20(a)		18,232		18,927,551
7.75%, 03/15/22		18,175		19,500,477
Wyndham Destinations Inc.
3.90%, 03/01/23 (Call 12/01/22)		3,896		3,596,148
4.25%, 03/01/22 (Call 12/01/21)		1,547		1,493,164
4.50%, 04/01/27 (Call 01/01/27)		9,160		8,474,099
Wyndham Hotels & Resorts Inc., 5.38%, 04/15/26 (Call 04/15/21)(a)(b)		4,137		4,007,719

2 0 1 8    i S H A R E S    S E M I -  A N N U A L    R E P O R T    T O    S H A R E H O L  D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Lodging (continued)
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)(a)(b)	$	7,590	$	7,196,269
5.25%, 05/15/27 (Call 02/15/27)(b)		13,973		12,606,889
5.50%, 03/01/25 (Call 12/01/24)(b)		31,041		29,527,751
				315,392,200
Machinery — 0.2%
BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25%, 03/15/24 (Call 11/01/18)(a)(b)		19,288		20,158,853
Vertiv Group Corp., 9.25%, 10/15/24 (Call 10/15/19)(a)(b)		13,473		13,371,953
				33,530,806
Media — 11.6%
Altice Financing SA
6.63%, 02/15/23 (Call 12/03/18)(a)(b)		34,788		34,374,892
7.50%, 05/15/26 (Call 05/15/21)(a)(b)		45,902		43,276,121
Altice Finco SA, 8.13%, 01/15/24 (Call 12/15/18)(a)(b)		6,129		6,021,743
Altice France SA/France
6.25%, 05/15/24 (Call 05/15/19)(a)(b)		24,486		23,506,560
7.38%, 05/01/26 (Call 05/01/21)(a)(b)		87,052		83,420,191
8.13%, 02/01/27 (Call 02/01/22)(b)		29,246		28,880,425
Altice Luxembourg SA
7.63%, 02/15/25 (Call 02/15/20)(a)(b)		24,843		20,996,486
7.75%, 05/15/22 (Call 12/03/18)(a)(b)		47,661		44,384,306
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 11/13/18)(b)		20,313		20,236,826
5.50%, 05/15/26 (Call 05/15/21)(b)		27,189		26,483,717
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/03/18)(a)		9,816		9,671,061
4.75%, 08/01/25 (Call 08/01/21)(a)		13,795		12,806,194
5.00%, 04/01/24 (Call 04/01/20)(a)		16,739		16,010,017
Cablevision Systems Corp.
5.88%, 09/15/22(a)		10,185		10,222,939
8.00%, 04/15/20(a)		8,584		8,962,635
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 11/01/19)(b)		6,843		6,497,643
5.00%, 02/01/28 (Call 08/01/22)(a)(b)		41,395		38,600,837
5.13%, 02/15/23 (Call 12/03/18)(a)		15,106		15,020,085
5.13%, 05/01/23 (Call 12/03/18)(a)(b)		18,259		18,190,529
5.13%, 05/01/27 (Call 05/01/22)(b)		55,151		51,781,621
5.25%, 03/15/21 (Call 12/03/18)		7,535		7,554,693
5.25%, 09/30/22 (Call 12/03/18)(a)		19,145		19,276,622
5.38%, 05/01/25 (Call 05/01/20)(a)(b)		11,560		11,315,663
5.50%, 05/01/26 (Call 05/01/21)(a)(b)		24,350		23,665,156
5.75%, 09/01/23 (Call 12/03/18)(a)		7,236		7,280,095
5.75%, 01/15/24 (Call 12/03/18)		15,656		15,812,560
5.75%, 02/15/26 (Call 02/15/21)(a)(b)		41,974		41,541,143
5.88%, 04/01/24 (Call 04/01/19)(a)(b)		28,037		28,229,754
5.88%, 05/01/27 (Call 05/01/21)(a)(b)		13,434		13,198,905
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 11/13/18)(b)		13,709		13,671,712
7.50%, 04/01/28 (Call 04/01/23)(b)		18,556		19,292,673
7.75%, 07/15/25 (Call 07/15/20)(a)(b)		10,346		10,917,789
Series 144S, 5.13%, 12/15/21 (Call 11/13/18)(a)(b)		8,121		8,098,911
Clear Channel Worldwide Holdings Inc. 6.50%, 11/15/22 (Call 12/03/18)(a)		43,122		43,793,490
Series B, 7.63%, 03/15/20 (Call 12/03/18)(a)		30,944		30,944,000

Security	Par (000)		Value
Media (continued)
CSC Holdings LLC
5.25%, 06/01/24	$	11,645	$	11,222,869
5.38%, 02/01/28 (Call 02/01/23)(a)(b)		16,183		15,215,698
5.50%, 04/15/27 (Call 04/15/22)(a)(b)		20,754		19,899,423
6.63%, 10/15/25 (Call 10/15/20)(a)(b)		17,300		18,121,750
6.75%, 11/15/21(a)		16,060		16,789,606
10.13%, 01/15/23 (Call 01/15/19)(a)(b)		31,355		34,074,106
10.88%, 10/15/25 (Call 10/15/20)(a)(b)		28,557		32,911,942
DISH DBS Corp.
5.00%, 03/15/23(a)		24,662		21,579,250
5.13%, 05/01/20		18,931		18,978,327
5.88%, 07/15/22(a)		32,307		30,505,885
5.88%, 11/15/24(a)		35,194		29,772,656
6.75%, 06/01/21(a)		32,524		32,849,240
7.75%, 07/01/26(a)		32,890		29,148,434
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/19)(a)(b)		9,284		8,822,701
5.88%, 07/15/26 (Call 07/15/21)(a)(b)		11,856		11,365,695
Meredith Corp., 6.88%, 02/01/26 (Call 02/01/21)(a)(b)		24,113		24,113,000
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/19)(a)(b)		15,404		14,749,330
5.88%, 11/15/22 (Call 11/13/18)(a)		5,240		5,319,648
Quebecor Media Inc., 5.75%, 01/15/23(a)		13,325		13,340,143
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)(a)(b)		5,604		5,048,270
5.38%, 04/01/21 (Call 11/16/18)(a)		8,654		8,653,279
5.63%, 08/01/24 (Call 08/01/19)(a)(b)		11,204		10,729,205
6.13%, 10/01/22 (Call 11/16/18)(a)		7,898		8,036,215
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)(a)(b)		15,862		15,326,658
4.63%, 05/15/23 (Call 12/03/18)(a)(b)		7,212		6,997,142
5.00%, 08/01/27 (Call 08/01/22)(a)(b)		25,061		23,526,014
5.38%, 04/15/25 (Call 04/15/20)(b)		16,381		16,143,476
5.38%, 07/15/26 (Call 07/15/21)(a)(b)		17,259		16,870,673
6.00%, 07/15/24 (Call 07/15/19)(a)(b)		26,210		26,794,483
TEGNA Inc.
5.13%, 07/15/20 (Call 12/03/18)(a)		9,620		9,634,800
6.38%, 10/15/23 (Call 12/03/18)(a)		12,245		12,551,125
Telenet Finance Luxembourg Note, 5.50%, 03/01/28 (Call 12/01/22)(b)		17,725		16,395,625
Tribune Media Co., 5.88%, 07/15/22 (Call 11/13/18)(a)		17,714		18,001,853
Unitymedia GmbH, 6.13%, 01/15/25 (Call 01/15/20)(a)(b)		14,847		15,259,004
Unitymedia Hessen GmbH &Co. KG/Unitymedia NRW GmbH, 5.00%, 01/15/25 (Call 01/15/20)(b)		8,823		8,879,982
Univision Communications Inc.
5.13%, 05/15/23 (Call 12/03/18)(a)(b)		22,477		21,173,334
5.13%, 02/15/25 (Call 02/15/20)(a)(b)		23,775		21,873,000
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)(a)(b)		8,646		8,013,761
UPCB Finance IV Ltd., 5.38%, 01/15/25 (Call 01/15/20)(a)(b)		18,955		18,428,051
Viacom Inc.
5.88%, 02/28/57 (Call 02/28/22)(d)(e)		10,165		9,767,641
6.25%, 02/28/57 (Call 02/28/27)(a)(d)(e)		10,295		9,883,200
Videotron Ltd.
5.00%, 07/15/22		12,361		12,376,451
5.13%, 04/15/27 (Call 04/15/22)(a)(b)		10,307		9,726,157
5.38%, 06/15/24 (Call 03/15/24)(a)(b)		9,496		9,484,130

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 01/15/20)(a)(b)	$	5,259	$	5,060,692
6.00%, 10/15/24 (Call 10/15/19)(a)(b)		7,984		7,785,307
Virgin Media Secured Finance PLC
5.25%, 01/15/21(a)		6,892		6,978,150
5.25%, 01/15/26 (Call 01/15/20)(a)(b)		16,202		15,138,744
5.50%, 01/15/25 (Call 01/15/19)(a)(b)		5,897		5,734,833
5.50%, 08/15/26 (Call 08/15/21)(a)(b)		12,804		12,095,939
Ziggo Bond Finance BV
5.88%, 01/15/25 (Call 01/15/20)(a)(b)		7,295		6,713,497
6.00%, 01/15/27 (Call 01/15/22)(a)(b)		10,283		9,139,016
Ziggo BV, 5.50%, 01/15/27 (Call 01/15/22)(a)(b)		32,932		30,164,796
				1,641,102,200
Metal Fabricate & Hardware — 0.3%
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)(a)(b)		25,799		24,218,811
6.25%, 08/15/24 (Call 08/15/19)(a)(b)		19,720		19,432,418
				43,651,229
Mining — 1.5%
Alcoa Nederland Holding BV
6.13%, 05/15/28 (Call 05/15/23)(b)		7,524		7,490,411
6.75%, 09/30/24 (Call 09/30/19)(a)(b)		12,643		13,192,971
7.00%, 09/30/26 (Call 09/30/21)(a)(b)		8,121		8,539,739
Aleris International Inc., 10.75%, 07/15/23 (Call 07/15/20)(a)(b)		7,353		7,698,926
Constellium NV
5.75%, 05/15/24 (Call 05/15/19)(b)		7,372		7,012,615
5.88%, 02/15/26 (Call 11/15/20)(a)(b)		7,559		7,072,389
6.63%, 03/01/25 (Call 03/01/20)(a)(b)		10,128		9,929,660
FMG Resources August 2006 Pty Ltd.
4.75%, 05/15/22 (Call 02/15/22)(a)(b)		13,903		13,434,860
5.13%, 03/15/23 (Call 12/15/22)(a)(b)		8,650		8,325,625
5.13%, 05/15/24 (Call 02/15/24)(a)(b)		12,353		11,691,126
Freeport-McMoRan Inc.
3.10%, 03/15/20(a)		15,676		15,412,447
3.55%, 03/01/22 (Call 12/01/21)(a)		31,581		29,905,628
3.88%, 03/15/23 (Call 12/15/22)		32,117		29,782,094
4.00%, 11/14/21		8,851		8,613,129
4.55%, 11/14/24 (Call 08/14/24)(a)		14,814		13,721,468
6.88%, 02/15/23 (Call 02/15/20)(a)		10,917		11,432,828
Teck Resources Ltd., 8.50%, 06/01/24 (Call 06/01/19)(b)		9,924		10,746,865
				214,002,781
Office & Business Equipment — 0.4%
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 12/03/18)(a)		9,366		9,292,562
5.00%, 09/01/25 (Call 03/01/20)(a)		10,461		10,121,017
5.50%, 12/01/24 (Call 06/01/24)(a)		9,914		9,926,393
Pitney Bowes Inc.
3.88%, 10/01/21 (Call 09/01/21)(a)		11,222		10,674,927
4.38%, 05/15/22 (Call 04/15/22)		9,352		8,506,423
4.63%, 03/15/24 (Call 12/15/23)(a)		2,785		2,443,838
4.70%, 04/01/23 (Call 03/01/23)		7,761		6,905,026
				57,870,186
Oil & Gas — 9.9%
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/20)		10,593		10,288,451
5.13%, 12/01/22 (Call 12/03/18)(a)		18,242		18,089,984

Security	Par (000)		Value
Oil & Gas (continued)
5.38%, 11/01/21 (Call 12/03/18)(a)	$	17,938	$	17,982,845
5.63%, 06/01/23 (Call 12/03/18)(a)		12,858		12,839,249
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.00%, 11/01/26 (Call 11/01/21)(b)		1,000		970,000
10.00%, 04/01/22 (Call 04/01/20)(a)(b)		17,121		18,836,392
California Resources Corp., 8.00%, 12/15/22 (Call 12/15/18)(a)(b)		36,270		32,280,300
Callon Petroleum Co.
6.13%, 10/01/24 (Call 10/01/19)(a)		10,933		10,659,675
6.38%, 07/01/26 (Call 07/01/21)		5,986		5,941,105
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/21 (Call 12/03/18)(a)		17,242		16,595,425
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 12/03/18)(a)		10,713		10,525,523
7.50%, 09/15/20 (Call 11/19/18)(a)		924		925,571
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 12/03/18)(a)		9,566		9,096,668
6.13%, 02/15/21		10,812		10,899,003
6.63%, 08/15/20(a)		6,160		6,341,720
7.00%, 10/01/24 (Call 04/01/21)(a)		13,934		13,603,068
7.50%, 10/01/26 (Call 10/01/21)		6,890		6,752,200
8.00%, 12/15/22 (Call 11/28/18)(a)(b)		22,870		23,882,569
8.00%, 01/15/25 (Call 01/15/20)(a)		20,706		20,964,825
8.00%, 06/15/27 (Call 06/15/22)(a)		21,673		21,564,635
Citgo Holding Inc., 10.75%, 02/15/20(b)		30,299		31,662,455
CNX Resources Corp., 5.88%, 04/15/22 (Call 12/03/18)(a)		24,045		23,710,774
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)(a)		16,643		16,072,621
4.38%, 01/15/28 (Call 10/15/27)(a)		17,893		17,267,908
4.50%, 04/15/23 (Call 01/15/23)(a)		24,611		24,651,389
5.00%, 09/15/22 (Call 12/03/18)		26,252		26,508,482
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 10/15/20)(a)(b)		20,881		19,863,051
Denbury Resources Inc.
7.50%, 02/15/24 (Call 08/15/20)(a)(b)		7,251		7,079,438
9.00%, 05/15/21 (Call 12/15/18)(a)(b)		10,392		10,846,650
9.25%, 03/31/22 (Call 03/31/19)(a)(b)		7,826		8,142,301
Diamond Offshore Drilling Inc., 7.88%, 08/15/25 (Call 05/15/25)(a)		9,034		8,898,490
Diamondback Energy Inc.
4.75%, 11/01/24 (Call 11/01/19)(a)		11,034		10,730,565
5.38%, 05/31/25 (Call 05/31/20)		16,873		16,788,635
Endeavor Energy Resources LP/EER Finance Inc.
5.50%, 01/30/26 (Call 01/30/21)(a)(b)		7,195		7,392,863
5.75%, 01/30/28 (Call 01/30/23)(a)(b)		9,422		9,709,077
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)(a)		8,932		7,234,920
5.20%, 03/15/25 (Call 12/15/24)(a)		10,634		8,734,381
7.75%, 02/01/26 (Call 11/01/25)(a)		18,547		17,295,077
EP Energy LLC/Everest Acquisition Finance Inc.
6.38%, 06/15/23 (Call 12/03/18)		200		118,438
7.75%, 05/15/26 (Call 05/15/21)(a)(b)		17,087		17,087,000
8.00%, 11/29/24 (Call 11/30/19)(a)(b)		7,949		7,736,080
8.00%, 02/15/25 (Call 02/15/20)(a)(b)		17,036		11,499,300
9.38%, 05/01/24 (Call 05/01/20)(b)		17,947		13,639,720
Extraction Oil & Gas Inc.
5.63%, 02/01/26 (Call 02/01/21)(a)(b)		12,815		10,972,844
7.38%, 05/15/24 (Call 05/15/20)(a)(b)		6,149		5,764,688

2 0 1 8    i S H A R E S    S E M I -  A N N U A L    R E P O R T    T O    S H A R E H O L  D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)(a)	$	12,630	$	11,840,625
6.38%, 05/15/25 (Call 05/15/20)(a)		10,435		9,842,441
6.38%, 01/15/26 (Call 01/15/21)(a)		6,019		5,606,135
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)(a)(b)		7,774		7,326,995
5.75%, 10/01/25 (Call 04/01/20)(b)		7,594		7,389,114
6.25%, 11/01/28 (Call 11/01/23)(b)		7,397		7,119,686
Jones Energy Holdings LLC/Jones Energy Finance Corp.
6.75%, 04/01/22 (Call 12/03/18)		5,405		2,691,521
9.25%, 03/15/23 (Call 03/15/20)(b)		9,491		9,491,000
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)(a)(b)		100		98,220
MEG Energy Corp.
6.38%, 01/30/23 (Call 12/03/18)(b)		13,542		13,083,900
6.50%, 01/15/25 (Call 01/15/20)(b)		12,334		12,765,690
7.00%, 03/31/24 (Call 12/03/18)(a)(b)		17,233		16,931,422
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)		8,586		8,268,676
4.45%, 12/01/22 (Call 09/01/22)		9,614		9,373,650
5.75%, 08/15/25 (Call 08/15/20)(a)		10,076		10,023,101
6.88%, 08/15/24 (Call 08/15/19)(a)		8,552		8,901,206
Nabors Industries Inc.
4.63%, 09/15/21(a)		12,584		12,075,396
5.00%, 09/15/20(a)		11,939		11,886,933
5.50%, 01/15/23 (Call 11/15/22)(a)		10,614		9,977,160
5.75%, 02/01/25 (Call 11/01/24)(a)		11,898		10,931,288
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)(a)		11,959		12,071,175
5.63%, 07/01/24(a)		15,139		15,574,246
5.75%, 01/30/22(a)		13,057		13,411,987
Noble Holding International Ltd.
7.75%, 01/15/24 (Call 10/15/23)(a)		15,983		14,884,169
7.88%, 02/01/26 (Call 02/01/21)(b)		11,313		11,171,588
7.95%, 04/01/25 (Call 01/01/25)(a)		6,435		5,823,675
Oasis Petroleum Inc.
6.25%, 05/01/26 (Call 05/01/21)(a)(b)		5,620		5,485,521
6.88%, 03/15/22 (Call 12/03/18)		14,537		14,627,856
Pacific Drilling First Lien Escrow Issuer Ltd., 8.38%, 10/01/23 (Call 10/01/20)(b)		11,665		11,796,231
Parsley Energy LLC/Parsley Finance Corp.
5.25%, 08/15/25 (Call 08/15/20)(b)		7,518		7,255,724
5.38%, 01/15/25 (Call 01/15/20)(a)(b)		9,322		9,105,543
5.63%, 10/15/27 (Call 10/15/22)(a)(b)		11,652		11,429,553
6.25%, 06/01/24 (Call 06/01/19)(a)(b)		5,930		6,093,075
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 12/03/18)(a)		7,221		7,465,792
7.25%, 06/15/25 (Call 06/15/20)(a)		11,090		11,415,423
PDC Energy Inc.
5.75%, 05/15/26 (Call 05/15/21)		9,642		8,846,535
6.13%, 09/15/24 (Call 09/15/19)(a)		5,696		5,439,680
Precision Drilling Corp., 7.13%, 01/15/26 (Call 11/15/20)(b)		5,736		5,678,056
Puma International Financing SA
5.00%, 01/24/26 (Call 01/24/21)(b)		10,852		8,888,331
5.13%, 10/06/24 (Call 10/06/20)(b)		9,844		8,275,113

Security	Par (000)		Value
Oil & Gas (continued)
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)	$	11,118	$	10,623,646
5.38%, 10/01/22 (Call 07/01/22)(a)		7,283		7,131,870
5.63%, 03/01/26 (Call 12/01/25)(a)		8,011		7,540,354
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)(a)		13,441		12,430,481
5.00%, 08/15/22 (Call 05/15/22)(a)		8,348		8,164,307
5.00%, 03/15/23 (Call 12/15/22)(a)		12,638		12,227,265
5.75%, 06/01/21 (Call 03/01/21)(a)		7,551		7,629,942
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)(a)		10,015		9,589,363
7.38%, 06/15/25 (Call 03/15/25)(a)		8,959		8,488,653
Sable Permian Resources Land LLC/AEPB Finance Corp.
7.13%, 11/01/20 (Call 12/03/18)(a)(b)		10,025		6,065,125
7.38%, 11/01/21 (Call 12/03/18)(a)(b)		7,485		4,421,577
13.00%, 11/30/20 (Call 12/03/18)(a)(b)		5,668		6,029,335
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 12/03/18)(a)		19,454		7,149,345
7.25%, 02/15/23 (Call 02/15/20)(a)(b)		9,023		8,256,045
7.75%, 06/15/21 (Call 12/03/18)(a)		8,360		4,216,575
Seven Generations Energy Ltd.
5.38%, 09/30/25 (Call 09/30/20)(a)(b)		11,720		10,928,900
6.75%, 05/01/23 (Call 12/03/18)(a)(b)		5,490		5,645,093
6.88%, 06/30/23 (Call 12/03/18)(a)(b)		5,960		6,099,754
SM Energy Co.
5.00%, 01/15/24 (Call 12/03/18)(a)		6,707		6,359,133
5.63%, 06/01/25 (Call 06/01/20)(a)		7,399		7,092,368
6.13%, 11/15/22 (Call 12/03/18)(a)		6,878		6,963,975
6.63%, 01/15/27 (Call 01/15/22)(a)		9,131		9,173,916
6.75%, 09/15/26 (Call 09/15/21)(a)		8,578		8,572,639
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)(a)		19,729		19,366,233
6.20%, 01/23/25 (Call 10/23/24)(a)		15,079		14,588,932
7.50%, 04/01/26 (Call 04/01/21)(a)		11,014		11,206,745
7.75%, 10/01/27 (Call 10/01/22)(a)		8,708		8,846,240
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23 (Call 01/15/20)(a)(b)		18,209		17,542,716
5.50%, 02/15/26 (Call 02/15/21)(a)(b)		14,296		13,603,537
5.88%, 03/15/28 (Call 03/15/23)(b)		5,445		5,065,363
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)(a)(b)		11,676		11,522,089
Transocean Inc.
5.80%, 10/15/22 (Call 07/15/22)(a)		6,312		6,103,704
7.25%, 11/01/25 (Call 11/01/21)(b)		7,660		7,449,350
7.50%, 01/15/26 (Call 01/15/21)(a)(b)		11,426		11,162,964
9.00%, 07/15/23 (Call 07/15/20)(b)		20,623		21,654,150
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)(b)		9,367		9,308,456
Ultra Resources Inc.
6.88%, 04/15/22 (Call 04/15/19)(a)(b)		10,842		6,234,150
7.13%, 04/15/25 (Call 04/15/20)(a)(b)		9,018		3,967,920
Whiting Petroleum Corp.
5.75%, 03/15/21 (Call 12/15/20)(a)		14,468		14,594,595
6.25%, 04/01/23 (Call 01/01/23)(a)		6,011		6,046,257
6.63%, 01/15/26 (Call 10/15/25)(a)		16,739		16,765,225
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)		10,002		9,826,003
5.75%, 06/01/26 (Call 06/01/21)		8,368		8,326,160

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
6.00%, 01/15/22 (Call 10/15/21)	$	7,857	$	8,024,854
8.25%, 08/01/23 (Call 06/01/23)		8,496		9,514,071
				1,410,329,162
Oil & Gas Services — 0.8%
KCA Deutag UK Finance PLC
9.63%, 04/01/23 (Call 04/01/20)(a)(b)		6,922		6,504,776
9.88%, 04/01/22 (Call 04/01/20)(a)(b)		8,193		7,906,245
McDermott Technology Americas Inc./McDermott Technology U.S. Inc., 10.63%, 05/01/24 (Call 05/01/21)(b)		22,001		19,965,907
SESI LLC
7.13%, 12/15/21 (Call 12/03/18)		13,490		13,369,602
7.75%, 09/15/24 (Call 09/15/20)(a)		7,509		7,386,979
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)(a)(b)		8,210		8,496,936
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)(a)(b)		6,367		6,335,513
Weatherford International LLC, 9.88%, 03/01/25 (Call 12/01/24)(a)(b)		9,023		7,060,498
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)(a)		10,324		7,667,720
7.75%, 06/15/21 (Call 05/15/21)(a)		12,458		10,355,713
8.25%, 06/15/23 (Call 03/15/23)(a)		12,162		9,303,930
9.88%, 02/15/24 (Call 11/15/23)(a)		14,753		11,507,340
				115,861,159
Packaging & Containers — 3.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.25%, 09/15/22 (Call 03/15/19)(a)(b)		11,236		10,867,085
4.63%, 05/15/23 (Call 05/15/19)(a)(b)		16,143		15,739,425
6.00%, 02/15/25 (Call 02/15/20)(a)(b)		28,630		26,840,625
7.25%, 05/15/24 (Call 05/15/19)(a)(b)		27,132		27,280,377
Ball Corp.
4.00%, 11/15/23(a)		16,365		15,881,465
4.38%, 12/15/20(a)		17,608		17,630,010
4.88%, 03/15/26 (Call 12/15/25)(a)		13,090		12,910,013
5.00%, 03/15/22(a)		13,190		13,387,850
5.25%, 07/01/25(a)		16,607		16,724,005
Berry Global Inc.
4.50%, 02/15/26 (Call 02/15/21)(a)(b)		8,544		7,970,617
5.13%, 07/15/23 (Call 12/03/18)(a)		11,358		11,288,105
5.50%, 05/15/22 (Call 12/03/18)(a)		9,640		9,652,050
6.00%, 10/15/22 (Call 12/03/18)		7,196		7,334,800
BWAY Holding Co.
5.50%, 04/15/24 (Call 04/15/20)(a)(b)		24,641		23,630,719
7.25%, 04/15/25 (Call 04/15/20)(a)(b)		23,910		22,714,500
Crown Americas LLC/Crown Americas Capital Corp. IV,
4.50%, 01/15/23(a)		16,895		16,542,155
Crown Americas LLC/Crown Americas Capital Corp. V,
4.25%, 09/30/26 (Call 03/31/26)(a)		6,162		5,586,413
Crown Americas LLC/Crown Americas Capital Corp. VI,
4.75%, 02/01/26 (Call 02/01/21)(a)(b)		14,131		13,336,131
Flex Acquisition Co. Inc.
6.88%, 01/15/25 (Call 01/15/20)(a)(b)		9,706		9,060,281
7.88%, 07/15/26 (Call 07/15/21)(b)		8,324		8,035,157
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22(a)(b)		7,855		7,775,468
5.88%, 08/15/23(b)		10,472		10,432,730

Security	Par (000)		Value
Packaging & Containers (continued)
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.13%, 07/15/23 (Call 07/15/19)(a)(b)	$	27,561	$	26,975,329
5.75%, 10/15/20 (Call 12/03/18)(a)		52,582		52,581,847
6.88%, 02/15/21 (Call 12/03/18)		437		440,261
7.00%, 07/15/24 (Call 07/15/19)(a)(b)		13,696		13,701,707
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)(a)(b)		6,397		6,322,635
5.13%, 12/01/24 (Call 09/01/24)(a)(b)		6,415		6,254,053
5.25%, 04/01/23 (Call 01/01/23)(a)(b)		6,618		6,560,093
5.50%, 09/15/25 (Call 06/15/25)(a)(b)		6,703		6,619,145
6.50%, 12/01/20 (Call 09/01/20)(a)(b)		5,475		5,663,203
				435,738,254
Pharmaceuticals — 3.2%
Bausch Health Companies Inc.
5.50%, 03/01/23 (Call 12/03/18)(b)		15,660		14,786,116
5.50%, 11/01/25 (Call 11/01/20)(b)		27,690		27,185,233
5.63%, 12/01/21 (Call 12/03/18)(b)		13,966		13,732,891
5.88%, 05/15/23 (Call 12/03/18)(a)(b)		54,217		51,935,370
6.13%, 04/15/25 (Call 04/15/20)(a)(b)		54,323		50,090,331
6.50%, 03/15/22 (Call 03/15/19)(b)		20,907		21,664,879
7.00%, 03/15/24 (Call 03/15/20)(a)(b)		34,247		35,761,348
7.50%, 07/15/21 (Call 12/03/18)(a)(b)		29,744		30,190,160
9.00%, 12/15/25 (Call 12/15/21)(b)		25,723		26,825,413
Bausch Health Companies Inc./U.S.
8.50%, 01/31/27 (Call 07/31/22)(a)(b)		11,774		12,038,915
9.25%, 04/01/26 (Call 04/01/22)(a)(b)		24,602		25,852,601
Elanco Animal Health Inc.
3.91%, 08/27/21(a)(b)		6,073		6,065,487
4.27%, 08/28/23 (Call 07/28/23)(a)(b)		12,340		12,277,057
4.90%, 08/28/28 (Call 05/28/28)(a)(b)		13,933		13,961,237
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 12/03/18)(a)(b)		26,503		22,774,741
6.00%, 02/01/25 (Call 02/01/20)(a)(b)		20,297		16,998,737
Endo Finance LLC, 5.75%, 01/15/22 (Call 12/03/18)(a)(b)		11,785		10,694,887
Endo Finance LLC/Endo Finco Inc., 5.38%, 01/15/23 (Call 12/03/18)(a)(b)		12,698		10,840,917
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23		17,100		15,112,125
3.15%, 10/01/26		16,532		13,473,580
6.00%, 04/15/24 (Call 01/15/24)		5,000		4,968,750
6.75%, 03/01/28 (Call 12/01/27)		10,050		10,269,844
				447,500,619
Pipelines — 3.4%
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
6.13%, 11/15/22 (Call 12/03/18)(a)(b)		17,272		17,596,465
Buckeye Partners LP, 6.38%, 01/22/78 (Call 01/22/23)(a)(d)(e)		5,858		5,338,103
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27 (Call 01/01/27)(a)		25,426		24,917,734
5.88%, 03/31/25 (Call 10/02/24)(a)		25,081		25,805,214
7.00%, 06/30/24 (Call 01/01/24)(a)		20,870		22,570,383
Cheniere Energy Partners LP
5.25%, 10/01/25 (Call 10/01/20)(a)		24,211		23,779,802
5.63%, 10/01/26 (Call 10/01/21)(b)		19,600		19,269,250

2 0 1 8    i S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.75%, 04/01/25 (Call 04/01/20)(a)	$	7,100	$	7,072,635
6.25%, 04/01/23 (Call 11/16/18)(a)		11,335		11,492,881
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		7,903		7,598,405
4.75%, 09/30/21 (Call 06/30/21)(a)(b)		7,079		7,088,871
5.35%, 03/15/20(a)(b)		8,961		9,061,811
5.38%, 07/15/25 (Call 04/15/25)(a)		7,789		7,898,435
5.85%, 05/21/43 (Call 05/21/23)(b)(d)(e)		8,913		7,960,289
Energy Transfer LP
4.25%, 03/15/23 (Call 12/15/22)(a)		16,680		16,525,960
5.50%, 06/01/27 (Call 03/01/27)		17,245		17,546,787
5.88%, 01/15/24 (Call 10/15/23)(a)		18,950		19,897,500
7.50%, 10/15/20		19,255		20,410,300
EnLink Midstream Partners LP, 4.40%, 04/01/24 (Call 01/01/24)		8,000		7,710,000
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 12/03/18)		5,221		4,932,213
6.25%, 05/15/26 (Call 02/15/21)		6,461		5,843,167
6.50%, 10/01/25 (Call 10/01/20)(a)		10,645		9,846,625
6.75%, 08/01/22 (Call 12/03/18)		12,205		12,236,558
NGPL PipeCo LLC
4.38%, 08/15/22 (Call 05/15/22)(a)(b)		11,151		11,011,613
4.88%, 08/15/27 (Call 02/15/27)(b)		10,931		10,533,385
NuStar Logistics LP
4.80%, 09/01/20		6,374		6,358,065
5.63%, 04/28/27 (Call 01/28/27)(a)		8,316		7,952,175
Rockies Express Pipeline LLC, 5.63%, 04/15/20(a)(b)		6,860		7,008,862
SemGroup Corp./Rose Rock Finance Corp., 5.63%, 07/15/22 (Call 11/16/18)(a)		7,983		7,684,635
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 09/15/24 (Call 09/15/19)(a)(b)		13,340		13,394,194
5.50%, 01/15/28 (Call 01/15/23)(a)(b)		14,490		14,272,650
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 12/03/18)		10,448		10,441,731
4.25%, 11/15/23 (Call 12/03/18)		9,385		9,012,416
5.00%, 01/15/28 (Call 01/15/23)(a)		13,029		12,325,072
5.13%, 02/01/25 (Call 02/01/20)(a)		9,095		8,867,625
5.25%, 05/01/23 (Call 12/03/18)		8,097		8,063,876
5.38%, 02/01/27 (Call 02/01/22)(a)		8,494		8,260,925
5.88%, 04/15/26 (Call 04/15/21)(a)(b)		16,794		16,870,099
6.75%, 03/15/24 (Call 09/15/19)		9,830		10,296,925
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)		433		424,934
4.55%, 06/24/24 (Call 03/24/24)(a)		720		725,106
				475,903,676
Real Estate — 0.4%
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 03/15/20)(a)(b)		18,249		17,519,040
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 04/01/19)(a)		20,606		19,747,416
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)(a)(b)		7,676		6,969,808
5.25%, 12/01/21 (Call 12/03/18)(a)(b)		9,102		8,942,715
				53,178,979

Security	Par (000)		Value
Real Estate Investment Trusts — 2.7%
CBL & Associates LP
5.25%, 12/01/23 (Call 09/01/23)(a)	$	6,228	$	5,223,345
5.95%, 12/15/26 (Call 09/15/26)(a)		11,606		9,641,685
CyrusOne LP/CyrusOne Finance Corp.
5.00%, 03/15/24 (Call 03/15/20)(a)		13,332		13,270,101
5.38%, 03/15/27 (Call 03/15/22)(a)		9,070		9,024,650
Equinix Inc.
5.38%, 01/01/22 (Call 12/03/18)(a)		11,942		12,157,944
5.38%, 04/01/23 (Call 12/03/18)(a)		16,636		16,906,335
5.38%, 05/15/27 (Call 05/15/22)(a)		21,807		21,573,914
5.75%, 01/01/25 (Call 01/01/20)(a)		7,689		7,821,635
5.88%, 01/15/26 (Call 01/15/21)(a)		17,924		18,151,038
ESH Hospitality Inc., 5.25%, 05/01/25 (Call 05/01/20)(a)(b)		22,766		21,570,785
GLP Capital LP/GLP Financing II Inc.
4.88%, 11/01/20 (Call 08/01/20)		100		101,125
5.25%, 06/01/25 (Call 03/01/25)		422		424,114
5.75%, 06/01/28 (Call 03/03/28)		418		422,441
Iron Mountain Inc.
4.38%, 06/01/21 (Call 11/13/18)(a)(b)		8,236		8,177,662
4.88%, 09/15/27 (Call 09/15/22)(b)		15,064		13,419,513
5.25%, 03/15/28 (Call 12/27/22)(a)(b)		14,061		12,626,778
5.75%, 08/15/24 (Call 11/13/18)(a)		19,054		18,696,737
6.00%, 08/15/23 (Call 11/13/18)(a)		11,798		12,078,202
iStar Inc.
4.63%, 09/15/20 (Call 06/15/20)(a)		6,733		6,671,772
5.25%, 09/15/22 (Call 09/15/19)(a)		5,068		4,892,996
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)(a)		7,843		7,137,130
5.63%, 05/01/24 (Call 02/01/24)(a)		18,082		18,149,807
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27 (Call 10/15/22)		23,222		21,821,713
5.25%, 08/01/26 (Call 08/01/21)		9,322		8,961,425
6.38%, 03/01/24 (Call 03/01/19)(a)		10,062		10,459,907
SBA Communications Corp.
4.00%, 10/01/22 (Call 10/01/19)		13,175		12,664,469
4.88%, 07/15/22 (Call 12/03/18)(a)		11,344		11,273,100
4.88%, 09/01/24 (Call 09/01/19)(a)		18,856		18,072,952
Starwood Property Trust Inc.
3.63%, 02/01/21 (Call 11/01/20)(a)(b)		7,183		6,972,897
4.75%, 03/15/25 (Call 09/15/24)(a)		8,495		8,110,576
5.00%, 12/15/21 (Call 09/15/21)(a)		10,281		10,229,578
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 12/03/18)(a)(b)		8,033		7,711,680
7.13%, 12/15/24 (Call 12/15/19)(a)(b)		9,767		8,657,748
8.25%, 10/15/23 (Call 04/15/19)(a)		19,789		18,651,132
				381,726,886
Retail — 3.1%
1011778 BC ULC/New Red Finance Inc.
4.25%, 05/15/24 (Call 05/15/20)(a)(b)		25,167		23,656,980
4.63%, 01/15/22 (Call 12/03/18)(a)(b)		21,559		21,346,105
5.00%, 10/15/25 (Call 10/15/20)(a)(b)		47,064		44,004,840
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)(a)(b)		22,457		20,155,158
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 12/03/18)(a)		8,760		7,824,557
6.75%, 01/15/22 (Call 12/03/18)(a)		8,735		7,579,796
6.75%, 06/15/23 (Call 06/15/19)(a)		8,513		7,385,028

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
Golden Nugget Inc.
6.75%, 10/15/24 (Call 10/15/19)(a)(b)	$	23,703	$	23,643,742
8.75%, 10/01/25 (Call 10/01/20)(b)		10,312		10,595,580
JC Penney Corp. Inc.
5.88%, 07/01/23 (Call 07/01/19)(a)(b)		9,084		7,806,999
8.63%, 03/15/25 (Call 03/15/21)(a)(b)		5,631		3,624,956
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)(a)(b)		11,380		10,641,316
5.00%, 06/01/24 (Call 06/01/19)(a)(b)		19,366		19,099,718
5.25%, 06/01/26 (Call 06/01/21)(a)(b)		18,187		17,829,460
L Brands Inc.
5.25%, 02/01/28(a)		8,256		7,038,090
5.63%, 02/15/22(a)		17,452		17,665,787
5.63%, 10/15/23(a)		8,979		8,874,844
6.63%, 04/01/21		13,979		14,546,567
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21 (Call 12/03/18)(b)		15,456		9,350,880
Penske Automotive Group Inc.
5.50%, 05/15/26 (Call 05/15/21)(a)		7,737		7,328,182
5.75%, 10/01/22 (Call 12/03/18)(a)		9,120		9,239,700
PetSmart Inc.
5.88%, 06/01/25 (Call 06/01/20)(a)(b)		23,094		18,071,055
7.13%, 03/15/23 (Call 12/03/18)(a)(b)		30,344		21,013,220
8.88%, 06/01/25 (Call 06/01/20)(a)(b)		11,418		7,957,938
QVC Inc.
4.38%, 03/15/23(a)		12,687		12,457,832
4.45%, 02/15/25 (Call 11/15/24)(a)		10,029		9,535,480
4.85%, 04/01/24(a)		10,071		9,917,718
5.13%, 07/02/22(a)		7,634		7,725,898
Rite Aid Corp., 6.13%, 04/01/23 (Call 12/03/18)(a)(b)		29,670		25,238,044
Staples Inc., 8.50%, 09/15/25 (Call 09/15/20)(a)(b)		17,103		15,478,215
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/01/19)(a)		9,647		9,140,533
				435,774,218
Semiconductors — 0.6%
NXP BV/NXP Funding LLC
3.88%, 09/01/22(b)		16,156		15,590,540
4.13%, 06/15/20(a)(b)		8,588		8,554,865
4.13%, 06/01/21(a)(b)		22,895		22,694,669
4.63%, 06/15/22(a)(b)		5,882		5,837,885
4.63%, 06/01/23(a)(b)		14,489		14,362,221
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26 (Call 02/15/21)(a)(b)		11,859		12,066,532
				79,106,712
Software — 2.9%
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)(a)		9,714		9,131,160
5.00%, 10/15/24 (Call 07/15/24)(a)		8,114		8,010,141
5.88%, 06/15/26 (Call 06/15/21)(a)		8,038		8,098,285
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 03/01/20)(a)(b)		17,952		17,548,080
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)(a)(b)		32,790		32,462,100
5.38%, 08/15/23 (Call 11/13/18)(a)(b)		21,237		21,422,824
5.75%, 01/15/24 (Call 01/15/19)(a)(b)		37,040		37,234,327
7.00%, 12/01/23 (Call 12/01/18)(a)(b)		56,189		58,267,993

Security	Par (000)		Value
Software (continued)
Infor U.S.Inc.
5.75%, 08/15/20 (Call 11/16/18)(a)(b)	$	10,275	$	10,360,625
6.50%, 05/15/22 (Call 11/16/18)(a)		28,405		28,413,877
IQVIA Inc.
4.88%, 05/15/23 (Call 12/03/18)(b)		13,316		13,216,130
5.00%, 10/15/26 (Call 10/15/21)(a)(b)		18,545		17,769,715
MSCI Inc.
4.75%, 08/01/26 (Call 08/01/21)(a)(b)		9,451		9,068,717
5.25%, 11/15/24 (Call 11/15/19)(a)(b)		13,905		13,965,122
5.38%, 05/15/27 (Call 05/15/22)(a)(b)		8,097		8,016,030
5.75%, 08/15/25 (Call 08/15/20)(a)(b)		13,276		13,611,588
Nuance Communications Inc.
5.38%, 08/15/20 (Call 12/03/18)(b)		492		492,307
5.63%, 12/15/26 (Call 12/15/21)		8,400		8,153,523
Open Text Corp.
5.63%, 01/15/23 (Call 12/03/18)(a)(b)		12,767		12,809,628
5.88%, 06/01/26 (Call 06/01/21)(a)(b)		13,957		13,979,204
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 11/15/19)(a)(b)		20,418		19,127,519
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 03/01/19)(a)(b)		34,825		37,786,170
Veritas U.S. Inc./Veritas Bermuda Ltd.
7.50%, 02/01/23 (Call 02/01/19)(a)(b)		7,703		7,327,479
10.50%, 02/01/24 (Call 02/01/19)(a)(b)		14,144		12,142,079
				418,414,623
Telecommunications — 9.2%
Anixter Inc., 5.13%, 10/01/21(a)		7,815		7,863,844
C&W Senior Financing DAC
6.88%, 09/15/27 (Call 09/15/22)(a)(b)		12,094		11,519,535
7.50%, 10/15/26 (Call 10/15/21)(b)		8,209		8,229,523
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)(a)		9,240		8,840,370
Series S, 6.45%, 06/15/21(a)		19,653		20,087,003
Series T, 5.80%, 03/15/22(a)		22,938		22,945,168
Series V, 5.63%, 04/01/20		15,515		15,697,379
Series W, 6.75%, 12/01/23(a)		11,216		11,434,712
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(a)		16,166		16,893,470
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/19)(a)(b)		11,176		10,030,460
CommScope Inc.
5.00%, 06/15/21 (Call 11/13/18)(a)(b)		9,804		9,762,333
5.50%, 06/15/24 (Call 06/15/19)(b)		9,866		9,545,355
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)(a)(b)		12,082		10,777,748
6.00%, 06/15/25 (Call 06/15/20)(a)(b)		26,886		26,146,635
Frontier Communications Corp.
6.88%, 01/15/25 (Call 10/15/24)(a)		12,140		6,843,925
7.13%, 01/15/23		13,501		8,981,540
7.63%, 04/15/24		11,212		6,755,230
8.50%, 04/01/26 (Call 04/01/21)(b)		26,816		24,951,451
8.75%, 04/15/22		7,879		6,098,346
10.50%, 09/15/22 (Call 06/15/22)		38,249		31,890,104
11.00%, 09/15/25 (Call 06/15/25)		60,475		44,524,719
Hughes Satellite Systems Corp.
5.25%, 08/01/26(a)		14,113		13,421,757
6.63%, 08/01/26(a)		11,166		10,635,615
7.63%, 06/15/21(a)		16,358		17,402,867
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 12/03/18)(a)(b)		17,660		17,247,934
6.50%, 10/01/24 (Call 10/01/19)(a)(b)		7,689		7,591,691

2 0 1 8    i S H A R E S    S E M I -  A N N U A L    R E P O R T    T O    S H A R E H O L  D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
Intelsat Connect Finance SA, 9.50%, 02/15/23 (Call 08/15/20)(b)	$	21,924	$	21,047,040
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 12/03/18)(a)		34,294		30,731,234
7.50%, 04/01/21 (Call 11/01/18)(a)		17,814		18,026,284
8.00%, 02/15/24 (Call 02/15/19)(b)		23,305		24,353,725
8.50%, 10/15/24 (Call 10/15/20)(b)		43,410		42,771,873
9.50%, 09/30/22(a)(b)		8,203		9,504,437
9.75%, 07/15/25 (Call 07/15/21)(b)		24,296		25,349,839
Intelsat Luxembourg SA
7.75%, 06/01/21 (Call 12/03/18)		1,200		1,134,000
8.13%, 06/01/23 (Call 12/17/18)		15,374		12,873,324
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)(a)(b)(d)(e)		10,986		11,448,511
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 12/03/18)(a)		13,131		13,073,552
5.25%, 03/15/26 (Call 03/15/21)(a)		12,944		12,380,289
5.38%, 08/15/22 (Call 12/03/18)(a)		17,980		17,980,000
5.38%, 01/15/24 (Call 01/15/19)(a)		14,607		14,427,021
5.38%, 05/01/25 (Call 05/01/20)(a)		14,639		14,296,509
5.63%, 02/01/23 (Call 12/03/18)(a)		10,314		10,330,932
6.13%, 01/15/21 (Call 12/03/18)		11,508		11,533,893
Nokia OYJ
3.38%, 06/12/22		9,226		8,799,298
4.38%, 06/12/27		7,038		6,619,239
Qwest Corp., 6.75%, 12/01/21(a)		16,336		17,129,462
Sprint Communications Inc.
6.00%, 11/15/22		37,631		38,030,829
7.00%, 03/01/20(a)(b)		15,405		15,963,431
7.00%, 08/15/20		25,827		26,730,945
11.50%, 11/15/21		15,439		17,986,435
Sprint Corp.
7.13%, 06/15/24		41,642		42,564,370
7.25%, 09/15/21		39,803		41,643,889
7.63%, 02/15/25 (Call 11/15/24)		24,023		24,959,731
7.63%, 03/01/26 (Call 11/01/25)		26,097		27,140,880
7.88%, 09/15/23		70,107		74,839,222
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)(b)		25,702		24,230,561
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22(a)		18,076		17,730,721
T-Mobile USA Inc.
4.00%, 04/15/22 (Call 03/16/22)(a)		8,601		8,488,112
4.50%, 02/01/26 (Call 02/01/21)		16,902		15,798,088
4.75%, 02/01/28 (Call 02/01/23)(a)		24,197		22,382,225
5.13%, 04/15/25 (Call 04/15/20)		8,783		8,666,984
5.38%, 04/15/27 (Call 04/15/22)		8,627		8,415,639
6.00%, 03/01/23 (Call 11/13/18)		21,979		22,555,949
6.00%, 04/15/24 (Call 04/15/19)		17,151		17,626,426
6.38%, 03/01/25 (Call 09/01/19)(a)		29,742		30,671,437
6.50%, 01/15/24 (Call 01/15/19)(a)		17,157		17,768,934
6.50%, 01/15/26 (Call 01/15/21)(a)		33,396		35,232,780
Wind Tre SpA, 5.00%, 01/20/26 (Call 11/03/20)(b)		33,610		28,526,487
Windstream Services LLC/Windstream Finance Corp.
8.63%, 10/31/25 (Call 10/31/20)(b)		11,657		10,870,153
9.00%, 06/30/25 (Call 06/30/21)(b)		20,035		14,425,200
10.50%, 06/30/24 (Call 06/30/20)(a)(b)		7,212		5,830,451
				1,309,009,055

Security	Par/ Shares (000)		Value
Toys, Games & Hobbies — 0.2%
Mattel Inc., 6.75%, 12/31/25 (Call 12/31/20)(a)(b)	$	25,579	$	24,405,106
Transportation — 0.2%
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 12/03/18)(a)(b)		11,242		8,483,025
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/19)(a)(b)		7,367		7,558,542
6.50%, 06/15/22 (Call 12/03/18)(b)		19,434		19,895,558
				35,937,125
Trucking & Leasing — 0.6%
Avolon Holdings Funding Ltd.
5.13%, 10/01/23 (Call 09/01/23)(a)(b)		16,771		16,456,544
5.50%, 01/15/23 (Call 12/15/22)(a)(b)		7,506		7,455,960
Park Aerospace Holdings Ltd.
4.50%, 03/15/23 (Call 02/15/23)(a)(b)		17,931		17,056,864
5.25%, 08/15/22(a)(b)		29,920		29,695,600
5.50%, 02/15/24(a)(b)		20,086		19,818,701
				90,483,669
Total Corporate Bonds & Notes — 97.9% (Cost: $14,701,911,854)				13,874,742,697
Short-Term Investments
Money Market Funds — 24.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.36%(g)(h)(i)		3,373,259		3,373,933,168
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(g)(h)		148,167		148,166,777
				3,522,099,945
Total Short-Term Investments — 24.8% (Cost: $3,521,495,377)				3,522,099,945
Total Investments in Securities — 122.7% (Cost: $18,223,407,231)				17,396,842,642
Other Assets, Less Liabilities — (22.7)%				(3,219,720,267	)
Net Assets — 100.0%			$	14,177,122,375

^(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)  Perpetual security with no stated maturity date.

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

^(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)  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.

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ High Yield Corporate Bond ETF

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 October 31, 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	$	—	$	13,874,742,697	$	—	$	13,874,742,697
Money Market Funds		3,522,099,945		—		—		3,522,099,945
	$	3,522,099,945	$	13,874,742,697	$	—	$	17,396,842,642

 2 0 1 8    i S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.2%
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)(a)	$	22,166	$	20,827,400
3.63%, 05/01/22		11,137		10,992,986
3.65%, 11/01/24 (Call 08/01/24)		10,209		9,829,824
WPP Finance 2010
3.75%, 09/19/24		6,959		6,621,264
4.75%, 11/21/21(a)		8,506		8,649,445
				56,920,919
Aerospace & Defense — 1.9%
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)(a)		7,610		7,289,694
3.38%, 05/15/23 (Call 04/15/23)		12,691		12,639,864
3.50%, 05/15/25 (Call 03/15/25)(a)		13,769		13,620,920
3.75%, 05/15/28 (Call 02/15/28)(a)		14,429		14,263,181
L3 Technologies Inc.
3.85%, 06/15/23 (Call 05/15/23)(a)		3,088		3,077,593
4.40%, 06/15/28 (Call 03/15/28)(a)		4,295		4,284,599
Lockheed Martin Corp.
2.90%, 03/01/25 (Call 12/01/24)(a)		12,960		12,259,813
3.35%, 09/15/21(a)		8,355		8,405,582
3.55%, 01/15/26 (Call 10/15/25)(a)		20,650		20,142,045
3.80%, 03/01/45 (Call 09/01/44)(a)		8,873		7,891,434
4.07%, 12/15/42(a)		9,347		8,713,660
4.09%, 09/15/52 (Call 03/15/52)		17,089		15,445,653
4.70%, 05/15/46 (Call 11/15/45)(a)		14,226		14,469,845
Northrop Grumman Corp.
2.55%, 10/15/22 (Call 09/15/22)(a)		9,629		9,261,812
2.93%, 01/15/25 (Call 11/15/24)(a)		19,181		18,066,440
3.20%, 02/01/27 (Call 11/01/26)		5,286		4,906,152
3.25%, 08/01/23(a)		14,374		14,038,987
3.25%, 01/15/28 (Call 10/15/27)		22,068		20,410,665
4.03%, 10/15/47 (Call 04/15/47)(a)		27,162		24,289,792
4.75%, 06/01/43		9,662		9,615,100
Raytheon Co., 2.50%, 12/15/22 (Call 09/15/22)		11,222		10,820,028
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 02/15/22)		13,048		12,666,698
3.20%, 03/15/24 (Call 01/15/24)		10,473		10,035,318
3.50%, 03/15/27 (Call 12/15/26)		17,215		16,177,307
4.35%, 04/15/47 (Call 10/15/46)(a)		13,046		11,964,420
United Technologies Corp.
1.95%, 11/01/21 (Call 10/01/21)		6,089		5,810,048
2.65%, 11/01/26 (Call 08/01/26)		20,338		18,188,965
2.80%, 05/04/24 (Call 03/04/24)		15,214		14,276,284
3.10%, 06/01/22(a)		33,869		33,181,297
3.13%, 05/04/27 (Call 02/04/27)		4,145		3,813,686
3.65%, 08/16/23 (Call 07/16/23)(a)		27,185		26,927,468
3.75%, 11/01/46 (Call 05/01/46)		15,202		12,740,099
3.95%, 08/16/25 (Call 06/16/25)(a)		19,300		19,086,808
4.13%, 11/16/28 (Call 08/16/28)(a)		33,669		33,112,765
4.15%, 05/15/45 (Call 11/16/44)		10,829		9,675,014
4.45%, 11/16/38 (Call 05/16/38)		12,495		12,033,543
4.50%, 06/01/42		41,688		39,466,196
4.63%, 11/16/48 (Call 05/16/48)(a)		27,765		26,676,534
5.70%, 04/15/40		11,642		12,733,486
6.13%, 07/15/38(a)		12,413		14,195,326
				586,674,121

Security	Par (000)		Value
Agriculture — 1.4%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)(a)	$	235	$	211,134
2.85%, 08/09/22(a)		24,264		23,556,598
3.88%, 09/16/46 (Call 03/16/46)(a)		15,190		12,527,801
4.00%, 01/31/24		17,202		17,287,053
4.25%, 08/09/42		8,442		7,428,940
4.75%, 05/05/21		1,100		1,131,589
5.38%, 01/31/44(a)		28,625		29,127,025
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)		9,728		8,785,039
BAT Capital Corp.
2.76%, 08/15/22 (Call 07/15/22)(b)		23,871		22,832,518
3.22%, 08/15/24 (Call 06/15/24)(a)(b)		31,612		29,828,659
3.56%, 08/15/27 (Call 05/15/27)(a)(b)		40,462		37,052,352
4.39%, 08/15/37 (Call 02/15/37)(b)		30,332		26,941,395
4.54%, 08/15/47 (Call 02/15/47)(b)		29,654		25,782,872
Philip Morris International Inc.
2.38%, 08/17/22 (Call 07/17/22)(a)		6,836		6,536,957
2.50%, 08/22/22(a)		17,165		16,479,044
2.50%, 11/02/22 (Call 10/02/22)(a)		4,253		4,076,474
2.75%, 02/25/26 (Call 11/25/25)(a)		16,154		14,879,255
2.90%, 11/15/21(a)		9,278		9,105,835
3.25%, 11/10/24(a)		3,854		3,734,066
3.38%, 08/11/25 (Call 05/11/25)(a)		9,744		9,390,981
3.88%, 08/21/42(a)		3,662		3,111,928
4.13%, 03/04/43		15,238		13,462,200
4.25%, 11/10/44		10,518		9,475,659
4.38%, 11/15/41(a)		6,710		6,132,892
4.88%, 11/15/43(a)		11,476		11,208,327
6.38%, 05/16/38		16,149		18,688,889
Reynolds American Inc.
4.00%, 06/12/22(a)		11,028		11,042,265
4.45%, 06/12/25 (Call 03/12/25)		27,174		27,014,037
5.70%, 08/15/35 (Call 02/15/35)(a)		4,890		5,006,432
5.85%, 08/15/45 (Call 02/15/45)(a)		28,540		29,302,589
				441,140,805
Airlines — 0.0%
Delta Air Lines Inc., 3.63%, 03/15/22 (Call 02/15/22)(a)		8,169		8,038,898
Apparel — 0.1%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)		14,224		12,790,138
3.88%, 11/01/45 (Call 05/01/45)(a)		15,104		13,842,490
				26,632,628
Auto Manufacturers — 1.9%
Daimler Finance North America LLC, 8.50%, 01/18/31(a)		17,386		23,642,277
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)(a)		21,545		19,540,003
4.75%, 01/15/43		23,328		18,378,501
5.29%, 12/08/46 (Call 06/08/46)(a)		20,313		17,012,137
7.45%, 07/16/31(a)		24,784		26,083,903
Ford Motor Credit Co. LLC
2.98%, 08/03/22 (Call 07/03/22)		550		515,647
3.10%, 05/04/23(a)		9,307		8,584,968
3.22%, 01/09/22(a)		3,120		2,980,895
3.34%, 03/28/22 (Call 02/28/22)(a)		4,028		3,850,258
3.66%, 09/08/24		10,163		9,247,494
3.81%, 01/09/24 (Call 11/09/23)(a)		4,782		4,447,437
3.82%, 11/02/27 (Call 08/02/27)(a)		10,142		8,649,321

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
4.13%, 08/04/25	$	12,049	$	11,048,231
4.14%, 02/15/23 (Call 01/15/23)		8,465		8,207,319
4.25%, 09/20/22(a)		17,866		17,552,395
4.38%, 08/06/23(a)		10,816		10,477,758
4.39%, 01/08/26		21,354		19,576,593
5.88%, 08/02/21(a)		10,231		10,574,026
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)		6,535		5,975,599
4.88%, 10/02/23(a)		21,229		21,493,467
5.00%, 10/01/28 (Call 07/01/28)(a)		11,555		11,068,582
5.00%, 04/01/35(a)		5,307		4,647,220
5.15%, 04/01/38 (Call 10/01/37)		14,309		12,604,399
5.20%, 04/01/45(a)		12,431		10,756,587
5.40%, 04/01/48 (Call 10/01/47)(a)		6,176		5,453,711
5.95%, 04/01/49 (Call 10/01/48)		11,210		10,416,892
6.25%, 10/02/43		16,660		15,950,246
6.60%, 04/01/36 (Call 10/01/35)(a)		9,365		9,574,681
6.75%, 04/01/46 (Call 10/01/45)(a)		9,127		9,215,942
General Motors Financial Co. Inc.
3.15%, 06/30/22 (Call 05/30/22)(a)		18,493		17,732,836
3.25%, 01/05/23 (Call 12/05/22)(a)		123		117,389
3.45%, 01/14/22 (Call 12/14/21)		14,456		14,075,654
3.45%, 04/10/22 (Call 02/10/22)(a)		20,100		19,523,438
3.50%, 11/07/24 (Call 09/07/24)(a)		8,451		7,854,036
3.70%, 05/09/23 (Call 03/09/23)		14,904		14,427,355
3.95%, 04/13/24 (Call 02/13/24)(a)		11,355		10,892,303
4.00%, 01/15/25 (Call 10/15/24)		16,767		15,822,035
4.00%, 10/06/26 (Call 07/06/26)(a)		11,161		10,212,122
4.15%, 06/19/23 (Call 05/19/23)(a)		19,609		19,230,984
4.30%, 07/13/25 (Call 04/13/25)(a)		11,929		11,348,008
4.35%, 04/09/25 (Call 02/09/25)(a)		12,075		11,641,344
4.35%, 01/17/27 (Call 10/17/26)		12,892		11,996,604
5.25%, 03/01/26 (Call 12/01/25)		17,224		17,174,538
Toyota Motor Corp., 3.42%, 07/20/23		525		521,462
Toyota Motor Credit Corp.
2.15%, 09/08/22(a)		4,466		4,247,542
2.60%, 01/11/22		15,805		15,421,673
3.20%, 01/11/27(a)		11,198		10,608,912
3.30%, 01/12/22		13,305		13,260,560
3.40%, 09/15/21(a)		9,656		9,692,529
3.45%, 09/20/23(a)		10,450		10,352,760
				583,680,573
Banks — 26.7%
Australia & New Zealand Banking Group Ltd./New York NY
2.30%, 06/01/21(a)		14,920		14,447,746
2.55%, 11/23/21(a)		9,304		9,006,075
2.63%, 05/19/22(a)		647		623,470
3.70%, 11/16/25		11,702		11,498,988
Banco Santander SA
3.13%, 02/23/23		7,097		6,687,734
3.50%, 04/11/22(a)		15,672		15,288,378
3.80%, 02/23/28		11,670		10,365,385
3.85%, 04/12/23(a)		4,575		4,430,132
4.25%, 04/11/27(a)		19,112		17,753,842
4.38%, 04/12/28		14,847		13,799,225
5.18%, 11/19/25(a)		2,498		2,469,972
Bank of America Corp.
2.33%, 10/01/21 (Call 10/01/20)(c)(d)		1,541		1,504,344
2.50%, 10/21/22 (Call 10/21/21)(a)		17,801		16,925,874

Security	Par (000)		Value
Banks (continued)
2.82%, 07/21/23 (Call 07/21/22)(a)(c)(d)	$	11,129	$	10,702,793
2.88%, 04/24/23 (Call 04/24/22)(a)(c)(d)		14,798		14,306,381
3.00%, 12/20/23 (Call 12/20/22)(c)(d)		32,926		31,678,375
3.09%, 10/01/25 (Call 10/01/24)(c)(d)		15,444		14,467,877
3.12%, 01/20/23 (Call 01/20/22)(a)(c)(d)		17,717		17,319,368
3.25%, 10/21/27 (Call 10/21/26)(a)		21,932		20,140,618
3.30%, 01/11/23(a)		48,798		47,704,227
3.37%, 01/23/26 (Call 01/23/25)(c)(d)		28,103		26,881,618
3.42%, 12/20/28 (Call 12/20/27)(a)(c)(d)		69,489		64,099,593
3.50%, 04/19/26		24,969		23,742,895
3.55%, 03/05/24 (Call 03/05/23)(c)(d)		4,718		4,628,954
3.59%, 07/21/28 (Call 07/21/27)(a)(c)(d)		29,093		27,338,509
3.71%, 04/24/28 (Call 04/24/27)(c)(d)		31,329		29,719,783
3.82%, 01/20/28 (Call 01/20/27)(a)(c)(d)		29,139		27,950,053
3.86%, 07/23/24 (Call 07/23/23)(c)(d)		18,725		18,574,236
3.88%, 08/01/25(a)		21,924		21,568,371
3.95%, 01/23/49 (Call 01/23/48)(a)(c)(d)		10,264		8,999,932
3.97%, 03/05/29 (Call 03/05/28)(a)(c)(d)		31,195		29,973,663
4.00%, 04/01/24(a)		34,719		34,658,179
4.00%, 01/22/25		30,017		29,220,415
4.10%, 07/24/23(a)		27,008		27,217,552
4.13%, 01/22/24		32,521		32,699,531
4.20%, 08/26/24(a)		43,615		43,250,448
4.24%, 04/24/38 (Call 04/24/37)(a)(c)(d)		26,031		24,538,096
4.25%, 10/22/26(a)		23,514		22,855,961
4.27%, 07/23/29 (Call 07/23/28)(a)(c)(d)		32,726		32,221,535
4.44%, 01/20/48 (Call 01/20/47)(c)(d)		26,357		25,096,587
4.45%, 03/03/26(a)		24,310		24,036,680
4.88%, 04/01/44(a)		951		957,972
5.00%, 01/21/44(a)		19,292		19,717,983
5.70%, 01/24/22		7,002		7,427,923
5.88%, 02/07/42(a)		12,620		14,405,186
6.11%, 01/29/37		24,329		27,203,671
7.75%, 05/14/38		16,584		21,645,349
Series L, 3.95%, 04/21/25(a)		34,731		33,677,539
Series L, 4.18%, 11/25/27 (Call 11/25/26)(a)		31,474		30,254,855
Bank of America N.A., 6.00%, 10/15/36(a)		11,600		13,177,887
Bank of Montreal
2.35%, 09/11/22(a)		10,051		9,596,824
2.55%, 11/06/22 (Call 10/06/22)(a)		10,947		10,507,386
Bank of New York Mellon Corp. (The)
2.20%, 08/16/23 (Call 06/16/23)(a)		4,788		4,469,013
2.45%, 08/17/26 (Call 05/17/26)(a)		13,195		11,869,837
2.60%, 02/07/22 (Call 01/07/22)(a)		11,587		11,266,389
2.66%, 05/16/23 (Call 05/16/22)(c)(d)		35		33,759
2.80%, 05/04/26 (Call 02/04/26)(a)		16,412		15,181,057
2.95%, 01/29/23 (Call 12/29/22)(a)		13,390		13,032,774
3.25%, 05/16/27 (Call 02/16/27)(a)		18,041		17,084,712
3.30%, 08/23/29 (Call 05/23/29)		8,462		7,817,975
3.40%, 01/29/28 (Call 10/29/27)(a)		10,950		10,478,491
3.44%, 02/07/28 (Call 02/07/27)(c)(d)		762		730,682
3.45%, 08/11/23(a)		7,790		7,699,296
3.50%, 04/28/23(a)		10,418		10,339,631
3.55%, 09/23/21 (Call 08/23/21)(a)		1,800		1,803,864
3.65%, 02/04/24 (Call 01/05/24)		15,335		15,229,718
Series G, 3.00%, 02/24/25 (Call 01/24/25)		7,142		6,777,053
Bank of Nova Scotia (The)
2.45%, 09/19/22(a)		5,511		5,284,427
2.70%, 03/07/22(a)		16,123		15,688,635

 2 0 1 8    i S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.80%, 07/21/21(a)	$	10,955	$	10,775,877
4.50%, 12/16/25(a)		12,088		11,942,105
Barclays PLC
3.65%, 03/16/25		22,507		20,942,923
3.68%, 01/10/23 (Call 01/10/22)(a)		12,749		12,340,662
4.34%, 05/16/24 (Call 05/16/23)(a)(c)(d)		19,730		19,364,719
4.34%, 01/10/28 (Call 01/10/27)		18,663		17,376,722
4.38%, 09/11/24		10,338		9,846,495
4.38%, 01/12/26(a)		32,479		31,174,062
4.84%, 05/09/28 (Call 05/07/27)(a)		18,489		17,086,480
4.95%, 01/10/47(a)		17,781		15,906,566
4.97%, 05/16/29 (Call 05/16/28)(a)(c)(d)		18,996		18,436,403
5.20%, 05/12/26(a)		30,499		29,622,178
5.25%, 08/17/45(a)		15,588		14,607,456
BB&T Corp.
2.05%, 05/10/21 (Call 04/09/21)(a)		2,907		2,810,579
2.75%, 04/01/22 (Call 03/01/22)(a)		9,717		9,460,149
2.85%, 10/26/24 (Call 09/26/24)(a)		18,646		17,634,908
3.70%, 06/05/25 (Call 05/05/25)		14,730		14,611,345
BNP Paribas SA
3.25%, 03/03/23		9,936		9,710,722
4.25%, 10/15/24(a)		9,360		9,180,734
BPCE SA
2.75%, 12/02/21		12,976		12,616,923
4.00%, 04/15/24(a)		15,491		15,447,252
Branch Banking & Trust Co.
2.63%, 01/15/22 (Call 12/15/21)		3,176		3,094,892
3.63%, 09/16/25 (Call 08/16/25)(a)		25,395		24,672,700
3.80%, 10/30/26 (Call 09/30/26)		4,527		4,439,029
Canadian Imperial Bank of Commerce
2.55%, 06/16/22		13,147		12,657,536
3.50%, 09/13/23		6,795		6,709,902
Capital One Financial Corp.
3.05%, 03/09/22 (Call 02/09/22)(a)		3,822		3,730,448
3.20%, 01/30/23 (Call 12/30/22)(a)		26,668		25,777,089
3.20%, 02/05/25 (Call 01/05/25)(a)		3,180		2,964,530
3.30%, 10/30/24 (Call 09/30/24)		25,503		24,077,642
3.50%, 06/15/23(a)		7,348		7,183,550
3.75%, 04/24/24 (Call 03/24/24)(a)		3,225		3,136,355
3.75%, 07/28/26 (Call 06/28/26)(a)		27,027		24,795,135
3.75%, 03/09/27 (Call 02/09/27)(a)		24,314		22,561,457
3.80%, 01/31/28 (Call 12/31/27)(a)		10,715		9,906,683
4.20%, 10/29/25 (Call 09/29/25)(a)		17,934		17,262,637
4.25%, 04/30/25 (Call 03/31/25)(a)		3,437		3,388,930
Capital One N.A.
2.25%, 09/13/21 (Call 08/13/21)		10,707		10,269,652
2.65%, 08/08/22 (Call 07/08/22)(a)		4,803		4,596,173
Citigroup Inc.
2.70%, 10/27/22 (Call 09/27/22)(a)		12,506		11,962,183
2.75%, 04/25/22 (Call 03/25/22)(a)		21,873		21,124,292
2.88%, 07/24/23 (Call 07/24/22)(a)(c)(d)		31,492		30,276,566
2.90%, 12/08/21 (Call 11/08/21)(a)		37,653		36,754,193
3.14%, 01/24/23 (Call 01/24/22)(a)(c)(d)		15,107		14,764,178
3.20%, 10/21/26 (Call 07/21/26)		37,733		34,658,028
3.30%, 04/27/25(a)		20,553		19,523,254
3.40%, 05/01/26(a)		18,407		17,262,116
3.50%, 05/15/23(a)		18,818		18,411,542
3.52%, 10/27/28 (Call 10/27/27)(a)(c)(d)		33,798		31,255,262
3.67%, 07/24/28 (Call 07/24/27)(a)(c)(d)		36,396		34,110,586
3.70%, 01/12/26		19,579		18,780,974

Security	Par (000)		Value
Banks (continued)
3.75%, 06/16/24	$	673	$	662,047
3.88%, 10/25/23(a)		12,642		12,598,417
3.88%, 03/26/25(a)		17,473		16,816,471
3.88%, 01/24/39 (Call 01/24/38)(a)(c)(d)		13,914		12,335,227
3.89%, 01/10/28 (Call 01/10/27)(c)(d)		37,240		35,593,158
4.00%, 08/05/24(a)		1,929		1,904,680
4.04%, 06/01/24 (Call 06/01/23)(c)(d)		15,726		15,684,795
4.05%, 07/30/22		14,890		14,927,770
4.08%, 04/23/29 (Call 04/23/28)(c)(d)		28,688		27,664,665
4.13%, 07/25/28(a)		18,135		17,175,388
4.28%, 04/24/48 (Call 04/24/47)(a)(c)(d)		9,773		8,968,774
4.30%, 11/20/26(a)		8,453		8,217,078
4.40%, 06/10/25(a)		31,101		30,756,074
4.45%, 09/29/27		44,736		43,524,939
4.50%, 01/14/22(a)		32,626		33,333,146
4.60%, 03/09/26(a)		17,093		16,984,706
4.65%, 07/30/45		15,628		14,966,992
4.65%, 07/23/48 (Call 06/23/48)		24,002		23,190,176
4.75%, 05/18/46(a)		19,509		18,164,026
5.30%, 05/06/44(a)		10,103		10,136,686
5.50%, 09/13/25(a)		12,533		13,160,511
5.88%, 01/30/42		10,131		11,446,012
6.63%, 06/15/32(a)		9,048		10,490,389
6.68%, 09/13/43		8,340		9,839,972
8.13%, 07/15/39(a)		27,237		37,863,265
Citizens Bank N.A./Providence RI, 2.55%, 05/13/21 (Call 04/13/21)(a)		2,726		2,650,792
Citizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25)(a)		10,518		10,245,001
Compass Bank, 2.88%, 06/29/22 (Call 05/29/22)(a)		3,873		3,713,295
Cooperatieve Rabobank UA
3.75%, 07/21/26		26,680		24,865,912
3.88%, 02/08/22		29,328		29,460,126
3.95%, 11/09/22(a)		18,715		18,519,829
4.38%, 08/04/25(a)		18,318		17,932,871
4.63%, 12/01/23(a)		23,123		23,278,937
5.25%, 05/24/41(a)		19,718		21,413,018
5.25%, 08/04/45(a)		13,954		14,158,020
5.75%, 12/01/43(a)		9,609		10,428,679
Cooperatieve Rabobank UA/NY
2.75%, 01/10/22		7,327		7,117,377
2.75%, 01/10/23(a)		13,298		12,760,327
3.38%, 05/21/25(a)		13,893		13,434,977
Credit Suisse AG/New York NY
3.00%, 10/29/21(a)		1,875		1,838,089
3.63%, 09/09/24		33,169		32,367,391
Credit Suisse Group Funding Guernsey Ltd.
3.75%, 03/26/25		35,467		33,935,836
3.80%, 09/15/22(a)		20,631		20,391,441
3.80%, 06/09/23(a)		23,226		22,822,708
4.55%, 04/17/26(a)		26,894		26,649,792
4.88%, 05/15/45(a)		24,612		24,013,680
Deutsche Bank AG
3.38%, 05/12/21(a)		2,043		1,987,130
4.10%, 01/13/26(a)		803		752,772
4.25%, 10/14/21		1,515		1,502,925
Deutsche Bank AG/London, 3.70%, 05/30/24(a)		16,869		15,743,355

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Deutsche Bank AG/New York NY
3.30%, 11/16/22	$	7,187	$	6,771,846
3.70%, 05/30/24		3,103		2,891,891
3.95%, 02/27/23		12,944		12,451,485
Discover Bank
3.20%, 08/09/21 (Call 07/09/21)		6,961		6,843,182
3.35%, 02/06/23 (Call 01/06/23)		8,613		8,316,918
3.45%, 07/27/26 (Call 04/27/26)(a)		15,737		14,432,525
4.20%, 08/08/23		12,955		12,917,617
4.65%, 09/13/28 (Call 06/13/28)(a)		2,440		2,403,060
Fifth Third Bancorp.
3.95%, 03/14/28 (Call 02/14/28)(a)		10,670		10,373,276
4.30%, 01/16/24 (Call 12/16/23)		5,680		5,710,610
8.25%, 03/01/38(a)		6,739		8,936,975
Fifth Third Bank/Cincinnati OH, 3.85%, 03/15/26 (Call 02/15/26)		21,711		21,033,115
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)(a)		27,347		26,304,880
2.88%, 10/31/22 (Call 10/31/21)(c)(d)		31,622		30,734,835
2.91%, 06/05/23 (Call 06/05/22)(a)(c)(d)		19,352		18,654,716
2.91%, 07/24/23 (Call 07/24/22)(a)(c)(d)		27,993		26,921,036
3.00%, 04/26/22 (Call 04/26/21)		38,841		37,801,491
3.20%, 02/23/23 (Call 01/23/23)(a)		18,556		18,018,316
3.27%, 09/29/25 (Call 09/29/24)(c)(d)		32,383		30,669,748
3.50%, 01/23/25 (Call 10/23/24)		34,284		32,817,985
3.50%, 11/16/26 (Call 11/16/25)		31,192		29,166,725
3.63%, 01/22/23(a)		32,788		32,397,606
3.69%, 06/05/28 (Call 06/05/27)(a)(c)(d)		31,261		29,305,281
3.75%, 05/22/25 (Call 02/22/25)(a)		31,700		30,683,371
3.75%, 02/25/26 (Call 11/25/25)(a)		24,259		23,266,426
3.81%, 04/23/29 (Call 04/23/28)(c)(d)		30,596		28,737,137
3.85%, 07/08/24 (Call 04/08/24)(a)		33,370		32,677,746
3.85%, 01/26/27 (Call 01/26/26)(a)		29,405		28,171,319
4.00%, 03/03/24		34,066		33,795,237
4.02%, 10/31/38 (Call 10/31/37)(a)(c)(d)		27,917		24,889,893
4.22%, 05/01/29 (Call 05/01/28)(a)(c)(d)		44,443		43,120,172
4.25%, 10/21/25		24,175		23,500,237
4.41%, 04/23/39 (Call 04/23/38)(c)(d)		18,600		17,447,006
4.75%, 10/21/45 (Call 04/21/45)		21,469		20,831,083
4.80%, 07/08/44 (Call 01/08/44)(a)		26,316		25,665,640
5.15%, 05/22/45		21,367		20,904,415
5.25%, 07/27/21		15,091		15,695,352
5.75%, 01/24/22		49,352		52,146,661
5.95%, 01/15/27		9,559		10,304,291
6.25%, 02/01/41(a)		25,385		29,404,832
6.45%, 05/01/36		855		966,447
6.75%, 10/01/37(a)		64,337		75,135,715
HSBC Bank USA N.A.
5.63%, 08/15/35(a)		10,852		11,732,195
5.88%, 11/01/34		8,553		9,473,958
HSBC Holdings PLC
2.65%, 01/05/22		34,518		33,364,263
2.95%, 05/25/21		13,909		13,667,373
3.03%, 11/22/23 (Call 11/22/22)(a)(c)(d)		14,754		14,171,300
3.26%, 03/13/23 (Call 03/13/22)(c)(d)		32,092		31,343,862
3.60%, 05/25/23(a)		24,125		23,736,146
3.90%, 05/25/26		39,732		38,073,928
3.95%, 05/18/24 (Call 05/18/23)(a)(c)(d)		5,960		5,892,492
4.00%, 03/30/22(a)		26,630		26,862,863
4.04%, 03/13/28 (Call 03/13/27)(a)(c)(d)		13,697		13,091,165

Security	Par (000)		Value
Banks (continued)
4.25%, 03/14/24(a)	$	28,673	$	28,301,117
4.25%, 08/18/25		23,329		22,665,827
4.29%, 09/12/26 (Call 09/12/25)(a)(c)(d)		5,000		4,934,162
4.30%, 03/08/26		43,434		42,748,885
4.38%, 11/23/26(a)		26,101		25,281,781
4.58%, 06/19/29 (Call 06/19/28)(a)(c)(d)		25,986		25,725,197
4.88%, 01/14/22(a)		7,027		7,253,363
5.25%, 03/14/44(a)		27,496		27,504,351
6.10%, 01/14/42(a)		8,560		9,933,300
6.50%, 05/02/36		23,343		26,722,018
6.50%, 09/15/37		31,473		36,169,870
6.80%, 06/01/38(a)		21,415		25,463,129
HSBC USA Inc., 3.50%, 06/23/24(a)		12,134		11,806,962
Huntington Bancshares Inc./OH, 2.30%, 01/14/22 (Call 12/14/21)(a)		7,838		7,497,568
ING Groep NV
3.15%, 03/29/22		19,798		19,251,124
3.95%, 03/29/27(a)		25,540		24,245,891
4.10%, 10/02/23		7,315		7,271,441
4.55%, 10/02/28		10,000		9,806,286
JPMorgan Chase &Co.
2.30%, 08/15/21 (Call 08/15/20)(a)		1,800		1,741,969
2.70%, 05/18/23 (Call 03/18/23)(a)		19,457		18,576,991
2.78%, 04/25/23 (Call 04/25/22)(c)(d)		21,104		20,420,104
2.95%, 10/01/26 (Call 07/01/26)(a)		40,834		37,388,884
2.97%, 01/15/23 (Call 01/15/22)		16,128		15,620,068
3.13%, 01/23/25 (Call 10/23/24)(a)		31,206		29,597,986
3.20%, 01/25/23		24,892		24,339,885
3.20%, 06/15/26 (Call 03/15/26)		26,071		24,378,007
3.22%, 03/01/25 (Call 03/01/24)(a)(c)(d)		23,517		22,620,297
3.25%, 09/23/22(a)		36,815		36,329,697
3.30%, 04/01/26 (Call 01/01/26)		31,287		29,533,755
3.38%, 05/01/23		17,986		17,532,605
3.51%, 01/23/29 (Call 01/23/28)(a)(c)(d)		29,943		27,991,606
3.54%, 05/01/28 (Call 05/01/27)(a)(c)(d)		19,422		18,335,207
3.56%, 04/23/24 (Call 04/23/23)(c)(d)		25,843		25,428,310
3.63%, 05/13/24		20,274		19,946,988
3.63%, 12/01/27 (Call 12/01/26)		13,226		12,321,133
3.78%, 02/01/28 (Call 02/01/27)(a)(c)(d)		34,639		33,361,018
3.80%, 07/23/24 (Call 07/23/23)(a)(c)(d)		21,425		21,256,822
3.88%, 02/01/24		14,998		14,989,414
3.88%, 09/10/24(a)		25,524		25,048,110
3.88%, 07/24/38 (Call 07/24/37)(a)(c)(d)		33,286		30,107,643
3.90%, 07/15/25 (Call 04/15/25)(a)		30,756		30,315,863
3.90%, 01/23/49 (Call 01/23/48)(a)(c)(d)		18,422		15,996,558
3.96%, 11/15/48 (Call 11/15/47)(a)(c)(d)		25,528		22,415,616
4.01%, 04/23/29 (Call 04/23/28)(a)(c)(d)		35,196		34,082,022
4.03%, 07/24/48 (Call 07/24/47)(a)(c)(d)		15,498		13,728,888
4.13%, 12/15/26(a)		24,624		24,094,333
4.20%, 07/23/29 (Call 07/23/28)(a)(c)(d)		29,705		29,205,207
4.25%, 10/01/27(a)		18,117		17,772,757
4.26%, 02/22/48 (Call 02/22/47)(c)(d)		23,624		21,779,327
4.35%, 08/15/21		18,536		18,940,821
4.50%, 01/24/22(a)		30,130		30,961,739
4.85%, 02/01/44(a)		14,513		14,626,109
4.95%, 06/01/45(a)		21,639		21,843,019
5.40%, 01/06/42(a)		15,663		16,920,875
5.50%, 10/15/40(a)		11,503		12,570,212
5.60%, 07/15/41		22,485		24,899,855

 2 0 1 8    i S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.63%, 08/16/43	$	15,570	$	17,132,435
6.40%, 05/15/38(a)		31,845		38,229,588
KeyBank N.A./Cleveland OH
2.30%, 09/14/22(a)		3,830		3,647,204
3.30%, 06/01/25(a)		4,996		4,786,703
Lloyds Banking Group PLC
2.91%, 11/07/23 (Call 11/07/22)(a)(c)(d)		32,690		31,068,239
3.00%, 01/11/22(a)		20,342		19,731,179
3.10%, 07/06/21(a)		3,499		3,434,732
3.57%, 11/07/28 (Call 11/07/27)(a)(c)(d)		18,460		16,636,049
3.75%, 01/11/27		16,239		15,027,262
4.05%, 08/16/23(a)		16,400		16,245,468
4.34%, 01/09/48(a)		16,051		13,339,277
4.38%, 03/22/28(a)		16,967		16,241,902
4.45%, 05/08/25(a)		19,825		19,740,990
4.50%, 11/04/24(a)		12,307		12,023,599
4.55%, 08/16/28(a)		17,300		16,745,326
4.58%, 12/10/25		17,836		17,196,854
4.65%, 03/24/26		20,350		19,686,126
5.30%, 12/01/45(a)		3,006		2,913,002
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)		2,505		2,481,779
Manufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25)		2,316		2,186,107
Mitsubishi UFJ Financial Group Inc.
2.67%, 07/25/22(a)		25,380		24,463,455
2.76%, 09/13/26(a)		15,280		13,779,593
3.00%, 02/22/22(a)		5,495		5,380,281
3.29%, 07/25/27(a)		21,106		19,690,642
3.46%, 03/02/23(a)		13,549		13,340,648
3.68%, 02/22/27		16,191		15,562,020
3.76%, 07/26/23(a)		19,700		19,570,057
3.78%, 03/02/25		870		855,735
3.85%, 03/01/26		36,987		36,120,813
3.96%, 03/02/28		2,215		2,172,572
4.05%, 09/11/28		10,000		9,859,015
4.29%, 07/26/38(a)		9,000		8,716,298
Mizuho Financial Group Inc.
2.27%, 09/13/21		15,019		14,433,387
2.60%, 09/11/22		5,977		5,703,016
2.84%, 09/13/26(a)		12,909		11,691,246
2.95%, 02/28/22		18,020		17,534,202
3.17%, 09/11/27		18,179		16,715,196
3.55%, 03/05/23(a)		6,375		6,288,302
3.92%, 09/11/24 (Call 09/11/23)(a)(c)(d)		10,000		9,954,023
4.02%, 03/05/28(a)		11,023		10,812,543
4.25%, 09/11/29 (Call 09/11/28)(c)(d)		10,950		10,810,095
Morgan Stanley
2.63%, 11/17/21(a)		40,798		39,578,821
2.75%, 05/19/22(a)		39,014		37,710,355
3.13%, 01/23/23		32,175		31,168,244
3.13%, 07/27/26(a)		33,157		30,414,886
3.59%, 07/22/28 (Call 07/22/27)(c)(d)		37,673		35,259,766
3.63%, 01/20/27		46,019		43,469,442
3.70%, 10/23/24(a)		35,792		34,898,689
3.74%, 04/24/24 (Call 04/24/23)(c)(d)		28,900		28,530,343
3.75%, 02/25/23(a)		31,609		31,377,217
3.77%, 01/24/29 (Call 01/24/28)(c)(d)		49,006		46,413,921
3.88%, 01/27/26(a)		36,344		35,185,422
3.95%, 04/23/27(a)		20,742		19,585,113
3.97%, 07/22/38 (Call 07/22/37)(c)(d)		14,976		13,520,252

Security	Par (000)		Value
Banks (continued)
4.00%, 07/23/25(a)	$	31,997	$	31,417,397
4.10%, 05/22/23(a)		20,525		20,478,741
4.30%, 01/27/45		31,369		28,983,108
4.35%, 09/08/26(a)		25,615		25,003,601
4.38%, 01/22/47(a)		28,926		26,956,585
4.46%, 04/22/39 (Call 04/22/38)(c)(d)		19,183		18,382,597
4.88%, 11/01/22(a)		17,860		18,403,830
5.00%, 11/24/25(a)		18,058		18,476,440
5.50%, 07/28/21		2,025		2,118,495
6.38%, 07/24/42(a)		23,674		28,489,917
7.25%, 04/01/32(a)		9,230		11,662,971
Series F, 3.88%, 04/29/24		35,308		34,882,828
National Australia Bank Ltd./New York
2.50%, 05/22/22		12,479		11,957,582
2.50%, 07/12/26		11,079		9,890,419
2.80%, 01/10/22		11,098		10,789,443
3.00%, 01/20/23(a)		13,116		12,711,335
3.38%, 01/14/26		7,658		7,296,839
3.63%, 06/20/23(a)		7,215		7,157,414
Northern Trust Corp., 3.95%, 10/30/25		17,791		17,930,988
PNC Bank N.A.
2.45%, 07/28/22 (Call 06/28/22)(a)(e)		1,367		1,313,908
2.55%, 12/09/21 (Call 11/09/21)(a)(e)		7,262		7,059,464
2.63%, 02/17/22 (Call 01/18/22)(e)		23,297		22,615,826
2.70%, 11/01/22 (Call 10/01/22)(a)(e)		7,819		7,509,483
2.95%, 01/30/23 (Call 12/30/22)(e)		2,273		2,191,664
2.95%, 02/23/25 (Call 01/24/25)(e)		7,737		7,315,041
3.10%, 10/25/27 (Call 09/25/27)(a)(e)		26,937		25,083,707
3.25%, 06/01/25 (Call 05/02/25)(e)		17,433		16,745,950
3.50%, 06/08/23 (Call 05/09/23)(e)		5,545		5,508,056
3.80%, 07/25/23 (Call 06/25/23)(e)		7,459		7,415,454
4.05%, 07/26/28(a)(e)		16,180		15,884,086
PNC Financial Services Group Inc. (The)
3.15%, 05/19/27 (Call 04/19/27)(e)		3,083		2,891,429
3.30%, 03/08/22 (Call 02/06/22)(a)(e)		10,626		10,517,405
3.90%, 04/29/24 (Call 03/29/24)(a)(e)		3,045		3,011,355
Regions Financial Corp., 2.75%, 08/14/22 (Call 07/14/22)(a)		17,581		16,876,250
Royal Bank of Canada
2.75%, 02/01/22(a)		8,674		8,471,185
3.70%, 10/05/23		5,000		4,971,852
4.65%, 01/27/26(a)		18,869		19,026,601
Royal Bank of Scotland Group PLC
1.00%, 01/27/30 (Call 01/27/29)(c)(d)		5,300		5,198,397
3.50%, 05/15/23 (Call 05/15/22)(c)(d)		11,216		10,795,990
3.88%, 09/12/23		38,163		36,671,632
4.52%, 06/25/24 (Call 06/25/23)(c)(d)		9,500		9,399,819
4.80%, 04/05/26		25,028		24,678,444
4.89%, 05/18/29 (Call 05/18/28)(c)(d)		22,450		21,857,372
5.13%, 05/28/24		23,863		23,540,482
6.00%, 12/19/23(a)		21,045		21,623,737
6.10%, 06/10/23(a)		15,528		15,993,390
6.13%, 12/15/22		29,815		30,802,851
Santander Holdings USA Inc.
3.40%, 01/18/23 (Call 12/18/22)		8,138		7,755,740
3.70%, 03/28/22 (Call 02/28/22)		22,297		21,891,516
4.40%, 07/13/27 (Call 04/14/27)		17,655		16,483,573
4.50%, 07/17/25 (Call 04/17/25)(a)		11,538		11,324,362

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Santander UK Group Holdings PLC
2.88%, 08/05/21	$	1,800	$	1,744,012
3.37%, 01/05/24 (Call 01/05/23)(c)(d)		14,677		14,007,465
3.57%, 01/10/23 (Call 01/10/22)		17,136		16,533,342
3.82%, 11/03/28 (Call 11/03/27)(c)(d)		10,674		9,622,783
Santander UK PLC, 4.00%, 03/13/24		12,375		12,304,045
State Street Corp.
2.65%, 05/19/26(a)		12,341		11,289,678
3.10%, 05/15/23(a)		7,280		7,066,489
3.30%, 12/16/24		12,881		12,482,086
3.55%, 08/18/25		11,140		10,879,989
3.70%, 11/20/23(a)		4,558		4,546,625
Sumitomo Mitsui Banking Corp., 3.20%, 07/18/22		3,259		3,196,121
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21(a)		850		816,096
2.44%, 10/19/21(a)		5,709		5,518,608
2.63%, 07/14/26		27,157		24,341,867
2.78%, 07/12/22(a)		25,382		24,481,444
2.78%, 10/18/22		16,208		15,586,772
2.85%, 01/11/22		3,688		3,590,071
3.01%, 10/19/26		20,575		18,885,373
3.10%, 01/17/23(a)		22,995		22,353,283
3.35%, 10/18/27(a)		7,268		6,796,829
3.36%, 07/12/27		22,298		20,896,896
3.45%, 01/11/27(a)		20,739		19,619,793
3.54%, 01/17/28		14,730		13,968,101
3.75%, 07/19/23(a)		3,125		3,106,136
3.78%, 03/09/26(a)		21,843		21,251,891
4.31%, 10/16/28(a)		5,000		5,036,391
SunTrust Bank/Atlanta GA
2.45%, 08/01/22 (Call 07/01/22)		12,580		12,028,826
3.30%, 05/15/26 (Call 04/15/26)		13,253		12,382,185
SunTrust Banks Inc.
2.70%, 01/27/22 (Call 12/27/21)		7,435		7,183,287
4.00%, 05/01/25 (Call 03/01/25)		12,903		12,851,434
Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22)		9,289		8,858,719
Toronto-Dominion Bank (The)
1.80%, 07/13/21(a)		10,907		10,460,377
3.50%, 07/19/23(a)		1,152		1,145,655
U.S. Bancorp.
2.95%, 07/15/22 (Call 06/15/22)(a)		21,271		20,725,622
3.00%, 03/15/22 (Call 02/15/22)(a)		6,533		6,430,567
3.10%, 04/27/26 (Call 03/27/26)(a)		10,793		10,081,432
3.60%, 09/11/24 (Call 08/11/24)(a)		4,931		4,841,964
3.70%, 01/30/24 (Call 12/29/23)(a)		4,978		4,980,362
3.90%, 04/26/28 (Call 03/24/28)(a)		9,705		9,648,814
4.13%, 05/24/21 (Call 04/23/21)(a)		2,208		2,244,776
Series V, 2.38%, 07/22/26 (Call 06/22/26)(a)		22,765		20,416,663
Series V, 2.63%, 01/24/22 (Call 12/23/21)		12,052		11,734,744
Series X, 3.15%, 04/27/27 (Call 03/27/27)(a)		29,627		27,914,708
U.S. Bank N.A./Cincinnati OH
2.80%, 01/27/25 (Call 12/27/24)(a)		10,279		9,682,023
2.85%, 01/23/23 (Call 12/23/22)		22,234		21,583,689
3.40%, 07/24/23 (Call 06/23/23)		550		544,578
Wachovia Corp., 5.50%, 08/01/35(a)		11,827		12,504,790
Wells Fargo &Co.
2.10%, 07/26/21(a)		6,053		5,809,246
2.63%, 07/22/22(a)		50,137		48,071,461
3.00%, 02/19/25		26,693		24,970,386
3.00%, 04/22/26		48,195		44,359,815

Security	Par (000)		Value
Banks (continued)
3.00%, 10/23/26	$	50,241	$	45,940,079
3.07%, 01/24/23 (Call 01/24/22)(a)		51,533		49,951,267
3.30%, 09/09/24(a)		34,567		33,165,592
3.50%, 03/08/22(a)		32,662		32,351,606
3.55%, 09/29/25(a)		38,034		36,503,006
3.58%, 05/22/28 (Call 05/22/27)(a)(c)(d)		32,053		30,461,286
3.90%, 05/01/45(a)		18,489		16,596,172
4.10%, 06/03/26		25,751		25,088,543
4.13%, 08/15/23(a)		6,680		6,690,698
4.30%, 07/22/27		19,088		18,708,078
4.40%, 06/14/46(a)		12,378		11,181,521
4.65%, 11/04/44(a)		27,942		26,279,781
4.75%, 12/07/46(a)		32,745		31,103,716
4.90%, 11/17/45(a)		25,467		24,703,003
5.38%, 02/07/35		5,783		6,229,095
5.38%, 11/02/43		25,291		25,938,996
5.61%, 01/15/44(a)		29,318		31,112,259
Series M, 3.45%, 02/13/23		31,276		30,543,516
Wells Fargo Bank N.A.
3.55%, 08/14/23 (Call 07/14/23)		5,505		5,452,297
5.85%, 02/01/37		9,921		11,090,846
6.60%, 01/15/38		18,246		22,098,092
Westpac Banking Corp.
2.00%, 08/19/21(a)		10,006		9,588,114
2.10%, 05/13/21		4,062		3,920,554
2.50%, 06/28/22		7,644		7,325,823
2.70%, 08/19/26(a)		18,394		16,660,274
2.75%, 01/11/23		892		856,877
2.80%, 01/11/22		15,482		15,078,160
2.85%, 05/13/26(a)		26,121		23,968,846
3.35%, 03/08/27(a)		17,662		16,681,946
3.40%, 01/25/28(a)		12,900		12,174,614
3.65%, 05/15/23(a)		4,833		4,808,854
				8,335,483,119
Beverages — 3.4%
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23		9,385		8,889,211
3.30%, 02/01/23 (Call 12/01/22)(a)		73,801		71,831,724
3.65%, 02/01/26 (Call 11/01/25)(a)		140,940		133,796,653
3.70%, 02/01/24		13,377		13,130,174
4.00%, 01/17/43(a)		4,003		3,349,859
4.63%, 02/01/44		8,488		7,709,897
4.70%, 02/01/36 (Call 08/01/35)(a)		74,062		70,364,832
4.90%, 02/01/46 (Call 08/01/45)(a)		141,583		133,803,312
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22		35,741		34,076,702
3.50%, 01/12/24 (Call 12/12/23)(a)		25,128		24,446,825
3.75%, 01/15/22(a)		27,985		27,966,678
3.75%, 07/15/42(a)		4,364		3,544,894
4.00%, 04/13/28 (Call 01/13/28)(a)		35,393		34,011,204
4.38%, 04/15/38 (Call 10/15/37)(a)		21,539		19,577,484
4.44%, 10/06/48 (Call 04/06/48)(a)		20,036		17,579,520
4.60%, 04/15/48 (Call 10/15/47)(a)		29,062		26,206,420
4.75%, 04/15/58 (Call 10/15/57)(a)		18,273		16,273,927
4.95%, 01/15/42(a)		12,033		11,565,274
8.20%, 01/15/39		10,282		13,766,494
Coca-Cola Co. (The)
1.55%, 09/01/21(a)		1,749		1,671,977
2.25%, 09/01/26(a)		11,725		10,506,408
2.50%, 04/01/23(a)		12,665		12,224,159

 2 0 1 8    i S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
2.88%, 10/27/25(a)	$	17,031	$	16,148,351
3.20%, 11/01/23(a)		17,613		17,404,596
3.30%, 09/01/21(a)		12,535		12,588,932
Constellation Brands Inc., 4.25%, 05/01/23(a)		15,044		15,162,341
Diageo Capital PLC, 2.63%, 04/29/23 (Call 01/29/23)(a).		17,905		17,187,271
Diageo Investment Corp., 2.88%, 05/11/22(a)		6,281		6,158,410
Keurig Dr Pepper Inc.
4.06%, 05/25/23 (Call 04/25/23)(b)		20,117		19,995,409
4.42%, 05/25/25 (Call 03/25/25)(b)		12,659		12,616,430
4.60%, 05/25/28 (Call 02/25/28)(a)(b)		29,117		28,638,695
5.09%, 05/25/48 (Call 11/25/47)(a)(b)		12,280		11,758,748
Molson Coors Brewing Co.
2.10%, 07/15/21 (Call 06/15/21)		8,861		8,487,337
3.00%, 07/15/26 (Call 04/15/26)(a)		25,320		22,546,898
4.20%, 07/15/46 (Call 01/15/46)(a)		22,769		19,185,162
5.00%, 05/01/42(a)		8,392		7,928,024
PepsiCo Inc.
1.70%, 10/06/21 (Call 09/06/21)		2,253		2,155,350
2.25%, 05/02/22 (Call 04/02/22)		10,863		10,470,798
2.38%, 10/06/26 (Call 07/06/26)		7,621		6,852,402
2.75%, 03/05/22(a)		10,842		10,637,421
2.75%, 03/01/23		11,991		11,642,256
2.75%, 04/30/25 (Call 01/30/25)(a)		8,739		8,253,780
2.85%, 02/24/26 (Call 11/24/25)(a)		3,230		3,020,825
3.00%, 08/25/21(a)		2,803		2,783,189
3.00%, 10/15/27 (Call 07/15/27)(a)		12,124		11,355,575
3.10%, 07/17/22 (Call 05/17/22)		7,140		7,068,687
3.45%, 10/06/46 (Call 04/06/46)(a)		14,703		12,546,242
3.60%, 03/01/24 (Call 12/01/23)		14,754		14,759,589
4.00%, 03/05/42		7,020		6,590,908
4.00%, 05/02/47 (Call 11/02/46)(a)		10,767		10,098,979
4.45%, 04/14/46 (Call 10/14/45)(a)		22,928		23,013,327
5.50%, 01/15/40		75		88,699
				1,053,438,259
Biotechnology — 2.1%
Amgen Inc.
2.25%, 08/19/23 (Call 06/19/23)		1,948		1,814,100
2.60%, 08/19/26 (Call 05/19/26)		16,102		14,372,218
2.65%, 05/11/22 (Call 04/11/22)		14,075		13,574,836
3.13%, 05/01/25 (Call 02/01/25)(a)		12,326		11,628,692
3.20%, 11/02/27 (Call 08/02/27)(a)		14,659		13,467,151
3.63%, 05/15/22 (Call 02/15/22)(a)		9,386		9,359,907
3.63%, 05/22/24 (Call 02/22/24)(a)		21,067		20,774,965
3.88%, 11/15/21 (Call 08/15/21)(a)		10,474		10,553,906
4.40%, 05/01/45 (Call 11/01/44)(a)		25,132		22,870,437
4.56%, 06/15/48 (Call 12/15/47)		18,504		17,024,463
4.66%, 06/15/51 (Call 12/15/50)		50,642		46,687,164
5.15%, 11/15/41 (Call 05/15/41)		9,881		9,954,518
Baxalta Inc.
4.00%, 06/23/25 (Call 03/23/25)		12,637		12,300,580
5.25%, 06/23/45 (Call 12/23/44)		8,852		8,873,511
Biogen Inc.
3.63%, 09/15/22		7,584		7,541,978
4.05%, 09/15/25 (Call 06/15/25)(a)		23,167		22,936,067
5.20%, 09/15/45 (Call 03/15/45)		25,535		25,574,702
Celgene Corp.
2.75%, 02/15/23 (Call 01/15/23)		6,238		5,932,311
3.25%, 08/15/22		8,026		7,848,058
3.25%, 02/20/23 (Call 01/20/23)(a)		5,285		5,122,270
3.45%, 11/15/27 (Call 08/15/27)(a)		9,690		8,772,259

Security	Par (000)		Value
Biotechnology (continued)
3.55%, 08/15/22	$	6,399	$	6,323,836
3.63%, 05/15/24 (Call 02/15/24)		17,431		16,936,157
3.88%, 08/15/25 (Call 05/15/25)		30,656		29,530,063
3.90%, 02/20/28 (Call 11/20/27)(a)		23,335		21,896,075
4.35%, 11/15/47 (Call 05/15/47)		14,895		12,460,515
4.55%, 02/20/48 (Call 08/20/47)		12,549		10,859,234
4.63%, 05/15/44 (Call 11/15/43)		5,934		5,208,074
5.00%, 08/15/45 (Call 02/15/45)(a)		22,565		20,773,240
Gilead Sciences Inc.
2.50%, 09/01/23 (Call 07/01/23)		3,045		2,879,515
2.95%, 03/01/27 (Call 12/01/26)(a)		17,260		15,774,406
3.25%, 09/01/22 (Call 07/01/22)(a)		10,138		10,021,837
3.50%, 02/01/25 (Call 11/01/24)(a)		26,692		25,910,226
3.65%, 03/01/26 (Call 12/01/25)(a)		36,870		35,655,760
3.70%, 04/01/24 (Call 01/01/24)(a)		28,177		27,952,114
4.00%, 09/01/36 (Call 03/01/36)(a)		5,807		5,304,577
4.15%, 03/01/47 (Call 09/01/46)(a)		22,687		20,072,575
4.40%, 12/01/21 (Call 09/01/21)(a)		8,483		8,715,377
4.50%, 02/01/45 (Call 08/01/44)(a)		23,618		22,041,718
4.60%, 09/01/35 (Call 03/01/35)		7,166		7,055,014
4.75%, 03/01/46 (Call 09/01/45)(a)		28,469		27,474,236
4.80%, 04/01/44 (Call 10/01/43)(a)		19,143		18,684,338
5.65%, 12/01/41 (Call 06/01/41)		15,958		17,314,483
				665,827,463
Chemicals — 0.9%
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)(a)		15,836		15,363,067
3.50%, 10/01/24 (Call 07/01/24)(a)		8,228		7,979,041
4.13%, 11/15/21 (Call 08/15/21)(a)		8,179		8,293,913
4.38%, 11/15/42 (Call 05/15/42)(a)		12,991		11,479,917
5.25%, 11/15/41 (Call 05/15/41)(a)		11,428		11,435,768
7.38%, 11/01/29		11,425		13,900,521
9.40%, 05/15/39(a)		10,808		15,699,895
Eastman Chemical Co.
3.60%, 08/15/22 (Call 05/15/22)		12,534		12,450,784
3.80%, 03/15/25 (Call 12/15/24)(a)		645		624,842
4.65%, 10/15/44 (Call 04/15/44)		8,899		7,980,354
EI du Pont de Nemours & Co.
2.80%, 02/15/23(a)		8,148		7,878,594
4.15%, 02/15/43(a)		6,595		5,910,479
LYB International Finance BV
4.00%, 07/15/23(a)		6,128		6,102,974
4.88%, 03/15/44 (Call 09/15/43)(a)		14,101		12,876,490
5.25%, 07/15/43		11,817		11,394,183
LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)(a)		9,908		9,013,712
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)(a)		16,604		13,933,252
5.75%, 04/15/24 (Call 01/15/24)		13,704		14,637,293
6.00%, 11/15/21 (Call 08/17/21)		4,577		4,825,860
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)(a)		14,518		14,553,315
Rohm & Haas Co., 7.85%, 07/15/29(a)		11,518		14,412,646
Sherwin-Williams Co. (The)
2.75%, 06/01/22 (Call 05/01/22)(a)		14,942		14,361,884
3.45%, 06/01/27 (Call 03/01/27)(a)		20,466		18,903,703
4.50%, 06/01/47 (Call 12/01/46)(a)		12,660		11,360,390
				265,372,877

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services — 0.2%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)(a)	$	14,300	$	14,142,084
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)(a)		10,857		9,929,720
3.95%, 12/01/47 (Call 06/01/47)		301		274,612
4.35%, 12/08/21		5,586		5,723,627
5.50%, 12/08/41(a)		703		790,010
S&P Global Inc., 4.40%, 02/15/26 (Call 11/15/25)		14,263		14,499,515
Total System Services Inc., 4.80%, 04/01/26 (Call 01/01/26)		9,208		9,347,570
				54,707,138
Computers — 3.4%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)(a)		12,980		12,404,499
2.10%, 09/12/22 (Call 08/12/22)		3,009		2,866,994
2.15%, 02/09/22(a)		13,658		13,160,761
2.30%, 05/11/22 (Call 04/11/22)(a)		12,834		12,379,674
2.40%, 01/13/23 (Call 12/13/22)(a)		4,051		3,881,762
2.40%, 05/03/23(a)		69,349		66,128,793
2.45%, 08/04/26 (Call 05/04/26)(a)		27,807		25,267,715
2.50%, 02/09/22 (Call 01/09/22)		9,393		9,150,263
2.50%, 02/09/25(a)		17,920		16,698,021
2.70%, 05/13/22		15,216		14,866,738
2.75%, 01/13/25 (Call 11/13/24)		19,657		18,658,086
2.85%, 02/23/23 (Call 12/23/22)		16,438		16,015,808
2.85%, 05/11/24 (Call 03/11/24)(a)		22,759		21,841,302
2.90%, 09/12/27 (Call 06/12/27)(a)		27,216		25,209,645
3.00%, 02/09/24 (Call 12/09/23)		24,179		23,460,347
3.00%, 06/20/27 (Call 03/20/27)(a)		8,607		8,052,330
3.00%, 11/13/27 (Call 08/13/27)(a)		7,899		7,368,126
3.20%, 05/13/25(a)		22,328		21,623,514
3.20%, 05/11/27 (Call 02/11/27)(a)		17,131		16,272,077
3.25%, 02/23/26 (Call 11/23/25)(a)		37,563		36,167,786
3.35%, 02/09/27 (Call 11/09/26)(a)		25,202		24,252,998
3.45%, 05/06/24(a)		24,227		23,979,751
3.45%, 02/09/45		18,846		16,118,460
3.75%, 09/12/47 (Call 03/12/47)		17,021		15,241,134
3.75%, 11/13/47 (Call 05/13/47)(a)		11,645		10,432,969
3.85%, 05/04/43(a)		48,903		45,054,388
3.85%, 08/04/46 (Call 02/04/46)(a)		17,957		16,384,044
4.25%, 02/09/47 (Call 08/09/46)(a)		15,628		15,171,520
4.38%, 05/13/45(a)		26,725		26,600,518
4.45%, 05/06/44(a)		12,252		12,309,049
4.50%, 02/23/36 (Call 08/23/35)(a)		21,235		22,082,930
4.65%, 02/23/46 (Call 08/23/45)		46,142		47,585,409
Dell International LLC/EMC Corp.
4.42%, 06/15/21 (Call 05/15/21)(a)(b)		13,199		13,306,712
5.45%, 06/15/23 (Call 04/15/23)(b)		36,352		37,611,019
6.02%, 06/15/26 (Call 03/15/26)(b)		57,334		59,446,087
8.10%, 07/15/36 (Call 01/15/36)(b)		19,667		22,281,197
8.35%, 07/15/46 (Call 01/15/46)(a)(b)		21,404		24,855,277
Hewlett Packard Enterprise Co.
4.40%, 10/15/22 (Call 08/15/22)(a)		10,231		10,424,476
4.90%, 10/15/25 (Call 07/15/25)(a)		34,778		35,281,711
6.20%, 10/15/35 (Call 04/15/35)(a)		9,355		9,270,399
6.35%, 10/15/45 (Call 04/15/45)(a)		15,208		14,864,479
HP Inc.
4.30%, 06/01/21		9,219		9,376,959
6.00%, 09/15/41		13,597		13,453,379
IBM Credit LLC, 3.00%, 02/06/23(a)		9,540		9,285,348

Security	Par (000)		Value
Computers (continued)
International Business Machines Corp.
1.88%, 08/01/22(a)	$	15,427	$	14,479,935
2.50%, 01/27/22(a)		10,578		10,230,213
2.88%, 11/09/22(a)		13,121		12,733,368
3.38%, 08/01/23		14,807		14,593,268
3.45%, 02/19/26(a)		19,010		18,336,090
3.63%, 02/12/24(a)		27,933		27,684,972
4.00%, 06/20/42(a)		19,590		17,799,701
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)		2,608		2,498,386
4.75%, 06/01/23(a)		9,446		8,970,605
4.75%, 01/01/25(a)		14,949		13,641,764
				1,047,112,756
Cosmetics & Personal Care — 0.4%
Procter & Gamble Co. (The)
1.70%, 11/03/21		3,759		3,594,408
2.15%, 08/11/22(a)		11,075		10,624,436
2.30%, 02/06/22(a)		10,101		9,807,776
2.45%, 11/03/26(a)		8,314		7,584,250
2.85%, 08/11/27(a)		11,751		10,975,407
3.10%, 08/15/23(a)		15,496		15,333,596
5.55%, 03/05/37		765		904,325
Unilever Capital Corp.
2.20%, 05/05/22 (Call 04/05/22)		6,724		6,438,873
2.90%, 05/05/27 (Call 02/05/27)		16,536		15,296,028
3.50%, 03/22/28 (Call 12/22/27)(a)		19,900		19,137,472
5.90%, 11/15/32(a)		12,185		14,640,000
				114,336,571
Diversified Financial Services — 2.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.50%, 01/15/25 (Call 11/15/24)		4,885		4,552,850
3.65%, 07/21/27 (Call 04/21/27)(a)		16,672		14,994,795
3.95%, 02/01/22 (Call 01/01/22)		12,025		11,899,176
5.00%, 10/01/21(a)		4,451		4,559,709
Air Lease Corp., 3.00%, 09/15/23 (Call 07/15/23)(a)		10,640		10,032,643
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)(a)		22,605		21,652,369
2.65%, 12/02/22		25,043		23,979,354
3.00%, 10/30/24 (Call 09/29/24)(a)		22,407		21,201,349
3.40%, 02/27/23 (Call 01/27/23)		11,171		10,951,555
3.70%, 08/03/23 (Call 07/03/23)(a)		1,120		1,109,751
4.05%, 12/03/42(a)		13,115		12,274,525
American Express Credit Corp.
2.70%, 03/03/22 (Call 01/31/22)(a)		23,671		22,963,912
3.30%, 05/03/27 (Call 04/03/27)(a)		26,366		25,106,791
Ameriprise Financial Inc., 4.00%, 10/15/23		10,451		10,544,144
Brookfield Finance Inc., 4.70%, 09/20/47 (Call 03/20/47)(a)		13,834		12,707,311
Brookfield Finance LLC, 4.00%, 04/01/24 (Call 02/01/24)(a)		15,492		15,310,143
Capital One Bank USA N.A., 3.38%, 02/15/23		13,112		12,687,717
Charles Schwab Corp. (The)
2.65%, 01/25/23 (Call 12/25/22)		4,420		4,256,215
3.85%, 05/21/25 (Call 03/21/25)(a)		13,970		13,960,992
CME Group Inc.
3.00%, 09/15/22		3,481		3,420,062
3.00%, 03/15/25 (Call 12/15/24)(a)		11,559		10,999,006
5.30%, 09/15/43 (Call 03/15/43)(a)		10,048		11,220,541

 2 0 1 8    i S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)(a)	$	15,904	$	14,984,183
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/25(a)		23,698		21,746,399
4.42%, 11/15/35(a)		141,211		125,276,228
Intercontinental Exchange Inc.
3.75%, 12/01/25 (Call 09/01/25)(a)		21,784		21,512,600
3.75%, 09/21/28 (Call 06/21/28)(a)		2,090		2,039,005
4.00%, 10/15/23(a)		4,463		4,539,701
4.25%, 09/21/48 (Call 03/21/48)		11,027		10,281,143
International Lease Finance Corp., 5.88%, 08/15/22(a)		7,406		7,796,030
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
4.15%, 01/23/30		8,746		7,634,384
4.85%, 01/15/27		10,140		9,729,211
Mastercard Inc.
2.95%, 11/21/26 (Call 08/21/26)		12,779		12,008,357
3.38%, 04/01/24(a)		17,182		17,010,750
ORIX Corp., 2.90%, 07/18/22(a)		1,526		1,471,618
Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)		329		290,439
3.75%, 08/15/21 (Call 06/15/21)		1,610		1,587,699
3.95%, 12/01/27 (Call 09/01/27)		22,615		19,939,116
4.25%, 08/15/24 (Call 05/15/24)		6,478		6,147,511
4.50%, 07/23/25 (Call 04/23/25)		11,362		10,766,883
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)(a)		9,634		9,419,119
3.30%, 04/01/27 (Call 01/01/27)(a)		7,959		7,489,732
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)		12,912		12,320,806
2.75%, 09/15/27 (Call 06/15/27)(a)		4,020		3,700,225
2.80%, 12/14/22 (Call 10/14/22)		24,575		23,925,932
3.15%, 12/14/25 (Call 09/14/25)(a)		46,016		44,164,712
3.65%, 09/15/47 (Call 03/15/47)(a)		8,336		7,447,384
4.15%, 12/14/35 (Call 06/14/35)(a)		17,620		17,598,276
4.30%, 12/14/45 (Call 06/14/45)		43,442		42,939,593
				744,151,946
Electric — 2.1%
Berkshire Hathaway Energy Co.
3.80%, 07/15/48 (Call 01/15/48)		2,784		2,419,870
4.45%, 01/15/49 (Call 07/15/48)(b)		12,940		12,426,532
4.50%, 02/01/45 (Call 08/01/44)(a)		8,226		7,971,471
5.15%, 11/15/43 (Call 05/15/43)(a)		9,644		10,163,821
6.13%, 04/01/36		22,395		26,354,302
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)(a)		940		873,509
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)(a)		11,612		11,446,140
4.63%, 12/01/54 (Call 06/01/54)(a)		10,948		10,636,964
Dominion Energy Inc., 3.90%, 10/01/25 (Call 07/01/25)(a)		18,972		18,544,049
Duke Energy Carolinas LLC
3.88%, 03/15/46 (Call 09/15/45)		597		541,360
5.30%, 02/15/40(a)		3,240		3,571,758
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)(a)		3,872		3,693,028
2.65%, 09/01/26 (Call 06/01/26)(a)		21,882		19,560,348
3.15%, 08/15/27 (Call 05/15/27)(a)		4,618		4,242,516
3.75%, 04/15/24 (Call 01/15/24)(a)		5,561		5,507,341
3.75%, 09/01/46 (Call 03/01/46)(a)		29,258		24,942,881

Security	Par (000)		Value
Electric (continued)
Duke Energy Florida LLC, 6.40%, 06/15/38(a)	$	6,065	$	7,530,894
Emera U.S. Finance LP
2.70%, 06/15/21 (Call 05/15/21)		5,777		5,602,199
3.55%, 06/15/26 (Call 03/15/26)		12,473		11,573,800
4.75%, 06/15/46 (Call 12/15/45)		11,699		10,939,786
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)		9,076		8,236,677
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)		9,627		9,058,047
3.50%, 06/01/22 (Call 05/01/22)(a)		13,498		13,153,839
3.95%, 06/15/25 (Call 03/15/25)(a)		15,648		15,371,752
4.45%, 04/15/46 (Call 10/15/45)(a)		8,302		7,764,777
5.10%, 06/15/45 (Call 12/15/44)		1,783		1,823,356
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)(a)		14,152		14,165,103
6.25%, 10/01/39(a)		12,205		12,900,651
FirstEnergy Corp.
Series B, 3.90%, 07/15/27 (Call 04/15/27)		21,685		20,768,453
Series B, 4.25%, 03/15/23 (Call 12/15/22)		16,588		16,754,477
Series C, 4.85%, 07/15/47 (Call 01/15/47)(a)		6,550		6,386,460
Series C, 7.38%, 11/15/31		16,013		20,124,964
Florida Power & Light Co., 3.95%, 03/01/48 (Call 09/01/47)(a)		720		667,154
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		13,563		12,262,479
Georgia Power Co., 4.30%, 03/15/42(a)		11,870		10,843,233
NextEra Energy Capital Holdings Inc., 3.55%, 05/01/27 (Call 02/01/27)(a)		19,554		18,585,001
Oncor Electric Delivery Co. LLC, 7.00%, 09/01/22		13,025		14,631,810
Pacific Gas & Electric Co.
3.30%, 12/01/27 (Call 09/01/27)		22,078		19,595,563
3.95%, 12/01/47 (Call 06/01/47)		12,745		10,262,291
5.40%, 01/15/40		11,054		10,994,819
5.80%, 03/01/37		8,301		8,641,897
6.05%, 03/01/34		38,660		41,244,247
Sempra Energy
2.90%, 02/01/23 (Call 01/01/23)(a)		1,385		1,329,651
3.25%, 06/15/27 (Call 03/15/27)		12,567		11,571,875
3.40%, 02/01/28 (Call 10/01/27)(a)		15,299		14,147,007
3.80%, 02/01/38 (Call 08/01/37)		11,765		10,305,485
4.00%, 02/01/48 (Call 08/01/47)(a)		11,539		10,030,354
6.00%, 10/15/39(a)		6,367		7,148,604
Southern California Edison Co.
4.00%, 04/01/47 (Call 10/01/46)		12,681		11,571,256
4.65%, 10/01/43 (Call 04/01/43)(a)		11,241		11,233,407
Series C, 4.13%, 03/01/48 (Call 09/01/47)		6,940		6,422,700
Southern Co. (The)
2.35%, 07/01/21 (Call 06/01/21)		3,104		3,011,025
2.95%, 07/01/23 (Call 05/01/23)(a)		20,633		19,702,693
3.25%, 07/01/26 (Call 04/01/26)(a)		25,489		23,627,034
4.40%, 07/01/46 (Call 01/01/46)		18,822		17,301,084
Virginia Electric & Power Co.
Series A, 3.15%, 01/15/26 (Call 10/15/25)(a)		8,957		8,581,059
Series A, 3.50%, 03/15/27 (Call 12/15/26)		9,694		9,379,787
				658,142,640
Electronics — 0.1%
Fortive Corp.
2.35%, 06/15/21 (Call 05/15/21)(a)		4,070		3,930,406
3.15%, 06/15/26 (Call 03/15/26)(a)		11,657		10,805,449

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronics (continued)
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)(a)	$	17,634	$	16,891,467
2.50%, 11/01/26 (Call 08/01/26)(a)		16,279		14,919,170
				46,546,492
Environmental Control — 0.1%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)(a)		10,958		10,896,987
3.95%, 05/15/28 (Call 02/15/28)(a)		9,765		9,561,032
Waste Management Inc.
3.15%, 11/15/27 (Call 08/15/27)(a)		4,948		4,637,454
4.10%, 03/01/45 (Call 09/01/44)(a)		8,012		7,568,983
				32,664,456
Food — 1.7%
Campbell Soup Co.
3.65%, 03/15/23 (Call 02/15/23)(a)		9,726		9,424,961
3.95%, 03/15/25 (Call 01/15/25)(a)		8,336		7,901,544
4.15%, 03/15/28 (Call 12/15/27)(a)		14,677		13,560,645
4.80%, 03/15/48 (Call 09/15/47)(a)		3,003		2,546,253
Conagra Brands Inc.
3.20%, 01/25/23 (Call 10/25/22)		10,000		9,669,268
4.30%, 05/01/24 (Call 04/01/24)		10,085		10,103,328
4.60%, 11/01/25 (Call 09/01/25)		10,000		10,012,870
4.85%, 11/01/28 (Call 08/01/28)(a)		10,000		9,965,883
5.30%, 11/01/38 (Call 05/01/38)		10,000		9,678,960
5.40%, 11/01/48 (Call 05/01/48)(a)		13,250		12,669,384
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)(a)		4,736		4,663,782
3.20%, 02/10/27 (Call 11/10/26)(a)		7,128		6,429,592
3.70%, 10/17/23 (Call 09/17/23)		9,273		9,137,021
4.00%, 04/17/25 (Call 02/17/25)(a)		7,128		6,983,620
4.20%, 04/17/28 (Call 01/17/28)(a)		20,802		20,074,184
JM Smucker Co. (The)
3.50%, 10/15/21(a)		6,731		6,714,853
3.50%, 03/15/25(a)		16,954		16,137,563
Kellogg Co.
3.25%, 04/01/26(a)		12,102		11,195,399
Series B, 7.45%, 04/01/31(a)		1,687		2,082,758
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)(a)		28,265		25,355,624
3.50%, 06/06/22(a)		22,257		22,012,954
3.50%, 07/15/22 (Call 05/15/22)(a)		15,390		15,195,678
3.95%, 07/15/25 (Call 04/15/25)(a)		30,726		29,658,603
4.00%, 06/15/23 (Call 05/15/23)(a)		18,798		18,696,656
4.38%, 06/01/46 (Call 12/01/45)(a)		34,023		28,297,273
4.63%, 01/30/29 (Call 10/30/28)(a)		10,466		10,200,687
5.00%, 07/15/35 (Call 01/15/35)		10,232		9,668,887
5.00%, 06/04/42(a)		24,245		22,223,003
5.20%, 07/15/45 (Call 01/15/45)(a)		18,287		17,111,369
6.50%, 02/09/40		7,659		8,286,212
6.88%, 01/26/39		11,072		12,531,916
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)(a)		13,699		12,000,698
4.45%, 02/01/47 (Call 08/01/46)(a)		17,542		15,228,200
McCormick &Co. Inc./MD
2.70%, 08/15/22 (Call 07/15/22)(a)		3,780		3,630,195
3.40%, 08/15/27 (Call 05/15/27)		8,411		7,902,526
Mondelez International Inc., 3.63%, 05/07/23 (Call 04/07/23)		3,730		3,684,649

Security	Par (000)		Value
Food (continued)
Sysco Corp.
3.25%, 07/15/27 (Call 04/15/27)(a)	$	10,454	$	9,647,352
3.30%, 07/15/26 (Call 04/15/26)(a)		12,361		11,571,967
3.75%, 10/01/25 (Call 07/01/25)		11,141		10,838,174
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)(a)		15,633		14,569,046
3.95%, 08/15/24 (Call 05/15/24)(a)		12,183		12,104,288
4.50%, 06/15/22 (Call 03/15/22)(a)		10,173		10,404,742
4.55%, 06/02/47 (Call 12/02/46)(a)		10,741		9,681,140
				519,453,707
Forest Products & Paper — 0.2%
International Paper Co.
3.00%, 02/15/27 (Call 11/15/26)(a)		13,429		12,076,107
3.65%, 06/15/24 (Call 03/15/24)(a)		10,290		10,185,354
4.35%, 08/15/48 (Call 02/15/48)		20,901		17,906,578
4.40%, 08/15/47 (Call 02/15/47)(a)		9,382		8,091,677
4.75%, 02/15/22 (Call 11/15/21)		8,828		9,112,511
4.80%, 06/15/44 (Call 12/15/43)		8,590		7,882,461
7.30%, 11/15/39(a)		1,042		1,252,367
				66,507,055
Gas — 0.1%
NiSource Inc.
3.49%, 05/15/27 (Call 02/15/27)		10,556		9,910,234
3.95%, 03/30/48 (Call 09/30/47)(a)		5,521		4,733,852
4.38%, 05/15/47 (Call 11/15/46)		11,132		10,207,751
4.80%, 02/15/44 (Call 08/15/43)(a)		13,410		13,047,453
				37,899,290
Health Care - Products — 1.9%
Abbott Laboratories
2.55%, 03/15/22(a)		4,880		4,720,098
2.90%, 11/30/21 (Call 10/30/21)(a)		36,840		36,158,408
2.95%, 03/15/25 (Call 12/15/24)(a)		3,890		3,671,691
3.40%, 11/30/23 (Call 09/30/23)(a)		7,974		7,885,756
3.75%, 11/30/26 (Call 08/30/26)		18,970		18,637,539
4.75%, 11/30/36 (Call 05/30/36)(a)		29,044		29,619,731
4.90%, 11/30/46 (Call 05/30/46)		40,036		41,256,157
Becton Dickinson and Co.
2.89%, 06/06/22 (Call 05/06/22)		22,728		21,953,373
3.13%, 11/08/21(a)		10,123		9,923,556
3.36%, 06/06/24 (Call 04/06/24)(a)		21,303		20,345,170
3.70%, 06/06/27 (Call 03/06/27)		34,109		32,040,187
3.73%, 12/15/24 (Call 09/15/24)		19,779		19,171,350
4.67%, 06/06/47 (Call 12/06/46)(a)		16,120		15,110,438
4.69%, 12/15/44 (Call 06/15/44)		10,993		10,203,287
Boston Scientific Corp.
3.85%, 05/15/25(a)		13,275		13,097,175
4.00%, 03/01/28 (Call 12/01/27)		12,929		12,608,709
Medtronic Global Holdings SCA, 3.35%, 04/01/27 (Call 01/01/27)		14,039		13,449,831
Medtronic Inc.
3.15%, 03/15/22(a)		24,403		24,135,799
3.50%, 03/15/25		52,150		51,041,286
3.63%, 03/15/24 (Call 12/15/23)(a)		2,432		2,421,041
4.38%, 03/15/35		24,178		24,072,054
4.63%, 03/15/45(a)		53,308		53,975,661
Stryker Corp.
3.38%, 11/01/25 (Call 08/01/25)		7,081		6,726,139
3.50%, 03/15/26 (Call 12/15/25)		11,772		11,232,434
4.63%, 03/15/46 (Call 09/15/45)(a)		13,446		13,040,405

 2 0 1 8    i S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Products (continued)
Thermo Fisher Scientific Inc.
2.95%, 09/19/26 (Call 06/19/26)	$	14,682	$	13,407,642
3.00%, 04/15/23 (Call 02/15/23)		16,977		16,356,935
3.15%, 01/15/23 (Call 10/15/22)(a)		4,112		4,001,627
3.20%, 08/15/27 (Call 05/15/27)		19,130		17,630,527
3.30%, 02/15/22(a)		4,255		4,233,614
3.60%, 08/15/21 (Call 05/15/21)(a)		2,753		2,751,167
4.10%, 08/15/47 (Call 02/15/47)		9,213		8,252,739
4.15%, 02/01/24 (Call 11/01/23)(a)		10,908		11,007,879
Zimmer Biomet Holdings Inc.
3.15%, 04/01/22 (Call 02/01/22)		2,898		2,819,437
3.55%, 04/01/25 (Call 01/01/25)(a)		28,754		27,149,990
				604,108,832
Health Care - Services — 2.1%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		9,771		9,369,642
2.80%, 06/15/23 (Call 04/15/23)(a)		14,832		14,143,869
3.50%, 11/15/24 (Call 08/15/24)(a)		10,332		10,041,319
3.88%, 08/15/47 (Call 02/15/47)(a)		5,431		4,591,869
6.63%, 06/15/36		8,245		9,811,235
Anthem Inc.
2.95%, 12/01/22 (Call 11/01/22)		11,417		11,024,681
3.13%, 05/15/22		11,366		11,108,277
3.30%, 01/15/23		15,223		14,856,710
3.35%, 12/01/24 (Call 10/01/24)(a)		8,668		8,326,971
3.50%, 08/15/24 (Call 05/15/24)		13,456		13,060,037
3.65%, 12/01/27 (Call 09/01/27)(a)		15,389		14,380,288
4.10%, 03/01/28 (Call 12/01/27)		13,860		13,402,336
4.38%, 12/01/47 (Call 06/01/47)		13,279		11,968,837
4.55%, 03/01/48 (Call 09/01/47)(a)		10,307		9,566,542
4.63%, 05/15/42(a)		8,811		8,314,459
4.65%, 01/15/43		11,001		10,405,981
4.65%, 08/15/44 (Call 02/15/44)		9,608		9,082,286
5.85%, 01/15/36		553		603,666
Cigna Corp.
3.05%, 10/15/27 (Call 07/15/27)		1,407		1,246,993
3.25%, 04/15/25 (Call 01/15/25)(a)		7,068		6,654,207
3.88%, 10/15/47 (Call 04/15/47)(a)		5,691		4,613,687
4.00%, 02/15/22 (Call 11/15/21)(a)		3,945		3,969,567
Halfmoon Parent Inc.
3.75%, 07/15/23 (Call 06/15/23)(a)(b)		36,685		36,385,944
4.13%, 11/15/25 (Call 09/15/25)(b)		29,715		29,332,767
4.38%, 10/15/28 (Call 07/15/28)(b)		46,125		45,032,589
4.80%, 08/15/38 (Call 02/15/38)(b)		30,965		29,813,018
4.90%, 12/15/48 (Call 06/15/48)(a)(b)		40,145		38,074,096
Humana Inc., 4.95%, 10/01/44 (Call 04/01/44)		7,133		7,146,707
Kaiser Foundation Hospitals, 4.15%, 05/01/47 (Call 11/01/46)(a)		5,149		4,896,386
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)(a)		19,155		18,412,355
4.70%, 02/01/45 (Call 08/01/44)(a)		8,239		7,664,633
UnitedHealth Group Inc.
2.38%, 10/15/22(a)		10,094		9,655,451
2.88%, 12/15/21(a)		9,552		9,406,575
2.88%, 03/15/22 (Call 12/15/21)(a)		18,812		18,443,317
2.88%, 03/15/23		5,149		4,994,262
2.95%, 10/15/27(a)		12,298		11,356,509
3.10%, 03/15/26		7,719		7,306,789
3.35%, 07/15/22(a)		16,084		15,954,829
3.38%, 04/15/27(a)		1,619		1,552,795

Security	Par (000)		Value
Health Care - Services (continued)
3.45%, 01/15/27(a)	$	7,599	$	7,323,730
3.50%, 06/15/23(a)		4,290		4,272,596
3.75%, 07/15/25		25,536		25,312,611
3.75%, 10/15/47 (Call 04/15/47)(a)		10,965		9,663,601
3.85%, 06/15/28(a)		14,847		14,677,835
4.20%, 01/15/47 (Call 07/15/46)		8,498		8,047,384
4.25%, 03/15/43 (Call 09/15/42)(a)		11,958		11,415,950
4.25%, 04/15/47 (Call 10/15/46)(a)		1,509		1,444,121
4.25%, 06/15/48 (Call 12/15/47)(a)		23,480		22,381,070
4.63%, 07/15/35		10,379		10,648,599
4.75%, 07/15/45(a)		24,083		24,565,674
5.80%, 03/15/36		6,966		7,976,668
6.88%, 02/15/38(a)		13,236		17,148,624
				660,850,944
Holding Companies - Diversified — 0.0%
Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)		1,207		1,149,954
Housewares — 0.2%
Newell Brands Inc.
3.85%, 04/01/23 (Call 02/01/23)		21,522		20,799,528
4.20%, 04/01/26 (Call 01/01/26)(a)		28,961		26,601,040
5.50%, 04/01/46 (Call 10/01/45)(a)		25,069		21,630,145
				69,030,713
Insurance — 1.9%
Aflac Inc., 3.63%, 11/15/24		4,141		4,086,823
American International Group Inc.
3.75%, 07/10/25 (Call 04/10/25)		18,863		18,047,254
3.88%, 01/15/35 (Call 07/15/34)		6,291		5,411,959
3.90%, 04/01/26 (Call 01/01/26)		21,950		20,979,391
4.13%, 02/15/24(a)		15,777		15,689,414
4.20%, 04/01/28 (Call 01/01/28)(a)		10,503		10,121,135
4.38%, 01/15/55 (Call 07/15/54)		6,515		5,334,533
4.50%, 07/16/44 (Call 01/16/44)(a)		23,975		21,246,336
4.75%, 04/01/48 (Call 10/01/47)(a)		12,967		11,915,947
4.80%, 07/10/45 (Call 01/10/45)(a)		12,920		12,016,738
4.88%, 06/01/22		17,165		17,636,514
6.25%, 05/01/36		6,567		7,218,215
Aon PLC, 3.88%, 12/15/25 (Call 09/15/25)(a)		14,098		13,792,674
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)(a)		13,646		12,449,820
AXA Equitable Holdings Inc.
3.90%, 04/20/23 (Call 03/20/23)(b)		11,947		11,801,967
4.35%, 04/20/28 (Call 01/20/28)(a)(b)		15,251		14,586,659
5.00%, 04/20/48 (Call 10/20/47)(b)		9,758		8,704,607
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22		4,985		4,929,683
4.20%, 08/15/48 (Call 02/15/48)(a)		28,210		26,889,967
5.75%, 01/15/40(a)		9,803		11,333,909
Berkshire Hathaway Inc.
2.75%, 03/15/23 (Call 01/15/23)		28,119		27,296,350
3.13%, 03/15/26 (Call 12/15/25)(a)		33,251		31,653,559
4.50%, 02/11/43(a)		11,324		11,369,006
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)(a)		21,185		18,229,735
4.70%, 06/22/47 (Call 12/22/46)		20,391		15,738,441
Chubb Corp. (The), 6.00%, 05/11/37(a)		12,079		14,304,122
Chubb INA Holdings Inc.
2.88%, 11/03/22 (Call 09/03/22)(a)		8,741		8,530,016
3.15%, 03/15/25(a)		11,585		11,114,683
3.35%, 05/03/26 (Call 02/03/26)		10,409		10,003,811
4.35%, 11/03/45 (Call 05/03/45)		17,003		16,748,011

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance (continued)
Manulife Financial Corp.
4.15%, 03/04/26		$	12,524	$	12,422,668
5.38%, 03/04/46(a)			10,779		11,494,242
MetLife Inc.
3.60%, 04/10/24(a)			9,440		9,375,874
4.05%, 03/01/45(a)			13,451		12,011,684
4.13%, 08/13/42			4,131		3,739,330
4.60%, 05/13/46 (Call 11/13/45)(a)			4,638		4,513,283
4.88%, 11/13/43(a)			9,839		9,954,405
5.70%, 06/15/35			10,450		11,625,380
5.88%, 02/06/41			6,107		6,974,847
6.38%, 06/15/34(a)			8,453		9,963,564
Series D, 4.37%, 09/15/23			15,513		15,972,481
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)	��		10,754		10,116,843
Prudential Financial Inc.
3.91%, 12/07/47 (Call 06/07/47)(a)			7,677		6,655,987
3.94%, 12/07/49 (Call 06/07/49)(a)			19,221		16,622,257
4.60%, 05/15/44			13,420		13,037,518
5.70%, 12/14/36			5,199		5,747,799
Travelers Companies Inc. (The)
5.35%, 11/01/40(a)			8,697		9,643,116
6.25%, 06/15/37(a)			9,519		11,547,595
					600,600,152
Internet — 1.3%
Alphabet Inc.
2.00%, 08/15/26 (Call 05/15/26)			28,484		25,220,947
3.38%, 02/25/24(a)			13,337		13,306,824
Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)			18,336		17,513,431
2.50%, 11/29/22 (Call 08/29/22)			15,583		14,998,589
2.80%, 08/22/24 (Call 06/22/24)			24,517		23,375,055
3.15%, 08/22/27 (Call 05/22/27)(a)			53,802		50,596,455
3.30%, 12/05/21 (Call 10/05/21)(a)			2,973		2,972,582
3.80%, 12/05/24 (Call 09/05/24)(a)			9,725		9,772,547
3.88%, 08/22/37 (Call 02/22/37)(a)			37,033		34,924,315
4.05%, 08/22/47 (Call 02/22/47)(a)			44,587		41,633,463
4.25%, 08/22/57 (Call 02/22/57)(a)			21,258		19,918,752
4.80%, 12/05/34 (Call 06/05/34)			29,998		31,561,361
4.95%, 12/05/44 (Call 06/05/44)(a)			13,009		13,983,430
5.20%, 12/03/25 (Call 09/03/25)			3,990		4,317,933
Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26)(a)			14,481		13,825,228
eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)(a)			7,303		7,010,922
2.75%, 01/30/23 (Call 12/30/22)(a)			10,994		10,520,994
3.45%, 08/01/24 (Call 05/01/24)			10,228		9,814,630
3.60%, 06/05/27 (Call 03/05/27)(a)			10,077		9,327,775
3.80%, 03/09/22 (Call 02/09/22)			12,435		12,460,697
4.00%, 07/15/42 (Call 01/15/42)			10,471		8,007,894
Expedia Group Inc.
3.80%, 02/15/28 (Call 11/15/27)			18,309		16,574,233
5.00%, 02/15/26 (Call 11/15/25)			6,661		6,684,838
					398,322,895
Machinery — 0.5%
ABB Finance USA Inc.
2.88%, 05/08/22(a)			17,097		16,714,974
3.80%, 04/03/28 (Call 01/03/28)			1,515		1,497,130
4.38%, 05/08/42			4,966		4,845,225

Security	Par (000)		Value
Machinery (continued)
Caterpillar Financial Services Corp., 1.70%, 08/09/21(a)	$	8,996	$	8,596,077
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)(a)		10,418		10,311,211
3.80%, 08/15/42(a)		20,337		18,526,055
5.20%, 05/27/41		9,279		10,138,705
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)(a)		6,886		6,684,493
3.90%, 06/09/42 (Call 12/09/41)(a)		15,774		14,881,323
John Deere Capital Corp., 2.80%, 03/06/23(a)		17,744		17,198,097
Wabtec Corp.
4.15%, 03/15/24 (Call 02/15/24)		15,005		14,637,036
4.70%, 09/15/28 (Call 06/15/28)(a)		17,095		16,513,038
				140,543,364
Manufacturing — 0.9%
3M Co.
2.88%, 10/15/27 (Call 07/15/27)		2,970		2,767,926
3.63%, 09/14/28 (Call 06/14/28)(a)		7,000		6,899,089
5.70%, 03/15/37(a)		1,410		1,637,922
Eaton Corp.
2.75%, 11/02/22(a)		16,851		16,266,873
4.15%, 11/02/42		8,352		7,626,635
General Electric Co.
2.70%, 10/09/22(a)		40,002		37,808,090
3.10%, 01/09/23		13,128		12,584,795
3.15%, 09/07/22(a)		9,435		9,109,637
3.38%, 03/11/24(a)		4,849		4,608,606
3.45%, 05/15/24 (Call 02/13/24)		1,322		1,259,151
4.13%, 10/09/42		23,231		18,898,181
4.50%, 03/11/44(a)		29,396		25,185,605
4.65%, 10/17/21(a)		16,708		17,014,236
5.88%, 01/14/38(a)		35,125		35,793,176
6.15%, 08/07/37		12,477		13,081,673
6.88%, 01/10/39(a)		22,350		25,384,082
Series A, 6.75%, 03/15/32		31,422		35,501,999
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)(a)		8,416		7,695,706
3.90%, 09/01/42 (Call 03/01/42)(a)		16,090		15,109,405
				294,232,787
Media — 4.7%
21st Century Fox America Inc.
3.00%, 09/15/22(a)		15,401		15,005,869
6.15%, 03/01/37		18,278		21,987,694
6.15%, 02/15/41(a)		15,518		18,824,070
6.20%, 12/15/34(a)		7,579		9,117,926
6.40%, 12/15/35(a)		12,584		15,380,522
6.65%, 11/15/37(a)		13,308		16,940,533
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)(a)		195		184,219
4.00%, 01/15/26 (Call 10/15/25)		22,421		21,607,501
7.88%, 07/30/30(a)		5,095		6,240,075
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%, 02/15/28 (Call 11/15/27)		16,330		14,773,318
4.20%, 03/15/28 (Call 12/15/27)(a)		17,593		16,513,251
4.46%, 07/23/22 (Call 05/23/22)(a)		34,117		34,523,374
4.50%, 02/01/24 (Call 01/01/24)(a)		6,335		6,345,374
4.91%, 07/23/25 (Call 04/23/25)		55,593		55,874,134
5.38%, 04/01/38 (Call 10/01/37)(a)		10,519		9,726,925

 2 0 1 8    i S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
5.38%, 05/01/47 (Call 11/01/46)	$	32,073	$	28,905,788
5.75%, 04/01/48 (Call 10/01/47)(a)		19,359		18,206,789
6.38%, 10/23/35 (Call 04/23/35)(a)		25,344		26,102,761
6.48%, 10/23/45 (Call 04/23/45)(a)		43,271		44,141,141
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22(a)		12,108		14,686,979
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)(a)		13,800		12,064,582
2.75%, 03/01/23 (Call 02/01/23)(a)		12,582		12,106,894
2.85%, 01/15/23		6,714		6,491,478
3.00%, 02/01/24 (Call 01/01/24)		17,866		17,198,047
3.13%, 07/15/22		9,117		8,971,498
3.15%, 03/01/26 (Call 12/01/25)(a)		19,597		18,363,367
3.15%, 02/15/28 (Call 11/15/27)(a)		16,412		15,060,140
3.20%, 07/15/36 (Call 01/15/36)		18,081		14,881,337
3.30%, 02/01/27 (Call 11/01/26)		8,182		7,658,942
3.38%, 02/15/25 (Call 11/15/24)(a)		15,792		15,284,819
3.38%, 08/15/25 (Call 05/15/25)(a)		16,403		15,791,001
3.40%, 07/15/46 (Call 01/15/46)(a)		21,877		17,307,450
3.55%, 05/01/28 (Call 02/01/28)(a)		13,394		12,648,503
3.60%, 03/01/24(a)		10,417		10,320,956
3.70%, 04/15/24 (Call 03/15/24)(a)		32,665		32,528,235
3.90%, 03/01/38 (Call 09/01/37)		12,483		11,143,664
3.95%, 10/15/25 (Call 08/15/25)(a)		28,275		28,222,929
3.97%, 11/01/47 (Call 05/01/47)		20,111		17,475,258
4.00%, 08/15/47 (Call 02/15/47)		7,690		6,707,454
4.00%, 03/01/48 (Call 09/01/47)(a)		17,725		15,464,538
4.00%, 11/01/49 (Call 05/01/49)		18,473		15,869,593
4.05%, 11/01/52 (Call 05/01/52)		15,558		13,294,642
4.15%, 10/15/28 (Call 07/15/28)(a)		43,600		43,205,974
4.20%, 08/15/34 (Call 02/15/34)		16,674		15,662,215
4.25%, 10/15/30 (Call 07/15/30)(a)		15,341		15,135,423
4.25%, 01/15/33(a)		23,841		22,929,735
4.40%, 08/15/35 (Call 02/15/35)		8,564		8,152,895
4.60%, 10/15/38 (Call 04/15/38)		35,000		34,233,707
4.60%, 08/15/45 (Call 02/15/45)		20,037		19,150,030
4.65%, 07/15/42(a)		16,823		16,065,245
4.70%, 10/15/48 (Call 04/15/48)		52,265		50,743,942
4.75%, 03/01/44		16,376		15,970,258
4.95%, 10/15/58 (Call 04/15/58)		25,000		24,462,403
5.65%, 06/15/35		3,506		3,819,107
6.40%, 05/15/38(a)		3,411		3,992,541
6.45%, 03/15/37		10,042		11,763,380
6.50%, 11/15/35(a)		6,800		7,995,392
6.95%, 08/15/37(a)		12,544		15,376,807
7.05%, 03/15/33		8,839		10,902,386
Discovery Communications LLC
2.95%, 03/20/23 (Call 02/20/23)		12,728		12,092,716
3.95%, 03/20/28 (Call 12/20/27)(a)		24,112		22,412,186
4.88%, 04/01/43(a)		7,682		6,815,337
5.00%, 09/20/37 (Call 03/20/37)(a)		22,002		20,511,127
5.20%, 09/20/47 (Call 03/20/47)(a)		21,838		20,154,561
6.35%, 06/01/40		1,886		1,986,893
NBCUniversal Media LLC
2.88%, 01/15/23		11,208		10,853,614
4.45%, 01/15/43		17,502		16,317,510
5.95%, 04/01/41(a)		4,208		4,693,118
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)		3,433		3,432,964
4.50%, 09/15/42 (Call 03/15/42)		19,946		15,988,219

Security	Par (000)		Value
Media (continued)
5.50%, 09/01/41 (Call 03/01/41)	$	7,339	$	6,707,780
5.88%, 11/15/40 (Call 05/15/40)(a)		10,199		9,745,175
6.55%, 05/01/37		16,253		16,793,087
6.75%, 06/15/39		21,456		22,446,300
7.30%, 07/01/38		19,275		21,250,051
Time Warner Entertainment Co. LP
8.38%, 03/15/23(a)		14,277		16,450,119
8.38%, 07/15/33(a)		11,354		13,773,076
Viacom Inc.
4.25%, 09/01/23 (Call 06/01/23)		17,189		17,220,559
4.38%, 03/15/43		11,426		9,345,288
5.85%, 09/01/43 (Call 03/01/43)		18,567		18,482,533
6.88%, 04/30/36(a)		14,171		15,647,630
Walt Disney Co. (The)
1.85%, 07/30/26(a)		8,671		7,544,954
2.35%, 12/01/22(a)		14,496		13,877,854
2.75%, 08/16/21		1,768		1,741,510
2.95%, 06/15/27(a)		10,184		9,568,208
3.00%, 02/13/26(a)		12,895		12,286,312
3.15%, 09/17/25		12,872		12,398,986
4.13%, 06/01/44(a)		10,803		10,269,762
Warner Media LLC
2.95%, 07/15/26 (Call 04/15/26)		11,492		10,232,303
3.55%, 06/01/24 (Call 03/01/24)		14,353		13,876,165
3.60%, 07/15/25 (Call 04/15/25)		19,119		18,080,699
3.80%, 02/15/27 (Call 11/15/26)		19,911		18,659,699
4.85%, 07/15/45 (Call 01/15/45)(a)		4,414		3,914,243
				1,475,075,548
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)		9,548		9,154,332
3.25%, 06/15/25 (Call 03/15/25)		7,936		7,640,855
				16,795,187
Mining — 0.5%
Barrick Gold Corp., 5.25%, 04/01/42		12,725		12,751,086
Barrick North America Finance LLC
5.70%, 05/30/41(a)		9,697		10,328,852
5.75%, 05/01/43		12,006		12,855,840
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 .		9,688		10,350,029
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22(a)		1,955		1,920,717
4.13%, 02/24/42		9,527		9,075,217
5.00%, 09/30/43(a)		27,652		29,612,925
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		6,862		6,779,975
4.88%, 03/15/42 (Call 09/15/41)(a)		10,119		9,484,531
6.25%, 10/01/39		6,870		7,557,471
Rio Tinto Alcan Inc., 6.13%, 12/15/33(a)		4,356		5,135,663
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25 (Call 03/15/25)		12,753		12,643,679
5.20%, 11/02/40(a)		17,881		19,215,790
7.13%, 07/15/28(a)		6,496		7,991,119
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)(a)		9,411		8,891,625
				164,594,519

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Office & Business Equipment — 0.0%
Xerox Corp.
3.63%, 03/15/23 (Call 02/15/23)	$	5,124	$	4,692,795
4.50%, 05/15/21		3,753		3,717,019
				8,409,814
Oil &Gas — 5.7%
Anadarko Finance Co., Series B, 7.50%, 05/01/31		6,340		7,487,295
Anadarko Petroleum Corp.
5.55%, 03/15/26 (Call 12/15/25)		16,654		17,346,635
6.20%, 03/15/40		6,484		6,822,819
6.45%, 09/15/36		17,175		18,585,196
6.60%, 03/15/46 (Call 09/15/45)(a)		10,361		11,500,794
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)		10,116		9,899,172
4.25%, 01/15/44 (Call 07/15/43)		11,905		9,958,434
4.75%, 04/15/43 (Call 10/15/42)		23,049		20,483,540
5.10%, 09/01/40 (Call 03/01/40)		14,298		13,358,061
6.00%, 01/15/37		9,593		10,064,669
BP Capital Markets PLC
2.11%, 09/16/21 (Call 08/16/21)		5,866		5,652,994
2.50%, 11/06/22(a)		10,528		10,093,803
2.75%, 05/10/23(a)		21,193		20,398,284
3.02%, 01/16/27 (Call 10/16/26)(a)		5,481		5,077,572
3.06%, 03/17/22(a)		13,947		13,745,142
3.12%, 05/04/26 (Call 02/04/26)		10,814		10,148,524
3.22%, 11/28/23 (Call 09/28/23)		12,266		11,941,136
3.22%, 04/14/24 (Call 02/14/24)(a)		14,016		13,621,609
3.25%, 05/06/22(a)		19,321		19,102,551
3.28%, 09/19/27 (Call 06/19/27)(a)		18,164		17,067,788
3.51%, 03/17/25(a)		9,098		8,850,393
3.54%, 11/04/24		11,413		11,222,451
3.56%, 11/01/21(a)		12,451		12,484,565
3.59%, 04/14/27 (Call 01/14/27)		6,367		6,126,658
3.72%, 11/28/28 (Call 08/28/28)(a)		10,400		10,087,068
3.81%, 02/10/24(a)		14,633		14,660,168
3.99%, 09/26/23(a)		12,647		12,809,124
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (Call 12/15/22)		11,480		11,029,296
3.85%, 06/01/27 (Call 03/01/27)(a)		17,179		16,282,691
4.95%, 06/01/47 (Call 12/01/46)(a)		8,523		8,332,275
6.25%, 03/15/38(a)		16,166		18,193,808
Cenovus Energy Inc.
4.25%, 04/15/27 (Call 01/15/27)(a)		16,953		15,959,515
4.45%, 09/15/42 (Call 03/15/42)		5,033		4,146,037
5.25%, 06/15/37 (Call 12/15/36)		1,859		1,745,225
5.40%, 06/15/47 (Call 12/15/46)(a)		23,129		21,665,170
6.75%, 11/15/39		13,768		14,693,968
Chevron Corp.
2.10%, 05/16/21 (Call 04/15/21)(a)		6,288		6,101,871
2.36%, 12/05/22 (Call 09/05/22)(a)		21,721		20,842,755
2.57%, 05/16/23 (Call 03/16/23)(a)		12,810		12,289,309
2.90%, 03/03/24 (Call 01/03/24)		8,478		8,180,252
2.95%, 05/16/26 (Call 02/16/26)(a)		35,029		32,912,958
3.19%, 06/24/23 (Call 03/24/23)(a)		35,271		34,695,758
3.33%, 11/17/25 (Call 08/17/25)		4,733		4,590,074
Concho Resources Inc.
3.75%, 10/01/27 (Call 07/01/27)		19,738		18,555,650
4.30%, 08/15/28 (Call 05/15/28)		6,130		5,976,933
4.88%, 10/01/47 (Call 04/01/47)		5,281		5,012,827
ConocoPhillips, 6.50%, 02/01/39(a)		34,378		43,000,456

Security	Par (000)		Value
Oil &Gas (continued)
ConocoPhillips Co.
4.30%, 11/15/44 (Call 05/15/44)	$	4,964	$	4,873,672
4.95%, 03/15/26 (Call 12/15/25)(a)		23,687		25,145,276
ConocoPhillips Holding Co., 6.95%, 04/15/29 .		19,472		23,968,848
Devon Energy Corp.
3.25%, 05/15/22 (Call 02/15/22)		11,009		10,709,775
4.75%, 05/15/42 (Call 11/15/41)		10,145		9,123,269
5.00%, 06/15/45 (Call 12/15/44)		6,908		6,422,425
5.60%, 07/15/41 (Call 01/15/41)		7,735		7,683,477
5.85%, 12/15/25 (Call 09/15/25)		947		1,010,023
Encana Corp., 6.50%, 08/15/34		12,225		13,645,717
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)(a)		19,515		18,689,037
4.15%, 01/15/26 (Call 10/15/25)(a)		8,145		8,219,913
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)(a)		14,424		13,828,763
3.90%, 10/01/27 (Call 07/01/27)(a)		12,319		11,212,261
4.88%, 11/15/21		5,778		5,914,419
Equinor ASA
2.45%, 01/17/23		10,903		10,458,773
2.65%, 01/15/24		16,171		15,417,047
2.75%, 11/10/21		379		372,659
3.15%, 01/23/22(a)		2,505		2,481,736
3.70%, 03/01/24(a)		18,416		18,432,232
3.95%, 05/15/43		6,520		6,015,974
4.80%, 11/08/43(a)		4,777		5,001,840
5.10%, 08/17/40		9,462		10,176,570
Exxon Mobil Corp.
2.40%, 03/06/22 (Call 01/06/22)		11,875		11,508,984
2.71%, 03/06/25 (Call 12/06/24)		24,579		23,199,064
2.73%, 03/01/23 (Call 01/01/23)		17,024		16,551,458
3.04%, 03/01/26 (Call 12/01/25)		37,924		36,182,014
3.18%, 03/15/24 (Call 12/15/23)(a)		6,977		6,853,829
3.57%, 03/06/45 (Call 09/06/44)		6,732		5,987,472
4.11%, 03/01/46 (Call 09/01/45)(a)		29,357		28,332,356
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)		15,576		14,661,773
5.60%, 02/15/41		18,157		17,340,954
6.00%, 01/15/40		11,797		11,466,141
Husky Energy Inc., 4.00%, 04/15/24 (Call 01/15/24)(a)		5,431		5,365,631
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)		10,779		10,270,046
3.85%, 06/01/25 (Call 03/01/25)		12,667		12,154,593
4.40%, 07/15/27 (Call 04/15/27)		17,263		16,818,937
6.60%, 10/01/37		9,028		10,246,054
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		7,378		7,190,924
4.75%, 09/15/44 (Call 03/15/44)(a)		14,607		13,435,108
5.13%, 12/15/26 (Call 09/15/26)		237		242,854
6.50%, 03/01/41 (Call 09/01/40)(a)		12,367		13,881,314
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)(a)		12,613		12,704,447
5.05%, 11/15/44 (Call 05/15/44)		15,745		14,360,078
5.25%, 11/15/43 (Call 05/15/43)		14,446		13,496,930
6.00%, 03/01/41 (Call 09/01/40)		8,138		8,269,639
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		19,520		18,749,196
3.00%, 02/15/27 (Call 11/15/26)(a)		3,296		3,083,121
3.13%, 02/15/22 (Call 11/15/21)(a)		2,995		2,955,119
3.40%, 04/15/26 (Call 01/15/26)		9,085		8,780,448

2 0 1 8    i S H A R E S    S E M I -  A N N U A L    R E P O R T    T O    S H A R E H O L  D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil &Gas (continued)
3.50%, 06/15/25 (Call 03/15/25)(a)	$	5,942	$	5,837,120
4.10%, 02/15/47 (Call 08/15/46)(a)		11,343		10,418,256
4.20%, 03/15/48 (Call 09/15/47)		11,654		10,861,004
4.40%, 04/15/46 (Call 10/15/45)(a)		19,263		18,484,823
4.63%, 06/15/45 (Call 12/15/44)(a)		11,055		10,957,605
Petro-Canada, 6.80%, 05/15/38(a)		10,415		12,529,792
Phillips 66
3.90%, 03/15/28 (Call 12/15/27)(a)		12,899		12,350,457
4.30%, 04/01/22		22,249		22,673,798
4.65%, 11/15/34 (Call 05/15/34)		17,312		16,740,792
4.88%, 11/15/44 (Call 05/15/44)		17,655		17,120,650
5.88%, 05/01/42		18,098		19,968,014
Shell International Finance BV
1.75%, 09/12/21(a)		7,537		7,222,550
2.25%, 01/06/23		16,330		15,536,520
2.38%, 08/21/22(a)		15,171		14,623,407
2.50%, 09/12/26		18,576		16,848,883
2.88%, 05/10/26		21,005		19,616,151
3.25%, 05/11/25(a)		38,822		37,489,606
3.40%, 08/12/23(a)		5,784		5,745,920
3.75%, 09/12/46		10,298		9,142,398
4.00%, 05/10/46(a)		21,198		19,550,523
4.13%, 05/11/35		15,113		14,686,628
4.38%, 05/11/45(a)		31,386		30,756,915
4.55%, 08/12/43(a)		18,932		19,028,830
5.50%, 03/25/40		6,626		7,484,694
6.38%, 12/15/38		25,874		32,069,783
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)		12,174		11,940,410
4.00%, 11/15/47 (Call 05/15/47)(a)		9,194		8,059,420
6.50%, 06/15/38		11,933		14,027,232
6.85%, 06/01/39		4,042		4,913,667
Total Capital Canada Ltd., 2.75%, 07/15/23		1,912		1,841,999
Total Capital International SA
2.70%, 01/25/23(a)		14,947		14,424,000
2.75%, 06/19/21		8,983		8,862,566
2.88%, 02/17/22		11,905		11,683,266
3.70%, 01/15/24(a)		6,508		6,514,046
3.75%, 04/10/24		9,025		9,053,577
Total Capital SA, 3.88%, 10/11/28(a)		20,000		20,064,782
Valero Energy Corp.
3.40%, 09/15/26 (Call 06/15/26)		14,733		13,589,009
4.35%, 06/01/28 (Call 03/01/28)		11,780		11,513,819
6.63%, 06/15/37		13,210		15,117,935
7.50%, 04/15/32		4,203		5,175,995
				1,770,222,305
Oil &Gas Services — 0.7%
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40		2,808		2,766,588
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.
2.77%, 12/15/22 (Call 11/15/22)		12,613		12,135,387
3.34%, 12/15/27 (Call 09/15/27)(a)		21,430		19,539,311
4.08%, 12/15/47 (Call 06/15/47)		27,115		22,683,625
Halliburton Co.
3.50%, 08/01/23 (Call 05/01/23)(a)		13,859		13,641,002
3.80%, 11/15/25 (Call 08/15/25)(a)		34,791		33,811,254
4.75%, 08/01/43 (Call 02/01/43)		10,276		9,929,805
4.85%, 11/15/35 (Call 05/15/35)		6,160		6,151,337
5.00%, 11/15/45 (Call 05/15/45)(a)		34,428		34,478,692

Security	Par (000)		Value
Oil &Gas Services (continued)
6.70%, 09/15/38(a)	$	2,633	$	3,140,987
7.45%, 09/15/39		5,771		7,436,761
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)		12,861		12,165,630
3.95%, 12/01/42 (Call 06/01/42)		11,977		9,827,188
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)(a)		15,601		15,615,181
				203,322,748
Pharmaceuticals — 7.2%
AbbVie Inc.
2.85%, 05/14/23 (Call 03/14/23)(a)		17,535		16,756,458
2.90%, 11/06/22(a)		27,800		26,856,404
3.20%, 11/06/22 (Call 09/06/22)(a)		7,654		7,475,305
3.20%, 05/14/26 (Call 02/14/26)(a)		26,541		24,312,947
3.60%, 05/14/25 (Call 02/14/25)(a)		49,221		46,970,089
3.75%, 11/14/23 (Call 10/14/23)		17,345		17,157,553
4.25%, 11/14/28 (Call 08/14/28)		22,636		21,811,592
4.30%, 05/14/36 (Call 11/14/35)		17,717		15,822,201
4.40%, 11/06/42		30,864		26,947,223
4.45%, 05/14/46 (Call 11/14/45)		19,881		17,229,568
4.50%, 05/14/35 (Call 11/14/34)(a)		29,714		27,370,368
4.70%, 05/14/45 (Call 11/14/44)(a)		31,120		28,170,621
4.88%, 11/14/48 (Call 05/14/48)		25,410		23,424,638
Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22) .		25,471		24,727,634
Allergan Funding SCS
3.45%, 03/15/22 (Call 01/15/22)		37,863		37,234,054
3.80%, 03/15/25 (Call 12/15/24)(a)		46,254		44,552,528
3.85%, 06/15/24 (Call 03/15/24)(a)		12,205		11,940,778
4.55%, 03/15/35 (Call 09/15/34)(a)		33,474		31,398,374
4.75%, 03/15/45 (Call 09/15/44)		17,749		16,549,771
4.85%, 06/15/44 (Call 12/15/43)(a)		18,497		17,414,439
AstraZeneca PLC
2.38%, 06/12/22 (Call 05/12/22)		12,194		11,623,254
3.13%, 06/12/27 (Call 03/12/27)(a)		7,665		7,010,273
3.38%, 11/16/25		21,516		20,432,777
3.50%, 08/17/23 (Call 07/17/23)(a)		11,436		11,241,222
4.00%, 01/17/29 (Call 10/17/28)(a)		12,218		11,781,125
4.00%, 09/18/42(a)		17,307		15,090,839
4.38%, 11/16/45(a)		11,101		10,175,576
4.38%, 08/17/48 (Call 02/17/48)(a)		8,785		8,000,258
6.45%, 09/15/37		33,761		39,674,931
Bristol-Myers Squibb Co.
2.00%, 08/01/22(a)		5,036		4,775,555
3.25%, 02/27/27		9,127		8,716,604
Cardinal Health Inc.
2.62%, 06/15/22 (Call 05/15/22)(a)		12,725		12,162,513
3.08%, 06/15/24 (Call 04/15/24)		11,860		11,106,707
3.41%, 06/15/27 (Call 03/15/27)(a)		14,423		13,061,563
CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)(a)		11,692		11,170,795
2.88%, 06/01/26 (Call 03/01/26)(a)		20,429		18,460,380
3.50%, 07/20/22 (Call 05/20/22)(a)		12,510		12,353,596
3.70%, 03/09/23 (Call 02/09/23)(a)		75,709		74,691,721
3.88%, 07/20/25 (Call 04/20/25)(a)		23,840		23,167,516
4.00%, 12/05/23 (Call 09/05/23)		13,570		13,481,259
4.10%, 03/25/25 (Call 01/25/25)		67,534		66,622,379
4.30%, 03/25/28 (Call 12/25/27)		103,584		100,984,953
4.78%, 03/25/38 (Call 09/25/37)(a)		72,645		69,999,385
5.05%, 03/25/48 (Call 09/25/47)(a)		104,774		102,111,818

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
5.13%, 07/20/45 (Call 01/20/45)	$	38,761	$	37,981,582
5.30%, 12/05/43 (Call 06/05/43)(a)		2,225		2,225,068
Eli Lilly & Co.
2.35%, 05/15/22(a)		5,013		4,845,388
2.75%, 06/01/25 (Call 03/01/25)(a)		8,755		8,263,527
3.10%, 05/15/27 (Call 02/15/27)(a)		11,886		11,316,455
3.70%, 03/01/45 (Call 09/01/44)(a)		8,461		7,650,844
3.95%, 05/15/47 (Call 11/15/46)(a)		15,580		14,580,844
Express Scripts Holding Co.
3.00%, 07/15/23 (Call 05/15/23)(a)		12,765		12,207,826
3.40%, 03/01/27 (Call 12/01/26)(a)		18,959		17,409,913
3.50%, 06/15/24 (Call 03/15/24)(a)		9,566		9,266,104
3.90%, 02/15/22		11,877		11,887,435
4.50%, 02/25/26 (Call 11/27/25)(a)		18,034		18,130,314
4.75%, 11/15/21(a)		12,404		12,742,593
4.80%, 07/15/46 (Call 01/15/46)(a)		18,113		17,075,589
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23(a)		4,646		4,494,118
3.38%, 05/15/23(a)		17,258		17,085,418
3.63%, 05/15/25(a)		23,506		23,264,039
3.88%, 05/15/28(a)		25,954		25,913,180
6.38%, 05/15/38(a)		32,568		40,321,552
GlaxoSmithKline Capital PLC, 2.85%, 05/08/22		24,815		24,244,506
Johnson & Johnson
2.25%, 03/03/22 (Call 02/03/22)(a)		4,698		4,560,369
2.45%, 03/01/26 (Call 12/01/25)		24,864		22,922,248
2.63%, 01/15/25 (Call 11/15/24)(a)		16,395		15,570,982
2.90%, 01/15/28 (Call 10/15/27)		22,553		20,983,456
2.95%, 03/03/27 (Call 12/03/26)		5,298		5,014,040
3.38%, 12/05/23(a)		5,199		5,225,558
3.40%, 01/15/38 (Call 07/15/37)(a)		18,648		16,725,626
3.50%, 01/15/48 (Call 07/15/47)(a)		10,968		9,609,342
3.55%, 03/01/36 (Call 09/01/35)(a)		11,047		10,175,661
3.63%, 03/03/37 (Call 09/03/36)(a)		16,970		15,732,948
3.70%, 03/01/46 (Call 09/01/45)(a)		22,202		20,120,804
3.75%, 03/03/47 (Call 09/03/46)(a)		15,811		14,469,705
4.38%, 12/05/33 (Call 06/05/33)(a)		3,709		3,870,662
5.95%, 08/15/37		15,993		19,395,709
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)(a)		10,388		10,388,995
Merck & Co. Inc.
2.35%, 02/10/22		2,810		2,732,686
2.40%, 09/15/22 (Call 06/15/22)		8,978		8,645,623
2.75%, 02/10/25 (Call 11/10/24)(a)		33,662		31,894,469
2.80%, 05/18/23(a)		19,367		18,822,766
3.70%, 02/10/45 (Call 08/10/44)(a)		27,390		24,893,799
4.15%, 05/18/43(a)		7,573		7,369,046
Mylan Inc.
4.55%, 04/15/28 (Call 01/15/28)(a)(b)		12,109		11,178,180
5.20%, 04/15/48 (Call 10/15/47)(a)(b)		1,250		1,052,689
Mylan NV
3.95%, 06/15/26 (Call 03/15/26)(a)		24,686		22,652,688
3.95%, 06/15/26 (Call 03/15/26)(b)		1,937		1,780,897
5.25%, 06/15/46 (Call 12/15/45)		15,162		12,959,152
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)(a)		9,778		9,435,285
2.40%, 09/21/22(a)		20,414		19,650,026
3.00%, 11/20/25 (Call 08/20/25)		17,724		16,849,406
3.10%, 05/17/27 (Call 02/17/27)(a)		8,212		7,781,143
3.40%, 05/06/24(a)		27,681		27,440,898

Security	Par (000)		Value
Pharmaceuticals (continued)
4.00%, 11/20/45 (Call 05/20/45)	$	21,629	$	20,592,787
4.40%, 05/06/44(a)		20,157		20,460,282
Pfizer Inc.
2.20%, 12/15/21(a)		6,787		6,576,614
2.75%, 06/03/26(a)		15,833		14,726,422
3.00%, 06/15/23(a)		11,740		11,520,174
3.00%, 12/15/26(a)		21,285		20,107,480
3.20%, 09/15/23 (Call 08/15/23)(a)		5,000		4,942,812
3.40%, 05/15/24(a)		16,313		16,181,550
3.60%, 09/15/28 (Call 06/15/28)		10,695		10,419,004
4.00%, 12/15/36(a)		11,778		11,291,569
4.10%, 09/15/38 (Call 03/15/38)(a)		5,000		4,816,740
4.13%, 12/15/46(a)		8,547		8,128,896
4.20%, 09/15/48 (Call 03/15/48)(a)		15,145		14,557,834
4.30%, 06/15/43		8,485		8,265,975
4.40%, 05/15/44		5,752		5,677,989
7.20%, 03/15/39(a)		22,931		30,891,375
Sanofi, 3.38%, 06/19/23 (Call 05/19/23)		2,110		2,098,876
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 08/23/21)(a)		2,946		2,830,270
2.88%, 09/23/23 (Call 07/23/23)		31,873		30,044,013
3.20%, 09/23/26 (Call 06/23/26)(a)		36,683		33,263,363
Wyeth LLC
5.95%, 04/01/37(a)		24,214		28,432,701
6.50%, 02/01/34		6,563		8,025,532
Zoetis Inc.
3.00%, 09/12/27 (Call 06/12/27)		9,242		8,438,671
3.25%, 02/01/23 (Call 11/01/22)(a)		12,990		12,707,870
3.95%, 09/12/47 (Call 03/12/47)		903		786,283
4.50%, 11/13/25 (Call 08/13/25)		11,503		11,742,166
4.70%, 02/01/43 (Call 08/01/42)(a)		13,880		13,625,412
				2,263,983,357
Pipelines — 3.5%
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 5.25%, 01/15/25 (Call 01/15/21)		350		357,000
Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)(a)		12,652		12,711,755
Enable Midstream Partners LP, 4.95%, 05/15/28 (Call 02/15/28)(a)		12,395		12,143,320
Enbridge Inc.
4.25%, 12/01/26 (Call 09/01/26)(a)		11,300		11,085,824
5.50%, 12/01/46 (Call 05/29/46)(a)		9,041		9,438,951
Energy Transfer Operating LP
3.60%, 02/01/23 (Call 11/01/22)(a)		6,550		6,377,675
4.05%, 03/15/25 (Call 12/15/24)		15,035		14,453,407
4.65%, 06/01/21 (Call 03/01/21)		2,941		2,990,544
4.75%, 01/15/26 (Call 10/15/25)(a)		19,145		18,870,062
4.95%, 06/15/28 (Call 03/15/28)(a)		2,662		2,629,035
5.15%, 03/15/45 (Call 09/15/44)(a)		16,405		14,449,322
5.20%, 02/01/22 (Call 11/01/21)		2,422		2,503,528
5.30%, 04/15/47 (Call 10/15/46)(a)		11,196		10,093,509
6.13%, 12/15/45 (Call 06/15/45)(a)		11,039		10,954,500
6.50%, 02/01/42 (Call 08/01/41)		16,598		17,276,012
Series 30Y, 6.00%, 06/15/48 (Call 12/15/47)(a)		4,659		4,617,809
Energy Transfer Partners LP/Regency Energy Finance Corp., 5.88%, 03/01/22 (Call 12/01/21)(a)		8,036		8,450,378
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)(a)		13,990		13,689,807
3.70%, 02/15/26 (Call 11/15/25)(a)		15,143		14,629,904
3.75%, 02/15/25 (Call 11/15/24)(a)		14,246		13,957,095

2 0 1 8    i S H A R E S    S E M I -  A N N U A L    R E P O R T    T O    S H A R E H O L  D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
3.90%, 02/15/24 (Call 11/15/23)	$	11,654	$	11,643,985
3.95%, 02/15/27 (Call 11/15/26)		10		9,770
4.15%, 10/16/28 (Call 07/16/28)(a)		10,000		9,813,454
4.25%, 02/15/48 (Call 08/15/47)(a)		20,617		18,174,679
4.45%, 02/15/43 (Call 08/15/42)(a)		12,136		11,131,576
4.80%, 02/01/49 (Call 08/01/48)		4,925		4,732,486
4.85%, 08/15/42 (Call 02/15/42)		9,027		8,691,287
4.85%, 03/15/44 (Call 09/15/43)		15,044		14,487,914
4.90%, 05/15/46 (Call 11/15/45)		11,564		11,221,901
5.10%, 02/15/45 (Call 08/15/44)		14,170		14,096,612
5.95%, 02/01/41		9,861		10,808,367
EQM Midstream Partners LP, 5.50%, 07/15/28 (Call 04/15/28)(a)		10,215		10,171,646
Kinder Morgan Energy Partners LP
3.95%, 09/01/22 (Call 06/01/22)(a)		7,780		7,781,075
5.50%, 03/01/44 (Call 09/01/43)		7,709		7,557,289
6.95%, 01/15/38		17,304		19,748,254
Kinder Morgan Inc./DE
3.15%, 01/15/23 (Call 12/15/22)		15,513		14,969,463
4.30%, 06/01/25 (Call 03/01/25)(a)		17,457		17,342,288
4.30%, 03/01/28 (Call 12/01/27)(a)		21,170		20,510,690
5.05%, 02/15/46 (Call 08/15/45)		7,080		6,638,185
5.20%, 03/01/48 (Call 09/01/47)(a)		10,233		9,891,149
5.30%, 12/01/34 (Call 06/01/34)		12,666		12,575,626
5.55%, 06/01/45 (Call 12/01/44)(a)		23,555		23,730,756
7.75%, 01/15/32		11,606		14,125,218
MPLX LP
4.00%, 03/15/28 (Call 12/15/27)(a)		18,404		17,268,525
4.13%, 03/01/27 (Call 12/01/26)		20,259		19,322,394
4.50%, 07/15/23 (Call 04/15/23)(a)		12,666		12,850,647
4.50%, 04/15/38 (Call 10/15/37)		23,767		21,169,186
4.70%, 04/15/48 (Call 10/15/47)		21,181		18,600,853
4.88%, 12/01/24 (Call 09/01/24)		16,664		17,094,504
4.88%, 06/01/25 (Call 03/01/25)(a)		11,728		11,956,244
5.20%, 03/01/47 (Call 09/01/46)		8,103		7,603,776
ONEOK Inc., 4.55%, 07/15/28 (Call 04/15/28)(a)		7,871		7,711,082
ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)		8,912		8,714,931
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		7,451		7,062,511
3.65%, 06/01/22 (Call 03/01/22)(a)		9,892		9,690,917
4.50%, 12/15/26 (Call 09/15/26)		11,537		11,178,390
4.65%, 10/15/25 (Call 07/15/25)		15,503		15,309,657
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		20,255		19,288,028
5.00%, 03/15/27 (Call 09/15/26)(a)		11,352		11,445,487
5.63%, 04/15/23 (Call 01/15/23)		18,912		19,904,740
5.63%, 03/01/25 (Call 12/01/24)(a)		18,120		18,953,022
5.75%, 05/15/24 (Call 02/15/24)(a)		18,556		19,646,167
5.88%, 06/30/26 (Call 12/31/25)(a)		20,823		22,195,750
6.25%, 03/15/22 (Call 12/15/21)(a)		4,362		4,641,783
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		11,018		11,197,170
Sunoco Logistics Partners Operations LP
4.00%, 10/01/27 (Call 07/01/27)(a)		13,517		12,486,956
5.35%, 05/15/45 (Call 11/15/44)		14,018		12,638,364
5.40%, 10/01/47 (Call 04/01/47)		25,609		23,361,459
TransCanada PipeLines Ltd.
2.50%, 08/01/22(a)		15,251		14,569,663
4.25%, 05/15/28 (Call 02/15/28)(a)		15,037		14,758,010
4.63%, 03/01/34 (Call 12/01/33)		8,967		8,609,217

Security	Par (000)		Value
Pipelines (continued)
4.88%, 01/15/26 (Call 10/15/25)(a)	$	14,544	$	14,946,219
4.88%, 05/15/48 (Call 11/15/47)		18,002		17,403,754
5.10%, 03/15/49 (Call 09/15/48)(a)		3,000		2,996,881
6.10%, 06/01/40(a)		11,276		12,485,212
6.20%, 10/15/37(a)		13,071		14,602,721
7.63%, 01/15/39		11,917		15,235,083
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)(a)		10,250		12,301,706
Williams Companies Inc. (The)
3.35%, 08/15/22 (Call 05/15/22)		8,923		8,699,952
3.60%, 03/15/22 (Call 01/15/22)		20,589		20,288,594
3.75%, 06/15/27 (Call 03/15/27)(a)		22,835		21,282,099
3.90%, 01/15/25 (Call 10/15/24)		10,726		10,359,420
4.00%, 09/15/25 (Call 06/15/25)		5,195		5,021,273
4.30%, 03/04/24 (Call 12/04/23)(a)		17,839		17,833,465
4.85%, 03/01/48 (Call 09/01/47)(a)		9,863		9,002,315
5.10%, 09/15/45 (Call 03/15/45)(a)		14,919		14,031,612
6.30%, 04/15/40		15,606		16,763,060
				1,094,015,906
Real Estate Investment Trusts — 1.1%
American Tower Corp.
3.38%, 10/15/26 (Call 07/15/26)(a)		8,649		7,949,367
3.50%, 01/31/23(a)		8,879		8,693,545
3.55%, 07/15/27 (Call 04/15/27)(a)		3,894		3,578,835
4.00%, 06/01/25 (Call 03/01/25)		16,671		16,232,541
5.00%, 02/15/24		15,799		16,366,227
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)		10,584		9,493,530
3.20%, 01/15/25 (Call 10/15/24)(a)		6,019		5,718,928
3.65%, 02/01/26 (Call 11/03/25)(a)		8,936		8,584,411
3.85%, 02/01/23 (Call 11/01/22)		6,961		6,953,871
4.13%, 05/15/21 (Call 02/15/21)(a)		2,289		2,316,151
CC Holdings GS V LLC/Crown Castle GS III Corp.,
3.85%, 04/15/23		13,970		13,823,485
Crown Castle International Corp.
3.15%, 07/15/23 (Call 06/15/23)(a)		9,868		9,457,726
3.20%, 09/01/24 (Call 07/01/24)(a)		10,036		9,465,042
3.65%, 09/01/27 (Call 06/01/27)		25,035		23,156,336
3.70%, 06/15/26 (Call 03/15/26)		11,129		10,507,630
3.80%, 02/15/28 (Call 11/15/27)		11,269		10,487,462
4.45%, 02/15/26 (Call 11/15/25)(a)		11,324		11,218,648
4.88%, 04/15/22(a)		5,811		5,978,974
5.25%, 01/15/23		18,163		18,941,532
Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)		3,675		3,433,546
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)(a)		10,473		10,231,728
4.63%, 12/15/21 (Call 09/15/21)		2,037		2,094,250
GLP Capital LP/GLP Financing II Inc.
5.25%, 06/01/25 (Call 03/01/25)		13,465		13,532,460
5.30%, 01/15/29 (Call 10/15/28)		10,250		10,070,625
5.38%, 04/15/26(a)		4,642		4,612,987
HCP Inc.
3.88%, 08/15/24 (Call 05/17/24)		9,353		9,070,652
4.00%, 06/01/25 (Call 03/01/25)(a)		12,746		12,341,727
4.25%, 11/15/23 (Call 08/15/23)		6,184		6,157,890
Realty Income Corp., 3.25%, 10/15/22 (Call 07/15/22)(a)		2,607		2,563,860

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)(a)	$	12,023	$	11,313,756
3.30%, 01/15/26 (Call 10/15/25)(a)		19,403		18,434,140
3.38%, 10/01/24 (Call 07/01/24)		13,395		13,004,946
3.38%, 06/15/27 (Call 03/15/27)(a)		3,161		2,989,921
3.38%, 12/01/27 (Call 09/01/27)(a)		1,444		1,358,629
Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25)		14,155		13,805,914
Weyerhaeuser Co., 7.38%, 03/15/32(a)		16,548		20,326,873
				354,268,145
Retail — 3.4%
Costco Wholesale Corp.
2.30%, 05/18/22 (Call 04/18/22)		7,470		7,203,945
2.75%, 05/18/24 (Call 03/18/24)(a)		15,666		15,079,239
3.00%, 05/18/27 (Call 02/18/27)(a)		13,850		13,006,426
Dollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)(a)		11,005		10,658,055
Dollar Tree Inc.
3.70%, 05/15/23 (Call 04/15/23)		13,336		12,978,891
4.00%, 05/15/25 (Call 03/15/25)		15,379		14,793,640
4.20%, 05/15/28 (Call 02/15/28)(a)		19,873		18,836,708
Home Depot Inc. (The)
2.13%, 09/15/26 (Call 06/15/26)(a)		10,939		9,684,652
2.63%, 06/01/22 (Call 05/01/22)		17,920		17,491,483
2.70%, 04/01/23 (Call 01/01/23)(a)		18,773		18,181,170
2.80%, 09/14/27 (Call 06/14/27)(a)		13,548		12,486,938
3.00%, 04/01/26 (Call 01/01/26)(a)		10,840		10,274,506
3.35%, 09/15/25 (Call 06/15/25)(a)		11,343		11,063,797
3.50%, 09/15/56 (Call 03/15/56)		3,791		3,066,076
3.75%, 02/15/24 (Call 11/15/23)(a)		12,243		12,384,833
3.90%, 06/15/47 (Call 12/15/46)(a)		6,430		5,845,324
4.20%, 04/01/43 (Call 10/01/42)(a)		13,809		13,208,434
4.25%, 04/01/46 (Call 10/01/45)(a)		21,904		21,039,587
4.40%, 03/15/45 (Call 09/15/44)(a)		11,161		10,966,847
4.88%, 02/15/44 (Call 08/15/43)(a)		14,150		14,858,222
5.88%, 12/16/36(a)		37,514		43,890,761
5.95%, 04/01/41 (Call 10/01/40)(a)		16,418		19,539,027
Lowe’s Companies Inc.
2.50%, 04/15/26 (Call 01/15/26)(a)		10,894		9,891,632
3.10%, 05/03/27 (Call 02/03/27)(a)		18,517		17,355,736
3.12%, 04/15/22 (Call 01/15/22)(a)		5,914		5,845,823
3.38%, 09/15/25 (Call 06/15/25)(a)		2,780		2,692,234
3.70%, 04/15/46 (Call 10/15/45)(a)		18,704		16,130,346
4.05%, 05/03/47 (Call 11/03/46)		18,401		16,645,778
4.38%, 09/15/45 (Call 03/15/45)(a)		10,126		9,614,882
4.65%, 04/15/42 (Call 10/15/41)		10,945		10,852,016
Macy’s Retail Holdings Inc., 2.88%, 02/15/23 (Call 11/15/22)(a)		12,056		11,286,727
McDonald’s Corp.
2.63%, 01/15/22		20,523		19,911,661
3.35%, 04/01/23 (Call 03/01/23)(a)		8,545		8,402,117
3.50%, 03/01/27 (Call 12/01/26)(a)		10,498		9,991,520
3.70%, 01/30/26 (Call 10/30/25)		23,614		23,012,816
3.80%, 04/01/28 (Call 01/01/28)		14,630		14,180,599
4.45%, 03/01/47 (Call 09/01/46)(a)		5,587		5,219,232
4.45%, 09/01/48 (Call 03/01/48)(a)		6,545		6,126,337
4.70%, 12/09/35 (Call 06/09/35)(a)		10,193		10,190,771
4.88%, 12/09/45 (Call 06/09/45)(a)		21,841		21,724,238
6.30%, 10/15/37(a)		11,692		13,613,867
6.30%, 03/01/38(a)		18,088		21,116,582

Security	Par (000)		Value
Retail (continued)
Starbucks Corp.
3.10%, 03/01/23 (Call 02/01/23)	$	13,419	$	13,067,197
3.50%, 03/01/28 (Call 12/01/27)(a)		1,298		1,218,534
3.80%, 08/15/25 (Call 06/15/25)(a)		12,720		12,414,005
3.85%, 10/01/23 (Call 07/01/23)(a)		8,917		8,934,122
4.00%, 11/15/28 (Call 08/15/28)(a)		9,800		9,520,554
4.50%, 11/15/48 (Call 05/15/48)		12,840		11,904,860
Target Corp.
2.50%, 04/15/26(a)		13,914		12,704,141
2.90%, 01/15/22(a)		8,957		8,855,673
3.50%, 07/01/24(a)		12,345		12,348,701
3.63%, 04/15/46(a)		14,810		12,808,868
3.90%, 11/15/47 (Call 05/15/47)(a)		9,406		8,433,627
4.00%, 07/01/42(a)		18,605		17,344,909
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)(a)		11,962		10,677,523
Walgreen Co., 3.10%, 09/15/22(a)		8,938		8,693,706
Walgreens Boots Alliance Inc.
3.30%, 11/18/21 (Call 09/18/21)(a)		8,790		8,687,859
3.45%, 06/01/26 (Call 03/01/26)		22,162		20,495,238
3.80%, 11/18/24 (Call 08/18/24)(a)		28,336		27,653,882
4.80%, 11/18/44 (Call 05/18/44)(a)		21,885		20,180,452
Walmart Inc.
2.35%, 12/15/22 (Call 11/15/22)(a)		15,660		15,034,220
2.55%, 04/11/23 (Call 01/11/23)(a)		22,763		21,847,743
2.65%, 12/15/24 (Call 10/15/24)		10,584		10,037,680
3.30%, 04/22/24 (Call 01/22/24)(a)		19,052		18,834,733
3.40%, 06/26/23 (Call 05/26/23)		31,415		31,294,080
3.55%, 06/26/25 (Call 04/26/25)(a)		24,649		24,657,090
3.63%, 12/15/47 (Call 06/15/47)(a)		19,448		17,243,371
3.70%, 06/26/28 (Call 03/26/28)		33,650		33,063,339
3.95%, 06/28/38 (Call 12/28/37)(a)		20,242		19,341,970
4.00%, 04/11/43 (Call 10/11/42)(a)		1,327		1,246,993
4.05%, 06/29/48 (Call 12/29/47)(a)		38,240		36,357,208
4.30%, 04/22/44 (Call 10/22/43)(a)		1,851		1,817,129
5.25%, 09/01/35(a)		22,436		24,937,589
5.63%, 04/01/40		2,640		3,074,068
5.63%, 04/15/41		12,284		14,333,905
5.88%, 04/05/27		1,302		1,483,290
6.20%, 04/15/38		615		756,570
				1,071,648,304
Semiconductors — 1.8%
Analog Devices Inc.
3.50%, 12/05/26 (Call 09/05/26)(a)		12,212		11,516,963
3.90%, 12/15/25 (Call 09/15/25)(a)		10,895		10,634,549
Applied Materials Inc.
3.30%, 04/01/27 (Call 01/01/27)(a)		15,740		14,851,871
4.35%, 04/01/47 (Call 10/01/46)(a)		11,662		10,973,455
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%, 01/15/23 (Call 12/15/22)(a)		8,677		8,131,494
3.00%, 01/15/22 (Call 12/15/21)(a)		40,830		39,486,411
3.13%, 01/15/25 (Call 11/15/24)		12,319		11,260,262
3.50%, 01/15/28 (Call 10/15/27)(a)		25,450		22,453,563
3.63%, 01/15/24 (Call 11/15/23)		27,248		26,110,701
3.88%, 01/15/27 (Call 10/15/26)(a)		58,379		53,583,235
Intel Corp.
2.35%, 05/11/22 (Call 04/11/22)(a)		10,501		10,153,217
2.60%, 05/19/26 (Call 02/19/26)(a)		10,781		9,942,597
2.70%, 12/15/22		15,316		14,884,032
2.88%, 05/11/24 (Call 03/11/24)		20,658		19,859,114

2 0 1 8    i S H A R E S    S E M I -  A N N U A L    R E P O R T    T O    S H A R E H O L  D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
3.10%, 07/29/22(a)	$	10,732	$	10,625,141
3.15%, 05/11/27 (Call 02/11/27)(a)		16,977		16,190,875
3.70%, 07/29/25 (Call 04/29/25)(a)		27,232		27,118,494
3.73%, 12/08/47 (Call 06/08/47)(a)		30,020		26,680,389
4.00%, 12/15/32		11,725		11,762,495
4.10%, 05/19/46 (Call 11/19/45)(a)		17,570		16,668,673
4.10%, 05/11/47 (Call 11/11/46)(a)		20,848		19,737,661
4.80%, 10/01/41(a)		1,480		1,550,487
NVIDIA Corp.
2.20%, 09/16/21 (Call 08/16/21)(a)		2,226		2,155,474
3.20%, 09/16/26 (Call 06/16/26)		11,149		10,425,774
QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)(a)		7,985		7,633,426
2.90%, 05/20/24 (Call 03/20/24)		15,711		14,876,711
3.00%, 05/20/22(a)		17,303		16,919,604
3.25%, 05/20/27 (Call 02/20/27)(a)		22,772		21,055,351
3.45%, 05/20/25 (Call 02/20/25)		25,602		24,574,717
4.30%, 05/20/47 (Call 11/20/46)(a)		20,840		18,710,552
4.65%, 05/20/35 (Call 11/20/34)		17,521		17,225,126
4.80%, 05/20/45 (Call 11/20/44)(a)		19,437		18,704,419
Texas Instruments Inc., 4.15%, 05/15/48 (Call 11/15/47)(a)		21,534		20,578,896
				567,035,729
Software — 3.8%
Fidelity National Information Services Inc.
2.25%, 08/15/21 (Call 07/15/21)		76		73,133
3.00%, 08/15/26 (Call 05/15/26)(a)		16,637		15,102,147
3.50%, 04/15/23 (Call 01/15/23)(a)		2,024		1,990,898
5.00%, 10/15/25 (Call 07/15/25)(a)		10,683		11,100,680
Fiserv Inc.
3.80%, 10/01/23 (Call 09/01/23)(a)		500		499,542
3.85%, 06/01/25 (Call 03/01/25)		17,956		17,625,619
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)		2,276		2,179,048
2.00%, 08/08/23 (Call 06/08/23)(a)		23,427		21,965,528
2.13%, 11/15/22(a)		3,414		3,271,264
2.38%, 02/12/22 (Call 01/12/22)		21,320		20,729,803
2.38%, 05/01/23 (Call 02/01/23)		9,475		9,076,635
2.40%, 02/06/22 (Call 01/06/22)(a)		16,287		15,859,883
2.40%, 08/08/26 (Call 05/08/26)(a)		47,190		43,036,747
2.65%, 11/03/22 (Call 09/03/22)(a)		7,373		7,184,910
2.70%, 02/12/25 (Call 11/12/24)(a)		29,244		27,706,271
2.88%, 02/06/24 (Call 12/06/23)		32,672		31,736,735
3.13%, 11/03/25 (Call 08/03/25)(a)		28,182		27,230,376
3.30%, 02/06/27 (Call 11/06/26)(a)		46,847		45,397,821
3.45%, 08/08/36 (Call 02/08/36)		23,066		21,204,447
3.50%, 02/12/35 (Call 08/12/34)		17,294		16,137,436
3.50%, 11/15/42		5,969		5,335,121
3.63%, 12/15/23 (Call 09/15/23)(a)		22,681		22,852,788
3.70%, 08/08/46 (Call 02/08/46)(a)		56,595		52,136,055
3.75%, 02/12/45 (Call 08/12/44)(a)		24,563		22,763,728
3.95%, 08/08/56 (Call 02/08/56)		27,595		25,677,564
4.00%, 02/12/55 (Call 08/12/54)(a)		23,869		22,422,990
4.10%, 02/06/37 (Call 08/06/36)(a)		27,204		27,248,952
4.20%, 11/03/35 (Call 05/03/35)		16,176		16,359,031
4.45%, 11/03/45 (Call 05/03/45)		38,503		39,677,322
4.50%, 10/01/40(a)		14,584		15,158,836
4.50%, 02/06/57 (Call 08/06/56)(a)		25,416		26,143,078
4.75%, 11/03/55 (Call 05/03/55)(a)		6,508		6,987,697
5.20%, 06/01/39(a)		3,384		3,816,368

Security	Par (000)		Value
Software (continued)
5.30%, 02/08/41(a)	$	14,704	$	16,878,769
Series 30Y, 4.25%, 02/06/47 (Call 08/06/46)(a)		34,696		34,899,832
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)(a)		1,478		1,417,863
2.40%, 09/15/23 (Call 07/15/23)		27,069		25,574,215
2.50%, 05/15/22 (Call 03/15/22)		31,527		30,493,690
2.50%, 10/15/22		30,680		29,554,256
2.63%, 02/15/23 (Call 01/15/23)		14,501		13,960,178
2.65%, 07/15/26 (Call 04/15/26)		40,033		36,568,608
2.95%, 11/15/24 (Call 09/15/24)		26,725		25,508,165
2.95%, 05/15/25 (Call 02/15/25)(a)		25,470		24,111,957
3.25%, 11/15/27 (Call 08/15/27)(a)		35,340		33,409,743
3.40%, 07/08/24 (Call 04/08/24)		25,600		25,138,657
3.63%, 07/15/23(a)		14,233		14,246,261
3.80%, 11/15/37 (Call 05/15/37)		23,337		21,262,408
3.85%, 07/15/36 (Call 01/15/36)		18,591		17,155,234
3.90%, 05/15/35 (Call 11/15/34)(a)		12,874		12,016,191
4.00%, 07/15/46 (Call 01/15/46)(a)		39,217		35,367,761
4.00%, 11/15/47 (Call 05/15/47)(a)		27,916		25,093,103
4.13%, 05/15/45 (Call 11/15/44)(a)		25,683		23,650,478
4.30%, 07/08/34 (Call 01/08/34)		17,168		16,855,560
4.38%, 05/15/55 (Call 11/15/54)(a)		2,104		1,969,070
4.50%, 07/08/44 (Call 01/08/44)(a)		9,175		8,943,378
5.38%, 07/15/40(a)		27,714		30,342,091
6.13%, 07/08/39(a)		10,866		12,917,971
6.50%, 04/15/38(a)		10,607		13,051,146
salesforce.com Inc.
3.25%, 04/11/23 (Call 03/11/23)(a)		4,899		4,840,894
3.70%, 04/11/28 (Call 01/11/28)		13,479		13,133,313
VMware Inc.
2.95%, 08/21/22 (Call 07/21/22)(a)		4,854		4,645,540
3.90%, 08/21/27 (Call 05/21/27)		19,716		17,983,015
				1,196,677,800
Telecommunications — 6.9%
AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)		8,733		8,305,937
3.00%, 02/15/22(a)		18,486		18,042,879
3.00%, 06/30/22 (Call 04/30/22)(a)		19,053		18,484,984
3.20%, 03/01/22 (Call 02/01/22)(a)		15,841		15,562,271
3.40%, 05/15/25 (Call 02/15/25)(a)		62,964		59,042,955
3.60%, 02/17/23 (Call 12/17/22)(a)		17,825		17,556,531
3.80%, 03/15/22(a)		15,573		15,549,545
3.80%, 03/01/24 (Call 01/01/24)(a)		14,659		14,379,627
3.88%, 08/15/21(a)		800		802,941
3.90%, 03/11/24 (Call 12/11/23)(a)		15,038		14,814,274
3.95%, 01/15/25 (Call 10/15/24)(a)		16,124		15,667,565
4.10%, 02/15/28 (Call 11/15/27)(a)(b)		32,315		30,718,636
4.13%, 02/17/26 (Call 11/17/25)(a)		27,929		27,051,705
4.25%, 03/01/27 (Call 12/01/26)(a)		25,834		25,036,466
4.30%, 02/15/30(b)		41,232		38,741,068
4.30%, 12/15/42 (Call 06/15/42)		27,291		22,465,777
4.35%, 06/15/45 (Call 12/15/44)		31,086		25,318,627
4.45%, 04/01/24 (Call 01/01/24)(a)		19,168		19,344,763
4.50%, 05/15/35 (Call 11/15/34)(a)		36,075		32,510,534
4.50%, 03/09/48 (Call 09/09/47)(a)		52,279		43,390,064
4.55%, 03/09/49 (Call 09/09/48)		27,357		22,633,663
4.75%, 05/15/46 (Call 11/15/45)		36,006		31,118,369
4.80%, 06/15/44 (Call 12/15/43)(a)		32,707		28,623,358
4.90%, 08/15/37 (Call 02/14/37)(b)		9,931		9,103,254
5.15%, 03/15/42		11,664		10,731,279

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
5.15%, 11/15/46(b)	$	24,101	$	21,845,132
5.15%, 02/15/50 (Call 08/14/49)(b)		30,920		27,757,586
5.25%, 03/01/37 (Call 09/01/36)		32,843		31,350,913
5.35%, 09/01/40(a)		21,548		20,548,046
5.45%, 03/01/47 (Call 09/01/46)(a)		27,390		25,964,019
5.55%, 08/15/41(a)		8,688		8,388,307
5.65%, 02/15/47 (Call 08/15/46)		17,163		16,651,882
5.70%, 03/01/57 (Call 09/01/56)		9,368		8,984,845
6.00%, 08/15/40 (Call 05/15/40)		17,242		17,561,799
6.38%, 03/01/41(a)		7,470		7,890,676
British Telecommunications PLC, 9.63%, 12/15/30		27,423		38,157,210
Cisco Systems Inc.
2.20%, 09/20/23 (Call 07/20/23)(a)		16,379		15,442,323
2.50%, 09/20/26 (Call 06/20/26)(a)		15,559		14,180,132
2.95%, 02/28/26(a)		13,163		12,481,145
3.63%, 03/04/24		13,419		13,472,918
5.50%, 01/15/40(a)		20,679		23,818,810
5.90%, 02/15/39		22,954		27,587,540
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		45,048		59,829,163
Motorola Solutions Inc., 3.75%, 05/15/22		1,732		1,704,554
Orange SA
4.13%, 09/14/21(a)		12,110		12,337,907
5.38%, 01/13/42(a)		7,289		7,766,330
5.50%, 02/06/44 (Call 08/06/43)(a)		5,484		5,925,540
9.00%, 03/01/31(a)		32,635		44,898,192
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)		10,148		10,249,174
4.30%, 02/15/48 (Call 08/15/47)(a)		5,314		4,923,542
5.00%, 03/15/44 (Call 09/15/43)(a)		20,207		20,394,675
Telefonica Emisiones SAU
4.10%, 03/08/27(a)		24,540		23,345,184
4.57%, 04/27/23(a)		9,492		9,689,339
4.67%, 03/06/38		13,802		12,366,472
4.90%, 03/06/48(a)		18,016		15,971,386
5.21%, 03/08/47(a)		34,979		32,665,545
7.05%, 06/20/36(a)		18,628		21,611,727
Telefonica Europe BV, 8.25%, 09/15/30(a)		8,896		11,218,181
Verizon Communications Inc.
2.63%, 08/15/26(a)		35,091		31,472,507
3.13%, 03/16/22		2,425		2,388,740
3.38%, 02/15/25		49,373		47,661,297
3.50%, 11/01/24 (Call 08/01/24)(a)		40,343		39,415,664
3.85%, 11/01/42 (Call 05/01/42)(a)		4,946		4,131,694
4.13%, 03/16/27(a)		46,790		46,316,785
4.13%, 08/15/46(a)		16,084		13,880,288
4.15%, 03/15/24 (Call 12/15/23)		7,930		8,036,120
4.27%, 01/15/36		34,515		31,744,871
4.33%, 09/21/28		178,176		176,344,440
4.40%, 11/01/34 (Call 05/01/34)		24,464		23,091,411
4.50%, 08/10/33(a)		21,813		21,063,952
4.52%, 09/15/48(a)		58,783		53,802,258
4.67%, 03/15/55		57,019		51,478,025
4.75%, 11/01/41		6,576		6,202,085
4.81%, 03/15/39(a)		11,386		11,020,903
4.86%, 08/21/46(a)		51,167		48,788,395
5.01%, 04/15/49		49,206		47,799,697
5.01%, 08/21/54(a)		62,331		59,329,095
5.15%, 09/15/23		3,290		3,486,007
5.25%, 03/16/37		29,967		30,797,338

Security	Par (000)		Value
Telecommunications (continued)
5.50%, 03/16/47(a)	$	13,478	$	14,058,481
6.55%, 09/15/43		5,691		6,560,292
Vodafone Group PLC
2.50%, 09/26/22(a)		12,625		12,010,604
2.95%, 02/19/23		16,791		16,082,022
3.75%, 01/16/24(a)		22,655		22,128,718
4.13%, 05/30/25(a)		20,645		20,195,608
4.38%, 05/30/28(a)		41,585		40,037,502
4.38%, 02/19/43		13,119		11,075,717
5.00%, 05/30/38(a)		15,116		14,191,830
5.25%, 05/30/48(a)		36,189		34,209,096
6.15%, 02/27/37		24,266		25,610,572
				2,166,389,280
Transportation — 1.1%
Burlington Northern Santa Fe LLC
3.85%, 09/01/23 (Call 06/01/23)		2,725		2,757,889
3.90%, 08/01/46 (Call 02/01/46)(a)		11,358		10,258,798
4.05%, 06/15/48 (Call 12/15/47)		8,793		8,131,145
4.13%, 06/15/47 (Call 12/15/46)(a)		7,536		7,057,444
4.15%, 04/01/45 (Call 10/01/44)(a)		12,789		12,050,848
4.15%, 12/15/48 (Call 06/15/48)(a)		10,617		9,982,917
4.45%, 03/15/43 (Call 09/15/42)(a)		9,878		9,732,219
4.55%, 09/01/44 (Call 03/01/44)		9,041		9,025,270
4.90%, 04/01/44 (Call 10/01/43)(a)		8,581		8,954,147
5.75%, 05/01/40 (Call 11/01/39)(a)		8,762		10,042,548
Canadian Pacific Railway Co., 6.13%, 09/15/15 (Call 03/15/15)		2,686		3,001,226
CSX Corp.
2.60%, 11/01/26 (Call 08/01/26)(a)		439		392,877
3.25%, 06/01/27 (Call 03/01/27)		15,145		14,089,821
3.80%, 03/01/28 (Call 12/01/27)(a)		10,926		10,537,586
3.80%, 11/01/46 (Call 05/01/46)(a)		3,765		3,242,949
4.10%, 03/15/44 (Call 09/15/43)		12,408		11,182,202
4.30%, 03/01/48 (Call 09/01/47)(a)		12,244		11,291,107
FedEx Corp.
3.25%, 04/01/26 (Call 01/01/26)(a)		12,389		11,708,809
4.00%, 01/15/24(a)		8,040		8,161,608
4.05%, 02/15/48 (Call 08/15/47)		21,044		17,820,661
4.40%, 01/15/47 (Call 07/15/46)(a)		9,545		8,565,437
4.55%, 04/01/46 (Call 10/01/45)		8,239		7,591,912
4.75%, 11/15/45 (Call 05/15/45)(a)		19,181		18,202,541
5.10%, 01/15/44(a)		8,522		8,444,047
Union Pacific Corp.
3.80%, 10/01/51 (Call 04/01/51)(a)		9,374		7,806,372
3.95%, 09/10/28 (Call 06/10/28)		23,173		22,757,592
4.16%, 07/15/22 (Call 04/15/22)		7,050		7,199,283
4.38%, 09/10/38 (Call 03/10/38)		9,130		8,876,711
4.50%, 09/10/48 (Call 03/10/48)(a)		17,164		16,628,923
United Parcel Service Inc.
2.45%, 10/01/22		4,064		3,908,404
2.50%, 04/01/23 (Call 03/01/23)		17,284		16,586,610
3.05%, 11/15/27 (Call 08/15/27)(a)		12,445		11,668,364
3.75%, 11/15/47 (Call 05/15/47)(a)		12,621		11,065,991
6.20%, 01/15/38		20,975		25,240,583
				353,964,841

2 0 1 8    i S H A R E S    S E M I -  A N N U A L    R E P O R T    T O    S H A R E H O L  D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® iBoxx $ Investment Grade Corporate  Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
Water — 0.1%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)	$	18,656	$	16,320,767
6.59%, 10/15/37(a)		1,762		2,169,771
				18,490,538
Total Corporate Bonds & Notes — 98.7% (Cost: $33,001,335,220)				30,838,465,375
Short-Term Investments
Money Market Funds — 9.3%
BlackRock Cash Funds: Institutional, SLAgency Shares, 2.36%(e)(f)(g)		2,754,937		2,755,488,032
BlackRock Cash Funds: Treasury, SLAgency Shares, 2.11%(e)(f)		144,476		144,475,838
				2,899,963,870
Total Short-Term Investments — 9.3% (Cost: $2,899,449,783)				2,899,963,870
Total Investments in Securities — 108.0% (Cost: $35,900,785,003)				33,738,429,245
Other Assets, Less Liabilities — (8.0)%				(2,490,397,672	)
Net Assets — 100.0%			$	31,248,031,573

^(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.

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 October 31, 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	$	—	$	30,838,465,375	$	—	$	30,838,465,375
Money Market Funds		2,899,963,870		—		—		2,899,963,870
	$	2,899,963,870	$	30,838,465,375	$	—	$	33,738,429,245

S C H E D U L E    O F    I N V E S T M E N T S

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2018

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	13,875,347,265		$	30,698,840,340
Affiliated(c)		3,521,495,377			3,039,588,905
Cash		29,756			944,201
Receivables:
Investments sold		8,292,152			202,125,079
Securities lending income — Affiliated		1,756,741			662,848
Capital shares sold		—			3,165,260
Securities related to in-kind transactions		19,501,527			552,190
Dividends		237,785			185,719
Interest		223,363,181			333,693,316
Total assets		17,650,023,784			34,279,757,858
LIABILITIES
Collateral on securities loaned, at value		3,372,835,626			2,754,820,988
Payables:
Investments purchased		86,661,916			272,335,801
Capital shares redeemed		2,919,961			40,776
Securities related to in-kind transactions		4,460,965			531,980
Investment advisory fees		6,022,941			3,996,740
Total liabilities		3,472,901,409			3,031,726,285
NET ASSETS	$	14,177,122,375		$	31,248,031,573
NET ASSETS CONSIST OF:
Paid-in capital	$	15,820,056,840		$	33,742,076,332
Accumulated loss		(1,642,934,465	)		(2,494,044,759	)
NET ASSETS	$	14,177,122,375		$	31,248,031,573
Shares outstanding		168,100,000			278,400,000
Net asset value	$	84.34		$	112.24
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a)  Securities loaned, at value	$	3,210,788,492		$	2,604,461,120
(b)  Investments, at cost — Unaffiliated	$	14,701,911,854		$	32,861,196,098
(c)  Investments, at cost — Affiliated	$	3,521,495,377		$	3,039,588,905

2 0 1 8    i S H A R E S    S E M I -  A N N U A L    R E P O R T    T O    S H A R E H O L  D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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%, 09/15/20a		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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S h a r e s    A n n u a l    R  e p o r t    t o    S h a r e h o l d e r s

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S  O F  I N  V E S T M E N T S

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

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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

S C H E D U L E S  O F  I N  V E S T M E N T S

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 121.78%	$	18,597,174,227
(Cost: $19,230,849,046)
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.

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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.

S C H E D U L E S  O F  I N  V E S T M E N T S

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

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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

S C H E D U L E S    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    OF    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    OF    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    OF    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    OF    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    OF    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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
6.25%, 10/01/39a		9,862		11,043,085

Security	Principal (000s)		Value
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

S C H E D U L E S    OF    I N V E S T M E N T S

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
3.20%, 02/10/27 (Call 11/10/26)a		4,955		4,721,668

Security	Principal (000s)		Value
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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    OF    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    OF    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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%, 11/16/25a		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

S C H E D U L E S    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E S    O F    I N V E S T M E N T S

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

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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

S C H E D U L E S    O F    I N V E S T M E N T S

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.

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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.

S C H E D U L E S    O F    I N V E S T M E N T S

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.

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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.

F I N A N C I A L    S T A T E M E N T S

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.

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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.

F I N A N C I A L    S T A T E M E N T S

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.

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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.

F I N A N C I A L    H I G  H L I G H T S

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

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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.

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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

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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	$	—

N O T E S    T O    F I N  A N C I A L    S T A T E M E N T S

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).

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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.

N O T E S    T O    F I N  A N C I A L    S T A T E M E N T S

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

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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.

N O T E S    T O    F I N  A N C I A L    S T A T E M E N T S

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.

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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.

N O T E S    T O    F I N  A N C I A L    S T A T E M E N T S

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.

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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.

R E P O R T    O F    I N  D E P E N D E N T    R E G I S T E R E D    P U B L I C     A C C O U N T I N G    F I R M

	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.

OCTOBER 31, 2018    

2018 ANNUAL REPORT

    iShares U.S. ETF Trust

    u iShares Interest Rate Hedged Long-Term Corporate Bond ETF  |  IGBH  |  NYSE Arca

Table of Contents

	Page
Market Overview		5
Fund Summary		6
About Fund Performance		8
Shareholder Expenses		8
Schedule of Investments		9
Financial Statements
Statement of Assets and Liabilities		11
Statement of Operations		12
Statements of Changes in Net Assets		13
Financial Highlights		14
Notes to Financial Statements		15
Report of Independent Registered Public Accounting Firm		21
Important Tax Information (Unaudited)		22
Board Review and Approval of Investment Advisory Contract		23
Supplemental Information		25
Trustee and Officer Information		26
General Information		28
Glossary of Terms Used in this Report		29
Additional Financial Information		30

Market Overview

iShares U.S. ETF Trust

U.S. Bond Market Overview

The U.S. bond market declined for the 12 months ended October 31, 2018 (“reporting period”). The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -2.05%. The negative return for U.S. bonds was primarily due to a stronger U.S. economy and higher interest rates. Driven in part by the stimulative effect of federal tax reform legislation, the U.S. economy grew by 3% for the 12 months ended September 2018, its highest year-over-year growth rate in more than three years. Key components of the strengthening economy included the job market, where the unemployment rate declined to its lowest level since December 1969; industrial production, which increased at its sharpest year-over-year pace in nearly eight years; and retail sales, which accelerated for much of the reporting period before slowing in the last two months.

Faster economic growth led to higher inflation, though it remained low by historical standards. As measured by the consumer price index, the year-over-year U.S. inflation rate rose to 2.9% in mid-2018 — its fastest rate in more than six years — before falling back to 2.3% by the end of the reporting period. By comparison, the long-term historical average inflation rate is 3.3%.

In this environment, the U.S. Federal Reserve Bank (“Fed”) continued its efforts to normalize monetary policy. The Fed increased short-term interest rates four times during the reporting period, increasing its short-term interest rate target to 2.25%, the highest level in more than a decade. In addition, the Fed reduced its holdings of U.S. Treasury and mortgage-backed securities by approximately 7% during the reporting period, after quadrupling its holdings in response to the 2008 financial crisis.

Interest rates increased broadly in response to the improving economy and higher inflation. Short-term interest rates increased the most, reflecting the Fed’s actions. For example, the yield of the two-year U.S. Treasury note increased from 1.60% to 2.87% during the reporting period. Longer-term interest rates rose to a lesser degree; the yield of the 30-year U.S. Treasury bond increased from 2.88% to 3.39%. These developments led to the narrowest yield difference, or spread, between short-term and longer-term U.S. Treasury securities in more than 11 years.

Higher interest rates had the most significant impact on U.S. Treasury securities, which typically have greater sensitivity to changes in interest rates compared with other higher-yielding sectors of the bond market. Consequently, the prices of U.S. Treasury bonds declined as interest rates increased during the reporting period. U.S. Treasury inflation-protected securities also declined but to a lesser degree as the inflation rate increased.

Corporate bonds posted mixed returns for the reporting period. Despite the positive economic environment, investment-grade corporate bonds declined the most among the major bond sectors. In addition to higher interest rates, investor concerns about high corporate debt levels, a decline in average credit quality, and relatively high valuations contributed to the weakness in investment-grade corporate bonds. In contrast, high-yield corporate bonds, which have lower credit ratings, performed relatively well, as their higher yields buffered price declines. Strong investor demand for yield, lower issuance levels, and limited interest rate sensitivity contributed to the positive performance of high-yield corporate bonds.

Among securitized bonds, asset-backed securities (bonds backed by credit card receivables, auto loans, and other debt) posted positive returns for the reporting period, benefiting from their higher yields and relatively short maturities. Mortgage-backed securities, both residential and commercial, declined but to a lesser degree than the broader bond market.

M A R K E T    O V E R V I  E W 5

Fund Summary as of October 31, 2018   iShares^® Interest Rate  Hedged Long-Term Corporate Bond ETF  

Investment Objective

The iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund”) (formerly the iShares Interest Rate Hedged 10+ Year Credit Bond ETF) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated investment-grade corporate bonds 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 Long-Term Corporate Bond ETF (formerly 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.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.66	%		3.92	%		2.66	%		13.44	%
Fund Market		2.46			3.91			2.46			13.39
Index(a)		2.96			4.62			2.96			15.94
Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index		2.82			4.58			2.82			15.79
ICE Q70A Custom Index(b)		N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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.

The ICE Q70A Custom Index is an unmanaged index that consists of the ICE BofAML 10+ Year US Corporate Index plus interest rate swaps that intend to hedge the interest rate exposure of the ICE BofAML 10+ Year US Corporate Index.

^(a)  Reference Index performance through July 31, 2018 reflects the performance of the Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index. Index performance beginning on August 1, 2018 reflects the performance of the ICE Q70A Custom Index, which, effective as of August 1, 2018, replaced the Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index as the reference index of the Fund. The ICE Q70A Custom Index more accurately reflects the investment strategy of the Fund because the underlying fund traces the ICE BofAML 10+ Year US Corporate Index as of August 1, 2018.

^(b)  The inception date of the ICE Q70A Custom Index was December 31, 2017. The cumulative total return of this index for the period December 31, 2017 through October 31, 2018 was 0.85%.

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.

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Fund Summary as of October 31, 2018 (continued)     iShares^® Interest Rate  Hedged Long-Term Corporate Bond ETF

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (05/01/18)		Ending Account Value (10/31/18)		Expenses Paid During the Period (a)		Beginning Account Value (05/01/18)		Ending Account Value (10/31/18)		Expenses Paid During the Period (a)		Annualized Expense Ratio
	$  1,000.00		$1,005.30		$0.51		$1,000.00		$1,024.70		$0.51		0.10	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Management Commentary

The Fund posted a positive return for the reporting period, as interest rate hedging offset the increase in interest rates and decline in long-term investment-grade corporate bond prices. The interest rate hedge was the largest contributor to the Fund’s return. Increasing interest rates reduce the value of existing bonds, meaning a rise in interest rates typically detracts from bond fund performance. Conversely, falling interest rates usually serve to increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and Treasury futures contracts.

The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of long-term corporate bonds.

In terms of the Fund’s underlying securities, industrial bonds, which made upapproximately 62% of the Fund on average during the reporting period, were the largest detractors from the Fund’s return. Within the sector, consumer non-cyclical companies detracted the mostfrom the Fund’s performance, particularly in the pharmaceuticals and food and beverage industries. Global food and beverage companies were negatively affected by currency fluctuations, especially in emerging markets, while pharmaceutical companies were affected by issues ranging from concerns over drug pricing to global regulations for multinational drug manufacturers. The utilities sector also detracted from the Fund’s performance, as Moody’s Investors Service placed a negative outlook on the regulated utilities industry. Bonds issued by energy companies declined despite rising energy prices. Acquisitions in the heavily indebted cable industry and credit downgrades for two large multinational manufacturing companies also detracted from the Fund’s performance in the communications and capital goods industries.

Bonds in the financial sector also detracted significantly from the Fund’s return, driven by weak performance in the banking industry. Banks contended with deposit pricing pressures that could restrict growth in lending profits, as well as trade disputes and rising tariffs that dampened long-term growth expectations.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments(a)
Aaa		3.0	%
Aa		6.6
A		36.1
Baa		49.8
Ba		3.3
Not Rated		1.2

ALLOCATION BY MATURITY
Maturity	Percent of Total Investments(a)
5-10 Years		0.2	%
10-15 Years		8.8
15-20 Years		21.6
More than 20 Years		69.4

* 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.

^(a)  Excludes money market funds.

F U N D    S U M M A R  Y 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 ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

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Schedule of Investments   October 31, 2018 iShares^® Interest Rate  Hedged Long-Term Corporate Bond ETF   (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 93.1%
iShares Long-Term Corporate Bond ETF(a)(b)		966,877	$	53,971,075
Total Investment Companies — 93.1% (Cost: $57,123,639)				53,971,075
Short-Term Investments
Money Market Funds — 17.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.36%(a)(c)(d)		9,059,128		9,060,940
BlackRock Cash Funds Treasury, SL Agency Shares, 2.11%(a)(c)		770,488		770,488
				9,831,428
Total Short-Term Investments — 17.0% (Cost: $9,832,318)				9,831,428
Total Investments in Securities — 110.1% (Cost: $66,955,957)				63,802,503
Other Assets, Less Liabilities — (10.1)%				(5,848,975	)
Net Assets — 100.0%			$	57,953,528

^(a)  Affiliate of the Fund.

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

^(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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 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 10/31/18		Value at 10/31/18		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		9,059,128	(b)		—			9,059,128	$	9,060,940	$	44,026	(c)	$	(170	)	$	(890	)
BlackRock Cash Funds: Treasury, SL Agency Shares		13,582		756,906	(b)		—			770,488		770,488		9,160			—			—
iShares Long-Term Corporate Bond ETF		237,854		754,054			(25,031	)		966,877		53,971,075		1,275,194			(71,063	)		(3,953,188	)
											$	63,802,503	$	1,328,380		$	(71,233	)	$	(3,954,078	)

^(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.

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund				Effective Date	Termination Date		Notional Amount (000)						Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate(a)		Frequency								Value
2.38%		Semi-annual		2.56%		Quarterly	N/A		01/12/23	$	(6,356	)	$	187,848		$	166,810		$	21,038
2.47		Semi-annual		2.56		Quarterly	N/A		01/12/25		(100	)		3,961			3,897			64
1.44		Semi-annual		2.56		Quarterly	N/A		12/08/26		(8,566	)		1,088,816			586,100			502,716
3.25		Semi-annual		2.56		Quarterly	N/A		10/18/28		(2,100	)		686			371			315
2.34		Semi-annual		2.56		Quarterly	N/A		12/08/36		(25,822	)		3,605,549			2,363,712			1,241,837
1.77		Semi-annual		2.56		Quarterly	N/A		12/08/46		(13,647	)		4,046,430			3,585,386			461,044
3.33		Semi-annual		2.56		Quarterly	N/A		10/24/48		(3,674	)		(2,662	)		(32,694	)		30,032
													$	8,930,628		$	6,673,582		$	2,257,046

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

S C H E D U L E    O F    I N V E S T M E N T S 9

Schedule of Investments (continued)   October 31, 2018 iShares^® Interest Rate  Hedged Long-Term Corporate Bond ETF  

Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)		$6,706,276		$(32,694	)		$2,257,046		$—

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2018, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Net unrealized appreciation(a)	$	2,257,046

^(a)  Represents cumulative appreciation (depreciation) of centrally cleared interest rate swaps contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.

For the year ended October 31, 2018, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	1,511,712
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	1,469,289

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	38,155,019

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	53,971,075	$	—	$	—	$	53,971,075
Money Market Funds		9,831,428		—		—		9,831,428
	$	63,802,503	$	—	$	—	$	63,802,503
Derivative financial instruments(a)
Assets
Swaps	$	—	$	2,257,046	$	—	$	2,257,046

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

See notes to financial statements.

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Statement of Assets and Liabilities

October 31, 2018

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	63,802,503
Cash pledged:
Centrally cleared swaps		2,846,000
Receivables:
Securities lending income — Affiliated		15,398
Variation margin on centrally cleared swaps		356,842
Dividends		1,937
Total assets		67,022,680
LIABILITIES
Bank overdraft		2,546
Collateral on securities loaned, at value		9,062,000
Payables:
Investment advisory fees		4,606
Total liabilities		9,069,152
NET ASSETS	$	57,953,528
NET ASSETS CONSIST OF:
Paid-in capital	$	58,033,894
Accumulated loss		(80,366	)
NET ASSETS	$	57,953,528
Shares outstanding		2,250,000
Net asset value	$	25.76
Shares authorized		Unlimited
Par value		None
(a)   Securities loaned, at value	$	8,797,232
(b)   Investments, at cost — Affiliated	$	66,955,957

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 11

Statement of Operations

Year Ended October 31, 2018

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	1,284,354
Interest — Unaffiliated		2,843
Securities lending income — Affiliated — net		44,026
Total investment income		1,331,223
EXPENSES
Investment advisory fees		117,695
Proxy fees		1
Total expenses		117,696
Less:
Investment advisory fees waived		(84,068	)
Total expenses after fees waived		33,628
Net investment income		1,297,595
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(71,233	)
Swaps		1,511,712
Net realized gain		1,440,479
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(3,954,078	)
Swaps		1,469,289
Net change in unrealized appreciation (depreciation)		(2,484,789	)
Net realized and unrealized loss		(1,044,310	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	253,285

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
	Year Ended 10/31/18			Year Ended 10/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,297,595		$	429,980
Net realized gain (loss)		1,440,479			(29,043	)
Net change in unrealized appreciation (depreciation)		(2,484,789	)		825,105
Net increase in net assets resulting from operations		253,285			1,226,042
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
From net investment income		(1,132,375	)		(352,551	)
Return of capital		—			(7,976	)
Decrease in net assets resulting from distributions to shareholders		(1,132,375	)		(360,527	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		43,246,927			6,296,970
NET ASSETS
Total increase in net assets		42,367,837			7,162,485
Beginning of year		15,585,691			8,423,206
End of year	$	57,953,528		$	15,585,691

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Prior year distribution character information has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 13

Financial Highlights

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
											Period From
		Year Ended			Year Ended			Year Ended			07/22/15	(a)
	10/31/18			10/31/17			10/31/16			to 10/31/15
Net asset value, beginning of period	$	25.98		$	24.07		$	24.08		$	25.10
Net investment income(b)		1.01			0.91			0.89			0.26
Net realized and unrealized gain (loss)(c)		(0.32	)		1.78			(0.28	)		(1.09	)
Net increase (decrease) from investment operations		0.69			2.69			0.61			(0.83	)
Distributions(d)
From net investment income		(0.91	)		(0.76	)		(0.60	)		(0.13	)
Return of capital		—			(0.02	)		(0.02	)		(0.06	)
Total distributions		(0.91	)		(0.78	)		(0.62	)		(0.19	)
Net asset value, end of period	$	25.76		$	25.98		$	24.07		$	24.08
Total Return
Based on net asset value		2.66	%		11.36	%		2.49	%(e)		(3.19	)%(e)(f)
Ratios to Average Net Assets
Total expenses(g)		0.35	%		0.35	%		0.35	%		0.35	%(h)
Total expenses after fees waived(g)		0.10	%		0.10	%		0.10	%		0.12	%(h)
Net investment income		3.86	%		3.62	%		3.78	%		3.80	%(h)
Supplemental Data
Net assets, end of period (000)	$	57,954		$	15,586		$	8,423		$	8,429
Portfolio turnover rate(i)(j)		5	%		6	%		9	%		4	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(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)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(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)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

^(j)  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

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Notes to Financial Statements

1. ORGANIZATION

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 is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

iShares ETF	Diversification   Classification
Interest Rate Hedged Long-Term Corporate Bond(a)		Diversified

 ^(a)   Formerly the iShares Interest Rate Hedged 10+ Year Credit Bond ETF.

Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedule of investments for the underlying fund should be read in conjunction with the Fund’s financial statements.

2. 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 increases and decreases in net assets from operations 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.

Investment Transactions and Income Recognition: Investment 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.

In-kind Redemptions: For financial reporting purposes, 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 net asset value per share.

Distributions: 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 Standards: In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Fund.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) 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. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or 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 may be valued at the last traded price.

• Investments in 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.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price

N O T E S    T O    F I N  A N C I A L    S T A T E M E N T S 15

Notes to Financial Statements (continued)

is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. 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.

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, regular reviews 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 and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.

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.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. 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 price quotations 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, but not limited to, quoted prices for similar assets or liabilities in markets that are active, 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 interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3��– Unobservable inputs 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 financial instruments).

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 into or out of an assigned level within the 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 a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: The Fund may lend its 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 market 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 and any additional required collateral is delivered to the Fund or 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.

As of October 31, 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 BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates 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, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2018 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “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 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, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

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Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of October 31, 2018:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Interest Rate Hedged Long-Term Corporate Bond
JPMorgan Securities LLC	$	8,797,232	$	8,797,232		$	—	$	—

 ^(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.

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 the 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 market 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. Such losses are borne entirely by the Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Swaps: Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange 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 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.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). The Fund enters into centrally cleared 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 shown as cash pledged for centrally cleared swaps on the statement of assets and liabilities. The daily change in valuation of centrally cleared swaps is recorded as variation margin receivable or payable on centrally cleared swaps in the statement of assets and liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the statement of operations. Upfront payments and receipts are shown as swap premiums paid and swap premiums received in the statement of assets and liabilities 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 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.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: 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 0.35%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: 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 are a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 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 Long-Term Corporate Bond ETF (“IGLB”), after taking into account any fee waivers by IGLB, plus 0.10%.

Distributor: 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational

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Notes to Financial Statements (continued)

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, or its affiliates, 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 (which excludes collateral investment fees) 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.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its statement of operations. For the year ended October 31, 2018, the Fund paid BTC $10,339 for securities lending agent services.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock for 1940 Act purposes.

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 shown as dividends – affiliated in the statement of operations.

7. PURCHASES AND SALES

For the year ended October 31, 2018, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Interest Rate Hedged Long-Term Corporate Bond	$	4,337,298	$	1,508,261

For the year ended October 31, 2018, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Interest Rate Hedged Long-Term Corporate Bond	$	40,352,741	$	—

8. 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.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/18		Year Ended 10/31/17
Interest Rate Hedged Long-Term Corporate Bond
Ordinary income	$	1,132,375	$	352,551
Return of capital		—		7,976
	$	1,132,375	$	360,527

As of October 31, 2018, the tax components of accumulated net earnings (losses) were as follows:

		Undistributed		Undistributed		Net Unrealized
iShares ETF		Ordinary Income		Long-Term Capital Gains		Gains (Losses)	(a)		Total
Interest Rate Hedged Long-Term Corporate Bond	$	9,750	$	897,920	$	(988,036)		$	(80,366)

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Notes to Financial Statements (continued)

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

For the year ended October 31, 2018, the Fund utilized $758,135 of its capital loss carryforwards.

As of October 31, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) 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 Long-Term Corporate Bond	$	67,047,585	$	2,257,046	$	(3,245,082)	$	(988,036)

9. 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.

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 price 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.

Concentration Risk: 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.

10. 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 were as follows:

	Year Ended 10/31/18				Year Ended 10/31/17
iShares ETF	Shares		Amount		Shares		Amount
Interest Rate Hedged Long-Term Corporate Bond
Shares sold		1,650,000	$	43,246,927		250,000	$	6,296,970

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

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Notes to Financial Statements (continued)

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 shares sold in the table above.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) 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.

12. REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Fund has adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended October 31, 2017 were classified as follows:

iShares ETF	Net Investment Income		Return of   capital
Interest Rate Hedged Long-Term Corporate Bond	$	352,551	$	7,976

13. 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 additional disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and

Shareholders of iShares Interest Rate Hedged Long-Term Corporate Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Interest Rate Hedged Long-Term Corporate Bond ETF (one of the funds constituting iShares U.S. ETF Trust, referred to hereafter as the “Fund”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2018 and for the period July 22, 2015 (commencement of operations) through October 31, 2015 (hereafter 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 October 31, 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 October 31, 2018 and the financial highlights for each of the three years in the period ended October 31, 2018 and for the period July 22, 2015 (commencement of operations) through October 31, 2015 in conformity with accounting principles generally accepted in the United States of America.

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 October 31, 2018 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 21, 2018

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

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Important Tax Information (unaudited)

For the fiscal year ended October 31, 2018, the Fund hereby designates the following maximum amount allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:

iShares ETF	Interest-Related   Dividends
Interest Rate Hedged Long-Term Corporate Bond	$	876,210

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

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Board Review and Approval of Investment Advisory Contract

I. iShares Interest Rate Hedged Long-Term Corporate Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At a meeting on May 11, 2018, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 24, 2018, management presented additional information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its initial meeting. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 12-14, 2018, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses and Performance 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, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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 higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2017, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the prior year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s reference benchmark.

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

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 12-14, 2018 meeting and throughout the year, and matters related to BFA’s portfolio compliance policies and procedures.

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

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Board Review and Approval of Investment Advisory Contract (continued)

Costs of Services Provided to Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board further noted that it considered the supplemental information the 15(c) Committee requested, which BlackRock provided, regarding the methodology. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and showed how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that a breakpoint structure for the Fund may be appropriate should material economies of scale exist in the future that are not otherwise shared, 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 of the sharing of scale benefits, as well as the other factors considered at the meeting, the Board concluded that the information concerning the sharing of scale benefits supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, 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, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for 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: The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA (or its 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 revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Interest Rate Hedged Long-Term Corporate Bond	$	0.907750	$	—	$	—	$	0.907750		100	%		—	%		—	%		100	%

Premium/Discount Information

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

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

Premium/discount information for the Fund covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or since the Fund began trading, if shorter) is publicly accessible, free of charge, at www.iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Fund for the immediately preceding five calendar years (or from the date the Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Interest Rate Hedged Long-Term Corporate Bond ETF

Period Covered: July 23, 2015 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of     Total Days
Greater than 1.5% and Less than 2.0%		1		0.12%
Greater than 1.0% and Less than 1.5%		8		1.00
Greater than 0.5% and Less than 1.0%		33		4.11
Greater than 0.0% and Less than 0.5%		418		52.06
At NAV		20		2.49
Less than 0.0% and Greater than –0.5%		304		37.86
Less than –0.5% and Greater than –1.0%		17		2.12
Less than –1.0% and Greater than –1.5%		1		0.12
Less than –1.5% and Greater than –2.0%		1		0.12
		803		100.00%

S U P P L E M E N T A L    I N F O R M A T I O N 25

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 343 funds as of October 31, 2018. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, Mr. Park, Mr. Small and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (61)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Mark K. Wiedman(b) (47)	Trustee (since 2013).	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

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

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

		Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (69)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (62)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since (2016).
Richard L. Fagnani (63)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information (continued)

		Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Charles A. Hurty (75)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (63)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (59)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (54)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (43)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (59)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Charles Park (51)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Benjamin Archibald (43)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised Mutual Funds (since 2012).
Steve Messinger (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Scott Radell (49)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (57)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

T R U S T E E    A N D    O F F I C E R    I N F O R M A T I O N 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 at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

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.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income

LIBOR             London Interbank Offered Rate

G L O S S A R Y    O F    T E R M S    U S E D    I N    T H I S    R E P O R  T 29

Additional Financial Information

Schedule of Investments (Unaudited)

October 31, 2018

Statement of Assets and Liabilities (Unaudited)

October 31, 2018

Audited Financial Statements

February 28, 2018

iShares Trust

iShares Long-Term Corporate Bond ETF | IGLB | NYSE Arca

Schedule of Investments (unaudited)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.1%
WPP Finance 2010
5.13%, 09/07/42	$	130	$	121,218
5.63%, 11/15/43		254		249,793
				371,011
Aerospace & Defense — 2.0%
Boeing Co. (The)
3.38%, 06/15/46 (Call 12/15/45)		200		170,149
3.55%, 03/01/38 (Call 09/01/37)(a)		130		119,339
3.65%, 03/01/47 (Call 09/01/46)		200		178,111
3.85%, 11/01/48 (Call 05/01/48)		75		69,401
5.88%, 02/15/40		250		300,070
6.63%, 02/15/38		16		20,661
6.88%, 03/15/39		182		242,132
General Dynamics Corp., 3.60%, 11/15/42 (Call 05/15/42)(a)		300		272,068
Harris Corp.
4.85%, 04/27/35 (Call 10/27/34)		175		177,641
5.05%, 04/27/45 (Call 10/27/44)		200		205,947
6.15%, 12/15/40		100		115,656
Lockheed Martin Corp.
3.60%, 03/01/35 (Call 09/01/34)		350		315,888
3.80%, 03/01/45 (Call 09/01/44)		450		401,193
4.07%, 12/15/42		390		363,657
4.09%, 09/15/52 (Call 03/15/52)		545		492,719
4.50%, 05/15/36 (Call 11/15/35)		250		251,116
4.70%, 05/15/46 (Call 11/15/45)(a)		300		304,096
Series B, 6.15%, 09/01/36(a)		250		293,438
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		95		82,992
4.03%, 10/15/47 (Call 04/15/47)		675		601,978
4.75%, 06/01/43		300		299,277
5.05%, 11/15/40		100		103,365
Northrop Grumman Systems Corp., 7.75%, 02/15/31		250		326,081
Raytheon Co.
4.20%, 12/15/44 (Call 06/15/44)		100		98,842
4.70%, 12/15/41		250		264,649
4.88%, 10/15/40		137		147,157
Rockwell Collins Inc.
4.35%, 04/15/47 (Call 10/15/46)		400		370,401
4.80%, 12/15/43 (Call 06/15/43)		150		148,242
United Technologies Corp.
3.75%, 11/01/46 (Call 05/01/46)		420		349,500
4.05%, 05/04/47 (Call 11/04/46)		370		323,976
4.13%, 11/16/28 (Call 08/16/28)		500		491,097
4.15%, 05/15/45 (Call 11/16/44)		400		357,025
4.50%, 06/01/42		1,165		1,103,224
4.63%, 11/16/48 (Call 05/16/48)(a)		775		745,542
5.40%, 05/01/35		121		128,278
5.70%, 04/15/40		280		306,093
6.05%, 06/01/36		150		169,351
6.13%, 07/15/38		200		227,608
7.50%, 09/15/29		330		413,908
				11,351,868
Agriculture — 1.2%
Altria Group Inc.
3.88%, 09/16/46 (Call 03/16/46)		425		351,684
4.25%, 08/09/42		375		329,890
4.50%, 05/02/43		350		319,409
5.38%, 01/31/44		500		509,127

Security	Par (000)		Value
Agriculture (continued)
Archer-Daniels-Midland Co.
4.02%, 04/16/43	$	349	$	324,930
4.54%, 03/26/42		378		380,314
BAT Capital Corp.
4.39%, 08/15/37 (Call 02/15/37)(b)		930		824,335
4.54%, 08/15/47 (Call 02/15/47)(b)		725		631,272
Philip Morris International Inc.
3.88%, 08/21/42		275		234,537
4.13%, 03/04/43		325		286,988
4.25%, 11/10/44		425		382,618
4.38%, 11/15/41		200		182,722
4.50%, 03/20/42		230		216,124
4.88%, 11/15/43(a)		250		245,370
6.38%, 05/16/38		525		606,344
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		250		255,477
5.85%, 08/15/45 (Call 02/15/45)		635		652,216
6.15%, 09/15/43		150		158,406
7.25%, 06/15/37		103		122,555
				7,014,318
Apparel — 0.2%
NIKE Inc.
3.38%, 11/01/46 (Call 05/01/46)		255		214,185
3.63%, 05/01/43 (Call 11/01/42)		400		355,253
3.88%,11/01/45 (Call 05/01/45)		225		207,527
VF Corp., 6.45%, 11/01/37		125		153,060
				930,025
Auto Manufacturers — 0.9%
Daimler Finance North America LLC, 8.50%,01/18/31		575		783,955
Ford Motor Co.
4.75%, 01/15/43		500		393,339
5.29%, 12/08/46 (Call 06/08/46)		600		504,119
6.63%, 10/01/28		216		222,163
7.40%, 11/01/46		144		150,954
7.45%, 07/16/31		725		763,015
General Motors Co.
5.00%, 04/01/35		405		353,826
5.15%, 04/01/38 (Call 10/01/37)		400		353,139
5.20%, 04/01/45(a)		330		285,732
5.40%, 04/01/48 (Call 10/01/47)(a)		250		220,782
6.25%, 10/02/43		400		382,816
6.60%, 04/01/36 (Call 10/01/35)		425		434,923
6.75%, 04/01/46 (Call 10/01/45)		340		347,387
				5,196,150
Auto Parts & Equiptment — 0.0%
Aptiv PLC, 4.40%, 10/01/46 (Call 04/01/46)		100		86,709
BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)		185		168,698
				255,407
Banks — 7.8%
Bank of America Corp.
3.95%, 01/23/49 (Call 01/23/48)(a)(c)(d)		675		593,232
4.24%, 04/24/38 (Call 04/24/37)(a)(c)(d)		500		472,467
4.44%, 01/20/48 (Call 01/20/47)(c)(d)		450		428,589
4.88%, 04/01/44		100		100,711
5.00%, 01/21/44		325		332,293
5.88%, 02/07/42		450		513,389
6.11%, 01/29/37		900		1,006,342
7.75%, 05/14/38		675		883,421
Series L, 4.75%, 04/21/45		8		7,864

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Bank of America N.A., 6.00%, 10/15/36	$	400	$	454,188
Bank of New York Mellon Corp. (The)
3.00%, 10/30/28 (Call 07/30/28)		135		122,182
3.30%, 08/23/29 (Call 05/23/29)		750		693,356
Barclays PLC
4.95%, 01/10/47(a)		500		445,687
5.25%, 08/17/45		500		469,169
BNP Paribas SA, 7.20%, (Call 06/25/37)(b)(c)(d)(e)		200		208,368
Citigroup Inc.
3.88%, 01/24/39 (Call 01/24/38)(c)(d)		100		88,716
4.28%, 04/24/48 (Call 04/24/47)(c)(d)		325		297,955
4.65%, 07/30/45		475		454,251
4.65%, 07/23/48 (Call 06/23/48)		350		337,999
4.75%, 05/18/46		550		512,906
5.30%, 05/06/44		320		322,418
5.88%, 02/22/33		50		54,400
5.88%, 01/30/42		475		536,563
6.00%, 10/31/33		200		219,992
6.13%, 08/25/36		282		309,502
6.63%, 06/15/32		560		650,674
6.68%, 09/13/43		425		500,574
8.13%, 07/15/39		720		1,005,297
Commonwealth Bank of Australia, 4.32%, 01/10/48(a)(b)		550		477,819
Cooperatieve Rabobank UA
5.25%, 05/24/41(a)		645		701,471
5.25%, 08/04/45		291		295,473
5.75%, 12/01/43		350		381,237
Credit Suisse Group Funding Guernsey Ltd., 4.88%, 05/15/45(a)		636		620,142
Fifth Third Bancorp., 8.25%, 03/01/38		405		541,139
First Republic Bank/CA, 4.38%, 08/01/46 (Call 02/01/46)		250		224,432
Goldman Sachs Group Inc. (The)
4.02%, 10/31/38 (Call 10/31/37)(c)(d)		575		512,380
4.41%, 04/23/39 (Call 04/23/38)(c)(d)		650		609,977
4.75%, 10/21/45 (Call 04/21/45)		600		583,797
4.80%, 07/08/44 (Call 01/08/44)		525		512,429
5.15%, 05/22/45		600		587,513
6.25%, 02/01/41		775		899,654
6.45%, 05/01/36		25		28,129
6.75%, 10/01/37(a)		1,750		2,042,724
HSBC Bank USA N.A.
5.63%, 08/15/35		350		376,947
7.00%, 01/15/39		250		311,429
HSBC Holdings PLC
5.25%, 03/14/44(a)		350		350,163
6.10%, 01/14/42		225		261,687
6.50%, 05/02/36		800		917,069
6.50%, 09/15/37		700		807,129
6.80%, 06/01/38		800		949,025
7.63%, 05/17/32		300		371,631
JPMorgan Chase & Co.
3.88%, 07/24/38 (Call 07/24/37)(c)(d)		850		769,115
3.90%, 01/23/49 (Call 01/23/48)(a)(c)(d)		30		25,932
3.96%, 11/15/48 (Call 11/15/47)(c)(d)		825		722,914
4.03%, 07/24/48 (Call 07/24/47)(c)(d)		500		444,311
4.26%, 02/22/48 (Call 02/22/47)(c)(d)		500		460,416
4.85%, 02/01/44		200		201,613
4.95%, 06/01/45(a)		660		667,014
5.40%, 01/06/42		500		540,222
5.50%, 10/15/40		550		604,828

Security	Par (000)		Value
Banks (continued)
5.60%, 07/15/41	$	610	$	673,741
5.63%, 08/16/43		500		547,682
6.40%, 05/15/38		760		913,839
Lloyds Banking Group PLC
4.34%, 01/09/48		675		560,970
5.30%, 12/01/45		200		192,680
Mitsubishi UFJ Financial Group Inc., 4.29%, 07/26/38		225		219,139
Morgan Stanley
4.30%, 01/27/45		825		759,063
4.38%, 01/22/47		900		839,121
4.46%, 04/22/39 (Call 04/22/38)(c)(d)		500		478,119
6.38%, 07/24/42		550		664,763
7.25%, 04/01/32		600		758,516
Regions Financial Corp., 7.38%, 12/10/37		235		294,939
Royal Bank of Scotland Group PLC, 1.00%, 01/27/30 (Call 01/27/29)(c)(d)		200		195,890
Santander UK Group Holdings PLC, 5.63%, 09/15/45(a)(b)		200		198,643
Standard Chartered PLC, 5.70%, 03/26/44(b)		700		698,614
UBS AG/London, 4.50%, 06/26/48(a)(b)		400		401,416
Wachovia Corp., 5.50%, 08/01/35		500		527,255
Wells Fargo & Co.
3.90%, 05/01/45(a)		600		539,269
4.40%, 06/14/46(a)		750		679,373
4.65%, 11/04/44		765		719,583
4.75%, 12/07/46		875		831,577
4.90%, 11/17/45		600		582,018
5.38%, 02/07/35(a)		465		501,789
5.38%, 11/02/43(a)		635		653,740
5.61%, 01/15/44		750		798,457
Wells Fargo Bank N.A., 6.60%, 01/15/38		250		303,612
Wells Fargo Capital X, 5.95%, 12/01/86		200		209,000
				44,565,074
Beverages — 2.5%
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		315		265,064
4.63%, 02/01/44		425		386,617
4.70%, 02/01/36 (Call 08/01/35)		2,000		1,904,707
4.90%, 02/01/46 (Call 08/01/45)		3,250		3,061,476
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		350		284,324
4.38%, 04/15/38 (Call 10/15/37)		240		218,156
4.44%, 10/06/48 (Call 04/06/48)		550		483,752
4.60%, 04/15/48 (Call 10/15/47)(a)		885		796,053
4.75%, 04/15/58 (Call 10/15/57)(a)		350		312,252
4.95%, 01/15/42		550		527,041
8.00%, 11/15/39		236		313,715
8.20%, 01/15/39		350		470,240
Bacardi Ltd., 5.30%, 05/15/48 (Call 11/15/47)(b)		425		395,221
Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45)		118		120,850
Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43		271		283,024
Constellation Brands Inc.
4.10%, 02/15/48 (Call 08/15/47)		350		294,394
5.25%, 11/15/48 (Call 05/15/48)		40		40,038
Diageo Capital PLC
3.88%, 04/29/43 (Call 10/29/42)		100		93,702
5.88%, 09/30/36		250		290,910
Diageo Investment Corp.
4.25%, 05/11/42(a)		250		247,694
7.45%, 04/15/35		11		14,712
Fomento Economico Mexicano SAB de CV, 4.38%, 05/10/43		200		187,383

2 0 1 8    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
Keurig Dr Pepper Inc.
4.42%, 12/15/46 (Call 06/15/46)	$	75	$	65,728
4.50%, 11/15/45 (Call 05/15/45)		350		307,558
4.99%, 05/25/38 (Call 11/25/37)(b)		400		385,541
Molson Coors Brewing Co.
4.20%, 07/15/46 (Call 01/15/46)		450		379,962
5.00%, 05/01/42(a)		500		473,883
PepsiCo Inc.
3.45%, 10/06/46 (Call 04/06/46)		540		461,538
3.60%, 08/13/42		200		177,781
4.00%, 03/05/42		207		195,020
4.00%, 05/02/47 (Call 11/02/46)(a)		200		187,965
4.25%, 10/22/44 (Call 04/22/44)		250		243,134
4.45%, 04/14/46 (Call 10/14/45)		300		302,273
4.60%, 07/17/45 (Call 01/17/45)		250		258,414
Pernod Ricard SA, 5.50%, 01/15/42(b)		100		107,468
				14,537,590
Biotechnology — 1.5%
Amgen Inc.
4.40%, 05/01/45 (Call 11/01/44)		940		855,217
4.56%, 06/15/48 (Call 12/15/47)(a)		500		458,276
4.66%, 06/15/51 (Call 12/15/50)		1,385		1,282,356
4.95%, 10/01/41		245		242,317
5.15%, 11/15/41 (Call 05/15/41)		410		421,717
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)		125		125,613
Biogen Inc., 5.20%, 09/15/45 (Call 03/15/45)		505		505,932
Celgene Corp.
4.35%, 11/15/47 (Call 05/15/47)		400		333,612
4.55%, 02/20/48 (Call 08/20/47)		350		301,283
4.63%, 05/15/44 (Call 11/15/43)		500		448,750
5.00%, 08/15/45 (Call 02/15/45)		575		537,670
5.25%, 08/15/43		225		220,762
Gilead Sciences Inc.
4.00%, 09/01/36 (Call 03/01/36)		75		68,485
4.15%, 03/01/47 (Call 09/01/46)(a)		550		487,854
4.50%, 02/01/45 (Call 08/01/44)		450		421,083
4.60%, 09/01/35 (Call 03/01/35)		450		446,957
4.75%, 03/01/46 (Call 09/01/45)(a)		590		570,402
4.80%, 04/01/44 (Call 10/01/43)		635		619,824
5.65%, 12/01/41 (Call 06/01/41)		405		446,996
				8,795,106
Building Materials — 0.4%
Johnson Controls International PLC
4.50%, 02/15/47 (Call 08/15/46)		225		206,655
4.63%, 07/02/44 (Call 01/02/44)(f)		75		70,430
4.95%, 07/02/64 (Call 01/02/64)(f)		332		304,457
5.13%, 09/14/45 (Call 03/14/45)		270		267,791
6.00%, 01/15/36(a)		100		110,712
Martin Marietta Materials Inc., 4.25%, 12/15/47 (Call 06/15/47)		250		200,710
Masco Corp., 4.50%, 05/15/47 (Call 11/15/46)		100		82,770
Owens Corning
4.30%, 07/15/47 (Call 01/15/47)		300		229,973
7.00%, 12/01/36		173		193,071
Vulcan Materials Co.
4.50%, 06/15/47 (Call 12/15/46)		325		272,872
4.70%, 03/01/48 (Call 09/01/47)(b)		175		150,996
				2,090,437

Security	Par (000)		Value
Chemicals — 1.5%
Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44)	$	110	$	110,838
Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)		200		222,250
Dow Chemical Co. (The)
4.25%, 10/01/34 (Call 04/01/34)		390		356,110
4.38%, 11/15/42 (Call 05/15/42)		365		321,855
4.63%, 10/01/44 (Call 04/01/44)(a)		200		183,481
5.25%, 11/15/41 (Call 05/15/41)		300		300,270
7.38%, 11/01/29		210		255,794
9.40%, 05/15/39		180		261,359
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)		450		404,936
4.80%, 09/01/42 (Call 03/01/42)		208		192,328
EI du Pont de Nemours & Co.
4.15%, 02/15/43(a)		248		222,525
4.90%, 01/15/41		420		418,487
5.60%, 12/15/36		11		11,721
International Flavors & Fragrances Inc.
4.38%, 06/01/47 (Call 12/01/46)		200		176,067
5.00%, 09/26/48 (Call 03/26/48)		85		83,389
Lubrizol Corp. (The), 6.50%, 10/01/34		120		148,764
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		350		320,062
5.25%, 07/15/43		240		231,183
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		390		327,879
Methanex Corp., 5.65%, 12/01/44 (Call 06/01/44)		150		140,647
Mexichem SAB de CV, 5.88%, 09/17/44		200		183,228
Mosaic Co. (The)
5.45%, 11/15/33 (Call 05/15/33)(a)		333		341,342
5.63%, 11/15/43 (Call 05/15/43)		200		198,428
Nutrien Ltd.
4.13%, 03/15/35 (Call 09/15/34)		337		304,169
4.90%, 06/01/43 (Call 12/01/42)		275		260,938
5.25%, 01/15/45 (Call 07/15/44)		4		3,947
5.63%, 12/01/40		200		209,000
5.88%, 12/01/36		101		108,069
6.13%, 01/15/41 (Call 07/15/40)		225		240,791
Praxair Inc., 3.55%, 11/07/42 (Call 05/07/42)		300		268,505
Rohm & Haas Co., 7.85%, 07/15/29		100		125,671
RPM International Inc., 4.25%, 01/15/48 (Call 07/15/47)		150		125,094
Sherwin-Williams Co. (The)
4.00%, 12/15/42 (Call 06/15/42)(a)		200		167,375
4.50%, 06/01/47 (Call 12/01/46)		625		561,045
Syngenta Finance NV, 5.68%, 04/24/48 (Call 10/24/47)		250		213,950
Westlake Chemical Corp.
4.38%, 11/15/47 (Call 05/15/47)		305		259,984
5.00%, 08/15/46 (Call 02/15/46)		225		210,878
				8,472,359
Commercial Services — 1.3%
California Institute of Technology
4.32%, 08/01/45		12		11,970
4.70%, 11/01/11		100		97,930
Cleveland Clinic Foundation (The), 4.86%, 01/01/14		200		199,282
DP World Ltd.
5.63%, 09/25/48		200		188,920
6.85%, 07/02/37(a)(b)		600		668,010
Ecolab Inc.
3.70%, 11/01/46 (Call 05/01/46)		50		43,548
3.95%, 12/01/47 (Call 06/01/47)		430		392,500

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services (continued)
5.50%, 12/08/41	$	66	$	74,512
ERAC USA Finance LLC, 7.00%, 10/15/37(b)		1,000		1,221,609
George Washington University (The)
4.87%, 09/15/45		16		17,084
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		500		482,679
Johns Hopkins University, Series 2013, 4.08%, 07/01/53		11		10,356
Massachusetts Institute of Technology
3.96%, 07/01/38		9		8,806
4.68%, 12/31/99		150		154,024
5.60%, 07/01/11		375		460,041
Moody’s Corp., 5.25%, 07/15/44		250		268,693
Northwestern University, 4.64%, 12/01/44		355		381,397
President and Fellows of Harvard College
3.15%, 07/15/46 (Call 01/15/46)		375		318,333
3.30%, 07/15/56 (Call 01/15/56)		250		205,386
Princeton University, 5.70%, 03/01/39		350		423,763
S&P Global Inc.
4.50%, 05/15/48 (Call 11/15/47)		100		96,806
6.55%, 11/15/37		161		196,271
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45		9		8,240
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		200		178,377
University of Southern California
3.03%, 10/01/39		275		239,233
5.25%, 10/01/11		250		277,399
Verisk Analytics Inc., 5.50%, 06/15/45 (Call 12/15/44)		111		112,306
Western Union Co. (The), 6.20%, 11/17/36		175		172,420
William Marsh Rice University
3.57%, 05/15/45		301		275,524
3.77%, 05/15/55		125		110,469
				7,295,888
Computers — 1.7%
Apple Inc.
3.45%, 02/09/45		425		364,797
3.75%, 09/12/47 (Call 03/12/47)		400		358,885
3.75%, 11/13/47 (Call 05/13/47)(a)		250		224,379
3.85%, 05/04/43(a)		800		735,973
3.85%, 08/04/46 (Call 02/04/46)		550		502,669
4.25%, 02/09/47 (Call 08/09/46)		450		437,255
4.38%, 05/13/45		625		622,616
4.45%, 05/06/44		425		424,815
4.50%, 02/23/36 (Call 08/23/35)		525		545,950
4.65%, 02/23/46 (Call 08/23/45)		1,050		1,083,135
Dell International LLC/EMC Corp.
8.10%, 07/15/36 (Call 01/15/36)(b)		450		507,901
8.35%, 07/15/46 (Call 01/15/46)(a)(b)		650		755,347
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)		380		377,885
6.35%, 10/15/45 (Call 04/15/45)		465		454,847
HP Inc., 6.00%, 09/15/41		470		463,386
International Business Machines Corp.
4.00%, 06/20/42		600		544,090
4.70%, 02/19/46(a)		250		250,594
5.60%, 11/30/39		360		404,261
5.88%, 11/29/32		241		278,823
Seagate HDD Cayman, 5.75%, 12/01/34 (Call 06/01/34)		150		127,614
				9,465,222

Security	Par (000)		Value
Cosmetics & Personal Care — 0.4%
Colgate-Palmolive Co.
3.70%, 08/01/47 (Call 02/01/47)(a)	$	175	$	158,748
4.00%, 08/15/45(a)		280		267,473
Estee Lauder Companies Inc. (The)
4.15%, 03/15/47 (Call 09/15/46)		125		121,002
4.38%, 06/15/45 (Call 12/15/44)		350		346,953
6.00%, 05/15/37		180		212,852
Procter & Gamble Co. (The), 3.50%, 10/25/47(a)		450		404,175
Unilever Capital Corp., 5.90%, 11/15/32		425		511,409
				2,022,612
Distribution & Wholesale — 0.1%
WW Grainger Inc.
3.75%, 05/15/46 (Call 11/15/45)		250		215,349
4.20%, 05/15/47 (Call 11/15/46)		150		137,787
4.60%, 06/15/45 (Call 12/15/44)		200		195,067
				548,203
Diversified Financial Services — 1.6%
American Express Co., 4.05%, 12/03/42		370		346,086
Blackstone Holdings Finance Co. LLC, 4.45%, 07/15/45(b)		400		363,161
Brookfield Finance Inc., 4.70%, 09/20/47 (Call 03/20/47)		215		198,186
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(b)		85		82,058
CME Group Inc.
4.15%, 06/15/48 (Call 12/15/47)		100		95,188
5.30%, 09/15/43 (Call 03/15/43)		100		112,025
Credit Suisse USA Inc., 7.13%, 07/15/32(a)		368		461,477
FMR LLC, 6.50%, 12/14/40(b)		500		603,919
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		3,500		3,079,402
Invesco Finance PLC, 5.38%, 11/30/43		41		43,708
Jefferies Group LLC
6.25%, 01/15/36		100		99,271
6.50%, 01/20/43		225		225,102
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.15%, 01/23/30		700		611,462
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(b)		500		503,637
Legg Mason Inc., 5.63%, 01/15/44		200		195,549
Mastercard Inc.
3.80%, 11/21/46 (Call 05/21/46)		150		137,988
3.95%, 02/26/48 (Call 08/26/47)		145		136,968
National Rural Utilities Cooperative Finance Corp.
4.02%, 11/01/32 (Call 05/01/32)		50		49,761
4.40%, 11/01/48 (Call 05/01/48)(a)		65		64,430
Series C, 8.00%, 03/01/32		271		367,772
Raymond James Financial Inc., 4.95%, 07/15/46		250		240,651
Visa Inc.
3.65%, 09/15/47 (Call 03/15/47)		275		246,258
4.15%, 12/14/35 (Call 06/14/35)		650		649,297
4.30%, 12/14/45 (Call 06/14/45)		500		494,468
				9,407,824
Electric — 12.3%
Abu Dhabi National Energy Co. PJSC, 4.88%, 04/23/30(b)		800		793,856
AEP Transmission Co. LLC
3.75%, 12/01/47 (Call 06/01/47)		300		264,671
4.00%, 12/01/46 (Call 06/01/46)		150		138,493
4.25%, 09/15/48 (Call 03/15/48)		250		239,023
Alabama Power Co.
3.75%, 03/01/45 (Call 09/01/44)		150		132,484
3.85%, 12/01/42		50		45,078

2 0 1 8    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.15%, 08/15/44 (Call 02/15/44)	$	302	$	284,263
4.30%, 01/02/46 (Call 07/02/45)		325		314,969
6.00%, 03/01/39		270		318,041
6.13%, 05/15/38		200		236,763
Ameren Illinois Co.
3.70%, 12/01/47 (Call 06/01/47)		225		201,401
4.15%, 03/15/46 (Call 09/15/45)		350		338,381
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)(a)		11		10,549
4.45%, 06/01/45 (Call 12/01/44)		200		193,033
7.00%, 04/01/38		100		125,649
Series L, 5.80%, 10/01/35		25		27,951
Arizona Public Service Co.
3.75%, 05/15/46 (Call 11/15/45)		275		243,234
4.35%, 11/15/45 (Call 05/15/45)		45		43,856
4.50%, 04/01/42 (Call 10/01/41)		301		301,266
5.05%, 09/01/41 (Call 03/01/41)		125		133,481
Berkshire Hathaway Energy Co.
3.80%, 07/15/48 (Call 01/15/48)(a)		675		584,669
4.45%, 01/15/49 (Call 07/15/48)(a)(b)		575		551,120
4.50%, 02/01/45 (Call 08/01/44)		400		387,732
5.15%, 11/15/43 (Call 05/15/43)		120		126,889
5.95%, 05/15/37		350		406,957
6.13%, 04/01/36		900		1,060,799
Black Hills Corp.
4.20%, 09/15/46 (Call 03/15/46)		150		133,407
4.35%, 05/01/33 (Call 02/01/33)		275		266,598
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		225		200,506
3.95%, 03/01/48 (Call 09/01/47)		140		130,634
4.50%, 04/01/44 (Call 10/01/43)		200		203,553
Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45)		150		144,114
Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36		100		112,579
CMS Energy Corp.
4.70%, 03/31/43 (Call 09/30/42)		100		98,080
4.88%, 03/01/44 (Call 09/01/43)		150		153,679
Comision Federal de Electricidad, 6.13%, 06/16/45(b)		400		389,204
Commonwealth Edison Co.
3.65%, 06/15/46 (Call 12/15/45)		100		88,014
3.70%, 03/01/45 (Call 09/01/44)		200		176,998
3.75%, 08/15/47 (Call 02/15/47)		50		44,540
3.80%, 10/01/42 (Call 04/01/42)		200		180,313
4.00%, 03/01/48 (Call 09/01/47)(a)		500		464,596
4.35%, 11/15/45 (Call 05/15/45)		100		97,702
4.60%, 08/15/43 (Call 02/15/43)		100		103,005
4.70%, 01/15/44 (Call 07/15/43)		200		206,700
Connecticut Light & Power Co. (The), 4.30%, 04/15/44 (Call 10/15/43)		50		50,165
Consolidated Edison Co. of New York Inc.
3.85%, 06/15/46 (Call 12/15/45)		370		334,121
3.95%, 03/01/43 (Call 09/01/42)		300		275,321
4.30%, 12/01/56 (Call 06/01/56)		205		188,003
4.45%, 03/15/44 (Call 09/15/43)		260		257,427
4.50%, 12/01/45 (Call 06/01/45)		207		205,994
4.50%, 05/15/58 (Call 11/15/57)		175		166,885
5.50%, 12/01/39		200		224,555
5.70%, 06/15/40		320		368,147
07-A, 6.30%, 08/15/37		233		282,301
Series 05-A, 5.30%, 03/01/35		100		107,666

Security	Par (000)		Value
Electric (continued)
Series 06-A, 5.85%, 03/15/36	$	125	$	144,202
Series 06-B, 6.20%, 06/15/36		311		369,594
Series 08-B, 6.75%, 04/01/38		200		252,501
Series 12-A, 4.20%, 03/15/42		8		7,682
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		210		189,485
Consumers Energy Co.
3.25%, 08/15/46 (Call 02/15/46)		200		166,183
3.95%, 05/15/43 (Call 11/15/42)		75		70,560
3.95%, 07/15/47 (Call 01/15/47)		200		186,805
4.05%, 05/15/48 (Call 11/15/47)		100		95,467
4.35%, 04/15/49 (Call 10/15/48)		100		99,332
Delmarva Power & Light Co., 4.15%, 05/15/45 (Call 11/15/44)		250		235,958
Dominion Energy Inc.
4.70%, 12/01/44 (Call 06/01/44)		75		73,309
7.00%, 06/15/38		230		283,544
Series B, 5.95%, 06/15/35		125		138,562
Series C, 4.05%, 09/15/42 (Call 03/15/42)		400		355,160
Series C, 4.90%, 08/01/41 (Call 02/01/41)		62		61,741
Series E, 6.30%, 03/15/33		275		317,625
Series F, 5.25%, 08/01/33		405		427,106
DTE Electric Co.
3.70%, 03/15/45 (Call 09/15/44)		200		179,016
3.70%, 06/01/46 (Call 12/01/45)		135		119,861
4.05%, 05/15/48 (Call 11/15/47)		90		85,477
4.30%, 07/01/44 (Call 01/01/44)		103		102,641
Series A, 4.00%, 04/01/43 (Call 10/01/42)		208		198,531
DTE Energy Co., 6.38%, 04/15/33		135		157,185
Duke Energy Carolinas LLC
3.70%, 12/01/47 (Call 06/01/47)		250		219,052
3.75%, 06/01/45 (Call 12/01/44)		165		147,015
3.88%, 03/15/46 (Call 09/15/45)		250		227,804
3.95%, 03/15/48 (Call 09/15/47)		250		228,605
4.00%, 09/30/42 (Call 03/30/42)		250		233,393
4.25%, 12/15/41 (Call 06/15/41)		300		289,496
5.30%, 02/15/40		260		288,526
6.00%, 01/15/38		57		67,720
6.05%, 04/15/38		300		358,766
6.10%, 06/01/37		200		235,695
6.45%, 10/15/32		86		105,022
Series A, 6.00%, 12/01/28(a)		16		18,397
Duke Energy Corp.
3.75%, 09/01/46 (Call 03/01/46)		285		243,069
4.80%, 12/15/45 (Call 06/15/45)		201		199,339
Duke Energy Florida LLC
3.40%, 10/01/46 (Call 04/01/46)		230		191,729
3.85%, 11/15/42 (Call 05/15/42)		280		254,806
5.65%, 04/01/40		150		172,775
6.35%, 09/15/37		100		123,417
6.40%, 06/15/38		250		311,976
Duke Energy Indiana LLC
3.75%, 05/15/46 (Call 11/15/45)		100		88,484
6.12%, 10/15/35		250		296,285
6.35%, 08/15/38		46		56,898
6.45%, 04/01/39		300		373,704
Duke Energy Progress LLC
3.70%, 10/15/46 (Call 04/15/46)		250		218,574
4.10%, 05/15/42 (Call 11/15/41)		150		141,004
4.10%, 03/15/43 (Call 09/15/42)		186		175,046
4.15%, 12/01/44 (Call 06/01/44)		300		285,249

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.20%, 08/15/45 (Call 02/15/45)	$	250	$	237,851
4.38%, 03/30/44 (Call 09/30/43)		300		294,974
6.30%, 04/01/38		250		304,018
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)(a)		100		98,289
6.00%, 05/15/35(a)		150		165,821
Electricite de France SA
4.75%, 10/13/35 (Call 04/13/35)(a)(b)		625		590,614
4.88%, 01/22/44(b)		1,000		930,661
5.00%, 09/21/48 (Call 03/21/48)		1,000		922,414
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		585		547,071
Enel Finance International NV
4.75%, 05/25/47(b)		500		416,021
4.88%, 06/14/29(a)(b)		1,000		935,052
6.00%, 10/07/39(a)(b)		275		276,859
Entergy Louisiana LLC
3.05%, 06/01/31 (Call 03/01/31)		180		161,635
4.00%, 03/15/33 (Call 12/15/32)		500		492,727
4.20%, 09/01/48 (Call 03/01/48)		200		192,946
4.95%, 01/15/45 (Call 01/15/25)		100		97,629
Exelon Corp.
4.45%, 04/15/46 (Call 10/15/45)		450		421,271
4.95%, 06/15/35 (Call 12/15/34)		375		377,936
5.10%, 06/15/45 (Call 12/15/44)		69		70,520
5.63%, 06/15/35		400		430,736
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		270		267,917
5.75%, 10/01/41 (Call 04/01/41)		20		20,018
6.25%, 10/01/39		325		343,619
FirstEnergy Corp.
Series C, 4.85%, 07/15/47 (Call 01/15/47)		800		779,022
Series C, 7.38%, 11/15/31		600		758,051
Florida Power & Light Co.
3.70%, 12/01/47 (Call 06/01/47)		305		272,835
3.80%, 12/15/42 (Call 06/15/42)		200		184,029
3.95%, 03/01/48 (Call 09/01/47)		105		97,346
4.05%, 06/01/42 (Call 12/01/41)		200		192,184
4.05%, 10/01/44 (Call 04/01/44)		250		239,688
4.13%, 02/01/42 (Call 08/01/41)		225		219,169
4.13%, 06/01/48 (Call 12/01/47)		260		250,888
4.95%, 06/01/35		200		213,468
5.25%, 02/01/41 (Call 08/01/40)		200		223,806
5.65%, 02/01/37		96		110,684
5.69%, 03/01/40(a)		124		145,817
5.95%, 02/01/38		350		421,173
Georgia Power Co.
4.30%, 03/15/42		550		502,564
4.30%, 03/15/43		246		225,540
Series 10-C, 4.75%, 09/01/40		263		256,547
Iberdrola International BV, 6.75%, 07/15/36		150		175,826
Indiana Michigan Power Co.
4.25%, 08/15/48 (Call 02/15/48)		250		239,612
6.05%, 03/15/37		105		122,099
Series K, 4.55%, 03/15/46 (Call 09/15/45)		150		148,361
Series L, 3.75%, 07/01/47 (Call 01/01/47)		250		220,855
Interstate Power & Light Co.
3.70%, 09/15/46 (Call 03/15/46)		325		281,390
6.25%, 07/15/39		5		6,055
ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)		75		81,074

Security	Par (000)		Value
Electric (continued)
Kansas City Power & Light Co.
4.20%, 03/15/48 (Call 09/15/47)	$	225	$	209,253
5.30%, 10/01/41 (Call 04/01/41)		195		210,320
Kentucky Utilities Co., 5.13%, 11/01/40 (Call 05/01/40)		314		348,888
MidAmerican Energy Co.
3.65%, 08/01/48 (Call 02/01/48)		340		300,871
4.25%, 05/01/46 (Call 11/01/45)		111		107,424
4.40%, 10/15/44 (Call 04/15/44)		225		224,154
4.80%, 09/15/43 (Call 03/15/43)		200		212,564
5.75%, 11/01/35		11		12,686
6.75%, 12/30/31		11		13,798
Minejesa Capital BV, 5.63%, 08/10/37(b)		500		439,942
Mississippi Power Co., Series 12-A, 4.25%, 03/15/42		250		224,648
National Grid USA, 5.80%, 04/01/35		180		200,427
Nevada Power Co., Series N, 6.65%, 04/01/36		200		251,827
New England Power Co., 3.80%, 12/05/47 (Call 06/05/47)(a)(b)		900		805,841
Northern States Power Co./MN
3.40%, 08/15/42 (Call 02/15/42)(a)		350		304,172
3.60%, 05/15/46 (Call 11/15/45)		50		44,268
4.00%, 08/15/45 (Call 02/15/45)		90		85,583
4.13%, 05/15/44 (Call 11/15/43)		7		6,764
5.35%, 11/01/39		5		5,621
6.25%, 06/01/36		106		129,466
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)		161		155,109
NSTAR Electric Co.
4.40%, 03/01/44 (Call 09/01/43)		100		99,475
5.50%, 03/15/40		241		272,180
Oglethorpe Power Corp.
4.55%, 06/01/44		500		474,954
5.25%, 09/01/50		25		24,819
5.38%, 11/01/40		175		189,685
5.95%, 11/01/39		5		5,731
Ohio Edison Co., 6.88%, 07/15/36		290		367,168
Ohio Power Co., 4.15%, 04/01/48 (Call 10/01/47)(a)		300		289,302
Oklahoma Gas & Electric Co., 4.15%, 04/01/47 (Call 10/01/46)		200		186,926
Oncor Electric Delivery Co. LLC
3.80%, 09/30/47 (Call 03/30/47)		100		91,561
4.55%, 12/01/41 (Call 06/01/41)		150		154,639
5.25%, 09/30/40		305		340,128
5.30%, 06/01/42 (Call 12/01/41)		285		317,753
7.25%, 01/15/33		200		263,600
Pacific Gas & Electric Co.
3.95%, 12/01/47 (Call 06/01/47)		300		241,759
4.00%, 12/01/46 (Call 06/01/46)		150		121,950
4.25%, 03/15/46 (Call 09/15/45)		11		9,341
4.30%, 03/15/45 (Call 09/15/44)		50		42,880
4.60%, 06/15/43 (Call 12/15/42)		13		11,675
4.75%, 02/15/44 (Call 08/15/43)		175		159,254
5.13%, 11/15/43 (Call 05/15/43)		345		330,734
5.40%, 01/15/40		350		349,596
5.80%, 03/01/37		225		235,994
6.05%, 03/01/34(a)		1,300		1,391,980
6.25%, 03/01/39		400		430,374
6.35%, 02/15/38		50		54,376
PacifiCorp
4.10%, 02/01/42 (Call 08/01/41)		95		90,019
4.13%, 01/15/49 (Call 07/15/48)(a)		250		235,982
6.00%, 01/15/39		350		419,636

2 0 1 8    I S H A R E S    S E M I - A��N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
6.10%, 08/01/36(a)	$	105	$	125,743
6.25%, 10/15/37		50		61,277
6.35%, 07/15/38		150		184,547
PECO Energy Co.
3.90%, 03/01/48 (Call 09/01/47)		250		230,036
4.15%, 10/01/44 (Call 04/01/44)		200		189,607
5.95%, 10/01/36		111		132,217
Perusahaan Listrik Negara PT, 6.15%, 05/21/48(a)(b)		1,000		972,994
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)		116		110,890
6.50%, 11/15/37		175		215,887
PPL Capital Funding Inc.
4.00%, 09/15/47 (Call 03/15/47)		250		217,014
4.70%, 06/01/43 (Call 12/01/42)		50		48,468
5.00%, 03/15/44 (Call 09/15/43)		300		301,909
PPL Electric Utilities Corp.
3.95%, 06/01/47 (Call 12/01/46)		200		185,376
4.15%, 06/15/48 (Call 12/15/47)		205		197,869
6.25%, 05/15/39		161		196,909
Progress Energy Inc., 7.75%, 03/01/31		359		464,703
PSEG Power LLC, 8.63%, 04/15/31		200		257,905
Public Service Co. of Colorado
3.60%, 09/15/42 (Call 03/15/42)		200		178,591
3.80%, 06/15/47 (Call 12/15/46)		300		274,318
4.10%, 06/15/48 (Call 12/15/47)		250		242,726
4.30%, 03/15/44 (Call 09/15/43)		150		146,434
4.75%, 08/15/41 (Call 02/15/41)		5		5,093
6.50%, 08/01/38		100		126,404
Series 17, 6.25%, 09/01/37		60		73,666
Public Service Co. of Oklahoma, Series G, 6.63%, 11/15/37		50		61,196
Public Service Electric & Gas Co.
3.60%, 12/01/47 (Call 06/01/47)		220		192,757
3.65%, 09/01/42 (Call 03/01/42)		75		67,855
3.80%, 03/01/46 (Call 09/01/45)		225		206,879
3.95%, 05/01/42 (Call 11/01/41)		250		234,670
4.05%, 05/01/48 (Call 11/01/47)		155		147,068
4.15%, 11/01/45 (Call 05/01/45)		25		23,801
5.50%, 03/01/40		50		57,414
5.80%, 05/01/37		150		174,640
Puget Sound Energy Inc.
4.30%, 05/20/45 (Call 11/20/44)		111		108,718
5.64%, 04/15/41 (Call 10/15/40)		235		271,606
5.76%, 10/01/39		200		230,441
5.80%, 03/15/40		56		65,356
6.27%, 03/15/37		5		6,063
San Diego Gas & Electric Co.
4.15%, 05/15/48 (Call 11/15/47)		100		94,388
4.50%, 08/15/40		100		100,232
6.00%, 06/01/39		163		193,271
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)		200		177,240
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(b)		600		606,312
Sempra Energy
3.80%, 02/01/38 (Call 08/01/37)		900		784,086
4.00%, 02/01/48 (Call 08/01/47)		500		434,873
6.00%, 10/15/39		425		477,582
South Carolina Electric & Gas Co.
4.10%, 06/15/46 (Call 12/15/45)		250		221,770
4.35%, 02/01/42 (Call 08/01/41)		100		94,200
4.50%, 06/01/64 (Call 12/01/63)		250		215,750
4.60%, 06/15/43 (Call 12/15/42)		116		111,851

Security	Par (000)		Value
Electric (continued)
5.10%, 06/01/65 (Call 12/01/64)(a)	$	190	$	182,638
5.30%, 05/15/33		5		5,221
5.45%, 02/01/41 (Call 08/01/40)		35		37,525
6.05%, 01/15/38		248		276,800
Southern California Edison Co.
4.00%, 04/01/47 (Call 10/01/46)		400		364,646
4.05%, 03/15/42 (Call 09/15/41)		95		87,212
4.50%, 09/01/40 (Call 03/01/40)		48		47,310
4.65%, 10/01/43 (Call 04/01/43)		200		201,619
5.50%, 03/15/40		217		239,479
5.63%, 02/01/36		150		166,835
6.00%, 01/15/34		266		304,981
6.05%, 03/15/39		150		175,095
6.65%, 04/01/29		250		292,284
Series 04-G, 5.75%, 04/01/35		105		117,451
Series 05-E, 5.35%, 07/15/35		150		161,223
Series 06-E, 5.55%, 01/15/37		355		391,874
Series 08-A, 5.95%, 02/01/38		150		172,314
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)		205		183,407
Series C, 3.60%, 02/01/45 (Call 08/01/44)		200		168,571
Southern Co. (The)
4.25%, 07/01/36 (Call 01/01/36)		250		233,002
4.40%, 07/01/46 (Call 01/01/46)		300		275,642
Southern Power Co.
5.15%, 09/15/41		325		319,636
5.25%, 07/15/43		50		49,284
Southwestern Electric Power Co.
6.20%, 03/15/40		150		171,890
Series J, 3.90%, 04/01/45 (Call 10/01/44)		300		263,425
Series L, 3.85%, 02/01/48 (Call 08/01/47)		100		85,872
Southwestern Public Service Co.
3.40%, 08/15/46 (Call 02/15/46)		360		302,358
3.70%, 08/15/47 (Call 02/15/47)		250		224,168
4.50%, 08/15/41 (Call 02/15/41)		100		101,311
Series 6, 4.40%, 11/15/48 (Call 05/15/48)		250		244,122
State Grid Overseas Investment 2016 Ltd., 4.00%, 05/04/47(b)		500		452,799
Tampa Electric Co.
4.10%, 06/15/42 (Call 12/15/41)		75		69,285
4.20%, 05/15/45 (Call 11/15/44)		250		232,231
4.35%, 05/15/44 (Call 11/15/43)		150		142,089
4.45%, 06/15/49 (Call 12/15/48)		150		144,210
Toledo Edison Co. (The), 6.15%, 05/15/37		200		235,679
TransAlta Corp., 6.50%, 03/15/40		100		97,740
Union Electric Co.
3.90%, 09/15/42 (Call 03/15/42)		250		233,293
8.45%, 03/15/39		111		162,461
Virginia Electric & Power Co.
4.00%, 01/15/43 (Call 07/15/42)		116		107,755
4.45%, 02/15/44 (Call 08/15/43)		150		147,777
8.88%, 11/15/38		400		601,930
Series A, 6.00%, 05/15/37		50		59,109
Series B, 4.20%, 05/15/45 (Call 11/15/44)		7		6,622
Series B, 6.00%, 01/15/36		250		292,031
Series D, 4.65%, 08/15/43 (Call 02/15/43)		71		72,012
Westar Energy Inc.
4.10%, 04/01/43 (Call 10/01/42)		5		4,745
4.13%, 03/01/42 (Call 09/01/41)		300		289,869
4.25%, 12/01/45 (Call 06/01/45)		200		192,968
4.63%, 09/01/43 (Call 03/01/43)		105		105,112

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Wisconsin Electric Power Co., 4.30%, 10/15/48 (Call 04/15/48)(a)	$	120	$	116,581
Wisconsin Power & Light Co., 6.38%, 08/15/37		225		275,674
Wisconsin Public Service Corp., 4.75%, 11/01/44 (Call 05/01/44)		205		214,330
Xcel Energy Inc., 6.50%, 07/01/36		100		123,565
				70,218,231
Electronics — 0.2%
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)		250		203,194
4.70%, 03/15/37		50		46,993
4.75%, 03/15/42(a)		100		93,791
5.35%, 11/15/48		100		99,804
5.75%, 08/15/40		200		213,892
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)		225		206,461
Honeywell International Inc., 3.81%, 11/21/47 (Call 05/21/47)		250		231,387
Tyco Electronics Group SA, 7.13%, 10/01/37		200		257,429
				1,352,951
Engineering & Construction — 0.2%
Mexico City Airport Trust, 5.50%, 07/31/47 (Call 01/31/47)(a)(b)		1,200		960,000
Environmental Control — 0.1%
Republic Services Inc., 5.70%, 05/15/41 (Call 11/15/40)		30		33,507
Waste Management Inc.
3.90%, 03/01/35 (Call 09/01/34)		250		235,472
4.10%, 03/01/45 (Call 09/01/44)		275		259,690
				528,669
Food — 2.0%
Ahold Finance USA LLC, 6.88%, 05/01/29		11		12,664
Campbell Soup Co.
3.80%, 08/02/42		56		41,379
4.80%, 03/15/48 (Call 09/15/47)(a)		355		301,100
Conagra Brands Inc.
5.30%, 11/01/38 (Call 05/01/38)		600		581,119
7.00%, 10/01/28		150		173,411
8.25%, 09/15/30		100		127,025
General Mills Inc.
4.15%, 02/15/43 (Call 08/15/42)		5		4,271
4.55%, 04/17/38 (Call 10/17/37)		250		229,515
4.70%, 04/17/48 (Call 10/17/47)(a)		200		182,027
5.40%, 06/15/40		165		164,484
Grupo Bimbo SAB de CV, 4.70%, 11/10/47 (Call 05/10/47)		200		175,450
Hershey Co. (The), 3.38%, 08/15/46 (Call 02/15/46)		100		84,452
Ingredion Inc., 6.63%, 04/15/37		50		60,097
JM Smucker Co. (The)
4.25%, 03/15/35		400		365,009
4.38%, 03/15/45		100		89,024
Kellogg Co.
4.50%, 04/01/46(a)		225		201,309
Series B, 7.45%, 04/01/31		320		397,023
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40		400		420,863
Kraft Heinz Foods Co.
4.38%, 06/01/46 (Call 12/01/45)		1,210		1,006,723
4.63%, 01/30/29 (Call 10/30/28)		750		731,503
5.00%, 07/15/35 (Call 01/15/35)		400		379,066
5.00%, 06/04/42		500		458,419
5.20%, 07/15/45 (Call 01/15/45)		325		305,200

Security	Par (000)		Value
Food (continued)
6.50%, 02/09/40	$	400	$	433,986
6.88%, 01/26/39		405		458,766
Kroger Co. (The)
3.88%, 10/15/46 (Call 04/15/46)		250		198,573
4.45%, 02/01/47 (Call 08/01/46)(a)		215		187,476
5.00%, 04/15/42 (Call 10/15/41)		100		94,148
5.15%, 08/01/43 (Call 02/01/43)		325		312,196
5.40%, 07/15/40 (Call 01/15/40)		200		198,604
6.90%, 04/15/38		300		346,005
7.50%, 04/01/31		150		179,532
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)		200		180,575
Mondelez International Inc., 4.63%, 05/07/48 (Call 11/07/47)		275		256,450
Nestle Holdings Inc.
3.90%, 09/24/38 (Call 03/24/38)(a)(b)		250		236,725
4.00%, 09/24/48 (Call 03/24/48)		500		467,903
Sysco Corp.
4.45%, 03/15/48 (Call 09/15/47)		150		139,874
4.50%, 04/01/46 (Call 10/01/45)		296		277,274
4.85%, 10/01/45 (Call 04/01/45)		100		98,492
5.38%, 09/21/35		150		160,552
Tyson Foods Inc.
4.88%, 08/15/34 (Call 02/15/34)		400		392,250
5.10%, 09/28/48 (Call 03/23/48)		45		43,871
5.15%, 08/15/44 (Call 02/15/44)		325		321,486
				11,475,871
Forest Products & Paper — 0.5%
Celulosa Arauco y Constitucion SA, 5.50%, 11/02/47 (Call 05/02/47)		200		192,500
Georgia-Pacific LLC
7.75%, 11/15/29		335		436,619
8.88%, 05/15/31		189		270,854
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)		250		214,191
4.40%, 08/15/47 (Call 02/15/47)(a)		400		343,935
4.80%, 06/15/44 (Call 12/15/43)		240		219,277
5.00%, 09/15/35 (Call 03/15/35)		50		48,825
5.15%, 05/15/46 (Call 11/15/45)		175		168,119
6.00%, 11/15/41 (Call 05/15/41)		400		422,315
7.30%, 11/15/39(a)		330		396,702
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)		200		208,600
				2,921,937
Gas — 0.8%
Atmos Energy Corp.
4.13%, 10/15/44 (Call 04/15/44)		400		380,486
4.15%, 01/15/43 (Call 07/15/42)		145		137,755
4.30%, 10/01/48 (Call 04/01/48)		100		97,301
5.50%, 06/15/41 (Call 12/15/40)		5		5,640
Brooklyn Union Gas Co. (The), 4.27%, 03/15/48 (Call 09/15/47)(a)(b)		800		763,996
CenterPoint Energy Resources Corp.
4.10%, 09/01/47 (Call 03/01/47)		165		146,006
5.85%, 01/15/41 (Call 07/15/40)		335		375,455
Dominion Energy Gas Holdings LLC
4.60%, 12/15/44 (Call 06/15/44)		225		216,450
4.80%, 11/01/43 (Call 05/01/43)		115		112,800
NiSource Inc.
3.95%, 03/30/48 (Call 09/30/47)		145		124,848
4.80%, 02/15/44 (Call 08/15/43)		195		191,477
5.25%, 02/15/43 (Call 08/15/42)		475		492,561

2 0 1 8    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Gas (continued)
5.65%, 02/01/45 (Call 08/01/44)	$	276	$	297,994
5.95%, 06/15/41 (Call 12/15/40)		200		222,575
ONE Gas Inc., 4.66%, 02/01/44 (Call 08/01/43)		225		232,081
Piedmont Natural Gas Co. Inc., 4.65%, 08/01/43 (Call 02/01/43)		153		154,469
Southern California Gas Co., 3.75%, 09/15/42 (Call 03/15/42)		5		4,493
Southern Co. Gas Capital Corp.
3.95%, 10/01/46 (Call 04/01/46)		250		213,556
4.40%, 06/01/43 (Call 12/01/42)		71		65,932
4.40%, 05/30/47 (Call 11/30/46)		90		82,529
5.88%, 03/15/41 (Call 09/15/40)		325		360,602
Southwest Gas Corp., 3.80%, 09/29/46 (Call 03/29/46)		100		87,869
				4,766,875
Hand & Machine Tools — 0.1%
Snap-On Inc., 4.10%, 03/01/48 (Call 09/01/47)		195		181,732
Stanley Black & Decker Inc.
4.85%, 11/15/48		100		99,494
5.20%, 09/01/40		200		212,767
				493,993
Health Care - Products — 1.7%
Abbott Laboratories
4.75%, 11/30/36 (Call 05/30/36)(a)		685		698,273
4.75%, 04/15/43 (Call 10/15/42)		350		350,316
4.90%, 11/30/46 (Call 05/30/46)		650		669,754
5.30%, 05/27/40		250		265,938
6.00%, 04/01/39		300		345,540
Baxter International Inc., 3.50%, 08/15/46 (Call 02/15/46)		450		363,402
Becton Dickinson and Co.
4.67%, 06/06/47 (Call 12/06/46)		485		455,400
4.69%, 12/15/44 (Call 06/15/44)		500		467,074
5.00%, 11/12/40		100		97,795
Boston Scientific Corp.
7.00%, 11/15/35		130		159,630
7.38%, 01/15/40		150		192,207
Danaher Corp., 4.38%, 09/15/45 (Call 03/15/45)		100		97,433
Koninklijke Philips NV, 5.00%, 03/15/42		419		438,089
Medtronic Inc.
4.38%, 03/15/35		775		771,877
4.50%, 03/15/42 (Call 09/15/41)		86		84,237
4.63%, 03/15/44 (Call 09/15/43)		435		435,061
4.63%, 03/15/45		1,225		1,240,876
5.55%, 03/15/40		370		415,658
6.50%, 03/15/39		100		122,626
Stryker Corp.
4.10%, 04/01/43 (Call 10/01/42)		405		362,132
4.38%, 05/15/44 (Call 11/15/43)		120		110,979
4.63%, 03/15/46 (Call 09/15/45)(a)		180		174,827
Thermo Fisher Scientific Inc.
4.10%, 08/15/47 (Call 02/15/47)		300		269,449
5.30%, 02/01/44 (Call 08/01/43)		250		265,453
Zimmer Biomet Holdings Inc.
4.25%, 08/15/35 (Call 02/15/35)		300		268,534
4.45%, 08/15/45 (Call 02/15/45)		100		89,214
5.75%, 11/30/39(a)		200		209,986
				9,421,760
Health Care - Services — 2.7%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)(a)		250		210,929
4.13%, 11/15/42 (Call 05/15/42)		200		175,108

Security	Par (000)		Value
Health Care - Services (continued)
4.50%, 05/15/42 (Call 11/15/41)	$	250	$	232,083
4.75%, 03/15/44 (Call 09/15/43)		225		212,514
6.63%, 06/15/36		290		339,964
6.75%, 12/15/37		135		160,823
Anthem Inc.
4.38%, 12/01/47 (Call 06/01/47)		600		542,502
4.55%, 03/01/48 (Call 09/01/47)		475		440,532
4.63%, 05/15/42(a)		500		473,836
4.65%, 01/15/43		420		396,666
4.65%, 08/15/44 (Call 02/15/44)		200		191,262
5.10%, 01/15/44		75		75,257
Ascension Health
3.95%, 11/15/46		608		566,476
4.85%, 11/15/53		11		11,746
Baylor Scott & White Holdings
3.97%, 11/15/46 (Call 05/15/46)		250		228,024
4.19%, 11/15/45 (Call 05/15/45)		166		156,249
Catholic Health Initiatives, 4.35%, 11/01/42		325		285,541
Cigna Corp., 3.88%, 10/15/47 (Call 04/15/47)		450		364,479
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)		200		189,949
Dignity Health
4.50%, 11/01/42		100		90,972
5.27%, 11/01/64		100		95,725
Hackensack Meridian Health Inc., 4.21%, 07/01/48 (Call 01/01/48)		50		47,058
Halfmoon Parent Inc.
4.80%, 08/15/38 (Call 02/15/38)(b)		1,000		962,624
4.90%, 12/15/48 (Call 06/15/48)(b)		700		665,306
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		235		225,446
4.80%, 03/15/47 (Call 09/15/46)		180		176,741
4.95%, 10/01/44 (Call 04/01/44)		250		251,283
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46		60		55,508
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		650		618,395
4.88%, 04/01/42		100		107,229
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		300		278,479
Mayo Clinic, Series 2013, 4.00%, 11/15/47		11		10,374
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52		275		259,137
Series 2015, 4.20%, 07/01/55		300		285,616
Montefiore Medical Center, Series 18-C, 5.25%, 11/01/48		100		95,243
Mount Sinai Hospitals Group Inc., Series 2017, 3.98%, 07/01/48		150		132,860
New York and Presbyterian Hospital (The)
4.02%, 08/01/45		21		19,692
4.06%, 08/01/56		350		324,503
Northwell Healthcare Inc., 3.98%, 11/01/46 (Call 11/01/45)		400		352,785
Providence St Joseph Health Obligated Group, Series I, 3.74%, 10/01/47		250		218,946
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)		272		255,050
Stanford Health Care, Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		250		227,149
Texas Health Resources, 4.33%, 11/15/55		9		8,739
UnitedHealth Group Inc.
3.75%, 10/15/47 (Call 04/15/47)		200		176,125
3.95%, 10/15/42 (Call 04/15/42)		82		75,304
4.20%, 01/15/47 (Call 07/15/46)		250		236,719

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
4.25%, 03/15/43 (Call 09/15/42)	$	425	$	407,227
4.25%, 04/15/47 (Call 10/15/46)		275		263,491
4.25%, 06/15/48 (Call 12/15/47)		375		357,449
4.38%, 03/15/42 (Call 09/15/41)		200		195,439
4.63%, 07/15/35		350		359,978
4.63%, 11/15/41 (Call 05/15/41)		100		100,625
4.75%, 07/15/45		800		816,457
5.70%, 10/15/40 (Call 04/15/40)		100		114,748
5.80%, 03/15/36		250		287,403
5.95%, 02/15/41 (Call 08/15/40)		200		235,999
6.50%, 06/15/37		100		123,841
6.63%, 11/15/37		111		139,559
6.88%, 02/15/38		300		388,880
				15,298,044
Home Furnishings — 0.1%
Whirlpool Corp., 4.50%, 06/01/46 (Call 12/01/45)		395		334,584
Household Products & Wares — 0.1%
Kimberly-Clark Corp.
3.20%, 07/30/46 (Call 01/30/46)(a)		200		164,744
3.90%, 05/04/47 (Call 11/04/46)(a)		310		287,256
5.30%, 03/01/41		31		34,560
6.63%, 08/01/37(a)		295		374,635
				861,195
Housewares — 0.1%
Newell Brands Inc.
5.38%, 04/01/36 (Call 10/01/35)		200		179,434
5.50%, 04/01/46 (Call 10/01/45)		550		474,139
				653,573
Insurance — 5.0%
ACE Capital Trust II, 9.70%, 04/01/30		100		139,163
Aflac Inc.
4.00%, 10/15/46 (Call 04/15/46)		250		223,164
4.75%, 01/15/49 (Call 07/15/48)		100		98,513
6.45%, 08/15/40		65		77,375
Alleghany Corp., 4.90%, 09/15/44 (Call 03/15/44)		125		119,695
Allstate Corp. (The)
4.20%, 12/15/46 (Call 06/15/46)		45		42,383
4.50%, 06/15/43		320		316,244
5.35%, 06/01/33(a)		68		74,873
5.55%, 05/09/35		376		422,323
5.95%, 04/01/36		50		58,465
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)		200		178,631
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		740		634,634
4.38%, 01/15/55 (Call 07/15/54)		300		245,656
4.50%, 07/16/44 (Call 01/16/44)(a)		375		332,315
4.70%, 07/10/35 (Call 01/10/35)		300		282,711
4.75%, 04/01/48 (Call 10/01/47)		325		299,415
4.80%, 07/10/45 (Call 01/10/45)		300		279,129
6.25%, 05/01/36		450		495,110
Aon PLC
4.60%, 06/14/44 (Call 03/14/44)		200		188,425
4.75%, 05/15/45 (Call 11/15/44)		246		236,900
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		220		226,291
Assurant Inc., 6.75%, 02/15/34		100		113,105
AXA Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)(b)		550		490,152

Security	Par (000)		Value
Insurance (continued)
AXA SA, 8.60%, 12/15/30	$	840	$	1,066,800
AXIS Specialty Finance PLC, 5.15%, 04/01/45		75		70,848
Berkshire Hathaway Finance Corp.
4.20%, 08/15/48 (Call 02/15/48)		225		214,533
4.30%, 05/15/43		118		115,136
4.40%, 05/15/42		385		381,443
5.75%, 01/15/40		250		288,565
Berkshire Hathaway Inc., 4.50%, 02/11/43(a)		175		175,925
Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46)		425		327,861
Chubb Corp. (The), 6.00%, 05/11/37		210		248,314
Chubb INA Holdings Inc.
4.15%, 03/13/43		350		335,929
4.35%, 11/03/45 (Call 05/03/45)		600		592,175
Everest Reinsurance Holdings Inc., 4.87%, 06/01/44		200		192,785
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34)(b)(c)(d)		60		58,038
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37)(b)(c)(d)		300		264,702
Guardian Life Insurance Co. of America (The), 4.85%, 01/24/77(b)		200		189,158
Hartford Financial Services Group Inc. (The)
4.30%, 04/15/43		14		12,879
4.40%, 03/15/48 (Call 09/15/47)		100		92,812
5.95%, 10/15/36		295		329,317
6.10%, 10/01/41		375		429,572
Liberty Mutual Group Inc., 4.85%, 08/01/44(b)		750		723,222
Lincoln National Corp.
4.35%, 03/01/48 (Call 09/01/47)		400		358,658
6.15%, 04/07/36		175		197,035
6.30%, 10/09/37		16		18,326
7.00%, 06/15/40		100		122,946
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		200		181,049
6.00%, 02/01/35		150		168,426
Manulife Financial Corp., 5.38%, 03/04/46		350		374,794
Markel Corp.
4.30%, 11/01/47 (Call 05/01/47)		100		87,398
5.00%, 04/05/46		150		146,854
Marsh & McLennan Companies Inc.
4.20%, 03/01/48 (Call 09/01/47)		235		211,424
4.35%, 01/30/47 (Call 07/30/46)		172		159,945
5.88%, 08/01/33		150		171,529
Massachusetts Mutual Life Insurance Co., 4.50%, 04/15/65(b)		500		450,765
MetLife Inc.
4.05%, 03/01/45		650		582,955
4.13%, 08/13/42		500		454,186
4.60%, 05/13/46 (Call 11/13/45)(a)		375		365,854
4.72%, 12/15/44		300		295,848
4.88%, 11/13/43		475		484,081
5.70%, 06/15/35		550		612,679
6.38%, 06/15/34(a)		100		118,390
6.40%, 12/15/36 (Call 12/15/31)		445		461,465
6.50%, 12/15/32(a)		315		383,978
10.75%, 08/01/69 (Call 08/01/34)		66		100,650
Mutual of Omaha Insurance Co., 6.80%, 06/15/36		75		90,088
Nationwide Financial Services Inc., 5.30%, 11/18/44(b)		350		355,248
Nationwide Mutual Insurance Co., 9.38%, 08/15/39(b)		500		757,832
Northwestern Mutual Life Insurance Co. (The), 6.06%, 03/30/40(a)(b)		1,000		1,199,158

2 0 1 8    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Pacific Life Insurance Co., 4.30%, 10/24/67
(Call 10/24/47)(a)(b)(c)(d)	$	600	$	525,690
Principal Financial Group Inc.
4.35%, 05/15/43		300		275,564
4.63%, 09/15/42		5		4,819
6.05%, 10/15/36		191		218,910
Progressive Corp. (The)
3.70%, 01/26/45		150		131,586
4.13%, 04/15/47 (Call 10/15/46)		200		187,560
4.20%, 03/15/48 (Call 09/15/47)		300		286,727
4.35%, 04/25/44		136		133,330
6.25%, 12/01/32		200		241,403
Prudential Financial Inc.
3.91%, 12/07/47 (Call 06/07/47)		200		173,914
3.94%, 12/07/49 (Call 06/07/49)		300		259,853
4.42%, 03/27/48 (Call 09/27/47)		250		235,241
4.60%, 05/15/44(a)		275		267,472
5.70%, 12/14/36		350		385,142
6.63%, 06/21/40		5		6,131
Sompo International Holdings Ltd., 7.00%, 07/15/34(a)		175		200,218
Teachers Insurance & Annuity Association of America, 4.27%,
05/15/47 (Call 11/15/46)(b)		1,250		1,170,674
Transatlantic Holdings Inc., 8.00%, 11/30/39		150		200,018
Travelers Companies Inc. (The)
3.75%, 05/15/46 (Call 11/15/45)		250		221,860
4.00%, 05/30/47 (Call 11/30/46)		200		185,563
4.05%, 03/07/48 (Call 09/07/47)(a)		210		195,941
4.30%, 08/25/45 (Call 02/25/45)		150		146,576
4.60%, 08/01/43		66		66,853
5.35%, 11/01/40		200		222,154
6.25%, 06/15/37		225		273,321
6.75%, 06/20/36		275		348,589
Travelers Property Casualty Corp., 6.38%, 03/15/33		335		409,392
Unum Group, 5.75%, 08/15/42		210		213,920
Voya Financial Inc.
4.80%, 06/15/46		100		94,674
5.70%, 07/15/43		200		213,886
WR Berkley Corp., 4.75%, 08/01/44		200		191,014
XLIT Ltd., 5.50%, 03/31/45		226		231,115
				28,515,357
Internet — 0.9%
Alibaba Group Holding Ltd.
4.00%, 12/06/37 (Call 06/06/37)		300		264,010
4.20%, 12/06/47 (Call 06/06/47)		700		605,855
4.50%, 11/28/34 (Call 05/28/34)		600		573,482
Amazon.com Inc.
3.88%, 08/22/37 (Call 02/22/37)		100		94,343
4.05%, 08/22/47 (Call 02/22/47)		1,000		929,592
4.25%, 08/22/57 (Call 02/22/57)		900		842,277
4.80%, 12/05/34 (Call 06/05/34)		860		905,022
4.95%, 12/05/44 (Call 06/05/44)		360		386,666
eBay Inc., 4.00%, 07/15/42 (Call 01/15/42)		525		406,407
				5,007,654
Iron & Steel — 0.5%
ArcelorMittal, 7.00%, 10/15/39		250		276,648
Nucor Corp.
5.20%, 08/01/43 (Call 02/01/43)		199		209,729
6.40%, 12/01/37		291		345,755

Security	Par (000)		Value
Iron & Steel (continued)
Vale Overseas Ltd.
6.88%, 11/21/36	$	850	$	943,747
6.88%, 11/10/39		400		448,600
8.25%, 01/17/34		355		435,319
				2,659,798
Leisure Time — 0.0%
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)		100		89,998
Machinery — 0.5%
ABB Finance USA Inc., 4.38%, 05/08/42		357		349,383
Caterpillar Inc.
3.80%, 08/15/42		810		738,575
4.30%, 05/15/44 (Call 11/15/43)		100		99,080
4.75%, 05/15/64 (Call 11/15/63)		225		222,910
5.20%, 05/27/41		335		366,730
5.30%, 09/15/35		11		12,012
6.05%, 08/15/36(a)		111		130,402
Cummins Inc., 4.88%, 10/01/43 (Call 04/01/43)(a)		175		182,299
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		145		137,214
5.38%, 10/16/29(a)		200		221,671
7.13%, 03/03/31		101		126,911
Dover Corp., 5.38%, 03/01/41 (Call 12/01/40)		250		266,217
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)(a)		225		208,929
				3,062,333
Manufacturing — 1.5%
3M Co.
3.13%, 09/19/46 (Call 03/19/46)		250		203,495
3.63%, 10/15/47 (Call 04/15/47)		265		235,606
3.88%, 06/15/44		150		139,582
5.70%, 03/15/37		150		174,180
Crane Co., 4.20%, 03/15/48 (Call 09/15/47)		45		40,141
Eaton Corp.
4.00%, 11/02/32		800		774,009
4.15%, 11/02/42		250		229,150
General Electric Co.
4.13%, 10/09/42		775		639,306
4.50%, 03/11/44		700		603,726
5.88%, 01/14/38		750		774,299
6.15%, 08/07/37		405		433,387
6.88%, 01/10/39		500		573,409
Series A, 6.75%, 03/15/32		1,030		1,163,400
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		300		283,845
4.88%, 09/15/41 (Call 03/15/41)		200		212,733
Ingersoll-Rand Global Holding Co. Ltd.
4.30%, 02/21/48 (Call 08/21/47)		150		137,335
5.75%, 06/15/43		150		166,631
Ingersoll-Rand Luxembourg Finance SA, 4.65%, 11/01/44
(Call 05/01/44)		140		135,843
Parker-Hannifin Corp.
4.10%, 03/01/47 (Call 09/01/46)		75		70,868
4.20%, 11/21/34 (Call 05/21/34)		100		97,556
4.45%, 11/21/44 (Call 05/21/44)		200		198,252
Series A, 6.25%, 05/15/38		100		121,962

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Manufacturing (continued)
Siemens Financieringsmaatschappij NV
3.30%, 09/15/46(a)(b)	$	150	$	123,763
4.20%, 03/16/47(a)(b)		1,250		1,204,285
4.40%, 05/27/45(b)		100		99,441
				8,836,204
Media — 5.5%
21st Century Fox America Inc.
4.75%, 09/15/44 (Call 03/15/44)		275		283,460
4.95%, 10/15/45 (Call 04/15/45)		200		212,417
5.40%, 10/01/43		75		84,257
6.15%, 03/01/37		475		569,334
6.15%, 02/15/41(a)		500		606,188
6.20%, 12/15/34		500		596,961
6.40%, 12/15/35		302		368,067
6.55%, 03/15/33		275		334,379
6.65%, 11/15/37		300		380,973
6.90%, 08/15/39		36		46,077
7.75%, 12/01/45		150		216,552
7.85%, 03/01/39		200		279,088
8.15%, 10/17/36		100		140,107
CBS Corp.
4.60%, 01/15/45 (Call 07/15/44)		200		180,209
4.85%, 07/01/42 (Call 01/01/42)		135		125,729
4.90%, 08/15/44 (Call 02/15/44)		245		226,700
5.50%, 05/15/33		150		153,848
5.90%, 10/15/40 (Call 04/15/40)		50		52,532
7.88%, 07/30/30(a)		200		245,488
Charter Communications Operating LLC/Charter Communications Operating Capital
5.38%, 04/01/38 (Call 10/01/37)		400		367,145
5.38%, 05/01/47 (Call 11/01/46)		700		630,031
5.75%, 04/01/48 (Call 10/01/47)(a)		445		421,127
6.38%, 10/23/35 (Call 04/23/35)		550		567,998
6.48%, 10/23/45 (Call 04/23/45)		1,125		1,142,053
6.83%, 10/23/55 (Call 04/23/55)		250		260,486
Comcast Corp.
3.20%, 07/15/36 (Call 01/15/36)		625		510,929
3.40%, 07/15/46 (Call 01/15/46)		550		433,746
3.90%, 03/01/38 (Call 09/01/37)		300		267,986
3.97%, 11/01/47 (Call 05/01/47)		565		491,072
4.00%, 03/01/48 (Call 09/01/47)		50		43,637
4.00%, 11/01/49 (Call 05/01/49)		715		612,209
4.05%, 11/01/52 (Call 05/01/52)		300		256,100
4.20%, 08/15/34 (Call 02/15/34)		580		545,259
4.25%, 10/15/30 (Call 07/15/30)		295		290,960
4.25%, 01/15/33		1,400		1,356,006
4.40%, 08/15/35 (Call 02/15/35)		555		527,446
4.50%, 01/15/43		200		188,602
4.60%, 10/15/38 (Call 04/15/38)		1,000		978,461
4.60%, 08/15/45 (Call 02/15/45)		610		583,130
4.65%, 07/15/42(a)		250		238,888
4.70%, 10/15/48 (Call 04/15/48)		1,000		972,589
4.75%, 03/01/44		275		268,659
4.95%, 10/15/58 (Call 04/15/58)		750		734,418
5.65%, 06/15/35		111		120,992
6.40%, 05/15/38		62		72,969
6.45%, 03/15/37		100		116,194
6.50%, 11/15/35		475		560,689
6.95%, 08/15/37		75		92,210
7.05%, 03/15/33		161		198,172

Security	Par (000)		Value
Media (continued)
Cox Communications Inc., 8.38%, 03/01/39(a)(b)	$	750	$	941,465
Discovery Communications LLC
4.88%, 04/01/43		150		132,545
4.95%, 05/15/42		225		202,097
5.00%, 09/20/37 (Call 03/20/37)		375		350,006
5.20%, 09/20/47 (Call 03/20/47)(a)		400		369,955
6.35%, 06/01/40		375		398,596
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		500		431,250
6.63%, 01/15/40		300		319,407
Historic TW Inc., 6.63%, 05/15/29		100		114,743
NBCUniversal Media LLC
4.45%, 01/15/43		250		232,513
5.95%, 04/01/41		700		780,465
Thomson Reuters Corp.
5.50%, 08/15/35		150		152,381
5.65%, 11/23/43 (Call 05/23/43)		125		128,852
5.85%, 04/15/40(a)		250		263,734
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		400		321,512
5.50%, 09/01/41 (Call 03/01/41)		500		455,614
5.88%, 11/15/40 (Call 05/15/40)		400		381,073
6.55%, 05/01/37		450		466,223
6.75%, 06/15/39(a)		315		329,574
7.30%, 07/01/38		550		606,613
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		300		364,400
Time Warner Inc., 7.70%, 05/01/32		125		155,686
Viacom Inc.
4.38%, 03/15/43		475		388,720
5.25%, 04/01/44 (Call 10/01/43)		200		183,865
5.85%, 09/01/43 (Call 03/01/43)		350		345,689
6.88%, 04/30/36		450		496,912
Walt Disney Co. (The)
3.00%, 07/30/46		125		98,798
3.70%, 12/01/42		200		177,312
4.13%, 06/01/44(a)		200		190,295
4.38%, 08/16/41		250		245,757
7.00%, 03/01/32		200		252,580
Series E, 4.13%, 12/01/41		200		189,468
Warner Media LLC
4.65%, 06/01/44 (Call 12/01/43)		460		396,258
4.85%, 07/15/45 (Call 01/15/45)		175		156,578
4.90%, 06/15/42		175		156,022
5.35%, 12/15/43		325		305,899
5.38%, 10/15/41		350		334,932
6.10%, 07/15/40		100		103,470
6.25%, 03/29/41		200		211,544
				31,085,332
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)		166		152,933
4.38%, 06/15/45 (Call 12/15/44)		86		84,835
Timken Co. (The), 4.50%, 12/15/28 (Call 09/15/28)		100		97,305
Valmont Industries Inc., 5.00%, 10/01/44 (Call 04/01/44)		60		52,699
				387,772
Mining — 1.4%
Barrick Gold Corp., 5.25%, 04/01/42		345		347,698

2 0 1 8    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
Barrick North America Finance LLC
5.70%, 05/30/41	$	375	$	399,120
5.75%, 05/01/43		300		321,339
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		325		350,568
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		440		419,028
5.00%, 09/30/43		450		484,520
Corp. Nacional del Cobre de Chile
4.25%, 07/17/42(b)		600		530,823
4.50%, 08/01/47 (Call 02/01/47)(b)		1,000		924,260
Goldcorp Inc., 5.45%, 06/09/44 (Call 12/09/43)		286		285,110
Newmont Mining Corp.
4.88%, 03/15/42 (Call 09/15/41)		300		281,355
5.88%, 04/01/35(a)		125		135,193
6.25%, 10/01/39(a)		450		494,949
Rio Tinto Alcan Inc.
5.75%, 06/01/35		11		12,263
6.13%, 12/15/33		11		12,994
7.25%, 03/15/31		275		343,628
Rio Tinto Finance USA Ltd., 5.20%, 11/02/40		385		414,940
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)(a)		263		248,597
4.75%, 03/22/42 (Call 09/22/41)(a)		330		339,594
Southern Copper Corp.
5.25%, 11/08/42		375		365,199
5.88%, 04/23/45		375		390,835
6.75%, 04/16/40		450		511,991
7.50%, 07/27/35		300		360,375
Vale Canada Ltd., 7.20%, 09/15/32		100		109,400
				8,083,779
Office & Business Equipment — 0.0%
Xerox Corp., 6.75%, 12/15/39(a)		70		61,240
Oil & Gas — 8.0%
Anadarko Finance Co., Series B, 7.50%, 05/01/31		225		269,270
Anadarko Petroleum Corp.
4.50%, 07/15/44 (Call 01/15/44)		430		375,850
6.20%, 03/15/40		250		263,235
6.45%, 09/15/36		330		357,386
6.60%, 03/15/46 (Call 09/15/45)		470		519,714
Apache Corp.
4.25%, 01/15/44 (Call 07/15/43)		390		327,070
4.38%, 10/15/28 (Call 07/15/28)		200		192,231
4.75%, 04/15/43 (Call 10/15/42)		300		266,419
5.10%, 09/01/40 (Call 03/01/40)		330		307,273
6.00%, 01/15/37		422		446,654
7.75%, 12/15/29		100		122,747
BP Capital Markets PLC, 3.72%, 11/28/28 (Call 08/28/28)		250		243,038
Burlington Resources Finance Co.
7.20%, 08/15/31		300		379,902
7.40%, 12/01/31		350		453,840
Canadian Natural Resources Ltd.
4.95%, 06/01/47 (Call 12/01/46)		350		341,517
5.85%, 02/01/35		150		162,560
6.25%, 03/15/38		325		366,163
6.45%, 06/30/33		200		226,467
6.50%, 02/15/37		50		57,582
6.75%, 02/01/39		25		29,482
7.20%, 01/15/32		300		358,279

Security	Par (000)		Value
Oil & Gas (continued)
Cenovus Energy Inc.
5.25%, 06/15/37 (Call 12/15/36)	$	550	$	516,830
5.40%, 06/15/47 (Call 12/15/46)(a)		450		421,844
6.75%, 11/15/39		400		427,196
CNOOC Finance 2013 Ltd., 4.25%, 05/09/43		400		367,623
CNOOC Nexen Finance 2014 ULC, 4.88%, 04/30/44		400		404,101
Concho Resources Inc., 4.88%, 10/01/47 (Call 04/01/47)(a)		485		458,423
Conoco Funding Co., 7.25%, 10/15/31		300		379,905
ConocoPhillips
5.90%, 10/15/32		13		15,137
5.90%, 05/15/38		175		207,154
6.50%, 02/01/39(a)		725		906,443
ConocoPhillips Canada Funding Co. I, 5.95%, 10/15/36		100		116,845
ConocoPhillips Co.
4.30%, 11/15/44 (Call 05/15/44)		200		196,460
5.95%, 03/15/46 (Call 09/15/45)		175		213,017
ConocoPhillips Holding Co., 6.95%, 04/15/29		1,100		1,355,907
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		278		249,532
5.00%, 06/15/45 (Call 12/15/44)		250		230,873
5.60%, 07/15/41 (Call 01/15/41)		525		521,676
Ecopetrol SA
5.88%, 05/28/45		300		285,900
7.38%, 09/18/43		475		531,406
Encana Corp.
6.50%, 08/15/34		500		555,572
6.50%, 02/01/38		400		455,615
6.63%, 08/15/37		30		34,042
7.20%, 11/01/31		100		117,664
EOG Resources Inc., 3.90%, 04/01/35 (Call 10/01/34)		300		280,794
Equinor ASA
3.95%, 05/15/43		325		303,134
4.25%, 11/23/41		350		339,927
4.80%, 11/08/43		300		316,031
5.10%, 08/17/40		230		251,020
Exxon Mobil Corp.
3.57%, 03/06/45 (Call 09/06/44)		100		88,909
4.11%, 03/01/46 (Call 09/01/45)(a)		875		844,418
Gazprom OAO Via Gaz Capital SA, 7.29%, 08/16/37(b)		800		881,496
Hess Corp.
5.60%, 02/15/41		475		453,939
5.80%, 04/01/47 (Call 10/01/46)		200		193,678
6.00%, 01/15/40		250		246,265
7.13%, 03/15/33		225		252,545
7.30%, 08/15/31		250		280,833
KazMunayGas National Co. JSC, 6.38%, 10/24/48(b)		800		811,675
Kerr-McGee Corp., 7.88%, 09/15/31		14		16,990
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)		250		245,343
6.60%, 10/01/37		450		510,913
6.80%, 03/15/32		26		30,390
Marathon Petroleum Corp.
4.50%, 04/01/48 (Call 10/01/47)(b)		300		265,058
4.75%, 09/15/44 (Call 03/15/44)		250		229,395
5.00%, 09/15/54 (Call 03/15/54)		250		231,074
6.50%, 03/01/41 (Call 09/01/40)		425		476,992
Motiva Enterprises LLC, 6.85%, 01/15/40(a)(b)		250		265,722

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Nexen Energy ULC
6.40%, 05/15/37	$	400	$	473,744
7.50%, 07/30/39		400		534,265
7.88%, 03/15/32		160		211,719
Noble Energy Inc.
4.95%, 08/15/47 (Call 02/15/47)		50		45,362
5.05%, 11/15/44 (Call 05/15/44)		350		321,920
5.25%, 11/15/43 (Call 05/15/43)		375		349,291
6.00%, 03/01/41 (Call 09/01/40)		400		415,222
Occidental Petroleum Corp.
4.10%, 02/15/47 (Call 08/15/46)		400		368,894
4.20%, 03/15/48 (Call 09/15/47)		75		69,954
4.40%, 04/15/46 (Call 10/15/45)		400		386,204
4.63%, 06/15/45 (Call 12/15/44)		450		450,701
Pertamina Persero PT, 6.45%, 05/30/44(b)		1,400		1,389,574
Petro-Canada
5.35%, 07/15/33		125		135,779
5.95%, 05/15/35		11		12,273
6.80%, 05/15/38		510		615,695
Petroleos del Peru SA, 4.75%, 06/19/32(b)		600		555,900
Petroleos Mexicanos
5.50%, 06/27/44		750		581,250
5.63%, 01/23/46		875		677,950
6.38%, 01/23/45		1,250		1,040,638
6.50%, 06/02/41		1,050		899,115
6.63%, 06/15/35		700		640,500
6.63%, 06/15/38		300		267,750
6.75%, 09/21/47		2,100		1,802,430
Petronas Capital Ltd., 4.50%, 03/18/45(b)		400		389,453
Phillips 66
4.65%, 11/15/34 (Call 05/15/34)(a)		510		499,131
4.88%, 11/15/44 (Call 05/15/44)		515		499,715
5.88%, 05/01/42		440		479,786
Shell International Finance BV
3.75%, 09/12/46		200		177,734
4.00%, 05/10/46		725		669,178
4.13%, 05/11/35		625		608,390
4.38%, 05/11/45		1,025		1,009,237
4.55%, 08/12/43(a)		450		454,034
5.50%, 03/25/40(a)		300		341,076
6.38%, 12/15/38		945		1,192,040
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(b)		700		703,933
Sinopec Group Overseas Development 2018 Ltd., 4.60%, 09/12/48		700		676,386
Suncor Energy Inc.
4.00%, 11/15/47 (Call 05/15/47)		85		76,269
5.95%, 12/01/34		150		169,608
6.50%, 06/15/38		415		487,453
6.85%, 06/01/39		400		493,088
Tosco Corp., 8.13%, 02/15/30		61		80,964
Valero Energy Corp.
4.90%, 03/15/45(a)		275		262,353
6.63%, 06/15/37		520		595,437
7.50%, 04/15/32		275		336,935
				45,300,715
Oil & Gas Services — 0.6%
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40		400		403,128
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47)		500		418,349

Security	Par (000)		Value
Oil & Gas Services (continued)
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)	$	200	$	189,182
4.75%, 08/01/43 (Call 02/01/43)		350		336,360
4.85%, 11/15/35 (Call 05/15/35)		350		351,584
5.00%, 11/15/45 (Call 05/15/45)		700		703,058
6.70%, 09/15/38		21		24,977
7.45%, 09/15/39		375		486,505
National Oilwell Varco Inc., 3.95%, 12/01/42 (Call 06/01/42)		400		326,836
				3,239,979
Packaging & Containers — 0.1%
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)		128		137,272
WestRock MWV LLC
7.95%, 02/15/31		101		128,073
8.20%, 01/15/30		275		351,051
				616,396
Pharmaceuticals — 5.6%
AbbVie Inc.
4.30%, 05/14/36 (Call 11/14/35)		575		513,974
4.40%, 11/06/42		650		570,969
4.45%, 05/14/46 (Call 11/14/45)		575		503,064
4.50%, 05/14/35 (Call 11/14/34)(a)		850		783,943
4.70%, 05/14/45 (Call 11/14/44)		1,150		1,036,756
4.88%, 11/14/48 (Call 05/14/48)		250		231,131
Allergan Funding SCS
4.55%, 03/15/35 (Call 09/15/34)		900		847,757
4.75%, 03/15/45 (Call 09/15/44)		350		327,998
4.85%, 06/15/44 (Call 12/15/43)(a)		500		470,461
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)		250		217,306
4.30%, 12/15/47 (Call 06/15/47)		150		130,374
AstraZeneca PLC
4.00%, 01/17/29 (Call 10/17/28)		625		602,533
4.00%, 09/18/42		395		345,271
4.38%, 11/16/45		330		303,206
4.38%, 08/17/48 (Call 02/17/48)		300		273,975
6.45%, 09/15/37		700		823,636
Bayer U.S. Finance II LLC
4.20%, 07/15/34 (Call 01/15/34)(b)		350		310,116
4.38%, 12/15/28 (Call 09/15/28)(b)		1,500		1,449,060
4.40%, 07/15/44 (Call 01/15/44)(b)		275		234,219
4.65%, 11/15/43 (Call 05/15/43)(b)		74		66,032
4.70%, 07/15/64 (Call 01/15/64)(b)		250		200,601
4.88%, 06/25/48 (Call 12/25/47)(a)(b)		750		699,443
Bristol-Myers Squibb Co.
3.25%, 08/01/42		49		41,254
4.50%, 03/01/44 (Call 09/01/43)(a)		250		256,145
Cardinal Health Inc.
4.37%, 06/15/47 (Call 12/15/46)(a)		245		205,488
4.50%, 11/15/44 (Call 05/15/44)		245		206,193
4.60%, 03/15/43		200		172,853
CVS Health Corp.
4.78%, 03/25/38 (Call 09/25/37)		1,900		1,828,201
4.88%, 07/20/35 (Call 01/20/35)		350		338,937
5.05%, 03/25/48 (Call 09/25/47)(a)		2,250		2,193,888
5.13%, 07/20/45 (Call 01/20/45)		935		917,123
5.30%, 12/05/43 (Call 06/05/43)(a)		273		273,857

2 0 1 8    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Eli Lilly & Co.
3.70%, 03/01/45 (Call 09/01/44)	$	165	$	150,043
3.95%, 05/15/47 (Call 11/15/46)		180		169,960
5.55%, 03/15/37(a)		166		191,479
Express Scripts Holding Co.
4.80%, 07/15/46 (Call 01/15/46)		650		610,868
6.13%, 11/15/41		100		109,625
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43(a)		235		229,996
5.38%, 04/15/34		200		223,080
6.38%, 05/15/38		650		810,465
Johnson & Johnson
3.40%, 01/15/38 (Call 07/15/37)		100		89,878
3.50%, 01/15/48 (Call 07/15/47)(a)		150		130,889
3.55%, 03/01/36 (Call 09/01/35)		550		510,065
3.63%, 03/03/37 (Call 09/03/36)		180		166,779
3.70%, 03/01/46 (Call 09/01/45)		500		453,784
3.75%, 03/03/47 (Call 09/03/46)		300		274,148
4.38%, 12/05/33 (Call 06/05/33)		300		311,852
4.50%, 09/01/40		100		102,514
4.50%, 12/05/43 (Call 06/05/43)		300		307,197
4.85%, 05/15/41		186		199,226
4.95%, 05/15/33		311		344,194
5.85%, 07/15/38		100		120,699
5.95%, 08/15/37		350		426,973
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)(a)		153		155,603
5.90%, 11/01/39		175		204,022
Merck & Co. Inc.
3.60%, 09/15/42 (Call 03/15/42)		261		236,424
3.70%, 02/10/45 (Call 08/10/44)		625		567,562
4.15%, 05/18/43		645		626,326
Merck Sharp & Dohme Corp., 5.75%, 11/15/36		25		29,367
Mylan Inc.
5.20%, 04/15/48 (Call 10/15/47)(b)		75		63,848
5.40%, 11/29/43 (Call 05/29/43)		350		312,828
Mylan NV, 5.25%, 06/15/46 (Call 12/15/45)		475		409,130
Novartis Capital Corp.
3.70%, 09/21/42		200		183,804
4.00%, 11/20/45 (Call 05/20/45)		375		357,824
4.40%, 05/06/44(a)		325		330,077
Pfizer Inc.
4.00%, 12/15/36		360		345,236
4.13%, 12/15/46		325		310,473
4.30%, 06/15/43		300		291,737
4.40%, 05/15/44(a)		375		370,236
5.60%, 09/15/40		100		114,860
7.20%, 03/15/39		925		1,247,020
Pharmacia LLC, 6.60%, 12/01/28		500		599,569
Wyeth LLC
5.95%, 04/01/37		750		881,034
6.00%, 02/15/36		71		84,419
6.50%, 02/01/34		68		83,024
Zoetis Inc.
3.95%, 09/12/47 (Call 03/12/47)		220		191,743
4.45%, 08/20/48 (Call 02/20/48)		25		23,730
4.70%, 02/01/43 (Call 08/01/42)		400		391,119
				31,720,493
Pipelines — 4.6%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(b)		1,000		945,440

Security	Par (000)			Value
Pipelines (continued)
Buckeye Partners LP
5.60%, 10/15/44 (Call 04/15/44)	$	100		$	87,402
5.85%, 11/15/43 (Call 05/15/43)		175			159,673
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)		175			189,368
Enable Midstream Partners LP, 5.00%, 05/15/44 (Call 11/15/43)		125			108,557
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		200			204,718
Series B, 7.50%, 04/15/38		300			371,362
Enbridge Inc.
4.50%, 06/10/44 (Call 12/10/43)		250			226,014
5.50%, 12/01/46 (Call 05/29/46)(a)		250	��		261,532
Energy Transfer Operating LP
4.90%, 03/15/35 (Call 09/15/34)		100			89,282
5.15%, 02/01/43 (Call 08/01/42)		200			175,647
5.15%, 03/15/45 (Call 09/15/44)(a)		250			220,527
5.30%, 04/15/47 (Call 10/15/46)		400			359,614
6.13%, 12/15/45 (Call 06/15/45)		300			297,954
6.50%, 02/01/42 (Call 08/01/41)		250			258,958
7.50%, 07/01/38		275			317,062
Energy Transfer Partners LP
6.05%, 06/01/41 (Call 12/01/40)		50			49,141
6.63%, 10/15/36		135			143,735
Enterprise Products Operating LLC
4.25%, 02/15/48 (Call 08/15/47)		275			243,338
4.45%, 02/15/43 (Call 08/15/42)		325			297,325
4.85%, 08/15/42 (Call 02/15/42)		370			356,832
4.85%, 03/15/44 (Call 09/15/43)		450			432,665
4.90%, 05/15/46 (Call 11/15/45)		350			339,841
4.95%, 10/15/54 (Call 04/15/54)		200			177,631
5.10%, 02/15/45 (Call 08/15/44)		425			422,319
5.70%, 02/15/42		265			283,391
5.95%, 02/01/41		250			273,336
6.13%, 10/15/39		250			282,149
7.55%, 04/15/38		150			190,324
Series D, 6.88%, 03/01/33		200			240,369
Series H, 6.65%, 10/15/34		141			166,186
EQT Midstream Partners LP, Series 30Y, 6.50%, 07/15/48 (Call 01/15/48)(a)		200			200,430
GNL Quintero SA, 4.63%, 07/31/29		400			386,500
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		250			220,669
5.00%, 08/15/42 (Call 02/15/42)		375			343,467
5.00%, 03/01/43 (Call 09/01/42)		300			274,505
5.40%, 09/01/44 (Call 03/01/44)		235			227,762
5.50%, 03/01/44 (Call 09/01/43)		180			175,229
5.80%, 03/15/35		300			311,412
6.38%, 03/01/41		230			247,894
6.55%, 09/15/40		100			109,240
6.95%, 01/15/38		500			572,700
7.30%, 08/15/33		36			42,105
7.40%, 03/15/31		118			135,301
7.50%, 11/15/40		50			59,793
7.75%, 03/15/32		100			121,286
Kinder Morgan Inc./DE
5.05%, 02/15/46 (Call 08/15/45)		430			403,515
5.20%, 03/01/48 (Call 09/01/47)		250			242,069
5.30%, 12/01/34 (Call 06/01/34)		300			297,140

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
5.55%, 06/01/45 (Call 12/01/44)	$	450	$	450,366
7.75%, 01/15/32		325		398,827
Magellan Midstream Partners LP
4.20%, 10/03/47 (Call 04/03/47)		160		140,760
4.25%, 09/15/46 (Call 03/15/46)		200		178,324
5.15%, 10/15/43 (Call 04/15/43)		250		250,904
MPLX LP
4.50%, 04/15/38 (Call 10/15/37)		700		623,729
4.70%, 04/15/48 (Call 10/15/47)		450		395,196
5.20%, 03/01/47 (Call 09/01/46)		425		401,962
ONEOK Inc., 4.95%, 07/13/47 (Call 01/06/47)		250		236,325
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		225		235,248
6.20%, 09/15/43 (Call 03/15/43)		125		133,378
6.65%, 10/01/36		150		170,153
6.85%, 10/15/37		300		339,457
Phillips 66 Partners LP
4.68%, 02/15/45 (Call 08/15/44)		75		68,002
4.90%, 10/01/46 (Call 04/01/46)(a)		350		323,224
Plains All American Pipeline LP/PAA Finance Corp.
4.30%, 01/31/43 (Call 07/31/42)		90		72,013
4.70%, 06/15/44 (Call 12/15/43)		250		216,090
4.90%, 02/15/45 (Call 08/15/44)		450		393,303
5.15%, 06/01/42 (Call 12/01/41)		25		22,269
6.65%, 01/15/37		200		213,696
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		340		309,121
5.95%, 09/25/43 (Call 03/25/43)		150		164,043
Sunoco Logistics Partners Operations LP
4.95%, 01/15/43 (Call 07/15/42)		250		214,257
5.30%, 04/01/44 (Call 10/01/43)		275		246,466
5.35%, 05/15/45 (Call 11/15/44)		100		89,831
5.40%, 10/01/47 (Call 04/01/47)		1,000		916,298
6.10%, 02/15/42		175		172,710
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28		275		316,682
Texas Eastern Transmission LP, 7.00%, 07/15/32		200		238,831
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)		400		382,422
4.75%, 05/15/38 (Call 11/15/37)		100		96,258
4.88%, 05/15/48 (Call 11/15/47)		500		482,795
5.00%, 10/16/43 (Call 04/16/43)		360		351,383
5.60%, 03/31/34		200		214,256
5.85%, 03/15/36		100		106,433
6.10%, 06/01/40		279		311,713
6.20%, 10/15/37		200		222,803
7.25%, 08/15/38		325		391,530
7.63%, 01/15/39		200		255,476
Transcontinental Gas Pipe Line Co. LLC
4.45%, 08/01/42 (Call 02/01/42)		400		361,239
4.60%, 03/15/48 (Call 09/15/47)		490		457,122
5.40%, 08/15/41 (Call 02/15/41)		76		79,295
Western Gas Partners LP
5.45%, 04/01/44 (Call 10/01/43)		350		315,881
5.50%, 08/15/48 (Call 02/15/48)		150		134,053
Williams Companies Inc. (The)
4.90%, 01/15/45 (Call 07/15/44)		225		208,043
5.10%, 09/15/45 (Call 03/15/45)		200		188,995
5.40%, 03/04/44 (Call 09/04/43)		225		216,478

Security	Par (000)		Value
Pipelines (continued)
5.80%, 11/15/43 (Call 05/15/43)	$	50	$	51,901
6.30%, 04/15/40		585		621,465
				25,923,715
Private Equity — 0.0%
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(b)		75		70,353
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(b)		250		240,877
				311,230
Real Estate — 0.0%
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)		100		94,785
Real Estate Investment Trusts — 0.9%
Alexandria Real Estate Equities Inc., 4.70%, 07/01/30 (Call 04/01/30)		300		299,608
AvalonBay Communities Inc.
3.90%, 10/15/46 (Call 04/15/46)		195		172,424
4.15%, 07/01/47 (Call 01/01/47)		150		138,080
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		100		97,814
4.50%, 06/01/45 (Call 12/01/44)		315		308,465
Essex Portfolio LP, 4.50%, 03/15/48 (Call 09/15/47)		100		94,134
Federal Realty Investment Trust, 4.50%, 12/01/44 (Call 06/01/44)		197		189,548
HCP Inc., 6.75%, 02/01/41 (Call 08/01/40)		150		180,152
Kilroy Realty LP, 4.25%, 08/15/29 (Call 05/15/29)		14		13,386
Kimco Realty Corp.
4.25%, 04/01/45 (Call 10/01/44)		250		216,556
4.45%, 09/01/47 (Call 03/01/47)		200		178,751
Realty Income Corp., 4.65%, 03/15/47 (Call 09/15/46)		230		225,022
Regency Centers LP, 4.40%, 02/01/47 (Call 08/01/46)		200		182,357
Simon Property Group LP
4.25%, 10/01/44 (Call 04/01/44)(a)		14		13,111
4.25%, 11/30/46 (Call 05/30/46)(a)		80		75,087
4.75%, 03/15/42 (Call 09/15/41)		235		237,452
6.75%, 02/01/40 (Call 11/01/39)		395		496,769
Trust F/1401, 6.95%, 01/30/44 (Call 07/30/43)		200		198,852
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		177		156,562
4.40%, 01/15/29 (Call 10/15/28)		500		488,992
5.70%, 09/30/43 (Call 03/30/43)		11		11,718
Welltower Inc.
4.95%, 09/01/48 (Call 03/01/48)		250		239,292
6.50%, 03/15/41 (Call 09/15/40)		100		115,253
Weyerhaeuser Co., 7.38%, 03/15/32		515		631,913
				4,961,298
Retail — 2.8%
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)		75		67,261
Home Depot Inc. (The)
3.50%, 09/15/56 (Call 03/15/56)		345		279,222
3.90%, 06/15/47 (Call 12/15/46)		100		90,909
4.20%, 04/01/43 (Call 10/01/42)		100		95,800
4.25%, 04/01/46 (Call 10/01/45)		465		447,119
4.40%, 03/15/45 (Call 09/15/44)		475		467,647
4.88%, 02/15/44 (Call 08/15/43)		525		552,834
5.40%, 09/15/40 (Call 03/15/40)		21		23,618
5.88%, 12/16/36		925		1,082,229
5.95%, 04/01/41 (Call 10/01/40)		507		605,899
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)		100		93,355

2 0 1 8    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
Lowe’s Companies Inc.
3.70%, 04/15/46 (Call 10/15/45)(a)	$	525	$	452,888
4.05%, 05/03/47 (Call 11/03/46)		460		415,305
4.25%, 09/15/44 (Call 03/15/44)		275		256,469
4.38%, 09/15/45 (Call 03/15/45)		350		335,304
4.65%, 04/15/42 (Call 10/15/41)		300		298,308
Macy’s Retail Holdings Inc.
4.30%, 02/15/43 (Call 08/15/42)		50		35,404
4.50%, 12/15/34 (Call 06/15/34)		180		143,397
5.13%, 01/15/42 (Call 07/15/41)		75		60,940
6.38%, 03/15/37		265		253,681
6.90%, 04/01/29		150		157,348
McDonald’s Corp.
3.63%, 05/01/43		11		9,186
3.70%, 02/15/42		355		299,781
4.45%, 03/01/47 (Call 09/01/46)		150		140,278
4.60%, 05/26/45 (Call 11/26/44)		420		401,339
4.70%, 12/09/35 (Call 06/09/35)		400		402,246
4.88%, 07/15/40		6		5,970
4.88%, 12/09/45 (Call 06/09/45)		500		500,169
5.70%, 02/01/39		275		300,642
6.30%, 10/15/37		300		353,480
6.30%, 03/01/38		275		323,184
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)		150		133,858
Starbucks Corp.
3.75%, 12/01/47 (Call 06/01/47)		135		111,314
4.30%, 06/15/45 (Call 12/15/44)		175		157,217
4.50%, 11/15/48 (Call 05/15/48)		275		255,572
Target Corp.
3.63%, 04/15/46		475		410,876
3.90%, 11/15/47 (Call 05/15/47)(a)		269		241,989
4.00%, 07/01/42		450		419,279
Walgreen Co., 4.40%, 09/15/42		250		220,615
Walgreens Boots Alliance Inc.
4.50%, 11/18/34 (Call 05/18/34)		170		159,289
4.65%, 06/01/46 (Call 12/01/45)		200		181,899
4.80%, 11/18/44 (Call 05/18/44)		550		507,520
Walmart Inc.
3.63%, 12/15/47 (Call 06/15/47)(a)		150		132,833
3.95%, 06/28/38 (Call 12/28/37)(a)		550		526,403
4.00%, 04/11/43 (Call 10/11/42)		400		376,037
4.05%, 06/29/48 (Call 12/29/47)(a)		1,150		1,093,697
4.30%, 04/22/44 (Call 10/22/43)		250		246,758
5.00%, 10/25/40		100		108,119
5.25%, 09/01/35		320		358,560
5.63%, 04/01/40		135		158,327
5.63%, 04/15/41		550		650,905
6.20%, 04/15/38		60		73,739
6.50%, 08/15/37		100		127,086
Wal-Mart Stores Inc., 4.75%, 10/02/43 (Call 04/02/43)		75		78,257
				15,681,361
Semiconductors — 0.8%
Analog Devices Inc., 5.30%, 12/15/45 (Call 06/15/45)(a)		195		199,167
Applied Materials Inc.
4.35%, 04/01/47 (Call 10/01/46)(a)		310		291,889
5.10%, 10/01/35 (Call 04/01/35)		350		367,339
5.85%, 06/15/41(a)		230		264,469
Intel Corp.
3.73%, 12/08/47 (Call 06/08/47)		500		445,764
4.00%, 12/15/32		325		326,971

Security	Par (000)		Value
Semiconductors (continued)
4.10%, 05/19/46 (Call 11/19/45)	$	660	$	628,174
4.10%, 05/11/47 (Call 11/11/46)		175		166,013
QUALCOMM Inc.
4.30%, 05/20/47 (Call 11/20/46)(a)		475		425,813
4.65%, 05/20/35 (Call 11/20/34)		565		555,445
4.80%, 05/20/45 (Call 11/20/44)		410		396,444
Texas Instruments Inc., 4.15%, 05/15/48 (Call 11/15/47)		300		287,718
				4,355,206
Software — 2.9%
Activision Blizzard Inc., 4.50%, 06/15/47 (Call 12/15/46)		75		68,652
Fidelity National Information Services Inc., 4.50%, 08/15/46 (Call 02/15/46)		250		230,837
Microsoft Corp.
3.45%, 08/08/36 (Call 02/08/36)		650		598,086
3.50%, 02/12/35 (Call 08/12/34)		600		560,452
3.50%, 11/15/42		250		223,536
3.70%, 08/08/46 (Call 02/08/46)		640		589,054
3.75%, 05/01/43 (Call 11/01/42)		250		233,353
3.75%, 02/12/45 (Call 08/12/44)		610		566,239
3.95%, 08/08/56 (Call 02/08/56)		820		762,929
4.00%, 02/12/55 (Call 08/12/54)		700		656,336
4.10%, 02/06/37 (Call 08/06/36)		450		450,903
4.20%, 11/03/35 (Call 05/03/35)		475		481,649
4.45%, 11/03/45 (Call 05/03/45)		925		955,273
4.50%, 10/01/40		520		539,909
4.50%, 02/06/57 (Call 08/06/56)		775		798,958
4.75%, 11/03/55 (Call 05/03/55)		285		307,436
4.88%, 12/15/43 (Call 06/15/43)		300		327,261
5.20%, 06/01/39		347		396,420
5.30%, 02/08/41		350		402,246
Series 30Y, 4.25%, 02/06/47 (Call 08/06/46)		700		706,290
Oracle Corp.
3.25%, 05/15/30 (Call 02/15/30)		300		278,606
3.80%, 11/15/37 (Call 05/15/37)		550		501,346
3.85%, 07/15/36 (Call 01/15/36)(a)		525		484,166
3.90%, 05/15/35 (Call 11/15/34)		525		489,451
4.00%, 07/15/46 (Call 01/15/46)		700		630,725
4.00%, 11/15/47 (Call 05/15/47)		675		607,013
4.13%, 05/15/45 (Call 11/15/44)		600		550,996
4.30%, 07/08/34 (Call 01/08/34)		800		783,803
4.38%, 05/15/55 (Call 11/15/54)		489		458,474
4.50%, 07/08/44 (Call 01/08/44)		450		440,088
5.38%, 07/15/40(a)		650		717,379
6.13%, 07/08/39(a)		425		506,141
6.50%, 04/15/38		90		110,972
				16,414,979
Telecommunications — 7.3%
America Movil SAB de CV
4.38%, 07/16/42		443		409,325
6.13%, 11/15/37		125		140,500
6.13%, 03/30/40(a)		750		856,092
6.38%, 03/01/35		165		188,724
AT&T Inc.
4.30%, 02/15/30(b)		1,250		1,174,387
4.30%, 12/15/42 (Call 06/15/42)		500		410,244
4.35%, 06/15/45 (Call 12/15/44)		700		573,982
4.50%, 05/15/35 (Call 11/15/34)		980		884,158
4.50%, 03/09/48 (Call 09/09/47)		1,100		914,347
4.55%, 03/09/49 (Call 09/09/48)		700		580,575

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
4.75%, 05/15/46 (Call 11/15/45)(a)	$	1,130	$	975,764
4.80%, 06/15/44 (Call 12/15/43)		1,025		899,788
4.90%, 08/15/37 (Call 02/14/37)(b)		25		22,933
5.15%, 03/15/42		375		345,041
5.15%, 11/15/46(b)		575		523,605
5.15%, 02/15/50 (Call 08/14/49)(b)		825		740,388
5.25%, 03/01/37 (Call 09/01/36)		1,075		1,026,444
5.35%, 09/01/40		650		619,819
5.45%, 03/01/47 (Call 09/01/46)(a)		800		758,926
5.55%, 08/15/41		140		135,171
5.65%, 02/15/47 (Call 08/15/46)		725		704,210
5.70%, 03/01/57 (Call 09/01/56)		600		575,712
6.00%, 08/15/40 (Call 05/15/40)		300		306,738
6.35%, 03/15/40		225		237,635
6.38%, 03/01/41		375		395,583
AT&T Mobility LLC, 7.13%, 12/15/31		25		27,964
Bell Canada Inc., 4.46%, 04/01/48 (Call 10/01/47)(a)		280		267,571
British Telecommunications PLC, 9.63%, 12/15/30		1,000		1,392,510
Cisco Systems Inc.
5.50%, 01/15/40		650		750,052
5.90%, 02/15/39		575		695,305
Deutsche Telekom International Finance BV
4.75%, 06/21/38 (Call 12/21/37)(a)		200		189,883
8.75%, 06/15/30		1,075		1,428,142
9.25%, 06/01/32(a)		219		311,720
Juniper Networks Inc., 5.95%, 03/15/41		150		146,056
Koninklijke KPN NV, 8.38%, 10/01/30		350		449,428
Motorola Solutions Inc., 5.50%, 09/01/44		195		177,236
Orange SA
5.38%, 01/13/42		200		214,116
5.50%, 02/06/44 (Call 08/06/43)		325		353,364
9.00%, 03/01/31		800		1,100,487
Rogers Communications Inc.
4.30%, 02/15/48 (Call 08/15/47)(a)		460		426,197
4.50%, 03/15/43 (Call 09/15/42)		150		143,464
5.00%, 03/15/44 (Call 09/15/43)		350		353,344
5.45%, 10/01/43 (Call 04/01/43)		21		22,250
7.50%, 08/15/38		200		258,606
Telefonica Emisiones SAU
4.67%, 03/06/38		250		224,110
4.90%, 03/06/48		350		311,636
5.21%, 03/08/47		750		699,558
7.05%, 06/20/36		750		872,689
Telefonica Europe BV, 8.25%, 09/15/30		500		631,138
TELUS Corp., 4.60%, 11/16/48 (Call 05/16/48)		100		95,715
Verizon Communications Inc.
3.85%, 11/01/42 (Call 05/01/42)		476		395,705
4.13%, 08/15/46		600		516,956
4.27%, 01/15/36		1,250		1,144,435
4.40%, 11/01/34 (Call 05/01/34)		850		801,281
4.50%, 08/10/33		1,300		1,263,426
4.52%, 09/15/48(a)		1,575		1,441,696
4.67%, 03/15/55		1,500		1,353,916
4.75%, 11/01/41		200		187,387
4.81%, 03/15/39		680		658,159
4.86%, 08/21/46		1,200		1,141,687
5.01%, 04/15/49		1,000		973,206
5.01%, 08/21/54		1,600		1,530,535
5.25%, 03/16/37		150		154,216
5.50%, 03/16/47(a)		530		552,246

Security	Par (000)		Value
Telecommunications (continued)
6.55%, 09/15/43	$	250	$	288,088
7.75%, 12/01/30		125		158,317
Vodafone Group PLC
4.38%, 02/19/43(a)		475		401,203
5.00%, 05/30/38		300		282,365
5.25%, 05/30/48(a)		1,000		944,146
6.15%, 02/27/37		250		263,744
6.25%, 11/30/32(a)		350		384,345
7.88%, 02/15/30		425		520,943
				41,300,634
Toys, Games & Hobbies — 0.1%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		200		179,918
6.35%, 03/15/40		200		209,265
				389,183
Transportation — 3.1%
Burlington Northern Santa Fe LLC
3.90%, 08/01/46 (Call 02/01/46)		390		353,371
4.05%, 06/15/48 (Call 12/15/47)		300		277,857
4.13%, 06/15/47 (Call 12/15/46)		10		9,391
4.15%, 04/01/45 (Call 10/01/44)		300		283,214
4.38%, 09/01/42 (Call 03/01/42)(a)		250		244,146
4.40%, 03/15/42 (Call 09/15/41)(a)		250		245,913
4.45%, 03/15/43 (Call 09/15/42)		121		119,287
4.55%, 09/01/44 (Call 03/01/44)		450		451,058
4.70%, 09/01/45 (Call 03/01/45)		295		299,262
4.90%, 04/01/44 (Call 10/01/43)		100		104,351
4.95%, 09/15/41 (Call 03/15/41)		114		119,775
5.05%, 03/01/41 (Call 09/01/40)		56		59,182
5.15%, 09/01/43 (Call 03/01/43)		100		107,743
5.40%, 06/01/41 (Call 12/01/40)		250		276,149
5.75%, 05/01/40 (Call 11/01/39)(a)		300		345,247
6.15%, 05/01/37		210		249,540
6.20%, 08/15/36		350		417,121
Canadian National Railway Co.
3.20%, 08/02/46 (Call 02/02/46)(a)		300		247,109
3.65%, 02/03/48 (Call 08/03/47)		250		220,457
4.45%, 01/20/49		100		99,986
6.20%, 06/01/36		50		59,798
6.25%, 08/01/34		111		133,694
6.38%, 11/15/37		175		214,265
Canadian Pacific Railway Co.
4.80%, 09/15/35 (Call 03/15/35)		197		202,088
4.80%, 08/01/45 (Call 02/01/45)		100		102,651
5.95%, 05/15/37		16		18,255
6.13%, 09/15/15 (Call 03/15/15)		275		307,434
7.13%, 10/15/31		650		807,871
CSX Corp.
3.80%, 11/01/46 (Call 05/01/46)		250		215,395
3.95%, 05/01/50 (Call 11/01/49)		50		42,611
4.10%, 03/15/44 (Call 09/15/43)		200		179,998
4.25%, 11/01/66 (Call 05/01/66)		300		255,662
4.30%, 03/01/48 (Call 09/01/47)(a)		250		230,589
4.40%, 03/01/43 (Call 09/01/42)		325		303,836
4.50%, 08/01/54 (Call 02/01/54)		250		229,455
4.75%, 05/30/42 (Call 11/30/41)		250		247,446
5.50%, 04/15/41 (Call 10/15/40)		120		127,472
6.00%, 10/01/36		250		285,066

2 0 1 8    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)   (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
6.15%, 05/01/37	$	105	$	121,659
6.22%, 04/30/40		105		123,021
FedEx Corp.
3.88%, 08/01/42		150		126,669
3.90%, 02/01/35		300		272,134
4.05%, 02/15/48 (Call 08/15/47)		325		274,443
4.10%, 04/15/43		152		131,557
4.10%, 02/01/45		250		214,786
4.55%, 04/01/46 (Call 10/01/45)		400		368,741
4.75%, 11/15/45 (Call 05/15/45)		500		474,833
4.90%, 01/15/34		280		285,131
5.10%, 01/15/44		300		296,164
Kansas City Southern
4.30%, 05/15/43 (Call 11/15/42)		100		90,906
4.70%, 05/01/48 (Call 11/01/47)		100		96,545
4.95%, 08/15/45 (Call 02/15/45)		245		243,387
Norfolk Southern Corp.
3.94%, 11/01/47 (Call 05/01/47)		200		176,648
3.95%, 10/01/42 (Call 04/01/42)		40		35,724
4.05%, 08/15/52 (Call 02/15/52)		295		261,538
4.15%, 02/28/48 (Call 08/28/47)		325		297,415
4.45%, 06/15/45 (Call 12/15/44)		225		214,988
4.65%, 01/15/46 (Call 07/15/45)		95		93,649
4.84%, 10/01/41		450		455,337
Union Pacific Corp.
3.35%, 08/15/46 (Call 02/15/46)		150		119,657
3.38%, 02/01/35 (Call 08/01/34)(a)		300		262,227
3.60%, 09/15/37 (Call 03/15/37)		450		394,846
3.88%, 02/01/55 (Call 08/01/54)		225		189,588
4.00%, 04/15/47 (Call 10/15/46)(a)		250		226,527
4.05%, 11/15/45 (Call 05/15/45)		300		273,551
4.05%, 03/01/46 (Call 09/01/45)		200		179,919
4.15%, 01/15/45 (Call 07/15/44)		75		68,425
4.30%, 06/15/42 (Call 12/15/41)		250		236,036
4.38%, 11/15/65 (Call 05/15/65)		96		84,432
4.50%, 09/10/48 (Call 03/10/48)		550		532,817
4.75%, 09/15/41 (Call 03/15/41)		158		157,671
4.80%, 09/10/58 (Call 03/10/58)		85		83,000
4.82%, 02/01/44 (Call 08/01/43)		320		323,815
6.63%, 02/01/29		250		296,078
United Parcel Service Inc.
3.40%, 11/15/46 (Call 05/15/46)		110		90,016
3.63%, 10/01/42(a)		105		91,430
3.75%, 11/15/47 (Call 05/15/47)		100		87,743
4.88%, 11/15/40 (Call 05/15/40)		330		343,472
6.20%, 01/15/38		600		726,368
				17,916,638
Trucking & Leasing — 0.0%
GATX Corp., 5.20%, 03/15/44 (Call 09/15/43)(a)		150		150,108

Security	Par/ Shares (000)		Value
Unknown BI — 0.1%
Cleveland Electric Illuminating Co. (The), 4.55%, 11/15/30	$	250	$	249,922
Standard Chartered PLC, 5.30%, 01/09/43		200		189,691
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)		150		136,590
				576,203
Water — 0.2%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		200		174,311
4.00%, 12/01/46 (Call 06/01/46)		95		87,077
4.30%, 12/01/42 (Call 06/01/42)		16		15,510
4.30%, 09/01/45 (Call 03/01/45)		350		335,738
6.59%, 10/15/37		324		399,716
Veolia Environnement SA, 6.75%, 06/01/38		179		211,539
				1,223,891
Total Corporate Bonds & Notes — 96.6%
(Cost: $597,079,829)				549,573,058
Short-Term Investments
Money Market Funds — 11.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.36%(g)(h)(i)		50,421		50,430,669
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(g)(h)		13,612		13,611,702
				64,042,371
Total Short-Term Investments — 11.2%
(Cost: $64,035,322)				64,042,371
Total Investments in Securities — 107.8%
(Cost: $661,115,151)				613,615,429
Other Assets, Less Liabilities — (7.8)%				(44,541,240	)
Net Assets — 100.0%			$	569,074,189

^(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)  Perpetual security with no stated maturity date.

^(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)  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.

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.

S C H E D U L E    O F    I N V E S T M E N T S

Schedule of Investments (unaudited) (continued)   October 31, 2018 iShares^® Long-Term Corporate Bond ETF   (Formerly iShares 10+ Year Credit Bond ETF)

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	—	$	549,573,058	$	—	$	549,573,058
Money Market Funds		64,042,371		—		—		64,042,371
	$	64,042,371	$	549,573,058	$	—	$	613,615,429

2 0 1 8    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Statements of Assets and Liabilities (unaudited)

October 31, 2018

	iShares Long-Term Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	549,573,058
Affiliated(c)		64,042,371
Cash		11,549
Receivables:
Investments sold		7,653,085
Securities lending income — Affiliated		11,566
Variation margin on futures contracts		22
Dividends		22,193
Interest		7,330,731
Total assets		628,644,575
LIABILITIES
Collateral on securities loaned, at value		50,416,813
Payables:
Investments purchased		9,121,763
Capital shares redeemed		3,814
Investment advisory fees		27,996
Total liabilities		59,570,386
NET ASSETS	$	569,074,189
NET ASSETS CONSIST OF:
Paid-in capital	$	636,326,082
Accumulated loss		(67,251,893	)
NET ASSETS	$	569,074,189
Shares outstanding		10,200,000
Net asset value	$	55.79
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	47,601,870
(b) Investments, at cost — Unaffiliated	$	597,079,828
(c) Investments, at cost — Affiliated	$	64,035,323

F I N A N C I A L   S T A T E M E N T S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments (Continued)

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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

S C H E D U L E    O F    I N V E S T M E N T S

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

2 0 1 8    i S H A R E S    A N N U A L     R E P O R T    T O    S H A R E H O L D E R S

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.

S C H E D U L E    O F    I N V E S T M E N T S

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.

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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.

F I N A N C I A L   S T A T E M E N T S

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.

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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.

F I N A N C I A L   S T A T E M E N T S

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.

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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.

N O T E S    T O    F I N  A N C I A L    S T A T E M E N T S

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

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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

N O T E S    T O    F I N  A N C I A L    S T A T E M E N T S

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.

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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.

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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

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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

N O T E S    T O    F I N  A N C I A L    S T A T E M E N T S

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

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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.

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	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”). The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or ICE Data Indices, LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above. ©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.

OCTOBER 31, 2018    

2018 ANNUAL REPORT

iShares U.S. ETF Trust

▶ iShares Interest Rate Hedged Emerging Markets Bond ETF | EMBH | NYSE Arca

Table of Contents

	Page
Market Overview		5
Fund Summary		6
About Fund Performance		8
Shareholder Expenses		8
Schedule of Investments		9
Financial Statements
Statement of Assets and Liabilities		12
Statement of Operations		13
Statements of Changes in Net Assets		14
Financial Highlights		15
Notes to Financial Statements		16
Report of Independent Registered Public Accounting Firm		22
Important Tax Information (Unaudited)		23
Board Review and Approval of Investment Advisory Contract		24
Supplemental Information		26
Trustee and Officer Information		27
General Information		29
Additional Financial Information		30

Market Overview

iShares U.S. ETF Trust

Global Bond Market Overview

Global investment-grade bonds declined for the 12 months ended October 31, 2018 (“reporting period”). The Bloomberg Barclays Global Aggregate Index, a broad measure of global bond market performance, returned -2.05% in U.S. dollar terms for the reporting period.

The negative return for global bonds was driven primarily by rising global interest rates and mixed economic data. After a strong 2017, global economic growth eased in 2018 as areas of weakness appeared in several regions of the world. In addition, the global fixed-income markets were affected by a number of external developments, including escalating trade tensions between the U.S. and several of its trading partners (most notably China and Europe), as well as geopolitical conflicts in Turkey and the Middle East.

Regionally, the U.S. bond market declined as a strengthening U.S. economy led to higher interest rates. Driven in part by the stimulative effect of federal tax reform legislation, the U.S. economy grew by 3% for the 12 months ended September 2018, its highest year-over-year growth rate in more than three years. Faster economic growth drove the inflation rate to its highest level in more than six years in mid-2018. In this environment, the U.S. Federal Reserve Bank (“Fed”) increased short-term interest rates four times during the reporting period, increasing its short-term interest rate target to 2.25%, the highest level in more than a decade. From a sector perspective, corporate bonds declined the most amid investor concerns about high corporate debt levels, a decline in average credit quality, and relatively high valuations. In contrast, asset-backed securities (bonds backed by credit card receivables, auto loans, and other debt) advanced for the reporting period, benefiting from their higher yields and relatively short maturities.

The smaller decline in European bond markets was driven in part by a slowdown in economic activity. After improving notably in 2017, economic growth in the Eurozone slowed markedly through the first three quarters of 2018. In particular, growth in the Italian economy slowed significantly following a debt-heavy budget proposed by Italy’s new populist government, which led to a sharp increase in the country’s bond yields late in the reporting period. Other major Eurozone economies, such as Germany and France, also weakened, but to a lesser extent. Despite the economic slowdown, the European Central Bank (“ECB”) reaffirmed its plan to end its quantitative easing measures by the end of 2018, though the ECB intends to maintain its zero interest-rate policy. In the U.K., slowing economic growth and concerns about the economic impact of Brexit when it takes effect in early 2019 kept bond yields relatively stable, leading to positive returns for British bonds.

Asia-Pacific bond markets also declined modestly for the reporting period as economic growth in the region slowed. In Japan, the nation’s longest period of sustained expansion in more than 20 years came to an end when the Japanese economy contracted in the first quarter of 2018. Japanese bond yields increased slightly during the reporting period but remained near historically low levels. In South Korea, bond yields declined as the nation’s economy grew at its slowest pace in nine years. In contrast, Australian bond yields increased as the country’s economy grew at its fastest rate in six years, benefiting from strong consumer spending and increasing commodities prices.

M A R K E T    O V E R V I E W 5

Fund Summary as of October 31, 2018 iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Investment Objective

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.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(0.51	)%		4.17	%		(0.51	)%		14.33	%
Fund Market		(0.58	)		4.15			(0.58	)		14.28
J.P. Morgan EMBI Global Core Swap Hedged Index		0.34			4.67			0.34			16.13

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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 8 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

05/01/18

(10/31/18)

the Period

(a)(b)

(05/01/18)

(10/31/18)

the Period

(a)(b)

Ratio (a)

$       1,000.00

$

988.50

$

0.50

$

1,000.00

$

1,024.70

$

0.51

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 (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

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Fund Summary as of October 31, 2018  (continued) iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Portfolio Management Commentary

The Fund posted a negative return for the reporting period, as rising U.S. interest rates and a strengthening U.S. dollar weighed on emerging market bond prices. In terms of the Fund’s underlying securities, debt issued by Venezuela, where an ongoing financial crisis led to a significant economic contraction, was the largest detractor to the Fund’s performance. Hyperinflation and insufficient inflows of foreign currency drove Venezuela to default on some of its U.S. dollar-denominated debt. Similarly, Argentina’s debt was negatively affected by the declining Argentine peso, which lowered investors’ confidence in the government’s ability to service its foreign-currency-denominated bonds.

Turkish bonds were significant detractors from the Fund’s performance. High inflation, the depreciation of the Turkish lira, and large trade deficits put pressure on Turkey’s relatively low reserves of foreign currency. Mexican bonds, which have a particularly high rate of foreign ownership, were adversely affected by the depreciation of the Mexican peso and the cancellation of a bond-financed airport project. High foreign ownership also worked against Indonesian debt as foreign investors shifted capital out of Indonesia in search of higher yields.

In that environment, the interest rate hedge was the largest contributor to the Fund’s return. Increasing interest rates reduce the value of existing bonds, meaning a rise in interest rates typically detracts from bond fund performance. Conversely, falling interest rates usually serve to increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and Treasury futures contracts. Rising interest rates during the reporting period meant positive returns from hedging activity.

The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of emerging market bonds, independent of rising interest rates.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of     Total Investments(a)
A		15.2%
Baa		34.3
Ba		20.7
B		20.5
Caa		4.2
C		0.7
Not Rated		4.4

TEN LARGEST COUNTRIES

Country	Percent of     Total Investments(a)
Mexico		5.9%
Indonesia		5.0
Russia		4.0
Turkey		4.0
China		4.0
Philippines		3.9
Brazil		3.8
Argentina		3.6
Colombia		3.6
Kazakhstan		3.3

* 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.

^(a) Excludes money market funds.

F U N D    S U M M A R Y 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 ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

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Schedule of Investments October 31, 2018 iShares^® Interest Rate Hedged Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 96.2%
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)		127,721	$	13,367,280
Total Investment Companies — 96.2% (Cost: $13,953,982)				13,367,280
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(a)(b)		159,121		159,121
Total Short-Term Investments — 1.1% (Cost: $159,121)				159,121
Total Investments in Securities — 97.3% (Cost: $14,113,103)				13,526,401
Other Assets, Less Liabilities — 2.7%				376,069
Net Assets — 100.0%			$	13,902,470

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 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 10/31/18		Value at 10/31/18		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	0	(b)	—		—	$	—	$	407	(c)	$	218		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	16,670	142,451	(b)	—		159,121		159,121		892			—			—
iShares J.P. Morgan USD Emerging Markets Bond ETF	22,057	105,892		(228	)	127,721		13,367,280		218,769			(403	)		(662,390	)
							$	13,526,401	$	220,068		$	(185	)	$	(662,390	)

^(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.

Centrally Cleared Interest Rate Swaps

				Effective Date	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Fund		Received by the Fund
Rate	Frequency	Rate	Frequency
1.01%	Semi-annual	2.56%	Quarterly	N/A	12/08/18	$	(706	)	$	1,006		$	496		$	510
1.17	Semi-annual	2.56	Quarterly	N/A	12/08/21		(5,445	)		313,286			261,143			52,143
2.47	Semi-annual	2.56	Quarterly	N/A	01/12/25		(1,545	)		61,190			54,734			6,456
1.44	Semi-annual	2.56	Quarterly	N/A	12/08/26		(3,699	)		470,177			358,369			111,808
3.25	Semi-annual	2.56	Quarterly	N/A	10/18/28		(472	)		154			1,115			(961	)
2.34	Semi-annual	2.56	Quarterly	N/A	12/08/36		(1,560	)		217,823			192,761			25,062
2.41	Semi-annual	2.56	Quarterly	N/A	06/19/37		(509	)		67,422			4,747			62,675
1.77	Semi-annual	2.56	Quarterly	N/A	12/08/46		(1,141	)		338,163			287,842			50,321
3.33	Semi-annual	2.56	Quarterly	N/A	10/24/48		(5	)		(4	)		(12	)		8
									$	1,469,217		$	1,161,195		$	308,022

S C H E D U L E    O F    I N V E S T M E N T  S 9

Schedule of Investments  (continued) October 31, 2018 iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)		$1,161,207		$(12	)		$308,983		$(961	)

^(a) Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2018, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Net unrealized appreciation(a)	$	308,983
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Net unrealized depreciation(a)	$	961

^(a) Represents cumulative appreciation (depreciation) of centrally cleared interest rate swaps contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.

For the year ended October 31, 2018, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	6,603
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	273,268

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	6,863,290

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

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Schedule of Investments  (continued) October 31, 2018 iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	13,367,280	$	—		$	—	$	13,367,280
Money Market Funds		159,121		—			—		159,121
	$	13,526,401	$	—		$	—	$	13,526,401
Derivative financial instruments(a)
Assets
Swaps	$	—	$	308,983		$	—	$	308,983
Liabilities
Swaps		—		(961	)		—		(961	)
	$	—	$	308,022		$	—	$	308,022

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

See notes to financial statements.

S C H E D U L E    O F    I N V E S T M E N T  S 11

Statement of Assets and Liabilities

October 31, 2018

	iShares Interest Rate Hedged Emerging Markets Bond ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	13,526,401
Cash pledged:
Centrally cleared swaps		331,000
Receivables:
Variation margin on centrally cleared swaps		46,385
Dividends		166
Total assets		13,903,952
LIABILITIES
Bank overdraft		424
Payables:
Investment advisory fees		1,058
Total liabilities		1,482
NET ASSETS	$	13,902,470
NET ASSETS CONSIST OF:
Paid-in capital	$	14,190,030
Accumulated loss		(287,560	)
NET ASSETS	$	13,902,470
Shares outstanding		550,000
Net asset value	$	25.28
Shares authorized		Unlimited
Par value		None
(a)   Investments, at cost — Affiliated	$	14,113,103

See notes to financial statements.

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Statement of Operations

Year Ended October 31, 2018

	iShares Interest Rate Hedged Emerging Markets Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	219,661
Securities lending income — Affiliated — net		407
Total investment income		220,068
EXPENSES
Investment advisory fees		39,535
Total expenses		39,535
Less:
Investment advisory fees waived		(34,264	)
Total expenses after fees waived		5,271
Net investment income		214,797
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(185	)
Swaps		6,603
Net realized gain		6,418
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(662,390	)
Swaps		273,268
Net change in unrealized appreciation (depreciation)		(389,122	)
Net realized and unrealized loss		(382,704	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(167,907	)

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 13

Statements of Changes in Net Assets

	iShares Interest Rate Hedged Emerging Markets Bond ETF
	Year Ended 10/31/18			Year Ended 10/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	214,797		$	127,615
Net realized gain		6,418			204,015
Net change in unrealized appreciation (depreciation)		(389,122	)		(35,069	)
Net increase (decrease) in net assets resulting from operations		(167,907	)		296,561
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Decrease in net assets resulting from distributions to shareholders		(205,131	)		(114,001	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		11,631,104			(44,387	)
NET ASSETS
Total increase in net assets		11,258,066			138,173
Beginning of year		2,644,404			2,506,231
End of year	$	13,902,470		$	2,644,404

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b) Prior year distribution character information has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Emerging Markets Bond ETF
											Period From
		Year Ended			Year Ended			Year Ended			07/22/15	(a)
		10/31/18			10/31/17			10/31/16			to 10/31/15
Net asset value, beginning of period	$	26.44		$	25.06		$	24.20		$	25.05
Net investment income(b)		1.06			1.11			1.17			0.33
Net realized and unrealized gain (loss)(c)		(1.19	)		1.24			0.61			(0.95	)
Net increase (decrease) from investment operations		(0.13	)		2.35			1.78			(0.62	)
Distributions(d)
From net investment income		(1.03	)		(0.97	)		(0.89	)		(0.23	)
Return of capital		—			—			(0.03	)		(0.00	)(e)
Total distributions		(1.03	)		(0.97	)		(0.92	)		(0.23	)
Net asset value, end of period	$	25.28		$	26.44		$	25.06		$	24.20
Total Return
Based on net asset value		(0.51	)%		9.57	%		7.49	%		(2.43	)%(f)
Ratios to Average Net Assets
Total expenses(g)		0.75	%		0.75	%		0.75	%		0.75	%(h)
Total expenses after fees waived(g)		0.10	%		0.10	%		0.10	%		0.12	%(h)
Net investment income		4.07	%		4.32	%		4.82	%		4.86	%(h)
Supplemental Data
Net assets, end of period (000)	$	13,902		$	2,644		$	2,506		$	2,420
Portfolio turnover rate(i)(j)		0	%(k)		2	%		3	%		0	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(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)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Rounds to less than $0.01.

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

^(j)  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

^(k)  Rounds to less than 1%.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T S 15

Notes to Financial Statements

1.    ORGANIZATION

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 is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

iShares ETF	Diversification Classification
Interest Rate Hedged Emerging Markets Bond		Diversified	(a)

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedule of investments for the underlying fund should be read in conjunction with the Fund’s financial statements.

2.    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 increases and decreases in net assets from operations 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.

Investment Transactions and Income Recognition: Investment 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.

In-kind Redemptions: For financial reporting purposes, 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 net asset value per share.

Distributions: 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 Standards: In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Fund.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

3.    INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) 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. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or 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 may be valued at the last traded price.

• Investments in 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.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price

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Notes to Financial Statements  (continued)

is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. 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.

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, regular reviews 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 and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. 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 price quotations 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, but not limited to, quoted prices for similar assets or liabilities in markets that are active, 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 interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs 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 financial instruments).

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 into or out of an assigned level within the 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 a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.    SECURITIES AND OTHER INVESTMENTS

Securities Lending: The Fund may lend its 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 market 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 and any additional required collateral is delivered to the Fund or 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.

As of October 31, 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 BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates 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, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2018 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.

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 the 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 market 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. Such losses are borne entirely by the Fund.

5.    DERIVATIVE FINANCIAL INSTRUMENTS

Swaps: Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange 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 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.

N O T E S    T O    F I N A N C I A L    S T A T E M E N T S 17

Notes to Financial Statements  (continued)

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). The Fund enters into centrally cleared 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 shown as cash pledged for centrally cleared swaps on the statement of assets and liabilities. The daily change in valuation of centrally cleared swaps is recorded as variation margin receivable or payable on centrally cleared swaps in the statement of assets and liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the statement of operations. Upfront payments and receipts are shown as swap premiums paid and swap premiums received in the statement of assets and liabilities 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 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.

6.    INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: 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.

Expense Waivers: 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 J.P. Morgan USD Emerging Markets Bond ETF (“EMB”), after taking into account any fee waivers by EMB, plus 0.10%.

Distributor: 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, 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 (which excludes collateral investment fees) 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.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its statement of operations. For the year ended October 31, 2018, the Fund paid BTC $151 for securities lending agent services.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock for 1940 Act purposes.

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 shown as dividends – affiliated in the statement of operations.

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Notes to Financial Statements  (continued)

7.    PURCHASES AND SALES

For the year ended October 31, 2018, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Interest Rate Hedged Emerging Markets Bond	$	243,381	$	26,044

For the year ended October 31, 2018, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Interest Rate Hedged Emerging Markets Bond	$	11,248,609	$	—

8.    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.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

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. As of October 31, 2018, the following permanent differences attributable to distributions paid in excess of taxable income, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated   Loss
Interest Rate Hedged Emerging Markets Bond	$	(4,240	)	$	4,240

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/18		Year Ended 10/31/17
Interest Rate Hedged Emerging Markets Bond Ordinary income	$	205,131	$	114,001

As of October 31, 2018, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Capital Loss Carryforwards			Net Unrealized Gains (Losses	)(a)		Total
Interest Rate Hedged Emerging Markets Bond	$	(8,340	)	$	(279,220	)	$	(287,560	)

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

As of October 31, 2018, the Fund had non-expiring capital loss carryforwards in the amount of $8,340 available to offset future realized capital gains.

For the year ended October 31, 2018, the Fund utilized $20,726 of its capital loss carryforwards.

As of October 31, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) 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 Emerging Markets Bond	$	14,113,643	$	308,983	$	(588,203	)	$	(279,220	)

N O T E S    T O    F I N A N C I A L    S T A T E M E N T S 19

Notes to Financial Statements  (continued)

9.    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.

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.

Concentration Risk: 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.

10.  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 were as follows:

	Year Ended 10/31/18				Year Ended 10/31/17
iShares ETF	Shares		Amount		Shares			Amount
Interest Rate Hedged Emerging Markets Bond
Shares sold		450,000	$	11,631,104		100,000		$	2,536,871
Shares redeemed		—		—		(100,000	)		(2,581,258	)
Net increase (decrease)		450,000	$	11,631,104		—		$	(44,387	)

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 shares sold in the table above.

11.  LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) 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.

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Notes to Financial Statements  (continued)

12.  REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Fund has adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended October 31, 2017 were classified as follows:

iShares ETF	Net   Investment Income
Interest Rate Hedged Emerging Markets Bond	$	114,001

13.  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 additional disclosure in the financial statements.

N O T E S    T O    F I N A N C I A L    S T A T E M E N T S 21

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and

Shareholders of iShares Interest Rate Hedged Emerging Markets Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Interest Rate Hedged Emerging Markets Bond ETF (one of the funds constituting iShares U.S. ETF Trust, referred to hereafter as the “Fund”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2018 and for the period July 22, 2015 (commencement of operations) through October 31, 2015 (hereafter 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 October 31, 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 October 31, 2018 and the financial highlights for each of the three years in the period ended October 31, 2018 and for the period July 22, 2015 (commencement of operations) through October 31, 2015 in conformity with accounting principles generally accepted in the United States of America

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 October 31, 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

December 21, 2018

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

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Important Tax Information  (unaudited)

For the fiscal year ended October 31, 2018, the Fund intends to pass through to its shareholders foreign source income earned and foreign taxes paid by the underlying funds:

iShares ETF	Foreign Source Income Earned		Foreign   Taxes Paid
Interest Rate Hedged Emerging Markets Bond	$	218,772	$	2

The Fund hereby designates the following amount of distributions from direct federal obligation interest for the fiscal year ended October 31, 2018:

iShares ETF	Federal Obligation   Interest
Interest Rate Hedged Emerging Markets Bond	$	438

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

I M P O R T A N T    T A X    I N F O R  M A T I O N 23

Board Review and Approval of Investment Advisory Contract

I. iShares Interest Rate Hedged Emerging Markets Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At a meeting on May 11, 2018, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 24, 2018, management presented additional information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its initial meeting. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 12-14, 2018, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses and Performance 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, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2017, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the prior year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s reference benchmark.

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

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 12-14, 2018 meeting and throughout the year, and matters related to BFA’s portfolio compliance policies and procedures.

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

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Board Review and Approval of Investment Advisory Contract  (continued)

Costs of Services Provided to Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board further noted that it considered the supplemental information the 15(c) Committee requested, which BlackRock provided, regarding the methodology. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and showed how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that a breakpoint structure for the Fund may be appropriate should material economies of scale exist in the future that are not otherwise shared, 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 of the sharing of scale benefits, as well as the other factors considered at the meeting, the Board concluded that the information concerning the sharing of scale benefits supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, 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, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for 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: The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA (or its 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 revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

B O A R D    R E V I E W    A N D    A P P R O V A L    O F    I N V E S T M E N T    A D V  I S O R Y    C O N T R A C T 25

Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Interest Rate Hedged Emerging Markets Bond(a)	$	1.029274	$	—	$	0.003971	$	1.033245		100	%		—	%		0	%(b)		100	%

^(a)  The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)  Rounds to less than 1%.

Premium/Discount Information

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

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

Premium/discount information for the Fund covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or since the Fund began trading, if shorter) is publicly accessible, free of charge, at www.iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Fund for the immediately preceding five calendar years (or from the date the Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Interest Rate Hedged Emerging Markets Bond ETF

Period Covered: July 23, 2015 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5% and Less than 3.0%		1		0.12	%
Greater than 1.0% and Less than 1.5%		3		0.37
Greater than 0.5% and Less than 1.0%		10		1.25
Greater than 0.0% and Less than 0.5%		313		38.99
At NAV		23		2.86
Less than 0.0% and Greater than –0.5%		451		56.17
Less than –0.5% and Greater than –1.0%		1		0.12
Less than –1.5% and Greater than –2.0%		1		0.12
		803		100.00	%

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 343 funds as of October 31, 2018. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, Mr. Park, Mr. Small and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (61)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Mark K. Wiedman(b) (47)	Trustee (since 2013).	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

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

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

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (69)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (62)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since (2016).
Richard L. Fagnani (63)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees  (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Charles A. Hurty (75)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (63)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (59)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (54)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (43)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (59)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Charles Park (51)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Benjamin Archibald (43)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised Mutual Funds (since 2012).
Steve Messinger (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Scott Radell (49)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (57)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

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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 at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

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.

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Additional Financial Information

Audited Financial Statements

October 31, 2018

iShares Trust

iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB | NASDAQ

Schedule of Investments October 31, 2018   iShares^® J.P. Morgan USD Emerging Markets Bond  ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes(a)
Azerbaijan — 0.5%
Southern Gas Corridor CJSC, 6.88%, 03/24/26(b)	$	75,307	$	80,446,703
Chile — 1.0%
Corp. Nacional del Cobre de Chile
3.63%, 08/01/27 (Call 05/01/27)(b)		45,249		42,112,113
4.50%, 09/16/25(b)		68,054		67,650,781
4.50%, 08/01/47 (Call 02/01/47)(b)		37,363		34,418,982
				144,181,876
China — 3.4%
Amber Circle Funding Ltd., 3.25%, 12/04/22(b)		15,147		14,699,860
Charming Light Investments Ltd., 4.38%, 12/21/27(b)		14,900		13,786,732
China Development Bank
2.13%, 06/01/21(b)		9,744		9,360,894
2.63%, 01/24/22(b)		19,400		18,732,547
China Development Bank Corp./Hong Kong, 3.02%, 03/06/22, (3 mo. LIBOR US + 0.700%)(b)(c)		24,010		24,009,849
China Great Wall International Holdings III Ltd., 3.13%, 08/31/22(b)		11,270		10,739,372
China Minmetals Corp., 3.75%, (Call 11/13/22)(b)(c)(d)(e)		11,975		11,002,031
CNAC HK Finbridge Co. Ltd.
3.50%, 07/19/22(b)		25,360		24,461,630
4.13%, 03/14/21(b)		2,400		2,387,719
4.13%, 07/19/27(b)		16,453		15,190,316
4.63%, 03/14/23(b)		24,425		24,342,783
5.13%, 03/14/28(b)		28,980		28,498,355
CNOOC Curtis Funding No. 1 Pty Ltd., 4.50%, 10/03/23(b)		22,596		22,954,178
CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28		4,700		4,668,610
Sinopec Group Overseas Development 2012 Ltd.
3.90%, 05/17/22(b)		31,745		31,655,206
4.88%, 05/17/42(b)		15,079		15,224,021
Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/23(b)		23,040		23,331,785
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24(b)		22,144		22,341,046
Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25(b)		16,672		15,571,128
Sinopec Group Overseas Development 2016 Ltd., 2.00%, 09/29/21(b)		15,265		14,504,098
Sinopec Group Overseas Development 2017 Ltd.
2.50%, 09/13/22 (b)		31,750		30,106,296
3.00%, 04/12/22(b)		17,000		16,489,810
3.63%, 04/12/27(b)		12,340		11,598,202
State Grid Overseas Investment 2013 Ltd., 3.13%, 05/22/23(b)		5,431		5,252,416
State Grid Overseas Investment 2014 Ltd., 4.13%, 05/07/24(b)		19,566		19,695,631
State Grid Overseas Investment 2016 Ltd. 2.75%, 05/04/22(b)		25,835		24,898,187
3.50%, 05/04/27(b)		37,528		35,198,652
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26(b)		12,534		11,546,451
				502,247,805
Indonesia — 1.1%
Pelabuhan Indonesia II PT, 4.25%, 05/05/25(b)		10,828		10,124,180
Pertamina Persero PT
4.30%, 05/20/23(b)		9,278		9,024,358
4.88%, 05/03/22(b)		20,424		20,653,770

Security	Par (000)		Value
Indonesia (continued)
5.25%, 05/23/21(b)	$	11,427	$	11,698,391
5.63%, 05/20/43(b)		19,591		17,656,389
6.00%, 05/03/42(b)		11,704		11,067,654
6.45%, 05/30/44(b)		20,605		20,501,975
Perusahaan Listrik Negara PT
4.13%, 05/15/27(b)		15,587		14,086,751
5.25%, 10/24/42(b)		15,726		13,838,880
5.45%, 05/21/28(b)		16,443		16,258,016
5.50%, 11/22/21(b)		8,160		8,435,400
6.15%, 05/21/48(b)		12,200		11,879,750
				165,225,514
Kazakhstan — 1.6%
Development Bank of Kazakhstan JSC, 4.13%, 12/10/22(b)		34,837		34,192,516
Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/42(b)		36,630		39,651,975
KazMunayGas National Co. JSC
4.75%, 04/19/27(b)		34,750		33,968,125
5.38%, 04/24/30(b)		41,938		41,623,465
5.75%, 04/19/47(b)		41,434		39,465,885
6.38%, 10/24/48(b)		51,190		51,893,862
				240,795,828
Malaysia — 1.0%
Petronas Capital Ltd.
3.50%, 03/18/25(b)		59,323		57,380,581
4.50%, 03/18/45(b)		44,286		43,081,421
7.88%, 05/22/22(b)		42,170		47,818,756
				148,280,758
Mexico — 3.3%
Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.38%, 10/14/25(b)		8,124		7,799,040
Comision Federal de Electricidad
4.75%, 02/23/27(b)		8,950		8,457,750
4.88%, 05/26/21(b)		6,556		6,556,000
4.88%, 01/15/24(b)		14,067		13,855,995
Mexico City Airport Trust
3.88%, 04/30/28 (Call 01/30/28)(b)		8,845		7,109,788
4.25%, 10/31/26 (Call 07/31/26)(b)		7,200		6,015,600
5.50%, 10/31/46 (Call 04/30/46)(b)		8,240		6,509,600
5.50%, 07/31/47 (Call 01/31/47)(b)		25,886		20,424,054
Petroleos Mexicanos
3.50%, 01/30/23		23,121		21,248,199
4.25%, 01/15/25		9,235		8,308,730
4.50%, 01/23/26		11,527		10,174,652
4.63%, 09/21/23		18,653		17,738,816
4.88%, 01/24/22		10,111		9,918,891
4.88%, 01/18/24		12,388		11,821,249
5.35%, 02/12/28(b)		12,648		11,237,116
5.38%, 03/13/22		16,396		16,303,363
5.50%, 01/21/21		20,791		20,957,328
5.50%, 06/27/44		6,069		4,710,758
5.63%, 01/23/46		27,788		21,532,921
5.98%, 03/11/22, (3 mo. LIBOR US + 3.650%)(c)		11,285		11,708,187
6.35%, 02/12/48(b)		24,567		20,324,279
6.38%, 02/04/21		7,424		7,596,088
6.38%, 01/23/45		31,020		25,839,970
6.50%, 03/13/27		54,234		52,498,512
6.50%, 01/23/29(f)		7,380		7,047,900
6.50%, 06/02/41		34,896		29,895,403
6.63%, 06/15/35		26,790		24,512,850

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Schedule of Investments  (continued)	iShares® J.P. Morgan USD Emerging Markets Bond ETF
October 31, 2018	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico (continued)
6.75%, 09/21/47	$	53,519	$	45,935,358
6.88%, 08/04/26		34,730		34,591,080
				490,629,477
Oman — 0.2%
Lamar Funding Ltd., 3.96%, 05/07/25(b)		25,275		22,115,625
Peru — 0.5%
Petroleos del Peru SA
4.75%, 06/19/32(b)		35,730		33,103,845
5.63%, 06/19/47(b)		34,839		32,966,404
				66,070,249
Philippines — 0.2%
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24(b)		27,005		31,292,044
Russia — 0.3%
Vnesheconombank Via VEB Finance PLC
5.94%, 11/21/23(b)		22,800		21,660,000
6.03%, 07/05/22(b)		13,023		12,541,149
6.80%, 11/22/25(b)		16,558		16,164,747
				50,365,896
South Africa — 1.0%
Eskom Holdings SOC Ltd.
5.75%, 01/26/21(b )		33,496		32,122,664
6.35%, 08/10/28(b)		33,495		32,280,806
6.75%, 08/06/23(b)		27,806		26,034,758
7.13%, 02/11/25(b)		30,122		28,164,070
Transnet SOC Ltd., 4.00%, 07/26/22(b)		22,749		21,281,690
				139,883,988
Venezuela — 0.4%
Petroleos de Venezuela SA
5.38%, 04/12/27(b)(g)		40,822		7,245,816
5.50%, 04/12/37(b)(g)		29,323		5,342,651
6.00%, 05/16/24(b)(g)		61,999		11,035,780
6.00%, 11/15/26(b)(g)		58,591		10,106,868
9.00%, 11/17/21(b)(g)		33,233		6,812,765
9.75%, 05/17/35 (b)(g)		34,952		7,383,659
12.75%, 02/17/22(b)(g)		45,066		9,506,778
				57,434,317
Total Corporate Bonds & Notes — 14.5% (Cost: $2,329,199,313)				2,138,970,080
Foreign Government Obligations(a)
Angola — 1.2%
Angolan Government International Bond
8.25%, 05/09/28(b)		55,680		55,611,514
9.38%, 05/08/48(b)		64,870		65,113,262
9.50%, 11/12/25(b)		49,524		54,538,305
				175,263,081
Argentina — 3.5%
Argentine Republic Government International Bond
2.50%, 12/31/38(h)		64,792		36,283,379
4.63%, 01/11/23		32,860		27,717,410
5.63%, 01/26/22		42,745		38,470,500
5.88%, 01/11/28		63,152		49,037,528
6.63%, 07/06/28		16,509		13,165,928
6.88%, 04/22/21		59,059		56,548,993

Security	Par (000)		Value
Argentina (continued)
6.88%, 01/26/27	$	54,486	$	45,495,810
6.88%, 01/11/48		44,230		32,619,625
7.13%, 07/06/36		24,864		19,083,120
7.13%, 06/28/17		36,933		27,515,085
7.50%, 04/22/26		76,845		67,140,694
7.63%, 04/22/46		37,737		29,717,887
8.28%, 12/31/33		84,262		72,382,495
				515,178,454
Azerbaijan — 0.7%
Republic of Azerbaijan International Bond
3.50%, 09/01/32(b)		38,216		31,337,120
4.75%, 03/18/24(b)		43,544		42,836,410
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23(b)		32,707		32,298,163
				106,471,693
Bolivia — 0.2%
Bolivian Government International Bond, 4.50%, 03/20/28(b)		33,962		30,353,538
Brazil — 3.7%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(b)		24,458		25,229,038
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28(b)		21,311		20,618,393
Brazilian Government International Bond
2.63%, 01/05/23		44,313		40,989,525
4.25%, 01/07/25		85,414		82,424,510
4.63%, 01/13/28 (Call 10/13/27)		60,736		57,091,840
4.88%, 01/22/21		36,620		37,205,920
5.00%, 01/27/45		58,862		49,076,192
5.63%, 01/07/41		37,733		34,855,859
5.63%, 02/21/47		59,137		53,445,064
6.00%, 04/07/26		42,898		44,935,655
7.13%, 01/20/37		35,339		38,828,726
8.25%, 01/20/34		34,332		40,940,910
8.88%, 04/15/24		16,181		19,494,060
				545,135,692
Chile — 0.8%
Chile Government International Bond
3.24%, 02/06/28 (Call 11/06/27)		66,144		61,910,784
3.86%, 06/21/47		57,637		52,161,485
				114,072,269
China — 0.5%
China Government International Bond
2.13%, 11/02/22(b)		12,760		12,195,082
2.63%, 11/02/27(b)		5,340		4,891,608
Export-Import Bank of China (The)
2.00%, 04/26/21(b)		13,102		12,567,027
2.63%, 03/14/22(b)		9,150		8,845,047
2.88%, 04/26/26(b)		16,028		14,548,827
3.63%, 07/31/24(b)		24,487		23,962,192
				77,009,783
Colombia — 3.6%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		25,354		23,851,776
3.88%, 04/25/27 (Call 01/25/27)		60,052		57,109,452
4.00%, 02/26/24 (Call 11/26/23)		53,160		52,455,630
4.38%, 07/12/21		40,298		40,872,247

S C H E D U L E    O F    I N V E S T M E N  T S

Schedule of Investments  (continued) October 31, 2018   iShares^® J.P. Morgan USD Emerging Markets Bond  ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colombia (continued)
4.50%, 01/28/26 (Call 10/28/25)	$	39,325	$	39,315,169
4.50%, 03/15/29 (Call 12/15/28)		14,530		14,315,683
5.00%, 06/15/45 (Call 12/15/44)		103,950		98,596,575
5.63%, 02/26/44 (Call 08/26/43)		57,111		58,681,552
6.13%, 01/18/41		53,143		57,580,440
7.38%, 09/18/37		45,473		55,181,485
8.13%, 05/21/24		25,735		30,341,565
				528,301,574
Costa Rica — 0.6%
Costa Rica Government International Bond
4.25%, 01/26/23(b)		38,149		33,237,317
7.00%, 04/04/44(b)		28,950		23,775,187
7.16%, 03/12/45(b)		36,352		30,308,480
				87,320,984
Croatia — 1.2%
Croatia Government International Bond
5.50%, 04/04/23(b)		55,142		57,899,100
6.00%, 01/26/24(b)		58,711		63,114,325
6.38%, 03/24/21(b)		47,475		49,848,750
				170,862,175
Dominican Republic — 3.1%
Dominican Republic International Bond
5.50%, 01/27/25(b)		52,143		51,412,998
5.88%, 04/18/24(b)		32,030		32,470,413
5.95%, 01/25/27(b)		51,980		51,655,125
6.00%, 07/19/28(b)		59,142		58,476,652
6.50%, 02/15/48(b)		33,136		31,147,840
6.85%, 01/27/45(b)		70,949		69,352,647
6.88%, 01/29/26(b)		49,800		52,290,000
7.45%, 04/30/44(b)		50,168		52,224,888
7.50%, 05/06/21(b)		50,002		51,639,566
				450,670,129
Ecuador — 2.9%
Ecuador Government International Bond
7.88%, 01/23/28(b)		96,326		80,913,840
7.95%, 06/20/24(b)		65,983		59,384,700
8.75%, 06/02/23(b)		40,581		38,491,079
8.88%, 10/23/27(b)		87,282		77,462,775
9.63%, 06/02/27(b)		38,763		35,855,775
9.65%, 12/13/26(b)		56,245		52,589,075
10.75%, 03/28/22(b)		77,413		79,928,922
				424,626,166
Egypt — 2.8%
Egypt Government International Bond
5.58%, 02/21/23(b)		56,379		54,053,366
5.88%, 06/11/25(b)		48,129		45,000,615
6.13%, 01/31/22(b)		81,245		80,229,437
6.59%, 02/21/28(b)		40,977		37,596,398
7.50%, 01/31/27(b)		63,149		61,728,148
7.90%, 02/21/48(b)		48,779		43,718,179
8.50%, 01/31/47(b)		94,959		89,617,556
				411,943,699
El Salvador — 0.2%
El Salvador Government International Bond, 7.65%, 06/15/35(b)		35,554		32,531,910
Ethiopia — 0.2%
Ethiopia International Bond, 6.63%, 12/11/24(b)		33,732		32,846,535

Security		Par (000)		Value
Gabon — 0.3%
Gabon Government International Bond, 6.38%, 12/12/24(b)		$	49,390	$	44,944,900
Ghana — 0.9%
Ghana Government International Bond
7.63%, 05/16/29(b)			32,275		30,741,938
7.88%, 08/07/23(b)			34,298		34,966,898
8.13%, 01/18/26(b)			34,082		34,209,807
8.63%, 06/16/49(b)			35,190		32,990,625
					132,909,268
Hungary — 2.5%
Hungary Government International Bond
5.38%, 02/21/23			74,990		78,712,503
5.38%, 03/25/24			61,966		65,714,943
5.75%, 11/22/23			70,864		75,882,943
6.38%, 03/29/21			88,476		93,801,371
7.63%, 03/29/41			42,124		57,078,862
					371,190,622
India — 0.4%
Export-Import Bank of India
3.38%, 08/05/26(b)			30,950		27,992,468
3.88%, 02/01/28(b)			35,122		32,193,334
					60,185,802
Indonesia — 3.8%
Indonesia Government International Bond
2.95%, 01/11/23			14,730		13,883,025
3.38%, 04/15/23(b)			7,967		7,598,527
3.50%, 01/11/28			10,915		9,809,856
3.75%, 04/25/22(b)			23,931		23,452,380
3.85%, 07/18/27(b)			18,800		17,343,000
4.10%, 04/24/28			19,458		18,266,197
4.13%, 01/15/25(b)			25,284		24,241,035
4.35%, 01/08/27(b)			26,539		25,444,266
4.35%, 01/11/48			20,509		17,612,104
4.63%, 04/15/43(b)			14,762		13,082,823
4.75%, 01/08/26(b)			36,482		35,980,372
4.75%, 07/18/47(b)			8,850		7,965,000
4.88%, 05/05/21(b)			21,207		21,578,123
5.13%, 01/15/45(b)			12,039		11,301,611
5.25%, 01/17/42(b)			26,325		25,239,094
5.25%, 01/08/47(b)			14,117		13,534,674
5.38%, 10/17/23(b)			13,068		13,492,710
5.88%, 01/15/24(b)			24,902		26,178,228
5.95%, 01/08/46(b)			13,855		14,528,284
6.63%, 02/17/37(b)			19,403		21,707,106
6.75%, 01/15/44(b)			17,291		19,863,036
7.75%, 01/17/38(b)			28,499		35,445,631
8.50%, 10/12/35(b)			14,594		19,136,382
Perusahaan Penerbit SBSN Indonesia III
3.30%, 11/21/22(b)			7,836		7,571,535
3.40%, 03/29/22(b)			17,325		16,870,219
3.75%, 03/01/23(b)			12,100		11,737,000
4.15%, 03/29/27(b)			22,400		20,972,000
4.33%, 05/28/25(b)			20,559		19,890,832
4.35%, 09/10/24(b)			13,435		13,166,300
4.40%, 03/01/28(b)			20,906		19,730,037
4.55%, 03/29/26(b)	��		18,650		18,043,875
					564,665,262

2 0 1 8    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued)	iShares® J.P. Morgan USD Emerging Markets Bond ETF
October 31, 2018	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Iraq — 0.8%
Iraq International Bond
5.80%, 01/15/28 (Call 12/16/18)(b)	$	91,621	$	84,062,267
6.75%, 03/09/23(b)		37,414		36,431,883
				120,494,150
Ivory Coast — 0.8%
Ivory Coast Government International Bond
5.75%, 12/31/32 (Call 12/31/18)(b)(h)		57,981		52,400,193
6.13%, 06/15/33(b)		49,262		42,611,630
6.38%, 03/03/28(b)		31,661		29,246,849
				124,258,672
Jamaica — 1.1%
Jamaica Government International Bond
6.75%, 04/28/28		62,538		67,619,212
7.88%, 07/28/45		34,346		39,798,428
8.00%, 03/15/39		41,838		48,532,080
				155,949,720
Jordan — 0.7%
Jordan Government International Bond
5.75%, 01/31/27(b)		33,734		30,993,113
6.13%, 01/29/26(b)		35,773		34,163,215
7.38%, 10/10/47(b)		33,802		30,464,052
				95,620,380
Kazakhstan — 1.6%
Kazakhstan Government International Bond
3.88%, 10/14/24(b)		53,818		53,952,545
4.88%, 10/14/44(b)		34,015		33,334,700
5.13%, 07/21/25(b)		87,999		92,618,948
6.50%, 07/21/45(b)		51,756		61,589,640
				241,495,833
Kenya — 0.9%
Kenya Government International Bond
6.88%, 06/24/24(b)		65,326		63,611,192
7.25%, 02/28/28(b)		30,720		28,953,600
8.25%, 02/28/48(b)		40,395		36,860,438
				129,425,230
Lebanon — 2.2%
Lebanon Government International Bond
6.00%, 01/27/23(b)		47,738		40,935,335
6.10%, 10/04/22(b)		44,708		38,840,075
6.60%, 11/27/26(b)		50,174		40,390,070
6.65%, 02/26/30(b)		46,523		36,055,325
6.75%, 11/29/27(b)		33,428		26,700,615
6.85%, 03/23/27(b)		45,475		36,664,219
7.00%, 03/23/32(b)		36,532		28,357,965
8.25%, 04/12/21(b)		81,383		77,619,036
				325,562,640
Lithuania — 0.8%
Lithuania Government International Bond
6.13%, 03/09/21(b)		47,385		50,105,373
6.63%, 02/01/22(b)		58,262		63,578,407
				113,683,780
Malaysia — 1.1%
1MDB Global Investments Ltd., 4.40%, 03/09/23(b)		103,500		95,220,000
Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/25(b)		31,159		29,469,653
Malaysia Sukuk Global Bhd, 3.18%, 04/27/26(b)		32,401		30,489,801
				155,179,454

Security	Par (000)		Value
Mexico — 2.5%
Mexico Government International Bond
3.60%, 01/30/25	$	20,356	$	19,236,420
3.63%, 03/15/22		23,484		23,225,676
3.75%, 01/11/28		26,166		24,111,969
4.00%, 10/02/23		31,390		30,981,930
4.13%, 01/21/26		17,301		16,660,863
4.15%, 03/28/27		27,116		25,841,548
4.35%, 01/15/47		22,908		19,185,450
4.60%, 01/23/46		26,267		22,852,290
4.60%, 02/10/48		19,657		17,081,933
4.75%, 03/08/44		43,396		38,405,460
5.55%, 01/21/45		24,713		24,428,800
5.75%, 10/12/10		18,576		17,206,020
6.05%, 01/11/40		31,864		33,138,560
6.75%, 09/27/34		26,060		29,838,700
8.30%, 08/15/31		19,976		26,343,350
				368,538,969
Mongolia — 0.2%
Mongolia Government International Bond, 5.13%, 12/05/22(b)		31,370		29,644,650
Morocco — 0.3%
Morocco Government International Bond, 4.25%, 12/11/22(b)		47,740		47,381,950
Nigeria — 1.5%
Nigeria Government International Bond
6.50%, 11/28/27(b)		54,177		49,707,397
7.14%, 02/23/30(b)		44,675		41,045,156
7.63%, 11/28/47(b)		54,339		47,954,167
7.70%, 02/23/38(b)		45,770		41,250,213
7.88%, 02/16/32(b)		45,749		44,033,413
				223,990,346
Oman — 3.0%
Oman Government International Bond
3.63%, 06/15/21(b)		32,842		32,020,950
3.88%, 03/08/22(b)		36,211		34,853,088
4.13%, 01/17/23(b)		22,013		21,077,448
4.75%, 06/15/26(b)		62,847		57,819,240
5.38%, 03/08/27(b)		60,528		57,047,640
5.63%, 01/17/28(b)		62,845		59,859,862
6.50%, 03/08/47(b)		65,816		58,740,780
6.75%, 01/17/48(b)		62,616		56,980,560
Oman Sovereign Sukuk SAOC
4.40%, 06/01/24(b)		49,291		46,456,767
5.93%, 10/31/25(f)		10,925		10,914,075
				435,770,410
Pakistan — 1.0%
Pakistan Government International Bond
6.88%, 12/05/27(b)		59,412		54,710,431
8.25%, 04/15/24(b)		33,845		34,521,900
Third Pakistan International Sukuk Co. Ltd. (The)
5.50%, 10/13/21(b)		28,179		27,253,883
5.63%, 12/05/22(b)		32,433		30,916,109
				147,402,323
Panama — 2.0%
Panama Government International Bond
3.75%, 03/16/25 (Call 12/16/24)		48,161		46,956,975
3.88%, 03/17/28 (Call 12/17/27)		35,408		33,920,864
4.00%, 09/22/24 (Call 06/22/24)		52,995		52,663,781

S C H E D U L E    O F    I N V E S T M E N  T S

Schedule of Investments  (continued) October 31, 2018   iShares^® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Panama (continued)
4.50%, 05/15/47	$	38,575	$	36,144,775
4.50%, 04/16/50 (Call 10/16/49)		66,215		61,149,553
6.70%, 01/26/36		58,159		69,878,038
				300,713,986
Paraguay — 0.3%
Paraguay Government International Bond, 6.10%, 08/11/44(b)		37,908		38,135,448
Peru — 2.6%
Peruvian Government International Bond
4.13%, 08/25/27		45,521		45,805,506
5.63%, 11/18/50		91,469		102,422,413
6.55%, 03/14/37		38,072		46,409,768
7.35%, 07/21/25		57,706		69,535,730
8.75%, 11/21/33		77,808		111,168,180
				375,341,597
Philippines — 3.6%
Philippine Government International Bond
3.00%, 02/01/28		59,501		54,101,284
3.70%, 03/01/41		36,509		32,493,010
3.70%, 02/02/42		59,300		52,702,875
3.95%, 01/20/40		37,859		34,972,251
4.00%, 01/15/21		22,163		22,356,926
4.20%, 01/21/24		44,165		44,551,444
5.00%, 01/13/37		22,692		24,019,028
5.50%, 03/30/26		26,524		28,712,230
6.38%, 01/15/32		21,764		26,035,185
6.38%, 10/23/34		36,588		44,545,890
7.75%, 01/14/31		38,814		50,991,893
9.50%, 02/02/30		43,819		63,044,586
10.63%, 03/16/25		39,260		53,246,375
				531,772,977
Poland — 2.6%
Republic of Poland Government International Bond
3.00%, 03/17/23		53,540		52,140,465
3.25%, 04/06/26		64,236		61,458,435
4.00%, 01/22/24		64,534		65,131,585
5.00%, 03/23/22		120,104		125,673,631
5.13%, 04/21/21		68,996		71,680,634
				376,084,750
Romania — 1.6%
Romanian Government International Bond
4.38%, 08/22/23(b)		52,070		51,874,738
4.88%, 01/22/24(b)		34,748		35,312,655
5.13%, 06/15/48(b)		44,694		41,286,083
6.13%, 01/22/44(b)		35,198		38,013,840
6.75%, 02/07/22(b)		69,953		75,374,357
				241,861,673
Russia — 3.6%
Russian Foreign Bond-Eurobond
4.25%, 06/23/27(b)		45,600		43,103,400
4.38%, 03/21/29(b)		21,200		20,055,200
4.50%, 04/04/22(b)		27,800		28,036,300
4.75%, 05/27/26(b)		57,600		56,736,000
4.88%, 09/16/23(b)		58,200		59,436,750
5.25%, 06/23/47(b)		124,800		115,190,400
5.63%, 04/04/42(b)		50,800		51,689,000

Security	Par (000)		Value
Russia (continued)
5.88%, 09/16/43(b)	$	28,000	$	29,365,000
7.50%, 03/31/30(b)(h)		59,755		65,282,018
12.75%, 06/24/28(b)		39,210		62,049,825
				530,943,893
Senegal — 0.4%
Senegal Government International Bond
6.25%, 05/23/33(b)		35,549		30,572,140
6.75%, 03/13/48(b)		39,148		32,248,165
				62,820,305
Serbia — 0.6%
Serbia International Bond, 7.25%, 09/28/21(b)		79,226		85,266,983
Slovakia — 0.3%
Slovakia Government International Bond, 4.38%, 05/21/22(b)		40,989		42,303,107
South Africa — 2.1%
Republic of South Africa Government International Bond
4.30%, 10/12/28		48,189		41,081,122
4.67%, 01/17/24		26,557		25,428,328
4.85%, 09/27/27		30,753		27,869,906
4.88%, 04/14/26		35,462		32,802,350
5.00%, 10/12/46		25,089		20,008,478
5.38%, 07/24/44		24,750		20,542,500
5.65%, 09/27/47		37,150		31,298,875
5.88%, 05/30/22		23,417		23,914,611
5.88%, 09/16/25		60,409		59,578,376
5.88%, 06/22/30		31,570		29,715,263
				312,239,809
Sri Lanka — 1.8%
Sri Lanka Government International Bond
5.75%, 04/18/23(b)		44,684		40,217,834
5.88%, 07/25/22(b)		38,017		35,042,930
6.20%, 05/11/27(b)		53,181		45,536,231
6.25%, 07/27/21(b)		32,365		30,719,240
6.75%, 04/18/28(b)		45,494		39,802,473
6.83%, 07/18/26(b)		36,177		32,378,415
6.85%, 11/03/25(b)		50,536		45,671,910
				269,369,033
Trinidad And Tobago — 0.2%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(b)		35,128		32,360,089
Tunisia — 0.2%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25(b)		32,346		27,332,370
Turkey — 3.9%
Hazine Mustesarligi Varlik Kiralama AS
4.25%, 06/08/21(b)		15,418		14,531,465
4.49%, 11/25/24(b)		11,650		10,164,625
5.00%, 04/06/23(b)		15,817		14,670,268
Turkey Government International Bond
3.25%, 03/23/23		28,368		24,325,560
4.25%, 04/14/26		17,011		14,034,075
4.88%, 10/09/26		39,977		33,930,479
4.88%, 04/16/43		35,712		25,444,800
5.13%, 03/25/22		16,506		15,556,905
5.13%, 02/17/28		27,700		23,371,875
5.63%, 03/30/21		24,076		23,474,100

2 0 1 8    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued)	iShares® J.P. Morgan USD Emerging Markets Bond ETF
October 31, 2018	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Turkey (continued)
5.75%, 03/22/24	$	32,076	$	29,950,965
5.75%, 05/11/47		45,479		34,677,737
6.00%, 03/25/27		39,284		35,552,020
6.00%, 01/14/41		37,021		29,431,695
6.13%, 10/24/28		22,950		20,568,937
6.25%, 09/26/22		29,656		28,766,320
6.63%, 02/17/45		36,912		31,282,920
6.75%, 05/30/40		21,068		18,276,490
6.88%, 03/17/36		44,768		39,787,560
7.25%, 12/23/23		5,925		5,880,563
7.25%, 03/05/38		22,136		20,392,790
7.38%, 02/05/25		37,851		37,614,431
8.00%, 02/14/34		32,996		32,913,510
11.88%, 01/15/30		12,399		16,072,204
				580,672,294
Ukraine — 2.7%
Ukraine Government International Bond
7.38%, 09/25/32(b)		101,156		84,262,948
7.75%, 09/01/21(b)		51,377		50,554,968
7.75%, 09/01/22(b)		48,416		46,963,520
7.75%, 09/01/23(b)		48,365		46,116,027
7.75%, 09/01/24(b)		41,041		38,527,239
7.75%, 09/01/25(b)		46,605		42,818,344
7.75%, 09/01/26(b)		51,051		46,150,104
7.75%, 09/01/27(b)		43,489		38,879,166
9.75%, 11/01/28(f)		6,275		6,196,280
				400,468,596
Uruguay — 2.4%
Uruguay Government International Bond
4.38%, 10/27/27		80,908		79,896,650
4.50%, 08/14/24		42,876		43,411,737
4.98%, 04/20/55		64,431		59,598,173
5.10%, 06/18/50		133,180		125,855,383
7.63%, 03/21/36		34,677		44,646,638
				353,408,581
Venezuela — 0.6%
Venezuela Government International Bond
6.00%, 12/09/20(b)(g)		11,317		2,744,373
7.00%, 03/31/38(b)(g)		22,298		5,351,520
7.65%, 04/21/25(b)(g)		19,893		4,873,785
8.25%, 10/13/24(b)(g)		39,401		9,948,778
9.00%, 05/07/23(b)(g)		26,989		6,747,350
9.25%, 09/15/27(g)		50,131		12,532,750
9.25%, 05/07/28(b)(g)		23,020		5,755,000
9.38%, 01/13/34(g)		17,694		5,042,790

Security	Par/ Shares (000)		Value
Venezuela (continued)
11.75%, 10/21/26(b)(g)	$	34,873	$	8,936,206
11.95%, 08/05/31(b)(g)		64,749		16,510,995
12.75%, 08/23/22(b)(g)		37,576		9,610,036
				88,053,583
Vietnam — 0.3%
Vietnam Government International Bond, 4.80%, 11/19/24(b)		40,015		40,360,329
Zambia — 0.3%
Zambia Government International Bond
8.50%, 04/14/24(b)		34,360		23,407,750
8.97%, 07/30/27(b)		38,984		26,362,930
				49,770,680
Total Foreign Government Obligations — 83.7% (Cost: $13,343,159,702)				12,330,162,126
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(i)(j)		62,171		62,171,218
Total Short-Term Investments — 0.4% (Cost: $62,171,218)				62,171,218
Total Investments in Securities — 98.6% (Cost: $15,734,530,233)				14,531,303,424
Other Assets, Less Liabilities — 1.4%				213,427,072
Net Assets — 100.0%			$	14,744,730,496

^(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)  Perpetual security 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.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2018, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

	Shares				Shares									Change in
	Held at				Held at									Unrealized
	10/31/17		Net Activity		10/31/18		Value at				Net Realized			Appreciation
Affiliated Issuer		(000)		(000)		(000)		10/31/18		Income		Gain (Loss)	(a)		(Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		37,553		24,618		62,171	$	62,171,218	$	673,335	$	—		$	—

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

S C H E D U L E    O F    I N V E S T M E N  T S

Schedule of Investments  (continued) October 31, 2018 iShares^® J.P. Morgan USD Emerging Markets Bond ETF

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	—	$	2,138,970,080	$	—	$	2,138,970,080
Foreign Government Obligations		—		12,330,162,126		—		12,330,162,126
Money Market Funds		62,171,218		—		—		62,171,218
	$	62,171,218	$	14,469,132,206	$	—	$	14,531,303,424

See notes to financial statements.

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Statement of Assets and Liabilities

October 31, 2018

		iShares J.P. Morgan USD Emerging Markets Bond ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	14,469,132,206
Affiliated(b)		62,171,218
Cash		4,198,720
Receivables:
Investments sold		21,338,229
Capital shares sold		283,169
Securities related to in-kind transactions		63,796,687
Dividends		103,615
Interest		202,909,207
Total assets		14,823,933,051
LIABILITIES
Payables:
Investments purchased		74,253,505
Capital shares redeemed		62,951
Investment advisory fees		4,886,099
Total liabilities		79,202,555
NET ASSETS	$	14,744,730,496
NET ASSETS CONSIST OF:
Paid-in capital	$	16,117,433,484
Accumulated loss		(1,372,702,988	)
NET ASSETS	$	14,744,730,496
Shares outstanding		141,000,000
Net asset value	$	104.57
Shares authorized		Unlimited
Par value		None
(a)   Investments, at cost — Unaffiliated	$	15,672,359,015
(b)   Investments, at cost — Affiliated	$	62,171,218

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S

Statement of Operations

Year Ended October 31, 2018

		iShares J.P. Morgan USD Emerging Markets Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	673,335
Interest — Unaffiliated		632,275,082
Foreign taxes withheld		(619	)
Total investment income		632,947,798
EXPENSES
Investment advisory fees		49,813,146
Proxy fees		1,192
Total expenses		49,814,338
Net investment income		583,133,460
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(77,126,032	)
In-kind redemptions — Unaffiliated		(10,095,166	)
Net realized loss		(87,221,198	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,252,248,328	)
Net change in unrealized appreciation (depreciation)		(1,252,248,328	)
Net realized and unrealized loss		(1,339,469,526	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(756,336,066	)

See notes to financial statements.

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Statements of Changes in Net Assets

		iShares J.P. Morgan USD Emerging Markets Bond ETF
		Year Ended 10/31/18			Year Ended 10/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	583,133,460		$	486,867,268
Net realized gain (loss)		(87,221,198	)		56,149,030
Net change in unrealized appreciation (depreciation)		(1,252,248,328	)		11,132,447
Net increase (decrease) in net assets resulting from operations		(756,336,066	)		554,148,745
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Decrease in net assets resulting from distributions to shareholders		(560,509,063	)		(472,368,085	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,133,365,853			2,197,133,548
NET ASSETS(b)
Total increase in net assets		2,816,520,724			2,278,914,208
Beginning of year		11,928,209,772			9,649,295,564
End of year	$	14,744,730,496		$	11,928,209,772

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b) Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 10 for this prior year information.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S

Financial Highlights

(For a share outstanding throughout each period)

		iShares J.P. Morgan USD Emerging Markets Bond ETF
		Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14
Net asset value, beginning of year	$	115.92		$	114.74		$	108.36		$	114.15		$	110.96
Net investment income(a)		5.07			5.33			5.39			5.08			4.86
Net realized and unrealized gain (loss)(b)		(11.50	)		1.02			6.57			(5.75	)		3.17
Net increase (decrease) from investment operations		(6.43	)		6.35			11.96			(0.67	)		8.03
Distributions(c)
From net investment income		(4.92	)		(5.17	)		(5.58	)		(5.12	)		(4.84	)
Total distributions		(4.92	)		(5.17	)		(5.58	)		(5.12	)		(4.84	)
Net asset value, end of year	$	104.57		$	115.92		$	114.74		$	108.36		$	114.15
Total Return
Based on net asset value		(5.68	)%		5.74	%		11.35	%		(0.55	)%		7.45	%
Ratios to Average Net Assets
Total expenses		0.39	%		0.54	%		0.59	%		0.60	%		0.60	%
Total expenses after fees waived		0.39	%		0.40	%		0.40	%		0.40	%		0.59	%
Net investment income		4.60	%		4.69	%		4.81	%		4.61	%		4.35	%
Supplemental Data
Net assets, end of year (000)	$	14,744,730		$	11,928,210		$	9,649,296		$	4,464,443		$	5,147,968
Portfolio turnover rate(d)		15	%		26	%		32	%		24	%		52	%

^(a)  Based on average shares outstanding.

^(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)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements

1.    ORGANIZATION

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 is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

iShares ETF	Diversification  Classification
J.P. Morgan USD Emerging Markets Bond		Non-diversified

2.    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 increases and decreases in net assets from operations 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.

Investment Transactions and Income Recognition: Investment 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.

In-kind Redemptions: For financial reporting purposes, 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 net asset value per share.

Distributions: 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 Standards: 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.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Fund.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

3.    INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) 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. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

• Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. 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. 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.

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

N O T E S    T O    F I N A N C I A L    S T A T E M E N T S

Notes to Financial Statements  (continued)

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market 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 as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. 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.

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, regular reviews 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 and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.

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.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. 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 price quotations 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, but not limited to, quoted prices for similar assets or liabilities in markets that are active, 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 interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs 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 financial instruments).

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 into or out of an assigned level within the 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 a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.    INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: 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:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $19 billion		0.4000	%
Over $19 billion, up to and including $33 billion		0.3800
Over $33 billion, up to and including $47 billion		0.3610
Over $47 billion		0.3430

Each reduced 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.

Distributor: 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.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock for 1940 Act purposes.

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Notes to Financial Statements  (continued)

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 October 31, 2018, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
J.P. Morgan USD Emerging Markets Bond	$	16,018,276	$	7,435,448

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 shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

5.    PURCHASES AND SALES

For the year ended October 31, 2018, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
J.P. Morgan USD Emerging Markets Bond	$	2,014,906,777	$	1,857,744,582

For the year ended October 31, 2018, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
J.P. Morgan USD Emerging Markets Bond	$	10,618,189,494	$	6,595,257,701

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.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

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. As of October 31, 2018, the following permanent differences 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			Accumulated   Loss
J.P. Morgan USD Emerging Markets Bond	$	(36,990,700	)	$	36,990,700

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/18		Year Ended 10/31/17
J.P. Morgan USD Emerging Markets Bond Ordinary income	$	560,509,063	$	472,368,085

As of October 31, 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
J.P. Morgan USD Emerging Markets Bond	$	162,539,318	$	(160,819,685	)	$	(1,374,422,621)		$	(1,372,702,988)

^(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.

N O T E S    T O    F I N A N C I A L    S T A T E M E N T S

Notes to Financial Statements  (continued)

As of October 31, 2018, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non-Expiring
J.P. Morgan USD Emerging Markets Bond	$	160,819,685

As of October 31, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF		Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
J.P. Morgan USD Emerging Markets Bond	$	15,803,375,620	$	2,626,886	$	(1,274,699,082	)	$	(1,272,072,196)

7.    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 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.

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 price 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.

Concentration Risk: 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.

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Notes to Financial Statements  (continued)

8.    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 were as follows:

	Year Ended 10/31/18						Year Ended 10/31/17
iShares ETF	Shares			Amount			Shares			Amount
J.P. Morgan USD Emerging Markets Bond
Shares sold		98,900,000		$	10,877,622,219			85,200,000		$	9,694,660,077
Shares redeemed		(60,800,000	)		(6,744,256,366	)		(66,400,000	)		(7,497,526,529	)
Net increase		38,100,000		$	4,133,365,853			18,800,000		$	2,197,133,548

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 shares sold in the table above.

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 transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

9.    LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) 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.

10.  REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Fund has adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information and undistributed net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended October 31, 2017 were classified as follows:

iShares ETF	Net   Investment Income
J.P. Morgan USD Emerging Markets Bond	$	472,368,085

Undistributed net investment income as of October 31, 2017 are as follows:

iShares ETF	Undistributed   net investment income
J.P. Morgan USD Emerging Markets Bond	$	37,564,496

N O T E S    T O    F I N A N C I A L    S T A T E M E N T S

Notes to Financial Statements  (continued)

11.  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 additional disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares J.P. Morgan USD Emerging Markets Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares J.P. Morgan USD Emerging Markets Bond ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statement of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (hereafter 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 October 31, 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 October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 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 October 31, 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

December 21, 2018

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

R E P O R T    O F    I N D E P E N D E N T     R E G I S T E R E D    P U B L I C    A C C O U  N T I N G    F I R M

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income

LIBOR London Interbank Offered Rate

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	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.

OCTOBER 31, 2018    

2018 ANNUAL REPORT

iShares U.S. ETF Trust

▶ iShares Bloomberg Roll Select Commodity Strategy ETF | CMDY | NYSE Arca

▶ iShares Commodities Select Strategy ETF | COMT | NASDAQ

▶ iShares Gold Strategy ETF | IAUF | Cboe BZX

Table of Contents

	Page
Market Overview		5
Fund Summary		6
About Fund Performance		11
Shareholder Expenses		11
Consolidated Schedules of Investments		12
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		21
Consolidated Statements of Operations		22
Consolidated Statements of Changes in Net Assets		23
Consolidated Financial Highlights		24
Notes to Consolidated Financial Statements		27
Report of Independent Registered Public Accounting Firm		35
Important Tax Information (Unaudited)		36
Board Review and Approval of Investment Advisory Contract		37
Supplemental Information		43
Trustee and Officer Information		45
General Information		47
Glossary of Terms Used in this Report		48

Market Overview

iShares U.S. ETF Trust

Global Bond Market Overview

Global investment-grade bonds declined for the 12 months ended October 31, 2018 (“reporting period”). The Bloomberg Barclays Global Aggregate Index, a broad measure of global bond market performance, returned -2.05% in U.S. dollar terms for the reporting period.

The negative return for global bonds was driven primarily by rising global interest rates and mixed economic data. After a strong 2017, global economic growth eased in 2018 as areas of weakness appeared in several regions of the world. In addition, the global fixed-income markets were affected by a number of external developments, including escalating trade tensions between the U.S. and several of its trading partners (most notably China and Europe), as well as geopolitical conflicts in Turkey and the Middle East.

Regionally, the U.S. bond market declined as a strengthening U.S. economy led to higher interest rates. Driven in part by the stimulative effect of federal tax reform legislation, the U.S. economy grew by 3% for the 12 months ended September 2018, its highest year-over-year growth rate in more than three years. Faster economic growth drove the inflation rate to its highest level in more than six years in mid-2018. In this environment, the U.S. Federal Reserve Bank (“Fed”) increased short-term interest rates four times during the reporting period, increasing its short-term interest rate target to 2.25%, the highest level in more than a decade. From a sector perspective, corporate bonds declined the most amid investor concerns about high corporate debt levels, a decline in average credit quality, and relatively high valuations. In contrast, asset-backed securities (bonds backed by credit card receivables, auto loans, and other debt) advanced for the reporting period, benefiting from their higher yields and relatively short maturities.

The smaller decline in European bond markets was driven in part by a slowdown in economic activity. After improving notably in 2017, economic growth in the Eurozone slowed markedly through the first three quarters of 2018. In particular, growth in the Italian economy slowed significantly following a debt-heavy budget proposed by Italy’s new populist government, which led to a sharp increase in the country’s bond yields late in the reporting period. Other major Eurozone economies, such as Germany and France, also weakened, but to a lesser extent. Despite the economic slowdown, the European Central Bank (“ECB”) reaffirmed its plan to end its quantitative easing measures by the end of 2018, though the ECB intends to maintain its zero interest-rate policy. In the U.K., slowing economic growth and concerns about the economic impact of Brexit when it takes effect in early 2019 kept bond yields relatively stable, leading to positive returns for British bonds.

Asia-Pacific bond markets also declined modestly for the reporting period as economic growth in the region slowed. In Japan, the nation’s longest period of sustained expansion in more than 20 years came to an end when the Japanese economy contracted in the first quarter of 2018. Japanese bond yields increased slightly during the reporting period but remained near historically low levels. In South Korea, bond yields declined as the nation’s economy grew at its slowest pace in nine years. In contrast, Australian bond yields increased as the country’s economy grew at its fastest rate in six years, benefiting from strong consumer spending and increasing commodities prices.

MARKET    OVERVIEW 5

Fund Summary as of October 31, 2018 iShares^® Bloomberg Roll Select Commodity Strategy ETF

Investment Objective

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.

Performance

	Cumulative Total Returns
	Since
	Inception
Fund NAV		(4.46	)%
Fund Market		(4.30	)
Bloomberg Roll Select Commodity Index		(4.36	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

05/01/18

(10/31/18)

the Period

(a)

(05/01/18)

(10/31/18)

the Period

(a)

Ratio

$      1,000.00

$

930.50

$

0.49

$

1,000.00

$

1,024.70

$

0.51

0.10%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

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Fund Summary as of October 31, 2018  (continued) iShares^® Bloomberg Roll Select Commodity Strategy ETF

Portfolio Management Commentary

The Fund declined during the abbreviated reporting period from its inception on April 3, 2018, to October 31, 2018. Commodities prices were mixed amid concerns about the effects of economic and political tensions on world trade and economic growth. The Fund used commodities futures with the intent of providing investors total returns consistent with investment in a broad basket of commodities. Some of the Fund’s largest exposures were to gold, natural gas, West Texas Intermediate crude oil, Brent crude oil, and corn.

Gold prices declined during the reporting period in response to a supply and demand imbalance caused in part by the stronger U.S. dollar. Gold is priced in U.S. dollars, so the stronger currency made gold more expensive for foreign buyers. In terms of supply, gold mine output was the highest on record in the third quarter of 2018.

In energy markets, natural gas prices rose steadily throughout the reporting period. Natural gas inventories reached their lowest level in a decade, even as warm weather drove demand. Looking at crude oil, both Brent and West Texas Intermediate finished the abbreviated reporting period fractionally higher after rising sharply to a four-year high in early October and then declining sharply thereafter. The two generally trade together, with slight differences in pricing reflecting regional and quality differences. Much of the volatility in prices can be attributed to changing perceptions around supply. Early in the reporting period, traders focused on potential disruptions to output from Venezuela and Iran. However, oil prices declined sharply in October after Russia, Saudi Arabia, and the U.S. increased production ahead of the resumption of U.S. sanctions against Iran. Looking at agricultural commodities, corn prices declined during the reporting period amid concern over excess supply and the effects of the growing trade dispute between the U.S. and China.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE
	Percent of
Investment Type	Net Assets
Commercial Paper		69.3	%
Money Market Funds		19.5
U. S. Treasury Obligations		8.6
Cash		3.1
Other assets, less liabilities		(0.5	)

COMMODITIES EXPOSURE
	Percent of
Sector Exposure(a)	Exposure
Energy Futures		34.0	%
Agriculture Futures		30.5
Industrial Metals Futures		15.1
Precious Metals Futures		14.4
Livestock Futures		6.0

^(a)  Represents the sector allocation of the Bloomberg Roll Select Commodity Index.

F U N D    S U M M A R Y 7

Fund Summary as of October 31, 2018 iShares^® Commodities Select Strategy ETF

Investment Objective

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.

Performance

	Average Annual Total Returns						Cumulative Total Returns
				Since						Since
	1 Year			Inception			1 Year			Inception
Fund NAV		9.06	%(a)		(5.07	)%		9.06	%(a)		(18.98	)%
Fund Market		8.91			(5.16	)		8.91			(19.29	)
S&P GSCITM Commodity Total Return Index		11.47			(10.18	)		11.47			(35.20	)
S&P GSCITM Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend		5.68			N/A			5.68			N/A

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

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.

The S&P GSCI^TM Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend is an unmanaged index that is designed to measure the performance of a multi-asset allocation strategy that consists of a futures-based commodities index and an equity-based index that is based on various commodity-related GICS subsectors. The inception date of this index was April 17, 2017. The average annual and cumulative total returns for the period April 17, 2017 through October 31, 2018 were 7.16% and 11.20%, respectively.

^(a)  The NAV total return presented in the table for the one-year period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

05/01/18

(10/31/18)

the Period

(a)

(05/01/18)

(10/31/18)

the Period

(a)

Ratio

$      1,000.00

$

976.70

$

2.39

$

1,000.00

$

1,022.80

$

2.45

0.48%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

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Fund Summary as of October 31, 2018  (continued) iShares^® Commodities Select Strategy ETF

Portfolio Management Commentary

The Fund posted a positive return for the reporting period, reflecting increased prices for many leading commodities. Approximately 70% of the Fund’s exposure was in commodities futures, which contributed the most to the Fund’s return for the reporting period. Some of the Fund’s largest futures positions included West Texas Intermediate crude oil, Brent crude oil, copper, corn, and cattle.

Oil prices were volatile, but rose for much of the reporting period. Prices reached a four-year high in early October 2018 due to concerns about supply disruptions in Venezuela and Iran at a time when Saudi Arabian output was thought to be near peak capacity. However, they declined sharply for the remainder of the reporting period amid a slowdown in global growth and increased oil production ahead of the resumption of U.S. sanctions against Iran. Ultimately, the U.S. granted many countries exemptions for purchasing Iranian oil, which eased concerns about supply.

Agricultural commodity prices generally declined during the reporting period amid concern over excess supply and the effects of the growing trade dispute between the U.S. and China. Copper prices, which also declined, faced similar concerns since China imports more copper than any other country.

Approximately 30% of the Fund was invested in commodities stocks, which detracted modestly from the Fund’s return for the reporting period. Energy detracted the most, led by oil and gas exploration and production companies. Investors were concerned about capital allocation decisions in the industry as many exploration and production companies announced plans to increase capital spending. Even as oil prices rose overall, integrated oil and gas stocks detracted due to disappointing earnings and output. The leading equity contributors were diversified metals and mining companies, which benefited from strong pricing for high-quality iron ore resulting from Chinese environmental regulations intended to reduce steel mill pollution.

Portfolio Information

ALLOCATION BY SECTOR AND INVESTMENT TYPE

Sector and Investment Type	Percent of    Net Assets
Energy Equities	13.8%
Specialty Chemicals Equities	4.6
Industrial Metals Equities	4.4
Agriculture Equities	4.5
Precious Metals Equities	1.1
Short-term	83.8
Cash	3.4
Other Assets, Less Liabilities	(15.6)

COMMODITY-LINKED FUTURES

Sector Exposure(a)	Percent of    Net Assets
Energy Futures	34.0%
Agriculture Futures	16.5
Industrial Metals Futures	9.9
Livestock Futures	6.9
Precious Metals Futures	4.0

^(a)  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

F U N D    S U M M A R Y 9

Fund Summary as of October 31, 2018 iShares^® Gold Strategy ETF

Investment Objective

The iShares Gold Strategy ETF (the “Fund”) seeks to provide exposure, on a total return basis, to the price performance of gold. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

	Cumulative Total Returns
	Since         Inception
Fund NAV		(6.48)%
Fund Market		(6.30)
Bloomberg Composite Gold Index		(7.89)

For the fiscal period ended 10/31/18, the Fund did not have six months of performance and therefore line graphs and portfolio management commentary are not presented.

The inception date of the Fund was 6/6/18. The first day of secondary market trading was 6/8/18.

The Bloomberg Composite Gold Index is an unmanaged index comprised of exchange -traded gold futures contracts and one or more exchange-traded products backed by or linked to physical gold. The index is designed to track the price performance of gold.

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 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (06/06/18)	(a)	Ending Account Value (10/31/18)	Expenses Paid During the Period		Beginning Account Value (05/01/18)	Ending Account Value (10/31/18)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
	$        1,000.00		$         999.10	$        0.76		$     1,000.00	$     1,024.20	$       0.97		0.19	%

^(a)  The beginning of the period (commencement of operations) is June 06, 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 (147 days for actual and 184 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of    Net Assets
U. S. Treasury Obligations	59.8%
Commercial Paper	19.7
Grantor Trust	20.9
Cash	5.5
Other assets, less liabilities	(5.9)

COMMODITY-LINKED FUTURES

Sector Exposure(a)	Percent of    Net Assets
Gold Futures	75.3%

^(a)  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

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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 ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

A B O U T    F U N D    P E R F O R M A  N C E / S H A R E H O L D E R    E X P E N S E S 11

Consolidated Schedule of Investments	iShares® Bloomberg Roll Select Commodity Strategy ETF
October 31, 2018	(Percentages shown are based on Net Assets)

Security	Par		Value
Short-Term Investments
Commercial Paper — 69.3%
Bell Canada Inc., 2.54%, 11/27/18(a)	$	1,750,000	$	1,746,674
CAFCO LLC, 2.38%, 12/19/18(a)		1,700,000		1,694,514
CAN AST & CAN Ltd. JT, 2.34%, 12/18/18(a)		1,700,000		1,694,646
Danske Corp., 2.24%, 11/05/18(a)		1,800,000		1,799,434
Erste Abwicklungsanstalt, 2.25%, 11/16/18(a)		1,600,000		1,598,402
Hyundai Capital America, 2.49%, 11/21/18(a)		1,700,000		1,697,539
Keurig Dr Pepper Inc., 2.51%, 11/16/18(a)		1,000,000		998,910
McKesson Corp., 2.49%, 11/15/18(a)		400,000		399,590
NBCUniversal Enterprise Inc., 2.37%, 11/01/18(a)		900,000		899,941
NextEra Energy Capital Holdings Inc., 2.58%, 12/05/18(a)		1,600,000		1,596,085
Nieuw Amsterdam Receivables Corp., 2.24%, 11/26/18(a)		1,500,000		1,497,430
Nordea Bank AB, 2.25%, 12/14/18(a)		1,300,000		1,296,430
Oncor Electric Delivery Co. LLC, 2.50%, 11/26/18(a)		1,600,000		1,597,120
PACCAR Financial Corp., 2.27%, 11/19/18(a)		1,300,000		1,298,444
Reckitt Benckiser Treasury Services PLC, 2.26%, 11/14/18(a)		1,250,000		1,248,902
Telstra Corp. Ltd., 2.44%, 12/17/18(a)		1,700,000		1,694,374
TELUS Corp., 2.56%, 11/29/18(a)		1,500,000		1,496,981
Thunder Bay Funding LLC, 2.29%, 12/04/18(a)		1,000,000		997,810
Total Capital Canada Ltd., 2.34%, 12/04/18(a)		1,700,000		1,696,245
United Technologies Corp., 2.50%, 11/28/18(a)		1,200,000		1,197,670
				28,147,141

Security	Par/ Shares		Value
U.S. Treasury Obligations — 8.6%
U.S. Treasury Bill 2.18%, 11/23/18(a)	$	1,500,000	$	1,498,028
2.18%, 12/18/18(a)		1,000,000		997,206
2.19%, 12/11/18(a)		1,000,000		997,608
				3,492,842
Money Market Funds — 19.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(b)(c)		7,904,926		7,904,926
Total Short-Term Investments — 97.4% (Costs: $39,547,462)				39,544,909
Total Investments in Securities — 97.4% (Cost: $39,547,462)				39,544,909
Other Assets, Less Liabilities — 2.6%				1,061,912
Net Assets — 100.0%			$	40,606,821

^(a)  Rates are discount rates or a range of discount rates at the time of purchase.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended October 31, 2018, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/03/18	(a)	Net Activity	Shares Held at 10/31/18		Value at 10/31/18		Income		Net Realized Gain (Loss)	(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		7,904,926	7,904,926	$	7,904,926	$	59,629	$	—		$	—

^(a) The Fund commenced operations on April 03, 2018.

^(b)  Includes realized capital gain distributions from an affiliated fund, if any.

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Bloomberg Roll Select Commodity Index	1,917	12/19/18	$40,454	$     (173,742)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2018, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

	Commodity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	173,742

^(a)  Represents cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported separately within the Consolidated Statement of Assets and Liabilities.

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Consolidated Schedule of Investments  (continued)	iShares® Bloomberg Roll Select Commodity Strategy ETF
October 31, 2018

For the period ended October 31, 2018, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,480,909	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(173,742	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	44,056,230

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

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 the Notes to Consolidated Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	—		$	28,147,141	$	—	$	28,147,141
U.S. Treasury Obligations		—			3,492,842		—		3,492,842
Money Market Funds		7,904,926			—		—		7,904,926
	$	7,904,926		$	31,639,983	$	—	$	39,544,909
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(173,742	)	$	—	$	—	$	(173,742)

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

See notes to consolidated financial statements.

C O N S O L I D A T E D    S C H E D U L E     O F    I N V E S T M E N T S 13

Consolidated Schedule of Investments October 31, 2018 iShares^® Commodities Select Strategy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Agricultural & Farm Machinery — 1.6%
AGCO Corp.		11,839	$	663,457
CNH Industrial NV		176,945		1,838,458
Deere & Co.		57,285		7,758,680
Lindsay Corp.		1,913		182,921
Toro Co. (The)		18,736		1,055,399
				11,498,915
Agricultural Products — 1.1%
Archer-Daniels-Midland Co.		99,680		4,709,880
Bunge Ltd.		25,122		1,552,540
Darling Ingredients Inc.(a)		29,325		605,854
Fresh Del Monte Produce Inc.		5,381		177,734
Ingredion Inc.		12,649		1,279,826
				8,325,834
Aluminum — 0.1%
Alcoa Corp.(a)		17,102		598,399
Constellium NV, Class A(a)(b)		10,719		97,114
Kaiser Aluminum Corp.		1,523		145,249
				840,762
Coal & Consumable Fuels — 0.1%
Arch Coal Inc., Class A		789		75,665
Cameco Corp.		15,937		170,845
CONSOL Energy Inc.(a)		1,127		44,900
Peabody Energy Corp.		3,332		118,119
				409,529
Copper — 0.3%
Freeport-McMoRan Inc.		132,907		1,548,366
Southern Copper Corp.		7,790		298,669
				1,847,035
Diversified Metals & Mining — 2.3%
BHP Billiton Ltd., ADR		147,178		6,796,680
BHP Billiton PLC, ADR		96,863		3,898,736
Compass Minerals International Inc.		3,101		150,429
Materion Corp.		1,855		105,420
Rio Tinto PLC, ADR		105,006		5,175,746
Teck Resources Ltd., Class B(b)		46,274		956,483
				17,083,494
Fertilizers & Agricultural Chemicals — 1.8%
CF Industries Holdings Inc.		41,577		1,996,943
FMC Corp.		23,975		1,871,968
Mosaic Co. (The)		63,152		1,953,923
Nutrien Ltd.(b)		109,586		5,800,387
Scotts Miracle-Gro Co. (The)		7,009		467,780
Sociedad Quimica y Minera de Chile SA, ADR		16,507		723,172
				12,814,173
Gold — 1.0%
Agnico Eagle Mines Ltd.(b)		21,484		759,674
Barrick Gold Corp.(b)		107,056		1,343,553
Cia. de Minas Buenaventura SAA, ADR, NVS		19,896		275,361
Franco-Nevada Corp.		17,077		1,066,117
Goldcorp Inc.		79,733		719,192
Kinross Gold Corp.(a)(b)		114,548		296,679
Newmont Mining Corp.		48,925		1,512,761
Randgold Resources Ltd., ADR		8,607		675,994
Royal Gold Inc.		6,008		460,393
				7,109,724

Security	Shares		Value
Integrated Oil & Gas — 7.6%
BP PLC, ADR		134,102	$	5,816,004
Cenovus Energy Inc.(b)		41,062		347,385
Chevron Corp.		77,239		8,623,734
China Petroleum & Chemical Corp., ADR		10,300		830,798
Ecopetrol SA, ADR(b)		9,933		231,042
Eni SpA, ADR(b)		51,272		1,811,953
Equinor ASA, ADR(b)		44,012		1,131,108
Exxon Mobil Corp.		170,663		13,598,428
Imperial Oil Ltd.		9,656		301,653
Occidental Petroleum Corp.		30,825		2,067,433
PetroChina Co. Ltd., ADR		8,497		617,222
Petroleo Brasileiro SA, ADR(b)		60,071		976,154
Royal Dutch Shell PLC, Class A, ADR		92,654		5,854,806
Royal Dutch Shell PLC, Class B, ADR		75,489		4,960,382
Suncor Energy Inc.		65,614		2,185,602
Total SA, ADR		101,805		5,965,773
				55,319,477
Oil & Gas Drilling — 0.1%
Diamond Offshore Drilling Inc.(a)		2,601		36,882
Ensco PLC, Class A		17,600		125,664
Helmerich & Payne Inc.		4,387		273,266
Nabors Industries Ltd.		13,105		65,132
Noble Corp. PLC(a)		9,936		49,879
Patterson-UTI Energy Inc.		8,860		147,430
Rowan Companies PLC, Class A(a)		5,116		81,396
Transocean Ltd.(a)		17,296		190,429
Unit Corp.(a)		2,178		50,377
				1,020,455
Oil & Gas Equipment & Services — 0.9%
Apergy Corp.(a)		3,114		121,415
Archrock Inc.		5,210		53,455
Baker Hughes a GE Co.		16,769		447,565
C&J Energy Services Inc.(a)		2,560		48,077
Cactus Inc., Class A(a)		1,517		50,759
Core Laboratories NV		1,780		151,727
Dril-Quip Inc.(a)		1,511		64,308
Halliburton Co.		35,493		1,230,897
Helix Energy Solutions Group Inc.(a)		5,605		47,755
McDermott International Inc.(a)		7,269		56,189
National Oilwell Varco Inc.		15,409		567,051
Oceaneering International Inc.(a)		3,968		75,154
Oil States International Inc.(a)		2,416		53,804
ProPetro Holding Corp.(a)		2,960		52,244
Schlumberger Ltd.		55,793		2,862,739
Superior Energy Services Inc.(a)		6,221		48,710
TechnipFMC PLC		17,205		452,492
Tenaris SA, ADR		9,506		277,860
U.S. Silica Holdings Inc.		3,119		43,666
Weatherford International PLC(a)(b)		40,147		54,198
				6,760,065
Oil & Gas Exploration & Production — 2.7%
Anadarko Petroleum Corp.		20,658		1,099,006
Antero Resources Corp.(a)		8,935		141,977
Apache Corp.		15,403		582,696
Cabot Oil & Gas Corp.		17,763		430,398
California Resources Corp.(a)		1,947		61,019
Callon Petroleum Co.(a)		9,162		91,345
Canadian Natural Resources Ltd.		49,248		1,345,455
Carrizo Oil & Gas Inc.(a)		3,430		62,460

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Consolidated Schedule of Investments  (continued)	iShares® Commodities Select Strategy ETF
October 31, 2018	(Percentages shown are based on Net Assets)

Security	Shares		Value
Oil & Gas Exploration & Production (continued)
Centennial Resource Development Inc./DE, Class A(a)(b)		7,717	$	147,858
Chesapeake Energy Corp.(a)		36,733		128,933
Cimarex Energy Co.		3,839		305,085
CNOOC Ltd., ADR		6,485		1,097,586
CNX Resources Corp.(a)		8,578		134,246
Concho Resources Inc.(a)		8,081		1,123,986
ConocoPhillips		46,843		3,274,326
Continental Resources Inc./OK(a)		3,482		183,432
Crescent Point Energy Corp.		22,116		104,388
Denbury Resources Inc.(a)		18,547		63,987
Devon Energy Corp.		20,553		665,917
Diamondback Energy Inc.		3,971		446,182
Encana Corp.(b)		38,504		394,281
Energen Corp.(a)		3,299		237,429
EOG Resources Inc.		23,347		2,459,373
EQT Corp.		10,630		361,101
Extraction Oil & Gas Inc.(a)		4,663		37,257
Gulfport Energy Corp.(a)		6,351		57,858
Hess Corp.		10,138		581,921
Kosmos Energy Ltd.(a)		10,307		66,892
Laredo Petroleum Inc.(a)(b)		6,155		32,252
Magnolia Oil & Gas Corp.(a)		3,293		40,998
Marathon Oil Corp.		34,398		653,218
Matador Resources Co.(a)		4,171		120,292
Murphy Oil Corp.		6,546		208,556
Newfield Exploration Co.(a)		8,047		162,549
Noble Energy Inc.		19,457		483,506
Oasis Petroleum Inc.(a)		10,755		108,195
Parsley Energy Inc., Class A(a)		10,586		247,924
PDC Energy Inc.(a)		2,660		112,917
Penn Virginia Corp.(a)		539		37,072
Pioneer Natural Resources Co.		6,876		1,012,629
QEP Resources Inc.(a)		9,541		85,010
Range Resources Corp.		8,336		132,126
SM Energy Co.		4,154		101,108
Southwestern Energy Co.(a)		23,848		127,348
SRC Energy Inc.(a)		9,765		69,136
Whiting Petroleum Corp.(a)		3,662		136,593
WPX Energy Inc.(a)		15,897		254,988
				19,812,811
Oil & Gas Refining & Marketing — 0.9%
Cosan Ltd., Class A		5,431		45,349
CVR Energy Inc.		1,175		50,525
Delek U.S. Holdings Inc.		3,109		114,162
HollyFrontier Corp.		6,527		440,181
Marathon Petroleum Corp.		27,027		1,904,052
PBF Energy Inc., Class A		4,825		201,926
Phillips 66		17,217		1,770,252
Renewable Energy Group Inc.(a)		1,502		46,682
Valero Energy Corp.		17,228		1,569,299
World Fuel Services Corp.		2,736		87,552
				6,229,980
Oil & Gas Storage & Transportation — 1.3%
Cheniere Energy Inc.(a)		8,918		538,736
Enbridge Inc.		69,147		2,151,163
Golar LNG Ltd.(b)		4,070		108,995
Kinder Morgan Inc./DE		76,554		1,302,949
ONEOK Inc.		16,595		1,088,632
Pembina Pipeline Corp.		20,369		658,326

Security	Shares		Value
Oil & Gas Storage & Transportation (continued)
SemGroup Corp., Class A		2,642	$	48,851
Ship Finance International Ltd.		3,840		48,000
Targa Resources Corp.		9,083		469,319
TransCanada Corp.		36,593		1,380,288
Ultrapar Participacoes SA, ADR		17,475		206,205
Williams Companies Inc. (The)		48,788		1,187,012
				9,188,476
Silver — 0.1%
Coeur Mining Inc.(a)		18,270		87,331
Hecla Mining Co.		43,704		104,890
Wheaton Precious Metals Corp.		40,685		668,454
				860,675
Specialty Chemicals — 4.6%
A Schulman Inc.(c)		1,888		3,606
Albemarle Corp.		19,314		1,916,335
Ashland Global Holdings Inc.		11,118		822,510
Axalta Coating Systems Ltd.(a)		38,142		941,345
Balchem Corp.		5,737		537,270
Celanese Corp.		24,034		2,329,856
Ecolab Inc.		45,275		6,933,866
Ferro Corp.(a)(b)		14,967		253,541
GCP Applied Technologies Inc.(a)		12,837		333,377
HB Fuller Co.		9,014		400,762
Ingevity Corp.(a)		7,490		682,189
Innospec Inc.		4,344		290,701
International Flavors & Fragrances Inc., New		18,025		2,607,497
Kraton Corp.(a)		5,672		156,207
Minerals Technologies Inc.		6,280		343,830
NewMarket Corp.		1,591		614,062
Platform Specialty Products Corp.(a)		41,581		449,906
PolyOne Corp.		14,237		459,998
PPG Industries Inc.		43,099		4,529,274
Quaker Chemical Corp.		2,372		426,723
RPM International Inc.		23,766		1,453,766
Sensient Technologies Corp.		7,533		488,590
Sherwin-Williams Co. (The)		14,634		5,758,040
Stepan Co.		3,607		297,902
WR Grace & Co.		11,974		775,795
				33,806,948
Steel — 1.7%
AK Steel Holding Corp.(a)		28,908		106,960
Allegheny Technologies Inc.(a)		11,515		298,123
ArcelorMittal(b)		58,696		1,460,944
Carpenter Technology Corp.		4,330		188,831
Cleveland-Cliffs Inc.(a)		27,299		293,737
Commercial Metals Co.		10,720		204,323
Nucor Corp.		29,016		1,715,426
POSCO, ADR		29,429		1,695,699
Reliance Steel & Aluminum Co.		6,636		523,713
Steel Dynamics Inc.		21,535		852,786
Ternium SA		4,856		154,615
U.S. Steel Corp.		16,255		431,245
Vale SA, ADR		285,978		4,318,268
Warrior Met Coal Inc.		4,015		112,420
Worthington Industries Inc.		3,701		154,998
				12,512,088
Total Common Stocks — 28.2% (Cost: $222,990,969)				205,440,441

C O N S O L I D A T E D    S C H E D U L E     O F    I N V E S T M E N T S 15

Consolidated Schedule of Investments  (continued) October 31, 2018 iShares^® Commodities Select Strategy ETF (Percentages shown are based on Net Assets)

Security	Shares/ Par		Value
Preferred Stocks
Integrated Oil & Gas — 0.2%
Petroleo Brasileiro SA, Preference Shares, ADR(b)		88,123	$	1,305,983
Steel — 0.0%
Gerdau SA, Preference Shares, ADR(b)		95,657		416,108
Total Preferred Stocks — 0.2% (Cost: $1,2231351)				1,722,091
Short-Term Investments
Certificates of Deposit — 9.5%
Barclays Bank PLC/New York, 2.64%, 11/16/18, (1 mo. LIBOR US + 0.360%)(d)	$	7,000,000		7,001,190
Canadian Imperial Bank of Commerce, 2.54%, 11/13/18, (1 mo. LIBOR US + 0.260%)(d)		500,000		500,052
Citibank N.A./New York, 2.51%, 03/14/19		10,500,000		10,493,918
Credit Industriel et Commercial/New York, 2.56%, 11/15/18, (1 mo. LIBOR US + 0.280%)(d)		7,000,000		7,000,889
Lloyds Bank Crop./NY, 2.47%, 03/08/19		5,000,000		4,997,921
Mizuho Bank Ltd., 2.45%, 01/31/19		10,000,000		9,994,885
Sumitomo Mitsui Banking Corp., 2.75%, 03/04/19		4,250,000		4,250,000
Sumitomo Mitsui Banking Corp./New York, 2.60%, 04/18/19, (3 mo. LIBOR US + 0.150%)(d)		15,000,000		14,999,255
Svenska Handelsbanken/New York NY, 2.55%, 12/17/18, (1 mo. LIBOR US + 0.260%)(d)		9,750,000		9,753,286
				68,991,396
Commercial Paper — 41.5%
Antalis SA, 2.53%, 01/10/19(e)		3,830,000		3,811,577
AT&T Inc., 2.84%, 12/06/18(e)		3,600,000		3,590,935
Bayerische Landbank NY, 2.62%, 01/11/19(e)		13,000,000		12,936,404
Bedford Row Funding Corp., 2.79%, 05/02/19(e)		3,500,000		3,452,358
Bell Canada Inc., 2.54%, 11/27/18(e)		7,000,000		6,986,697
BPCE, 2.64%, 02/08/19(e)		7,200,000		7,149,260
CAN AST & CAN Ltd. JT, 2.34%, 12/18/18(e)		12,000,000		11,962,208
Chariot Funding LLC, 2.77%, 04/02/19(e)		5,000,000		4,942,156
Danske Corp., 2.24%, 11/05/18(e)		12,200,000		12,196,162
General Electric Co., 2.72%, 01/11/19(e)		5,600,000		5,569,984
Hyundai Capital America, 2.49%, 11/21/18(e)		4,750,000		4,743,123
JPMorgan Securities LLC
2.53%, 02/22/2019(e)		7,000,000		6,942,854
2.56%, 01/28/2019(e)		6,750,000		6,707,697
Keurig Dr Pepper Inc.
2.48%, 11/28/2018(e)		12,900,000		12,876,006
2.51%, 11/16/2018(e)		7,000,000		6,992,372
Matchpoint Finance PLC, 2.44%, 01/08/19(e)		10,000,000		9,951,930
McKesson Corp., 2.49%, 11/15/18(e)		11,300,000		11,288,418
Mizuho Bank Ltd., 2.42%, 11/30/18(e)		7,000,000		6,987,108
Mont Blanc Capital Corp, 2.43%, 01/15/19(e)		7,000,000		6,963,573
Natixis SA/New York NY, 2.49%, 12/19/18(e)		10,250,000		10,218,191
NextEra Energy Capital Holdings Inc., 2.58%, 12/05/18(e)		4,000,000		3,990,212

Security	Par/ Shares		Value
Commercial Paper (continued)
Nieuw Amsterdam Receivables Corp., 2.24%, 11/26/18(e)	$	7,450,000	$	7,437,237
Nutrien Ltd., 2.46%, 11/06/18(e)		1,750,000		1,749,190
Old Line Funding LLC, 2.75%, 06/05/19(e)		4,000,000		3,932,368
Oversea-Chinese Banking Corp. Ltd., 2.47%, 02/26/19(e)		10,000,000		9,916,220
Rogers Communications Inc., 2.72%, 01/24/19(e)		4,000,000		3,974,566
Ryder System Inc., 2.51%, 11/26/18(e)		15,000,000		14,973,003
Societe Generale SA, 2.88%, 09/03/19(e)		5,000,000		4,876,750
Standard Chartered Bank/New York, 2.31%, 12/07/18(e)		6,540,000		6,524,654
Suncor Energy Inc., 2.58%, 12/17/18(e)		20,750,000		20,681,859
Swedbank AB, 2.31%, 12/03/18(e)		5,200,000		5,189,532
Telstra Corp. Ltd., 2.44%, 12/17/18(e)		5,000,000		4,983,452
TELUS Corp., 2.56%, 11/29/18(e)		4,000,000		3,991,951
Thunder Bay Funding LLC, 2.29%, 12/04/18(e)		5,000,000		4,989,049
United Overseas Bank Ltd., 2.48%, 12/10/18(e)		4,800,000		4,787,504
Versailles Commercial paper LLC, 2.41%, 12/03/18(e)		10,450,000		10,427,707
Virginia Electric & Power Co., 2.44%, 11/27/18(e)		15,000,000		14,973,567
VW Credit Inc., 2.65%, 01/02/19(e)		15,300,000		15,229,850
Walgreens Boots Alliance Inc., 2.84%, 02/22/19(e)		4,000,000		3,964,761
				302,862,445
U.S. Treasury Obligations — 4.1%
U.S. Treasury Bill
2.19%, 11/29/18(e)		15,000,000		14,974,858
2.33%, 01/31/19(e)		15,000,000		14,913,550
				29,888,408
Money Market Funds — 28.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.36%(f)(g)(h)		13,372,232		13,374,906
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(f)(g)		195,565,236		195,565,236
				208,940,142
Total Short-Term Investments — 83.8% (Costs: $610,711,089)				610,682,391
Total Investments in Securities — 112.2% (Cost: $834,925,409)				817,844,923
Other Assets, Less Liabilities — (12.2)%				(89,106,297	)
Net Assets — 100.0%			$	728,738,626

^(a)  Non-income producing security.

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

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

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

^(e)  Rates are discount rates or a range of discount rates at the time of purchase.

^(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.

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Consolidated Schedule of Investments  (continued)	iShares® Commodities Select Strategy ETF
October 31, 2018

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2018, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/17	Net Activity	Shares Held at 10/31/18		Value at 10/31/18		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,078,969	12,293,263	13,372,232	$	13,374,906	$	50,996	(b)	$	(666	)	$	400
BlackRock Cash Funds: Treasury, SL Agency Shares	20,267,041	175,298,195	195,565,236		195,565,236		1,223,244			—			—
				$	208,940,142	$	1,274,240		$	(666	)	$	400

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

^(b)  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.

Futures Contracts

Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Aluminum	505	01/14/19	$	24,600	$	(1,427,828	)
Brent Crude Oil	1,038	10/31/19		76,604		(6,166,891	)
Cattle Feeder	120	01/31/19		9,007		(190,888	)
Cocoa	110	03/14/19		2,478		103,000
Coffee	124	12/18/18		5,241		98,240
Copper	198	01/14/19		29,680		202,079
Corn	1,778	12/13/19		35,360		572,468
Cotton	283	12/06/18		10,876		(675,950	)
Gasoline RBOB	221	05/31/19		18,557		(2,402,015	)
Gold	217	04/26/19		26,622		(934,540	)
KC HRW Wheat	508	07/12/19		13,703		(2,016,101	)
Lead	100	12/17/18		4,807		(234,791	)
Lean Hogs	407	12/14/18		9,516		497,841
Lean Hogs	118	02/14/19		3,083		(2,920	)
Live Cattle	582	04/30/19		28,716		531,813
Low Sulphur Gasoil	319	12/10/20		21,221		(944,847	)
Natural Gas	405	03/27/19		10,874		202,344
Nickel	72	12/17/18		4,954		(1,238,850	)
NY Harbor ULSD	187	03/29/19		17,456		10,813
Silver	38	12/27/18		2,714		(342,865	)
Soybean	481	11/14/19		21,735		(581,172	)
Sugar	802	06/28/19		11,991		918,214
Wheat	719	07/12/19		19,197		(2,446,867	)
WTI Crude Oil	1,603	05/19/20		102,913		203,572
Zinc	125	01/14/19		7,804		463,384
					$	(15,802,757	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2018, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

		Commodity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	3,803,768

C O N S O L I D A T E D    S C H E D U L E     O F    I N V E S T M E N T S 17

Consolidated Schedule of Investments  (continued) October 31, 2018 iShares^® Commodities Select Strategy ETF  

Derivative Financial Instruments Categorized by Risk Exposure (continued)

		Commodity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	19,606,525

^(a)  Represents cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported separately within the Consolidated Statement of Assets and Liabilities.

For the year ended October 31, 2018, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

		Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	57,347,537
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(24,292,188	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	385,968,287

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

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 the Notes to Consolidated Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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	$	205,436,835		$	—	$	3,606	$	205,440,441
Preferred Stocks		1,722,091			—		—		1,722,091
Certificates of Deposit		—			68,991,396		—		68,991,396
Commercial Paper		—			302,862,445		—		302,862,445
U.S. Treasury Obligations		—			29,888,408		—		29,888,408
Money Market Funds		208,940,142			—		—		208,940,142
	$	416,099,068		$	401,742,249	$	3,606	$	817,844,923
Derivative financial instruments(a)
Assets
Futures Contracts	$	3,803,768		$	—	$	—	$	3,803,768
Liabilities
Futures Contracts		(19,606,525	)		—		—		(19,606,525	)
	$	(15,802,757	)	$	—	$	—	$	(15,802,757	)

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

See notes to consolidated financial statements.

18 2 0 1 8    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Consolidated Schedule of Investments	iShares® Gold Strategy ETF
October 31, 2018	(Percentages shown are based on Net Assets)

Security	Shares/ Par		Value
Grantor Trust
Grantor Trust — 20.9%
iShares Gold Trust(a)(b)		84,019	$	980,501
Total Grantor Trust (Cost: $1,035,866)				980,501
Short-Term Investments
Commercial Paper — 19.7%
Bell Canada Inc., 2.54%, 11/27/18(c)	$	250,000		249,525
Hyundai Capital America, 2.49%, 11/21/18(c)		250,000		249,638
PACCAR Financial Corp., 2.27%, 11/19/18(c)		170,000		169,796
United Technologies Corp., 2.50%, 11/28/18(c)		250,000		249,515
				918,474
U.S. Treasury Obligations — 59.8%
U.S. Treasury Bill
2.05%, 11/01/18(c)		525,000		525,000
2.14%, 11/15/18(c)		725,000		724,404
2.18%, 11/23/18(c)		800,000		798,948
2.18%, 12/18/18(c)		250,000		249,302

Security	Par/ Shares		Value
U.S. Treasury Obligations (continued)
2.19%, 11/29/18(c)	$	250,000	$	249,580
2.19%, 12/11/18(c)		250,000		249,402
				2,796,636
Money Market Funds — .00%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.11%(a)(d)		1,592		1,592
Total Short-Term Investments — 79.5% (Costs: $3,716,771)				3,716,702
Total Investments in Securities — 100.4% (Cost: $4,752,637)				4,697,203
Other Assets, Less Liabilities — (0.4)%				(20,952	)
Net Assets — 100.0%			$	4,676,251

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

^(c)  Rates are discount rates or a range of discount rates at the time of purchase.

^(d)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended October 31, 2018, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 06/06/18	(a)	Shares Purchased		Shares Sold		Shares Held at 10/31/18		Value at 10/31/18		Income		Net Realized Gain (Loss	)(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		1,592	(c)	—		1,592	$	1,592	$	3,155	$	—		$	—
iShares Gold Trust	—		108,338		(24,319	)	84,019		980,501		—		(16,897	)		(55,365	)
								$	982,093	$	3,155	$	(16,897	)	$	(55,365	)

^(a) The Fund commenced operations on June 06, 2018.

^(b) Includes realized capital gain distributions from an affiliated fund, if any.

^(c) Net of purchases and sales.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Gold		29		12/27/18	$	3,524	$	(52,828	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2018, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

	Commodity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	52,828

^(a)  Represents cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported separately within the Consolidated Statement of Assets and Liabilities.

C O N S O L I D A T E D    S C H E D U L E     O F    I N V E S T M E N T S 19

Consolidated Schedule of Investments  (continued) October 31, 2018 iShares^® Gold Strategy ETF

For the period ended October 31, 2018, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(226,200	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(52,828	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,550,470

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

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 the Notes to Consolidated Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 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
Grantor Trust	$	980,501		$	—	$	—	$	980,501
Commercial Paper		—			918,474		—		918,474
U.S. Treasury Obligations		—			2,796,636		—		2,796,636
Money Market Funds		1,592			—		—		1,592
	$	982,093		$	3,715,110	$	—	$	4,697,203
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(52,828	)	$	—	$	—	$	(52,828	)

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

See notes to consolidated financial statements.

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Consolidated Statements of Assets and Liabilities

October 31, 2018

	iShares Bloomberg Roll Select Commodity Strategy ETF		iShares Commodities Select Strategy ETF			iShares Gold Strategy ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	31,639,983	$	608,904,781		$	3,715,110
Affiliated(c)		7,904,926		208,940,142			982,093
Cash		—		16,341			148,892
Cash pledged:
Futures contracts		1,278,000		25,066,566			110,000
Foreign currency, at value(d)		—		259			—
Receivables:
Investments sold		—		112,729			—
Securities lending income — Affiliated		—		7,499			—
Dividends		10,098		516,687			364
Tax reclaims		—		11,204			—
Prepaid expenses		6,414		—			—
Receivable from affiliate		—		1,669,892			—
Total assets		40,839,421		845,246,100			4,956,459
LIABILITIES
Bank overdraft		251		—			—
Collateral on securities loaned, at value		—		13,375,230			—
Payables:
Investments purchased		—		98,228,685			249,580
Variation margin on futures contracts		222,372		4,594,717			29,879
Investment advisory fees		9,977		308,842			749
Total liabilities		232,600		116,507,474			280,208
NET ASSETS	$	40,606,821	$	728,738,626		$	4,676,251
NET ASSETS CONSIST OF:
Paid-in capital	$	40,287,358	$	743,621,525		$	4,758,904
Accumulated earnings (loss)		319,463		(14,882,899	)		(82,653	)
NET ASSETS	$	40,606,821	$	728,738,626		$	4,676,251
Shares outstanding		850,000		19,600,000			100,000
Net asset value	$	47.77	$	37.18		$	46.76
Shares authorized		Unlimited		Unlimited			Unlimited
Par value		None		None			None
(a)  Securities loaned, at value	$	—	$	13,134,006		$	—
(b)  Investments, at cost — Unaffiliated	$	31,642,536	$	625,985,677		$	3,715,179
(c)  Investments, at cost — Affiliated	$	7,904,926	$	208,939,732		$	1,037,458
(d)  Foreign currency, at cost	$	—	$	259		$	—

See notes to consolidated financial statements.

C O N S O L I D A T E D    F I N A N C I A L     S T A T E M E N T S 21

Consolidated Statements of Operations

Year Ended October 31, 2018

		iShares Bloomberg Roll Select Commodity Strategy ETF	(a)		iShares Commodities Select Strategy ETF			iShares Gold Strategy ETF	(b)
INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	4,327,290		$	—
Dividends — Affiliated		59,629			1,223,244			3,155
Interest — Unaffiliated		520,338			6,597,081			28,345
Securities lending income — Affiliated — net		—			50,996			—
Foreign taxes withheld		(12,117	)		(470,504	)		(384	)
Total investment income		567,850			11,728,107			31,116
EXPENSES
Investment advisory fees		75,370			2,626,652			4,749
Proxy fees		—			24			—
Total expenses		75,370			2,626,676			4,749
Less:
Investment advisory fees waived		(48,205	)		(3,896	)		(1,127	)
Total expenses after fees waived		27,165			2,622,780			3,622
Net investment income		540,685			9,105,327			27,494
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(c)		510			1,373,381			116
Investments — Affiliated		—			(666	)		(16,897	)
In-kind redemptions — Unaffiliated		—			2,644,079			—
Futures contracts		(2,480,909	)		57,347,537			(226,200	)
Foreign currency transactions		—			(142	)		—
Payment by affiliate		—			1,669,892			—
Net realized gain (loss)		(2,480,399	)		63,034,081			(242,981	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(2,553	)		(20,983,825	)		(69	)
Investments — Affiliated		—			400			(55,365	)
Futures contracts		(173,742	)		(24,292,188	)		(52,828	)
Foreign currency translations		—			(22	)		—
Net change in unrealized appreciation (depreciation)		(176,295	)		(45,275,635	)		(108,262	)
Net realized and unrealized gain (loss)		(2,656,694	)		17,758,446			(351,243	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,116,009	)	$	26,863,773		$	(323,749	)
(a)  For the period from April 03, 2018 (commencement of operations) to October 31, 2018.
(b)  For the period from June 06, 2018 (commencement of operations) to October 31, 2018.
(c)  Net of foreign capital gain tax of	$	—		$	(2	)	$	—

See notes to consolidated financial statements.

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Consolidated Statements of Changes in Net Assets

	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodities Select Strategy ETF						iShares Gold Strategy ETF
		Period From									Period From
		04/03/18	(a)		Year Ended			Year Ended			06/06/18	(a)
		to 10/31/18			10/31/18			10/31/17			to 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	540,685		$	9,105,327		$	1,920,197		$	27,494
Net realized gain (loss)		(2,480,399	)		63,034,081			6,349,412			(242,981	)
Net change in unrealized appreciation (depreciation)		(176,295	)		(45,275,635	)		14,891,942			(108,262	)
Net increase (decrease) in net assets resulting from operations		(2,116,009	)		26,863,773			23,161,551			(323,749	)
DISTRIBUTIONS TO SHAREHOLDERS(b)(c)
Decrease in net assets resulting from distributions to shareholders		—			(19,895,785	)		(1,863,172	)		—
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		42,722,830			462,814,807			(83,162,362	)		5,000,000
NET ASSETS(c)
Total increase (decrease) in net assets		40,606,821			469,782,795			(61,863,983	)		4,676,251
Beginning of period		—			258,955,831			320,819,814			—
End of period	$	40,606,821		$	728,738,626		$	258,955,831		$	4,676,251

^(a)  Commencement of operations.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to consolidated financial statements.

C O N S O L I D A T E D    F I N A N C I A L     S T A T E M E N T S 23

Consolidated Financial Highlights

(For a share outstanding throughout the period)

	iShares Bloomberg Roll Select Commodity Strategy ETF
		Period From
		04/03/18	(a)
		to
		10/31/18
Net asset value, beginning of period	$	50.00
Net investment income(b)		0.58
Net realized and unrealized loss(c)		(2.81	)
Net decrease from investment operations		(2.23	)
Net asset value, end of period	$	47.77
Total Return
Based on net asset value		(4.46	)%(d)
Ratios to Average Net Assets
Total expenses		0.28	%(e)
Total expenses after fees waived		0.10	%(e)
Net investment income		2.01	%(e)
Supplemental Data
Net assets, end of period (000)	$	40,607
Portfolio turnover rate		0	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(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.

See notes to consolidated financial statements.

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Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Commodities Select Strategy ETF
														Period From
		Year Ended			Year Ended			Year Ended			Year Ended			10/15/14	(a)
		10/31/18			10/31/17			10/31/16			10/31/15			to 10/31/14
Net asset value, beginning of period	$	35.97		$	32.41		$	32.97		$	50.68		$	50.04
Net investment income (loss)(b)		0.63			0.31			0.16			0.26			(0.01	)
Net realized and unrealized gain (loss)(c)		2.62			3.58			(0.57	)		(17.35	)		0.65
Net increase (decrease) from investment operations		3.25			3.89			(0.41	)		(17.09	)		0.64
Distributions(d)
From net investment income		(2.04	)		(0.33	)		(0.15	)		(0.61	)		—
Return of capital		—			—			—			(0.01	)		—
Total distributions		(2.04	)		(0.33	)		(0.15	)		(0.62	)		—
Net asset value, end of period	$	37.18		$	35.97		$	32.41		$	32.97		$	50.68
Total Return
Based on net asset value		9.29	%(e)		12.08	%		(1.23	)%		(33.88	)%		1.28	%(f)
Ratios to Average Net Assets
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%(g)
Total expenses after fees waived		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%(g)
Net investment income (loss)		1.66	%		0.93	%		0.51	%		0.68	%		(0.23	)%(g)
Supplemental Data
Net assets, end of period (000)	$	728,739		$	258,956		$	320,820		$	253,857		$	20,273
Portfolio turnover rate(h)		167	%		44	%		43	%		76	%		0	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(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)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 9.06%.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to consolidated financial statements.

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Consolidated Financial Highlights  (continued)

(For a share outstanding throughout the period)

iShares Gold
Strategy ETF
Period From
	06/06/18	(a)
to 10/31/18

Net asset value, beginning of period	$	50.00
Net investment income(b)		0.27
Net realized and unrealized loss(c)		(3.51	)
Net decrease from investment operations		(3.24	)
Net asset value, end of period	$	46.76
Total Return
Based on net asset value		(6.48	)%(d)
Ratios to Average Net Assets
Total expenses		0.25	%(e)
Total expenses after fees waived		0.19	%(e)
Net investment income		1.45	%(e)
Supplemental Data
Net assets, end of period (000)	$	4,676
Portfolio turnover rate(f)		13	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(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.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to consolidated financial statements.

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Notes to Consolidated Financial Statements

1.    ORGANIZATION

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 is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

	Diversification
iShares ETF	Classification
Bloomberg Roll Select Commodity Strategy(a)		Non-diversified
Commodities Select Strategy		Diversified
Gold Strategy(b)		Non-diversified

^(a)  The Fund commenced operations on April 03, 2018.

^(b)  The Fund commenced operations on June 06, 2018.

Basis of Consolidation: The accompanying consolidated financial statements for each Fund include the accounts of its wholly-owned subsidiary in the Cayman Islands (each, a “Subsidiary”) that invests in certain “commodity-linked instruments” and cash and cash equivalents in accordance with each Fund’s investment objective. In compliance with Sub-chapter M of the Internal Revenue Code of 1986, as amended, each Fund may invest up to 25% of its total assets in its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. Each Fund’s commodity-linked instruments held in its Subsidiary are intended to provide the Fund with exposure to applicable commodity markets or commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund. Each Subsidiary has the same investment objective as its Fund.

2.    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 increases and decreases in net assets from operations 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.

Investment Transactions and Income Recognition: Investment 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 are reflected in tax reclaims receivable. 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. 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. Interest income is accrued daily. 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.

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 non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, 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 investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) 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 each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its consolidated statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2018, if any, are disclosed in the consolidated statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, 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 net asset value per share.

Distributions: 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.

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Notes to Consolidated Financial Statements  (continued)

Net income and realized gains from investments held by each Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.

Recent Accounting Standards: In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.    INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) 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. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. 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. 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.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or 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 may be valued at the last traded price.

• Investments in 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.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market 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 as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. 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.

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, regular reviews 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 and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. 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 price quotations 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, but not limited to, quoted prices for similar assets or liabilities in markets that are active, 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 interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs 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 financial instruments).

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

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Notes to Consolidated Financial Statements  (continued)

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 into or out of an assigned level within the 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 a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.    SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its 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 market 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 and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, 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.

As of October 31, 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates 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, if any, are also disclosed in its consolidated schedule of investments. The market value of any securities on loan as of October 31, 2018 and the value of the related cash collateral are disclosed in the consolidated statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “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 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, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of October 31, 2018:

	Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty		Securities on Loan		Received	(a)		Received		Net Amount
Commodities Select Strategy
Barclays Bank PLC	$	1,772,888	$	1,772,888		$	—	$	—
Barclays Capital Inc.		1,177,971		1,177,971			—		—
BNP Paribas Prime Brokerage International Ltd.		248,040		236,994			—		(11,046	)(b)
Citigroup Global Markets Inc.		17,488		17,488			—		—
Credit Suisse Securities (USA) LLC		2,812,280		2,812,280			—		—
Deutsche Bank Securities Inc.		8,123		8,123			—		—
HSBC Bank PLC		5,946,156		5,946,156			—		—
JPMorgan Securities LLC		356,614		356,614			—		—
Merrill Lynch, Pierce, Fenner & Smith		394,281		394,281			—		—
State Street Bank & Trust Company		250,015		250,015			—		—
UBS AG		150,150		150,150			—		—
	$	13,134,006	$	13,122,960		$	—	$	(11,046	)

^(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.

^(b)  Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the 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 market 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. Such losses are borne entirely by each Fund.

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Notes to Consolidated Financial Statements  (continued)

5.    DERIVATIVE FINANCIAL INSTRUMENTS

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 specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement 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. Securities deposited as initial margin, if any, are designated in the consolidated schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the consolidated statement of assets and liabilities.

Pursuant to the contract, a 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 (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the consolidated statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the consolidated statement of operations 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 involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6.    INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each Fund, 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
Gold Strategy		0.25

Expense Waivers: 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 fee 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, BFA has voluntarily waived a portion of its investment advisory fee for the Fund in the amount of $3,896.

For the period ended October 31, 2018, BFA voluntarily waived its investment advisory fees for the iShares Bloomberg Roll Select Commodity Strategy ETF in the amount of $48,205.

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Gold 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 exchange-traded products sponsored by BFA or its affiliates, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.25%.

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.

Sub-Adviser: 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.

Distributor: 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, 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

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Notes to Consolidated Financial Statements  (continued)

reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each 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, each Fund retains 80% of securities lending income (which excludes collateral investment fees) 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.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its consolidated statement of operations. For the year ended October 31, 2018, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Commodities Select Strategy	$	13,590

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock for 1940 Act purposes.

During the year ended October 31, 2018, iShares Commodities Select Strategy ETF accrued for a reimbursement of $1,669,892 from an affiliate, which is included in payment by affiliate in the consolidated statement of operations, related to an operating event.

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 shown as dividends – affiliated in the consolidated statement of operations.

7.    PURCHASES AND SALES

For the year ended October 31, 2018, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Commodities Select Strategy	$	301,406,319	$	262,029,734
Gold Strategy		139,950		285,631

For the year ended October 31, 2018, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Commodities Select Strategy	$	149,663,507	$	16,605,944
Gold Strategy		1,198,445		—

8.    INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.

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. As of October 31, 2018, the following permanent differences attributable to the use of equalization, realized gains (losses) from in-kind redemptions and the character of income (losses) from Subsidiary were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated   Earnings (Loss)
Bloomberg Roll Select Commodity Strategy	$	(2,435,472	)	$	2,435,472
Commodities Select Strategy		24,112,997			(24,112,997)
Gold Strategy		(241,096	)		241,096

N O T E S    T O    C O N S O L I D A T E D     F I N A N C I A L    S T A T E M E N T S 31

Notes to Consolidated Financial Statements  (continued)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/18		Year Ended 10/31/17
Commodities Select Strategy
Ordinary income	$	19,895,785	$	1,863,172

As of October 31, 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
Bloomberg Roll Select Commodity Strategy	$	495,758	$	—		$	(176,295	)	$	319,463
Commodities Select Strategy		38,473,502		(19,737,468	)		(33,618,933	)		(14,882,899)
Gold Strategy		25,609		—			(108,262	)		(82,653)

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

As of October 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Commodities Select Strategy	$	19,737,468

For the year ended October 31, 2018, the iShares Commodities Select Strategy ETF utilized $873,952 of its capital loss carryforwards.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of October 31, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) 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	$	39,547,462	$	136	$	(2,689	)	$	(2,553)
Commodities Select Strategy		835,661,092		6,722,155		(26,774,330	)		(20,052,175)
Gold Strategy		4,752,637		18		(55,452	)		(55,434)

9.    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 consolidated schedule of investments.

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

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Notes to Consolidated Financial Statements  (continued)

rate changes, usually making their price 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 consolidated statement of assets and liabilities.

Concentration Risk: 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.

The iShares Bloomberg Roll Select Commodity Strategy ETF and iShares Commodities Select Strategy ETF (“COMT”) have substantial exposure to certain commodity markets through investments in commodity-linked instruments and for COMT, through commodity-related equities as well. 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’ portfolios.

The iShares Gold Strategy ETF has substantial exposure to gold through its investments in gold investments and the Fund’s portfolio may be adversely affected by changes or trends in the price of gold, which historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may adversely affect the performance of the Fund.

10.    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 were as follows:

	Period Ended 10/31/18
iShares ETF	Shares			Amount
Bloomberg Roll Select Commodity Strategy
Shares sold		1,000,000			$50,058,752
Shares redeemed		(150,000	)		(7,335,922	)
Net increase		850,000			$42,722,830

	Year Ended 10/31/18						Year Ended 10/31/17
iShares ETF	Shares			Amount			Shares			Amount
Commodities Select Strategy
Shares sold		13,900,000		$	519,754,209			4,200,000		$	143,234,708
Shares redeemed		(1,500,000	)		(56,939,402	)		(6,900,000	)		(226,397,070	)
Net increase (decrease)		12,400,000		$	462,814,807			(2,700,000	)	$	(83,162,362	)

	Period Ended 10/31/18
iShares ETF	Shares		Amount
Gold Strategy
Shares sold		100,000		$5,000,000

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 shares sold in the table above.

N O T E S    T O    C O N S O L I D A T E D     F I N A N C I A L    S T A T E M E N T S 33

Notes to Consolidated Financial Statements  (continued)

11.    LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) 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.

12.    REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the consolidated statement of assets and liabilities, consolidated statement of changes in net assets and notes to the consolidated financial statements.

Prior year distribution information and undistributed net investment income in the consolidated statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended October 31, 2017 were classified as follows:

iShares ETF	Net     Investment Income
Commodities Select Strategy		$             1,863,172

Undistributed net investment income as of October 31, 2017 are as follows:

iShares ETF	Undistributed     net investment income
Commodities Select Strategy		$                 11,803,090

13.    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 additional disclosure in the consolidated financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and

Shareholders of iShares Bloomberg Roll Select Commodity Strategy ETF,

iShares Commodities Select Strategy ETF and iShares Gold Strategy ETF

Opinions on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodities Select Strategy ETF and iShares Gold Strategy ETF and their subsidiaries (three of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related consolidated statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations and changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

iShares Bloomberg Roll Select Commodity Strategy ETF: consolidated statements of operations and changes in net assets for the period April 3, 2018 (commencement of operations) through October 31, 2018.

iShares Commodities Select Strategy ETF: consolidated statement of operations for the year ended October 31, 2018 and consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2018.

iShares Gold Strategy ETF: consolidated statements of operations and changes in net assets for the period June 6, 2018 (commencement of operations) through October 31, 2018.

Basis for Opinions

These consolidated financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 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

December 21, 2018

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

R E P O R T    O F    I N D E P E N D E N T     R E G I S T E R E D    P U B L I C    A C C O U  N T I N G    F I R M 35

Important Tax Information  (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended October 31, 2018 that qualified for the dividends-received deduction were as follows:

iShares ETF	Dividends-Received    Deduction
Commodities Select Strategy		4.04%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended October 31, 2018:

iShares ETF	Qualified Dividend   Income
Commodities Select Strategy	$	4,097,803

The Fund hereby designates the following amount of distributions from direct federal obligation interest for the fiscal year ended October 31, 2018:

iShares ETF	Federal Obligation   Interest
Bloomberg Roll Select Commodity Strategy	$	29,392
Commodities Select Strategy		405,376
Gold Strategy		1,375

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

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Board Review and Approval of Investment Advisory Contract

I. 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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At a meeting on May 11, 2018, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 24, 2018, management presented additional information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its initial meeting. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 12-14, 2018, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses and Performance 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, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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, excluding iShares funds.

Because the Fund had not commenced operations as of December 31, 2017, the Board did not review any performance information for the Fund.

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

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 12-14, 2018 meeting and throughout the year, and matters related to BFA’s portfolio compliance policies and procedures.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the profitability of the iShares complex to BlackRock, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the iShares funds’ operations for the last calendar year. The Board did not consider the profitability of the Fund to BFA and its affiliates since the Fund had not commenced operations as of December 31, 2017. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board noted that the 15(c)Committee had focused on the methodology and profitability presentation during its meetings. The Board further noted that it considered the supplemental information the 15(c) Committee requested, which BlackRock provided, regarding the methodology. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock

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Board Review and Approval of Investment Advisory Contract  (continued)

affiliate, from securities lending by the iShares funds. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and showed how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that a breakpoint structure for the Fund may be appropriate should material economies of scale exist in the future that are not otherwise shared, 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 of the sharing of scale benefits, as well as the other factors considered at the meeting, the Board concluded that the information concerning the sharing of scale benefits supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, 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, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for 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 Fund has not commenced operations as of December 31, 2017. The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to other iShares funds by BFA, such as payment of revenue to BTC, the securities lending agent to the iShares funds, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the iShares funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 iShares funds. The Board further noted that any portfolio transactions on behalf of the iShares funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

II. iShares Commodities Select Strategy ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (“BIL”) (the “Sub-Advisory Agreement”), on behalf of the Fund. The Advisory Contract and the Sub-Advisory Agreement are referred to hereafter as the “Advisory Agreements”. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At a meeting on May 11, 2018, a committee composed of all of the Independent Trustees (the “15(c) Committee”),with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At these meetings, the 15(c)Committee reviewed and discussed information provided

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Board Review and Approval of Investment Advisory Contract  (continued)

in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 24, 2018, management presented additional information to the Board relating to the continuance of the Advisory Agreements, including information requested by the 15(c) Committee during its initial meeting. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 12-14, 2018, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Agreements for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Agreements are discussed below.

Expenses and Performance 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, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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, excluding iShares funds. The Board also noted that BFA pays BIL for its sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2017, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the prior year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s reference benchmark.

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

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA (and any services provided by BIL on BFA’s behalf or at BFA’s direction) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA and BIL during prior years. In reviewing the scope of these services, the Board considered the investment philosophy and experience of BFA and BIL, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders. The Board also considered the compliance program of BFA and BIL and their compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 12-14, 2018 meeting and throughout the year, and matters related to BFA’s and BIL’s portfolio compliance policies and procedures.

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

Costs of Services Provided to Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board further noted that it considered the supplemental information the 15(c) Committee requested, which BlackRock provided, regarding the methodology. The Board discussed the sources of direct and ancillary revenue with management,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and showed how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that a breakpoint structure for the Fund may be appropriate should material economies of scale exist in the future that are not otherwise shared, 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 of the sharing of scale benefits, as well as the other factors considered at the meeting, the Board concluded that the information concerning the sharing of scale benefits supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, 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, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for 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: The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA (or its 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 revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

III. iShares Gold Strategy ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At a meeting on May 11, 2018, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional

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Board Review and Approval of Investment Advisory Contract  (continued)

information, which management agreed to provide. At a meeting held on May 24, 2018, management presented additional information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its initial meeting. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 12-14, 2018, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses and Performance 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, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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, excluding iShares funds.

Because the Fund had not commenced operations as of December 31, 2017, the Board did not review any performance information for the Fund.

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

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 12-14, 2018 meeting and throughout the year, and matters related to BFA’s portfolio compliance policies and procedures.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the profitability of the iShares complex to BlackRock, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the iShares funds’ operations for the last calendar year. The Board did not consider the profitability of the Fund to BFA and its affiliates since the Fund had not commenced operations as of December 31, 2017. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board noted that the 15(c) Committee had focused on the methodology and profitability presentation during its meetings. The Board further noted that it considered the supplemental information the 15(c) Committee requested, which BlackRock provided, regarding the methodology. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the iShares funds. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and showed how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their

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Board Review and Approval of Investment Advisory Contract  (continued)

shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that a breakpoint structure for the Fund may be appropriate should material economies of scale exist in the future that are not otherwise shared, 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 of the sharing of scale benefits, as well as the other factors considered at the meeting, the Board concluded that the information concerning the sharing of scale benefits supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, 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, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for 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 Fund has not commenced operations as of December 31, 2017. The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to other iShares funds by BFA, such as payment of revenue to BTC, the securities lending agent to the iShares funds, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the iShares funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 iShares funds. The Board further noted that any portfolio transactions on behalf of the iShares funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

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Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Commodities Select Strategy	$	2.044803		$                —		$          —		$2.044803		100	%		—	%		—	%		100	%

Premium/Discount Information

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

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

Premium/discount information for the Funds covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or since the Fund began trading, if shorter) is publicly accessible, free of charge, at www.iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Funds for the immediately preceding five calendar years (or from the date a Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in each table shows the number of trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Bloomberg Roll Select Commodity Strategy ETF

Period Covered: April 05, 2018 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 6.0%		1		0.81	%
Greater than 0.0% and Less than 0.5%		87		70.15
At NAV		4		3.23
Less than 0.0% and Greater than –0.5%		32		25.81
		124		100.00	%

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Supplemental Information  (unaudited) (continued)

iShares Commodities Select Strategy ETF

Period Covered: October 16, 2014 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 6.0%		1		0.10	%
Greater than 1.0% and Less than 1.5%		1		0.10
Greater than 0.5% and Less than 1.0%		4		0.40
Greater than 0.0% and Less than 0.5%		424		42.57
At NAV		45		4.52
Less than 0.0% and Greater than –0.5%		503		50.50
Less than –0.5% and Greater than –1.0%		17		1.71
Less than –1.0% and Greater than –1.5%		1		0.10
		996		100.00	%

iShares Gold Strategy ETF

Period Covered: June 08, 2018 through September 30, 2018

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		48		60.75	%
At NAV		1		1.27
Less than 0.0% and Greater than –0.5%		29		36.71
Less than –2.0% and Greater than –2.5%		1		1.27
		79		100.00	%

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 343 funds as of October 31, 2018. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, Mr. Park, Mr. Small and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (61)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Mark K. Wiedman(b) (47)	Trustee (since 2013).	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

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

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

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (69)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (62)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since (2016).
Richard L. Fagnani (63)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees  (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Charles A. Hurty (75)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (63)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (59)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (54)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (43)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (59)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Charles Park (51)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Benjamin Archibald (43)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised Mutual Funds (since 2012).
Steve Messinger (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Scott Radell (49)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (57)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

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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 at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

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.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
NVS	Non-Voting Shares

Portfolio Abbreviations - Fixed Income

LIBOR London Interbank Offered Rate

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	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.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Charles A. Hurty, Richard L. Fagnani (began serving on the audit committee effective as of June 20, 2017 and was designated as an audit committee financial expert serving on the audit committee effective as of September 15, 2017), John E. Kerrigan, and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the eleven series of the registrant for which the fiscal year-end is October 31, 2018 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $119,550 for the fiscal year ended October 31, 2017 and $157,950 for the fiscal year ended October 31, 2018.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2017 and October 31, 2018 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $34,029 for the fiscal year ended October 31, 2017 and $41,591 for the fiscal year ended October 31, 2018. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended October 31, 2017 and October 31, 2018 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended October 31, 2018 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $34,029 for the fiscal year ended October 31, 2017 and $41,591 for the fiscal year ended October 31, 2018.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Charles A. Hurty, Richard L. Fagnani (began serving on the audit committee effective as of June 20, 2017), John E. Kerrigan, and Madhav V. Rajan.

(b) Not applicable.

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) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(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:     December 28, 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:     December 28, 2018

By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date:     December 28, 2018