UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09729

iShares Trust

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

200 Clarendon Street, Boston, MA 02116

(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: February 28, 2013

Date of reporting period: May 31, 2013

Item 1. Schedules of Investments.

Schedule of Investments  (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 82.15%
AEROSPACE & DEFENSE — 1.38%
BAE Systems PLC
5.80%, 10/11/41a	$	150	$	169,955
Boeing Co. (The)
4.88%, 02/15/20		70		81,311
6.88%, 03/15/39		300		417,621
8.75%, 08/15/21		25		34,952
Lockheed Martin Corp.
4.07%, 12/15/42		416		380,332
4.85%, 09/15/41		450		460,185
Northrop Grumman Corp.
5.05%, 11/15/40		460		488,794
Raytheon Co.
4.70%, 12/15/41		200		207,900
4.88%, 10/15/40		275		294,553
United Technologies Corp.
4.50%, 06/01/42		900		929,054
5.40%, 05/01/35		75		86,697
5.70%, 04/15/40		425		514,280
6.05%, 06/01/36		225		279,327
6.70%, 08/01/28		125		163,407
				4,508,368
AGRICULTURE — 1.12%
Altria Group Inc.
4.25%, 08/09/42		250		220,524
9.95%, 11/10/38		258		404,570
10.20%, 02/06/39		418		665,617
Archer-Daniels-Midland Co.
4.54%, 03/26/42		403		408,903
5.38%, 09/15/35		305		341,173
5.77%, 03/01/41		50		59,746
Lorillard Tobacco Co.
7.00%, 08/04/41		240		278,074
Philip Morris International Inc.
6.38%, 05/16/38		811		1,017,096
Reynolds American Inc.
7.25%, 06/15/37		200		248,715
				3,644,418
APPAREL — 0.06%
VF Corp.
6.00%, 10/15/33		75		85,822
6.45%, 11/01/37		100		122,839
				208,661
AUTO MANUFACTURERS — 0.65%
Daimler Finance North America LLC
8.50%, 01/18/31		408		615,907

Security	Principal (000s)		Value
Ford Motor Co.
7.45%, 07/16/31	$	1,200	$	1,511,948
				2,127,855
AUTO PARTS & EQUIPMENT — 0.09%
Johnson Controls Inc.
6.00%, 01/15/36		250		284,573
				284,573
BANKS — 6.07%
Bank of America Corp.
5.88%, 02/07/42		350		409,823
Bank One Capital III
8.75%, 09/01/30		100		136,517
Bank One Corp.
7.75%, 07/15/25		50		65,593
8.00%, 04/29/27		100		139,051
Bank One Michigan
8.25%, 11/01/24		375		511,496
Barclays Bank PLC
6.86%, 12/31/49 (Call 06/15/32)a,b		250		268,750
BNP Paribas SA
7.20%, 12/31/49 (Call 06/25/37)a,b		200		212,750
Citigroup Inc.
5.85%, 12/11/34		625		717,571
5.88%, 05/29/37		75		88,028
5.88%, 01/30/42		330		384,667
6.13%, 08/25/36		1,000		1,086,276
6.63%, 06/15/32		550		628,492
6.88%, 03/05/38		338		432,859
6.88%, 02/15/98		75		85,236
8.13%, 07/15/39		325		460,895
Fifth Third Bancorp
8.25%, 03/01/38		225		310,618
Goldman Sachs Group Inc. (The)
5.95%, 01/15/27		725		787,879
6.13%, 02/15/33		455		520,240
6.25%, 02/01/41		850		994,831
6.45%, 05/01/36		275		290,847
6.75%, 10/01/37		775		845,213
HSBC Bank (USA) N.A.
5.63%, 08/15/35		1,750		1,921,869
HSBC Bank PLC
7.65%, 05/01/25		100		132,280
HSBC Holdings PLC
6.10%, 01/14/42		255		316,256
6.50%, 09/15/37		555		666,467
7.63%, 05/17/32		100		131,110
J.P. Morgan Chase & Co.
5.40%, 01/06/42		330		370,375
5.50%, 10/15/40		200		227,368
5.60%, 07/15/41		730		842,685
6.40%, 05/15/38		275		340,712
KfW
0.00%, 04/18/36		450		199,728
0.00%, 06/29/37		600		249,420
Morgan Stanley
6.25%, 08/09/26		250		292,300
6.38%, 07/24/42		706		829,247
7.25%, 04/01/32		125		157,630
Rabobank Nederland
5.25%, 05/24/41		360		399,398

1

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Standard Chartered PLC
7.01%, 12/31/49 (Call 07/30/37)a,b	$	200	$	217,750
UBS AG Stamford
7.75%, 09/01/26		300		386,287
Wachovia Bank N.A./Wells Fargo & Co.
6.60%, 01/15/38		1,200		1,535,796
Wachovia Corp./Wells Fargo & Co.
5.50%, 08/01/35		270		294,270
6.55%, 10/15/35		50		60,100
6.61%, 10/01/25		100		124,477
Wells Fargo & Co.
5.38%, 02/07/35		180		206,427
Wells Fargo Bank N.A.
5.95%, 08/26/36		200		237,819
Wells Fargo Capital X
5.95%, 12/01/86		246		252,150
				19,769,553
BEVERAGES — 1.55%
Anheuser-Busch Companies LLC
6.80%, 08/20/32		250		327,474
Anheuser-Busch InBev Worldwide Inc.
6.38%, 01/15/40		300		389,865
8.00%, 11/15/39		200		305,744
8.20%, 01/15/39		576		892,759
Diageo Capital PLC
5.88%, 09/30/36		285		346,650
Dr Pepper Snapple Group Inc.
7.45%, 05/01/38		100		138,921
Molson Coors Brewing Co.
5.00%, 05/01/42		375		385,215
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		500		672,915
PepsiAmericas Inc.
5.50%, 05/15/35		100		117,342
PepsiCo Inc.
3.60%, 08/13/42		200		177,630
5.50%, 01/15/40		300		347,588
Pernod Ricard SA
5.50%, 01/15/42a		150		161,964
SABMiller Holdings Inc.
4.95%, 01/15/42a		750		802,207
				5,066,274
BIOTECHNOLOGY — 0.92%
Amgen Inc.
4.95%, 10/01/41		450		461,492
5.15%, 11/15/41 (Call 05/15/41)		250		265,215
5.38%, 05/15/43 (Call 11/15/42)		700		767,311
6.38%, 06/01/37		75		91,184
6.40%, 02/01/39		300		365,087
6.90%, 06/01/38		200		259,217
Genentech Inc.
5.25%, 07/15/35		300		346,298
Gilead Sciences Inc.
5.65%, 12/01/41 (Call 06/01/41)		380		446,863
				3,002,667
BUILDING MATERIALS — 0.09%
Owens Corning Inc.
4.20%, 12/15/22 (Call 09/15/22)		130		133,626
7.00%, 12/01/36		150		166,252
				299,878

Security	Principal (000s)		Value
CHEMICALS — 1.32%
Agrium Inc.
6.13%, 01/15/41 (Call 07/15/40)	$	255	$	292,477
Braskem America Finance Co.
7.13%, 07/22/41 (Call 01/22/41)a		200		202,000
Dow Chemical Co. (The)
5.25%, 11/15/41 (Call 05/15/41)		300		320,933
7.38%, 11/01/29		250		326,073
9.40%, 05/15/39		255		401,778
E.I. du Pont de Nemours and Co.
4.90%, 01/15/41		485		535,593
Eastman Chemical Co.
4.80%, 09/01/42 (Call 03/01/42)		375		382,404
Ecolab Inc.
5.50%, 12/08/41		380		434,410
Lubrizol Corp.
6.50%, 10/01/34		100		131,776
Monsanto Co.
3.60%, 07/15/42 (Call 01/15/42)		100		91,639
5.50%, 08/15/25		100		121,261
Series 1
5.50%, 07/30/35		100		115,244
Potash Corp. of Saskatchewan Inc.
5.88%, 12/01/36		305		356,893
PPG Industries Inc.
7.70%, 03/15/38		220		302,886
Rohm and Haas Co.
7.85%, 07/15/29		200		269,134
				4,284,501
COMMERCIAL SERVICES — 1.15%
ADT Corp. (The)
4.88%, 07/15/42		375		344,502
DP World Ltd.
6.85%, 07/02/37a		750		849,375
ERAC USA Finance LLC
5.63%, 03/15/42a		250		272,310
7.00%, 10/15/37a		230		290,013
Massachusetts Institute of Technology
5.60%, 07/01/11		200		255,816
President and Fellows of Harvard College (The)
6.30%, 10/01/37 (Call 04/01/16)		41		46,417
6.50%, 01/15/39a		500		694,721
SAIC Inc.
Series 1
5.95%, 12/01/40 (Call 06/01/40)		200		207,578
Tufts University
Series 2012
5.02%, 04/15/12		250		261,668
University of Southern California
5.25%, 10/01/11		250		300,012
Western Union Co. (The)
6.20%, 06/21/40		225		222,837
				3,745,249

2

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
COMPUTERS — 0.55%
Dell Inc.
5.40%, 09/10/40	$	125	$	108,472
Hewlett-Packard Co.
6.00%, 09/15/41		270		272,399
HP Enterprise Services LLC
7.45%, 10/15/29		200		234,689
International Business Machines Corp.
4.00%, 06/20/42		538		523,204
5.60%, 11/30/39		27		32,644
7.00%, 10/30/25		450		616,663
				1,788,071
COSMETICS & PERSONAL CARE — 0.29%
Estee Lauder Companies Inc. (The)
3.70%, 08/15/42		200		180,328
Procter & Gamble Co. (The)
5.50%, 02/01/34		50		60,680
5.55%, 03/05/37		387		476,081
5.80%, 08/15/34		100		125,986
6.45%, 01/15/26		75		99,574
				942,649
DIVERSIFIED FINANCIAL SERVICES — 3.34%
American Express Co.
4.05%, 12/03/42		337		307,039
Ameritech Capital Funding Corp.
6.55%, 01/15/28		100		112,377
CDP Financial Inc.
5.60%, 11/25/39a		500		599,104
Credit Suisse (USA) Inc.
7.13%, 07/15/32		225		310,364
FMR LLC
7.57%, 06/15/29a		400		525,882
General Electric Capital Corp.
5.88%, 01/14/38		995		1,135,255
6.15%, 08/07/37		675		800,785
6.88%, 01/10/39		750		957,673
Series A
6.75%, 03/15/32		1,833		2,283,920
General Electric Capital Services Inc.
7.50%, 08/21/35		100		136,557
Goldman Sachs Capital I
6.35%, 02/15/34		545		560,256
Jefferies Group LLC
6.25%, 01/15/36		225		234,803
6.45%, 06/08/27		180		199,800
Merrill Lynch & Co. Inc.
6.11%, 01/29/37		300		321,785
7.75%, 05/14/38		995		1,245,392
National Rural Utilities Cooperative Finance Corp.
Series C
8.00%, 03/01/32		280		402,522
Siemens Financieringsmat
6.13%, 08/17/26a		500		628,081
SLM Corp.
5.63%, 08/01/33		150		132,000
				10,893,595

Security	Principal (000s)		Value
ELECTRIC — 10.64%
Abu Dhabi National Energy Co.
6.50%, 10/27/36a	$	300	$	369,750
Alabama Power Co.
6.00%, 03/01/39		150		185,831
6.13%, 05/15/38		105		131,446
Series 1
5.65%, 03/15/35 (Call 03/15/15)		100		106,975
Appalachian Power Co.
7.00%, 04/01/38		565		739,767
Arizona Public Service Co.
4.50%, 04/01/42 (Call 10/01/41)		150		153,319
5.50%, 09/01/35		150		171,069
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		500		451,556
Comision Federal de Electricidad
5.75%, 02/14/42a		300		309,000
Connecticut Light & Power Co. (The)
6.35%, 06/01/36		150		194,776
Consolidated Edison Co. of New York Inc.
5.50%, 12/01/39		300		357,446
5.70%, 06/15/40		160		197,247
Series 05-A
5.30%, 03/01/35		50		57,990
Series 06-A
5.85%, 03/15/36		50		61,231
Series 06-B
6.20%, 06/15/36		50		63,421
Series 06-E
5.70%, 12/01/36		50		59,920
Series 08-B
6.75%, 04/01/38		430		586,168
Detroit Edison Co. (The)
5.70%, 10/01/37		100		122,817
Series A
6.63%, 06/01/36		100		134,737
Dominion Resources Inc.
6.30%, 03/15/33		175		216,112
7.00%, 06/15/38		50		68,246
Series B
5.95%, 06/15/35		100		121,017
Series F
5.25%, 08/01/33		550		616,435
DTE Energy Co.
6.38%, 04/15/33		30		36,687
Duke Energy Carolinas LLC
4.00%, 09/30/42 (Call 03/30/42)		200		189,598
4.25%, 12/15/41 (Call 06/15/41)		230		226,111
5.30%, 02/15/40		225		257,611
6.05%, 04/15/38		650		811,784
6.45%, 10/15/32		75		95,533
Duke Energy Florida Inc.
6.35%, 09/15/37		200		258,020
Duke Energy Indiana Inc.
6.45%, 04/01/39		50		64,851
Duke Energy Progress Inc.
4.10%, 05/15/42 (Call 11/15/41)		280		270,142
E.ON International Finance BV
6.65%, 04/30/38a		331		438,480
El Paso Electric Co.
6.00%, 05/15/35		150		167,827
Electricite de France SA
5.60%, 01/27/40a		300		336,143
6.95%, 01/26/39a		280		363,559

3

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Enel Finance International SA
6.00%, 10/07/39a	$	600	$	594,922
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		673		711,628
6.25%, 10/01/39		375		428,488
FirstEnergy Corp.
Series C
7.38%, 11/15/31		177		199,783
FirstEnergy Solutions Corp.
6.80%, 08/15/39		450		513,910
Florida Power & Light Co.
4.05%, 06/01/42 (Call 12/01/41)		630		620,059
4.13%, 02/01/42 (Call 08/02/41)		250		249,196
4.95%, 06/01/35		100		112,332
5.13%, 06/01/41 (Call 12/01/40)		155		180,050
5.25%, 02/01/41 (Call 08/01/40)		100		117,184
5.85%, 05/01/37		100		124,492
5.95%, 02/01/38		281		354,836
Florida Power Corp.
3.85%, 11/15/42 (Call 05/15/42)		280		259,329
6.40%, 06/15/38		325		417,511
Georgia Power Co.
4.30%, 03/15/42		500		490,733
5.40%, 06/01/40		375		424,630
Series 07-A
5.65%, 03/01/37		100		116,759
Iberdrola International BV
6.75%, 07/15/36		125		135,084
Jersey Central Power & Light Co.
6.15%, 06/01/37		100		116,834
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		225		242,525
Kentucky Utilities Co.
5.13%, 11/01/40 (Call 05/01/40)		100		115,976
Massachusetts Electric Co.
5.90%, 11/15/39a		330		401,358
MidAmerican Energy Holdings Co.
5.80%, 10/15/36		100		121,732
5.95%, 05/15/37		150		178,370
6.13%, 04/01/36		694		835,432
6.50%, 09/15/37		360		456,643
8.48%, 09/15/28		316		446,851
Nevada Power Co.
5.38%, 09/15/40 (Call 03/15/40)		75		87,283
5.45%, 05/15/41 (Call 11/15/40)		455		535,972
Nisource Finance Corp.
5.25%, 02/15/43 (Call 08/15/42)		250		259,367
5.95%, 06/15/41 (Call 12/15/40)		295		334,535
Northern States Power Co.
3.40%, 08/15/42 (Call 02/15/42)		650		573,539
4.85%, 08/15/40 (Call 02/15/40)		350		390,676
5.25%, 07/15/35		50		58,034
6.20%, 07/01/37		100		130,215
6.25%, 06/01/36		100		130,494
Oglethorpe Power Corp.
6.19%, 01/01/31a		400		466,125
Ohio Edison Co.
6.88%, 07/15/36		200		251,223
Oncor Electric Delivery Co.
5.25%, 09/30/40		100		112,672
5.30%, 06/01/42 (Call 12/01/41)		155		174,589
7.00%, 09/01/22		360		464,308
7.50%, 09/01/38		25		34,840

Security	Principal (000s)		Value
Pacific Gas & Electric Co.
4.45%, 04/15/42 (Call 10/15/41)	$	450	$	451,875
4.50%, 12/15/41 (Call 06/15/41)		350		355,995
5.40%, 01/15/40		330		376,682
6.05%, 03/01/34		379		470,941
6.25%, 03/01/39		150		188,586
PacifiCorp
4.10%, 02/01/42 (Call 08/01/41)		350		341,673
5.75%, 04/01/37		150		182,876
6.10%, 08/01/36		100		126,326
Peco Energy Co.
5.95%, 10/01/36		100		125,440
Potomac Electric Power Co.
6.50%, 11/15/37		175		233,075
PPL Capital Funding Inc.
3.50%, 12/01/22 (Call 09/01/22)		380		378,176
PPL Electric Utilities Corp.
5.20%, 07/15/41 (Call 01/15/41)		295		341,030
Progress Energy Inc.
7.00%, 10/30/31		200		254,964
7.75%, 03/01/31		100		135,477
PSEG Power LLC
8.63%, 04/15/31		250		362,113
Public Service Electric & Gas Co.
3.95%, 05/01/42 (Call 11/01/41)		255		248,803
5.80%, 05/01/37		225		281,175
Puget Sound Energy Inc.
5.48%, 06/01/35		50		59,198
5.64%, 04/15/41 (Call 10/15/40)		330		404,734
5.76%, 07/15/40		50		61,890
5.80%, 03/15/40		25		30,936
6.27%, 03/15/37		50		64,656
6.72%, 06/15/36		50		67,657
7.02%, 12/01/27		50		67,075
San Diego Gas & Electric Co.
4.30%, 04/01/42 (Call 10/01/41)		150		156,755
4.50%, 08/15/40		260		279,434
5.35%, 05/15/35		100		119,366
5.35%, 05/15/40		75		90,984
6.13%, 09/15/37		100		130,502
South Carolina Electric & Gas Co.
5.45%, 02/01/41 (Call 08/01/40)		250		289,795
6.05%, 01/15/38		323		401,258
Southern California Edison Co.
5.63%, 02/01/36		75		89,975
6.00%, 01/15/34		355		448,568
6.05%, 03/15/39		100		127,392
Series 05-B
5.55%, 01/15/36		50		59,839
Series 05-E
5.35%, 07/15/35		75		87,412
Series 06-E
5.55%, 01/15/37		75		89,639
Series 08-A
5.95%, 02/01/38		479		603,148
Southern Power Co.
5.15%, 09/15/41		260		281,438
Southwestern Electric Power Co.
6.20%, 03/15/40		200		243,875
Southwestern Public Service Co.
6.00%, 10/01/36		50		59,993
System Energy Resources Inc.
4.10%, 04/01/23 (Call 01/01/23)		300		307,060

4

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Tampa Electric Co.
4.10%, 06/15/42 (Call 12/15/41)	$	375	$	373,481
TransAlta Corp.
6.50%, 03/15/40		100		101,985
Union Electric Co.
3.90%, 09/15/42 (Call 03/15/42)		430		410,173
Virginia Electric and Power Co.
4.00%, 01/15/43 (Call 07/15/42)		380		367,550
8.88%, 11/15/38		205		339,434
Series A
6.00%, 05/15/37		175		219,993
Westar Energy Inc.
4.13%, 03/01/42 (Call 09/01/41)		375		373,790
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)		380		352,469
5.70%, 12/01/36		150		184,830
Wisconsin Power & Light Co.
6.38%, 08/15/37		320		425,423
Xcel Energy Inc.
6.50%, 07/01/36		50		65,171
				34,655,226
ELECTRICAL COMPONENTS & EQUIPMENT — 0.05%
Emerson Electric Co.
6.00%, 08/15/32		130		163,110
				163,110
ELECTRONICS — 0.36%
Honeywell International Inc.
5.38%, 03/01/41		205		247,516
5.70%, 03/15/36		150		183,176
5.70%, 03/15/37		240		296,117
Koninklijke Philips Electronics NV
5.00%, 03/15/42		100		106,439
Koninklijke Philips NV
6.88%, 03/11/38		250		329,321
				1,162,569
ENGINEERING & CONSTRUCTION — 0.08%
Odebrecht Finance Ltd.
7.13%, 06/26/42 (Call 12/26/41)a		250		267,500
				267,500
ENVIRONMENTAL CONTROL — 0.41%
Republic Services Inc.
5.70%, 05/15/41 (Call 11/15/40)		200		227,060
6.09%, 03/15/35		50		58,072
6.20%, 03/01/40		25		30,050
Waste Management Inc.
6.13%, 11/30/39		105		127,825
7.00%, 07/15/28		100		128,990
7.10%, 08/01/26		125		161,788
7.75%, 05/15/32		425		588,115
				1,321,900
FOOD — 2.18%
Cargill Inc.
4.10%, 11/01/42a		250		236,739
6.63%, 09/15/37a		300		384,407

Security	Principal (000s)		Value
ConAgra Foods Inc.
6.63%, 08/15/39a	$	150	$	184,752
8.25%, 09/15/30		300		399,556
Delhaize Brothers and Co. “The Lion” (Delhaize Group)
5.70%, 10/01/40		400		404,182
General Mills Inc.
5.40%, 06/15/40		150		175,048
H.J. Heinz Finance Co.
7.13%, 08/01/39a		275		310,062
Hershey Co. (The)
7.20%, 08/15/27		75		100,893
Kellogg Co.
Series B
7.45%, 04/01/31		150		201,732
Kraft Foods Group Inc.
5.00%, 06/04/42		250		262,053
6.50%, 02/09/40		350		441,811
6.88%, 01/26/39		341		447,503
Kroger Co. (The)
5.40%, 07/15/40 (Call 01/15/40)		40		42,334
6.90%, 04/15/38		305		379,138
7.50%, 04/01/31		125		157,218
Mondelez International Inc.
6.50%, 11/01/31		325		396,336
6.50%, 02/09/40		850		1,074,486
6.88%, 02/01/38		35		45,648
Safeway Inc.
7.25%, 02/01/31		150		172,118
Sysco Corp.
5.38%, 09/21/35		175		203,895
Tesco PLC
6.15%, 11/15/37a		300		358,192
Unilever Capital Corp.
5.90%, 11/15/32		550		710,948
				7,089,051
FOREST PRODUCTS & PAPER — 0.49%
Georgia-Pacific LLC
7.75%, 11/15/29		480		651,461
International Paper Co.
6.00%, 11/15/41 (Call 05/15/41)		365		421,811
7.30%, 11/15/39		50		65,925
8.70%, 06/15/38		125		179,818
Westvaco Corp.
7.95%, 02/15/31		100		122,013
8.20%, 01/15/30		125		154,045
				1,595,073
GAS — 0.73%
AGL Capital Corp.
5.88%, 03/15/41 (Call 09/15/40)		200		238,541
6.00%, 10/01/34		150		180,769
Boston Gas Co.
4.49%, 02/15/42a		155		158,607
KeySpan Corp.
8.00%, 11/15/30		250		333,302
KeySpan Gas East Corp.
5.82%, 04/01/41a		275		335,019
Nakilat Inc.
6.07%, 12/31/33a		400		483,276
Sempra Energy
6.00%, 10/15/39		260		314,166

5

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Southern California Gas Co.
Series KK
5.75%, 11/15/35	$	100	$	124,837
Southern Union Co.
7.60%, 02/01/24		175		220,337
				2,388,854
HEALTH CARE — PRODUCTS — 0.62%
Baxter International Inc.
3.65%, 08/15/42		400		357,345
Boston Scientific Corp.
7.38%, 01/15/40		290		379,113
Covidien International Finance SA
6.55%, 10/15/37		350		459,617
Medtronic Inc.
4.00%, 04/01/43 (Call 10/01/42)		500		473,770
5.55%, 03/15/40		300		355,848
				2,025,693
HEALTH CARE — SERVICES — 1.70%
Aetna Inc.
4.13%, 11/15/42 (Call 05/15/42)		250		233,082
4.50%, 05/15/42 (Call 11/15/41)		455		450,336
6.75%, 12/15/37		64		82,603
Cigna Corp.
5.38%, 02/15/42 (Call 08/15/41)		230		258,613
5.88%, 03/15/41 (Call 09/15/40)		263		311,371
Dignity Health
4.50%, 11/01/42		250		232,878
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		250		238,061
Kaiser Foundation Hospitals
4.88%, 04/01/42		150		158,423
Quest Diagnostics Inc.
6.95%, 07/01/37		300		365,742
Roche Holdings Inc.
7.00%, 03/01/39a		490		692,369
UnitedHealth Group Inc.
4.63%, 11/15/41 (Call 05/15/41)		300		303,341
5.80%, 03/15/36		140		163,680
5.95%, 02/15/41 (Call 08/15/40)		300		359,094
6.88%, 02/15/38		510		668,862
WellPoint Inc.
4.63%, 05/15/42		600		595,346
5.80%, 08/15/40		75		85,892
5.85%, 01/15/36		30		34,661
6.38%, 06/15/37		250		304,398
				5,538,752
HOLDING COMPANIES — DIVERSIFIED — 0.18%
Hutchison Whampoa International Ltd.
7.45%, 11/24/33a		50		66,799
Temasek Financial I Ltd.
3.38%, 07/23/42a		250		212,005
Votorantim Cimentos SA
7.25%, 04/05/41a		300		321,000
				599,804

Security	Principal (000s)		Value
HOME FURNISHINGS — 0.06%
Whirlpool Corp.
5.15%, 03/01/43	$	200	$	204,476
				204,476
HOUSEHOLD PRODUCTS & WARES — 0.09%
Kimberly-Clark Corp.
5.30%, 03/01/41		25		29,970
6.63%, 08/01/37		195		265,444
				295,414
INSURANCE — 6.00%
ACE INA Holdings Inc.
4.15%, 03/13/43		325		317,160
Aflac Inc.
6.45%, 08/15/40		300		369,221
AIG Sunamerica Global Financing X
6.90%, 03/15/32a		50		63,661
Allstate Corp. (The)
5.20%, 01/15/42		250		288,911
5.55%, 05/09/35		200		238,953
5.95%, 04/01/36		290		363,819
6.90%, 05/15/38		61		84,486
American General Capital II
8.50%, 07/01/30		250		341,757
American International Group Inc.
6.25%, 05/01/36		880		1,063,865
8.18%, 05/15/68 (Call 05/15/38)b		760		995,600
Aon PLC
8.21%, 01/01/27		300		387,666
AXA SA
8.60%, 12/15/30		480		618,879
Berkshire Hathaway Finance Corp.
4.40%, 05/15/42		250		242,272
5.75%, 01/15/40		355		413,404
Chubb Corp. (The)
6.00%, 05/11/37		325		406,272
Endurance Specialty Holdings Ltd.
7.00%, 07/15/34		200		230,484
GE Global Insurance Holding Corp.
7.00%, 02/15/26		200		253,289
Genworth Financial Inc.
6.50%, 06/15/34		75		78,855
Hartford Financial Services Group Inc.
5.95%, 10/15/36		150		173,042
6.10%, 10/01/41		200		236,737
6.63%, 03/30/40		50		63,109
Liberty Mutual Group Inc.
6.50%, 03/15/35a		345		395,928
Lincoln National Corp.
6.15%, 04/07/36		25		29,634
7.00%, 06/15/40		310		402,797
Loews Corp.
6.00%, 02/01/35		150		174,643
Marsh & McLennan Companies Inc.
5.88%, 08/01/33		100		115,562
Massachusetts Mutual Life Insurance Co.
8.88%, 06/01/39a		350		536,038
MetLife Capital Trust X
9.25%, 04/08/68 (Call 04/08/33)a		250		353,750

6

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
MetLife Inc.
4.13%, 08/13/42	$	250	$	233,912
5.70%, 06/15/35		600		698,662
5.88%, 02/06/41		500		599,707
6.40%, 12/15/66 (Call 12/15/31)		330		372,900
6.50%, 12/15/32		326		408,943
Nationwide Mutual Insurance Co.
9.38%, 08/15/39a		250		365,368
New York Life Insurance Co.
5.88%, 05/15/33a		200		234,666
6.75%, 11/15/39a		400		523,821
Northwestern Mutual Life Insurance Co.
6.06%, 03/30/40a		450		551,298
Pacific Life Insurance Co.
9.25%, 06/15/39a		445		638,603
Principal Financial Group Inc.
3.13%, 05/15/23		130		127,758
6.05%, 10/15/36		150		184,783
Progressive Corp. (The)
6.25%, 12/01/32		290		366,607
Protective Life Corp.
8.45%, 10/15/39		250		335,356
Prudential Financial Inc.
5.40%, 06/13/35		165		180,403
5.63%, 06/15/43 (Call 06/15/23)b		250		263,750
5.90%, 03/17/36		450		520,559
6.20%, 11/15/40		100		121,684
Series D
6.63%, 12/01/37		850		1,060,042
Swiss Re Treasury Corp.
4.25%, 12/06/42a		250		236,181
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39a		450		592,174
Travelers Companies Inc. (The)
5.35%, 11/01/40		200		234,542
6.25%, 06/15/37		323		420,008
6.75%, 06/20/36		150		203,286
Travelers Property Casualty Corp.
6.38%, 03/15/33		150		193,906
Unum Group
5.75%, 08/15/42		200		219,161
Validus Holdings Ltd.
8.88%, 01/26/40		75		101,554
WR Berkley Corp.
6.25%, 02/15/37		150		174,834
XL Group PLC
6.25%, 05/15/27		75		88,826
6.38%, 11/15/24		50		60,255
				19,553,343
INTERNET — 0.07%
eBay Inc.
4.00%, 07/15/42 (Call 01/15/42)		275		243,668
				243,668
IRON & STEEL — 0.26%
Cliffs Natural Resources Inc.
6.25%, 10/01/40		225		203,436
Nucor Corp.
4.13%, 09/15/22 (Call 06/15/22)		75		80,778
6.40%, 12/01/37		150		187,014

Security	Principal (000s)		Value
Reliance Steel & Aluminum Co.
6.85%, 11/15/36	$	100	$	108,968
Vale SA
5.63%, 09/11/42		300		279,706
				859,902
MACHINERY — 0.50%
Caterpillar Inc.
3.80%, 08/15/42		345		315,337
5.20%, 05/27/41		300		339,228
6.05%, 08/15/36		75		93,198
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		350		331,136
5.38%, 10/16/29		75		89,863
7.13%, 03/03/31		100		136,876
8.10%, 05/15/30		50		73,438
Rockwell Automation Inc.
6.25%, 12/01/37		100		127,139
6.70%, 01/15/28		100		132,148
				1,638,363
MANUFACTURING — 0.64%
3M Co.
5.70%, 03/15/37		350		440,470
Dover Corp.
5.38%, 03/01/41 (Call 12/01/40)		175		207,076
Eaton Corp.
4.00%, 11/02/32a		550		537,339
General Electric Co.
4.13%, 10/09/42		300		286,273
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		200		187,254
4.88%, 09/15/41 (Call 03/15/41)		200		216,685
Parker Hannifin Corp.
Series A
6.25%, 05/15/38		150		193,824
				2,068,921
MEDIA — 5.78%
CBS Corp.
4.85%, 07/01/42 (Call 01/01/42)		250		242,635
7.88%, 07/30/30		350		462,334
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		582		864,023
Comcast Corp.
4.25%, 01/15/33		380		379,283
4.65%, 07/15/42		250		255,467
6.40%, 03/01/40		425		540,117
6.45%, 03/15/37		480		603,964
6.95%, 08/15/37		550		729,226
7.05%, 03/15/33		200		264,923
COX Communications Inc.
8.38%, 03/01/39a		575		835,133
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
5.15%, 03/15/42		280		272,040
6.00%, 08/15/40 (Call 05/15/40)		175		186,893
6.35%, 03/15/40		250		277,540
6.38%, 03/01/41		305		340,188
Discovery Communications LLC
4.88%, 04/01/43		250		249,236
6.35%, 06/01/40		300		357,425

7

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Grupo Televisa SAB de CV CPO
6.63%, 03/18/25	$	100	$	121,936
6.63%, 01/15/40		325		386,343
Historic TW Inc.
6.63%, 05/15/29		380		462,190
NBCUniversal Media LLC
5.95%, 04/01/41		330		397,492
6.40%, 04/30/40		625		788,044
News America Inc.
6.15%, 02/15/41		575		671,209
6.20%, 12/15/34		200		231,303
6.40%, 12/15/35		350		413,452
6.55%, 03/15/33		75		87,470
6.65%, 11/15/37		440		532,976
6.90%, 08/15/39		100		124,597
7.70%, 10/30/25		250		320,143
7.85%, 03/01/39		75		101,634
8.15%, 10/17/36		75		99,940
8.88%, 04/26/23		50		67,497
TCI Communications Inc.
7.13%, 02/15/28		100		131,433
7.88%, 02/15/26		200		272,208
Thomson Reuters Corp.
5.50%, 08/15/35		150		163,280
5.85%, 04/15/40		100		115,850
Time Warner Cable Inc.
5.50%, 09/01/41 (Call 03/01/41)		150		152,278
5.88%, 11/15/40 (Call 05/15/40)		750		796,863
6.75%, 06/15/39		400		466,041
7.30%, 07/01/38		500		618,929
Time Warner Entertainment Co. LP
8.38%, 07/15/33		352		477,666
Time Warner Inc.
6.10%, 07/15/40		225		258,058
6.25%, 03/29/41		350		409,794
6.50%, 11/15/36		350		414,736
6.95%, 01/15/28		100		126,269
7.57%, 02/01/24		100		131,127
7.63%, 04/15/31		760		1,028,413
Viacom Inc.
4.38%, 03/15/43a		105		94,824
4.50%, 02/27/42		100		92,356
6.88%, 04/30/36		625		758,042
Walt Disney Co. (The)
4.38%, 08/16/41		300		307,909
7.00%, 03/01/32		255		355,010
				18,837,739
METAL FABRICATE & HARDWARE — 0.06%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)		200		192,371
				192,371
MINING — 2.35%
Alcoa Inc.
5.90%, 02/01/27		200		196,129
5.95%, 02/01/37		245		233,233
Barrick Australia Finance Pty Ltd.
5.95%, 10/15/39		255		247,588
Barrick Gold Corp.
5.25%, 04/01/42		350		307,516

Security	Principal (000s)		Value
Barrick North America Finance LLC
5.70%, 05/30/41	$	230	$	217,017
5.75%, 05/01/43a		300		281,173
BHP Billiton Finance (USA) Ltd.
4.13%, 02/24/42		500		491,783
Freeport-McMoRan Copper & Gold Inc.
5.45%, 03/15/43 (Call 09/15/42)a		500		480,467
Newmont Mining Corp.
4.88%, 03/15/42 (Call 09/15/41)		200		171,903
6.25%, 10/01/39		480		505,311
Rio Tinto Alcan Inc.
7.25%, 03/15/31		75		98,688
Rio Tinto Finance (USA) Ltd.
5.20%, 11/02/40		625		673,456
7.13%, 07/15/28		360		470,718
Southern Copper Corp.
5.25%, 11/08/42		250		216,707
6.75%, 04/16/40		225		235,194
7.50%, 07/27/35		400		451,972
Teck Resources Ltd.
6.00%, 08/15/40 (Call 02/15/40)		230		233,888
6.25%, 07/15/41 (Call 01/15/41)		320		331,488
Vale Canada Ltd.
7.20%, 09/15/32		50		57,268
Vale Overseas Ltd.
6.88%, 11/21/36		640		686,892
6.88%, 11/10/39		450		484,655
8.25%, 01/17/34		237		289,470
Xstrata Canada Financial Corp.
6.00%, 11/15/41a		295		299,276
				7,661,792
MULTI-NATIONAL — 0.13%
European Investment Bank
4.88%, 02/15/36		350		411,358
				411,358
OFFICE & BUSINESS EQUIPMENT — 0.12%
Pitney Bowes Inc.
5.25%, 01/15/37		200		212,215
Xerox Corp.
6.75%, 12/15/39		150		176,616
				388,831
OIL & GAS — 7.55%
Alberta Energy Co. Ltd.
7.38%, 11/01/31		100		124,005
8.13%, 09/15/30		75		98,328
Anadarko Finance Co.
7.50%, 05/01/31		80		105,471
Anadarko Petroleum Corp.
6.20%, 03/15/40		450		537,144
6.45%, 09/15/36		690		840,317
Apache Corp.
4.75%, 04/15/43 (Call 10/15/42)		300		299,318
5.10%, 09/01/40 (Call 03/01/40)		185		193,257
6.00%, 01/15/37		811		958,557
BG Energy Capital PLC
5.13%, 10/15/41a		400		436,145
Burlington Resources Finance Co.
7.20%, 08/15/31		400		539,566

8

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Canadian Natural Resources Ltd.
6.25%, 03/15/38	$	580	$	684,692
6.75%, 02/01/39		250		311,397
Cenovus Energy Inc.
4.45%, 09/15/42 (Call 03/15/42)		250		239,179
6.75%, 11/15/39		415		528,548
CNOOC Finance 2011 Ltd.
5.75%, 01/26/41a		200		233,881
CNOOC Finance 2012 Ltd.
5.00%, 05/02/42a		250		261,030
ConocoPhillips
5.90%, 10/15/32		100		121,709
5.90%, 05/15/38		400		488,640
6.50%, 02/01/39		355		464,722
ConocoPhillips Canada Funding Co. I
5.95%, 10/15/36		100		122,077
ConocoPhillips Holding Co.
6.95%, 04/15/29		542		718,232
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		800		778,623
5.60%, 07/15/41 (Call 01/15/41)		50		54,829
7.95%, 04/15/32		100		136,589
Devon Financing Corp. ULC
7.88%, 09/30/31		297		399,330
Encana Corp.
5.15%, 11/15/41 (Call 05/15/41)		200		199,578
6.50%, 08/15/34		170		197,828
6.50%, 02/01/38		290		345,940
7.20%, 11/01/31		75		91,475
Eni USA Inc.
7.30%, 11/15/27		250		329,747
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)		480		462,458
Global Marine Inc.
7.00%, 06/01/28		100		110,318
Hess Corp.
5.60%, 02/15/41		575		610,789
7.13%, 03/15/33		450		557,850
7.30%, 08/15/31		25		31,283
KazMunayGas National Co.
5.75%, 04/30/43a		500		477,500
Marathon Oil Corp.
6.60%, 10/01/37		325		400,641
Marathon Petroleum Corp.
6.50%, 03/01/41 (Call 09/01/40)		300		360,728
Motiva Enterprises LLC
6.85%, 01/15/40a		300		396,019
Murphy Oil Corp.
7.05%, 05/01/29		100		114,511
Nexen Inc.
6.40%, 05/15/37		384		472,512
7.50%, 07/30/39		175		240,880
7.88%, 03/15/32		280		382,997
Noble Energy Inc.
6.00%, 03/01/41 (Call 09/01/40)		380		449,218
8.00%, 04/01/27		100		136,850
Noble Holding International Ltd.
5.25%, 03/15/42		250		243,323
6.20%, 08/01/40		30		32,521
Petro-Canada
5.35%, 07/15/33		100		106,318
6.80%, 05/15/38		95		119,155
7.88%, 06/15/26		100		136,341
Phillips 66
5.88%, 05/01/42		515		598,887

Security	Principal (000s)		Value
PTT PCL
4.50%, 10/25/42a	$	400	$	352,905
Ras Laffan Liquefied Natural Gas Co. Ltd. III
6.33%, 09/30/27a		250		296,663
Shell International Finance BV
5.50%, 03/25/40		350		425,714
6.38%, 12/15/38		717		956,500
Statoil ASA
5.10%, 08/17/40		500		554,823
6.50%, 12/01/28a		100		132,366
6.80%, 01/15/28		75		100,955
7.15%, 01/15/29		100		138,245
7.75%, 06/15/23		50		69,487
Suncor Energy Inc.
5.95%, 12/01/34		150		170,697
6.50%, 06/15/38		825		1,010,880
6.85%, 06/01/39		75		95,138
Sunoco Logistics Partners Operations LP
6.10%, 02/15/42		270		298,486
Talisman Energy Inc.
6.25%, 02/01/38		275		310,532
7.25%, 10/15/27		200		246,166
Tosco Corp.
7.80%, 01/01/27		100		139,885
8.13%, 02/15/30		200		288,505
Transocean Inc.
6.80%, 03/15/38		205		233,399
7.50%, 04/15/31		300		362,497
Valero Energy Corp.
6.63%, 06/15/37		317		383,818
7.50%, 04/15/32		480		605,314
XTO Energy Inc.
6.75%, 08/01/37		100		145,050
				24,599,278
OIL & GAS SERVICES — 0.87%
Baker Hughes Inc.
5.13%, 09/15/40		505		571,146
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		300		317,060
7.45%, 09/15/39		480		690,750
National Oilwell Varco Inc.
3.95%, 12/01/42 (Call 06/01/42)		500		462,719
Weatherford International Ltd.
5.95%, 04/15/42 (Call 10/17/41)		230		236,575
6.50%, 08/01/36		230		247,769
6.75%, 09/15/40		75		83,103
7.00%, 03/15/38		200		223,819
				2,832,941
PACKAGING & CONTAINERS — 0.05%
Sonoco Products Co.
5.75%, 11/01/40 (Call 05/01/40)		150		166,823
				166,823
PHARMACEUTICALS — 3.60%
Abbott Laboratories
5.30%, 05/27/40		305		362,498
6.00%, 04/01/39		300		384,370
AbbVie Inc.
4.40%, 11/06/42a		705		688,592

9

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
AstraZeneca PLC
4.00%, 09/18/42	$	250	$	233,067
6.45%, 09/15/37		687		871,782
Bristol-Myers Squibb Co.
5.88%, 11/15/36		345		424,515
6.13%, 05/01/38		79		100,705
Cardinal Health Inc.
4.60%, 03/15/43		250		239,269
Eli Lilly and Co.
5.50%, 03/15/27		200		241,222
5.55%, 03/15/37		375		447,858
6.77%, 01/01/36		50		66,811
Express Scripts Holding Co.
6.13%, 11/15/41		340		422,167
GlaxoSmithKline Capital Inc.
5.38%, 04/15/34		250		284,740
6.38%, 05/15/38		487		625,285
Johnson & Johnson
4.50%, 09/01/40		75		81,262
4.95%, 05/15/33		150		174,563
5.95%, 08/15/37		600		777,607
Mead Johnson Nutrition Co.
5.90%, 11/01/39		100		115,143
Merck & Co. Inc.
6.40%, 03/01/28		100		129,128
Pfizer Inc.
7.20%, 03/15/39		903		1,273,721
Schering-Plough Corp./Merck & Co. Inc.
6.50%, 12/01/33		465		625,419
6.55%, 09/15/37		655		878,810
Teva Pharmaceutical Finance LLC
6.15%, 02/01/36		400		499,128
Watson Pharmaceuticals Inc.
4.63%, 10/01/42 (Call 04/01/42)		500		487,505
Wyeth LLC
5.95%, 04/01/37		380		465,470
6.00%, 02/15/36		300		370,719
6.45%, 02/01/24		150		193,872
Zoetis Inc.
4.70%, 02/01/43 (Call 08/01/42)a		250		249,033
				11,714,261
PIPELINES — 3.17%
CenterPoint Energy Resources Corp.
5.85%, 01/15/41 (Call 07/15/40)		30		37,280
DCP Midstream LLC
8.13%, 08/16/30		250		319,281
El Paso Pipeline Partners Operating Co. LLC
7.50%, 11/15/40		375		486,117
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		175		182,226
Series B
7.50%, 04/15/38		380		476,588
Energy Transfer Partners LP
6.05%, 06/01/41 (Call 12/01/40)		110		117,703
6.50%, 02/01/42 (Call 08/01/41)		505		568,661
6.63%, 10/15/36		250		284,779
Enterprise Products Operating LLC
4.45%, 02/15/43 (Call 08/15/42)		350		328,906
4.85%, 08/15/42 (Call 02/15/42)		150		149,432
4.85%, 03/15/44 (Call 09/15/43)		250		248,637
5.70%, 02/15/42		430		482,380
5.95%, 02/01/41		235		268,856

Security	Principal (000s)		Value
6.13%, 10/15/39	$	60	$	70,078
7.55%, 04/15/38		100		133,015
Series D
6.88%, 03/01/33		100		124,589
Series H
6.65%, 10/15/34		100		123,404
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)		600		589,772
5.00%, 08/15/42 (Call 02/15/42)		250		247,180
5.80%, 03/15/35		150		165,292
6.38%, 03/01/41		230		270,801
6.95%, 01/15/38		542		668,963
7.40%, 03/15/31		100		125,526
7.75%, 03/15/32		100		130,553
ONEOK Inc.
6.00%, 06/15/35		150		163,673
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		355		401,489
6.65%, 10/01/36		100		118,483
6.85%, 10/15/37		50		60,576
Plains All American Pipeline LP
5.15%, 06/01/42 (Call 12/01/41)		150		158,249
6.65%, 01/15/37		75		94,049
Spectra Energy Capital LLC
7.50%, 09/15/38		100		134,857
Texas Eastern Transmission LP
7.00%, 07/15/32		100		129,178
TransCanada PipeLines Ltd.
5.60%, 03/31/34		100		115,291
5.85%, 03/15/36		100		119,201
6.10%, 06/01/40		25		31,015
6.20%, 10/15/37		230		282,634
7.25%, 08/15/38		150		204,356
7.63%, 01/15/39		400		567,493
Transcontinental Gas Pipe Line Corp.
4.45%, 08/01/42 (Call 02/01/42)		375		360,526
Williams Companies Inc. (The)
8.75%, 03/15/32		303		404,648
Williams Partners LP
6.30%, 04/15/40		330		374,689
				10,320,426
REAL ESTATE INVESTMENT TRUSTS — 0.37%
HCP Inc.
6.75%, 02/01/41 (Call 08/01/40)		100		128,320
Health Care REIT Inc.
5.13%, 03/15/43 (Call 09/15/42)		150		149,526
6.50%, 03/15/41 (Call 09/15/40)		100		120,089
Simon Property Group LP
6.75%, 02/01/40 (Call 11/01/39)		350		465,282
Weyerhaeuser Co.
7.38%, 03/15/32		250		330,763
				1,193,980
RETAIL — 3.77%
CVS Caremark Corp.
5.75%, 05/15/41 (Call 11/15/40)		180		211,924
6.13%, 09/15/39		225		277,234
6.25%, 06/01/27		130		161,263
Darden Restaurants Inc.
6.80%, 10/15/37		80		92,389

10

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Home Depot Inc. (The)
5.40%, 09/15/40 (Call 03/15/40)	$	100	$	115,542
5.88%, 12/16/36		315		384,567
5.95%, 04/01/41 (Call 10/01/40)		800		995,704
Kohl’s Corp.
6.88%, 12/15/37		150		176,591
Lowe’s Companies Inc.
5.50%, 10/15/35		100		112,723
5.80%, 10/15/36		75		87,989
5.80%, 04/15/40 (Call 10/15/39)		710		840,085
6.50%, 03/15/29		100		123,260
6.88%, 02/15/28		50		64,616
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		280		267,714
4.30%, 02/15/43 (Call 08/15/42)		250		226,499
6.38%, 03/15/37		250		288,895
6.65%, 07/15/24		300		365,906
McDonald’s Corp.
3.70%, 02/15/42		250		230,275
6.30%, 10/15/37		200		263,511
6.30%, 03/01/38		300		398,912
Nordstrom Inc.
6.95%, 03/15/28		100		129,267
7.00%, 01/15/38		100		134,696
Target Corp.
4.00%, 07/01/42		330		313,441
6.50%, 10/15/37		600		784,549
7.00%, 01/15/38		550		751,896
Wal-Mart Stores Inc.
5.00%, 10/25/40		100		110,102
5.25%, 09/01/35		1,200		1,366,954
5.63%, 04/15/41		100		120,577
5.88%, 04/05/27		250		317,182
6.20%, 04/15/38		975		1,244,890
6.50%, 08/15/37		544		715,549
6.75%, 10/15/23		50		65,597
7.55%, 02/15/30		300		423,574
Yum! Brands Inc.
6.88%, 11/15/37		100		125,555
				12,289,428
SEMICONDUCTORS — 0.35%
Applied Materials Inc.
5.85%, 06/15/41		250		284,154
Intel Corp.
4.00%, 12/15/32		500		482,618
4.80%, 10/01/41		350		359,650
				1,126,422
SOFTWARE — 0.68%
Microsoft Corp.
4.50%, 10/01/40		550		579,033
5.20%, 06/01/39		75		87,003
5.30%, 02/08/41		250		295,927
Oracle Corp.
5.38%, 07/15/40		455		527,684
6.13%, 07/08/39		470		595,562
6.50%, 04/15/38		100		131,290
				2,216,499

Security	Principal (000s)		Value
TELECOMMUNICATIONS — 7.17%
Alltel Corp.
7.88%, 07/01/32	$	250	$	353,451
America Movil SAB de CV
6.13%, 03/30/40		800		907,076
6.38%, 03/01/35		425		488,681
AT&T Corp.
6.50%, 03/15/29		50		59,239
8.00%, 11/15/31		600		871,494
AT&T Inc.
4.35%, 06/15/45 (Call 12/15/44)a		718		666,076
5.35%, 09/01/40		600		641,821
5.55%, 08/15/41		420		463,922
6.15%, 09/15/34		300		350,762
6.30%, 01/15/38		551		656,659
6.45%, 06/15/34		250		301,466
6.50%, 09/01/37		605		737,062
6.55%, 02/15/39		575		707,507
6.80%, 05/15/36		350		437,413
AT&T Mobility LLC
7.13%, 12/15/31		200		266,298
BellSouth Corp.
6.00%, 11/15/34		250		270,775
British Telecommunications PLC
9.63%, 12/15/30		525		813,367
Cisco Systems Inc.
5.50%, 01/15/40		525		618,313
5.90%, 02/15/39		444		545,544
Corning Inc.
4.70%, 03/15/37		75		75,488
5.75%, 08/15/40		40		45,575
7.25%, 08/15/36 (Call 08/15/26)		100		127,015
Deutsche Telekom International Finance BV
4.88%, 03/06/42a		1,000		1,014,064
8.75%, 06/15/30		419		604,818
9.25%, 06/01/32		100		153,468
France Telecom SA
5.38%, 01/13/42		250		267,189
8.50%, 03/01/31		700		1,001,260
Harris Corp.
6.15%, 12/15/40		100		114,723
Juniper Networks Inc.
5.95%, 03/15/41		205		220,673
Motorola Solutions Inc.
6.63%, 11/15/37		9		9,663
7.50%, 05/15/25		150		188,679
New Cingular Wireless Services Inc.
8.75%, 03/01/31		325		498,123
Pacific Bell Telephone Co.
7.38%, 07/15/43 (Call 07/15/13)		50		51,737
Qwest Corp.
6.88%, 09/15/33 (Call 08/02/13)		325		325,000
7.13%, 11/15/43 (Call 11/15/13)		100		102,500
Rogers Communications Inc.
7.50%, 08/15/38		200		273,528
Royal KPN NV
8.38%, 10/01/30		205		264,999
Telecom Italia Capital SA
6.00%, 09/30/34		250		239,997
6.38%, 11/15/33		330		323,746
7.20%, 07/18/36		485		501,981
7.72%, 06/04/38		26		28,121

11

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Telefonica Emisiones SAU
7.05%, 06/20/36	$	700	$	800,822
Telefonica Europe BV
8.25%, 09/15/30		137		170,468
United States Cellular Corp.
6.70%, 12/15/33		150		155,202
Verizon Communications Inc.
3.85%, 11/01/42 (Call 05/01/42)		250		215,457
4.75%, 11/01/41		240		236,164
5.85%, 09/15/35		375		424,927
6.00%, 04/01/41		300		348,594
6.40%, 02/15/38		330		398,059
6.90%, 04/15/38		280		357,858
7.35%, 04/01/39		200		268,651
7.75%, 12/01/30		1,127		1,518,439
Verizon Florida LLC
Series E
6.86%, 02/01/28		100		115,085
Verizon Global Funding Corp.
7.75%, 06/15/32		100		133,596
Verizon Maryland Inc.
Series B
5.13%, 06/15/33		50		49,881
Verizon New England Inc.
7.88%, 11/15/29		100		127,716
Verizon New York Inc.
Series B
7.38%, 04/01/32		100		125,985
Vodafone Group PLC
4.38%, 02/19/43		350		329,516
6.15%, 02/27/37		460		547,791
6.25%, 11/30/32		50		58,801
7.88%, 02/15/30		294		403,468
				23,375,753
TEXTILES — 0.04%
Cintas Corp. No. 2
6.15%, 08/15/36		100		118,380
				118,380
TOYS, GAMES & HOBBIES — 0.12%
Hasbro Inc.
6.35%, 03/15/40		200		229,084
Mattel Inc.
5.45%, 11/01/41 (Call 05/01/41)		150		162,372
				391,456
TRANSPORTATION — 2.15%
Burlington Northern Santa Fe Corp.
4.38%, 09/01/42 (Call 03/01/42)		530		515,554
5.40%, 06/01/41 (Call 12/01/40)		250		278,594
5.75%, 05/01/40 (Call 11/01/39)		200		233,430
6.15%, 05/01/37		150		183,146
6.20%, 08/15/36		100		121,945
Canadian National Railway Co.
3.50%, 11/15/42 (Call 05/15/42)		280		250,364
6.20%, 06/01/36		230		299,665
6.25%, 08/01/34		50		64,988
6.38%, 11/15/37		58		77,441
6.90%, 07/15/28		50		66,934
Canadian Pacific Railway Co.

Security	Principal (000s)		Value
4.45%, 03/15/23 (Call 12/15/22)	$	230	$	247,752
7.13%, 10/15/31		250		321,321
Con–way Inc.
6.70%, 05/01/34		100		104,320
CSX Corp.
4.10%, 03/15/44 (Call 09/15/43)		250		230,907
4.75%, 05/30/42 (Call 11/30/41)		250		253,368
5.50%, 04/15/41 (Call 10/15/40)		70		78,130
6.00%, 10/01/36		200		235,194
6.22%, 04/30/40		205		248,211
FedEx Corp.
3.88%, 08/01/42		250		228,776
Kazakhstan Temir Zholy Finance BV
6.95%, 07/10/42a		250		281,875
Norfolk Southern Corp.
4.84%, 10/01/41		233		244,183
5.59%, 05/17/25		100		117,273
5.64%, 05/17/29		100		114,550
6.00%, 05/23/11		350		410,199
Union Pacific Corp.
4.16%, 07/15/22 (Call 04/15/22)		230		251,992
4.30%, 06/15/42 (Call 12/15/41)		380		376,014
6.63%, 02/01/29		267		344,887
United Parcel Service Inc.
6.20%, 01/15/38		507		661,227
8.38%, 04/01/30c		100		146,860
				6,989,100
WATER — 0.18%
American Water Capital Corp.
6.59%, 10/15/37		175		226,258
United Utilities PLC
6.88%, 08/15/28		150		173,401
Veolia Environnement SA
6.75%, 06/01/38		150		177,042
				576,701
TOTAL CORPORATE BONDS & NOTES (Cost: $268,490,305)				267,641,470
FOREIGN AGENCY OBLIGATIONSd — 3.15%
BRAZIL — 0.29%
Petrobras International Finance Co.
6.75%, 01/27/41		555		587,900
6.88%, 01/20/40		330		354,578
				942,478
CANADA — 0.74%
British Columbia (Province of)
6.50%, 01/15/26		200		269,029
Hydro-Quebec
8.05%, 07/07/24		395		563,052
9.50%, 11/15/30		200		331,537
Quebec (Province of)
7.13%, 02/09/24		240		324,360
7.50%, 07/15/23		100		136,940
7.50%, 09/15/29		555		802,530
				2,427,448

12

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CHILE — 0.25%
Corporacion Nacional del Cobre de Chile
4.25%, 07/17/42a	$	400	$	352,888
6.15%, 10/24/36a		400		460,322
				813,210
CHINA — 0.14%
Sinochem Overseas Capital Co. Ltd.
6.30%, 11/12/40a		200		221,180
Sinopec Group Overseas Development 2012 Ltd.
4.88%, 05/17/42a		250		251,193
				472,373
INDONESIA — 0.25%
PT Pertamina (Persero) Tbk
6.00%, 05/03/42a		850		805,375
				805,375
ITALY — 0.09%
Lombardy (Region of)
5.80%, 10/25/32		305		302,011
				302,011
MEXICO — 0.67%
Pemex Project Funding Master Trust
6.63%, 06/15/35		1,155		1,322,475
Petroleos Mexicanos
5.50%, 06/27/44		350		343,000
6.50%, 06/02/41		450		504,000
				2,169,475
QATAR — 0.07%
Qtel International Finance Ltd.
5.00%, 10/19/25a		200		215,000
				215,000
RUSSIA — 0.38%
Gazprom OAO Via Gaz Capital SA
7.29%, 08/16/37a		300		351,750
8.63%, 04/28/34a		450		588,375
Vnesheconombank Via VEB Finance PLC
6.80%, 11/22/25a		250		282,025
				1,222,150
SOUTH KOREA — 0.09%
Korea Gas Corp.
6.25%, 01/20/42a		250		304,109
				304,109
SUPRANATIONAL — 0.18%
Asian Development Bank
5.82%, 06/16/28		250		317,016

Security	Principal (000s)		Value
Inter-American Development Bank
3.88%, 10/28/41	$	270	$	275,664
				592,680
TOTAL FOREIGN AGENCY OBLIGATIONS (Cost: $10,727,781)				10,266,309
FOREIGN GOVERNMENT OBLIGATIONSd — 12.46%
ARUBA — 0.08%
Aruba (Government of)
4.63%, 09/14/23a		250		253,125
				253,125
BRAZIL — 1.83%
Brazil (Federative Republic of)
7.13%, 01/20/37		855		1,120,050
8.25%, 01/20/34		1,080		1,566,000
8.75%, 02/04/25		425		627,937
8.88%, 04/15/24		630		926,100
10.13%, 05/15/27		586		978,620
11.00%, 08/17/40 (Call 08/17/15)		620		746,170
				5,964,877
CHILE — 0.07%
Chile (Republic of)
3.63%, 10/30/42		250		226,250
				226,250
COLOMBIA — 0.67%
Colombia (Republic of)
6.13%, 01/18/41		650		778,375
7.38%, 09/18/37		800		1,092,000
8.13%, 05/21/24		225		311,625
				2,182,000
INDONESIA — 0.73%
Indonesia (Republic of)
5.25%, 01/17/42a		750		740,625
7.75%, 01/17/38a		700		934,500
8.50%, 10/12/35a		500		715,000
				2,390,125
ISRAEL — 0.11%
Israel (State of)
4.00%, 06/30/22		350		373,275
				373,275
ITALY — 0.51%
Italy (Republic of)
5.38%, 06/15/33		742		774,054
6.88%, 09/27/23		730		873,810
				1,647,864

13

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
MEXICO — 1.52%
United Mexican States
4.75%, 03/08/44	$	700	$	694,750
5.75%, 10/12/49		630		653,625
6.05%, 01/11/40		620		734,700
6.75%, 09/27/34		1,525		1,948,188
7.50%, 04/08/33		402		556,770
8.30%, 08/15/31		255		376,125
				4,964,158
PANAMA — 0.59%
Panama (Republic of)
6.70%, 01/26/36		380		485,450
7.13%, 01/29/26		700		918,050
9.38%, 04/01/29		330		521,730
				1,925,230
PERU — 0.81%
Peru (Republic of)
5.63%, 11/18/50		400		453,000
6.55%, 03/14/37		170		218,025
7.35%, 07/21/25		700		946,050
8.75%, 11/21/33		650		1,015,625
				2,632,700
PHILIPPINES — 1.20%
Philippines (Republic of the)
5.00%, 01/13/37		3,500		3,906,875
				3,906,875
QATAR — 0.23%
Qatar (Kingdom of)
5.75%, 01/20/42a		200		232,000
6.40%, 01/20/40a		400		506,000
				738,000
RUSSIA — 2.15%
Russian Federation (The)
5.63%, 04/04/42a		1,400		1,533,000
7.50%, 03/31/30a,c		3,729		4,531,306
12.75%, 06/24/28a		500		937,500
				7,001,806
SOUTH AFRICA — 0.32%
South Africa (Republic of)
4.67%, 01/17/24		1,000		1,037,500
				1,037,500
TURKEY — 1.41%
Turkey (Republic of)
7.25%, 03/05/38		3,500		4,602,500
				4,602,500

Security	Principal or Shares (000s)		Value
URUGUAY — 0.23%
Uruguay (Republic of)
7.63%, 03/21/36	$	280	$	380,800
8.00%, 11/18/22		280		378,000
				758,800
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $41,610,823)				40,605,085
SHORT-TERM INVESTMENTS — 0.53%
MONEY MARKET FUNDS — 0.53%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		1,712		1,711,523
				1,711,523
TOTAL SHORT-TERM INVESTMENTS (Cost: $1,711,523)				1,711,523
TOTAL INVESTMENTS IN SECURITIES — 98.29% (Cost: $322,540,432)				320,224,387
Other Assets, Less Liabilities — 1.71%				5,582,598
NET ASSETS — 100.00%			$	325,806,985

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

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

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

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

^e  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

14

Schedule of Investments  (Unaudited)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 87.00%
ADVERTISING — 0.21%
Interpublic Group of Companies Inc. (The)
6.25%, 11/15/14	$	1,000	$	1,073,000
Omnicom Group Inc.
5.90%, 04/15/16		7,747		8,723,821
WPP Finance UK
5.88%, 06/15/14		3,290		3,449,821
8.00%, 09/15/14		7,778		8,451,505
				21,698,147
AEROSPACE & DEFENSE — 0.50%
Boeing Co. (The)
3.50%, 02/15/15		14,410		15,116,240
General Dynamics Corp.
1.00%, 11/15/17		5,000		4,903,638
1.38%, 01/15/15a		1,000		1,013,681
Northrop Grumman Corp.
1.75%, 06/01/18		3,000		2,994,543
3.70%, 08/01/14		6,280		6,497,971
United Technologies Corp.
1.20%, 06/01/15		6,236		6,319,412
4.88%, 05/01/15		12,650		13,689,920
				50,535,405
AGRICULTURE — 0.29%
Altria Group Inc.
4.13%, 09/11/15		15,534		16,662,256
Bunge Ltd. Finance Corp.
4.10%, 03/15/16a		3,000		3,203,309
Reynolds American Inc.
1.05%, 10/30/15		9,400		9,416,535
				29,282,100
AIRLINES — 0.00%
Southwest Airlines Co.
5.25%, 10/01/14a		120		126,232
				126,232
BANKS — 29.97%
Abbey National Treasury Services PLC
3.88%, 11/10/14b		6,000		6,218,232
4.00%, 04/27/16a		7,000		7,449,376
American Express Centurion Bank
0.88%, 11/13/15		12,000		11,999,469
Australia and New Zealand Banking Group Ltd.
0.90%, 02/12/16		10,000		9,982,774
Bank of America Corp.
1.25%, 01/11/16a		16,000		15,916,296
1.50%, 10/09/15a		20,000		20,112,453
3.63%, 03/17/16		13,000		13,714,669
3.70%, 09/01/15a		21,080		22,122,618

Security	Principal (000s)		Value
4.50%, 04/01/15a	$	39,200	$	41,422,947
4.75%, 08/01/15		22,550		24,127,795
5.13%, 11/15/14a		12,000		12,658,401
5.38%, 06/15/14		200		209,219
7.38%, 05/15/14		37,778		40,127,458
Bank of Montreal
0.80%, 11/06/15		10,550		10,543,202
1.45%, 04/09/18 (Call 03/09/18)		3,000		2,954,374
Bank of New York Mellon Corp. (The)
0.70%, 10/23/15 (Call 09/23/15)		9,250		9,259,150
0.70%, 03/04/16 (Call 02/04/16)a		12,000		11,933,190
1.20%, 02/20/15 (Call 01/20/15)a		26,930		27,167,639
1.70%, 11/24/14 (Call 10/24/14)a		10,500		10,645,042
4.30%, 05/15/14		19,760		20,502,588
4.75%, 12/15/14		110		116,358
Series G
4.95%, 03/15/15		140		150,280
Bank of Nova Scotia
0.75%, 10/09/15		6,000		5,985,080
0.95%, 03/15/16		10,000		9,998,666
1.85%, 01/12/15		9,000		9,157,498
2.05%, 10/07/15		13,000		13,360,058
2.90%, 03/29/16		17,386		18,302,249
3.40%, 01/22/15		32,790		34,173,726
Bank One Corp.
4.90%, 04/30/15		1,110		1,188,412
Barclays Bank PLC
2.75%, 02/23/15		13,800		14,234,973
3.90%, 04/07/15		13,220		13,931,670
5.20%, 07/10/14		30,254		31,744,968
BB&T Corp.
1.45%, 01/12/18 (Call 12/12/17)		5,000		4,945,108
3.20%, 03/15/16 (Call 02/16/16)		11,355		12,003,657
5.20%, 12/23/15		6,750		7,427,698
BBVA U.S. Senior SA Unipersonal
4.66%, 10/09/15		22,000		22,898,774
BNP Paribas SA
3.25%, 03/11/15a		33,080		34,288,619
3.60%, 02/23/16a		26,000		27,442,979
Canadian Imperial Bank of Commerce
0.90%, 10/01/15a		15,150		15,175,547
2.35%, 12/11/15		14,000		14,528,773
Capital One Financial Corp.
1.00%, 11/06/15a		10,000		9,945,835
2.13%, 07/15/14		12,009		12,178,681
2.15%, 03/23/15		9,250		9,410,777
7.38%, 05/23/14		19,430		20,676,325
China Development Bank Corp.
4.75%, 10/08/14a		280		293,462
Citigroup Inc.
1.25%, 01/15/16a		15,000		14,959,590
1.30%, 04/01/16		17,000		16,974,117
2.25%, 08/07/15a		14,920		15,254,277
2.65%, 03/02/15a		9,324		9,564,798
4.59%, 12/15/15		13,000		14,078,402
4.70%, 05/29/15		1,160		1,239,614
4.75%, 05/19/15		28,780		30,784,972
4.88%, 05/07/15a		10,130		10,787,642
5.00%, 09/15/14		48,314		50,586,234
5.13%, 05/05/14		17,580		18,280,167
5.30%, 01/07/16		2,380		2,609,431
5.50%, 10/15/14		25,750		27,304,237
6.01%, 01/15/15		26,810		28,895,247
6.38%, 08/12/14		33,330		35,494,746

15

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Comerica Bank Series AI
5.70%, 06/01/14	$	110	$	115,237
Comerica Inc.
3.00%, 09/16/15		6,000		6,284,160
4.80%, 05/01/15a		100		106,590
Commonwealth Bank of Australia/ New York
1.25%, 09/18/15		14,000		14,108,946
1.95%, 03/16/15		18,865		19,281,742
Credit Suisse New York
3.50%, 03/23/15		30,000		31,460,628
Deutsche Bank AG London
3.25%, 01/11/16a		25,500		26,863,409
3.45%, 03/30/15a		23,680		24,757,412
3.88%, 08/18/14a		8,435		8,757,372
Deutsche Bank Financial LLC
5.38%, 03/02/15		5,740		6,101,945
Fifth Third Bancorp
3.63%, 01/25/16a		14,500		15,392,867
Fifth Third Bank
0.90%, 02/26/16 (Call 01/26/16)		11,000		10,924,705
4.75%, 02/01/15		2,465		2,612,862
Goldman Sachs Group Inc. (The)
1.60%, 11/23/15a		5,000		5,047,845
3.30%, 05/03/15		18,500		19,251,474
3.63%, 02/07/16a		78,300		82,754,871
3.70%, 08/01/15		39,074		41,150,739
5.00%, 10/01/14		16,260		17,139,878
5.13%, 01/15/15a		28,805		30,660,414
5.35%, 01/15/16a		19,000		20,845,464
5.50%, 11/15/14		18,220		19,399,873
6.00%, 05/01/14a		19,561		20,505,246
HSBC USA Inc.
2.38%, 02/13/15		32,312		33,193,362
Intesa Sanpaolo SpA
3.13%, 01/15/16		21,000		20,894,995
J.P. Morgan Chase & Co.
0.80%, 04/23/15		6,000		5,960,216
1.10%, 10/15/15		24,000		24,052,242
1.13%, 02/26/16a		13,275		13,228,753
1.88%, 03/20/15		27,250		27,646,945
2.60%, 01/15/16		11,000		11,380,459
3.40%, 06/24/15		31,000		32,478,950
3.45%, 03/01/16a		17,000		17,981,741
3.70%, 01/20/15a		29,330		30,632,790
4.65%, 06/01/14		33,002		34,347,221
4.75%, 03/01/15		2,340		2,491,529
5.13%, 09/15/14		19,470		20,527,500
5.15%, 10/01/15a		23,810		25,905,753
5.25%, 05/01/15a		570		610,153
KeyBank N.A.
1.65%, 02/01/18		3,000		2,986,831
5.80%, 07/01/14		8,750		9,225,138
KeyCorp
3.75%, 08/13/15a		17,385		18,400,332
KfW
0.50%, 04/19/16		45,000		44,832,879
0.63%, 04/24/15a		41,580		41,750,678
0.88%, 09/05/17		25,000		24,831,060
1.00%, 01/12/15		43,030		43,472,508
1.25%, 10/26/15a		25,000		25,431,765
2.63%, 03/03/15		32,100		33,354,391

Security	Principal (000s)		Value
2.63%, 02/16/16	$	35,500	$	37,430,628
2.75%, 10/21/14		61,000		63,030,043
4.13%, 10/15/14		13,760		14,466,111
4.38%, 07/21/15		5,000		5,410,973
5.13%, 03/14/16		20,000		22,466,408
Series G
4.38%, 03/15/18		10,000		11,466,096
Landwirtschaftliche Rentenbank
2.13%, 07/15/16		10,000		10,432,027
2.50%, 02/15/16		5,000		5,252,201
3.13%, 07/15/15a		15,250		16,097,587
Series G13
4.88%, 11/16/15		10,000		11,046,848
Lloyds TSB Bank PLC
4.88%, 01/21/16a		15,709		17,146,074
Mellon Capital IV Series 1
4.00%, 06/29/49 (Call 06/30/13)a,c		1,950		1,881,750
Mellon Funding Corp.
5.00%, 12/01/14		120		127,487
Morgan Stanley
1.75%, 02/25/16a		17,000		17,042,942
2.88%, 07/28/14a		4,070		4,157,313
3.45%, 11/02/15a		9,000		9,392,031
3.80%, 04/29/16a		20,000		21,097,328
4.00%, 07/24/15		8,000		8,411,051
4.10%, 01/26/15		13,220		13,799,455
4.20%, 11/20/14		26,750		27,832,792
5.38%, 10/15/15		13,640		14,848,046
5.95%, 12/28/17		2,000		2,292,009
6.00%, 05/13/14a		35,217		36,892,403
6.00%, 04/28/15a		37,010		40,162,647
National Australia Bank Ltd. New York
0.90%, 01/20/16a		2,500		2,496,440
1.60%, 08/07/15		18,000		18,288,681
2.00%, 03/09/15a		13,000		13,307,111
National Bank of Canada
1.50%, 06/26/15		18,000		18,218,381
National City Corp.
4.90%, 01/15/15		470		500,151
Oesterreichische Kontrollbank AG
1.13%, 07/06/15		25,500		25,817,365
1.75%, 10/05/15		11,500		11,808,387
4.50%, 03/09/15		970		1,038,843
PNC Bank N.A.
0.80%, 01/28/16 (Call 12/28/15)d		1,000		997,253
PNC Funding Corp.
3.00%, 05/19/14d		8,000		8,192,084
3.63%, 02/08/15d		20,904		21,870,438
4.25%, 09/21/15d		5,500		5,918,535
5.25%, 11/15/15d		2,000		2,195,061
5.40%, 06/10/14d		8,263		8,667,078
Rabobank Nederland
2.13%, 10/13/15a		17,000		17,467,583
Regions Financial Corp.
5.75%, 06/15/15a		2,000		2,170,000
7.75%, 11/10/14		8,882		9,681,380
Royal Bank of Canada
0.80%, 10/30/15		15,000		14,983,246
0.85%, 03/08/16a		15,500		15,443,033
1.15%, 03/13/15a		9,280		9,369,258
1.45%, 10/30/14a		18,015		18,215,745
2.63%, 12/15/15a		11,800		12,322,884
2.88%, 04/19/16		10,000		10,530,141

16

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Royal Bank of Scotland Group PLC
2.55%, 09/18/15	$	28,700	$	29,373,199
3.95%, 09/21/15		7,250		7,683,727
4.38%, 03/16/16a		10,837		11,714,981
4.88%, 03/16/15a		15,780		16,846,313
SouthTrust Corp.
5.80%, 06/15/14a		2,150		2,263,139
State Street Corp.
2.88%, 03/07/16		19,159		20,214,923
4.30%, 05/30/14a		5,000		5,194,553
Sumitomo Mitsui Banking Corp.
0.90%, 01/18/16		16,000		15,915,253
1.35%, 07/18/15		9,000		9,064,918
SunTrust Banks Inc.
3.50%, 01/20/17 (Call 12/20/16)		5,000		5,334,541
Toronto-Dominion Bank (The)
1.38%, 07/14/14a		12,280		12,398,843
U.S. Bancorp
2.20%, 11/15/16 (Call 10/14/16)		3,000		3,121,474
2.45%, 07/27/15		11,956		12,387,961
2.88%, 11/20/14a		5,150		5,309,103
4.20%, 05/15/14		17,690		18,332,736
UBS AG Stamford
3.88%, 01/15/15a		19,290		20,241,821
5.88%, 12/20/17		3,000		3,525,131
7.00%, 10/15/15		1,000		1,101,599
Union Bank N.A.
2.13%, 06/16/17a		2,000		2,029,278
UnionBanCal Corp.
5.25%, 12/16/13		4,170		4,262,620
US Bank N.A.
3.78%, 04/29/20 (Call 04/29/15)c		10,000		10,474,926
4.80%, 04/15/15		1,240		1,324,610
4.95%, 10/30/14a		11,990		12,678,160
Wachovia Corp./Wells Fargo & Co.
5.25%, 08/01/14		26,490		27,863,247
5.60%, 03/15/16		3,500		3,874,737
Wells Fargo & Co.
1.25%, 02/13/15		21,750		21,930,794
1.50%, 07/01/15		17,000		17,225,264
3.63%, 04/15/15		21,090		22,192,062
3.75%, 10/01/14		28,295		29,454,777
5.00%, 11/15/14a		6,000		6,345,305
Wells Fargo Bank N.A.
4.75%, 02/09/15		26,500		28,110,570
Westpac Banking Corp.
0.95%, 01/12/16a		15,700		15,738,543
1.13%, 09/25/15		23,000		23,178,168
3.00%, 08/04/15		12,921		13,516,375
3.00%, 12/09/15		10,701		11,274,779
4.20%, 02/27/15		19,350		20,533,321
Zions BanCorp.
7.75%, 09/23/14		2,080		2,247,440
				3,044,542,928
BEVERAGES — 1.92%
Anheuser-Busch Companies LLC
5.00%, 01/15/15a		110		117,567
Anheuser-Busch InBev Finance Inc.
0.80%, 01/15/16a		5,000		4,992,908
Anheuser-Busch InBev Worldwide Inc.

Security	Principal (000s)		Value
0.80%, 07/15/15	$	22,000	$	22,052,717
1.50%, 07/14/14		8,760		8,856,983
4.13%, 01/15/15		29,450		31,066,128
5.38%, 11/15/14		20,250		21,619,724
Beam Inc.
6.38%, 06/15/14		3,500		3,695,552
Coca-Cola Co. (The)
0.75%, 03/13/15		12,290		12,353,916
1.50%, 11/15/15a		6,000		6,137,824
Coca-Cola Enterprises Inc.
1.13%, 11/12/13		1,990		1,996,018
2.13%, 09/15/15		1,000		1,025,233
Diageo Capital PLC
0.63%, 04/29/16		15,000		14,905,393
Diageo Finance BV
3.25%, 01/15/15		900		938,799
5.30%, 10/28/15		5,120		5,649,521
PepsiAmericas Inc.
4.88%, 01/15/15a		100		106,509
PepsiCo Inc.
0.70%, 08/13/15		11,000		11,022,358
0.70%, 02/26/16		13,000		12,963,197
0.75%, 03/05/15a		19,750		19,816,754
0.80%, 08/25/14		2,350		2,359,037
1.25%, 08/13/17		5,000		4,959,736
3.10%, 01/15/15		7,775		8,096,429
				194,732,303
BIOTECHNOLOGY — 0.50%
Amgen Inc.
1.88%, 11/15/14		13,160		13,368,757
4.85%, 11/18/14		8,380		8,869,534
Celgene Corp.
2.45%, 10/15/15		500		517,109
Genentech Inc.
4.75%, 07/15/15		10,200		11,067,267
Genzyme Corp.
3.63%, 06/15/15		3,000		3,180,724
Gilead Sciences Inc.
2.40%, 12/01/14		13,585		13,923,494
Life Technologies Corp.
4.40%, 03/01/15		70		73,733
				51,000,618
CHEMICALS — 1.15%
Airgas Inc.
1.65%, 02/15/18 (Call 01/15/18)		5,000		4,945,815
4.50%, 09/15/14		3,000		3,141,746
Albemarle Corp.
5.10%, 02/01/15		100		106,165
Dow Chemical Co. (The)
2.50%, 02/15/16		10,000		10,384,414
5.90%, 02/15/15		14,838		16,104,947
E.I. du Pont de Nemours and Co.
3.25%, 01/15/15		10,060		10,498,692
4.75%, 03/15/15a		3,030		3,253,607
5.25%, 12/15/16		1,000		1,145,347
Ecolab Inc.
1.00%, 08/09/15		9,500		9,541,946
2.38%, 12/08/14a		10,080		10,335,348

17

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Lubrizol Corp.
5.50%, 10/01/14	$	140	$	149,103
Potash Corp. of Saskatchewan Inc.
3.25%, 12/01/17		5,000		5,338,506
5.25%, 05/15/14		9,160		9,555,591
PPG Industries Inc.
1.90%, 01/15/16		5,000		5,106,383
Praxair Inc.
0.75%, 02/21/16		20,000		19,997,406
5.25%, 11/15/14		6,270		6,692,255
Sherwin-Williams Co. (The)
3.13%, 12/15/14		130		134,784
				116,432,055
COMMERCIAL SERVICES — 0.01%
Block Financial LLC
5.13%, 10/30/14a		590		620,090
Equifax Inc.
4.45%, 12/01/14		100		103,773
Yale University
2.90%, 10/15/14		629		650,260
				1,374,123
COMPUTERS — 1.62%
Apple Inc.
0.45%, 05/03/16		25,000		24,859,264
Computer Sciences Corp.
2.50%, 09/15/15a		7,250		7,427,829
Dell Inc.
2.10%, 04/01/14a		2,950		2,975,273
2.30%, 09/10/15		5,000		5,000,000
Hewlett-Packard Co.
1.55%, 05/30/14a		6,100		6,135,828
2.20%, 12/01/15a		6,000		6,123,947
2.35%, 03/15/15a		19,450		19,807,427
2.63%, 12/09/14		2,050		2,089,035
4.75%, 06/02/14		21,460		22,248,490
International Business Machines Corp.
0.55%, 02/06/15		18,250		18,272,321
0.75%, 05/11/15		7,000		7,032,895
0.88%, 10/31/14		21,200		21,333,788
1.25%, 05/12/14		15,000		15,135,136
1.95%, 07/22/16a		3,000		3,099,734
2.00%, 01/05/16a		3,000		3,087,961
				164,628,928
COSMETICS & PERSONAL CARE — 0.76%
Avon Products Inc.
2.38%, 03/15/16a		10,000		10,181,660
Colgate-Palmolive Co.
0.60%, 11/15/14		7,900		7,919,833
Procter & Gamble Co. (The)
0.70%, 08/15/14		13,625		13,677,908
1.80%, 11/15/15		18,000		18,544,986
3.50%, 02/15/15		13,270		13,955,241
4.95%, 08/15/14a		12,320		12,996,987
				77,276,615

Security	Principal (000s)		Value
DIVERSIFIED FINANCIAL SERVICES — 9.18%
American Express Co.
7.25%, 05/20/14	$	14,794	$	15,757,480
American Express Credit Corp.
1.75%, 06/12/15		16,850		17,169,432
2.75%, 09/15/15		25,000		26,070,332
Series D
5.13%, 08/25/14a		22,830		24,101,140
Bear Stearns Companies Inc. (The)/J.P. Morgan Chase & Co.
5.70%, 11/15/14		35,470		37,922,699
Boeing Capital Corp.
3.25%, 10/27/14a		3,000		3,115,106
Caterpillar Financial Services Corp.
0.70%, 11/06/15a		2,000		2,001,116
0.70%, 02/26/16		8,000		7,951,516
1.05%, 03/26/15a		10,500		10,589,783
1.10%, 05/29/15		3,000		3,029,288
1.13%, 12/15/14		9,000		9,099,057
5.45%, 04/15/18a		3,000		3,519,517
6.13%, 02/17/14a		900		936,306
Series F
4.75%, 02/17/15		110		117,648
Charles Schwab Corp. (The)
0.85%, 12/04/15		1,500		1,503,467
Countrywide Financial Corp.
6.25%, 05/15/16a		3,000		3,345,361
Credit Suisse (USA) Inc.
4.88%, 01/15/15		10,250		10,889,696
5.13%, 08/15/15		14,748		16,052,340
5.38%, 03/02/16a		6,825		7,603,076
Ford Motor Credit Co. LLC
1.70%, 05/09/16		13,000		12,975,940
2.50%, 01/15/16a		2,000		2,036,983
2.75%, 05/15/15		15,000		15,331,905
3.88%, 01/15/15a		18,645		19,337,775
4.21%, 04/15/16		10,000		10,649,012
5.63%, 09/15/15		3,000		3,259,905
7.00%, 04/15/15a		25,940		28,464,188
8.00%, 06/01/14		13,500		14,387,787
8.00%, 12/15/16		3,000		3,597,783
8.70%, 10/01/14		9,150		10,016,643
12.00%, 05/15/15a		13,500		16,135,193
General Electric Capital Corp.
1.00%, 12/11/15		20,350		20,407,449
1.00%, 01/08/16		7,400		7,402,877
1.63%, 07/02/15a		34,000		34,517,554
2.15%, 01/09/15a		30,000		30,689,912
2.25%, 11/09/15a		23,250		24,001,545
3.50%, 06/29/15		9,250		9,746,507
4.38%, 09/21/15		4,715		5,075,971
4.75%, 09/15/14		17,543		18,474,604
4.88%, 03/04/15a		8,260		8,848,428
5.00%, 01/08/16a		28,100		30,900,404
Series A
3.75%, 11/14/14		28,431		29,679,260
HSBC Finance Capital Trust IX
5.91%, 11/30/35 (Call 11/30/15)a,c		3,200		3,232,000
HSBC Finance Corp.
5.00%, 06/30/15a		24,903		26,837,856
5.25%, 04/15/15a		240		258,139
5.50%, 01/19/16a		18,400		20,391,509

18

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Jefferies Group LLC
5.88%, 06/08/14a	$	220	$	229,570
John Deere Capital Corp.
0.70%, 09/04/15a		10,351		10,367,952
0.75%, 01/22/16		7,000		6,971,773
0.88%, 04/17/15a		10,000		10,049,990
0.95%, 06/29/15		7,000		7,049,523
1.25%, 12/02/14		8,700		8,796,678
2.95%, 03/09/15		2,790		2,907,573
Lazard Group LLC
7.13%, 05/15/15		230		251,995
Merrill Lynch & Co. Inc.
5.45%, 07/15/14a		21,860		22,928,272
Series B
5.30%, 09/30/15a		351		380,949
Series C
5.00%, 01/15/15a		19,659		20,787,704
NASDAQ OMX Group Inc. (The)
4.00%, 01/15/15a		220		228,574
National Rural Utilities Cooperative Finance Corp.
1.00%, 02/02/15		13,485		13,572,918
Nomura Holdings Inc.
2.00%, 09/13/16a		17,000		16,943,569
4.13%, 01/19/16		12,625		13,291,393
5.00%, 03/04/15a		17,075		18,059,815
ORIX Corp.
4.71%, 04/27/15		11,000		11,633,665
5.00%, 01/12/16a		1,039		1,114,819
PACCAR Financial Corp.
0.75%, 08/14/15		5,000		5,010,168
0.75%, 05/16/16		3,900		3,881,286
0.80%, 02/08/16a		3,000		2,990,087
1.05%, 06/05/15		5,000		5,006,276
1.55%, 09/29/14		9,000		9,130,077
SLM Corp.
3.88%, 09/10/15		15,000		15,262,501
5.05%, 11/14/14		120		124,500
6.25%, 01/25/16a		20,500		21,678,750
Series A
5.00%, 04/15/15a		440		455,400
5.38%, 05/15/14		10,000		10,300,000
TD Ameritrade Holding Corp.
4.15%, 12/01/14a		7,000		7,361,153
Toyota Motor Credit Corp.
0.80%, 05/17/16a		5,000		4,999,302
0.88%, 07/17/15a		3,350		3,363,346
1.00%, 02/17/15a		20,400		20,557,486
1.25%, 11/17/14a		8,725		8,814,262
2.80%, 01/11/16		12,418		13,027,196
3.20%, 06/17/15		26,615		27,965,450
				932,925,461
ELECTRIC — 2.31%
Alabama Power Co.
0.55%, 10/15/15a		28,000		27,877,203
Alliant Energy Corp.
4.00%, 10/15/14		4,090		4,256,380
Ameren Corp.
8.88%, 05/15/14a		6,000		6,438,751
American Electric Power Co. Inc.
1.65%, 12/15/17 (Call 11/15/17)		5,000		4,961,348

Security	Principal (000s)		Value
Appalachian Power Co. Series S
3.40%, 05/24/15	$	350	$	366,032
Arizona Public Service Co.
4.65%, 05/15/15		100		107,239
5.80%, 06/30/14		4,130		4,351,386
CMS Energy Corp.
4.25%, 09/30/15		1,000		1,068,520
Commonwealth Edison Co.
4.70%, 04/15/15		3,250		3,478,312
Consumers Energy Co.
5.15%, 02/15/17		2,000		2,262,264
Dominion Resources Inc.
2.25%, 09/01/15		3,135		3,232,107
Series C
5.15%, 07/15/15		12,513		13,612,548
Duke Energy Carolinas LLC
5.10%, 04/15/18		2,000		2,326,992
5.30%, 10/01/15		10,000		11,060,997
Duke Energy Corp.
1.63%, 08/15/17		1,070		1,065,962
3.35%, 04/01/15		12,460		13,023,785
Duke Energy Progress Inc.
5.15%, 04/01/15		100		108,116
Edison International
3.75%, 09/15/17		5,000		5,379,542
Entergy Louisiana LLC
1.88%, 12/15/14		10,195		10,361,207
Exelon Corp.
4.90%, 06/15/15		17,726		19,059,119
Florida Power Corp.
0.65%, 11/15/15a		5,300		5,279,833
Georgia Power Co.
0.75%, 08/10/15		7,350		7,356,882
Series 12D
0.63%, 11/15/15		10,000		9,955,882
Kentucky Utilities Co.
1.63%, 11/01/15		2,000		2,041,500
MidAmerican Energy Holdings Co.
4.65%, 10/01/14a		110		116,048
5.75%, 04/01/18		2,000		2,359,177
NextEra Energy Capital Holdings Inc.
1.20%, 06/01/15		19,000		19,117,711
7.88%, 12/15/15		1,000		1,164,858
Nisource Finance Corp.
5.40%, 07/15/14		1,081		1,133,226
Oncor Electric Delivery Co.
6.38%, 01/15/15		6,575		7,135,841
PPL Energy Supply LLC
5.40%, 08/15/14		420		442,570
Public Service Electric & Gas Co.
2.70%, 05/01/15		5,000		5,189,379
5.00%, 08/15/14a		1,060		1,116,105
Series G
0.85%, 08/15/14		9,050		9,081,826
Scottish Power Ltd.
5.38%, 03/15/15a		7,750		8,243,005
Southern California Edison Co.
4.15%, 09/15/14		3,345		3,496,908
Series 04-F
4.65%, 04/01/15		1,120		1,197,103
TransAlta Corp.
4.75%, 01/15/15		2,500		2,624,495

19

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Westar Energy Inc.
6.00%, 07/01/14	$	120	$	126,640
Xcel Energy Inc.
0.75%, 05/09/16		13,000		12,953,033
				234,529,832
ELECTRONICS — 0.43%
Agilent Technologies Inc.
5.50%, 09/14/15a		13,600		14,944,837
Amphenol Corp.
4.75%, 11/15/14		150		157,757
Thermo Fisher Scientific Inc.
3.20%, 05/01/15a		3,000		3,121,659
3.20%, 03/01/16		17,688		18,565,894
3.25%, 11/20/14		6,430		6,657,094
				43,447,241
ENVIRONMENTAL CONTROL — 0.13%
Waste Management Inc.
5.00%, 03/15/14		5,250		5,426,421
6.38%, 03/11/15a		6,835		7,483,580
				12,910,001
FOOD — 1.19%
Campbell Soup Co.
3.38%, 08/15/14		6,670		6,899,606
ConAgra Foods Inc.
1.30%, 01/25/16a		14,000		14,107,775
1.35%, 09/10/15		5,000		5,029,471
General Mills Inc.
0.88%, 01/29/16a		5,100		5,102,701
1.55%, 05/16/14		1,800		1,817,928
5.20%, 03/17/15a		11,600		12,523,279
Kellogg Co.
1.13%, 05/15/15a		12,005		12,085,962
Kraft Foods Group Inc.
1.63%, 06/04/15		14,150		14,365,979
Kroger Co. (The)
4.95%, 01/15/15a		3,170		3,374,839
Mondelez International Inc.
4.13%, 02/09/16a		23,000		24,847,830
Nabisco Inc.
7.55%, 06/15/15		2,000		2,265,609
Safeway Inc.
5.63%, 08/15/14a		100		105,332
Sara Lee Corp.
2.75%, 09/15/15a		7,000		7,171,084
Sysco Corp.
0.55%, 06/12/15		1,700		1,699,767
Unilever Capital Corp.
0.45%, 07/30/15		5,000		4,986,466
0.85%, 08/02/17		5,000		4,904,639
				121,288,267
FOREST PRODUCTS & PAPER — 0.03%
Celulosa Arauco y Constitucion SA
5.63%, 04/20/15		110		118,070

Security	Principal (000s)		Value
Georgia-Pacific LLC
7.70%, 06/15/15	$	1,670	$	1,887,730
International Paper Co.
5.30%, 04/01/15		490		523,935
				2,529,735
GAS — 0.04%
Atmos Energy Corp.
4.95%, 10/15/14		180		189,977
Consolidated Natural Gas Co. Series A
5.00%, 12/01/14		3,860		4,106,830
				4,296,807
HEALTH CARE — PRODUCTS — 0.88%
Baxter International Inc.
4.63%, 03/15/15a		5,150		5,498,481
Boston Scientific Corp.
4.50%, 01/15/15		14,210		14,971,134
5.45%, 06/15/14a		10,000		10,457,999
CareFusion Corp.
5.13%, 08/01/14		9,175		9,612,017
Covidien International Finance SA
1.35%, 05/29/15		14,250		14,366,075
Hospira Inc.
5.90%, 06/15/14		1,730		1,815,409
Medtronic Inc.
1.38%, 04/01/18a		12,000		11,903,496
3.00%, 03/15/15a		14,205		14,814,052
Stryker Corp.
3.00%, 01/15/15a		1,500		1,557,855
Zimmer Holdings Inc.
1.40%, 11/30/14a		4,480		4,519,471
				89,515,989
HEALTH CARE — SERVICES — 0.67%
Aetna Inc.
1.50%, 11/15/17 (Call 10/15/17)		1,000		991,528
Coventry Health Care Inc.
6.30%, 08/15/14a		1,930		2,050,865
Quest Diagnostics Inc.
5.45%, 11/01/15		6,000		6,551,835
UnitedHealth Group Inc.
0.85%, 10/15/15		24,450		24,520,687
WellPoint Inc.
1.25%, 09/10/15a		9,200		9,266,753
5.00%, 12/15/14		11,660		12,424,795
5.25%, 01/15/16		11,000		12,151,058
				67,957,521
HOLDING COMPANIES — DIVERSIFIED — 0.16%
Encana Holdings Finance Corp.
5.80%, 05/01/14		10,525		11,003,915
Leucadia National Corp.
8.13%, 09/15/15		5,000		5,688,250
				16,692,165

20

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
HOME BUILDERS — 0.00%
MDC Holdings Inc.
5.38%, 12/15/14a	$	100	$	105,750
				105,750
HOME FURNISHINGS — 0.08%
Whirlpool Corp.
8.60%, 05/01/14		7,660		8,207,699
				8,207,699
HOUSEHOLD PRODUCTS & WARES — 0.13%
Clorox Co. (The)
5.00%, 01/15/15a		12,190		12,981,355
				12,981,355
HOUSEWARES — 0.06%
Newell Rubbermaid Inc.
2.00%, 06/15/15		6,000		6,093,121
				6,093,121
INSURANCE — 2.19%
ACE INA Holdings Inc.
2.60%, 11/23/15		17,500		18,268,282
5.60%, 05/15/15		500		546,404
5.88%, 06/15/14a		2,965		3,123,324
Aegon NV
4.63%, 12/01/15		665		719,100
Allstate Corp. (The)
5.00%, 08/15/14		13,224		13,904,189
American International Group Inc.
2.38%, 08/24/15		350		357,024
3.00%, 03/20/15		5,000		5,173,001
4.25%, 09/15/14		21,340		22,251,888
5.05%, 10/01/15		10,534		11,488,039
Axis Capital Holdings Ltd.
5.75%, 12/01/14		150		160,100
Berkshire Hathaway Finance Corp.
3.20%, 02/11/15a		24,000		25,059,923
4.85%, 01/15/15		16,485		17,620,688
5.10%, 07/15/14a		130		136,824
Berkshire Hathaway Inc.
0.80%, 02/11/16a		9,275		9,281,214
CNA Financial Corp.
5.85%, 12/15/14		5,000		5,340,964
Everest Reinsurance Holdings Inc.
5.40%, 10/15/14		80		84,089
Genworth Holdings Inc.
5.75%, 06/15/14a		6,700		7,026,626
Marsh & McLennan Companies Inc.
5.75%, 09/15/15		6,716		7,418,748
MetLife Inc.
1.76%, 12/15/17c		2,000		2,009,705
5.00%, 06/15/15		12,940		14,007,550
5.50%, 06/15/14		360		378,215
Prudential Financial Inc.
4.75%, 04/01/14		1,915		1,979,516
6.20%, 01/15/15		50		54,108

Security	Principal (000s)		Value
Series B
5.10%, 09/20/14	$	13,125	$	13,862,455
Series D
3.88%, 01/14/15		14,816		15,509,020
4.75%, 09/17/15		14,500		15,720,904
XL Group PLC
5.25%, 09/15/14		10,120		10,668,356
				222,150,256
INTERNET — 0.27%
Amazon.com Inc.
0.65%, 11/27/15		13,630		13,594,176
eBay Inc.
0.70%, 07/15/15a		5,410		5,424,035
1.63%, 10/15/15a		4,000		4,088,143
Google Inc.
2.13%, 05/19/16a		4,117		4,285,889
				27,392,243
LEISURE TIME — 0.10%
Carnival Corp.
1.20%, 02/05/16		10,000		9,972,478
				9,972,478
LODGING — 0.05%
Starwood Hotels & Resorts Worldwide Inc.
7.38%, 11/15/15		4,500		5,137,717
				5,137,717
MACHINERY — 0.20%
Caterpillar Inc.
0.95%, 06/26/15a		11,450		11,542,500
1.38%, 05/27/14a		8,840		8,927,015
				20,469,515
MANUFACTURING — 0.53%
Danaher Corp.
1.30%, 06/23/14		7,440		7,502,367
Eaton Corp.
0.95%, 11/02/15b		15,800		15,816,277
General Electric Co.
0.85%, 10/09/15		17,000		17,036,896
5.25%, 12/06/17		2,000		2,314,008
Ingersoll-Rand PLC
4.75%, 05/15/15		120		126,922
Pentair Finance SA
1.35%, 12/01/15		5,550		5,562,692
Tyco Electronics Group SA
1.60%, 02/03/15		5,225		5,276,245
				53,635,407
MEDIA — 2.49%
Comcast Corp.
5.30%, 01/15/14a		940		967,374
5.85%, 11/15/15a		1,000		1,119,768
5.90%, 03/15/16a		13,633		15,483,825

21

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
6.50%, 01/15/15	$	13,200	$	14,442,426
6.50%, 01/15/17		2,000		2,366,919
COX Communications Inc.
5.45%, 12/15/14		14,136		15,178,515
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
3.13%, 02/15/16a		9,400		9,860,980
3.50%, 03/01/16a		15,674		16,635,276
3.55%, 03/15/15		14,600		15,269,786
4.75%, 10/01/14a		14,200		14,950,692
Discovery Communications LLC
3.70%, 06/01/15a		11,490		12,124,668
NBCUniversal Media LLC
2.88%, 04/01/16a		13,703		14,436,712
3.65%, 04/30/15		12,200		12,886,140
News America Inc.
5.30%, 12/15/14		9,796		10,480,298
Thomson Reuters Corp.
0.88%, 05/23/16		3,700		3,678,395
5.70%, 10/01/14		11,150		11,873,633
Time Warner Cable Inc.
7.50%, 04/01/14		9,100		9,608,654
Time Warner Inc.
3.15%, 07/15/15		15,000		15,721,785
Viacom Inc.
1.25%, 02/27/15		14,400		14,497,474
2.50%, 12/15/16		2,000		2,076,766
4.25%, 09/15/15a		400		429,276
4.38%, 09/15/14a		7,450		7,795,016
6.25%, 04/30/16		5,000		5,700,014
Walt Disney Co. (The)
0.45%, 12/01/15		10,000		9,980,952
0.88%, 12/01/14		15,500		15,592,144
Series B
6.20%, 06/20/14a		140		148,511
				253,305,999
METAL FABRICATE & HARDWARE — 0.09%
Precision Castparts Corp.
0.70%, 12/20/15		8,890		8,888,470
				8,888,470
MINING — 1.25%
Barrick Gold Corp.
1.75%, 05/30/14		5,270		5,308,765
Barrick Gold Finance Co.
4.88%, 11/15/14		5,180		5,461,874
BHP Billiton Finance (USA) Ltd.
1.00%, 02/24/15		15,860		15,981,082
1.13%, 11/21/14		27,010		27,258,887
7.25%, 03/01/16		300		349,348
Freeport-McMoRan Copper & Gold Inc.
1.40%, 02/13/15a		12,040		12,115,640
Rio Tinto Finance (USA) Ltd.
1.88%, 11/02/15a		5,000		5,110,831
8.95%, 05/01/14		27,740		29,817,317
Rio Tinto Finance (USA) PLC
1.13%, 03/20/15		11,053		11,110,003
Vale Overseas Ltd.
6.25%, 01/11/16a		8,000		8,892,009

Security	Principal (000s)		Value
Xstrata Canada Corp.
5.38%, 06/01/15	$	5,000	$	5,380,752
				126,786,508
MULTI-NATIONAL — 9.52%
African Development Bank
0.88%, 03/15/18		10,000		9,882,034
3.00%, 05/27/14		10,000		10,268,623
Council of Europe Development Bank
1.50%, 01/15/15		15,000		15,257,101
European Bank for Reconstruction and Development
0.75%, 09/01/17		10,000		9,900,621
1.63%, 09/03/15		41,500		42,543,750
Series G
2.75%, 04/20/15		3,500		3,653,038
5.00%, 05/19/14a		10,000		10,452,777
European Investment Bank
0.50%, 08/15/16		12,700		12,609,055
0.63%, 04/15/16		32,200		32,169,864
0.88%, 12/15/14		29,000		29,252,836
1.00%, 07/15/15		15,000		15,167,296
1.00%, 03/15/18		10,000		9,870,927
1.13%, 08/15/14		52,500		53,003,911
1.13%, 04/15/15		55,000		55,731,434
1.38%, 10/20/15		25,000		25,510,445
1.50%, 05/15/14		78,100		79,018,230
1.63%, 09/01/15		27,000		27,678,019
2.25%, 03/15/16		25,000		26,104,612
2.50%, 05/16/16		20,000		21,068,004
2.75%, 03/23/15		22,250		23,184,411
2.88%, 01/15/15		28,500		29,648,573
3.00%, 04/08/14		48,000		49,072,800
3.13%, 06/04/14		53,500		55,002,194
International Bank for Reconstruction and Development
0.50%, 04/15/16		40,000		39,945,484
0.88%, 04/17/17		10,000		10,046,239
1.00%, 09/15/16		20,000		20,210,378
1.13%, 08/25/14		67,700		68,377,684
2.38%, 05/26/15		73,500		76,406,190
International Finance Corp.
0.50%, 05/15/15		2,000		2,002,900
0.50%, 05/16/16		7,200		7,181,300
2.13%, 11/17/17		10,000		10,471,733
2.75%, 04/20/15		29,000		30,273,602
Series G
3.00%, 04/22/14		11,650		11,920,956
Nordic Investment Bank
0.50%, 04/14/16		15,000		14,971,329
1.00%, 03/07/17		15,000		15,092,502
2.50%, 07/15/15		2,500		2,608,285
2.63%, 10/06/14		11,000		11,340,336
				966,899,473
OFFICE & BUSINESS EQUIPMENT — 0.39%
Pitney Bowes Inc.
4.75%, 01/15/16		4,000		4,247,401
4.88%, 08/15/14a		9,140		9,511,819
5.00%, 03/15/15		2,430		2,559,307
Xerox Corp.
4.25%, 02/15/15a		12,080		12,698,554
8.25%, 05/15/14a		9,930		10,617,159
				39,634,240

22

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
OIL & GAS — 3.70%
Anadarko Petroleum Corp.
5.75%, 06/15/14	$	3,000	$	3,148,281
7.63%, 03/15/14		2,270		2,392,973
Apache Finance Canada Corp.
4.38%, 05/15/15		3,200		3,424,320
BP Capital Markets PLC
0.70%, 11/06/15		4,000		3,990,770
1.70%, 12/05/14a		6,000		6,099,496
3.13%, 10/01/15		24,850		26,155,562
3.20%, 03/11/16		10,500		11,135,711
3.63%, 05/08/14		10,050		10,351,864
3.88%, 03/10/15		30,500		32,207,232
Canadian Natural Resources Ltd.
1.45%, 11/14/14		8,800		8,874,022
4.90%, 12/01/14		1,140		1,207,507
Cenovus Energy Inc.
4.50%, 09/15/14		13,000		13,605,639
ConocoPhillips
4.60%, 01/15/15		18,603		19,784,612
4.75%, 02/01/14		5,067		5,209,910
Diamond Offshore Drilling Inc.
4.88%, 07/01/15		5,000		5,419,357
5.15%, 09/01/14		110		116,000
Ensco PLC
3.25%, 03/15/16		16,058		16,974,043
EOG Resources Inc.
2.50%, 02/01/16		4,000		4,167,723
2.95%, 06/01/15		4,000		4,177,882
Husky Energy Inc.
5.90%, 06/15/14		11,330		11,913,601
Marathon Oil Corp.
0.90%, 11/01/15		8,900		8,894,302
Noble Corp.
5.88%, 06/01/13		4,000		4,000,000
Noble Holding International Ltd.
3.05%, 03/01/16a		14,860		15,354,020
Occidental Petroleum Corp.
2.50%, 02/01/16		13,000		13,562,633
PC Financial Partnership
5.00%, 11/15/14		170		180,015
Phillips 66
1.95%, 03/05/15		11,000		11,223,296
Shell International Finance BV
0.63%, 12/04/15a		12,000		12,023,580
3.10%, 06/28/15a		29,850		31,414,417
3.25%, 09/22/15a		4,000		4,244,892
Statoil ASA
2.90%, 10/15/14		13,000		13,408,671
Talisman Energy Inc.
5.13%, 05/15/15a		150		160,843
Total Capital International SA
0.75%, 01/25/16a		4,035		4,028,157
Total Capital SA
2.30%, 03/15/16a		12,185		12,641,818
3.00%, 06/24/15		15,960		16,718,880
3.13%, 10/02/15		17,000		17,942,895
Transocean Inc.
4.95%, 11/15/15		14,875		16,105,042

Security	Principal (000s)		Value
Valero Energy Corp.
4.50%, 02/01/15	$	3,055	$	3,238,758
				375,498,724
OIL & GAS SERVICES — 0.04%
Cameron International Corp.
1.60%, 04/30/15 (Call 01/30/15)		3,750		3,780,417
				3,780,417
PACKAGING & CONTAINERS — 0.01%
Bemis Co. Inc.
5.65%, 08/01/14a		1,040		1,095,852
				1,095,852
PHARMACEUTICALS — 3.56%
AbbVie Inc.
1.20%, 11/06/15b		45,500		45,743,274
AmerisourceBergen Corp.
5.88%, 09/15/15		1,000		1,107,455
AstraZeneca PLC
5.40%, 06/01/14		12,829		13,460,998
Cardinal Health Inc.
4.00%, 06/15/15		7,890		8,357,154
Eli Lilly and Co.
4.20%, 03/06/14		8,657		8,905,309
Express Scripts Holding Co.
2.10%, 02/12/15		14,050		14,331,640
2.75%, 11/21/14a		14,120		14,510,232
3.13%, 05/15/16		10,000		10,555,871
GlaxoSmithKline Capital Inc.
0.70%, 03/18/16		15,000		14,940,072
GlaxoSmithKline Capital PLC
0.75%, 05/08/15a		17,500		17,575,398
McKesson Corp.
0.95%, 12/04/15a		2,500		2,508,872
1.40%, 03/15/18		4,500		4,444,638
6.50%, 02/15/14		4,720		4,913,662
Mead Johnson Nutrition Co.
3.50%, 11/01/14		50		51,929
Merck & Co. Inc.
0.70%, 05/18/16		20,000		19,997,207
2.25%, 01/15/16a		12,000		12,458,598
4.00%, 06/30/15		18,180		19,453,403
4.75%, 03/01/15a		2,840		3,048,115
Novartis Capital Corp.
2.90%, 04/24/15		24,670		25,759,740
Pfizer Inc.
0.90%, 01/15/17		10,000		10,005,385
5.35%, 03/15/15		37,710		40,816,656
Sanofi
1.20%, 09/30/14a		13,250		13,383,997
2.63%, 03/29/16		19,975		20,937,807
Teva Pharmaceutical Finance II/III LLC
3.00%, 06/15/15		13,245		13,828,700
Watson Pharmaceuticals Inc.
5.00%, 08/15/14		6,042		6,322,824
Wyeth LLC
5.50%, 02/15/16		5,389		6,057,030

23

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Zoetis Inc.
1.15%, 02/01/16b	$	8,250	$	8,281,423
				361,757,389
PIPELINES — 1.37%
Buckeye Partners LP
5.30%, 10/15/14a		80		84,161
Colorado Interstate Gas Co. LLC
6.80%, 11/15/15		1,000		1,141,470
DCP Midstream Operating LP
3.25%, 10/01/15		1,395		1,439,157
El Paso Pipeline Partners Operating Co. LLC
4.10%, 11/15/15		3,500		3,744,264
Enbridge Inc.
4.90%, 03/01/15		1,630		1,740,984
5.80%, 06/15/14		12,260		12,891,996
Energy Transfer Partners LP
5.95%, 02/01/15a		4,120		4,441,405
Enterprise Products Operating LLC
1.25%, 08/13/15		6,848		6,899,056
3.20%, 02/01/16		12,000		12,649,046
3.70%, 06/01/15		4,000		4,216,856
Series G
5.60%, 10/15/14		10,000		10,676,939
Series I
5.00%, 03/01/15a		1,500		1,606,338
Kinder Morgan Energy Partners LP
5.13%, 11/15/14		10,415		11,072,293
5.63%, 02/15/15		3,365		3,634,844
Magellan Midstream Partners LP
6.45%, 06/01/14		100		105,506
ONEOK Partners LP
3.25%, 02/01/16 (Call 01/01/16)		4,400		4,619,005
Plains All American Pipeline LP
3.95%, 09/15/15		6,475		6,932,524
Spectra Energy Capital LLC
5.67%, 08/15/14		4,920		5,197,093
TransCanada PipeLines Ltd.
0.75%, 01/15/16		18,625		18,545,641
0.88%, 03/02/15a		12,070		12,105,280
4.88%, 01/15/15		110		117,217
Williams Partners LP
3.80%, 02/15/15		14,330		15,029,955
				138,891,030
REAL ESTATE — 0.00%
ProLogis LP
7.63%, 08/15/14		100		108,360
				108,360
REAL ESTATE INVESTMENT TRUSTS — 56%
American Tower Corp.
4.63%, 04/01/15		130		137,549
Arden Realty LP
5.25%, 03/01/15 (Call 12/01/14)		120		127,098
Boston Properties LP
5.63%, 04/15/15a		7,540		8,191,483
Digital Realty Trust LP
4.50%, 07/15/15 (Call 04/15/15)		2,000		2,116,981

Security	Principal (000s)		Value
Duke Realty LP
5.40%, 08/15/14	$	80	$	84,001
7.38%, 02/15/15		50		54,921
ERP Operating LP
5.25%, 09/15/14		4,170		4,409,819
6.58%, 04/13/15		5,000		5,509,402
Health Care REIT Inc.
4.70%, 09/15/17		2,000		2,216,644
5.88%, 05/15/15		110		119,447
Hospitality Properties Trust
5.13%, 02/15/15 (Call 08/15/14)		150		155,631
7.88%, 08/15/14 (Call 02/15/14)		5,100		5,338,064
Liberty Property LP
5.13%, 03/02/15		440		468,632
Simon Property Group LP
4.20%, 02/01/15 (Call 11/01/14)a		10,730		11,257,430
5.10%, 06/15/15		10,000		10,860,027
5.75%, 12/01/15 (Call 09/02/15)		2,000		2,215,548
Vornado Realty Trust
4.25%, 04/01/15 (Call 01/01/15)		3,600		3,768,408
				57,031,085
RETAIL — 2.04%
AutoZone Inc.
5.50%, 11/15/15a		1,000		1,106,129
5.75%, 01/15/15		9,275		10,004,488
Costco Wholesale Corp.
0.65%, 12/07/15		13,000		13,030,239
CVS Caremark Corp.
3.25%, 05/18/15		1,800		1,879,754
4.88%, 09/15/14		7,220		7,614,979
5.75%, 06/01/17		2,000		2,328,960
Home Depot Inc. (The)
5.40%, 03/01/16a		38,237		42,894,523
Lowe’s Companies Inc.
1.63%, 04/15/17 (Call 03/15/17)		3,000		3,032,793
5.00%, 10/15/15		1,000		1,100,810
Macy’s Retail Holdings Inc.
5.75%, 07/15/14		7,000		7,384,090
7.88%, 07/15/15		5,000		5,696,405
McDonald’s Corp.
0.75%, 05/29/15		4,950		4,968,942
5.80%, 10/15/17		1,000		1,182,777
Nordstrom Inc.
6.75%, 06/01/14		7,320		7,760,029
Target Corp.
1.13%, 07/18/14		6,180		6,230,006
Wal-Mart Stores Inc.
0.60%, 04/11/16a		10,000		9,984,494
1.50%, 10/25/15a		8,000		8,169,982
2.25%, 07/08/15a		8,150		8,455,478
2.80%, 04/15/16a		17,000		17,995,954
2.88%, 04/01/15a		7,000		7,299,481
3.20%, 05/15/14		15,500		15,929,055
4.50%, 07/01/15		10,390		11,237,392
Walgreen Co.
1.00%, 03/13/15		11,850		11,896,726
				207,183,486

24

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
SAVINGS & LOANS — 0.06%
Santander Holdings USA Inc.
3.00%, 09/24/15 (Call 08/24/15)	$	6,000	$	6,142,532
				6,142,532
SEMICONDUCTORS — 0.21%
Analog Devices Inc.
5.00%, 07/01/14		3,000		3,138,734
Texas Instruments Inc.
0.45%, 08/03/15		10,000		9,976,967
1.00%, 05/01/18		8,650		8,466,647
				21,582,348
SOFTWARE — 1.03%
Adobe Systems Inc.
3.25%, 02/01/15		3,220		3,347,228
CA Inc.
6.13%, 12/01/14a		270		289,891
Microsoft Corp.
1.63%, 09/25/15a		18,140		18,598,064
2.50%, 02/08/16a		8,056		8,396,226
2.95%, 06/01/14		28,920		29,673,835
Oracle Corp.
3.75%, 07/08/14		22,722		23,556,925
5.25%, 01/15/16		18,500		20,614,063
				104,476,232
TELECOMMUNICATIONS — 4.81%
Alltel Corp.
7.00%, 03/15/16		2,000		2,316,887
America Movil SAB de CV
3.63%, 03/30/15		21,000		21,877,475
5.75%, 01/15/15		170		182,225
AT&T Inc.
0.80%, 12/01/15a		9,000		8,982,946
0.88%, 02/13/15a		8,240		8,256,405
0.90%, 02/12/16		17,000		16,961,696
2.50%, 08/15/15		32,739		33,911,681
5.10%, 09/15/14		41,480		43,841,169
British Telecommunications PLC
2.00%, 06/22/15		8,750		8,953,640
CenturyLink Inc. Series M
5.00%, 02/15/15		660		689,700
Cisco Systems Inc.
5.50%, 02/22/16		38,200		43,002,090
Deutsche Telekom International Finance BV
4.88%, 07/08/14		9,853		10,292,116
5.75%, 03/23/16		16,000		17,980,183
France Telecom SA
2.13%, 09/16/15		5,097		5,204,758
4.38%, 07/08/14		20,100		20,851,733
Qwest Corp.
7.50%, 10/01/14		12,000		12,970,477
Rogers Communications Inc.
6.75%, 03/15/15		2,000		2,201,207
7.50%, 03/15/15		5,300		5,898,414
Telecom Italia Capital SA

Security	Principal (000s)		Value
4.95%, 09/30/14	$	19,090	$	19,968,140
5.25%, 10/01/15a		13,045		13,974,070
6.18%, 06/18/14		13,140		13,803,570
Telefonica Emisiones SAU
3.73%, 04/27/15		5,525		5,715,821
3.99%, 02/16/16		15,000		15,680,516
4.95%, 01/15/15a		19,377		20,324,022
Telefonos de Mexico SAB de CV
5.50%, 01/27/15		230		245,937
Verizon Communications Inc.
0.70%, 11/02/15a		9,500		9,466,663
1.25%, 11/03/14a		14,500		14,652,507
3.00%, 04/01/16		18,000		18,948,859
5.55%, 02/15/16		13,068		14,623,141
Vodafone Group PLC
0.90%, 02/19/16		25,000		24,889,919
3.38%, 11/24/15		450		478,326
4.15%, 06/10/14		21,410		22,172,736
5.00%, 09/15/15a		9,128		9,972,360
5.38%, 01/30/15a		2,280		2,450,983
5.75%, 03/15/16a		15,000		16,886,062
				488,628,434
TEXTILES — 0.01%
Mohawk Industries Inc.
6.38%, 01/15/16		1,000		1,116,000
				1,116,000
TRANSPORTATION — 0.29%
Burlington Northern Santa Fe Corp.
4.88%, 01/15/15		90		95,964
5.75%, 03/15/18		5,930		7,000,491
CSX Corp.
6.25%, 04/01/15		10,200		11,198,377
Norfolk Southern Corp.
5.26%, 09/17/14		2,500		2,647,969
5.75%, 01/15/16		5,000		5,612,446
Ryder System Inc.
3.15%, 03/02/15		160		164,389
Union Pacific Corp.
4.88%, 01/15/15		2,390		2,548,373
				29,268,009
TRUCKING & LEASING — 0.01%
GATX Corp.
8.75%, 05/15/14		1,000		1,072,942
				1,072,942
TOTAL CORPORATE BONDS & NOTES (Cost: $8,772,275,514)				8,837,015,544
FOREIGN AGENCY OBLIGATIONSe — 8.26%
BRAZIL — 0.37%
Petrobras International Finance Co.
2.88%, 02/06/15a		12,900		13,137,660
3.88%, 01/27/16a		17,400		18,168,150
7.75%, 09/15/14		6,000		6,433,980
				37,739,790

25

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CANADA — 3.59%
British Columbia (Province of)
2.85%, 06/15/15a	$	19,500	$	20,446,152
Export Development Canada
0.50%, 09/15/15a		25,000		25,026,620
1.25%, 10/27/15a		10,000		10,189,617
1.50%, 05/15/14		20,000		20,237,066
2.25%, 05/28/15		2,500		2,592,352
Manitoba (Province of)
1.38%, 04/28/14		5,540		5,593,184
2.63%, 07/15/15		10,250		10,707,607
Nova Scotia (Province of)
2.38%, 07/21/15a		8,000		8,306,742
Ontario (Province of)
0.95%, 05/26/15		37,750		38,100,577
1.10%, 10/25/17		10,000		9,940,613
1.20%, 02/14/18		10,000		9,928,530
1.88%, 09/15/15		18,000		18,521,896
2.30%, 05/10/16		25,000		26,118,677
2.70%, 06/16/15		33,000		34,454,970
2.95%, 02/05/15		36,000		37,488,010
4.10%, 06/16/14a		45,830		47,623,662
4.50%, 02/03/15		420		448,122
Quebec (Province of)
4.60%, 05/26/15a		10,890		11,772,630
4.88%, 05/05/14a		9,390		9,784,343
5.13%, 11/14/16a		15,000		17,162,029
				364,443,399
GERMANY — 0.14%
FMS Wertmanagement AoeR
0.63%, 04/18/16a		14,430		14,419,782
				14,419,782
JAPAN — 0.27%
Japan Finance Corp.
1.88%, 09/24/15a		5,000		5,148,394
2.50%, 05/18/16		10,000		10,519,483
2.88%, 02/02/15		10,660		11,081,811
Japan Finance Organization for Municipalities
4.63%, 04/21/15a		500		537,963
				27,287,651
MEXICO — 0.22%
Petroleos Mexicanos
4.88%, 03/15/15		21,310		22,375,498
				22,375,498
NETHERLANDS — 0.13%
Petrobras Global Finance BV
2.00%, 05/20/16		12,727		12,688,778
				12,688,778

Security	Principal (000s)		Value
SOUTH KOREA — 0.59%
Export-Import Bank of Korea (The)
1.25%, 11/20/15	$	7,417	$	7,365,639
3.75%, 10/20/16		2,600		2,781,119
4.13%, 09/09/15		24,334		25,734,622
5.13%, 03/16/15		180		192,128
5.88%, 01/14/15		9,490		10,158,478
Korea Development Bank (The)
1.00%, 01/22/16		7,960		7,841,629
1.50%, 01/22/18		2,000		1,932,657
4.38%, 08/10/15		4,000		4,244,565
				60,250,837
SUPRANATIONAL — 2.95%
Asian Development Bank
0.50%, 06/20/16		21,000		20,950,434
0.88%, 06/10/14		55,150		55,496,982
1.13%, 03/15/17		10,000		10,125,128
2.63%, 02/09/15		44,000		45,673,228
2.75%, 05/21/14		25,000		25,600,152
Inter-American Development Bank
0.50%, 08/17/15		23,500		23,542,735
2.25%, 07/15/15		25,500		26,465,030
3.00%, 04/22/14		35,100		35,953,772
4.25%, 09/14/15a		10,000		10,857,086
Svensk Exportkredit AB
0.63%, 05/31/16		17,666		17,571,310
1.13%, 04/05/18		3,000		2,963,560
3.25%, 09/16/14		23,500		24,374,658
				299,574,075
TOTAL FOREIGN AGENCY OBLIGATIONS (Cost: $836,812,008)				838,779,810
FOREIGN GOVERNMENT OBLIGATIONSe — 2.89%
BRAZIL — 0.23%
Brazil (Federative Republic of)
7.88%, 03/07/15a		8,000		8,960,000
10.50%, 07/14/14		13,000		14,397,499
				23,357,499
CANADA — 0.34%
Canada (Government of)
2.38%, 09/10/14		33,930		34,840,019
				34,840,019
COLOMBIA — 0.16%
Colombia (Republic of)
8.25%, 12/22/14a		15,000		16,575,000
				16,575,000

26

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
ISRAEL — 0.03%
Israel (State of)
5.13%, 03/01/14a	$	3,150	$	3,252,060
				3,252,060
ITALY — 0.88%
Italy (Republic of)
3.13%, 01/26/15a		35,670		36,627,080
4.50%, 01/21/15		30,195		31,665,738
4.75%, 01/25/16		13,000		13,857,362
5.25%, 09/20/16		4,750		5,174,825
5.38%, 06/12/17a		2,000		2,202,065
				89,527,070
MEXICO — 0.08%
United Mexican States
6.63%, 03/03/15a		7,440		8,109,600
				8,109,600
PANAMA — 0.17%
Panama (Republic of)
7.25%, 03/15/15a		15,000		16,612,499
				16,612,499
PHILIPPINES — 0.10%
Philippines (Republic of the)
9.38%, 01/18/17		8,000		10,080,000
				10,080,000
POLAND — 0.20%
Poland (Republic of)
3.88%, 07/16/15		19,500		20,543,248
				20,543,248
SOUTH AFRICA — 0.11%
South Africa (Republic of)
6.50%, 06/02/14		10,330		10,843,401
				10,843,401
SOUTH KOREA — 0.29%
Korea (Republic of)
4.88%, 09/22/14		25,310		26,561,991
5.75%, 04/16/14a		3,000		3,119,037
				29,681,028
TURKEY — 0.30%
Turkey (Republic of)
6.75%, 04/03/18		5,000		5,975,000
7.25%, 03/15/15		17,000		18,615,000

Security	Principal or Shares (000s)		Value
7.50%, 07/14/17	$	5,000	$	6,025,001
				30,615,001
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $290,892,081)				294,036,425
MUNICIPAL DEBT OBLIGATIONS — 0.42%
CALIFORNIA — 0.23%
State of California GO
5.10%, 08/01/14		1,555		1,589,195
5.25%, 04/01/14		2,180		2,262,273
5.45%, 04/01/15		10,900		11,825,301
5.95%, 04/01/16		7,105		8,000,585
				23,677,354
FLORIDA — 0.03%
Florida Hurricane Catastrophe Fund Finance Corp. RB Miscellaneous Revenue Series A
1.30%, 07/01/16		2,875		2,876,552
				2,876,552
ILLINOIS — 0.16%
State of Illinois GO
4.07%, 01/01/14		2,500		2,544,850
4.42%, 01/01/15		13,000		13,641,810
				16,186,660
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost: $42,445,716)				42,740,566
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 0.15%
U.S. GOVERNMENT OBLIGATIONS — 0.15%
U.S. Treasury Notes
2.00%, 04/30/16a		15,000		15,646,798
				15,646,798
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost: $15,703,610)				15,646,798
SHORT-TERM INVESTMENTS — 4.29%
MONEY MARKET FUNDS — 4.29%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%d,f,g		269,162		269,161,645
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%d,f,g		28,103		28,102,576

27

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

May 31, 2013

Security	Shares (000s)		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,f		138,315	$	138,314,862
				435,579,083
TOTAL SHORT-TERM INVESTMENTS (Cost: $435,579,083)				435,579,083
TOTAL INVESTMENTS IN SECURITIES — 103.01% (Cost: $10,393,708,012)				10,463,798,226
Other Assets, Less Liabilities — (3.01)%				(305,951,817	)
NET ASSETS — 100.00%			$	10,157,846,409

GO  —   General Obligation

RB  —  Revenue Bond

^a  All or a portion of this security represents a security on loan. See Note 3.

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

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

^d  Affiliated issuer. See Note 2.

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

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

^g  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

28

Schedule of Investments(Unaudited)

iSHARES^® 1-3 YEAR TREASURY BOND ETF

May 31, 2013

Security	Principal (000s)		Value
U.S. GOVERNMENT OBLIGATIONS — 99.58%
U.S. Treasury Bonds
9.88%, 11/15/15	$	274,390	$	337,642,388
U.S. Treasury Notes
0.13%, 04/30/15		410,834		409,494,698
0.25%, 08/31/14		6,661		6,665,928
0.25%, 09/15/14		184,822		184,944,001
0.25%, 10/31/14		66,235		66,271,429
0.25%, 12/15/14		45,388		45,399,348
0.25%, 08/15/15		6,258		6,244,796
0.25%, 09/15/15		198,214		197,702,602
0.25%, 12/15/15		39,754		39,589,418
0.25%, 04/15/16		2,849		2,829,825
0.25%, 05/15/16		462,731		459,279,018
0.38%, 06/15/15		11,912		11,924,865
0.38%, 01/15/16		164,731		164,488,841
0.38%, 02/15/16		2,498		2,492,979
0.38%, 03/15/16		16,096		16,054,311
0.63%, 07/15/14		58,333		58,620,001
0.75%, 06/15/14		149,401		150,294,418
1.00%, 05/15/14		232		233,840
1.25%, 02/15/14		194,201		195,717,706
1.25%, 03/15/14		367		370,167
1.25%, 04/15/14		550		555,197
1.25%, 10/31/15		289,153		295,115,323
1.75%, 03/31/14		349		353,607
1.75%, 07/31/15		239,244		246,495,500
1.75%, 05/31/16		178,000		184,452,500
1.88%, 04/30/14		203		206,165
2.00%, 01/31/16		228,498		237,895,894
2.00%, 04/30/16		2,772		2,891,528
2.13%, 11/30/14		309,498		318,198,004
2.13%, 05/31/15		154,599		160,147,553
2.13%, 12/31/15		7,760		8,100,044
2.25%, 05/31/14		304,534		310,813,479
2.25%, 01/31/15		246,452		254,572,571
2.25%, 03/31/16		5,680		5,962,183
2.38%, 08/31/14		195,788		201,087,983
2.38%, 09/30/14		5,179		5,327,689
2.38%, 10/31/14		277,113		285,470,806
2.38%, 02/28/15		663,326		687,451,173
2.50%, 03/31/15		178,712		185,892,645
2.63%, 06/30/14		9,411		9,658,689
2.63%, 07/31/14		163,225		167,841,008
2.63%, 12/31/14		181,568		188,376,800
2.63%, 02/29/16		26,031		27,566,569
4.00%, 02/15/15		72,055		76,601,669
4.13%, 05/15/15		148,827		159,835,750
4.25%, 11/15/14		420,297		444,665,807
4.25%, 08/15/15		189,574		205,778,780
4.50%, 11/15/15		183,810		202,137,697
4.50%, 02/15/16		25,168		27,903,762
4.75%, 05/15/14		16,290		16,998,290
11.25%, 02/15/15		198,271		235,083,979
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $7,504,239,407)				7,509,699,223

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.65%
MONEY MARKET FUNDS — 0.65%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%a,b		48,521	$	48,520,693
				48,520,693
TOTAL SHORT-TERM INVESTMENTS (Cost: $48,520,693)				48,520,693
TOTAL INVESTMENTS IN SECURITIES — 100.23% (Cost: $7,552,760,100)				7,558,219,916
Other Assets, Less Liabilities — (0.23)%				(16,973,221	)
NET ASSETS — 100.00%			$	7,541,246,695

^a  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

29

Schedule of Investments  (Unaudited) 

iSHARES^® 3-7 YEAR TREASURY BOND ETF

May 31, 2013

Security	Principal (000s)		Value
U.S. GOVERNMENT OBLIGATIONS — 99.63%
U.S. Treasury Notes
0.50%, 07/31/17a	$	7,718	$	7,607,941
0.63%, 08/31/17a		44,838		44,377,514
0.63%, 11/30/17		35,972		35,482,780
0.63%, 04/30/18a		52,570		51,548,564
0.75%, 10/31/17a		255,794		253,957,493
0.75%, 12/31/17a		176,659		174,984,276
0.75%, 03/31/18		74,280		73,340,359
0.88%, 05/31/18		24,000		23,943,840
1.00%, 08/31/16		34,658		35,109,653
1.00%, 09/30/16		20,545		20,806,539
1.00%, 06/30/19a		17,123		16,799,376
1.00%, 08/31/19a		214,735		209,937,818
1.13%, 12/31/19a		139,394		136,558,730
1.13%, 03/31/20a		11,870		11,572,419
1.13%, 04/30/20a		45,109		43,903,238
1.25%, 04/30/19a		74,246		74,134,630
1.25%, 10/31/19a		59,450		58,914,751
1.25%, 02/29/20a		87,374		86,015,334
1.38%, 09/30/18a		102,555		103,865,847
1.38%, 11/30/18a		102,773		103,906,583
1.38%, 02/28/19		5,939		5,985,859
1.38%, 01/31/20		7,424		7,378,936
1.38%, 05/31/20		91,000		89,944,396
1.50%, 06/30/16		51,076		52,560,169
1.50%, 07/31/16a		74,242		76,404,665
1.50%, 08/31/18a		86,695		88,453,175
1.50%, 03/31/19a		164,946		167,230,595
1.75%, 07/31/15		2,920		3,008,608
1.75%, 05/31/16		6,186		6,409,724
1.75%, 10/31/18		69,932		72,173,322
1.88%, 08/31/17a		14,290		14,900,183
1.88%, 10/31/17a		43,931		45,782,255
2.13%, 02/29/16		1,681		1,757,644
2.25%, 11/30/17a		7,259		7,685,300
2.25%, 07/31/18a		23,267		24,635,798
2.38%, 07/31/17a		118,819		126,346,182
2.38%, 05/31/18a		59,087		62,929,804
2.38%, 06/30/18a		16,770		17,862,734
2.50%, 06/30/17a		22,737		24,294,257
2.63%, 04/30/16		1,024		1,086,734
2.75%, 11/30/16		150,995		161,884,756
2.75%, 12/31/17a		26,948		29,139,953
2.75%, 02/28/18		26,951		29,179,469
2.88%, 03/31/18		64,977		70,746,415
3.00%, 02/28/17a		28,460		30,854,056
3.13%, 10/31/16		155,718		168,841,915
3.13%, 04/30/17a		198,194		216,322,811
3.25%, 06/30/16a		50,566		54,746,290
3.25%, 07/31/16a		84,795		91,970,351
3.25%, 12/31/16a		45,255		49,375,469
3.25%, 03/31/17		22,996		25,179,473
3.50%, 02/15/18a		69,447		77,580,637
4.25%, 08/15/15		1,305		1,416,660
4.50%, 05/15/17a		63,769		73,025,707
4.63%, 11/15/16a		33,760		38,345,284
4.63%, 02/15/17a		70,616		80,679,481

Security	Principal or Shares (000s)		Value
4.75%, 08/15/17a	$	757	$	879,763
5.13%, 05/15/16a		49,512		56,195,126
7.25%, 05/15/16a		81,209		97,190,931
7.50%, 11/15/16		17,030		21,009,912
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $3,880,563,058)				3,838,162,484
SHORT-TERM INVESTMENTS — 39.03%
MONEY MARKET FUNDS — 39.03%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%b,c,d		1,361,259		1,361,258,880
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c,d		142,126		142,126,047
				1,503,384,927
TOTAL SHORT-TERM INVESTMENTS (Cost: $1,503,384,927)				1,503,384,927
TOTAL INVESTMENTS IN SECURITIES — 138.66% (Cost: $5,383,947,985)				5,341,547,411
Other Assets, Less Liabilities — (38.66)%				(1,489,326,688	)
NET ASSETS — 100.00%			$	3,852,220,723

^a  All or a portion of this security represents a security on loan. See Note 3.

^b  Affiliated issuer. See Note 2.

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

^d  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

30

Schedule of Investments  (Unaudited) 

iSHARES^® 7-10 YEAR TREASURY BOND ETF

May 31, 2013

Security	Principal or Shares/ (000s)		Value
U.S. GOVERNMENT OBLIGATIONS — 99.07%
U.S. Treasury Notes
1.63%, 08/15/22a	$	680,836	$	656,652,306
1.63%, 11/15/22a		595,287		571,386,425
1.75%, 05/15/22a		142,819		139,942,625
2.00%, 11/15/21		312,162		314,899,355
2.00%, 02/15/22a		192,487		193,428,258
2.00%, 02/15/23a		429,520		424,949,894
2.13%, 08/15/21		592,714		605,937,569
2.63%, 08/15/20a		445,085		476,704,218
2.63%, 11/15/20a		73,019		78,001,518
3.13%, 05/15/19		2		2,214
3.13%, 05/15/21		346,814		381,949,300
3.50%, 05/15/20a		1,176		1,332,000
3.63%, 08/15/19a		3,440		3,912,225
3.63%, 02/15/20a		143,805		164,043,759
3.63%, 02/15/21a		325,699		371,179,029
7.88%, 02/15/21		1,846		2,680,276
8.00%, 11/15/21		21,684		32,242,715
8.13%, 05/15/21		2,023		2,993,023
8.13%, 08/15/21a		15,320		22,815,479
8.75%, 05/15/20a		1,426		2,112,870
8.75%, 08/15/20a		1,315		1,963,847
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $4,513,220,932)				4,449,128,905
SHORT-TERM INVESTMENTS — 26.01%
MONEY MARKET FUNDS — 26.01%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%b,c,d		1,031,673		1,031,673,435
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c,d		107,715		107,714,755
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		28,830		28,829,552
				1,168,217,742
TOTAL SHORT-TERM INVESTMENTS (Cost: $1,168,217,742)				1,168,217,742
TOTAL INVESTMENTS IN SECURITIES — 125.08% (Cost: $5,681,438,674)				5,617,346,647
Other Assets, Less Liabilities — (25.08)%				(1,126,233,700	)
NET ASSETS — 100.00%			$	4,491,112,947

^a  All or a portion of this security represents a security on loan. See Note 3.

^b  Affiliated issuer. See Note 2.

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

^d  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

31

Schedule of Investments  (Unaudited)

iSHARES^® 10-20 YEAR TREASURY BOND ETF

May 31, 2013

Security	Principal or Sharesl (000s)		Value
U.S. GOVERNMENT OBLIGATIONS — 98.88%
U.S. Treasury Bonds
5.25%, 11/15/28a	$	17,460	$	22,937,640
5.25%, 02/15/29a		15,271		20,085,552
5.38%, 02/15/31		27,691		37,332,609
5.50%, 08/15/28a		14,011		18,843,697
6.00%, 02/15/26		17,250		23,885,385
6.13%, 11/15/27		37,652		53,337,116
6.13%, 08/15/29a		10,735		15,431,777
6.25%, 08/15/23		28,740		39,667,822
6.25%, 05/15/30a		28,881		42,276,881
6.38%, 08/15/27a		8,403		12,148,231
6.50%, 11/15/26		11,208		16,258,866
6.63%, 02/15/27a		9,826		14,434,100
6.75%, 08/15/26		7,800		11,518,165
6.88%, 08/15/25a		11,916		17,581,371
7.50%, 11/15/24a		15,838		24,184,953
7.63%, 02/15/25a		9,183		14,194,288
U.S. Treasury Notes
2.00%, 02/15/23		2,800		2,770,208
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $407,314,958)				386,888,661
SHORT-TERM INVESTMENTS — 32.88%
MONEY MARKET FUNDS — 32.88%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%b,c,d		112,845		112,844,870
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c,d		11,782		11,781,885
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		4,032		4,032,048
				128,658,803
TOTAL SHORT-TERM INVESTMENTS (Cost: $128,658,803)				128,658,803
TOTAL INVESTMENTS IN SECURITIES — 131.76% (Cost: $535,973,761)				515,547,464
Other Assets, Less Liabilities — (31.76)%				(124,259,760	)
NET ASSETS — 100.00%			$	391,287,704

^a  All or a portion of this security represents a security on loan. See Note 3.

^b  Affiliated issuer. See Note 2.

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

^d  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

32

Schedule of Investments  (Unaudited) 

iSHARES^® 20+ YEAR TREASURY BOND ETF

May 31, 2013

Security	Principal or Sharesl (000s)		Value
U.S. GOVERNMENT OBLIGATIONS — 99.26%
U.S. Treasury Bonds
2.75%, 08/15/42	$	274,488	$	246,116,923
2.75%, 11/15/42		50,132		44,895,713
3.00%, 05/15/42		237,134		224,480,059
3.13%, 11/15/41a		185,458		180,408,270
3.13%, 02/15/42		136,669		132,830,262
3.13%, 02/15/43		297,079		287,715,360
3.50%, 02/15/39		131,398		138,439,631
3.75%, 08/15/41a		232,660		254,653,666
3.88%, 08/15/40a		231,162		258,901,776
4.25%, 05/15/39		59,183		70,510,974
4.25%, 11/15/40a		228,198		271,751,765
4.38%, 02/15/38a		2,143		2,598,488
4.38%, 11/15/39a		205,929		250,074,251
4.38%, 05/15/40a		219,260		266,366,324
4.38%, 05/15/41a		162,669		197,669,225
4.50%, 02/15/36a		53,149		65,593,307
4.50%, 05/15/38a		3,598		4,445,592
4.50%, 08/15/39a		153,212		189,713,346
4.63%, 02/15/40a		136,429		172,156,653
4.75%, 02/15/41a		2,302		2,960,926
5.00%, 05/15/37a		28,960		38,265,716
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $3,604,365,364)				3,300,548,227
SHORT-TERM INVESTMENTS — 35.90%
MONEY MARKET FUNDS — 35.90%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%b,c,d		1,056,257		1,056,257,371
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c,d		110,282		110,281,510
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		27,188		27,187,943
				1,193,726,824
TOTAL SHORT-TERM INVESTMENTS (Cost: $1,193,726,824)				1,193,726,824
TOTAL INVESTMENTS IN SECURITIES — 135.16% (Cost: $4,798,092,188)				4,494,275,051
Other Assets, Less Liabilities — (35.16)%				(1,169,097,772	)
NET ASSETS — 100.00%			$	3,325,177,279

^a  All or a portion of this security represents a security on loan. See Note 3.

^b  Affiliated issuer. See Note 2.

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

^d  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

33

Schedule of Investments  (Unaudited)

iSHARES^® AGENCY BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 3.41%
DIVERSIFIED FINANCIAL SERVICES — 3.41%
NCUA Guaranteed Notes Trust (U.S. Government Guaranteed)
Series A2
1.40%, 06/12/15	$	980	$	999,433
Series A5
3.45%, 06/12/21		999		1,090,954
Private Export Funding Corp. (U.S. Government Guaranteed)
2.80%, 05/15/22		1,000		1,044,680
4.38%, 03/15/19		7,702		8,859,593
4.95%, 11/15/15		1,996		2,208,517
				14,203,177
TOTAL CORPORATE BONDS & NOTES (Cost: $14,276,538)				14,203,177
FOREIGN GOVERNMENT OBLIGATIONSa — 1.77%
ISRAEL — 1.77%
Israel (State of)
0.00%, 09/15/20		1,104		952,775
0.00%, 03/15/22		3,000		2,412,279
5.50%, 09/18/23		2,078		2,625,258
5.50%, 12/04/23		487		617,802
5.50%, 04/26/24		600		760,563
				7,368,677
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $7,086,101)				7,368,677
U.S. GOVERNMENT AGENCY OBLIGATIONS — 94.32%
Federal Farm Credit Banks Funding Corp.
0.50%, 12/04/15 (Call 06/07/13)		15,000		15,000,345
4.88%, 01/27/20		250		300,986
5.13%, 07/09/29		267		331,226
5.15%, 11/15/19		3,889		4,702,187
5.41%, 04/17/36		250		317,015
Federal Home Loan Bank of Chicago
5.63%, 06/13/16		350		400,388
Federal Home Loan Banks
0.50%, 11/20/15b		6,000		6,010,252
1.00%, 06/09/17b		3,000		2,999,900
2.50%, 06/13/14		3,000		3,071,361
2.75%, 12/12/14		1,830		1,897,051
2.75%, 06/08/18		100		106,750
3.13%, 03/11/16		4,860		5,191,728
3.13%, 12/08/17		385		415,143
3.63%, 10/18/13b		4,050		4,102,893
4.00%, 09/06/13		765		772,684
4.50%, 09/13/19		1,500		1,742,408
4.88%, 12/13/13		1,040		1,065,992
5.25%, 12/11/20		1,500		1,830,499
5.38%, 08/15/18b		1,385		1,661,819
5.38%, 05/15/19		485		591,864

Security	Principal (000s)		Value
5.50%, 08/13/14	$	2,500	$	2,658,221
5.50%, 07/15/36		2,630		3,419,610
5.75%, 06/12/26		1,000		1,270,999
Federal Home Loan Mortgage Corp.
0.00%, 11/29/19		3,723		3,207,905
0.42%, 06/19/15 (Call 12/19/13)		1,300		1,298,503
0.50%, 04/17/15b		73,222		73,465,046
0.50%, 09/25/15 (Call 09/25/13)		5,000		5,002,550
0.50%, 11/27/15 (Call 11/27/13)		7,000		7,001,680
0.63%, 12/29/14		2,500		2,513,593
0.88%, 03/07/18		2,909		2,873,083
1.00%, 08/20/14		16,580		16,742,247
1.25%, 05/12/17		114		115,684
1.25%, 08/01/19		810		795,783
1.25%, 10/02/19		7,415		7,264,451
1.75%, 09/10/15		8,210		8,460,660
2.00%, 08/25/16		1,600		1,669,573
2.50%, 04/23/14b		1,041		1,062,721
2.50%, 05/27/16b		985		1,040,584
3.00%, 07/28/14b		1,500		1,548,473
3.75%, 03/27/19b		300		339,013
4.38%, 07/17/15		7,278		7,891,391
4.75%, 11/17/15		889		981,882
4.88%, 06/13/18b		1,164		1,372,178
5.00%, 07/15/14		4,000		4,214,639
5.13%, 10/18/16		3,500		4,017,127
6.75%, 09/15/29b		371		534,710
6.75%, 03/15/31		6,211		9,069,773
Federal National Mortgage Association
0.00%, 06/01/17		28,447		27,352,883
0.00%, 02/01/19		2,000		1,773,352
0.00%, 05/15/30		161		85,239
0.38%, 07/05/16		19,000		18,863,920
0.65%, 03/28/16 (Call 08/28/13)		7,000		6,995,709
0.75%, 12/19/14b		2,000		2,014,119
0.88%, 08/28/14		2,500		2,520,900
0.88%, 08/28/17b		15,925		15,846,525
0.88%, 12/20/17b		10,064		9,976,894
1.13%, 06/27/14b		889		897,927
1.13%, 04/27/17		250		252,546
1.25%, 02/27/14		167		168,457
1.38%, 11/15/16b		2,500		2,556,436
1.55%, 10/15/19 (Call 10/15/13)		3,000		2,964,102
1.63%, 10/26/15		1,506		1,549,198
2.25%, 03/15/16b		19,685		20,582,929
2.38%, 04/11/16b		1,942		2,041,539
2.63%, 11/20/14b		2,188		2,263,770
3.00%, 09/16/14		17		17,607
4.38%, 10/15/15		5,337		5,831,035
5.00%, 02/13/17b		517		595,520
5.00%, 05/11/17		662		767,545
5.38%, 07/15/16		1,857		2,129,417
5.38%, 06/12/17b		1,256		1,478,360
5.63%, 07/15/37		91		122,025
6.00%, 04/18/36 (Call 04/18/16)		1,167		1,322,704
6.21%, 08/06/38		647		903,956
6.63%, 11/15/30		477		688,125
7.13%, 01/15/30		1,325		1,976,907
7.25%, 05/15/30b		3		4,553
8.28%, 01/10/25		350		545,608
Financing Corp. (The)
0.00%, 10/06/17		2,786		2,637,729
0.00%, 11/02/18		1,000		928,016

34

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® AGENCY BOND ETF

May 31, 2013

Security	Principal or Shares (000s)		Value
0.00%, 06/06/19	$	1,000	$	901,900
9.40%, 02/08/18		465		637,445
9.80%, 04/06/18		1,495		2,086,363
10.35%, 08/03/18		7,290		10,536,015
10.70%, 10/06/17		780		1,095,152
Tennessee Valley Authority
1.88%, 08/15/22		1,000		954,699
4.38%, 06/15/15		1,865		2,014,864
4.50%, 04/01/18b		1,216		1,399,752
4.63%, 09/15/60		511		540,078
5.25%, 09/15/39		1,750		2,119,699
5.50%, 07/18/17b		1,000		1,178,819
5.88%, 04/01/36b		3,150		4,103,619
6.75%, 11/01/25		487		675,633
7.13%, 05/01/30		2,400		3,471,075
				392,715,235
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost: $388,866,370)				392,715,235
SHORT-TERM INVESTMENTS — 15.62%
MONEY MARKET FUNDS — 15.62%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%c,d,e		57,895		57,895,489
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		6,045		6,044,741
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,116		1,116,355
				65,056,585
TOTAL SHORT-TERM INVESTMENTS (Cost: $65,056,585)				65,056,585
TOTAL INVESTMENTS IN SECURITIES — 115.12% (Cost: $475,285,594)				479,343,674
Other Assets, Less Liabilities — (15.12)%				(62,968,730	)
NET ASSETS — 100.00%			$	416,374,944

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

^b  All or a portion of this security represents a security on loan. See Note 3.

^c  Affiliated issuer. See Note 2.

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

^e  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

35

Schedule of Investments  (Unaudited)

iSHARES^® CALIFORNIA AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
MUNICIPAL BONDS & NOTES — 98.87%
CALIFORNIA — 98.87%
Alameda Corridor Transportation Authority RB Transit Revenue
Series A
0.00%, 10/01/14	(AMBAC)	$	250	$	245,798
0.00%, 10/01/17	(AMBAC)		70		63,024
Alameda County Joint Powers Authority RB Lease Abatement
5.00%, 12/01/34	(Call 12/01/17) (AGM)		250		271,813
Anaheim Public Financing Authority RB Electric Power & Light Revenues
4.50%, 10/01/37	(Call 04/01/17) (NPFGC)		625		643,819
Bay Area Governments Association RB Transit Revenue
5.00%, 08/01/17	(Call 08/01/14) (NPFGC-FGIC)		780		816,559
Bay Area Toll Authority RB Highway Revenue Tolls
4.00%, 04/01/18			500		568,455
5.13%, 04/01/47	(Call 04/01/18)		225		250,463
Series C-2
1.45%, 04/01/45	(Call 02/01/17)		250		253,300
Series F
5.00%, 04/01/24	(PR 04/01/16)		635		714,426
5.00%, 04/01/31	(PR 04/01/16)		805		905,689
5.00%, 04/01/31	(PR 04/01/17)		1,020		1,184,873
Series F-1
5.00%, 04/01/17			250		289,538
5.00%, 04/01/27	(Call 04/01/22)		1,310		1,526,032
5.00%, 04/01/28	(Call 04/01/22)		675		786,864
5.00%, 04/01/30	(Call 04/01/22)		500		571,650
5.00%, 04/01/31	(Call 04/01/22)		800		909,352
5.00%, 04/01/39	(Call 04/01/18)		650		710,866
5.50%, 04/01/43	(Call 04/01/18)		2,100		2,387,910
Series S-2
5.00%, 10/01/42	(Call 10/01/20)		695		759,065
Bay Area Water Supply & Conservation Agency RB Water Revenue Series A
5.00%, 10/01/34	(Call 04/01/23)		700		798,574
California Educational Facilities Authority RB College & University Revenue Series U-3
5.00%, 06/01/43			500		629,920
California Infrastructure & Economic Development Bank RB Highway Revenue Tolls
5.00%, 07/01/23	(ETM) (AGM)		500		629,340
5.00%, 07/01/33	(PR 01/01/28) (AMBAC)		1,075		1,394,060
5.00%, 07/01/36	(PR 01/01/28) (AMBAC)		525		680,820
5.25%, 07/01/19	(PR 07/01/13) (AGM)		300		301,251
5.25%, 07/01/20	(PR 07/01/13) (AGM)		400		401,668
California State Department of Transportation RB Federal Grant Revenue
Series A
5.00%, 02/01/14	(NPFGC-FGIC)		900		928,854
5.00%, 02/01/15	(NPFGC-FGIC)		270		291,111
California State Department of Water Resources RB Electric Power & Light Revenues
Series H
5.00%, 05/01/22	(Call 05/01/18) (AGM)		1,150		1,339,083

Security		Principal (000s)		Value
Series K
4.00%, 05/01/18		$	320	$	365,235
5.00%, 05/01/18			1,890		2,245,509
Series L
4.00%, 05/01/15			375		401,400
5.00%, 05/01/14			1,500		1,565,520
5.00%, 05/01/16			130		146,864
5.00%, 05/01/17			1,000		1,162,770
5.00%, 05/01/18			285		338,608
5.00%, 05/01/19			1,800		2,173,572
5.00%, 05/01/20			285		347,794
5.00%, 05/01/22	(Call 05/01/20)		1,950		2,354,118
Series M
4.00%, 05/01/15			275		294,360
4.00%, 05/01/16			1,250		1,376,775
4.00%, 05/01/19			750		864,060
5.00%, 05/01/14			500		521,840
5.00%, 05/01/15			500		544,545
Series N
5.00%, 05/01/20			1,780		2,172,187
California State Department of Water Resources RB Water Revenue
Series AE
5.00%, 12/01/25	(Call 06/01/18)		500		583,240
5.00%, 12/01/26	(Call 06/01/18)		500		583,240
Series AG
5.00%, 12/01/26	(Call 12/01/19)		250		294,255
5.00%, 12/01/29	(Call 12/01/19)		320		371,894
California State Public Works Board RB Lease Abatement
6.00%, 11/01/34	(Call 11/01/19)		360		431,626
Series A
5.00%, 12/01/19	(AMBAC)		270		304,425
5.00%, 04/01/20			785		930,288
5.00%, 04/01/24	(Call 04/01/22)		500		574,565
5.00%, 12/01/27	(Call 07/01/13) (AMBAC)		1,430		1,433,847
5.00%, 04/01/32	(Call 04/01/22)		805		876,870
5.00%, 04/01/37	(Call 04/01/22)		500		533,420
5.00%, 03/01/38	(Call 03/01/23)		110		117,701
Series C
4.00%, 10/01/20			270		303,909
5.00%, 06/01/17			145		167,072
Series G
5.00%, 11/01/37	(Call 11/01/22)		250		267,623
Series G-1
5.00%, 10/01/21	(Call 10/01/19)		100		114,667
5.13%, 10/01/22	(Call 10/01/19)		250		284,950
5.25%, 10/01/23	(Call 10/01/19)		105		119,341
Series I-1
6.13%, 11/01/29	(Call 11/01/19)		225		272,626
Series J
5.00%, 01/01/19	(Call 01/01/16) (AMBAC)		500		551,010
5.00%, 01/01/21	(Call 01/01/16)		1,185		1,296,331
California State Public Works Board RB Lease Revenue
Series A
5.13%, 06/01/29	(PR 06/01/14)		250		262,130
5.25%, 06/01/30	(Call 06/01/15)		250		264,370
Series C
5.25%, 06/01/28	(PR 12/01/13)		1,300		1,332,591
Series D
5.00%, 12/01/31	(Call 12/01/21)		1,000		1,091,790

36

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CALIFORNIA AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series E
5.00%, 04/01/34	(Call 04/01/19)	$	350	$	385,003
Series G
5.00%, 12/01/31	(Call 12/01/21)		500		576,970
California State University Trustees RB College & University Revenue
Series A
4.00%, 11/01/28	(Call 11/01/22)		270		281,183
5.00%, 11/01/22	(Call 05/01/15) (AMBAC)		480		520,027
5.00%, 11/01/24	(Call 11/01/21)		750		890,145
5.00%, 11/01/30	(Call 05/01/15) (AMBAC)		535		567,250
5.00%, 11/01/33	(Call 05/01/18) (AGM)		985		1,083,707
5.00%, 11/01/39	(Call 05/01/18) (AGM)		855		929,000
5.25%, 11/01/34	(Call 05/01/19)		250		280,760
Series C
5.00%, 11/01/38	(Call 11/01/15) (NPFGC)		400		429,276
California Statewide Communities Development Authority RB Miscellaneous Revenue
4.00%, 06/15/13			445		445,650
5.00%, 06/15/13			4,205		4,212,779
Chabot-Las Positas Community College District GO
5.00%, 08/01/31	(Call 08/01/23)		300		349,368
Series B
0.00%, 08/01/26	(Call 08/01/16) (AMBAC)		250		146,453
5.00%, 08/01/29	(Call 08/01/16) (AMBAC)		130		146,156
5.00%, 08/01/31	(Call 08/01/16) (AMBAC)		420		472,198
Series C
0.00%, 08/01/34	(Call 08/01/16) (AMBAC)		500		174,805
0.00%, 08/01/36	(Call 08/01/16) (AMBAC)		645		202,775
0.00%, 08/01/37	(Call 08/01/16) (AMBAC)		1,000		298,240
Chino Basin Regional Financing Authority RB Water Revenue
Series A
5.00%, 11/01/33	(Call 11/01/17) (AMBAC)		280		306,048
5.00%, 11/01/38	(Call 11/01/17) (AMBAC)		250		271,195
City & County of San Francisco COP Lease Abatement
Series A
5.00%, 04/01/29	(Call 04/01/19)		400		438,020
City & County of San Francisco GO
Series R1
5.00%, 06/15/20			300		365,574
5.00%, 06/15/21			150		184,094
City of Los Angeles GO
Series B
5.00%, 09/01/19			800		964,480
City of Los Angeles RB Wastewater System Revenue
Series A
4.75%, 06/01/35			875		946,449
5.00%, 06/01/16			200		226,344
5.00%, 06/01/20			250		303,633
5.00%, 06/01/27	(Call 06/01/23)		500		588,680
5.00%, 06/01/39	(Call 06/01/19)		500		548,655

Security		Principal (000s)		Value
Series B
5.00%, 06/01/30	(Call 06/01/22)	$	500	$	571,160
5.00%, 06/01/32	(Call 06/01/22)		500		565,305
City of Sacramento RB Water Revenue
5.00%, 09/01/42	(Call 09/01/23)		250		279,310
City of San Jose RB Port Airport & Marina Revenue
Series B
5.00%, 03/01/37	(Call 03/01/17) (AMBAC)		240		249,538
Series D
5.00%, 03/01/28	(Call 03/01/14) (NPFGC)		200		204,906
City of Vernon RB Electric Power & Light Revenues
Series A
5.13%, 08/01/21	(Call 08/01/19)		500		563,315
City of Vista COP Lease Abatement
5.00%, 05/01/37	(Call 05/01/17) (NPFGC)		285		298,067
Coast Community College District GO
Series A
5.00%, 08/01/38	(Call 08/01/23)		250		280,698
County of Sacramento RB Port Airport & Marina Revenue
5.00%, 07/01/40	(Call 07/01/20)		250		269,275
Series C
6.00%, 07/01/41	(Call 07/01/18)		500		584,215
Cucamonga Valley Water District RB Water Revenue
Series A
5.38%, 09/01/35	(Call 09/01/21) (AGM)		250		291,110
Desert Community College District GO
Series C
0.00%, 08/01/46	(Call 08/01/17) (AGM)		1,000		173,780
5.00%, 08/01/37	(Call 08/01/17) (AGM)		500		550,655
East Bay Municipal Utility District RB Water Revenue
Series A
5.00%, 06/01/35	(Call 06/01/15) (NPFGC)		1,200		1,281,396
5.00%, 06/01/37	(Call 06/01/17) (NPFGC-FGIC)		1,080		1,206,684
Series B
5.00%, 06/01/17			100		116,718
Eastern Municipal Water District COP Water Revenue
Series H
5.00%, 07/01/24	(Call 07/01/18)		190		220,001
5.00%, 07/01/33	(Call 07/01/18)		330		367,478
5.00%, 07/01/35	(Call 07/01/18)		580		638,371
El Camino Community College District GO
Series C
0.00%, 08/01/32			800		358,640
0.00%, 08/01/34			500		201,500
Escondido Union High School District GO
Series C
0.00%, 08/01/51			1,155		164,195
Foothill-De Anza Community College District GO
Series A
4.50%, 08/01/31	(Call 08/01/17) (AMBAC)		600		640,854
Series C
5.00%, 08/01/36	(Call 08/01/21)		250		281,723
5.00%, 08/01/40	(Call 08/01/21)		190		212,228
Foothill-Eastern Transportation Corridor Agency RB Highway Revenue Tolls

37

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CALIFORNIA AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
0.00%, 01/15/17	(Call 07/01/13) (NPFGC)	$	100	$	81,803
0.00%, 01/15/18	(Call 07/01/13) (NPFGC)		100		77,312
0.00%, 01/01/30	(ETM) (RADIAN-IBCC, AGM-CR)		70		41,892
0.00%, 01/15/30	(Call 07/01/13) (NPFGC)		125		46,413
0.00%, 01/15/31	(Call 07/01/13) (NPFGC)		290		101,271
5.75%, 01/15/40	(Call 07/01/13)		2,000		2,000,600
Series A
0.00%, 01/01/19	(ETM)		815		755,603
0.00%, 01/01/20	(ETM)		1,100		988,504
0.00%, 01/01/23	(ETM)		225		179,694
0.00%, 01/01/25	(ETM) (AMBAC)		980		719,124
0.00%, 01/01/26	(ETM)		540		380,101
0.00%, 01/01/28	(ETM)		660		428,129
Fresno Unified School District GO
Series G
0.00%, 08/01/41	(Call 08/01/21)		500		88,510
Grossmont Union High School District GO
5.00%, 08/01/33	(Call 08/01/18)		430		464,869
Imperial Irrigation District RB Electric Power & Light Revenues
5.00%, 11/01/33	(Call 11/01/18)		685		756,617
Long Beach Community College District GO
0.00%, 08/01/49	(Call 08/01/42)		250		88,810
5.00%, 08/01/39	(Call 08/01/22)		500		559,190
Los Angeles Community College District GO
Series A
5.00%, 08/01/20	(Call 08/01/15) (AGM)		425		465,222
5.00%, 08/01/27	(Call 08/01/17) (NPFGC-FGIC)		375		425,107
5.00%, 08/01/32	(Call 08/01/17) (NPFGC-FGIC)		2,000		2,224,140
Series E-1
5.00%, 08/01/33	(Call 08/01/18)		250		280,658
Series F-1
5.00%, 08/01/33	(Call 08/01/18)		400		449,052
Los Angeles Convention & Exhibition Center Authority RB Lease Abatement
Series A
5.00%, 08/15/20	(Call 08/15/18)		120		136,900
Los Angeles County Metropolitan Transportation Authority RB Sales Tax Revenue
Series A
5.00%, 07/01/17			300		350,853
5.00%, 07/01/22	(Call 07/01/18) (AGM)		300		351,195
5.00%, 07/01/35	(Call 07/01/15) (AMBAC)		600		642,528
Series B
5.00%, 07/01/14			920		967,766
5.00%, 07/01/18			210		250,499
Los Angeles County Metropolitan Transportation Authority RB Transit Revenue
Series A
5.00%, 07/01/18			35		41,473
Los Angeles County Public Works Financing Authority RB Lease Abatement
4.00%, 08/01/37	(Call 08/01/22)		500		484,680
5.00%, 08/01/42	(Call 08/01/22)		500		539,620
Los Angeles County Sanitation Districts Financing Authority RB Sewer Revenue
5.00%, 10/01/34	(Call 10/01/15) (NPFGC-FGIC)		500		534,965

Security		Principal (000s)		Value
Series A
5.00%, 10/01/20		$	450	$	550,575
Los Angeles Department of Airports RB Port Airport & Marina Revenue
Series A
5.00%, 05/15/27	(Call 05/15/20)		735		840,134
5.00%, 05/15/32	(Call 05/15/20)		885		983,040
5.00%, 05/15/40	(Call 05/15/20)		2,700		2,992,005
Series B
5.00%, 05/15/35	(Call 05/15/22)		500		565,850
Los Angeles Department of Water & Power RB Electric Power & Light Revenues
Series A
4.00%, 07/01/13			1,000		1,003,200
5.00%, 07/01/14			400		420,720
5.00%, 07/01/19			360		434,628
5.00%, 07/01/22	(Call 07/01/21)		500		607,290
5.00%, 07/01/27	(Call 01/01/23)		500		585,695
Series A-1
5.00%, 07/01/15	(AGM)		535		586,125
5.00%, 07/01/17	(AMBAC)		200		233,198
5.00%, 07/01/35	(Call 07/01/15) (AGM)		640		686,048
5.00%, 07/01/37	(Call 07/01/17) (AMBAC)		1,650		1,816,881
5.00%, 07/01/39	(Call 07/01/17) (AMBAC)		650		713,336
5.25%, 07/01/38	(Call 07/01/18)		1,200		1,344,156
Series B
5.00%, 07/01/30	(Call 07/01/23)		500		577,030
Series C
5.00%, 01/01/16	(Call 10/01/15)		300		331,425
Los Angeles Department of Water & Power RB Water Revenue
Series A
5.00%, 07/01/41	(Call 01/01/21)		250		274,258
5.00%, 07/01/43	(Call 07/01/22)		1,250		1,386,575
Series A-2
5.00%, 07/01/35	(Call 07/01/16) (AMBAC)		850		937,006
5.00%, 07/01/44	(Call 07/01/17)		350		381,605
Series B
5.00%, 07/01/43	(Call 07/01/22)		1,500		1,663,890
Los Angeles Municipal Improvement Corp. RB Lease Abatement
Series A
5.00%, 09/01/23	(Call 09/01/18)		30		33,293
5.00%, 09/01/25	(Call 09/01/18)		500		545,510
Los Angeles Unified School District GO
Series A
5.00%, 07/01/22	(PR 07/01/13)		250		250,988
5.00%, 07/01/23	(PR 07/01/13) (AGM)		2,175		2,183,591
5.00%, 01/01/28	(PR 07/01/13) (NPFGC)		2,690		2,700,625
5.25%, 07/01/20	(PR 07/01/13) (AGM)		1,900		1,907,904
5.38%, 07/01/17	(PR 07/01/13) (NPFGC)		735		738,138
5.38%, 07/01/18	(PR 07/01/13)		375		376,601
5.50%, 07/01/15	(PR 07/01/13) (NPFGC)		450		451,966
Series A-1
4.50%, 07/01/22	(Call 07/01/17) (AGM)		500		560,235
4.50%, 07/01/24	(Call 07/01/17) (AGM)		815		898,383

38

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CALIFORNIA AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
4.50%, 07/01/25	(Call 07/01/17) (NPFGC)	$	760	$	827,306
4.50%, 01/01/28	(Call 07/01/17) (AGC-ICC, NPFGC)		100		106,393
4.50%, 01/01/28	(Call 07/01/17) (NPFGC)		1,675		1,789,788
5.00%, 07/01/20	(Call 07/01/15)
	(FGIC)		1,225		1,334,552
5.00%, 07/01/21	(Call 07/01/15)
	(FGIC)		540		587,704
5.50%, 07/01/18	(FGIC)		250		304,582
Series A-2
5.00%, 07/01/21			500		615,645
Series B
4.75%, 07/01/19	(Call 07/01/16)
	(AGM)		950		1,062,689
4.75%, 07/01/20	(Call 07/01/16)
	(FGIC)		265		296,347
5.00%, 07/01/20	(Call 07/01/16)
	(AGM)		490		552,323
5.00%, 07/01/21	(Call 07/01/17)
	(AMBAC)		350		397,141
5.00%, 07/01/23	(Call 07/01/16)
	(FGIC)		500		560,825
Series C
5.00%, 07/01/32	(Call 07/01/17)
	(AGM)		300		333,129
Series D
5.00%, 01/01/34	(Call 07/01/19)		300		332,844
Series E
4.75%, 07/01/32	(Call 07/01/17)
	(AGM)		500		546,895
Series F
5.00%, 01/01/34	(Call 07/01/19)		330		366,128
Series H
5.00%, 07/01/32	(Call 07/01/17)
	(AGM)		1,560		1,732,271
Series I
5.00%, 07/01/27	(Call 07/01/19)		300		340,377
5.00%, 01/01/34	(Call 07/01/19)		105		116,495
Series KRY
5.00%, 07/01/18			250		298,415
Series KY
5.00%, 07/01/16			125		141,716
Mendocino-Lake Community College District GO Series B
0.00%, 08/01/51	(AGM)		250		34,523
Merced Union High School District GO Series C
0.00%, 08/01/46	(Call 08/01/21)		1,000		121,570
Metropolitan Water District of Southern California RB Water Revenue
5.75%, 08/10/18			500		589,620
Series A
5.00%, 10/01/29	(Call 04/01/22)		200		233,874
5.00%, 01/01/34	(Call 01/01/19)		100		113,630
5.00%, 07/01/35	(Call 07/01/15)
	(AGM)		700		750,064
Series B
5.00%, 07/01/14			600		630,948
5.00%, 07/01/21	(Call 07/01/18)		330		389,327
Series C
5.00%, 10/01/27			500		629,115
Series G
5.00%, 07/01/28	(Call 07/01/22)		500		589,870

Security		Principal (000s)		Value
Mount Diablo Unified School District GO
Series A
0.00%, 08/01/35	(Call 08/01/25)
	(AGM)	$	600	$	418,218
Series E
5.00%, 06/01/37	(Call 08/01/22)		250		275,673
Newport Mesa Unified School District GO
0.00%, 08/01/36			500		179,145
0.00%, 08/01/38			500		163,150
Orange County RB Port Airport & Marina Revenue
Series B
5.00%, 07/01/28	(Call 07/01/19)		125		138,804
Orange County Sanitation District COP Sewer Revenue
Series A
5.00%, 02/01/39	(Call 02/01/19)		500		559,065
Orange County Water District COP Lease Non-Terminable
5.00%, 08/15/39	(Call 08/15/19)		885		990,749
Palomar Pomerado Health GO
Series A
0.00%, 08/01/31	(AGM)		500		221,590
Peralta Community College District GO
Series C
5.00%, 08/01/39	(Call 08/01/19)		145		157,483
Placentia-Yorba Linda Unified School District GO
Series D
0.00%, 08/01/40			500		134,965
Pomona Public Financing Authority RB Water Revenue Series AY
5.00%, 05/01/47	(Call 05/01/17)
	(AMBAC)		125		130,164
Poway Unified School District GO
0.00%, 08/01/35			500		173,965
0.00%, 08/01/38			755		222,355
0.00%, 08/01/46			2,750		516,725
Rio Hondo Community College District GO
0.00%, 08/01/42	(Call 08/01/34)		500		335,440
Sacramento Area Flood Control Agency RB Special Assessment
5.63%, 10/01/37	(Call 10/01/18)
	(BHAC)		750		845,542
Sacramento City Financing Authority RB Lease Abatement
5.25%, 12/01/30	(AMBAC)		550		637,444
Sacramento County Sanitation Districts Financing Authority RB Sewer Revenue
5.00%, 12/01/35	(PR 12/01/14)
	(AMBAC)		2,000		2,139,540
Sacramento Municipal Utility District RB Electric Power & Light Revenues
Series K
5.25%, 07/01/24	(AMBAC)		250		304,380
Series R
5.00%, 08/15/33	(PR 08/15/13)
	(NPFGC)		1,000		1,009,765
Series U
5.00%, 08/15/16	(AGM)		200		226,950
5.00%, 08/15/17	(AGM)		300		349,284
5.00%, 08/15/22	(Call 08/15/18)
	(AGM)		1,215		1,410,093
Series X
5.00%, 08/15/20			300		365,115
San Bernardino Community College District GO
Series A
6.25%, 08/01/33	(PR 08/01/18)		450		569,079

39

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CALIFORNIA AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series C
5.00%, 08/01/31	(Call 08/01/16) (AGM)	$	45	$	49,007
San Diego Community College District GO
5.00%, 05/01/30	(PR 05/01/15) (AGM)		1,000		1,087,810
5.00%, 08/01/30	(Call 08/01/17) (AGM)		550		623,133
San Diego County Regional Airport Authority RB Port Airport & Marina Revenue
Series A
5.00%, 07/01/40	(Call 07/01/20)		475		510,397
5.00%, 07/01/43	(Call 07/01/23)		255		278,414
San Diego County Regional Transportation Commission RB Sales Tax Revenue
Series A
5.00%, 04/01/48	(Call 04/01/22)		500		555,240
San Diego County Water Authority COP Water Revenue
Series 2008
5.00%, 05/01/33	(Call 05/01/18) (AGM)		800		888,064
5.00%, 05/01/38	(Call 05/01/18) (AGM)		490		538,931
San Diego County Water Authority RB Water Revenue
5.00%, 05/01/34	(Call 11/01/22)		500		575,295
San Diego Public Facilities Financing Authority RB Sewer Revenue
Series A
5.25%, 05/15/24	(Call 05/15/20)		250		297,003
5.25%, 05/15/39	(Call 05/15/19)		500		569,580
Series B
5.00%, 05/15/14			1,200		1,255,200
5.00%, 05/15/22	(Call 05/15/19)		450		538,384
San Diego Public Facilities Financing Authority RB Water Revenue
Series B
5.50%, 08/01/39	(Call 08/01/19)		1,000		1,141,050
San Diego Regional Building Authority RB Lease Abatement
5.38%, 02/01/36	(Call 02/01/19)		400		460,416
San Diego Unified School District GO
0.00%, 07/01/30			200		95,088
0.00%, 07/01/35			450		161,658
0.00%, 07/01/38			500		149,560
0.00%, 07/01/45			1,000		209,610
Series C
0.00%, 07/01/46			500		99,755
0.00%, 07/01/48	(Call 07/01/40)		500		245,100
5.00%, 07/01/35	(Call 07/01/23)		550		622,066
Series E
0.00%, 07/01/42			325		137,917
0.00%, 07/01/47	(Call 07/01/42)		500		199,615
Series F-1
4.50%, 07/01/29	(Call 07/01/16) (AGM)		1,125		1,180,294
5.25%, 07/01/28	(AGM)		885		1,079,275
Series R-1
0.00%, 07/01/31			1,100		489,324
San Dieguito Union High School District GO
Series A-2
4.00%, 08/01/38	(Call 08/01/23)		250		254,598
San Francisco Bay Area Rapid Transit District GO
Series B
4.75%, 08/01/37	(Call 08/01/17)		100		109,417
San Francisco Bay Area Rapid Transit District RB Sales Tax Revenue
Series A
5.00%, 07/01/36	(Call 07/01/22)		500		568,330
San Francisco City & County Airports Commission RB Port Airport & Marina Revenue Issue 32F, Second Series

Security		Principal (000s)		Value
5.25%, 05/01/19	(NPFGC-FGIC)	$	495	$	600,044
Second Series
5.00%, 05/01/26	(Call 05/01/22)		535		624,233
5.25%, 05/01/17	(NPFGC-FGIC)		115		134,502
Series A
4.90%, 05/01/29	(Call 11/01/19)		875		967,689
Series F
5.00%, 05/01/35	(Call 05/01/20)		800		872,104
San Francisco City & County Public Utilities Commission RB Water Revenue
Series A
4.00%, 11/01/41	(Call 05/01/22)		250		249,150
4.50%, 11/01/31	(Call 05/01/16) (AGM)		875		912,371
5.00%, 11/01/30	(Call 11/01/21)		500		575,890
5.00%, 11/01/33	(Call 05/01/22)		1,000		1,129,540
5.00%, 11/01/43	(Call 05/01/22)		500		551,765
Series B
4.00%, 10/01/39	(Call 10/01/22)		500		494,355
5.00%, 11/01/39	(Call 11/01/19)		1,000		1,101,450
San Joaquin Hills Transportation Corridor Agency RB Highway Revenue Tolls
0.00%, 01/01/20	(ETM)		170		152,769
0.00%, 01/01/22	(ETM)		150		124,845
0.00%, 01/01/23	(ETM)		250		199,660
0.00%, 01/01/24	(ETM)		710		544,698
0.00%, 01/01/26	(ETM)		280		197,089
0.00%, 01/01/28	(ETM)		400		259,472
San Jose Financing Authority RB Lease Abatement
Series A
5.00%, 06/01/39	(Call 06/01/23)		250		272,593
San Jose Unified School District GO
Series D
5.00%, 08/01/32	(Call 08/01/18)		125		141,255
San Marcos Unified School District GO
Series B
0.00%, 08/01/47			500		90,980
0.00%, 08/01/51			1,500		212,445
San Mateo County Community College District GO
Series B
5.00%, 09/01/31	(Call 09/01/16)		400		440,976
5.00%, 09/01/38	(Call 09/01/16)		550		606,342
San Mateo County Transportation Authority RB Sales Tax Revenue
Series A
4.75%, 06/01/34	(Call 06/01/15) (NPFGC)		495		519,285
San Mateo Joint Powers Financing Authority RB Lease Abatement
Series A
5.00%, 07/15/36	(Call 07/15/18)		750		817,140
San Mateo Union High School District GO
0.00%, 09/01/33			500		278,470
0.00%, 09/01/41	(Call 09/01/36)		500		284,695
Series A
0.00%, 07/01/51	(Call 09/01/41)		1,000		415,500
Santa Clara County GO
4.00%, 08/01/39	(Call 08/01/22)		250		252,093
Santa Clara Valley Transportation Authority RB Sales Tax Revenue
Series A
5.00%, 04/01/32	(Call 04/01/17) (AMBAC)		1,025		1,140,517
Southern California Public Power Authority RB Electric Power & Light Revenues
0.00%, 07/01/15	(NPFGC)		300		294,564
5.00%, 07/01/25	(Call 07/01/20)		205		238,825
Series 2010-1
5.00%, 07/01/30	(Call 07/01/20)		800		901,488

40

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CALIFORNIA AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series A
5.50%, 01/01/14	(AGM)	$	800	$	824,368
Series B
6.00%, 07/01/27	(Call 07/01/18)		195		231,432
State of California GO
3.50%, 03/01/17			100		109,347
4.00%, 11/01/13			750		761,842
4.00%, 10/01/14			650		681,752
4.00%, 12/01/18	(Call 12/01/17)		250		279,508
4.50%, 03/01/21	(Call 03/01/20)		660		757,416
4.50%, 08/01/26	(Call 02/01/17)		1,050		1,125,390
4.50%, 08/01/30	(Call 02/01/17)		1,085		1,149,199
5.00%, 04/01/15			1,375		1,487,777
5.00%, 03/01/16			370		412,539
5.00%, 11/01/16			275		313,514
5.00%, 03/01/17	(Call 03/01/15)		450		484,884
5.00%, 04/01/17			485		558,274
5.00%, 06/01/17	(XLCA)		375		433,807
5.00%, 03/01/18	(Call 03/01/15)		750		807,862
5.00%, 04/01/18			500		587,805
5.00%, 05/01/18	(Call 05/01/15)		600		650,514
5.00%, 06/01/18	(Call 06/01/17) (NPFGC)		560		643,843
5.00%, 08/01/18	(Call 02/01/17)		550		626,615
5.00%, 11/01/18			500		596,350
5.00%, 06/01/19	(Call 06/01/17) (NPFGC)		350		401,810
5.00%, 08/01/19	(Call 02/01/17)		640		728,160
5.00%, 10/01/19			800		960,784
5.00%, 04/01/20			635		761,930
5.00%, 09/01/20			500		603,110
5.00%, 10/01/20	(Call 10/01/16)		400		452,860
5.00%, 12/01/20	(Call 12/01/16)		750		853,485
5.00%, 08/01/21	(Call 08/01/15)		215		234,713
5.00%, 09/01/21			1,000		1,210,150
5.00%, 11/01/21	(Call 11/01/17)		900		1,040,868
5.00%, 12/01/21	(Call 12/01/16)		250		284,033
5.00%, 03/01/22	(Call 03/01/15) (AMBAC)		550		590,441
5.00%, 06/01/22	(Call 06/01/17) (AMBAC)		1,500		1,713,195
5.00%, 08/01/22	(Call 02/01/17)		500		565,215
5.00%, 03/01/23	(Call 03/01/16)		625		690,694
5.00%, 11/01/23	(Call 11/01/20)		500		588,820
5.00%, 02/01/24	(Call 02/01/22)		220		258,410
5.00%, 08/01/24	(Call 02/01/17)		750		845,242
5.00%, 10/01/24	(Call 04/01/18)		250		284,135
5.00%, 11/01/24	(Call 11/01/20)		250		292,000
5.00%, 12/01/24	(Call 12/01/17)		500		574,700
5.00%, 03/01/25	(Call 03/01/20)		750		859,845
5.00%, 08/01/25	(Call 08/01/15) (AGM)		535		580,999
5.00%, 12/01/26	(Call 12/01/16)		1,590		1,779,639
5.00%, 03/01/27	(Call 03/01/20)		300		341,511
5.00%, 05/01/27	(Call 05/01/15)		355		379,761
5.00%, 09/01/27	(Call 09/01/16)		500		545,415
5.00%, 02/01/29	(Call 02/01/23)		1,000		1,137,900
5.00%, 06/01/29	(Call 12/01/14) (AMBAC)		500		528,590
5.00%, 10/01/29	(Call 04/01/18)		1,500		1,676,062
5.00%, 09/01/30	(Call 09/01/18)		500		557,215
5.00%, 02/01/31	(Call 02/01/22)		500		559,595
5.00%, 02/01/32	(PR 08/01/13)		550		554,361

Security		Principal (000s)		Value
5.00%, 02/01/32	(Call 02/01/22)	$	1,000	$	1,115,210
5.00%, 06/01/32	(Call 06/01/17)		2,220		2,387,344
5.00%, 02/01/33	(PR 02/01/14)		2,395		2,470,945
5.00%, 08/01/33	(Call 08/01/15)		350		374,178
5.00%, 09/01/35	(Call 09/01/16)		1,210		1,289,122
5.00%, 06/01/37	(Call 06/01/17)		1,090		1,172,448
5.00%, 11/01/37	(Call 11/01/17)		1,000		1,082,990
5.00%, 12/01/37	(Call 12/01/17)		885		959,765
5.00%, 02/01/38	(Call 02/01/23)		250		275,770
5.00%, 04/01/38	(Call 04/01/18)		1,850		2,012,633
5.00%, 10/01/41	(Call 10/01/21)		3,000		3,250,470
5.00%, 04/01/42	(Call 04/01/22)		1,000		1,086,150
5.00%, 09/01/42	(Call 09/01/22)		1,000		1,089,540
5.25%, 02/01/15	(PR 08/01/13)		245		247,046
5.25%, 09/01/22			815		1,002,311
5.25%, 10/01/22			600		738,540
5.25%, 02/01/23			500		613,625
5.25%, 09/01/25	(Call 09/01/21)		750		888,532
5.25%, 10/01/29	(Call 10/01/19)		1,575		1,806,320
5.25%, 08/01/32	(AGM)		745		887,682
5.25%, 04/01/34	(PR 04/01/14)		1,450		1,510,566
5.25%, 03/01/38	(Call 03/01/18)		2,115		2,329,038
5.30%, 04/01/29	(PR 04/01/14)		495		515,879
5.50%, 04/01/19			525		638,762
5.50%, 04/01/28	(PR 04/01/14)		300		313,155
5.50%, 11/01/39	(Call 11/01/19)		2,100		2,417,541
5.50%, 03/01/40	(Call 03/01/20)		1,500		1,714,725
5.75%, 04/01/29	(Call 04/01/19)		1,000		1,165,310
5.75%, 04/01/31	(Call 04/01/19)		1,000		1,162,380
6.00%, 03/01/33	(Call 03/01/20)		1,200		1,466,004
6.00%, 04/01/38	(Call 04/01/19)		1,250		1,479,350
6.50%, 04/01/33	(Call 04/01/19)		1,500		1,846,620
Series 2
5.00%, 09/01/29	(Call 03/01/16) (AMBAC)		590		635,666
Series A
4.00%, 07/01/16			90		99,044
4.13%, 07/01/14	(ETM)		365		380,334
4.40%, 07/01/18			200		231,568
4.60%, 07/01/19			360		425,002
5.00%, 07/01/15	(Call 07/01/14)		735		772,213
5.00%, 07/01/15	(PR 07/01/14)		100		105,113
5.00%, 07/01/16			500		565,140
5.00%, 07/01/18			1,125		1,335,521
5.00%, 07/01/19			1,475		1,775,531
5.00%, 07/01/20	(Call 07/01/19)		1,420		1,684,773
5.00%, 07/01/22	(Call 07/01/16)		2,590		2,900,049
5.25%, 07/01/13			385		386,613
5.25%, 07/01/13	(ETM)		3,525		3,539,875
5.25%, 07/01/13	(NPFGC)		790		793,310
5.25%, 07/01/14			1,075		1,132,985
5.25%, 07/01/14	(NPFGC-FGIC)		1,345		1,417,549
5.25%, 07/01/21	(Call 07/01/19)		625		741,594
Series B
5.00%, 07/01/23			1,615		1,695,766
Turlock Irrigation District RB Electric Power & Light Revenues
Series A
5.00%, 01/01/40	(Call 01/01/20)		500		533,740
University of California Regents RB College & University Revenue
Series AF
5.00%, 05/15/18			250		297,143
5.00%, 05/15/39	(Call 05/15/23)		250		281,515
Series D

41

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CALIFORNIA AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 05/15/41	(Call 05/15/16)	$	120	$	127,310
Series G
5.00%, 05/15/25	(Call 05/15/22)		1,000		1,184,950
5.00%, 05/15/26	(Call 05/15/22)		500		587,570
5.00%, 05/15/32	(Call 05/15/22)		725		828,334
5.00%, 05/15/37	(Call 05/15/22)		250		278,613
5.00%, 05/15/42	(Call 05/15/22)		850		939,029
Series J
4.50%, 05/15/35	(Call 05/15/15) (AGM)		2,650		2,736,098
5.00%, 05/15/14	(NPFGC)		1,260		1,317,708
University of California Regents RB Medical Center Pooled Revenue
Series A
4.50%, 05/15/37	(Call 05/15/15) (NPFGC)		800		810,584
Vacaville Unified School District GO
5.00%, 08/01/25	(Call 08/01/17) (AMBAC)		380		427,413
Ventura County Community College District GO
Series C
5.50%, 08/01/33	(Call 08/01/18)		250		291,418
Ventura County Public Financing Authority RB Lease Revenue
5.00%, 11/01/43	(Call 11/01/22)		250		269,040
West Contra Costa Unified School District GO
Series B
5.63%, 08/01/35	(Call 08/01/18) (BHAC)		195		226,625
Whittier Union High School District GO
0.00%, 08/01/34	(Call 08/01/19)		400		123,464
William S. Hart Union High School District GO
Series A
0.00%, 08/01/33			450		166,874
Series B
0.00%, 08/01/34	(AGM)		500		185,875
Series C
0.00%, 08/01/37	(Call 08/01/23)		500		144,605
4.00%, 08/01/38	(Call 08/01/23)		500		502,470
Yosemite Community College District GO
Series C
5.00%, 08/01/28	(Call 08/01/18) (AGM)		245		277,431
5.00%, 08/01/32	(Call 08/01/18) (AGM)		500		550,185
Yuba Community College District GO
Series A
5.00%, 08/01/22	(Call 08/01/17) (AMBAC)		430		485,496
					299,294,045
TOTAL MUNICIPAL BONDS & NOTES
(Cost: $283,427,590)					299,294,045

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.27%
MONEY MARKET FUNDS — 0.27%
BlackRock Liquidity Funds — California Money Fund, Institutional Shares
0.01%a,b		822	$	821,717
				821,717
TOTAL SHORT-TERM INVESTMENTS
(Cost: $821,717)				821,717
TOTAL INVESTMENTS IN SECURITIES — 99.14%
(Cost: $284,249,307)				300,115,762
Other Assets, Less Liabilities — 0.86%				2,602,740
NET ASSETS — 100.00%			$	302,718,502

COP  —   Certificates of Participation

ETM  —   Escrowed to Maturity

GO  —   General Obligation

PR  —   Prerefunded

RB  —   Revenue Bond

Insured by:

AGC-ICC  —   Assured Guaranty Corp. — Insured Custody Certificates

AGM  —   Assured Guaranty Municipal Corp.

AGM-CR  —   AGM Insured Custodial Receipts

AMBAC  —   Ambac Financial Group Inc.

BHAC  —   Berkshire Hathaway Assurance Corp.

FGIC  —   Financial Guaranty Insurance Co.

NPFGC  —   National Public Finance Guarantee Corp.

Radian-IBCC  —   Radian Asset Assurance — Insured Bond Custodial Certificate

XLCA  —   XL Capital Assurance Inc.

^a  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

42

Schedule of Investments  (Unaudited)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 47.48%
AEROSPACE & DEFENSE — 0.89%
Boeing Co. (The)
6.88%, 03/15/39	$	26	$	36,156
General Dynamics Corp.
3.60%, 11/15/42 (Call 05/15/42)		26		23,087
Lockheed Martin Corp.
4.07%, 12/15/42		77		70,304
Northrop Grumman Systems Corp.
7.75%, 02/15/31		56		76,024
Raytheon Co.
4.88%, 10/15/40		61		65,157
United Technologies Corp.
5.70%, 04/15/40		81		97,613
6.05%, 06/01/36		91		113,469
6.13%, 07/15/38		65		82,034
				563,844
AGRICULTURE — 0.74%
Altria Group Inc.
9.95%, 11/10/38		26		40,588
10.20%, 02/06/39		63		100,352
Archer-Daniels-Midland Co.
4.02%, 04/16/43		26		23,578
4.54%, 03/26/42		26		25,763
5.38%, 09/15/35		51		55,780
Lorillard Tobacco Co.
7.00%, 08/04/41		25		28,556
Philip Morris International Inc.
4.50%, 03/20/42		76		74,173
6.38%, 05/16/38		69		85,853
Reynolds American Inc.
7.25%, 06/15/37		26		32,099
				466,742
AIRLINES — 0.09%
Continental Airlines Inc. 2012-1 Pass Through Trust Class A
4.15%, 10/11/25		26		27,266
Continental Airlines Inc. 2012-2 Pass Through Trust Class A
4.00%, 04/29/26		26		27,170
				54,436
APPAREL — 0.05%
VF Corp.
6.45%, 11/01/37		26		32,382
				32,382
AUTO MANUFACTURERS — 0.40%
Daimler Finance North America LLC
8.50%, 01/18/31		76		114,032

Security	Principal (000s)		Value
Ford Motor Co.
7.45%, 07/16/31	$	110	$	138,937
				252,969
AUTO PARTS & EQUIPMENT — 0.04%
Johnson Controls Inc.
5.25%, 12/01/41 (Call 06/01/41)		26		27,006
				27,006
BANKS — 3.43%
Bank of America Corp.
5.88%, 02/07/42		70		82,730
Bank One Corp.
7.63%, 10/15/26		90		118,989
Citigroup Inc.
6.13%, 08/25/36		100		107,556
6.88%, 03/05/38		232		297,603
8.13%, 07/15/39		85		121,212
Fifth Third Bancorp
8.25%, 03/01/38		25		34,267
Goldman Sachs Group Inc. (The)
6.25%, 02/01/41		110		129,700
6.45%, 05/01/36		130		138,202
6.75%, 10/01/37		95		103,507
HSBC Holdings PLC
6.10%, 01/14/42		105		131,643
6.50%, 09/15/37		100		121,079
6.80%, 06/01/38		100		124,827
J.P. Morgan Chase & Co.
5.60%, 07/15/41		85		97,711
6.40%, 05/15/38		120		148,927
KfW
0.00%, 06/29/37		92		38,179
Morgan Stanley
6.38%, 07/24/42		76		90,069
Rabobank Nederland
5.25%, 05/24/41		40		45,148
Wachovia Corp./Wells Fargo & Co.
5.50%, 08/01/35		90		97,989
Wells Fargo Capital X
5.95%, 12/01/86		145		147,538
				2,176,876
BEVERAGES — 0.79%
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		51		46,035
6.38%, 01/15/40		56		72,486
8.20%, 01/15/39		44		67,226
Diageo Capital PLC
5.88%, 09/30/36		25		30,047
Diageo Investment Corp.
4.25%, 05/11/42		25		24,582
Dr Pepper Snapple Group Inc.
7.45%, 05/01/38		25		34,376
Molson Coors Brewing Co.
5.00%, 05/01/42		61		61,917
PepsiCo Inc.
5.50%, 01/15/40		140		161,781
				498,450

43

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
BIOTECHNOLOGY — 0.48%
Amgen Inc.
5.15%, 11/15/41 (Call 05/15/41)	$	115	$	121,357
5.65%, 06/15/42 (Call 12/15/41)		25		28,344
6.40%, 02/01/39		65		78,694
Gilead Sciences Inc.
5.65%, 12/01/41 (Call 06/01/41)		65		75,776
				304,171
BUILDING MATERIALS — 0.04%
Owens Corning Inc.
7.00%, 12/01/36		25		27,817
				27,817
CHEMICALS — 0.75%
Agrium Inc.
6.13%, 01/15/41 (Call 07/15/40)		25		28,602
Dow Chemical Co. (The)
5.25%, 11/15/41 (Call 05/15/41)		26		27,574
7.38%, 11/01/29		26		34,135
9.40%, 05/15/39		36		56,456
E.I. du Pont de Nemours and Co.
4.90%, 01/15/41		76		83,432
Eastman Chemical Co.
4.80%, 09/01/42 (Call 03/01/42)		26		26,357
Ecolab Inc.
5.50%, 12/08/41		61		69,651
Monsanto Co.
5.50%, 08/15/25		76		92,169
Potash Corp. of Saskatchewan Inc.
5.63%, 12/01/40		26		29,507
PPG Industries Inc.
5.50%, 11/15/40		25		27,687
				475,570
COMMERCIAL SERVICES — 0.22%
ADT Corp. (The)
4.88%, 07/15/42		26		24,035
President and Fellows of Harvard College (The)
6.30%, 10/01/37 (Call 04/01/16)		52		59,280
SAIC Inc.
Series 1
5.95%, 12/01/40 (Call 06/01/40)		26		26,920
Western Union Co. (The)
6.20%, 11/17/36		26		26,025
				136,260
COMPUTERS — 0.36%
Dell Inc.
6.50%, 04/15/38		26		25,350
Hewlett-Packard Co.
6.00%, 09/15/41		26		26,203
International Business Machines Corp.
4.00%, 06/20/42		72		70,281
5.60%, 11/30/39		89		108,936
				230,770

Security	Principal (000s)		Value
COSMETICS & PERSONAL CARE — 0.25%
Estee Lauder Companies Inc. (The)
3.70%, 08/15/42	$	26	$	23,251
Procter & Gamble Co. (The)
5.55%, 03/05/37		34		41,485
5.80%, 08/15/34		75		94,273
				159,009
DIVERSIFIED FINANCIAL SERVICES — 1.82%
Credit Suisse (USA) Inc.
7.13%, 07/15/32		41		56,375
General Electric Capital Corp.
5.88%, 01/14/38		160		183,614
6.15%, 08/07/37		230		272,578
Series A
6.75%, 03/15/32		201		251,101
Goldman Sachs Capital I
6.35%, 02/15/34		148		152,440
Jefferies Group LLC
6.25%, 01/15/36		40		41,016
Merrill Lynch & Co. Inc.
7.75%, 05/14/38		125		158,064
National Rural Utilities Cooperative Finance Corp.
Series C
8.00%, 03/01/32		26		37,264
				1,152,452
ELECTRIC — 6.07%
Alabama Power Co.
6.00%, 03/01/39		65		80,208
Appalachian Power Co.
7.00%, 04/01/38		31		40,711
Arizona Public Service Co.
4.50%, 04/01/42 (Call 10/01/41)		76		77,943
Baltimore Gas & Electric Co.
6.35%, 10/01/36		51		63,752
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		40		36,137
Commonwealth Edison Co.
6.45%, 01/15/38		26		34,143
Consolidated Edison Co. of New York Inc.
Series 08-B
6.75%, 04/01/38		95		127,775
Series 12-A
4.20%, 03/15/42		76		75,469
Detroit Edison Co. (The)
3.95%, 06/15/42 (Call 12/15/41)		90		86,654
Dominion Resources Inc.
Series C
4.90%, 08/01/41 (Call 02/01/41)		65		69,428
Duke Energy Carolinas LLC
4.00%, 09/30/42 (Call 03/30/42)		65		61,640
4.25%, 12/15/41 (Call 06/15/41)		25		24,549
6.10%, 06/01/37		88		106,888
Duke Energy Indiana Inc.
6.12%, 10/15/35		76		86,357
Duke Energy Progress Inc.
4.10%, 05/15/42 (Call 11/15/41)		71		68,524

44

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Entergy Mississippi Inc.
3.10%, 07/01/23 (Call 04/01/23)	$	90	$	88,768
Exelon Generation Co. LLC
6.25%, 10/01/39		51		58,292
FirstEnergy Corp.
Series C
7.38%, 11/15/31		49		55,322
FirstEnergy Solutions Corp.
6.80%, 08/15/39		56		63,557
Florida Power & Light Co.
4.05%, 06/01/42 (Call 12/01/41)		36		35,325
5.63%, 04/01/34		140		168,781
5.95%, 02/01/38		26		32,565
Georgia Power Co.
4.30%, 03/15/42		115		113,090
Interstate Power & Light Co.
6.25%, 07/15/39		25		32,407
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		31		33,405
Kentucky Utilities Co.
5.13%, 11/01/40 (Call 05/01/40)		65		75,307
MidAmerican Energy Holdings Co.
6.13%, 04/01/36		176		211,098
6.50%, 09/15/37		65		81,592
Nevada Power Co.
Series R
6.75%, 07/01/37		50		66,063
Nisource Finance Corp.
5.95%, 06/15/41 (Call 12/15/40)		56		62,589
Northern States Power Co.
3.40%, 08/15/42 (Call 02/15/42)		76		67,082
6.20%, 07/01/37		36		46,247
Oglethorpe Power Corp.
5.25%, 09/01/50		51		54,112
Ohio Power Co.
Series F
5.85%, 10/01/35		51		60,297
Oncor Electric Delivery Co.
5.30%, 06/01/42 (Call 12/01/41)		110		123,635
Pacific Gas & Electric Co.
3.75%, 08/15/42 (Call 02/15/42)		65		58,464
4.45%, 04/15/42 (Call 10/15/41)		26		26,033
5.80%, 03/01/37		65		77,120
6.05%, 03/01/34		72		88,702
Potomac Electric Power Co.
6.50%, 11/15/37		40		52,926
Public Service Co. of Colorado
6.25%, 09/01/37		49		63,544
Public Service Electric & Gas Co.
3.80%, 01/01/43 (Call 07/01/42)		76		71,962
Puget Sound Energy Inc.
4.43%, 11/15/41 (Call 05/15/41)		25		25,907
5.64%, 04/15/41 (Call 10/15/40)		56		68,067
5.80%, 03/15/40		25		30,854
San Diego Gas & Electric Co.
4.30%, 04/01/42 (Call 10/01/41)		65		67,253
6.13%, 09/15/37		30		38,781
South Carolina Electric & Gas Co.
4.35%, 02/01/42 (Call 08/01/41)		51		50,899
6.05%, 01/15/38		26		31,907
Southern California Edison Co.
4.05%, 03/15/42 (Call 09/15/41)		76		74,451
5.50%, 03/15/40		66		79,211

Security	Principal (000s)		Value
5.75%, 04/01/35	$	26	$	31,840
Series 08-A
5.95%, 02/01/38		41		51,644
Union Electric Co.
3.90%, 09/15/42 (Call 03/15/42)		40		38,039
8.45%, 03/15/39		25		39,753
Virginia Electric and Power Co.
4.00%, 01/15/43 (Call 07/15/42)		26		25,157
8.88%, 11/15/38		26		42,615
Westar Energy Inc.
4.13%, 03/01/42 (Call 09/01/41)		76		74,900
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)		76		70,272
				3,850,013
ELECTRICAL COMPONENTS & EQUIPMENT — 0.10%
Emerson Electric Co.
6.13%, 04/15/39		25		32,117
Legrand France SA
8.50%, 02/15/25		25		32,445
				64,562
ELECTRONICS — 0.21%
Honeywell International Inc.
5.38%, 03/01/41		36		42,613
5.70%, 03/15/37		25		30,426
Koninklijke Philips NV
6.88%, 03/11/38		45		59,538
				132,577
ENGINEERING & CONSTRUCTION — 0.06%
ABB Finance (USA) Inc.
4.38%, 05/08/42		36		36,194
				36,194
ENVIRONMENTAL CONTROL — 0.22%
Republic Services Inc.
5.70%, 05/15/41 (Call 11/15/40)		26		29,835
6.20%, 03/01/40		36		42,678
Waste Management Inc.
6.13%, 11/30/39		26		31,393
7.00%, 07/15/28		26		33,541
				137,447
FOOD — 1.28%
Campbell Soup Co.
3.80%, 08/02/42		26		22,520
ConAgra Foods Inc.
3.20%, 01/25/23 (Call 10/25/22)		40		39,410
6.63%, 08/15/39a		25		30,301
8.25%, 09/15/30		51		68,649
Delhaize Brothers and Co. “The Lion” (Delhaize Group)
5.70%, 10/01/40		65		64,620
General Mills Inc.
5.40%, 06/15/40		25		28,965

45

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Kellogg Co. Series B
7.45%, 04/01/31	$	56	$	74,926
Kraft Foods Group Inc.
5.00%, 06/04/42		90		94,370
6.88%, 01/26/39		26		33,946
Kroger Co. (The)
5.40%, 07/15/40 (Call 01/15/40)		21		22,427
6.90%, 04/15/38		26		32,803
Mondelez International Inc.
6.50%, 02/09/40		71		89,150
6.88%, 02/01/38		40		51,631
Safeway Inc.
7.25%, 02/01/31		25		28,604
Sysco Corp.
5.38%, 09/21/35		41		47,010
Unilever Capital Corp.
5.90%, 11/15/32		65		84,156
				813,488
FOREST PRODUCTS & PAPER — 0.30%
Georgia-Pacific LLC
7.75%, 11/15/29		41		55,435
8.00%, 01/15/24		51		69,146
International Paper Co.
7.30%, 11/15/39		26		34,200
Westvaco Corp.
8.20%, 01/15/30		26		32,144
				190,925
GAS — 0.29%
AGL Capital Corp.
5.88%, 03/15/41 (Call 09/15/40)		56		66,518
Sempra Energy
6.00%, 10/15/39		10		12,140
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)		65		61,649
Southern Union Co.
7.60%, 02/01/24		36		44,402
				184,709
HAND & MACHINE TOOLS — 0.04%
Stanley Black & Decker Inc.
5.20%, 09/01/40		26		28,229
				28,229
HEALTH CARE — PRODUCTS — 0.45%
Baxter International Inc.
3.65%, 08/15/42		26		23,235
6.25%, 12/01/37		25		31,708
Becton, Dickinson and Co.
5.00%, 11/12/40		25		26,991
Boston Scientific Corp.
7.38%, 01/15/40		25		32,389
Covidien International Finance SA
6.55%, 10/15/37		61		79,478

Security	Principal (000s)		Value
Medtronic Inc.
4.50%, 03/15/42 (Call 09/15/41)	$	90	$	92,299
				286,100
HEALTH CARE — SERVICES — 1.02%
Aetna Inc.
4.13%, 11/15/42 (Call 05/15/42)		26		24,050
4.50%, 05/15/42 (Call 11/15/41)		56		54,740
6.63%, 06/15/36		26		32,817
Cigna Corp.
5.38%, 02/15/42 (Call 08/15/41)		25		28,077
6.15%, 11/15/36		41		50,452
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		26		24,922
Quest Diagnostics Inc.
5.75%, 01/30/40		26		27,306
UnitedHealth Group Inc.
2.75%, 02/15/23 (Call 11/15/22)		90		86,787
4.38%, 03/15/42 (Call 09/15/41)		30		29,435
5.80%, 03/15/36		46		53,439
6.88%, 02/15/38		56		73,271
WellPoint Inc.
4.63%, 05/15/42		41		40,567
4.65%, 01/15/43		76		74,883
6.38%, 06/15/37		36		43,788
				644,534
HOUSEHOLD PRODUCTS & WARES — 0.15%
Kimberly-Clark Corp.
5.30%, 03/01/41		51		60,214
6.63%, 08/01/37		25		33,718
				93,932
INSURANCE — 2.43%
ACE Capital Trust II
9.70%, 04/01/30		36		52,091
Aflac Inc.
6.45%, 08/15/40		26		31,740
Allstate Corp. (The)
5.20%, 01/15/42		26		30,010
5.95%, 04/01/36		49		62,423
6.90%, 05/15/38		34		48,163
American International Group Inc.
6.25%, 05/01/36		120		145,119
8.18%, 05/15/68 (Call 05/15/38)b		56		73,360
AXA SA
8.60%, 12/15/30		26		33,735
Berkshire Hathaway Finance Corp.
5.75%, 01/15/40		61		71,059
Chubb Corp. (The)
6.00%, 05/11/37		66		82,533
Cincinnati Financial Corp.
6.92%, 05/15/28		25		31,501
GE Global Insurance Holding Corp.
7.00%, 02/15/26		25		31,245
Hartford Financial Services Group Inc.
6.63%, 04/15/42		36		45,052
Lincoln National Corp.
7.00%, 06/15/40		46		60,038

46

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Marsh & McLennan Companies Inc.
5.88%, 08/01/33	$	41	$	47,277
MetLife Inc.
4.13%, 08/13/42		90		83,959
6.40%, 12/15/66 (Call 12/15/31)		100		112,750
Principal Financial Group Inc.
3.13%, 05/15/23		90		88,596
4.35%, 05/15/43		26		24,981
6.05%, 10/15/36		25		30,312
Prudential Financial Inc.
5.63%, 05/12/41		26		29,014
5.70%, 12/14/36		51		57,105
Series B
5.75%, 07/15/33		51		57,474
Series D
6.63%, 12/01/37		26		32,392
Travelers Companies Inc. (The)
5.35%, 11/01/40		70		81,867
6.25%, 06/15/37		51		65,701
XL Group PLC
6.25%, 05/15/27		25		30,046
				1,539,543
INTERNET — 0.11%
eBay Inc.
4.00%, 07/15/42 (Call 01/15/42)		76		66,924
				66,924
IRON & STEEL — 0.04%
Cliffs Natural Resources Inc.
6.25%, 10/01/40		26		23,370
				23,370
MACHINERY — 0.22%
Caterpillar Inc.
3.80%, 08/15/42		58		53,120
5.20%, 05/27/41		25		27,804
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		26		24,524
5.38%, 10/16/29		26		30,810
				136,258
MANUFACTURING — 0.47%
3M Co.
5.70%, 03/15/37		41		50,604
Dover Corp.
5.38%, 03/01/41 (Call 12/01/40)		41		48,126
Eaton Corp.
4.00%, 11/02/32a		65		62,932
General Electric Co.
4.13%, 10/09/42		65		62,357
Illinois Tool Works Inc.
4.88%, 09/15/41 (Call 03/15/41)		70		75,392
				299,411
MEDIA — 4.00%
CBS Corp.

Security	Principal (000s)		Value
4.85%, 07/01/42 (Call 01/01/42)	$	26	$	25,126
5.50%, 05/15/33		26		27,219
7.88%, 07/30/30		41		53,951
CC Holdings GS V LLC
3.85%, 04/15/23a		140		138,734
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		80		119,216
Comcast Corp.
4.65%, 07/15/42		130		134,389
6.40%, 05/15/38		100		126,167
6.95%, 08/15/37		90		120,004
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
5.15%, 03/15/42		100		96,758
6.00%, 08/15/40 (Call 05/15/40)		75		80,322
Discovery Communications LLC
6.35%, 06/01/40		100		120,019
Grupo Televisa SAB de CV CPO
6.63%, 01/15/40		71		84,427
Historic TW Inc.
6.63%, 05/15/29		65		79,000
9.15%, 02/01/23		26		37,399
NBCUniversal Media LLC
5.95%, 04/01/41		100		120,315
News America Inc.
6.15%, 02/15/41		215		250,338
6.65%, 11/15/37		36		43,909
6.90%, 08/15/39		65		81,342
Thomson Reuters Corp.
5.85%, 04/15/40		25		28,314
Time Warner Cable Inc.
4.50%, 09/15/42 (Call 03/15/42)		80		70,615
6.75%, 06/15/39		80		93,481
7.30%, 07/01/38		70		86,016
Time Warner Entertainment Co. LP
8.38%, 07/15/33		64		86,778
Time Warner Inc.
6.20%, 03/15/40		65		75,461
7.63%, 04/15/31		78		105,123
7.70%, 05/01/32		76		102,939
Viacom Inc.
4.50%, 02/27/42		25		23,132
6.88%, 04/30/36		36		43,786
Walt Disney Co. (The)
7.00%, 03/01/32		41		56,501
Series E
4.13%, 12/01/41		25		24,805
				2,535,586
MINING — 1.51%
Alcoa Inc.
5.90%, 02/01/27		51		50,150
5.95%, 02/01/37		25		23,982
Barrick Australia Finance Pty Ltd.
5.95%, 10/15/39		51		48,955
Barrick North America Finance LLC
5.70%, 05/30/41		26		24,506
BHP Billiton Finance (USA) Ltd.
4.13%, 02/24/42		76		74,158
Newmont Mining Corp.
4.88%, 03/15/42 (Call 09/15/41)		23		19,633
6.25%, 10/01/39		61		63,314

47

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Rio Tinto Finance (USA) Ltd.
5.20%, 11/02/40	$	26	$	27,732
7.13%, 07/15/28		95		122,624
Rio Tinto Finance (USA) PLC
4.75%, 03/22/42 (Call 09/22/41)		51		51,301
Southern Copper Corp.
5.25%, 11/08/42		90		79,128
6.75%, 04/16/40		35		36,828
Teck Resources Ltd.
3.75%, 02/01/23 (Call 11/01/22)		66		63,810
5.40%, 02/01/43 (Call 08/01/42)		26		24,387
6.13%, 10/01/35		25		25,874
6.25%, 07/15/41 (Call 01/15/41)		31		32,071
Vale Overseas Ltd.
6.88%, 11/21/36		91		98,756
6.88%, 11/10/39		85		92,620
				959,829
MULTI-NATIONAL — 0.24%
European Investment Bank
4.88%, 02/15/36		50		59,008
International Bank for Reconstruction and Development
4.75%, 02/15/35		76		90,575
				149,583
OFFICE & BUSINESS EQUIPMENT — 0.04%
Pitney Bowes Inc.
5.25%, 01/15/37		25		25,975
				25,975
OIL & GAS — 4.03%
Anadarko Finance Co.
7.50%, 05/01/31		71		93,127
Anadarko Petroleum Corp.
6.20%, 03/15/40		50		59,533
6.45%, 09/15/36		50		60,595
Apache Corp.
2.63%, 01/15/23 (Call 10/15/22)		90		86,101
5.10%, 09/01/40 (Call 03/01/40)		76		79,503
6.00%, 01/15/37		26		30,699
Canadian Natural Resources Ltd.
6.25%, 03/15/38		70		81,995
7.20%, 01/15/32		51		65,275
Cenovus Energy Inc.
6.75%, 11/15/39		76		97,095
Conoco Funding Co.
7.25%, 10/15/31		140		193,797
ConocoPhillips
5.90%, 05/15/38		85		104,314
6.50%, 02/01/39		76		99,105
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		26		25,235
5.60%, 07/15/41 (Call 01/15/41)		21		22,670
Devon Financing Corp. ULC
7.88%, 09/30/31		50		67,322
Diamond Offshore Drilling Inc.
5.70%, 10/15/39		25		30,210
Encana Corp.
5.15%, 11/15/41 (Call 05/15/41)		51		50,834
6.50%, 08/15/34		26		30,302

Security	Principal (000s)		Value
6.50%, 02/01/38	$	21	$	24,729
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)		26		25,027
Hess Corp.
7.13%, 03/15/33		25		31,108
7.30%, 08/15/31		66		82,430
Husky Energy Inc.
6.80%, 09/15/37		25		31,692
Marathon Oil Corp.
6.60%, 10/01/37		51		62,890
Marathon Petroleum Corp.
6.50%, 03/01/41 (Call 09/01/40)		41		49,870
Murphy Oil Corp.
5.13%, 12/01/42 (Call 06/01/42)		26		24,256
Nexen Inc.
6.40%, 05/15/37		95		115,082
Noble Energy Inc.
6.00%, 03/01/41 (Call 09/01/40)		65		76,753
Noble Holding International Ltd.
6.20%, 08/01/40		26		28,270
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		26		25,133
Petro-Canada
6.80%, 05/15/38		31		38,740
Phillips 66
5.88%, 05/01/42		26		30,381
Shell International Finance BV
5.50%, 03/25/40		36		43,604
6.38%, 12/15/38		41		54,636
Statoil ASA
4.25%, 11/23/41		90		88,654
Suncor Energy Inc.
6.85%, 06/01/39		51		65,068
7.15%, 02/01/32		61		78,167
Talisman Energy Inc.
5.50%, 05/15/42 (Call 11/15/41)		26		26,679
6.25%, 02/01/38		41		45,885
Total Capital Canada Ltd.
2.75%, 07/15/23		90		87,126
Transocean Inc.
6.80%, 03/15/38		36		41,156
7.50%, 04/15/31		36		43,558
Valero Energy Corp.
6.63%, 06/15/37		26		31,531
10.50%, 03/15/39		16		25,259
				2,555,396
OIL & GAS SERVICES — 0.54%
Baker Hughes Inc.
5.13%, 09/15/40		60		67,882
Cameron International Corp.
5.95%, 06/01/41 (Call 12/01/40)		25		29,524
Halliburton Co.
6.70%, 09/15/38		21		28,042
7.45%, 09/15/39		55		78,849
National Oilwell Varco Inc.
3.95%, 12/01/42 (Call 06/01/42)		26		23,989
Weatherford International Ltd.
5.95%, 04/15/42 (Call 10/17/41)		26		26,567
6.50%, 08/01/36		26		27,878

48

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
6.75%, 09/15/40	$	56	$	61,906
				344,637
PACKAGING & CONTAINERS — 0.03%
Sonoco Products Co.
5.75%, 11/01/40 (Call 05/01/40)		15		16,673
				16,673
PHARMACEUTICALS — 2.31%
Abbott Laboratories
5.30%, 05/27/40		26		30,629
6.15%, 11/30/37		36		46,729
AbbVie Inc.
4.40%, 11/06/42a		65		63,508
AstraZeneca PLC
6.45%, 09/15/37		68		85,559
Bristol-Myers Squibb Co.
3.25%, 08/01/42		66		55,589
5.88%, 11/15/36		37		45,293
Eli Lilly and Co.
5.50%, 03/15/27		26		31,457
5.55%, 03/15/37		76		90,796
Express Scripts Holding Co.
6.13%, 11/15/41		26		32,055
GlaxoSmithKline Capital Inc.
6.38%, 05/15/38		115		147,091
Johnson & Johnson
5.85%, 07/15/38		81		103,217
McKesson Corp.
6.00%, 03/01/41 (Call 09/01/40)		51		63,015
Merck & Co. Inc.
3.60%, 09/15/42 (Call 03/15/42)		90		80,359
6.40%, 03/01/28		26		33,372
Pfizer Inc.
7.20%, 03/15/39		76		106,502
Schering-Plough Corp./Merck & Co. Inc.
6.50%, 12/01/33		38		49,984
6.55%, 09/15/37		65		85,815
Teva Pharmaceutical Finance LLC
6.15%, 02/01/36		51		63,111
Wyeth LLC
5.95%, 04/01/37		132		161,077
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)a		90		89,185
				1,464,343
PIPELINES — 1.93%
CenterPoint Energy Resources Corp.
5.85%, 01/15/41 (Call 07/15/40)		25		30,516
El Paso Pipeline Partners Operating Co. LLC
7.50%, 11/15/40		26		33,580
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		26		26,768
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)		65		63,081
6.50%, 02/01/42 (Call 08/01/41)		60		67,399
Enterprise Products Operating LLC
4.45%, 02/15/43 (Call 08/15/42)		76		71,328
4.85%, 08/15/42 (Call 02/15/42)		71		71,083

Security	Principal (000s)		Value
6.45%, 09/01/40	$	41	$	49,498
7.55%, 04/15/38		51		67,424
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)		140		137,610
5.00%, 08/15/42 (Call 02/15/42)		90		88,473
6.95%, 01/15/38		27		33,119
ONEOK Partners LP
6.85%, 10/15/37		76		90,926
Plains All American Pipeline LP
2.85%, 01/31/23 (Call 10/31/22)		65		61,814
5.15%, 06/01/42 (Call 12/01/41)		25		26,586
Spectra Energy Capital LLC
7.50%, 09/15/38		25		33,505
TransCanada PipeLines Ltd.
6.10%, 06/01/40		15		18,347
6.20%, 10/15/37		60		73,553
7.63%, 01/15/39		25		35,244
Transcontinental Gas Pipe Line Corp.
5.40%, 08/15/41 (Call 02/15/41)		26		28,494
Williams Companies Inc. (The)
8.75%, 03/15/32		51		68,487
Williams Partners LP
6.30%, 04/15/40		40		45,618
				1,222,453
REAL ESTATE INVESTMENT TRUSTS — 0.39%
Boston Properties LP
3.85%, 02/01/23 (Call 11/01/22)		26		26,914
Camden Property Trust
4.88%, 06/15/23 (Call 03/15/23)		25		27,481
HCP Inc.
6.75%, 02/01/41 (Call 08/01/40)		25		31,496
Health Care REIT Inc.
6.50%, 03/15/41 (Call 09/15/40)		25		29,413
Omega Healthcare Investors Inc.
5.88%, 03/15/24 (Call 03/15/17)		76		81,042
Simon Property Group LP
6.75%, 02/01/40 (Call 11/01/39)		41		53,926
				250,272
RETAIL — 2.55%
CVS Caremark Corp.
5.75%, 05/15/41 (Call 11/15/40)		26		30,485
6.13%, 09/15/39		26		31,683
CVS Pass-Through Trust
8.35%, 07/10/31a		52		68,953
Home Depot Inc. (The)
5.88%, 12/16/36		72		87,930
5.95%, 04/01/41 (Call 10/01/40)		100		125,824
Kohl’s Corp.
3.25%, 02/01/23 (Call 11/01/22)		26		24,932
6.88%, 12/15/37		40		46,805
Lowe’s Companies Inc.
4.65%, 04/15/42 (Call 10/15/41)		51		52,118
5.50%, 10/15/35		51		57,047
6.50%, 03/15/29		36		44,202
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		26		24,713
4.30%, 02/15/43 (Call 08/15/42)		26		23,677
5.13%, 01/15/42 (Call 07/15/41)		36		37,554

49

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
6.38%, 03/15/37	$	26	$	29,976
McDonald’s Corp.
3.70%, 02/15/42		26		23,875
6.30%, 10/15/37		76		100,310
Nordstrom Inc.
7.00%, 01/15/38		25		33,370
Target Corp.
6.35%, 11/01/32		80		101,538
Wal-Mart Stores Inc.
5.00%, 10/25/40		65		71,590
5.63%, 04/15/41		100		121,544
5.88%, 04/05/27		190		241,330
6.20%, 04/15/38		51		65,323
6.50%, 08/15/37		33		43,303
7.55%, 02/15/30		90		127,117
				1,615,199
SEMICONDUCTORS — 0.18%
Applied Materials Inc.
5.85%, 06/15/41		25		28,342
Intel Corp.
4.80%, 10/01/41		86		88,125
				116,467
SOFTWARE — 0.50%
Microsoft Corp.
5.20%, 06/01/39		61		70,151
5.30%, 02/08/41		62		73,188
Oracle Corp.
5.38%, 07/15/40		35		40,605
6.50%, 04/15/38		100		130,428
				314,372
TELECOMMUNICATIONS — 4.01%
Alltel Corp.
7.88%, 07/01/32		76		108,097
AT&T Inc.
4.30%, 12/15/42 (Call 06/15/42)a		104		96,422
5.55%, 08/15/41		115		128,399
6.30%, 01/15/38		181		217,236
6.50%, 09/01/37		150		185,251
6.55%, 02/15/39		155		192,353
British Telecommunications PLC
9.63%, 12/15/30		81		125,406
Cisco Systems Inc.
5.90%, 02/15/39		40		48,882
Corning Inc.
4.70%, 03/15/37		26		25,807
4.75%, 03/15/42		51		50,822
Deutsche Telekom International Finance BV
8.75%, 06/15/30		29		41,875
France Telecom SA
5.38%, 01/13/42		31		32,895
8.50%, 03/01/31		46		65,612
Harris Corp.
6.15%, 12/15/40		26		29,837
Juniper Networks Inc.
5.95%, 03/15/41		40		42,592

Security	Principal (000s)		Value
New Cingular Wireless Services Inc.
8.75%, 03/01/31	$	100	$	154,978
Qwest Corp.
6.88%, 09/15/33 (Call 08/02/13)		76		76,380
Royal KPN NV
8.38%, 10/01/30		61		78,877
Telecom Italia Capital SA
6.38%, 11/15/33		26		25,370
7.72%, 06/04/38		86		92,610
Telefonica Europe BV
8.25%, 09/15/30		67		83,141
Verizon Communications Inc.
5.85%, 09/15/35		120		135,488
6.40%, 02/15/38		150		181,725
7.75%, 12/01/30		118		159,037
Vodafone Group PLC
6.15%, 02/27/37		51		60,509
7.88%, 02/15/30		75		102,746
				2,542,347
TOYS, GAMES & HOBBIES — 0.09%
Hasbro Inc.
6.35%, 03/15/40		25		28,566
Mattel Inc.
5.45%, 11/01/41 (Call 05/01/41)		26		27,987
				56,553
TRANSPORTATION — 1.32%
Burlington Northern Santa Fe Corp.
4.40%, 03/15/42 (Call 09/15/41)		26		25,491
5.75%, 05/01/40 (Call 11/01/39)		75		87,193
6.15%, 05/01/37		56		68,119
Canadian National Railway Co.
6.38%, 11/15/37		41		54,457
Canadian Pacific Railway Co.
4.45%, 03/15/23 (Call 12/15/22)		26		28,076
5.95%, 05/15/37		26		30,385
CSX Corp.
4.40%, 03/01/43 (Call 09/01/42)		26		25,193
6.00%, 10/01/36		51		59,993
6.22%, 04/30/40		31		37,547
FedEx Corp.
3.88%, 08/01/42		26		23,800
Norfolk Southern Corp.
2.90%, 02/15/23 (Call 11/15/22)		89		86,734
4.84%, 10/01/41		100		104,670
Union Pacific Corp.
5.78%, 07/15/40		25		30,332
6.63%, 02/01/29		60		77,855
United Parcel Service Inc.
3.63%, 10/01/42		26		23,936
4.88%, 11/15/40 (Call 05/15/40)		25		27,527
6.20%, 01/15/38		36		47,034
				838,342
TOTAL CORPORATE BONDS & NOTES (Cost: $31,107,582)				30,094,997

50

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
FOREIGN AGENCY OBLIGATIONSc — 1.31%
BRAZIL — 0.17%
Petrobras International Finance Co.
6.75%, 01/27/41	$	100	$	106,641
				106,641
CANADA — 0.53%
British Columbia (Province of)
6.50%, 01/15/26		91		122,429
Hydro-Quebec
8.05%, 07/07/24		65		93,046
Quebec (Province of)
7.50%, 09/15/29		81		117,594
				333,069
ITALY — 0.13%
Lombardy (Region of)
5.80%, 10/25/32		86		85,574
				85,574
MEXICO — 0.22%
Petroleos Mexicanos
5.50%, 06/27/44		140		140,000
				140,000
SUPRANATIONAL — 0.26%
Asian Development Bank
5.82%, 06/16/28		76		96,103
Inter-American Development Bank
3.88%, 10/28/41		70		72,010
				168,113
TOTAL FOREIGN AGENCY OBLIGATIONS (Cost: $873,160)				833,397
FOREIGN GOVERNMENT OBLIGATIONSc — 4.99%
BRAZIL — 1.33%
Brazil (Federative Republic of)
5.63%, 01/07/41		150		166,500
7.13%, 01/20/37		15		19,650
8.25%, 01/20/34		110		159,775
8.75%, 02/04/25		76		113,240
8.88%, 04/15/24		108		158,490
10.13%, 05/15/27		90		149,400
11.00%, 08/17/40 (Call 08/17/15)		62		74,555
				841,610
COLOMBIA — 0.42%
Colombia (Republic of)
8.13%, 05/21/24		190		263,150
				263,150

Security	Principal (000s)		Value
ITALY — 0.27%
Italy (Republic of)
5.38%, 06/15/33	$	74	$	76,047
6.88%, 09/27/23		80		95,103
				171,150
MEXICO — 0.99%
United Mexican States
4.75%, 03/08/44		158		157,605
6.05%, 01/11/40		182		217,945
8.30%, 08/15/31		170		252,450
				628,000
PANAMA — 0.31%
Panama (Republic of)
6.70%, 01/26/36		80		104,000
9.38%, 04/01/29		60		95,250
				199,250
PERU — 0.43%
Peru (Republic of)
5.63%, 11/18/50		110		125,950
8.75%, 11/21/33		92		144,440
				270,390
POLAND — 0.21%
Poland (Republic of)
3.00%, 03/17/23		140		134,030
				134,030
TURKEY — 0.83%
Turkey (Republic of)
7.25%, 03/05/38		400		529,000
				529,000
URUGUAY — 0.20%
Uruguay (Republic of)
7.63%, 03/21/36		90		124,425
				124,425
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $3,342,546)				3,161,005
MUNICIPAL DEBT OBLIGATIONS — 6.85%
ARIZONA — 0.09%
Salt River Project Agricultural Improvement & Power District RB Electric Power & Light Revenues BAB
4.84%, 01/01/41		50		55,707
				55,707

51

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CALIFORNIA — 2.16%
Bay Area Toll Authority RB Highway Revenue Tolls BAB
6.26%, 04/01/49	$	140	$	186,376
Los Angeles Community College District GO BAB
6.75%, 08/01/49		40		55,936
Los Angeles County Public Works Financing Authority RB Lease Abatement BAB
7.62%, 08/01/40		50		65,440
Los Angeles Unified School District GO BAB
5.76%, 07/01/29		50		59,052
6.76%, 07/01/34		25		33,331
Metropolitan Water District of Southern California RB Water Revenue BAB
Series A
6.95%, 07/01/40 (Call 07/01/20)		50		60,944
Sacramento Municipal Utility District RB Electric Power & Light Revenues BAB
6.16%, 05/15/36		20		24,307
San Diego County Regional Transportation Commission RB Sales Tax Revenue BAB
5.91%, 04/01/48		25		31,745
San Francisco City & County Public Utilities Commission RB Water Revenue BAB
6.95%, 11/01/50		50		68,982
Santa Clara Valley Transportation Authority RB Sales Tax Revenue BAB
5.88%, 04/01/32		45		53,429
State of California GO BAB
7.55%, 04/01/39		95		135,879
7.63%, 03/01/40		275		394,619
University of California Regents RB College & University Revenue BAB
5.77%, 05/15/43		75		90,028
5.95%, 05/15/45		40		47,644
6.27%, 05/15/31 (Call 05/15/19)		55		62,740
				1,370,452
CONNECTICUT — 0.07%
State of Connecticut GO
Series A
5.85%, 03/15/32		35		42,785
				42,785
GEORGIA — 0.15%
Municipal Electric Authority of Georgia RB Electric Power & Light Revenues BAB Project M,
Series 2010A
6.66%, 04/01/57		85		95,395
				95,395
ILLINOIS — 0.83%
Chicago Board of Education GO BAB
Series E
6.14%, 12/01/39		40		43,214
Chicago Transit Authority RB Sales Tax Revenue
Series A
6.90%, 12/01/40		75		92,473
City of Chicago RB Port Airport & Marina Revenue BAB
Series B
6.85%, 01/01/38 (Call 01/01/20)		25		28,583
Illinois State Toll Highway Authority RB Highway Revenue Tolls BAB
Series B
5.85%, 12/01/34		55		67,007
Metropolitan Water Reclamation District of Greater Chicago GOL
5.72%, 12/01/38		25		31,462

Security	Principal (000s)		Value
State of Illinois GO
5.10%, 06/01/33	$	250	$	250,832
State of Illinois GO BAB
6.63%, 02/01/35		10		11,392
				524,963
MASSACHUSETTS — 0.31%
Commonwealth of Massachusetts GO BAB
Series E
5.46%, 12/01/39		50		59,381
Commonwealth of Massachusetts GOL BAB
Series D
4.50%, 08/01/31		20		21,561
Massachusetts School Building Authority RB Dedicated Sales Tax Revenue BAB
5.72%, 08/15/39		50		61,469
Massachusetts Water Pollution Abatement Trust RB Water Revenue BAB
Series B
5.19%, 08/01/40		50		56,021
				198,432
MISSOURI — 0.10%
University of Missouri Curators RB College & University Revenue BAB
5.79%, 11/01/41		50		63,119
				63,119
NEW JERSEY — 0.44%
New Jersey Economic Development Authority RB Miscellaneous Revenue
Series A
7.43%, 02/15/29 (NPFGC)		40		51,393
New Jersey State Turnpike Authority RB Miscellaneous Revenue BAB
Series F
7.41%, 01/01/40		75		108,513
New Jersey Transportation Trust Fund Authority RB Transit Revenue BAB
Series C
5.75%, 12/15/28		55		64,171
6.10%, 12/15/28 (Call 12/15/20)		45		52,166
				276,243
NEW YORK — 1.32%
City of New York GO BAB
5.21%, 10/01/31		70		80,501
6.27%, 12/01/37		50		64,840
Metropolitan Transportation Authority RB Transit Revenue BAB
7.34%, 11/15/39		65		94,102
Series A
5.87%, 11/15/39		50		59,099
Series E
6.81%, 11/15/40		25		32,620
New York City Municipal Water Finance Authority RB Water Revenue BAB
6.01%, 06/15/42		40		51,146
Series DD
5.95%, 06/15/42		40		50,712
New York City Transitional Finance Authority RB Income Tax Revenue
5.27%, 05/01/27		40		46,252
Series C-2
5.77%, 08/01/36		50		61,186
New York State Dormitory Authority RB State Personal Income Tax Revenue BAB
5.63%, 03/15/39		50		60,412

52

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal (000s)		Value
New York State Urban Development Corp. RB State Personal Income Tax BAB
5.77%, 03/15/39	$	50	$	60,452
Port Authority of New York & New Jersey RB Port Airport & Marina Revenue
4.46%, 10/01/62		85		82,943
5.65%, 11/01/40 (GOI)		75		89,809
				834,074
OHIO — 0.25%
American Municipal Power Ohio Inc. RB Electric Power & Light Revenues BAB
7.83%, 02/15/41		90		125,392
Ohio State Water Development Authority RB Miscellaneous Revenue BAB
4.88%, 12/01/34		30		34,111
				159,503
OREGON — 0.20%
State of Oregon GO
5.89%, 06/01/27		100		125,155
				125,155
PENNSYLVANIA — 0.07%
Pennsylvania Turnpike Commission RB Highway Revenue Tolls BAB
Series B
5.56%, 12/01/49		40		47,088
				47,088
TEXAS — 0.68%
City of San Antonio RB Electric Power & Light Revenues BAB
5.81%, 02/01/41		40		49,729
Dallas Area Rapid Transit RB Sales Tax Revenue BAB
6.00%, 12/01/44		50		64,967
Dallas County Hospital District GOL BAB
Series C
5.62%, 08/15/44		50		62,067
North Texas Tollway Authority RB Highway Revenue Tolls BAB
8.91%, 02/01/30 (Call 02/01/20)		25		29,885
State of Texas GO BAB
5.52%, 04/01/39		50		61,208
Series A
4.63%, 04/01/33		40		44,136
Texas State Transportation Commission RB Highway Revenue Tolls BAB
Series B
5.03%, 04/01/26		40		47,976
5.18%, 04/01/30		25		29,765
University of Texas System Board of Regents RB College & University Revenue BAB
Series C
4.79%, 08/15/46		40		44,481
				434,214
UTAH — 0.09%
State of Utah GO BAB
Series D
4.55%, 07/01/24		50		57,934
				57,934

Security	Principal (000s)		Value
WASHINGTON — 0.09%
State of Washington GO BAB
Series D
5.48%, 08/01/39	$	50	$	60,207
				60,207
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $4,178,310)				4,345,271
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 37.06%
U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.07%
Federal Home Loan Mortgage Corp.
6.25%, 07/15/32		391		553,339
6.75%, 03/15/31		350		511,096
Federal National Mortgage Association
5.63%, 07/15/37		86		115,320
6.63%, 11/15/30		155		223,605
7.25%, 05/15/30		222		336,921
Tennessee Valley Authority
3.50%, 12/15/42		50		45,778
7.13%, 05/01/30		110		159,091
				1,945,150
U.S. GOVERNMENT OBLIGATIONS — 33.99%
U.S. Treasury Bonds
2.75%, 08/15/42		1,200		1,075,968
2.75%, 11/15/42		2,324		2,081,258
3.13%, 11/15/41		1,800		1,750,986
3.13%, 02/15/42		1,360		1,321,798
3.13%, 02/15/43		1,170		1,133,122
3.50%, 02/15/39		2,540		2,676,119
3.75%, 08/15/41		74		80,995
3.88%, 08/15/40		560		627,200
4.25%, 05/15/39		110		131,055
4.25%, 11/15/40		1,200		1,429,032
4.38%, 02/15/38		537		651,198
4.38%, 11/15/39		405		491,820
4.38%, 05/15/40		570		692,459
4.38%, 05/15/41		130		157,971
4.50%, 02/15/36		405		499,827
4.50%, 05/15/38		38		46,948
4.50%, 08/15/39		100		123,824
4.63%, 02/15/40		44		55,523
4.75%, 02/15/37		312		398,530
4.75%, 02/15/41		440		566,069
5.00%, 05/15/37		410		541,745
5.25%, 11/15/28		60		78,823
5.25%, 02/15/29		368		484,030
5.38%, 02/15/31		793		1,069,130
5.50%, 08/15/28		360		484,186
6.00%, 02/15/26		19		26,308
6.13%, 11/15/27		109		154,409
6.13%, 08/15/29		101		145,189
6.38%, 08/15/27		132		190,826
6.50%, 11/15/26		408		591,886
6.63%, 02/15/27		82		120,458
6.75%, 08/15/26		320		472,528
6.88%, 08/15/25		534		787,880

53

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE LONG-TERM U.S. BOND ETF

May 31, 2013

Security	Principal or Shares (000s)		Value
7.50%, 11/15/24	$	240	$	366,490
7.63%, 02/15/25		24		37,096
				21,542,686
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost: $24,797,331)				23,487,836
SHORT-TERM INVESTMENTS — 0.70%
MONEY MARKET FUNDS — 0.70%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		443		442,627
				442,627
TOTAL SHORT-TERM INVESTMENTS
(Cost: $442,627)				442,627
TOTAL INVESTMENTS IN SECURITIES — 98.39%
(Cost: $64,741,556)				62,365,133
Other Assets, Less Liabilities — 1.61%				1,019,517
NET ASSETS — 100.00%			$	63,384,650

BAB — Build America Bond

GO — General Obligation

GOI — General Obligation of the Issuer

GOL — General Obligation Limited

RB — Revenue Bond

Insured by:

NPFGC — National Public Finance Guarantee Corp.

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

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

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

^d  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

54

Schedule of Investments  (Unaudited) 

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.77%
MORTGAGE-BACKED SECURITIES — 1.77%
Banc of America Merrill Lynch Commercial Mortgage Inc.
Series 2006-6, Class A3
5.37%, 10/10/45	$	14,250	$	15,220,077
Series 2007-2, Class A4
5.61%, 04/10/49a		9,950		11,330,983
Bear Stearns Commercial Mortgage Securities Inc.
Series 2005-PW10, Class A4
5.41%, 12/11/40a		17,000		18,536,145
Series 2005-PWR9, Class AAB
4.80%, 09/11/42		3,771		3,844,741
Series 2006-PW13, Class A4
5.54%, 09/11/41		12,000		13,452,292
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD, Class A4
5.32%, 12/11/49		18,000		20,243,899
Credit Suisse Mortgage Capital Certificates Series 2006-C4, Class A3
5.47%, 09/15/39		14,498		16,135,609
GE Capital Commercial Mortgage Corp. Series 2005-C1, Class A3
4.58%, 06/10/48		6,982		7,096,305
GS Mortgage Securities Corp. II Series 2007-GG10, Class A4
5.79%, 08/10/45a		57,000		64,586,806
GS Mortgage Securities Trust Series 2013-GC12, Class AS
3.38%, 06/10/46		5,000		4,977,344
J.P. Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP4, Class AM
5.00%, 10/15/42a		10,000		10,788,473
Series 2007-CB20, Class A4
5.79%, 02/12/51a		10,000		11,597,483
LB-UBS Commercial Mortgage Trust
Series 2004-C1, Class A4
4.57%, 01/15/31		15,549		15,852,547
Series 2004-C4, Class A4
5.45%, 06/15/29a		17,000		17,553,129
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-4, Class AM
5.20%, 12/12/49a		11,408		12,772,092
Morgan Stanley Capital I Inc. Series 2005-HQ6, Class A4A
4.99%, 08/13/42		18,597		19,889,562
Morgan Stanley/Bank of America Merrill Lynch Trust Series 2013-C9, Class A4
3.10%, 05/15/46		5,000		4,968,849
Wells Fargo Bank/Wachovia Bank Commercial Mortgage Trust Series 2006-C23, Class AJ
5.52%, 01/15/45a		5,000		5,440,391
				274,286,727
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost: $236,543,395)				274,286,727

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 23.71%
ADVERTISING — 0.06%
Interpublic Group of Companies Inc. (The)
10.00%, 07/15/17 (Call 07/15/13)	$	1,200	$	1,275,600
Omnicom Group Inc.
3.63%, 05/01/22		5,765		5,793,233
WPP Finance 2010
3.63%, 09/07/22		1,000		981,785
4.75%, 11/21/21		1,200		1,279,209
				9,329,827
AEROSPACE & DEFENSE — 0.30%
Boeing Co. (The)
4.88%, 02/15/20		2,500		2,904,558
Exelis Inc.
5.55%, 10/01/21		300		314,441
General Dynamics Corp.
1.38%, 01/15/15		1,000		1,013,681
2.25%, 07/15/16		300		311,923
2.25%, 11/15/22 (Call 08/15/22)		1,500		1,410,322
3.88%, 07/15/21 (Call 04/15/21)		1,400		1,514,917
Goodrich Corp.
3.60%, 02/01/21 (Call 11/01/20)		3,000		3,184,493
L-3 Communications Corp.
3.95%, 11/15/16		1,150		1,230,282
4.75%, 07/15/20		1,100		1,187,406
4.95%, 02/15/21 (Call 11/15/20)		300		327,500
Lockheed Martin Corp.
2.13%, 09/15/16		2,525		2,599,687
3.35%, 09/15/21		3,200		3,286,267
4.07%, 12/15/42		2,747		2,508,101
Northrop Grumman Corp.
1.85%, 11/15/15		350		360,936
3.25%, 08/01/23		1,950		1,926,547
3.50%, 03/15/21		2,000		2,091,578
5.05%, 11/15/40		230		240,810
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		1,300		1,240,144
6.40%, 12/15/18		4,299		5,236,124
Rockwell Collins Inc.
3.10%, 11/15/21 (Call 08/15/21)		400		410,816
United Technologies Corp.
3.10%, 06/01/22		3,250		3,314,068
4.50%, 04/15/20		750		851,245
4.50%, 06/01/42		2,450		2,525,841
4.88%, 05/01/15		1,100		1,190,428
6.13%, 02/01/19		2,122		2,597,823
6.13%, 07/15/38		2,022		2,551,872
				46,331,810
AGRICULTURE — 0.27%
Altria Group Inc.
4.75%, 05/05/21		3,450		3,816,628
9.70%, 11/10/18		6,644		9,099,482
Archer-Daniels-Midland Co.
4.48%, 03/01/21		1,750		1,939,195
5.77%, 03/01/41		2,500		2,913,680

55

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
Bunge Ltd. Finance Corp.
4.10%, 03/15/16	$	1,150	$	1,227,935
Lorillard Tobacco Co.
2.30%, 08/21/17		1,650		1,656,488
3.50%, 08/04/16		450		475,573
6.88%, 05/01/20b		600		718,526
7.00%, 08/04/41b		550		628,229
Philip Morris International Inc.
2.50%, 05/16/16		1,500		1,569,691
2.50%, 08/22/22		2,800		2,683,440
4.13%, 05/17/21b		2,500		2,725,553
4.38%, 11/15/41		2,000		1,919,159
4.50%, 03/20/42		1,000		975,961
5.65%, 05/16/18		2,726		3,238,548
6.88%, 03/17/14		1,725		1,811,973
Reynolds American Inc.
3.25%, 11/01/22		1,350		1,302,025
6.75%, 06/15/17		3,118		3,694,998
				42,397,084
AIRLINES — 0.06%
American Airlines Inc. 2011-1 Pass Through Trust Class A
5.25%, 07/31/22b		406		442,292
American Airlines Inc. 2011-2 Pass Through Trust Class A
8.63%, 04/15/23		455		478,880
Continental Airlines Inc. 2010-A Pass Through Trust Class A
4.75%, 07/12/22b		1,062		1,163,802
Continental Airlines Inc. 2012-1 Pass Through Trust Class A
4.15%, 10/11/25b		2,500		2,621,750
Delta Air Lines Inc. 2010-2A Pass Through Trust Class A
4.95%, 11/23/20b		780		855,349
Delta Air Lines Inc. 2012-1A Pass Through Trust Class A
4.75%, 11/07/21b		3,134		3,439,510
				9,001,583
APPAREL — 0.02%
NIKE Inc.
2.25%, 05/01/23 (Call 02/01/23)		2,100		2,016,438
VF Corp.
3.50%, 09/01/21 (Call 06/21/21)		400		416,832
				2,433,270
AUTO MANUFACTURERS — 0.02%
Daimler Finance North America LLC
8.50%, 01/18/31		2,000		3,000,854
				3,000,854
AUTO PARTS & EQUIPMENT — 0.05%
BorgWarner Inc.
4.63%, 09/15/20		2,500		2,674,440
Johnson Controls Inc.
2.60%, 12/01/16		2,000		2,086,948

Security	Principal (000s)		Value
3.75%, 12/01/21 (Call 09/01/21)	$	1,000	$	1,038,887
4.25%, 03/01/21		1,900		2,048,056
5.70%, 03/01/41		600		658,590
				8,506,921
BANKS — 4.70%
Abbey National Treasury Services PLC
4.00%, 04/27/16		3,800		4,043,947
Associated Banc-Corp
5.13%, 03/28/16 (Call 02/28/16)		600		652,208
Bank of America Corp.
1.25%, 01/11/16		2,000		1,989,537
5.63%, 07/01/20		14,450		16,644,753
5.70%, 01/24/22		3,000		3,449,961
5.75%, 12/01/17		1,000		1,144,469
5.88%, 02/07/42		2,000		2,363,703
6.50%, 08/01/16		6,050		6,930,371
Series 1
3.75%, 07/12/16		3,300		3,505,861
Bank of America N.A.
6.00%, 10/15/36		8,601		10,011,728
Bank of Montreal
1.75%, 04/29/14b		1,250		1,264,520
2.50%, 01/11/17		800		826,636
Bank of New York Mellon Corp. (The)
2.30%, 07/28/16		1,250		1,300,201
2.40%, 01/17/17 (Call 12/18/16)b		2,000		2,069,099
3.55%, 09/23/21 (Call 08/23/21)		2,650		2,793,096
4.30%, 05/15/14		3,944		4,092,217
4.60%, 01/15/20		3,395		3,836,369
Bank of Nova Scotia
2.05%, 10/07/15		500		513,848
2.55%, 01/12/17		400		414,743
2.90%, 03/29/16		6,250		6,579,378
3.40%, 01/22/15		3,250		3,387,149
4.38%, 01/13/21		1,000		1,115,314
Barclays Bank PLC
5.13%, 01/08/20		6,635		7,576,017
5.20%, 07/10/14		5,085		5,335,597
BB&T Corp.
5.20%, 12/23/15		3,011		3,313,303
5.25%, 11/01/19		1,200		1,367,906
6.85%, 04/30/19		1,824		2,263,499
BBVA U.S. Senior SA Unipersonal
3.25%, 05/16/14		900		899,513
BNP Paribas SA
3.60%, 02/23/16		5,000		5,277,496
5.00%, 01/15/21		4,000		4,423,548
Canadian Imperial Bank of Commerce
0.90%, 10/01/15		1,150		1,151,939
2.35%, 12/11/15		3,700		3,839,747
Capital One Financial Corp.
4.75%, 07/15/21		1,600		1,780,921
6.15%, 09/01/16		10,992		12,474,052
Citigroup Inc.
1.75%, 05/01/18		1,200		1,180,570
3.95%, 06/15/16		4,750		5,101,486
4.45%, 01/10/17		6,250		6,803,575
4.50%, 01/14/22		1,000		1,088,562
4.59%, 12/15/15		5,000		5,414,770
4.75%, 05/19/15		4,250		4,546,078
5.00%, 09/15/14		1,000		1,047,031

56

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
5.38%, 08/09/20	$	4,750	$	5,481,022
5.50%, 02/15/17		6,900		7,667,229
6.38%, 08/12/14		7,900		8,413,096
8.13%, 07/15/39		11,864		16,918,409
Comerica Inc.
3.00%, 09/16/15		400		418,944
Commonwealth Bank of Australia/ New York
1.90%, 09/18/17b		5,750		5,845,761
Credit Suisse New York
3.50%, 03/23/15		2,000		2,097,375
5.40%, 01/14/20		500		561,640
Deutsche Bank AG London
6.00%, 09/01/17		8,507		9,966,789
Discover Bank
2.00%, 02/21/18		2,000		1,984,953
Fifth Third Bancorp
3.50%, 03/15/22 (Call 02/15/22)b		1,500		1,527,253
3.63%, 01/25/16		3,250		3,450,125
8.25%, 03/01/38		1,000		1,370,683
First Horizon National Corp.
5.38%, 12/15/15b		250		271,063
Goldman Sachs Group Inc. (The)
2.38%, 01/22/18		2,500		2,513,866
3.63%, 02/07/16		6,250		6,605,593
5.00%, 10/01/14		26,887		28,341,936
5.25%, 10/15/13		1,200		1,219,897
5.38%, 03/15/20		2,010		2,273,446
5.63%, 01/15/17		4,500		4,984,261
5.75%, 01/24/22		3,000		3,437,053
6.00%, 06/15/20		6,900		8,080,409
6.15%, 04/01/18		6,750		7,865,458
6.25%, 02/01/41		6,000		7,074,559
6.75%, 10/01/37		7,018		7,646,432
HSBC Bank (USA) N.A.
4.88%, 08/24/20		3,500		3,837,674
HSBC Holdings PLC
4.00%, 03/30/22		3,000		3,173,745
5.10%, 04/05/21		2,650		3,048,272
6.10%, 01/14/42		4,500		5,641,851
6.50%, 09/15/37		4,000		4,843,164
HSBC USA Inc.
1.63%, 01/16/18		1,500		1,485,869
2.38%, 02/13/15		4,200		4,314,562
J.P. Morgan Chase & Co.
1.13%, 02/26/16		200		199,303
1.80%, 01/25/18		1,700		1,688,837
1.88%, 03/20/15		1,800		1,826,220
2.00%, 08/15/17		6,900		6,956,087
3.15%, 07/05/16		3,350		3,531,626
3.25%, 09/23/22		1,050		1,032,531
4.25%, 10/15/20		7,800		8,408,151
4.35%, 08/15/21		7,700		8,299,619
4.50%, 01/24/22		8,950		9,709,743
5.40%, 01/06/42		1,200		1,357,617
5.50%, 10/15/40		2,000		2,264,298
5.60%, 07/15/41		2,000		2,299,092
6.30%, 04/23/19		15,000		18,107,194
J.P. Morgan Chase Bank N.A.
6.00%, 10/01/17		1,200		1,390,239
KeyCorp
5.10%, 03/24/21		1,000		1,137,050
KfW
0.88%, 09/05/17		4,700		4,668,239

Security	Principal (000s)		Value
1.00%, 01/12/15	$	22,700	$	22,933,440
1.25%, 02/15/17		5,250		5,330,460
2.13%, 01/17/23		10,000		9,770,293
2.63%, 02/16/16		5,500		5,799,111
2.63%, 01/25/22		7,300		7,542,887
2.75%, 09/08/20b		12,400		13,126,132
4.88%, 06/17/19		6,020		7,160,100
Series G
4.38%, 03/15/18b		5,215		5,979,569
Korea Finance Corp.
4.63%, 11/16/21		1,500		1,610,089
Landwirtschaftliche Rentenbank Series G
5.00%, 11/08/16		16,532		18,866,755
Lloyds TSB Bank PLC
4.20%, 03/28/17b		800		871,321
Manufacturers and Traders Trust Co.
1.45%, 03/07/18 (Call 02/05/18)b		2,750		2,721,348
Morgan Stanley
1.75%, 02/25/16		2,000		2,005,052
3.80%, 04/29/16		4,500		4,746,899
4.10%, 01/26/15		8,500		8,872,570
4.75%, 03/22/17		4,300		4,690,411
5.45%, 01/09/17		4,600		5,098,810
5.50%, 07/24/20		3,100		3,507,719
5.75%, 01/25/21		10,150		11,626,552
6.25%, 08/09/26		551		642,483
6.38%, 07/24/42		2,500		2,962,797
6.63%, 04/01/18		5,234		6,159,254
7.30%, 05/13/19		7,915		9,685,218
National Australia Bank Ltd. New York
1.60%, 08/07/15		1,200		1,219,245
Northern Trust Corp.
2.38%, 08/02/22		450		430,733
3.38%, 08/23/21		950		992,705
3.45%, 11/04/20		200		211,962
PNC Funding Corp.
5.25%, 11/15/15c		9,135		10,025,941
5.40%, 06/10/14c		998		1,046,804
6.70%, 06/10/19c		998		1,237,506
Rabobank Nederland
3.38%, 01/19/17		6,450		6,864,655
3.88%, 02/08/22		850		882,701
4.50%, 01/11/21		3,250		3,553,951
5.25%, 05/24/41		3,100		3,498,947
Royal Bank of Canada
1.15%, 03/13/15		1,000		1,009,618
1.45%, 10/30/14		2,300		2,325,629
1.50%, 01/16/18		2,500		2,485,764
2.30%, 07/20/16		2,250		2,334,070
Royal Bank of Scotland Group PLC
3.25%, 01/11/14b		750		760,575
4.38%, 03/16/16b		3,000		3,243,051
5.63%, 08/24/20		5,500		6,301,032
6.40%, 10/21/19		3,450		4,094,554
State Street Corp.
2.88%, 03/07/16		1,300		1,371,648
4.38%, 03/07/21		600		667,296
4.96%, 03/15/18		800		895,873
Sumitomo Mitsui Banking Corp.
1.35%, 07/18/15		1,000		1,007,213
1.50%, 01/18/18		2,500		2,460,428

57

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
SunTrust Bank
7.25%, 03/15/18	$	1,000	$	1,215,690
SunTrust Banks Inc.
3.50%, 01/20/17 (Call 12/20/16)		1,050		1,120,254
6.00%, 09/11/17		2,298		2,657,836
Svenska Handelsbanken AB
2.88%, 04/04/17		1,750		1,834,250
Toronto-Dominion Bank (The)
1.38%, 07/14/14		400		403,871
2.38%, 10/19/16		3,000		3,121,106
2.50%, 07/14/16		1,600		1,665,751
U.S. Bancorp
2.20%, 11/15/16 (Call 10/14/16)		2,800		2,913,376
2.95%, 07/15/22 (Call 06/15/22)		1,250		1,209,980
3.00%, 03/15/22 (Call 02/15/22)		1,000		1,010,698
4.13%, 05/24/21 (Call 04/23/21)		1,000		1,096,237
UBS AG Stamford
2.25%, 01/28/14		730		737,030
5.88%, 12/20/17		11,234		13,200,442
US Bank N.A.
4.95%, 10/30/14		8,972		9,486,943
Wachovia Bank N.A./Wells Fargo & Co.
6.60%, 01/15/38		3,000		3,830,353
Wachovia Corp./Wells Fargo & Co.
5.25%, 08/01/14		10,772		11,330,423
Wells Fargo & Co.
1.25%, 02/13/15		5,000		5,041,562
4.60%, 04/01/21		12,950		14,520,750
5.00%, 11/15/14		15,542		16,436,455
5.63%, 12/11/17		3,050		3,540,918
Westpac Banking Corp.
1.60%, 01/12/18b		1,500		1,503,440
3.00%, 08/04/15		4,500		4,707,351
3.00%, 12/09/15		5,600		5,900,268
				728,169,108
BEVERAGES — 0.54%
Anheuser-Busch Companies LLC
5.50%, 01/15/18b		200		234,113
Anheuser-Busch InBev Finance Inc.
0.80%, 01/15/16b		1,000		998,582
Anheuser-Busch InBev Worldwide Inc.
2.88%, 02/15/16		2,000		2,107,270
3.75%, 07/15/42		2,000		1,805,307
4.13%, 01/15/15		1,214		1,280,621
4.38%, 02/15/21		3,475		3,874,775
5.38%, 01/15/20		4,015		4,731,407
7.75%, 01/15/19		7,800		10,110,088
8.00%, 11/15/39		2,000		3,012,939
8.20%, 01/15/39		750		1,145,887
Beam Inc.
3.25%, 05/15/22 (Call 02/15/22)		250		249,802
Brown-Forman Corp.
2.25%, 01/15/23 (Call 10/15/22)		1,750		1,660,701
Coca-Cola Co. (The)
1.50%, 11/15/15		3,500		3,580,397
1.80%, 09/01/16		400		412,092
3.15%, 11/15/20		7,650		8,087,673
3.30%, 09/01/21		850		896,482
Coca-Cola Enterprises Inc.
1.13%, 11/12/13		450		451,361
4.50%, 09/01/21 (Call 06/01/21)		1,284		1,409,523

Security	Principal (000s)		Value
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)	$	2,500	$	2,388,944
Diageo Finance BV
5.30%, 10/28/15		7,107		7,842,020
Diageo Investment Corp.
4.25%, 05/11/42b		1,000		983,289
Dr Pepper Snapple Group Inc.
2.90%, 01/15/16		1,000		1,044,943
3.20%, 11/15/21 (Call 08/15/21)		1,100		1,115,101
Molson Coors Brewing Co.
3.50%, 05/01/22b		1,350		1,366,498
5.00%, 05/01/42		700		710,521
Pepsi Bottling Group Inc. (The)
Series B
7.00%, 03/01/29		2,531		3,361,564
PepsiCo Inc.
0.75%, 03/05/15		900		903,042
0.80%, 08/25/14		900		903,461
1.25%, 08/13/17		6,400		6,348,462
2.50%, 05/10/16		1,700		1,778,543
2.75%, 03/01/23		2,000		1,941,412
3.00%, 08/25/21		2,000		2,042,476
4.00%, 03/05/42		1,000		944,086
7.90%, 11/01/18		3,210		4,197,185
				83,920,567
BIOTECHNOLOGY — 0.21%
Amgen Inc.
1.88%, 11/15/14		700		711,104
2.30%, 06/15/16		2,550		2,640,832
2.50%, 11/15/16		2,000		2,082,576
3.45%, 10/01/20		250		262,220
3.63%, 05/15/22 (Call 02/15/22)		2,000		2,090,473
5.15%, 11/15/41 (Call 05/15/41)		2,800		2,954,772
5.65%, 06/15/42 (Call 12/15/41)		3,900		4,421,698
5.70%, 02/01/19		5,080		6,007,910
Bio-Rad Laboratories Inc.
4.88%, 12/15/20		1,600		1,638,986
Celgene Corp.
3.25%, 08/15/22		2,000		1,990,460
3.95%, 10/15/20		1,200		1,282,228
Gilead Sciences Inc.
2.40%, 12/01/14		100		102,492
3.05%, 12/01/16		200		212,611
4.50%, 04/01/21 (Call 01/01/21)		1,200		1,337,629
5.65%, 12/01/41 (Call 06/01/41)		3,350		3,905,379
Life Technologies Corp.
5.00%, 01/15/21 (Call 10/15/20)		650		714,642
				32,356,012
BUILDING MATERIALS — 0.03%
CRH America Inc.
6.00%, 09/30/16		3,343		3,794,265
Martin Marietta Materials Inc.
6.60%, 04/15/18		233		260,129
				4,054,394

58

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
CHEMICALS — 0.49%
Agrium Inc.
3.15%, 10/01/22 (Call 07/01/22)	$	2,650	$	2,574,526
Air Products and Chemicals Inc.
2.00%, 08/02/16		1,500		1,545,497
3.00%, 11/03/21		1,000		1,017,903
Airgas Inc.
2.38%, 02/15/20 (Call 01/15/20)		1,575		1,543,389
2.90%, 11/15/22 (Call 08/15/22)		1,500		1,438,581
3.25%, 10/01/15 (Call 09/01/15)b		1,000		1,047,739
Albemarle Corp.
4.50%, 12/15/20 (Call 09/15/20)		800		860,276
Cytec Industries Inc.
3.50%, 04/01/23 (Call 01/01/23)		4,350		4,296,201
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)		2,000		1,938,887
4.25%, 11/15/20 (Call 08/15/20)		2,790		3,042,840
5.25%, 11/15/41 (Call 05/15/41)		450		477,241
5.90%, 02/15/15		1,500		1,628,078
8.55%, 05/15/19		7,255		9,659,410
E.I. du Pont de Nemours and Co.
2.80%, 02/15/23		2,500		2,460,152
5.25%, 12/15/16b		7,518		8,610,722
6.00%, 07/15/18		400		483,990
Eastman Chemical Co.
3.00%, 12/15/15b		1,000		1,048,828
3.60%, 08/15/22 (Call 05/15/22)		4,500		4,582,847
Ecolab Inc.
2.38%, 12/08/14b		150		153,800
3.00%, 12/08/16		650		689,860
5.50%, 12/08/41		1,550		1,769,824
FMC Corp.
3.95%, 02/01/22 (Call 11/01/21)		450		467,977
Monsanto Co.
3.60%, 07/15/42 (Call 01/15/42)		2,000		1,811,257
5.88%, 04/15/38		100		125,118
Mosaic Co. (The)
3.75%, 11/15/21 (Call 08/15/21)		1,000		1,035,767
Potash Corp. of Saskatchewan Inc.
3.25%, 12/01/17		2,050		2,188,787
4.88%, 03/30/20b		2,500		2,843,679
PPG Industries Inc.
1.90%, 01/15/16		1,500		1,531,915
3.60%, 11/15/20		1,700		1,799,130
Praxair Inc.
2.20%, 08/15/22 (Call 05/15/22)		2,450		2,319,870
2.45%, 02/15/22 (Call 11/15/21)		1,900		1,848,882
3.00%, 09/01/21b		250		254,391
4.05%, 03/15/21		2,850		3,114,328
RPM International Inc.
6.50%, 02/15/18		1,500		1,744,339
Sherwin-Williams Co. (The)
1.35%, 12/15/17		1,500		1,485,491
Sigma-Aldrich Corp.
3.38%, 11/01/20 (Call 08/01/20)		550		568,237
Valspar Corp. (The)
4.20%, 01/15/22 (Call 10/15/21)		1,400		1,474,735
Westlake Chemical Corp.
3.60%, 07/15/22 (Call 04/15/22)		1,200		1,185,617
				76,670,111

Security	Principal (000s)		Value
COMMERCIAL SERVICES — 0.07%
ADT Corp. (The)
2.25%, 07/15/17	$	1,350	$	1,349,023
California Institute of Technology
4.70%, 11/01/11		1,000		991,203
Cornell University
4.35%, 02/01/14		1,000		1,031,472
Equifax Inc.
3.30%, 12/15/22 (Call 09/15/22)		1,750		1,692,764
President and Fellows of Harvard College (The)
4.88%, 10/15/40		500		570,370
Verisk Analytics Inc.
4.13%, 09/12/22		700		717,061
Western Union Co. (The)
3.65%, 08/22/18		3,250		3,399,717
Yale University
2.90%, 10/15/14		500		516,900
				10,268,510
COMPUTERS — 0.39%
Apple Inc.
1.00%, 05/03/18		6,100		5,987,701
3.85%, 05/04/43		3,575		3,298,748
Computer Sciences Corp.
4.45%, 09/15/22b		1,150		1,188,847
Dell Inc.
2.30%, 09/10/15		500		500,000
5.88%, 06/15/19b		3,010		3,160,500
Hewlett-Packard Co.
4.30%, 06/01/21		1,300		1,305,234
4.38%, 09/15/21		8,650		8,688,275
6.00%, 09/15/41		2,150		2,166,767
6.13%, 03/01/14		7,830		8,122,153
International Business Machines Corp.
0.55%, 02/06/15		4,600		4,605,626
2.90%, 11/01/21		700		707,299
5.70%, 09/14/17		14,832		17,463,536
Lexmark International Inc.
6.65%, 06/01/18b		1,000		1,108,599
NetApp Inc.
2.00%, 12/15/17		1,600		1,582,950
				59,886,235
COSMETICS & PERSONAL CARE — 0.12%
Avon Products Inc.
5.00%, 03/15/23		3,000		3,151,421
Colgate-Palmolive Co.
0.60%, 11/15/14		700		701,758
1.30%, 01/15/17		1,300		1,308,363
2.30%, 05/03/22b		1,500		1,457,332
2.95%, 11/01/20		1,600		1,663,851
Estee Lauder Companies Inc. (The)
2.35%, 08/15/22		550		527,422
Procter & Gamble Co. (The)
1.45%, 08/15/16		1,000		1,020,375
5.55%, 03/05/37		7,368		8,990,115
				18,820,637

59

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
DISTRIBUTION & WHOLESALE — 0.03%
Arrow Electronics Inc.
4.50%, 03/01/23 (Call 12/01/22)b	$	2,850	$	2,869,603
5.13%, 03/01/21		1,300		1,373,466
				4,243,069
DIVERSIFIED FINANCIAL SERVICES — 1.90%
Alterra Finance LLC
6.25%, 09/30/20		900		1,039,862
American Express Co.
1.55%, 05/22/18		2,000		1,981,189
4.05%, 12/03/42		2,000		1,810,807
6.80%, 09/01/66 (Call 09/01/16)a		5,547		6,073,965
7.00%, 03/19/18		5,000		6,151,925
American Express Credit Corp.
1.75%, 06/12/15		2,500		2,547,393
Series D
5.13%, 08/25/14		1,200		1,266,814
Bear Stearns Companies Inc. (The)/J.P. Morgan Chase & Co.
5.70%, 11/15/14		3,500		3,742,020
7.25%, 02/01/18		8,095		9,899,032
Boeing Capital Corp.
2.13%, 08/15/16 (Call 07/15/16)		5,000		5,171,729
Caterpillar Financial Services Corp.
1.05%, 03/26/15		1,500		1,512,826
1.63%, 06/01/17b		1,250		1,260,992
2.05%, 08/01/16		2,000		2,063,718
6.13%, 02/17/14		3,765		3,916,880
7.15%, 02/15/19		2,455		3,110,958
Charles Schwab Corp. (The)
0.85%, 12/04/15		2,250		2,255,200
Credit Suisse (USA) Inc.
7.13%, 07/15/32b		11,392		15,664,123
Ford Motor Credit Co. LLC
2.38%, 01/16/18		200		199,331
3.00%, 06/12/17		1,500		1,538,933
4.25%, 02/03/17		1,000		1,068,936
5.00%, 05/15/18		2,750		3,034,576
5.63%, 09/15/15		2,000		2,173,270
5.88%, 08/02/21		3,800		4,323,315
6.63%, 08/15/17		1,000		1,164,019
7.00%, 04/15/15		6,300		6,913,045
8.00%, 12/15/16		1,350		1,619,002
8.13%, 01/15/20		2,500		3,156,042
Franklin Resources Inc.
2.80%, 09/15/22		2,750		2,696,839
General Electric Capital Corp.
1.00%, 01/08/16		5,700		5,702,216
1.63%, 04/02/18b		1,200		1,190,406
2.25%, 11/09/15		8,250		8,516,677
2.95%, 05/09/16		9,450		9,952,834
3.35%, 10/17/16		5,250		5,603,633
4.63%, 01/07/21		10,450		11,551,125
4.65%, 10/17/21		4,600		5,100,843
4.88%, 03/04/15		200		214,248
5.63%, 05/01/18		2,200		2,579,719
5.88%, 01/14/38		9,000		10,328,316
5.90%, 05/13/14		2,900		3,052,314
Series A
6.75%, 03/15/32		9,042		11,295,790

Security	Principal (000s)		Value
HSBC Finance Corp.
6.68%, 01/15/21	$	8,862	$	10,482,900
Jefferies Group LLC
5.13%, 01/20/23b		2,700		2,839,215
6.88%, 04/15/21		2,500		2,896,928
John Deere Capital Corp.
0.88%, 04/17/15		1,400		1,406,999
1.85%, 09/15/16		5,700		5,846,113
3.15%, 10/15/21		3,700		3,807,102
3.90%, 07/12/21		2,600		2,814,069
Merrill Lynch & Co. Inc.
6.88%, 04/25/18		10,868		12,965,620
Series C
5.00%, 01/15/15		23,060		24,383,969
NASDAQ OMX Group Inc. (The)
4.00%, 01/15/15		1,000		1,038,974
5.25%, 01/16/18		333		359,173
National Rural Utilities Cooperative Finance Corp.
1.00%, 02/02/15		2,100		2,113,691
3.05%, 02/15/22 (Call 11/15/21)		3,450		3,517,101
NCUA Guaranteed Notes Trust
Series A4
3.00%, 06/12/19		9,500		10,262,999
Nomura Holdings Inc.
6.70%, 03/04/20		3,000		3,512,061
ORIX Corp.
5.00%, 01/12/16		1,750		1,877,702
PACCAR Financial Corp.
0.70%, 11/16/15		1,500		1,495,017
0.80%, 02/08/16		1,225		1,220,952
1.55%, 09/29/14		2,300		2,333,242
Raymond James Financial Inc.
4.25%, 04/15/16		200		210,463
5.63%, 04/01/24		900		1,001,516
SLM Corp.
7.25%, 01/25/22		3,300		3,432,000
Series A
5.38%, 05/15/14		9,227		9,503,810
Toyota Motor Credit Corp.
1.25%, 11/17/14		2,000		2,020,461
2.00%, 09/15/16		2,900		2,989,314
2.63%, 01/10/23b		2,000		1,931,237
3.30%, 01/12/22		1,000		1,025,654
3.40%, 09/15/21		1,200		1,251,982
4.25%, 01/11/21		2,500		2,772,169
				293,757,295
ELECTRIC — 1.61%
Alabama Power Co.
0.55%, 10/15/15		2,500		2,489,036
4.10%, 01/15/42		350		336,186
Series 11-C
5.20%, 06/01/41		2,000		2,312,254
Ameren Illinois Co.
2.70%, 09/01/22 (Call 06/01/22)		4,750		4,658,094
6.13%, 11/15/17		600		714,929
American Electric Power Co. Inc.
2.95%, 12/15/22 (Call 09/15/22)		1,000		968,346
Appalachian Power Co.
7.00%, 04/01/38		230		302,049
7.95%, 01/15/20		3,004		3,930,916
Arizona Public Service Co.

60

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
4.50%, 04/01/42 (Call 10/01/41)	$	500	$	512,785
5.05%, 09/01/41 (Call 03/01/41)		1,450		1,597,129
CenterPoint Energy Houston Electric LLC
2.25%, 08/01/22 (Call 05/01/22)		1,750		1,675,355
Commonwealth Edison Co.
3.40%, 09/01/21 (Call 06/01/21)		4,750		5,033,976
6.45%, 01/15/38		1,000		1,313,193
Connecticut Light & Power Co. (The)
2.50%, 01/15/23 (Call 10/15/22)		2,000		1,931,558
Consolidated Edison Co. of New York Inc.
3.95%, 03/01/43 (Call 09/01/42)		3,500		3,356,604
6.65%, 04/01/19		100		125,490
7.13%, 12/01/18		4,752		6,071,949
Series 08-B
6.75%, 04/01/38		1,000		1,344,999
Constellation Energy Group Inc.
4.55%, 06/15/15		5,457		5,829,030
Consumers Energy Co.
2.85%, 05/15/22 (Call 02/15/22)b		4,500		4,531,160
3.95%, 05/15/43		500		488,649
Detroit Edison Co. (The)
3.90%, 06/01/21 (Call 03/01/21)		1,300		1,421,774
Dominion Resources Inc.
Series C
4.05%, 09/15/42 (Call 03/15/42)		2,500		2,340,190
5.15%, 07/15/15		12,783		13,906,274
Duke Energy Carolinas LLC
1.75%, 12/15/16		1,000		1,011,876
3.90%, 06/15/21 (Call 03/15/21)		1,200		1,315,571
Duke Energy Corp.
1.63%, 08/15/17		3,100		3,088,302
2.15%, 11/15/16		850		872,742
3.05%, 08/15/22 (Call 05/15/22)		2,000		1,982,468
3.55%, 09/15/21 (Call 06/15/21)		2,750		2,855,291
Duke Energy Indiana Inc.
6.45%, 04/01/39		3,300		4,209,934
Duke Energy Ohio Inc.
5.45%, 04/01/19b		4,226		5,012,528
Duke Energy Progress Inc.
3.00%, 09/15/21 (Call 06/15/21)		850		872,644
5.30%, 01/15/19		1,325		1,556,530
Edison International
3.75%, 09/15/17		1,100		1,183,499
Entergy Arkansas Inc.
3.75%, 02/15/21 (Call 11/15/20)b		3,400		3,630,103
Entergy Corp.
4.70%, 01/15/17 (Call 12/15/16)		400		433,180
Entergy Louisiana LLC
1.88%, 12/15/14		1,000		1,016,303
Exelon Generation Co. LLC
5.35%, 01/15/14b		5,218		5,366,118
5.60%, 06/15/42 (Call 12/15/41)		450		477,165
FirstEnergy Corp.
Series C
7.38%, 11/15/31		7,051		7,960,683
Florida Power & Light Co.
4.05%, 06/01/42 (Call 12/01/41)		100		98,125
4.13%, 02/01/42 (Call 08/02/41)		2,000		1,984,289
5.25%, 02/01/41 (Call 08/01/40)		700		815,623
5.95%, 02/01/38		4,104		5,140,220
Florida Power Corp.
3.10%, 08/15/21 (Call 05/15/21)		1,250		1,290,263
6.40%, 06/15/38		1,000		1,285,079

Security	Principal (000s)		Value
Georgia Power Co.
4.30%, 03/15/42	$	1,200	$	1,180,074
5.40%, 06/01/40		1,100		1,249,730
Great Plains Energy Inc.
4.85%, 06/01/21 (Call 03/01/21)		200		218,763
5.29%, 06/15/22 (Call 03/15/22)b,d		1,000		1,109,826
Indiana Michigan Power Co.
Series J
3.20%, 03/15/23 (Call 12/15/22)b		1,500		1,482,528
Integrys Energy Group Inc.
4.17%, 11/01/20b		850		932,851
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		2,550		2,747,814
Kentucky Utilities Co.
1.63%, 11/01/15		200		204,150
3.25%, 11/01/20 (Call 08/01/20)		250		263,746
5.13%, 11/01/40 (Call 05/01/40)		500		579,288
LG&E and KU Energy LLC
2.13%, 11/15/15		2,350		2,407,802
3.75%, 11/15/20 (Call 08/15/20)b		1,100		1,148,758
4.38%, 10/01/21 (Call 07/01/21)		1,500		1,612,468
Louisville Gas & Electric Co.
1.63%, 11/15/15		250		254,656
MidAmerican Energy Holdings Co.
6.13%, 04/01/36		9,131		10,951,914
National Fuel Gas Co.
3.75%, 03/01/23 (Call 12/01/22)		2,000		1,974,121
4.90%, 12/01/21 (Call 09/01/21)		700		756,177
Nevada Power Co.
5.45%, 05/15/41 (Call 11/15/40)		1,850		2,176,905
NextEra Energy Capital Holdings Inc.
2.60%, 09/01/15		1,000		1,033,762
7.88%, 12/15/15		500		582,429
Nisource Finance Corp.
4.45%, 12/01/21 (Call 09/01/21)b		4,225		4,545,075
5.45%, 09/15/20		1,500		1,718,831
5.80%, 02/01/42 (Call 08/01/41)		1,400		1,545,090
6.40%, 03/15/18		200		237,491
Northern States Power Co.
2.15%, 08/15/22 (Call 02/15/22)		2,700		2,562,605
2.60%, 05/15/23 (Call 11/15/22)		1,000		980,153
NSTAR Electric Co.
2.38%, 10/15/22 (Call 07/15/22)		1,000		956,364
Oglethorpe Power Corp.
5.38%, 11/01/40		800		877,216
Ohio Power Co.
Series M
5.38%, 10/01/21b		2,000		2,351,056
Oklahoma Gas & Electric Co.
5.25%, 05/15/41 (Call 11/15/40)		1,600		1,840,147
Oncor Electric Delivery Co.
7.00%, 09/01/22		5,418		6,924,732
7.50%, 09/01/38		200		276,966
Pacific Gas & Electric Co.
4.50%, 12/15/41 (Call 06/15/41)		150		151,386
6.05%, 03/01/34		7,918		9,754,732
PacifiCorp
3.85%, 06/15/21 (Call 03/15/21)		200		217,120
Portland General Electric Co.
6.10%, 04/15/19		1,200		1,463,979
PPL Electric Utilities Corp.
3.00%, 09/15/21 (Call 06/15/21)		1,000		1,026,610
5.20%, 07/15/41 (Call 01/15/41)		300		348,566

61

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
PPL Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)b	$	2,100	$	2,209,375
Progress Energy Inc.
3.15%, 04/01/22 (Call 01/01/22)		950		945,611
4.40%, 01/15/21 (Call 10/15/20)		3,200		3,492,104
PSEG Power LLC
2.75%, 09/15/16		2,400		2,479,870
4.15%, 09/15/21 (Call 06/15/21)		2,050		2,178,078
Public Service Co. of Colorado
2.25%, 09/15/22 (Call 03/15/22)		1,750		1,674,479
4.75%, 08/15/41 (Call 02/15/41)		200		218,177
5.13%, 06/01/19		2,600		3,041,501
Public Service Co. of Oklahoma
4.40%, 02/01/21		1,200		1,322,021
Public Service Electric & Gas Co.
2.38%, 05/15/23 (Call 02/15/23)		1,750		1,684,253
3.65%, 09/01/42 (Call 03/01/42)		3,100		2,867,430
Puget Sound Energy Inc.
4.43%, 11/15/41 (Call 05/15/41)		3,000		3,108,781
San Diego Gas & Electric Co.
3.95%, 11/15/41		2,000		1,959,092
SCANA Corp.
4.75%, 05/15/21 (Call 02/15/21)		200		214,525
6.25%, 04/01/20		3,300		3,812,386
Scottish Power Ltd.
5.38%, 03/15/15		800		850,891
South Carolina Electric & Gas Co.
4.35%, 02/01/42 (Call 08/01/41)		200		199,604
Southern California Edison Co.
6.05%, 03/15/39		7,252		9,255,084
Southern Power Co.
5.15%, 09/15/41		3,000		3,228,569
Series D
4.88%, 07/15/15		3,015		3,267,881
Tampa Electric Co.
2.60%, 09/15/22 (Call 06/15/22)		2,750		2,691,946
TransAlta Corp.
4.50%, 11/15/22 (Call 08/15/22)		3,000		2,981,658
Tucson Electric Power Co.
5.15%, 11/15/21 (Call 08/15/21)		1,200		1,330,253
UIL Holdings Corp.
4.63%, 10/01/20		800		846,578
Union Electric Co.
6.70%, 02/01/19		100		124,462
Westar Energy Inc.
4.13%, 03/01/42 (Call 09/01/41)b		450		443,489
Wisconsin Electric Power Co.
2.95%, 09/15/21 (Call 06/15/21)		1,150		1,186,614
Xcel Energy Inc.
6.50%, 07/01/36		200		255,635
				249,166,689
ELECTRICAL COMPONENTS & EQUIPMENT — 0.04%
Emerson Electric Co.
4.25%, 11/15/20b		4,450		4,957,405
Energizer Holdings Inc.
4.70%, 05/24/22b		1,000		1,034,797
				5,992,202

Security	Principal (000s)		Value
ELECTRONICS — 0.15%
Agilent Technologies Inc.
3.20%, 10/01/22 (Call 07/01/22)b	$	550	$	530,126
5.50%, 09/14/15		1,000		1,098,885
Amphenol Corp.
4.00%, 02/01/22 (Call 11/01/21)		200		204,593
Avnet Inc.
4.88%, 12/01/22b		1,750		1,798,898
Honeywell International Inc.
5.00%, 02/15/19		4,950		5,782,244
Koninklijke Philips Electronics NV
3.75%, 03/15/22		2,000		2,092,978
5.00%, 03/15/42		2,000		2,156,322
PerkinElmer Inc.
5.00%, 11/15/21 (Call 08/15/21)		500		536,136
Thermo Fisher Scientific Inc.
3.20%, 03/01/16		3,800		3,988,602
3.60%, 08/15/21 (Call 05/15/21)		3,800		3,878,451
4.50%, 03/01/21		600		648,424
				22,715,659
ENGINEERING & CONSTRUCTION — 0.02%
ABB Finance (USA) Inc.
2.88%, 05/08/22		1,250		1,241,684
Fluor Corp.
3.38%, 09/15/21		1,400		1,447,585
				2,689,269
ENTERTAINMENT — 0.01%
International Game Technology
7.50%, 06/15/19		1,000		1,174,493
				1,174,493
ENVIRONMENTAL CONTROL — 0.08%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)		1,898		1,917,992
4.75%, 05/15/23 (Call 02/15/23)		4,100		4,469,952
5.50%, 09/15/19		500		582,084
Waste Management Inc.
7.38%, 03/11/19		4,480		5,547,715
				12,517,743
FOOD — 0.48%
Campbell Soup Co.
4.25%, 04/15/21		2,000		2,158,041
ConAgra Foods Inc.
3.20%, 01/25/23 (Call 10/25/22)		1,000		985,245
3.25%, 09/15/22		2,750		2,725,917
4.65%, 01/25/43 (Call 07/25/42)		1,000		977,595
Delhaize Brothers and Co. “The Lion” (Delhaize Group)
4.13%, 04/10/19		1,250		1,295,443
6.50%, 06/15/17b		3,144		3,594,121
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)		200		205,296
5.40%, 06/15/40		1,100		1,274,458
5.65%, 02/15/19		2,420		2,872,685

62

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
H.J. Heinz Co.
2.85%, 03/01/22 (Call 12/01/21)b	$	1,400	$	1,372,000
3.13%, 09/12/21 (Call 06/12/21)		3,200		3,152,000
Hershey Co. (The)
1.50%, 11/01/16		1,300		1,313,679
4.13%, 12/01/20		800		887,819
Ingredion Inc.
4.63%, 11/01/20		1,000		1,089,252
Kellogg Co.
1.88%, 11/17/16		2,650		2,717,299
2.75%, 03/01/23		3,000		2,909,625
3.13%, 05/17/22		1,250		1,261,194
3.25%, 05/21/18		1,300		1,386,188
4.00%, 12/15/20		750		815,557
4.45%, 05/30/16		40		43,649
Kraft Foods Group Inc.
3.50%, 06/06/22		5,000		5,132,375
5.00%, 06/04/42		2,000		2,097,101
Kroger Co. (The)
3.40%, 04/15/22 (Call 01/15/22)b		2,000		2,035,962
5.40%, 07/15/40 (Call 01/15/40)		2,500		2,669,916
McCormick & Co. Inc.
3.90%, 07/15/21 (Call 04/15/21)		1,300		1,380,550
Mondelez International Inc.
5.38%, 02/10/20		4,550		5,269,216
6.50%, 08/11/17		11,858		14,100,457
Safeway Inc.
4.75%, 12/01/21b		1,000		1,060,243
Sara Lee Corp.
2.75%, 09/15/15b		2,000		2,048,881
Sysco Corp.
0.55%, 06/12/15		350		349,952
Unilever Capital Corp.
4.25%, 02/10/21		750		839,066
5.90%, 11/15/32		3,820		4,945,795
				74,966,577
FOREST PRODUCTS & PAPER — 0.07%
Domtar Corp.
4.40%, 04/01/22 (Call 01/01/22)		1,100		1,083,322
International Paper Co.
6.00%, 11/15/41 (Call 05/15/41)		1,500		1,730,911
7.95%, 06/15/18		4,520		5,753,606
Plum Creek Timberlands LP
3.25%, 03/15/23 (Call 12/15/22)		1,625		1,538,384
4.70%, 03/15/21 (Call 12/15/20)		300		319,370
				10,425,593
GAS — 0.07%
AGL Capital Corp.
5.25%, 08/15/19		1,000		1,163,487
5.88%, 03/15/41 (Call 09/15/40)		1,300		1,544,166
Atmos Energy Corp.
4.15%, 01/15/43 (Call 07/15/42)		1,700		1,645,827
5.50%, 06/15/41 (Call 12/15/40)		975		1,134,262
Questar Corp.
2.75%, 02/01/16		150		154,863
Sempra Energy
2.30%, 04/01/17		200		205,197
6.50%, 06/01/16		2,452		2,825,585

Security	Principal (000s)		Value
Southern California Gas Co.
5.13%, 11/15/40	$	2,500	$	2,900,776
				11,574,163
HAND & MACHINE TOOLS — 0.02%
Snap-On Inc.
4.25%, 01/15/18		450		483,183
Stanley Black & Decker Inc.
3.40%, 12/01/21 (Call 09/01/21)		700		718,745
5.20%, 09/01/40		2,200		2,388,578
				3,590,506
HEALTH CARE — PRODUCTS — 0.23%
Baxter International Inc.
1.85%, 01/15/17		2,100		2,129,659
2.40%, 08/15/22b		1,805		1,724,014
3.65%, 08/15/42		200		178,731
Becton, Dickinson and Co.
1.75%, 11/08/16		1,600		1,622,236
3.13%, 11/08/21		500		509,858
3.25%, 11/12/20		700		727,723
5.00%, 11/12/40		500		539,830
Boston Scientific Corp.
4.50%, 01/15/15		2,900		3,055,333
6.00%, 01/15/20		2,500		2,904,917
Covidien International Finance SA
2.95%, 06/15/23 (Call 03/15/23)		1,000		987,104
3.20%, 06/15/22 (Call 03/15/22)		1,500		1,527,687
6.00%, 10/15/17		1,826		2,150,548
CR Bard Inc.
1.38%, 01/15/18		1,550		1,531,212
2.88%, 01/15/16		400		418,249
Hospira Inc.
5.60%, 09/15/40 (Call 03/15/40)		150		146,061
Medtronic Inc.
2.75%, 04/01/23 (Call 01/01/23)		3,000		2,923,922
3.00%, 03/15/15		1,100		1,147,164
4.13%, 03/15/21 (Call 12/15/20)		3,500		3,860,704
4.50%, 03/15/42 (Call 09/15/41)		2,500		2,563,858
St. Jude Medical Inc.
2.50%, 01/15/16		1,000		1,029,398
Stryker Corp.
1.30%, 04/01/18b		2,000		1,972,353
2.00%, 09/30/16		1,000		1,033,512
Zimmer Holdings Inc.
1.40%, 11/30/14		500		504,405
3.38%, 11/30/21 (Call 08/30/21)		800		809,511
				35,997,989
HEALTH CARE — SERVICES — 0.34%
Aetna Inc.
1.75%, 05/15/17 (Call 04/15/17)		1,600		1,607,888
2.75%, 11/15/22 (Call 08/15/22)		700		669,483
3.95%, 09/01/20		500		533,747
4.13%, 06/01/21 (Call 03/01/21)		1,300		1,399,561
6.63%, 06/15/36		2,026		2,557,191
Cigna Corp.
2.75%, 11/15/16		500		525,203
4.38%, 12/15/20 (Call 09/15/20)		2,150		2,354,174

63

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
4.50%, 03/15/21 (Call 12/15/20)	$	2,950	$	3,253,022
5.38%, 02/15/42 (Call 08/15/41)		1,200		1,347,679
Coventry Health Care Inc.
5.45%, 06/15/21 (Call 03/15/21)		1,050		1,210,973
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		2,000		1,917,091
6.45%, 06/01/16		710		812,615
Laboratory Corp. of America Holdings
4.63%, 11/15/20 (Call 08/15/20)b		2,100		2,252,380
Quest Diagnostics Inc.
4.70%, 04/01/21		5,550		5,920,237
UnitedHealth Group Inc.
4.63%, 11/15/41 (Call 05/15/41)		1,300		1,306,699
4.88%, 03/15/15		8,357		8,982,819
6.88%, 02/15/38		2,000		2,616,822
WellPoint Inc.
3.13%, 05/15/22		1,000		989,568
3.30%, 01/15/23		4,700		4,657,502
4.63%, 05/15/42		1,000		989,435
5.25%, 01/15/16		5,193		5,736,404
5.85%, 01/15/36		1,000		1,145,094
				52,785,587
HOME FURNISHINGS — 0.02%
Whirlpool Corp.
3.70%, 03/01/23		1,850		1,863,481
4.85%, 06/15/21b		1,650		1,821,900
				3,685,381
HOUSEHOLD PRODUCTS & WARES — 0.06%
Avery Dennison Corp.
3.35%, 04/15/23 (Call 01/15/23)		1,500		1,461,691
Church & Dwight Co. Inc.
2.88%, 10/01/22		1,000		977,084
3.35%, 12/15/15		350		365,118
Clorox Co. (The)
3.80%, 11/15/21		2,800		2,910,896
5.00%, 01/15/15		1,226		1,305,590
Kimberly-Clark Corp.
3.88%, 03/01/21		250		272,967
5.30%, 03/01/41		1,000		1,180,668
Tupperware Brands Corp.
4.75%, 06/01/21 (Call 03/01/21)		1,200		1,250,575
				9,724,589
HOUSEWARES — 0.02%
Newell Rubbermaid Inc.
4.00%, 06/15/22 (Call 03/15/22)		2,500		2,591,979
				2,591,979
INSURANCE — 1.02%
ACE INA Holdings Inc.
2.60%, 11/23/15		100		104,390
4.15%, 03/13/43		2,125		2,074,445
5.70%, 02/15/17		2,520		2,895,309
Aflac Inc.
4.00%, 02/15/22b		800		841,416
8.50%, 05/15/19b		3,025		4,023,832

Security	Principal (000s)		Value
Alleghany Corp.
4.95%, 06/27/22	$	1,500	$	1,648,180
5.63%, 09/15/20b		500		562,325
Allied World Assurance Co. Ltd.
5.50%, 11/15/20b		150		168,904
Allstate Corp. (The)
5.55%, 05/09/35		6,168		7,411,622
American International Group Inc.
4.25%, 09/15/14		4,200		4,379,472
4.88%, 09/15/16		1,000		1,105,351
4.88%, 06/01/22		2,000		2,213,979
5.85%, 01/16/18		2,150		2,478,081
8.18%, 05/15/68 (Call 05/15/38)a		5,400		7,074,000
8.25%, 08/15/18		5,604		7,136,470
Aon PLC
3.13%, 05/27/16		1,650		1,734,281
Aspen Insurance Holdings Ltd.
6.00%, 12/15/20		500		571,155
Assurant Inc.
4.00%, 03/15/23		2,000		1,990,302
AXA SA
8.60%, 12/15/30		2,300		2,984,250
Berkshire Hathaway Finance Corp.
4.40%, 05/15/42		2,000		1,948,192
5.40%, 05/15/18b		8,500		9,989,348
Chubb Corp. (The)
6.00%, 05/11/37		3,020		3,776,497
CNA Financial Corp.
5.75%, 08/15/21b		150		174,696
Fidelity National Financial Inc.
5.50%, 09/01/22		1,750		1,935,475
Genworth Holdings Inc.
5.75%, 06/15/14b		3,992		4,186,610
Hanover Insurance Group Inc. (The)
6.38%, 06/15/21		1,000		1,135,380
Hartford Financial Services Group Inc.
5.13%, 04/15/22		1,000		1,140,983
5.38%, 03/15/17		3,420		3,843,284
6.63%, 04/15/42		1,000		1,251,452
Kemper Corp.
6.00%, 11/30/15		900		977,923
Lincoln National Corp.
4.20%, 03/15/22		2,000		2,126,829
4.85%, 06/24/21		200		221,636
7.00%, 06/15/40		1,000		1,305,168
8.75%, 07/01/19		1,000		1,330,769
Loews Corp.
2.63%, 05/15/23 (Call 02/15/23)		1,500		1,423,223
4.13%, 05/15/43 (Call 11/15/42)		1,500		1,368,365
Manulife Financial Corp.
3.40%, 09/17/15		686		720,736
Markel Corp.
4.90%, 07/01/22		1,500		1,640,151
5.35%, 06/01/21		1,200		1,339,539
Marsh & McLennan Companies Inc.
5.75%, 09/15/15		7,532		8,320,132
MetLife Inc.
4.75%, 02/08/21		200		226,349
5.00%, 06/15/15		12,617		13,657,903
5.88%, 02/06/41		4,000		4,763,895
Principal Financial Group Inc.
6.05%, 10/15/36		2,005		2,430,986
8.88%, 05/15/19		1,224		1,631,783

64

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
Progressive Corp. (The)
3.75%, 08/23/21	$	350	$	374,004
6.70%, 06/15/67 (Call 06/15/17)a,b		1,605		1,801,612
Prudential Financial Inc.
3.00%, 05/12/16b		2,650		2,791,280
5.38%, 06/21/20b		400		465,241
5.63%, 05/12/41		1,000		1,115,920
5.63%, 06/15/43 (Call 06/15/23)a		4,350		4,589,250
5.80%, 11/16/41		1,800		2,058,733
6.20%, 11/15/40b		1,000		1,196,424
Series B
5.10%, 09/20/14		2,178		2,300,375
Series D
6.00%, 12/01/17		3,052		3,575,130
Reinsurance Group of America Inc.
5.00%, 06/01/21		1,400		1,527,050
Travelers Companies Inc. (The)
3.90%, 11/01/20b		2,250		2,465,177
5.35%, 11/01/40		3,500		4,093,350
Willis Group Holdings PLC
5.75%, 03/15/21b		1,150		1,281,017
Willis North America Inc.
6.20%, 03/28/17		371		419,340
WR Berkley Corp.
4.63%, 03/15/22		1,400		1,500,669
5.38%, 09/15/20		1,000		1,110,812
XLIT Ltd.
5.75%, 10/01/21b		1,300		1,539,684
				158,470,136
INTERNET — 0.08%
Amazon.com Inc.
1.20%, 11/29/17		500		492,041
2.50%, 11/29/22 (Call 08/29/22)		1,000		946,216
Baidu Inc.
3.50%, 11/28/22		500		475,087
eBay Inc.
1.35%, 07/15/17		950		950,065
1.63%, 10/15/15		400		408,814
2.60%, 07/15/22 (Call 04/15/22)		2,300		2,225,201
3.25%, 10/15/20 (Call 07/15/20)		1,400		1,453,263
Google Inc.
1.25%, 05/19/14b		1,800		1,816,549
2.13%, 05/19/16		1,500		1,561,534
3.63%, 05/19/21		950		1,033,197
Symantec Corp.
2.75%, 06/15/17 (Call 05/15/17)b		1,500		1,536,934
				12,898,901
IRON & STEEL — 0.04%
Cliffs Natural Resources Inc.
4.80%, 10/01/20b		2,500		2,411,423
Nucor Corp.
5.85%, 06/01/18		1,410		1,670,647
Reliance Steel & Aluminum Co.
4.50%, 04/15/23 (Call 01/15/23)		800		796,277
Vale SA
5.63%, 09/11/42b		1,250		1,164,159
				6,042,506

Security	Principal (000s)		Value
LODGING — 0.06%
Hyatt Hotels Corp.
3.38%, 07/15/23 (Call 04/15/23)	$	1,855	$	1,810,429
Marriott International Inc.
3.00%, 03/01/19 (Call 12/01/18)		2,600		2,682,882
3.25%, 09/15/22 (Call 06/15/22)		1,000		971,758
Starwood Hotels & Resorts Worldwide Inc.
3.13%, 02/15/23 (Call 11/15/22)		2,250		2,155,775
Wyndham Worldwide Corp.
4.25%, 03/01/22 (Call 12/01/21)		2,050		2,092,505
				9,713,349
MACHINERY — 0.09%
Caterpillar Inc.
2.60%, 06/26/22 (Call 03/26/22)		2,500		2,448,344
3.90%, 05/27/21		1,700		1,844,422
5.20%, 05/27/41		3,250		3,614,512
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		1,500		1,414,832
Joy Global Inc.
5.13%, 10/15/21b		250		272,428
Roper Industries Inc.
3.13%, 11/15/22 (Call 08/15/22)		1,640		1,602,458
Xylem Inc.
3.55%, 09/20/16		2,900		3,071,095
				14,268,091
MANUFACTURING — 0.34%
3M Co.
1.38%, 09/29/16		2,750		2,799,561
2.00%, 06/26/22		1,500		1,444,190
Carlisle Companies Inc.
3.75%, 11/15/22 (Call 08/15/22)		1,490		1,471,270
Cooper US Inc.
3.88%, 12/15/20 (Call 09/15/20)		100		106,976
Danaher Corp.
1.30%, 06/23/14		150		151,257
2.30%, 06/23/16		150		156,073
3.90%, 06/23/21 (Call 03/23/21)		2,700		2,951,664
Dover Corp.
4.30%, 03/01/21 (Call 12/01/20)		1,000		1,114,128
5.38%, 03/01/41 (Call 12/01/40)		900		1,056,423
Eaton Corp.
1.50%, 11/02/17e		2,500		2,476,871
2.75%, 11/02/22e		1,750		1,684,966
4.00%, 11/02/32e		800		774,542
GE Capital Trust I
6.38%, 11/15/67 (Call 11/15/17)a,b		2,250		2,407,500
General Electric Co.
5.25%, 12/06/17		13,862		16,038,386
Harsco Corp.
2.70%, 10/15/15		1,200		1,209,430
5.75%, 05/15/18		1,800		1,929,584
Illinois Tool Works Inc.
3.38%, 09/15/21 (Call 06/15/21)		1,300		1,362,054
4.88%, 09/15/41 (Call 03/15/41)		800		861,627
Ingersoll-Rand Global Holding Co. Ltd.
6.88%, 08/15/18		3,000		3,588,476
Pentair Finance SA

65

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
2.65%, 12/01/19	$	1,635	$	1,620,462
3.15%, 09/15/22 (Call 06/15/22)		1,500		1,440,151
Pentair Inc.
5.00%, 05/15/21 (Call 02/15/21)		500		544,588
Textron Inc.
4.63%, 09/21/16		800		860,051
5.95%, 09/21/21 (Call 06/21/21)		800		911,828
Tyco Electronics Group SA
6.55%, 10/01/17		2,800		3,302,192
				52,264,250
MEDIA — 1.04%
CBS Corp.
7.88%, 07/30/30		4,218		5,550,331
Comcast Corp.
4.25%, 01/15/33		1,750		1,751,791
5.15%, 03/01/20		7,650		8,922,304
5.90%, 03/15/16		5,700		6,473,836
6.45%, 03/15/37		9,618		12,187,302
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
3.50%, 03/01/16		2,500		2,653,323
5.00%, 03/01/21		4,300		4,783,604
5.20%, 03/15/20		4,650		5,270,825
6.38%, 03/01/41		3,500		3,926,444
Discovery Communications LLC
4.38%, 06/15/21		2,300		2,496,970
4.95%, 05/15/42		2,250		2,287,591
5.05%, 06/01/20		1,100		1,251,835
Grupo Televisa SAB de CV CPO
6.63%, 01/15/40		2,000		2,378,223
NBCUniversal Media LLC
2.88%, 04/01/16		4,150		4,372,207
4.38%, 04/01/21		5,700		6,365,535
5.95%, 04/01/41		600		721,890
News America Inc.
3.00%, 09/15/22		200		194,288
6.20%, 12/15/34		8,482		9,886,535
6.65%, 11/15/37		200		243,939
6.90%, 03/01/19		1,100		1,354,475
Scripps Networks Interactive Inc.
2.70%, 12/15/16		2,400		2,505,252
Thomson Reuters Corp.
3.95%, 09/30/21 (Call 06/30/21)		2,000		2,117,731
4.50%, 05/23/43 (Call 11/23/42)		1,000		944,686
5.70%, 10/01/14		2,000		2,129,800
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)		6,890		7,205,081
6.55%, 05/01/37		5,443		6,204,296
6.75%, 07/01/18		4,350		5,273,969
7.50%, 04/01/14		5,250		5,543,454
8.25%, 04/01/19		2,010		2,583,387
Time Warner Inc.
4.00%, 01/15/22		7,750		8,267,854
7.70%, 05/01/32		8,657		11,725,530
Viacom Inc.
1.25%, 02/27/15		1,650		1,661,169
2.50%, 12/15/16b		1,600		1,661,413
3.50%, 04/01/17		2,600		2,773,108
4.50%, 03/01/21b		3,500		3,794,925
4.50%, 02/27/42		2,500		2,313,185
Walt Disney Co. (The)
1.35%, 08/16/16		4,400		4,468,801

Security	Principal (000s)		Value
2.35%, 12/01/22	$	1,250	$	1,194,261
3.70%, 12/01/42		1,500		1,394,954
3.75%, 06/01/21		3,000		3,234,217
Series E
4.13%, 12/01/41		1,000		992,216
				161,062,537
METAL FABRICATE & HARDWARE — 0.02%
Precision Castparts Corp.
1.25%, 01/15/18		725		715,388
2.50%, 01/15/23 (Call 10/15/22)		775		747,208
3.90%, 01/15/43 (Call 07/15/42)		1,400		1,337,823
				2,800,419
MINING — 0.54%
Alcoa Inc.
5.40%, 04/15/21 (Call 01/15/21)		2,000		2,033,685
6.15%, 08/15/20		5,250		5,617,578
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22b		1,000		983,070
5.38%, 04/15/20		1,900		1,956,460
Barrick Gold Corp.
1.75%, 05/30/14		2,000		2,014,712
2.90%, 05/30/16		1,000		1,030,336
3.85%, 04/01/22b		3,000		2,863,200
Barrick North America Finance LLC
4.40%, 05/30/21		1,900		1,896,178
5.70%, 05/30/41		3,100		2,921,875
BHP Billiton Finance (USA) Ltd.
1.00%, 02/24/15		4,500		4,534,355
1.63%, 02/24/17		3,000		3,031,913
2.88%, 02/24/22		1,750		1,741,235
3.25%, 11/21/21		3,000		3,078,326
4.13%, 02/24/42		2,000		1,951,519
6.50%, 04/01/19		100		124,336
Freeport-McMoRan Copper & Gold Inc.
3.55%, 03/01/22 (Call 12/01/21)		500		486,021
3.88%, 03/15/23 (Call 12/15/22)e		200		193,875
5.45%, 03/15/43 (Call 09/15/42)e		3,500		3,354,601
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		1,800		1,708,099
5.88%, 04/01/35		250		247,341
6.25%, 10/01/39		3,200		3,321,370
Rio Tinto Finance (USA) Ltd.
2.25%, 09/20/16		850		876,999
3.75%, 09/20/21		1,800		1,858,326
5.20%, 11/02/40		800		853,309
9.00%, 05/01/19		9,135		12,344,653
Rio Tinto Finance (USA) PLC
4.13%, 08/21/42 (Call 02/21/42)		1,000		907,315
Southern Copper Corp.
3.50%, 11/08/22		950		899,774
6.75%, 04/16/40		2,000		2,104,453
Teck Resources Ltd.
2.50%, 02/01/18b		2,155		2,175,691
4.75%, 01/15/22 (Call 10/15/21)b		4,500		4,715,224
5.20%, 03/01/42 (Call 09/01/41)		1,000		914,895
Vale Overseas Ltd.
4.38%, 01/11/22		2,050		2,036,102

66

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
6.88%, 11/21/36	$	8,618	$	9,352,493
				84,129,319
MULTI-NATIONAL — 1.07%
African Development Bank
3.00%, 05/27/14		5,020		5,154,849
Corporacion Andina de Fomento
3.75%, 01/15/16		2,100		2,212,426
4.38%, 06/15/22		3,100		3,306,085
Council of Europe Development Bank
1.00%, 03/07/18		3,400		3,354,098
European Bank for Reconstruction and Development
0.75%, 09/01/17		7,500		7,425,466
European Investment Bank
1.00%, 03/15/18		6,000		5,922,556
1.63%, 09/01/15		250		256,278
2.13%, 07/15/16		6,000		6,259,216
2.50%, 05/16/16		7,700		8,111,182
2.88%, 09/15/20		2,000		2,111,414
4.00%, 02/16/21		20,900		23,594,781
4.63%, 05/15/14b		43,287		45,070,056
5.13%, 05/30/17		400		464,253
International Bank for Reconstruction and Development
0.88%, 04/17/17		5,000		5,023,120
1.00%, 09/15/16		8,900		8,993,618
1.75%, 07/15/13		5,000		5,009,500
2.13%, 03/15/16b		6,400		6,677,934
5.00%, 04/01/16		5,020		5,639,348
7.63%, 01/19/23		1,000		1,452,587
International Finance Corp.
1.13%, 11/23/16		8,250		8,357,055
2.75%, 04/20/15		3,000		3,131,752
Series G
3.00%, 04/22/14		3,046		3,116,844
Nordic Investment Bank
2.63%, 10/06/14		5,020		5,175,317
				165,819,735
OFFICE & BUSINESS EQUIPMENT — 0.08%
Pitney Bowes Inc.
4.75%, 05/15/18b		1,863		1,981,314
5.25%, 01/15/37		1,100		1,142,900
Xerox Corp.
2.95%, 03/15/17b		800		824,681
4.50%, 05/15/21b		1,750		1,850,624
6.35%, 05/15/18		5,020		5,852,270
				11,651,789
OIL & GAS — 1.46%
Anadarko Petroleum Corp.
5.95%, 09/15/16		8,782		10,005,551
6.45%, 09/15/36		1,300		1,575,459
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)		3,650		3,713,277
4.75%, 04/15/43 (Call 10/15/42)		3,000		2,984,799
6.00%, 01/15/37		1,000		1,180,723
BP Capital Markets PLC
2.25%, 11/01/16		2,700		2,796,756
2.50%, 11/06/22		1,750		1,644,089

Security	Principal (000s)		Value
3.13%, 10/01/15	$	800	$	842,030
3.20%, 03/11/16		1,500		1,590,816
3.25%, 05/06/22		1,000		999,590
3.56%, 11/01/21		800		832,537
3.63%, 05/08/14		2,226		2,292,861
3.88%, 03/10/15		1,755		1,853,236
4.74%, 03/11/21		2,500		2,816,609
4.75%, 03/10/19		2,100		2,394,779
Canadian Natural Resources Ltd.
5.70%, 05/15/17		8,268		9,493,191
Cenovus Energy Inc.
3.00%, 08/15/22 (Call 05/15/22)b		1,250		1,225,260
5.70%, 10/15/19		4,500		5,310,825
Chevron Corp.
2.36%, 12/05/22 (Call 09/05/22)		3,500		3,359,343
CNOOC Finance 2013 Ltd.
3.00%, 05/09/23		2,000		1,882,810
ConocoPhillips
5.90%, 10/15/32		14,392		17,565,099
ConocoPhillips Co.
2.40%, 12/15/22 (Call 09/15/22)		1,500		1,440,293
Devon Energy Corp.
4.00%, 07/15/21 (Call 04/15/21)b		1,400		1,481,386
4.75%, 05/15/42 (Call 11/15/41)		1,000		970,585
5.60%, 07/15/41 (Call 01/15/41)		900		971,558
6.30%, 01/15/19		5,800		6,879,463
Encana Corp.
5.90%, 12/01/17b		5,280		6,122,091
6.50%, 02/01/38		2,000		2,355,158
Ensco PLC
3.25%, 03/15/16		2,150		2,272,649
4.70%, 03/15/21		4,700		5,185,794
EOG Resources Inc.
2.50%, 02/01/16		1,500		1,562,896
2.63%, 03/15/23 (Call 12/15/22)		1,200		1,155,104
4.10%, 02/01/21		1,650		1,804,158
EQT Corp.
4.88%, 11/15/21		2,900		3,052,796
Hess Corp.
5.60%, 02/15/41b		4,800		5,100,316
Husky Energy Inc.
7.25%, 12/15/19		2,950		3,747,248
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)		2,000		1,922,716
6.00%, 10/01/17		3,198		3,758,598
Marathon Petroleum Corp.
3.50%, 03/01/16		150		159,493
5.13%, 03/01/21		1,100		1,262,147
6.50%, 03/01/41 (Call 09/01/40)		1,700		2,067,766
Murphy Oil Corp.
3.70%, 12/01/22 (Call 09/01/22)		1,300		1,263,401
5.13%, 12/01/42 (Call 06/01/42)		1,000		932,906
Nabors Industries Inc.
9.25%, 01/15/19		1,200		1,517,883
Nexen Inc.
6.20%, 07/30/19		2,000		2,420,012
6.40%, 05/15/37		250		302,847
7.50%, 07/30/39		1,000		1,369,525
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		1,500		1,618,919
6.00%, 03/01/41 (Call 09/01/40)		1,300		1,535,065
Noble Holding International Ltd.
3.45%, 08/01/15		500		520,628

67

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
4.90%, 08/01/20	$	2,000	$	2,187,953
6.20%, 08/01/40		1,000		1,087,295
Occidental Petroleum Corp.
1.75%, 02/15/17		200		203,039
2.50%, 02/01/16		1,000		1,043,279
3.13%, 02/15/22 (Call 11/15/21)		5,825		5,920,487
Series 1
4.10%, 02/01/21 (Call 11/01/20)		1,000		1,103,418
Phillips 66
2.95%, 05/01/17		1,700		1,783,594
4.30%, 04/01/22		1,500		1,621,220
5.88%, 05/01/42		2,000		2,336,993
Pioneer Natural Resources Co.
3.95%, 07/15/22 (Call 04/15/22)		2,350		2,410,174
Shell International Finance BV
1.13%, 08/21/17		1,000		995,624
4.00%, 03/21/14		2,700		2,777,644
4.30%, 09/22/19		3,200		3,648,015
6.38%, 12/15/38		5,451		7,263,956
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)		1,800		1,864,281
Statoil ASA
1.80%, 11/23/16b		1,000		1,028,498
2.45%, 01/17/23		250		238,363
5.10%, 08/17/40		1,500		1,680,408
5.25%, 04/15/19		5,000		5,925,958
Suncor Energy Inc.
6.10%, 06/01/18		1,451		1,730,322
6.50%, 06/15/38		4,720		5,761,873
6.85%, 06/01/39		1,226		1,564,191
Talisman Energy Inc.
3.75%, 02/01/21 (Call 11/01/20)		2,450		2,515,479
7.75%, 06/01/19		2,500		3,120,917
Total Capital International SA
0.75%, 01/25/16		1,350		1,347,711
2.70%, 01/25/23		1,000		969,268
2.88%, 02/17/22		750		749,687
Total Capital SA
2.30%, 03/15/16		1,000		1,037,490
4.45%, 06/24/20		5,000		5,651,837
Transocean Inc.
3.80%, 10/15/22 (Call 07/15/22)		1,000		983,682
4.95%, 11/15/15		250		270,673
5.05%, 12/15/16		500		553,569
6.50%, 11/15/20		1,000		1,169,595
6.80%, 03/15/38		3,000		3,429,638
Valero Energy Corp.
9.38%, 03/15/19		5,070		6,840,261
XTO Energy Inc.
5.50%, 06/15/18		2,000		2,397,792
				226,327,225
OIL & GAS SERVICES — 0.18%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)		3,400		3,513,534
5.13%, 09/15/40		750		848,526
Cameron International Corp.
4.50%, 06/01/21 (Call 03/01/21)		2,300		2,533,428
5.95%, 06/01/41 (Call 12/01/40)		500		590,476
FMC Technologies Inc.
3.45%, 10/01/22 (Call 07/01/22)		1,000		988,936
Halliburton Co.

Security	Principal (000s)		Value
4.50%, 11/15/41 (Call 05/15/41)	$	1,650	$	1,716,536
6.15%, 09/15/19		4,000		4,958,045
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)		1,400		1,348,365
3.95%, 12/01/42 (Call 06/01/42)		1,150		1,061,039
Weatherford International Ltd.
9.63%, 03/01/19		7,425		9,640,168
				27,199,053
PACKAGING & CONTAINERS — 0.02%
Bemis Co. Inc.
4.50%, 10/15/21 (Call 07/15/21)		200		211,710
Packaging Corp. of America
3.90%, 06/15/22 (Call 03/15/22)		750		765,129
Sonoco Products Co.
4.38%, 11/01/21 (Call 08/01/21)b		120		127,315
5.75%, 11/01/40 (Call 05/01/40)		1,200		1,333,836
				2,437,990
PHARMACEUTICALS — 1.02%
Abbott Laboratories
4.13%, 05/27/20b		1,700		1,892,260
5.13%, 04/01/19		3,210		3,750,353
AbbVie Inc.
1.75%, 11/06/17e		3,000		3,004,042
2.00%, 11/06/18e		2,650		2,650,231
2.90%, 11/06/22e		3,000		2,919,996
4.40%, 11/06/42e		3,325		3,248,697
Allergan Inc.
3.38%, 09/15/20		3,200		3,372,300
AmerisourceBergen Corp.
5.88%, 09/15/15		4,257		4,714,436
AstraZeneca PLC
6.45%, 09/15/37		6,143		7,729,286
Bristol-Myers Squibb Co.
0.88%, 08/01/17		3,500		3,440,103
2.00%, 08/01/22		3,000		2,781,652
3.25%, 08/01/42		250		210,566
5.45%, 05/01/18		600		707,296
5.88%, 11/15/36		1,540		1,885,172
Cardinal Health Inc.
1.70%, 03/15/18		2,300		2,271,904
3.20%, 06/15/22		3,750		3,703,489
DENTSPLY International Inc.
4.13%, 08/15/21 (Call 05/15/21)		1,200		1,255,063
Eli Lilly and Co.
5.55%, 03/15/37		4,268		5,098,924
Express Scripts Holding Co.
2.75%, 11/21/14		2,500		2,569,092
3.13%, 05/15/16		2,650		2,797,306
4.75%, 11/15/21		1,900		2,122,585
6.13%, 11/15/41		1,000		1,232,893
GlaxoSmithKline Capital Inc.
0.70%, 03/18/16		1,000		996,005
4.38%, 04/15/14		100		103,396
5.65%, 05/15/18		5,009		5,966,061
6.38%, 05/15/38		2,000		2,558,103
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		6,750		6,712,928
Johnson & Johnson

68

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
2.15%, 05/15/16	$	1,000	$	1,042,198
3.55%, 05/15/21		1,300		1,411,589
5.55%, 08/15/17		800		940,556
5.95%, 08/15/37		3,950		5,106,530
McKesson Corp.
2.70%, 12/15/22 (Call 09/15/22)		1,275		1,232,114
4.75%, 03/01/21 (Call 12/01/20)		2,000		2,253,501
Medco Health Solutions Inc.
2.75%, 09/15/15		1,500		1,558,313
7.13%, 03/15/18		2,476		3,040,156
Merck & Co. Inc.
1.30%, 05/18/18		1,000		993,877
2.80%, 05/18/23		1,000		982,869
4.15%, 05/18/43		1,000		987,822
5.00%, 06/30/19		7,568		8,862,545
Novartis Capital Corp.
2.40%, 09/21/22		2,000		1,928,421
2.90%, 04/24/15		5,750		6,003,993
Novartis Securities Investment Ltd.
5.13%, 02/10/19		2,010		2,355,523
Pfizer Inc.
4.30%, 06/15/43		5,000		5,015,094
6.20%, 03/15/19		7,970		9,816,331
7.20%, 03/15/39		1,000		1,401,337
Sanofi
1.20%, 09/30/14		400		404,045
1.25%, 04/10/18		2,400		2,364,024
1.63%, 03/28/14		500		505,250
2.63%, 03/29/16		500		524,100
4.00%, 03/29/21		1,600		1,755,289
Schering-Plough Corp./Merck & Co. Inc.
6.00%, 09/15/17		250		297,493
6.55%, 09/15/37		2,750		3,630,619
Teva Pharmaceutical Finance Co. BV
2.40%, 11/10/16		1,200		1,249,034
Series 2
3.65%, 11/10/21		1,100		1,142,949
Teva Pharmaceutical Finance II/III LLC
3.00%, 06/15/15		410		428,068
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/21		1,200		1,246,853
Teva Pharmaceutical Finance IV LLC
2.25%, 03/18/20		2,250		2,213,066
Watson Pharmaceuticals Inc.
1.88%, 10/01/17		1,100		1,092,127
6.13%, 08/15/19		600		701,042
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)e		2,725		2,700,320
4.70%, 02/01/43 (Call 08/01/42)e		3,450		3,443,228
				158,324,415
PIPELINES — 0.69%
Boardwalk Pipelines Partners LP
3.38%, 02/01/23 (Call 11/01/22)		2,250		2,150,154
Buckeye Partners LP
4.88%, 02/01/21 (Call 11/01/20)		1,600		1,685,075
CenterPoint Energy Resources Corp.
4.50%, 01/15/21 (Call 10/15/20)		450		503,498
6.00%, 05/15/18		2,500		2,950,355
DCP Midstream Operating LP
4.95%, 04/01/22 (Call 01/01/22)		2,800		2,954,103

Security	Principal (000s)		Value
El Paso Pipeline Partners Operating Co. LLC
5.00%, 10/01/21 (Call 07/01/21)b	$	1,000	$	1,111,494
Enbridge Energy Partners LP
4.20%, 09/15/21 (Call 06/15/21)b		1,900		1,981,624
5.50%, 09/15/40 (Call 03/15/40)b		250		257,381
Series B
7.50%, 04/15/38		330		414,006
Energy Transfer Partners LP
6.50%, 02/01/42 (Call 08/01/41)		4,000		4,493,270
9.70%, 03/15/19		2,362		3,167,502
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)		2,650		2,619,346
4.85%, 08/15/42 (Call 02/15/42)		4,000		4,004,685
Series G
5.60%, 10/15/14		11,306		12,071,347
Kinder Morgan Energy Partners LP
3.50%, 09/01/23 (Call 06/01/23)b		1,800		1,764,909
6.85%, 02/15/20		400		491,794
6.95%, 01/15/38		9,472		11,618,773
Magellan Midstream Partners LP
4.20%, 12/01/42 (Call 06/01/42)b		400		365,756
4.25%, 02/01/21		2,000		2,140,276
ONEOK Inc.
4.25%, 02/01/22 (Call 11/02/21)		950		975,025
ONEOK Partners LP
2.00%, 10/01/17 (Call 07/01/17)		1,150		1,156,837
6.13%, 02/01/41 (Call 08/01/40)b		2,250		2,500,859
Plains All American Pipeline LP
5.00%, 02/01/21 (Call 11/01/20)		4,600		5,222,328
5.15%, 06/01/42 (Call 12/01/41)		1,050		1,116,593
6.65%, 01/15/37		400		499,782
8.75%, 05/01/19		250		334,647
Southern Natural Gas Co. LLC/Southern Natural Issuing Corp.
4.40%, 06/15/21 (Call 03/15/21)		2,740		2,969,358
Spectra Energy Capital LLC
3.30%, 03/15/23 (Call 12/15/22)b		3,500		3,410,984
Spectra Energy Partners LP
4.60%, 06/15/21 (Call 03/15/21)		700		733,613
TC Pipelines LP
4.65%, 06/15/21 (Call 03/15/21)		550		576,359
Tennessee Gas Pipeline Co. LLC
7.50%, 04/01/17		1,800		2,174,744
TransCanada PipeLines Ltd.
0.75%, 01/15/16		2,925		2,912,537
0.88%, 03/02/15		800		802,338
2.50%, 08/01/22		250		237,525
3.80%, 10/01/20		1,000		1,076,152
5.85%, 03/15/36		500		590,629
6.10%, 06/01/40		2,000		2,446,232
6.50%, 08/15/18		250		306,433
7.13%, 01/15/19		2,078		2,599,941
7.63%, 01/15/39		1,524		2,148,458
Western Gas Partners LP
4.00%, 07/01/22 (Call 04/01/22)		2,000		2,028,273
Williams Companies Inc. (The)
7.88%, 09/01/21		2,850		3,571,351
8.75%, 03/15/32		1,019		1,368,400
Williams Partners LP
4.00%, 11/15/21 (Call 08/15/21)		350		360,377
4.13%, 11/15/20 (Call 08/15/20)		1,450		1,531,894
5.25%, 03/15/20		500		558,517
6.30%, 04/15/40		2,850		3,250,314

69

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
7.25%, 02/01/17	$	2,300	$	2,720,454
				106,926,302
REAL ESTATE — 0.04%
ProLogis LP
4.50%, 08/15/17		1,800		1,954,191
6.25%, 03/15/17b		600		684,604
6.88%, 03/15/20 (Call 12/16/19)		1,400		1,677,724
7.63%, 08/15/14		2,100		2,275,560
				6,592,079
REAL ESTATE INVESTMENT TRUSTS — 0.44%
American Tower Corp.
3.50%, 01/31/23		500		481,649
4.50%, 01/15/18		2,750		3,007,702
4.63%, 04/01/15		1,000		1,058,065
4.70%, 03/15/22		1,000		1,067,421
AvalonBay Communities Inc.
3.95%, 01/15/21 (Call 10/15/20)b		450		474,730
Boston Properties LP
3.70%, 11/15/18 (Call 08/15/18)		800		866,179
Digital Realty Trust LP
3.63%, 10/01/22 (Call 07/01/22)		3,100		3,033,689
5.25%, 03/15/21 (Call 12/15/20)		1,500		1,650,674
Duke Realty LP
3.88%, 10/15/22 (Call 07/15/22)		1,750		1,734,311
ERP Operating LP
4.75%, 07/15/20 (Call 04/15/20)		6,500		7,242,219
HCP Inc.
2.70%, 02/01/14		400		405,142
3.75%, 02/01/16		200		213,045
5.38%, 02/01/21 (Call 11/03/20)		6,650		7,556,430
Health Care REIT Inc.
3.63%, 03/15/16		200		210,134
4.13%, 04/01/19 (Call 01/01/19)		1,600		1,717,386
4.95%, 01/15/21 (Call 10/15/20)		2,200		2,425,623
5.13%, 03/15/43 (Call 09/15/42)		850		843,770
6.50%, 03/15/41 (Call 09/15/40)		1,000		1,176,534
Healthcare Realty Trust Inc.
5.75%, 01/15/21		1,100		1,220,758
Highwoods Realty LP
3.63%, 01/15/23 (Call 10/15/22)		1,500		1,450,692
Hospitality Properties Trust
5.00%, 08/15/22 (Call 02/15/22)		2,400		2,510,104
Host Hotels & Resorts LP Series D
3.75%, 10/15/23 (Call 07/15/23)		625		613,880
Kilroy Realty LP
4.80%, 07/15/18 (Call 05/15/18)		3,000		3,314,804
Liberty Property LP
4.75%, 10/01/20 (Call 07/01/20)		1,000		1,076,159
National Retail Properties Inc.
5.50%, 07/15/21 (Call 04/15/21)		700		795,086
Simon Property Group LP
4.75%, 03/15/42 (Call 09/15/41)		1,500		1,559,094
5.10%, 06/15/15		7,518		8,164,569
5.65%, 02/01/20 (Call 11/01/19)		3,100		3,673,554
UDR Inc.
4.25%, 06/01/18		1,550		1,680,682
4.63%, 01/10/22 (Call 10/10/21)		1,500		1,617,984

Security	Principal (000s)		Value
Ventas Realty LP/Ventas Capital Corp.
3.13%, 11/30/15	$	750	$	785,286
4.25%, 03/01/22 (Call 12/01/21)b		2,200		2,318,707
4.75%, 06/01/21 (Call 03/01/21)		500		546,562
Vornado Realty Trust
5.00%, 01/15/22		500		546,042
Weyerhaeuser Co.
6.88%, 12/15/33b		740		924,339
7.38%, 03/15/32		675		887,319
				68,850,324
RETAIL — 0.76%
Advance Auto Parts Inc.
4.50%, 01/15/22 (Call 10/15/21)		250		249,824
AutoZone Inc.
3.13%, 07/15/23 (Call 04/15/23)		1,000		967,327
3.70%, 04/15/22 (Call 01/15/22)		500		507,755
Costco Wholesale Corp.
1.70%, 12/15/19		3,000		2,954,486
CVS Caremark Corp.
2.75%, 12/01/22 (Call 09/01/22)b		1,700		1,649,978
4.75%, 05/18/20 (Call 12/18/19)		1,850		2,100,574
6.13%, 09/15/39b		5,270		6,421,828
Darden Restaurants Inc.
4.50%, 10/15/21		2,300		2,395,981
Gap Inc. (The)
5.95%, 04/12/21 (Call 01/12/21)		3,200		3,694,584
Home Depot Inc. (The)
4.20%, 04/01/43 (Call 10/01/42)		3,300		3,221,923
5.40%, 03/01/16		5,762		6,463,850
5.95%, 04/01/41 (Call 10/01/40)		2,650		3,334,334
Kohl’s Corp.
4.00%, 11/01/21 (Call 08/01/21)b		300		310,359
6.88%, 12/15/37		500		585,065
Lowe’s Companies Inc.
1.63%, 04/15/17 (Call 03/15/17)		2,000		2,021,862
3.75%, 04/15/21 (Call 01/15/21)		2,000		2,114,092
3.80%, 11/15/21 (Call 08/15/21)		650		689,523
5.13%, 11/15/41 (Call 05/15/41)		3,000		3,300,600
5.80%, 04/15/40 (Call 10/15/39)		2,000		2,353,442
Macy’s Retail Holdings Inc.
5.90%, 12/01/16		3,700		4,252,434
6.38%, 03/15/37		1,900		2,190,568
McDonald’s Corp.
2.63%, 01/15/22		1,200		1,196,752
3.63%, 05/20/21		2,000		2,152,642
3.70%, 02/15/42		2,725		2,502,281
5.35%, 03/01/18		1,702		1,988,677
5.80%, 10/15/17		200		236,555
Nordstrom Inc.
4.00%, 10/15/21 (Call 07/15/21)		1,800		1,954,547
4.75%, 05/01/20		1,100		1,238,417
O’Reilly Automotive Inc.
4.63%, 09/15/21 (Call 06/15/21)		1,100		1,187,486
QVC Inc.
5.13%, 07/02/22		1,500		1,602,670
Staples Inc.
4.38%, 01/12/23 (Call 10/12/22)b		3,000		3,003,398
Target Corp.
2.90%, 01/15/22		1,500		1,507,941
7.00%, 01/15/38		7,232		9,850,094
TJX Companies Inc. (The)

70

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
2.50%, 05/15/23 (Call 02/15/23)	$	975	$	932,469
6.95%, 04/15/19		100		124,480
Wal-Mart Stores Inc.
2.55%, 04/11/23 (Call 01/11/23)		1,000		960,974
2.80%, 04/15/16		9,150		9,686,058
4.25%, 04/15/21		6,900		7,736,840
6.50%, 08/15/37		8,272		10,854,510
Walgreen Co.
1.80%, 09/15/17		1,000		1,006,253
3.10%, 09/15/22b		2,625		2,587,322
Yum! Brands Inc.
3.75%, 11/01/21 (Call 08/01/21)		1,300		1,340,639
3.88%, 11/01/20 (Call 08/01/20)		900		936,178
5.30%, 09/15/19		1,500		1,702,928
				118,070,500
SAVINGS & LOANS — 0.01%
First Niagara Financial Group Inc.
7.25%, 12/15/21		1,000		1,188,467
Santander Holdings USA Inc.
4.63%, 04/19/16		550		582,230
				1,770,697
SEMICONDUCTORS — 0.17%
Analog Devices Inc.
3.00%, 04/15/16		150		158,364
Applied Materials Inc.
2.65%, 06/15/16		250		261,130
4.30%, 06/15/21		800		871,396
5.85%, 06/15/41		750		850,247
Broadcom Corp.
2.38%, 11/01/15		150		155,508
2.50%, 08/15/22b		1,000		951,461
2.70%, 11/01/18		900		945,033
Intel Corp.
1.35%, 12/15/17		2,000		1,987,038
1.95%, 10/01/16		950		980,309
2.70%, 12/15/22		1,000		963,955
3.30%, 10/01/21		9,050		9,377,110
4.80%, 10/01/41		1,800		1,844,478
Texas Instruments Inc.
0.45%, 08/03/15		1,000		997,697
1.38%, 05/15/14		2,750		2,777,478
2.38%, 05/16/16		2,700		2,815,615
				25,936,819
SOFTWARE — 0.21%
Autodesk Inc.
1.95%, 12/15/17		875		863,798
BMC Software Inc.
4.25%, 02/15/22		200		201,200
Dun & Bradstreet Corp. (The)
4.38%, 12/01/22 (Call 09/01/22)b		1,000		1,001,162
Fidelity National Information Services Inc.
3.50%, 04/15/23 (Call 01/15/23)		200		192,534
Fiserv Inc.
3.13%, 06/15/16		125		131,298
3.50%, 10/01/22 (Call 07/01/22)		1,500		1,475,273
4.75%, 06/15/21		1,000		1,078,907

Security	Principal (000s)		Value
Intuit Inc.
5.75%, 03/15/17	$	1,000	$	1,136,000
Microsoft Corp.
4.00%, 02/08/21b		3,750		4,152,050
4.20%, 06/01/19		3,010		3,368,526
4.50%, 10/01/40		1,600		1,674,320
Oracle Corp.
2.50%, 10/15/22		4,000		3,843,893
5.00%, 07/08/19		200		233,702
5.25%, 01/15/16		8,307		9,256,271
5.38%, 07/15/40		4,000		4,640,545
				33,249,479
TELECOMMUNICATIONS — 1.43%
America Movil SAB de CV
2.38%, 09/08/16		700		719,356
3.13%, 07/16/22		4,850		4,631,888
5.00%, 03/30/20		6,500		7,166,308
6.13%, 03/30/40		2,150		2,418,275
AT&T Inc.
0.90%, 02/12/16		6,000		5,986,481
2.40%, 08/15/16		10,000		10,358,637
2.95%, 05/15/16		3,500		3,687,278
3.88%, 08/15/21		7,250		7,740,725
4.45%, 05/15/21		4,200		4,656,308
5.35%, 09/01/40		4,000		4,305,428
5.55%, 08/15/41		5,750		6,419,937
BellSouth Corp.
6.00%, 11/15/34		14,242		15,720,103
British Telecommunications PLC
9.63%, 12/15/30		2,540		3,932,483
Cellco Partnership/Verizon Wireless Capital LLC
5.55%, 02/01/14		8,018		8,265,564
8.50%, 11/15/18		450		596,398
Cisco Systems Inc.
4.45%, 01/15/20		4,650		5,272,933
5.50%, 02/22/16		4,000		4,502,837
5.90%, 02/15/39		3,180		3,886,158
Corning Inc.
4.75%, 03/15/42b		1,500		1,494,773
Deutsche Telekom International Finance BV
8.75%, 06/15/30		6,618		9,556,120
Embarq Corp.
7.08%, 06/01/16		5,532		6,319,755
8.00%, 06/01/36		1,300		1,408,858
France Telecom SA
2.75%, 09/14/16		3,300		3,425,839
4.38%, 07/08/14		2,026		2,101,772
5.38%, 07/08/19		1,626		1,874,293
8.50%, 03/01/31		1,400		1,996,885
GTE Corp.
6.84%, 04/15/18		750		909,994
Harris Corp.
4.40%, 12/15/20		1,950		2,070,680
Juniper Networks Inc.
3.10%, 03/15/16		1,050		1,095,565
4.60%, 03/15/21		950		996,845
5.95%, 03/15/41		150		159,720
Motorola Solutions Inc.
3.50%, 03/01/23		2,600		2,534,735
3.75%, 05/15/22b		1,000		1,003,001

71

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
Nippon Telegraph & Telephone Corp.
1.40%, 07/18/17	$	400	$	397,899
Qwest Corp.
6.75%, 12/01/21		5,000		5,764,425
Rogers Communications Inc.
6.80%, 08/15/18		3,200		3,905,756
Telecom Italia Capital SA
7.72%, 06/04/38		6,148		6,620,541
Telefonica Emisiones SAU
3.99%, 02/16/16		2,100		2,195,272
4.95%, 01/15/15		1,105		1,159,005
5.13%, 04/27/20		3,000		3,194,060
5.46%, 02/16/21		2,850		3,063,175
7.05%, 06/20/36		2,024		2,302,211
Verizon Communications Inc.
1.25%, 11/03/14		3,400		3,435,760
2.00%, 11/01/16		6,400		6,569,836
3.00%, 04/01/16		500		526,357
4.60%, 04/01/21		3,000		3,323,899
6.00%, 04/01/41		1,250		1,463,523
6.10%, 04/15/18		200		239,442
6.40%, 02/15/38		200		242,300
7.75%, 12/01/30		13,992		18,858,070
Virgin Media Secured Finance PLC
5.25%, 01/15/21		200		209,000
Vodafone Group PLC
2.50%, 09/26/22		2,900		2,708,410
2.95%, 02/19/23		2,000		1,924,368
4.38%, 02/19/43		4,000		3,748,947
5.63%, 02/27/17		11,257		12,847,092
				221,915,280
TEXTILES — 0.01%
Cintas Corp. No. 2
2.85%, 06/01/16		650		669,177
Mohawk Industries Inc.
3.85%, 02/01/23 (Call 11/01/22)		1,250		1,263,778
				1,932,955
TOYS, GAMES & HOBBIES — 0.02%
Mattel Inc.
2.50%, 11/01/16		150		155,971
3.15%, 03/15/23 (Call 12/15/22)		1,525		1,504,666
4.35%, 10/01/20		400		432,282
5.45%, 11/01/41 (Call 05/01/41)		350		376,757
				2,469,676
TRANSPORTATION — 0.38%
Burlington Northern Santa Fe Corp.
3.05%, 09/01/22 (Call 06/01/22)		1,650		1,648,683
4.70%, 10/01/19		3,600		4,118,229
6.15%, 05/01/37		4,803		5,842,441
Canadian National Railway Co.
2.25%, 11/15/22 (Call 08/15/22)		800		763,656
2.85%, 12/15/21 (Call 09/15/21)b		950		961,935
5.55%, 03/01/19		3,600		4,279,684
Canadian Pacific Railway Co.
7.13%, 10/15/31		2,250		2,879,878

Security	Principal (000s)		Value
CSX Corp.
6.00%, 10/01/36	$	5,832	$	6,860,419
FedEx Corp.
2.63%, 08/01/22b		2,200		2,123,937
Norfolk Southern Corp.
3.00%, 04/01/22 (Call 01/01/22)		3,700		3,705,522
3.25%, 12/01/21 (Call 09/01/21)b		2,000		2,049,584
4.84%, 10/01/41		5,657		5,921,200
Ryder System Inc.
2.50%, 03/01/17 (Call 02/01/17)		1,300		1,311,449
2.50%, 03/01/18 (Call 02/01/18)		1,750		1,775,626
3.50%, 06/01/17		700		730,612
3.60%, 03/01/16		1,000		1,042,453
Union Pacific Corp.
4.00%, 02/01/21 (Call 11/01/20)b		2,250		2,467,579
4.25%, 04/15/43 (Call 10/15/42)		2,475		2,428,735
4.75%, 09/15/41 (Call 03/15/41)		1,000		1,062,654
6.15%, 05/01/37		250		310,374
United Parcel Service Inc.
2.45%, 10/01/22		1,300		1,256,572
3.13%, 01/15/21		3,000		3,116,617
5.13%, 04/01/19		200		235,472
6.20%, 01/15/38		1,826		2,385,647
				59,278,958
TRUCKING & LEASING — 0.01%
GATX Corp.
3.50%, 07/15/16b		1,000		1,039,777
4.85%, 06/01/21		600		634,197
				1,673,974
TOTAL CORPORATE BONDS & NOTES (Cost: $3,461,829,505)				3,674,822,464
FOREIGN AGENCY OBLIGATIONSf — 1.38%
BRAZIL — 0.17%
Petrobras International Finance Co.
2.88%, 02/06/15		3,000		3,055,270
3.50%, 02/06/17b		3,000		3,083,662
3.88%, 01/27/16		5,000		5,220,733
5.38%, 01/27/21		2,100		2,227,510
5.75%, 01/20/20b		6,180		6,744,320
6.75%, 01/27/41		3,250		3,465,834
7.88%, 03/15/19		2,548		3,075,699
				26,873,028
CANADA — 0.48%
British Columbia (Province of)
2.10%, 05/18/16		3,000		3,127,999
2.65%, 09/22/21		2,000		2,051,788
Export Development Canada
0.75%, 12/15/17b		3,000		2,964,244
1.50%, 05/15/14		3,000		3,035,560
Hydro-Quebec
2.00%, 06/30/16		11,050		11,448,285
Manitoba (Province of)
1.13%, 06/01/18		2,400		2,373,834
1.38%, 04/28/14		3,000		3,028,800

72

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
Ontario (Province of)
1.20%, 02/14/18b	$	2,500	$	2,482,132
2.30%, 05/10/16		11,250		11,753,405
2.70%, 06/16/15		5,000		5,220,450
2.95%, 02/05/15		950		989,267
3.00%, 07/16/18		3,100		3,327,312
3.15%, 12/15/17		3,000		3,244,804
4.10%, 06/16/14		5,094		5,293,365
4.40%, 04/14/20		400		458,552
Quebec (Province of)
7.50%, 09/15/29		8,977		13,032,591
				73,832,388
JAPAN — 0.06%
Japan Finance Corp.
2.13%, 02/07/19		5,000		5,139,639
2.50%, 05/18/16b		4,400		4,628,573
				9,768,212
MEXICO — 0.18%
Pemex Project Funding Master Trust
5.75%, 03/01/18		5,020		5,722,800
Petroleos Mexicanos
3.50%, 01/30/23e		1,000		960,000
4.88%, 01/24/22b		4,800		5,136,001
6.50%, 06/02/41		7,475		8,446,750
8.00%, 05/03/19b		5,520		6,900,000
				27,165,551
NETHERLANDS — 0.00%
Petrobras Global Finance BV
3.00%, 01/15/19		250		244,554
				244,554
SOUTH KOREA — 0.11%
Export-Import Bank of Korea (The)
1.75%, 02/27/18		5,000		4,895,188
5.00%, 04/11/22		250		275,144
8.13%, 01/21/14b		1,240		1,293,838
Korea Development Bank (The)
1.50%, 01/22/18b		1,300		1,256,227
3.25%, 03/09/16		5,000		5,225,979
3.50%, 08/22/17		3,300		3,465,536
				16,411,912
SUPRANATIONAL — 0.38%
Asian Development Bank
0.50%, 06/20/16		6,000		5,985,838
1.38%, 03/23/20		4,500		4,419,663
1.75%, 03/21/19		400		408,252
2.50%, 03/15/16		8,600		9,057,449
2.63%, 02/09/15		5,020		5,210,900
2.75%, 05/21/14		5,283		5,409,824
Inter-American Development Bank
1.38%, 10/18/16		5,000		5,114,353
2.25%, 07/15/15		6,500		6,745,988
3.88%, 10/28/41		3,000		3,086,130

Security	Principal (000s)		Value
Series E
3.88%, 09/17/19	$	5,000	$	5,687,631
Svensk Exportkredit AB
0.63%, 05/31/16		1,767		1,757,529
1.13%, 04/05/18		6,000		5,927,120
				58,810,677
TOTAL FOREIGN AGENCY OBLIGATIONS (Cost: $207,112,036)				213,106,322
FOREIGN GOVERNMENT BONDS & NOTESf — 1.48%
BRAZIL — 0.26%
Brazil (Federative Republic of)
4.88%, 01/22/21b		4,200		4,725,000
5.88%, 01/15/19b		2,760		3,237,480
7.13%, 01/20/37		8,842		11,583,020
8.00%, 01/15/18		9,409		10,820,861
10.13%, 05/15/27b		5,750		9,545,000
				39,911,361
CANADA — 0.05%
Canada (Government of)
0.88%, 02/14/17		6,900		6,929,503
2.38%, 09/10/14		1,000		1,026,820
				7,956,323
CHILE — 0.03%
Chile (Republic of)
3.25%, 09/14/21		4,050		4,201,875
				4,201,875
COLOMBIA — 0.10%
Colombia (Republic of)
4.38%, 07/12/21		4,200		4,599,000
6.13%, 01/18/41b		2,000		2,410,000
7.38%, 01/27/17		1,500		1,792,500
7.38%, 03/18/19		2,000		2,520,000
7.38%, 09/18/37		2,500		3,431,250
8.25%, 12/22/14		1,000		1,105,000
				15,857,750
ISRAEL — 0.03%
Israel (State of)
4.50%, 01/30/43		2,000		1,900,000
5.13%, 03/26/19b		3,000		3,468,750
				5,368,750
ITALY — 0.13%
Italy (Republic of)
5.25%, 09/20/16b		17,742		19,328,788
				19,328,788
MEXICO — 0.28%
United Mexican States

73

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
3.63%, 03/15/22b	$	9,900	$	10,197,000
4.75%, 03/08/44b		7,500		7,481,250
5.13%, 01/15/20		4,250		4,866,250
5.63%, 01/15/17		9,052		10,274,020
6.75%, 09/27/34		8,368		10,836,560
				43,655,080
PANAMA — 0.06%
Panama (Republic of)
6.70%, 01/26/36		5,100		6,630,000
7.25%, 03/15/15		3,000		3,322,500
				9,952,500
PERU — 0.09%
Peru (Republic of)
6.55%, 03/14/37		2,000		2,565,000
7.13%, 03/30/19b		6,305		7,881,250
8.75%, 11/21/33		2,500		3,925,000
				14,371,250
PHILIPPINES — 0.12%
Philippines (Republic of the)
4.00%, 01/15/21		5,000		5,425,000
6.38%, 10/23/34b		10,000		12,800,000
				18,225,000
POLAND — 0.09%
Poland (Republic of)
3.88%, 07/16/15		2,900		3,055,150
5.00%, 03/23/22		6,075		6,880,180
6.38%, 07/15/19		3,000		3,611,250
				13,546,580
SOUTH AFRICA — 0.04%
South Africa (Republic of)
5.50%, 03/09/20		3,400		3,799,500
6.25%, 03/08/41		2,000		2,360,000
				6,159,500
SOUTH KOREA — 0.02%
Korea (Republic of)
7.13%, 04/16/19		3,000		3,787,673
				3,787,673
TURKEY — 0.17%
Turkey (Republic of)
3.25%, 03/23/23b		10,000		9,800,000
4.88%, 04/16/43		10,000		9,800,000
6.75%, 04/03/18		5,000		5,975,000
				25,575,000

Security	Principal (000s)		Value
URUGUAY — 0.01%
Uruguay (Republic of)
4.13%, 11/20/45b	$	2,400	$	2,136,000
				2,136,000
TOTAL FOREIGN GOVERNMENT BONDS & NOTES (Cost: $220,890,613)				230,033,430
MUNICIPAL DEBT OBLIGATIONS — 0.93%
ARIZONA — 0.00%
Salt River Project Agricultural Improvement & Power District RB Electric Power & Light Revenues BAB
4.84%, 01/01/41		175		194,973
				194,973
CALIFORNIA — 0.33%
Bay Area Toll Authority RB Highway Revenue Tolls BAB
6.26%, 04/01/49		850		1,131,571
Series S1
7.04%, 04/01/50		2,500		3,448,350
County of Sonoma RB Miscellaneous Revenue Series A
6.00%, 12/01/29 (GTD)		2,000		2,273,480
East Bay Municipal Utility District RB Water Revenue BAB Series B
5.87%, 06/01/40		4,000		5,058,120
Los Angeles Community College District GO BAB
6.75%, 08/01/49		2,000		2,796,800
Los Angeles County Public Works Financing Authority RB Lease Abatement BAB
7.62%, 08/01/40		900		1,177,920
Los Angeles County Metropolitan Transportation Authority RB Sales Tax Revenue BAB Series A
5.74%, 06/01/39		815		985,213
Los Angeles Department of Water & Power RB Electric Power & Light Revenues BAB
6.57%, 07/01/45		1,600		2,206,240
Series A
5.72%, 07/01/39		1,000		1,212,230
Los Angeles Department of Water & Power RB Water Revenue BAB
6.60%, 07/01/50		325		461,227
Los Angeles Unified School District GO BAB
6.76%, 07/01/34		1,250		1,666,550
Los Angeles Unified School District GO BAB
5.75%, 07/01/34		1,000		1,207,150
Orange County Local Transportation Authority RB Sales Tax Revenue Series A
6.91%, 02/15/41		650		881,855
San Francisco City & County Public Utilities Commission RB Water Revenue BAB
6.00%, 11/01/40		2,500		3,055,750
Santa Clara Valley Transportation Authority RB Sales Tax Revenue BAB
5.88%, 04/01/32		925		1,098,262
State of California GO
5.95%, 04/01/16		7,127		8,025,358
State of California GO BAB
7.30%, 10/01/39		7,000		9,623,180
7.55%, 04/01/39		1,000		1,430,310
7.70%, 11/01/30 (Call 11/01/20)		500		614,155
University of California Regents RB College & University Revenue BAB
5.77%, 05/15/43		1,000		1,200,380
5.95%, 05/15/45		900		1,071,990

74

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
University of California Regents RB Medical Center Pooled Revenue BAB Series F
6.58%, 05/15/49	$	1,000	$	1,297,910
				51,924,001
COLORADO — 0.01%
Denver City & County School District No. 1 COP Lease Appropriation Series B
4.24%, 12/15/37		600		585,714
Regional Transportation District RB Sales Tax Revenue BAB Series B
5.84%, 11/01/50		500		640,515
				1,226,229
CONNECTICUT — 0.01%
State of Connecticut GO Series A
5.85%, 03/15/32		1,500		1,833,645
				1,833,645
GEORGIA — 0.01%
Municipal Electric Authority of Georgia RB Electric Power & Light Revenues BAB
Project J, Series 2010A
6.64%, 04/01/57		1,000		1,135,720
Project M, Series 2010A
6.66%, 04/01/57		750		841,718
Project P, Series 2010A
7.06%, 04/01/57		300		327,768
				2,305,206
ILLINOIS — 0.13%
Chicago Board of Education GO Series C
6.32%, 11/01/29		500		572,095
Chicago Transit Authority RB Sales Tax Revenue Series A
6.90%, 12/01/40		2,000		2,465,960
City of Chicago GO Series C
7.78%, 01/01/35		400		515,988
City of Chicago RB Port Airport & Marina Revenue BAB Series B
6.40%, 01/01/40		500		636,470
City of Chicago RB Water Revenue BAB Series B
6.74%, 11/01/40		300		398,865
State of Illinois GO
4.42%, 01/01/15		1,250		1,311,713
5.10%, 06/01/33		9,233		9,263,746
5.37%, 03/01/17		2,500		2,747,475
5.88%, 03/01/19		2,450		2,784,645
				20,696,957

Security	Principal (000s)		Value
INDIANA — 0.01%
Indianapolis Local Public Improvement Bond Bank RB Miscellaneous Revenue BAB Series B-2
6.12%, 01/15/40	$	1,000	$	1,282,130
				1,282,130
MARYLAND — 0.01%
Maryland State Transportation Authority RB Transit Revenue BAB
5.89%, 07/01/43		1,500		1,886,040
				1,886,040
MASSACHUSETTS — 0.02%
Commonwealth of Massachusetts GO BAB Series E
4.20%, 12/01/21		400		451,980
5.46%, 12/01/39		1,000		1,187,610
Commonwealth of Massachusetts RB Fuel Sales Tax Revenue Series A
5.73%, 06/01/40		1,400		1,777,398
				3,416,988
MISSISSIPPI — 0.01%
State of Mississippi GO
5.25%, 11/01/34		1,000		1,134,620
				1,134,620
MISSOURI — 0.01%
Missouri Highway & Transportation Commission RB Highway Revenue Tolls BAB
5.45%, 05/01/33		1,050		1,253,910
				1,253,910
NEW JERSEY — 0.08%
New Jersey Economic Development Authority RB Lease Appropriation Series B
0.00%, 02/15/19 (AGM)		500		428,445
0.00%, 02/15/21 (AGM)		1,000		767,590
New Jersey Economic Development Authority RB Miscellaneous Revenue Series A
7.43%, 02/15/29 (NPFGC)		1,500		1,927,260
New Jersey State Turnpike Authority RB Miscellaneous Revenue BAB Series F
7.41%, 01/01/40		3,044		4,404,181
New Jersey Transportation Trust Fund Authority RB Transit Revenue BAB Series C
5.75%, 12/15/28		1,660		1,936,788
6.10%, 12/15/28 (Call 12/15/20)		1,000		1,159,240
Rutgers - State University of New Jersey RB College & University Revenue BAB
5.67%, 05/01/40 (GOI)		900		1,080,108
				11,703,612
NEW YORK — 0.13%
City of New York GO BAB Series C-1
5.52%, 10/01/37		1,000		1,179,160
Metropolitan Transportation Authority RB Transit Revenue BAB

75

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
7.34%, 11/15/39	$	1,790	$	2,591,419
Series C-1
6.69%, 11/15/40		1,000		1,288,130
Series E
6.81%, 11/15/40		500		652,400
New York City Municipal Water Finance Authority RB Water Revenue BAB
5.72%, 06/15/42		2,645		3,258,402
New York City Transitional Finance Authority RB Sales Tax Revenue BAB
5.51%, 08/01/37		1,000		1,218,910
New York State Dormitory Authority RB Income Tax Revenue BAB Series D
5.60%, 03/15/40		1,500		1,849,875
New York State Urban Development Corp. RB State Personal Income Tax BAB
5.77%, 03/15/39		940		1,136,507
Port Authority of New York & New Jersey RB Port Airport & Marina Revenue
4.93%, 10/01/51 (GOI)		2,000		2,180,060
5.65%, 11/01/40 (GOI)		2,205		2,640,377
State of New York GO BAB
5.97%, 03/01/36		1,250		1,569,062
				19,564,302
OHIO — 0.03%
American Municipal Power Ohio Inc. RB Electric Power & Light Revenues BAB
5.94%, 02/15/47		1,300		1,476,306
Series E
6.27%, 02/15/50		1,200		1,379,388
Northeast Ohio Regional Sewer District RB Sewer Revenue BAB
6.04%, 11/15/40 (Call 11/15/20)		900		1,036,179
Ohio State University (The) RB General Receipts Revenue BAB
4.91%, 06/01/40		535		591,758
				4,483,631
PENNSYLVANIA — 0.03%
Commonwealth of Pennsylvania GO BAB Series B
4.65%, 02/15/26		2,500		2,821,200
Pennsylvania Turnpike Commission RB Highway Revenue Tolls BAB Series B
5.51%, 12/01/45		1,000		1,162,910
				3,984,110
TEXAS — 0.10%
City of San Antonio RB Electric Power & Light Revenues Series C
5.99%, 02/01/39		1,000		1,278,190
Dallas Area Rapid Transit RB Sales Tax Revenue BAB
4.92%, 12/01/41		1,285		1,469,513
5.02%, 12/01/48		500		577,025
Dallas Convention Center Hotel Development Corp. RB Hotel Occupancy Tax BAB
7.09%, 01/01/42		700		878,178
State of Texas GO BAB
Series A
4.63%, 04/01/33		1,200		1,324,092
4.68%, 04/01/40		2,000		2,213,100
Texas State Transportation Commission RB Highway Revenue Tolls BAB Series B
5.18%, 04/01/30		5,000		5,952,950

Security	Principal (000s)		Value
University of Texas System Board of Regents RB College & University Revenue BAB Series C
4.79%, 08/15/46	$	1,500	$	1,668,030
				15,361,078
UTAH — 0.00%
State of Utah GO BAB Series B
3.54%, 07/01/25		500		532,825
				532,825
WASHINGTON — 0.01%
State of Washington GO BAB
5.14%, 08/01/40		1,000		1,171,740
				1,171,740
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost: $125,396,158)				143,955,997
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 71.13%
MORTGAGE-BACKED SECURITIES — 29.01%
Federal Home Loan Mortgage Corp.
2.50%, 06/01/28g		9,889		10,107,490
2.50%, 06/01/28g		68,913		70,302,499
2.50%, 06/01/43g		11,500		10,968,125
2.63%, 01/01/42a		3,201		3,345,606
2.94%, 05/01/42a		3,077		3,211,340
2.98%, 09/01/41a		5,772		6,055,609
2.99%, 11/01/40a		9,930		10,405,194
3.00%, 04/01/27		2,412		2,528,620
3.00%, 05/01/27		17,653		18,444,785
3.00%, 06/01/27		16,439		17,161,006
3.00%, 07/01/27		588		615,804
3.00%, 08/01/27		1,713		1,795,212
3.00%, 09/01/27		7,562		7,923,257
3.00%, 11/01/27		2,490		2,608,047
3.00%, 12/01/27		1,680		1,758,952
3.00%, 01/01/28		994		1,041,175
3.00%, 06/01/28g		26,006		27,009,808
3.00%, 05/01/33		8,448		8,648,113
3.00%, 12/01/42		51,811		51,935,729
3.00%, 01/01/43		27,572		27,634,699
3.00%, 02/01/43		23,289		23,345,025
3.00%, 06/01/43g		30,060		30,097,116
3.15%, 11/01/40a		5,166		5,432,619
3.25%, 08/01/41a		4,623		4,871,145
3.27%, 12/01/38a		8,428		9,049,440
3.36%, 11/01/40a		9,714		10,237,205
3.44%, 11/01/41a		14,055		14,813,103
3.50%, 11/01/25		16,727		17,539,176
3.50%, 03/01/26		12,493		13,100,159
3.50%, 06/01/26		3,746		3,928,346
3.50%, 06/01/28g		24,669		25,856,196
3.50%, 03/01/32		5,376		5,611,859
3.50%, 10/01/42		57,723		59,985,534
3.50%, 11/01/42		7,699		7,959,239
3.50%, 05/01/43		27,169		28,172,680
3.50%, 06/01/43g		32,100		33,063,578

76

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
4.00%, 05/01/25	$	2,446	$	2,581,425
4.00%, 10/01/25		12,959		13,676,962
4.00%, 02/01/26		7,892		8,339,094
4.00%, 05/01/26		9,646		10,192,079
4.00%, 06/01/28g		2,853		3,005,903
4.00%, 01/01/41		43,054		45,279,669
4.00%, 02/01/41		10,531		11,074,978
4.00%, 03/01/41		10,003		10,520,217
4.00%, 09/01/41		18,160		19,492,667
4.00%, 11/01/41		4,315		4,538,030
4.00%, 12/01/41		2,644		2,780,398
4.00%, 01/01/42		7,400		7,782,008
4.00%, 02/01/42		12,375		13,227,520
4.00%, 03/01/42		3,564		3,765,949
4.00%, 06/01/42		11,900		12,514,870
4.50%, 04/01/22		8,918		9,476,399
4.50%, 05/01/23		5,077		5,387,481
4.50%, 07/01/24		3,875		4,116,566
4.50%, 08/01/24		862		916,735
4.50%, 09/01/24		2,250		2,389,353
4.50%, 10/01/24		2,154		2,287,703
4.50%, 08/01/30		15,029		16,020,335
4.50%, 03/01/39		11,680		12,533,117
4.50%, 05/01/39		12,114		13,018,030
4.50%, 06/01/39		12,682		13,451,042
4.50%, 09/01/39		4,859		5,153,327
4.50%, 10/01/39		19,459		20,639,579
4.50%, 11/01/39		4,282		4,541,703
4.50%, 12/01/39		11,176		11,854,798
4.50%, 01/01/40		4,797		5,087,364
4.50%, 08/01/40		16,464		17,472,506
4.50%, 11/01/40		28,186		29,913,123
4.50%, 02/01/41		5,525		5,874,538
4.50%, 05/01/41		19,961		21,889,551
4.50%, 06/01/43g		15,000		15,885,937
5.00%, 12/01/24		13,453		14,279,124
5.00%, 08/01/25		9,477		10,255,856
5.00%, 06/01/26		2,158		2,316,474
5.00%, 06/01/33		3,729		4,009,597
5.00%, 12/01/33		12,601		13,561,270
5.00%, 07/01/35		15,029		16,098,133
5.00%, 01/01/36		8,992		9,647,016
5.00%, 01/01/37		995		1,067,362
5.00%, 02/01/37		830		890,664
5.00%, 02/01/38		4,464		4,789,280
5.00%, 03/01/38		34,444		36,836,309
5.00%, 12/01/38		4,797		5,128,701
5.00%, 08/01/40		5,203		5,687,569
5.00%, 09/01/40		18,671		20,135,371
5.00%, 08/01/41		4,884		5,334,576
5.00%, 06/01/43g		5,000		5,335,937
5.50%, 10/01/23		3,247		3,515,872
5.50%, 09/01/24		341		369,004
5.50%, 02/01/34		13,435		14,584,612
5.50%, 05/01/35		9,720		10,514,470
5.50%, 06/01/35		6,300		6,823,145
5.50%, 05/01/36		9,432		10,178,738
5.50%, 07/01/36		18,681		20,159,519
5.50%, 03/01/38		12,528		13,474,610
5.50%, 04/01/38		3,374		3,617,213
5.50%, 01/01/39		5,755		6,240,320
5.50%, 11/01/39		7,966		8,708,963
6.00%, 10/01/36		5,948		6,603,172

Security	Principal (000s)		Value
6.00%, 02/01/37	$	7,494	$	8,153,399
6.00%, 11/01/37		27,499		29,884,820
6.00%, 09/01/38		485		526,250
Federal National Mortgage Association
1.93%, 02/01/36a		7,608		7,969,597
2.46%, 02/01/42a		3,849		3,998,590
2.50%, 05/01/27		11,865		12,124,524
2.50%, 10/01/27		11,942		12,200,095
2.50%, 11/01/27		26,476		27,055,021
2.50%, 02/01/28		78		79,517
2.50%, 06/01/28g		83,286		85,003,904
2.50%, 06/01/43g		12,500		12,000,000
2.78%, 08/01/41a		7,779		8,112,187
2.79%, 04/01/38a		6,432		6,900,810
2.92%, 10/01/41a		6,318		6,616,440
3.00%, 01/01/27		23,177		24,136,361
3.00%, 06/01/27		18,398		19,170,883
3.00%, 07/01/27		12,892		13,433,665
3.00%, 08/01/27		8,331		8,720,502
3.00%, 11/01/27		24,702		25,875,449
3.00%, 06/01/28g		11,400		11,861,344
3.00%, 05/01/33		2,160		2,218,783
3.00%, 11/01/42		28,457		28,607,805
3.00%, 12/01/42		80,556		80,983,445
3.00%, 06/01/43g		142,000		142,621,250
3.50%, 02/01/26		16,390		17,250,515
3.50%, 04/01/26		6,999		7,366,804
3.50%, 10/01/26		8,217		8,648,277
3.50%, 02/01/27		9,296		9,784,155
3.50%, 05/01/27		8,783		9,279,767
3.50%, 06/01/28g		1,963		2,064,831
3.50%, 01/01/32		7,994		8,289,658
3.50%, 02/01/32		8,613		8,983,883
3.50%, 01/01/42		2,170		2,249,036
3.50%, 06/01/42		46,796		48,499,422
3.50%, 10/01/42		31,694		32,847,992
3.50%, 12/01/42		17,700		18,353,356
3.50%, 01/01/43		45,854		47,594,330
3.50%, 02/01/43		22,172		22,978,743
3.50%, 06/01/43g		93,900		96,930,234
3.61%, 05/01/40a		8,355		8,881,519
4.00%, 10/01/25		27,920		29,647,997
4.00%, 11/01/25		2,289		2,430,875
4.00%, 03/01/26		5,031		5,343,663
4.00%, 06/01/26		6,612		7,023,433
4.00%, 09/01/26		3,188		3,386,562
4.00%, 06/01/28g		3,217		3,413,539
4.00%, 12/01/30		9,509		10,096,358
4.00%, 01/01/31		3,241		3,441,051
4.00%, 02/01/31		3,066		3,255,038
4.00%, 10/01/31		11,360		12,061,956
4.00%, 02/01/32		12,895		13,692,587
4.00%, 12/01/39		434		457,458
4.00%, 07/01/40		48,394		51,022,672
4.00%, 09/01/40		19,067		20,108,645
4.00%, 12/01/40		36,491		38,484,106
4.00%, 02/01/41		18,763		20,087,489
4.00%, 09/01/41		8,929		9,425,407
4.00%, 10/01/41		12,262		13,046,494
4.00%, 11/01/41		20,519		21,860,254
4.00%, 12/01/41		15,655		16,524,405
4.00%, 02/01/42		12,709		13,454,752
4.00%, 03/01/42		16,741		17,922,303

77

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
4.00%, 10/01/42	$	6,788	$	7,165,648
4.00%, 06/01/43g		26,333		27,752,553
4.50%, 09/01/18		7,369		7,876,841
4.50%, 10/01/24		10,509		11,209,128
4.50%, 02/01/25		1,926		2,054,384
4.50%, 04/01/25		2,150		2,293,663
4.50%, 06/01/25		11,524		12,481,309
4.50%, 06/01/28g		3,579		3,813,872
4.50%, 08/01/31		10,779		11,581,347
4.50%, 03/01/36		5,861		6,299,601
4.50%, 09/01/39		21,851		23,353,590
4.50%, 12/01/39		8,843		9,450,744
4.50%, 08/01/40		47,807		51,154,531
4.50%, 09/01/40		30,034		32,136,577
4.50%, 12/01/40		12,387		13,254,699
4.50%, 01/01/41		36,242		38,779,881
4.50%, 04/01/41		7,010		7,523,328
4.50%, 05/01/41		18,414		19,904,822
4.50%, 06/01/41		7,063		7,717,706
4.50%, 07/01/41		15,226		16,301,467
4.50%, 08/01/41		26,748		28,638,110
4.50%, 09/01/41		12,480		13,591,570
5.00%, 08/01/20		10,176		10,893,797
5.00%, 07/01/23		4,317		4,651,591
5.00%, 12/01/23		4,404		4,744,580
5.00%, 06/01/28g		5,812		6,223,172
5.00%, 11/01/33		27,253		29,620,364
5.00%, 04/01/35		16,712		18,119,210
5.00%, 07/01/35		1,756		1,905,151
5.00%, 02/01/36		21,011		22,802,149
5.00%, 03/01/36		8,957		9,737,374
5.00%, 12/01/39		1,186		1,310,593
5.00%, 01/01/40		28		30,684
5.00%, 03/01/40		18,185		20,016,262
5.00%, 04/01/40		2,322		2,538,912
5.00%, 05/01/40		207		226,616
5.00%, 06/01/40		224		246,421
5.00%, 07/01/40		284		310,192
5.00%, 08/01/40		9,791		10,751,395
5.00%, 09/01/40		67		73,119
5.00%, 10/01/40		190		206,697
5.00%, 05/01/41		30,506		33,486,095
5.00%, 06/01/41		34,924		37,791,397
5.00%, 08/01/41		8,730		9,672,667
5.50%, 12/01/19		5,992		6,523,796
5.50%, 01/01/24		6,978		7,597,185
5.50%, 02/01/30		6,714		7,283,361
5.50%, 05/01/33		11,755		12,853,663
5.50%, 11/01/33		22,231		24,310,025
5.50%, 09/01/34		32,874		36,030,465
5.50%, 05/01/37		23,570		25,538,165
5.50%, 03/01/38		14,419		15,644,556
5.50%, 06/01/38		9,621		10,424,144
5.50%, 11/01/38		8,148		8,893,720
5.50%, 07/01/40		13,056		14,377,603
5.50%, 06/01/41		9,104		9,859,347
6.00%, 01/01/25		7,863		8,606,439
6.00%, 03/01/34		16,309		18,076,631
6.00%, 05/01/34		1,177		1,316,285
6.00%, 08/01/34		2,700		2,990,944
6.00%, 11/01/34		918		1,015,522
6.00%, 09/01/36		21,797		23,778,466
6.00%, 08/01/37		23,623		25,740,681

Security	Principal (000s)		Value
6.00%, 03/01/38	$	4,235	$	4,702,681
6.00%, 05/01/38		2,151		2,388,081
6.00%, 09/01/38		2,345		2,555,445
6.00%, 06/01/39		24,303		26,929,688
6.00%, 10/01/39		2,137		2,373,007
6.00%, 06/01/43g		15,220		16,551,750
6.50%, 08/01/36		392		437,290
6.50%, 09/01/36		2,560		2,870,366
6.50%, 10/01/36		389		431,808
6.50%, 12/01/36		440		490,679
6.50%, 07/01/37		653		724,527
6.50%, 08/01/37		24,912		27,827,778
6.50%, 10/01/37		1,206		1,352,640
6.50%, 11/01/37		238		263,496
6.50%, 12/01/37		8,772		9,776,401
6.50%, 06/01/38		363		401,717
6.50%, 10/01/39		8,254		9,207,636
6.50%, 05/01/40		263		293,150
7.00%, 04/01/37		8,607		9,782,405
Government National Mortgage Association
3.00%, 09/15/42		47		48,505
3.00%, 10/15/42		116		118,314
3.00%, 12/15/42		11,856		12,090,317
3.00%, 12/20/42		37,268		38,015,807
3.00%, 01/15/43		275		280,390
3.00%, 06/01/43g		105,908		107,800,741
3.50%, 12/15/41		14,352		15,110,518
3.50%, 08/15/42		3,159		3,329,188
3.50%, 09/15/42		4,482		4,727,550
3.50%, 09/20/42		74,960		78,720,641
3.50%, 10/15/42		1,555		1,640,093
3.50%, 10/20/42		4,950		5,198,290
3.50%, 11/20/42		7,888		8,283,704
3.50%, 01/15/43		19,477		20,542,776
3.50%, 03/20/43		19,123		20,082,613
3.50%, 04/20/43		42,617		44,755,688
3.50%, 06/01/43g		35,803		37,429,710
4.00%, 09/20/40		26,001		27,958,721
4.00%, 01/20/41		7,569		8,138,481
4.00%, 02/15/41		19,753		20,994,423
4.00%, 07/15/41		12,417		13,196,962
4.00%, 09/20/41		10,796		11,601,700
4.00%, 12/15/41		3,685		3,990,026
4.00%, 12/20/41		33,994		36,276,225
4.00%, 01/20/42		14,501		15,474,447
4.00%, 02/15/42		2,584		2,798,416
4.00%, 03/15/42		12,938		14,009,319
4.00%, 04/15/42		6,526		6,940,317
4.00%, 09/20/42		6,049		6,455,057
4.00%, 06/01/43g		6,993		7,453,982
4.50%, 04/15/39		4,695		5,051,354
4.50%, 08/15/39		20,333		21,875,432
4.50%, 11/20/39		9,506		10,374,227
4.50%, 01/20/40		2,534		2,765,348
4.50%, 06/15/40		14,035		15,126,634
4.50%, 07/15/40		16,925		18,251,086
4.50%, 08/15/40		12,647		13,637,840
4.50%, 08/20/40		17,586		19,165,379
4.50%, 09/15/40		23,166		24,981,850
4.50%, 10/20/40		33,065		36,034,962
4.50%, 06/20/41		32,724		35,520,138
4.50%, 09/20/41		19,501		21,252,199
4.50%, 12/20/41		3,822		4,149,030

78

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal (000s)		Value
5.00%, 12/15/36	$	4,178	$	4,550,927
5.00%, 01/15/39		17,912		19,346,904
5.00%, 07/15/39		31,197		33,740,003
5.00%, 05/15/40		12,390		13,434,953
5.00%, 07/20/40		55,575		61,324,617
5.00%, 08/20/40		18,320		20,204,058
5.50%, 03/15/36		5,801		6,339,675
5.50%, 06/20/38		9,464		10,305,097
5.50%, 03/20/39		10,813		11,774,095
5.50%, 12/15/39		3,591		3,893,097
5.50%, 01/15/40		23,573		25,558,619
6.00%, 03/15/37		20,127		22,524,406
6.00%, 09/20/38		11,320		12,294,757
6.00%, 11/15/39		4,651		5,200,613
6.50%, 10/20/38		12,958		14,812,160
				4,494,719,263
U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.69%
Federal Home Loan Banks
0.38%, 01/29/14		14,390		14,409,311
3.88%, 06/14/13		52,750		52,810,504
4.88%, 05/17/17		700		809,513
5.00%, 11/17/17b		11,855		13,898,410
Federal Home Loan Mortgage Corp.
0.63%, 12/29/14b		91,192		91,687,838
0.75%, 11/25/14		120		120,878
0.88%, 03/07/18b		30,000		29,629,599
1.75%, 09/10/15		1,490		1,535,491
1.75%, 05/30/19b		12,450		12,638,212
2.38%, 01/13/22		440		447,153
2.50%, 05/27/16b		61,324		64,784,562
6.25%, 07/15/32b		20,493		29,001,499
Federal National Mortgage Association
1.50%, 06/26/13		29,195		29,221,480
2.38%, 04/11/16b		595		625,497
2.63%, 11/20/14b		105,041		108,678,538
5.00%, 04/15/15b		94,670		102,878,580
5.00%, 05/11/17b		105,195		121,966,618
5.38%, 06/12/17		510		600,290
6.63%, 11/15/30		11,609		16,747,269
7.25%, 05/15/30b		6,971		10,579,617
Tennessee Valley Authority
4.88%, 01/15/48		8,703		9,820,730
5.50%, 07/18/17b		7,604		8,963,741
7.13%, 05/01/30		3,640		5,264,463
				727,119,793
U.S. GOVERNMENT OBLIGATIONS — 37.43%
U.S. Treasury Bonds
2.75%, 08/15/42		4,832		4,332,565
2.75%, 11/15/42		60,000		53,733,000
3.13%, 02/15/42		2,311		2,246,084
3.75%, 08/15/41		12,957		14,181,825
3.88%, 08/15/40		10,444		11,697,280
4.25%, 11/15/40		2,144		2,553,204
4.38%, 11/15/39b		38,807		47,126,058
4.38%, 05/15/40		12,867		15,631,347
4.38%, 05/15/41		14,546		17,675,717
4.50%, 02/15/36b		13,137		16,212,897
4.50%, 08/15/39b		58,030		71,855,065

Security	Principal (000s)		Value
4.63%, 02/15/40b	$	163,930	$	206,859,995
4.75%, 02/15/37b		22,520		28,765,699
4.75%, 02/15/41b		68,543		88,181,936
5.00%, 05/15/37		1,536		2,029,563
5.25%, 11/15/28		755		991,851
6.25%, 05/15/30b		50,582		74,042,436
7.63%, 02/15/25b		144,023		222,613,461
8.75%, 05/15/17		5,430		7,119,056
9.88%, 11/15/15		80,000		98,441,602
10.63%, 08/15/15b		80,000		98,034,399
U.S. Treasury Notes
0.25%, 12/15/14		32,638		32,646,160
0.38%, 03/15/15b		122,736		122,933,609
0.38%, 06/15/15		1,678		1,679,812
0.50%, 10/15/14		55,429		55,647,943
0.63%, 05/31/17		56,094		55,706,389
0.63%, 08/31/17b		47,571		47,082,446
0.63%, 11/30/17		38,700		38,173,680
0.75%, 12/31/17b		44,875		44,449,586
0.75%, 02/28/18		217,000		214,552,244
0.75%, 03/31/18		80,000		78,988,001
0.88%, 04/30/17b		93,294		93,657,853
0.88%, 01/31/18		80,000		79,615,198
1.00%, 08/31/16		63,819		64,649,925
1.00%, 09/30/16b		113,275		114,716,994
1.00%, 03/31/17b		233,170		235,329,161
1.13%, 06/15/13b		69,767		69,787,237
1.25%, 09/30/15b		62,611		63,886,388
1.25%, 04/30/19b		53,752		53,671,371
1.50%, 03/31/19b		31,403		31,837,930
1.63%, 08/15/22b		35,238		33,986,346
1.63%, 11/15/22		27,000		25,915,950
1.75%, 07/31/15b		96,410		99,332,193
1.88%, 06/30/15		2,480		2,559,459
1.88%, 10/31/17b		141,494		147,456,564
2.00%, 01/31/16b		96,770		100,750,141
2.00%, 04/30/16b		81,247		84,750,362
2.00%, 02/15/22b		82,911		83,316,433
2.00%, 02/15/23b		53,000		52,436,078
2.13%, 05/31/15b		54,114		56,056,150
2.13%, 08/15/21		51,234		52,377,032
2.38%, 09/30/14b		164,912		169,646,627
2.38%, 02/28/15		41,482		42,990,701
2.38%, 05/31/18b		45,635		48,603,099
2.50%, 03/31/15b		109,201		113,588,694
2.50%, 06/30/17b		3,516		3,756,811
2.63%, 12/31/14b		65,041		67,480,038
2.63%, 04/30/18b		55,328		59,600,428
2.63%, 08/15/20b		16,537		17,711,787
3.00%, 08/31/16b		120,678		130,032,957
3.00%, 02/28/17		2,325		2,520,579
3.13%, 08/31/13b		164,736		165,945,152
3.13%, 01/31/17b		64,012		69,648,897
3.13%, 05/15/21b		20,303		22,359,898
3.25%, 03/31/17		3,020		3,306,749
3.50%, 05/15/20b		45,521		51,550,713
3.63%, 02/15/20b		254,048		289,802,690
3.63%, 02/15/21b		17,350		19,772,753
4.00%, 02/15/15b		82,427		87,628,142
4.25%, 08/15/14		5,049		5,295,139
4.25%, 08/15/15		48,939		53,122,304
4.75%, 05/15/14b		431,566		450,330,520
7.50%, 11/15/16b		281,321		347,065,726

79

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE TOTAL U.S. BOND MARKET ETF

May 31, 2013

Security	Principal or Shares (000s)		Value
8.13%, 08/15/19b	$	162,314	$	228,575,441
8.88%, 08/15/17b		21,297		28,395,291
				5,801,004,811
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost: $10,786,238,209)				11,022,843,867
SHORT-TERM INVESTMENTS — 29.19%
MONEY MARKET FUNDS — 29.19%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%c,h,i		3,344,901		3,344,901,141
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,h,i		349,234		349,233,774
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,h,i		830,243		830,243,034
				4,524,377,949
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,524,377,949)				4,524,377,949
TOTAL INVESTMENTS IN SECURITIES — 129.59%
(Cost: $19,562,387,865)				20,083,426,756
Other Assets, Less Liabilities — (29.59)%				(4,586,327,034	)
NET ASSETS — 100.00%			$	15,497,099,722

BAB  —  Build America Bond

COP  —  Certificates of Participation

GO  —  General Obligation

GOI  —  General Obligation of the Issuer

GTD  —  Guaranteed by the Commonwealth, County or State

RB  —  Revenue Bond

Insured by:

AGM  —  Assured Guaranty Municipal Corp.

NPFGC  —  National Public Finance Guarantee Corp.

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

^b  All or a portion of this security represents a security on loan. See Note 3.

^c  Affiliated issuer. See Note 2.

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

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

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

^g  To-be-announced (TBA). See Note 1.

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

ⁱ  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

80

Schedule of Investments  (Unaudited) 

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 84.43%
ADVERTISING — 0.21%
Interpublic Group of Companies Inc. (The)
3.75%, 02/15/23	$	1,000	$	975,198
4.00%, 03/15/22		100		99,921
Omnicom Group Inc.
3.63%, 05/01/22		550		552,693
4.45%, 08/15/20		200		215,831
5.90%, 04/15/16		400		450,436
WPP Finance 2010
4.75%, 11/21/21		600		639,605
				2,933,684
AEROSPACE & DEFENSE — 1.16%
Boeing Co. (The)
3.50%, 02/15/15		300		314,703
4.88%, 02/15/20		500		580,912
5.88%, 02/15/40		250		317,207
6.88%, 03/15/39		450		625,773
Embraer SA
5.15%, 06/15/22a		500		538,750
General Dynamics Corp.
1.00%, 11/15/17		700		686,509
2.25%, 07/15/16		150		155,962
2.25%, 11/15/22 (Call 08/15/22)		450		423,097
3.88%, 07/15/21 (Call 04/15/21)		100		108,208
Goodrich Corp.
3.60%, 02/01/21 (Call 11/01/20)		500		530,749
L-3 Communications Corp.
4.95%, 02/15/21 (Call 11/15/20)		550		600,418
5.20%, 10/15/19		300		334,911
Lockheed Martin Corp.
2.13%, 09/15/16		200		205,916
3.35%, 09/15/21		384		394,352
4.07%, 12/15/42		404		368,865
4.25%, 11/15/19		300		333,039
Northrop Grumman Corp.
3.50%, 03/15/21		750		784,342
5.05%, 08/01/19		500		577,119
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		750		715,468
3.13%, 10/15/20		550		569,243
4.88%, 10/15/40		250		267,038
6.40%, 12/15/18		150		182,698
Rockwell Collins Inc.
3.10%, 11/15/21 (Call 08/15/21)		50		51,352
5.25%, 07/15/19		100		116,146
United Technologies Corp.
1.80%, 06/01/17		1,400		1,427,298
4.50%, 04/15/20		550		624,246
4.50%, 06/01/42		500		515,478
4.88%, 05/01/15		770		833,299
5.70%, 04/15/40		850		1,024,333
6.05%, 06/01/36		885		1,103,518

Security	Principal (000s)		Value
6.13%, 02/01/19	$	475	$	581,511
				15,892,460
AGRICULTURE — 1.04%
Altria Group Inc.
4.13%, 09/11/15		500		536,316
4.75%, 05/05/21		500		553,134
9.25%, 08/06/19		246		336,945
9.70%, 11/10/18		925		1,266,860
10.20%, 02/06/39		1,200		1,911,464
Archer-Daniels-Midland Co.
5.38%, 09/15/35		421		460,457
5.45%, 03/15/18		430		504,970
5.77%, 03/01/41		250		291,368
Bunge Ltd. Finance Corp.
4.10%, 03/15/16		350		373,719
8.50%, 06/15/19		300		385,125
Lorillard Tobacco Co.
3.50%, 08/04/16		100		105,683
6.88%, 05/01/20a		600		718,527
8.13%, 05/01/40		250		314,074
Philip Morris International Inc.
2.50%, 05/16/16		300		313,938
2.50%, 08/22/22		500		479,186
2.90%, 11/15/21		675		677,508
4.13%, 03/04/43		500		467,680
5.65%, 05/16/18		1,700		2,019,637
6.38%, 05/16/38		750		933,181
Reynolds American Inc.
3.25%, 11/01/22		250		241,116
4.75%, 11/01/42		500		466,841
6.75%, 06/15/17		580		687,331
7.25%, 06/15/37		114		140,744
				14,185,804
AIRLINES — 0.21%
American Airlines Inc. 2011-1 Pass Through Trust
Class A
5.25%, 07/31/22a		45		49,143
American Airlines Inc. 2011-2 Pass Through Trust
Class A
8.63%, 04/15/23		136		143,664
Continental Airlines Inc. 2007-1 Pass Through Trust
Class A
5.98%, 10/19/23		219		248,370
7.25%, 05/10/21		426		495,363
Continental Airlines Inc. 2012-2 Pass Through Trust
Class A
4.00%, 04/29/26		500		522,500
Delta Air Lines Inc. 2009-1 Pass Through Trust
Class A
7.75%, 06/17/21a		192		224,812
Delta Air Lines Inc. 2010-2A Pass Through Trust
Class A
4.95%, 11/23/20a		82		90,037
Delta Air Lines Inc. 2012-1A Pass Through Trust
Class A
4.75%, 11/07/21a		434		476,240

81

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Southwest Airlines Co.
5.25%, 10/01/14	$	600	$	631,160
				2,881,289
APPAREL — 0.05%
NIKE Inc.
2.25%, 05/01/23 (Call 02/01/23)a		500		480,104
VF Corp.
3.50%, 09/01/21 (Call 06/21/21)		150		156,312
				636,416
AUTO MANUFACTURERS — 0.19%
Daimler Finance North America LLC
8.50%, 01/18/31		550		825,235
Ford Motor Co.
4.75%, 01/15/43		900		836,270
6.50%, 08/01/18a		500		582,334
7.45%, 07/16/31		250		315,765
				2,559,604
AUTO PARTS & EQUIPMENT — 0.12%
BorgWarner Inc.
4.63%, 09/15/20		100		106,978
Johnson Controls Inc.
3.75%, 12/01/21 (Call 09/01/21)a		350		363,610
4.25%, 03/01/21		600		646,755
5.00%, 03/30/20		250		280,497
5.70%, 03/01/41a		200		219,530
				1,617,370
BANKS — 17.37%
Abbey National Treasury Services PLC
4.00%, 04/27/16a		1,100		1,170,616
Associated Banc-Corp
5.13%, 03/28/16 (Call 02/28/16)		100		108,701
Banco do Brasil SA
3.88%, 10/10/22a		1,000		946,300
Bancolombia SA
5.95%, 06/03/21		500		548,750
Bank of America Corp.
2.00%, 01/11/18		1,800		1,785,203
3.30%, 01/11/23		450		435,536
3.63%, 03/17/16		600		632,985
3.70%, 09/01/15		1,200		1,259,352
4.50%, 04/01/15		200		211,342
5.00%, 05/13/21		1,250		1,387,348
5.25%, 12/01/15		700		755,087
5.42%, 03/15/17		700		770,808
5.63%, 07/01/20		750		863,915
5.65%, 05/01/18		800		915,961
5.70%, 01/24/22		1,650		1,897,478
5.75%, 12/01/17		250		286,117
5.88%, 01/05/21		500		585,478
5.88%, 02/07/42		250		295,463
6.50%, 08/01/16		1,100		1,260,067
7.38%, 05/15/14		700		743,534
7.63%, 06/01/19		1,300		1,632,116
Series 1

Security	Principal (000s)		Value
3.75%, 07/12/16	$	1,400	$	1,487,335
Bank of America N.A.
5.30%, 03/15/17		1,000		1,110,213
6.00%, 10/15/36		426		495,872
Bank of Montreal
0.80%, 11/06/15		650		649,581
1.45%, 04/09/18 (Call 03/09/18)		1,500		1,477,187
Bank of New York Mellon Corp. (The)
1.20%, 02/20/15 (Call 01/20/15)		750		756,618
1.97%, 06/20/17a,b		450		459,191
2.30%, 07/28/16		900		936,144
3.55%, 09/23/21 (Call 08/23/21)		750		790,499
5.45%, 05/15/19		200		234,289
Bank of Nova Scotia
1.45%, 04/25/18		500		491,867
1.85%, 01/12/15		500		508,750
2.55%, 01/12/17		1,000		1,036,858
2.90%, 03/29/16		500		526,350
3.40%, 01/22/15		634		660,755
4.38%, 01/13/21		150		167,297
Barclays Bank PLC
5.00%, 09/22/16		350		391,738
5.13%, 01/08/20		850		970,552
5.14%, 10/14/20		250		262,163
5.20%, 07/10/14		350		367,249
6.75%, 05/22/19		750		923,631
BB&T Corp.
2.15%, 03/22/17 (Call 02/22/17)		450		458,124
3.20%, 03/15/16 (Call 02/16/16)		500		528,563
6.85%, 04/30/19a		800		992,763
BBVA U.S. Senior SA Unipersonal
4.66%, 10/09/15		1,400		1,457,195
BNP Paribas SA
2.38%, 09/14/17		900		913,852
3.25%, 03/11/15		1,600		1,658,458
5.00%, 01/15/21		750		829,415
Canadian Imperial Bank of Commerce
0.90%, 10/01/15		350		350,590
1.55%, 01/23/18 (Call 12/23/17)a		750		742,729
2.35%, 12/11/15		300		311,331
Capital One Financial Corp.
2.13%, 07/15/14		150		152,119
2.15%, 03/23/15		250		254,345
3.15%, 07/15/16		150		158,204
4.75%, 07/15/21		400		445,230
6.75%, 09/15/17		250		300,870
7.38%, 05/23/14		600		638,487
Citigroup Inc.
3.38%, 03/01/23a		1,500		1,477,224
3.95%, 06/15/16		600		644,398
4.45%, 01/10/17		3,350		3,646,716
4.50%, 01/14/22a		1,600		1,741,699
4.75%, 05/19/15		750		802,249
5.00%, 09/15/14		1,300		1,361,140
5.38%, 08/09/20		900		1,038,510
6.00%, 08/15/17		750		870,463
6.00%, 10/31/33		1,155		1,219,121
6.01%, 01/15/15		500		538,889
6.13%, 11/21/17		1,250		1,460,882
6.13%, 05/15/18		500		589,130
6.88%, 03/05/38		1,150		1,475,187
8.13%, 07/15/39		750		1,069,522
8.50%, 05/22/19		1,300		1,713,622

82

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Comerica Bank
5.75%, 11/21/16	$	1,000	$	1,146,748
Commonwealth Bank of Australia/New York
1.25%, 09/18/15		1,000		1,007,782
1.90%, 09/18/17		500		508,327
Credit Suisse New York
3.50%, 03/23/15		1,100		1,153,556
4.38%, 08/05/20		1,000		1,104,467
5.30%, 08/13/19		500		579,983
5.40%, 01/14/20		600		673,968
5.50%, 05/01/14		800		834,970
6.00%, 02/15/18		500		573,664
Deutsche Bank AG London
3.25%, 01/11/16		1,050		1,106,140
3.45%, 03/30/15		1,000		1,045,499
6.00%, 09/01/17		450		527,219
Discover Bank
7.00%, 04/15/20		550		664,406
Fifth Third Bancorp
3.50%, 03/15/22 (Call 02/15/22)		700		712,718
3.63%, 01/25/16		500		530,789
8.25%, 03/01/38		350		479,739
First Horizon National Corp.
5.38%, 12/15/15		250		271,063
Goldman Sachs Group Inc. (The)
2.38%, 01/22/18		900		904,992
3.30%, 05/03/15		800		832,496
3.63%, 02/07/16		1,050		1,109,740
3.70%, 08/01/15		250		263,287
5.00%, 10/01/14		317		334,154
5.25%, 07/27/21		2,050		2,293,247
5.35%, 01/15/16		1,250		1,371,412
5.38%, 03/15/20		750		848,301
5.63%, 01/15/17		1,150		1,273,756
5.75%, 01/24/22		3,700		4,239,032
5.95%, 01/18/18		1,200		1,385,707
5.95%, 01/15/27		820		899,636
6.00%, 05/01/14		250		262,068
6.00%, 06/15/20		250		292,768
6.13%, 02/15/33		1,250		1,417,743
6.15%, 04/01/18		1,206		1,405,295
6.25%, 09/01/17		600		696,779
6.25%, 02/01/41		700		825,365
6.75%, 10/01/37		875		953,353
7.50%, 02/15/19		1,050		1,302,353
HSBC Bank (USA) N.A.
4.63%, 04/01/14		705		728,228
4.88%, 08/24/20		750		822,359
HSBC Holdings PLC
4.00%, 03/30/22		600		634,749
5.10%, 04/05/21		1,050		1,207,806
6.10%, 01/14/42		300		376,123
6.50%, 05/02/36		800		963,571
6.50%, 09/15/37		949		1,149,041
6.80%, 06/01/38		800		998,616
HSBC USA Inc.
1.63%, 01/16/18		500		495,290
2.38%, 02/13/15		900		924,549
Intesa Sanpaolo SpA
3.13%, 01/15/16		900		895,500
3.88%, 01/16/18		1,500		1,479,756
J.P. Morgan Chase & Co.
1.88%, 03/20/15		650		659,468

Security	Principal (000s)		Value
2.60%, 01/15/16	$	250	$	258,647
3.15%, 07/05/16		500		527,108
3.20%, 01/25/23		2,900		2,838,473
3.45%, 03/01/16		3,150		3,331,911
4.25%, 10/15/20		600		646,781
4.35%, 08/15/21		1,700		1,832,383
4.40%, 07/22/20		1,100		1,197,554
4.50%, 01/24/22		1,100		1,193,376
4.63%, 05/10/21		950		1,043,550
5.13%, 09/15/14		1,150		1,212,462
5.40%, 01/06/42		600		678,809
5.50%, 10/15/40		300		339,645
5.60%, 07/15/41		900		1,034,591
6.00%, 01/15/18		1,669		1,954,398
6.30%, 04/23/19		450		543,216
6.40%, 05/15/38		625		775,661
J.P. Morgan Chase Bank N.A.
6.00%, 10/01/17		2,700		3,128,037
KeyBank N.A.
1.65%, 02/01/18		1,000		995,610
KeyCorp
3.75%, 08/13/15		600		635,042
5.10%, 03/24/21		300		341,115
KfW
1.00%, 01/12/15		2,950		2,980,337
1.25%, 10/26/15		950		966,407
1.25%, 10/05/16		2,000		2,033,969
2.00%, 06/01/16		2,100		2,183,117
2.00%, 10/04/22		650		631,132
2.13%, 01/17/23		3,000		2,931,088
2.38%, 08/25/21		1,175		1,197,487
2.63%, 03/03/15		1,450		1,506,663
2.63%, 02/16/16		1,000		1,054,384
2.63%, 01/25/22		1,300		1,343,254
2.75%, 09/08/20a		1,000		1,058,559
3.50%, 03/10/14		950		973,228
4.00%, 01/27/20		1,250		1,426,844
4.50%, 07/16/18a		1,050		1,216,615
4.88%, 01/17/17		500		571,279
4.88%, 06/17/19		1,300		1,546,201
5.13%, 03/14/16		1,060		1,190,720
Korea Finance Corp.
4.63%, 11/16/21		300		322,018
Landwirtschaftliche Rentenbank
1.00%, 04/04/18		950		940,010
1.88%, 09/17/18		750		769,760
2.13%, 07/15/16		525		547,681
2.38%, 09/13/17		850		896,283
3.13%, 07/15/15		400		422,232
Series 29
1.38%, 10/23/19		400		392,822
Series G
5.00%, 11/08/16		570		650,499
Lloyds TSB Bank PLC
4.20%, 03/28/17a		250		272,288
6.38%, 01/21/21		450		545,781
Manufacturers and Traders Trust Co.
5.59%, 12/28/20 (Call 12/28/15)c		500		501,250
Morgan Stanley
2.13%, 04/25/18a		1,500		1,483,203
3.80%, 04/29/16		900		949,380
4.10%, 01/26/15		800		835,065
4.75%, 04/01/14a		600		616,481

83

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
4.88%, 11/01/22	$	900	$	926,329
5.45%, 01/09/17		450		498,797
5.50%, 07/28/21		1,000		1,128,704
5.63%, 09/23/19		1,000		1,140,715
5.75%, 10/18/16		1,254		1,404,553
5.75%, 01/25/21		1,000		1,145,473
5.95%, 12/28/17		900		1,031,404
6.00%, 05/13/14		1,100		1,152,331
6.00%, 04/28/15		1,100		1,193,702
6.38%, 07/24/42		1,050		1,244,375
6.63%, 04/01/18		1,332		1,567,468
7.25%, 04/01/32		350		440,759
7.30%, 05/13/19		1,225		1,498,976
National Australia Bank Ltd. New York
2.00%, 03/09/15		750		767,718
National City Corp.
4.90%, 01/15/15		228		242,626
6.88%, 05/15/19		1,000		1,222,200
Oesterreichische Kontrollbank AG
1.13%, 07/06/15		1,000		1,012,446
4.50%, 03/09/15		150		160,646
5.00%, 04/25/17		1,050		1,206,059
PNC Bank N.A.
0.80%, 01/28/16 (Call 12/28/15)d		500		498,626
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)d		910		919,581
3.63%, 02/08/15d		500		523,116
4.25%, 09/21/15d		200		215,219
5.13%, 02/08/20d		925		1,060,727
RaboBank Nederland
1.70%, 03/19/18		1,200		1,189,127
Rabobank Nederland
3.38%, 01/19/17		500		532,144
3.88%, 02/08/22		1,800		1,869,249
4.50%, 01/11/21		500		546,762
5.25%, 05/24/41		250		282,173
Regions Financial Corp.
7.75%, 11/10/14		250		272,500
Royal Bank of Canada
1.45%, 10/30/14		1,100		1,112,258
1.50%, 01/16/18a		1,200		1,193,167
2.30%, 07/20/16		500		518,682
Royal Bank of Scotland Group PLC
3.25%, 01/11/14a		250		253,525
4.38%, 03/16/16a		350		378,356
5.63%, 08/24/20		800		916,514
6.13%, 01/11/21		300		352,423
6.40%, 10/21/19		600		712,096
Sovereign Bank
8.75%, 05/30/18		250		306,504
State Street Corp.
2.88%, 03/07/16		200		211,023
4.30%, 05/30/14		200		207,782
4.38%, 03/07/21		600		667,296
4.96%, 03/15/18		200		223,968
Sumitomo Mitsui Banking Corp.
1.35%, 07/18/15		500		503,607
1.50%, 01/18/18		750		738,128
3.20%, 07/18/22		1,000		1,000,752
SunTrust Bank
5.00%, 09/01/15		77		82,749
SunTrust Banks Inc.
3.50%, 01/20/17 (Call 12/20/16)		600		640,145

Security	Principal (000s)		Value
3.60%, 04/15/16 (Call 03/15/16)	$	150	$	159,186
Svenska Handelsbanken AB
2.88%, 04/04/17		500		524,071
Toronto-Dominion Bank (The)
1.38%, 07/14/14		100		100,968
1.40%, 04/30/18		1,500		1,478,992
2.38%, 10/19/16		800		832,295
2.50%, 07/14/16		300		312,328
U.S. Bancorp
2.20%, 11/15/16 (Call 10/14/16)		500		520,246
2.45%, 07/27/15		350		362,645
2.88%, 11/20/14a		400		412,358
3.00%, 03/15/22 (Call 02/15/22)		250		252,674
4.13%, 05/24/21 (Call 04/23/21)		200		219,247
UBS AG Stamford
3.88%, 01/15/15		1,250		1,311,678
4.88%, 08/04/20		500		566,646
5.75%, 04/25/18		650		763,279
5.88%, 12/20/17		1,000		1,175,044
Series 10
5.88%, 07/15/16		600		667,996
Union Bank N.A.
5.95%, 05/11/16		600		673,759
US Bank N.A.
4.80%, 04/15/15		640		683,670
Wachovia Bank N.A./Wells Fargo & Co.
4.88%, 02/01/15		1,570		1,667,407
5.85%, 02/01/37		500		586,163
6.60%, 01/15/38		1,250		1,595,980
Wachovia Corp./Wells Fargo & Co.
5.63%, 10/15/16		550		624,230
5.75%, 02/01/18		750		878,410
Wells Fargo & Co.
1.25%, 02/13/15		750		756,234
1.50%, 01/16/18		1,200		1,185,759
3.50%, 03/08/22		1,850		1,907,798
3.68%, 06/15/16b		1,100		1,179,170
3.75%, 10/01/14		850		884,840
4.60%, 04/01/21		800		897,035
5.13%, 09/15/16		1,075		1,199,399
5.63%, 12/11/17		800		928,765
Series M
3.45%, 02/13/23		750		732,405
Wells Fargo Bank N.A.
4.75%, 02/09/15		750		795,582
Westpac Banking Corp.
1.60%, 01/12/18a		500		501,147
2.00%, 08/14/17		900		920,171
3.00%, 08/04/15		600		627,647
4.20%, 02/27/15		700		742,808
4.88%, 11/19/19		800		924,773
				237,135,592
BEVERAGES — 2.00%
Anheuser-Busch Companies LLC
5.50%, 01/15/18a		705		825,248
6.45%, 09/01/37		478		617,890
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		1,000		940,087
Anheuser-Busch InBev Worldwide Inc.
1.38%, 07/15/17		750		749,201
1.50%, 07/14/14		1,100		1,112,178

84

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
2.63%, 01/17/23a	$	1,450	$	1,396,526
2.88%, 02/15/16		250		263,409
4.13%, 01/15/15		450		474,695
4.38%, 02/15/21		75		83,628
5.38%, 11/15/14		900		960,877
5.38%, 01/15/20		534		629,283
6.38%, 01/15/40		750		970,790
7.75%, 01/15/19		250		324,041
8.20%, 01/15/39		350		534,747
Beam Inc.
3.25%, 05/15/22 (Call 02/15/22)		150		149,881
5.38%, 01/15/16		45		49,461
Brown-Forman Corp.
2.50%, 01/15/16		300		312,770
Coca-Cola Co. (The)
1.65%, 03/14/18		950		957,948
1.80%, 09/01/16		450		463,603
3.15%, 11/15/20		900		951,491
3.30%, 09/01/21		500		527,342
3.63%, 03/15/14		352		360,805
Coca-Cola Enterprises Inc.
2.00%, 08/19/16		250		255,456
3.50%, 09/15/20		850		885,530
4.50%, 09/01/21 (Call 06/01/21)		200		219,552
Diageo Capital PLC
1.13%, 04/29/18		1,250		1,223,712
2.63%, 04/29/23 (Call 01/29/23)		250		238,894
3.88%, 04/29/43 (Call 10/29/42)		500		460,306
5.75%, 10/23/17		326		382,252
5.88%, 09/30/36		228		274,026
Diageo Finance BV
5.30%, 10/28/15		500		551,711
Diageo Investment Corp.
4.25%, 05/11/42		500		491,645
Dr Pepper Snapple Group Inc.
2.90%, 01/15/16		250		261,236
3.20%, 11/15/21 (Call 08/15/21)		700		709,610
Molson Coors Brewing Co.
2.00%, 05/01/17		500		507,340
5.00%, 05/01/42		250		253,757
Pepsi Bottling Group Inc. (The)
Series B
7.00%, 03/01/29		285		378,525
PepsiCo Inc.
0.70%, 08/13/15		500		501,016
2.50%, 05/10/16		850		889,272
2.75%, 03/05/22		500		493,835
3.00%, 08/25/21		750		765,928
3.10%, 01/15/15		300		312,402
3.75%, 03/01/14		500		512,080
4.00%, 03/05/42		700		660,861
5.50%, 01/15/40		500		577,790
7.90%, 11/01/18		1,375		1,797,859
				27,260,496
BIOTECHNOLOGY — 0.81%
Amgen Inc.
2.13%, 05/15/17		900		919,841
2.30%, 06/15/16		300		310,686
3.88%, 11/15/21 (Call 08/15/21)		1,862		1,995,144
4.10%, 06/15/21 (Call 03/15/21)		1,150		1,248,949
5.15%, 11/15/41 (Call 05/15/41)		1,150		1,213,567

Security	Principal (000s)		Value
5.65%, 06/15/42 (Call 12/15/41)	$	300	$	340,131
5.75%, 03/15/40		200		228,724
5.85%, 06/01/17		925		1,076,808
6.38%, 06/01/37		500		604,059
Celgene Corp.
3.25%, 08/15/22		500		497,615
3.95%, 10/15/20		200		213,705
Genentech Inc.
5.25%, 07/15/35		137		155,622
Gilead Sciences Inc.
2.40%, 12/01/14		134		137,339
3.05%, 12/01/16		100		106,306
4.40%, 12/01/21 (Call 09/01/21)		800		883,797
4.50%, 04/01/21 (Call 01/01/21)		200		222,938
5.65%, 12/01/41 (Call 06/01/41)		300		349,735
Life Technologies Corp.
5.00%, 01/15/21 (Call 10/15/20)		150		164,917
6.00%, 03/01/20		300		347,456
				11,017,339
BUILDING MATERIALS — 0.14%
CRH America Inc.
6.00%, 09/30/16		744		844,431
Owens Corning Inc.
4.20%, 12/15/22 (Call 09/15/22)		600		608,942
6.50%, 12/01/16a		450		509,081
				1,962,454
CHEMICALS — 1.78%
Agrium Inc.
3.15%, 10/01/22 (Call 07/01/22)		450		437,184
6.75%, 01/15/19		250		302,745
Air Products and Chemicals Inc.
2.00%, 08/02/16		250		257,583
3.00%, 11/03/21		500		508,952
4.38%, 08/21/19		150		169,042
Airgas Inc.
2.95%, 06/15/16 (Call 05/15/16)		500		522,737
Albemarle Corp.
4.50%, 12/15/20 (Call 09/15/20)		200		215,069
Cabot Corp.
3.70%, 07/15/22		350		351,063
CF Industries Inc.
7.13%, 05/01/20		1,250		1,549,576
Cytec Industries Inc.
3.50%, 04/01/23 (Call 01/01/23)		500		493,816
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)		750		727,082
4.13%, 11/15/21 (Call 08/15/21)		760		809,259
4.38%, 11/15/42 (Call 05/15/42)		400		373,217
5.90%, 02/15/15		500		542,693
8.55%, 05/15/19		750		998,561
9.40%, 05/15/39		700		1,097,755
E.I. du Pont de Nemours and Co.
2.75%, 04/01/16a		500		527,189
2.80%, 02/15/23		500		492,030
3.63%, 01/15/21		484		519,127
4.63%, 01/15/20		350		399,709
5.25%, 12/15/16		228		261,139
5.88%, 01/15/14		102		105,341

85

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
6.00%, 07/15/18	$	779	$	942,571
Eastman Chemical Co.
3.60%, 08/15/22 (Call 05/15/22)		1,000		1,018,410
5.50%, 11/15/19		600		692,317
Ecolab Inc.
1.45%, 12/08/17a		450		444,321
3.00%, 12/08/16		550		583,727
4.35%, 12/08/21		550		601,983
5.50%, 12/08/41		100		114,182
FMC Corp.
3.95%, 02/01/22 (Call 11/01/21)		100		103,995
Lubrizol Corp.
8.88%, 02/01/19		250		338,889
LyondellBasell Industries NV
5.00%, 04/15/19 (Call 01/15/19)		1,500		1,682,047
Monsanto Co.
2.20%, 07/15/22 (Call 04/15/22)		350		334,007
2.75%, 04/15/16a		150		157,960
5.88%, 04/15/38		150		187,677
Mosaic Co. (The)
3.75%, 11/15/21 (Call 08/15/21)		300		310,730
Potash Corp. of Saskatchewan Inc.
3.25%, 12/01/17		450		480,465
5.63%, 12/01/40		350		397,215
6.50%, 05/15/19		250		307,631
PPG Industries Inc.
1.90%, 01/15/16		100		102,128
3.60%, 11/15/20		100		105,831
5.50%, 11/15/40		250		276,867
6.65%, 03/15/18		150		181,837
Praxair Inc.
1.25%, 11/07/18		250		245,315
2.20%, 08/15/22 (Call 05/15/22)		400		378,754
2.45%, 02/15/22 (Call 11/15/21)		500		486,548
3.00%, 09/01/21		100		101,756
4.05%, 03/15/21		200		218,549
4.63%, 03/30/15a		500		536,142
RPM International Inc.
3.45%, 11/15/22 (Call 08/15/22)		300		292,884
Sherwin-Williams Co. (The)
3.13%, 12/15/14		125		129,600
4.00%, 12/15/42 (Call 06/15/42)		250		237,440
Sigma-Aldrich Corp.
3.38%, 11/01/20 (Call 08/01/20)		50		51,658
Valspar Corp. (The)
4.20%, 01/15/22 (Call 10/15/21)		500		526,691
				24,230,996
COMMERCIAL SERVICES — 0.37%
ADT Corp. (The)
2.25%, 07/15/17		600		599,566
4.13%, 06/15/23		500		498,566
Emory University
5.63%, 09/01/19		250		302,199
Equifax Inc.
3.30%, 12/15/22 (Call 09/15/22)		200		193,459
6.30%, 07/01/17		100		114,460
Massachusetts Institute of Technology
5.60%, 07/01/11		500		638,406
Moody’s Corp.
5.50%, 09/01/20a		100		109,616

Security	Principal (000s)		Value
Princeton University
Series A
4.95%, 03/01/19	$	250	$	293,601
SAIC Inc.
4.45%, 12/01/20 (Call 09/01/20)		200		210,248
Stanford University
4.75%, 05/01/19		159		185,715
Vanderbilt University
5.25%, 04/01/19		250		294,546
Verisk Analytics Inc.
4.13%, 09/12/22		250		256,093
Western Union Co. (The)
3.65%, 08/22/18a		250		261,517
5.25%, 04/01/20a		160		170,298
5.93%, 10/01/16		650		726,274
Yale University
2.90%, 10/15/14		125		129,225
				4,983,789
COMPUTERS — 1.23%
Apple Inc.
1.00%, 05/03/18		500		490,795
3.85%, 05/04/43		850		784,318
Computer Sciences Corp.
6.50%, 03/15/18		600		688,718
Dell Inc.
2.30%, 09/10/15a		1,050		1,050,000
5.88%, 06/15/19a		200		210,000
Hewlett-Packard Co.
2.13%, 09/13/15a		400		407,336
2.60%, 09/15/17a		1,300		1,323,921
2.65%, 06/01/16		400		411,605
4.30%, 06/01/21		1,700		1,706,845
4.38%, 09/15/21		150		150,664
4.75%, 06/02/14		700		725,720
6.00%, 09/15/41		300		302,339
International Business Machines Corp.
0.55%, 02/06/15		700		700,856
0.88%, 10/31/14		750		754,733
1.25%, 02/06/17		800		798,615
1.25%, 02/08/18		1,100		1,090,152
1.95%, 07/22/16		900		929,920
2.90%, 11/01/21a		800		808,342
4.00%, 06/20/42		690		673,526
5.60%, 11/30/39		642		785,809
5.70%, 09/14/17		784		923,099
7.63%, 10/15/18		570		740,016
NetApp Inc.
2.00%, 12/15/17		350		346,270
				16,803,599
COSMETICS & PERSONAL CARE — 0.39%
Avon Products Inc.
6.50%, 03/01/19		600		686,317
Colgate-Palmolive Co.
1.30%, 01/15/17		600		603,860
2.95%, 11/01/20		250		259,977
Estee Lauder Companies Inc. (The)
2.35%, 08/15/22		100		95,895
Procter & Gamble Co. (The)

86

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
1.45%, 08/15/16	$	900	$	918,338
2.30%, 02/06/22		500		489,925
3.50%, 02/15/15		725		762,438
4.70%, 02/15/19		750		867,496
5.55%, 03/05/37		578		705,251
				5,389,497
DISTRIBUTION & WHOLESALE — 0.05%
Arrow Electronics Inc.
3.38%, 11/01/15a		250		259,107
4.50%, 03/01/23 (Call 12/01/22)a		250		251,719
Ingram Micro Inc.
5.25%, 09/01/17		150		161,514
				672,340
DIVERSIFIED FINANCIAL SERVICES — 6.22%
Alterra Finance LLC
6.25%, 09/30/20		100		115,540
American Express Co.
2.65%, 12/02/22		362		346,943
4.05%, 12/03/42		675		611,147
6.80%, 09/01/66 (Call 09/01/16)c		128		140,160
7.00%, 03/19/18		806		991,690
7.25%, 05/20/14		600		639,076
American Express Credit Corp.
1.75%, 06/12/15		500		509,479
2.75%, 09/15/15		900		938,532
2.80%, 09/19/16		1,300		1,366,019
Series D
5.13%, 08/25/14		450		475,055
Ameriprise Financial Inc.
5.65%, 11/15/15		600		668,953
Associates Corp. of North America
6.95%, 11/01/18		1,105		1,340,259
Bear Stearns Companies Inc. (The)/J.P. Morgan Chase & Co.
5.55%, 01/22/17		600		671,112
5.70%, 11/15/14		570		609,415
7.25%, 02/01/18		750		917,143
Boeing Capital Corp.
4.70%, 10/27/19		250		287,983
Capital One Bank (USA) N.A.
8.80%, 07/15/19		850		1,132,340
Caterpillar Financial Services Corp.
1.05%, 03/26/15		500		504,275
2.05%, 08/01/16		1,700		1,754,160
2.63%, 03/01/23		1,000		965,996
7.15%, 02/15/19		400		506,877
Charles Schwab Corp. (The)
3.23%, 09/01/22		600		602,124
CME Group Inc.
3.00%, 09/15/22		900		877,810
Countrywide Financial Corp.
6.25%, 05/15/16		575		641,194
Credit Suisse (USA) Inc.
5.38%, 03/02/16a		969		1,079,470
7.13%, 07/15/32		150		206,252
Discover Financial Services
5.20%, 04/27/22		250		275,032
Ford Motor Credit Co. LLC
2.38%, 01/16/18		500		498,328

Security	Principal (000s)		Value
2.50%, 01/15/16	$	500	$	509,246
3.00%, 06/12/17		1,000		1,025,955
4.25%, 02/03/17		1,700		1,817,191
5.00%, 05/15/18		900		993,134
5.75%, 02/01/21		2,500		2,824,982
6.63%, 08/15/17		500		582,009
7.00%, 04/15/15		497		545,362
8.00%, 12/15/16		500		599,631
Franklin Resources Inc.
2.80%, 09/15/22		600		588,401
General Electric Capital Corp.
1.00%, 01/08/16		800		800,311
1.63%, 04/02/18a		2,250		2,232,011
2.15%, 01/09/15		1,100		1,125,297
2.25%, 11/09/15		1,050		1,083,941
2.95%, 05/09/16		1,000		1,053,210
3.10%, 01/09/23a		750		728,069
3.50%, 06/29/15		1,100		1,159,044
4.63%, 01/07/21		1,150		1,271,176
4.65%, 10/17/21		1,000		1,108,879
4.88%, 03/04/15		1,050		1,124,800
5.00%, 01/08/16		1,410		1,550,519
5.30%, 02/11/21		750		845,179
5.40%, 02/15/17		750		850,727
5.63%, 09/15/17		1,050		1,215,111
5.63%, 05/01/18		1,200		1,407,120
5.65%, 06/09/14		650		683,904
5.88%, 01/14/38		3,450		3,959,188
6.00%, 08/07/19		675		811,766
6.88%, 01/10/39		800		1,023,226
Series A
3.75%, 11/14/14		800		835,124
6.75%, 03/15/32		767		958,181
Series GMTN
6.38%, 11/15/67 (Call 11/15/17)a,c		400		428,000
Goldman Sachs Capital I
6.35%, 02/15/34		920		947,600
HSBC Finance Corp.
5.00%, 06/30/15		800		862,157
5.50%, 01/19/16		750		831,176
6.68%, 01/15/21		614		726,303
Jefferies Group LLC
3.88%, 11/09/15		200		209,824
5.13%, 04/13/18		950		1,043,083
6.45%, 06/08/27		250		274,021
6.50%, 01/20/43		500		534,976
8.50%, 07/15/19a		200		250,304
John Deere Capital Corp.
0.88%, 04/17/15		750		753,749
1.85%, 09/15/16		200		205,127
2.25%, 06/07/16a		500		518,152
2.75%, 03/15/22		850		842,751
2.95%, 03/09/15		400		416,856
3.15%, 10/15/21		500		514,473
Lazard Group LLC
6.85%, 06/15/17a		300		341,806
Legg Mason Inc.
5.50%, 05/21/19		250		267,440
Merrill Lynch & Co. Inc.
5.45%, 07/15/14		741		777,212
6.05%, 05/16/16		650		722,181
6.11%, 01/29/37		300		318,188
6.40%, 08/28/17		776		900,653

87

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
6.88%, 04/25/18	$	1,275	$	1,521,086
7.75%, 05/14/38		1,150		1,454,186
NASDAQ OMX Group Inc. (The)
5.25%, 01/16/18a		83		89,524
5.55%, 01/15/20		250		266,937
National Rural Utilities Cooperative Finance Corp.
1.00%, 02/02/15		550		553,586
3.05%, 02/15/22 (Call 11/15/21)		500		509,725
10.38%, 11/01/18		1,450		2,075,198
Series C
8.00%, 03/01/32		325		465,805
Nomura Holdings Inc.
2.00%, 09/13/16		900		897,012
4.13%, 01/19/16a		500		526,392
5.00%, 03/04/15		250		264,419
6.70%, 03/04/20		550		643,878
ORIX Corp.
4.71%, 04/27/15		500		528,803
PACCAR Financial Corp.
0.70%, 11/16/15		500		498,339
1.55%, 09/29/14		500		507,227
Raymond James Financial Inc.
4.25%, 04/15/16		50		52,616
SLM Corp.
4.63%, 09/25/17		300		298,500
5.63%, 08/01/33		250		210,000
6.25%, 01/25/16		108		114,210
7.25%, 01/25/22		500		520,000
8.00%, 03/25/20		400		436,000
TD Ameritrade Holding Corp.
5.60%, 12/01/19		250		294,617
Toyota Motor Credit Corp.
1.00%, 02/17/15		750		755,790
1.25%, 11/17/14		450		454,604
1.38%, 01/10/18a		600		595,038
2.00%, 09/15/16		750		773,098
2.63%, 01/10/23		300		289,686
3.20%, 06/17/15		550		577,907
3.30%, 01/12/22		600		615,393
3.40%, 09/15/21		400		417,327
				84,877,993
ELECTRIC — 5.31%
Alabama Power Co.
3.38%, 10/01/20a		500		528,789
4.10%, 01/15/42		450		432,239
6.00%, 03/01/39		500		616,986
American Electric Power Co. Inc.
1.65%, 12/15/17 (Call 11/15/17)		750		744,202
Appalachian Power Co.
7.00%, 04/01/38		200		262,651
Arizona Public Service Co.
4.50%, 04/01/42 (Call 10/01/41)		350		358,949
5.80%, 06/30/14		400		421,442
Cleveland Electric Illuminating Co. (The)
Series D
7.88%, 11/01/17		250		305,925
Commonwealth Edison Co.
1.95%, 09/01/16 (Call 08/01/16)		500		515,072
3.40%, 09/01/21 (Call 06/01/21)		200		211,957
5.80%, 03/15/18		405		478,628
6.45%, 01/15/38		500		656,597

Security	Principal (000s)		Value
Connecticut Light & Power Co. (The)
2.50%, 01/15/23 (Call 10/15/22)	$	150	$	144,867
Consolidated Edison Co. of New York Inc.
3.95%, 03/01/43 (Call 09/01/42)		1,000		959,030
5.50%, 12/01/39		550		651,639
6.30%, 08/15/37		548		702,850
6.65%, 04/01/19		350		439,216
Constellation Energy Group Inc.
4.55%, 06/15/15		434		463,588
Consumers Energy Co.
6.70%, 09/15/19		850		1,073,572
Detroit Edison Co. (The)
5.70%, 10/01/37		550		668,088
Dominion Resources Inc.
4.45%, 03/15/21		300		334,189
7.00%, 06/15/38		250		336,738
8.88%, 01/15/19		600		803,230
Series B
2.75%, 09/15/22 (Call 06/15/22)a		900		877,558
Series C
5.15%, 07/15/15		417		453,643
Duke Energy Carolinas LLC
3.90%, 06/15/21 (Call 03/15/21)		450		493,339
4.25%, 12/15/41 (Call 06/15/41)		710		697,200
6.05%, 04/15/38		500		618,544
Duke Energy Corp.
1.63%, 08/15/17		500		498,113
2.15%, 11/15/16		450		462,040
3.05%, 08/15/22 (Call 05/15/22)		300		297,370
3.55%, 09/15/21 (Call 06/15/21)a		200		207,658
3.95%, 09/15/14		500		520,435
Duke Energy Indiana Inc.
6.35%, 08/15/38		600		754,414
Duke Energy Progress Inc.
5.30%, 01/15/19		600		704,844
Edison International
3.75%, 09/15/17a		200		215,182
Entergy Arkansas Inc.
3.75%, 02/15/21 (Call 11/15/20)		300		320,303
Entergy Louisiana LLC
1.88%, 12/15/14		700		711,412
Entergy Texas Inc.
7.13%, 02/01/19		750		916,721
Exelon Corp.
4.90%, 06/15/15		457		491,370
Exelon Generation Co. LLC
5.20%, 10/01/19a		250		280,302
5.35%, 01/15/14		334		343,481
5.60%, 06/15/42 (Call 12/15/41)		855		906,613
6.25%, 10/01/39		500		571,493
FirstEnergy Corp.
Series A
2.75%, 03/15/18 (Call 02/15/18)		250		249,796
Series C
7.38%, 11/15/31		570		643,538
FirstEnergy Solutions Corp.
6.05%, 08/15/21a		500		565,085
6.80%, 08/15/39		700		794,462
Florida Power & Light Co.
5.25%, 02/01/41 (Call 08/01/40)		250		291,294
5.95%, 02/01/38		475		594,933
5.96%, 04/01/39		600		755,293
Florida Power Corp.

88

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
3.85%, 11/15/42 (Call 05/15/42)	$	1,000	$	920,212
5.65%, 04/01/40		200		238,000
6.40%, 06/15/38		485		623,263
Georgia Power Co.
4.30%, 03/15/42		1,000		983,395
5.40%, 06/01/40		200		227,224
Great Plains Energy Inc.
4.85%, 06/01/21 (Call 03/01/21)		50		54,691
Iberdrola International BV
6.75%, 07/15/36		200		214,892
Indiana Michigan Power Co.
7.00%, 03/15/19		600		744,712
Integrys Energy Group Inc.
4.17%, 11/01/20		100		109,747
Interstate Power & Light Co.
6.25%, 07/15/39		100		129,630
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		200		215,515
Kentucky Utilities Co.
1.63%, 11/01/15		50		51,037
5.13%, 11/01/40 (Call 05/01/40)		350		405,501
LG&E and KU Energy LLC
2.13%, 11/15/15		200		204,919
4.38%, 10/01/21 (Call 07/01/21)		500		537,489
MidAmerican Energy Holdings Co.
5.75%, 04/01/18		650		766,732
6.13%, 04/01/36		1,088		1,304,970
6.50%, 09/15/37		550		690,390
National Fuel Gas Co.
3.75%, 03/01/23 (Call 12/01/22)		250		246,765
4.90%, 12/01/21 (Call 09/01/21)		300		324,076
Nevada Power Co.
6.65%, 04/01/36		250		326,529
7.13%, 03/15/19		700		884,298
NextEra Energy Capital Holdings Inc.
1.20%, 06/01/15		500		503,098
4.50%, 06/01/21 (Call 03/01/21)		750		822,949
6.00%, 03/01/19a		150		176,646
Nisource Finance Corp.
4.45%, 12/01/21 (Call 09/01/21)a		500		537,879
5.80%, 02/01/42 (Call 08/01/41)		100		110,364
6.40%, 03/15/18		800		949,965
NSTAR Electric Co.
2.38%, 10/15/22 (Call 07/15/22)		250		239,091
5.50%, 03/15/40		125		148,895
Oglethorpe Power Corp.
5.25%, 09/01/50		200		212,204
5.38%, 11/01/40		295		323,473
Ohio Power Co.
Series M
5.38%, 10/01/21a		550		646,540
Oklahoma Gas & Electric Co.
5.25%, 05/15/41 (Call 11/15/40)		400		460,037
Oncor Electric Delivery Co.
6.80%, 09/01/18		150		184,881
7.00%, 09/01/22		535		683,782
7.50%, 09/01/38		750		1,038,621
Pacific Gas & Electric Co.
4.80%, 03/01/14		363		374,270
5.40%, 01/15/40		650		741,092
6.05%, 03/01/34		775		954,776
6.25%, 03/01/39		550		688,790
8.25%, 10/15/18		900		1,185,234

Security	Principal (000s)		Value
PacifiCorp
2.95%, 02/01/22 (Call 11/01/21)a	$	750	$	763,457
3.85%, 06/15/21 (Call 03/15/21)		650		705,639
6.00%, 01/15/39		500		625,584
Portland General Electric Co.
6.10%, 04/15/19		200		243,996
PPL Electric Utilities Corp.
3.00%, 09/15/21 (Call 06/15/21)		150		153,992
5.20%, 07/15/41 (Call 01/15/41)		400		464,754
PPL Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)a		200		210,417
6.20%, 05/15/16		272		304,418
Progress Energy Inc.
4.40%, 01/15/21 (Call 10/15/20)		200		218,256
7.75%, 03/01/31		500		675,416
PSEG Power LLC
4.15%, 09/15/21 (Call 06/15/21)		100		106,248
Public Service Co. of Colorado
2.25%, 09/15/22 (Call 03/15/22)		750		717,634
4.75%, 08/15/41 (Call 02/15/41)		50		54,544
Public Service Co. of Oklahoma
4.40%, 02/01/21		200		220,337
Public Service Electric & Gas Co.
2.38%, 05/15/23 (Call 02/15/23)		250		240,607
5.50%, 03/01/40a		500		602,729
Series D
5.70%, 12/01/36		250		307,296
Series G
0.85%, 08/15/14		1,000		1,003,517
Puget Sound Energy Inc.
5.76%, 10/01/39		250		306,522
5.76%, 07/15/40		250		310,022
San Diego Gas & Electric Co.
3.00%, 08/15/21		200		206,469
3.95%, 11/15/41		450		440,796
6.00%, 06/01/39a		200		258,818
SCANA Corp.
4.13%, 02/01/22 (Call 11/01/21)		200		204,603
4.75%, 05/15/21 (Call 02/15/21)		550		589,945
South Carolina Electric & Gas Co.
6.05%, 01/15/38		250		306,798
Southern California Edison Co.
3.88%, 06/01/21 (Call 03/01/21)		350		384,238
5.50%, 08/15/18a		450		536,115
5.50%, 03/15/40		350		420,060
5.75%, 04/01/35		600		734,779
6.00%, 01/15/34		457		572,491
Southern Co. (The)
1.95%, 09/01/16		875		895,716
2.38%, 09/15/15		200		206,728
Southern Power Co.
5.15%, 09/15/41		100		107,619
Southwestern Electric Power Co.
3.55%, 02/15/22 (Call 11/15/21)		500		512,493
Tampa Electric Co.
2.60%, 09/15/22 (Call 06/15/22)		500		489,445
TECO Finance Inc.
6.57%, 11/01/17		600		718,256
TransAlta Corp.
4.75%, 01/15/15		750		787,349
Tucson Electric Power Co.
5.15%, 11/15/21 (Call 08/15/21)		500		554,272

89

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
UIL Holdings Corp.
4.63%, 10/01/20	$	100	$	105,822
Union Electric Co.
6.70%, 02/01/19a		1,250		1,555,773
Virginia Electric and Power Co.
2.95%, 01/15/22 (Call 10/15/21)		400		409,257
5.40%, 04/30/18a		486		571,720
8.88%, 11/15/38		600		983,417
Series A
6.00%, 05/15/37		300		377,261
Westar Energy Inc.
4.13%, 03/01/42 (Call 09/01/41)a		50		49,277
Wisconsin Electric Power Co.
2.95%, 09/15/21 (Call 06/15/21)		200		206,368
4.25%, 12/15/19		450		508,874
Xcel Energy Inc.
4.70%, 05/15/20 (Call 11/15/19)		1,200		1,374,987
6.50%, 07/01/36		550		702,996
				72,541,581
ELECTRICAL COMPONENTS & EQUIPMENT — 0.10%
Emerson Electric Co.
4.25%, 11/15/20		250		278,506
5.00%, 04/15/19		700		807,476
Energizer Holdings Inc.
4.70%, 05/24/22a		250		258,699
				1,344,681
ELECTRONICS — 0.54%
Agilent Technologies Inc.
5.00%, 07/15/20		500		557,230
Amphenol Corp.
4.00%, 02/01/22 (Call 11/01/21)		300		306,890
Avnet Inc.
4.88%, 12/01/22a		500		513,971
Honeywell International Inc.
4.25%, 03/01/21		450		503,134
5.00%, 02/15/19		250		292,033
5.30%, 03/01/18		600		704,195
5.70%, 03/15/37		500		608,509
Jabil Circuit Inc.
4.70%, 09/15/22a		500		507,500
Koninklijke Philips Electronics NV
3.75%, 03/15/22		200		209,298
5.00%, 03/15/42		250		269,540
5.75%, 03/11/18		800		943,959
PerkinElmer Inc.
5.00%, 11/15/21 (Call 08/15/21)a		50		53,614
Thermo Fisher Scientific Inc.
2.25%, 08/15/16		600		614,885
3.20%, 03/01/16		600		629,779
4.50%, 03/01/21		650		702,459
				7,416,996
ENGINEERING & CONSTRUCTION — 0.12%
ABB Finance (USA) Inc.
1.63%, 05/08/17		500		500,253
2.88%, 05/08/22		250		248,337

Security	Principal (000s)		Value
Fluor Corp.
3.38%, 09/15/21	$	800	$	827,192
				1,575,782
ENTERTAINMENT — 0.01%
International Game Technology
7.50%, 06/15/19		150		176,174
				176,174
ENVIRONMENTAL CONTROL — 0.35%
Republic Services Inc.
3.80%, 05/15/18		800		863,755
4.75%, 05/15/23 (Call 02/15/23)		1,100		1,199,255
6.20%, 03/01/40		500		592,751
Waste Management Inc.
2.60%, 09/01/16		100		104,107
6.10%, 03/15/18a		250		295,347
6.13%, 11/30/39		550		664,077
6.38%, 03/11/15		500		547,446
7.00%, 07/15/28		114		147,063
7.38%, 03/11/19		250		309,582
				4,723,383
FOOD — 1.75%
Campbell Soup Co.
3.05%, 07/15/17		500		525,773
ConAgra Foods Inc.
3.20%, 01/25/23 (Call 10/25/22)		1,200		1,182,294
3.25%, 09/15/22		750		743,432
4.95%, 08/15/20a,e		100		109,090
7.00%, 04/15/19a		450		551,716
Delhaize Brothers and Co. “The Lion” (Delhaize Group)
4.13%, 04/10/19a		250		259,089
6.50%, 06/15/17a		450		514,426
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)		700		718,537
5.20%, 03/17/15		250		269,898
5.65%, 02/15/19		625		741,912
H.J. Heinz Co.
1.50%, 03/01/17		250		252,500
2.85%, 03/01/22 (Call 12/01/21)a		350		343,000
3.13%, 09/12/21 (Call 06/12/21)		350		344,750
Hershey Co. (The)
1.50%, 11/01/16		500		505,261
4.13%, 12/01/20		100		110,977
Ingredion Inc.
4.63%, 11/01/20a		150		163,388
Kellogg Co.
1.75%, 05/17/17		500		504,246
1.88%, 11/17/16		400		410,158
2.75%, 03/01/23		500		484,938
4.00%, 12/15/20		402		437,139
Series B
7.45%, 04/01/31		342		457,584
Kraft Foods Group Inc.
2.25%, 06/05/17		750		769,509
3.50%, 06/06/22		600		615,885
6.88%, 01/26/39		1,500		1,958,405
Kroger Co. (The)

90

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
2.20%, 01/15/17a	$	750	$	767,150
3.40%, 04/15/22 (Call 01/15/22)a		350		356,293
5.40%, 07/15/40 (Call 01/15/40)		250		266,992
7.50%, 01/15/14		100		104,151
7.50%, 04/01/31		350		450,384
McCormick & Co. Inc.
3.90%, 07/15/21 (Call 04/15/21)		300		318,588
Mondelez International Inc.
4.13%, 02/09/16		850		918,289
5.38%, 02/10/20		1,750		2,026,622
6.13%, 02/01/18		490		578,459
6.13%, 08/23/18		350		417,893
6.50%, 02/09/40		750		941,724
6.88%, 02/01/38		450		580,854
Safeway Inc.
3.95%, 08/15/20a		750		766,971
Sysco Corp.
6.63%, 03/17/39		100		130,539
Tyson Foods Inc.
4.50%, 06/15/22 (Call 03/15/22)a		500		531,329
Unilever Capital Corp.
2.75%, 02/10/16		550		576,923
4.25%, 02/10/21		700		783,128
5.90%, 11/15/32		342		442,791
				23,932,987
FOREST PRODUCTS & PAPER — 0.33%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22 (Call 10/11/21)		600		617,112
7.25%, 07/29/19		100		117,607
Domtar Corp.
4.40%, 04/01/22 (Call 01/01/22)		200		196,968
6.25%, 09/01/42		250		246,274
Georgia-Pacific LLC
7.75%, 11/15/29		500		676,033
International Paper Co.
4.75%, 02/15/22 (Call 11/15/21)		150		165,582
6.00%, 11/15/41 (Call 05/15/41)		50		57,697
7.50%, 08/15/21		700		896,424
7.95%, 06/15/18		347		441,704
9.38%, 05/15/19		650		883,710
Plum Creek Timberlands LP
3.25%, 03/15/23 (Call 12/15/22)		250		236,674
				4,535,785
GAS — 0.27%
AGL Capital Corp.
5.25%, 08/15/19		200		232,697
5.88%, 03/15/41 (Call 09/15/40)		200		237,564
Atmos Energy Corp.
4.15%, 01/15/43 (Call 07/15/42)		250		242,033
5.50%, 06/15/41 (Call 12/15/40)		100		116,335
8.50%, 03/15/19		300		398,374
National Grid PLC
6.30%, 08/01/16		400		459,759
Questar Corp.
2.75%, 02/01/16		50		51,621
Sempra Energy
2.30%, 04/01/17		500		512,992
6.00%, 10/15/39		750		910,473

Security	Principal (000s)		Value
9.80%, 02/15/19	$	400	$	551,816
				3,713,664
HAND & MACHINE TOOLS — 0.11%
Kennametal Inc.
2.65%, 11/01/19 (Call 10/01/19)		500		489,900
Stanley Black & Decker Inc.
2.90%, 11/01/22		500		489,470
3.40%, 12/01/21 (Call 09/01/21)		500		513,389
				1,492,759
HEALTH CARE — PRODUCTS — 0.82%
Baxter International Inc.
1.85%, 01/15/17		1,000		1,014,124
5.38%, 06/01/18		350		406,334
Becton, Dickinson and Co.
3.25%, 11/12/20		1,150		1,195,544
Boston Scientific Corp.
6.00%, 01/15/20		550		639,082
CareFusion Corp.
5.13%, 08/01/14		400		419,052
Covidien International Finance SA
6.00%, 10/15/17		550		647,755
6.55%, 10/15/37		500		651,460
CR Bard Inc.
1.38%, 01/15/18		300		296,364
2.88%, 01/15/16		100		104,562
Hospira Inc.
6.05%, 03/30/17		350		383,054
Medtronic Inc.
1.38%, 04/01/18		1,250		1,239,947
3.00%, 03/15/15		500		521,438
3.13%, 03/15/22 (Call 12/15/21)a		400		409,501
4.45%, 03/15/20		450		507,156
5.55%, 03/15/40		500		599,539
5.60%, 03/15/19		250		292,278
St. Jude Medical Inc.
2.50%, 01/15/16		100		102,940
4.75%, 04/15/43 (Call 10/15/42)		500		499,019
Stryker Corp.
1.30%, 04/01/18a		500		493,088
2.00%, 09/30/16		300		310,054
Zimmer Holdings Inc.
3.38%, 11/30/21 (Call 08/30/21)a		500		505,944
				11,238,235
HEALTH CARE — SERVICES — 1.13%
Aetna Inc.
1.75%, 05/15/17 (Call 04/15/17)		500		502,465
2.75%, 11/15/22 (Call 08/15/22)		700		669,483
3.95%, 09/01/20		100		106,749
4.13%, 06/01/21 (Call 03/01/21)a		400		430,634
6.63%, 06/15/36		550		694,203
Cigna Corp.
4.38%, 12/15/20 (Call 09/15/20)		150		164,245
4.50%, 03/15/21 (Call 12/15/20)a		450		496,224
5.13%, 06/15/20		925		1,051,387
5.38%, 02/15/42 (Call 08/15/41)		300		336,920

91

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Coventry Health Care Inc.
5.45%, 06/15/21 (Call 03/15/21)	$	150	$	172,996
Humana Inc.
3.15%, 12/01/22 (Call 09/01/22)		500		483,594
6.45%, 06/01/16		300		343,358
7.20%, 06/15/18a		750		908,066
Laboratory Corp. of America Holdings
3.13%, 05/15/16a		500		521,116
3.75%, 08/23/22 (Call 05/23/22)		250		248,829
Quest Diagnostics Inc.
4.70%, 04/01/21		200		213,342
6.95%, 07/01/37		250		302,166
UnitedHealth Group Inc.
2.75%, 02/15/23 (Call 11/15/22)a		600		578,578
4.63%, 11/15/41 (Call 05/15/41)		200		201,031
4.70%, 02/15/21 (Call 11/15/20)a		350		395,467
5.38%, 03/15/16		250		279,235
5.80%, 03/15/36		774		899,173
6.00%, 02/15/18		766		914,396
6.88%, 02/15/38		250		327,103
WellPoint Inc.
1.88%, 01/15/18		750		750,870
3.70%, 08/15/21 (Call 05/15/21)		800		833,027
4.35%, 08/15/20		200		219,271
4.63%, 05/15/42		500		494,717
5.25%, 01/15/16		750		828,481
6.38%, 06/15/37		850		1,033,895
				15,401,021
HOME BUILDERS — 0.02%
NVR Inc.
3.95%, 09/15/22 (Call 06/15/22)		250		252,650
				252,650
HOME FURNISHINGS — 0.04%
Whirlpool Corp.
4.85%, 06/15/21a		500		552,091
				552,091
HOUSEHOLD PRODUCTS & WARES — 0.15%
Avery Dennison Corp.
3.35%, 04/15/23 (Call 01/15/23)		250		243,615
Church & Dwight Co. Inc.
3.35%, 12/15/15		50		52,160
Clorox Co. (The)
3.80%, 11/15/21		700		727,724
Kimberly-Clark Corp.
6.13%, 08/01/17		550		654,859
6.63%, 08/01/37		150		202,308
Tupperware Brands Corp.
4.75%, 06/01/21 (Call 03/01/21)		200		208,429
				2,089,095
HOUSEWARES — 0.05%
Newell Rubbermaid Inc.
4.00%, 06/15/22 (Call 03/15/22)		500		518,396
4.70%, 08/15/20a		100		109,512
				627,908

Security	Principal (000s)		Value
INSURANCE — 3.43%
ACE INA Holdings Inc.
2.60%, 11/23/15a	$	800	$	835,121
5.88%, 06/15/14		250		263,349
5.90%, 06/15/19a		350		426,876
Aflac Inc.
6.45%, 08/15/40		150		183,113
8.50%, 05/15/19		550		731,606
Alleghany Corp.
4.95%, 06/27/22		150		164,818
5.63%, 09/15/20a		100		112,465
Allstate Corp. (The)
5.00%, 08/15/14		250		262,859
5.20%, 01/15/42		400		461,689
5.55%, 05/09/35		754		906,025
7.45%, 05/16/19		400		523,232
American International Group Inc.
3.80%, 03/22/17		500		533,816
4.88%, 09/15/16		600		663,211
4.88%, 06/01/22		500		553,495
5.05%, 10/01/15		800		872,454
5.85%, 01/16/18		234		269,707
6.25%, 03/15/37		700		777,000
6.40%, 12/15/20		1,250		1,517,894
8.18%, 05/15/58 (Call 05/15/38)c		750		982,500
8.25%, 08/15/18		800		1,018,768
Aon PLC
5.00%, 09/30/20		250		283,375
6.25%, 09/30/40		465		575,903
Aspen Insurance Holdings Ltd.
6.00%, 12/15/20a		100		114,231
AXA SA
8.60%, 12/15/30		400		519,000
Axis Specialty Finance LLC
5.88%, 06/01/20		250		284,749
Berkshire Hathaway Finance Corp.
3.20%, 02/11/15		1,000		1,044,163
4.40%, 05/15/42		400		389,638
5.40%, 05/15/18a		1,015		1,192,846
5.75%, 01/15/40		250		291,224
Berkshire Hathaway Inc.
1.90%, 01/31/17		800		815,724
4.50%, 02/11/43		750		738,837
Chubb Corp. (The)
5.75%, 05/15/18		725		864,044
6.50%, 05/15/38		250		331,712
CNA Financial Corp.
5.88%, 08/15/20a		750		869,775
Fidelity National Financial Inc.
5.50%, 09/01/22		250		276,496
GE Global Insurance Holding Corp.
7.00%, 02/15/26		250		312,445
Genworth Financial Inc.
6.52%, 05/22/18a		300		347,671
7.63%, 09/24/21a		850		1,048,404
Genworth Holdings Inc.
5.75%, 06/15/14a		500		524,375
Hanover Insurance Group Inc. (The)
6.38%, 06/15/21		200		227,076
Hartford Financial Services Group Inc.
5.13%, 04/15/22		1,200		1,369,179

92

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
6.63%, 03/30/40	$	500	$	628,656
Infinity Property & Casualty Corp.
5.00%, 09/19/22a		250		256,336
ING U.S. Inc.
5.50%, 07/15/22e		250		279,222
Kemper Corp.
6.00%, 11/30/15		100		108,658
Lincoln National Corp.
4.20%, 03/15/22		550		584,878
4.85%, 06/24/21		50		55,409
7.00%, 06/15/40		250		326,292
8.75%, 07/01/19		775		1,031,346
Loews Corp.
2.63%, 05/15/23 (Call 02/15/23)		500		474,408
Manulife Financial Corp.
4.90%, 09/17/20		250		276,413
Markel Corp.
5.35%, 06/01/21		300		334,885
Marsh & McLennan Companies Inc.
4.80%, 07/15/21 (Call 04/15/21)		200		224,627
5.75%, 09/15/15		600		662,783
MetLife Inc.
3.05%, 12/15/22		600		586,876
4.75%, 02/08/21		650		735,635
5.00%, 06/15/15		390		422,175
5.88%, 02/06/41		200		238,195
6.40%, 12/15/66 (Call 12/15/31)		675		761,063
6.75%, 06/01/16		150		174,581
7.72%, 02/15/19		750		968,444
Principal Financial Group Inc.
1.85%, 11/15/17		500		500,676
3.13%, 05/15/23		250		246,099
3.30%, 09/15/22		600		601,885
6.05%, 10/15/36		300		363,738
Progressive Corp. (The)
3.75%, 08/23/21a		400		427,433
6.70%, 06/15/67 (Call 06/15/17)a,c		400		449,000
Protective Life Corp.
8.45%, 10/15/39		250		337,135
Prudential Financial Inc.
3.00%, 05/12/16		450		473,991
5.63%, 06/15/43 (Call 06/15/23)c		450		474,750
5.70%, 12/14/36		285		319,119
5.88%, 09/15/42 (Call 09/15/22)c		250		270,000
7.38%, 06/15/19		700		890,247
8.88%, 06/15/38 (Call 06/15/18)c		250		311,250
Series B
5.10%, 09/20/14		650		686,522
Series D
4.75%, 09/17/15		250		271,050
6.00%, 12/01/17		250		292,851
6.63%, 12/01/37		850		1,058,976
Reinsurance Group of America Inc.
5.00%, 06/01/21		400		436,300
Torchmark Corp.
9.25%, 06/15/19		125		165,836
Transatlantic Holdings Inc.
8.00%, 11/30/39		250		341,394
Travelers Companies Inc. (The)
5.80%, 05/15/18		285		340,333
5.90%, 06/02/19a		300		364,580
6.25%, 06/15/37		250		322,064

Security	Principal (000s)		Value
Travelers Property Casualty Corp.
6.38%, 03/15/33	$	550	$	706,004
Unum Group
7.13%, 09/30/16		175		204,031
Willis North America Inc.
7.00%, 09/29/19		450		528,959
WR Berkley Corp.
4.63%, 03/15/22		300		321,572
5.38%, 09/15/20a		200		222,162
XL Group PLC
5.25%, 09/15/14		500		527,093
XLIT Ltd.
5.75%, 10/01/21		600		710,623
				46,777,420
INTERNET — 0.30%
Amazon.com Inc.
0.65%, 11/27/15		250		249,343
1.20%, 11/29/17		250		246,020
eBay Inc.
1.35%, 07/15/17		1,650		1,650,113
1.63%, 10/15/15		200		204,407
2.60%, 07/15/22 (Call 04/15/22)		50		48,374
3.25%, 10/15/20 (Call 07/15/20)		100		103,804
Expedia Inc.
5.95%, 08/15/20a		300		333,000
Google Inc.
2.13%, 05/19/16		300		312,307
3.63%, 05/19/21		200		217,515
Symantec Corp.
2.75%, 06/15/17 (Call 05/15/17)		250		256,156
4.20%, 09/15/20		500		525,277
				4,146,316
IRON & STEEL — 0.19%
Allegheny Technologies Inc.
9.38%, 06/01/19		150		188,694
Cliffs Natural Resources Inc.
3.95%, 01/15/18a		750		741,175
4.80%, 10/01/20a		200		192,914
4.88%, 04/01/21 (Call 01/01/21)a		203		195,747
Nucor Corp.
5.75%, 12/01/17a		475		555,494
6.40%, 12/01/37a		250		310,527
Vale SA
5.63%, 09/11/42a		500		465,664
				2,650,215
LODGING — 0.13%
Hyatt Hotels Corp.
3.38%, 07/15/23 (Call 04/15/23)		235		229,354
5.38%, 08/15/21 (Call 05/15/21)		300		333,041
Marriott International Inc.
3.00%, 03/01/19 (Call 12/01/18)		200		206,376
3.25%, 09/15/22 (Call 06/15/22)		250		242,939
Starwood Hotels & Resorts Worldwide Inc.
7.15%, 12/01/19		350		436,563
Wyndham Worldwide Corp.
2.95%, 03/01/17 (Call 02/01/17)		200		205,481
4.25%, 03/01/22 (Call 12/01/21)		150		153,110
				1,806,864

93

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
MACHINERY — 0.42%
Caterpillar Inc.
3.90%, 05/27/21	$	650	$	705,220
5.20%, 05/27/41		750		834,118
5.70%, 08/15/16		640		734,546
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)		1,000		983,358
4.38%, 10/16/19		500		571,436
5.38%, 10/16/29		350		414,751
Joy Global Inc.
5.13%, 10/15/21a		300		326,914
Rockwell Automation Inc.
6.70%, 01/15/28		125		166,879
Roper Industries Inc.
3.13%, 11/15/22 (Call 08/15/22)		500		488,555
Xylem Inc.
3.55%, 09/20/16		500		529,499
				5,755,276
MANUFACTURING — 0.94%
3M Co.
1.38%, 09/29/16		450		458,110
5.70%, 03/15/37		500		617,122
Series E
4.38%, 08/15/13		370		372,914
Carlisle Companies Inc.
3.75%, 11/15/22 (Call 08/15/22)		250		246,857
Cooper US Inc.
3.88%, 12/15/20 (Call 09/15/20)		50		53,488
Danaher Corp.
2.30%, 06/23/16		50		52,024
3.90%, 06/23/21 (Call 03/23/21)		450		491,944
5.40%, 03/01/19		600		710,332
Dover Corp.
5.38%, 10/15/35		250		292,652
5.38%, 03/01/41 (Call 12/01/40)		250		293,451
5.45%, 03/15/18		100		117,940
Eaton Corp.
1.50%, 11/02/17e		500		495,374
4.00%, 11/02/32e		750		726,133
Eaton Corp. PLC
5.60%, 05/15/18		500		579,442
General Electric Co.
0.85%, 10/09/15		900		901,953
4.13%, 10/09/42		750		719,504
5.25%, 12/06/17		1,243		1,438,156
Harsco Corp.
2.70%, 10/15/15		200		201,572
5.75%, 05/15/18		400		428,797
Illinois Tool Works Inc.
3.38%, 09/15/21 (Call 06/15/21)		100		104,773
4.88%, 09/15/41 (Call 03/15/41)		100		107,704
6.25%, 04/01/19		600		726,177
Ingersoll-Rand Global Holding Co. Ltd.
6.88%, 08/15/18		200		239,232
9.50%, 04/15/14		300		321,993

Security	Principal (000s)		Value
Parker Hannifin Corp.
Series A
6.25%, 05/15/38	$	100	$	127,996
Pentair Finance SA
2.65%, 12/01/19		500		495,554
3.15%, 09/15/22 (Call 06/15/22)		250		240,025
Pentair Inc.
5.00%, 05/15/21 (Call 02/15/21)		50		54,459
Textron Inc.
4.63%, 09/21/16		100		107,506
5.95%, 09/21/21 (Call 06/21/21)		200		227,957
Tyco Electronics Group SA
3.50%, 02/03/22 (Call 11/03/21)a		150		148,774
6.55%, 10/01/17		665		784,271
				12,884,186
MEDIA — 3.71%
CBS Corp.
1.95%, 07/01/17		500		504,944
3.38%, 03/01/22 (Call 12/01/21)a		500		500,542
5.75%, 04/15/20		350		405,586
7.88%, 07/30/30		570		750,045
CC Holdings GS V LLC
3.85%, 04/15/23e		500		495,478
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		700		1,043,143
Comcast Corp.
4.25%, 01/15/33		250		250,256
4.65%, 07/15/42		1,400		1,447,265
5.15%, 03/01/20		1,500		1,749,471
5.30%, 01/15/14		300		308,736
5.70%, 07/01/19		780		939,649
5.90%, 03/15/16		900		1,022,185
6.45%, 03/15/37		570		722,267
6.95%, 08/15/37		1,485		1,980,074
COX Communications Inc.
5.45%, 12/15/14		224		240,520
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
3.50%, 03/01/16		950		1,008,263
3.80%, 03/15/22		950		959,870
4.75%, 10/01/14		200		210,573
5.00%, 03/01/21		900		1,001,220
5.15%, 03/15/42		500		483,791
5.20%, 03/15/20		650		736,782
5.88%, 10/01/19		100		117,423
6.00%, 08/15/40 (Call 05/15/40)		350		374,836
6.38%, 03/01/41		200		224,368
Discovery Communications LLC
4.38%, 06/15/21		700		759,948
5.05%, 06/01/20		300		341,409
6.35%, 06/01/40		500		600,095
Grupo Televisa SAB de CV CPO
6.63%, 03/18/25		750		913,071
NBCUniversal Media LLC
2.88%, 04/01/16		600		632,126
3.65%, 04/30/15		500		528,121
4.38%, 04/01/21		550		614,218
5.15%, 04/30/20		450		527,454
5.95%, 04/01/41		200		240,630
6.40%, 04/30/40		500		637,002
News America Inc.
4.50%, 02/15/21		800		885,453

94

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
5.30%, 12/15/14	$	792	$	847,325
6.15%, 02/15/41		1,150		1,339,016
6.65%, 11/15/37		1,176		1,434,359
6.90%, 08/15/39		725		907,274
Scripps Networks Interactive Inc.
2.70%, 12/15/16		200		208,771
Thomson Reuters Corp.
3.95%, 09/30/21 (Call 06/30/21)		200		211,773
6.50%, 07/15/18		800		965,685
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)		1,000		1,045,730
5.00%, 02/01/20		300		336,766
5.50%, 09/01/41 (Call 03/01/41)		1,550		1,578,320
5.85%, 05/01/17		1,000		1,150,511
6.20%, 07/01/13		200		200,787
6.55%, 05/01/37		513		584,752
6.75%, 07/01/18		800		969,925
6.75%, 06/15/39		500		584,259
7.30%, 07/01/38		350		430,078
7.50%, 04/01/14		350		369,564
8.25%, 04/01/19		1,030		1,323,825
Time Warner Inc.
3.15%, 07/15/15		600		628,871
3.40%, 06/15/22a		1,050		1,057,310
4.75%, 03/29/21		200		224,099
4.88%, 03/15/20		678		768,433
5.88%, 11/15/16		450		518,440
6.10%, 07/15/40		450		516,275
6.25%, 03/29/41		978		1,145,447
7.63%, 04/15/31		650		876,025
7.70%, 05/01/32		437		591,897
Viacom Inc.
1.25%, 02/27/15		150		151,015
3.50%, 04/01/17a		250		266,645
3.88%, 12/15/21a		900		940,947
4.50%, 03/01/21a		200		216,853
6.88%, 04/30/36		500		608,142
Walt Disney Co. (The)
0.88%, 12/01/14		500		502,972
1.13%, 02/15/17		550		546,562
2.35%, 12/01/22		900		859,868
3.70%, 12/01/42		500		464,985
4.38%, 08/16/41		400		417,450
5.50%, 03/15/19		250		296,273
7.00%, 03/01/32		250		344,515
				50,588,558
METAL FABRICATE & HARDWARE — 0.12%
Precision Castparts Corp.
1.25%, 01/15/18		1,350		1,332,102
2.50%, 01/15/23 (Call 10/15/22)		100		96,414
3.90%, 01/15/43 (Call 07/15/42)		250		238,897
				1,667,413
MINING — 2.11%
Alcoa Inc.
5.40%, 04/15/21 (Call 01/15/21)		750		762,632
5.55%, 02/01/17a		171		185,295
5.72%, 02/23/19		400		429,625
5.95%, 02/01/37a		521		499,785

Security	Principal (000s)		Value
6.15%, 08/15/20	$	400	$	428,006
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		250		245,768
6.50%, 04/15/40		300		292,832
Barrick Gold Corp.
1.75%, 05/30/14		200		201,471
3.85%, 04/01/22		300		286,320
6.95%, 04/01/19		750		886,210
Barrick North America Finance LLC
4.40%, 05/30/21		800		798,391
5.70%, 05/30/41		850		801,159
BHP Billiton Finance (USA) Ltd.
1.00%, 02/24/15		500		503,817
2.88%, 02/24/22		1,600		1,591,986
6.50%, 04/01/19		1,425		1,771,781
Freeport-McMoRan Copper & Gold Inc.
1.40%, 02/13/15		150		150,942
2.15%, 03/01/17		300		302,573
2.38%, 03/15/18e		500		499,167
3.10%, 03/15/20e		750		734,918
3.55%, 03/01/22 (Call 12/01/21)		500		486,021
5.45%, 03/15/43 (Call 09/15/42)e		750		718,843
Kinross Gold Corp.
5.13%, 09/01/21 (Call 06/01/21)a		900		912,645
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		350		332,130
4.88%, 03/15/42 (Call 09/15/41)		500		426,813
5.13%, 10/01/19		250		276,602
6.25%, 10/01/39		600		622,757
Rio Tinto Finance (USA) Ltd.
2.25%, 09/20/16		500		515,882
3.75%, 09/20/21		750		774,302
5.20%, 11/02/40		400		426,655
6.50%, 07/15/18		735		892,787
8.95%, 05/01/14		352		378,360
9.00%, 05/01/19		750		1,013,518
Rio Tinto Finance (USA) PLC
1.13%, 03/20/15		800		804,126
2.88%, 08/21/22 (Call 05/21/22)a		1,250		1,188,824
4.13%, 08/21/42 (Call 02/21/42)		200		181,463
4.75%, 03/22/42 (Call 09/22/41)		250		251,475
Southern Copper Corp.
3.50%, 11/08/22a		700		662,991
6.75%, 04/16/40		350		368,279
7.50%, 07/27/35		300		339,066
Teck Resources Ltd.
3.00%, 03/01/19		500		503,897
3.85%, 08/15/17		50		53,230
4.75%, 01/15/22 (Call 10/15/21)a		434		454,757
5.40%, 02/01/43 (Call 08/01/42)a		500		468,984
6.13%, 10/01/35		500		517,482
Vale Overseas Ltd.
4.38%, 01/11/22		1,000		993,221
4.63%, 09/15/20a		250		258,500
6.25%, 01/23/17		739		840,511
6.88%, 11/21/36		1,376		1,493,273
Xstrata Canada Corp.
5.50%, 06/15/17a		250		277,811
				28,807,883

95

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
MULTI-NATIONAL — 4.15%
African Development Bank
0.88%, 03/15/18	$	900	$	889,383
1.25%, 09/02/16		1,500		1,524,629
3.00%, 05/27/14		450		462,088
Corporacion Andina de Fomento
4.38%, 06/15/22		1,259		1,342,697
Council of Europe Development Bank
1.50%, 02/22/17		1,500		1,528,737
European Bank for Reconstruction and Development
1.00%, 02/16/17		1,800		1,810,535
1.38%, 10/20/16		1,000		1,021,510
Series G
2.75%, 04/20/15		750		782,794
European Investment Bank
0.63%, 04/15/16		1,500		1,498,596
1.00%, 12/15/17		900		892,091
1.00%, 06/15/18		2,500		2,457,350
1.13%, 08/15/14		1,000		1,009,598
1.13%, 04/15/15		3,400		3,445,216
1.13%, 09/15/17		2,650		2,650,019
1.38%, 10/20/15		700		714,293
1.50%, 05/15/14		2,100		2,124,690
1.63%, 09/01/15		1,600		1,640,179
2.13%, 07/15/16		500		521,601
2.25%, 03/15/16		1,500		1,566,277
2.50%, 05/16/16		1,400		1,474,760
2.75%, 03/23/15		2,200		2,292,391
2.88%, 01/15/15		1,200		1,248,361
2.88%, 09/15/20		250		263,927
3.13%, 06/04/14		150		154,212
4.00%, 02/16/21		1,800		2,032,086
4.88%, 01/17/17		600		684,612
4.88%, 02/15/36		500		590,084
5.13%, 05/30/17		1,110		1,288,302
International Bank for Reconstruction and Development
0.88%, 04/17/17		3,450		3,465,953
1.00%, 09/15/16		2,450		2,475,771
1.13%, 08/25/14		400		404,004
2.13%, 03/15/16a		1,400		1,460,798
2.38%, 05/26/15		1,100		1,143,494
7.63%, 01/19/23		1,000		1,452,587
International Finance Corp.
1.13%, 11/23/16		1,250		1,266,221
2.13%, 11/17/17		400		418,869
2.25%, 04/11/16		1,000		1,047,018
Series G
3.00%, 04/22/14		1,900		1,944,190
Nordic Investment Bank
0.50%, 04/14/16		1,000		998,089
0.75%, 01/17/18		1,150		1,132,172
1.00%, 03/07/17		500		503,083
2.25%, 03/15/16		1,000		1,045,456
				56,668,723
OFFICE & BUSINESS EQUIPMENT — 0.23%
Pitney Bowes Inc.
5.25%, 01/15/37		800		831,200
Xerox Corp.
2.95%, 03/15/17a		200		206,170
4.25%, 02/15/15		950		998,645
4.50%, 05/15/21a		150		158,625
6.35%, 05/15/18		250		291,448

Security	Principal (000s)		Value
6.75%, 12/15/39	$	500	$	595,233
				3,081,321
OIL & GAS — 5.49%
Anadarko Petroleum Corp.
5.95%, 09/15/16		170		193,685
6.20%, 03/15/40		500		595,334
6.38%, 09/15/17		1,300		1,536,818
6.45%, 09/15/36		799		968,301
Apache Corp.
2.63%, 01/15/23 (Call 10/15/22)a		1,000		956,671
3.25%, 04/15/22 (Call 01/15/22)		650		661,268
4.25%, 01/15/44 (Call 07/15/43)a		1,250		1,162,539
5.10%, 09/01/40 (Call 03/01/40)		70		73,227
5.63%, 01/15/17		500		572,476
6.00%, 01/15/37		250		295,181
BP Capital Markets PLC
1.85%, 05/05/17a		1,000		1,013,468
2.50%, 11/06/22		500		469,740
3.13%, 10/01/15		375		394,702
3.20%, 03/11/16		100		106,054
3.56%, 11/01/21		850		884,571
3.63%, 05/08/14		1,850		1,905,567
3.88%, 03/10/15		500		527,987
4.50%, 10/01/20		300		336,544
4.74%, 03/11/21		100		112,664
4.75%, 03/10/19		250		285,093
Canadian Natural Resources Ltd.
1.45%, 11/14/14		150		151,262
3.45%, 11/15/21 (Call 08/15/21)		450		462,641
5.70%, 05/15/17		425		487,978
6.25%, 03/15/38		171		200,301
6.50%, 02/15/37		300		359,609
Cenovus Energy Inc.
4.45%, 09/15/42 (Call 03/15/42)		500		474,711
4.50%, 09/15/14		550		575,623
5.70%, 10/15/19		150		177,027
6.75%, 11/15/39		200		255,513
Chevron Corp.
1.10%, 12/05/17 (Call 11/05/17)		1,200		1,189,822
2.36%, 12/05/22 (Call 09/05/22)		1,250		1,199,765
CNOOC Finance 2013 Ltd.
3.00%, 05/09/23		250		235,351
ConocoPhillips
4.60%, 01/15/15		800		850,814
5.75%, 02/01/19		1,600		1,922,905
6.00%, 01/15/20		700		857,741
6.50%, 02/01/39		1,025		1,336,609
ConocoPhillips Co.
2.40%, 12/15/22 (Call 09/15/22)		1,250		1,200,245
ConocoPhillips Holding Co.
6.95%, 04/15/29		278		366,208
Devon Energy Corp.
4.00%, 07/15/21 (Call 04/15/21)a		650		687,786
4.75%, 05/15/42 (Call 11/15/41)		500		485,292
5.60%, 07/15/41 (Call 01/15/41)		100		107,951
6.30%, 01/15/19a		400		474,446
7.95%, 04/15/32		520		706,574
Diamond Offshore Drilling Inc.
5.88%, 05/01/19		250		301,502
Encana Corp.
3.90%, 11/15/21 (Call 08/15/21)a		750		782,124

96

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
5.90%, 12/01/17	$	430	$	498,579
6.50%, 02/01/38		592		697,127
Ensco PLC
3.25%, 03/15/16		100		105,705
4.70%, 03/15/21		400		441,344
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)		750		721,940
4.10%, 02/01/21		500		546,715
5.63%, 06/01/19		600		716,848
5.88%, 09/15/17		150		176,827
EQT Corp.
4.88%, 11/15/21		250		263,172
8.13%, 06/01/19		250		307,553
Hess Corp.
6.00%, 01/15/40		1,000		1,112,699
7.13%, 03/15/33		137		170,474
8.13%, 02/15/19		450		578,310
Husky Energy Inc.
3.95%, 04/15/22 (Call 01/15/22)		500		524,594
6.80%, 09/15/37		100		126,768
7.25%, 12/15/19		325		412,832
Marathon Oil Corp.
5.90%, 03/15/18		500		588,657
6.00%, 10/01/17		300		352,589
6.60%, 10/01/37		200		246,627
Marathon Petroleum Corp.
3.50%, 03/01/16		50		53,164
5.13%, 03/01/21		412		472,732
6.50%, 03/01/41 (Call 09/01/40)		300		364,900
Murphy Oil Corp.
2.50%, 12/01/17a		250		251,612
3.70%, 12/01/22 (Call 09/01/22)a		750		728,885
Nabors Industries Inc.
4.63%, 09/15/21		350		360,051
6.15%, 02/15/18		450		510,733
9.25%, 01/15/19		225		284,603
Nexen Inc.
5.88%, 03/10/35		250		284,132
6.20%, 07/30/19		150		181,501
6.40%, 05/15/37		171		207,147
7.50%, 07/30/39		500		684,763
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		450		485,676
6.00%, 03/01/41 (Call 09/01/40)		450		531,369
8.25%, 03/01/19		250		320,378
Noble Holding International Ltd.
3.95%, 03/15/22a		250		253,514
4.63%, 03/01/21		300		321,456
4.90%, 08/01/20a		500		546,988
6.20%, 08/01/40		200		217,459
Occidental Petroleum Corp.
1.50%, 02/15/18 (Call 01/15/18)a		300		299,623
1.75%, 02/15/17		550		558,358
2.70%, 02/15/23 (Call 11/15/22)		1,000		966,659
3.13%, 02/15/22 (Call 11/15/21)		500		508,196
Petro-Canada
6.80%, 05/15/38		350		437,386
9.25%, 10/15/21		350		488,421
Petrohawk Energy Corp.
7.25%, 08/15/18 (Call 08/15/14)		750		832,500
Phillips 66
2.95%, 05/01/17		1,200		1,259,007
5.88%, 05/01/42		471		550,362

Security	Principal (000s)		Value
Pioneer Natural Resources Co.
3.95%, 07/15/22 (Call 04/15/22)	$	600	$	615,364
Pride International Inc.
6.88%, 08/15/20		800		990,125
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)		600		638,004
5.00%, 09/01/17a		100		110,152
Shell International Finance BV
0.63%, 12/04/15		900		901,769
2.25%, 01/06/23a		750		708,789
2.38%, 08/21/22		800		768,718
3.10%, 06/28/15		550		578,825
3.25%, 09/22/15		425		451,020
4.30%, 09/22/19		500		570,002
4.38%, 03/25/20		400		454,779
5.50%, 03/25/40		450		545,054
6.38%, 12/15/38		200		266,518
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)		750		776,784
Statoil ASA
3.13%, 08/17/17		350		374,133
3.15%, 01/23/22		1,600		1,637,731
5.10%, 08/17/40		500		560,136
5.25%, 04/15/19		600		711,115
Suncor Energy Inc.
6.10%, 06/01/18		725		864,565
6.50%, 06/15/38		550		671,405
6.85%, 06/01/39		250		318,962
Sunoco Logistics Partners Operations LP
6.10%, 02/15/42		250		273,733
Talisman Energy Inc.
3.75%, 02/01/21 (Call 11/01/20)a		500		513,363
7.75%, 06/01/19		500		624,183
Total Capital Canada Ltd.
2.75%, 07/15/23		1,000		968,067
Total Capital International SA
1.50%, 02/17/17		650		654,654
2.70%, 01/25/23		600		581,561
Total Capital SA
3.00%, 06/24/15		750		785,662
4.13%, 01/28/21a		500		549,704
4.45%, 06/24/20		200		226,074
Transocean Inc.
4.95%, 11/15/15		250		270,673
6.00%, 03/15/18		371		426,567
6.38%, 12/15/21		750		871,273
6.50%, 11/15/20		500		584,797
6.80%, 03/15/38		250		285,803
7.35%, 12/15/41a		250		308,964
7.50%, 04/15/31		250		302,486
Valero Energy Corp.
4.50%, 02/01/15		500		530,075
6.13%, 02/01/20		250		298,708
6.63%, 06/15/37		592		717,938
7.50%, 04/15/32		185		238,070
XTO Energy Inc.
5.50%, 06/15/18		750		899,172
				74,878,102

97

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
OIL & GAS SERVICES — 0.53%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)	$	500	$	516,696
5.13%, 09/15/40		300		339,410
7.50%, 11/15/18		250		322,251
Cameron International Corp.
4.50%, 06/01/21 (Call 03/01/21)		1,250		1,376,863
Halliburton Co.
3.25%, 11/15/21 (Call 08/15/21)		300		312,522
4.50%, 11/15/41 (Call 05/15/41)		300		312,097
6.15%, 09/15/19		150		185,927
7.45%, 09/15/39		675		967,693
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)		600		577,871
3.95%, 12/01/42 (Call 06/01/42)		250		230,661
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)a		250		256,285
6.35%, 06/15/17		171		195,799
6.50%, 08/01/36		200		214,450
6.75%, 09/15/40		550		608,001
9.63%, 03/01/19		625		811,462
				7,227,988
PACKAGING & CONTAINERS — 0.07%
Bemis Co. Inc.
4.50%, 10/15/21 (Call 07/15/21)		50		52,928
Packaging Corp. of America
3.90%, 06/15/22 (Call 03/15/22)		500		510,086
Sonoco Products Co.
4.38%, 11/01/21 (Call 08/01/21)		15		15,914
5.75%, 11/01/40 (Call 05/01/40)		300		333,459
				912,387
PHARMACEUTICALS — 3.44%
Abbott Laboratories
4.13%, 05/27/20		200		222,619
5.13%, 04/01/19		596		696,327
5.30%, 05/27/40a		456		537,190
AbbVie Inc.
1.75%, 11/06/17e		1,000		1,001,347
2.00%, 11/06/18e		1,000		1,000,087
2.90%, 11/06/22e		2,000		1,946,664
4.40%, 11/06/42e		325		317,542
Allergan Inc.
3.38%, 09/15/20		500		526,922
AmerisourceBergen Corp.
3.50%, 11/15/21 (Call 08/15/21)		300		311,727
5.88%, 09/15/15		485		537,116
AstraZeneca PLC
4.00%, 09/18/42		210		196,168
5.40%, 06/01/14		400		419,705
5.90%, 09/15/17		607		719,146
6.45%, 09/15/37		875		1,100,948
Bristol-Myers Squibb Co.
2.00%, 08/01/22		800		741,774
5.45%, 05/01/18		200		235,765
5.88%, 11/15/36		126		154,241
6.13%, 05/01/38		230		292,053
Cardinal Health Inc.
1.90%, 06/15/17a		250		250,987
3.20%, 06/15/22a		650		641,938
DENTSPLY International Inc.
4.13%, 08/15/21 (Call 05/15/21)		500		522,943

Security	Principal (000s)		Value
Eli Lilly and Co.
4.20%, 03/06/14	$	830	$	853,807
5.55%, 03/15/37		578		690,529
Express Scripts Holding Co.
2.10%, 02/12/15		150		153,007
2.65%, 02/15/17		500		518,294
3.13%, 05/15/16		250		263,897
3.50%, 11/15/16		300		321,654
3.90%, 02/15/22		550		580,740
4.75%, 11/15/21		402		449,094
6.13%, 11/15/41		400		493,157
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23		500		489,049
5.65%, 05/15/18		700		833,748
6.38%, 05/15/38		1,084		1,386,492
GlaxoSmithKline Capital PLC
0.75%, 05/08/15		1,500		1,506,463
2.85%, 05/08/22		300		298,352
Johnson & Johnson
1.20%, 05/15/14a		250		252,177
5.15%, 07/15/18		2,475		2,932,422
5.55%, 08/15/17		100		117,569
5.95%, 08/15/37		1,030		1,331,576
McKesson Corp.
2.70%, 12/15/22 (Call 09/15/22)		500		483,182
4.75%, 03/01/21 (Call 12/01/20)		200		225,350
5.70%, 03/01/17		171		196,091
6.00%, 03/01/41 (Call 09/01/40)		250		308,895
Mead Johnson Nutrition Co.
4.90%, 11/01/19		500		553,581
Medco Health Solutions Inc.
2.75%, 09/15/15		450		467,494
7.13%, 03/15/18		500		613,925
Merck & Co. Inc.
1.10%, 01/31/18		300		294,904
4.00%, 06/30/15		850		909,538
5.00%, 06/30/19		830		971,976
5.85%, 06/30/39		759		929,794
Novartis Capital Corp.
2.40%, 09/21/22		900		867,789
2.90%, 04/24/15		500		522,086
Novartis Securities Investment Ltd.
5.13%, 02/10/19		586		686,735
Pfizer Inc.
5.35%, 03/15/15		500		541,191
6.20%, 03/15/19		1,800		2,216,988
7.20%, 03/15/39		1,150		1,611,538
Sanofi
1.20%, 09/30/14		100		101,011
1.25%, 04/10/18		1,250		1,231,262
2.63%, 03/29/16		550		576,510
4.00%, 03/29/21		450		493,675
Schering-Plough Corp./Merck & Co. Inc.
6.00%, 09/15/17		150		178,496
6.55%, 09/15/37		850		1,122,191
Teva Pharmaceutical Finance Co. BV
2.40%, 11/10/16		200		208,172
Series 2
3.65%, 11/10/21		200		207,809
Teva Pharmaceutical Finance II/III LLC
3.00%, 06/15/15		900		939,663
Teva Pharmaceutical Finance IV LLC
2.25%, 03/18/20		250		245,896

98

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Teva Pharmaceutical Finance LLC
6.15%, 02/01/36	$	285	$	352,677
Watson Pharmaceuticals Inc.
1.88%, 10/01/17		50		49,642
3.25%, 10/01/22 (Call 07/01/22)		750		734,564
4.63%, 10/01/42 (Call 04/01/42)		300		289,843
6.13%, 08/15/19a		400		467,361
Wyeth LLC
5.95%, 04/01/37		600		732,166
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)e		500		495,472
4.70%, 02/01/43 (Call 08/01/42)e		300		299,411
				46,972,114
PIPELINES — 2.31%
Buckeye Partners LP
4.88%, 02/01/21 (Call 11/01/20)		300		315,952
5.50%, 08/15/19		250		280,649
CenterPoint Energy Resources Corp.
4.50%, 01/15/21 (Call 10/15/20)a		431		482,239
DCP Midstream Operating LP
3.25%, 10/01/15		750		773,740
El Paso Natural Gas Co.
8.38%, 06/15/32		500		692,505
El Paso Pipeline Partners Operating Co. LLC
7.50%, 11/15/40		500		645,774
Enbridge Energy Partners LP
4.20%, 09/15/21 (Call 06/15/21)a		300		312,888
9.88%, 03/01/19		500		675,596
Series B
7.50%, 04/15/38		250		313,641
Enbridge Inc.
5.80%, 06/15/14		270		283,918
Energy Transfer Partners LP
4.65%, 06/01/21 (Call 03/01/21)		400		428,679
5.15%, 02/01/43 (Call 08/01/42)		400		384,005
5.20%, 02/01/22 (Call 11/01/21)		150		165,117
5.95%, 02/01/15		500		539,006
6.05%, 06/01/41 (Call 12/01/40)		500		539,661
9.00%, 04/15/19		140		183,602
9.70%, 03/15/19		111		148,854
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)		1,000		988,433
3.70%, 06/01/15		345		363,704
4.85%, 08/15/42 (Call 02/15/42)		200		200,234
5.70%, 02/15/42		750		836,650
6.45%, 09/01/40		250		301,817
7.55%, 04/15/38		250		330,510
Series D
6.88%, 03/01/33		400		495,019
Series G
5.60%, 10/15/14		627		669,444
Series L
6.30%, 09/15/17		600		713,726
Gulf South Pipeline Co. LP
4.00%, 06/15/22 (Call 03/15/22)		500		512,683
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)		450		442,317
3.50%, 09/01/23 (Call 06/01/23)		500		490,252
3.95%, 09/01/22 (Call 06/01/22)		500		517,623
4.15%, 03/01/22		200		209,869
5.30%, 09/15/20		250		286,324

Security	Principal (000s)		Value
5.95%, 02/15/18	$	903	$	1,066,928
6.50%, 02/01/37		399		469,603
6.55%, 09/15/40		500		598,442
6.95%, 01/15/38		800		981,315
Magellan Midstream Partners LP
4.25%, 02/01/21		600		642,083
ONEOK Inc.
4.25%, 02/01/22 (Call 11/02/21)		650		667,122
ONEOK Partners LP
2.00%, 10/01/17 (Call 07/01/17)		150		150,892
3.25%, 02/01/16 (Call 01/01/16)		250		262,443
3.38%, 10/01/22 (Call 07/01/22)		402		390,512
6.13%, 02/01/41 (Call 08/01/40)a		250		277,873
6.65%, 10/01/36		171		199,352
8.63%, 03/01/19		300		393,159
Panhandle Eastern Pipe Line Co. LP
7.00%, 06/15/18		300		361,988
Plains All American Pipeline LP
2.85%, 01/31/23 (Call 10/31/22)a		200		190,198
3.65%, 06/01/22 (Call 03/01/22)		250		255,843
5.15%, 06/01/42 (Call 12/01/41)		500		531,711
8.75%, 05/01/19		250		334,646
Southern Natural Gas Co. LLC
5.90%, 04/01/17e		228		261,300
Southern Natural Gas Co. LLC/Southern Natural Issuing Corp.
4.40%, 06/15/21 (Call 03/15/21)		150		162,556
Spectra Energy Partners LP
4.60%, 06/15/21 (Call 03/15/21)		200		209,604
Sunoco Logistics Partners Operations LP
3.45%, 01/15/23 (Call 10/15/22)		450		434,565
TC Pipelines LP
4.65%, 06/15/21 (Call 03/15/21)		100		104,793
Texas Eastern Transmission LP
7.00%, 07/15/32		250		319,703
TransCanada PipeLines Ltd.
0.88%, 03/02/15		250		250,731
2.50%, 08/01/22		550		522,556
3.80%, 10/01/20		750		807,114
6.20%, 10/15/37		457		560,232
6.35%, 05/15/67 (Call 05/15/17)c		150		159,750
6.50%, 08/15/18		450		551,580
7.63%, 01/15/39		750		1,057,312
Western Gas Partners LP
4.00%, 07/01/22 (Call 04/01/22)		350		354,948
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)a		450		437,176
8.75%, 03/15/32		609		817,817
Williams Partners LP
3.80%, 02/15/15		325		340,875
5.25%, 03/15/20		300		335,110
6.30%, 04/15/40		850		969,392
7.25%, 02/01/17		500		591,403
				31,547,058
REAL ESTATE — 0.13%
ProLogis LP
4.50%, 08/15/17		300		325,698
6.25%, 03/15/17a		250		285,252
6.88%, 03/15/20 (Call 12/16/19)		495		593,195
Regency Centers LP
5.88%, 06/15/17		500		567,566
				1,771,711

99

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
REAL ESTATE INVESTMENT TRUSTS — 1.79%
American Tower Corp.
4.50%, 01/15/18	$	750	$	820,282
4.63%, 04/01/15		500		529,033
5.05%, 09/01/20		300		327,722
AvalonBay Communities Inc.
2.95%, 09/15/22 (Call 06/15/22)		250		240,513
3.95%, 01/15/21 (Call 10/15/20)a		50		52,748
5.70%, 03/15/17a		250		286,555
BioMed Realty LP
4.25%, 07/15/22 (Call 04/15/22)		500		511,506
Boston Properties LP
3.70%, 11/15/18 (Call 08/15/18)		100		108,272
4.13%, 05/15/21		900		967,209
5.88%, 10/15/19		600		712,818
Brandywine Operating Partnership LP
4.95%, 04/15/18 (Call 03/15/18)		200		219,161
BRE Properties Inc.
3.38%, 01/15/23 (Call 10/15/22)		500		481,814
DDR Corp.
4.63%, 07/15/22 (Call 04/15/22)		500		532,367
Digital Realty Trust LP
4.50%, 07/15/15 (Call 04/15/15)		200		211,698
5.25%, 03/15/21 (Call 12/15/20)		200		220,090
Duke Realty LP
4.38%, 06/15/22 (Call 03/15/22)		500		516,032
8.25%, 08/15/19		250		319,747
ERP Operating LP
4.75%, 07/15/20 (Call 04/15/20)		750		835,641
5.25%, 09/15/14		250		264,378
5.75%, 06/15/17		457		528,982
HCP Inc.
3.75%, 02/01/16		250		266,306
5.38%, 02/01/21 (Call 11/03/20)		400		454,522
6.70%, 01/30/18		600		719,089
Health Care REIT Inc.
4.13%, 04/01/19 (Call 01/01/19)		400		429,346
4.95%, 01/15/21 (Call 10/15/20)		700		771,789
5.25%, 01/15/22 (Call 10/15/21)		500		559,941
6.20%, 06/01/16		250		284,068
Healthcare Realty Trust Inc.
6.50%, 01/17/17		125		142,475
Hospitality Properties Trust
5.00%, 08/15/22 (Call 02/15/22)		250		261,469
6.70%, 01/15/18 (Call 07/15/17)		250		283,548
7.88%, 08/15/14 (Call 02/15/14)		150		157,002
Host Hotels & Resorts LP Series D
3.75%, 10/15/23 (Call 07/15/23)		625		613,880
HRPT Properties Trust
6.25%, 06/15/17 (Call 12/15/16)		250		273,580
Kilroy Realty LP
4.80%, 07/15/18 (Call 05/15/18)		350		386,727
Kimco Realty Corp.
4.30%, 02/01/18 (Call 11/01/17)		200		219,369
Liberty Property LP
4.75%, 10/01/20 (Call 07/01/20)		400		430,463

Security	Principal (000s)		Value
Mack-Cali Realty Corp.
7.75%, 08/15/19a	$	600	$	750,658
National Retail Properties Inc.
5.50%, 07/15/21 (Call 04/15/21)		200		227,167
Realty Income Corp.
3.25%, 10/15/22 (Call 07/15/22)		900		867,444
6.75%, 08/15/19		250		303,526
Simon Property Group LP
2.15%, 09/15/17 (Call 06/15/17)a		200		204,695
2.75%, 02/01/23 (Call 11/01/22)		500		483,012
5.10%, 06/15/15		619		672,236
5.25%, 12/01/16 (Call 09/02/16)		350		395,636
5.65%, 02/01/20 (Call 11/01/19)		678		803,442
6.13%, 05/30/18		515		618,313
6.75%, 02/01/40 (Call 11/01/39)		500		657,629
UDR Inc.
4.25%, 06/01/18		250		271,078
4.63%, 01/10/22 (Call 10/10/21)		550		593,261
Ventas Realty LP/Ventas Capital Corp.
2.00%, 02/15/18 (Call 01/15/18)		500		497,353
3.13%, 11/30/15		100		104,705
4.75%, 06/01/21 (Call 03/01/21)		700		765,187
Weyerhaeuser Co.
6.88%, 12/15/33		1,000		1,249,106
				24,404,590
RETAIL — 2.64%
Advance Auto Parts Inc.
4.50%, 01/15/22 (Call 10/15/21)		50		49,965
AutoZone Inc.
3.70%, 04/15/22 (Call 01/15/22)		350		355,429
5.75%, 01/15/15		600		647,191
Costco Wholesale Corp.
1.13%, 12/15/17		250		247,551
1.70%, 12/15/19		1,150		1,132,553
5.50%, 03/15/17		228		263,761
CVS Caremark Corp.
5.75%, 06/01/17		700		815,136
5.75%, 05/15/41 (Call 11/15/40)		650		762,123
6.13%, 08/15/16		171		196,966
6.25%, 06/01/27		758		943,170
Darden Restaurants Inc.
4.50%, 10/15/21		500		520,866
Gap Inc. (The)
5.95%, 04/12/21 (Call 01/12/21)		600		692,734
Home Depot Inc. (The)
2.70%, 04/01/23 (Call 01/01/23)		250		243,438
4.20%, 04/01/43 (Call 10/01/42)		250		244,085
4.40%, 04/01/21 (Call 01/21/21)		850		954,745
5.40%, 03/01/16		570		639,430
5.88%, 12/16/36		150		183,187
5.95%, 04/01/41 (Call 10/01/40)		1,100		1,384,063
Kohl’s Corp.
4.00%, 11/01/21 (Call 08/01/21)a		650		672,445
6.88%, 12/15/37		150		175,520
Lowe’s Companies Inc.
1.63%, 04/15/17 (Call 03/15/17)		100		101,093
3.12%, 04/15/22 (Call 01/15/22)		450		455,440
4.63%, 04/15/20 (Call 10/15/19)a		200		227,217
5.40%, 10/15/16		405		462,422
5.50%, 10/15/35		300		335,572
6.65%, 09/15/37		600		764,027

100

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Macy’s Retail Holdings Inc.
3.88%, 01/15/22 (Call 10/15/21)a	$	350	$	365,658
5.90%, 12/01/16		500		574,653
6.38%, 03/15/37		500		576,465
7.00%, 02/15/28		50		60,554
McDonald’s Corp.
2.63%, 01/15/22		350		349,053
5.35%, 03/01/18		185		216,161
6.30%, 10/15/37		400		527,945
6.30%, 03/01/38		1,150		1,531,867
Nordstrom Inc.
6.25%, 01/15/18		500		590,978
7.00%, 01/15/38		150		200,223
O’Reilly Automotive Inc.
4.63%, 09/15/21 (Call 06/15/21)		300		323,860
Staples Inc.
4.38%, 01/12/23 (Call 10/12/22)a		700		700,793
Target Corp.
1.13%, 07/18/14		35		35,283
4.00%, 07/01/42		500		473,479
5.38%, 05/01/17		600		693,109
6.00%, 01/15/18		700		837,439
6.35%, 11/01/32		457		580,038
7.00%, 01/15/38		650		885,310
TJX Companies Inc. (The)
2.50%, 05/15/23 (Call 02/15/23)		125		119,547
Wal-Mart Stores Inc.
1.13%, 04/11/18		1,200		1,186,316
1.50%, 10/25/15		734		749,596
2.80%, 04/15/16		750		793,939
3.25%, 10/25/20		1,100		1,162,257
4.00%, 04/11/43 (Call 10/11/42)		500		475,537
4.25%, 04/15/21		750		840,961
5.00%, 10/25/40		678		746,743
5.25%, 09/01/35		785		898,181
5.63%, 04/15/41		700		850,809
6.20%, 04/15/38		1,100		1,408,930
6.50%, 08/15/37		698		915,915
Walgreen Co.
3.10%, 09/15/22		1,100		1,084,211
5.25%, 01/15/19		600		686,086
Yum! Brands Inc.
3.75%, 11/01/21 (Call 08/01/21)		200		206,252
5.30%, 09/15/19		500		567,643
6.25%, 03/15/18a		300		354,205
				36,040,125
SAVINGS & LOANS — 0.02%
Murray Street Investment Trust I
4.65%, 03/09/17b		150		162,666
Santander Holdings USA Inc.
4.63%, 04/19/16		100		105,860
				268,526
SEMICONDUCTORS — 0.46%
Analog Devices Inc.
5.00%, 07/01/14		200		209,249
Applied Materials Inc.
2.65%, 06/15/16		100		104,452
4.30%, 06/15/21		200		217,849

Security	Principal (000s)		Value
Broadcom Corp.
2.38%, 11/01/15	$	50	$	51,836
2.70%, 11/01/18		1,300		1,365,048
Intel Corp.
1.35%, 12/15/17		500		496,760
1.95%, 10/01/16		725		748,130
2.70%, 12/15/22		500		481,978
3.30%, 10/01/21		750		777,108
4.80%, 10/01/41		1,000		1,024,710
Texas Instruments Inc.
1.65%, 08/03/19		550		540,501
2.38%, 05/16/16		250		260,705
				6,278,326
SOFTWARE — 0.95%
Adobe Systems Inc.
4.75%, 02/01/20a		250		274,029
Autodesk Inc.
1.95%, 12/15/17		500		493,599
BMC Software Inc.
4.25%, 02/15/22		550		553,300
CA Inc.
5.38%, 12/01/19		1,000		1,111,346
Dun & Bradstreet Corp. (The)
4.38%, 12/01/22 (Call 09/01/22)a		250		250,291
Fidelity National Information Services Inc.
2.00%, 04/15/18 (Call 01/15/18)		250		247,720
5.00%, 03/15/22 (Call 03/15/17)		500		545,000
Fiserv Inc.
3.13%, 06/15/16		25		26,260
3.50%, 10/01/22 (Call 07/01/22)		500		491,758
4.75%, 06/15/21		350		377,618
Microsoft Corp.
1.63%, 09/25/15		250		256,313
2.50%, 02/08/16		250		260,558
3.00%, 10/01/20		300		313,882
3.50%, 11/15/42		250		222,052
4.20%, 06/01/19		530		593,129
4.50%, 10/01/40		500		523,225
5.30%, 02/08/41		500		590,225
Oracle Corp.
2.50%, 10/15/22		1,700		1,633,654
3.75%, 07/08/14		700		725,722
3.88%, 07/15/20		100		109,053
5.00%, 07/08/19		650		759,531
5.25%, 01/15/16		270		300,854
5.38%, 07/15/40		1,000		1,160,136
5.75%, 04/15/18		583		694,503
6.50%, 04/15/38		350		456,499
				12,970,257
TELECOMMUNICATIONS — 4.92%
Alltel Corp.
7.88%, 07/01/32		400		568,932
America Movil SAB de CV
2.38%, 09/08/16		300		308,295
3.13%, 07/16/22		500		477,514
3.63%, 03/30/15		350		364,625
4.38%, 07/16/42		250		221,198
5.00%, 10/16/19a		1,100		1,230,263

101

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
5.00%, 03/30/20	$	1,250	$	1,378,136
5.50%, 03/01/14a		350		361,375
6.13%, 03/30/40		850		956,062
AT&T Inc.
0.88%, 02/13/15		850		851,692
1.60%, 02/15/17		500		502,726
2.50%, 08/15/15		700		725,073
2.63%, 12/01/22 (Call 09/01/22)a		500		476,208
2.95%, 05/15/16		750		790,131
3.00%, 02/15/22		700		696,786
3.88%, 08/15/21		484		516,760
4.45%, 05/15/21		900		997,780
5.35%, 09/01/40		1,778		1,913,763
5.50%, 02/01/18		2,200		2,573,675
5.55%, 08/15/41		850		949,034
5.80%, 02/15/19		1,000		1,201,023
6.30%, 01/15/38		1,171		1,405,431
6.40%, 05/15/38		700		856,970
6.50%, 09/01/37		800		988,007
6.55%, 02/15/39		1,275		1,582,261
BellSouth Corp.
6.00%, 11/15/34		570		629,157
British Telecommunications PLC
5.95%, 01/15/18		1,000		1,173,626
9.63%, 12/15/30		478		740,050
Cellco Partnership/Verizon Wireless Capital LLC
8.50%, 11/15/18		450		596,398
Cisco Systems Inc.
4.45%, 01/15/20		800		907,171
4.95%, 02/15/19		550		638,728
5.50%, 02/22/16		797		897,190
5.50%, 01/15/40		450		530,161
5.90%, 02/15/39		725		885,995
Corning Inc.
5.75%, 08/15/40		350		399,487
Deutsche Telekom International Finance BV
4.88%, 07/08/14		750		783,425
6.75%, 08/20/18		1,000		1,227,688
8.75%, 06/15/30		471		680,105
Embarq Corp.
8.00%, 06/01/36		250		270,934
France Telecom SA
2.75%, 09/14/16		750		778,600
4.13%, 09/14/21		400		420,178
4.38%, 07/08/14		400		414,960
5.38%, 07/08/19		300		345,811
5.38%, 01/13/42		350		371,393
8.50%, 03/01/31		420		599,066
Harris Corp.
4.40%, 12/15/20		200		212,377
6.38%, 06/15/19		100		116,721
Juniper Networks Inc.
3.10%, 03/15/16		50		52,170
4.60%, 03/15/21		250		262,328
5.95%, 03/15/41		50		53,240
Motorola Solutions Inc.
3.50%, 03/01/23		750		731,174
3.75%, 05/15/22a		500		501,501
New Cingular Wireless Services Inc.
8.75%, 03/01/31		250		387,445
Qwest Corp.
6.75%, 12/01/21		150		172,933
6.88%, 09/15/33 (Call 08/02/13)		57		57,285

Security	Principal (000s)		Value
Rogers Communications Inc.
6.80%, 08/15/18	$	850	$	1,037,466
Rogers Wireless Inc.
6.38%, 03/01/14		171		178,134
Royal KPN NV
8.38%, 10/01/30		250		323,265
Telecom Italia Capital SA
4.95%, 09/30/14		500		523,000
5.25%, 10/01/15		275		294,586
6.18%, 06/18/14		250		262,625
7.18%, 06/18/19		950		1,115,128
7.72%, 06/04/38		700		753,803
Telefonica Emisiones SAU
3.19%, 04/27/18		1,250		1,255,278
3.73%, 04/27/15		150		155,181
3.99%, 02/16/16		450		470,415
4.57%, 04/27/23		500		498,401
4.95%, 01/15/15		200		209,775
5.46%, 02/16/21		900		967,319
5.88%, 07/15/19		250		278,862
6.42%, 06/20/16		500		558,759
Telefonica Europe BV
8.25%, 09/15/30		570		707,318
Verizon Communications Inc.
1.25%, 11/03/14		350		353,681
2.00%, 11/01/16		500		513,268
2.45%, 11/01/22 (Call 08/01/22)		1,000		933,202
3.00%, 04/01/16		400		421,086
3.50%, 11/01/21		2,334		2,400,887
3.85%, 11/01/42 (Call 05/01/42)		1,750		1,503,699
4.60%, 04/01/21		950		1,052,568
4.75%, 11/01/41		450		443,631
5.55%, 02/15/16		570		637,832
5.85%, 09/15/35		480		541,951
6.00%, 04/01/41		450		526,868
6.10%, 04/15/18		520		622,548
6.40%, 02/15/38		500		605,751
7.75%, 12/01/30		475		640,193
8.75%, 11/01/18		640		851,077
Virgin Media Secured Finance PLC
5.25%, 01/15/21		350		365,750
Vodafone Group PLC
1.50%, 02/19/18		900		888,713
2.50%, 09/26/22		250		233,484
2.95%, 02/19/23		1,000		962,184
4.15%, 06/10/14		600		621,375
5.00%, 12/16/13		497		508,926
5.45%, 06/10/19		950		1,114,648
5.63%, 02/27/17		150		171,188
5.75%, 03/15/16		457		514,462
6.15%, 02/27/37		1,150		1,364,423
				67,113,727
TEXTILES — 0.04%
Cintas Corp. No. 2
2.85%, 06/01/16		350		360,326
Mohawk Industries Inc.
3.85%, 02/01/23 (Call 11/01/22)		250		252,756
				613,082

102

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
TOYS, GAMES & HOBBIES — 0.04%
Mattel Inc.
2.50%, 11/01/16	$	100	$	103,981
3.15%, 03/15/23 (Call 12/15/22)		275		271,333
4.35%, 10/01/20		100		108,071
				483,385
TRANSPORTATION — 1.34%
Burlington Northern Santa Fe Corp.
3.05%, 03/15/22 (Call 12/15/21)		550		552,050
3.45%, 09/15/21 (Call 06/15/21)a		678		706,537
4.45%, 03/15/43 (Call 09/15/42)		500		494,112
5.75%, 05/01/40 (Call 11/01/39)		750		871,934
6.15%, 05/01/37		399		485,350
Canadian National Railway Co.
1.45%, 12/15/16 (Call 11/15/16)		150		152,054
5.55%, 03/01/19		300		356,640
6.38%, 11/15/37		750		996,166
Canadian Pacific Railway Co.
5.95%, 05/15/37		250		292,164
7.13%, 10/15/31		500		639,973
CSX Corp.
3.70%, 10/30/20 (Call 07/30/20)		200		214,837
4.10%, 03/15/44 (Call 09/15/43)		500		459,643
4.25%, 06/01/21 (Call 03/01/21)		50		54,911
6.15%, 05/01/37		300		359,057
6.22%, 04/30/40		500		605,592
6.25%, 04/01/15		750		823,410
7.38%, 02/01/19		250		314,338
FedEx Corp.
2.63%, 08/01/22		900		868,883
8.00%, 01/15/19a		250		319,303
Norfolk Southern Corp.
3.00%, 04/01/22 (Call 01/01/22)		500		500,746
4.84%, 10/01/41		503		526,492
5.90%, 06/15/19		950		1,146,063
7.70%, 05/15/17		700		863,690
Ryder System Inc.
2.50%, 03/01/17 (Call 02/01/17)a		200		201,761
2.50%, 03/01/18 (Call 02/01/18)		200		202,929
3.15%, 03/02/15		200		205,485
3.50%, 06/01/17		100		104,373
3.60%, 03/01/16		300		312,736
Union Pacific Corp.
4.16%, 07/15/22 (Call 04/15/22)		800		877,879
5.78%, 07/15/40a		1,000		1,213,277
United Parcel Service Inc.
2.45%, 10/01/22		1,000		966,593
5.13%, 04/01/19		925		1,089,060
6.20%, 01/15/38		400		522,595
				18,300,633
TRUCKING & LEASING — 0.03%
GATX Corp.
3.50%, 07/15/16		250		259,944
4.85%, 06/01/21		200		211,399
				471,343

Security	Principal (000s)		Value
WATER — 0.06%
American Water Capital Corp.
6.59%, 10/15/37	$	400	$	516,635
Veolia Environnement SA
6.00%, 06/01/18a		300		348,580
				865,215
TOTAL CORPORATE BONDS & NOTES (Cost: $1,099,955,828)				1,152,608,258
FOREIGN AGENCY OBLIGATIONSf — 5.15%
BRAZIL — 0.45%
Petrobras International Finance Co.
2.88%, 02/06/15		750		763,817
3.50%, 02/06/17		1,050		1,079,282
3.88%, 01/27/16		1,050		1,096,354
5.38%, 01/27/21		650		689,467
5.75%, 01/20/20		250		272,829
5.88%, 03/01/18		684		765,655
6.75%, 01/27/41		750		799,808
6.88%, 01/20/40		250		270,396
7.88%, 03/15/19		400		482,841
				6,220,449
CANADA — 1.66%
British Columbia (Province of)
1.20%, 04/25/17a		500		505,940
2.65%, 09/22/21		600		615,537
7.25%, 09/01/36		700		1,079,033
Export Development Canada
0.50%, 09/15/15		500		500,532
3.13%, 04/24/14a		1,150		1,177,968
Hydro-Quebec
1.38%, 06/19/17		600		606,701
2.00%, 06/30/16		600		621,626
8.05%, 07/07/24		885		1,266,862
Manitoba (Province of)
4.90%, 12/06/16		150		170,961
Nova Scotia (Province of)
2.38%, 07/21/15		450		467,254
5.13%, 01/26/17		250		285,462
Ontario (Province of)
1.10%, 10/25/17		900		894,655
1.20%, 02/14/18a		1,250		1,241,066
1.60%, 09/21/16		2,750		2,816,074
2.30%, 05/10/16		750		783,560
2.95%, 02/05/15		1,500		1,562,001
4.00%, 10/07/19		800		898,295
4.10%, 06/16/14		1,080		1,122,268
4.40%, 04/14/20a		750		859,784
4.95%, 11/28/16a		1,000		1,139,708
Quebec (Province of)
2.75%, 08/25/21		750		763,845
3.50%, 07/29/20		650		705,384
4.60%, 05/26/15		350		378,367
5.00%, 03/01/16		570		636,746
5.13%, 11/14/16a		188		215,098

103

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
7.50%, 09/15/29	$	920	$	1,335,634
				22,650,361
COLOMBIA — 0.04%
Ecopetrol SA
7.63%, 07/23/19a		500		610,250
				610,250
JAPAN — 0.24%
Japan Finance Corp.
2.50%, 01/21/16		300		314,496
2.50%, 05/18/16		800		841,559
2.88%, 02/02/15		900		935,612
Japan Finance Organization for Municipalities
4.00%, 01/13/21		500		563,431
5.00%, 05/16/17		500		573,603
				3,228,701
MEXICO — 0.71%
Pemex Project Funding Master Trust
5.75%, 03/01/18		450		513,000
6.63%, 06/15/35		380		431,300
Petroleos Mexicanos
3.50%, 01/30/23a,e		3,000		2,880,000
4.88%, 03/15/15		750		787,500
4.88%, 03/15/15e		500		527,250
4.88%, 01/24/22		1,600		1,712,000
5.50%, 01/21/21		1,350		1,518,750
6.50%, 06/02/41		900		1,017,000
8.00%, 05/03/19		200		250,000
				9,636,800
NETHERLANDS — 0.21%
Petrobras Global Finance BV
4.38%, 05/20/23		2,000		1,939,393
5.63%, 05/20/43		1,000		938,624
				2,878,017
SOUTH KOREA — 0.43%
Export-Import Bank of Korea (The)
4.00%, 01/11/17		1,000		1,067,588
4.13%, 09/09/15		1,000		1,057,558
5.00%, 04/11/22		500		550,287
5.13%, 06/29/20		1,000		1,123,718
Korea Development Bank (The)
1.50%, 01/22/18a		500		483,164
3.88%, 05/04/17		1,000		1,061,551
4.38%, 08/10/15		500		530,571
				5,874,437
SUPRANATIONAL — 1.41%
Asian Development Bank
0.50%, 06/20/16		750		748,230
1.13%, 03/15/17		1,800		1,822,523
1.75%, 03/21/19		2,250		2,296,416
1.88%, 10/23/18		1,750		1,803,655

Security	Principal (000s)		Value
2.50%, 03/15/16	$	1,000	$	1,053,192
2.75%, 05/21/14		505		517,123
Inter-American Development Bank
0.88%, 03/15/18		900		890,629
1.13%, 03/15/17		2,250		2,277,312
1.38%, 10/18/16		1,000		1,022,870
2.25%, 07/15/15		1,400		1,452,982
3.88%, 02/14/20		1,450		1,649,761
5.13%, 09/13/16		855		977,455
Svensk Exportkredit AB
1.13%, 04/05/18		900		889,068
3.25%, 09/16/14		500		518,610
5.13%, 03/01/17		1,121		1,289,112
				19,208,938
TOTAL FOREIGN AGENCY OBLIGATIONS (Cost: $68,618,522)				70,307,953
FOREIGN GOVERNMENT OBLIGATIONSf — 5.45%
BRAZIL — 1.00%
Brazil (Federative Republic of)
2.63%, 01/05/23a		2,100		1,958,250
4.88%, 01/22/21a		1,600		1,800,000
5.88%, 01/15/19		1,350		1,583,550
6.00%, 01/17/17		1,250		1,426,875
7.13%, 01/20/37		1,507		1,974,170
7.88%, 03/07/15		350		392,000
8.00%, 01/15/18a		671		771,139
8.25%, 01/20/34a		500		726,250
8.75%, 02/04/25a		900		1,341,000
10.13%, 05/15/27a		850		1,411,000
11.00%, 08/17/40 (Call 08/17/15)		207		248,917
				13,633,151
CANADA — 0.11%
Canada (Government of)
0.88%, 02/14/17		1,000		1,004,276
2.38%, 09/10/14		500		513,410
				1,517,686
CHILE — 0.16%
Chile (Republic of)
3.25%, 09/14/21		1,800		1,867,500
3.88%, 08/05/20		250		270,625
				2,138,125
COLOMBIA — 0.40%
Colombia (Republic of)
2.63%, 03/15/23 (Call 12/15/22)		500		465,000
4.38%, 07/12/21		2,000		2,190,000
6.13%, 01/18/41		500		602,500
7.38%, 03/18/19		750		945,000
7.38%, 09/18/37		750		1,029,375
8.25%, 12/22/14		200		221,000
				5,452,875

104

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
ISRAEL — 0.13%
Israel (State of)
4.50%, 01/30/43	$	500	$	475,000
5.13%, 03/26/19a		1,080		1,248,750
				1,723,750
ITALY — 0.41%
Italy (Republic of)
3.13%, 01/26/15		450		462,074
4.50%, 01/21/15		1,500		1,573,062
5.25%, 09/20/16		1,350		1,470,740
5.38%, 06/15/33		500		513,829
6.88%, 09/27/23		1,350		1,604,868
				5,624,573
JAPAN — 0.07%
Japan (Government of)
1.13%, 07/19/17		1,000		998,449
				998,449
MEXICO — 0.84%
United Mexican States
3.63%, 03/15/22a		1,000		1,030,000
4.75%, 03/08/44		600		598,500
5.13%, 01/15/20		1,300		1,488,500
5.63%, 01/15/17		1,300		1,475,500
5.95%, 03/19/19		655		777,813
6.05%, 01/11/40		1,900		2,275,250
6.75%, 09/27/34		1,550		2,007,250
7.50%, 04/08/33		945		1,323,000
11.38%, 09/15/16a		400		526,000
				11,501,813
PANAMA — 0.21%
Panama (Republic of)
6.70%, 01/26/36		1,000		1,300,000
7.13%, 01/29/26		800		1,048,000
7.25%, 03/15/15		500		553,750
				2,901,750
PERU — 0.25%
Peru (Republic of)
5.63%, 11/18/50		350		400,750
6.55%, 03/14/37		250		320,625
7.13%, 03/30/19		500		625,000
7.35%, 07/21/25a		700		946,750
8.38%, 05/03/16		250		296,875
8.75%, 11/21/33		500		785,000
				3,375,000
PHILIPPINES — 0.52%
Philippines (Republic of the)
4.00%, 01/15/21		3,000		3,255,000

Security	Principal (000s)		Value
6.38%, 10/23/34	$	3,000	$	3,840,000
				7,095,000
POLAND — 0.31%
Poland (Republic of)
3.88%, 07/16/15		600		632,100
5.00%, 10/19/15		150		162,075
5.00%, 03/23/22		1,000		1,132,540
5.13%, 04/21/21		600		678,000
6.38%, 07/15/19		1,350		1,625,062
				4,229,777
SOUTH AFRICA — 0.18%
South Africa (Republic of)
4.67%, 01/17/24a		700		726,250
5.50%, 03/09/20		600		670,500
6.50%, 06/02/14		400		419,880
6.88%, 05/27/19		500		598,125
				2,414,755
SOUTH KOREA — 0.15%
Korea (Republic of)
4.88%, 09/22/14		600		629,680
5.75%, 04/16/14		500		519,840
7.13%, 04/16/19		750		946,918
				2,096,438
TURKEY — 0.71%
Turkey (Republic of)
3.25%, 03/23/23		4,000		3,920,000
4.88%, 04/16/43		3,500		3,430,000
6.75%, 04/03/18		2,000		2,390,000
				9,740,000
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $72,406,164)				74,443,142
MUNICIPAL DEBT OBLIGATIONS — 3.47%
ARIZONA — 0.02%
Salt River Project Agricultural Improvement & Power District RB Electric Power & Light Revenues BAB
4.84%, 01/01/41		250		278,533
				278,533
CALIFORNIA — 1.15%
Bay Area Toll Authority RB Highway Revenue Tolls BAB
6.26%, 04/01/49		750		998,445
Series S1
7.04%, 04/01/50		300		413,802
County of Sonoma RB Miscellaneous Revenue Series A
6.00%, 12/01/29 (GTD)		250		284,185
East Bay Municipal Utility District RB Water Revenue BAB Series B
5.87%, 06/01/40		180		227,615

105

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Los Angeles Community College District GO BAB
6.75%, 08/01/49	$	500	$	699,200
Los Angeles County Metropolitan Transportation Authority RB Sales Tax Revenue BAB
Series A
5.74%, 06/01/39		60		72,531
Los Angeles County Public Works Financing Authority RB Lease Abatement BAB
7.49%, 08/01/33		500		630,945
Los Angeles Department of Water & Power RB Electric Power & Light Revenues BAB
6.57%, 07/01/45		450		620,505
Los Angeles Department of Water & Power RB Water Revenue BAB
6.60%, 07/01/50		165		234,161
Los Angeles Unified School District GO BAB
5.75%, 07/01/34		450		543,218
6.76%, 07/01/34		500		666,620
Los Angeles Unified School District GO BAB
Orange County Local Transportation Authority RB Sales Tax Revenue
Series A
6.91%, 02/15/41		250		339,175
San Diego County Regional Transportation Commission RB Sales Tax Revenue BAB
5.91%, 04/01/48		150		190,470
San Diego County Water Authority RB Water Revenue BAB
6.14%, 05/01/49		500		643,480
San Francisco City & County Public Utilities Commission RB Water Revenue BAB
6.00%, 11/01/40		350		427,805
Santa Clara Valley Transportation Authority RB Sales Tax Revenue BAB
5.88%, 04/01/32		300		356,193
State of California GO
5.45%, 04/01/15		750		813,668
6.20%, 03/01/19		400		484,440
State of California GO BAB
5.70%, 11/01/21		200		239,322
7.50%, 04/01/34		1,750		2,429,228
7.55%, 04/01/39		1,095		1,566,189
7.60%, 11/01/40a		940		1,364,231
7.70%, 11/01/30 (Call 11/01/20)		100		122,831
University of California Regents RB College & University Revenue BAB
5.77%, 05/15/43		700		840,266
5.95%, 05/15/45		200		238,220
University of California Regents RB Medical Center Pooled Revenue
6.55%, 05/15/48		250		326,060
				15,772,805
COLORADO — 0.01%
Colorado Department of Transportation RB Bridge Enterprise Revenue
Series A
6.08%, 12/01/40		100		124,561
				124,561
CONNECTICUT — 0.04%
State of Connecticut GO
Series A
5.85%, 03/15/32		500		611,215
				611,215
GEORGIA — 0.07%
Municipal Electric Authority of Georgia RB Electric Power & Light Revenues BAB
Project J,
Series 2010A
6.64%, 04/01/57		500		567,860
Project M, Series 2010A

Security	Principal (000s)		Value
6.66%, 04/01/57	$	200	$	224,458
State of Georgia GO
Series H
4.50%, 11/01/25		100		114,583
				906,901
ILLINOIS — 0.53%
Chicago Board of Education GO BAB
Series E
6.14%, 12/01/39		175		189,061
Chicago Transit Authority RB Sales Tax Revenue
Series A
6.90%, 12/01/40		690		850,756
City of Chicago GO
Series C
7.78%, 01/01/35		200		257,994
City of Chicago RB Sewer Revenue
Series B
6.90%, 01/01/40		105		134,606
City of Chicago RB Water Revenue BAB
Series B
6.74%, 11/01/40		50		66,478
Metropolitan Water Reclamation District of Greater Chicago GOL
5.72%, 12/01/38		200		251,694
State of Illinois GO
4.07%, 01/01/14		500		508,970
4.42%, 01/01/15		1,000		1,049,370
5.10%, 06/01/33		1,750		1,755,827
5.37%, 03/01/17		250		274,748
5.88%, 03/01/19		450		511,465
State of Illinois GO BAB
Series 3
6.73%, 04/01/35		100		115,024
Series 5
7.35%, 07/01/35		1,100		1,335,895
				7,301,888
MASSACHUSETTS — 0.08%
Commonwealth of Massachusetts GO BAB
Series E
4.20%, 12/01/21		235		265,538
Commonwealth of Massachusetts GOL BAB
Series D
4.50%, 08/01/31		480		517,469
Commonwealth of Massachusetts RB Fuel Sales Tax Revenue
Series A
5.73%, 06/01/40		100		126,957
Massachusetts School Building Authority RB Dedicated Sales Tax Revenue BAB
5.72%, 08/15/39		205		252,025
				1,161,989
MISSISSIPPI — 0.01%
State of Mississippi GO
5.25%, 11/01/34		100		113,462
				113,462

106

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
MISSOURI — 0.05%
University of Missouri Curators RB College & University Revenue BAB
5.79%, 11/01/41	$	500	$	631,195
				631,195
NEVADA — 0.03%
Clark County RB Port Airport & Marina Revenue BAB
Series C
6.82%, 07/01/45		250		350,148
				350,148
NEW JERSEY — 0.28%
New Jersey Economic Development Authority RB Lease Appropriation
Series B
0.00%, 02/15/20 (AGM)		300		244,026
0.00%, 02/15/23 (AGM)		300		202,116
0.00%, 02/15/24 (AGM)		250		157,370
New Jersey Economic Development Authority RB Miscellaneous Revenue
Series A
7.43%, 02/15/29 (NPFGC)		700		899,388
New Jersey State Turnpike Authority RB Highway Revenue Tolls BAB
7.10%, 01/01/41		422		590,817
New Jersey State Turnpike Authority RB Miscellaneous Revenue BAB
Series F
7.41%, 01/01/40		685		991,085
New Jersey Transportation Trust Fund Authority RB Transit Revenue BAB
Series C
5.75%, 12/15/28		250		291,685
6.10%, 12/15/28 (Call 12/15/20)		250		289,810
Rutgers - State University of New Jersey RB College & University Revenue BAB
5.67%, 05/01/40		100		120,012
				3,786,309
NEW YORK — 0.50%
Metropolitan Transportation Authority RB Transit Revenue BAB
7.34%, 11/15/39		250		361,930
Series C-1
6.69%, 11/15/40		300		386,439
Series E
6.81%, 11/15/40		250		326,200
New York City Municipal Water Finance Authority RB Water Revenue BAB
5.44%, 06/15/43		500		593,200
5.72%, 06/15/42		550		677,550
New York City Transitional Finance Authority RB Sales Tax Revenue BAB
5.51%, 08/01/37		500		609,455
New York State Dormitory Authority RB State Personal Income Tax Revenue BAB
5.63%, 03/15/39		250		302,058
Series H
5.43%, 03/15/39		300		356,220
New York State Urban Development Corp. RB State Personal Income Tax BAB
5.77%, 03/15/39		500		604,525
Port Authority of New York & New Jersey RB Port Airport & Marina Revenue
4.46%, 10/01/62		250		243,950
4.93%, 10/01/51 (GOI)		250		272,508
5.86%, 12/01/24 (GOI)		400		504,700
6.04%, 12/01/29 (GOI)		500		637,930
State of New York GO BAB
5.85%, 06/01/40		500		628,120

Security	Principal (000s)		Value
5.97%, 03/01/36	$	250	$	313,812
				6,818,597
OHIO — 0.10%
American Municipal Power Ohio Inc. RB Electric Power & Light Revenues BAB
7.50%, 02/15/50		570		769,831
8.08%, 02/15/50		100		146,021
Series E
6.27%, 02/15/50		100		114,949
Northeast Ohio Regional Sewer District RB Sewer Revenue BAB
6.04%, 11/15/40 (Call 11/15/20)		100		115,131
Ohio State University (The) RB General Receipts Revenue BAB
4.91%, 06/01/40		250		276,522
				1,422,454
OREGON — 0.10%
Oregon State Department of Transportation RB Fuel Sales Tax Revenue
Series 2010A
5.83%, 11/15/34		500		633,325
State of Oregon GO
5.76%, 06/01/23		350		425,953
5.89%, 06/01/27		200		250,310
				1,309,588
PENNSYLVANIA — 0.05%
Commonwealth of Pennsylvania GO BAB
Series B
4.65%, 02/15/26		300		338,544
Pennsylvania Turnpike Commission RB Highway Revenue Tolls BAB
Series B
5.51%, 12/01/45		250		290,728
				629,272
TEXAS — 0.31%
City of Houston GOL
Series A
6.29%, 03/01/32		400		497,272
City of San Antonio RB Electric Power & Light Revenues BAB
5.72%, 02/01/41		400		505,048
Dallas Area Rapid Transit RB Sales Tax Revenue BAB
6.00%, 12/01/44		500		649,670
Dallas County Hospital District GOL BAB
Series C
5.62%, 08/15/44		100		124,135
North Texas Tollway Authority RB Revenue BAB
6.72%, 01/01/49		450		603,373
State of Texas GO BAB
5.52%, 04/01/39		500		612,080
Texas State Transportation Commission RB Highway Revenue Tolls BAB
Series B
5.03%, 04/01/26		300		359,817
5.18%, 04/01/30		250		297,648
University of Texas System Board of Regents RB College & University Revenue
Series B
6.28%, 08/15/41 (Call 08/15/19)		500		579,790
				4,228,833

107

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CREDIT BOND ETF

May 31, 2013

Security	Principal or Shares (000s)		Value
UTAH — 0.06%
State of Utah GO BAB
Series D
4.55%, 07/01/24	$	750	$	869,010
				869,010
WASHINGTON — 0.07%
State of Washington GO BAB
Series D
5.48%, 08/01/39		250		301,032
Washington State Convention Center Public Facilities District RB Hotel Occupancy Tax
6.79%, 07/01/40		500		605,020
				906,052
WISCONSIN — 0.01%
State of Wisconsin RB General Fund
Series A
5.70%, 05/01/26 (AGM)		125		152,525
				152,525
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $41,851,145)				47,375,337
SHORT-TERM INVESTMENTS — 5.42%
MONEY MARKET FUNDS — 5.42%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%d,g,h		58,882		58,881,520
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%d,g,h		6,148		6,147,690
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,g		8,911		8,910,897
				73,940,107
TOTAL SHORT-TERM INVESTMENTS
(Cost: $73,940,107)				73,940,107
TOTAL INVESTMENTS IN SECURITIES — 103.92%
(Cost: $1,356,771,766)				1,418,674,797
Other Assets, Less Liabilities — (3.92)%				(53,571,215	)
NET ASSETS — 100.00%			$	1,365,103,582

AGM  —  Assured Guaranty Municipal Corp.

BAB  —  Build America Bond

CPO    —  Certificates of Participation (Ordinary)

GO  —  General Obligation

GOI  —  General Obligation of the Issuer

GOL  —  General Obligation Limited

GTD  —  Guaranteed by the Commonwealth, County or State

RB  —  Revenue Bond

Insured by:

NPFGC  —  National Public Finance Guarantee Corp.

^a  All or a portion of this security represents a security on loan. See Note 3.

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

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

^d  Affiliated issuer. See Note 2.

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

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

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

^h  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

108

Schedule of Investments  (Unaudited)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 33.99%
ADVERTISING — 0.10%
Omnicom Group Inc.
3.63%, 05/01/22	$	75	$	75,367
WPP Finance 2010
4.75%, 11/21/21		100		106,601
				181,968
AEROSPACE & DEFENSE — 0.47%
Boeing Co. (The)
5.00%, 03/15/14		200		206,928
Lockheed Martin Corp.
4.07%, 12/15/42		115		104,999
Northrop Grumman Corp.
3.50%, 03/15/21		75		78,434
Raytheon Co.
3.13%, 10/15/20		100		103,499
4.88%, 10/15/40		50		53,408
United Technologies Corp.
1.80%, 06/01/17		100		101,950
3.10%, 06/01/22		100		101,971
6.05%, 06/01/36		101		125,938
				877,127
AGRICULTURE — 0.49%
Altria Group Inc.
10.20%, 02/06/39		130		207,075
Archer-Daniels-Midland Co.
5.38%, 09/15/35		61		66,717
Bunge Ltd. Finance Corp.
3.20%, 06/15/17		100		103,524
Lorillard Tobacco Co.
2.30%, 08/21/17		100		100,393
6.88%, 05/01/20		100		119,755
Philip Morris International Inc.
2.50%, 08/22/22		100		95,837
5.65%, 05/16/18		140		166,323
Reynolds American Inc.
7.25%, 06/15/37		51		62,964
				922,588
AIRLINES — 0.05%
Continental Airlines Inc. 2010-1A Pass Through Trust
Class A
4.75%, 07/12/22a		46		50,600
Delta Air Lines Inc. 2010-2A Pass Through Trust Class A
4.95%, 11/23/20a		41		45,018
				95,618

Security	Principal (000s)		Value
AUTO MANUFACTURERS — 0.14%
Daimler Finance North America LLC
6.50%, 11/15/13	$	154	$	158,026
Ford Motor Co.
7.45%, 07/16/31		75		94,730
				252,756
AUTO PARTS & EQUIPMENT — 0.03%
Johnson Controls Inc.
4.25%, 03/01/21		50		53,896
				53,896
BANKS — 6.36%
Bank of America Corp.
3.63%, 03/17/16		100		105,497
5.00%, 05/13/21		200		221,976
5.42%, 03/15/17		200		220,231
5.65%, 05/01/18		150		171,743
5.70%, 01/24/22		50		57,499
5.75%, 12/01/17		100		114,447
7.38%, 05/15/14		100		106,219
Bank of Montreal
2.50%, 01/11/17		100		103,329
Bank of New York Mellon Corp. (The)
1.20%, 02/20/15 (Call 01/20/15)		100		100,882
4.30%, 05/15/14		130		134,885
Bank of Nova Scotia
3.40%, 01/22/15		100		104,220
4.38%, 01/13/21		50		55,766
Barclays Bank PLC
5.20%, 07/10/14		250		262,320
BB&T Corp.
6.85%, 04/30/19		124		153,878
BNP Paribas SA
3.25%, 03/11/15		100		103,654
5.00%, 01/15/21		100		110,589
Canadian Imperial Bank of Commerce
1.55%, 01/23/18 (Call 12/23/17)		100		99,031
Citigroup Inc.
4.50%, 01/14/22a		200		217,712
5.00%, 09/15/14		250		261,758
6.00%, 10/31/33		127		134,051
6.13%, 11/21/17		190		222,054
8.50%, 05/22/19		170		224,089
Comerica Inc.
3.00%, 09/16/15		50		52,368
Credit Suisse New York
5.30%, 08/13/19		100		115,997
Deutsche Bank AG London
6.00%, 09/01/17		132		154,651
Fifth Third Bancorp
3.63%, 01/25/16		100		106,158
Goldman Sachs Group Inc. (The)
3.63%, 02/07/16		75		79,267
5.00%, 10/01/14		143		150,738
5.25%, 07/27/21		200		223,731
6.00%, 05/01/14		150		157,241
6.15%, 04/01/18		100		116,525
6.75%, 10/01/37		221		240,790

109

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
HSBC Holdings PLC
5.10%, 04/05/21	$	100	$	115,029
6.10%, 01/14/42		100		125,374
6.50%, 05/02/36		102		122,855
HSBC USA Inc.
2.38%, 02/13/15		100		102,728
J.P. Morgan Chase & Co.
1.80%, 01/25/18		250		248,358
4.25%, 10/15/20		200		215,594
4.35%, 08/15/21		100		107,787
4.40%, 07/22/20		100		108,869
5.60%, 07/15/41		225		258,648
KeyCorp
5.10%, 03/24/21		100		113,705
KfW
0.50%, 04/19/16		250		249,072
0.63%, 04/24/15		100		100,410
2.63%, 01/25/22		200		206,654
2.75%, 09/08/20		300		317,568
5.13%, 03/14/16		605		679,609
Landwirtschaftliche Rentenbank Series G
5.00%, 11/08/16		202		230,528
Lloyds TSB Bank PLC
4.20%, 03/28/17		100		108,915
Morgan Stanley
4.75%, 03/22/17		100		109,079
5.50%, 07/24/20		300		339,457
5.75%, 10/18/16		355		397,621
6.00%, 04/28/15		100		108,518
6.38%, 07/24/42		50		59,256
National City Corp.
4.90%, 01/15/15		170		180,906
Northern Trust Corp.
2.38%, 08/02/22		100		95,719
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)b		100		101,053
Rabobank Nederland
3.88%, 02/08/22		150		155,771
Royal Bank of Canada
2.30%, 07/20/16		100		103,736
Royal Bank of Scotland Group PLC
5.63%, 08/24/20		100		114,564
6.13%, 01/11/21		100		117,474
Toronto-Dominion Bank (The)
2.38%, 10/19/16		100		104,037
UBS AG Stamford
5.88%, 12/20/17		250		293,761
UnionBanCal Corp.
3.50%, 06/18/22		50		50,541
US Bank N.A.
4.80%, 04/15/15		184		196,555
Wachovia Corp./Wells Fargo & Co.
5.75%, 06/15/17		255		294,086
Wells Fargo & Co.
1.25%, 02/13/15		200		201,663
5.63%, 12/11/17		200		232,191
Series M
3.45%, 02/13/23		300		292,962
Westpac Banking Corp.
1.60%, 01/12/18a		100		100,229

Security	Principal (000s)		Value
4.20%, 02/27/15	$	125	$	132,644
				11,876,822
BEVERAGES — 0.75%
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22		100		96,033
4.13%, 01/15/15		190		200,427
7.75%, 01/15/19		100		129,616
8.20%, 01/15/39		75		114,589
Coca-Cola Co. (The)
0.75%, 03/13/15		50		50,260
3.30%, 09/01/21		150		158,203
Diageo Capital PLC
5.88%, 09/30/36		81		97,351
Dr Pepper Snapple Group Inc.
2.90%, 01/15/16		50		52,247
Molson Coors Brewing Co.
3.50%, 05/01/22a		100		101,222
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		101		134,144
PepsiCo Inc.
0.75%, 03/05/15		50		50,169
1.25%, 08/13/17		100		99,195
7.90%, 11/01/18		90		117,678
				1,401,134
BIOTECHNOLOGY — 0.24%
Amgen Inc.
2.13%, 05/15/17		75		76,653
3.63%, 05/15/22 (Call 02/15/22)		50		52,262
5.15%, 11/15/41 (Call 05/15/41)		100		105,528
5.70%, 02/01/19		140		165,572
Gilead Sciences Inc.
4.40%, 12/01/21 (Call 09/01/21)		50		55,237
				455,252
BUILDING MATERIALS — 0.16%
CRH America Inc.
5.30%, 10/15/13		202		205,381
Owens Corning Inc.
4.20%, 12/15/22 (Call 09/15/22)		100		101,490
				306,871
CHEMICALS — 0.64%
Agrium Inc.
3.50%, 06/01/23		25		24,874
Airgas Inc.
2.38%, 02/15/20 (Call 01/15/20)		100		97,993
CF Industries Inc.
7.13%, 05/01/20		50		61,983
Dow Chemical Co. (The)
4.13%, 11/15/21 (Call 08/15/21)		50		53,241
4.25%, 11/15/20 (Call 08/15/20)		100		109,062
5.25%, 11/15/41 (Call 05/15/41)		100		106,054
E.I. du Pont de Nemours and Co.
4.25%, 04/01/21		50		55,811
5.25%, 12/15/16		181		207,308

110

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Eastman Chemical Co.
3.00%, 12/15/15	$	50	$	52,441
Ecolab Inc.
3.00%, 12/08/16		100		106,132
Monsanto Co.
2.75%, 04/15/16		50		52,653
Potash Corp. of Saskatchewan Inc.
3.25%, 12/01/17		50		53,385
5.63%, 12/01/40		50		56,745
PPG Industries Inc.
3.60%, 11/15/20		50		52,916
Praxair Inc.
2.45%, 02/15/22 (Call 11/15/21)		100		97,310
				1,187,908
COMMERCIAL SERVICES — 0.10%
ADT Corp. (The)
3.50%, 07/15/22		75		72,377
Western Union Co. (The)
5.25%, 04/01/20		108		114,951
				187,328
COMPUTERS — 0.53%
Apple Inc.
3.85%, 05/04/43		50		46,136
Computer Sciences Corp.
4.45%, 09/15/22a		50		51,689
Dell Inc.
4.63%, 04/01/21a		100		99,000
Hewlett-Packard Co.
4.05%, 09/15/22		100		99,154
4.75%, 06/02/14		175		181,430
6.00%, 09/15/41		50		50,390
International Business Machines Corp.
0.75%, 05/11/15		100		100,470
2.90%, 11/01/21		125		126,304
4.00%, 06/20/42		106		103,469
5.60%, 11/30/39		6		7,344
5.70%, 09/14/17		100		117,742
				983,128
COSMETICS & PERSONAL CARE — 0.17%
Colgate-Palmolive Co.
1.30%, 01/15/17		100		100,643
Procter & Gamble Co. (The)
1.80%, 11/15/15		150		154,542
5.55%, 03/05/37		51		62,228
				317,413
DISTRIBUTION & WHOLESALE — 0.06%
Arrow Electronics Inc.
5.13%, 03/01/21		50		52,826
Ingram Micro Inc.
5.25%, 09/01/17		50		53,838
				106,664

Security	Principal (000s)		Value
DIVERSIFIED FINANCIAL SERVICES — 2.78%
American Express Co.
4.05%, 12/03/42	$	139	$	125,851
6.80%, 09/01/66 (Call 09/01/16)c		81		88,695
American Express Credit Corp.
2.80%, 09/19/16		100		105,078
Associates Corp. of North America
6.95%, 11/01/18		103		124,929
Bear Stearns Companies Inc. (The)/J.P. Morgan Chase & Co.
5.55%, 01/22/17		100		111,852
5.70%, 11/15/14		302		322,883
Capital One Bank (USA) N.A.
8.80%, 07/15/19		250		333,041
Credit Suisse (USA) Inc.
5.38%, 03/02/16		142		158,189
Discover Financial Services
5.20%, 04/27/22		50		55,007
Ford Motor Credit Co. LLC
5.00%, 05/15/18		200		220,696
7.00%, 04/15/15		150		164,596
8.00%, 12/15/16		100		119,926
General Electric Capital Corp.
1.00%, 01/08/16		100		100,039
2.30%, 04/27/17		175		179,631
4.63%, 01/07/21		50		55,269
5.63%, 09/15/17		403		466,371
5.88%, 01/14/38		132		151,482
Series A
3.75%, 11/14/14		250		260,976
6.75%, 03/15/32		208		259,846
HSBC Finance Corp.
6.68%, 01/15/21		157		185,716
Jefferies Group LLC
5.13%, 01/20/23		25		26,289
8.50%, 07/15/19		87		108,882
John Deere Capital Corp.
1.40%, 03/15/17		100		100,745
3.90%, 07/12/21a		125		135,292
Merrill Lynch & Co. Inc.
6.11%, 01/29/37		100		106,063
6.40%, 08/28/17		278		322,657
National Rural Utilities Cooperative Finance Corp.
1.00%, 02/02/15		50		50,326
3.05%, 02/15/22 (Call 11/15/21)		50		50,972
Nomura Holdings Inc.
4.13%, 01/19/16		100		105,278
ORIX Corp.
3.75%, 03/09/17a		50		52,257
SLM Corp.
7.25%, 01/25/22		50		52,000
Series A
5.38%, 05/15/14		132		135,960
Toyota Motor Credit Corp.
1.00%, 02/17/15		100		100,772
1.25%, 10/05/17		50		49,452
3.30%, 01/12/22		100		102,565
3.40%, 09/15/21		100		104,332
				5,193,915

111

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
ELECTRIC — 2.32%
Alabama Power Co.
4.10%, 01/15/42	$	100	$	96,053
Ameren Illinois Co.
2.70%, 09/01/22 (Call 06/01/22)		100		98,065
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		100		90,341
Consolidated Edison Co. of New York Inc.
5.50%, 12/01/39		100		118,480
Constellation Energy Group Inc.
4.55%, 06/15/15		92		98,272
Consumers Energy Co.
2.85%, 05/15/22 (Call 02/15/22)		200		201,385
Delmarva Power & Light Co.
4.00%, 06/01/42 (Call 12/01/41)		100		97,617
Detroit Edison Co. (The)
3.45%, 10/01/20 (Call 07/01/20)		50		53,367
Dominion Resources Inc.
4.45%, 03/15/21		100		111,396
Series C
4.90%, 08/01/41 (Call 02/01/41)		50		53,406
5.15%, 07/15/15		143		155,566
Duke Energy Corp.
3.55%, 09/15/21 (Call 06/15/21)		100		103,829
Duke Energy Indiana Inc.
6.45%, 04/01/39		50		63,787
Duke Energy Ohio Inc.
5.45%, 04/01/19		100		118,612
Entergy Arkansas Inc.
3.75%, 02/15/21 (Call 11/15/20)		100		106,768
Exelon Corp.
4.90%, 06/15/15		102		109,671
Exelon Generation Co. LLC
4.00%, 10/01/20 (Call 07/01/20)		100		103,684
5.35%, 01/15/14a		152		156,315
FirstEnergy Solutions Corp.
6.80%, 08/15/39		100		113,494
Florida Power & Light Co.
4.05%, 06/01/42 (Call 12/01/41)		100		98,125
5.95%, 02/01/38		94		117,734
Florida Power Corp.
6.40%, 06/15/38		75		96,381
Great Plains Energy Inc.
5.29%, 06/15/22 (Call 03/15/22)a,d		100		110,983
Indiana Michigan Power Co.
7.00%, 03/15/19		134		166,319
Kentucky Utilities Co.
5.13%, 11/01/40 (Call 05/01/40)		50		57,929
LG&E and KU Energy LLC
2.13%, 11/15/15		50		51,230
MidAmerican Energy Holdings Co.
6.13%, 04/01/36		102		122,341
Mississippi Power Co.
2.35%, 10/15/16a		100		104,619
Nevada Power Co.
6.50%, 08/01/18		100		121,991
Nisource Finance Corp.
3.85%, 02/15/23 (Call 11/15/22)		100		101,665
Oncor Electric Delivery Co.
7.00%, 09/01/22		101		129,088
Pacific Gas & Electric Co.

Security	Principal (000s)		Value
4.80%, 03/01/14	$	112	$	115,477
6.05%, 03/01/34		100		123,197
PacifiCorp
4.10%, 02/01/42 (Call 08/01/41)a		100		98,469
Progress Energy Inc.
4.40%, 01/15/21 (Call 10/15/20)		100		109,128
PSEG Power LLC
8.63%, 04/15/31		61		88,386
SCANA Corp.
4.13%, 02/01/22 (Call 11/01/21)		50		51,151
Southern California Edison Co.
4.05%, 03/15/42 (Call 09/15/41)		100		97,962
6.00%, 01/15/34		92		115,250
Southern Power Co.
5.15%, 09/15/41		50		53,809
Xcel Energy Inc.
6.50%, 07/01/36		125		159,772
				4,341,114
ELECTRICAL COMPONENTS & EQUIPMENT — 0.07%
Emerson Electric Co.
4.25%, 11/15/20		110		122,543
				122,543
ELECTRONICS — 0.18%
Honeywell International Inc.
5.00%, 02/15/19		110		128,494
Koninklijke Philips Electronics NV
3.75%, 03/15/22		100		104,649
Thermo Fisher Scientific Inc.
3.15%, 01/15/23 (Call 10/15/22)		50		48,341
3.60%, 08/15/21 (Call 05/15/21)		50		51,032
				332,516
ENGINEERING & CONSTRUCTION — 0.03%
ABB Finance (USA) Inc.
2.88%, 05/08/22		50		49,667
				49,667
ENVIRONMENTAL CONTROL — 0.13%
Republic Services Inc.
5.50%, 09/15/19		75		87,313
Waste Management Inc.
2.60%, 09/01/16		100		104,107
7.00%, 07/15/28		41		52,891
				244,311
FOOD — 0.69%
Campbell Soup Co.
3.05%, 07/15/17		50		52,577
Delhaize Brothers and Co. “The Lion” (Delhaize Group)
4.13%, 04/10/19		100		103,635
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)		100		102,648
H.J. Heinz Co.
2.85%, 03/01/22 (Call 12/01/21)a		100		98,000

112

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Hershey Co. (The)
4.13%, 12/01/20	$	50	$	55,489
Kellogg Co.
4.15%, 11/15/19		130		143,544
Kraft Foods Group Inc.
1.63%, 06/04/15		50		50,763
5.00%, 06/04/42		50		52,428
Kroger Co. (The)
5.00%, 04/15/42 (Call 10/15/41)		50		51,209
Mondelez International Inc.
6.13%, 02/01/18		200		236,106
6.50%, 02/09/40		125		156,954
Safeway Inc.
3.95%, 08/15/20a		50		51,131
Unilever Capital Corp.
5.90%, 11/15/32		102		132,061
				1,286,545
FOREST PRODUCTS & PAPER — 0.16%
Georgia-Pacific LLC
8.00%, 01/15/24		50		67,790
International Paper Co.
7.30%, 11/15/39		100		131,539
Plum Creek Timberlands LP
3.25%, 03/15/23 (Call 12/15/22)		100		94,670
				293,999
GAS — 0.17%
AGL Capital Corp.
5.88%, 03/15/41 (Call 09/15/40)		100		118,782
Sempra Energy
6.00%, 10/15/39		55		66,768
9.80%, 02/15/19		100		137,954
				323,504
HEALTH CARE — PRODUCTS — 0.37%
Baxter International Inc.
1.85%, 01/15/17		200		202,825
Boston Scientific Corp.
6.00%, 01/15/20		50		58,098
6.40%, 06/15/16		100		113,528
Covidien International Finance SA
4.20%, 06/15/20		100		110,162
Medtronic Inc.
3.13%, 03/15/22 (Call 12/15/21)		50		51,188
4.50%, 03/15/42 (Call 09/15/41)		100		102,554
St. Jude Medical Inc.
2.50%, 01/15/16		50		51,470
				689,825
HEALTH CARE — SERVICES — 0.48%
Aetna Inc.
6.75%, 12/15/37		100		128,936
Cigna Corp.
4.00%, 02/15/22 (Call 11/15/21)		100		106,188
4.38%, 12/15/20 (Call 09/15/20)		50		54,748
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		25		23,964

Security	Principal (000s)		Value
7.20%, 06/15/18	$	25	$	30,269
UnitedHealth Group Inc.
2.88%, 03/15/23		100		97,611
5.38%, 03/15/16		140		156,372
5.80%, 03/15/36		51		59,248
WellPoint Inc.
3.30%, 01/15/23		50		49,548
5.25%, 01/15/16		120		132,557
5.85%, 01/15/36		50		57,255
				896,696
HOLDING COMPANIES — DIVERSIFIED — 0.11%
Encana Holdings Finance Corp.
5.80%, 05/01/14		190		198,645
				198,645
HOME FURNISHINGS — 0.05%
Whirlpool Corp.
3.70%, 03/01/23		100		100,729
				100,729
HOUSEHOLD PRODUCTS & WARES — 0.09%
Clorox Co. (The)
3.05%, 09/15/22 (Call 06/15/22)		50		48,966
Kimberly-Clark Corp.
6.13%, 08/01/17		103		122,637
				171,603
INSURANCE — 1.40%
ACE INA Holdings Inc.
2.60%, 11/23/15		100		104,390
Aflac Inc.
3.45%, 08/15/15a		50		52,826
Allstate Corp. (The)
5.55%, 05/09/35		132		158,614
American International Group Inc.
4.88%, 06/01/22		50		55,349
5.45%, 05/18/17		170		191,563
5.85%, 01/16/18		100		115,260
8.18%, 05/15/68 (Call 05/15/38)c		100		131,000
Aon PLC
4.25%, 12/12/42		50		46,714
Berkshire Hathaway Finance Corp.
4.85%, 01/15/15		122		130,405
Berkshire Hathaway Inc.
3.40%, 01/31/22a		100		102,951
Chubb Corp. (The)
5.75%, 05/15/18		150		178,768
CNA Financial Corp.
5.88%, 08/15/20		25		28,992
Genworth Financial Inc.
7.63%, 09/24/21a		150		185,013
Hartford Financial Services Group Inc.
5.50%, 03/30/20		75		87,102
Lincoln National Corp.
4.20%, 03/15/22		50		53,171
8.75%, 07/01/19		50		66,538
MetLife Inc.

113

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
4.13%, 08/13/42	$	50	$	46,644
5.00%, 06/15/15		254		274,955
6.40%, 12/15/66 (Call 12/15/31)		25		28,188
Principal Financial Group Inc.
4.63%, 09/15/42		100		100,202
Prudential Financial Inc.
4.50%, 11/16/21a		75		81,536
5.63%, 06/15/43 (Call 06/15/23)c		100		105,500
5.70%, 12/14/36		101		113,091
Travelers Companies Inc. (The)
5.80%, 05/15/18		150		179,123
				2,617,895
INTERNET — 0.08%
eBay Inc.
0.70%, 07/15/15		100		100,259
Google Inc.
3.63%, 05/19/21		50		54,379
				154,638
IRON & STEEL — 0.03%
Cliffs Natural Resources Inc.
4.88%, 04/01/21 (Call 01/01/21)a		50		48,213
				48,213
LODGING — 0.05%
Wyndham Worldwide Corp.
4.25%, 03/01/22 (Call 12/01/21)		100		102,073
				102,073
MACHINERY — 0.28%
Caterpillar Inc.
3.90%, 05/27/21		100		108,495
5.20%, 05/27/41		25		27,804
5.70%, 08/15/16		204		234,137
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		50		47,161
Roper Industries Inc.
3.13%, 11/15/22 (Call 08/15/22)		100		97,711
				515,308
MANUFACTURING — 0.30%
3M Co.
5.70%, 03/15/37		50		61,712
Danaher Corp.
2.30%, 06/23/16		50		52,024
Dover Corp.
5.38%, 03/01/41 (Call 12/01/40)		50		58,690
General Electric Co.
2.70%, 10/09/22		50		49,265
4.13%, 10/09/42		100		95,934
Illinois Tool Works Inc.
3.38%, 09/15/21 (Call 06/15/21)		100		104,774
3.90%, 09/01/42 (Call 03/01/42)		50		46,357
Pentair Finance SA
2.65%, 12/01/19		100		99,111
				567,867

Security	Principal (000s)		Value
MEDIA — 1.43%
CBS Corp.
7.88%, 07/30/30	$	57	$	75,005
Comcast Corp.
2.85%, 01/15/23		100		98,669
3.13%, 07/15/22		75		76,584
6.45%, 03/15/37		132		167,262
6.95%, 08/15/37		100		133,338
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
2.40%, 03/15/17		100		102,378
5.00%, 03/01/21		100		111,247
6.00%, 08/15/40 (Call 05/15/40)		50		53,548
Discovery Communications LLC
4.38%, 06/15/21		100		108,564
NBCUniversal Media LLC
4.38%, 04/01/21		100		111,676
5.95%, 04/01/41		100		120,315
News America Inc.
5.30%, 12/15/14		183		195,783
6.15%, 02/15/41		125		145,545
Time Warner Cable Inc.
6.55%, 05/01/37		81		92,329
6.75%, 06/15/39		75		87,639
7.50%, 04/01/14		140		147,825
8.25%, 04/01/19		125		160,658
Time Warner Inc.
4.75%, 03/29/21		100		112,050
7.70%, 05/01/32		202		273,600
Viacom Inc.
1.25%, 02/27/15		50		50,339
4.50%, 03/01/21		100		108,426
Walt Disney Co. (The)
1.13%, 02/15/17		100		99,375
2.55%, 02/15/22a		50		49,001
				2,681,156
MINING — 0.91%
Alcoa Inc.
5.55%, 02/01/17a		61		66,099
5.95%, 02/01/37a		61		58,516
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		25		24,577
Barrick Gold Corp.
3.85%, 04/01/22a		100		95,440
Barrick North America Finance LLC
4.40%, 05/30/21		100		99,799
BHP Billiton Finance (USA) Ltd.
1.00%, 02/24/15		100		100,763
2.88%, 02/24/22		100		99,499
Freeport-McMoRan Copper & Gold Inc.
3.55%, 03/01/22 (Call 12/01/21)		50		48,602
5.45%, 03/15/43 (Call 09/15/42)e		50		47,923
Newmont Mining Corp.
6.25%, 10/01/39		50		51,896
Rio Tinto Finance (USA) Ltd.
1.88%, 11/02/15		50		51,108
5.20%, 11/02/40		125		133,330
9.00%, 05/01/19		88		118,920
Rio Tinto Finance (USA) PLC
2.88%, 08/21/22 (Call 05/21/22)a		50		47,553

114

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Southern Copper Corp.
6.75%, 04/16/40	$	25	$	26,306
Teck Resources Ltd.
3.85%, 08/15/17		150		159,690
4.50%, 01/15/21 (Call 10/15/20)a		100		104,120
Vale Overseas Ltd.
4.63%, 09/15/20		100		103,400
6.25%, 01/23/17		152		172,879
6.88%, 11/21/36		75		81,392
				1,691,812
MULTI-NATIONAL — 1.52%
Corporacion Andina de Fomento
4.38%, 06/15/22		75		79,986
European Bank for Reconstruction and Development
1.00%, 02/16/17		200		201,170
European Investment Bank
1.13%, 09/15/17		375		375,003
2.13%, 07/15/16		350		365,121
4.00%, 02/16/21		200		225,787
4.63%, 05/15/14		605		629,921
International Bank for Reconstruction and Development
1.00%, 09/15/16		250		252,630
2.13%, 03/15/16		250		260,857
International Finance Corp.
1.13%, 11/23/16		250		253,244
Nordic Investment Bank
0.50%, 04/14/16		200		199,618
				2,843,337
OFFICE & BUSINESS EQUIPMENT — 0.16%
Xerox Corp.
4.25%, 02/15/15		150		157,681
5.63%, 12/15/19		125		141,980
				299,661
OIL & GAS — 2.14%
Anadarko Petroleum Corp.
5.95%, 09/15/16		202		230,144
6.20%, 03/15/40		50		59,533
Apache Corp.
4.75%, 04/15/43 (Call 10/15/42)		50		49,747
BP Capital Markets PLC
3.13%, 10/01/15		50		52,627
3.25%, 05/06/22		50		49,980
3.56%, 11/01/21		100		104,067
3.88%, 03/10/15		150		158,396
Canadian Natural Resources Ltd.
6.25%, 03/15/38		61		71,453
Cenovus Energy Inc.
6.75%, 11/15/39		50		63,878
Chevron Corp.
4.95%, 03/03/19		100		117,157
ConocoPhillips
5.75%, 02/01/19		100		120,182
ConocoPhillips Holding Co.
6.95%, 04/15/29		204		268,729
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		50		48,529

Security	Principal (000s)		Value
7.95%, 04/15/32	$	57	$	77,451
Encana Corp.
5.15%, 11/15/41 (Call 05/15/41)		50		49,837
Ensco PLC
4.70%, 03/15/21		100		110,336
EOG Resources Inc.
4.10%, 02/01/21		100		109,343
EQT Corp.
4.88%, 11/15/21		100		105,269
Hess Corp.
7.13%, 03/15/33		51		63,461
Husky Energy Inc.
7.25%, 12/15/19		50		63,513
Marathon Oil Corp.
6.00%, 10/01/17		48		56,414
Marathon Petroleum Corp.
5.13%, 03/01/21		50		57,370
Nabors Industries Inc.
4.63%, 09/15/21		75		77,154
Nexen Inc.
6.20%, 07/30/19		50		60,500
7.50%, 07/30/39		50		68,476
Noble Energy Inc.
6.00%, 03/01/41 (Call 09/01/40)		50		59,041
Noble Holding International Ltd.
5.25%, 03/15/42		50		47,563
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		150		144,999
Phillips 66
4.30%, 04/01/22		100		108,081
Pioneer Natural Resources Co.
3.95%, 07/15/22 (Call 04/15/22)		50		51,280
Shell International Finance BV
3.10%, 06/28/15		100		105,241
6.38%, 12/15/38		100		133,259
Statoil ASA
2.45%, 01/17/23		100		95,345
5.25%, 04/15/19		100		118,519
Suncor Energy Inc.
6.10%, 06/01/18		150		178,876
6.50%, 06/15/38		50		61,037
Talisman Energy Inc.
3.75%, 02/01/21 (Call 11/01/20)		50		51,336
Total Capital International SA
1.50%, 02/17/17		50		50,358
Total Capital SA
4.13%, 01/28/21		100		109,941
Transocean Inc.
6.00%, 03/15/18		125		143,722
6.50%, 11/15/20		100		116,960
Valero Energy Corp.
6.13%, 02/01/20		50		59,742
7.50%, 04/15/32		51		65,630
				3,994,476
OIL & GAS SERVICES — 0.24%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)		50		51,670
Cameron International Corp.
3.60%, 04/30/22 (Call 01/30/22)a		50		51,274
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		50		52,016

115

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)	$	100	$	96,312
Weatherford International Ltd.
9.63%, 03/01/19		150		194,751
				446,023
PHARMACEUTICALS — 1.31%
Abbott Laboratories
5.30%, 05/27/40a		50		58,902
AbbVie Inc.
2.90%, 11/06/22e		25		24,333
4.40%, 11/06/42e		75		73,279
Allergan Inc.
3.38%, 09/15/20		10		10,538
AmerisourceBergen Corp.
5.88%, 09/15/15		101		111,853
AstraZeneca PLC
4.00%, 09/18/42		50		46,707
6.45%, 09/15/37		50		62,911
Bristol-Myers Squibb Co.
5.88%, 11/15/36		45		55,086
Cardinal Health Inc.
3.20%, 03/15/23		100		97,363
Eli Lilly and Co.
5.55%, 03/15/37		81		96,770
Express Scripts Holding Co.
2.10%, 02/12/15		100		102,005
4.75%, 11/15/21		100		111,715
GlaxoSmithKline Capital Inc.
5.65%, 05/15/18		158		188,189
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		100		99,451
Johnson & Johnson
4.85%, 05/15/41		100		113,458
5.55%, 08/15/17		90		105,813
McKesson Corp.
5.70%, 03/01/17		61		69,950
Medco Health Solutions Inc.
2.75%, 09/15/15		50		51,944
Merck & Co. Inc.
4.75%, 03/01/15		90		96,595
5.85%, 06/30/39		50		61,251
Novartis Capital Corp.
2.40%, 09/21/22		50		48,211
Novartis Securities Investment Ltd.
5.13%, 02/10/19		100		117,190
Pfizer Inc.
3.00%, 06/15/23		100		99,912
7.20%, 03/15/39		80		112,107
Sanofi
1.20%, 09/30/14		50		50,506
Teva Pharmaceutical Finance LLC
6.15%, 02/01/36		101		124,984
Watson Pharmaceuticals Inc.
3.25%, 10/01/22 (Call 07/01/22)		50		48,971
Wyeth LLC
5.50%, 02/01/14		193		199,345
				2,439,339

Security	Principal (000s)		Value
PIPELINES — 0.95%
CenterPoint Energy Resources Corp.
4.50%, 01/15/21 (Call 10/15/20)	$	25	$	27,972
Enbridge Energy Partners LP
4.20%, 09/15/21 (Call 06/15/21)a		100		104,296
Energy Transfer Partners LP
4.65%, 06/01/21 (Call 03/01/21)		100		107,170
6.50%, 02/01/42 (Call 08/01/41)		50		56,166
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)		100		98,843
5.70%, 02/15/42		50		55,777
Series G
5.60%, 10/15/14		142		151,612
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)		100		98,293
3.95%, 09/01/22 (Call 06/01/22)		100		103,524
6.50%, 02/01/37		92		108,279
Magellan Midstream Partners LP
4.25%, 02/01/21		100		107,014
ONEOK Inc.
6.00%, 06/15/35		61		66,161
ONEOK Partners LP
3.25%, 02/01/16 (Call 01/01/16)		50		52,489
3.38%, 10/01/22 (Call 07/01/22)		50		48,571
Plains All American Pipeline LP
3.95%, 09/15/15		100		107,066
Spectra Energy Capital LLC
3.30%, 03/15/23 (Call 12/15/22)		100		97,457
TransCanada PipeLines Ltd.
7.13%, 01/15/19		114		142,634
7.63%, 01/15/39		75		105,731
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		50		48,226
5.25%, 03/15/20		84		93,831
				1,781,112
REAL ESTATE — 0.06%
ProLogis LP
6.88%, 03/15/20 (Call 12/16/19)		100		119,837
				119,837
REAL ESTATE INVESTMENT TRUSTS — 0.64%
American Tower Corp.
5.05%, 09/01/20		50		54,620
Boston Properties LP
4.13%, 05/15/21		150		161,202
Duke Realty LP
4.38%, 06/15/22 (Call 03/15/22)		50		51,603
ERP Operating LP
5.25%, 09/15/14		84		88,831
HCP Inc.
6.70%, 01/30/18		134		160,596
Health Care REIT Inc.
4.13%, 04/01/19 (Call 01/01/19)		100		107,337
Hospitality Properties Trust
5.00%, 08/15/22 (Call 02/15/22)		100		104,588
Host Hotels & Resorts LP Series D
3.75%, 10/15/23 (Call 07/15/23)		25		24,555

116

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Simon Property Group LP
4.38%, 03/01/21 (Call 12/01/20)a	$	150	$	165,360
5.65%, 02/01/20 (Call 11/01/19)		150		177,753
Ventas Realty LP/Ventas Capital Corp.
4.25%, 03/01/22 (Call 12/01/21)		100		105,396
				1,201,841
RETAIL — 1.05%
Costco Wholesale Corp.
5.50%, 03/15/17		81		93,705
CVS Caremark Corp.
4.75%, 05/18/20 (Call 12/18/19)		25		28,386
5.75%, 06/01/17		125		145,560
5.75%, 05/15/41 (Call 11/15/40)		75		87,937
6.13%, 08/15/16		61		70,263
Home Depot Inc. (The)
5.40%, 03/01/16		102		114,424
5.88%, 12/16/36		63		76,939
Kohl’s Corp.
4.00%, 11/01/21 (Call 08/01/21)a		25		25,863
Lowe’s Companies Inc.
3.80%, 11/15/21 (Call 08/15/21)		150		159,121
6.88%, 02/15/28		25		32,183
Macy’s Retail Holdings Inc.
6.38%, 03/15/37		50		57,646
McDonald’s Corp.
3.70%, 02/15/42		50		45,913
5.35%, 03/01/18		130		151,897
Target Corp.
2.90%, 01/15/22		200		201,059
7.00%, 01/15/38		103		140,288
Wal-Mart Stores Inc.
3.25%, 10/25/20		75		79,245
4.25%, 04/15/21		100		112,128
5.00%, 10/25/40		100		110,139
5.63%, 04/15/41		75		91,158
6.50%, 08/15/37		50		65,610
Walgreen Co.
3.10%, 09/15/22		50		49,282
4.40%, 09/15/42		25		23,843
				1,962,589
SAVINGS & LOANS — 0.17%
Murray Street Investment Trust I
4.65%, 03/09/17d		300		325,331
				325,331
SEMICONDUCTORS — 0.11%
Intel Corp.
1.35%, 12/15/17		50		49,676
1.95%, 10/01/16		100		103,190
4.25%, 12/15/42		50		47,019
				199,885
SOFTWARE — 0.33%
Fiserv Inc.
3.50%, 10/01/22 (Call 07/01/22)		50		49,176
Microsoft Corp.

Security	Principal (000s)		Value
1.63%, 09/25/15	$	150	$	153,788
3.75%, 05/01/43 (Call 11/01/42)		50		46,493
4.50%, 10/01/40		50		52,322
Oracle Corp.
1.20%, 10/15/17		50		49,581
5.25%, 01/15/16		132		147,084
5.38%, 07/15/40		100		116,014
				614,458
TELECOMMUNICATIONS — 2.42%
America Movil SAB de CV
5.00%, 03/30/20		150		165,376
6.13%, 03/30/40		100		112,478
AT&T Inc.
1.70%, 06/01/17		100		100,664
2.95%, 05/15/16		175		184,364
3.88%, 08/15/21		250		266,922
5.35%, 09/01/40		50		53,818
6.55%, 02/15/39		150		186,148
BellSouth Corp.
6.00%, 11/15/34		202		222,964
British Telecommunications PLC
9.63%, 12/15/30		31		47,995
Cellco Partnership/Verizon Wireless Capital LLC
5.55%, 02/01/14		160		164,940
Cisco Systems Inc.
4.45%, 01/15/20		180		204,114
5.50%, 02/22/16		101		113,697
5.50%, 01/15/40		50		58,907
Corning Inc.
4.75%, 03/15/42		50		49,826
Deutsche Telekom International Finance BV
4.88%, 07/08/14		150		156,685
8.75%, 06/15/30		61		88,081
France Telecom SA
8.50%, 03/01/31		77		109,829
Juniper Networks Inc.
4.60%, 03/15/21		200		209,862
Motorola Solutions Inc.
3.50%, 03/01/23		100		97,490
New Cingular Wireless Services Inc.
8.75%, 03/01/31		100		154,978
Qwest Corp.
6.75%, 12/01/21		100		115,288
6.88%, 09/15/33 (Call 08/02/13)		31		31,155
Rogers Wireless Inc.
6.38%, 03/01/14		61		63,545
Telecom Italia Capital SA
5.25%, 10/01/15		160		171,395
Telefonica Emisiones SAU
3.99%, 02/16/16		100		104,537
Telefonica Europe BV
8.25%, 09/15/30		77		95,550
Verizon Communications Inc.
2.00%, 11/01/16		50		51,327
3.50%, 11/01/21		200		205,732
5.55%, 02/15/16		132		147,708
7.35%, 04/01/39		234		315,692
Vodafone Group PLC
4.38%, 03/16/21		50		54,816
4.38%, 02/19/43		250		234,309
5.75%, 03/15/16		162		182,369
				4,522,561

117

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
TRANSPORTATION — 0.49%
Burlington Northern Santa Fe Corp.
3.05%, 09/01/22 (Call 06/01/22)	$	100	$	99,920
6.15%, 05/01/37		102		124,074
Canadian National Railway Co.
2.85%, 12/15/21 (Call 09/15/21)		50		50,628
CSX Corp.
4.25%, 06/01/21 (Call 03/01/21)		150		164,733
6.22%, 04/30/40		25		30,280
FedEx Corp.
3.88%, 08/01/42a		100		91,540
Norfolk Southern Corp.
3.00%, 04/01/22 (Call 01/01/22)		100		100,149
4.84%, 10/01/41		57		59,662
Union Pacific Corp.
5.78%, 07/15/40		80		97,062
United Parcel Service Inc.
2.45%, 10/01/22		50		48,330
3.63%, 10/01/42		50		46,031
				912,409
TOTAL CORPORATE BONDS & NOTES (Cost: $59,840,294)				63,493,906
FOREIGN AGENCY OBLIGATIONSf — 2.27%
BRAZIL — 0.22%
Petrobras International Finance Co.
3.50%, 02/06/17		50		51,394
5.38%, 01/27/21		100		106,072
5.75%, 01/20/20		234		255,368
				412,834
CANADA — 0.84%
Export Development Canada
3.13%, 04/24/14		204		208,961
Hydro-Quebec
2.00%, 06/30/16		150		155,407
Manitoba (Province of)
1.30%, 04/03/17		200		201,513
Nova Scotia (Province of)
2.38%, 07/21/15		100		103,834
Ontario (Province of)
1.65%, 09/27/19		50		49,244
2.30%, 05/10/16		150		156,712
4.40%, 04/14/20a		200		229,276
4.95%, 11/28/16a		160		182,353
Quebec (Province of)
5.00%, 03/01/16		122		136,286
7.50%, 09/15/29		102		148,081
				1,571,667

Security	Principal (000s)		Value
JAPAN — 0.06%
Japan Finance Corp.
2.50%, 01/21/16	$	100	$	104,832
				104,832
MEXICO — 0.26%
Pemex Project Funding Master Trust
5.75%, 03/01/18		100		114,000
6.63%, 06/15/35		102		115,770
Petroleos Mexicanos
5.50%, 01/21/21		100		112,500
5.50%, 06/27/44		150		150,000
				492,270
NETHERLANDS — 0.05%
Petrobras Global Finance BV
5.63%, 05/20/43		100		93,862
				93,862
SOUTH KOREA — 0.28%
Export-Import Bank of Korea (The)
5.00%, 04/11/22		200		220,115
5.88%, 01/14/15		100		107,044
Korea Development Bank (The)
1.50%, 01/22/18a		200		193,266
				520,425
SUPRANATIONAL — 0.56%
Asian Development Bank
1.75%, 03/21/19		100		102,063
2.75%, 05/21/14		309		316,418
Inter-American Development Bank
3.88%, 02/14/20		200		227,553
5.13%, 09/13/16		203		232,074
Svensk Exportkredit AB
2.13%, 07/13/16		100		103,925
5.13%, 03/01/17		50		57,498
				1,039,531
TOTAL FOREIGN AGENCY OBLIGATIONS (Cost: $4,123,916)				4,235,421
FOREIGN GOVERNMENT OBLIGATIONSf — 2.29%
BRAZIL — 0.49%
Brazil (Federative Republic of)
4.88%, 01/22/21		200		225,000
6.00%, 01/17/17		150		171,225
7.13%, 01/20/37		200		262,000
8.00%, 01/15/18		227		260,667
				918,892

118

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CANADA — 0.04%
Canada (Government of)
0.88%, 02/14/17	$	75	$	75,321
				75,321
COLOMBIA — 0.17%
Colombia (Republic of)
6.13%, 01/18/41		100		120,500
7.38%, 03/18/19		150		189,000
				309,500
ITALY — 0.21%
Italy (Republic of)
4.50%, 01/21/15		260		272,664
5.38%, 06/12/17a		100		110,103
				382,767
MEXICO — 0.36%
United Mexican States
3.63%, 03/15/22a		378		389,340
7.50%, 04/08/33		204		285,600
				674,940
PANAMA — 0.16%
Panama (Republic of)
5.20%, 01/30/20		150		174,000
6.70%, 01/26/36		100		130,000
				304,000
PERU — 0.13%
Peru (Republic of)
7.13%, 03/30/19		200		250,000
				250,000
PHILIPPINES — 0.14%
Philippines (Republic of the)
6.38%, 10/23/34		200		256,000
				256,000
POLAND — 0.11%
Poland (Republic of)
6.38%, 07/15/19		170		204,637
				204,637
SOUTH AFRICA — 0.11%
South Africa (Republic of)
4.67%, 01/17/24a		200		207,500
				207,500
TURKEY — 0.31%
Turkey (Republic of)
3.25%, 03/23/23		400		392,000
4.88%, 04/16/43		200		196,000
				588,000

Security	Principal (000s)		Value
URUGUAY — 0.06%
Uruguay (Republic of)
7.63%, 03/21/36	$	75	$	103,688
				103,688
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $4,141,574)				4,275,245
MUNICIPAL DEBT OBLIGATIONS — 1.36%
CALIFORNIA — 0.61%
Bay Area Toll Authority RB Highway Revenue Tolls BAB Series S1
7.04%, 04/01/50		100		137,934
County of Sonoma RB Miscellaneous Revenue Series A
6.00%, 12/01/29 (GTD)		100		113,674
Los Angeles Community College District GO BAB
6.75%, 08/01/49		100		139,840
Los Angeles Department of Water & Power RB Electric Power & Light Revenues BAB
6.57%, 07/01/45		50		68,945
Los Angeles Unified School District GO BAB
6.76%, 07/01/34		75		99,993
Sacramento Municipal Utility District RB Electric Power & Light Revenues BAB
6.16%, 05/15/36		80		97,228
Santa Clara Valley Transportation Authority RB Sales Tax Revenue BAB
5.88%, 04/01/32		50		59,366
State of California GO
6.20%, 10/01/19		100		120,888
State of California GO BAB
7.30%, 10/01/39		215		295,569
				1,133,437
COLORADO — 0.03%
Denver City & County School District No. 1 COP Lease Appropriation Series B
4.24%, 12/15/37		50		48,810
				48,810
GEORGIA — 0.05%
Municipal Electric Authority of Georgia RB Electric Power & Light Revenues BAB Project M,
Series 2010A
6.66%, 04/01/57		80		89,783
				89,783
ILLINOIS — 0.13%
State of Illinois GO
5.10%, 06/01/33		235		235,783
				235,783

119

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
MASSACHUSETTS — 0.04%
Commonwealth of Massachusetts GOL BAB
Series D
4.50%, 08/01/31	$	75	$	80,854
				80,854
NEW JERSEY — 0.10%
New Jersey Economic Development Authority RB Lease Appropriation
Series B
0.00%, 02/15/23 (AGM)		100		67,372
New Jersey Transportation Trust Fund Authority RB Transit Revenue BAB
Series C
5.75%, 12/15/28		100		116,674
				184,046
NEW YORK — 0.21%
Metropolitan Transportation Authority RB Transit Revenue BAB
7.34%, 11/15/39		60		86,863
New York City Municipal Water Finance Authority RB Water Revenue BAB
5.72%, 06/15/42		100		123,191
Port Authority of New York& New Jersey RB Port Airport & Marina Revenue
5.86%, 12/01/24 (GOI)		100		126,175
State of New York GO BAB
5.97%, 03/01/36		50		62,763
				398,992
OHIO — 0.13%
American Municipal Power Ohio Inc. RB Electric Power & Light Revenues BAB
Series E
6.27%, 02/15/50		50		57,474
Ohio State Water Development Authority RB Miscellaneous Revenue BAB
4.88%, 12/01/34		170		193,297
				250,771
OREGON — 0.03%
State of Oregon GO
5.89%, 06/01/27		50		62,577
				62,577
TEXAS — 0.03%
City of San Antonio RB Electric Power & Light Revenues BAB
5.81%, 02/01/41		50		62,161
				62,161
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost: $2,245,776)				2,547,214
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 58.96%
U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.30%
Federal Home Loan Banks
0.38%, 01/29/14		1,000		1,001,342
5.00%, 11/17/17a		790		926,170
5.50%, 08/13/14		600		637,973

Security	Principal (000s)		Value
Federal Home Loan Mortgage Corp.
0.88%, 03/07/18	$	700	$	691,357
1.75%, 05/30/19a		180		182,721
2.38%, 01/13/22		166		168,699
4.50%, 01/15/15a		1,210		1,291,550
4.88%, 06/13/18a		704		829,908
6.75%, 03/15/31		201		293,515
Federal National Mortgage Association
0.50%, 08/09/13		500		500,367
1.25%, 01/30/17a		300		304,851
5.00%, 04/15/15		3,040		3,303,590
5.38%, 06/12/17a		450		529,667
6.63%, 11/15/30		740		1,067,532
Tennessee Valley Authority
3.50%, 12/15/42		50		45,778
				11,775,020
U.S. GOVERNMENT OBLIGATIONS — 52.66%
U.S. Treasury Bonds
3.00%, 05/15/42		500		473,320
3.13%, 11/15/41a		750		729,577
3.13%, 02/15/43		1,400		1,355,872
3.75%, 08/15/41a		500		547,265
3.88%, 08/15/40a		750		840,000
4.25%, 11/15/40a		730		869,328
4.38%, 05/15/41		250		303,790
4.50%, 08/15/39a		2,268		2,808,328
4.75%, 02/15/41a		1,080		1,389,442
5.25%, 02/15/29a		350		460,355
5.38%, 02/15/31		200		269,642
6.25%, 05/15/30		400		585,524
7.63%, 02/15/25a		2,400		3,709,632
U.S. Treasury Notes
0.25%, 02/15/15		4,300		4,298,237
0.25%, 02/28/15		3,000		2,998,650
0.38%, 11/15/14		50		50,108
0.63%, 08/31/17		2,300		2,276,379
0.63%, 11/30/17		1,800		1,775,520
0.75%, 10/31/17		500		496,410
0.75%, 02/28/18		2,500		2,471,800
0.88%, 12/31/16		3,400		3,423,324
0.88%, 02/28/17		3,100		3,117,050
0.88%, 07/31/19a		1,200		1,166,280
1.00%, 09/30/16		150		151,909
1.00%, 10/31/16		3,700		3,745,362
1.13%, 12/31/19a		700		685,762
1.25%, 02/29/20a		600		590,670
1.50%, 03/31/19		900		912,465
1.63%, 11/15/22		600		575,910
1.75%, 05/15/22		350		342,951
1.88%, 06/30/15		2,000		2,064,080
2.00%, 04/30/16a		3,300		3,442,296
2.00%, 11/15/21		650		655,700
2.00%, 02/15/22		1,720		1,728,411
2.00%, 02/15/23a		600		593,616
2.13%, 05/31/15		2,000		2,071,780
2.13%, 02/29/16		2,800		2,927,316
2.38%, 02/28/15		1,400		1,450,918
2.38%, 07/31/17a		3,080		3,275,118
2.38%, 05/31/18		1,000		1,065,040
2.50%, 03/31/15a		4,150		4,316,747
2.50%, 04/30/15a		4,417		4,601,631

120

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal or Shares (000s)		Value
2.63%, 04/30/18	$	1,200	$	1,292,664
3.00%, 02/28/17		1,750		1,897,210
3.13%, 05/15/21a		600		660,786
3.25%, 03/31/17		302		330,675
3.63%, 08/15/19a		6,360		7,234,119
3.63%, 02/15/21a		390		444,460
4.63%, 11/15/16a		6,676		7,582,734
4.75%, 05/15/14a		5,100		5,321,748
8.13%, 08/15/19a		1,410		1,985,604
				98,363,515
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost: $106,052,071)				110,138,535
SHORT-TERM INVESTMENTS — 21.50%
MONEY MARKET FUNDS — 21.50%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%b,g,h		35,726		35,725,628
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,g,h		3,730		3,730,034
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,g		721		720,563
TOTAL SHORT-TERM INVESTMENTS				40,176,225
(Cost: $40,176,225)				40,176,225
TOTAL INVESTMENTS IN SECURITIES — 120.37%
(Cost: $216,579,856)				224,866,546
Other Assets, Less Liabilities — (20.37)%				(38,057,578	)
NET ASSETS — 100.00%			$	186,808,968

AGM  —   Assured Guaranty Municipal Corp.

BAB  —  Build America Bond

COP  —  Certificates of Participation

GO  —  General Obligation

GOI  —  General Obligation of the Issuer

GOL  —  General Obligation Limited

GTD  —  Guaranteed by the Commonwealth, County or State

RB  —  Revenue Bond

^a  All or a portion of this security represents a security on loan. See Note 3.

^b  Affiliated issuer. See Note 2.

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

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

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

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

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

^h  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

121

Schedule of Investments  (Unaudited) 

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.11%
ADVERTISING — 0.44%
Affinion Group Inc.
7.88%, 12/15/18 (Call 12/15/14)a	$	15,850	$	12,283,750
inVentiv Health Inc.
9.00%, 01/15/18 (Call 01/15/16)a,b		11,450		12,194,250
11.00%, 08/15/18 (Call 08/15/14)a,b		10,177		8,981,202
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)		8,050		8,140,053
5.88%, 02/01/22 (Call 02/01/17)a		12,650		13,710,246
7.88%, 04/15/18 (Call 04/15/14)a		10,310		11,165,257
				66,474,758
AEROSPACE & DEFENSE — 0.62%
B/E Aerospace Inc.
5.25%, 04/01/22 (Call 04/01/17)a		27,500		28,875,000
6.88%, 10/01/20 (Call 10/01/15)a		16,950		18,645,000
TransDigm Inc.
5.50%, 10/15/20 (Call 10/15/15)a,b		8,750		9,103,003
7.75%, 12/15/18 (Call 12/15/14)		33,779		36,802,156
				93,425,159
AIRLINES — 0.20%
Continental Airlines Inc. 2012-3 Pass Through Trust
6.13%, 04/29/18		7,350		7,625,625
United Airlines Inc.
6.75%, 09/15/15 (Call 07/01/13)a,b		21,980		22,914,150
				30,539,775
APPAREL — 0.18%
Hanesbrands Inc.
6.38%, 12/15/20 (Call 12/15/15)a		23,880		26,387,400
Levi Strauss & Co.
7.63%, 05/15/20 (Call 05/15/15)		1,100		1,221,000
				27,608,400
AUTO MANUFACTURERS — 0.69%
Chrysler Group LLC/CG Co-Issuer Inc.
8.00%, 06/15/19 (Call 06/15/15)a		32,000		35,636,842
8.25%, 06/15/21 (Call 06/15/16)a		32,410		36,696,245
Jaguar Land Rover Automotive PLC
5.63%, 02/01/23 (Call 02/01/18)a,b		1,800		1,842,104
7.75%, 05/15/18 (Call 05/15/14)a,b		6,550		7,151,463
8.13%, 05/15/21 (Call 05/15/16)b		5,875		6,669,490
Navistar International Corp.
8.25%, 11/01/21 (Call 11/01/14)a		16,600		16,973,238
				104,969,382
AUTO PARTS & EQUIPMENT—1.23%
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 03/15/16)a		4,450		4,644,051

Security	Principal (000s)		Value
6.63%, 10/15/22 (Call 10/15/17)a	$	14,250	$	15,354,375
Delphi Corp.
5.00%, 02/15/23 (Call 02/15/18)		7,650		8,128,125
5.88%, 05/15/19 (Call 05/15/14)a		15,700		16,799,000
6.13%, 05/15/21 (Call 05/15/16)		10,420		11,488,050
Goodyear Tire & Rubber Co. (The)
6.50%, 03/01/21 (Call 03/01/16)a		19,650		20,632,500
7.00%, 05/15/22 (Call 05/15/17)a		15,670		16,766,900
8.25%, 08/15/20 (Call 08/15/15)a		21,645		23,971,837
Lear Corp.
4.75%, 01/15/23 (Call 01/15/18)a,b		9,758		9,554,112
Schaeffler Finance BV
4.75%, 05/15/21 (Call 05/15/16)a,b		12,950		12,819,665
7.75%, 02/15/17b		13,970		15,716,116
8.50%, 02/15/19 (Call 02/15/15)a,b		8,915		10,033,346
TRW Automotive Inc.
4.50%, 03/01/21a,b		9,225		9,422,130
7.25%, 03/15/17b		10,320		11,977,271
				187,307,478
BANKS — 5.29%
Ally Financial Inc.
3.13%, 01/15/16a		5,400		5,458,171
4.50%, 02/11/14		1,600		1,624,000
4.63%, 06/26/15a		50,490		52,727,156
5.50%, 02/15/17		33,240		35,776,112
6.25%, 12/01/17a		25,160		27,801,800
6.75%, 12/01/14a		34,000		36,380,000
7.50%, 09/15/20a		46,050		53,878,500
8.00%, 12/31/18		9,525		11,191,875
8.00%, 03/15/20		37,010		44,041,900
8.30%, 02/12/15a		49,700		54,715,848
BBVA International Preferred SAU
5.92%, 12/31/49 (Call 04/18/17)c		16,561		15,450,658
BPCE SA
12.50%, 12/31/49 (Call 09/30/19)a,b,c		7,000		8,890,000
CIT Group Inc.
4.25%, 08/15/17		44,550		46,111,068
4.75%, 02/15/15a,b		39,700		41,486,500
5.00%, 05/15/17		27,800		29,746,000
5.00%, 08/15/22		24,100		25,787,000
5.25%, 03/15/18a		30,325		32,643,440
5.38%, 05/15/20a		8,100		8,768,568
5.50%, 02/15/19b		57,380		62,037,615
Credit Agricole SA
6.64%, 12/31/49 (Call 05/31/17)a,b,c		20,445		19,576,088
8.38%, 12/31/49 (Call 10/13/19)a,b,c		10,000		11,175,000
Danske Bank A/S
5.91%, 12/31/49 (Call 06/16/14)a,b,c		18,925		19,066,938
HBOS PLC
6.75%, 05/21/18a,b		21,560		24,147,200
Regions Bank
7.50%, 05/15/18		16,450		19,945,625
Resona Preferred Global Securities (Cayman) Ltd.
7.19%, 12/31/49 (Call 07/30/15)a,b,c		4,600		4,968,000
Royal Bank of Scotland Group PLC
5.00%, 10/01/14		21,950		22,800,562
5.05%, 01/08/15a		17,400		18,075,120
6.13%, 12/15/22		42,300		43,708,366
Societe Generale
5.92%, 12/31/49 (Call 04/05/17)a,b,c		21,015		20,752,312

122

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
UBS Preferred Funding Trust V Series 1
6.24%, 05/29/49 (Call 05/15/16)c	$	4,250	$	4,493,313
				803,224,735
BEVERAGES — 0.48%
Constellation Brands Inc.
3.75%, 05/01/21		6,200		6,060,500
4.25%, 05/01/23		2,475		2,437,875
6.00%, 05/01/22a		12,200		13,664,000
7.25%, 09/01/16a		17,350		19,995,875
7.25%, 05/15/17a		14,299		16,756,641
8.38%, 12/15/14a		12,250		13,505,625
				72,420,516
BUILDING MATERIALS — 0.84%
Building Materials Corp. of America
6.75%, 05/01/21 (Call 05/01/16)b		21,500		23,327,500
6.88%, 08/15/18 (Call 08/15/14)b		7,520		8,008,800
Hanson Ltd.
6.13%, 08/15/16a		705		779,025
Lafarge SA
6.20%, 07/09/15b		1,225		1,322,528
6.50%, 07/15/16		8,000		8,917,713
Masco Corp.
4.80%, 06/15/15a		4,000		4,220,000
5.95%, 03/15/22		7,000		7,770,000
6.13%, 10/03/16a		24,453		27,203,962
7.13%, 03/15/20		16,745		19,507,925
Ply Gem Industries Inc.
8.25%, 02/15/18 (Call 02/15/14)a		3,500		3,753,750
USG Corp.
6.30%, 11/15/16		9,379		9,918,293
9.75%, 01/15/18		10,385		12,202,375
				126,931,871
CHEMICALS — 2.16%
Ashland Inc.
4.75%, 08/15/22b		6,300		6,440,581
4.75%, 08/15/22 (Call 05/15/22)a,b		8,600		8,792,011
Axiall Corp.
4.88%, 05/15/23 (Call 05/15/18)b		4,480		4,495,716
Celanese U.S. Holdings LLC
4.63%, 11/15/22a		5,450		5,588,879
5.88%, 06/15/21a		8,650		9,528,338
6.63%, 10/15/18 (Call 10/15/14)		16,780		18,056,067
Eagle Spinco Inc.
4.63%, 02/15/21 (Call 02/15/18)a,b		9,775		9,874,609
Hexion U.S. Finance Corp.
6.63%, 04/15/20 (Call 04/15/15)a		15,200		15,827,002
6.63%, 04/15/20 (Call 04/15/15)b		18,550		19,315,189
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC
8.88%, 02/01/18 (Call 02/01/14)a		21,250		22,133,299
9.00%, 11/15/20 (Call 11/15/15)a		8,700		8,844,263
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)a		9,500		9,571,250
8.63%, 03/15/21 (Call 09/15/15)a		12,260		13,669,900
Ineos Finance PLC
7.50%, 05/01/20 (Call 05/01/15)a,b		16,510		18,119,725

Security	Principal (000s)		Value
8.38%, 02/15/19 (Call 02/15/15)b	$	22,250	$	24,836,563
Ineos Group Holdings SA
6.13%, 08/15/18 (Call 05/15/15)b		4,325		4,260,125
LyondellBasell Industries NV
5.00%, 04/15/19 (Call 01/15/19)		26,600		30,024,324
5.75%, 04/15/24 (Call 01/15/24)		17,700		20,592,835
6.00%, 11/15/21 (Call 08/17/21)		11,950		14,127,159
Momentive Performance Materials Inc.
8.88%, 10/15/20 (Call 10/15/15)a		24,500		26,521,252
9.00%, 01/15/21 (Call 01/15/16)a		16,458		15,429,375
PolyOne Corp.
5.25%, 03/15/23b		4,125		4,260,275
Rockwood Specialties Group Inc.
4.63%, 10/15/20 (Call 10/15/15)		17,500		17,828,125
				328,136,862
COAL — 1.80%
Alpha Natural Resources Inc.
6.00%, 06/01/19 (Call 06/01/14)a		17,660		16,016,179
6.25%, 06/01/21 (Call 06/01/16)a		16,990		15,242,737
9.75%, 04/15/18a		12,700		13,575,939
Arch Coal Inc.
7.00%, 06/15/19 (Call 06/15/15)a		22,850		20,635,556
7.25%, 10/01/20 (Call 10/01/15)a		6,930		6,211,398
7.25%, 06/15/21 (Call 06/15/16)a		25,200		22,400,794
8.75%, 08/01/16 (Call 08/01/13)a		16,200		16,720,631
CONSOL Energy Inc.
8.00%, 04/01/17 (Call 04/01/14)a		28,000		29,937,216
8.25%, 04/01/20 (Call 04/01/15)a		29,460		32,538,066
Peabody Energy Corp.
6.00%, 11/15/18a		30,700		32,746,953
6.25%, 11/15/21a		30,178		31,441,164
6.50%, 09/15/20a		15,820		16,992,020
7.38%, 11/01/16		14,296		16,269,829
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II
6.50%, 05/15/21 (Call 05/15/16)b		3,000		3,010,138
				273,738,620
COMMERCIAL SERVICES — 3.25%
APX Group Inc.
6.38%, 12/01/19 (Call 12/01/15)a,b		19,950		19,900,125
8.75%, 12/01/20 (Call 12/01/15)b		4,250		4,292,500
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.50%, 04/01/23 (Call 04/01/18)b		7,650		7,707,376
8.25%, 01/15/19 (Call 10/15/14)a		15,600		17,018,701
Ceridian Corp.
8.88%, 07/15/19 (Call 07/15/15)b		20,250		23,191,491
11.00%, 03/15/21 (Call 03/15/16)b		3,675		4,216,347
11.25%, 11/15/15 (Call 07/01/13)		22,250		22,973,125
Emergency Medical Services Corp.
8.13%, 06/01/19 (Call 06/01/14)		14,650		16,023,437
HDTFS Inc.
6.25%, 10/15/22 (Call 10/15/17)a		11,450		12,447,170
Hertz Corp. (The)
5.88%, 10/15/20 (Call 10/15/15)a		9,900		10,466,693
6.75%, 04/15/19 (Call 04/15/15)a		24,550		26,702,276
7.38%, 01/15/21 (Call 01/15/16)		15,275		16,895,332
7.50%, 10/15/18 (Call 10/15/14)		18,625		20,296,072
Iron Mountain Inc.
5.75%, 08/15/24 (Call 08/15/17)a		24,850		25,190,532

123

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
7.75%, 10/01/19 (Call 10/01/15)	$	8,680	$	9,673,409
8.38%, 08/15/21 (Call 08/15/14)		10,600		11,512,566
Jaguar Holding Co.
9.50%, 12/01/19 (Call 12/01/14)b		6,161		7,038,943
Laureate Education Inc.
9.25%, 09/01/19 (Call 09/01/15)b		22,450		24,975,625
R.R. Donnelley & Sons Co.
6.13%, 01/15/17a		1,550		1,654,625
7.25%, 05/15/18a		14,570		15,881,300
7.63%, 06/15/20a		7,150		7,489,625
7.88%, 03/15/21a		8,175		8,645,063
8.25%, 03/15/19a		14,350		15,749,125
ServiceMaster Co.
7.00%, 08/15/20 (Call 08/15/15)		17,200		17,114,058
8.00%, 02/15/20 (Call 02/15/15)a		12,800		13,204,695
TransUnion LLC/TransUnion Financing Corp.
11.38%, 06/15/18 (Call 06/15/14)a		9,750		11,066,250
United Rentals (North America) Inc.
5.75%, 07/15/18 (Call 07/15/15)a		18,700		19,992,929
6.13%, 06/15/23 (Call 12/15/17)a		1,350		1,409,063
7.38%, 05/15/20 (Call 05/15/16)		18,200		19,976,274
7.63%, 04/15/22 (Call 04/15/17)		27,150		30,033,789
8.38%, 09/15/20 (Call 09/15/15)a		13,610		14,835,012
9.25%, 12/15/19 (Call 12/15/14)		16,960		19,154,444
United Rentals Inc.
8.25%, 02/01/21 (Call 02/01/16)		14,895		16,496,212
				493,224,184
COMPUTERS — 0.96%
NCR Corp.
4.63%, 02/15/21 (Call 02/15/17)		10,900		10,791,000
5.00%, 07/15/22 (Call 07/15/17)		6,150		6,196,125
Seagate HDD Cayman
4.75%, 06/01/23b		12,550		12,133,683
6.88%, 05/01/20 (Call 05/01/15)a		11,445		12,396,634
7.00%, 11/01/21 (Call 05/01/16)a		12,250		13,458,524
7.75%, 12/15/18 (Call 12/15/14)a		26,215		29,176,139
SunGard Data Systems Inc.
6.63%, 11/01/19 (Call 11/01/15)a,b		19,950		20,824,359
7.38%, 11/15/18 (Call 11/15/13)a		18,625		19,802,329
7.63%, 11/15/20 (Call 11/15/15)a		18,360		20,146,507
				144,925,300
DISTRIBUTION & WHOLESALE — 0.91%
HD Supply Inc.
7.50%, 07/15/20 (Call 10/15/16)a,b		21,750		23,055,000
8.13%, 04/15/19 (Call 04/15/15)a		26,590		29,514,900
10.50%, 01/15/21 (Call 01/15/16)a		21,625		22,463,778
11.00%, 04/15/20 (Call 04/15/16)		14,600		17,538,250
11.50%, 07/15/20 (Call 10/15/16)a		24,000		28,140,000
VWR Funding Inc.
7.25%, 09/15/17 (Call 09/15/14)a		16,125		17,092,500
				137,804,428
DIVERSIFIED FINANCIAL SERVICES — 4.84%
Aircastle Ltd.
6.25%, 12/01/19a		2,550		2,776,950
6.75%, 04/15/17a		17,200		18,942,590
9.75%, 08/01/18 (Call 08/01/14)a		13,175		14,854,814

Security	Principal (000s)		Value
CNH Capital LLC
3.63%, 04/15/18a,b	$	5,950	$	5,979,749
3.88%, 11/01/15		7,120		7,271,300
6.25%, 11/01/16		16,470		18,117,698
E*TRADE Financial Corp.
6.00%, 11/15/17 (Call 11/15/14)a		12,250		12,831,875
6.38%, 11/15/19 (Call 11/15/15)a		15,925		16,840,688
6.75%, 06/01/16		9,350		10,027,875
General Motors Financial Co. Inc.
2.75%, 05/15/16b		6,865		6,862,772
3.25%, 05/15/18b		2,420		2,411,915
4.25%, 05/15/23b		1,265		1,246,025
4.75%, 08/15/17b		17,984		18,942,393
6.75%, 06/01/18a		10,315		11,781,566
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.75%, 01/15/16 (Call 06/17/13)a		21,400		22,218,595
8.00%, 01/15/18 (Call 01/15/14)		44,895		47,658,597
ILFC E-Capital Trust II
6.25%, 12/21/65 (Call 12/21/15)b,c		11,000		10,285,000
International Lease Finance Corp.
3.88%, 04/15/18a		8,000		8,020,000
4.63%, 04/15/21a		9,600		9,528,000
4.88%, 04/01/15a		22,000		22,945,844
5.65%, 06/01/14a		19,100		19,815,322
5.75%, 05/15/16a		18,930		20,288,882
5.88%, 04/01/19a		28,000		30,055,704
5.88%, 08/15/22a		16,750		17,964,375
6.25%, 05/15/19a		28,600		31,206,635
6.50%, 09/01/14b		28,500		30,208,923
6.75%, 09/01/16b		17,600		19,808,147
7.13%, 09/01/18a,b		10,350		12,107,125
8.25%, 12/15/20		17,130		20,805,582
8.63%, 09/15/15		29,900		33,809,727
8.63%, 01/15/22a		11,500		14,283,959
8.75%, 03/15/17		41,800		49,491,631
8.88%, 09/01/17a		27,000		32,376,521
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 07/01/21 (Call 01/01/17)b		11,200		11,620,000
7.88%, 10/01/20 (Call 10/01/16)b		9,000		9,956,250
Nuveen Investments Inc.
9.13%, 10/15/17 (Call 10/15/14)b		11,600		12,238,000
9.50%, 10/15/20 (Call 10/15/16)b		13,575		14,525,250
Springleaf Finance Corp.
6.90%, 12/15/17		58,880		60,793,600
Series I
5.40%, 12/01/15a		22,450		23,067,375
				733,967,254
ELECTRIC — 4.90%
AES Corp. (The)
4.88%, 05/15/23 (Call 05/15/18)		7,525		7,396,113
7.38%, 07/01/21 (Call 06/01/21)		20,975		24,692,299
7.75%, 10/15/15a		10,700		11,936,593
8.00%, 10/15/17		30,971		36,539,982
8.00%, 06/01/20a		14,580		17,495,210
9.75%, 04/15/16		12,000		14,205,624
Calpine Construction Finance Co. LP
8.00%, 06/01/16 (Call 06/03/13)b		25,675		26,730,176
Calpine Corp.
7.25%, 10/15/17 (Call 10/15/13)b		25,463		26,668,110
7.50%, 02/15/21 (Call 11/01/15)b		39,372		42,718,620
7.88%, 07/31/20 (Call 07/31/15)a,b		20,578		22,571,905

124

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
7.88%, 01/15/23 (Call 01/15/17)a,b	$	21,269	$	23,392,416
DPL Inc.
6.50%, 10/15/16 (Call 09/15/16)		10,620		11,440,040
7.25%, 10/15/21 (Call 07/15/21)a		20,640		22,335,469
EDP Finance BV
4.90%, 10/01/19b		4,500		4,660,884
6.00%, 02/02/18a,b		5,000		5,396,802
Energy Future Intermediate Holding Co. LLC/EFIH Finance Inc.
10.00%, 12/01/20 (Call 12/01/15)		44,192		50,323,640
10.00%, 12/01/20 (Call 12/01/15)a,b		22,950		26,019,562
11.75%, 03/01/22 (Call 03/01/17)a,b		36,520		41,632,800
GenOn Energy Inc.
9.50%, 10/15/18a		13,710		15,977,426
9.88%, 10/15/20 (Call 10/15/15)		15,400		17,422,961
InterGen NV
9.00%, 06/30/17 (Call 07/01/13)a,b		21,570		22,136,212
Ipalco Enterprises Inc.
5.00%, 05/01/18 (Call 04/01/18)		13,000		13,934,770
7.25%, 04/01/16a,b		8,645		9,650,069
NRG Energy Inc.
6.63%, 03/15/23 (Call 09/15/17)a,b		14,100		14,970,915
7.63%, 01/15/18a		27,580		31,061,801
7.63%, 05/15/19 (Call 05/15/14)		12,120		12,904,627
7.88%, 05/15/21 (Call 05/15/16)a		28,250		31,520,853
8.25%, 09/01/20 (Call 09/01/15)a		18,305		20,531,252
8.50%, 06/15/19 (Call 06/15/14)a		21,405		23,329,053
PPL Capital Funding Inc. Series A
6.70%, 03/30/67 (Call 03/30/17)c		10,000		10,650,000
Puget Energy Inc.
5.63%, 07/15/22 (Call 04/15/22)a		7,250		8,008,033
6.00%, 09/01/21a		10,475		11,728,689
6.50%, 12/15/20		9,360		10,731,577
RRI Energy Inc.
7.63%, 06/15/14a		10,800		11,528,842
7.88%, 06/15/17a		19,720		22,125,134
Texas Competitive Electric Holdings Co. LLC/TCEH Finance Inc.
11.50%, 10/01/20 (Call 04/01/16)a,b		38,600		30,156,250
15.00%, 04/01/21 (Call 10/01/15)		30,400		9,728,000
				744,252,709
ELECTRONICS — 0.22%
Flextronics International Ltd.
4.63%, 02/15/20a,b		6,225		6,240,807
5.00%, 02/15/23a,b		7,800		7,826,722
Rexel SA
5.25%, 06/15/20 (Call 06/15/16)b		7,850		7,967,750
6.13%, 12/15/19 (Call 12/15/15)b		10,000		10,400,000
				32,435,279
ENTERTAINMENT — 0.61%
AMC Entertainment Inc.
8.75%, 06/01/19 (Call 06/01/14)a		10,369		11,351,759
9.75%, 12/01/20 (Call 12/01/15)		18,220		20,984,998
Cinemark USA Inc.
5.13%, 12/15/22 (Call 12/15/17)a		9,800		9,957,605
8.63%, 06/15/19 (Call 06/15/14)a		1,000		1,122,000
Mohegan Tribal Gaming Authority
10.50%, 12/15/16 (Call 07/01/13)a,b		650		646,750

Security	Principal (000s)		Value
Pinnacle Entertainment Inc.
8.63%, 08/01/17 (Call 08/01/13)a	$	12,250	$	12,808,044
Regal Cinemas Corp.
8.63%, 07/15/19 (Call 07/15/14)		1,000		1,109,956
Regal Entertainment Group
9.13%, 08/15/18 (Call 08/15/14)a		2,645		3,021,913
WMG Acquisition Corp.
6.00%, 01/15/21 (Call 01/15/16)a,b		4,400		4,625,500
11.50%, 10/01/18 (Call 10/01/14)		22,690		26,633,660
				92,262,185
ENVIRONMENTAL CONTROL — 0.24%
Clean Harbors Inc.
5.13%, 06/01/21 (Call 12/01/16)a		12,725		13,170,375
5.25%, 08/01/20 (Call 08/01/16)a		9,529		9,933,983
Tervita Corp.
8.00%, 11/15/18 (Call 11/15/15)b		12,950		13,468,000
				36,572,358
FOOD — 1.42%
ARAMARK Corp.
5.75%, 03/15/20 (Call 03/15/15)a,b		10,750		11,139,687
Dean Foods Co.
7.00%, 06/01/16		13,390		15,097,225
9.75%, 12/15/18 (Call 12/15/14)		2,955		3,398,250
Del Monte Corp.
7.63%, 02/15/19 (Call 02/15/14)a		27,350		28,409,812
Hawk Acquisition Sub Inc.
4.25%, 10/15/20 (Call 04/15/15)b		35,850		35,670,750
Post Holdings Inc.
7.38%, 02/15/22 (Call 02/15/17)a		23,300		25,863,000
Smithfield Foods Inc.
6.63%, 08/15/22 (Call 08/15/17)a		23,100		26,334,000
7.75%, 07/01/17a		9,120		10,602,000
SUPERVALU Inc.
6.75%, 06/01/21 (Call 06/01/17)b		4,450		4,244,188
8.00%, 05/01/16a		22,000		24,283,600
US Foods Inc.
8.50%, 06/30/19 (Call 06/30/14)a		28,100		29,856,250
				214,898,762
FOREST PRODUCTS & PAPER — 0.03%
UPM-Kymmene Corp. OYJ
5.63%, 12/01/14b		5,000		5,200,000
				5,200,000
GAS — 0.29%
Sabine Pass LNG LP
6.50%, 11/01/20 (Call 11/01/16)b		10,700		11,206,657
7.50%, 11/30/16a		29,550		32,996,053
				44,202,710
HEALTH CARE — PRODUCTS — 1.18%
Alere Inc.
6.50%, 06/15/20 (Call 06/15/16)b		8,375		8,364,531
7.25%, 07/01/18 (Call 12/15/15)b		1,700		1,844,500
8.63%, 10/01/18 (Call 10/01/14)		13,465		14,542,200

125

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Biomet Inc.
6.50%, 08/01/20 (Call 08/01/15)a,b	$	46,700	$	49,210,125
6.50%, 10/01/20 (Call 10/01/15)a,b		14,150		14,468,375
DJO Finance LLC/DJO Finance Corp.
9.88%, 04/15/18 (Call 04/15/15)		10,750		11,825,000
Hologic Inc.
6.25%, 08/01/20 (Call 08/01/15)		19,725		21,130,406
Kinetic Concepts Inc. / KCI USA Inc.
10.50%, 11/01/18 (Call 11/01/15)a		36,800		40,388,000
12.50%, 11/01/19 (Call 11/01/15)a		16,490		17,149,600
				178,922,737
HEALTH CARE — SERVICES — 5.67%
CHS/Community Health Systems Inc.
5.13%, 08/15/18 (Call 08/15/15)a		35,750		37,448,125
Community Health Systems Inc.
7.13%, 07/15/20 (Call 07/15/16)		26,400		28,941,000
8.00%, 11/15/19 (Call 11/15/15)		40,050		44,105,062
DaVita HealthCare Partners Inc.
5.75%, 08/15/22 (Call 08/15/17)a		29,050		30,865,625
6.38%, 11/01/18 (Call 11/01/13)a		19,075		20,267,188
6.63%, 11/01/20 (Call 11/01/14)a		15,150		16,286,250
Fresenius Medical Care US Finance II Inc.
5.63%, 07/31/19a,b		19,800		21,582,000
5.88%, 01/31/22a,b		11,550		12,936,000
Fresenius Medical Care US Finance Inc.
5.75%, 02/15/21b		17,900		19,869,000
6.50%, 09/15/18a,b		5,810		6,594,350
6.88%, 07/15/17		17,000		19,380,000
HCA Holdings Inc.
6.25%, 02/15/21a		18,400		19,734,000
7.75%, 05/15/21 (Call 11/15/15)a		33,980		37,378,000
HCA Inc.
5.88%, 03/15/22		37,500		41,062,500
5.88%, 05/01/23a		27,250		28,816,875
6.38%, 01/15/15a		19,000		20,235,000
6.50%, 02/15/16a		29,350		32,211,625
6.50%, 02/15/20		62,530		70,502,575
7.25%, 09/15/20 (Call 03/15/15)		36,560		40,216,000
7.50%, 02/15/22a		46,605		54,178,312
7.88%, 02/15/20 (Call 08/15/14)		26,110		28,525,175
8.00%, 10/01/18a		18,750		22,125,000
8.50%, 04/15/19 (Call 04/15/14)		39,000		42,510,000
Health Management Associates Inc.
6.13%, 04/15/16a		4,000		4,390,000
7.38%, 01/15/20 (Call 01/15/16)a		26,840		29,255,600
Tenet Healthcare Corp.
4.38%, 10/01/21b		13,800		13,437,750
4.50%, 04/01/21a,b		16,025		15,744,563
4.75%, 06/01/20a,b		13,100		13,198,250
6.25%, 11/01/18a		25,460		28,165,125
8.00%, 08/01/20 (Call 08/01/15)		21,660		23,771,850
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II Inc.
7.75%, 02/01/19 (Call 02/01/14)a		7,650		8,166,375
8.00%, 02/01/18 (Call 02/01/14)a		27,440		29,120,700
				861,019,875

Security	Principal (000s)		Value
HOLDING COMPANIES — DIVERSIFIED — 0.11%
Harbinger Group Inc.
7.88%, 07/15/19 (Call 01/15/16)b	$	15,275	$	16,191,500
				16,191,500
HOME BUILDERS — 0.80%
Centex Corp.
6.50%, 05/01/16a		11,500		12,995,000
DR Horton Inc.
3.63%, 02/15/18 (Call 11/15/17)a		5,800		5,901,500
K Hovnanian Enterprises Inc.
7.25%, 10/15/20 (Call 10/15/15)b		9,250		10,313,750
Lennar Corp.
4.75%, 12/15/17 (Call 09/15/17)a		10,325		10,892,875
4.75%, 11/15/22 (Call 08/15/22)a,b		8,050		8,050,000
12.25%, 06/01/17a		11,275		14,915,798
Standard Pacific Corp.
8.38%, 05/15/18		13,075		15,428,500
8.38%, 01/15/21a		8,920		10,704,000
Taylor Morrison Communities Inc./Monarch Communities Inc.
5.25%, 04/15/21 (Call 04/15/16)b		11,600		11,658,000
Toll Brothers Finance Corp.
4.38%, 04/15/23 (Call 01/15/23)		2,650		2,669,875
5.88%, 02/15/22 (Call 11/15/21)		16,280		18,030,100
				121,559,398
HOUSEHOLD PRODUCTS & WARES — 2.35%
Jarden Corp.
7.50%, 05/01/17a		12,980		14,797,200
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.75%, 10/15/20 (Call 10/15/15)a		53,750		54,830,375
6.88%, 02/15/21 (Call 02/15/16)a		29,850		32,014,125
7.13%, 04/15/19 (Call 10/15/14)		36,915		39,499,050
7.88%, 08/15/19 (Call 08/15/15)a		43,010		47,311,000
8.25%, 02/15/21 (Call 02/15/16)a		19,200		19,632,000
8.50%, 05/15/18 (Call 05/15/14)a		21,460		22,640,300
9.00%, 04/15/19 (Call 10/15/14)a		31,175		32,889,625
9.88%, 08/15/19 (Call 08/15/15)a		53,271		58,198,567
Spectrum Brands Escrow Corp.
6.38%, 11/15/20 (Call 11/15/16)b		7,600		8,132,000
6.63%, 11/15/22 (Call 11/15/17)b		3,750		4,050,000
Spectrum Brands Inc.
9.50%, 06/15/18 (Call 06/15/14)		20,261		22,439,058
				356,433,300
INSURANCE — 0.12%
Hartford Financial Services Group Inc.
8.13%, 06/15/68 (Call 06/15/18)c		13,442		15,995,980
ING U.S. Inc.
5.65%, 05/15/53 (Call 05/15/23)b,c		2,775		2,768,063
				18,764,043
INTERNET — 0.52%
CyrusOne LP/CyrusOne Finance Corp.
6.38%, 11/15/22 (Call 11/15/17)b		1,250		1,318,750
Equinix Inc.
4.88%, 04/01/20 (Call 04/01/17)		8,800		8,976,000

126

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
5.38%, 04/01/23 (Call 04/01/18)	$	18,250	$	18,979,746
7.00%, 07/15/21 (Call 07/15/16)		16,150		18,010,761
Zayo Group LLC/Zayo Capital Inc.
8.13%, 01/01/20 (Call 07/01/15)a		15,350		17,057,687
10.13%, 07/01/20 (Call 07/01/16)		12,575		14,744,188
				79,087,132
IRON & STEEL — 1.51%
ArcelorMittal SA
4.25%, 02/25/15a		3,550		3,655,740
4.25%, 08/05/15		9,600		9,900,974
5.00%, 02/25/17		21,376		22,274,848
6.00%, 03/01/21a		25,800		26,900,814
6.13%, 06/01/18		17,100		18,156,585
6.75%, 02/25/22a		13,750		14,756,794
9.50%, 02/15/15		5,793		6,430,586
10.35%, 06/01/19		23,600		29,321,865
Commercial Metals Co.
6.50%, 07/15/17a		9,036		9,842,643
7.35%, 08/15/18		13,800		15,458,324
Steel Dynamics Inc.
5.25%, 04/15/23 (Call 04/15/18)a,b		4,150		4,317,060
6.13%, 08/15/19 (Call 08/15/16)a,b		11,050		12,035,077
United States Steel Corp.
6.05%, 06/01/17a		11,000		11,682,615
7.00%, 02/01/18a		9,290		9,870,733
7.38%, 04/01/20a		15,200		15,496,797
7.50%, 03/15/22 (Call 03/15/17)a		7,500		7,762,500
7.63%, 05/15/20 (Call 05/15/15)a		11,800		10,531,500
				228,395,455
LEISURE TIME — 0.23%
Sabre Holdings Corp.
8.35%, 03/15/16a		8,150		9,148,375
Sabre Inc.
8.50%, 05/15/19 (Call 05/15/15)b		16,400		18,101,500
Travelport LLC/Travelport Holdings Inc.
13.88%, 03/01/16 (Call 08/23/14)a,b		6,900		7,141,500
				34,391,375
LODGING — 3.46%
Ameristar Casinos Inc.
7.50%, 04/15/21 (Call 04/15/15)		18,190		19,918,050
Boyd Gaming Corp.
9.13%, 12/01/18 (Call 12/01/14)a		11,550		12,552,516
Caesars Entertainment Operating Co. Inc.
8.50%, 02/15/20 (Call 02/15/16)a		27,150		25,623,084
9.00%, 02/15/20 (Call 02/15/16)a,b		51,550		49,359,125
9.00%, 02/15/20 (Call 02/15/16)b		11,000		10,532,500
12.75%, 04/15/18 (Call 04/15/14)a		18,745		13,237,400
CityCenter Holdings LLC/CityCenter Finance Corp.
7.63%, 01/15/16 (Call 01/15/14)a		19,240		20,490,600
Harrah’s Operating Co. Inc.
10.00%, 12/15/18 (Call 12/15/13)a		86,597		53,492,740
10.75%, 02/01/16 (Call 07/01/13)a		14,600		12,483,000
11.25%, 06/01/17 (Call 07/01/13)		40,560		42,486,600
MGM Resorts International
5.88%, 02/27/14		350		360,500
6.63%, 07/15/15a		24,500		26,605,072

Security	Principal (000s)		Value
6.63%, 12/15/21a	$	21,650	$	23,460,044
6.75%, 10/01/20a,b		20,450		22,269,774
7.50%, 06/01/16		12,520		14,023,573
7.63%, 01/15/17a		20,500		23,402,240
7.75%, 03/15/22a		26,400		30,225,207
8.63%, 02/01/19a		19,950		23,589,776
10.00%, 11/01/16a		10,100		12,169,946
11.38%, 03/01/18a		15,470		20,033,399
Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)a,b		5,050		4,891,243
5.38%, 03/15/22 (Call 03/15/17)a		23,250		24,557,812
7.75%, 08/15/20 (Call 08/15/15)a		34,520		38,938,053
				524,702,254
MACHINERY — 0.52%
Case New Holland Inc.
7.88%, 12/01/17		32,225		37,944,937
Manitowoc Co. Inc. (The)
8.50%, 11/01/20 (Call 11/01/15)a		16,150		18,364,096
9.50%, 02/15/18 (Call 02/15/14)a		7,080		7,758,412
Terex Corp.
6.00%, 05/15/21 (Call 11/15/16)a		13,950		14,717,250
				78,784,695
MANUFACTURING — 1.06%
Bombardier Inc.
4.25%, 01/15/16a,b		5,025		5,200,875
5.75%, 03/15/22b		15,050		15,614,375
6.13%, 01/15/23b		23,275		24,206,000
7.50%, 03/15/18b		17,400		19,901,250
7.75%, 03/15/20a,b		18,570		21,680,475
RBS Global Inc./Rexnord LLC
8.50%, 05/01/18 (Call 05/01/14)a		26,060		28,190,593
SPX Corp.
6.88%, 09/01/17a		15,550		17,252,901
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.
8.75%, 02/01/19 (Call 08/01/15)a,b		28,825		28,716,906
				160,763,375
MEDIA — 8.87%
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)		12,275		12,252,183
7.75%, 07/15/21 (Call 07/15/16)		3,500		3,937,452
Cablevision Systems Corp.
5.88%, 09/15/22a		17,150		16,935,625
7.75%, 04/15/18a		12,500		14,062,500
8.00%, 04/15/20a		15,600		17,667,000
8.63%, 09/15/17a		27,050		31,513,250
CC Holdings GS V LLC
3.85%, 04/15/23b		4,000		3,954,799
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)		16,900		16,519,750
5.25%, 03/15/21 (Call 03/15/16)a,b		4,250		4,312,218
5.25%, 09/30/22 (Call 09/30/17)		7,500		7,500,000
5.75%, 09/01/23 (Call 03/01/18)a,b		11,150		11,205,750
5.75%, 01/15/24 (Call 07/15/18)		11,600		11,716,000
6.50%, 04/30/21 (Call 04/30/15)a		32,280		34,620,300
6.63%, 01/31/22 (Call 01/31/17)a		32,500		34,775,000
7.00%, 01/15/19 (Call 01/15/14)a		27,625		29,420,625

127

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
7.25%, 10/30/17 (Call 10/30/13)	$	28,730	$	30,597,450
7.38%, 06/01/20 (Call 12/01/15)a		20,620		22,888,200
7.88%, 04/30/18 (Call 06/03/13)		23,750		25,145,312
8.13%, 04/30/20 (Call 04/30/15)a		19,550		21,798,250
Cengage Learning Acquisitions Inc.
11.50%, 04/15/20 (Call 04/15/16)b		16,090		13,032,900
12.00%, 06/30/19 (Call 06/30/15)b		19,350		2,418,750
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 06/15/16)b		10,375		10,141,563
6.38%, 09/15/20 (Call 09/15/15)a,b		27,675		28,851,187
8.63%, 11/15/17 (Call 06/17/13)b		15,384		16,402,421
Clear Channel Communications Inc.
5.50%, 09/15/14		9,750		9,740,944
9.00%, 12/15/19 (Call 07/15/15)b		41,200		41,715,000
9.00%, 03/01/21 (Call 03/01/16)a		36,290		36,108,550
10.75%, 08/01/16 (Call 07/01/13)a		22,620		21,149,700
11.25%, 03/01/21 (Call 03/01/16)a,b		15,200		16,492,000
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)b		10,375		10,893,750
6.50%, 11/15/22 (Call 11/15/17)a,b		29,525		31,148,875
Series A
7.63%, 03/15/20 (Call 03/15/15)a		1,000		1,057,500
Series B
7.63%, 03/15/20 (Call 03/15/15)a		39,580		41,954,800
CSC Holdings LLC
6.75%, 11/15/21a		22,050		24,696,000
8.63%, 02/15/19a		9,570		11,436,150
DISH DBS Corp.
4.25%, 04/01/18a,b		16,650		16,220,636
4.63%, 07/15/17a		24,900		24,959,006
5.00%, 03/15/23		23,775		22,508,784
5.13%, 05/01/20b		17,500		17,047,725
5.88%, 07/15/22a		56,000		56,160,838
6.25%, 05/15/23b		7,900		7,900,000
6.63%, 10/01/14a		3,000		3,159,510
6.75%, 06/01/21		50,480		53,404,806
7.13%, 02/01/16a		40,834		44,689,195
7.75%, 05/31/15		20,500		22,489,478
7.88%, 09/01/19a		31,280		35,033,397
McClatchy Co. (The)
9.00%, 12/15/22 (Call 12/15/17)b		19,650		21,265,627
Nara Cable Funding Ltd.
8.88%, 12/01/18 (Call 12/01/13)a,b		20,850		22,101,000
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 10/01/16)a,b		20,300		20,337,340
7.75%, 10/15/18 (Call 10/15/14)a		23,340		25,619,545
Quebecor Media Inc.
5.75%, 01/15/23a		19,050		19,526,250
7.75%, 03/15/16 (Call 07/02/13)		476		484,330
Sinclair Television Group Inc.
5.38%, 04/01/21 (Call 04/01/16)a,b		8,800		8,792,334
6.13%, 10/01/22 (Call 10/01/17)b		12,150		12,642,855
Sirius XM Radio Inc.
4.25%, 05/15/20 (Call 05/01/16)b		7,550		7,361,250
4.63%, 05/15/23 (Call 05/15/18)b		4,825		4,632,000
5.25%, 08/15/22 (Call 08/15/17)a,b		10,375		10,608,438
8.75%, 04/01/15 (b)		16,320		18,156,000
Unitymedia Hessen GmbH & Co. KG
5.50%, 01/15/23 (Call 01/15/18)b		12,800		13,052,508
7.50%, 03/15/19 (Call 03/15/15)b		12,500		13,646,400
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)a,b		4,625		4,545,585
6.75%, 09/15/22 (Call 09/15/17)a,b		27,950		29,906,500

Security	Principal (000s)		Value
6.88%, 05/15/19 (Call 05/15/15)b	$	28,400	$	30,175,000
7.88%, 11/01/20 (Call 11/01/15)a,b		17,130		18,773,152
8.50%, 05/15/21 (Call 11/15/15)a,b		15,350		16,597,188
Videotron Ltee
5.00%, 07/15/22		16,250		16,635,937
9.13%, 04/15/18 (Call 07/02/13)		23,850		24,982,875
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 07/15/15)		15,600		17,589,000
XM Satellite Radio Inc.
7.63%, 11/01/18 (Call 11/01/14)b		15,630		17,193,000
				1,346,259,243
MINING — 2.08%
Aleris International Inc.
7.88%, 11/01/20 (Call 11/01/15)a		13,450		14,559,625
FMG Resources (August 2006) Pty Ltd.
6.00%, 04/01/17 (Call 04/01/15)a,b		20,500		20,701,925
6.38%, 02/01/16 (Call 07/01/13)a,b		16,200		16,523,062
6.88%, 02/01/18 (Call 02/01/14)a,b		18,950		19,376,375
6.88%, 04/01/22 (Call 04/01/17)a,b		21,350		21,560,315
7.00%, 11/01/15 (Call 07/01/13)a,b		43,000		44,397,500
8.25%, 11/01/19 (Call 11/01/15)a,b		33,370		35,288,775
Inmet Mining Corp.
7.50%, 06/01/21 (Call 12/01/16)b		13,050		13,245,750
8.75%, 06/01/20 (Call 06/01/16)a,b		29,690		32,139,425
Novelis Inc.
8.38%, 12/15/17 (Call 12/15/13)a		22,850		24,715,035
8.75%, 12/15/20 (Call 12/15/15)a		32,190		36,121,722
Vulcan Materials Co.
6.50%, 12/01/16a		13,050		14,681,250
7.00%, 06/15/18a		5,750		6,540,625
7.50%, 06/15/21		13,250		15,635,000
				315,486,384
OFFICE & BUSINESS EQUIPMENT — 0.45%
CDW LLC/CDW Finance Corp.
8.00%, 12/15/18 (Call 12/15/14)		13,362		14,698,200
8.50%, 04/01/19 (Call 04/01/15)		31,960		35,355,750
12.54%, 10/12/17 (Call 07/01/13)a		17,673		18,910,110
				68,964,060
OIL & GAS — 9.35%
Antero Resources Finance Corp.
6.00%, 12/01/20 (Call 12/01/15)		11,700		12,138,750
7.25%, 08/01/19 (Call 08/01/14)		6,200		6,665,000
9.38%, 12/01/17 (Call 12/01/13)a		825		884,789
Berry Petroleum Co.
6.38%, 09/15/22 (Call 03/15/17)		12,000		12,460,819
Bill Barrett Corp.
7.00%, 10/15/22 (Call 10/15/17)a		8,620		9,022,209
7.63%, 10/01/19 (Call 10/01/15)a		8,800		9,443,659
Chaparral Energy Inc.
7.63%, 11/15/22 (Call 04/15/17)		10,050		10,749,044
8.25%, 09/01/21 (Call 09/01/16)a		12,970		14,255,894
Chesapeake Energy Corp.
3.25%, 03/15/16 (Call 03/15/14)a		9,925		9,907,511
5.38%, 06/15/21 (Call 06/15/16)a		13,750		14,024,069
5.75%, 03/15/23a		12,000		12,540,398
6.13%, 02/15/21a		36,430		39,755,899

128

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
6.50%, 08/15/17a	$	11,250	$	12,358,062
6.63%, 08/15/20a		27,850		31,021,689
7.25%, 12/15/18a		20,260		23,290,521
9.50%, 02/15/15a		32,806		36,577,867
Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance Inc.
6.63%, 11/15/19 (Call 11/15/15)a,b		21,660		22,748,166
Concho Resources Inc.
5.50%, 10/01/22 (Call 10/01/17)		14,250		14,668,394
5.50%, 04/01/23 (Call 10/01/17)a		17,700		18,165,545
6.50%, 01/15/22 (Call 01/15/17)a		13,030		14,125,555
7.00%, 01/15/21 (Call 01/15/16)		12,260		13,355,072
Continental Resources Inc.
4.50%, 04/15/23 (Call 01/15/23)b		10,075		10,175,852
5.00%, 09/15/22 (Call 03/15/17)		34,521		36,059,770
7.13%, 04/01/21 (Call 04/01/16)a		14,954		16,739,235
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)a		21,050		20,320,853
6.38%, 08/15/21 (Call 08/15/16)		12,680		13,926,288
8.25%, 02/15/20 (Call 02/15/15)		20,090		22,446,320
Energy XXI Gulf Coast Inc.
9.25%, 12/15/17 (Call 12/15/14)a		14,700		16,346,209
EP Energy LLC/EP Energy Finance Inc.
Series WI
9.38%, 05/01/20 (Call 05/01/16)a		39,015		44,477,100
EP Energy LLC/Everest Acquisition Finance Inc.
Series WI
6.88%, 05/01/19 (Call 05/01/15)a		16,000		17,280,000
Forest Oil Corp.
7.25%, 06/15/19 (Call 07/01/13)a		19,985		19,880,041
7.50%, 09/15/20 (Call 09/15/16)a,b		11,050		11,112,579
Halcon Resources Corp.
8.88%, 05/15/21 (Call 11/15/16)		27,950		28,430,391
9.75%, 07/15/20 (Call 07/15/16)		15,445		16,042,243
Kodiak Oil & Gas Corp.
8.13%, 12/01/19 (Call 12/01/15)		13,650		15,324,211
Laredo Petroleum Inc.
7.38%, 05/01/22 (Call 05/01/17)		10,200		11,227,564
9.50%, 02/15/19 (Call 02/15/15)		15,100		17,194,975
Linn Energy LLC/Linn Energy Finance Corp.
6.25%, 11/01/19 (Call 11/01/15)a,b		38,450		38,777,010
6.50%, 05/15/19 (Call 05/15/15)a		13,750		13,936,944
7.75%, 02/01/21 (Call 09/15/15)a		23,860		25,184,526
8.63%, 04/15/20 (Call 04/15/15)		31,995		35,065,019
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)b		25,000		25,595,255
6.50%, 03/15/21 (Call 03/15/15)b		1,700		1,768,334
Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC
9.25%, 06/01/21 (Call 06/01/16)b		13,150		13,108,453
Newfield Exploration Co.
5.63%, 07/01/24a		22,350		23,569,794
5.75%, 01/30/22		17,000		18,192,366
6.88%, 02/01/20 (Call 02/01/15)a		16,385		17,530,862
7.13%, 05/15/18 (Call 07/01/13)		17,106		17,653,428
NuStar Logistics LP
4.80%, 09/01/20		1,293		1,268,102
Oasis Petroleum Inc.
6.50%, 11/01/21 (Call 11/01/16)		7,050		7,611,683
6.88%, 01/15/23 (Call 07/15/17)		7,950		8,667,633
7.25%, 02/01/19 (Call 02/01/15)		10,265		11,034,919
Offshore Group Investments Ltd.
7.13%, 04/01/23 (Call 04/01/18)b		9,425		9,752,856
7.50%, 11/01/19 (Call 11/01/15)a		26,600		28,790,622

Security	Principal (000s)		Value
Penn Virginia Corp.
8.50%, 05/01/20 (Call 05/01/17)a,b	$	15,300	$	15,300,000
Plains Exploration & Production Co.
6.13%, 06/15/19 (Call 06/15/16)		15,000		16,500,000
6.50%, 11/15/20 (Call 11/15/15)		20,750		22,988,653
6.63%, 05/01/21 (Call 05/01/16)		23,460		25,879,439
6.75%, 02/01/22 (Call 02/01/17)a		20,650		23,132,758
6.88%, 02/15/23 (Call 02/15/18)		35,250		40,084,312
7.63%, 06/01/18 (Call 06/03/13)a		7,975		8,289,510
8.63%, 10/15/19 (Call 10/15/14)		9,070		10,237,191
Precision Drilling Corp.
6.63%, 11/15/20 (Call 11/15/15)a		10,270		11,058,270
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)a		7,650		7,779,225
5.38%, 10/01/22 (Call 07/01/22)a		20,260		20,768,615
Quicksilver Resources Inc.
8.25%, 08/01/15 (Call 07/01/13)a		7,300		7,426,350
11.75%, 01/01/16 (Call 07/01/13)a		18,560		19,673,600
Range Resources Corp.
5.00%, 08/15/22 (Call 02/15/17)		14,000		14,219,103
5.00%, 03/15/23 (Call 03/15/18)b		4,850		4,925,466
5.75%, 06/01/21 (Call 06/01/16)		7,500		7,956,318
6.75%, 08/01/20 (Call 08/01/15)		14,000		15,184,882
Samson Investment Co.
9.75%, 02/15/20 (Call 02/15/16)b		48,820		50,515,421
SandRidge Energy Inc.
7.50%, 03/15/21 (Call 03/15/16)a		21,670		22,401,362
7.50%, 02/15/23 (Call 08/15/17)a		16,100		16,583,000
8.13%, 10/15/22 (Call 04/15/17)a		19,250		20,464,511
8.75%, 01/15/20 (Call 01/15/15)a		11,375		12,227,882
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)b		3,225		3,279,025
6.50%, 01/01/23 (Call 07/01/17)a		7,677		8,425,813
Tesoro Corp.
4.25%, 10/01/17 (Call 09/01/17)a		11,500		11,981,512
5.38%, 10/01/22 (Call 10/01/17)a		14,125		14,805,706
WPX Energy Inc.
5.25%, 01/15/17a		14,200		15,106,275
6.00%, 01/15/22 (Call 10/15/21)		17,090		18,397,537
				1,418,242,085
OIL & GAS SERVICES — 0.56%
CGG
6.50%, 06/01/21 (Call 06/01/16)a		16,760		17,449,852
7.75%, 05/15/17 (Call 07/01/13)		14,685		15,041,926
Hornbeck Offshore Services Inc.
5.00%, 03/01/21 (Call 03/01/16)b		5,750		5,758,792
Oil States International Inc.
5.13%, 01/15/23 (Call 01/15/18)b		3,200		3,467,482
6.50%, 06/01/19 (Call 06/01/14)a		4,600		4,956,393
SESI LLC
6.38%, 05/01/19 (Call 05/01/15)		12,050		13,014,084
7.13%, 12/15/21 (Call 12/15/16)		22,310		25,119,518
				84,808,047
PACKAGING & CONTAINERS — 1.62%
Ardagh Packaging Finance PLC
4.88%, 11/15/22 (Call 11/15/17)b		3,300		3,291,750
7.00%, 11/15/20 (Call 11/15/16)a,b		15,875		16,430,625
7.38%, 10/15/17 (Call 10/15/14)b		14,200		15,442,500
7.38%, 10/15/17 (Call 10/15/14)a,b		2,150		2,335,438
9.13%, 10/15/20 (Call 10/15/15)a,b		15,676		17,243,600

129

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Ball Corp.
4.00%, 11/15/23	$	13,550	$	13,041,875
5.00%, 03/15/22a		17,300		18,035,250
5.75%, 05/15/21 (Call 11/15/15)		8,800		9,394,000
6.75%, 09/15/20 (Call 03/15/15)		11,530		12,452,400
Berry Plastics Corp.
9.50%, 05/15/18 (Call 05/15/14)a		11,350		12,385,687
9.75%, 01/15/21 (Call 01/15/16)a		16,550		19,156,625
Crown Americas LLC/Crown Americas Capital Corp. III
6.25%, 02/01/21 (Call 02/01/16)		19,950		21,845,250
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23b		14,900		14,488,642
Graphic Packaging International Inc.
4.75%, 04/15/21 (Call 01/15/21)		2,300		2,323,000
Rock Tenn Co.
4.90%, 03/01/22		10,800		11,664,542
Sealed Air Corp.
5.25%, 04/01/23 (Call 01/01/23)b		9,950		9,999,750
6.50%, 12/01/20 (Call 09/01/20)a,b		5,750		6,353,750
8.13%, 09/15/19 (Call 09/15/15)a,b		19,510		22,046,300
8.38%, 09/15/21 (Call 09/15/16)b		15,620		17,963,000
				245,893,984
PHARMACEUTICALS — 1.44%
Endo Health Solutions Inc.
7.00%, 07/15/19 (Call 07/15/15)a		9,050		9,740,063
7.00%, 12/15/20 (Call 12/15/15)a		7,150		7,704,125
7.25%, 01/15/22 (Call 07/15/16)a		13,000		13,991,250
Grifols Inc.
8.25%, 02/01/18 (Call 02/01/14)		24,935		27,179,150
NBTY Inc.
9.00%, 10/01/18 (Call 10/01/14)		2,000		2,215,000
Valeant Pharmaceuticals International Inc.
6.38%, 10/15/20 (Call 10/15/16)b		46,500		48,825,000
6.50%, 07/15/16 (Call 07/15/13)a,b		21,550		22,304,250
6.75%, 10/01/17 (Call 10/01/14)a,b		9,800		10,461,500
6.75%, 08/15/21 (Call 02/15/16)a,b		17,120		18,232,800
6.88%, 12/01/18 (Call 12/01/14)b		17,850		19,054,875
7.00%, 10/01/20 (Call 10/01/15)a,b		20,985		22,611,337
7.25%, 07/15/22 (Call 07/15/16)a,b		14,650		15,895,250
				218,214,600
PIPELINES — 3.19%
Access Midstream Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)		26,400		26,162,043
6.13%, 07/15/22 (Call 01/15/17)a		16,380		17,547,765
Atlas Pipeline Partners LP
4.75%, 11/15/21 (Call 05/15/16)b		10,850		10,579,030
5.88%, 08/01/23 (Call 02/01/18)b		13,675		14,011,821
El Paso Corp.
7.00%, 06/15/17		18,415		20,900,968
7.25%, 06/01/18		12,400		14,292,154
8.25%, 02/15/16		3,800		4,243,658
Energy Transfer Equity LP
7.50%, 10/15/20		42,130		48,449,500
Enterprise Products Operating LLC
Series B
7.03%, 01/15/68 (Call 01/15/18)c		800		928,000

Security	Principal (000s)		Value
Kinder Morgan Finance Co. LLC
6.00%, 01/15/18a,b	$	19,240	$	21,442,126
Kinder Morgan Finance Co. ULC
5.70%, 01/05/16a		9,845		10,792,237
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.50%, 07/15/23 (Call 04/15/23)		8,300		8,130,187
5.50%, 02/15/23 (Call 08/15/17)a		19,725		20,585,466
6.25%, 06/15/22 (Call 12/15/16)		13,341		14,379,266
6.75%, 11/01/20 (Call 11/01/15)		8,640		9,384,515
NGPL PipeCo LLC
7.12%, 12/15/17a,b		26,740		27,756,526
9.63%, 06/01/19 (Call 06/01/15)a,b		14,600		16,298,679
Regency Energy Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23 (Call 08/01/23)b		6,000		5,931,923
5.50%, 04/15/23 (Call 10/15/17)a		6,100		6,422,035
6.50%, 07/15/21 (Call 07/15/16)a		13,500		14,622,270
6.88%, 12/01/18 (Call 12/01/14)		22,680		24,246,083
Rockies Express Pipeline LLC
3.90%, 04/15/15a,b		12,000		12,157,658
5.63%, 04/15/20a,b		18,290		17,559,949
6.00%, 01/15/19a,b		10,525		10,426,174
6.85%, 07/15/18a,b		10,350		10,689,947
Sabine Pass Liquefaction LLC
5.63%, 02/01/21b		32,250		32,491,875
5.63%, 04/15/23b		18,600		18,583,690
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%, 11/15/23 (Call 05/15/18)a,b		12,600		11,988,095
5.25%, 05/01/23 (Call 11/01/17)a,b		6,100		6,237,450
6.38%, 08/01/22 (Call 02/01/17)		12,250		13,328,075
6.88%, 02/01/21 (Call 02/01/16)a		12,400		13,407,738
				483,976,903
REAL ESTATE — 0.43%
CBRE Services Inc.
5.00%, 03/15/23 (Call 03/15/18)a		9,125		9,102,188
Realogy Corp.
7.63%, 01/15/20 (Call 01/15/16)b		10,870		12,280,339
7.88%, 02/15/19 (Call 02/15/15)a,b		16,150		17,715,592
Realogy Group LLC/Sunshine Group Florida Ltd. (The)
3.38%, 05/01/16b		3,950		3,930,250
Toys R Us Property Co. I LLC
10.75%, 07/15/17 (Call 07/15/13)		21,535		22,827,100
				65,855,469
REAL ESTATE INVESTMENT TRUSTS — 0.23%
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)a		4,400		4,477,000
6.75%, 06/01/19 (Call 06/01/15)a		15,020		16,063,282
10.00%, 10/01/14		1,141		1,249,395
Host Hotels & Resorts LP
5.88%, 06/15/19 (Call 06/15/15)a		4,550		5,004,217
6.00%, 11/01/20 (Call 11/01/15)a		4,150		4,627,250
Omega Healthcare Investors Inc.
5.88%, 03/15/24 (Call 03/15/17)		2,200		2,376,000
6.75%, 10/15/22 (Call 10/15/15)		700		763,000
				34,560,144
RETAIL — 3.34%
AmeriGas Finance LLC/AmeriGas Finance Corp.
6.75%, 05/20/20 (Call 05/20/16)		10,350		11,239,125
7.00%, 05/20/22 (Call 05/20/17)a		20,560		22,378,483

130

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
AmeriGas Partners LP/AmeriGas Finance Corp.
6.25%, 08/20/19 (Call 08/20/15)a	$	12,730	$	13,512,640
Best Buy Co. Inc.
5.50%, 03/15/21 (Call 12/15/20)a		14,250		14,107,500
Burger King Corp.
9.88%, 10/15/18 (Call 10/15/14)a		18,360		20,700,900
Claire’s Stores Inc.
8.88%, 03/15/19 (Call 03/15/15)a		10,050		10,803,750
9.00%, 03/15/19 (Call 03/15/15)b		25,700		28,976,750
JC Penney Corp. Inc.
5.65%, 06/01/20a		8,100		6,966,000
L Brands Inc.
5.63%, 02/15/22a		20,650		21,992,250
6.63%, 04/01/21a		19,490		22,316,050
6.90%, 07/15/17		17,562		20,196,300
7.00%, 05/01/20a		8,360		9,676,700
8.50%, 06/15/19		14,050		17,176,125
Michaels Stores Inc.
7.75%, 11/01/18 (Call 11/01/14)a		18,155		19,743,562
Petco Animal Supplies Inc.
9.25%, 12/01/18 (Call 12/01/13)b		10,900		11,826,500
PVH Corp.
4.50%, 12/15/22 (Call 12/15/17)a		13,225		13,191,937
7.38%, 05/15/20 (Call 05/15/15)		2,451		2,714,483
QVC Inc.
4.38%, 03/15/23b		5,925		5,847,596
5.13%, 07/02/22		11,350		11,862,538
7.38%, 10/15/20 (Call 04/15/15)b		14,014		15,485,470
7.50%, 10/01/19 (Call 10/01/14)b		19,750		21,774,375
Rite Aid Corp.
7.50%, 03/01/17 (Call 07/01/13)		13,800		14,162,250
8.00%, 08/15/20 (Call 08/15/15)a		15,500		17,436,798
9.25%, 03/15/20 (Call 03/15/16)a		19,900		22,502,621
9.50%, 06/15/17 (Call 07/01/13)		14,535		15,043,724
Sally Holdings LLC/Sally Capital Inc.
5.75%, 06/01/22 (Call 06/01/17)a		13,100		13,886,000
6.88%, 11/15/19 (Call 11/15/15)a		22,400		24,752,000
Sears Holdings Corp.
6.63%, 10/15/18a		22,295		21,737,625
Suburban Propane Partners LP/Suburban Energy Finance Corp.
7.38%, 08/01/21 (Call 08/01/16)a		13,307		14,464,484
7.50%, 10/01/18 (Call 10/01/14)a		11,395		12,220,788
Toys R Us Inc.
10.38%, 08/15/17 (Call 02/15/15)a		11,750		12,836,875
Toys R Us Property Co. II LLC
8.50%, 12/01/17 (Call 12/01/13)		15,175		16,066,531
				507,598,730
SEMICONDUCTORS — 1.30%
Advanced Micro Devices Inc.
7.50%, 08/15/22a,b		12,000		11,680,398
7.75%, 08/01/20 (Call 08/01/15)a		12,050		11,793,392
8.13%, 12/15/17 (Call 12/15/13)a		10,220		10,550,905
Amkor Technology Inc.
6.63%, 06/01/21 (Call 06/01/15)a		10,425		10,685,193
Freescale Semiconductor Inc.
5.00%, 05/15/21 (Call 05/15/16)a,b		5,650		5,557,405
8.05%, 02/01/20 (Call 06/01/15)a		15,800		16,776,472
8.88%, 12/15/14 (Call 07/01/13)a		1,586		1,589,965
9.25%, 04/15/18 (Call 04/15/14)b		28,600		31,366,938

Security	Principal (000s)		Value
10.13%, 12/15/16 (Call 07/01/13)a	$	12,678	$	13,026,645
10.13%, 03/15/18 (Call 03/15/14)a,b		13,699		15,193,175
10.75%, 08/01/20 (Call 08/01/15)a		14,930		16,905,963
NXP BV/NXP Funding LLC
3.75%, 06/01/18b		7,025		6,871,764
5.75%, 02/15/21 (Call 02/15/17)a,b		5,075		5,282,568
5.75%, 03/15/23 (Call 03/15/18)a,b		10,950		11,387,884
9.75%, 08/01/18 (Call 08/01/14)b		17,610		19,853,232
Sensata Technologies BV
4.88%, 10/15/23a,b		6,950		6,866,491
6.50%, 05/15/19 (Call 05/15/15)a,b		1,850		1,997,539
				197,385,929
SHIPBUILDING — 0.18%
Huntington Ingalls Industries Inc.
6.88%, 03/15/18 (Call 03/15/15)a		14,185		15,426,188
7.13%, 03/15/21 (Call 03/15/16)a		11,460		12,548,700
				27,974,888
SOFTWARE — 2.59%
Fidelity National Information Services Inc.
5.00%, 03/15/22 (Call 03/15/17)		5,050		5,403,500
7.88%, 07/15/20 (Call 07/15/14)		4,230		4,739,893
First Data Corp.
6.75%, 11/01/20 (Call 11/01/15)b		38,838		40,633,422
7.38%, 06/15/19 (Call 06/15/15)b		36,150		38,228,625
8.25%, 01/15/21 (Call 01/15/16)a,b		47,902		50,595,376
8.88%, 08/15/20 (Call 08/15/15)b		10,000		11,079,227
10.63%, 06/15/21 (Call 04/15/16)b		9,200		9,250,382
11.25%, 03/31/16 (Call 07/01/13)a		55,475		55,891,063
11.25%, 01/15/21 (Call 01/15/16)b		15,250		15,574,063
11.75%, 08/15/21 (Call 05/15/16)a,b		13,525		13,068,531
12.63%, 01/15/21 (Call 01/15/16)		64,232		70,334,040
IMS Health Inc.
6.00%, 11/01/20 (Call 11/01/15)b		10,400		10,998,000
Infor US Inc.
9.38%, 04/01/19 (Call 04/01/15)a		22,000		24,832,500
11.50%, 07/15/18 (Call 07/15/15)		19,670		23,013,900
Nuance Communications Inc.
5.38%, 08/15/20 (Call 08/15/16)b		19,650		20,035,244
				393,677,766
STORAGE & WAREHOUSING — 0.25%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 10/15/15)a,b		26,800		27,738,000
10.75%, 10/15/19 (Call 10/15/16)b		10,550		10,550,000
				38,288,000
TELECOMMUNICATIONS — 12.66%
Avaya Inc.
7.00%, 04/01/19 (Call 04/01/15)a,b		21,990		20,560,650
10.50%, 03/01/21 (Call 03/01/17)a,b		26,945		22,633,800
CenturyLink Inc.
5.80%, 03/15/22a		28,550		29,121,000
6.00%, 04/01/17		9,900		10,989,000
6.45%, 06/15/21a		33,000		35,640,000
Series V
5.63%, 04/01/20		11,210		11,630,375

131

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Cincinnati Bell Inc.
8.25%, 10/15/17 (Call 10/15/13)a	$	11,150	$	11,707,500
8.38%, 10/15/20 (Call 10/15/15)a		12,944		13,785,360
8.75%, 03/15/18 (Call 03/15/14)a		13,920		14,233,200
Clearwire Communications LLC/Clearwire Finance Inc.
12.00%, 12/01/15 (Call 07/01/13)b		24,425		26,104,219
12.00%, 12/01/15 (Call 07/01/13)a,b		42,595		45,523,406
12.00%, 12/01/17 (Call 12/01/14)b		13,650		15,834,000
CommScope Inc.
8.25%, 01/15/19 (Call 01/15/15)a,b		31,710		34,563,900
Cricket Communications Inc.
7.75%, 10/15/20 (Call 10/15/15)a		33,800		33,757,750
Crown Castle International Corp.
5.25%, 01/15/23a		37,350		38,097,000
7.13%, 11/01/19 (Call 11/01/14)a		16,750		18,215,625
Digicel Group Ltd.
10.50%, 04/15/18 (Call 04/15/14)b		3,950		4,289,305
Digicel Ltd.
8.25%, 09/01/17 (Call 09/01/13)b		16,050		16,692,000
Embarq Corp.
7.08%, 06/01/16		12,250		13,887,814
Frontier Communications Corp.
7.13%, 03/15/19a		12,000		13,080,000
7.13%, 01/15/23a		15,500		16,120,000
7.63%, 04/15/24		9,250		9,666,250
8.13%, 10/01/18a		12,950		14,860,125
8.25%, 04/15/17a		20,170		23,397,200
8.50%, 04/15/20a		26,015		29,722,137
8.75%, 04/15/22a		19,460		21,892,500
Hughes Satellite Systems Corp.
6.50%, 06/15/19		22,820		24,902,325
7.63%, 06/15/21		16,790		18,783,813
Intelsat (Luxembourg) SA
6.75%, 06/01/18 (Call 06/01/15)a,b		2,750		2,860,000
7.75%, 06/01/21 (Call 06/01/17)a,b		31,475		33,127,437
8.13%, 06/01/23 (Call 06/01/18)a,b		11,550		12,300,750
11.25%, 02/04/17 (Call 06/12/13)		37,366		39,533,228
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)b		10,660		10,446,800
6.63%, 12/15/22 (Call 12/15/17)b		17,100		17,698,500
7.25%, 04/01/19 (Call 04/01/15)a		33,840		36,378,000
7.25%, 10/15/20 (Call 10/15/15)		46,470		50,243,364
7.50%, 04/01/21 (Call 04/01/16)a		27,665		30,362,337
8.50%, 11/01/19 (Call 11/01/14)a		12,000		13,154,400
Koninklijke KPN NV
7.00%, 03/28/73 (Call 03/28/23)a,b,c		9,600		9,515,520
Level 3 Communications Inc.
11.88%, 02/01/19 (Call 02/01/15)a		17,700		20,355,000
Level 3 Financing Inc.
7.00%, 06/01/20 (Call 06/01/16)		17,800		18,645,500
8.13%, 07/01/19 (Call 07/01/15)		20,880		22,602,600
8.63%, 07/15/20 (Call 01/15/16)a		16,245		17,910,113
9.38%, 04/01/19 (Call 04/01/15)a		9,630		10,617,075
10.00%, 02/01/18 (Call 02/01/14)		15,350		16,654,750
Lynx I Corp.
5.38%, 04/15/21 (Call 04/15/17)a,b		6,950		7,193,250
Lynx II Corp.
6.38%, 04/15/23 (Call 04/15/18)a,b		7,000		7,297,500
MetroPCS Wireless Inc.
6.25%, 04/01/21 (Call 04/01/17)b		28,450		29,730,250
6.63%, 11/15/20 (Call 11/15/15)a		23,270		24,840,725
6.63%, 04/01/23 (Call 04/01/18)b		37,475		39,348,750
7.88%, 09/01/18 (Call 09/01/14)a		25,665		27,910,687

Security	Principal (000s)		Value
NII Capital Corp.
7.63%, 04/01/21 (Call 04/01/16)a	$	28,350	$	23,672,250
8.88%, 12/15/19 (Call 12/15/14)a		13,410		12,069,000
10.00%, 08/15/16 (Call 08/15/13)a		15,010		15,197,625
NII International Telecom SA
11.38%, 08/15/19 (Call 02/15/17)a,b		10,500		11,602,500
NII International Telecom SCA
7.88%, 08/15/19 (Call 02/15/17)a,b		7,675		7,550,281
Nokia OYJ
5.38%, 05/15/19a		22,250		21,860,625
PAETEC Holding Corp.
9.88%, 12/01/18 (Call 12/01/14)a		11,700		13,308,750
Qwest Communications International Inc.
7.13%, 04/01/18 (Call 07/01/13)a		17,440		18,094,000
SBA Communications Corp.
5.63%, 10/01/19 (Call 10/01/16)b		13,400		13,802,000
SBA Telecommunications Inc.
5.75%, 07/15/20 (Call 07/15/16)a,b		14,008		14,533,300
Sprint Nextel Corp.
6.00%, 12/01/16a		38,750		41,656,250
6.00%, 11/15/22a		29,000		29,761,250
7.00%, 03/01/20a,b		15,950		17,983,625
7.00%, 08/15/20a		42,450		46,164,375
8.38%, 08/15/17a		26,670		30,603,825
9.00%, 11/15/18b		62,170		75,070,275
9.13%, 03/01/17		36,100		42,146,750
11.50%, 11/15/21a		27,720		37,976,400
Telesat Canada/Telesat LLC
6.00%, 05/15/17 (Call 05/15/14)b		17,600		18,430,384
UPCB Finance III Ltd.
6.63%, 07/01/20 (Call 07/01/15)b		23,050		24,548,250
UPCB Finance V Ltd.
7.25%, 11/15/21 (Call 11/15/16)b		22,720		25,048,800
UPCB Finance VI Ltd.
6.88%, 01/15/22 (Call 01/15/17)a,b		15,450		16,686,000
Virgin Media Finance PLC
4.88%, 02/15/22		16,100		16,224,287
5.25%, 02/15/22		13,400		13,517,986
8.38%, 10/15/19 (Call 10/15/14)		16,050		17,870,396
West Corp.
7.88%, 01/15/19 (Call 11/15/14)a		12,550		13,644,716
8.63%, 10/01/18 (Call 10/01/14)a		12,990		14,320,557
Wind Acquisition Finance SA
6.50%, 04/30/20 (Call 04/30/16)b		6,925		7,115,438
7.25%, 02/15/18 (Call 11/15/13)a,b		34,900		36,296,000
7.25%, 02/15/18 (Call 11/15/13)b		5,400		5,602,500
11.75%, 07/15/17 (Call 07/15/13)a,b		43,635		46,034,925
Windstream Corp.
6.38%, 08/01/23 (Call 02/01/18)a		14,000		13,860,000
7.00%, 03/15/19 (Call 07/01/13)		9,980		10,179,600
7.50%, 06/01/22 (Call 06/01/17)a		10,650		11,342,250
7.50%, 04/01/23 (Call 04/01/16)		16,750		17,587,500
7.75%, 10/15/20 (Call 10/15/15)a		23,915		25,589,050
7.88%, 11/01/17a		23,275		26,649,875
				1,922,018,385
TRANSPORTATION — 0.44%
CEVA Group PLC
8.38%, 12/01/17 (Call 12/01/13)a,b		21,300		21,992,250
11.50%, 04/01/18 (Call 04/01/14)a,b,d		13,720		8,780,800
12.75%, 03/31/20 (Call 03/31/15)b,d		19,600		8,036,000

132

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

May 31, 2013

Security	Principal or Shares (000s)		Value
CHC Helicopter SA
9.25%, 10/15/20 (Call 10/15/15)a	$	26,325	$	28,215,464
				67,024,514
TOTAL CORPORATE BONDS & NOTES
(Cost: $14,288,801,451)				14,889,766,995
SHORT-TERM INVESTMENTS — 17.77%
MONEY MARKET FUNDS — 17.77%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%e,f,g		2,379,590		2,379,589,825
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,f,g		248,448		248,447,742
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		69,309		69,309,240
				2,697,346,807
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,697,346,807)				2,697,346,807
TOTAL INVESTMENTS IN SECURITIES — 115.88%
(Cost: $16,986,148,258)				17,587,113,802
Other Assets, Less Liabilities — (15.88)%				(2,410,168,173	)
NET ASSETS — 100.00%			$	15,176,945,629

^a  All or a portion of this security represents a security on loan. See Note 3.

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

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

^d  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^e  Affiliated issuer. See Note 2.

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

^g  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

133

Schedule of Investments  (Unaudited) 

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.72%
ADVERTISING — 0.12%
Omnicom Group Inc.
3.63%, 05/01/22a	$	10,408	$	10,423,069
4.45%, 08/15/20		15,455		16,615,973
				27,039,042
AEROSPACE & DEFENSE — 1.57%
Boeing Co. (The)
4.88%, 02/15/20a		11,103		12,867,846
General Dynamics Corp.
1.00%, 11/15/17		16,000		15,672,519
2.25%, 11/15/22 (Call 08/15/22)a		15,685		14,722,648
L-3 Communications Corp.
4.75%, 07/15/20a		7,023		7,575,592
5.20%, 10/15/19a		22,090		24,659,215
Lockheed Martin Corp.
3.35%, 09/15/21a		24,854		25,503,333
4.07%, 12/15/42		8,000		7,304,263
4.25%, 11/15/19a		11,072		12,306,283
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		17,150		16,317,956
3.13%, 10/15/20a		19,895		20,521,048
United Technologies Corp.
1.80%, 06/01/17		8,439		8,609,940
3.10%, 06/01/22a		35,354		36,111,689
4.50%, 04/15/20a		23,075		26,132,631
4.50%, 06/01/42		44,764		45,982,288
5.38%, 12/15/17		9,888		11,537,231
5.70%, 04/15/40		20,790		25,042,185
6.13%, 02/01/19		26,469		32,376,182
6.13%, 07/15/38		10,500		13,292,362
				356,535,211
AGRICULTURE — 1.88%
Altria Group Inc.
2.85%, 08/09/22		32,000		30,385,402
4.25%, 08/09/42		16,308		14,363,105
4.75%, 05/05/21		20,084		22,147,735
9.25%, 08/06/19a		15,458		21,082,840
9.70%, 11/10/18		28,404		38,751,060
9.95%, 11/10/38		18,885		29,382,137
10.20%, 02/06/39		16,737		26,519,122
Archer-Daniels-Midland Co.
4.48%, 03/01/21a		19,955		22,030,126
Lorillard Tobacco Co.
6.88%, 05/01/20a		18,673		22,340,704
8.13%, 06/23/19a		953		1,204,184
Philip Morris International Inc.
1.13%, 08/21/17a		13,000		12,809,243
2.50%, 05/16/16		9,710		10,161,064
2.50%, 08/22/22		10,100		9,653,288
2.90%, 11/15/21		12,395		12,438,252
3.88%, 08/21/42		3,625		3,252,514

Security	Principal (000s)		Value
4.13%, 03/04/43	$	9,550	$	8,910,359
4.38%, 11/15/41		11,000		10,709,142
4.50%, 03/26/20a		19,089		21,491,580
5.65%, 05/16/18		42,887		50,846,960
6.38%, 05/16/38		22,805		28,362,273
Reynolds American Inc.
3.25%, 11/01/22a		17,881		17,239,187
4.75%, 11/01/42a		14,105		12,984,299
				427,064,576
AUTO MANUFACTURERS — 0.41%
Daimler Finance North America LLC
8.50%, 01/18/31		21,500		32,172,591
Ford Motor Co.
4.75%, 01/15/43a		30,225		28,131,671
7.45%, 07/16/31a		26,275		32,950,256
				93,254,518
BANKS — 23.07%
Abbey National Treasury Services PLC
4.00%, 04/27/16		743		790,698
American Express Bank FSB
6.00%, 09/13/17		10,940		12,875,217
Australia and New Zealand Banking Group Ltd.
1.88%, 10/06/17a		12,500		12,697,491
Bank of America Corp.
2.00%, 01/11/18		350		347,078
3.30%, 01/11/23		15,500		14,991,691
3.63%, 03/17/16		2,000		2,109,949
3.88%, 03/22/17		23,339		24,967,791
5.00%, 05/13/21		37,110		41,089,435
5.42%, 03/15/17		780		857,934
5.63%, 10/14/16a		2,100		2,360,834
5.63%, 07/01/20		43,670		50,333,592
5.65%, 05/01/18a		33,180		37,995,898
5.70%, 01/24/22		53,180		61,184,829
5.75%, 08/15/16a		3,160		3,482,320
5.75%, 12/01/17		37,050		42,677,969
5.88%, 01/05/21		14,015		16,390,535
5.88%, 02/07/42		5,871		6,856,813
6.00%, 09/01/17a		15,815		18,263,363
6.50%, 08/01/16		43,050		49,228,480
7.63%, 06/01/19		13,650		17,175,900
Series 1
3.75%, 07/12/16		35,300		37,507,041
Bank of America N.A.
5.30%, 03/15/17a		20,500		22,783,981
6.00%, 10/15/36		6,895		8,070,175
Bank of Montreal
1.40%, 09/11/17		9,000		8,966,250
1.45%, 04/09/18 (Call 03/09/18)		11,000		10,855,626
2.50%, 01/11/17a		29,555		30,734,448
2.55%, 11/06/22 (Call 10/06/22)		15,000		14,348,670
Bank of New York Mellon Corp. (The)
2.30%, 07/28/16a		19,440		20,257,347
3.55%, 09/23/21 (Call 08/23/21)		15,920		16,828,402
Bank of Nova Scotia
1.38%, 12/18/17 (Call 11/18/17)a		3,000		2,961,527
1.45%, 04/25/18a		17,000		16,715,901
2.55%, 01/12/17a		23,321		24,201,927

134

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
4.38%, 01/13/21a	$	10,516	$	11,707,677
Barclays Bank PLC
5.00%, 09/22/16		11,737		13,111,292
5.13%, 01/08/20a		21,805		24,828,464
5.14%, 10/14/20a		17,299		18,247,584
6.75%, 05/22/19a		33,314		41,376,115
BB&T Corp.
1.60%, 08/15/17 (Call 07/14/17)		14,648		14,625,331
2.15%, 03/22/17 (Call 02/22/17)a		7,785		7,938,145
BNP Paribas SA
2.38%, 09/14/17a		19,500		19,801,669
3.25%, 03/03/23a		17,875		17,074,599
5.00%, 01/15/21		51,470		56,948,534
Capital One Financial Corp.
3.15%, 07/15/16a		22,302		23,510,454
4.75%, 07/15/21a		18,100		20,150,504
6.15%, 09/01/16		297		336,978
6.75%, 09/15/17		8,767		10,538,081
Citigroup Inc.
1.75%, 05/01/18		25,000		24,539,675
3.38%, 03/01/23a		16,500		16,254,048
3.50%, 05/15/23		15,000		14,153,882
3.95%, 06/15/16a		45,238		48,527,373
4.05%, 07/30/22		15,000		15,029,691
4.45%, 01/10/17		48,338		52,803,368
4.50%, 01/14/22a		49,811		53,797,160
5.38%, 08/09/20a		33,012		38,033,360
5.50%, 02/15/17a		21,270		23,573,396
5.85%, 08/02/16		549		623,043
5.85%, 12/11/34		1,000		1,141,116
5.88%, 02/22/33		5,550		5,808,773
5.88%, 05/29/37a		24,000		27,889,742
5.88%, 01/30/42		21,380		25,002,939
6.00%, 08/15/17a		14,855		17,203,096
6.13%, 11/21/17		32,854		38,439,781
6.13%, 05/15/18		19,575		23,080,975
6.13%, 08/25/36		30,410		32,746,881
6.63%, 06/15/32		7,250		8,266,550
6.88%, 03/05/38		37,550		47,928,475
8.13%, 07/15/39		36,705		51,820,750
8.50%, 05/22/19		48,184		63,609,057
Commonwealth Bank of Australia/New York
1.90%, 09/18/17a		10,675		10,857,601
Credit Suisse New York
4.38%, 08/05/20a		11,880		13,133,466
5.30%, 08/13/19		27,052		31,487,262
5.40%, 01/14/20a		20,070		22,510,273
6.00%, 02/15/18a		17,708		20,364,200
Deutsche Bank AG London
6.00%, 09/01/17		46,684		54,801,997
Fifth Third Bancorp
8.25%, 03/01/38a		22,060		30,514,603
Goldman Sachs Group Inc. (The)
2.38%, 01/22/18a		35,400		35,567,651
3.63%, 01/22/23a		28,970		28,565,811
5.25%, 07/27/21		47,845		53,266,886
5.38%, 03/15/20a		35,582		40,264,385
5.63%, 01/15/17		8,610		9,559,215
5.75%, 10/01/16a		9,290		10,534,606
5.75%, 01/24/22		38,100		43,594,031
5.95%, 01/18/18		23,390		26,971,902
5.95%, 01/15/27		5,000		5,429,196
6.00%, 06/15/20		24,000		28,036,891

Security	Principal (000s)		Value
6.13%, 02/15/33	$	24,230	$	27,604,643
6.15%, 04/01/18		78,786		91,553,311
6.25%, 09/01/17		51,120		59,289,083
6.25%, 02/01/41		42,732		49,851,758
6.45%, 05/01/36		4,000		4,201,008
6.75%, 10/01/37		80,087		87,671,952
7.50%, 02/15/19		15,250		18,912,208
HSBC Bank (USA) N.A.
4.88%, 08/24/20		28,260		31,342,064
5.63%, 08/15/35		1,190		1,299,751
HSBC Holdings PLC
4.00%, 03/30/22		13,277		14,060,396
4.88%, 01/14/22		14,000		15,877,204
5.10%, 04/05/21a		47,730		54,783,969
6.10%, 01/14/42		18,500		22,738,905
6.50%, 05/02/36		13,500		16,181,676
6.50%, 09/15/37		63,243		75,775,846
6.80%, 06/01/38		17,402		21,734,921
HSBC USA Inc.
1.63%, 01/16/18		11,795		11,722,537
5.00%, 09/27/20a		3,000		3,286,322
Intesa Sanpaolo SpA
3.88%, 01/16/18a		13,340		13,117,804
J.P. Morgan Chase & Co.
1.63%, 05/15/18		5,000		4,906,512
1.80%, 01/25/18a		26,000		25,810,769
2.00%, 08/15/17		19,850		20,020,728
3.15%, 07/05/16		58,800		61,903,917
3.20%, 01/25/23		5,500		5,358,379
3.25%, 09/23/22		9,450		9,252,660
3.38%, 05/01/23		15,000		14,252,859
4.25%, 10/15/20		36,390		39,353,991
4.35%, 08/15/21		46,470		49,983,843
4.40%, 07/22/20a		14,790		16,150,470
4.50%, 01/24/22		54,713		59,337,507
4.63%, 05/10/21		22,250		24,415,486
4.95%, 03/25/20		1,525		1,717,994
5.40%, 01/06/42a		19,750		22,108,419
5.50%, 10/15/40		6,950		7,858,774
5.60%, 07/15/41a		31,315		36,265,986
6.00%, 01/15/18a		51,420		60,007,649
6.13%, 06/27/17		3,780		4,364,706
6.30%, 04/23/19		58,190		69,980,778
6.40%, 05/15/38		18,220		22,606,817
J.P. Morgan Chase Bank N.A.
6.00%, 10/01/17		46,480		53,803,802
KeyBank N.A.
1.65%, 02/01/18		9,000		9,013,947
KeyCorp
5.10%, 03/24/21a		16,851		19,300,623
Lloyds TSB Bank PLC
6.38%, 01/21/21a		17,433		21,116,204
Morgan Stanley
2.13%, 04/25/18a		450		443,979
3.75%, 02/25/23a		30,000		29,564,646
4.10%, 05/22/23		35,000		33,503,330
4.75%, 03/22/17		24,500		26,767,558
4.88%, 11/01/22		7,195		7,365,268
5.45%, 01/09/17		19,350		21,419,763
5.50%, 01/26/20		42,938		48,385,797
5.50%, 07/24/20a		22,250		25,097,653
5.50%, 07/28/21		52,420		59,209,428
5.63%, 09/23/19		46,017		52,223,672

135

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
5.75%, 10/18/16	$	16,115	$	18,064,229
5.75%, 01/25/21a		48,270		55,077,890
5.95%, 12/28/17		29,585		33,911,984
6.25%, 08/28/17a		24,736		28,536,941
6.38%, 07/24/42a		24,500		28,992,687
6.63%, 04/01/18		43,080		50,732,098
7.25%, 04/01/32a		16,162		20,210,213
7.30%, 05/13/19		54,555		66,923,284
Series F
5.55%, 04/27/17		15,730		17,601,176
National Australia Bank Ltd. New York
2.75%, 03/09/17a		11,500		12,042,447
3.00%, 01/20/23a		7,700		7,494,144
PNC Bank N.A.
2.70%, 11/01/22 (Call 10/01/22)b		14,250		13,494,674
2.95%, 01/30/23 (Call 12/30/22)b		5,000		4,834,458
PNC Funding Corp.
2.70%, 09/19/16 (Call 08/19/16)b		14,654		15,394,452
3.30%, 03/08/22 (Call 02/06/22)b		29,738		29,941,360
4.38%, 08/11/20b		10,208		11,308,611
5.13%, 02/08/20b		19,569		22,455,899
RaboBank Nederland
1.70%, 03/19/18a		18,400		18,328,223
Rabobank Nederland
3.38%, 01/19/17a		36,699		39,003,048
3.88%, 02/08/22		27,810		28,771,339
3.95%, 11/09/22		15,000		14,830,760
4.50%, 01/11/21a		23,665		25,851,625
5.25%, 05/24/41a		26,150		28,691,534
Royal Bank of Canada
1.50%, 01/16/18a		10,000		9,930,206
2.30%, 07/20/16a		20,080		20,829,783
2.88%, 04/19/16		3,600		3,790,851
Royal Bank of Scotland Group PLC
5.63%, 08/24/20		17,381		19,840,017
6.13%, 01/11/21		12,280		14,431,571
6.40%, 10/21/19		24,612		29,187,292
Societe Generale
2.75%, 10/12/17a		6,500		6,634,877
State Street Corp.
4.38%, 03/07/21a		8,915		9,927,925
Sumitomo Mitsui Banking Corp.
1.50%, 01/18/18		20,000		19,693,274
1.80%, 07/18/17a		15,000		15,022,994
3.20%, 07/18/22		13,500		13,505,246
Svenska Handelsbanken AB
1.63%, 03/21/18a		12,000		11,954,806
2.88%, 04/04/17a		11,186		11,769,222
3.13%, 07/12/16		19,140		20,258,281
Toronto-Dominion Bank (The)
1.40%, 04/30/18		15,000		14,786,952
2.38%, 10/19/16		37,118		38,696,031
2.50%, 07/14/16		12,975		13,556,772
U.S. Bancorp
1.65%, 05/15/17 (Call 04/15/17)		17,000		17,187,886
2.20%, 11/15/16 (Call 10/14/16)		21,569		22,452,097
2.95%, 07/15/22 (Call 06/15/22)a		21,387		20,735,990
3.00%, 03/15/22 (Call 02/15/22)		18,087		18,241,184
4.13%, 05/24/21 (Call 04/23/21)		20,449		22,403,125
UBS AG Stamford
4.88%, 08/04/20a		20,075		22,901,010
5.75%, 04/25/18a		19,936		23,422,244
5.88%, 12/20/17		51,698		60,790,675

Security	Principal (000s)		Value
Series 10
5.88%, 07/15/16	$	16,202	$	18,053,744
Wachovia Bank N.A./Wells Fargo & Co.
5.85%, 02/01/37		15,500		18,192,612
6.60%, 01/15/38		57,104		72,833,440
Wachovia Corp./Wells Fargo & Co.
5.50%, 08/01/35		18,078		19,503,622
5.63%, 10/15/16		16,977		19,297,410
5.75%, 06/15/17		24,570		28,340,166
5.75%, 02/01/18a		48,770		57,518,738
6.00%, 11/15/17		10,736		12,620,446
Wells Fargo & Co.
1.50%, 01/16/18		27,500		27,271,843
2.10%, 05/08/17		6,800		6,959,253
2.63%, 12/15/16		9,500		9,923,833
3.50%, 03/08/22		17,000		17,514,604
3.68%, 06/15/16c		51,380		55,128,546
4.60%, 04/01/21		50,880		56,972,234
5.13%, 09/15/16		1,590		1,779,378
5.38%, 02/07/35		550		623,216
5.63%, 12/11/17		51,198		59,916,784
Series M
3.45%, 02/13/23a		27,000		26,412,871
Wells Fargo Bank N.A.
5.95%, 08/26/36		200		235,698
Wells Fargo Capital X
5.95%, 12/01/86		7,270		7,397,226
Westpac Banking Corp.
1.60%, 01/12/18a		1,500		1,503,155
2.00%, 08/14/17		11,200		11,449,881
4.88%, 11/19/19a		35,680		41,220,201
				5,235,829,206
BEVERAGES — 3.04%
Anheuser-Busch InBev Finance Inc.
1.25%, 01/17/18		11,700		11,566,543
4.00%, 01/17/43		12,380		11,596,270
Anheuser-Busch InBev Worldwide Inc.
1.38%, 07/15/17		36,250		36,217,814
2.50%, 07/15/22		47,548		45,580,573
2.63%, 01/17/23a		6,500		6,280,171
3.75%, 07/15/42		10,870		9,810,297
5.00%, 04/15/20		16,402		18,988,389
5.38%, 01/15/20		37,173		43,823,997
6.88%, 11/15/19		18,184		23,051,217
7.75%, 01/15/19		39,015		50,554,681
8.20%, 01/15/39		20,280		31,149,912
Bottling Group LLC
5.13%, 01/15/19		24,087		27,962,738
Coca-Cola Co. (The)
1.15%, 04/01/18		17,000		16,737,324
1.65%, 03/14/18		6,014		6,065,367
1.80%, 09/01/16		34,782		35,787,791
3.15%, 11/15/20a		36,127		38,034,029
3.30%, 09/01/21		30,853		32,439,406
5.35%, 11/15/17		3,800		4,432,810
Diageo Capital PLC
1.50%, 05/11/17		16,125		16,180,472
2.63%, 04/29/23 (Call 01/29/23)		6,000		5,740,772
5.75%, 10/23/17		8,797		10,314,302
Diageo Investment Corp.
2.88%, 05/11/22a		17,604		17,467,064

136

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Pepsi Bottling Group Inc. (The)
Series B
7.00%, 03/01/29	$	16,185	$	21,403,327
PepsiCo Inc.
1.25%, 08/13/17a		9,000		8,915,098
2.50%, 05/10/16		11,523		12,038,202
2.75%, 03/05/22		10,179		10,022,943
2.75%, 03/01/23		15,075		14,584,155
3.00%, 08/25/21		19,811		20,094,979
3.13%, 11/01/20a		16,150		16,859,324
4.00%, 03/05/42		10,100		9,460,165
4.50%, 01/15/20a		10,704		12,105,292
4.88%, 11/01/40		5,535		5,876,806
5.00%, 06/01/18a		6,635		7,643,492
5.50%, 01/15/40		18,295		21,041,842
7.90%, 11/01/18a		22,204		29,019,886
				688,847,450
BIOTECHNOLOGY — 1.48%
Amgen Inc.
2.13%, 05/15/17		26,816		27,348,952
2.30%, 06/15/16		5,857		6,052,969
2.50%, 11/15/16		12,604		13,117,726
3.45%, 10/01/20a		8,000		8,356,541
3.63%, 05/15/22 (Call 02/15/22)a		13,450		13,988,623
3.88%, 11/15/21 (Call 08/15/21)		26,050		27,766,833
4.10%, 06/15/21 (Call 03/15/21)a		14,945		16,221,608
5.15%, 11/15/41 (Call 05/15/41)		26,532		27,999,323
5.38%, 05/15/43 (Call 11/15/42)		18,250		19,966,562
5.65%, 06/15/42 (Call 12/15/41)		19,000		21,319,757
5.70%, 02/01/19		34,383		40,477,541
5.85%, 06/01/17		1,648		1,913,377
6.38%, 06/01/37		11,339		13,724,609
6.40%, 02/01/39		17,073		20,657,227
Celgene Corp.
3.25%, 08/15/22		24,200		24,062,786
Gilead Sciences Inc.
4.40%, 12/01/21 (Call 09/01/21)a		21,326		23,559,210
4.50%, 04/01/21 (Call 01/01/21)a		1,726		1,915,997
5.65%, 12/01/41 (Call 06/01/41)		22,980		26,871,245
				335,320,886
CHEMICALS — 1.89%
CF Industries Inc.
3.45%, 06/01/23		10,000		9,844,000
4.95%, 06/01/43		10,000		9,822,000
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)a		21,300		20,651,511
4.13%, 11/15/21 (Call 08/15/21)a		33,116		35,340,249
4.25%, 11/15/20 (Call 08/15/20)		12,511		13,693,289
4.38%, 11/15/42 (Call 05/15/42)		17,250		15,981,269
5.25%, 11/15/41 (Call 05/15/41)		11,455		12,121,472
5.70%, 05/15/18a		3,090		3,604,656
7.38%, 11/01/29		3,235		4,249,314
8.55%, 05/15/19a		37,403		49,831,086
9.40%, 05/15/39		19,909		31,157,219
E.I. du Pont de Nemours and Co.
2.80%, 02/15/23		11,800		11,603,745
3.63%, 01/15/21		18,700		20,016,865
4.15%, 02/15/43		6,000		5,901,342

Security	Principal (000s)		Value
4.63%, 01/15/20	$	13,623	$	15,535,165
6.00%, 07/15/18		12,839		15,518,090
Eastman Chemical Co.
2.40%, 06/01/17		18,400		18,842,292
3.60%, 08/15/22 (Call 05/15/22)		18,538		18,868,646
Ecolab Inc.
3.00%, 12/08/16		6,464		6,851,430
4.35%, 12/08/21a		23,688		25,923,415
5.50%, 12/08/41		13,998		15,869,289
LyondellBasell Industries NV
5.00%, 04/15/19 (Call 01/15/19)		32,500		36,521,875
5.75%, 04/15/24 (Call 01/15/24)		16,500		19,201,875
6.00%, 11/15/21 (Call 08/17/21)		200		236,250
Rohm and Haas Co.
6.00%, 09/15/17		4,069		4,717,504
7.85%, 07/15/29a		5,855		7,878,281
				429,782,129
COMMERCIAL SERVICES — 0.11%
ADT Corp. (The)
2.25%, 07/15/17		5,000		4,992,535
3.50%, 07/15/22		15,550		14,851,488
4.88%, 07/15/42		4,927		4,466,373
				24,310,396
COMPUTERS — 1.87%
Apple Inc.
1.00%, 05/03/18		30,000		29,357,166
2.40%, 05/03/23		30,000		28,553,505
3.85%, 05/04/43		21,975		20,052,649
Hewlett-Packard Co.
2.60%, 09/15/17a		21,500		21,871,539
2.65%, 06/01/16a		30,954		31,860,160
3.00%, 09/15/16		5,532		5,736,955
3.30%, 12/09/16a		12,638		13,263,048
3.75%, 12/01/20a		20,834		20,640,202
4.30%, 06/01/21a		29,310		29,678,878
4.38%, 09/15/21a		4,173		4,215,578
4.65%, 12/09/21a		21,597		22,232,639
5.50%, 03/01/18a		18,030		20,356,761
6.00%, 09/15/41		8,935		9,086,689
International Business Machines Corp.
1.25%, 02/06/17		13,777		13,821,891
1.88%, 08/01/22		3,500		3,247,222
1.95%, 07/22/16		20,945		21,615,154
4.00%, 06/20/42		22,750		22,123,146
5.70%, 09/14/17		45,140		53,093,235
7.63%, 10/15/18		28,198		36,673,168
8.38%, 11/01/19a		12,123		16,574,184
				424,053,769
COSMETICS & PERSONAL CARE — 0.30%
Procter & Gamble Co. (The)
1.45%, 08/15/16		4,897		4,990,707
2.30%, 02/06/22a		18,525		18,111,446
4.70%, 02/15/19a		14,422		16,650,795
5.55%, 03/05/37		23,725		29,008,911
				68,761,859

137

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
DIVERSIFIED FINANCIAL SERVICES — 7.35%
American Express Co.
2.65%, 12/02/22	$	19,700	$	18,990,652
4.05%, 12/03/42a		18,000		16,471,204
6.15%, 08/28/17a		18,615		21,960,035
7.00%, 03/19/18		29,500		36,264,704
American Express Credit Corp.
2.38%, 03/24/17a		8,750		9,031,670
2.80%, 09/19/16		44,226		46,487,536
Associates Corp. of North America
6.95%, 11/01/18		442		537,306
Bear Stearns Companies Inc. (The)/J.P. Morgan Chase & Co.
5.55%, 01/22/17		2,308		2,595,058
6.40%, 10/02/17		24,930		29,365,665
7.25%, 02/01/18		16,531		20,149,945
Capital One Bank (USA) N.A.
8.80%, 07/15/19		19,590		26,097,117
Caterpillar Financial Services Corp.
2.05%, 08/01/16a		24,000		24,749,659
5.45%, 04/15/18		500		586,226
7.15%, 02/15/19a		10,825		13,713,415
Countrywide Financial Corp.
6.25%, 05/15/16a		5,500		6,113,578
Ford Motor Credit Co. LLC
2.38%, 01/16/18		15,000		14,964,734
3.00%, 06/12/17a		3,904		4,009,408
4.25%, 02/03/17		15,608		16,683,666
4.25%, 09/20/22a		20,000		20,636,456
5.00%, 05/15/18		29,121		32,207,765
5.75%, 02/01/21		19,632		22,230,470
5.88%, 08/02/21		23,858		27,227,439
6.63%, 08/15/17		28,108		32,743,833
8.00%, 12/15/16a		24,923		29,897,222
8.13%, 01/15/20a		19,208		24,261,953
General Electric Capital Corp.
2.30%, 04/27/17a		15,500		15,910,646
2.90%, 01/09/17a		27,150		28,459,716
2.95%, 05/09/16a		23,458		24,727,836
3.15%, 09/07/22a		35,500		34,945,845
3.35%, 10/17/16a		21,310		22,714,376
4.38%, 09/16/20		780		850,525
4.63%, 01/07/21		43,020		47,547,855
4.65%, 10/17/21		27,520		30,365,007
5.30%, 02/11/21a		23,430		26,456,816
5.38%, 10/20/16a		1,281		1,450,745
5.40%, 02/15/17a		12,000		13,580,852
5.50%, 01/08/20a		20,610		23,961,306
5.63%, 09/15/17		9,300		10,782,606
5.63%, 05/01/18		66,731		78,193,384
5.88%, 01/14/38		61,337		70,003,421
6.00%, 08/07/19a		23,660		28,435,828
6.15%, 08/07/37		7,750		9,140,893
6.88%, 01/10/39		43,300		55,203,079
Series A
5.55%, 05/04/20a		390		456,666
6.75%, 03/15/32		46,575		58,052,477
Goldman Sachs Capital I
6.35%, 02/15/34a		22,850		23,649,750
HSBC Finance Corp.
6.68%, 01/15/21a		50,457		59,572,849
Jefferies Group LLC

Security	Principal (000s)		Value
5.13%, 04/13/18a	$	28,944	$	31,730,948
6.88%, 04/15/21a		432		503,903
Merrill Lynch & Co. Inc.
5.70%, 05/02/17a		5,000		5,529,874
6.05%, 05/16/16		35,870		39,836,978
6.11%, 01/29/37		16,940		17,959,049
6.40%, 08/28/17a		13,610		15,821,241
6.88%, 04/25/18		76,315		90,879,825
6.88%, 11/15/18		1,213		1,470,845
7.75%, 05/14/38		27,074		33,882,494
Nomura Holdings Inc.
6.70%, 03/04/20		25,998		30,367,486
SLM Corp.
5.63%, 08/01/33a		10,440		9,030,600
7.25%, 01/25/22		13,354		14,064,524
8.00%, 03/25/20a		24,724		26,957,658
8.45%, 06/15/18a		38,707		43,579,147
Toyota Motor Credit Corp.
1.25%, 10/05/17		9,500		9,401,938
1.75%, 05/22/17a		2,100		2,128,502
2.00%, 09/15/16		25,831		26,632,035
2.05%, 01/12/17		35,753		36,542,705
3.30%, 01/12/22		23,564		24,219,353
3.40%, 09/15/21		22,439		23,398,267
4.25%, 01/11/21		5,000		5,544,338
Series B
4.50%, 06/17/20		13,854		15,567,123
				1,667,488,027
ELECTRIC — 1.23%
Duke Energy Carolinas LLC
5.30%, 02/15/40		13,670		15,772,997
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)a		11,280		11,885,645
6.25%, 10/01/39		14,670		16,659,278
FirstEnergy Corp.
Series B
4.25%, 03/15/23 (Call 12/15/22)a		10,000		9,852,376
Series C
7.38%, 11/15/31		21,500		24,272,214
Florida Power Corp.
6.40%, 06/15/38		10,668		13,687,119
Georgia Power Co.
4.30%, 03/15/42		18,535		18,010,587
MidAmerican Energy Holdings Co.
6.13%, 04/01/36		23,000		27,440,398
6.50%, 09/15/37		11,050		13,793,565
Nisource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		3,000		2,902,212
6.40%, 03/15/18a		7,138		8,461,493
Oncor Electric Delivery Co.
7.00%, 09/01/22		6,620		8,426,641
Pacific Gas & Electric Co.
3.50%, 10/01/20 (Call 07/01/20)a		69		73,645
5.40%, 01/15/40		17,150		19,456,166
5.80%, 03/01/37		5,100		6,016,258
6.05%, 03/01/34		51,650		63,271,999
8.25%, 10/15/18a		13,705		18,051,805
				278,034,398

138

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
ELECTRONICS — 0.74%
Honeywell International Inc.
4.25%, 03/01/21a	$	11,950	$	13,420,126
5.00%, 02/15/19		11,287		13,196,552
5.30%, 03/01/18		20,858		24,380,426
Koninklijke Philips Electronics NV
3.75%, 03/15/22		27,604		28,739,811
5.75%, 03/11/18a		9,507		11,187,444
Koninklijke Philips NV
6.88%, 03/11/38		13,082		17,200,981
Thermo Fisher Scientific Inc.
2.25%, 08/15/16a		16,652		17,034,731
3.15%, 01/15/23 (Call 10/15/22)		18,475		17,762,850
3.60%, 08/15/21 (Call 05/15/21)		20,346		20,605,265
4.50%, 03/01/21a		4,192		4,504,580
				168,032,766
ENGINEERING & CONSTRUCTION — 0.16%
ABB Finance (USA) Inc.
2.88%, 05/08/22		25,154		25,000,155
4.38%, 05/08/42		10,575		10,614,406
				35,614,561
ENVIRONMENTAL CONTROL — 0.11%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)		10,204		10,334,411
5.00%, 03/01/20 a		13,621		15,350,253
				25,684,664
FOOD — 2.21%
ConAgra Foods Inc.
1.90%, 01/25/18a		9,355		9,375,201
3.20%, 01/25/23 (Call 10/25/22)a		17,250		16,919,242
4.65%, 01/25/43 (Call 07/25/42)		12,000		11,642,192
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)a		22,854		23,380,938
5.65%, 02/15/19a		16,400		19,391,476
5.70%, 02/15/17a		13,955		16,034,857
Kellogg Co.
3.13%, 05/17/22		5,000		5,044,778
4.00%, 12/15/20a		18,587		20,165,748
4.45%, 05/30/16		11,008		12,047,459
Series B
7.45%, 04/01/31		15,310		20,400,055
Kraft Foods Group Inc.
2.25%, 06/05/17		15,000		15,354,527
3.50%, 06/06/22a		48,912		50,035,851
5.00%, 06/04/42		36,351		38,109,298
5.38%, 02/10/20		5,650		6,564,686
6.50%, 02/09/40a		5,000		6,221,013
6.88%, 01/26/39		10,875		14,037,402
Kroger Co. (The)
6.15%, 01/15/20		11,247		13,370,223
Mondelez International Inc.
4.13%, 02/09/16		2,700		2,916,919
5.38%, 02/10/20		33,541		38,787,208
6.13%, 02/01/18		24,955		29,445,438
6.13%, 08/23/18		18,468		22,032,640

Security	Principal (000s)		Value
6.50%, 08/11/17	$	17,383	$	20,593,718
6.50%, 02/09/40		30,300		38,008,017
Unilever Capital Corp.
4.25%, 02/10/21a		40,231		44,907,520
4.80%, 02/15/19		4,814		5,546,771
5.90%, 11/15/32		1,520		1,951,624
				502,284,801
FOREST PRODUCTS & PAPER — 0.41%
International Paper Co.
4.75%, 02/15/22 (Call 11/15/21)a		6,500		7,191,538
7.30%, 11/15/39		13,500		17,780,941
7.50%, 08/15/21a		10,574		13,563,060
7.95%, 06/15/18a		41,996		53,325,261
9.38%, 05/15/19		1,309		1,768,330
				93,629,130
GAS — 0.19%
National Grid PLC
6.30%, 08/01/16		16,269		18,676,248
Sempra Energy
6.00%, 10/15/39		12,140		14,526,337
6.50%, 06/01/16		7,590		8,761,595
				41,964,180
HEALTH CARE — PRODUCTS — 0.66%
Becton, Dickinson and Co.
3.13%, 11/08/21		20,298		20,763,667
Boston Scientific Corp.
6.00%, 01/15/20		9,138		10,605,763
Covidien International Finance SA
6.00%, 10/15/17		23,085		27,218,081
6.55%, 10/15/37		13,450		17,585,875
Medtronic Inc.
1.38%, 04/01/18		6,000		5,940,620
2.75%, 04/01/23 (Call 01/01/23)		13,000		12,668,565
4.00%, 04/01/43 (Call 10/01/42)		8,000		7,518,166
4.45%, 03/15/20a		40,116		45,016,330
St. Jude Medical Inc.
3.25%, 04/15/23 (Call 01/15/23)		3,500		3,437,130
				150,754,197
HEALTH CARE — SERVICES — 1.08%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		12,065		11,479,017
3.95%, 09/01/20		10,383		11,044,848
6.00%, 06/15/16a		10,372		11,826,207
6.63%, 06/15/36		12,010		15,053,686
Cigna Corp.
4.00%, 02/15/22 (Call 11/15/21)a		22,101		23,454,414
5.38%, 02/15/42 (Call 08/15/41)a		10,380		11,608,878
UnitedHealth Group Inc.
1.40%, 10/15/17		2,850		2,844,189
2.88%, 03/15/22 (Call 12/15/21)a		14,715		14,580,656
2.88%, 03/15/23		5,000		4,883,938
4.25%, 03/15/43 (Call 09/15/42)a		10,000		9,566,001
5.80%, 03/15/36		4,000		4,639,950
6.00%, 02/15/18a		10,334		12,293,055

139

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
6.88%, 02/15/38	$	25,573	$	33,303,186
WellPoint Inc.
3.13%, 05/15/22		5,104		5,017,891
3.30%, 01/15/23a		12,550		12,389,031
4.63%, 05/15/42a		10,000		9,846,420
4.65%, 01/15/43		13,700		13,560,713
5.85%, 01/15/36a		19,800		22,603,761
6.38%, 06/15/37		11,920		14,406,448
				244,402,289
HOUSEHOLD PRODUCTS & WARES — 0.00%
Kimberly-Clark Corp.
6.13%, 08/01/17		665		792,155
				792,155
INSURANCE — 2.70%
Allstate Corp. (The)
5.55%, 05/09/35		10,290		12,097,738
American International Group Inc.
3.80%, 03/22/17		17,742		18,929,401
4.88%, 09/15/16		34,343		37,984,035
4.88%, 06/01/22a		20,069		22,205,088
5.45%, 05/18/17		6,473		7,297,666
5.60%, 10/18/16a		739		833,320
5.85%, 01/16/18		51,269		59,086,420
6.25%, 05/01/36		15,000		18,026,028
6.40%, 12/15/20		31,061		37,537,970
8.25%, 08/15/18		26,725		34,058,695
Berkshire Hathaway Finance Corp.
1.60%, 05/15/17a		18,500		18,642,126
3.00%, 05/15/22a		20,000		19,834,908
4.25%, 01/15/21a		17,917		19,830,840
5.40%, 05/15/18a		9,671		11,383,663
5.75%, 01/15/40a		15,050		17,476,543
Berkshire Hathaway Inc.
1.90%, 01/31/17a		19,715		20,159,619
2.20%, 08/15/16a		15,618		16,243,043
4.50%, 02/11/43a		7,000		6,883,009
Chubb Corp. (The)
6.00%, 05/11/37		4,475		5,551,789
Hartford Financial Services Group Inc.
5.13%, 04/15/22		715		815,803
ING U.S. Inc.
2.90%, 02/15/18d		15,000		15,267,898
MetLife Inc.
4.13%, 08/13/42		4,000		3,712,341
4.75%, 02/08/21		5,094		5,747,253
5.70%, 06/15/35		18,670		21,651,237
5.88%, 02/06/41		16,650		19,740,292
6.38%, 06/15/34		7,875		9,815,270
6.75%, 06/01/16		19,906		23,152,161
7.72%, 02/15/19a		20,628		26,756,156
Series A
6.82%, 08/15/18a		13,229		16,412,771
Prudential Financial Inc.
7.38%, 06/15/19		13,682		17,421,734
Series D
6.00%, 12/01/17		11,184		13,199,346
6.63%, 12/01/37		20,325		25,281,851
Travelers Companies Inc. (The)

Security	Principal (000s)		Value
5.35%, 11/01/40	$	17,250	$	20,164,160
6.25%, 06/15/37a		8,140		10,389,167
				613,589,341
INTERNET — 0.48%
Amazon.com Inc.
1.20%, 11/29/17a		11,555		11,374,875
2.50%, 11/29/22 (Call 08/29/22)a		17,415		16,507,598
eBay Inc.
1.35%, 07/15/17		23,378		23,414,054
2.60%, 07/15/22 (Call 04/15/22)		20,088		19,367,737
4.00%, 07/15/42 (Call 01/15/42)		7,500		6,646,478
Google Inc.
2.13%, 05/19/16		10,043		10,442,708
3.63%, 05/19/21a		19,239		20,815,034
				108,568,484
IRON & STEEL — 0.03%
Cliffs Natural Resources Inc.
6.25%, 10/01/40a		8,635		7,811,942
				7,811,942
MACHINERY — 0.52%
Caterpillar Inc.
3.80%, 08/15/42		13,895		12,679,966
3.90%, 05/27/21		22,662		24,530,903
5.20%, 05/27/41		17,360		19,327,103
7.90%, 12/15/18a		13,186		17,269,294
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)		13,158		12,928,384
3.90%, 06/09/42 (Call 12/09/41)		20,360		19,091,377
4.38%, 10/16/19		10,883		12,366,529
				118,193,556
MANUFACTURING — 0.86%
3M Co.
1.38%, 09/29/16		22,808		23,222,287
5.70%, 03/15/37		9,900		12,200,726
Danaher Corp.
5.40%, 03/01/19		442		521,761
Eaton Corp.
1.50%, 11/02/17d		16,000		15,860,704
2.75%, 11/02/22d		22,430		21,730,832
4.00%, 11/02/32d		6,400		6,196,337
4.15%, 11/02/42d		2,965		2,800,807
General Electric Co.
2.70%, 10/09/22		30,750		30,213,493
4.13%, 10/09/42		13,400		12,845,063
5.25%, 12/06/17		46,218		53,409,230
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)a		18,400		17,031,272
				196,032,512
MEDIA — 6.98%
CBS Corp.
7.88%, 07/30/30		18,380		24,035,487

140

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22	$	1,000	$	1,466,289
Comcast Corp.
2.85%, 01/15/23		1,200		1,182,681
3.13%, 07/15/22		12,122		12,293,844
4.25%, 01/15/33		20,000		19,898,976
4.50%, 01/15/43		5,000		5,063,865
4.65%, 07/15/42		9,750		9,919,474
4.95%, 06/15/16a		13,990		15,609,519
5.15%, 03/01/20a		36,608		42,913,435
5.65%, 06/15/35		6,000		6,887,266
5.70%, 05/15/18		8,425		10,018,756
5.88%, 02/15/18a		10,350		12,322,753
6.30%, 11/15/17a		19,542		23,484,075
6.40%, 05/15/38		600		751,911
6.40%, 03/01/40		35,500		44,654,729
6.45%, 03/15/37		14,730		18,465,005
6.50%, 01/15/17		14,966		17,696,038
6.50%, 11/15/35		2,000		2,518,126
6.55%, 07/01/39		20,250		25,838,737
6.95%, 08/15/37		48,988		65,203,028
7.05%, 03/15/33		300		395,906
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
1.75%, 01/15/18a		10,000		9,879,154
2.40%, 03/15/17a		18,638		19,047,954
3.80%, 03/15/22a		32,588		32,996,725
4.60%, 02/15/21 (Call 11/15/20)		30,172		32,699,349
5.00%, 03/01/21		15,511		17,112,376
5.15%, 03/15/42		14,500		14,018,467
5.20%, 03/15/20		18,000		20,249,447
5.88%, 10/01/19a		20,562		24,112,617
6.00%, 08/15/40 (Call 05/15/40)		12,325		13,133,349
6.35%, 03/15/40a		2,645		2,961,171
6.38%, 03/01/41a		13,235		14,727,236
Discovery Communications LLC
4.88%, 04/01/43		10,000		9,859,238
5.05%, 06/01/20		17,873		20,249,475
6.35%, 06/01/40		14,600		17,215,594
Historic TW Inc.
6.63%, 05/15/29		11,830		14,311,587
NBCUniversal Media LLC
2.88%, 01/15/23		9,750		9,589,038
4.38%, 04/01/21		21,800		24,289,440
4.45%, 01/15/43		14,000		13,808,277
5.15%, 04/30/20a		27,924		32,802,340
5.95%, 04/01/41		33,300		39,731,009
6.40%, 04/30/40a		3,425		4,289,811
News America Inc.
3.00%, 09/15/22		16,550		16,073,299
4.50%, 02/15/21a		24,824		27,425,622
6.15%, 03/01/37		4,550		5,202,172
6.15%, 02/15/41		21,395		24,861,255
6.20%, 12/15/34		25,447		29,297,770
6.65%, 11/15/37		23,002		27,738,080
Thomson Reuters Corp.
6.50%, 07/15/18a		17,629		21,341,294
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)		15,637		16,264,654
4.50%, 09/15/42 (Call 03/15/42)		14,250		12,566,791
5.00%, 02/01/20a		25,638		28,599,497
5.50%, 09/01/41 (Call 03/01/41)		22,720		22,944,140
5.85%, 05/01/17a		38,173		43,898,549
5.88%, 11/15/40 (Call 05/15/40)		21,800		22,871,701

Security	Principal (000s)		Value
6.55%, 05/01/37	$	7,265	$	8,244,324
6.75%, 07/01/18		37,717		45,632,161
6.75%, 06/15/39		46,209		53,673,856
7.30%, 07/01/38		18,750		23,011,058
8.25%, 04/01/19a		36,039		46,382,251
8.75%, 02/14/19a		9,604		12,537,922
Time Warner Entertainment Co. LP
8.38%, 03/15/23		8,870		11,854,250
Time Warner Inc.
4.70%, 01/15/21		25,873		28,717,516
4.75%, 03/29/21		19,860		22,127,988
4.88%, 03/15/20		18,705		21,078,715
5.88%, 11/15/16		12,042		13,862,819
6.10%, 07/15/40		12,750		14,589,283
6.25%, 03/29/41a		23,895		27,777,570
6.50%, 11/15/36		9,850		11,631,210
7.63%, 04/15/31		27,963		37,291,507
7.70%, 05/01/32		32,873		44,468,790
Viacom Inc.
4.38%, 03/15/43d		20,000		17,692,278
6.25%, 04/30/16		13,638		15,538,967
6.88%, 04/30/36		10,325		12,449,002
Walt Disney Co. (The)
1.10%, 12/01/17		11,000		10,885,447
1.13%, 02/15/17		17,991		17,922,363
1.35%, 08/16/16		9,244		9,380,831
2.75%, 08/16/21a		11,250		11,314,857
5.63%, 09/15/16		15,847		18,187,461
				1,583,040,804
METAL FABRICATE & HARDWARE — 0.15%
Precision Castparts Corp.
1.25%, 01/15/18		17,875		17,627,390
2.50%, 01/15/23 (Call 10/15/22)		16,125		15,531,885
				33,159,275
MINING — 3.08%
Alcoa Inc.
5.40%, 04/15/21 (Call 01/15/21)a		20,293		20,418,214
5.55%, 02/01/17a		5,447		5,894,725
5.72%, 02/23/19a		14,071		15,056,264
6.15%, 08/15/20a		16,499		17,627,574
6.75%, 07/15/18a		11,469		12,803,213
Barrick Australia Finance Pty Ltd.
5.95%, 10/15/39		2,250		2,166,944
Barrick Gold Corp.
2.90%, 05/30/16		4,836		4,981,270
3.85%, 04/01/22a		12,375		11,789,683
4.10%, 05/01/23d		7,355		6,939,505
5.25%, 04/01/42a		18,650		16,372,095
6.95%, 04/01/19		12,344		14,589,725
Barrick North America Finance LLC
4.40%, 05/30/21a		26,297		26,292,898
5.70%, 05/30/41a		16,370		15,261,663
5.75%, 05/01/43d		10,000		9,340,939
BHP Billiton Finance (USA) Ltd.
1.63%, 02/24/17a		21,604		21,779,310
1.88%, 11/21/16		5,323		5,449,049
2.88%, 02/24/22a		18,255		18,149,889
3.25%, 11/21/21		18,949		19,534,035

141

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
4.13%, 02/24/42a	$	17,450	$	16,968,858
5.40%, 03/29/17		5,000		5,730,758
6.50%, 04/01/19		29,056		36,148,424
Freeport-McMoRan Copper & Gold Inc.
2.38%, 03/15/18a,d		25,500		25,399,443
3.10%, 03/15/20d		13,530		13,205,716
3.55%, 03/01/22 (Call 12/01/21)a		34,238		33,153,645
3.88%, 03/15/23 (Call 12/15/22)d		18,000		17,432,431
5.45%, 03/15/43 (Call 09/15/42)d		18,500		17,549,712
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)a		36,448		34,585,737
4.88%, 03/15/42 (Call 09/15/41)a		14,800		12,635,518
5.13%, 10/01/19a		1,502		1,672,032
6.25%, 10/01/39		15,050		15,570,312
Rio Tinto Alcan Inc.
6.13%, 12/15/33		250		299,732
Rio Tinto Finance (USA) Ltd.
3.50%, 11/02/20a		152		156,600
3.75%, 09/20/21		15,518		16,007,253
4.13%, 05/20/21a		15,190		16,106,870
5.20%, 11/02/40		22,652		24,065,804
6.50%, 07/15/18a		22,545		27,408,369
7.13%, 07/15/28		3,150		4,093,651
9.00%, 05/01/19		20,596		27,865,896
Rio Tinto Finance (USA) PLC
1.63%, 08/21/17 (Call 07/21/17)a		23,250		23,149,195
2.88%, 08/21/22 (Call 05/21/22)a		4,250		4,048,139
3.50%, 03/22/22 (Call 12/22/21)		43,726		43,786,333
4.13%, 08/21/42 (Call 02/21/42)		12,920		11,721,240
Teck Resources Ltd.
3.75%, 02/01/23 (Call 11/01/22)a		11,530		11,134,987
6.25%, 07/15/41 (Call 01/15/41)		15,060		15,439,940
				699,783,590
OFFICE & BUSINESS EQUIPMENT — 0.19%
Xerox Corp.
4.50%, 05/15/21a		19,521		20,601,686
6.35%, 05/15/18a		19,324		22,532,426
				43,134,112
OIL & GAS — 9.25%
Anadarko Petroleum Corp.
5.95%, 09/15/16		30,841		35,123,227
6.20%, 03/15/40		14,750		17,494,673
6.38%, 09/15/17a		20,918		24,623,881
6.45%, 09/15/36		32,592		39,076,863
Apache Corp.
2.63%, 01/15/23 (Call 10/15/22)a		4,000		3,824,798
3.25%, 04/15/22 (Call 01/15/22)a		13,938		14,182,932
4.75%, 04/15/43 (Call 10/15/42)		34,750		34,184,621
5.10%, 09/01/40 (Call 03/01/40)		27,200		28,063,478
6.00%, 01/15/37a		11,790		13,724,981
BP Capital Markets PLC
1.38%, 11/06/17		10,000		9,896,813
1.38%, 05/10/18		18,000		17,676,601
1.85%, 05/05/17a		10,585		10,732,538
2.25%, 11/01/16a		23,500		24,301,679
2.50%, 11/06/22		3,000		2,826,558
2.75%, 05/10/23		10,000		9,549,046
3.25%, 05/06/22a		45,708		45,935,114

Security	Principal (000s)		Value
3.56%, 11/01/21	$	25,050	$	26,006,482
4.50%, 10/01/20		25,349		28,385,656
4.74%, 03/11/21		14,317		16,120,959
4.75%, 03/10/19		16,387		18,640,999
Canadian Natural Resources Ltd.
5.70%, 05/15/17		15,971		18,407,743
6.25%, 03/15/38a		17,121		20,144,308
Cenovus Energy Inc.
4.45%, 09/15/42 (Call 03/15/42)		12,602		11,936,026
5.70%, 10/15/19		21,392		25,193,641
6.75%, 11/15/39		16,450		20,712,595
Chevron Corp.
1.10%, 12/05/17 (Call 11/05/17)		17,995		17,811,363
2.36%, 12/05/22 (Call 09/05/22)		21,490		20,590,807
4.95%, 03/03/19		26,724		31,203,894
ConocoPhillips
5.75%, 02/01/19		35,546		42,830,687
6.00%, 01/15/20		9,768		11,912,865
6.50%, 02/01/39		48,170		62,488,364
ConocoPhillips Canada Funding Co.
5.63%, 10/15/16		19,000		21,885,332
ConocoPhillips Co.
1.05%, 12/15/17 (Call 09/15/17)		10,000		9,831,235
2.40%, 12/15/22 (Call 09/15/22)a		16,000		15,320,610
ConocoPhillips Holding Co.
6.95%, 04/15/29		4,170		5,480,446
Devon Energy Corp.
1.88%, 05/15/17 (Call 04/15/17)a		25,805		25,935,532
3.25%, 05/15/22 (Call 02/15/22)a		18,044		18,076,369
4.75%, 05/15/42 (Call 11/15/41)a		18,175		17,754,118
5.60%, 07/15/41 (Call 01/15/41)a		7,750		8,450,183
7.95%, 04/15/32		15,060		20,516,496
Devon Financing Corp. ULC
7.88%, 09/30/31		20,010		26,945,272
Encana Corp.
6.50%, 08/15/34a		12,190		14,127,941
6.50%, 02/01/38		4,400		5,139,969
Ensco PLC
4.70%, 03/15/21		22,547		24,756,473
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)		23,100		22,163,782
4.10%, 02/01/21		11,821		12,949,074
5.63%, 06/01/19		10,604		12,630,338
Hess Corp.
5.60%, 02/15/41a		22,575		23,883,135
6.00%, 01/15/40		8,300		9,170,346
7.30%, 08/15/31		8,010		10,044,133
8.13%, 02/15/19a		13,462		17,247,504
Husky Energy Inc.
7.25%, 12/15/19		2,717		3,445,139
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)a		25,500		24,477,014
5.90%, 03/15/18a		8,563		10,024,890
6.60%, 10/01/37		8,060		9,922,699
Marathon Petroleum Corp.
5.13%, 03/01/21		9,724		11,078,008
6.50%, 03/01/41 (Call 09/01/40)		22,226		26,477,238
Nabors Industries Inc.
6.15%, 02/15/18		13,000		14,743,195
9.25%, 01/15/19		16,627		21,026,108
Nexen Inc.
5.88%, 03/10/35		9,150		10,463,262
6.40%, 05/15/37		23,954		28,998,087

142

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)	$	30,852	$	33,368,264
6.00%, 03/01/41 (Call 09/01/40)		10,515		12,260,158
8.25%, 03/01/19		9,342		11,925,746
Occidental Petroleum Corp.
1.75%, 02/15/17a		23,400		23,763,606
2.70%, 02/15/23 (Call 11/15/22)a		24,605		23,820,248
3.13%, 02/15/22 (Call 11/15/21)		15,571		15,825,626
Series 1
4.10%, 02/01/21 (Call 11/01/20)		20,110		22,140,651
Petro-Canada
6.80%, 05/15/38		15,415		19,208,180
Petrohawk Energy Corp.
7.25%, 08/15/18 (Call 08/15/14)		18,438		20,466,180
Phillips 66
2.95%, 05/01/17a		21,550		22,586,770
4.30%, 04/01/22		37,965		41,072,435
5.88%, 05/01/42		24,980		29,122,433
Pride International Inc.
6.88%, 08/15/20		17,530		21,633,365
Shell International Finance BV
1.13%, 08/21/17		10,500		10,437,274
2.25%, 01/06/23a		16,250		15,336,379
2.38%, 08/21/22		7,370		7,052,033
4.30%, 09/22/19a		32,626		37,058,063
4.38%, 03/25/20a		17,475		19,882,104
5.20%, 03/22/17a		4,882		5,589,380
5.50%, 03/25/40		26,615		31,969,350
6.38%, 12/15/38		42,119		55,761,458
Statoil ASA
2.45%, 01/17/23a		14,600		13,898,250
2.65%, 01/15/24		10,000		9,546,884
3.13%, 08/17/17a		15,940		17,069,347
3.15%, 01/23/22		5,492		5,613,261
3.95%, 05/15/43		10,000		9,365,128
5.10%, 08/17/40		14,675		16,268,787
5.25%, 04/15/19		24,986		29,568,085
Suncor Energy Inc.
6.10%, 06/01/18a		19,475		23,167,828
6.50%, 06/15/38		10,395		12,675,347
6.85%, 06/01/39a		10,825		13,585,598
Total Capital Canada Ltd.
1.45%, 01/15/18		2,000		1,986,957
2.75%, 07/15/23		13,500		13,057,396
Total Capital International SA
1.50%, 02/17/17a		11,246		11,323,939
1.55%, 06/28/17		7,708		7,730,017
2.70%, 01/25/23		25,480		24,636,966
2.88%, 02/17/22		21,950		21,899,710
Total Capital SA
4.45%, 06/24/20a		27,946		31,526,215
Transocean Inc.
2.50%, 10/15/17		2,500		2,517,734
3.80%, 10/15/22 (Call 07/15/22)		16,450		16,177,456
5.05%, 12/15/16		3,681		4,068,298
6.00%, 03/15/18a		16,268		18,655,118
6.38%, 12/15/21		18,840		21,904,869
6.50%, 11/15/20		16,382		19,159,945
6.80%, 03/15/38		11,750		13,365,423
Valero Energy Corp.
6.13%, 06/15/17		10,815		12,667,657
6.13%, 02/01/20a		7,994		9,539,995
6.63%, 06/15/37		17,955		21,611,631

Security	Principal (000s)		Value
7.50%, 04/15/32	$	8,181	$	10,395,355
9.38%, 03/15/19		14,799		19,961,992
				2,099,793,011
OIL & GAS SERVICES — 0.63%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)		950		990,485
5.13%, 09/15/40		15,700		17,907,798
7.50%, 11/15/18		9,066		11,661,945
Halliburton Co.
6.15%, 09/15/19		1,936		2,393,197
6.70%, 09/15/38		7,500		9,872,340
7.45%, 09/15/39		21,745		30,914,906
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)		25,450		24,566,534
3.95%, 12/01/42 (Call 06/01/42)		10,000		9,285,364
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)a		5,645		5,802,196
5.13%, 09/15/20		7,170		7,712,458
9.63%, 03/01/19a		17,775		22,969,799
				144,077,022
PHARMACEUTICALS — 5.45%
Abbott Laboratories
5.13%, 04/01/19		8,058		9,409,418
AbbVie Inc.
1.75%, 11/06/17d		28,000		28,021,190
2.00%, 11/06/18d		26,350		26,262,226
2.90%, 11/06/22d		50,025		48,396,856
4.40%, 11/06/42d		38,830		37,878,549
AstraZeneca PLC
1.95%, 09/18/19		10,950		10,919,168
4.00%, 09/18/42		25,000		23,262,072
5.90%, 09/15/17a		22,218		26,258,388
6.45%, 09/15/37		40,652		51,184,128
Bristol-Myers Squibb Co.
0.88%, 08/01/17a		12,087		11,859,633
2.00%, 08/01/22		13,569		12,576,182
Eli Lilly and Co.
5.20%, 03/15/17		15,624		17,763,632
5.55%, 03/15/37		13,500		15,984,504
Express Scripts Holding Co.
2.65%, 02/15/17a		15,000		15,530,995
3.13%, 05/15/16		28,001		29,477,916
3.50%, 11/15/16		1,500		1,608,911
3.90%, 02/15/22a		10,000		10,514,939
4.75%, 11/15/21a		15,000		16,746,894
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23a		20,000		19,605,892
5.65%, 05/15/18		51,229		60,921,353
6.38%, 05/15/38		39,541		50,442,620
GlaxoSmithKline Capital PLC
1.50%, 05/08/17a		14,979		15,121,193
2.85%, 05/08/22		41,961		41,953,925
Johnson & Johnson
2.15%, 05/15/16		9,789		10,206,235
5.15%, 07/15/18		11,262		13,257,321
5.55%, 08/15/17		15,943		18,738,621
5.95%, 08/15/37		17,230		22,244,371

143

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Medco Health Solutions Inc.
7.13%, 03/15/18	$	22,062	$	27,191,038
Merck & Co. Inc.
1.10%, 01/31/18		7,005		6,893,750
1.30%, 05/18/18		5,000		4,956,083
2.40%, 09/15/22 (Call 06/15/22)		15,500		14,876,706
2.80%, 05/18/23		2,000		1,959,634
3.88%, 01/15/21 (Call 10/15/20)		31,179		34,074,039
5.00%, 06/30/19a		16,760		19,603,245
5.85%, 06/30/39		13,250		16,127,114
Novartis Capital Corp.
2.40%, 09/21/22		26,912		25,919,757
4.40%, 04/24/20a		15,082		17,031,315
Novartis Securities Investment Ltd.
5.13%, 02/10/19		38,073		44,601,545
Pfizer Inc.
3.00%, 06/15/23		15,000		14,986,814
6.20%, 03/15/19		46,755		57,727,898
7.20%, 03/15/39		36,946		51,895,685
Sanofi
1.25%, 04/10/18a		10,000		9,838,825
4.00%, 03/29/21		40,571		44,453,547
Schering-Plough Corp./Merck & Co. Inc.
6.00%, 09/15/17		17,167		20,377,317
6.50%, 12/01/33		18,537		24,529,938
6.55%, 09/15/37		13,200		17,322,199
Watson Pharmaceuticals Inc.
1.88%, 10/01/17a		13,000		12,893,256
3.25%, 10/01/22 (Call 07/01/22)		27,320		26,696,443
4.63%, 10/01/42 (Call 04/01/42)		14,500		13,947,875
Wyeth LLC
5.95%, 04/01/37		27,893		33,864,635
6.50%, 02/01/34		4,694		5,977,785
Zoetis Inc.
1.88%, 02/01/18d		6,700		6,701,212
3.25%, 02/01/23(Call 11/01/22)d		22,375		22,109,498
4.70%, 02/01/43(Call 08/01/42)d		14,675		14,532,864
				1,237,237,149
PIPELINES — 1.83%
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)		3,000		2,917,689
4.65%, 06/01/21 (Call 03/01/21)		13,063		13,927,300
5.20%, 02/01/22(Call 11/01/21)a		19,244		21,124,974
6.50%, 02/01/42 (Call 08/01/41)		16,480		18,431,761
Enterprise Products Operating LLC
3.35%, 03/15/23(Call 12/15/22)a		8,000		7,906,278
4.45%, 02/15/43 (Call 08/15/42)		5,000		4,633,997
4.85%, 08/15/42 (Call 02/15/42)		15,250		14,986,822
4.85%, 03/15/44(Call 09/15/43)a		21,000		20,640,108
5.20%, 09/01/20a		19,782		22,755,549
5.95%, 02/01/41		9,910		11,335,317
Series L
6.30%, 09/15/17		17,307		20,531,197
Kinder Morgan Energy Partners LP
3.95%, 09/01/22 (Call 06/01/22)		12,300		12,679,247
5.95%, 02/15/18		22,695		26,813,357
6.95%, 01/15/38		17,675		21,610,689
ONEOK Partners LP
3.38%, 10/01/22(Call 07/01/22)a		18,890		18,368,802
Plains All American Pipeline LP
3.65%, 06/01/22 (Call 03/01/22)		15,325		15,758,843

Security	Principal (000s)		Value
TransCanada PipeLines Ltd.
2.50%, 08/01/22a	$	8,000	$	7,609,238
3.80%, 10/01/20		12,476		13,354,314
6.10%, 06/01/40		11,600		14,076,368
6.20%, 10/15/37		13,700		16,652,072
6.50%, 08/15/18		6,737		8,224,802
7.13%, 01/15/19a		17,666		22,057,321
7.63%, 01/15/39		21,600		30,231,472
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		14,000		13,610,510
5.25%, 03/15/20		12,668		14,201,874
6.30%, 04/15/40		18,915		21,443,302
				415,883,203
REAL ESTATE INVESTMENT TRUSTS — 0.85%
American Tower Corp.
3.50%, 01/31/23		6,000		5,821,077
4.50%, 01/15/18		10,876		11,830,154
4.70%, 03/15/22		6,000		6,404,529
Boston Properties LP
3.70%, 11/15/18 (Call 08/15/18)a		23,270		25,164,378
3.85%, 02/01/23 (Call 11/01/22)a		18,000		18,671,852
4.13%, 05/15/21a		11,551		12,364,650
ERP Operating LP
4.63%, 12/15/21 (Call 09/15/21)		17,826		19,592,196
HCP Inc.
2.63%, 02/01/20 (Call 11/01/19)a		5,000		4,948,500
5.38%, 02/01/21 (Call 11/03/20)a		23,012		26,354,712
Simon Property Group LP
4.38%, 03/01/21 (Call 12/01/20)a		11,429		12,571,215
5.65%, 02/01/20 (Call 11/01/19)		31,412		37,262,545
6.13%, 05/30/18		10,735		12,931,092
				193,916,900
RETAIL — 4.21%
Costco Wholesale Corp.
1.13%, 12/15/17		21,000		20,777,150
1.70%, 12/15/19		21,373		21,052,828
CVS Caremark Corp.
5.75%, 06/01/17		34,090		39,616,599
5.75%, 05/15/41 (Call 11/15/40)		11,150		12,981,458
6.13%, 09/15/39a		37,345		45,434,095
Home Depot Inc. (The)
2.70%, 04/01/23 (Call 01/01/23)		10,000		9,714,180
4.20%, 04/01/43 (Call 10/01/42)a		5,000		4,881,657
4.40%, 04/01/21 (Call 01/21/21)		9,016		10,150,668
5.88%, 12/16/36		46,080		55,914,136
5.95%, 04/01/41 (Call 10/01/40)		20,525		25,438,985
Lowe’s Companies Inc.
3.12%, 04/15/22 (Call 01/15/22)a		25,587		25,815,487
4.65%, 04/15/42 (Call 10/15/41)		11,450		11,626,717
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		15,030		14,311,560
McDonald’s Corp.
2.63%, 01/15/22a		9,626		9,572,576
5.35%, 03/01/18		17,548		20,639,859
6.30%, 10/15/37		11,551		15,000,743
6.30%, 03/01/38		13,708		17,830,522
Target Corp.
2.90%, 01/15/22		19,263		19,397,658

144

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
3.88%, 07/15/20	$	16,373	$	17,948,310
4.00%, 07/01/42		13,105		12,362,569
5.38%, 05/01/17		12,888		14,847,865
5.88%, 07/15/16		388		446,449
6.00%, 01/15/18		18,526		22,134,683
6.50%, 10/15/37		21,860		28,192,527
7.00%, 01/15/38		20,610		28,063,524
Wal-Mart Stores Inc.
1.13%, 04/11/18a		10,000		9,881,016
2.55%, 04/11/23 (Call 01/11/23)		6,000		5,736,161
3.25%, 10/25/20a		37,121		39,201,688
3.63%, 07/08/20a		19,453		20,988,649
4.00%, 04/11/43 (Call 10/11/42)		5,000		4,732,708
4.25%, 04/15/21a		31,289		34,974,043
4.88%, 07/08/40		17,670		19,059,376
5.00%, 10/25/40		22,255		24,460,566
5.25%, 09/01/35		17,780		20,312,555
5.38%, 04/05/17a		13,659		15,755,928
5.63%, 04/01/40		16,040		19,057,961
5.63%, 04/15/41a		45,450		54,186,208
5.80%, 02/15/18		17,386		20,769,243
5.88%, 04/05/27		150		188,651
6.20%, 04/15/38		29,491		37,321,256
6.50%, 08/15/37		50,609		66,712,541
7.55%, 02/15/30		4,418		6,210,259
Walgreen Co.
1.80%, 09/15/17a		9,950		9,997,333
3.10%, 09/15/22a		21,250		20,842,514
5.25%, 01/15/19		18,632		21,321,900
				955,863,361
SAVINGS & LOANS — 0.08%
Murray Street Investment Trust I
4.65%, 03/09/17c		15,750		17,042,045
				17,042,045
SEMICONDUCTORS — 0.82%
Intel Corp.
1.35%, 12/15/17		36,950		36,794,695
1.95%, 10/01/16		19,804		20,432,828
2.70%, 12/15/22a		24,000		23,098,130
3.30%, 10/01/21		42,007		43,377,806
4.00%, 12/15/32		5,000		4,800,988
4.25%, 12/15/42a		12,500		11,792,138
4.80%, 10/01/41a		23,358		23,752,594
Texas Instruments Inc.
1.65%, 08/03/19		15,093		14,851,651
2.38%, 05/16/16		7,052		7,363,483
				186,264,313
SOFTWARE — 1.47%
Fidelity National Information Services Inc.
3.50%, 04/15/23 (Call 01/15/23)		400		386,253
Microsoft Corp.
2.13%, 11/15/22		6,135		5,808,721
2.38%, 05/01/23 (Call 02/01/23)		10,000		9,581,546
3.00%, 10/01/20		23,969		25,012,896
3.50%, 11/15/42		8,000		7,123,326
4.20%, 06/01/19a		19,601		22,117,917

Security	Principal (000s)		Value
4.50%, 10/01/40	$	18,800	$	19,584,753
5.20%, 06/01/39		4,500		5,165,792
5.30%, 02/08/41		6,350		7,419,323
Oracle Corp.
1.20%, 10/15/17		45,450		45,005,040
2.50%, 10/15/22		36,050		34,563,857
3.88%, 07/15/20a		3,874		4,241,700
5.00%, 07/08/19a		33,406		39,034,453
5.38%, 07/15/40a		45,605		52,490,707
5.75%, 04/15/18		24,759		29,444,217
6.13%, 07/08/39		17,600		21,894,509
6.50%, 04/15/38		3,000		3,880,778
				332,755,788
TELECOMMUNICATIONS — 8.60%
AT&T Corp.
8.00%, 11/15/31		11,653		16,759,514
AT&T Inc.
1.40%, 12/01/17a		8,210		8,141,386
1.60%, 02/15/17a		3,814		3,837,667
1.70%, 06/01/17a		6,694		6,725,216
2.40%, 08/15/16		21,499		22,323,097
2.63%, 12/01/22 (Call 09/01/22)a		10,000		9,478,137
2.95%, 05/15/16a		29,289		30,840,330
3.00%, 02/15/22		39,841		39,598,631
3.88%, 08/15/21		29,027		30,974,477
4.35%, 06/15/45 (Call 12/15/44)d		10,042		9,209,355
4.45%, 05/15/21a		22,565		25,008,704
5.35%, 09/01/40a		64,870		69,298,688
5.50%, 02/01/18a		56,484		66,014,478
5.55%, 08/15/41a		50,821		55,466,207
5.60%, 05/15/18a		9,856		11,608,707
5.63%, 06/15/16a		22,952		25,942,848
5.80%, 02/15/19		34,087		40,793,051
6.15%, 09/15/34a		4,685		5,493,167
6.30%, 01/15/38		43,050		51,074,115
6.50%, 09/01/37		29,000		35,080,059
6.55%, 02/15/39		27,345		33,623,549
AT&T Mobility LLC
7.13%, 12/15/31		2,240		3,021,271
British Telecommunications PLC
5.95%, 01/15/18a		25,564		30,050,272
9.63%, 12/15/30		10,900		16,848,643
Cellco Partnership/Verizon Wireless Capital LLC
8.50%, 11/15/18		30,702		40,579,779
Cisco Systems Inc.
3.15%, 03/14/17a		11,299		12,085,412
4.45%, 01/15/20		34,478		39,109,399
4.95%, 02/15/19a		27,069		31,475,852
5.50%, 01/15/40		25,175		29,537,906
5.90%, 02/15/39		28,350		34,620,498
Deutsche Telekom International Finance BV
6.00%, 07/08/19a		17,111		20,723,919
6.75%, 08/20/18a		7,082		8,679,174
8.75%, 06/15/30		45,550		65,380,069
France Telecom SA
2.75%, 09/14/16		10,904		11,332,901
4.13%, 09/14/21a		14,366		15,055,739
5.38%, 07/08/19a		21,653		25,018,881
5.38%, 01/13/42a		10,650		11,225,028
8.50%, 03/01/31		42,440		61,294,751

145

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

May 31, 2013

Security	Principal (000s)		Value
New Cingular Wireless Services Inc.
8.75%, 03/01/31	$	6,450	$	9,841,910
Qwest Corp.
6.75%, 12/01/21		21,569		24,726,749
6.88%, 09/15/33 (Call 08/02/13)		5,500		5,500,000
8.38%, 05/01/16		2,000		2,363,894
Rogers Communications Inc.
6.80%, 08/15/18		13,400		16,508,930
Telecom Italia Capital SA
6.00%, 09/30/34a		1,400		1,361,920
6.38%, 11/15/33		30		29,704
7.00%, 06/04/18a		12,168		14,191,660
7.18%, 06/18/19a		18,281		21,555,239
7.20%, 07/18/36		12,831		13,299,602
7.72%, 06/04/38		31,173		33,448,149
Telefonica Emisiones SAU
3.19%, 04/27/18a		3,500		3,513,965
4.57%, 04/27/23		15,000		14,898,846
5.13%, 04/27/20a		24,274		25,754,309
5.46%, 02/16/21		30,691		33,157,329
5.88%, 07/15/19		15,951		17,724,466
6.42%, 06/20/16		14,549		16,339,836
7.05%, 06/20/36		30,270		34,691,236
Telefonica Europe BV
8.25%, 09/15/30a		7,860		9,718,542
Verizon Communications Inc.
2.00%, 11/01/16		24,587		25,212,422
2.45%, 11/01/22 (Call 08/01/22)a		36,000		33,645,157
3.00%, 04/01/16a		2,775		2,921,282
3.50%, 11/01/21a		36,481		37,699,757
3.85%, 11/01/42 (Call 05/01/42)		11,000		9,441,006
4.60%, 04/01/21a		26,427		29,340,220
4.75%, 11/01/41		17,000		16,751,897
5.50%, 04/01/17		2,000		2,291,144
5.50%, 02/15/18		24,367		28,309,822
5.85%, 09/15/35		17,040		19,259,225
6.00%, 04/01/41		21,350		24,654,478
6.10%, 04/15/18		18,686		22,321,574
6.25%, 04/01/37		3,993		4,704,047
6.35%, 04/01/19		32,771		39,897,277
6.40%, 02/15/38		38,933		46,789,862
6.90%, 04/15/38		8,850		11,185,286
7.35%, 04/01/39		8,061		10,726,216
7.75%, 12/01/30		23,915		32,009,783
8.75%, 11/01/18		9,691		12,887,884
Vodafone Group PLC
1.25%, 09/26/17		14,000		13,725,921
1.50%, 02/19/18		18,000		17,760,010
1.63%, 03/20/17		18,600		18,636,177
2.50%, 09/26/22		2,750		2,556,834
2.95%, 02/19/23		25,000		24,015,120
4.38%, 02/19/43a		30,800		28,699,194
5.45%, 06/10/19		23,850		27,913,570
5.63%, 02/27/17		24,362		27,812,892
5.75%, 03/15/16		2,951		3,322,051
6.15%, 02/27/37		20,800		24,349,528
				1,950,796,799
TRANSPORTATION — 0.66%
Burlington Northern Santa Fe Corp.
4.45%, 03/15/43 (Call 09/15/42)		20,000		19,527,022
4.70%, 10/01/19		12,168		13,920,458

Security	Principal or Share (000s)		Value
5.75%, 05/01/40 (Call 11/01/39)a	$	10,705	$	12,409,006
CSX Corp.
4.10%, 03/15/44 (Call 09/15/43)a		1,500		1,371,259
Union Pacific Corp.
4.16%, 07/15/22 (Call 04/15/22)a		15,091		16,545,146
United Parcel Service Inc.
2.45%, 10/01/22		15,650		15,186,639
3.13%, 01/15/21		25,986		27,182,814
5.13%, 04/01/19		18,424		21,605,882
5.50%, 01/15/18		1,269		1,489,457
6.20%, 01/15/38		15,310		19,674,238
				148,911,921
TOTAL CORPORATE BONDS & NOTES
(Cost: $21,307,703,192)				22,405,335,338
FOREIGN AGENCY OBLIGATIONSe — 0.01%
MEXICO — 0.01%
Pemex Project Funding Master Trust
6.63%, 06/15/35		1,443		1,637,805
				1,637,805
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $1,455,876)				1,637,805
SHORT-TERM INVESTMENTS — 5.78%
MONEY MARKET FUNDS — 5.78%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%b,f,g		1,016,693		1,016,692,768
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,f,g		106,151		106,150,657
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,f		187,883		187,883,258
				1,310,726,683
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,310,726,683)				1,310,726,683
TOTAL INVESTMENTS IN SECURITIES – 104.51%
(Cost: $22,619,885,751)				23,717,699,826
Other Assets, Less Liabilities — (4.51)%				(1,022,908,753	)
NET ASSETS — 100.00%			$	22,694,791,073

^a  All or a portion of this security represents a security on loan. See Note 3.

^b  Affiliated issuer. See Note 2.

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

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

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

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

^g  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

146

Schedule of Investments  (Unaudited)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 89.12%
ADVERTISING — 0.22%
Interpublic Group of Companies Inc. (The)
2.25%, 11/15/17	$	1,500	$	1,490,652
4.00%, 03/15/22		595		594,529
Omnicom Group Inc.
3.63%, 05/01/22		2,492		2,504,204
4.45%, 08/15/20		1,515		1,634,918
5.90%, 04/15/16		1,373		1,546,122
6.25%, 07/15/19		1,300		1,550,825
WPP Finance 2010
3.63%, 09/07/22a		1,900		1,865,391
WPP Finance UK
5.88%, 06/15/14		240		251,659
8.00%, 09/15/14		2,000		2,173,182
				13,611,482
AEROSPACE & DEFENSE — 0.85%
Boeing Co. (The)
3.50%, 02/15/15		240		251,762
4.88%, 02/15/20		1,247		1,448,793
6.00%, 03/15/19		2,550		3,081,881
8.75%, 08/15/21		420		590,355
Embraer Overseas Ltd.
6.38%, 01/24/17a		170		189,295
6.38%, 01/15/20a		1,750		2,004,957
Exelis Inc.
4.25%, 10/01/16		150		160,053
5.55%, 10/01/21		700		733,695
General Dynamics Corp.
2.25%, 07/15/16		1,650		1,715,580
2.25%, 11/15/22 (Call 08/15/22)		1,000		940,215
3.88%, 07/15/21 (Call 04/15/21)a		500		541,042
Goodrich Corp.
3.60%, 02/01/21 (Call 11/01/20)		2,250		2,388,370
L-3 Communications Corp.
3.95%, 11/15/16		2,400		2,567,545
4.75%, 07/15/20		1,336		1,442,159
4.95%, 02/15/21 (Call 11/15/20)		850		927,918
5.20%, 10/15/19		1,210		1,350,809
Lockheed Martin Corp.
2.13%, 09/15/16		2,150		2,213,595
3.35%, 09/15/21		1,146		1,176,894
4.25%, 11/15/19		1,322		1,467,593
Northrop Grumman Corp.
1.75%, 06/01/18		1,975		1,971,407
1.85%, 11/15/15		700		721,873
3.50%, 03/15/21		1,500		1,568,684
3.70%, 08/01/14		1,000		1,034,709
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		3,600		3,434,244
4.40%, 02/15/20		1,100		1,227,529
6.40%, 12/15/18		760		925,670
Rockwell Collins Inc.
3.10%, 11/15/21 (Call 08/15/21)		450		462,168

Security	Principal (000s)		Value
5.25%, 07/15/19	$	350	$	406,510
United Technologies Corp.
1.80%, 06/01/17		4,311		4,395,059
3.10%, 06/01/22		3,746		3,819,845
4.50%, 04/15/20		2,065		2,343,761
4.88%, 05/01/15		1,900		2,056,193
5.38%, 12/15/17		112		130,876
6.13%, 02/01/19		2,142		2,622,308
8.75%, 03/01/21		100		137,322
				52,450,669
AGRICULTURE — 0.84%
Altria Group Inc.
2.85%, 08/09/22		2,850		2,718,378
4.13%, 09/11/15		1,071		1,148,788
4.75%, 05/05/21		5,000		5,531,345
9.25%, 08/06/19		901		1,234,094
9.70%, 11/10/18		3,209		4,394,979
Archer-Daniels-Midland Co.
4.48%, 03/01/21a		2,045		2,266,089
5.45%, 03/15/18		750		880,761
Bunge Ltd. Finance Corp.
4.10%, 03/15/16		1,140		1,217,257
8.50%, 06/15/19		940		1,206,725
Bunge NA Finance LP
5.90%, 04/01/17		150		168,927
Lorillard Tobacco Co.
3.50%, 08/04/16		385		406,879
6.88%, 05/01/20a		2,327		2,786,686
8.13%, 06/23/19a		847		1,074,531
Philip Morris International Inc.
1.13%, 08/21/17		2,000		1,974,144
1.63%, 03/20/17		3,500		3,536,634
2.50%, 05/16/16		2,740		2,867,303
2.90%, 11/15/21		205		205,762
4.13%, 05/17/21a		1,000		1,090,221
4.50%, 03/26/20		1,796		2,016,265
5.65%, 05/16/18		2,542		3,019,952
Reynolds American Inc.
1.05%, 10/30/15		5,000		5,008,795
3.25%, 11/01/22		3,100		2,989,835
6.75%, 06/15/17		1,322		1,566,641
7.63%, 06/01/16		1,396		1,648,861
UST LLC
5.75%, 03/01/18a		500		574,955
				51,534,807
AIRLINES — 0.26%
American Airlines Inc. 2011-1 Pass Through Trust Class A
5.25%, 07/31/22a		361		393,148
American Airlines Inc. 2011-2 Pass Through Trust Class A
8.63%, 04/15/23a		1,956		2,059,185
Continental Airlines Inc. 2007-1 Pass Through Trust Class A
5.98%, 10/19/23		1,097		1,241,852
Continental Airlines Inc. 2009-1 Pass Through Trust
9.00%, 01/08/18		208		242,023

147

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Continental Airlines Inc. 2010-1A Pass Through Trust Class A
4.75%, 07/12/22a	$	369	$	404,801
Delta Air Lines Inc. 2010-1A Pass Through Trust Class A
6.20%, 01/02/20a		1,609		1,832,378
Delta Air Lines Inc. 2012-1A Pass Through Trust Class A
4.75%, 11/07/21a		1,446		1,587,466
Northwest Airlines Inc. 2007-1A Pass Through Trust
Series 07-1
7.03%, 05/01/21a		24		27,020
Southwest Airlines Co.
5.13%, 03/01/17a		200		220,574
5.25%, 10/01/14		70		73,635
5.75%, 12/15/16		2,000		2,254,645
Southwest Airlines Co. 2007-1 Pass Through Trust
Series 07-1
6.15%, 02/01/24		1,577		1,864,738
United Airlines Inc. 2009-1 Pass Through Trust
10.40%, 05/01/18		1,644		1,914,683
United Airlines Inc. 2009-2A Pass Through Trust
9.75%, 07/15/18		1,422		1,658,960
				15,775,108
APPAREL — 0.05%
NIKE Inc.
2.25%, 05/01/23 (Call 02/01/23)a		1,500		1,440,313
VF Corp.
3.50%, 09/01/21 (Call 06/21/21)		880		917,030
5.95%, 11/01/17		725		844,526
				3,201,869
AUTO MANUFACTURERS — 0.03%
Ford Motor Co.
6.50%, 08/01/18a		1,500		1,747,002
				1,747,002
AUTO PARTS & EQUIPMENT — 0.11%
BorgWarner Inc.
4.63%, 09/15/20		600		641,866
Johnson Controls Inc.
1.75%, 03/01/14		100		100,883
2.60%, 12/01/16a		1,000		1,043,474
3.75%, 12/01/21 (Call 09/01/21)a		1,900		1,973,885
4.25%, 03/01/21		1,250		1,347,405
5.00%, 03/30/20		150		168,299
5.50%, 01/15/16a		1,440		1,599,160
				6,874,972
BANKS — 20.98%
Abbey National Treasury Services PLC
4.00%, 04/27/16		1,257		1,337,695
AgriBank FCB
Series AI
9.13%, 07/15/19		1,000		1,298,001
American Express Bank FSB
6.00%, 09/13/17		810		954,443

Security	Principal (000s)		Value
American Express Centurion Bank
0.88%, 11/13/15	$	5,000	$	4,999,779
6.00%, 09/13/17		1,250		1,472,906
Associated Banc-Corp
5.13%, 03/28/16 (Call 02/28/16)		700		760,910
Australia and New Zealand Banking Group Ltd.
0.90%, 02/12/16		1,000		998,277
1.88%, 10/06/17		1,000		1,013,681
Banco Credito e Inversiones
3.00%, 09/13/17b		1,000		1,000,530
Banco do Brasil SA
3.88%, 01/23/17a		2,000		2,090,000
3.88%, 10/10/22		4,000		3,785,200
Bancolombia SA
4.25%, 01/12/16		500		522,500
5.95%, 06/03/21		2,000		2,195,000
Bank of America Corp.
1.50%, 10/09/15		1,500		1,508,434
2.00%, 01/11/18		10,500		10,413,682
3.30%, 01/11/23		20,000		19,357,173
3.63%, 03/17/16		1,930		2,036,101
3.70%, 09/01/15		1,670		1,752,598
3.88%, 03/22/17		3,161		3,377,440
4.50%, 04/01/15		5,600		5,917,564
5.00%, 05/13/21		4,890		5,427,305
5.25%, 12/01/15		450		485,413
5.38%, 06/15/14		300		313,828
5.42%, 03/15/17		2,250		2,477,598
5.49%, 03/15/19		1,700		1,880,652
5.63%, 10/14/16		1,090		1,225,506
5.63%, 07/01/20		4,180		4,814,883
5.65%, 05/01/18		5,445		6,234,262
5.70%, 01/24/22		3,840		4,415,950
5.75%, 08/15/16		1,080		1,197,832
5.75%, 12/01/17		5,050		5,779,567
5.88%, 01/05/21		2,195		2,570,247
6.50%, 08/01/16		6,950		7,961,335
7.63%, 06/01/19		4,450		5,586,860
7.75%, 08/15/15		1,380		1,548,499
7.80%, 09/15/16		350		406,336
Series 1
3.75%, 07/12/16		5,950		6,321,174
Bank of America N.A.
5.30%, 03/15/17		5,500		6,106,174
6.10%, 06/15/17		3,850		4,379,555
Bank of Montreal
0.80%, 11/06/15		4,500		4,497,100
1.45%, 04/09/18 (Call 03/09/18)		3,500		3,446,770
2.50%, 01/11/17		1,945		2,009,758
Bank of New York Mellon Corp. (The)
0.70%, 10/23/15 (Call 09/23/15)		3,500		3,503,462
1.20%, 02/20/15 (Call 01/20/15)		125		126,103
1.97%, 06/20/17c		500		510,212
2.30%, 07/28/16		2,560		2,662,811
2.95%, 06/18/15a		1,000		1,047,600
3.10%, 01/15/15		500		520,091
3.55%, 09/23/21 (Call 08/23/21)		3,855		4,063,164
4.15%, 02/01/21		1,250		1,369,270
4.60%, 01/15/20		925		1,045,255
4.75%, 12/15/14		100		105,780
5.45%, 04/01/16		170		190,293
5.45%, 05/15/19		1,500		1,757,169
5.50%, 12/01/17		90		103,499

148

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Series G
4.95%, 03/15/15	$	140	$	150,280
Bank of Nova Scotia
0.75%, 10/09/15		2,000		1,995,027
0.95%, 03/15/16		1,000		999,867
1.45%, 04/25/18		1,500		1,475,601
1.85%, 01/12/15		2,600		2,645,499
2.38%, 12/17/13		1,310		1,324,516
2.55%, 01/12/17		1,929		2,000,099
2.90%, 03/29/16		1,964		2,067,504
3.40%, 01/22/15		3,310		3,449,681
4.38%, 01/13/21		3,234		3,606,926
Bank One Corp.
4.90%, 04/30/15		120		128,477
Barclays Bank PLC
2.75%, 02/23/15		1,000		1,031,520
3.90%, 04/07/15		1,080		1,138,139
5.00%, 09/22/16		2,863		3,204,414
5.13%, 01/08/20		5,495		6,274,335
5.14%, 10/14/20		876		918,619
5.20%, 07/10/14		4,970		5,214,930
6.75%, 05/22/19		2,494		3,071,380
BB&T Corp.
1.45%, 01/12/18 (Call 12/12/17)		5,000		4,945,108
1.60%, 08/15/17 (Call 07/14/17)		1,464		1,461,196
2.05%, 04/28/14 (Call 03/28/14)		970		984,057
2.15%, 03/22/17 (Call 02/22/17)		3,315		3,374,848
3.20%, 03/15/16 (Call 02/16/16)		745		787,558
3.95%, 03/22/22 (Call 02/22/22)		425		445,782
4.90%, 06/30/17a		200		220,565
5.20%, 12/23/15		1,989		2,188,695
5.25%, 11/01/19		2,400		2,735,812
5.70%, 04/30/14		1,650		1,727,347
BNP Paribas SA
2.38%, 09/14/17a		5,500		5,584,648
3.25%, 03/11/15		3,870		4,011,395
3.25%, 03/03/23		2,250		2,148,031
3.60%, 02/23/16		1,564		1,650,801
5.00%, 01/15/21		5,280		5,839,083
Canadian Imperial Bank of Commerce
0.90%, 10/01/15		1,350		1,352,276
2.35%, 12/11/15		2,147		2,228,091
Capital One Financial Corp.
1.00%, 11/06/15		7,000		6,962,085
2.13%, 07/15/14		2,280		2,312,215
2.15%, 03/23/15		500		508,691
3.15%, 07/15/16		1,638		1,727,585
4.75%, 07/15/21		1,750		1,947,883
5.50%, 06/01/15		240		260,051
6.15%, 09/01/16		1,703		1,932,616
6.75%, 09/15/17		2,583		3,108,587
7.38%, 05/23/14		1,930		2,053,799
China Development Bank Corp.
4.75%, 10/08/14		190		199,135
5.00%, 10/15/15		1,500		1,628,963
Citigroup Inc.
1.30%, 04/01/16		5,500		5,491,626
1.75%, 05/01/18		6,500		6,394,755
2.25%, 08/07/15		2,250		2,300,410
3.38%, 03/01/23a		1,000		984,816
3.50%, 05/15/23		1,500		1,418,758
3.95%, 06/15/16		4,932		5,296,954
4.05%, 07/30/22		5,000		5,007,358

Security	Principal (000s)		Value
4.45%, 01/10/17	$	1,862	$	2,026,921
4.50%, 01/14/22		3,185		3,467,069
4.59%, 12/15/15		550		595,625
4.70%, 05/29/15		220		235,099
4.75%, 05/19/15		4,570		4,888,371
5.00%, 09/15/14		4,310		4,512,702
5.13%, 05/05/14		700		727,879
5.30%, 01/07/16		2,200		2,412,079
5.38%, 08/09/20		1,738		2,005,477
5.50%, 10/15/14		2,000		2,120,717
5.50%, 02/15/17		2,380		2,644,638
5.85%, 08/02/16		1,041		1,175,282
6.00%, 08/15/17		6,520		7,567,223
6.01%, 01/15/15		4,290		4,623,671
6.13%, 11/21/17		5,750		6,720,058
6.13%, 05/15/18		6,300		7,423,040
6.38%, 08/12/14		6,320		6,730,477
8.50%, 05/22/19		5,000		6,590,855
City National Corp.
5.25%, 09/15/20a		500		555,493
Comerica Bank
5.20%, 08/22/17		3,050		3,456,921
5.75%, 11/21/16		110		126,142
Series AI
5.70%, 06/01/14		100		104,761
Comerica Inc.
4.80%, 05/01/15		100		106,590
Commonwealth Bank of Australia/New York
1.90%, 09/18/17a		3,500		3,558,289
1.95%, 03/16/15		2,600		2,657,436
Compass Bank
6.40%, 10/01/17		100		110,509
Credit Suisse New York
3.50%, 03/23/15		2,500		2,621,719
4.38%, 08/05/20		2,120		2,341,471
5.30%, 08/13/19		2,658		3,083,192
5.40%, 01/14/20		2,240		2,516,148
6.00%, 02/15/18		2,792		3,203,341
Deutsche Bank AG London
3.25%, 01/11/16		2,598		2,736,907
3.45%, 03/30/15		4,520		4,725,655
3.88%, 08/18/14		2,590		2,688,986
4.30%, 05/24/28 (Call 05/24/23)d		5,000		4,883,255
6.00%, 09/01/17		3,820		4,475,507
Deutsche Bank Financial LLC
5.38%, 03/02/15		310		329,548
Discover Bank
7.00%, 04/15/20		1,000		1,208,010
Fifth Third Bancorp
3.50%, 03/15/22 (Call 02/15/22)		300		305,451
3.63%, 01/25/16		4,165		4,421,468
4.50%, 06/01/18		880		962,319
5.45%, 01/15/17		1,300		1,446,380
Fifth Third Bank
4.75%, 02/01/15		120		127,198
First Horizon National Corp.
5.38%, 12/15/15		2,300		2,493,782
First Tennessee Bank N.A.
5.65%, 04/01/16		170		182,838
Goldman Sachs Group Inc. (The)
2.38%, 01/22/18		17,500		17,597,065
3.30%, 05/03/15		4,500		4,682,791
3.63%, 02/07/16		4,593		4,854,318

149

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
3.63%, 01/22/23a	$	10,000	$	9,891,221
3.70%, 08/01/15		3,000		3,159,447
5.00%, 10/01/14		4,022		4,239,643
5.13%, 01/15/15		6,150		6,546,139
5.25%, 07/27/21		3,400		3,803,434
5.35%, 01/15/16		2,253		2,471,833
5.38%, 03/15/20		4,130		4,671,308
5.50%, 11/15/14		460		489,788
5.63%, 01/15/17		4,890		5,416,230
5.75%, 10/01/16		4,420		4,981,545
5.75%, 01/24/22		6,650		7,618,800
5.95%, 01/18/18		5,440		6,281,870
6.00%, 05/01/14		1,780		1,865,924
6.00%, 06/15/20		4,000		4,684,295
6.15%, 04/01/18		5,606		6,532,409
6.25%, 09/01/17		5,280		6,131,655
7.50%, 02/15/19		3,730		4,626,455
HSBC Bank (USA) N.A.
4.88%, 08/24/20		4,100		4,495,561
HSBC Holdings PLC
4.00%, 03/30/22		3,723		3,938,617
5.10%, 04/05/21		6,070		6,982,268
HSBC USA Inc.
1.63%, 01/16/18		1,500		1,485,869
2.38%, 02/13/15		9,505		9,764,264
Intesa Sanpaolo SpA
3.13%, 01/15/16		2,500		2,487,499
3.88%, 01/16/18		2,500		2,466,260
J.P. Morgan Chase & Co.
1.80%, 01/25/18		5,500		5,463,885
1.88%, 03/20/15		5,650		5,732,302
2.00%, 08/15/17		4,750		4,788,610
2.05%, 01/24/14a		640		646,467
2.60%, 01/15/16		2,400		2,483,009
3.15%, 07/05/16		5,250		5,534,638
3.20%, 01/25/23a		11,500		11,256,015
3.25%, 09/23/22		2,000		1,966,725
3.38%, 05/01/23		5,000		4,742,145
3.45%, 03/01/16		6,906		7,304,818
3.70%, 01/20/15		5,420		5,660,747
4.25%, 10/15/20		4,910		5,292,824
4.35%, 08/15/21		5,230		5,637,273
4.40%, 07/22/20		7,550		8,219,578
4.50%, 01/24/22		3,500		3,797,106
4.63%, 05/10/21		3,000		3,295,422
4.75%, 03/01/15		490		521,730
4.88%, 03/15/14		150		154,894
4.95%, 03/25/20		2,000		2,250,528
5.13%, 09/15/14		1,780		1,876,680
5.15%, 10/01/15		4,340		4,722,006
5.25%, 05/01/15		1,070		1,145,375
6.00%, 01/15/18		6,480		7,588,076
6.13%, 06/27/17		1,960		2,266,479
6.30%, 04/23/19		5,150		6,216,803
J.P. Morgan Chase Bank N.A.
6.00%, 10/01/17		6,471		7,496,861
KeyBank N.A.
1.65%, 02/01/18		6,000		5,973,662
4.95%, 09/15/15		230		248,830
5.45%, 03/03/16		2,026		2,249,635
5.80%, 07/01/14		180		189,774
KeyCorp
3.75%, 08/13/15		1,765		1,868,081

Security	Principal (000s)		Value
5.10%, 03/24/21	$	549	$	624,240
KfW
0.50%, 04/19/16a		16,000		15,940,579
0.63%, 04/24/15		2,670		2,680,960
1.00%, 01/12/15		11,570		11,688,982
1.25%, 10/26/15		4,000		4,069,082
1.25%, 10/05/16		11,200		11,390,226
1.25%, 02/15/17a		12,400		12,590,040
2.00%, 06/01/16a		15,750		16,373,379
2.13%, 01/17/23		21,050		20,566,467
2.38%, 08/25/21		6,750		6,879,182
2.63%, 03/03/15		5,500		5,714,927
2.63%, 02/16/16		4,500		4,744,728
2.63%, 01/25/22		4,750		4,908,043
2.75%, 10/21/14		2,400		2,479,871
2.75%, 09/08/20		1,850		1,958,334
4.00%, 01/27/20		5,000		5,707,376
4.13%, 10/15/14		400		420,526
4.38%, 07/21/15		680		735,892
4.50%, 07/16/18		4,847		5,616,128
4.88%, 01/17/17a		7,450		8,512,055
4.88%, 06/17/19		4,640		5,518,748
5.13%, 03/14/16		1,050		1,179,486
Series G
4.38%, 03/15/18a		5,600		6,421,014
Korea Finance Corp.
4.63%, 11/16/21		3,000		3,220,179
Landwirtschaftliche Rentenbank
1.00%, 04/04/18		1,500		1,484,226
1.88%, 09/17/18		2,500		2,565,865
2.13%, 07/15/16		4,000		4,172,811
2.50%, 02/15/16		2,000		2,100,880
3.13%, 07/15/15		3,050		3,219,517
5.13%, 02/01/17		500		576,098
Series 29
1.38%, 10/23/19		3,250		3,191,682
Series G
5.00%, 11/08/16		3,680		4,199,713
Series G13
4.88%, 11/16/15		650		718,045
Lloyds TSB Bank PLC
4.20%, 03/28/17		1,990		2,167,410
4.88%, 01/21/16		1,741		1,900,268
6.38%, 01/21/21		1,867		2,264,383
Manufacturers and Traders Trust Co.
1.45%, 03/07/18 (Call 02/05/18)		1,000		989,581
5.63%, 12/01/21 (Call 12/01/16)d		1,000		1,018,212
6.63%, 12/04/17		1,000		1,189,016
Mellon Funding Corp.
5.00%, 12/01/14		120		127,487
5.20%, 05/15/14		230		240,571
5.50%, 11/15/18		1,160		1,346,176
Morgan Stanley
1.75%, 02/25/16		6,000		6,015,156
2.13%, 04/25/18		1,500		1,483,203
2.88%, 07/28/14		3,365		3,437,189
3.75%, 02/25/23		11,500		11,351,594
3.80%, 04/29/16		5,900		6,223,712
4.10%, 01/26/15		4,655		4,859,037
4.20%, 11/20/14		2,500		2,601,196
4.75%, 04/01/14a		4,953		5,089,049
4.75%, 03/22/17		1,500		1,636,190
4.88%, 11/01/22		2,500		2,573,136

150

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
5.38%, 10/15/15	$	1,915	$	2,084,605
5.45%, 01/09/17		2,915		3,231,094
5.50%, 01/26/20		4,950		5,592,293
5.50%, 07/24/20		7,200		8,146,960
5.50%, 07/28/21		4,820		5,440,353
5.63%, 09/23/19		233		265,787
5.75%, 10/18/16		2,325		2,604,136
5.75%, 01/25/21		5,330		6,105,372
5.95%, 12/28/17		2,450		2,807,711
6.00%, 05/13/14		5,170		5,415,956
6.00%, 04/28/15		5,840		6,337,472
6.25%, 08/28/17		214		246,620
6.63%, 04/01/18		3,903		4,592,963
7.30%, 05/13/19		5,130		6,277,343
Series F
5.55%, 04/27/17		2,500		2,792,037
National Australia Bank Ltd. New York
1.60%, 08/07/15		2,000		2,032,076
2.00%, 03/09/15a		4,750		4,862,214
3.00%, 01/20/23		2,500		2,432,386
National Bank of Canada
1.45%, 11/07/17 (Call 10/07/17)		3,000		2,955,669
1.50%, 06/26/15		1,750		1,771,231
National City Bank of Indiana
4.25%, 07/01/18		220		239,391
National City Corp.
4.90%, 01/15/15		1,392		1,481,297
6.88%, 05/15/19		470		574,434
Northern Trust Corp.
3.38%, 08/23/21		2,075		2,168,277
3.45%, 11/04/20		850		900,840
4.63%, 05/01/14		1,115		1,158,301
Oesterreichische Kontrollbank AG
2.00%, 06/03/16		4,800		4,978,512
4.50%, 03/09/15		220		235,614
4.88%, 02/16/16a		4,280		4,756,879
5.00%, 04/25/17		2,300		2,641,844
PNC Bank N.A.
2.95%, 01/30/23 (Call 12/30/22)e		3,000		2,911,185
4.88%, 09/21/17e		340		379,407
5.25%, 01/15/17a,e		290		324,404
6.00%, 12/07/17a,e		1,000		1,167,299
PNC Financial Services Group Inc. (The)
2.85%, 11/09/22c,e		8,000		7,750,577
PNC Funding Corp.
2.70%, 09/19/16 (Call 08/19/16)e		2,093		2,191,442
3.30%, 03/08/22 (Call 02/06/22)e		1,862		1,881,605
3.63%, 02/08/15e		335		350,488
4.25%, 09/21/15e		2,250		2,421,219
4.38%, 08/11/20e		1,992		2,200,534
5.13%, 02/08/20e		2,411		2,764,772
5.25%, 11/15/15e		1,857		2,038,114
5.40%, 06/10/14e		1,700		1,783,133
5.63%, 02/01/17e		1,750		1,969,967
Rabobank Nederland
2.13%, 10/13/15		577		592,870
3.38%, 01/19/17		5,751		6,120,718
3.88%, 02/08/22		4,340		4,506,968
3.95%, 11/09/22		4,000		3,956,389
4.50%, 01/11/21		3,260		3,564,887
Regions Financial Corp.
7.75%, 11/10/14		1,000		1,090,000
Royal Bank of Canada

Security	Principal (000s)		Value
0.80%, 10/30/15	$	3,000	$	2,996,649
0.85%, 03/08/16		1,000		996,325
1.15%, 03/13/15		470		474,521
1.45%, 10/30/14		2,250		2,275,072
1.50%, 01/16/18		3,000		2,982,917
2.30%, 07/20/16		140		145,231
2.63%, 12/15/15		4,892		5,108,775
Royal Bank of Scotland Group PLC
2.55%, 09/18/15		4,400		4,503,208
3.95%, 09/21/15		979		1,037,568
4.38%, 03/16/16a		2,606		2,817,130
4.65%, 06/04/18		1,050		1,066,483
4.88%, 03/16/15		720		768,653
5.63%, 08/24/20		1,970		2,256,915
6.13%, 01/11/21		3,920		4,604,995
6.40%, 10/21/19		1,233		1,463,358
Societe Generale
2.75%, 10/12/17a		1,000		1,024,087
SouthTrust Corp.
5.80%, 06/15/14		170		178,946
Sovereign Bank
8.75%, 05/30/18		250		306,504
State Street Corp.
2.88%, 03/07/16		1,041		1,098,373
4.30%, 05/30/14		1,500		1,558,366
4.38%, 03/07/21		1,210		1,345,714
4.96%, 03/15/18		500		559,921
5.25%, 10/15/18		1,000		1,162,074
Sumitomo Mitsui Banking Corp.
1.35%, 07/18/15		1,000		1,007,213
1.50%, 01/18/18		5,500		5,412,942
3.20%, 07/18/22		2,750		2,752,069
SunTrust Bank
5.00%, 09/01/15		62		66,629
7.25%, 03/15/18		700		850,983
SunTrust Banks Inc.
3.50%, 01/20/17 (Call 12/20/16)		2,200		2,347,198
3.60%, 04/15/16 (Call 03/15/16)		1,931		2,049,259
6.00%, 09/11/17		750		867,440
SVB Financial Group
5.38%, 09/15/20		150		166,318
Svenska Handelsbanken AB
2.88%, 04/04/17		1,564		1,639,296
3.13%, 07/12/16		2,010		2,130,767
Toronto-Dominion Bank (The)
1.38%, 07/14/14		1,870		1,888,097
1.40%, 04/30/18		2,500		2,464,987
2.38%, 10/19/16		2,242		2,332,506
2.50%, 07/14/16		3,025		3,149,310
U.S. Bancorp
1.65%, 05/15/17 (Call 04/15/17)		4,100		4,131,056
2.20%, 11/15/16 (Call 10/14/16)		931		968,698
2.45%, 07/27/15		1,120		1,160,465
2.88%, 11/20/14a		650		670,081
2.95%, 07/15/22 (Call 06/15/22)		3,163		3,061,734
3.00%, 03/15/22 (Call 02/15/22)		1,163		1,175,441
3.44%, 02/01/16		1,550		1,638,619
4.13%, 05/24/21 (Call 04/23/21)		1,451		1,590,639
4.20%, 05/15/14		2,860		2,963,913
UBS AG Stamford
3.88%, 01/15/15		2,260		2,371,515
4.88%, 08/04/20		4,140		4,691,828
5.75%, 04/25/18		3,315		3,892,723

151

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
5.88%, 12/20/17	$	3,775	$	4,435,790
7.00%, 10/15/15		100		110,160
7.38%, 06/15/17a		120		140,335
Series 10
5.88%, 07/15/16		2,318		2,580,690
Union Bank N.A.
2.13%, 06/16/17		10,000		10,146,388
3.00%, 06/06/16		2,000		2,118,172
5.95%, 05/11/16		410		460,402
UnionBanCal Corp.
5.25%, 12/16/13		110		112,443
US Bank N.A.
4.80%, 04/15/15a		1,812		1,935,640
4.95%, 10/30/14		1,260		1,332,317
6.30%, 02/04/14		660		685,456
Wachovia Bank N.A./Wells Fargo & Co.
4.88%, 02/01/15		4,192		4,452,083
Wachovia Corp./Wells Fargo & Co.
5.00%, 08/15/15		340		368,757
5.25%, 08/01/14		2,140		2,250,938
5.60%, 03/15/16		100		110,707
5.63%, 10/15/16		4,610		5,232,179
5.75%, 06/15/17		2,730		3,148,451
5.75%, 02/01/18		2,530		2,963,171
6.00%, 11/15/17		279		327,017
Wells Fargo & Co.
1.25%, 02/13/15		2,750		2,772,859
1.50%, 01/16/18		6,500		6,422,860
2.10%, 05/08/17		1,950		1,987,177
2.63%, 12/15/16		5,800		6,084,532
3.50%, 03/08/22		4,000		4,124,969
3.63%, 04/15/15		1,560		1,641,518
3.68%, 06/15/16c		2,420		2,594,173
3.75%, 10/01/14		4,640		4,830,188
4.60%, 04/01/21		6,420		7,198,704
4.63%, 04/15/14		140		144,845
5.00%, 11/15/14		1,000		1,057,551
5.13%, 09/15/16		1,000		1,115,720
5.63%, 12/11/17		6,507		7,554,345
Series M
3.45%, 02/13/23		2,500		2,441,351
Wells Fargo Bank N.A.
4.75%, 02/09/15		3,250		3,447,523
5.75%, 05/16/16a		3,580		4,040,321
Westpac Banking Corp.
1.60%, 01/12/18a		3,000		3,006,880
2.00%, 08/14/17		3,500		3,578,444
3.00%, 08/04/15		4,479		4,685,384
3.00%, 12/09/15		1,499		1,579,375
4.20%, 02/27/15		2,050		2,175,365
4.63%, 06/01/18		1,930		2,107,576
4.88%, 11/19/19		2,420		2,797,438
Zions BanCorp.
7.75%, 09/23/14		1,120		1,210,160
				1,288,916,963
BEVERAGES — 2.25%
Anheuser-Busch Companies LLC
5.00%, 01/15/15		100		106,879
5.00%, 03/01/19		220		254,360
5.05%, 10/15/16		270		304,874
5.50%, 01/15/18		6,470		7,573,553

Security	Principal (000s)		Value
5.60%, 03/01/17a	$	250	$	287,219
Anheuser-Busch InBev Finance Inc.
1.25%, 01/17/18		3,500		3,465,413
Anheuser-Busch InBev Worldwide Inc.
0.80%, 07/15/15		8,000		8,019,170
1.50%, 07/14/14		2,940		2,972,549
2.63%, 01/17/23		10,300		9,920,147
2.88%, 02/15/16		1,095		1,153,730
4.13%, 01/15/15		2,990		3,154,082
4.38%, 02/15/21		795		886,459
5.00%, 04/15/20		298		343,949
5.38%, 11/15/14		2,400		2,562,338
5.38%, 01/15/20		2,367		2,789,350
7.75%, 01/15/19		2,988		3,872,942
Beam Inc.
3.25%, 05/15/22 (Call 02/15/22)		1,250		1,249,011
5.38%, 01/15/16		531		583,636
Bottling Group LLC
5.13%, 01/15/19		733		854,295
5.50%, 04/01/16		1,324		1,489,427
Brown-Forman Corp.
2.50%, 01/15/16		1,200		1,251,081
Coca-Cola Co. (The)
0.75%, 03/13/15		3,210		3,226,694
1.15%, 04/01/18		500		493,060
1.50%, 11/15/15		140		143,216
1.65%, 03/14/18		1,536		1,548,850
1.80%, 09/01/16		8,114		8,359,279
2.50%, 04/01/23a		4,000		3,920,945
3.15%, 11/15/20		1,424		1,505,470
3.30%, 09/01/21		797		840,583
Coca-Cola Enterprises Inc.
1.13%, 11/12/13		320		320,968
2.00%, 08/19/16		200		204,365
2.13%, 09/15/15		6,450		6,612,751
3.25%, 08/19/21 (Call 05/19/21)		200		202,666
3.50%, 09/15/20		1,100		1,145,981
4.50%, 09/01/21 (Call 06/01/21)		8,484		9,313,391
Coca-Cola HBC Finance BV
5.50%, 09/17/15		180		195,765
Diageo Capital PLC
1.50%, 05/11/17		3,827		3,847,268
2.63%, 04/29/23 (Call 01/29/23)		2,500		2,388,944
4.83%, 07/15/20		2,000		2,297,751
5.50%, 09/30/16		310		354,429
5.75%, 10/23/17		53		62,145
Diageo Finance BV
3.25%, 01/15/15		450		469,399
5.30%, 10/28/15		1,613		1,779,820
Diageo Investment Corp.
2.88%, 05/11/22		896		889,339
Dr Pepper Snapple Group Inc.
2.00%, 01/15/20a		5,000		4,830,294
2.60%, 01/15/19		180		184,091
2.70%, 11/15/22 (Call 08/15/22)		1,000		958,672
2.90%, 01/15/16		2,400		2,507,863
3.20%, 11/15/21 (Call 08/15/21)		180		182,471
Molson Coors Brewing Co.
2.00%, 05/01/17		1,000		1,014,680
3.50%, 05/01/22a		500		506,111
PepsiAmericas Inc.
4.88%, 01/15/15		100		106,509
5.00%, 05/15/17a		180		203,379

152

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
PepsiCo Inc.
0.70%, 08/13/15	$	2,600	$	2,605,285
0.80%, 08/25/14		100		100,385
1.25%, 08/13/17		2,100		2,083,089
2.50%, 05/10/16		2,327		2,434,512
2.75%, 03/05/22		1,896		1,872,623
2.75%, 03/01/23		4,000		3,882,824
3.00%, 08/25/21		1,465		1,496,113
3.10%, 01/15/15		2,800		2,915,756
3.75%, 03/01/14		920		942,227
4.50%, 01/15/20		896		1,015,825
5.00%, 06/01/18		1,815		2,099,223
7.90%, 11/01/18		2,135		2,791,585
				137,951,060
BIOTECHNOLOGY — 0.78%
Amgen Inc.
1.88%, 11/15/14		1,740		1,767,602
2.13%, 05/15/17		2,234		2,283,250
2.30%, 06/15/16		1,850		1,915,897
2.50%, 11/15/16		1,396		1,453,638
3.88%, 11/15/21 (Call 08/15/21)		3,900		4,178,874
4.10%, 06/15/21 (Call 03/15/21)		2,750		2,986,618
4.50%, 03/15/20		2,125		2,380,316
4.85%, 11/18/14		2,580		2,730,716
5.70%, 02/01/19		1,593		1,883,977
5.85%, 06/01/17		102		118,740
6.15%, 06/01/18		250		300,476
Biogen Idec Inc.
6.88%, 03/01/18		750		905,472
Celgene Corp.
1.90%, 08/15/17		3,000		3,018,359
2.45%, 10/15/15		200		206,844
3.25%, 08/15/22		1,500		1,492,845
3.95%, 10/15/20		1,850		1,976,768
Genentech Inc.
4.75%, 07/15/15		2,050		2,224,304
Genzyme Corp.
3.63%, 06/15/15		500		530,121
Gilead Sciences Inc.
2.40%, 12/01/14		5,250		5,380,813
3.05%, 12/01/16		1,445		1,536,114
4.40%, 12/01/21 (Call 09/01/21)		1,824		2,015,057
4.50%, 04/01/21 (Call 01/01/21)		2,374		2,646,275
Life Technologies Corp.
4.40%, 03/01/15		1,230		1,295,592
5.00%, 01/15/21 (Call 10/15/20)a		650		714,642
6.00%, 03/01/20		1,971		2,282,783
				48,226,093
BUILDING MATERIALS — 0.13%
CRH America Inc.
4.13%, 01/15/16		600		633,906
6.00%, 09/30/16		2,282		2,590,043
8.13%, 07/15/18		1,500		1,871,986
Martin Marietta Materials Inc.
6.60%, 04/15/18		250		279,108
Owens Corning Inc.
6.50%, 12/01/16		1,000		1,131,290

Security	Principal (000s)		Value
9.00%, 06/15/19	$	1,140	$	1,418,969
				7,925,302
CHEMICALS — 1.67%
Agrium Inc.
3.15%, 10/01/22 (Call 07/01/22)		300		291,456
Air Products and Chemicals Inc.
2.00%, 08/02/16		715		736,687
3.00%, 11/03/21		1,500		1,526,855
4.38%, 08/21/19		250		281,737
Airgas Inc.
2.90%, 11/15/22 (Call 08/15/22)		1,750		1,678,344
Albemarle Corp.
4.50%, 12/15/20 (Call 09/15/20)		1,000		1,075,345
5.10%, 02/01/15		110		116,781
Cabot Corp.
3.70%, 07/15/22		1,500		1,504,557
5.00%, 10/01/16		125		137,435
CF Industries Inc.
6.88%, 05/01/18		3,000		3,606,438
Cytec Industries Inc.
3.50%, 04/01/23 (Call 01/01/23)		1,450		1,432,067
Dow Chemical Co. (The)
2.50%, 02/15/16		1,066		1,106,979
3.00%, 11/15/22 (Call 08/15/22)		2,000		1,938,887
4.13%, 11/15/21 (Call 08/15/21)		2,984		3,177,405
4.25%, 11/15/20 (Call 08/15/20)		2,829		3,085,374
5.70%, 05/15/18		1,210		1,405,840
5.90%, 02/15/15		1,750		1,899,424
8.55%, 05/15/19		2,432		3,237,999
E.I. du Pont de Nemours and Co.
2.75%, 04/01/16		2,200		2,319,630
2.80%, 02/15/23		6,900		6,790,019
3.25%, 01/15/15		2,640		2,755,124
4.25%, 04/01/21a		500		558,109
4.63%, 01/15/20		1,477		1,686,774
4.75%, 03/15/15a		395		424,150
4.88%, 04/30/14		120		124,745
5.75%, 03/15/19		300		358,993
5.88%, 01/15/14		578		596,930
6.00%, 07/15/18		2,611		3,159,245
Eastman Chemical Co.
2.40%, 06/01/17		2,650		2,716,101
3.60%, 08/15/22 (Call 05/15/22)		2,262		2,303,644
4.50%, 01/15/21 (Call 10/15/20)		350		379,314
Ecolab Inc.
1.45%, 12/08/17a		1,000		987,379
2.38%, 12/08/14a		370		379,373
3.00%, 12/08/16		3,111		3,301,775
4.35%, 12/08/21		1,862		2,037,987
FMC Corp.
3.95%, 02/01/22 (Call 11/01/21)		700		727,965
Lubrizol Corp.
5.50%, 10/01/14		140		149,103
8.88%, 02/01/19		1,326		1,797,465
LyondellBasell Industries NV
5.00%, 04/15/19 (Call 01/15/19)		5,000		5,606,824
Monsanto Co.
2.75%, 04/15/16		900		947,763
Mosaic Co. (The)
3.75%, 11/15/21 (Call 08/15/21)		1,110		1,149,702
Potash Corp. of Saskatchewan Inc.

153

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
3.25%, 12/01/17	$	1,100	$	1,174,471
3.75%, 09/30/15		140		149,361
4.88%, 03/30/20a		105		119,435
5.25%, 05/15/14		2,300		2,399,330
6.50%, 05/15/19		355		436,835
PPG Industries Inc.
1.90%, 01/15/16		225		229,787
3.60%, 11/15/20		2,200		2,328,286
6.65%, 03/15/18		884		1,071,624
Praxair Inc.
2.45%, 02/15/22 (Call 11/15/21)a		1,950		1,897,537
2.70%, 02/21/23 (Call 11/21/22)a		3,000		2,961,920
3.25%, 09/15/15		1,950		2,062,882
4.05%, 03/15/21		1,250		1,365,933
5.20%, 03/15/17		450		512,849
5.25%, 11/15/14		1,306		1,393,953
5.38%, 11/01/16a		270		309,041
Rohm and Haas Co.
6.00%, 09/15/17		1,057		1,223,704
RPM International Inc.
3.45%, 11/15/22 (Call 08/15/22)		1,200		1,171,535
6.13%, 10/15/19		855		1,002,312
Sherwin-Williams Co. (The)
1.35%, 12/15/17		6,500		6,437,130
3.13%, 12/15/14		620		642,816
Sigma-Aldrich Corp.
3.38%, 11/01/20 (Call 08/01/20)		1,650		1,704,711
Valspar Corp. (The)
4.20%, 01/15/22 (Call 10/15/21)		1,750		1,843,419
7.25%, 06/15/19		150		180,544
Westlake Chemical Corp.
3.60%, 07/15/22 (Call 04/15/22)		400		395,206
				102,512,345
COMMERCIAL SERVICES — 0.40%
ADT Corp. (The)
2.25%, 07/15/17		2,250		2,248,372
Block Financial LLC
5.13%, 10/30/14a		1,090		1,145,590
Catholic Health Initiatives
1.60%, 11/01/17		4,000		3,983,338
Cornell University
5.45%, 02/01/19		750		896,910
Emory University
5.63%, 09/01/19		1,000		1,208,798
Equifax Inc.
3.30%, 12/15/22 (Call 09/15/22)		1,300		1,257,481
4.45%, 12/01/14		100		103,773
Moody’s Corp.
5.50%, 09/01/20a		800		876,926
Princeton University Series A
4.95%, 03/01/19		2,290		2,689,383
SAIC Inc.
4.45%, 12/01/20 (Call 09/01/20)		900		946,116
Stanford University
4.75%, 05/01/19		318		371,431
Trustees of Dartmouth College
4.75%, 06/01/19		500		582,043
Vanderbilt University
5.25%, 04/01/19		750		883,638

Security	Principal (000s)		Value
Verisk Analytics Inc.
4.13%, 09/12/22a	$	800	$	819,499
Western Union Co. (The)
2.38%, 12/10/15		3,000		3,049,329
3.65%, 08/22/18a		1,250		1,307,583
5.93%, 10/01/16a		1,400		1,564,282
Yale University
2.90%, 10/15/14		500		516,900
				24,451,392
COMPUTERS — 1.46%
Apple Inc.
0.45%, 05/03/16		1,500		1,491,556
1.00%, 05/03/18		3,250		3,190,168
2.40%, 05/03/23		7,250		6,933,166
Computer Sciences Corp.
2.50%, 09/15/15		5,000		5,122,641
4.45%, 09/15/22a		1,650		1,705,736
6.50%, 03/15/18		1,500		1,721,794
Dell Inc.
2.10%, 04/01/14		1,000		1,008,567
2.30%, 09/10/15a		1,500		1,500,000
3.10%, 04/01/16a		1,000		1,020,000
5.63%, 04/15/14		320		331,807
5.88%, 06/15/19a		965		1,013,250
Hewlett-Packard Co.
2.20%, 12/01/15		2,000		2,041,316
2.35%, 03/15/15		3,500		3,564,319
2.60%, 09/15/17a		2,000		2,036,802
2.65%, 06/01/16		1,396		1,436,500
3.00%, 09/15/16		1,018		1,056,667
3.30%, 12/09/16		1,862		1,943,616
3.75%, 12/01/20		2,816		2,795,972
4.30%, 06/01/21		790		793,181
4.38%, 09/15/21		4,600		4,620,354
4.65%, 12/09/21a		2,153		2,212,443
4.75%, 06/02/14		3,190		3,307,208
5.50%, 03/01/18		447		503,102
International Business Machines Corp.
0.55%, 02/06/15		250		250,306
0.75%, 05/11/15		2,500		2,511,748
1.25%, 02/06/17		2,223		2,219,152
1.25%, 02/08/18		5,000		4,955,235
1.88%, 08/01/22		2,500		2,316,042
1.95%, 07/22/16		1,875		1,937,334
2.00%, 01/05/16		1,992		2,050,406
2.90%, 11/01/21		6,400		6,466,738
5.70%, 09/14/17		2,150		2,531,459
7.63%, 10/15/18		3,079		3,997,385
8.38%, 11/01/19		2,902		3,927,770
Lexmark International Inc.
5.13%, 03/15/20		2,500		2,612,538
6.65%, 06/01/18a		1,200		1,330,319
NetApp Inc.
2.00%, 12/15/17		1,450		1,434,548
				89,891,145
COSMETICS & PERSONAL CARE — 0.45%
Avon Products Inc.
2.38%, 03/15/16		5,000		5,090,830

154

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
4.20%, 07/15/18a	$	700	$	732,870
4.60%, 03/15/20		1,000		1,056,580
5.00%, 03/15/23		1,500		1,575,711
6.50%, 03/01/19		250		285,966
Colgate-Palmolive Co.
1.30%, 01/15/17		1,200		1,207,720
2.30%, 05/03/22a		1,000		971,555
2.63%, 05/01/17a		500		524,273
3.15%, 08/05/15a		1,340		1,410,620
5.20%, 11/07/16		750		846,421
Estee Lauder Companies Inc. (The)
2.35%, 08/15/22		450		431,527
Procter & Gamble Co. (The)
0.70%, 08/15/14		1,700		1,706,601
1.45%, 08/15/16		2,653		2,707,055
1.80%, 11/15/15		2,709		2,791,020
2.30%, 02/06/22		1,500		1,469,776
3.50%, 02/15/15		1,430		1,503,843
4.70%, 02/15/19		2,223		2,571,258
4.85%, 12/15/15		210		232,135
4.95%, 08/15/14		300		316,485
Series A
9.36%, 01/01/21		105		137,865
				27,570,111
DISTRIBUTION & WHOLESALE — 0.05%
Arrow Electronics Inc.
3.38%, 11/01/15		1,000		1,036,428
4.50%, 03/01/23 (Call 12/01/22)a		1,000		1,006,878
Ingram Micro Inc.
5.25%, 09/01/17		700		753,731
				2,797,037
DIVERSIFIED FINANCIAL SERVICES — 7.46%
Alterra Finance LLC
6.25%, 09/30/20		400		462,161
American Express Co.
2.65%, 12/02/22		5,000		4,792,030
5.50%, 09/12/16		3,125		3,528,459
6.15%, 08/28/17		3,195		3,775,358
6.80%, 09/01/66 (Call 09/01/16)d		1,322		1,447,590
7.00%, 03/19/18		1,800		2,214,693
7.25%, 05/20/14		3,010		3,206,031
American Express Credit Corp.
1.75%, 06/12/15		4,500		4,585,308
2.38%, 03/24/17		6,200		6,400,726
2.75%, 09/15/15		5,000		5,214,066
2.80%, 09/19/16		2,374		2,494,561
Series D
5.13%, 08/25/14		2,070		2,185,254
Ameriprise Financial Inc.
5.30%, 03/15/20		2,250		2,639,492
5.65%, 11/15/15		1,650		1,839,622
7.30%, 06/28/19		135		173,344
Ameritech Capital Funding Corp.
6.45%, 01/15/18		420		496,040
Associates Corp. of North America
6.95%, 11/01/18		1,908		2,314,222
Bear Stearns Companies Inc. (The)/J.P. Morgan Chase & Co.
4.65%, 07/02/18		160		178,369

Security	Principal (000s)		Value
5.30%, 10/30/15	$	111	$	121,081
5.55%, 01/22/17		602		673,349
5.70%, 11/15/14		5,529		5,911,322
6.40%, 10/02/17		2,375		2,801,666
7.25%, 02/01/18		7,101		8,683,511
Boeing Capital Corp.
2.13%, 08/15/16 (Call 07/15/16)		2,100		2,172,126
2.90%, 08/15/18 (Call 07/15/18)		100		105,871
Capital One Bank (USA) N.A.
8.80%, 07/15/19		2,643		3,520,913
Caterpillar Financial Services Corp.
0.70%, 11/06/15		2,500		2,501,394
0.70%, 02/26/16		1,000		993,940
1.10%, 05/29/15		2,000		2,019,525
1.38%, 05/20/14a		120		121,158
2.63%, 03/01/23a		3,000		2,897,988
2.65%, 04/01/16		740		772,227
4.63%, 06/01/15a		180		193,683
7.15%, 02/15/19		2,435		3,085,614
Series F
4.75%, 02/17/15		110		117,648
Charles Schwab Corp. (The)
3.23%, 09/01/22		1,360		1,364,814
4.45%, 07/22/20		1,500		1,676,641
Countrywide Financial Corp.
6.25%, 05/15/16		750		836,340
Credit Suisse (USA) Inc.
4.88%, 01/15/15		2,200		2,337,301
5.13%, 08/15/15		2,643		2,876,752
5.38%, 03/02/16a		1,949		2,171,193
5.85%, 08/16/16a		1,500		1,697,308
Discover Financial Services
3.85%, 11/21/22		1,000		997,621
5.20%, 04/27/22		1,300		1,430,169
6.45%, 06/12/17		475		550,498
Eaton Vance Corp.
6.50%, 10/02/17		1,250		1,479,721
Ford Motor Credit Co. LLC
2.38%, 01/16/18		4,500		4,484,954
2.50%, 01/15/16		3,000		3,055,474
3.00%, 06/12/17		5,196		5,330,864
3.88%, 01/15/15		6,800		7,052,661
4.25%, 02/03/17		2,792		2,984,469
4.25%, 09/20/22a		11,500		11,828,948
5.00%, 05/15/18		2,129		2,349,314
5.63%, 09/15/15		3,700		4,020,549
6.63%, 08/15/17		2,792		3,249,940
7.00%, 04/15/15		3,119		3,422,506
8.00%, 12/15/16		2,327		2,790,681
8.13%, 01/15/20		1,292		1,631,042
Franklin Resources Inc.
1.38%, 09/15/17a		7,000		6,921,081
2.80%, 09/15/22		6,500		6,374,347
4.63%, 05/20/20a		350		387,147
General Electric Capital Corp.
1.00%, 01/08/16		7,250		7,252,818
1.63%, 04/02/18a		5,500		5,456,026
2.25%, 11/09/15		5,000		5,161,623
2.30%, 04/27/17		4,500		4,619,081
2.90%, 01/09/17		6,050		6,324,822
2.95%, 05/09/16		2,792		2,940,562
3.10%, 01/09/23		6,750		6,552,625
3.15%, 09/07/22		4,900		4,799,293

155

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
3.35%, 10/17/16	$	3,690	$	3,938,554
3.50%, 06/29/15		2,590		2,729,022
4.38%, 09/21/15		2,000		2,153,116
4.38%, 09/16/20		2,970		3,264,116
4.63%, 01/07/21		7,180		7,936,562
4.65%, 10/17/21		4,980		5,522,217
4.75%, 09/15/14		190		200,090
4.88%, 03/04/15		290		310,659
5.00%, 01/08/16a		4,485		4,931,968
5.30%, 02/11/21		255		287,361
5.38%, 10/20/16		149		168,229
5.50%, 01/08/20		1,390		1,627,550
5.63%, 09/15/17		6,920		8,008,161
5.63%, 05/01/18		5,900		6,918,338
5.90%, 05/13/14		6,060		6,378,285
6.00%, 08/07/19		2,580		3,102,751
Series A
3.75%, 11/14/14		7,400		7,724,896
5.55%, 05/04/20		2,000		2,335,757
6.90%, 09/15/15		330		371,879
Series GMTN
6.38%, 11/15/67 (Call 11/15/17)d		1,550		1,658,500
HSBC Finance Capital Trust IX
5.91%, 11/30/35 (Call 11/30/15)d		1,100		1,111,000
HSBC Finance Corp.
5.00%, 06/30/15		2,595		2,796,620
5.25%, 04/15/15		240		258,139
5.50%, 01/19/16		5,600		6,206,111
6.68%, 01/15/21		3,843		4,545,902
Jefferies Group LLC
3.88%, 11/09/15		800		839,296
5.13%, 04/13/18		4,106		4,508,316
5.50%, 03/15/16a		1,450		1,578,503
5.88%, 06/08/14		280		292,181
6.88%, 04/15/21		568		658,182
8.50%, 07/15/19		2,900		3,629,403
John Deere Capital Corp.
0.88%, 04/17/15		1,500		1,507,499
0.95%, 06/29/15		5,000		5,035,374
1.20%, 10/10/17		3,500		3,467,821
1.30%, 03/12/18		4,000		3,961,706
1.85%, 09/15/16		800		820,507
2.25%, 06/07/16		2,100		2,176,237
2.75%, 03/15/22		1,250		1,239,339
2.80%, 09/18/17a		1,500		1,582,240
2.95%, 03/09/15		460		479,385
3.15%, 10/15/21		500		514,473
3.90%, 07/12/21		1,150		1,244,684
Series D
5.35%, 04/03/18a		2,800		3,258,845
Lazard Group LLC
6.85%, 06/15/17		2,100		2,392,639
7.13%, 05/15/15		270		295,821
MBNA Corp.
5.00%, 06/15/15		270		288,866
Merrill Lynch & Co. Inc.
5.45%, 07/15/14		7,792		8,172,786
6.05%, 05/16/16		3,450		3,833,114
6.40%, 08/28/17		3,615		4,195,697
6.50%, 07/15/18a		4,330		5,089,794
6.88%, 04/25/18		5,878		7,012,506
6.88%, 11/15/18		1,807		2,187,476
Series B

Security	Principal (000s)		Value
5.30%, 09/30/15	$	149	$	161,713
Series C
5.00%, 01/15/15		1,870		1,977,364
NASDAQ OMX Group Inc. (The)
4.00%, 01/15/15		180		187,015
5.25%, 01/16/18		120		129,432
5.55%, 01/15/20a		2,500		2,669,375
National Rural Utilities Cooperative Finance Corp.
1.00%, 02/02/15		55		55,359
1.90%, 11/01/15		1,500		1,539,163
3.05%, 03/01/16		2,250		2,365,074
3.05%, 02/15/22 (Call 11/15/21)		600		611,670
3.88%, 09/16/15		5,000		5,349,958
4.75%, 03/01/14		220		227,066
5.45%, 02/01/18		1,000		1,163,711
10.38%, 11/01/18		7,750		11,091,574
Nomura Holdings Inc.
2.00%, 09/13/16		1,500		1,495,021
4.13%, 01/19/16a		1,675		1,763,413
5.00%, 03/04/15		1,970		2,083,621
6.70%, 03/04/20		2,522		2,952,473
ORIX Corp.
4.71%, 04/27/15		1,250		1,322,007
5.00%, 01/12/16		1,461		1,567,613
PACCAR Financial Corp.
0.75%, 08/14/15		2,400		2,404,881
0.80%, 02/08/16		2,500		2,491,739
1.55%, 09/29/14		1,000		1,014,453
Raymond James Financial Inc.
4.25%, 04/15/16		350		368,310
8.60%, 08/15/19		200		255,816
SLM Corp.
4.63%, 09/25/17		1,000		995,000
6.00%, 01/25/17a		931		977,550
6.25%, 01/25/16		3,503		3,704,423
7.25%, 01/25/22		1,896		1,971,840
8.00%, 03/25/20		4,116		4,486,440
8.45%, 06/15/18		4,380		4,883,700
Series A
5.38%, 05/15/14		1,665		1,714,950
TD Ameritrade Holding Corp.
4.15%, 12/01/14		1,800		1,892,868
5.60%, 12/01/19		500		589,235
Toyota Motor Credit Corp.
1.00%, 02/17/15		700		705,404
1.25%, 11/17/14		1,500		1,515,346
1.25%, 10/05/17		1,500		1,483,554
2.00%, 09/15/16		3,369		3,472,758
2.05%, 01/12/17		3,397		3,476,754
2.63%, 01/10/23a		3,900		3,765,912
2.80%, 01/11/16		2,732		2,866,025
3.20%, 06/17/15		2,700		2,836,999
3.30%, 01/12/22		1,862		1,909,768
3.40%, 09/15/21		2,682		2,798,180
4.25%, 01/11/21		750		831,651
Series B
4.50%, 06/17/20		146		165,153
XTRA Finance Corp.
5.15%, 04/01/17		250		280,800
				458,370,131

156

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
ELECTRIC — 4.45%
Alabama Power Co.
0.55%, 10/15/15	$	7,000	$	6,969,301
5.50%, 10/15/17		190		219,010
Alliant Energy Corp.
4.00%, 10/15/14		60		62,441
Ameren Corp.
8.88%, 05/15/14		500		536,563
Ameren Illinois Co.
2.70%, 09/01/22 (Call 06/01/22)		800		784,521
6.13%, 11/15/17		1,400		1,668,169
American Electric Power Co. Inc.
1.65%, 12/15/17 (Call 11/15/17)		5,000		4,961,348
2.95%, 12/15/22 (Call 09/15/22)		1,000		968,346
Appalachian Power Co.
7.95%, 01/15/20		1,900		2,486,265
Series K
5.00%, 06/01/17		150		168,333
Series S
3.40%, 05/24/15		150		156,871
Arizona Public Service Co.
4.65%, 05/15/15		80		85,791
5.80%, 06/30/14		4,910		5,173,197
6.25%, 08/01/16		260		300,016
Avista Corp.
5.13%, 04/01/22		5,085		5,913,497
Baltimore Gas & Electric Co.
2.80%, 08/15/22 (Call 05/15/22)a		1,000		983,190
CenterPoint Energy Houston Electric LLC
2.25%, 08/01/22 (Call 05/01/22)		1,250		1,196,682
Cleveland Electric Illuminating Co. (The)
5.65%, 12/15/13		150		153,899
5.70%, 04/01/17		1,000		1,118,255
Series D
7.88%, 11/01/17		1,420		1,737,654
Commonwealth Edison Co.
1.95%, 09/01/16 (Call 08/01/16)		1,175		1,210,419
3.40%, 09/01/21 (Call 06/01/21)		1,000		1,059,784
4.70%, 04/15/15		190		203,348
Series 104
5.95%, 08/15/16		210		241,955
Connecticut Light & Power Co. (The)
2.50%, 01/15/23 (Call 10/15/22)		1,500		1,448,668
5.65%, 05/01/18		1,325		1,553,882
Series 09-A
5.50%, 02/01/19		300		356,011
Consolidated Edison Co. of New York Inc.
5.50%, 09/15/16		1,200		1,365,691
5.85%, 04/01/18		1,350		1,602,095
7.13%, 12/01/18		2,724		3,480,637
Series 05-C
5.38%, 12/15/15a		1,320		1,465,934
Series 06-D
5.30%, 12/01/16		140		159,076
Constellation Energy Group Inc.
4.55%, 06/15/15		2,013		2,150,236
5.15%, 12/01/20 (Call 09/01/20)		7,100		7,984,866
Consumers Energy Co.
5.15%, 02/15/17		1,120		1,266,868
5.65%, 09/15/18		250		297,256
5.65%, 04/15/20		180		216,094

Security	Principal (000s)		Value
6.13%, 03/15/19	$	750	$	913,794
6.70%, 09/15/19		1,375		1,736,661
Series P
5.50%, 08/15/16		190		216,679
Detroit Edison Co. (The)
3.45%, 10/01/20 (Call 07/01/20)		1,000		1,067,341
3.90%, 06/01/21 (Call 03/01/21)		2,000		2,187,345
Dominion Resources Inc.
1.95%, 08/15/16		1,550		1,587,190
2.25%, 09/01/15		4,000		4,123,901
4.45%, 03/15/21		2,050		2,283,625
5.20%, 08/15/19		210		243,730
6.40%, 06/15/18		750		909,501
8.88%, 01/15/19		2,100		2,811,305
Series A
5.60%, 11/15/16		180		206,039
Series C
5.15%, 07/15/15		2,668		2,902,444
DTE Energy Co.
6.35%, 06/01/16		210		240,737
Duke Energy Carolinas LLC
3.90%, 06/15/21 (Call 03/15/21)a		1,660		1,819,873
5.30%, 10/01/15		180		199,098
7.00%, 11/15/18		1,980		2,516,458
Duke Energy Corp.
1.63%, 08/15/17		3,100		3,088,302
2.15%, 11/15/16		1,000		1,026,755
3.05%, 08/15/22 (Call 05/15/22)		1,000		991,234
3.35%, 04/01/15		290		303,122
3.55%, 09/15/21 (Call 06/15/21)		1,050		1,090,202
3.95%, 09/15/14		1,625		1,691,415
5.05%, 09/15/19		500		576,956
Duke Energy Indiana Inc.
3.75%, 07/15/20		1,750		1,888,297
6.05%, 06/15/16		500		567,256
Duke Energy Ohio Inc.
5.45%, 04/01/19		300		355,835
Duke Energy Progress Inc.
2.80%, 05/15/22 (Call 02/15/22)		2,000		2,003,077
3.00%, 09/15/21 (Call 06/15/21)		500		513,320
5.15%, 04/01/15		80		86,493
5.30%, 01/15/19		1,350		1,585,899
Edison International
3.75%, 09/15/17		1,500		1,613,863
Enersis SA
7.40%, 12/01/16a		1,900		2,206,907
Entergy Arkansas Inc.
3.75%, 02/15/21 (Call 11/15/20)		1,500		1,601,516
Entergy Corp.
4.70%, 01/15/17 (Call 12/15/16)		1,000		1,082,951
Entergy Gulf States Louisiana LLC
6.00%, 05/01/18		1,350		1,583,795
Entergy Louisiana LLC
1.88%, 12/15/14		1,300		1,321,194
Entergy Texas Inc.
7.13%, 02/01/19		8,655		10,578,963
Exelon Corp.
4.90%, 06/15/15		1,433		1,540,772
Exelon Generation Co. LLC
4.00%, 10/01/20 (Call 07/01/20)a		1,550		1,607,099
5.20%, 10/01/19a		1,200		1,345,448
6.20%, 10/01/17		1,000		1,160,020

157

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
FirstEnergy Corp. Series A
2.75%, 03/15/18 (Call 02/15/18)	$	1,000	$	999,185
FirstEnergy Solutions Corp.
6.05%, 08/15/21a		1,500		1,695,254
Florida Power & Light Co.
5.55%, 11/01/17a		2,095		2,456,438
Florida Power Corp.
3.10%, 08/15/21 (Call 05/15/21)		560		578,038
4.55%, 04/01/20		65		73,494
5.10%, 12/01/15		260		286,889
5.65%, 06/15/18a		1,433		1,693,962
Georgia Power Co.
0.75%, 08/10/15		7,000		7,006,555
2.85%, 05/15/22		1,000		987,503
4.25%, 12/01/19a		1,000		1,136,623
5.40%, 06/01/18a		300		352,862
Series 12D
0.63%, 11/15/15		3,000		2,986,764
Series Z
5.25%, 12/15/15		190		209,502
Great Plains Energy Inc.
4.85%, 06/01/21 (Call 03/01/21)		350		382,836
5.29%, 06/15/22 (Call 03/15/22)a,c		950		1,054,335
Indiana Michigan Power Co.
7.00%, 03/15/19		3,000		3,723,562
Series J
3.20%, 03/15/23 (Call 12/15/22)a		500		494,176
Integrys Energy Group Inc.
4.17%, 11/01/20		500		548,736
Jersey Central Power & Light Co.
5.63%, 05/01/16		1,330		1,479,730
7.35%, 02/01/19		1,000		1,236,943
Kansas City Power & Light Co.
5.85%, 06/15/17		1,000		1,130,053
6.38%, 03/01/18a		100		119,235
7.15%, 04/01/19		550		698,320
Kentucky Utilities Co.
1.63%, 11/01/15		1,300		1,326,975
3.25%, 11/01/20 (Call 08/01/20)		600		632,990
LG&E and KU Energy LLC
2.13%, 11/15/15		1,100		1,127,056
3.75%, 11/15/20 (Call 08/15/20)a		300		313,298
4.38%, 10/01/21 (Call 07/01/21)		1,000		1,074,978
Louisville Gas & Electric Co.
1.63%, 11/15/15		250		254,656
Metropolitan Edison Co.
4.88%, 04/01/14		80		82,637
MidAmerican Energy Holdings Co.
4.65%, 10/01/14		110		116,048
5.30%, 03/15/18		250		291,240
5.75%, 04/01/18		1,783		2,103,206
Series D
5.00%, 02/15/14		80		82,483
Mississippi Power Co.
2.35%, 10/15/16a		1,050		1,098,497
National Fuel Gas Co.
3.75%, 03/01/23 (Call 12/01/22)		1,500		1,480,591
4.90%, 12/01/21 (Call 09/01/21)		500		540,126
8.75%, 05/01/19		750		968,121
Nevada Power Co.
6.50%, 08/01/18		1,000		1,219,913
7.13%, 03/15/19		1,750		2,210,744

Security	Principal (000s)		Value
Series O
6.50%, 05/15/18	$	500	$	605,692
NextEra Energy Capital Holdings Inc.
1.20%, 06/01/15		5,000		5,030,977
2.60%, 09/01/15		1,000		1,033,762
4.50%, 06/01/21 (Call 03/01/21)		500		548,632
6.65%, 06/15/67 (Call 06/15/17)d		768		825,600
7.88%, 12/15/15		1,174		1,367,544
Nisource Finance Corp.
4.45%, 12/01/21 (Call 09/01/21)		400		430,303
5.25%, 09/15/17		310		350,137
5.40%, 07/15/14		100		104,831
5.45%, 09/15/20		330		378,143
6.13%, 03/01/22		1,400		1,652,839
6.40%, 03/15/18		2,858		3,393,752
6.80%, 01/15/19		420		508,075
Northern States Power Co.
1.95%, 08/15/15 (Call 05/15/15)		950		974,743
2.15%, 08/15/22 (Call 02/15/22)		1,000		949,113
NSTAR
4.50%, 11/15/19		1,175		1,314,418
NSTAR Electric Co.
4.88%, 04/15/14		50		51,872
5.63%, 11/15/17		250		291,953
Oglethorpe Power Corp.
6.10%, 03/15/19		250		298,986
Ohio Power Co.
6.00%, 06/01/16		1,650		1,869,371
Series M
5.38%, 10/01/21a		1,190		1,398,878
Oncor Electric Delivery Co.
6.38%, 01/15/15		1,052		1,141,735
6.80%, 09/01/18		1,800		2,218,571
Pacific Gas & Electric Co.
2.45%, 08/15/22 (Call 05/15/22)		3,100		2,985,469
3.50%, 10/01/20 (Call 07/01/20)a		931		993,580
4.25%, 05/15/21 (Call 02/15/21)a		1,100		1,222,973
5.63%, 11/30/17		300		351,936
PacifiCorp
2.95%, 02/01/22 (Call 11/01/21)a		1,050		1,068,839
3.85%, 06/15/21 (Call 03/15/21)		1,300		1,411,278
Pacificorp
5.50%, 01/15/19		500		592,662
Peco Energy Co.
2.38%, 09/15/22 (Call 06/15/22)		1,000		963,032
5.00%, 10/01/14		5,000		5,291,217
5.35%, 03/01/18		500		578,271
Portland General Electric Co.
6.10%, 04/15/19		1,150		1,402,980
PPL Electric Utilities Corp.
3.00%, 09/15/21 (Call 06/15/21)		2,050		2,104,552
PPL Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)a		1,500		1,578,125
5.40%, 08/15/14		240		252,897
6.20%, 05/15/16		483		540,566
Progress Energy Inc.
3.15%, 04/01/22 (Call 01/01/22)		200		199,076
4.40%, 01/15/21 (Call 10/15/20)		1,200		1,309,539
4.88%, 12/01/19		250		285,447
5.63%, 01/15/16		160		178,199
PSEG Power LLC
2.75%, 09/15/16		500		516,639
4.15%, 09/15/21 (Call 06/15/21)		750		796,858

158

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
5.13%, 04/15/20a	$	868	$	978,294
5.50%, 12/01/15		1,510		1,664,451
Public Service Co. of Colorado
2.25%, 09/15/22 (Call 03/15/22)		1,500		1,435,268
5.13%, 06/01/19		140		163,773
Series 15
5.50%, 04/01/14a		80		83,351
Public Service Co. of Oklahoma
4.40%, 02/01/21		125		137,711
5.15%, 12/01/19		115		132,077
Public Service Electric & Gas Co.
2.38%, 05/15/23 (Call 02/15/23)		1,500		1,443,645
3.50%, 08/15/20		275		296,220
5.00%, 08/15/14		60		63,176
Series G
0.85%, 08/15/14		45		45,158
San Diego Gas & Electric Co.
3.00%, 08/15/21		1,100		1,135,581
SCANA Corp.
4.13%, 02/01/22 (Call 11/01/21)		300		306,904
4.75%, 05/15/21 (Call 02/15/21)		1,600		1,716,204
Scottish Power Ltd.
5.38%, 03/15/15		1,190		1,265,700
Sierra Pacific Power Co. Series M
6.00%, 05/15/16		1,500		1,712,929
South Carolina Electric & Gas Co.
5.25%, 11/01/18		170		198,720
6.50%, 11/01/18		750		925,542
Southern California Edison Co.
3.88%, 06/01/21 (Call 03/01/21)a		1,150		1,262,498
5.00%, 01/15/16		1,260		1,395,137
Series 04-F
4.65%, 04/01/15		90		96,196
Southern Co. (The)
1.95%, 09/01/16		1,215		1,243,765
2.38%, 09/15/15		1,700		1,757,188
Southern Power Co. Series D
4.88%, 07/15/15		2,120		2,297,814
Southwestern Electric Power Co.
6.45%, 01/15/19		1,174		1,412,487
Series E
5.55%, 01/15/17		250		280,407
Series F
5.88%, 03/01/18		1,000		1,165,924
Southwestern Public Service Co. Series G
8.75%, 12/01/18		1,125		1,476,221
Tampa Electric Co.
6.10%, 05/15/18		1,000		1,213,655
TECO Finance Inc.
4.00%, 03/15/16		345		368,419
5.15%, 03/15/20		1,870		2,132,443
TransAlta Corp.
4.50%, 11/15/22 (Call 08/15/22)		1,500		1,490,829
4.75%, 01/15/15		600		629,879
5.75%, 12/15/13		130		133,290
Tucson Electric Power Co.
5.15%, 11/15/21 (Call 08/15/21)		1,000		1,108,544
UIL Holdings Corp.
4.63%, 10/01/20		500		529,111
Union Electric Co.

Security	Principal (000s)		Value
5.10%, 10/01/19	$	210	$	242,589
5.40%, 02/01/16a		230		256,079
6.40%, 06/15/17		500		593,756
6.70%, 02/01/19		950		1,182,387
Virginia Electric and Power Co.
2.95%, 01/15/22 (Call 10/15/21)		350		358,100
5.95%, 09/15/17a		2,650		3,144,288
Series A
5.40%, 01/15/16		410		458,444
Westar Energy Inc.
5.10%, 07/15/20		140		163,509
6.00%, 07/01/14		90		94,980
Wisconsin Electric Power Co.
2.95%, 09/15/21 (Call 06/15/21)		650		670,695
4.25%, 12/15/19		250		282,708
6.00%, 04/01/14		1,825		1,906,590
Wisconsin Power & Light Co.
5.00%, 07/15/19a		1,650		1,928,868
Xcel Energy Inc.
4.70%, 05/15/20 (Call 11/15/19)		1,550		1,776,025
				273,458,726
ELECTRICAL COMPONENTS & EQUIPMENT — 0.14%
Emerson Electric Co.
2.63%, 02/15/23 (Call 11/15/22)		2,050		2,012,778
4.13%, 04/15/15		1,700		1,806,235
4.25%, 11/15/20		125		139,253
4.75%, 10/15/15		170		185,718
4.88%, 10/15/19		1,200		1,386,137
5.25%, 10/15/18		884		1,037,594
Energizer Holdings Inc.
4.70%, 05/19/21		1,500		1,567,871
4.70%, 05/24/22		500		517,398
				8,652,984
ELECTRONICS — 0.52%
Agilent Technologies Inc.
5.00%, 07/15/20		1,150		1,281,630
5.50%, 09/14/15		1,750		1,923,049
6.50%, 11/01/17		1,100		1,299,635
Amphenol Corp.
4.75%, 11/15/14		2,100		2,208,590
Arrow Electronics Inc.
6.00%, 04/01/20		125		138,158
Avnet Inc.
5.88%, 06/15/20		1,300		1,426,492
6.63%, 09/15/16a		350		397,018
Honeywell International Inc.
4.25%, 03/01/21		1,025		1,146,027
5.00%, 02/15/19		1,713		2,001,007
5.30%, 03/15/17		250		286,368
5.30%, 03/01/18		938		1,100,892
5.40%, 03/15/16		210		235,627
Jabil Circuit Inc.
4.70%, 09/15/22		1,750		1,776,250
Koninklijke Philips Electronics NV
3.75%, 03/15/22		1,896		1,984,143
5.75%, 03/11/18		2,118		2,499,132
PerkinElmer Inc.
5.00%, 11/15/21 (Call 08/15/21)		1,650		1,769,249

159

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Thermo Fisher Scientific Inc.
1.85%, 01/15/18a	$	2,000	$	1,982,587
2.25%, 08/15/16		2,000		2,049,618
3.20%, 03/01/16		1,447		1,518,818
3.25%, 11/20/14		1,370		1,418,386
3.60%, 08/15/21 (Call 05/15/21)		1,554		1,586,082
4.50%, 03/01/21		1,353		1,462,195
5.00%, 06/01/15		220		237,123
				31,728,076
ENGINEERING & CONSTRUCTION — 0.07%
ABB Finance (USA) Inc.
1.63%, 05/08/17		2,000		2,001,012
2.88%, 05/08/22		1,396		1,386,713
Fluor Corp.
3.38%, 09/15/21		1,100		1,137,389
				4,525,114
ENTERTAINMENT — 0.04%
International Game Technology
5.50%, 06/15/20		500		529,557
7.50%, 06/15/19		1,465		1,720,632
				2,250,189
ENVIRONMENTAL CONTROL — 0.22%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)		2,096		2,118,078
3.80%, 05/15/18		250		269,924
5.00%, 03/01/20		1,629		1,836,201
5.50%, 09/15/19		1,795		2,089,681
Waste Management Inc.
2.60%, 09/01/16		900		936,966
2.90%, 09/15/22 (Call 06/15/22)		1,500		1,439,472
4.60%, 03/01/21 (Call 12/01/20)		1,300		1,432,418
6.10%, 03/15/18		1,234		1,457,832
6.38%, 03/11/15		1,750		1,916,059
				13,496,631
FOOD — 1.72%
Campbell Soup Co.
3.05%, 07/15/17		500		525,773
3.38%, 08/15/14		1,330		1,375,784
4.25%, 04/15/21		1,000		1,079,021
4.50%, 02/15/19		580		647,905
ConAgra Foods Inc.
1.30%, 01/25/16		5,000		5,038,491
1.90%, 01/25/18a		3,000		3,013,540
3.20%, 01/25/23 (Call 10/25/22)		1,000		985,245
3.25%, 09/15/22		2,150		2,131,171
7.00%, 04/15/19		1,250		1,532,546
Delhaize Brothers and Co. “The Lion” (Delhaize Group)
4.13%, 04/10/19a		1,000		1,036,355
General Mills Inc.
0.88%, 01/29/16		3,000		3,001,589
1.55%, 05/16/14		1,000		1,009,960
3.15%, 12/15/21 (Call 09/15/21)		1,396		1,432,968
5.20%, 03/17/15		250		269,898
5.65%, 02/15/19		1,958		2,324,263

Security	Principal (000s)		Value
5.70%, 02/15/17	$	2,130	$	2,451,381
H.J. Heinz Co.
1.50%, 03/01/17		1,500		1,515,000
2.00%, 09/12/16		150		151,500
3.13%, 09/12/21 (Call 06/12/21)		1,950		1,920,750
Hershey Co. (The)
1.50%, 11/01/16		1,800		1,818,940
4.13%, 12/01/20		5,600		6,214,730
4.85%, 08/15/15		140		152,509
5.45%, 09/01/16		180		203,602
Hormel Foods Corp.
4.13%, 04/15/21 (Call 01/15/21)		125		135,760
Ingredion Inc.
3.20%, 11/01/15		250		258,980
4.63%, 11/01/20		1,150		1,252,640
J.M. Smucker Co. (The)
3.50%, 10/15/21		2,000		2,057,036
Kellogg Co.
1.88%, 11/17/16		1,500		1,538,094
2.75%, 03/01/23		1,000		969,875
3.25%, 05/21/18		940		1,002,321
4.00%, 12/15/20		1,163		1,264,657
4.15%, 11/15/19a		1,250		1,380,230
4.45%, 05/30/16		2,192		2,391,974
Kraft Foods Group Inc.
1.63%, 06/04/15		650		659,921
2.25%, 06/05/17		4,100		4,206,648
3.50%, 06/06/22		3,900		4,003,252
6.13%, 08/23/18a		1,000		1,199,453
Kroger Co. (The)
2.20%, 01/15/17		1,350		1,380,870
3.40%, 04/15/22 (Call 01/15/22)a		1,000		1,017,981
3.90%, 10/01/15		1,250		1,335,579
4.95%, 01/15/15		90		95,816
6.15%, 01/15/20		53		63,273
6.40%, 08/15/17		1,750		2,055,311
6.80%, 12/15/18		290		353,316
McCormick & Co. Inc.
3.90%, 07/15/21 (Call 04/15/21)		1,200		1,274,353
Mondelez International Inc.
4.13%, 02/09/16		2,336		2,523,675
5.38%, 02/10/20		3,709		4,295,280
6.13%, 02/01/18		2,801		3,306,658
6.13%, 08/23/18		3,638		4,343,699
6.50%, 08/11/17		1,848		2,197,474
Nabisco Inc.
7.55%, 06/15/15		280		317,185
Safeway Inc.
3.95%, 08/15/20a		750		766,971
4.75%, 12/01/21a		2,000		2,120,486
5.00%, 08/15/19a		4,055		4,475,110
5.63%, 08/15/14		50		52,666
6.35%, 08/15/17a		1,050		1,215,007
Sara Lee Corp.
2.75%, 09/15/15		100		102,444
4.10%, 09/15/20		798		822,822
Sysco Corp.
5.25%, 02/12/18		2,000		2,311,527
Tyson Foods Inc.
4.50%, 06/15/22 (Call 03/15/22)a		1,500		1,593,987
6.60%, 04/01/16		800		897,600
Unilever Capital Corp.
0.85%, 08/02/17		1,700		1,667,577

160

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
2.75%, 02/10/16	$	430	$	451,049
4.25%, 02/10/21		2,269		2,538,453
4.80%, 02/15/19		186		214,905
				105,944,836
FOREST PRODUCTS & PAPER — 0.29%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22 (Call 10/11/21)a		2,250		2,314,170
5.63%, 04/20/15		120		128,803
7.25%, 07/29/19a		1,325		1,558,293
Domtar Corp.
10.75%, 06/01/17		1,000		1,264,000
International Paper Co.
5.25%, 04/01/16a		340		372,007
5.30%, 04/01/15		280		299,392
7.40%, 06/15/14a		1,076		1,145,746
7.50%, 08/15/21		2,416		3,093,943
7.95%, 06/15/18		2,747		3,496,716
9.38%, 05/15/19		1,331		1,809,566
Plum Creek Timberlands LP
4.70%, 03/15/21 (Call 12/15/20)		1,700		1,809,766
5.88%, 11/15/15		270		292,868
				17,585,270
GAS — 0.27%
AGL Capital Corp.
3.50%, 09/15/21 (Call 06/15/21)		1,200		1,254,790
5.25%, 08/15/19		1,000		1,163,487
6.38%, 07/15/16a		425		488,593
Atmos Energy Corp.
4.95%, 10/15/14		120		126,651
6.35%, 06/15/17		150		176,163
CenterPoint Energy Inc.
5.95%, 02/01/17		200		229,715
Consolidated Natural Gas Co. Series A
5.00%, 12/01/14		110		117,034
National Grid PLC
6.30%, 08/01/16		1,634		1,878,114
Questar Corp.
2.75%, 02/01/16		200		206,484
Sempra Energy
6.15%, 06/15/18		1,634		1,961,984
9.80%, 02/15/19		6,250		8,622,118
Southern California Gas Co. Series HH
5.45%, 04/15/18		200		235,762
				16,460,895
HAND & MACHINE TOOLS — 0.07%
Kennametal Inc.
3.88%, 02/15/22 (Call 11/15/21)		442		450,462
Snap-On Inc.
4.25%, 01/15/18		450		483,183
6.13%, 09/01/21		125		150,714
Stanley Black & Decker Inc.
2.90%, 11/01/22		1,500		1,468,410
3.40%, 12/01/21 (Call 09/01/21)		590		605,799

Security	Principal (000s)		Value
5.75%, 11/15/16	$	820	$	924,957
				4,083,525
HEALTH CARE — PRODUCTS — 1.18%
Baxter International Inc.
1.85%, 01/15/17		1,650		1,673,304
2.40%, 08/15/22		1,000		955,132
4.00%, 03/01/14		160		164,076
4.25%, 03/15/20		650		722,311
4.50%, 08/15/19a		1,200		1,351,958
4.63%, 03/15/15		190		202,857
5.38%, 06/01/18		500		580,478
5.90%, 09/01/16		1,100		1,250,881
Becton, Dickinson and Co.
1.75%, 11/08/16		5,900		5,981,995
3.13%, 11/08/21		2,087		2,128,149
3.25%, 11/12/20		2,000		2,079,208
Boston Scientific Corp.
4.50%, 01/15/15		2,390		2,518,016
6.00%, 01/15/20		2,062		2,395,975
6.40%, 06/15/16		1,500		1,702,921
CareFusion Corp.
5.13%, 08/01/14		1,650		1,728,592
6.38%, 08/01/19		1,205		1,417,641
Covidien International Finance SA
2.95%, 06/15/23 (Call 03/15/23)		1,000		987,104
4.20%, 06/15/20		4,050		4,461,555
6.00%, 10/15/17		1,061		1,249,579
CR Bard Inc.
1.38%, 01/15/18		1,250		1,234,848
2.88%, 01/15/16		7,700		8,051,292
4.40%, 01/15/21 (Call 10/15/20)		5,125		5,610,561
Hospira Inc.
5.90%, 06/15/14		100		104,937
6.05%, 03/30/17		1,800		1,969,990
6.40%, 05/15/15		45		48,367
Medtronic Inc.
1.38%, 04/01/18		1,500		1,487,937
2.63%, 03/15/16		6,500		6,752,372
2.75%, 04/01/23 (Call 01/01/23)		3,500		3,411,242
3.00%, 03/15/15		220		229,433
4.13%, 03/15/21 (Call 12/15/20)		1,500		1,654,587
4.45%, 03/15/20		1,494		1,683,758
5.60%, 03/15/19		750		876,834
Series B
4.75%, 09/15/15		420		457,781
St. Jude Medical Inc.
2.50%, 01/15/16		250		257,350
Stryker Corp.
2.00%, 09/30/16		990		1,023,177
4.38%, 01/15/20a		1,500		1,679,367
Zimmer Holdings Inc.
1.40%, 11/30/14		570		575,022
3.38%, 11/30/21 (Call 08/30/21)		1,180		1,194,029
4.63%, 11/30/19		350		391,493
				72,246,109
HEALTH CARE — SERVICES — 1.59%
Aetna Inc.
1.50%, 11/15/17 (Call 10/15/17)		5,000		4,957,638

161

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
1.75%, 05/15/17 (Call 04/15/17)	$	1,000	$	1,004,930
2.75%, 11/15/22 (Call 08/15/22)		2,950		2,821,394
3.95%, 09/01/20		1,257		1,341,839
4.13%, 06/01/21 (Call 03/01/21)		1,700		1,830,195
6.00%, 06/15/16		838		954,311
Cigna Corp.
2.75%, 11/15/16		1,150		1,207,968
4.00%, 02/15/22 (Call 11/15/21)		149		158,221
4.38%, 12/15/20 (Call 09/15/20)a		900		985,468
4.50%, 03/15/21 (Call 12/15/20)		2,436		2,686,224
Coventry Health Care Inc.
5.45%, 06/15/21 (Call 03/15/21)		1,215		1,401,268
5.95%, 03/15/17		1,150		1,320,897
Dignity Health
3.13%, 11/01/22		5,000		4,788,396
Howard Hughes Medical Institute
3.45%, 09/01/14		750		777,658
Humana Inc.
6.30%, 08/01/18		200		233,464
6.45%, 06/01/16		340		389,139
7.20%, 06/15/18a		2,600		3,147,963
Laboratory Corp. of America Holdings
2.20%, 08/23/17a		9,450		9,546,002
3.13%, 05/15/16		1,400		1,459,126
3.75%, 08/23/22 (Call 05/23/22)		2,500		2,488,288
4.63%, 11/15/20 (Call 08/15/20)		1,350		1,447,959
5.63%, 12/15/15		170		188,678
Quest Diagnostics Inc.
4.70%, 04/01/21		1,500		1,600,064
4.75%, 01/30/20a		150		161,884
5.45%, 11/01/15		1,470		1,605,200
6.40%, 07/01/17		480		556,716
UnitedHealth Group Inc.
0.85%, 10/15/15		3,000		3,008,673
1.40%, 10/15/17		5,000		4,989,804
1.63%, 03/15/19a		5,000		4,933,513
1.88%, 11/15/16		900		923,438
3.38%, 11/15/21 (Call 08/15/21)		1,350		1,400,536
3.88%, 10/15/20 (Call 07/15/20)a		100		107,499
4.70%, 02/15/21 (Call 11/15/20)a		1,300		1,468,878
4.88%, 03/15/15a		1,322		1,420,999
6.00%, 06/15/17		2,500		2,941,614
6.00%, 02/15/18		1,619		1,932,646
WellPoint Inc.
1.25%, 09/10/15		2,500		2,518,139
1.88%, 01/15/18		1,250		1,251,450
3.13%, 05/15/22		1,396		1,381,437
3.30%, 01/15/23		1,000		990,958
3.70%, 08/15/21 (Call 05/15/21)		5,900		6,143,575
4.35%, 08/15/20a		6,000		6,578,144
5.00%, 12/15/14		1,775		1,891,425
5.25%, 01/15/16		1,862		2,056,843
5.88%, 06/15/17		1,350		1,565,759
6.00%, 02/15/14		1,130		1,170,677
				97,736,897
HOLDING COMPANIES — DIVERSIFIED — 0.04%
Encana Holdings Finance Corp.
5.80%, 05/01/14		2,510		2,624,212
				2,624,212

Security	Principal (000s)		Value
HOME BUILDERS — 0.03%
MDC Holdings Inc.
5.38%, 12/15/14	$	70	$	74,025
5.38%, 07/01/15		150		160,125
5.63%, 02/01/20		1,250		1,375,000
				1,609,150
HOME FURNISHINGS — 0.07%
Whirlpool Corp.
3.70%, 03/01/23		1,500		1,510,930
4.85%, 06/15/21a		1,200		1,325,018
8.60%, 05/01/14		1,500		1,607,252
				4,443,200
HOUSEHOLD PRODUCTS & WARES — 0.23%
Avery Dennison Corp.
3.35%, 04/15/23 (Call 01/15/23)		1,300		1,266,799
5.38%, 04/15/20		150		161,251
Church & Dwight Co. Inc.
2.88%, 10/01/22		1,000		977,084
3.35%, 12/15/15a		150		156,479
Clorox Co. (The)
3.05%, 09/15/22 (Call 06/15/22)		1,000		979,314
3.55%, 11/01/15		200		211,866
3.80%, 11/15/21		460		478,219
5.00%, 01/15/15		1,620		1,725,168
5.95%, 10/15/17		1,120		1,309,511
Kimberly-Clark Corp.
2.40%, 03/01/22		220		215,554
3.63%, 08/01/20a		750		807,064
3.88%, 03/01/21		400		436,748
4.88%, 08/15/15a		330		361,191
6.13%, 08/01/17		1,058		1,259,711
6.25%, 07/15/18		140		172,292
7.50%, 11/01/18		1,600		2,072,649
Tupperware Brands Corp.
4.75%, 06/01/21 (Call 03/01/21)		1,225		1,276,629
				13,867,529
HOUSEWARES — 0.10%
Newell Rubbermaid Inc.
2.00%, 06/15/15		3,000		3,046,560
2.05%, 12/01/17		1,000		997,941
4.00%, 06/15/22 (Call 03/15/22)		1,000		1,036,792
4.70%, 08/15/20		600		657,072
6.25%, 04/15/18		200		234,715
				5,973,080
INSURANCE — 3.05%
ACE INA Holdings Inc.
2.60%, 11/23/15		1,600		1,670,243
5.70%, 02/15/17		1,500		1,723,398
5.80%, 03/15/18		200		237,572
5.88%, 06/15/14		1,110		1,169,271
5.90%, 06/15/19		825		1,006,208
AEGON Funding Co. LLC
5.75%, 12/15/20		360		420,789

162

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Aflac Inc.
2.65%, 02/15/17	$	1,750	$	1,815,949
3.45%, 08/15/15a		1,050		1,109,355
4.00%, 02/15/22		200		210,354
8.50%, 05/15/19		800		1,064,154
Alleghany Corp.
5.63%, 09/15/20a		650		731,022
Allied World Assurance Co. Ltd.
5.50%, 11/15/20a		575		647,467
Allstate Corp. (The)
5.00%, 08/15/14		1,756		1,846,321
6.20%, 05/16/14		230		242,273
6.75%, 05/15/18		230		286,236
7.45%, 05/16/19		1,475		1,929,416
American International Group Inc.
3.80%, 03/22/17		3,258		3,478,345
4.25%, 09/15/14		2,810		2,930,075
4.88%, 09/15/16		2,507		2,771,116
4.88%, 06/01/22		4,431		4,905,071
5.05%, 10/01/15		1,536		1,675,112
5.45%, 05/18/17		177		199,451
5.60%, 10/18/16		2,040		2,303,506
5.85%, 01/16/18		2,885		3,325,239
6.40%, 12/15/20		2,764		3,356,366
8.25%, 08/15/18		2,925		3,724,870
Aon PLC
3.13%, 05/27/16		350		367,878
3.50%, 09/30/15a		750		789,399
5.00%, 09/30/20		2,000		2,266,998
Aspen Insurance Holdings Ltd.
6.00%, 12/15/20a		650		742,502
Assurant Inc.
4.00%, 03/15/23		1,000		995,151
Axis Capital Holdings Ltd.
5.75%, 12/01/14		200		213,467
Axis Specialty Finance LLC
5.88%, 06/01/20		1,500		1,708,493
Berkshire Hathaway Finance Corp.
2.45%, 12/15/15		1,000		1,044,559
3.00%, 05/15/22		1,500		1,492,968
3.20%, 02/11/15		2,250		2,349,368
4.25%, 01/15/21a		1,558		1,733,521
4.85%, 01/15/15		7,260		7,760,157
5.10%, 07/15/14a		120		126,299
5.40%, 05/15/18a		828		973,080
Berkshire Hathaway Inc.
0.80%, 02/11/16		7,000		7,004,690
1.90%, 01/31/17		4,985		5,082,981
2.20%, 08/15/16		1,582		1,646,587
3.00%, 02/11/23		5,000		4,954,083
3.40%, 01/31/22a		750		772,133
Chubb Corp. (The)
5.75%, 05/15/18		1,300		1,549,320
6.38%, 03/29/67 (Call 04/15/17)d		1,500		1,687,500
CNA Financial Corp.
5.75%, 08/15/21a		740		861,831
5.85%, 12/15/14		1,650		1,762,518
5.88%, 08/15/20a		1,400		1,623,580
6.50%, 08/15/16		210		240,215
7.35%, 11/15/19		105		130,244
Everest Reinsurance Holdings Inc.
5.40%, 10/15/14		90		94,601

Security	Principal (000s)		Value
Fidelity National Financial Inc.
5.50%, 09/01/22	$	1,000	$	1,105,985
Genworth Financial Inc.
6.52%, 05/22/18		975		1,129,930
7.63%, 09/24/21a		2,550		3,145,213
Genworth Holdings Inc.
4.95%, 10/01/15a		210		224,263
5.75%, 06/15/14a		2,310		2,422,613
7.20%, 02/15/21		1,650		1,971,630
8.63%, 12/15/16a		500		604,898
Hanover Insurance Group Inc. (The)
6.38%, 06/15/21		800		908,304
Hartford Financial Services Group Inc.
4.00%, 10/15/17a		2,400		2,600,142
6.00%, 01/15/19		2,050		2,427,841
6.30%, 03/15/18		1,737		2,054,769
HCC Insurance Holdings Inc.
6.30%, 11/15/19		130		154,182
ING U.S. Inc.
5.50%, 07/15/22b		1,500		1,675,333
Jefferson-Pilot Corp.
4.75%, 01/30/14		90		92,389
Kemper Corp.
6.00%, 11/30/15a		1,000		1,086,582
6.00%, 05/15/17		350		378,049
Lincoln National Corp.
4.20%, 03/15/22		2,000		2,126,829
4.85%, 06/24/21		150		166,227
6.25%, 02/15/20		550		655,601
7.00%, 05/17/66 (Call 05/17/16)a,d		1,000		1,037,500
8.75%, 07/01/19		830		1,104,538
Loews Corp.
2.63%, 05/15/23 (Call 02/15/23)		2,000		1,897,631
5.25%, 03/15/16		260		287,621
Manulife Financial Corp.
3.40%, 09/17/15		1,000		1,050,636
4.90%, 09/17/20		500		552,826
Markel Corp.
5.35%, 06/01/21		1,800		2,009,309
Marsh & McLennan Companies Inc.
4.80%, 07/15/21 (Call 04/15/21)		1,025		1,151,214
5.75%, 09/15/15		1,874		2,070,091
9.25%, 04/15/19		500		668,729
MetLife Inc.
1.76%, 12/15/17		1,000		1,004,853
4.75%, 02/08/21		1,801		2,038,274
5.00%, 06/15/15		1,843		1,995,048
5.50%, 06/15/14		350		367,708
6.75%, 06/01/16		2,541		2,957,399
7.72%, 02/15/19		1,122		1,448,793
PartnerRe Finance B LLC
5.50%, 06/01/20a		800		900,684
Principal Financial Group Inc.
3.30%, 09/15/22		1,550		1,554,869
8.88%, 05/15/19		500		666,578
Principal Life Income Funding Trusts
5.10%, 04/15/14		120		124,760
Progressive Corp. (The)
3.75%, 08/23/21		975		1,041,868
6.70%, 06/15/67 (Call 06/15/17)a,d		1,000		1,122,500
Protective Life Corp.
7.38%, 10/15/19		700		860,507

163

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Prudential Financial Inc.
3.00%, 05/12/16	$	750	$	789,985
4.50%, 11/16/21a		1,250		1,358,931
4.75%, 04/01/14		130		134,380
5.38%, 06/21/20a		300		348,931
5.50%, 03/15/16a		170		188,971
5.88%, 09/15/42 (Call 09/15/22)d		1,000		1,080,000
6.20%, 01/15/15		50		54,108
7.38%, 06/15/19		2,543		3,234,139
8.88%, 06/15/38 (Call 06/15/18)d		1,000		1,245,000
Series B
5.10%, 09/20/14		2,450		2,587,658
Series C
4.75%, 06/13/15		270		289,723
Series D
3.88%, 01/14/15		1,640		1,716,711
4.75%, 09/17/15		2,227		2,414,514
6.00%, 12/01/17		996		1,166,720
Reinsurance Group of America Inc.
5.00%, 06/01/21		1,595		1,739,746
6.45%, 11/15/19		1,200		1,422,113
RenRe North America Holdings Inc.
5.75%, 03/15/20a		125		140,570
StanCorp Financial Group Inc.
5.00%, 08/15/22		950		977,465
Swiss Re Solutions Holding Corp.
6.45%, 03/01/19		200		233,900
Torchmark Corp.
3.80%, 09/15/22		1,000		1,006,965
6.38%, 06/15/16		350		394,873
9.25%, 06/15/19		325		431,174
Transatlantic Holdings Inc.
5.75%, 12/14/15		1,580		1,745,362
Travelers Companies Inc. (The)
3.90%, 11/01/20		1,500		1,643,451
5.50%, 12/01/15		320		356,673
5.75%, 12/15/17		530		627,243
5.80%, 05/15/18		1,837		2,193,655
6.25%, 06/20/16		500		576,198
Unum Group
5.63%, 09/15/20a		600		678,888
7.13%, 09/30/16		650		757,828
Willis Group Holdings PLC
5.75%, 03/15/21		400		445,571
Willis North America Inc.
5.63%, 07/15/15		310		334,191
6.20%, 03/28/17		860		972,054
7.00%, 09/29/19		1,600		1,880,744
WR Berkley Corp.
4.63%, 03/15/22		1,650		1,768,646
5.38%, 09/15/20		300		333,244
7.38%, 09/15/19		250		309,847
XL Group PLC
5.25%, 09/15/14		2,130		2,245,415
				187,423,605
INTERNET — 0.40%
Amazon.com Inc.
0.65%, 11/27/15		1,500		1,496,057
1.20%, 11/29/17		1,500		1,476,123
2.50%, 11/29/22 (Call 08/29/22)		1,500		1,419,324
Baidu Inc.
2.25%, 11/28/17		7,000		7,000,533

Security	Principal (000s)		Value
3.50%, 11/28/22	$	2,000	$	1,900,350
eBay Inc.
1.35%, 07/15/17		908		908,062
1.63%, 10/15/15		1,000		1,022,036
2.60%, 07/15/22 (Call 04/15/22)		372		359,902
3.25%, 10/15/20 (Call 07/15/20)		1,850		1,920,383
Expedia Inc.
5.95%, 08/15/20		1,400		1,554,000
7.46%, 08/15/18		500		590,000
Google Inc.
2.13%, 05/19/16		707		736,003
3.63%, 05/19/21		1,011		1,099,539
Symantec Corp.
2.75%, 09/15/15		1,000		1,034,266
2.75%, 06/15/17 (Call 05/15/17)a		1,000		1,024,622
4.20%, 09/15/20		1,050		1,103,081
				24,644,281
IRON & STEEL — 0.14%
Allegheny Technologies Inc.
9.38%, 06/01/19		550		691,879
Cliffs Natural Resources Inc.
3.95%, 01/15/18a		2,000		1,976,468
4.80%, 10/01/20a		1,960		1,890,556
5.90%, 03/15/20a		350		360,001
Nucor Corp.
5.75%, 12/01/17		1,350		1,578,773
5.85%, 06/01/18		1,200		1,421,827
Reliance Steel & Aluminum Co.
4.50%, 04/15/23 (Call 01/15/23)		350		348,371
6.20%, 11/15/16		290		325,258
				8,593,133
LEISURE TIME — 0.11%
Carnival Corp.
1.88%, 12/15/17a		7,000		6,947,684
				6,947,684
LODGING — 0.22%
Hyatt Hotels Corp.
3.38%, 07/15/23 (Call 04/15/23)		940		917,414
3.88%, 08/15/16 (Call 07/15/16)		170		180,104
5.38%, 08/15/21 (Call 05/15/21)		1,170		1,298,862
Marriott International Inc.
3.00%, 03/01/19 (Call 12/01/18)		1,500		1,547,817
3.25%, 09/15/22 (Call 06/15/22)		1,000		971,758
5.81%, 11/10/15		230		252,473
6.20%, 06/15/16		200		227,470
Starwood Hotels & Resorts Worldwide Inc.
3.13%, 02/15/23 (Call 11/15/22)		1,500		1,437,183
6.75%, 05/15/18		1,150		1,385,490
Wyndham Worldwide Corp.
2.50%, 03/01/18 (Call 02/01/18)		2,500		2,500,165
2.95%, 03/01/17 (Call 02/01/17)		1,550		1,592,477
4.25%, 03/01/22 (Call 12/01/21)		800		816,587
5.63%, 03/01/21a		305		338,583
6.00%, 12/01/16a		14		15,740
				13,482,123

164

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
MACHINERY — 0.62%
Caterpillar Inc.
0.95%, 06/26/15	$	7,000	$	7,056,550
1.38%, 05/27/14		3,640		3,675,830
1.50%, 06/26/17		5,000		5,020,055
2.60%, 06/26/22 (Call 03/26/22)a		1,500		1,469,007
3.90%, 05/27/21		2,073		2,249,110
5.70%, 08/15/16		3,404		3,906,867
7.90%, 12/15/18		2,374		3,106,617
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)		792		778,820
4.38%, 10/16/19		553		632,009
6.95%, 04/25/14		190		199,872
Flowserve Corp.
3.50%, 09/15/22 (Call 06/15/22)		1,000		987,448
IDEX Corp.
4.20%, 12/15/21 (Call 09/15/21)		250		260,750
Joy Global Inc.
5.13%, 10/15/21a		1,950		2,124,938
Rockwell Automation Inc.
5.65%, 12/01/17		300		347,906
Roper Industries Inc.
3.13%, 11/15/22 (Call 08/15/22)		1,500		1,465,663
6.25%, 09/01/19		1,350		1,596,742
Xylem Inc.
3.55%, 09/20/16		250		264,749
4.88%, 10/01/21		2,750		3,039,958
				38,182,891
MANUFACTURING — 1.14%
3M Co.
1.00%, 06/26/17a		1,000		992,150
1.38%, 09/29/16		1,722		1,753,034
2.00%, 06/26/22		1,500		1,444,190
Carlisle Companies Inc.
3.75%, 11/15/22 (Call 08/15/22)		1,500		1,481,144
Cooper US Inc.
2.38%, 01/15/16		350		361,182
3.88%, 12/15/20 (Call 09/15/20)		1,460		1,561,852
6.10%, 07/01/17		200		232,608
Danaher Corp.
1.30%, 06/23/14		315		317,641
2.30%, 06/23/16		100		104,049
3.90%, 06/23/21 (Call 03/23/21)		2,100		2,295,739
5.40%, 03/01/19		558		660,609
5.63%, 01/15/18		1,100		1,283,220
Dover Corp.
4.30%, 03/01/21 (Call 12/01/20)		2,000		2,228,256
4.88%, 10/15/15		180		197,528
5.45%, 03/15/18		100		117,940
Eaton Corp.
0.95%, 11/02/15b		7,000		7,007,211
1.50%, 11/02/17b		5,150		5,102,354
2.75%, 11/02/22b		1,500		1,444,257
Eaton Corp. PLC
5.60%, 05/15/18		1,150		1,332,717
6.95%, 03/20/19		405		495,680
GE Capital Trust I
6.38%, 11/15/67 (Call 11/15/17)a,d		1,250		1,337,500
General Electric Co.

Security	Principal (000s)		Value
0.85%, 10/09/15	$	9,500	$	9,520,618
2.70%, 10/09/22		4,000		3,941,200
5.25%, 12/06/17		4,882		5,648,492
Harsco Corp.
2.70%, 10/15/15		1,400		1,411,001
5.75%, 05/15/18		1,050		1,125,591
Illinois Tool Works Inc.
3.38%, 09/15/21 (Call 06/15/21)		955		1,000,585
5.15%, 04/01/14		1,450		1,502,794
6.25%, 04/01/19		500		605,147
Ingersoll-Rand Global Holding Co. Ltd.
6.88%, 08/15/18		2,892		3,459,291
Ingersoll-Rand PLC
4.75%, 05/15/15		110		116,345
Parker Hannifin Corp.
3.50%, 09/15/22a		1,000		1,051,844
Pentair Finance SA
2.65%, 12/01/19		1,050		1,040,664
3.15%, 09/15/22 (Call 06/15/22)		1,250		1,200,126
Pentair Inc.
5.00%, 05/15/21 (Call 02/15/21)		900		980,258
Textron Inc.
4.63%, 09/21/16		725		779,421
5.60%, 12/01/17		895		1,003,556
5.95%, 09/21/21 (Call 06/21/21)		725		826,344
Tyco Electronics Group SA
4.88%, 01/15/21		1,900		2,052,248
6.55%, 10/01/17		1,000		1,179,354
				70,195,740
MEDIA — 3.26%
CBS Corp.
1.95%, 07/01/17		6,000		6,059,327
3.38%, 03/01/22 (Call 12/01/21)a		2,050		2,052,221
4.63%, 05/15/18		170		188,847
5.75%, 04/15/20		1,900		2,201,755
8.88%, 05/15/19		300		398,393
CC Holdings GS V LLC
3.85%, 04/15/23b		2,500		2,477,392
Comcast Cable Communications LLC
8.88%, 05/01/17		5,530		7,027,587
Comcast Corp.
3.13%, 07/15/22		5,000		5,105,575
4.95%, 06/15/16		1,070		1,190,918
5.15%, 03/01/20		2,092		2,439,929
5.30%, 01/15/14		790		813,006
5.70%, 05/15/18		2,275		2,715,482
5.70%, 07/01/19		1,000		1,204,678
5.85%, 11/15/15		1,806		2,022,301
5.90%, 03/15/16		3,867		4,391,986
6.30%, 11/15/17		3,398		4,079,187
6.50%, 01/15/17		2,413		2,855,688
COX Communications Inc.
5.45%, 12/15/14		347		372,591
5.50%, 10/01/15		610		674,088
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
1.75%, 01/15/18		1,500		1,483,629
2.40%, 03/15/17		2,962		3,032,446
3.50%, 03/01/16		2,476		2,627,851
3.55%, 03/15/15		2,045		2,138,816
3.80%, 03/15/22		1,862		1,881,345
4.60%, 02/15/21 (Call 11/15/20)		2,128		2,290,740

165

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
4.75%, 10/01/14	$	3,050	$	3,211,240
5.00%, 03/01/21		2,089		2,323,942
5.88%, 10/01/19		2,238		2,627,920
Discovery Communications LLC
3.30%, 05/15/22		6,000		6,041,620
3.70%, 06/01/15		1,780		1,878,321
4.38%, 06/15/21		1,500		1,628,459
5.05%, 06/01/20		1,327		1,510,168
5.63%, 08/15/19a		1,050		1,237,606
Historic TW Inc.
6.88%, 06/15/18		1,380		1,693,633
McGraw-Hill Companies Inc. (The)
5.90%, 11/15/17		1,225		1,345,394
NBCUniversal Media LLC
2.88%, 04/01/16		3,297		3,473,534
3.65%, 04/30/15		3,500		3,696,843
5.15%, 04/30/20		3,126		3,664,046
News America Inc.
3.00%, 09/15/22		2,000		1,942,877
4.50%, 02/15/21a		3,513		3,888,245
5.30%, 12/15/14		1,773		1,896,853
5.65%, 08/15/20		200		234,953
6.90%, 03/01/19		800		985,072
8.25%, 08/10/18		100		129,648
Reed Elsevier Capital Inc.
3.13%, 10/15/22 (Call 07/15/22)b		84		80,912
8.63%, 01/15/19		2,200		2,844,775
Scripps Networks Interactive Inc.
2.70%, 12/15/16		1,000		1,043,855
Thomson Reuters Corp.
3.95%, 09/30/21 (Call 06/30/21)		1,000		1,058,866
4.70%, 10/15/19		1,300		1,459,199
5.70%, 10/01/14		3,865		4,115,838
6.50%, 07/15/18		982		1,185,378
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)		6,163		6,444,835
4.13%, 02/15/21 (Call 11/15/20)a		500		528,414
5.00%, 02/01/20		3,912		4,391,433
5.85%, 05/01/17		2,549		2,932,653
6.75%, 07/01/18		2,201		2,668,507
7.50%, 04/01/14		3,300		3,484,457
8.25%, 04/01/19		2,348		3,017,807
8.75%, 02/14/19		5,246		6,887,355
Time Warner Inc.
3.40%, 06/15/22a		4,000		4,027,847
4.00%, 01/15/22		750		800,115
4.70%, 01/15/21		2,227		2,481,549
4.75%, 03/29/21		2,290		2,565,934
4.88%, 03/15/20		2,295		2,601,111
5.88%, 11/15/16		2,609		3,005,800
7.25%, 10/15/17a		400		487,519
Viacom Inc.
1.25%, 02/27/15		1,900		1,912,861
2.50%, 12/15/16		1,800		1,869,090
3.50%, 04/01/17a		1,150		1,226,567
3.88%, 12/15/21		1,250		1,306,871
4.25%, 09/15/15		5,000		5,365,948
4.38%, 09/15/14		5,300		5,545,447
4.50%, 03/01/21		1,650		1,789,036
5.63%, 09/15/19		600		704,717
6.13%, 10/05/17a		160		187,851
6.25%, 04/30/16		1,862		2,122,685
Walt Disney Co. (The)

Security	Principal (000s)		Value
0.88%, 12/01/14	$	1,500	$	1,508,917
1.10%, 12/01/17		1,000		987,902
1.13%, 02/15/17		2,409		2,393,943
1.35%, 08/16/16		1,506		1,529,549
2.35%, 12/01/22		2,000		1,910,818
2.55%, 02/15/22a		200		196,003
3.75%, 06/01/21		1,750		1,886,626
4.50%, 12/15/13		1,920		1,961,770
5.50%, 03/15/19		1,600		1,896,149
5.63%, 09/15/16		93		106,474
Series B
5.88%, 12/15/17		100		118,556
6.20%, 06/20/14		130		137,903
Washington Post Co. (The)
7.25%, 02/01/19		100		117,722
				200,033,716
METAL FABRICATE & HARDWARE — 0.14%
Precision Castparts Corp.
0.70%, 12/20/15		5,000		4,999,139
1.25%, 01/15/18		1,525		1,504,782
2.50%, 01/15/23 (Call 10/15/22)		2,275		2,193,416
				8,697,337
MINING — 1.89%
Alcoa Inc.
5.40%, 04/15/21 (Call 01/15/21)a		3,032		3,083,067
5.55%, 02/01/17		1,173		1,271,059
5.72%, 02/23/19		279		299,663
6.15%, 08/15/20		1,601		1,713,094
6.75%, 07/15/18		2,529		2,833,402
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		1,250		1,228,838
5.38%, 04/15/20a		1,650		1,699,031
Barrick Gold Corp.
1.75%, 05/30/14		120		120,883
2.90%, 05/30/16		2,936		3,025,068
3.85%, 04/01/22a		3,175		3,030,220
6.95%, 04/01/19		1,096		1,295,049
Barrick Gold Finance Co.
4.88%, 11/15/14		160		168,707
Barrick North America Finance LLC
4.40%, 05/30/21		1,103		1,100,781
Barrick PD Australia Finance Pty Ltd.
4.95%, 01/15/20		5,500		5,710,246
BHP Billiton Finance (USA) Ltd.
1.00%, 02/24/15		4,400		4,433,591
1.13%, 11/21/14		190		191,751
1.63%, 02/24/17		3,696		3,735,317
1.88%, 11/21/16		2,327		2,387,888
2.88%, 02/24/22		1,295		1,288,514
3.25%, 11/21/21		2,382		2,444,191
5.50%, 04/01/14		1,120		1,167,184
6.50%, 04/01/19		1,544		1,919,741
7.25%, 03/01/16		670		780,210
Freeport-McMoRan Copper & Gold Inc.
1.40%, 02/13/15		2,860		2,877,968
2.15%, 03/01/17a		850		857,289
3.10%, 03/15/20b		1,000		979,891
3.55%, 03/01/22 (Call 12/01/21)		1,862		1,809,941

166

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
3.88%, 03/15/23 (Call 12/15/22)b	$	4,400	$	4,265,249
Goldcorp Inc.
2.13%, 03/15/18a		5,000		4,942,195
3.70%, 03/15/23 (Call 12/15/22)		3,400		3,253,978
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		1,247		1,183,333
5.13%, 10/01/19		2,038		2,254,858
Rio Tinto Alcan Inc.
5.00%, 06/01/15		210		226,827
5.20%, 01/15/14		190		195,227
Rio Tinto Finance (USA) Ltd.
1.88%, 11/02/15		1,200		1,226,600
2.25%, 09/20/16		2,350		2,424,644
2.50%, 05/20/16		2,000		2,075,336
3.50%, 11/02/20		1,448		1,485,122
3.75%, 09/20/21		2,032		2,097,843
4.13%, 05/20/21		1,210		1,279,431
6.50%, 07/15/18		4,798		5,828,013
8.95%, 05/01/14		2,310		2,482,985
9.00%, 05/01/19		1,089		1,471,629
Rio Tinto Finance (USA) PLC
1.13%, 03/20/15		2,400		2,412,377
1.63%, 08/21/17 (Call 07/21/17)		1,500		1,495,934
2.88%, 08/21/22 (Call 05/21/22)a		1,000		951,060
Southern Copper Corp.
3.50%, 11/08/22a		2,550		2,415,181
Teck Resources Ltd.
2.50%, 02/01/18a		1,400		1,413,442
3.00%, 03/01/19		1,100		1,108,573
3.15%, 01/15/17		500		519,426
3.85%, 08/15/17		100		106,460
4.75%, 01/15/22 (Call 10/15/21)		2,000		2,095,655
5.38%, 10/01/15		1,000		1,093,435
Vale Inco Ltd.
5.70%, 10/15/15		70		76,832
Vale Overseas Ltd.
4.38%, 01/11/22a		3,000		2,979,662
4.63%, 09/15/20		3,000		3,102,000
5.63%, 09/15/19a		1,500		1,674,128
6.25%, 01/11/16		2,190		2,434,187
6.25%, 01/23/17a		1,322		1,503,594
Xstrata Canada Corp.
5.38%, 06/01/15		760		817,874
6.00%, 10/15/15a		1,470		1,620,083
				115,965,757
MULTI-NATIONAL — 5.17%
African Development Bank
1.13%, 03/15/17		1,500		1,515,964
2.50%, 03/15/16		4,800		5,049,867
3.00%, 05/27/14		2,700		2,772,528
Corporacion Andina de Fomento
3.75%, 01/15/16		8,000		8,428,289
4.38%, 06/15/22		3,834		4,088,881
Council of Europe Development Bank
1.13%, 05/31/18		5,000		4,936,217
1.50%, 02/22/17		6,000		6,114,949
1.50%, 06/19/17		1,000		1,018,888
2.75%, 02/10/15		2,000		2,077,599
European Bank for Reconstruction and Development
0.75%, 09/01/17		2,000		1,980,124
1.00%, 02/16/17		4,500		4,526,337

Security	Principal (000s)		Value
1.38%, 10/20/16	$	2,300	$	2,349,473
1.63%, 09/03/15		5,500		5,638,328
2.50%, 03/15/16		3,000		3,157,871
European Investment Bank
0.63%, 04/15/16		24,000		23,977,538
1.00%, 07/15/15		6,900		6,976,956
1.00%, 12/15/17		10,750		10,655,527
1.00%, 03/15/18		15,250		15,053,164
1.00%, 06/15/18		13,000		12,778,221
1.13%, 09/15/17		5,250		5,250,037
1.63%, 09/01/15		8,700		8,918,473
1.63%, 06/15/17		6,000		6,128,913
1.75%, 03/15/17		8,800		9,061,327
2.13%, 07/15/16		7,750		8,084,821
2.25%, 03/15/16		5,750		6,004,061
2.50%, 05/16/16		8,250		8,690,552
2.75%, 03/23/15		10,700		11,149,357
2.88%, 09/15/20		8,050		8,498,440
3.13%, 06/04/14		2,450		2,518,792
4.00%, 02/16/21		500		564,468
4.63%, 05/15/14		9,992		10,403,585
4.88%, 01/17/17		4,250		4,849,334
5.13%, 09/13/16		8,850		10,083,486
5.13%, 05/30/17		2,500		2,901,582
International Bank for Reconstruction and Development
0.50%, 04/15/16		5,000		4,993,186
0.88%, 04/17/17		13,700		13,763,347
1.00%, 09/15/16		8,900		8,993,618
1.13%, 08/25/14		7,050		7,120,571
2.13%, 03/15/16a		5,800		6,051,878
2.13%, 02/13/23		5,500		5,404,649
2.38%, 05/26/15		8,950		9,303,883
International Finance Corp.
1.13%, 11/23/16		9,050		9,167,436
2.13%, 11/17/17		3,500		3,665,107
2.25%, 04/11/16		5,550		5,810,949
2.75%, 04/20/15		2,000		2,087,835
Series G
3.00%, 04/22/14		4,000		4,093,032
Nordic Investment Bank
0.50%, 04/14/16		1,500		1,497,133
0.75%, 01/17/18		1,000		984,497
1.00%, 03/07/17		400		402,467
2.25%, 03/15/16a		5,000		5,227,282
2.63%, 10/06/14		2,000		2,061,879
5.00%, 02/01/17		512		588,425
				317,421,123
OFFICE & BUSINESS EQUIPMENT — 0.26%
Pitney Bowes Inc.
4.75%, 01/15/16a		410		435,359
4.75%, 05/15/18		190		202,066
4.88%, 08/15/14		140		145,695
5.00%, 03/15/15		2,120		2,232,811
5.75%, 09/15/17a		1,537		1,705,957
Xerox Corp.
2.95%, 03/15/17		500		515,425
4.25%, 02/15/15		2,570		2,701,597
4.50%, 05/15/21a		1,629		1,722,667
5.63%, 12/15/19		900		1,022,258
6.35%, 05/15/18		2,476		2,886,498
6.40%, 03/15/16a		1,800		2,026,547

167

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
6.75%, 02/01/17	$	200	$	231,129
8.25%, 05/15/14		60		64,152
				15,892,161
OIL & GAS — 4.98%
Anadarko Petroleum Corp.
5.95%, 09/15/16		2,233		2,544,112
6.38%, 09/15/17		1,582		1,870,189
6.95%, 06/15/19		750		928,953
8.70%, 03/15/19a		2,219		2,949,255
Apache Corp.
1.75%, 04/15/17a		1,100		1,113,699
3.25%, 04/15/22 (Call 01/15/22)		1,862		1,894,280
3.63%, 02/01/21 (Call 11/01/20)a		4,000		4,228,956
5.63%, 01/15/17		2,505		2,868,104
Apache Finance Canada Corp.
4.38%, 05/15/15		80		85,608
BP Capital Markets PLC
1.38%, 11/06/17		1,000		988,650
1.38%, 05/10/18		1,500		1,478,979
1.85%, 05/05/17a		2,665		2,700,892
2.50%, 11/06/22		2,000		1,878,959
3.13%, 10/01/15		4,704		4,951,137
3.20%, 03/11/16		3,512		3,724,630
3.25%, 05/06/22		2,792		2,790,855
3.56%, 11/01/21		2,500		2,601,678
3.88%, 03/10/15		3,950		4,171,100
4.50%, 10/01/20		2,571		2,884,184
4.74%, 03/11/21		2,933		3,304,446
4.75%, 03/10/19		1,163		1,326,252
British Transco Finance Inc.
6.63%, 06/01/18		130		157,910
Canadian Natural Resources Ltd.
1.45%, 11/14/14		150		151,262
3.45%, 11/15/21 (Call 08/15/21)a		2,600		2,673,037
4.90%, 12/01/14		70		74,145
5.70%, 05/15/17		2,126		2,441,041
5.90%, 02/01/18		350		410,491
Cenovus Energy Inc.
3.00%, 08/15/22 (Call 05/15/22)		1,000		980,208
4.50%, 09/15/14		1,850		1,936,187
5.70%, 10/15/19		1,173		1,384,355
Chevron Corp.
1.10%, 12/05/17 (Call 11/05/17)		2,000		1,983,036
2.36%, 12/05/22 (Call 09/05/22)		5,000		4,799,061
4.95%, 03/03/19		1,876		2,197,873
CNOOC Finance 2013 Ltd.
3.00%, 05/09/23		5,000		4,707,026
ConocoPhillips
4.60%, 01/15/15		3,600		3,828,662
4.75%, 02/01/14		827		850,325
5.20%, 05/15/18a		1,050		1,219,699
5.75%, 02/01/19		1,778		2,136,829
6.00%, 01/15/20		1,387		1,699,553
6.65%, 07/15/18		1,240		1,533,109
ConocoPhillips Co.
1.05%, 12/15/17 (Call 09/15/17)		1,500		1,478,410
2.40%, 12/15/22 (Call 09/15/22)		3,500		3,360,685
Devon Energy Corp.
2.40%, 07/15/16 (Call 06/15/16)a		750		774,395
3.25%, 05/15/22 (Call 02/15/22)		531		529,805
4.00%, 07/15/21 (Call 04/15/21)a		5,450		5,766,823

Security	Principal (000s)		Value
5.63%, 01/15/14	$	125	$	128,739
6.30%, 01/15/19		3,750		4,447,929
Diamond Offshore Drilling Inc.
4.88%, 07/01/15		150		162,581
5.15%, 09/01/14		60		63,272
5.88%, 05/01/19		950		1,145,708
Encana Corp.
3.90%, 11/15/21 (Call 08/15/21)		1,600		1,668,532
6.50%, 05/15/19a		45		53,635
Ensco PLC
3.25%, 03/15/16		2,792		2,951,272
4.70%, 03/15/21		3,053		3,368,559
EOG Resources Inc.
2.50%, 02/01/16		500		520,965
2.95%, 06/01/15		1,900		1,984,494
4.10%, 02/01/21		1,229		1,343,824
4.40%, 06/01/20a		1,200		1,342,304
5.63%, 06/01/19		1,396		1,667,866
5.88%, 09/15/17		453		534,019
6.88%, 10/01/18		400		500,508
EQT Corp.
4.88%, 11/15/21		1,350		1,421,129
6.50%, 04/01/18		900		1,038,590
8.13%, 06/01/19		1,150		1,414,744
Hess Corp.
8.13%, 02/15/19		2,038		2,619,100
Husky Energy Inc.
5.90%, 06/15/14		2,290		2,407,957
6.15%, 06/15/19		150		178,091
7.25%, 12/15/19		1,983		2,518,913
Marathon Oil Corp.
0.90%, 11/01/15		8,100		8,094,814
5.90%, 03/15/18		1,524		1,794,225
6.00%, 10/01/17		667		783,923
Marathon Petroleum Corp.
3.50%, 03/01/16		6,290		6,688,085
5.13%, 03/01/21		1,461		1,676,361
Murphy Oil Corp.
2.50%, 12/01/17		4,000		4,025,789
3.70%, 12/01/22 (Call 09/01/22)		1,000		971,847
4.00%, 06/01/22 (Call 03/01/22)a		1,000		988,081
Nabors Industries Inc.
4.63%, 09/15/21		1,750		1,800,257
9.25%, 01/15/19		2,873		3,634,065
Nexen Inc.
6.20%, 07/30/19		1,750		2,117,510
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		2,848		3,073,788
8.25%, 03/01/19		828		1,061,091
Noble Holding International Ltd.
2.50%, 03/15/17		300		302,397
3.45%, 08/01/15		1,600		1,666,009
3.95%, 03/15/22		250		253,514
4.90%, 08/01/20		1,200		1,312,772
Occidental Petroleum Corp.
1.50%, 02/15/18 (Call 01/15/18)a		2,000		1,997,487
1.75%, 02/15/17		3,300		3,350,147
2.50%, 02/01/16		400		417,312
2.70%, 02/15/23 (Call 11/15/22)		5,000		4,833,296
3.13%, 02/15/22 (Call 11/15/21)		279		283,574
Series 1
4.10%, 02/01/21 (Call 11/01/20)		1,940		2,140,631

168

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
PC Financial Partnership
5.00%, 11/15/14	$	100	$	105,891
Petro-Canada
6.05%, 05/15/18		3,250		3,859,310
Petrohawk Energy Corp.
6.25%, 06/01/19 (Call 06/01/15)		1,500		1,689,375
7.25%, 08/15/18 (Call 08/15/14)		3,862		4,286,820
Phillips 66
1.95%, 03/05/15		5,000		5,101,498
2.95%, 05/01/17		4,850		5,088,487
4.30%, 04/01/22		2,000		2,161,627
Pioneer Natural Resources Co.
3.95%, 07/15/22 (Call 04/15/22)		700		717,924
6.65%, 03/15/17		2,000		2,317,948
7.50%, 01/15/20		100		124,728
Pride International Inc.
6.88%, 08/15/20		670		829,229
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)		1,500		1,595,010
5.00%, 09/01/17a		800		881,215
7.88%, 08/01/19		175		217,143
Shell International Finance BV
1.13%, 08/21/17		1,000		995,624
2.25%, 01/06/23		2,000		1,890,104
2.38%, 08/21/22		750		720,673
3.10%, 06/28/15		5,850		6,156,594
3.25%, 09/22/15		7,094		7,528,315
4.30%, 09/22/19		4,209		4,798,280
4.38%, 03/25/20		130		147,803
5.20%, 03/22/17		115		131,695
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)a		3,400		3,521,420
Statoil ASA
1.20%, 01/17/18		7,000		6,918,300
1.80%, 11/23/16		500		514,249
2.45%, 01/17/23		2,500		2,383,632
2.90%, 10/15/14		500		515,718
3.13%, 08/17/17		3,960		4,233,051
3.15%, 01/23/22		158		161,726
3.88%, 04/15/14		1,840		1,892,929
5.25%, 04/15/19		2,999		3,554,390
6.70%, 01/15/18		200		242,960
Suncor Energy Inc.
6.10%, 06/01/18		875		1,043,440
Talisman Energy Inc.
3.75%, 02/01/21 (Call 11/01/20)		1,750		1,796,770
5.13%, 05/15/15		90		96,506
7.75%, 06/01/19		1,140		1,423,138
Total Capital Canada Ltd.
1.45%, 01/15/18		4,000		3,985,472
Total Capital International SA
0.75%, 01/25/16		3,050		3,044,828
1.50%, 02/17/17		2,404		2,421,213
1.55%, 06/28/17		2,792		2,805,033
Total Capital SA
2.30%, 03/15/16		465		482,433
3.00%, 06/24/15		2,720		2,849,333
3.13%, 10/02/15		1,848		1,950,498
4.13%, 01/28/21		950		1,044,437
4.45%, 06/24/20		2,054		2,321,775
Transocean Inc.
4.95%, 11/15/15		1,675		1,813,509
5.05%, 12/15/16		1,769		1,958,525

Security	Principal (000s)		Value
6.00%, 03/15/18	$	2,482	$	2,853,747
6.38%, 12/15/21		2,110		2,451,181
6.50%, 11/15/20		1,618		1,892,404
Valero Energy Corp.
4.50%, 02/01/15		2,060		2,183,909
6.13%, 06/15/17		612		717,317
6.13%, 02/01/20		1,066		1,273,691
9.38%, 03/15/19		931		1,256,072
XTO Energy Inc.
5.50%, 06/15/18		2,400		2,877,350
6.25%, 08/01/17		750		900,143
				305,834,943
OIL & GAS SERVICES — 0.40%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)		2,100		2,170,124
7.50%, 11/15/18		884		1,139,480
Cameron International Corp.
4.50%, 06/01/21 (Call 03/01/21)		2,050		2,258,055
6.38%, 07/15/18		200		239,717
FMC Technologies Inc.
3.45%, 10/01/22 (Call 07/01/22)		1,000		988,936
Halliburton Co.
3.25%, 11/15/21 (Call 08/15/21)a		1,500		1,562,610
6.15%, 09/15/19		1,564		1,938,596
National Oilwell Varco Inc.
1.35%, 12/01/17		3,000		2,980,724
2.60%, 12/01/22 (Call 09/01/22)		3,400		3,274,601
Weatherford International Ltd.
5.13%, 09/15/20		1,780		1,915,896
5.50%, 02/15/16		210		229,520
6.35%, 06/15/17		4,985		5,707,945
				24,406,204
PACKAGING & CONTAINERS — 0.09%
Bemis Co. Inc.
4.50%, 10/15/21 (Call 07/15/21)		100		105,855
5.65%, 08/01/14		4,030		4,246,426
6.80%, 08/01/19		555		649,668
Packaging Corp. of America
3.90%, 06/15/22 (Call 03/15/22)		750		765,129
Sonoco Products Co.
4.38%, 11/01/21 (Call 08/01/21)		75		79,572
				5,846,650
PHARMACEUTICALS — 3.61%
Abbott Laboratories
4.13%, 05/27/20		300		333,928
5.13%, 04/01/19		2,578		3,011,966
AbbVie Inc.
1.20%, 11/06/15b		6,500		6,534,753
1.75%, 11/06/17b		9,650		9,663,001
2.00%, 11/06/18b		4,500		4,500,392
2.90%, 11/06/22b		3,725		3,625,662
Allergan Inc.
1.35%, 03/15/18		5,000		4,954,398
3.38%, 09/15/20		2,500		2,634,609
5.75%, 04/01/16		520		585,632

169

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
AmerisourceBergen Corp.
3.50%, 11/15/21 (Call 08/15/21)	$	1,875	$	1,948,294
5.88%, 09/15/15		795		880,427
AstraZeneca PLC
1.95%, 09/18/19		2,000		1,999,791
5.40%, 06/01/14		690		723,992
5.90%, 09/15/17		3,117		3,692,881
Bristol-Myers Squibb Co.
0.88%, 08/01/17		1,163		1,143,097
2.00%, 08/01/22		931		863,239
5.45%, 05/01/18		1,650		1,945,065
Cardinal Health Inc.
3.20%, 06/15/22		900		888,837
3.20%, 03/15/23		1,300		1,265,720
4.00%, 06/15/15		2,090		2,213,746
DENTSPLY International Inc.
2.75%, 08/15/16a		140		143,178
4.13%, 08/15/21 (Call 05/15/21)		1,945		2,034,248
Eli Lilly and Co.
5.20%, 03/15/17		996		1,135,241
Express Scripts Holding Co.
2.10%, 02/12/15		7,000		7,140,319
2.65%, 02/15/17		1,000		1,036,587
2.75%, 11/21/14		1,440		1,479,797
3.13%, 05/15/16		2,099		2,215,677
3.50%, 11/15/16		2,550		2,734,055
3.90%, 02/15/22		1,000		1,055,890
4.75%, 11/15/21		800		893,720
7.25%, 06/15/19		1,150		1,439,884
GlaxoSmithKline Capital Inc.
0.70%, 03/18/16		1,000		996,005
2.80%, 03/18/23		3,000		2,934,294
4.38%, 04/15/14		170		175,772
5.65%, 05/15/18		3,980		4,740,451
GlaxoSmithKline Capital PLC
1.50%, 05/08/17a		6,046		6,098,842
2.85%, 05/08/22		3,189		3,171,486
Johnson & Johnson
1.20%, 05/15/14		965		973,403
2.15%, 05/15/16		1,801		1,876,999
2.95%, 09/01/20		1,200		1,255,049
3.55%, 05/15/21a		1,900		2,063,091
5.15%, 07/15/18		2,863		3,392,131
5.55%, 08/15/17		1,762		2,071,574
McKesson Corp.
0.95%, 12/04/15		4,000		4,014,195
1.40%, 03/15/18		1,000		987,697
2.70%, 12/15/22 (Call 09/15/22)		1,275		1,232,114
3.25%, 03/01/16		1,200		1,272,886
4.75%, 03/01/21 (Call 12/01/20)		850		957,738
5.70%, 03/01/17		1,617		1,854,259
6.50%, 02/15/14		130		135,334
7.50%, 02/15/19		485		625,164
Mead Johnson Nutrition Co.
3.50%, 11/01/14		1,525		1,583,830
4.90%, 11/01/19		5,400		5,978,679
Medco Health Solutions Inc.
2.75%, 09/15/15		2,400		2,493,301
4.13%, 09/15/20		500		537,916
7.13%, 03/15/18		2,388		2,932,105
Merck & Co. Inc.
1.10%, 01/31/18		2,000		1,966,025
1.30%, 05/18/18		3,500		3,478,571
2.40%, 09/15/22 (Call 06/15/22)		3,100		2,972,029

Security	Principal (000s)		Value
2.80%, 05/18/23	$	1,500	$	1,474,304
3.88%, 01/15/21 (Call 10/15/20)		1,021		1,113,405
4.00%, 06/30/15		2,070		2,214,991
4.75%, 03/01/15		850		912,288
5.00%, 06/30/19		3,690		4,321,193
Novartis Capital Corp.
2.40%, 09/21/22		2,000		1,928,421
2.90%, 04/24/15		5,330		5,565,440
4.40%, 04/24/20		168		189,920
Novartis Securities Investment Ltd.
5.13%, 02/10/19		3,763		4,409,868
Pfizer Inc.
3.00%, 06/15/23		900		899,209
4.65%, 03/01/18a		200		228,793
5.35%, 03/15/15		5,040		5,455,209
6.20%, 03/15/19		6,584		8,109,251
Pharmacia Corp.
6.50%, 12/01/18		140		173,497
Sanofi
1.20%, 09/30/14		250		252,528
1.25%, 04/10/18		1,500		1,477,515
2.63%, 03/29/16		14,979		15,700,997
4.00%, 03/29/21		2,782		3,052,009
Schering-Plough Corp./ Merck & Co. Inc.
6.00%, 09/15/17		83		98,768
Teva Pharmaceutical Finance Co. BV
2.40%, 11/10/16		2,150		2,237,852
2.95%, 12/18/22		1,500		1,460,878
Series 2
3.65%, 11/10/21		1,329		1,380,890
Teva Pharmaceutical Finance II/III LLC
3.00%, 06/15/15		6,300		6,577,638
Teva Pharmaceutical Finance III BV
1.70%, 03/21/14		800		807,900
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/21		750		779,283
Teva Pharmaceutical Finance IV LLC
2.25%, 03/18/20		1,500		1,475,378
Watson Pharmaceuticals Inc.
1.88%, 10/01/17		300		297,853
3.25%, 10/01/22 (Call 07/01/22)		2,500		2,448,546
5.00%, 08/15/14		80		83,718
6.13%, 08/15/19		2,195		2,564,644
Wyeth LLC
5.45%, 04/01/17		315		363,746
5.50%, 02/15/16		168		188,826
Zoetis Inc.
1.15%, 02/01/16b		2,000		2,007,618
1.88%, 02/01/18b		225		226,271
3.25%, 02/01/23 (Call 11/01/22)b		4,025		3,988,546
				221,956,159
PIPELINES — 2.20%
Boardwalk Pipelines Partners LP
5.50%, 02/01/17		110		120,687
5.75%, 09/15/19		850		967,446
Buckeye Partners LP
4.88%, 02/01/21 (Call 11/01/20)		900		947,855
5.30%, 10/15/14		2,080		2,188,177
5.50%, 08/15/19		500		561,298
6.05%, 01/15/18		5,200		5,940,314

170

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CenterPoint Energy Resources Corp.
4.50%, 01/15/21 (Call 10/15/20)a	$	2,023	$	2,263,503
6.13%, 11/01/17		200		235,184
6.15%, 05/01/16a		210		237,089
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		2,450		2,380,727
4.95%, 04/01/22 (Call 01/01/22)		1,000		1,055,037
Duke Capital LLC
8.00%, 10/01/19		1,050		1,352,237
El Paso Natural Gas Co.
5.95%, 04/15/17		350		401,987
El Paso Pipeline Partners Operating Co. LLC
5.00%, 10/01/21 (Call 07/01/21)		2,000		2,222,987
Enbridge Energy Partners LP
5.20%, 03/15/20		2,595		2,879,215
9.88%, 03/01/19		875		1,182,292
Enbridge Inc.
4.90%, 03/01/15		120		128,171
5.60%, 04/01/17a		1,975		2,235,926
5.80%, 06/15/14		240		252,372
Energy Transfer Partners LP
4.65%, 06/01/21 (Call 03/01/21)		1,787		1,915,124
5.20%, 02/01/22 (Call 11/01/21)		1,866		2,054,058
5.95%, 02/01/15		1,140		1,228,933
6.13%, 02/15/17		230		262,845
6.70%, 07/01/18		1,350		1,619,179
9.00%, 04/15/19		840		1,101,614
9.70%, 03/15/19		665		891,782
Enterprise Products Operating LLC
1.25%, 08/13/15		6,700		6,749,953
3.20%, 02/01/16		405		426,905
3.35%, 03/15/23 (Call 12/15/22)		7,600		7,512,087
4.05%, 02/15/22		2,000		2,121,934
5.20%, 09/01/20		168		192,974
5.25%, 01/31/20		600		688,377
6.50%, 01/31/19		1,450		1,771,777
6.65%, 04/15/18		800		983,207
Series G
5.60%, 10/15/14		1,548		1,652,790
Series L
6.30%, 09/15/17		2,362		2,809,702
Gulf South Pipeline Co. LP
4.00%, 06/15/22 (Call 03/15/22)		1,000		1,025,367
Kinder Morgan Energy Partners LP
3.50%, 03/01/16		1,150		1,221,172
4.15%, 03/01/22a		900		944,409
5.13%, 11/15/14		170		180,729
5.30%, 09/15/20		1,500		1,717,945
5.63%, 02/15/15		75		81,014
5.80%, 03/01/21a		150		174,780
5.95%, 02/15/18		1,055		1,246,522
6.00%, 02/01/17		1,000		1,151,498
6.85%, 02/15/20		1,615		1,985,618
9.00%, 02/01/19		1,600		2,129,421
Magellan Midstream Partners LP
4.25%, 02/01/21		1,170		1,252,061
5.65%, 10/15/16		220		251,434
6.45%, 06/01/14		60		63,303
6.55%, 07/15/19		2,425		3,010,633
Northern Border Pipeline Co. Series A
7.50%, 09/15/21		90		109,266
Northwest Pipeline GP
6.05%, 06/15/18		215		255,424

Security	Principal (000s)		Value
ONEOK Inc.
4.25%, 02/01/22 (Call 11/02/21)	$	650	$	667,122
5.20%, 06/15/15		1,270		1,372,364
ONEOK Partners LP
2.00%, 10/01/17 (Call 07/01/17)		1,000		1,005,945
3.25%, 02/01/16 (Call 01/01/16)		1,550		1,627,149
3.38%, 10/01/22 (Call 07/01/22)		1,500		1,457,133
6.15%, 10/01/16		425		487,444
8.63%, 03/01/19		1,000		1,310,532
Panhandle Eastern Pipe Line Co. LP
6.20%, 11/01/17		300		352,335
Plains All American Pipeline LP
5.00%, 02/01/21 (Call 11/01/20)		3,475		3,945,128
5.63%, 12/15/13		70		71,869
5.75%, 01/15/20		1,240		1,458,836
6.50%, 05/01/18		200		243,005
8.75%, 05/01/19		1,950		2,610,242
Questar Pipeline Co.
5.83%, 02/01/18		1,000		1,138,852
Southern Natural Gas Co. LLC
5.90%, 04/01/17b		325		372,467
Southern Natural Gas Co. LLC/Southern Natural Issuing Corp.
4.40%, 06/15/21 (Call 03/15/21)		1,850		2,004,859
Spectra Energy Capital LLC
3.30%, 03/15/23 (Call 12/15/22)		1,500		1,461,850
5.67%, 08/15/14		1,450		1,531,664
5.90%, 09/15/13		70		71,035
Spectra Energy Partners LP
2.95%, 06/15/16 (Call 05/15/16)		1,000		1,026,999
Sunoco Logistics Partners Operations LP
3.45%, 01/15/23 (Call 10/15/22)		1,850		1,786,547
4.65%, 02/15/22		150		159,824
TC Pipelines LP
4.65%, 06/15/21 (Call 03/15/21)		450		471,566
Tennessee Gas Pipeline Co. LLC
7.50%, 04/01/17		1,375		1,661,263
Texas Gas Transmission LLC
4.60%, 06/01/15a		1,125		1,184,180
TransCanada PipeLines Ltd.
0.88%, 03/02/15		230		230,672
2.50%, 08/01/22		2,650		2,517,768
3.40%, 06/01/15		1,400		1,473,315
3.80%, 10/01/20		2,900		3,120,842
4.88%, 01/15/15		100		106,561
6.35%, 05/15/67 (Call 05/15/17)d		500		532,500
6.50%, 08/15/18		3,186		3,905,184
7.13%, 01/15/19		149		186,425
9.88%, 01/01/21		320		457,196
Transcontinental Gas Pipe Line Corp.
6.05%, 06/15/18		1,105		1,318,594
Western Gas Partners LP
4.00%, 07/01/22 (Call 04/01/22)		1,350		1,369,084
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)a		1,250		1,214,378
7.88%, 09/01/21		1,000		1,253,106
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		1,250		1,205,646
3.80%, 02/15/15		920		964,938
4.00%, 11/15/21 (Call 08/15/21)		2,750		2,831,536
5.25%, 03/15/20		1,832		2,046,405
7.25%, 02/01/17		2,250		2,661,314
				135,212,015

171

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
REAL ESTATE — 0.13%
Brookfield Asset Management Inc.
5.80%, 04/25/17a	$	250	$	279,367
ProLogis LP
4.50%, 08/15/17		500		542,831
6.13%, 12/01/16		480		548,274
6.25%, 03/15/17a		750		855,756
6.63%, 05/15/18		1,600		1,910,067
6.88%, 03/15/20 (Call 12/16/19)a		1,640		1,965,333
7.63%, 08/15/14a		550		595,980
Regency Centers LP
5.25%, 08/01/15		290		312,402
5.88%, 06/15/17		800		908,105
				7,918,115
REAL ESTATE INVESTMENT TRUSTS — 2.66%
Alexandria Real Estate Equities Inc.
4.60%, 04/01/22 (Call 01/01/22)		1,500		1,586,037
American Tower Corp.
3.50%, 01/31/23		4,000		3,853,193
4.50%, 01/15/18		2,774		3,033,951
4.63%, 04/01/15		1,370		1,449,549
5.05%, 09/01/20		1,000		1,092,407
5.90%, 11/01/21a		335		384,996
7.00%, 10/15/17		1,000		1,171,746
Arden Realty LP
5.25%, 03/01/15 (Call 12/01/14)		1,120		1,186,251
AvalonBay Communities Inc.
3.95%, 01/15/21 (Call 10/15/20)		550		580,225
5.70%, 03/15/17a		750		859,665
5.75%, 09/15/16		190		217,761
6.10%, 03/15/20		300		354,498
BioMed Realty LP
3.85%, 04/15/16 (Call 03/15/16)		150		158,097
4.25%, 07/15/22 (Call 04/15/22)		1,500		1,534,517
Boston Properties LP
3.70%, 11/15/18 (Call 08/15/18)		2,030		2,197,930
4.13%, 05/15/21		549		589,998
5.00%, 06/01/15a		190		204,788
5.63%, 04/15/15		30		32,592
5.63%, 11/15/20 (Call 08/15/20)		2,200		2,577,982
5.88%, 10/15/19		1,550		1,841,446
BRE Properties Inc.
5.50%, 03/15/17		950		1,057,906
Camden Property Trust
4.63%, 06/15/21 (Call 03/15/21)		200		217,930
5.00%, 06/15/15		140		150,516
CommonWealth REIT
5.88%, 09/15/20 (Call 03/15/20)		500		536,468
6.25%, 08/15/16 (Call 02/15/16)		930		1,004,941
6.65%, 01/15/18 (Call 07/15/17)		200		224,810
DDR Corp.
4.63%, 07/15/22 (Call 04/15/22)a		3,000		3,194,202
Digital Realty Trust LP
3.63%, 10/01/22 (Call 07/01/22)		1,000		978,610
4.50%, 07/15/15 (Call 04/15/15)		800		846,793
5.25%, 03/15/21 (Call 12/15/20)a		1,300		1,430,584
Duke Realty LP
3.88%, 10/15/22 (Call 07/15/22)a		1,000		991,035
5.40%, 08/15/14		70		73,501

Security	Principal (000s)		Value
5.95%, 02/15/17a	$	1,270	$	1,436,205
6.75%, 03/15/20		1,250		1,496,838
7.38%, 02/15/15		550		604,126
EPR Properties
5.75%, 08/15/22 (Call 05/15/22)		1,500		1,595,953
ERP Operating LP
4.63%, 12/15/21 (Call 09/15/21)		1,629		1,789,393
4.75%, 07/15/20 (Call 04/15/20)		1,500		1,671,281
5.13%, 03/15/16a		1,656		1,828,676
5.25%, 09/15/14		100		105,751
5.38%, 08/01/16		750		841,896
5.75%, 06/15/17		1,322		1,530,229
6.58%, 04/13/15		1,000		1,101,880
Essex Portfolio LP
3.63%, 08/15/22 (Call 05/15/22)a		1,000		993,373
HCP Inc.
3.15%, 08/01/22 (Call 05/01/22)		1,000		965,849
3.75%, 02/01/16		4,615		4,916,013
3.75%, 02/01/19 (Call 11/01/18)		1,700		1,802,759
5.38%, 02/01/21 (Call 11/03/20)		2,118		2,406,695
5.63%, 05/01/17		140		158,752
6.00%, 01/30/17		800		914,063
6.70%, 01/30/18		1,301		1,559,224
Health Care REIT Inc.
2.25%, 03/15/18		5,000		5,004,656
3.63%, 03/15/16		4,258		4,473,741
3.75%, 03/15/23 (Call 12/15/22)		4,000		3,989,933
4.13%, 04/01/19 (Call 01/01/19)		1,750		1,878,391
4.70%, 09/15/17		2,000		2,216,644
4.95%, 01/15/21 (Call 10/15/20)		1,150		1,267,940
5.25%, 01/15/22 (Call 10/15/21)		300		335,964
5.88%, 05/15/15		100		108,588
6.20%, 06/01/16		745		846,524
Healthcare Realty Trust Inc.
5.75%, 01/15/21		650		721,357
6.50%, 01/17/17		800		911,838
Highwoods Realty LP
3.63%, 01/15/23 (Call 10/15/22)		1,500		1,450,692
5.85%, 03/15/17		250		277,235
Hospitality Properties Trust
5.00%, 08/15/22 (Call 02/15/22)		1,250		1,307,346
5.13%, 02/15/15 (Call 08/15/14)		1,130		1,172,416
5.63%, 03/15/17		1,350		1,478,587
6.70%, 01/15/18 (Call 07/15/17)		200		226,838
7.88%, 08/15/14 (Call 02/15/14)		550		575,674
Host Hotels & Resorts LP Series D
3.75%, 10/15/23 (Call 07/15/23)		1,850		1,817,084
HRPT Properties Trust
6.25%, 06/15/17 (Call 12/15/16)		1,200		1,313,183
Kilroy Realty LP
4.80%, 07/15/18 (Call 05/15/18)		3,000		3,314,804
Kimco Realty Corp.
5.70%, 05/01/17		2,150		2,463,222
5.78%, 03/15/16		210		232,922
Liberty Property LP
4.75%, 10/01/20 (Call 07/01/20)		100		107,616
5.13%, 03/02/15		80		85,206
5.50%, 12/15/16		200		223,765
6.63%, 10/01/17		1,600		1,869,519
Mack-Cali Realty Corp.
7.75%, 08/15/19		450		562,993

172

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Mack-Cali Realty LP
2.50%, 12/15/17 (Call 11/15/17)	$	5,000	$	5,021,403
National Retail Properties Inc.
5.50%, 07/15/21 (Call 04/15/21)		1,000		1,135,837
Rayonier Inc.
3.75%, 04/01/22 (Call 01/01/22)		897		891,621
Realty Income Corp.
2.00%, 01/31/18 (Call 12/31/17)		4,000		3,964,905
3.25%, 10/15/22 (Call 07/15/22)		1,000		963,826
5.95%, 09/15/16		690		784,468
6.75%, 08/15/19		1,350		1,639,043
Senior Housing Properties Trust
4.30%, 01/15/16 (Call 10/15/15)		150		154,591
Simon Property Group LP
2.15%, 09/15/17 (Call 06/15/17)		1,950		1,995,775
2.80%, 01/30/17 (Call 10/30/16)		5,000		5,215,843
4.13%, 12/01/21 (Call 09/01/21)		5,890		6,425,414
4.20%, 02/01/15 (Call 11/01/14)		1,520		1,594,715
4.38%, 03/01/21 (Call 12/01/20)a		1,471		1,621,634
5.10%, 06/15/15		400		434,401
5.25%, 12/01/16 (Call 09/02/16)		1,622		1,833,489
5.65%, 02/01/20 (Call 11/01/19)		1,578		1,869,958
5.75%, 12/01/15 (Call 09/02/15)		380		420,954
5.88%, 03/01/17 (Call 12/01/16)		350		402,044
6.10%, 05/01/16 (Call 02/01/16)		2,020		2,287,307
6.13%, 05/30/18		1,215		1,458,739
10.35%, 04/01/19		500		706,844
UDR Inc.
4.25%, 06/01/18		950		1,030,095
4.63%, 01/10/22 (Call 10/10/21)		700		755,059
Ventas Realty LP/Ventas Capital Corp.
2.00%, 02/15/18 (Call 01/15/18)		5,000		4,973,529
2.70%, 04/01/20 (Call 01/01/20)		3,000		2,972,043
3.13%, 11/30/15		550		575,876
4.25%, 03/01/22 (Call 12/01/21)a		2,000		2,107,916
4.75%, 06/01/21 (Call 03/01/21)		1,800		1,967,623
Vornado Realty Trust
4.25%, 04/01/15 (Call 01/01/15)		2,000		2,093,560
5.00%, 01/15/22		500		546,042
Washington Real Estate Investment Trust
4.95%, 10/01/20 (Call 04/01/20)		250		269,328
Weingarten Realty Investors
3.38%, 10/15/22 (Call 07/15/22)		200		193,190
Weyerhaeuser Co.
7.38%, 10/01/19		1,000		1,241,355
				163,116,986
RETAIL — 2.26%
Advance Auto Parts Inc.
4.50%, 01/15/22 (Call 10/15/21)		390		389,726
AutoZone Inc.
3.70%, 04/15/22 (Call 01/15/22)		1,650		1,675,592
4.00%, 11/15/20 (Call 08/15/20)a		150		157,867
5.50%, 11/15/15		150		165,919
5.75%, 01/15/15		2,185		2,356,853
Costco Wholesale Corp.
1.13%, 12/15/17		2,500		2,475,510
1.70%, 12/15/19		2,000		1,969,657
5.50%, 03/15/17		1,650		1,908,800
CVS Caremark Corp.
3.25%, 05/18/15		2,200		2,297,478
4.75%, 05/18/20 (Call 12/18/19)		3,700		4,201,148

Security	Principal (000s)		Value
4.88%, 09/15/14	$	110	$	116,018
5.75%, 06/01/17		2,210		2,573,500
6.13%, 08/15/16		480		552,886
Darden Restaurants Inc.
4.50%, 10/15/21		2,250		2,343,895
6.20%, 10/15/17a		215		245,370
Dollar General Corp.
3.25%, 04/15/23 (Call 01/15/23)		4,100		3,945,106
Family Dollar Stores Inc.
5.00%, 02/01/21		140		147,643
Gap Inc. (The)
5.95%, 04/12/21 (Call 01/12/21)		2,350		2,713,210
Home Depot Inc. (The)
4.40%, 04/01/21 (Call 01/21/21)		2,559		2,874,345
5.40%, 03/01/16		8,351		9,368,208
Kohl’s Corp.
4.00%, 11/01/21 (Call 08/01/21)a		2,350		2,431,148
6.25%, 12/15/17a		1,600		1,826,528
Lowe’s Companies Inc.
1.63%, 04/15/17 (Call 03/15/17)		7,250		7,329,249
2.13%, 04/15/16 (Call 03/15/16)		2,400		2,483,836
3.12%, 04/15/22 (Call 01/15/22)		1,163		1,177,059
3.75%, 04/15/21 (Call 01/15/21)		150		158,557
3.80%, 11/15/21 (Call 08/15/21)		3,400		3,606,736
4.63%, 04/15/20 (Call 10/15/19)		1,800		2,044,953
5.00%, 10/15/15		290		319,235
5.40%, 10/15/16		1,250		1,427,228
Macy’s Retail Holdings Inc.
3.88%, 01/15/22 (Call 10/15/21)a		1,960		2,047,682
5.90%, 12/01/16a		2,723		3,129,561
McDonald’s Corp.
1.88%, 05/29/19a		5,000		5,007,573
2.63%, 01/15/22		654		652,230
3.63%, 05/20/21		1,250		1,345,401
5.30%, 03/15/17		245		280,445
5.35%, 03/01/18		1,156		1,350,712
Nordstrom Inc.
4.00%, 10/15/21 (Call 07/15/21)a		1,000		1,085,860
4.75%, 05/01/20a		500		562,917
6.25%, 01/15/18		2,300		2,718,500
6.75%, 06/01/14		110		116,612
O’Reilly Automotive Inc.
4.63%, 09/15/21 (Call 06/15/21)		1,700		1,835,205
4.88%, 01/14/21 (Call 10/14/20)		115		126,216
QVC Inc.
5.13%, 07/02/22		1,500		1,602,670
Staples Inc.
4.38%, 01/12/23 (Call 10/12/22)a		2,000		2,002,265
Starbucks Corp.
6.25%, 08/15/17		350		412,828
Target Corp.
1.13%, 07/18/14		2,140		2,157,316
2.90%, 01/15/22		2,262		2,273,975
3.88%, 07/15/20		1,127		1,238,299
5.38%, 05/01/17		112		129,380
5.88%, 07/15/16		92		106,199
6.00%, 01/15/18		2,374		2,840,116
TJX Companies Inc. (The)
4.20%, 08/15/15		200		212,536
6.95%, 04/15/19		1,405		1,748,947
Wal-Mart Stores Inc.
1.13%, 04/11/18		2,500		2,471,492
1.50%, 10/25/15		1,931		1,972,029

173

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
2.25%, 07/08/15a	$	1,160	$	1,203,479
2.55%, 04/11/23 (Call 01/11/23)		6,750		6,486,571
2.80%, 04/15/16		2,818		2,983,094
3.20%, 05/15/14		1,600		1,644,290
3.25%, 10/25/20		1,029		1,087,238
3.63%, 07/08/20		977		1,054,042
4.13%, 02/01/19a		1,450		1,602,129
4.25%, 04/15/21		2,211		2,479,153
4.50%, 07/01/15		110		118,971
5.38%, 04/05/17		1,661		1,920,877
5.80%, 02/15/18		1,898		2,267,587
Walgreen Co.
1.80%, 09/15/17		3,100		3,119,383
3.10%, 09/15/22a		2,500		2,464,116
5.25%, 01/15/19		627		716,960
Yum! Brands Inc.
3.75%, 11/01/21 (Call 08/01/21)		1,075		1,108,605
3.88%, 11/01/20 (Call 08/01/20)		300		312,059
4.25%, 09/15/15		100		106,966
5.30%, 09/15/19		1,275		1,447,489
6.25%, 04/15/16		200		226,576
6.25%, 03/15/18		1,400		1,652,957
				138,712,768
SAVINGS & LOANS — 0.13%
First Niagara Financial Group Inc.
7.25%, 12/15/21		1,000		1,188,467
Murray Street Investment Trust I
4.65%, 03/09/17c		4,500		4,879,968
Santander Holdings USA Inc.
3.00%, 09/24/15 (Call 08/24/15)		1,750		1,791,572
4.63%, 04/19/16		400		423,440
				8,283,447
SEMICONDUCTORS — 0.61%
Altera Corp.
1.75%, 05/15/17		2,000		2,011,588
Analog Devices Inc.
3.00%, 04/15/16		400		422,303
5.00%, 07/01/14		300		313,873
Applied Materials Inc.
2.65%, 06/15/16a		400		417,809
4.30%, 06/15/21		1,550		1,688,329
Broadcom Corp.
1.50%, 11/01/13		200		200,809
2.38%, 11/01/15		5,150		5,339,111
2.50%, 08/15/22a		6,000		5,708,766
2.70%, 11/01/18		1,650		1,732,561
Intel Corp.
1.35%, 12/15/17		4,000		3,974,077
1.95%, 10/01/16		1,896		1,956,490
2.70%, 12/15/22		1,000		963,955
3.30%, 10/01/21		5,186		5,373,447
KLA-Tencor Corp.
6.90%, 05/01/18		1,000		1,174,606
National Semiconductor Corp.
6.60%, 06/15/17a		1,400		1,662,552
Texas Instruments Inc.
0.45%, 08/03/15		1,500		1,496,545
1.38%, 05/15/14		1,470		1,484,688

Security	Principal (000s)		Value
1.65%, 08/03/19	$	719	$	706,582
2.38%, 05/16/16		698		727,889
				37,355,980
SOFTWARE — 1.19%
Adobe Systems Inc.
3.25%, 02/01/15		880		914,770
4.75%, 02/01/20		1,290		1,413,992
Autodesk Inc.
1.95%, 12/15/17		875		863,798
BMC Software Inc.
4.25%, 02/15/22		2,295		2,308,770
CA Inc.
5.38%, 12/01/19		1,150		1,278,048
6.13%, 12/01/14		5,230		5,615,290
Dun & Bradstreet Corp. (The)
2.88%, 11/15/15		1,000		1,031,633
4.38%, 12/01/22 (Call 09/01/22)a		1,000		1,001,162
Fidelity National Information Services Inc.
3.50%, 04/15/23 (Call 01/15/23)		500		481,336
5.00%, 03/15/22 (Call 03/15/17)		3,000		3,270,000
Fiserv Inc.
3.13%, 06/15/16		8,200		8,613,170
3.50%, 10/01/22 (Call 07/01/22)		1,000		983,515
4.63%, 10/01/20		1,000		1,084,951
4.75%, 06/15/21		850		917,071
6.80%, 11/20/17		1,700		2,029,675
Intuit Inc.
5.75%, 03/15/17		1,410		1,601,760
Microsoft Corp.
1.63%, 09/25/15		611		626,429
2.50%, 02/08/16a		3,044		3,172,556
2.95%, 06/01/14		2,285		2,344,561
4.00%, 02/08/21a		2,500		2,768,033
4.20%, 06/01/19		2,974		3,328,238
Oracle Corp.
1.20%, 10/15/17		3,600		3,569,828
2.50%, 10/15/22		5,000		4,804,866
3.75%, 07/08/14		6,310		6,541,862
3.88%, 07/15/20		326		355,514
5.00%, 07/08/19		931		1,087,882
5.25%, 01/15/16		3,923		4,371,296
5.75%, 04/15/18		5,791		6,898,573
				73,278,579
TELECOMMUNICATIONS — 4.22%
America Movil SAB de CV
2.38%, 09/08/16		2,900		2,980,188
3.13%, 07/16/22		5,000		4,775,143
3.63%, 03/30/15		1,000		1,041,785
5.00%, 03/30/20		4,900		5,402,294
5.63%, 11/15/17a		1,150		1,321,649
5.75%, 01/15/15		140		150,068
AT&T Inc.
0.80%, 12/01/15		8,200		8,184,462
0.88%, 02/13/15		210		210,418
1.40%, 12/01/17		1,500		1,487,142
1.60%, 02/15/17		5,136		5,163,997
1.70%, 06/01/17		4,896		4,928,520
2.40%, 08/15/16		3,351		3,471,179

174

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
2.50%, 08/15/15	$	8,361	$	8,660,483
2.95%, 05/15/16		4,663		4,912,507
3.88%, 08/15/21		4,473		4,775,761
4.45%, 05/15/21		1,785		1,978,931
5.10%, 09/15/14		2,660		2,811,415
5.50%, 02/01/18		2,913		3,407,780
5.63%, 06/15/16		1,908		2,154,020
5.80%, 02/15/19		7,188		8,632,953
BellSouth Corp.
5.20%, 09/15/14		1,000		1,053,547
5.20%, 12/15/16		240		270,009
British Telecommunications PLC
2.00%, 06/22/15		7,350		7,521,057
5.95%, 01/15/18		2,113		2,479,872
Cellco Partnership/Verizon Wireless Capital LLC
8.50%, 11/15/18		4,028		5,338,427
CenturyLink Inc.
Series M
5.00%, 02/15/15		600		627,000
Cisco Systems Inc.
3.15%, 03/14/17a		2,101		2,244,264
4.45%, 01/15/20		3,312		3,755,689
4.95%, 02/15/19		931		1,081,192
5.50%, 02/22/16		7,332		8,253,699
Corning Inc.
1.45%, 11/15/17		5,000		4,915,209
4.25%, 08/15/20		365		395,336
6.63%, 05/15/19		40		48,834
Deutsche Telekom International Finance BV
4.88%, 07/08/14		2,180		2,277,155
5.75%, 03/23/16		120		134,851
6.00%, 07/08/19		1,089		1,313,852
6.75%, 08/20/18		2,118		2,600,243
Embarq Corp.
7.08%, 06/01/16a		983		1,122,979
France Telecom SA
2.13%, 09/16/15		1,303		1,330,547
2.75%, 09/14/16		1,396		1,449,234
4.13%, 09/14/21		2,134		2,241,650
4.38%, 07/08/14		2,200		2,282,279
5.38%, 07/08/19		1,034		1,191,894
GTE Corp.
6.84%, 04/15/18a		890		1,079,860
Harris Corp.
4.40%, 12/15/20		200		212,377
6.38%, 06/15/19		1,365		1,593,242
Juniper Networks Inc.
3.10%, 03/15/16		2,695		2,811,950
4.60%, 03/15/21a		2,760		2,896,098
Motorola Solutions Inc.
3.75%, 05/15/22		1,500		1,504,501
6.00%, 11/15/17		300		346,085
Nippon Telegraph & Telephone Corp.
1.40%, 07/18/17		9,233		9,184,506
Qwest Corp.
6.50%, 06/01/17a		1,250		1,447,039
6.75%, 12/01/21		931		1,073,336
7.50%, 10/01/14		1,500		1,621,310
Rogers Communications Inc.
6.80%, 08/15/18		3,100		3,783,701
Telecom Italia Capital SA
4.95%, 09/30/14		1,310		1,370,260
5.25%, 10/01/15		3,602		3,858,536

Security	Principal (000s)		Value
6.18%, 06/18/14	$	210	$	220,605
7.00%, 06/04/18a		427		495,130
7.18%, 06/18/19		2,550		2,993,238
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22		1,950		1,982,847
Telefonica Emisiones SAU
3.73%, 04/27/15		1,380		1,427,662
3.99%, 02/16/16		711		743,256
4.95%, 01/15/15		2,200		2,307,522
5.13%, 04/27/20		799		850,685
5.46%, 02/16/21		5,364		5,765,218
5.88%, 07/15/19		698		778,583
6.22%, 07/03/17		1,300		1,461,655
6.42%, 06/20/16		4,411		4,929,368
Telefonos de Mexico SAB de CV
5.50%, 01/27/15		990		1,058,596
Verizon Communications Inc.
1.10%, 11/01/17		1,000		983,041
1.25%, 11/03/14		515		520,417
2.00%, 11/01/16		2,163		2,220,399
2.45%, 11/01/22 (Call 08/01/22)		1,000		933,202
3.00%, 04/01/16a		4,775		5,026,711
3.50%, 11/01/21		9,700		9,977,980
4.60%, 04/01/21		3,223		3,570,976
4.90%, 09/15/15a		330		360,174
5.50%, 02/15/18		1,058		1,232,884
5.55%, 02/15/16		2,532		2,833,318
6.10%, 04/15/18		2,606		3,119,925
6.35%, 04/01/19		3,089		3,768,514
8.75%, 11/01/18		906		1,204,807
Virgin Media Secured Finance PLC
5.25%, 01/15/21		3,000		3,135,000
Vodafone Group PLC
0.90%, 02/19/16		7,000		6,969,177
1.25%, 09/26/17		2,500		2,453,510
1.50%, 02/19/18		1,500		1,481,189
2.50%, 09/26/22		1,000		933,934
2.88%, 03/16/16		4,300		4,505,013
2.95%, 02/19/23		5,000		4,810,921
4.15%, 06/10/14		2,940		3,044,738
4.38%, 03/16/21		500		548,156
4.63%, 07/15/18a		320		361,893
5.00%, 09/15/15		92		100,510
5.38%, 01/30/15		240		257,998
5.45%, 06/10/19		1,750		2,053,299
5.63%, 02/27/17		2,308		2,634,013
5.75%, 03/15/16		1,892		2,129,895
				259,348,274
TEXTILES — 0.05%
Cintas Corp. No. 2
2.85%, 06/01/16		1,275		1,312,616
4.30%, 06/01/21		340		368,458
Mohawk Industries Inc.
3.85%, 02/01/23 (Call 11/01/22)		1,500		1,516,534
				3,197,608
TOYS, GAMES & HOBBIES — 0.03%
Mattel Inc.
1.70%, 03/15/18a		1,000		995,503

175

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
2.50%, 11/01/16	$	400	$	415,923
4.35%, 10/01/20		500		540,353
				1,951,779
TRANSPORTATION — 1.06%
Burlington Northern Santa Fe Corp.
3.00%, 03/15/23 (Call 12/15/22)		5,000		4,932,887
3.05%, 03/15/22 (Call 12/15/21)		1,600		1,605,963
3.05%, 09/01/22 (Call 06/01/22)		2,000		1,998,404
4.70%, 10/01/19		2,434		2,784,381
4.88%, 01/15/15		90		95,964
5.75%, 03/15/18		1,966		2,320,905
Canadian National Railway Co.
1.45%, 12/15/16 (Call 11/15/16)		1,900		1,926,016
2.25%, 11/15/22 (Call 08/15/22)		550		525,014
5.55%, 03/01/19		2,550		3,031,443
5.80%, 06/01/16		180		205,158
Canadian Pacific Railway Co.
7.25%, 05/15/19		2,000		2,516,108
9.45%, 08/01/21		70		100,220
Con-Way Inc.
7.25%, 01/15/18a		1,100		1,282,328
CSX Corp.
3.70%, 10/30/20 (Call 07/30/20)		100		107,418
4.25%, 06/01/21 (Call 03/01/21)		1,900		2,086,615
6.25%, 04/01/15		1,350		1,482,138
6.25%, 03/15/18		350		418,511
7.38%, 02/01/19		2,250		2,829,039
7.90%, 05/01/17		210		257,799
CSX Transportation Inc.
6.25%, 01/15/23		3,994		4,732,095
FedEx Corp.
2.63%, 08/01/22a		1,750		1,689,495
8.00%, 01/15/19a		750		957,908
Norfolk Southern Corp.
3.00%, 04/01/22 (Call 01/01/22)		1,350		1,352,015
3.25%, 12/01/21 (Call 09/01/21)		1,500		1,537,188
5.26%, 09/17/14		50		52,959
5.75%, 01/15/16		1,550		1,739,858
5.75%, 04/01/18		1,550		1,832,299
5.90%, 06/15/19a		1,590		1,918,148
7.70%, 05/15/17		410		505,876
Norfolk Southern Railway Co.
9.75%, 06/15/20		150		213,109
Ryder System Inc.
2.50%, 03/01/17 (Call 02/01/17)		500		504,403
2.50%, 03/01/18 (Call 02/01/18)a		1,250		1,268,304
3.15%, 03/02/15		925		950,371
3.50%, 06/01/17		950		991,544
3.60%, 03/01/16		100		104,245
5.85%, 03/01/14		120		124,563
5.85%, 11/01/16		1,400		1,582,833
Union Pacific Corp.
4.00%, 02/01/21 (Call 11/01/20)a		500		548,351
4.16%, 07/15/22 (Call 04/15/22)		964		1,057,844
4.88%, 01/15/15		70		74,639
5.70%, 08/15/18		1,137		1,347,161
5.75%, 11/15/17		1,350		1,583,757
6.13%, 02/15/20		300		368,611
United Parcel Service Inc.
2.45%, 10/01/22		1,300		1,256,572
3.13%, 01/15/21		2,614		2,715,612

Security	Principal (000s)		Value
5.13%, 04/01/19	$	1,431	$	1,684,805
5.50%, 01/15/18		1,111		1,303,385
8.38%, 04/01/20		350		472,901
				64,977,162
TRUCKING & LEASING — 0.04%
GATX Corp.
3.50%, 07/15/16		1,050		1,091,766
4.85%, 06/01/21		1,150		1,215,544
				2,307,310
WATER — 0.04%
American Water Capital Corp.
6.09%, 10/15/17		500		587,422
United Utilities PLC
4.55%, 06/19/18		150		159,504
5.38%, 02/01/19		210		228,028
Veolia Environnement SA
6.00%, 06/01/18a		1,525		1,771,951
				2,746,905
TOTAL CORPORATE BONDS & NOTES
(Cost: $5,315,993,552)				5,474,424,346
FOREIGN AGENCY OBLIGATIONSf — 5.53%
BRAZIL — 0.64%
Petrobras International Finance Co.
2.88%, 02/06/15		3,000		3,055,270
3.50%, 02/06/17		2,900		2,980,874
3.88%, 01/27/16		2,000		2,088,293
5.38%, 01/27/21		10,750		11,402,731
5.75%, 01/20/20		5,250		5,729,398
5.88%, 03/01/18		4,737		5,302,493
6.13%, 10/06/16a		2,550		2,835,856
7.88%, 03/15/19		4,950		5,975,161
				39,370,076
CANADA — 1.76%
British Columbia (Province of)
1.20%, 04/25/17a		1,250		1,264,849
2.00%, 10/23/22		3,300		3,162,292
2.10%, 05/18/16		2,550		2,658,799
2.65%, 09/22/21		750		769,420
2.85%, 06/15/15		2,850		2,988,284
Export Development Canada
0.50%, 09/15/15		1,000		1,001,065
0.75%, 12/15/17a		1,500		1,482,122
1.25%, 10/27/15		500		509,481
1.25%, 10/26/16		500		508,812
1.50%, 05/15/14		3,250		3,288,523
Hydro-Quebec
1.38%, 06/19/17		2,850		2,881,832
2.00%, 06/30/16		2,900		3,004,527
8.40%, 01/15/22		580		807,777
9.40%, 02/01/21		200		288,603
Manitoba (Province of)
2.10%, 09/06/22		2,000		1,931,587

176

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
4.90%, 12/06/16a	$	3,750	$	4,274,012
New Brunswick (Province of)
5.20%, 02/21/17		850		975,127
Nova Scotia (Province of)
5.13%, 01/26/17		1,250		1,427,308
9.25%, 03/01/20		2,000		2,801,740
Ontario (Province of)
0.95%, 05/26/15		500		504,643
1.10%, 10/25/17		2,000		1,988,123
1.60%, 09/21/16		5,750		5,888,155
1.65%, 09/27/19		5,500		5,416,826
2.30%, 05/10/16		9,550		9,977,335
2.70%, 06/16/15		6,000		6,264,540
2.95%, 02/05/15		5,100		5,310,801
4.00%, 10/07/19		4,600		5,165,196
4.10%, 06/16/14		3,220		3,346,022
4.40%, 04/14/20a		4,950		5,674,575
4.50%, 02/03/15		310		330,756
4.75%, 01/19/16a		320		353,708
4.95%, 11/28/16a		3,250		3,704,050
5.45%, 04/27/16		2,475		2,806,547
Quebec (Province of)
2.75%, 08/25/21		3,750		3,819,227
3.50%, 07/29/20		3,450		3,743,960
4.60%, 05/26/15		2,990		3,232,338
4.63%, 05/14/18a		1,000		1,152,202
4.88%, 05/05/14		340		354,279
5.00%, 03/01/16		2,392		2,672,101
5.13%, 11/14/16a		500		572,068
				108,303,612
COLOMBIA — 0.09%
Ecopetrol SA
7.63%, 07/23/19a		4,250		5,187,125
				5,187,125
GERMANY — 0.02%
FMS Wertmanagement AoeR
1.00%, 11/21/17a		1,500		1,488,857
				1,488,857
JAPAN — 0.41%
Development Bank of Japan Inc.
4.25%, 06/09/15		490		526,313
5.13%, 02/01/17a		2,600		2,981,529
Japan Finance Corp.
1.88%, 09/24/15		1,500		1,544,518
2.13%, 02/07/19a		1,000		1,027,928
2.25%, 07/13/16a		3,500		3,660,107
2.50%, 01/21/16		2,900		3,040,129
2.50%, 05/18/16a		3,000		3,155,845
2.88%, 02/02/15		2,540		2,640,507
Japan Finance Organization for Municipalities
4.00%, 01/13/21a		3,300		3,718,648
4.63%, 04/21/15		250		268,981
5.00%, 05/16/17		2,300		2,638,572
				25,203,077

Security	Principal (000s)		Value
MEXICO — 0.50%
Pemex Project Funding Master Trust
5.75%, 03/01/18	$	3,467	$	3,952,380
Petroleos Mexicanos
3.50%, 01/30/23a,b		5,650		5,424,000
4.88%, 03/15/15		2,190		2,299,500
4.88%, 01/24/22a		6,900		7,383,000
5.50%, 01/21/21		4,300		4,837,500
6.00%, 03/05/20		2,900		3,349,500
8.00%, 05/03/19		2,650		3,312,500
				30,558,380
NETHERLANDS — 0.12%
Petrobras Global Finance BV
4.38%, 05/20/23		7,500		7,272,722
				7,272,722
SOUTH KOREA — 0.42%
Export-Import Bank of Korea (The)
1.25%, 11/20/15		1,500		1,489,613
3.75%, 10/20/16		600		641,797
4.00%, 01/11/17		750		800,691
4.00%, 01/29/21		500		518,012
4.13%, 09/09/15		3,300		3,489,942
4.38%, 09/15/21		3,200		3,397,407
5.00%, 04/11/22		1,000		1,100,575
5.13%, 03/16/15		190		202,802
5.13%, 06/29/20		2,950		3,314,968
5.88%, 01/14/15		1,610		1,723,409
Korea Development Bank (The)
1.50%, 01/22/18a		1,500		1,449,492
3.00%, 09/14/22a		1,000		948,393
3.25%, 03/09/16		3,000		3,135,587
3.50%, 08/22/17		1,430		1,501,732
4.00%, 09/09/16		1,500		1,613,957
4.38%, 08/10/15		585		620,768
				25,949,145
SUPRANATIONAL — 1.57%
Asian Development Bank
0.50%, 06/20/16		9,500		9,477,577
1.13%, 03/15/17		6,400		6,480,082
1.38%, 03/23/20		4,900		4,812,522
1.75%, 03/21/19		300		306,189
1.88%, 10/23/18		2,500		2,576,650
2.50%, 03/15/16		5,800		6,108,512
2.63%, 02/09/15		5,950		6,176,266
2.75%, 05/21/14		2,200		2,252,813
5.50%, 06/27/16		2,450		2,811,674
Inter-American Development Bank
0.88%, 03/15/18		8,500		8,411,495
1.13%, 03/15/17		2,000		2,024,277
1.38%, 10/18/16		3,000		3,068,611
1.75%, 08/24/18		2,500		2,565,871
2.25%, 07/15/15		10,500		10,897,365
3.88%, 02/14/20		750		853,325
4.25%, 09/10/18		2,000		2,304,705
5.13%, 09/13/16		5,492		6,278,576

177

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Series E
3.88%, 09/17/19	$	5,500	$	6,256,394
Svensk Exportkredit AB
0.63%, 05/31/16		1,767		1,757,529
1.13%, 04/05/18		1,500		1,481,780
1.75%, 10/20/15		1,355		1,391,084
2.13%, 07/13/16		5,450		5,663,890
3.25%, 09/16/14		1,500		1,555,829
5.13%, 03/01/17		1,000		1,149,966
				96,662,982
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $333,291,550)				339,995,976
FOREIGN GOVERNMENT OBLIGATIONSf — 3.74%
BRAZIL — 0.51%
Brazil (Federative Republic of)
2.63%, 01/05/23		2,500		2,331,250
4.88%, 01/22/21		5,825		6,553,125
5.88%, 01/15/19a		6,150		7,213,950
6.00%, 01/17/17		3,525		4,023,787
7.88%, 03/07/15		3,200		3,584,000
8.00%, 01/15/18a		1,910		2,196,500
8.88%, 10/14/19		2,250		3,048,750
12.75%, 01/15/20a		1,500		2,400,000
				31,351,362
CANADA — 0.17%
Canada (Government of)
0.88%, 02/14/17a		6,525		6,552,900
2.38%, 09/10/14		3,570		3,665,749
				10,218,649
CHILE — 0.10%
Chile (Republic of)
2.25%, 10/30/22a		1,000		935,000
3.25%, 09/14/21		5,250		5,446,875
				6,381,875
COLOMBIA — 0.31%
Colombia (Republic of)
4.38%, 07/12/21		5,100		5,584,500
7.38%, 01/27/17		2,600		3,107,000
7.38%, 03/18/19		6,000		7,560,000
8.25%, 12/22/14		1,450		1,602,250
11.75%, 02/25/20a		1,000		1,520,000
				19,373,750
ISRAEL — 0.15%
Israel (State of)
4.00%, 06/30/22a		2,000		2,135,000
5.13%, 03/01/14a		130		134,212
5.13%, 03/26/19a		4,450		5,145,313
5.50%, 11/09/16a		1,600		1,824,000
				9,238,525

Security	Principal (000s)		Value
ITALY — 0.39%
Italy (Republic of)
3.13%, 01/26/15	$	5,290	$	5,431,938
4.50%, 01/21/15		8,371		8,778,735
5.25%, 09/20/16		9,230		10,055,502
				24,266,175
JAPAN — 0.06%
Japan (Government of)
1.13%, 07/19/17a		3,500		3,494,573
				3,494,573
MEXICO — 0.53%
United Mexican States
3.63%, 03/15/22		3,000		3,090,000
5.13%, 01/15/20		7,150		8,186,750
5.63%, 01/15/17		7,000		7,945,000
5.95%, 03/19/19		5,700		6,768,750
6.63%, 03/03/15		810		882,900
8.13%, 12/30/19		3,400		4,488,000
11.38%, 09/15/16a		800		1,052,000
				32,413,400
PANAMA — 0.07%
Panama (Republic of)
5.20%, 01/30/20		2,900		3,364,000
7.25%, 03/15/15		1,000		1,107,500
				4,471,500
PERU — 0.06%
Peru (Republic of)
7.13%, 03/30/19a		1,425		1,781,250
9.88%, 02/06/15a		1,625		1,836,250
				3,617,500
PHILIPPINES — 0.09%
Philippines (Republic of the)
4.00%, 01/15/21		5,000		5,425,000
				5,425,000
POLAND — 0.45%
Poland (Republic of)
3.88%, 07/16/15		4,950		5,214,825
5.00%, 10/19/15a		770		831,985
5.00%, 03/23/22		4,200		4,756,668
5.13%, 04/21/21		3,000		3,390,000
6.38%, 07/15/19		11,000		13,241,250
				27,434,728
SOUTH AFRICA — 0.16%
South Africa (Republic of)
5.50%, 03/09/20		4,000		4,470,000
6.50%, 06/02/14		240		251,928

178

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
6.88%, 05/27/19	$	4,250	$	5,084,062
				9,805,990
SOUTH KOREA — 0.14%
Korea (Republic of)
4.88%, 09/22/14		370		388,302
5.13%, 12/07/16		750		848,111
5.75%, 04/16/14		2,300		2,391,262
7.13%, 04/16/19		3,800		4,797,719
				8,425,394
TURKEY — 0.53%
Turkey (Republic of)
3.25%, 03/23/23a		15,000		14,700,000
6.75%, 04/03/18		15,000		17,925,001
				32,625,001
URUGUAY — 0.02%
Uruguay (Republic of)
8.00%, 11/18/22a		1,000		1,340,000
				1,340,000
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $223,190,169)				229,883,422
MUNICIPAL DEBT OBLIGATIONS — 0.36%
CALIFORNIA — 0.12%
Southern California Public Power Authority RB Electric Power & Light Revenues Series B
6.93%, 05/15/17 (AGM)		600		727,920
State of California GO
3.95%, 11/01/15		875		940,966
5.25%, 04/01/14		1,000		1,037,740
5.45%, 04/01/15		1,000		1,084,890
5.75%, 03/01/17		500		581,330
5.95%, 04/01/16		290		326,555
6.20%, 10/01/19a		1,500		1,813,320
State of California GO BAB
5.70%, 11/01/21		500		598,305
University of California Regents RB College & University Revenue Series AA-2
0.89%, 07/01/13		500		500,185
				7,611,211
ILLINOIS — 0.16%
State of Illinois GO
4.07%, 01/01/14		1,600		1,628,704
4.42%, 01/01/15		3,000		3,148,110
4.96%, 03/01/16		500		542,880
5.37%, 03/01/17		250		274,748
5.67%, 03/01/18		2,000		2,262,880
5.88%, 03/01/19		1,450		1,648,055
				9,505,377

Security	Principal or Shares (000s)		Value
KENTUCKY — 0.01%
Kentucky Asset Liability Commission RB Miscellaneous Revenue
3.17%, 04/01/18	$	413	$	431,056
				431,056
MASSACHUSETTS — 0.01%
Commonwealth of Massachusetts GO BAB Series E
4.20%, 12/01/21		600		677,970
				677,970
NEW JERSEY — 0.05%
New Jersey Economic Development Authority RB Lease Appropriation Series B
0.00%, 02/15/20 (AGM)		3,000		2,440,260
New Jersey Economic Development Authority RB Lease Appropriation Series B
0.00%, 02/15/21 (AGM)		480		368,443
New Jersey State Turnpike Authority RB Turnpike Revenue Series B
4.25%, 01/01/16 (AMBAC)		315		323,445
				3,132,148
WASHINGTON — 0.01%
Energy Northwest RB Electric Power & Light Revenues Series E
2.20%, 07/01/19		500		506,250
				506,250
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $20,672,944)				21,864,012
SHORT-TERM INVESTMENTS — 6.22%
MONEY MARKET FUNDS — 6.22%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%e,g,h		287,002		287,002,483
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,g,h		29,965		29,965,298

179

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

May 31, 2013

Security	Shares (000s)		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,g		65,188	$	65,188,039
				382,155,820
TOTAL SHORT-TERM INVESTMENTS
(Cost: $382,155,820)				382,155,820
TOTAL INVESTMENTS IN SECURITIES — 104.97%
(Cost: $6,275,304,035)				6,448,323,576
Other Assets, Less Liabilities —(4.97)%				(305,565,694	)
NET ASSETS — 100.00%			$	6,142,757,882

BAB  —  Build America Bond

GO  —  General Obligation

RB  —  Revenue Bond

Insured by:

AGM  —  Assured Guaranty Municipal Corp.

AMBAC  —  Ambac Financial Group Inc.

^a  All or a portion of this security represents a security on loan. See Note 3.

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

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

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

^e  Affiliated issuer. See Note 2.

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

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

^h  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

180

Schedule of Investments  (Unaudited) 

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 31.02%
ADVERTISING — 0.08%
Interpublic Group of Companies Inc. (The)
4.00%, 03/15/22	$	50	$	49,961
10.00%, 07/15/17 (Call 07/15/13)		100		106,300
Omnicom Group Inc.
3.63%, 05/01/22		600		602,938
WPP Finance 2010
4.75%, 11/21/21		150		159,901
				919,100
AEROSPACE & DEFENSE — 0.23%
Boeing Co. (The)
4.88%, 02/15/20		450		522,820
Exelis Inc.
5.55%, 10/01/21		200		209,627
Goodrich Corp.
3.60%, 02/01/21 (Call 11/01/20)		250		265,374
L-3 Communications Corp.
4.95%, 02/15/21 (Call 11/15/20)		100		109,167
Lockheed Martin Corp.
3.35%, 09/15/21		300		308,088
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		250		238,489
United Technologies Corp.
3.10%, 06/01/22		300		305,914
5.38%, 12/15/17		473		552,718
				2,512,197
AGRICULTURE — 0.34%
Altria Group Inc.
4.75%, 05/05/21		450		497,821
9.70%, 11/10/18		526		720,398
Archer-Daniels-Midland Co.
4.48%, 03/01/21		250		277,028
Bunge Ltd. Finance Corp.
3.20%, 06/15/17a		250		258,810
4.10%, 03/15/16		150		160,165
Lorillard Tobacco Co.
2.30%, 08/21/17a		250		250,983
3.50%, 08/04/16		100		105,683
Philip Morris International Inc.
2.50%, 08/22/22		150		143,756
5.65%, 05/16/18		685		813,795
Reynolds American Inc.
6.75%, 06/15/17		447		529,719
				3,758,158
AIRLINES — 0.07%
American Airlines Inc. 2011-2 Pass Through Trust Class A
8.63%, 04/15/23		45		47,888

Security	Principal (000s)		Value
Continental Airlines Inc. 2010-1A Pass Through Trust Class A
4.75%, 07/12/22a	$	92	$	101,200
Delta Air Lines Inc. 2010-2A Pass Through Trust Class A
4.95%, 11/23/20a		41		45,019
Delta Air Lines Inc. 2012-1A Pass Through Trust Class A
4.75%, 11/07/21a		482		529,155
				723,262
APPAREL — 0.00%
VF Corp.
3.50%, 09/01/21 (Call 06/21/21)		50		52,104
				52,104
AUTO MANUFACTURERS — 0.04%
Daimler Finance North America LLC
6.50%, 11/15/13		465		477,157
				477,157
AUTO PARTS & EQUIPMENT — 0.04%
Johnson Controls Inc.
3.75%, 12/01/21 (Call 09/01/21)		200		207,777
4.25%, 03/01/21		200		215,585
				423,362
BANKS — 8.33%
Abbey National Treasury Services PLC
4.00%, 04/27/16		300		319,259
American Express Centurion Bank
5.95%, 06/12/17		300		348,850
Associated Banc-Corp
5.13%, 03/28/16 (Call 02/28/16)		100		108,701
Bank of America Corp.
2.00%, 01/11/18		900		892,601
3.63%, 03/17/16		300		316,492
4.50%, 04/01/15		600		634,025
5.63%, 07/01/20		750		863,914
5.65%, 05/01/18		1,010		1,156,401
5.70%, 01/24/22		1,450		1,667,481
7.38%, 05/15/14		1,053		1,118,487
7.63%, 06/01/19		262		328,934
Bank of America N.A.
5.30%, 03/15/17		500		555,107
Bank of Montreal
1.45%, 04/09/18 (Call 03/09/18)		400		393,917
1.75%, 04/29/14		150		151,742
2.50%, 01/11/17		200		206,659
Bank of New York Mellon Corp. (The)
0.70%, 10/23/15 (Call 09/23/15)		1,000		1,000,989
1.30%, 01/25/18 (Call 12/25/17a		600		596,009
2.30%, 07/28/16		300		312,048
Bank of Nova Scotia
1.45%, 04/25/18		250		245,933
2.05%, 10/07/15		750		770,773
4.38%, 01/13/21		150		167,297

181

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Barclays Bank PLC
2.75%, 02/23/15	$	300	$	309,456
5.13%, 01/08/20		700		799,278
5.20%, 07/10/14		400		419,713
BB&T Corp.
1.60%, 08/15/17 (Call 07/14/17)		300		299,426
3.20%, 03/15/16 (Call 02/16/16)		250		264,281
6.85%, 04/30/19		262		325,130
BBVA U.S. Senior SA Unipersonal
4.66%, 10/09/15		500		520,427
BNP Paribas SA
2.38%, 09/14/17		300		304,617
3.25%, 03/11/15		300		310,961
5.00%, 01/15/21		500		552,943
Canadian Imperial Bank of Commerce
0.90%, 10/01/15		150		150,253
Capital One Financial Corp.
2.13%, 07/15/14		450		456,358
6.75%, 09/15/17		526		633,030
Capital One N.A.
1.50%, 03/22/18 (Call 02/22/18)		400		393,254
Citigroup Inc.
1.25%, 01/15/16		250		249,327
1.75%, 05/01/18		400		393,523
2.25%, 08/07/15		500		511,202
3.50%, 05/15/23		500		472,919
4.45%, 01/10/17		1,800		1,959,430
4.50%, 01/14/22a		250		272,140
4.75%, 05/19/15		600		641,799
5.00%, 09/15/14		150		157,055
6.13%, 05/15/18		1,010		1,190,043
8.50%, 05/22/19		512		674,904
Comerica Inc.
3.00%, 09/16/15		50		52,368
Commonwealth Bank of Australia/ New York
1.90%, 09/18/17		250		254,164
Credit Suisse New York
5.40%, 01/14/20		600		673,968
5.50%, 05/01/14		100		104,371
6.00%, 02/15/18		400		458,931
Deutsche Bank AG London
6.00%, 09/01/17		848		993,516
Fifth Third Bancorp
5.45%, 01/15/17		526		585,227
Goldman Sachs Group Inc. (The)
1.60%, 11/23/15a		4,200		4,240,190
3.63%, 02/07/16		600		634,137
3.70%, 08/01/15		600		631,889
5.25%, 07/27/21		300		335,597
5.35%, 01/15/16		660		724,106
5.75%, 01/24/22		1,000		1,145,684
6.00%, 05/01/14		450		471,722
6.15%, 04/01/18		1,460		1,701,269
HSBC Bank (USA) N.A.
4.88%, 08/24/20		350		383,767
HSBC Holdings PLC
5.10%, 04/05/21		650		747,689
HSBC USA Inc.
2.38%, 02/13/15		600		616,366
Intesa Sanpaolo SpA
3.13%, 01/15/16		300		298,500
J.P. Morgan Chase & Co.
1.10%, 10/15/15		1,200		1,202,612
1.63%, 05/15/18		500		491,236

Security	Principal (000s)		Value
1.80%, 01/25/18	$	500	$	496,717
3.15%, 07/05/16		600		632,530
3.20%, 01/25/23		400		391,514
3.25%, 09/23/22		300		295,009
3.38%, 05/01/23		500		474,215
3.45%, 03/01/16		450		475,987
4.25%, 10/15/20		500		538,984
4.35%, 08/15/21		500		538,936
4.50%, 01/24/22		400		433,955
6.00%, 01/15/18		800		936,800
6.30%, 04/23/19		262		316,272
J.P. Morgan Chase Bank N.A.
6.00%, 10/01/17		1,000		1,158,532
KeyBank N.A.
1.65%, 02/01/18		500		497,805
KfW
0.88%, 09/05/17		4,200		4,171,618
1.50%, 04/04/14		1,500		1,514,541
2.00%, 06/01/16		2,250		2,339,054
2.63%, 03/03/15a		750		779,308
2.63%, 01/25/22		1,500		1,549,908
4.88%, 01/17/17		842		962,034
Series G
4.38%, 03/15/18a		1,347		1,544,483
Korea Finance Corp.
4.63%, 11/16/21		200		214,679
Landwirtschaftliche Rentenbank
1.88%, 09/17/18		600		615,808
Series G
5.00%, 11/08/16		467		532,953
Lloyds TSB Bank PLC
4.20%, 03/28/17a		500		544,575
Manufacturers and Traders Trust Co.
1.45%, 03/07/18 (Call 02/05/18)		750		742,186
Morgan Stanley
1.75%, 02/25/16		250		250,632
3.45%, 11/02/15		150		156,534
3.80%, 04/29/16		900		949,380
4.10%, 01/26/15		300		313,150
4.75%, 04/01/14a		425		436,674
4.88%, 11/01/22		1,000		1,029,254
5.45%, 01/09/17		500		554,219
5.75%, 10/18/16		473		529,788
5.75%, 01/25/21		700		801,831
6.00%, 04/28/15		736		798,695
6.63%, 04/01/18		603		709,597
7.30%, 05/13/19		262		320,597
National Australia Bank Ltd. New York
1.60%, 08/07/15		250		254,009
National City Corp.
6.88%, 05/15/19		776		948,427
Northern Trust Corp.
3.38%, 08/23/21		100		104,495
3.45%, 11/04/20		50		52,991
Oesterreichische Kontrollbank AG
1.13%, 07/06/15a		300		303,734
2.00%, 06/03/16a		600		622,314
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)b		500		505,265
5.25%, 11/15/15b		135		148,167
Rabobank Nederland
3.38%, 01/19/17		750		798,216
4.50%, 01/11/21		500		546,762

182

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Royal Bank of Canada
1.45%, 10/30/14	$	200	$	202,229
1.50%, 01/16/18		500		497,153
2.30%, 07/20/16		150		155,605
2.88%, 04/19/16		350		368,555
Royal Bank of Scotland Group PLC
4.38%, 03/16/16a		500		540,509
5.63%, 08/24/20		150		171,846
6.13%, 01/11/21		400		469,897
State Street Corp.
4.30%, 05/30/14		179		185,965
4.38%, 03/07/21		300		333,648
Sumitomo Mitsui Banking Corp.
1.50%, 01/18/18		500		492,086
SunTrust Bank
7.25%, 03/15/18		262		318,511
SunTrust Banks Inc.
3.50%, 01/20/17 (Call 12/20/16)		100		106,691
Svenska Handelsbanken AB
2.88%, 04/04/17		250		262,036
Toronto-Dominion Bank (The)
1.38%, 07/14/14		50		50,484
2.38%, 10/19/16		200		208,074
2.50%, 07/14/16		100		104,109
U.S. Bancorp
1.65%, 05/15/17 (Call 04/15/17)		500		503,787
2.20%, 11/15/16 (Call 10/14/16)		200		208,098
4.13%, 05/24/21 (Call 04/23/21)		100		109,624
UBS AG Stamford
5.88%, 12/20/17		1,010		1,186,794
US Bank N.A.
4.80%, 04/15/15		686		732,809
Wachovia Corp./Wells Fargo & Co.
5.63%, 10/15/16		550		624,230
5.75%, 06/15/17		1,010		1,164,812
Wells Fargo & Co.
1.50%, 07/01/15		500		506,625
1.50%, 01/16/18		600		592,879
3.50%, 03/08/22		500		515,621
3.63%, 04/15/15		450		473,515
3.75%, 10/01/14		600		624,593
4.60%, 04/01/21		400		448,517
Westpac Banking Corp.
1.13%, 09/25/15		3,700		3,728,662
3.00%, 08/04/15		450		470,735
4.88%, 11/19/19		375		433,487
				91,789,717
BEVERAGES — 0.74%
Anheuser-Busch InBev Worldwide Inc.
1.38%, 07/15/17		900		899,041
2.50%, 07/15/22		350		336,115
5.38%, 11/15/14		600		640,585
5.38%, 01/15/20		400		471,373
7.75%, 01/15/19		400		518,466
Beam Inc.
5.38%, 01/15/16		54		59,353
Bottling Group LLC
6.95%, 03/15/14		307		322,349
Brown-Forman Corp.
2.25%, 01/15/23 (Call 10/15/22)		250		237,243

Security	Principal (000s)		Value
Coca-Cola Co. (The)
5.35%, 11/15/17	$	1,000	$	1,167,762
Coca-Cola Enterprises Inc.
2.13%, 09/15/15		300		307,570
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)		250		238,895
Diageo Finance BV
5.30%, 10/28/15		498		549,504
Diageo Investment Corp.
2.88%, 05/11/22		250		248,141
Dr Pepper Snapple Group Inc.
2.90%, 01/15/16		100		104,494
3.20%, 11/15/21 (Call 08/15/21)		200		202,746
PepsiCo Inc.
1.25%, 08/13/17		400		396,779
2.75%, 03/05/22		500		493,835
3.75%, 03/01/14		276		282,668
7.90%, 11/01/18		500		653,767
				8,130,686
BIOTECHNOLOGY — 0.20%
Amgen Inc.
1.88%, 11/15/14		100		101,586
2.30%, 06/15/16		150		155,343
3.88%, 11/15/21 (Call 08/15/21)		400		428,602
5.70%, 02/01/19		762		901,187
Bio-Rad Laboratories Inc.
4.88%, 12/15/20		100		102,437
Celgene Corp.
3.95%, 10/15/20		100		106,852
Gilead Sciences Inc.
3.05%, 12/01/16		300		318,917
4.50%, 04/01/21 (Call 01/01/21)		100		111,469
				2,226,393
BUILDING MATERIALS — 0.05%
CRH America Inc.
5.30%, 10/15/13		370		376,192
Owens Corning Inc.
9.00%, 06/15/19		160		199,154
				575,346
CHEMICALS — 0.60%
Agrium Inc.
3.15%, 10/01/22 (Call 07/01/22)		50		48,576
Air Products and Chemicals Inc.
2.00%, 08/02/16		250		257,583
Airgas Inc.
2.38%, 02/15/20 (Call 01/15/20)		300		293,979
2.90%, 11/15/22 (Call 08/15/22)		250		239,763
Cytec Industries Inc.
3.50%, 04/01/23 (Call 01/01/23)		250		246,908
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)		500		484,722
4.25%, 11/15/20 (Call 08/15/20)		300		327,187
8.55%, 05/15/19		400		532,566
E.I. du Pont de Nemours and Co.
3.63%, 01/15/21		300		321,773
4.25%, 04/01/21a		850		948,785

183

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Eastman Chemical Co.
3.00%, 12/15/15a	$	200	$	209,766
Ecolab Inc.
3.00%, 12/08/16		600		636,794
Mosaic Co. (The)
3.75%, 11/15/21 (Call 08/15/21)		150		155,365
Potash Corp. of Saskatchewan Inc.
6.50%, 05/15/19		300		369,157
PPG Industries Inc.
3.60%, 11/15/20		200		211,662
Praxair Inc.
1.05%, 11/07/17		500		492,893
3.00%, 09/01/21		100		101,756
4.05%, 03/15/21		100		109,275
4.50%, 08/15/19		256		290,742
RPM International Inc.
3.45%, 11/15/22 (Call 08/15/22)		250		244,070
Sigma-Aldrich Corp.
3.38%, 11/01/20 (Call 08/01/20)		50		51,658
Valspar Corp. (The)
4.20%, 01/15/22 (Call 10/15/21)		50		52,669
				6,627,649
COMMERCIAL SERVICES — 0.09%
ADT Corp. (The)
2.25%, 07/15/17		200		199,855
Equifax Inc.
3.30%, 12/15/22 (Call 09/15/22)		200		193,459
Moody’s Corp.
5.50%, 09/01/20a		100		109,616
Western Union Co. (The)
5.25%, 04/01/20a		416		442,776
				945,706
COMPUTERS — 0.53%
Apple Inc.
1.00%, 05/03/18		450		441,716
2.40%, 05/03/23		450		430,334
Computer Sciences Corp.
4.45%, 09/15/22a		50		51,689
6.50%, 03/15/18		150		172,179
Dell Inc.
2.30%, 09/10/15		100		100,000
4.63%, 04/01/21a		250		247,500
Hewlett-Packard Co.
1.55%, 05/30/14		150		150,881
2.35%, 03/15/15		300		305,513
2.65%, 06/01/16		150		154,352
4.30%, 06/01/21		450		451,812
4.65%, 12/09/21		200		205,522
5.50%, 03/01/18		526		592,017
International Business Machines Corp.
0.55%, 02/06/15		1,000		1,001,223
1.95%, 07/22/16		300		309,973
2.90%, 11/01/21		350		353,650
5.70%, 09/14/17		550		647,582
NetApp Inc.
2.00%, 12/15/17		250		247,336
				5,863,279

Security	Principal (000s)		Value
COSMETICS & PERSONAL CARE — 0.13%
Avon Products Inc.
5.00%, 03/15/23	$	500	$	525,237
Colgate-Palmolive Co.
1.30%, 01/15/17		200		201,287
2.95%, 11/01/20		150		155,986
Procter & Gamble Co. (The)
1.80%, 11/15/15		350		360,597
4.70%, 02/15/19		200		231,332
				1,474,439
DISTRIBUTION & WHOLESALE — 0.02%
Arrow Electronics Inc.
5.13%, 03/01/21a		150		158,477
Ingram Micro Inc.
5.25%, 09/01/17		100		107,676
				266,153
DIVERSIFIED FINANCIAL SERVICES — 2.46%
Alterra Finance LLC
6.25%, 09/30/20		100		115,540
American Express Co.
1.55%, 05/22/18		500		495,297
2.65%, 12/02/22		250		239,602
6.80%, 09/01/66 (Call 09/01/16)c		268		293,460
7.00%, 03/19/18		792		974,465
American Express Credit Corp.
2.38%, 03/24/17		400		412,950
2.80%, 09/19/16		200		210,157
Ameriprise Financial Inc.
5.30%, 03/15/20		150		175,966
Bear Stearns Companies Inc. (The)/J.P. Morgan Chase & Co.
5.70%, 11/15/14		1,047		1,119,399
Boeing Capital Corp.
2.13%, 08/15/16 (Call 07/15/16)		250		258,586
Caterpillar Financial Services Corp.
1.63%, 06/01/17a		250		252,198
Charles Schwab Corp. (The)
0.85%, 12/04/15		250		250,578
3.23%, 09/01/22		262		262,927
Credit Suisse (USA) Inc.
5.38%, 03/02/16		1,048		1,167,476
Ford Motor Credit Co. LLC
2.38%, 01/16/18		200		199,331
4.25%, 02/03/17		1,000		1,068,936
7.00%, 04/15/15		750		822,982
8.13%, 01/15/20		750		946,812
Franklin Resources Inc.
2.80%, 09/15/22		250		245,167
General Electric Capital Corp.
1.63%, 07/02/15		300		304,567
2.15%, 01/09/15		900		920,697
2.95%, 05/09/16		450		473,944
3.10%, 01/09/23		400		388,304
4.65%, 10/17/21		400		443,552
5.00%, 01/08/16		640		703,781
5.30%, 02/11/21		700		788,834
5.63%, 09/15/17		1,000		1,157,249
5.63%, 05/01/18		762		893,521

184

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
5.90%, 05/13/14	$	450	$	473,635
6.00%, 08/07/19		762		916,394
HSBC Finance Corp.
5.50%, 01/19/16		350		387,882
6.68%, 01/15/21		444		525,210
Jefferies Group LLC
5.13%, 01/20/23a		200		210,312
8.50%, 07/15/19		262		327,898
John Deere Capital Corp.
0.88%, 04/17/15		100		100,500
1.30%, 03/12/18a		300		297,128
1.85%, 09/15/16		600		615,380
3.15%, 10/15/21		200		205,789
Merrill Lynch & Co. Inc.
5.45%, 07/15/14		935		980,692
6.05%, 05/16/16		600		666,629
Series C
5.00%, 01/15/15		235		248,492
National Rural Utilities Cooperative Finance Corp.
3.05%, 02/15/22 (Call 11/15/21)a		250		254,862
Nomura Holdings Inc.
6.70%, 03/04/20		225		263,405
ORIX Corp.
5.00%, 01/12/16		250		268,243
PACCAR Financial Corp.
0.80%, 02/08/16		250		249,174
1.55%, 09/29/14		200		202,891
SLM Corp.
6.25%, 01/25/16		500		528,750
7.25%, 01/25/22		100		104,000
Series A
5.38%, 05/15/14		637		656,110
Svensk Exportkredit AB
1.75%, 05/30/17a		500		512,719
Toyota Motor Credit Corp.
1.25%, 11/17/14		200		202,046
1.25%, 10/05/17		600		593,422
1.75%, 05/22/17		500		505,936
2.63%, 01/10/23		1,000		965,618
3.40%, 09/15/21		200		208,664
				27,058,059
ELECTRIC — 1.43%
Ameren Illinois Co.
2.70%, 09/01/22 (Call 06/01/22)		250		245,163
American Electric Power Co. Inc.
2.95%, 12/15/22 (Call 09/15/22)		250		242,087
CenterPoint Energy Houston Electric LLC
2.25%, 08/01/22 (Call 05/01/22)		250		239,336
Consolidated Edison Co. of New York Inc.
5.85%, 04/01/18		1,096		1,300,664
Constellation Energy Group Inc.
4.55%, 06/15/15		556		593,905
Consumers Energy Co.
2.85%, 05/15/22 (Call 02/15/22)		200		201,385
Detroit Edison Co. (The)
3.45%, 10/01/20 (Call 07/01/20)		150		160,101
Dominion Resources Inc. Series C
5.15%, 07/15/15		640		696,238
Duke Energy Corp.
3.55%, 09/15/21 (Call 06/15/21)		150		155,743

Security	Principal (000s)		Value
5.05%, 09/15/19	$	262	$	302,325
Duke Energy Indiana Inc.
3.75%, 07/15/20		200		215,805
Duke Energy Progress Inc.
3.00%, 09/15/21 (Call 06/15/21)		150		153,996
Edison International
3.75%, 09/15/17		200		215,182
Entergy Arkansas Inc.
3.75%, 02/15/21 (Call 11/15/20)		200		213,535
Entergy Corp.
4.70%, 01/15/17 (Call 12/15/16)		100		108,295
Entergy Louisiana LLC
1.88%, 12/15/14		100		101,630
Exelon Corp.
4.90%, 06/15/15		440		473,091
Exelon Generation Co. LLC
5.35%, 01/15/14		340		349,651
Georgia Power Co.
0.75%, 08/10/15		500		500,468
Great Plains Energy Inc.
4.85%, 06/01/21 (Call 03/01/21)		50		54,691
5.29%, 06/15/22 (Call 03/15/22)a,d		300		332,948
Integrys Energy Group Inc.
4.17%, 11/01/20		50		54,874
Kentucky Utilities Co.
3.25%, 11/01/20 (Call 08/01/20)		50		52,749
LG&E and KU Energy LLC
2.13%, 11/15/15		100		102,460
3.75%, 11/15/20 (Call 08/15/20)a		100		104,433
MidAmerican Energy Holdings Co.
5.75%, 04/01/18		300		353,877
National Fuel Gas Co.
3.75%, 03/01/23 (Call 12/01/22)		250		246,765
NextEra Energy Capital Holdings Inc.
1.20%, 06/01/15		600		603,717
6.00%, 03/01/19a		256		301,475
Nisource Finance Corp.
4.45%, 12/01/21 (Call 09/01/21)		300		322,727
Northern States Power Co.
1.95%, 08/15/15 (Call 05/15/15)		100		102,605
2.15%, 08/15/22 (Call 02/15/22)		500		474,557
NSTAR Electric Co.
2.38%, 10/15/22 (Call 07/15/22)		250		239,091
Oncor Electric Delivery Co.
6.38%, 01/15/15		268		290,860
Pacific Gas & Electric Co.
4.80%, 03/01/14		772		795,967
Portland General Electric Co.
6.10%, 04/15/19		100		121,998
PPL Electric Utilities Corp.
3.00%, 09/15/21 (Call 06/15/21)		150		153,992
PPL Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)		200		210,417
Progress Energy Inc.
3.15%, 04/01/22 (Call 01/01/22)		600		597,228
4.40%, 01/15/21 (Call 10/15/20)		300		327,385
PSEG Power LLC
2.75%, 09/15/16		100		103,328
4.15%, 09/15/21 (Call 06/15/21)		150		159,372
Public Service Co. of Oklahoma
4.40%, 02/01/21		100		110,168
San Diego Gas & Electric Co.
3.00%, 08/15/21		200		206,469

185

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
SCANA Corp.
4.13%, 02/01/22 (Call 11/01/21)	$	50	$	51,151
4.75%, 05/15/21 (Call 02/15/21)		150		160,894
Scottish Power Ltd.
5.38%, 03/15/15		65		69,135
Southern Co. (The)
2.38%, 09/15/15		100		103,364
Southern Power Co. Series D
4.88%, 07/15/15		307		332,749
Southwestern Electric Power Co.
6.45%, 01/15/19		262		315,223
Tampa Electric Co.
2.60%, 09/15/22 (Call 06/15/22)		250		244,722
TransAlta Corp.
4.50%, 11/15/22 (Call 08/15/22)		500		496,943
Tucson Electric Power Co.
5.15%, 11/15/21 (Call 08/15/21)a		300		332,563
UIL Holdings Corp.
4.63%, 10/01/20		100		105,822
Union Electric Co.
6.70%, 02/01/19		262		326,090
Virginia Electric and Power Co.
2.95%, 01/15/22 (Call 10/15/21)		100		102,314
Wisconsin Electric Power Co.
2.95%, 09/15/21 (Call 06/15/21)		200		206,368
				15,740,091
ELECTRICAL COMPONENTS & EQUIPMENT — 0.06%
Emerson Electric Co.
4.88%, 10/15/19a		300		346,534
5.25%, 10/15/18		255		299,306
				645,840
ELECTRONICS — 0.21%
Agilent Technologies Inc.
5.00%, 07/15/20		100		111,446
6.50%, 11/01/17a		225		265,835
Amphenol Corp.
4.00%, 02/01/22 (Call 11/01/21)		50		51,148
Avnet Inc.
4.88%, 12/01/22		250		256,985
Honeywell International Inc.
5.30%, 03/01/18		262		307,499
Koninklijke Philips Electronics NV
3.75%, 03/15/22		400		418,596
PerkinElmer Inc.
5.00%, 11/15/21 (Call 08/15/21)		50		53,614
Thermo Fisher Scientific Inc.
3.20%, 03/01/16		600		629,779
3.60%, 08/15/21 (Call 05/15/21)		200		204,129
4.50%, 03/01/21		50		54,035
				2,353,066
ENGINEERING & CONSTRUCTION — 0.02%
Fluor Corp.
3.38%, 09/15/21		200		206,798
				206,798

Security	Principal (000s)		Value
ENTERTAINMENT — 0.01%
International Game Technology
7.50%, 06/15/19	$	100	$	117,449
				117,449
ENVIRONMENTAL CONTROL — 0.07%
Republic Services Inc.
5.00%, 03/01/20		400		450,878
Waste Management Inc.
4.60%, 03/01/21 (Call 12/01/20)		250		275,465
				726,343
FOOD — 0.58%
Campbell Soup Co.
3.05%, 07/15/17		200		210,309
ConAgra Foods Inc.
3.25%, 09/15/22a		250		247,811
Delhaize Brothers and Co. “The Lion” (Delhaize Group)
4.13%, 04/10/19		250		259,089
General Mills Inc.
1.55%, 05/16/14		200		201,992
5.70%, 02/15/17		200		230,176
H.J. Heinz Co.
3.13%, 09/12/21 (Call 06/12/21)		250		246,250
Hershey Co. (The)
1.50%, 11/01/16		200		202,104
4.13%, 12/01/20		50		55,489
Ingredion Inc.
4.63%, 11/01/20		50		54,463
Kellogg Co.
1.88%, 11/17/16		150		153,809
3.13%, 05/17/22		250		252,239
4.45%, 05/30/16		300		327,369
Kraft Foods Group Inc.
2.25%, 06/05/17		500		513,006
3.50%, 06/06/22		250		256,619
Kroger Co. (The)
2.20%, 01/15/17		300		306,860
3.90%, 10/01/15		300		320,539
McCormick & Co. Inc.
3.90%, 07/15/21 (Call 04/15/21)		200		212,392
Mondelez International Inc.
4.13%, 02/09/16		500		540,170
6.13%, 02/01/18		504		594,986
Safeway Inc.
3.95%, 08/15/20a		200		204,526
Sysco Corp.
2.60%, 06/12/22a		250		242,910
Unilever Capital Corp.
0.85%, 08/02/17		500		490,464
4.25%, 02/10/21		250		279,688
				6,403,260
FOREST PRODUCTS & PAPER — 0.14%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22 (Call 10/11/21)		500		514,260
Domtar Corp.
4.40%, 04/01/22 (Call 01/01/22)		200		196,968

186

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
International Paper Co.
4.75%, 02/15/22 (Call 11/15/21)	$	450	$	496,746
7.95%, 06/15/18		262		333,505
				1,541,479
GAS — 0.04%
AGL Capital Corp.
3.50%, 09/15/21 (Call 06/15/21)		200		209,132
Sempra Energy
2.00%, 03/15/14		100		100,997
6.50%, 06/01/16		112		129,064
				439,193
HAND & MACHINE TOOLS — 0.03%
Stanley Black & Decker Inc.
3.40%, 12/01/21 (Call 09/01/21)		300		308,034
				308,034
HEALTH CARE — PRODUCTS — 0.37%
Baxter International Inc.
2.40%, 08/15/22		500		477,566
4.25%, 03/15/20		200		222,250
Becton, Dickinson and Co.
3.13%, 11/08/21		200		203,944
3.25%, 11/12/20		100		103,960
Boston Scientific Corp.
4.50%, 01/15/15		700		737,494
Covidien International Finance SA
6.00%, 10/15/17		450		529,982
Medtronic Inc.
2.75%, 04/01/23 (Call 01/01/23)		500		487,320
3.00%, 03/15/15		200		208,575
4.13%, 03/15/21 (Call 12/15/20)		200		220,612
St. Jude Medical Inc.
2.50%, 01/15/16		100		102,940
Stryker Corp.
1.30%, 04/01/18a		500		493,088
2.00%, 09/30/16		100		103,351
Zimmer Holdings Inc.
3.38%, 11/30/21 (Call 08/30/21)		200		202,378
				4,093,460
HEALTH CARE — SERVICES — 0.39%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		250		239,101
3.95%, 09/01/20		100		106,749
4.13%, 06/01/21 (Call 03/01/21)		300		322,976
Cigna Corp.
2.75%, 11/15/16		100		105,041
4.38%, 12/15/20 (Call 09/15/20)		100		109,497
Coventry Health Care Inc.
5.45%, 06/15/21 (Call 03/15/21)		50		57,665
Humana Inc.
3.15%, 12/01/22 (Call 09/01/22)a		500		483,594
6.45%, 06/01/16		200		228,906
Laboratory Corp. of America Holdings
2.20%, 08/23/17		550		555,587

Security	Principal (000s)		Value
Quest Diagnostics Inc.
4.70%, 04/01/21	$	150	$	160,006
UnitedHealth Group Inc.
1.40%, 10/15/17		250		249,490
4.70%, 02/15/21 (Call 11/15/20)a		200		225,981
4.88%, 03/15/15		268		288,069
6.00%, 06/15/17		250		294,161
WellPoint Inc.
1.88%, 01/15/18		250		250,290
3.30%, 01/15/23		200		198,192
4.35%, 08/15/20		100		109,636
5.25%, 01/15/16		300		331,393
				4,316,334
HOME FURNISHINGS — 0.03%
Whirlpool Corp.
4.85%, 06/15/21a		250		276,045
				276,045
HOUSEHOLD PRODUCTS & WARES — 0.06%
Clorox Co. (The)
3.80%, 11/15/21		200		207,921
Kimberly-Clark Corp.
6.13%, 08/01/17		256		304,807
Tupperware Brands Corp.
4.75%, 06/01/21 (Call 03/01/21)		100		104,215
				616,943
HOUSEWARES — 0.05%
Newell Rubbermaid Inc.
2.00%, 06/15/15		500		507,760
				507,760
INSURANCE — 1.04%
ACE INA Holdings Inc.
2.70%, 03/13/23		200		194,276
Aflac Inc.
3.45%, 08/15/15a		100		105,653
4.00%, 02/15/22a		200		210,354
Allstate Corp. (The)
5.00%, 08/15/14		336		353,282
American International Group Inc.
3.65%, 01/15/14		250		254,462
4.88%, 06/01/22		300		332,097
5.60%, 10/18/16		673		759,931
6.40%, 12/15/20		500		607,157
Aon PLC
3.13%, 05/27/16		100		105,108
Berkshire Hathaway Finance Corp.
4.85%, 01/15/15		654		699,055
5.40%, 05/15/18a		450		528,848
Berkshire Hathaway Inc.
1.90%, 01/31/17		500		509,828
Chubb Corp. (The)
6.38%, 03/29/67 (Call 04/15/17)c		250		281,250
CNA Financial Corp.
5.88%, 08/15/20		75		86,977

187

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Fidelity National Financial Inc.
5.50%, 09/01/22	$	300	$	331,796
Genworth Holdings Inc.
5.75%, 06/15/14		526		551,643
Hartford Financial Services Group Inc.
5.13%, 04/15/22		250		285,246
5.38%, 03/15/17		250		280,942
Lincoln National Corp.
8.75%, 07/01/19		300		399,231
Markel Corp.
5.35%, 06/01/21		200		223,257
Marsh & McLennan Companies Inc.
5.75%, 09/15/15		350		386,623
MetLife Inc.
3.05%, 12/15/22		500		489,063
4.75%, 02/08/21		200		226,349
5.00%, 06/15/15		390		422,175
Principal Financial Group Inc.
1.85%, 11/15/17		500		500,676
Progressive Corp. (The)
3.75%, 08/23/21a		100		106,858
Prudential Financial Inc.
3.00%, 05/12/16		150		157,997
4.50%, 11/16/21a		300		326,143
Series B
5.10%, 09/20/14		673		710,814
Reinsurance Group of America Inc.
5.00%, 06/01/21		200		218,150
Travelers Companies Inc. (The)
6.25%, 06/20/16		262		301,928
Willis Group Holdings PLC
5.75%, 03/15/21		100		111,393
WR Berkley Corp.
4.63%, 03/15/22		200		214,381
XLIT Ltd.
5.75%, 10/01/21		200		236,874
				11,509,817
INTERNET — 0.10%
Amazon.com Inc.
2.50%, 11/29/22 (Call 08/29/22)		150		141,932
eBay Inc.
1.35%, 07/15/17		100		100,007
3.25%, 10/15/20 (Call 07/15/20)		100		103,804
Google Inc.
2.13%, 05/19/16		200		208,205
Symantec Corp.
2.75%, 06/15/17 (Call 05/15/17)a		500		512,311
				1,066,259
IRON & STEEL — 0.02%
Cliffs Natural Resources Inc.
4.88%, 04/01/21 (Call 01/01/21)a		200		192,854
Reliance Steel & Aluminum Co.
4.50%, 04/15/23 (Call 01/15/23)		50		49,767
				242,621

Security	Principal (000s)		Value
LODGING — 0.08%
Hyatt Hotels Corp.
3.38%, 07/15/23 (Call 04/15/23)	$	235	$	229,354
Marriott International Inc.
3.00%, 03/01/19 (Call 12/01/18)		300		309,563
Starwood Hotels & Resorts Worldwide Inc.
3.13%, 02/15/23 (Call 11/15/22)		250		239,531
Wyndham Worldwide Corp.
2.95%, 03/01/17 (Call 02/01/17)		50		51,370
4.25%, 03/01/22 (Call 12/01/21)		100		102,073
				931,891
MACHINERY — 0.23%
Caterpillar Inc.
3.90%, 05/27/21		700		759,468
5.70%, 08/15/16		943		1,082,308
Deere & Co.
4.38%, 10/16/19		300		342,862
Joy Global Inc.
5.13%, 10/15/21a		50		54,485
Roper Industries Inc.
3.13%, 11/15/22 (Call 08/15/22)		250		244,277
				2,483,400
MANUFACTURING — 0.58%
Carlisle Companies Inc.
3.75%, 11/15/22 (Call 08/15/22)		250		246,857
Danaher Corp.
2.30%, 06/23/16		50		52,024
3.90%, 06/23/21 (Call 03/23/21)		150		163,981
Eaton Corp.
2.75%, 11/02/22e		250		240,710
General Electric Co.
2.70%, 10/09/22		4,450		4,384,585
Harsco Corp.
2.70%, 10/15/15		100		100,786
Illinois Tool Works Inc.
3.38%, 09/15/21 (Call 06/15/21)		225		235,740
Ingersoll-Rand Global Holding Co. Ltd.
6.88%, 08/15/18		250		299,040
Pentair Finance SA
2.65%, 12/01/19		250		247,777
Pentair Inc.
5.00%, 05/15/21 (Call 02/15/21)		50		54,459
Textron Inc.
4.63%, 09/21/16		100		107,506
Tyco Electronics Group SA
6.55%, 10/01/17		200		235,871
				6,369,336
MEDIA — 1.07%
CBS Corp.
3.38%, 03/01/22 (Call 12/01/21)a		250		250,271
Comcast Corp.
3.13%, 07/15/22		500		510,557
6.50%, 01/15/17		750		887,595
COX Communications Inc.
5.45%, 12/15/14		192		206,160

188

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
3.50%, 03/01/16	$	600	$	636,798
3.55%, 03/15/15		450		470,644
3.80%, 03/15/22		250		252,597
5.00%, 03/01/21		200		222,493
Discovery Communications LLC
3.30%, 05/15/22		250		251,734
3.70%, 06/01/15		450		474,856
NBCUniversal Media LLC
2.88%, 04/01/16		300		316,063
5.15%, 04/30/20		1,050		1,230,726
News America Inc.
3.00%, 09/15/22		250		242,860
5.30%, 12/15/14		556		594,839
Thomson Reuters Corp.
6.50%, 07/15/18		300		362,132
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)		200		209,146
5.85%, 05/01/17		336		386,572
6.75%, 07/01/18		700		848,685
7.50%, 04/01/14		326		344,222
Time Warner Inc.
3.15%, 07/15/15		100		104,812
4.88%, 03/15/20		750		850,036
Viacom Inc.
1.25%, 02/27/15		400		402,708
3.13%, 06/15/22 (Call 03/15/22)		500		492,815
3.50%, 04/01/17a		150		159,987
Walt Disney Co. (The)
1.13%, 02/15/17		500		496,875
1.35%, 08/16/16		300		304,691
2.55%, 02/15/22a		250		245,003
				11,755,877
METAL FABRICATE & HARDWARE — 0.02%
Precision Castparts Corp.
1.25%, 01/15/18		200		197,348
				197,348
MINING — 0.60%
Alcoa Inc.
5.40%, 04/15/21 (Call 01/15/21)a		400		406,737
5.55%, 02/01/17a		418		452,943
AngloGold Ashanti Holdings PLC
5.38%, 04/15/20		200		205,943
Barrick Gold Corp.
2.90%, 05/30/16		200		206,067
3.85%, 04/01/22		200		190,880
6.95%, 04/01/19		225		265,863
BHP Billiton Finance (USA) Ltd.
1.63%, 02/24/17		200		202,128
3.25%, 11/21/21		450		461,749
Freeport-McMoRan Copper & Gold Inc.
1.40%, 02/13/15		50		50,314
3.55%, 03/01/22 (Call 12/01/21)		300		291,612
3.88%, 03/15/23 (Call 12/15/22)e		200		193,875
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		200		189,789
Rio Tinto Finance (USA) Ltd.
2.25%, 09/20/16		100		103,176

Security	Principal (000s)		Value
3.75%, 09/20/21	$	50	$	51,620
6.50%, 07/15/18		450		546,604
8.95%, 05/01/14		510		548,191
9.00%, 05/01/19		225		304,056
Rio Tinto Finance (USA) PLC
1.63%, 08/21/17 (Call 07/21/17)		500		498,645
Teck Resources Ltd.
3.00%, 03/01/19		200		201,559
3.85%, 08/15/17a		50		53,230
Vale Overseas Ltd.
4.38%, 01/11/22		800		794,577
6.25%, 01/11/16		336		373,464
				6,593,022
MULTI-NATIONAL — 1.80%
African Development Bank
1.13%, 03/15/17		750		757,982
Corporacion Andina de Fomento
4.38%, 06/15/22		300		319,944
Council of Europe Development Bank
1.50%, 02/22/17		250		254,790
European Bank for Reconstruction and Development
1.00%, 02/16/17		750		754,389
Series G
2.75%, 04/20/15		300		313,118
European Investment Bank
1.00%, 07/15/15		1,000		1,011,153
1.00%, 03/15/18		800		789,674
1.00%, 06/15/18		400		393,176
1.25%, 02/14/14		1,200		1,207,632
1.25%, 10/14/16		750		761,298
2.13%, 07/15/16		900		938,882
2.75%, 03/23/15		600		625,198
4.00%, 02/16/21		1,700		1,919,193
4.63%, 05/15/14		3,641		3,790,978
International Bank for Reconstruction and Development
0.50%, 04/15/16		400		399,455
1.00%, 09/15/16		1,800		1,818,934
2.13%, 02/13/23		800		786,131
2.38%, 05/26/15		750		779,655
International Finance Corp.
1.00%, 04/24/17		600		603,941
2.25%, 04/11/16		500		523,509
2.75%, 04/20/15		500		521,959
Nordic Investment Bank
0.50%, 04/14/16		250		249,522
5.00%, 02/01/17		307		352,825
				19,873,338
OFFICE & BUSINESS EQUIPMENT — 0.12%
Pitney Bowes Inc.
4.75%, 01/15/16a		256		271,834
Xerox Corp.
4.25%, 02/15/15		200		210,241
4.50%, 05/15/21a		650		687,375
5.63%, 12/15/19		150		170,376
				1,339,826

189

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
OIL & GAS — 1.69%
Anadarko Petroleum Corp.
5.95%, 09/15/16	$	306	$	348,633
6.38%, 09/15/17		500		591,084
BP Capital Markets PLC
0.70%, 11/06/15		600		598,615
1.85%, 05/05/17		250		253,367
3.13%, 10/01/15		200		210,508
3.20%, 03/11/16		850		901,462
3.56%, 11/01/21		100		104,067
3.88%, 03/10/15		150		158,396
4.74%, 03/11/21		200		225,329
4.75%, 03/10/19		150		171,056
Canadian Natural Resources Ltd.
5.90%, 02/01/18		500		586,416
Cenovus Energy Inc.
3.00%, 08/15/22 (Call 05/15/22)		250		245,052
4.50%, 09/15/14		200		209,318
Chevron Corp.
1.10%, 12/05/17 (Call 11/05/17)		600		594,911
2.36%, 12/05/22 (Call 09/05/22)		250		239,953
CNOOC Finance 2013 Ltd.
3.00%, 05/09/23		250		235,351
ConocoPhillips
4.75%, 02/01/14		240		246,769
5.75%, 02/01/19		300		360,545
ConocoPhillips Co.
2.40%, 12/15/22 (Call 09/15/22)		500		480,098
Devon Energy Corp.
4.00%, 07/15/21 (Call 04/15/21)a		300		317,440
Encana Corp.
5.90%, 12/01/17		350		405,820
Ensco PLC
4.70%, 03/15/21		300		331,008
EOG Resources Inc.
2.95%, 06/01/15		300		313,341
Husky Energy Inc.
7.25%, 12/15/19		300		381,076
Marathon Oil Corp.
6.00%, 10/01/17		194		228,007
Marathon Petroleum Corp.
3.50%, 03/01/16		50		53,164
5.13%, 03/01/21		450		516,333
Nabors Industries Inc.
5.00%, 09/15/20a		300		319,176
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		200		215,856
Noble Holding International Ltd.
4.63%, 03/01/21		200		214,304
Occidental Petroleum Corp.
1.75%, 02/15/17		150		152,279
2.50%, 02/01/16		300		312,984
Petrohawk Energy Corp.
7.25%, 08/15/18 (Call 08/15/14)		300		333,000
Phillips 66
2.95%, 05/01/17		200		209,835
Pioneer Natural Resources Co.
3.95%, 07/15/22 (Call 04/15/22)		250		256,401
Rowan Companies Inc.
5.00%, 09/01/17a		100		110,152
Shell International Finance BV

Security	Principal (000s)		Value
0.63%, 12/04/15	$	2,100	$	2,104,127
4.00%, 03/21/14		475		488,660
4.30%, 09/22/19		526		599,642
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)		200		207,142
Statoil ASA
5.25%, 04/15/19		325		385,187
Suncor Energy Inc.
6.10%, 06/01/18		450		536,627
Talisman Energy Inc.
3.75%, 02/01/21 (Call 11/01/20)		100		102,673
Total Capital International SA
1.55%, 06/28/17		500		502,334
2.88%, 02/17/22		250		249,896
Total Capital SA
2.30%, 03/15/16		200		207,498
4.13%, 01/28/21a		250		274,852
Transocean Inc.
5.05%, 12/15/16		450		498,212
6.00%, 03/15/18		173		198,911
Valero Energy Corp.
6.13%, 02/01/20		450		537,674
XTO Energy Inc.
5.50%, 06/15/18		250		299,724
				18,624,265
OIL & GAS SERVICES — 0.14%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)		150		155,009
Cameron International Corp.
4.50%, 06/01/21 (Call 03/01/21)		150		165,224
Halliburton Co.
3.25%, 11/15/21 (Call 08/15/21)		200		208,348
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)		250		240,779
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)a		500		512,570
6.35%, 06/15/17		268		306,866
				1,588,796
PACKAGING & CONTAINERS — 0.01%
Bemis Co. Inc.
4.50%, 10/15/21 (Call 07/15/21)		50		52,928
Sonoco Products Co.
4.38%, 11/01/21 (Call 08/01/21)		15		15,914
				68,842
PHARMACEUTICALS — 1.23%
Abbott Laboratories
5.13%, 04/01/19		238		278,064
AbbVie Inc.
1.75%, 11/06/17e		2,600		2,603,503
Allergan Inc.
3.38%, 09/15/20		250		263,461
AmerisourceBergen Corp.
5.88%, 09/15/15		254		281,294
Bristol-Myers Squibb Co.
5.45%, 05/01/18		200		235,765

190

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Cardinal Health Inc.
3.20%, 06/15/22	$	200	$	197,519
Express Scripts Holding Co.
3.13%, 05/15/16		250		263,897
3.50%, 11/15/16		200		214,436
4.75%, 11/15/21		200		223,430
GlaxoSmithKline Capital Inc.
5.65%, 05/15/18		408		485,956
GlaxoSmithKline Capital PLC
1.50%, 05/08/17		250		252,185
2.85%, 05/08/22		250		248,627
Johnson & Johnson
3.55%, 05/15/21		200		217,167
5.55%, 08/15/17		305		358,587
McKesson Corp.
2.70%, 12/15/22 (Call 09/15/22)		425		410,705
5.70%, 03/01/17		336		385,301
Medco Health Solutions Inc.
7.13%, 03/15/18		592		726,887
Merck & Co. Inc.
4.00%, 06/30/15		315		337,064
Novartis Capital Corp.
2.90%, 04/24/15		300		313,252
Novartis Securities Investment Ltd.
5.13%, 02/10/19		862		1,010,180
Pfizer Inc.
6.20%, 03/15/19		429		528,382
Sanofi
1.20%, 09/30/14		100		101,011
2.63%, 03/29/16		500		524,100
4.00%, 03/29/21		200		219,411
Schering-Plough Corp./Merck & Co. Inc.
6.00%, 09/15/17		600		713,984
Teva Pharmaceutical Finance Co. BV
2.40%, 11/10/16		200		208,172
Teva Pharmaceutical Finance III BV
1.70%, 03/21/14a		150		151,481
Teva Pharmaceutical Finance IV LLC
2.25%, 03/18/20		500		491,792
Watson Pharmaceuticals Inc.
3.25%, 10/01/22 (Call 07/01/22)		600		587,651
Wyeth LLC
5.50%, 02/01/14		697		719,916
				13,553,180
PIPELINES — 0.69%
Boardwalk Pipelines Partners LP
3.38%, 02/01/23 (Call 11/01/22)		250		238,906
Buckeye Partners LP
4.88%, 02/01/21 (Call 11/01/20)		150		157,976
CenterPoint Energy Resources Corp.
4.50%, 01/15/21 (Call 10/15/20)		475		531,470
DCP Midstream Operating LP
4.95%, 04/01/22 (Call 01/01/22)		200		211,007
Enbridge Energy Partners LP
4.20%, 09/15/21 (Call 06/15/21)a		300		312,888
Energy Transfer Partners LP
4.65%, 06/01/21 (Call 03/01/21)		200		214,340
5.95%, 02/01/15		315		339,574
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)		500		494,216
Series G

Security	Principal (000s)		Value
5.60%, 10/15/14	$	707	$	754,860
Kinder Morgan Energy Partners LP
3.50%, 03/01/16		50		53,094
4.15%, 03/01/22		200		209,869
6.85%, 02/15/20		250		307,371
Magellan Midstream Partners LP
4.25%, 02/01/21		300		321,041
ONEOK Inc.
4.25%, 02/01/22 (Call 11/02/21)		250		256,586
ONEOK Partners LP
3.25%, 02/01/16 (Call 01/01/16)		250		262,443
Plains All American Pipeline LP
3.95%, 09/15/15		300		321,198
8.75%, 05/01/19		300		401,576
Spectra Energy Capital LLC
3.30%, 03/15/23 (Call 12/15/22)		500		487,283
Spectra Energy Partners LP
4.60%, 06/15/21 (Call 03/15/21)		100		104,802
TC Pipelines LP
4.65%, 06/15/21 (Call 03/15/21)		50		52,396
TransCanada PipeLines Ltd.
2.50%, 08/01/22		500		475,051
6.50%, 08/15/18		450		551,580
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		250		241,129
5.25%, 03/15/20		225		251,332
				7,551,988
REAL ESTATE — 0.05%
ProLogis LP
4.50%, 08/15/17		400		434,265
6.88%, 03/15/20 (Call 12/16/19)		100		119,837
				554,102
REAL ESTATE INVESTMENT TRUSTS — 0.68%
American Tower Corp.
3.50%, 01/31/23		175		168,577
4.63%, 04/01/15		220		232,774
5.05%, 09/01/20		150		163,861
AvalonBay Communities Inc.
3.95%, 01/15/21 (Call 10/15/20)a		50		52,748
BioMed Realty LP
4.25%, 07/15/22 (Call 04/15/22)		400		409,205
Boston Properties LP
3.70%, 11/15/18 (Call 08/15/18)		50		54,136
4.13%, 05/15/21		600		644,806
CommonWealth REIT
5.88%, 09/15/20 (Call 03/15/20)		300		321,881
DDR Corp.
4.63%, 07/15/22 (Call 04/15/22)		300		319,420
Duke Realty LP
3.88%, 10/15/22 (Call 07/15/22)		250		247,759
7.38%, 02/15/15		250		274,603
Entertainment Properties Trust
7.75%, 07/15/20		150		177,009
ERP Operating LP
5.13%, 03/15/16		336		371,036
HCP Inc.
3.75%, 02/01/19 (Call 11/01/18)		950		1,007,424
6.70%, 01/30/18		250		299,620

191

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Health Care REIT Inc.
3.63%, 03/15/16	$	50	$	52,533
4.13%, 04/01/19 (Call 01/01/19)		300		322,010
4.95%, 01/15/21 (Call 10/15/20)		100		110,256
Hospitality Properties Trust
5.00%, 08/15/22 (Call 02/15/22)		250		261,469
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23 (Call 07/15/23)		125		122,776
Kilroy Realty LP
4.80%, 07/15/18 (Call 05/15/18)		150		165,740
Liberty Property LP
4.75%, 10/01/20 (Call 07/01/20)		100		107,616
National Retail Properties Inc.
5.50%, 07/15/21 (Call 04/15/21)		100		113,584
Simon Property Group LP
2.75%, 02/01/23 (Call 11/01/22)		200		193,205
5.65%, 02/01/20 (Call 11/01/19)		450		533,258
6.13%, 05/30/18		500		600,304
Ventas Realty LP/Ventas Capital Corp.
4.25%, 03/01/22 (Call 12/01/21)a		100		105,396
4.75%, 06/01/21 (Call 03/01/21)		50		54,656
				7,487,662
RETAIL — 0.76%
Advance Auto Parts Inc.
4.50%, 01/15/22 (Call 10/15/21)		50		49,965
AutoZone Inc.
3.70%, 04/15/22 (Call 01/15/22)		550		558,531
Costco Wholesale Corp.
0.65%, 12/07/15		600		601,396
1.70%, 12/15/19		250		246,207
CVS Caremark Corp.
4.13%, 05/15/21 (Call 02/15/21)		250		273,286
5.75%, 06/01/17		205		238,718
Darden Restaurants Inc.
4.50%, 10/15/21		200		208,346
Gap Inc. (The)
5.95%, 04/12/21 (Call 01/12/21)		100		115,456
Home Depot Inc. (The)
5.40%, 03/01/16		440		493,595
Kohl’s Corp.
4.00%, 11/01/21 (Call 08/01/21)a		50		51,726
Lowe’s Companies Inc.
1.63%, 04/15/17 (Call 03/15/17)		750		758,198
3.80%, 11/15/21 (Call 08/15/21)		200		212,161
Macy’s Retail Holdings Inc.
3.88%, 01/15/22 (Call 10/15/21)		200		208,947
McDonald’s Corp.
5.35%, 03/01/18		473		552,670
Nordstrom Inc.
4.00%, 10/15/21 (Call 07/15/21)		200		217,172
O’Reilly Automotive Inc.
4.63%, 09/15/21 (Call 06/15/21)		100		107,953
Staples Inc.
4.38%, 01/12/23 (Call 10/12/22)a		500		500,566
Target Corp.
6.00%, 01/15/18		473		565,870
TJX Companies Inc. (The)
2.50%, 05/15/23 (Call 02/15/23)		125		119,547
Wal-Mart Stores Inc.
0.60%, 04/11/16		400		399,380

Security	Principal (000s)		Value
3.25%, 10/25/20	$	750	$	792,448
Walgreen Co.
1.80%, 09/15/17		600		603,751
3.10%, 09/15/22		100		98,565
Yum! Brands Inc.
6.25%, 03/15/18a		304		358,928
				8,333,382
SAVINGS & LOANS — 0.01%
Santander Holdings USA Inc.
4.63%, 04/19/16		100		105,860
				105,860
SEMICONDUCTORS — 0.12%
Applied Materials Inc.
2.65%, 06/15/16		50		52,226
Broadcom Corp.
2.70%, 11/01/18		50		52,502
Intel Corp.
1.95%, 10/01/16		350		361,166
3.30%, 10/01/21		350		362,651
Texas Instruments Inc.
1.65%, 08/03/19		300		294,819
2.38%, 05/16/16		150		156,423
				1,279,787
SOFTWARE — 0.60%
BMC Software Inc.
4.25%, 02/15/22		50		50,300
Fiserv Inc.
3.13%, 06/15/16		25		26,260
4.75%, 06/15/21		200		215,782
Microsoft Corp.
2.50%, 02/08/16		650		677,451
2.95%, 06/01/14		350		359,123
Oracle Corp.
1.20%, 10/15/17		4,200		4,164,799
2.50%, 10/15/22		300		288,292
5.25%, 01/15/16		768		855,762
				6,637,769
TELECOMMUNICATIONS — 1.59%
America Movil SAB de CV
2.38%, 09/08/16		200		205,530
5.00%, 03/30/20		675		744,194
AT&T Inc.
0.90%, 02/12/16		250		249,437
1.40%, 12/01/17		600		594,857
2.40%, 08/15/16		950		984,070
2.50%, 08/15/15		400		414,328
3.00%, 02/15/22		750		746,556
5.50%, 02/01/18		800		935,882
British Telecommunications PLC
5.95%, 01/15/18		150		176,044
Cellco Partnership/Verizon Wireless Capital LLC
8.50%, 11/15/18		526		697,123
Cisco Systems Inc.
5.50%, 02/22/16		1,072		1,206,760

192

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
Corning Inc.
4.25%, 08/15/20	$	50	$	54,156
Deutsche Telekom International Finance BV
5.75%, 03/23/16		315		353,985
Embarq Corp.
7.08%, 06/01/16		450		514,080
France Telecom SA
4.38%, 07/08/14		600		622,440
Harris Corp.
4.40%, 12/15/20		150		159,283
Juniper Networks Inc.
4.60%, 03/15/21		200		209,862
Motorola Solutions Inc.
3.50%, 03/01/23		500		487,449
Rogers Wireless Inc.
6.38%, 03/01/14a		336		350,019
Telecom Italia Capital SA
4.95%, 09/30/14		526		550,196
Telefonica Emisiones SAU
3.73%, 04/27/15		450		465,542
5.46%, 02/16/21		450		483,659
Verizon Communications Inc.
1.25%, 11/03/14		300		303,155
2.45%, 11/01/22 (Call 08/01/22)		2,100		1,959,725
3.50%, 11/01/21		300		308,597
5.50%, 02/15/18		450		524,383
5.55%, 02/15/16		872		975,771
Vodafone Group PLC
2.95%, 02/19/23		1,000		962,184
5.63%, 02/27/17		500		570,627
5.75%, 03/15/16		640		720,472
				17,530,366
TEXTILES — 0.01%
Cintas Corp. No. 2
2.85%, 06/01/16		150		154,425
				154,425
TOYS, GAMES & HOBBIES — 0.00%
Mattel Inc.
2.50%, 11/01/16		50		51,990
				51,990
TRANSPORTATION — 0.32%
Burlington Northern Santa Fe Corp.
3.05%, 09/01/22 (Call 06/01/22)		550		549,561
4.70%, 10/01/19		250		285,988
Canadian National Railway Co.
2.25%, 11/15/22 (Call 08/15/22)		250		238,643
2.85%, 12/15/21 (Call 09/15/21)		100		101,257
CSX Corp.
3.70%, 10/30/20 (Call 07/30/20)		250		268,546
4.25%, 06/01/21 (Call 03/01/21)		50		54,911
Norfolk Southern Corp.
7.70%, 05/15/17		445		549,060
Ryder System Inc.
2.50%, 03/01/18 (Call 02/01/18)		350		355,125
3.50%, 06/01/17		100		104,373
3.60%, 03/01/16		100		104,245

Security	Principal (000s)		Value
Union Pacific Corp.
5.75%, 11/15/17	$	315	$	369,544
United Parcel Service Inc.
3.13%, 01/15/21		250		259,718
5.13%, 04/01/19		282		332,016
				3,572,987
TRUCKING & LEASING — 0.02%
GATX Corp.
4.85%, 06/01/21		200		211,399
				211,399
TOTAL CORPORATE BONDS & NOTES
(Cost: $327,639,294)				341,784,397
FOREIGN AGENCY OBLIGATIONSf — 2.22%
BRAZIL — 0.23%
Petrobras International Finance Co.
3.88%, 01/27/16		1,200		1,252,976
5.38%, 01/27/21		350		371,252
5.88%, 03/01/18		500		559,689
7.88%, 03/15/19		262		316,261
				2,500,178
CANADA — 0.96%
British Columbia (Province of)
1.20%, 04/25/17a		750		758,910
Hydro-Quebec
2.00%, 06/30/16		500		518,022
Manitoba (Province of)
1.30%, 04/03/17		250		251,891
Nova Scotia (Province of)
2.38%, 07/21/15		300		311,503
Ontario (Province of)
1.60%, 09/21/16		1,800		1,843,248
1.65%, 09/27/19		3,700		3,644,046
2.30%, 05/10/16		100		104,475
2.95%, 02/05/15		875		911,167
4.10%, 06/16/14		600		623,482
4.40%, 04/14/20a		250		286,595
Quebec (Province of)
5.00%, 03/01/16		1,247		1,393,022
				10,646,361
JAPAN — 0.01%
Japan Finance Corp.
2.50%, 05/18/16		100		105,195
				105,195
MEXICO — 0.18%
Pemex Project Funding Master Trust
5.75%, 03/01/18		500		570,000
Petroleos Mexicanos
4.88%, 01/24/22		1,100		1,177,000

193

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
5.50%, 01/21/21	$	250	$	281,250
				2,028,250
NETHERLANDS — 0.09%
Petrobras Global Finance BV
4.38%, 05/20/23		1,000		969,696
				969,696
SOUTH KOREA — 0.27%
Export-Import Bank of Korea (The)
3.75%, 10/20/16		250		267,415
5.00%, 04/11/22		1,000		1,100,575
8.13%, 01/21/14a		550		573,880
Korea Development Bank (The)
3.50%, 08/22/17		1,000		1,050,162
				2,992,032
SUPRANATIONAL — 0.48%
Asian Development Bank
1.38%, 03/23/20		400		392,859
2.50%, 03/15/16		750		789,894
2.63%, 02/09/15		1,150		1,193,732
2.75%, 05/21/14		526		538,627
Inter-American Development Bank
1.13%, 03/15/17		900		910,925
5.13%, 09/13/16		1,247		1,425,598
				5,251,635
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $24,024,994)				24,493,347
FOREIGN GOVERNMENT OBLIGATIONSf — 1.38%
BRAZIL — 0.16%
Brazil (Federative Republic of)
4.88%, 01/22/21a		550		618,750
6.00%, 01/17/17		450		513,675
8.00%, 01/15/18a		593		681,694
				1,814,119
CANADA — 0.05%
Canada (Government of)
2.38%, 09/10/14		526		540,108
				540,108
COLOMBIA — 0.14%
Colombia (Republic of)
4.38%, 07/12/21		200		219,000
7.38%, 03/18/19		850		1,071,000
8.25%, 12/22/14		250		276,250
				1,566,250

Security	Principal (000s)		Value
ISRAEL — 0.03%
Israel (State of)
5.13%, 03/26/19	$	262	$	302,938
				302,938
ITALY — 0.14%
Italy (Republic of)
4.50%, 01/21/15		1,500		1,573,062
				1,573,062
JAPAN — 0.05%
Japan (Government of)
1.13%, 07/19/17		600		599,070
				599,070
MEXICO — 0.24%
United Mexican States
3.63%, 03/15/22a		1,540		1,586,200
5.95%, 03/19/19		900		1,068,750
				2,654,950
PANAMA — 0.05%
Panama (Republic of)
7.25%, 03/15/15		500		553,750
				553,750
PERU — 0.05%
Peru (Republic of)
7.13%, 03/30/19a		415		518,750
				518,750
PHILIPPINES — 0.02%
Philippines (Republic of the)
4.00%, 01/15/21		200		217,000
				217,000
POLAND — 0.11%
Poland (Republic of)
5.13%, 04/21/21		750		847,500
6.38%, 07/15/19		262		315,382
				1,162,882
SOUTH AFRICA — 0.09%
South Africa (Republic of)
5.50%, 03/09/20		600		670,500
6.88%, 05/27/19		262		313,417
				983,917

194

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal (000s)		Value
SOUTH KOREA — 0.03%
Korea (Republic of)
7.13%, 04/16/19	$	262	$	330,790
				330,790
TURKEY — 0.22%
Turkey (Republic of)
3.25%, 03/23/23		1,200		1,176,000
6.75%, 04/03/18		1,000		1,195,000
				2,371,000
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $14,875,917)				15,188,586
MUNICIPAL DEBT OBLIGATIONS — 0.11%
CALIFORNIA — 0.03%
State of California GO BAB
7.55%, 04/01/39		250		357,577
				357,577
ILLINOIS — 0.05%
State of Illinois GO
4.07%, 01/01/14		20		20,359
4.42%, 01/01/15		500		524,685
				545,044
NEW JERSEY — 0.03%
New Jersey Economic Development Authority RB Lease Appropriation
Series B
0.00%, 02/15/23 (AGM)		400		269,488
				269,488
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $1,064,253)				1,172,109
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 64.35%
U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.94%
Federal Home Loan Banks
3.63%, 10/18/13a		3,585		3,631,820
5.00%, 11/17/17a		9,685		11,354,373
Federal Home Loan Mortgage Corp.
0.50%, 05/13/16a		4,000		3,996,096
0.88%, 03/07/18		3,300		3,259,256
1.25%, 10/02/19a		3,160		3,095,841
2.00%, 08/25/16a		4,975		5,191,329
2.38%, 01/13/22		1,650		1,676,824
2.50%, 05/27/16a		4,055		4,283,827
3.75%, 03/27/19a		1,995		2,254,435
Federal National Mortgage Association
0.38%, 12/21/15a		2,900		2,893,654
0.50%, 05/27/15		450		451,567
0.50%, 03/30/16a		840		839,078
1.25%, 09/28/16a		3,085		3,142,755

Security	Principal (000s)		Value
2.75%, 03/13/14	$	8,072	$	8,233,537
5.00%, 04/15/15		20,332		22,094,933
				76,399,325
U.S. GOVERNMENT OBLIGATIONS — 57.41%
U.S. Treasury Notes
0.25%, 02/15/15		49,020		48,999,902
0.25%, 02/28/15		5,000		4,997,750
0.25%, 12/15/15a		6,300		6,273,918
0.38%, 03/15/15		21,800		21,835,099
0.38%, 01/15/16		3,500		3,494,855
0.38%, 02/15/16		4,200		4,191,558
0.38%, 03/15/16		2,000		1,994,820
0.63%, 11/30/17		6,050		5,967,720
0.63%, 04/30/18a		11,500		11,276,555
0.75%, 06/30/17		1,950		1,944,111
0.75%, 10/31/17a		13,950		13,849,839
0.75%, 12/31/17a		16,800		16,640,736
0.75%, 02/28/18		20,600		20,367,632
0.88%, 01/31/17		6,580		6,621,125
0.88%, 02/28/17		5,850		5,882,176
0.88%, 04/30/17		2,900		2,911,310
1.00%, 08/31/16		4,850		4,913,147
1.00%, 09/30/16		2,030		2,055,842
1.00%, 03/31/17		28,150		28,410,670
1.13%, 12/31/19a		9,600		9,404,736
1.13%, 04/30/20		1,250		1,216,588
1.25%, 02/29/20a		6,200		6,103,590
1.38%, 09/30/18a		7,640		7,737,639
1.38%, 01/31/20		7,000		6,957,510
1.50%, 03/31/19		3,590		3,639,721
1.63%, 08/15/22		10,310		9,943,789
1.63%, 11/15/22a		1,800		1,727,730
1.75%, 07/31/15		2,800		2,884,868
1.75%, 05/31/16		9,050		9,378,062
1.75%, 05/15/23		13,000		12,524,720
1.88%, 06/30/15		24,279		25,056,900
1.88%, 08/31/17a		6,197		6,461,612
1.88%, 09/30/17a		9,501		9,900,422
2.00%, 04/30/16a		6,527		6,808,444
2.00%, 02/15/22a		10,680		10,732,225
2.13%, 05/31/15		8,017		8,304,730
2.13%, 08/15/21		2,930		2,995,368
2.25%, 01/31/15		23,587		24,364,190
2.38%, 07/31/17a		8,418		8,951,280
2.50%, 03/31/15a		8,375		8,711,507
2.50%, 04/30/15a		15,845		16,507,321
2.63%, 04/30/18		2,000		2,154,440
2.63%, 11/15/20a		10,084		10,772,032
2.75%, 02/28/18a		5,259		5,693,867
2.88%, 03/31/18		1,502		1,635,363
3.13%, 04/30/17a		5,721		6,244,300
3.25%, 05/31/16		3,000		3,243,060
3.38%, 11/15/19a		25,270		28,408,533
3.50%, 05/15/20a		371		420,143
3.63%, 08/15/19a		12,139		13,807,385
3.63%, 02/15/20a		9,935		11,333,251
3.63%, 02/15/21a		8,384		9,554,741
4.63%, 11/15/16		2,320		2,635,102
4.75%, 05/15/14a		55,330		57,735,752
4.88%, 08/15/16		44,602		50,670,995
7.25%, 05/15/16a		8,575		10,262,560

195

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF

May 31, 2013

Security	Principal or Shares (000s)		Value
8.50%, 02/15/20	$	3,420	$	4,973,672
				632,486,913
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost: $694,718,662)				708,886,238
SHORT-TERM INVESTMENTS — 25.39%
MONEY MARKET FUNDS — 25.39%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%b,g,h		248,512		248,511,743
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,g,h		25,947		25,946,565
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,g		5,216		5,215,664
				279,673,972
TOTAL SHORT-TERM INVESTMENTS
(Cost: $279,673,972)				279,673,972
TOTAL INVESTMENTS IN SECURITIES — 124.47%
(Cost: $1,341,997,092)				1,371,198,649
Other Assets, Less Liabilities — (24.47)%				(269,585,963	)
NET ASSETS — 100.00%			$	1,101,612,686

BAB  —  Build America Bond

GO  —  General Obligation

RB  —  Revenue Bond

Insured by:

AGM  —  Assured Guaranty Municipal Corp.

^a  All or a portion of this security represents a security on loan. See Note 3.

^b  Affiliated issuer. See Note 2.

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

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

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

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

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

^h  All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

196

Schedule of Investments  (Unaudited)

iSHARES^® MBS ETF

May 31, 2013

Security	Principal (000s)		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS — 99.61%
MORTGAGE-BACKED SECURITIES — 99.61%
Federal Home Loan Mortgage Corp.
1.78%, 06/01/43a	$	2,700	$	2,765,092
2.50%, 02/01/28		29,314		29,962,725
2.50%, 06/01/28b		83,087		84,761,251
2.50%, 06/01/43b		8,500		8,106,875
2.63%, 01/01/42a		10,464		10,937,557
2.94%, 05/01/42a		3,077		3,211,340
2.98%, 09/01/41a		8,657		9,083,414
2.99%, 11/01/40a		5,571		5,837,060
3.00%, 04/01/27		3,336		3,496,453
3.00%, 05/01/27		28,560		29,836,336
3.00%, 06/01/27		8,075		8,438,006
3.00%, 07/01/27		813		851,504
3.00%, 08/01/27		2,370		2,482,330
3.00%, 09/01/27		13,485		14,114,488
3.00%, 11/01/27		3,443		3,606,282
3.00%, 12/01/27		2,322		2,432,195
3.00%, 01/01/28		1,374		1,439,685
3.00%, 06/01/28b		25,000		25,964,844
3.00%, 05/01/33		12,354		12,645,825
3.00%, 01/01/43		20,635		20,681,994
3.00%, 02/01/43		64,900		65,055,824
3.00%, 03/01/43		19,872		19,919,708
3.00%, 06/01/43b		82,676		82,779,804
3.15%, 11/01/40a		2,898		3,047,567
3.25%, 08/01/41a		1,387		1,461,344
3.27%, 12/01/38a		4,728		5,076,516
3.34%, 07/01/41a		628		660,245
3.36%, 11/01/40a		5,449		5,742,822
3.44%, 11/01/41a		12,210		12,868,007
3.50%, 11/01/25		13,489		14,144,497
3.50%, 03/01/26		7,808		8,187,599
3.50%, 06/01/26		3,746		3,928,346
3.50%, 08/01/26		3,640		3,816,971
3.50%, 03/01/32		16,129		16,835,577
3.50%, 08/01/32		16,882		17,621,569
3.50%, 10/01/42		85,162		88,499,178
3.50%, 11/01/42		11,548		11,938,859
3.50%, 05/01/43		31,697		32,868,127
3.50%, 06/01/43b		52,500		54,084,766
4.00%, 05/01/25		10,160		10,722,844
4.00%, 10/01/25		7,263		7,665,111
4.00%, 02/01/26		7,285		7,697,625
4.00%, 05/01/26		11,348		11,990,682
4.00%, 06/01/28b		31,987		33,701,303
4.00%, 01/01/41		24,932		26,221,278
4.00%, 02/01/41		14,247		14,983,794
4.00%, 03/01/41		10,003		10,520,217
4.00%, 09/01/41		18,160		19,492,667
4.00%, 11/01/41		6,019		6,329,687
4.00%, 12/01/41		3,688		3,878,125
4.00%, 01/01/42		10,321		10,854,419
4.00%, 02/01/42		27,402		29,289,508
4.00%, 03/01/42		11,528		12,181,589

Security	Principal (000s)		Value
4.00%, 06/01/42	$	14,280	$	15,017,844
4.00%, 06/01/43b		40,873		42,967,741
4.50%, 04/01/22		5,040		5,356,225
4.50%, 05/01/23		7,785		8,260,803
4.50%, 07/01/24		4,171		4,430,943
4.50%, 08/01/24		1,322		1,405,660
4.50%, 09/01/24		2,250		2,389,353
4.50%, 10/01/24		3,303		3,507,812
4.50%, 06/01/28b		16,331		17,290,446
4.50%, 08/01/30		8,454		9,011,439
4.50%, 03/01/39		20,628		22,172,811
4.50%, 05/01/39		22,750		24,448,495
4.50%, 06/01/39		13,648		14,476,112
4.50%, 09/01/39		2,562		2,718,239
4.50%, 10/01/39		50,310		53,362,345
4.50%, 11/01/39		2,259		2,395,624
4.50%, 12/01/39		5,895		6,253,081
4.50%, 01/01/40		2,530		2,683,445
4.50%, 08/01/40		8,232		8,736,253
4.50%, 09/01/40		20,638		21,903,058
4.50%, 11/01/40		19,618		20,820,588
4.50%, 02/01/41		18,209		19,362,415
4.50%, 05/01/41		17,658		19,363,834
4.50%, 08/01/41		6,433		6,840,432
4.50%, 06/01/43b		2,750		2,912,188
5.00%, 11/01/18		2,586		2,738,356
5.00%, 08/01/19		3,998		4,233,015
5.00%, 12/01/24		7,862		8,344,942
5.00%, 08/01/25		5,415		5,860,489
5.00%, 06/01/26		7,090		7,611,271
5.00%, 06/01/28b		4,161		4,405,459
5.00%, 06/01/33		2,100		2,257,930
5.00%, 12/01/33		8,364		9,001,194
5.00%, 07/01/35		26,749		28,689,832
5.00%, 01/01/36		4,796		5,145,075
5.00%, 01/01/37		5,401		5,794,249
5.00%, 02/01/37		4,507		4,835,035
5.00%, 02/01/38		6,548		7,024,278
5.00%, 03/01/38		22,143		23,691,448
5.00%, 12/01/38		4,893		5,230,649
5.00%, 08/01/39		27,856		30,588,714
5.00%, 01/01/40		1,941		2,075,201
5.00%, 04/01/40		2,456		2,648,840
5.00%, 07/01/40		1,327		1,431,510
5.00%, 08/01/40		17,140		18,735,520
5.00%, 09/01/40		9,336		10,067,685
5.00%, 08/01/41		12,560		13,717,483
5.00%, 06/01/43b		6,831		7,290,480
5.16%, 12/01/33a		309		330,062
5.50%, 10/01/23		11,511		12,465,364
5.50%, 09/01/24		9,839		10,654,323
5.50%, 06/01/28b		1,296		1,374,570
5.50%, 07/01/31		1		562
5.50%, 04/01/32		126		135,742
5.50%, 09/01/32		496		538,219
5.50%, 10/01/32		79		86,075
5.50%, 12/01/32		37		40,688
5.50%, 04/01/33		2		2,247
5.50%, 05/01/33		60		64,883
5.50%, 06/01/33		81		87,802
5.50%, 07/01/33		179		194,963
5.50%, 09/01/33		7		7,289
5.50%, 10/01/33		896		971,741

197

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MBS ETF

May 31, 2013

Security	Principal (000s)		Value
5.50%, 01/01/34	$	5	$	4,960
5.50%, 02/01/34		6,934		7,526,919
5.50%, 03/01/34		1,507		1,628,464
5.50%, 08/01/34		150		161,959
5.50%, 10/01/34		1,189		1,282,956
5.50%, 11/01/34		13		14,000
5.50%, 12/01/34		1,015		1,099,966
5.50%, 01/01/35		13,804		15,085,980
5.50%, 02/01/35		3,543		3,837,376
5.50%, 04/01/35		785		849,625
5.50%, 05/01/35		6,488		7,018,193
5.50%, 06/01/35		18,287		19,805,630
5.50%, 07/01/35		69		74,765
5.50%, 08/01/35		170		183,509
5.50%, 10/01/35		649		702,034
5.50%, 12/01/35		3,614		3,914,527
5.50%, 02/01/36		5		5,324
5.50%, 03/01/36		226		244,852
5.50%, 05/01/36		5,009		5,405,850
5.50%, 07/01/36		10,308		11,132,933
5.50%, 08/01/36		1,280		1,384,463
5.50%, 04/01/38		10,678		11,460,422
5.50%, 05/01/38		3,931		4,227,432
5.50%, 12/01/38		44		47,344
5.50%, 01/01/39		14,421		15,636,664
5.50%, 09/01/39		7,249		7,827,525
5.50%, 11/01/39		15,932		17,417,927
5.50%, 06/01/43b		2,663		2,858,148
6.00%, 09/01/36		4,448		4,839,348
6.00%, 10/01/36		3,422		3,798,599
6.00%, 02/01/37		3,646		3,966,518
6.00%, 11/01/37		15,529		16,876,134
6.00%, 09/01/38		27,308		29,801,022
6.00%, 06/01/43b		29,372		31,758,875
Federal National Mortgage Association
1.94%, 04/01/43a		4,890		5,024,344
2.10%, 06/01/43a		11,000		11,266,590
2.46%, 02/01/42a		12,584		13,072,314
2.50%, 05/01/27		21,015		21,474,741
2.50%, 10/01/27		20,273		20,710,037
2.50%, 11/01/27		44,943		45,926,733
2.50%, 02/01/28		20,503		20,945,041
2.50%, 06/01/28b		83,145		84,859,887
2.50%, 06/01/43b		17,113		16,428,480
2.51%, 08/01/42a		17,427		18,055,224
2.78%, 08/01/41a		2,280		2,377,710
2.79%, 04/01/38a		3,608		3,871,186
2.92%, 10/01/41a		9,478		9,924,659
3.00%, 01/01/27		19,314		20,113,634
3.00%, 06/01/27		13,105		13,655,971
3.00%, 07/01/27		9,183		9,569,187
3.00%, 08/01/27		18,713		19,586,694
3.00%, 11/01/27		55,482		58,117,582
3.00%, 06/01/28b		25,500		26,531,953
3.00%, 05/01/33		3,158		3,244,447
3.00%, 11/01/42		38,908		39,113,775
3.00%, 01/01/43		118,130		118,774,886
3.00%, 06/01/43b		200,350		201,226,531
3.27%, 12/01/38a		3,731		4,011,937
3.31%, 09/01/41a		813		853,921
3.50%, 01/01/26		7,840		8,251,312
3.50%, 02/01/26		12,566		13,225,395
3.50%, 04/01/26		1,947		2,049,412

Security	Principal (000s)		Value
3.50%, 07/01/26	$	10,459	$	11,007,800
3.50%, 08/01/26		6,357		6,690,523
3.50%, 10/01/26		8,533		8,980,903
3.50%, 02/01/27		14,719		15,491,579
3.50%, 04/01/27		9,560		10,204,928
3.50%, 05/01/27		11,838		12,507,512
3.50%, 06/01/28b		454		477,551
3.50%, 01/01/32		8,081		8,380,320
3.50%, 02/01/32		11,434		11,926,879
3.50%, 04/01/32		21,727		22,664,206
3.50%, 06/01/32		3,547		3,699,814
3.50%, 08/01/32		7,059		7,363,605
3.50%, 01/01/42		4,185		4,337,427
3.50%, 06/01/42		35,596		36,891,954
3.50%, 10/01/42		37,459		38,822,396
3.50%, 12/01/42		24,359		25,258,802
3.50%, 01/01/43		73,626		76,420,807
3.50%, 02/01/43		33,055		34,257,648
3.50%, 06/01/43b		160,500		165,683,203
3.61%, 05/01/40a		13,270		14,105,942
4.00%, 03/01/24		6,905		7,332,585
4.00%, 10/01/25		14,984		15,911,474
4.00%, 11/01/25		7,572		8,040,586
4.00%, 03/01/26		4,116		4,372,088
4.00%, 06/01/26		24,202		25,708,280
4.00%, 09/01/26		9,565		10,159,687
4.00%, 06/01/28b		7,000		7,427,656
4.00%, 12/01/30		5,593		5,939,034
4.00%, 01/01/31		3,384		3,592,865
4.00%, 02/01/31		3,066		3,255,651
4.00%, 10/01/31		8,520		9,046,467
4.00%, 02/01/32		18,585		19,733,435
4.00%, 12/01/39		9,106		9,606,623
4.00%, 07/01/40		13,192		13,908,234
4.00%, 09/01/40		12,368		13,043,445
4.00%, 12/01/40		32,150		33,906,722
4.00%, 01/01/41		14,250		15,028,650
4.00%, 02/01/41		57,592		61,656,357
4.00%, 09/01/41		8,929		9,425,407
4.00%, 10/01/41		12,371		13,161,773
4.00%, 11/01/41		26,304		28,048,636
4.00%, 12/01/41		25,047		26,439,049
4.00%, 01/01/42		28,265		30,101,192
4.00%, 02/01/42		24,782		26,236,767
4.00%, 03/01/42		36,125		38,674,444
4.00%, 10/01/42		15,312		16,163,116
4.00%, 06/01/43b		19,508		20,559,563
4.50%, 09/01/18		4,145		4,430,723
4.50%, 04/01/19		2,439		2,606,083
4.50%, 11/01/22		4,914		5,249,870
4.50%, 06/01/23		1,588		1,697,541
4.50%, 03/01/24		1,300		1,388,861
4.50%, 10/01/24		6,005		6,405,216
4.50%, 02/01/25		6,831		7,285,703
4.50%, 04/01/25		7,607		8,114,077
4.50%, 06/01/25		7,043		7,627,467
4.50%, 06/01/28b		14,790		15,760,594
4.50%, 08/01/31		13,089		14,063,064
4.50%, 03/01/36		8,511		9,147,365
4.50%, 05/01/39		7,938		8,520,489
4.50%, 09/01/39		21,395		22,865,901
4.50%, 12/01/39		4,315		4,612,019
4.50%, 08/01/40		29,938		32,034,003

198

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MBS ETF

May 31, 2013

Security	Principal (000s)		Value
4.50%, 09/01/40	$	14,657	$	15,683,283
4.50%, 12/01/40		9,792		10,478,022
4.50%, 01/01/41		22,910		24,514,425
4.50%, 04/01/41		35,460		38,517,018
4.50%, 05/01/41		45,372		48,934,102
4.50%, 06/01/41		12,639		13,810,631
4.50%, 07/01/41		22,839		24,452,200
4.50%, 08/01/41		18,390		19,688,701
4.50%, 09/01/41		44,686		48,666,587
4.50%, 02/01/42		47,023		50,344,828
4.50%, 06/01/43b		2,000		2,135,000
5.00%, 08/01/20		5,724		6,127,761
5.00%, 07/01/23		8,275		8,915,550
5.00%, 12/01/23		4,404		4,744,580
5.00%, 05/01/25		1,919		2,054,146
5.00%, 06/01/28		7,919		8,546,347
5.00%, 06/01/28b		11,783		12,572,829
5.00%, 11/01/33		13,626		14,810,182
5.00%, 04/01/35		6,685		7,247,684
5.00%, 07/01/35		15,218		16,511,310
5.00%, 02/01/36		9,697		10,523,940
5.00%, 03/01/36		20,302		22,071,382
5.00%, 03/01/39		4,676		5,167,342
5.00%, 12/01/39		4,338		4,794,462
5.00%, 01/01/40		104		112,250
5.00%, 04/01/40		8,493		9,287,948
5.00%, 05/01/40		758		829,015
5.00%, 06/01/40		886		972,978
5.00%, 07/01/40		8,308		9,083,903
5.00%, 08/01/40		35,133		38,579,614
5.00%, 09/01/40		245		267,488
5.00%, 10/01/40		695		756,145
5.00%, 02/01/41		64		70,060
5.00%, 03/01/41		11,255		12,337,010
5.00%, 04/01/41		22,859		25,176,997
5.00%, 05/01/41		66,664		73,344,708
5.00%, 06/01/41		14,997		16,286,425
5.00%, 08/01/41		6,984		7,738,134
5.50%, 12/01/19		6,003		6,535,455
5.50%, 01/01/24		7,289		7,935,431
5.50%, 02/01/30		3,832		4,156,845
5.50%, 05/01/33		5,709		6,243,208
5.50%, 11/01/33		11,116		12,155,013
5.50%, 09/01/34		8,219		9,007,616
5.50%, 04/01/36		16,886		18,296,371
5.50%, 05/01/36		3,535		3,852,808
5.50%, 05/01/37		10,586		11,470,026
5.50%, 08/01/37		20,953		22,878,360
5.50%, 03/01/38		15,846		17,234,453
5.50%, 06/01/38		4,956		5,370,014
5.50%, 07/01/38		7,499		8,173,765
5.50%, 11/01/38		29,795		32,587,105
5.50%, 07/01/40		15,734		17,326,855
5.50%, 09/01/40		38,829		42,314,162
5.50%, 06/01/43b		6,357		6,884,432
6.00%, 01/01/25		6,989		7,650,168
6.00%, 03/01/34		7,994		8,860,507
6.00%, 05/01/34		1,177		1,316,285
6.00%, 08/01/34		2,700		2,990,944
6.00%, 11/01/34		918		1,015,522
6.00%, 06/01/36		5,583		6,125,003
6.00%, 08/01/36		6,619		7,220,578
6.00%, 09/01/36		11,526		12,573,696

Security	Principal (000s)		Value
6.00%, 08/01/37	$	12,492	$	13,611,286
6.00%, 03/01/38		4,235		4,702,681
6.00%, 05/01/38		10,160		11,113,763
6.00%, 08/01/38		498		548,091
6.00%, 09/01/38		18,190		19,820,939
6.00%, 06/01/39		24,303		26,929,688
6.00%, 10/01/39		2,137		2,373,007
6.00%, 06/01/43b		71,936		78,230,400
6.50%, 08/01/36		304		338,964
6.50%, 09/01/36		1,984		2,224,959
6.50%, 10/01/36		302		334,715
6.50%, 12/01/36		341		380,349
6.50%, 07/01/37		506		561,615
6.50%, 08/01/37		15,539		17,372,526
6.50%, 10/01/37		935		1,048,496
6.50%, 11/01/37		184		204,249
6.50%, 12/01/37		7,254		8,084,621
6.50%, 06/01/38		281		311,391
6.50%, 10/01/39		15,537		17,332,021
6.50%, 05/01/40		11,824		13,191,761
7.00%, 04/01/37		4,918		5,589,946
Government National Mortgage Association
3.00%, 07/15/27		19,678		20,607,840
3.00%, 09/15/42		1,104		1,127,959
3.00%, 10/15/42		2,708		2,766,252
3.00%, 12/15/42		17,592		17,940,015
3.00%, 12/20/42		53,241		54,308,298
3.00%, 01/15/43		6,419		6,555,708
3.00%, 06/01/43b		140,938		143,455,126
3.50%, 12/15/41		14,376		15,136,040
3.50%, 08/15/42		3,354		3,534,686
3.50%, 09/15/42		4,759		5,019,364
3.50%, 09/20/42		109,058		114,530,023
3.50%, 10/15/42		1,651		1,741,328
3.50%, 10/20/42		6,861		7,205,550
3.50%, 11/20/42		25,692		26,981,283
3.50%, 01/15/43		20,679		21,810,794
3.50%, 01/20/43		15,506		16,283,748
3.50%, 03/20/43		20,862		21,908,306
3.50%, 04/20/43		55,648		58,440,469
3.50%, 06/01/43b		46,703		48,844,102
4.00%, 06/01/28b		4,685		4,967,709
4.00%, 09/20/40		15,460		16,624,104
4.00%, 01/20/41		7,127		7,663,265
4.00%, 02/15/41		20,861		22,224,452
4.00%, 03/15/41		2,994		3,218,699
4.00%, 04/15/41		12,687		13,737,708
4.00%, 05/15/41		2,333		2,508,824
4.00%, 07/15/41		10,347		10,997,468
4.00%, 09/20/41		10,796		11,601,700
4.00%, 12/15/41		4,742		5,134,616
4.00%, 12/20/41		44,770		47,775,824
4.00%, 01/15/42		2,216		2,400,032
4.00%, 01/20/42		20,301		21,664,226
4.00%, 02/15/42		11,298		12,229,925
4.00%, 03/15/42		17,994		19,484,428
4.00%, 04/15/42		16,316		17,350,793
4.00%, 05/15/42		3,014		3,263,736
4.00%, 08/15/42		4,229		4,579,504
4.00%, 09/20/42		14,533		15,508,659
4.00%, 10/15/42		1,009		1,090,313
4.00%, 06/01/43b		905		964,635
4.50%, 04/15/39		2,348		2,525,677

199

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MBS ETF

May 31, 2013

Security	Principal or Shares (000s)		Value
4.50%, 08/15/39	$	10,166	$	10,937,716
4.50%, 11/20/39		4,749		5,182,832
4.50%, 01/20/40		5,068		5,530,696
4.50%, 06/15/40		19,640		21,167,242
4.50%, 07/15/40		22,863		24,654,575
4.50%, 08/15/40		40,213		43,364,101
4.50%, 08/20/40		8,793		9,582,689
4.50%, 09/15/40		11,583		12,490,925
4.50%, 10/20/40		19,964		21,756,958
4.50%, 04/20/41		21,359		23,118,534
4.50%, 06/20/41		27,690		30,055,501
4.50%, 09/20/41		13,000		14,168,132
4.50%, 11/20/41		13,150		14,273,958
4.50%, 12/20/41		25,367		27,534,473
4.50%, 06/01/43b		73,377		78,571,136
5.00%, 05/20/33		1,341		1,470,260
5.00%, 07/20/35		6,505		7,101,241
5.00%, 12/15/36		23,473		25,565,503
5.00%, 01/15/39		12,048		13,030,814
5.00%, 07/15/39		29,034		31,400,158
5.00%, 10/20/39		9,438		10,350,629
5.00%, 05/15/40		6,195		6,717,477
5.00%, 07/20/40		32,161		35,487,961
5.00%, 08/20/40		9,047		9,977,312
5.00%, 11/20/41		22,819		24,726,812
5.00%, 07/20/42		5,491		5,980,273
5.00%, 06/01/43b		44,025		47,450,466
5.50%, 11/20/34		6,846		7,500,869
5.50%, 03/15/36		5,210		5,693,967
5.50%, 03/20/36		1,711		1,869,894
5.50%, 07/20/36		2,659		2,902,267
5.50%, 06/20/38		11,134		12,123,643
5.50%, 10/15/38		8,546		9,265,533
5.50%, 03/20/39		6,130		6,674,204
5.50%, 12/15/39		1,995		2,162,832
5.50%, 01/15/40		13,096		14,199,233
5.50%, 06/01/43b		18,195		19,681,873
6.00%, 03/15/37		12,060		13,496,405
6.00%, 09/20/38		18,680		20,287,806
6.00%, 12/15/38		5,324		5,952,119
6.00%, 11/15/39		2,660		2,974,152
6.00%, 06/01/43b		19,395		21,649,669
6.50%, 10/20/38		6,590		7,532,464
				6,370,751,758
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost: $6,388,235,625)				6,370,751,758
SHORT-TERM INVESTMENTS — 24.13%
MONEY MARKET FUNDS — 24.13%
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d		1,542,864		1,542,863,685

Security	Shares (000s)		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		100	$	100,000
				1,542,963,685
TOTAL SHORT-TERM INVESTMENTS (Cost: $1,542,963,685)				1,542,963,685
TOTAL INVESTMENTS IN SECURITIES — 123.74% (Cost: $7,931,199,310)				7,913,715,443
Other Assets, Less Liabilities — (23.74)%				(1,518,264,645	)
NET ASSETS — 100.00%			$	6,395,450,798

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

^b  To-be-announced (TBA). See Note 1.

^c  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

200

Schedule of Investments  (Unaudited)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
MUNICIPAL BONDS & NOTES — 98.61%
ALABAMA — 0.17%
Alabama Federal Aid Highway Finance Authority RB Federal Grant Revenue
5.00%, 09/01/24	(Call 09/01/22)	$	2,500	$	2,967,750
Alabama Public School & College Authority RB Sales Tax Revenue
Series A
5.00%, 05/01/14			1,000		1,043,500
5.00%, 05/01/18			500		590,545
Baldwin County Board of Education RB Sales Tax Revenue
4.50%, 07/01/37	(Call 07/01/17) (AMBAC)		500		509,130
Birmingham Water Works Board RB Water Revenue
5.00%, 01/01/41	(Call 01/01/21)		1,000		1,077,710
					6,188,635
ALASKA — 0.01%
City of Anchorage GO
Series B
5.25%, 12/01/16	(AMBAC)		300		347,562
					347,562
ARIZONA — 1.38%
Arizona School Facilities Board COP Lease Appropriation
Series A-1
5.00%, 09/01/17	(Call 09/01/15) (NPFGC-FGIC)		245		269,035
Arizona School Facilities Board COP Lease Non-Terminable
5.13%, 09/01/21	(Call 09/01/18)		1,000		1,141,040
5.25%, 09/01/23	(Call 09/01/18)		1,465		1,658,146
5.75%, 09/01/19	(Call 09/01/18)		1,200		1,436,616
Arizona State University Board of Regents RB University Revenue
Series A
5.00%, 07/01/42	(Call 07/01/22)		1,000		1,108,440
Arizona Transportation Board RB Fuel Sales Tax Revenue
Series A
5.00%, 07/01/21			1,500		1,831,845
5.00%, 07/01/24	(Call 07/01/21)		935		1,106,236
Arizona Transportation Board RB Highway Revenue Tolls
Series A
5.00%, 07/01/30	(Call 07/01/22)		2,000		2,302,200
Arizona Transportation Board RB Sales Tax Revenue
5.00%, 07/01/17			700		816,501
5.00%, 07/01/24	(Call 07/01/19)		685		792,161
5.25%, 07/01/20	(Call 07/01/19)		480		580,555
Arizona Water Infrastructure Finance Authority RB Water Revenue
Series A
5.00%, 10/01/30	(Call 10/01/20)		2,600		3,051,464
City of Mesa RB Multiple Utility Revenue
5.25%, 07/01/16	(ETM) (NPFGC-FGIC)		280		319,623
5.25%, 07/01/16	(NPFGC-FGIC)		220		249,865
Phoenix Civic Improvement Corp. RB Port Airport & Marina Revenue
Series A
5.00%, 07/01/40	(Call 07/01/20)		1,700		1,820,139

Security		Principal (000s)		Value
Phoenix Civic Improvement Corp. RB Sales Tax Revenue
5.00%, 07/01/13	(AMBAC)	$	370	$	371,491
5.00%, 07/01/19	(Call 07/01/14) (AMBAC)		845		886,363
5.00%, 07/01/41	(Call 07/01/15) (NPFGC-FGIC)		3,250		3,390,660
Phoenix Civic Improvement Corp. RB Special Assessment
Series A
5.00%, 07/01/39	(Call 07/01/19)		800		894,008
Phoenix Civic Improvement Corp. RB Water Revenue
4.75%, 07/01/25	(Call 07/01/15) (NPFGC)		1,800		1,943,676
5.00%, 07/01/19	(Call 07/01/15) (NPFGC)		500		545,590
Pinal County Electric District No. 3 RB Electric Power & Light Revenues
5.25%, 07/01/41	(Call 07/01/21)		1,000		1,095,340
Salt River Project Agricultural Improvement & Power District RB Electric Power & Light Revenues
Series A
5.00%, 12/01/26	(Call 12/01/21)		1,000		1,179,610
5.00%, 01/01/27	(Call 01/01/18)		1,800		2,042,946
5.00%, 12/01/28	(Call 12/01/21)		1,000		1,166,210
5.00%, 12/01/31	(Call 06/01/22)		3,500		4,033,645
5.00%, 01/01/38	(Call 01/01/18)		8,265		9,249,444
Series B
4.00%, 01/01/16			1,250		1,359,450
4.00%, 01/01/18			1,225		1,385,107
5.00%, 12/01/19			500		607,070
State of Arizona COP Lease Appropriation
Series A
5.00%, 10/01/18	(AGM)		200		233,788
5.00%, 10/01/29	(Call 10/01/19) (AGM)		1,000		1,109,060
5.25%, 10/01/20	(Call 10/01/19) (AGM)		355		421,094
					50,398,418
ARKANSAS — 0.08%
State of Arkansas GO
4.00%, 08/01/14			1,930		2,014,843
5.00%, 08/01/14			1,050		1,108,380
					3,123,223
CALIFORNIA — 23.06%
Alameda Corridor Transportation Authority RB Transit Revenue
Series A
0.00%, 10/01/14	(AMBAC)		250		245,798
Allan Hancock Joint Community College District GO
0.00%, 08/01/47	(Call 08/01/40)		1,000		370,100
Alvord Unified School District GO
Series B
0.00%, 08/01/36	(AGM)		2,000		615,860
Anaheim Public Financing Authority RB Lease Abatement
0.00%, 09/01/32	(AGM)		3,040		1,163,925
Bay Area Governments Association RB Transit Revenue
5.00%, 08/01/17	(Call 08/01/14) (NPFGC-FGIC)		870		907,739

201

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Bay Area Toll Authority RB Highway Revenue Tolls
Series F
5.00%, 04/01/15		$	500	$	542,545
5.00%, 04/01/17	(PR 04/01/16)		150		168,762
5.00%, 04/01/18	(PR 04/01/16)		1,000		1,125,080
5.00%, 04/01/21	(PR 04/01/16)		250		281,270
5.00%, 04/01/23	(PR 04/01/16)		275		309,397
5.00%, 04/01/25	(PR 04/01/16)		2,000		2,250,160
5.00%, 04/01/26	(PR 04/01/16)		1,200		1,350,096
5.00%, 04/01/31	(PR 04/01/16)		3,100		3,487,748
5.00%, 04/01/31	(PR 04/01/17)		680		789,915
Series F-1
5.00%, 04/01/25	(Call 04/01/22)		1,500		1,774,665
5.00%, 04/01/26	(Call 04/01/22)		1,000		1,173,210
5.00%, 04/01/28	(Call 04/01/19)		2,625		3,059,433
5.00%, 04/01/30	(Call 04/01/22)		2,000		2,286,600
5.00%, 04/01/31	(Call 04/01/22)		200		227,338
5.00%, 04/01/34	(Call 04/01/18)		500		552,200
5.13%, 04/01/39	(Call 04/01/19)		825		923,579
5.63%, 04/01/44	(Call 04/01/19)		1,295		1,463,039
Series S-2
5.00%, 10/01/42	(Call 10/01/20)		2,510		2,741,372
Bay Area Water Supply & Conservation Agency RB Water Revenue
Series A
5.00%, 10/01/34	(Call 04/01/23)		1,500		1,711,230
California Educational Facilities Authority RB College & University Revenue
Series T-1
5.00%, 03/15/39			120		149,698
Series U-3
5.00%, 06/01/43			1,500		1,889,760
California Infrastructure & Economic Development Bank RB Highway Revenue Tolls
5.00%, 07/01/23	(ETM) (AGM)		2,845		3,580,945
5.00%, 07/01/24	(ETM) (FGIC)		2,500		3,192,200
5.00%, 07/01/29	(PR 01/01/28) (FGIC)		3,600		4,668,480
5.00%, 07/01/33	(PR 01/01/28) (AMBAC)		1,000		1,296,800
5.00%, 07/01/36	(PR 01/01/28) (AMBAC)		500		648,400
5.13%, 07/01/37	(PR 07/01/26) (AMBAC)		470		613,693
5.25%, 07/01/21	(PR 07/01/13) (AGM)		1,550		1,556,463
California State Department of Transportation RB Federal Grant Revenue
Series A
5.00%, 02/01/14	(NPFGC-FGIC)		3,360		3,467,722
5.00%, 02/01/15	(NPFGC-FGIC)		855		921,852
California State Department of Water Resources RB Electric Power & Light Revenues
Series H
5.00%, 05/01/22	(Call 05/01/18)		4,700		5,472,774

Security		Principal (000s)		Value
Series K
4.00%, 05/01/18		$	200	$	228,272
5.00%, 05/01/18			3,715		4,413,791
Series L
4.00%, 05/01/15			100		107,040
5.00%, 05/01/14			2,705		2,823,154
5.00%, 05/01/15			1,000		1,089,090
5.00%, 05/01/16			1,000		1,129,720
5.00%, 05/01/17			2,485		2,889,483
5.00%, 05/01/18			1,290		1,532,649
5.00%, 05/01/19			1,815		2,191,685
5.00%, 05/01/20			2,690		3,282,688
5.00%, 05/01/21	(Call 05/01/20)		1,000		1,210,790
5.00%, 05/01/22	(Call 05/01/20)		1,250		1,509,050
Series M
4.00%, 05/01/14			2,650		2,741,504
4.00%, 05/01/16			1,500		1,652,130
4.00%, 05/01/19			1,275		1,468,902
5.00%, 05/01/14			1,750		1,826,440
5.00%, 05/01/15			1,000		1,089,090
Series N
5.00%, 05/01/20			2,500		3,050,825
California State Department of Water Resources RB Water Revenue
Series AC
5.00%, 12/01/15	(PR 12/01/14) (NPFGC)		965		1,033,226
Series AE
5.00%, 12/01/24	(Call 06/01/18)		650		759,577
5.00%, 12/01/27	(Call 06/01/18)		500		581,620
5.00%, 12/01/28	(Call 06/01/18)		695		805,547
Series F-3
5.00%, 05/01/21	(Call 05/01/18)		1,500		1,749,720
Series F-5
5.00%, 05/01/22	(Call 05/01/18)		1,445		1,682,587
Series G-4
5.00%, 05/01/16			1,250		1,412,150
California State Public Works Board RB Lease Abatement
Series A
5.00%, 12/01/19	(AMBAC)		20		22,550
5.00%, 04/01/20			690		817,705
5.00%, 04/01/30	(Call 04/01/22)		2,000		2,199,040
5.00%, 04/01/37	(Call 04/01/22)		1,450		1,546,918
6.25%, 04/01/34	(Call 04/01/19)		1,725		2,071,173
Series A-1
6.00%, 03/01/35	(Call 03/01/20)		1,000		1,189,540
Series C
4.00%, 06/01/28	(Call 06/01/22)		1,000		995,530
Series G
5.00%, 11/01/37	(Call 11/01/22)		2,175		2,328,316
Series G-1
5.75%, 10/01/30	(Call 10/01/19)		2,025		2,325,064
Series I-1
6.38%, 11/01/34	(Call 11/01/19)		600		736,170
California State Public Works Board RB Lease Revenue
Series A
5.13%, 06/01/29	(PR 06/01/14)		580		608,142
5.25%, 06/01/30	(Call 06/01/15)		2,100		2,220,708
Series C
5.25%, 06/01/28	(PR 12/01/13)		1,570		1,609,360

202

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series D
5.00%, 12/01/23	(Call 12/01/21)	$	1,500	$	1,737,630
5.00%, 12/01/31	(Call 12/01/21)		750		818,843
Series G
5.00%, 12/01/31	(Call 12/01/21)		1,400		1,615,516
Series J
5.25%, 01/01/16	(AMBAC)		1,350		1,503,292
California State University Trustees RB College & University Revenue
Series A
4.00%, 11/01/28	(Call 11/01/22)		1,680		1,749,586
5.00%, 11/01/24	(Call 11/01/21)		1,250		1,483,575
5.00%, 11/01/30	(Call 05/01/15) (AMBAC)		1,365		1,447,282
5.00%, 11/01/39	(Call 05/01/18) (AGM)		1,000		1,086,550
5.25%, 11/01/34	(Call 05/01/19)		500		561,520
5.25%, 11/01/38	(Call 05/01/19)		2,500		2,802,500
California Statewide Communities Development Authority RB Miscellaneous Revenue
4.00%, 06/15/13			2,230		2,233,256
5.00%, 06/15/13			5,000		5,009,250
Centinela Valley Union High School District GO
Series B
0.00%, 08/01/45	(Call 08/01/22) (AGM)		4,000		642,880
Chabot-Las Positas Community College District GO
5.00%, 08/01/31	(Call 08/01/23)		1,200		1,397,472
Series B
5.00%, 08/01/31	(Call 08/01/16) (AMBAC)		5,425		6,099,219
Series C
0.00%, 08/01/32	(Call 08/01/16) (AMBAC)		500		216,055
0.00%, 08/01/34	(Call 08/01/16) (AMBAC)		270		94,395
0.00%, 08/01/37	(Call 08/01/16) (AMBAC)		500		149,120
City & County of San Francisco COP Lease Abatement
Series A
5.00%, 04/01/29	(Call 04/01/19)		500		547,525
City & County of San Francisco GO
Series R1
5.00%, 06/15/20			200		243,716
5.00%, 06/15/21			2,025		2,485,262
5.00%, 06/15/22	(Call 12/15/21)		1,000		1,221,720
City of Bakersfield RB Sewer Revenue
Series A
5.00%, 09/15/32	(Call 09/15/17) (AGM)		3,550		3,907,769
City of Los Angeles GO
Series B
5.00%, 09/01/19			1,200		1,446,720

Security		Principal (000s)		Value
City of Los Angeles RB Wastewater System Revenue
5.00%, 06/01/34		$	1,035	$	1,104,873
Series A
5.00%, 06/01/27	(Call 06/01/23)		1,000		1,177,360
5.00%, 06/01/39	(Call 06/01/19)		500		548,655
Series B
5.00%, 06/01/23			1,000		1,231,200
5.00%, 06/01/32	(Call 06/01/22)		2,000		2,261,220
Series D
5.00%, 06/01/15			2,965		3,242,998
City of Redding COP Electric Power & Light Revenues
Series A
5.00%, 06/01/30	(Call 06/01/18) (AGM)		1,000		1,108,110
City of Sacramento RB Water Revenue
5.00%, 09/01/42	(Call 09/01/23)		750		837,930
City of San Jose RB Port Airport & Marina Revenue
Series B
5.00%, 03/01/37	(Call 03/01/17) (AMBAC)		1,390		1,445,239
Series D
5.00%, 03/01/28	(Call 03/01/14) (NPFGC)		800		819,624
City of Vernon RB Electric Power & Light Revenues
Series A
5.13%, 08/01/21	(Call 08/01/19)		105		118,296
Coast Community College District GO
Series A
5.00%, 08/01/38	(Call 08/01/23)		2,750		3,087,672
County of Sacramento RB Port Airport & Marina Revenue
5.00%, 07/01/40	(Call 07/01/20)		1,145		1,233,279
Series B
5.75%, 07/01/39	(Call 07/01/18)		1,250		1,448,925
Series C
6.00%, 07/01/41	(Call 07/01/18)		1,705		1,992,173
Cucamonga Valley Water District RB Water Revenue
Series A
5.38%, 09/01/35	(Call 09/01/21) (AGM)		750		873,330
Desert Community College District GO
Series C
0.00%, 08/01/46	(Call 08/01/17) (AGM)		2,000		347,560
5.00%, 08/01/37	(Call 08/01/17) (AGM)		1,620		1,784,122
Desert Sands Unified School District GO
5.00%, 06/01/29	(PR 06/01/14) (AGM)		1,000		1,046,960

203

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
East Bay Municipal Utility District RB Water Revenue
Series A
5.00%, 06/01/26	(Call 06/01/17) (NPFGC-FGIC)	$	1,545	$	1,761,362
5.00%, 06/01/32	(Call 06/01/17) (NPFGC-FGIC)		1,000		1,116,490
5.00%, 06/01/35	(Call 06/01/15) (NPFGC)		1,100		1,174,613
5.00%, 06/01/36	(Call 06/01/20)		2,000		2,304,140
5.00%, 06/01/37	(Call 06/01/17) (NPFGC-FGIC)		275		307,258
Series B
5.00%, 06/01/16			500		566,380
5.00%, 06/01/23			2,600		3,257,410
Eastern Municipal Water District COP Water Revenue
Series H
5.00%, 07/01/35	(Call 07/01/18)		500		550,320
El Camino Community College District GO
Series C
0.00%, 08/01/32			200		89,660
0.00%, 08/01/34			1,000		403,000
Escondido Union High School District GO
Series C
0.00%, 08/01/51			1,000		142,160
Foothill-De Anza Community College District GO
Series C
5.00%, 08/01/36	(Call 08/01/21)		1,000		1,126,890
5.00%, 08/01/40	(Call 08/01/21)		1,000		1,116,990
Foothill-Eastern Transportation Corridor Agency RB Highway Revenue Tolls
0.00%, 01/15/17	(Call 07/01/13) (NPFGC)		160		130,885
0.00%, 01/15/24	(Call 07/01/13)		1,000		534,890
0.00%, 01/15/30	(Call 07/01/13) (NPFGC)		435		161,516
5.75%, 01/15/40	(Call 07/01/13)		3,000		3,000,900
Series A
0.00%, 01/01/15	(ETM)		500		496,060
0.00%, 01/01/20	(ETM)		1,355		1,217,657
0.00%, 01/01/23	(ETM)		500		399,320
0.00%, 01/01/25	(ETM)		1,800		1,320,840
0.00%, 01/01/26	(ETM)		1,500		1,055,835
0.00%, 01/01/28	(ETM)		4,450		2,886,626
0.00%, 01/01/30	(ETM)		1,000		598,450

Security		Principal (000s)		Value
Long Beach Community College District GO
0.00%, 08/01/49	(Call 08/01/42)	$	2,000	$	710,480
5.00%, 08/01/39	(Call 08/01/22)		1,500		1,677,570
Los Angeles Community College District GO
Series A
5.00%, 08/01/27	(Call 08/01/17) (NPFGC-FGIC)		2,000		2,267,240
5.00%, 08/01/32	(Call 08/01/17) (NPFGC-FGIC)		1,410		1,568,019
6.00%, 08/01/33	(Call 08/01/19)		1,000		1,223,790
Series F-1
5.00%, 08/01/33	(Call 08/01/18)		1,500		1,683,945
Los Angeles Convention & Exhibition Center Authority RB Lease Abatement
Series A
5.00%, 08/15/20	(Call 08/15/18)		2,000		2,281,660
5.13%, 08/15/22	(Call 08/15/18)		1,050		1,179,780
Los Angeles County Metropolitan Transportation Authority RB Sales Tax Revenue
Series A
5.00%, 07/01/22	(Call 07/01/18) (AGM)		200		234,130
Series B
5.00%, 07/01/14			6,090		6,406,193
5.00%, 07/01/15			900		986,598
5.00%, 07/01/17			200		233,462
5.00%, 07/01/22	(Call 07/01/21)		1,000		1,216,240
Los Angeles County Public Works Financing Authority RB Lease Abatement
4.00%, 08/01/37	(Call 08/01/22)		1,000		969,360
5.00%, 08/01/42	(Call 08/01/22)		1,000		1,079,240
Los Angeles County Sanitation Districts Financing Authority RB Sewer Revenue
5.00%, 10/01/34	(Call 10/01/15) (NPFGC-FGIC)		1,200		1,283,916
Series A
5.00%, 10/01/20	(District GO)		1,000		1,223,500
Los Angeles Department of Airports RB Port Airport & Marina Revenue
Series A
5.00%, 05/15/40	(Call 05/15/20)		3,700		4,100,155
5.25%, 05/15/39	(Call 05/15/19)		1,000		1,139,160

204

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series B
5.00%, 05/15/35	(Call 05/15/22)	$	500	$	565,850
5.00%, 05/15/40	(Call 05/15/20)		3,000		3,264,060
Series D
5.25%, 05/15/33	(Call 05/15/20)		1,000		1,137,980
Los Angeles Department of Water & Power RB Electric Power & Light Revenues
Series A
4.00%, 07/01/13			3,000		3,009,600
5.00%, 07/01/14			1,000		1,051,800
5.00%, 07/01/16			500		567,435
5.00%, 07/01/21			1,285		1,575,731
5.00%, 07/01/22	(Call 07/01/21)		500		607,290
5.00%, 07/01/30	(PR 07/01/13)		1,400		1,405,544
Series A-1
5.00%, 07/01/13			1,400		1,405,530
5.25%, 07/01/38	(Call 07/01/18)		5,825		6,524,757
Series B
5.00%, 07/01/25	(Call 07/01/20)		2,000		2,356,200
5.00%, 07/01/30	(Call 07/01/23)		1,500		1,731,090
5.00%, 07/01/43	(Call 07/01/22)		3,950		4,381,577
5.25%, 07/01/24	(Call 07/01/19)		1,645		1,949,160
Los Angeles Department of Water & Power RB Water Revenue
Series A
5.00%, 07/01/43	(Call 07/01/22)		1,500		1,663,890
Series A-1
5.00%, 07/01/38	(Call 07/01/17) (AMBAC)		1,800		1,974,600
Series A-2
5.00%, 07/01/44	(Call 07/01/17) (AMBAC)		1,200		1,308,360
Series B
5.00%, 07/01/36	(Call 07/01/22)		1,000		1,119,130
5.00%, 07/01/43	(Call 07/01/22)		1,500		1,663,890
Los Angeles Municipal Improvement Corp. RB Lease Abatement
Series B1
4.75%, 08/01/37	(PR 08/01/14) (NPFGC-FGIC)		10		10,517
4.75%, 08/01/37	(Call 08/01/14) (NPFGC-FGIC)		285		293,710
Los Angeles Unified School District GO
5.75%, 07/01/13	(NPFGC)		585		587,709
Series A
5.00%, 07/01/13	(NPFGC)		875		878,535
5.00%, 07/01/17	(Call 07/01/16) (NPFGC)		1,000		1,133,080

Security		Principal (000s)		Value
5.00%, 07/01/21	(PR 07/01/13) (AGM)	$	500	$	501,975
5.00%, 07/01/22	(PR 07/01/13) (AGM)		6,135		6,159,233
5.00%, 07/01/23	(PR 07/01/13) (AGM)		1,300		1,305,135
5.00%, 07/01/24	(PR 07/01/13) (AGM)		1,000		1,003,950
5.00%, 01/01/28	(PR 07/01/13) (NPFGC)		5,060		5,079,987
5.25%, 07/01/14	(PR 07/01/13) (NPFGC)		900		903,744
5.25%, 07/01/20	(PR 07/01/13) (AGM)		2,075		2,083,632
5.38%, 07/01/18	(PR 07/01/13)		880		883,758
5.50%, 07/01/15	(PR 07/01/13) (NPFGC)		300		301,311
Series A-1
4.50%, 07/01/22	(Call 07/01/17) (AGM)		2,700		3,025,269
4.50%, 07/01/24	(Call 07/01/17) (AGM)		1,000		1,102,310
4.50%, 07/01/25	(Call 07/01/17) (NPFGC)		2,900		3,156,824
5.00%, 07/01/21	(Call 07/01/15) (FGIC)		360		391,802
Series A-2
4.00%, 07/01/14			1,000		1,040,430
5.00%, 07/01/21			1,000		1,231,290
Series B
4.75%, 07/01/19	(Call 07/01/16)		1,400		1,566,068
5.00%, 07/01/16	(AGM)		600		680,238
5.00%, 07/01/22	(Call 07/01/16) (FGIC)		950		1,067,116
5.00%, 07/01/23	(Call 07/01/16) (FGIC)		500		560,825
Series D
5.00%, 01/01/34	(Call 07/01/19)		250		277,370
5.20%, 07/01/29	(Call 07/01/19)		1,000		1,154,720
Series E
4.75%, 07/01/32	(Call 07/01/17) (AGM)		6,300		6,890,877

205

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series F
5.00%, 07/01/15	(PR 07/01/13) (AGM)	$	500	$	501,975
5.00%, 01/01/28	(PR 07/01/13) (FGIC)		700		702,765
Series I
5.00%, 07/01/14			400		420,496
5.00%, 07/01/27	(Call 07/01/19)		3,000		3,403,770
M-S-R Public Power Agency RB Electric Power & Light Revenues
Series L
5.00%, 07/01/19	(Call 07/01/18) (AGM)		300		350,805
Mendocino-Lake Community College District GO
Series B
0.00%, 08/01/51	(AGM)		750		103,568
Merced Union High School District GO
Series C
0.00%, 08/01/46	(Call 08/01/21)		1,500		182,355
Metropolitan Water District of Southern California RB Water Revenue
5.75%, 08/10/18			2,500		2,948,100
Series A
5.00%, 10/01/29	(Call 04/01/22)		800		935,496
Series B
5.00%, 07/01/14			400		420,632
5.00%, 07/01/21	(Call 07/01/18)		210		247,754
Series C
5.00%, 10/01/26	(Call 10/01/21)		1,000		1,186,570
5.00%, 10/01/27			2,500		3,145,575
5.00%, 07/01/35	(Call 07/01/16)		2,400		2,634,240
Series G
5.00%, 07/01/28	(Call 07/01/22)		500		589,870
Modesto Irrigation District COP Lease Revenue
Series A
6.00%, 10/01/39	(Call 04/01/19)		500		575,370
Mount Diablo Unified School District GO
Series A
0.00%, 08/01/35	(Call 08/01/25) (AGM)		2,530		1,763,486
Series E
5.00%, 06/01/37	(Call 08/01/22)		1,750		1,929,707
Newport Mesa Unified School District GO
0.00%, 08/01/38			1,500		489,450
0.00%, 08/01/41	(Call 08/01/21)		520		95,862
Orange County Public Financing Authority RB Lease Abatement
5.00%, 07/01/16	(NPFGC)		1,000		1,125,210

Security		Principal (000s)		Value
Orange County Sanitation District COP Sewer Revenue
Series A
5.00%, 02/01/39	(Call 02/01/19)	$	500	$	559,065
Palomar Pomerado Health GO
Series A
0.00%, 08/01/31	(AGM)		1,000		443,180
Peralta Community College District GO
Series C
5.00%, 08/01/39	(Call 08/01/19)		500		543,045
Pomona Public Financing Authority RB Water Revenue
Series AY
5.00%, 05/01/47	(Call 05/01/17) (AMBAC)		625		650,819
Poway Unified School District GO
0.00%, 08/01/33			1,000		393,400
0.00%, 08/01/41			1,500		376,110
0.00%, 08/01/46			4,750		892,525
0.00%, 08/01/51			1,250		175,313
Rio Hondo Community College District GO
0.00%, 08/01/42	(Call 08/01/34)		560		375,693
Sacramento City Financing Authority RB Lease Abatement
5.25%, 12/01/30	(AMBAC)		440		509,956
Series A
4.75%, 05/01/23	(Call 07/01/13) (AMBAC)		180		180,126
5.40%, 11/01/20	(AMBAC)		500		571,245
Sacramento County Sanitation Districts Financing Authority RB Sewer Revenue
5.00%, 08/01/35	(Call 08/01/15) (NPFGC)		775		830,940
Sacramento Municipal Utility District RB Electric Power & Light Revenues
Series U
5.00%, 08/15/27	(Call 08/15/18) (AGM)		3,875		4,318,377
Series X
5.00%, 08/15/20			700		851,935
5.00%, 08/15/25	(Call 08/15/21)		1,000		1,169,450
Sacramento Municipal Utility District RB Water Revenue
5.13%, 07/01/29	(Call 07/01/16) (NPFGC)		1,000		1,076,910
San Bernardino Community College District GO
Series A
6.25%, 08/01/33	(PR 08/01/18)		300		379,386

206

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
San Diego Community College District GO
5.00%, 08/01/29	(Call 08/01/21)	$	120	$	137,452
5.00%, 08/01/30	(Call 08/01/17) (AGM)		900		1,019,673
San Diego County Regional Airport Authority RB Port Airport & Marina Revenue
Series A
5.00%, 07/01/40	(Call 07/01/20)		1,420		1,525,818
5.00%, 07/01/43	(Call 07/01/23)		1,250		1,364,775
San Diego County Regional Transportation Commission RB Sales Tax Revenue
Series A
5.00%, 04/01/42	(Call 04/01/22)		1,000		1,112,280
5.00%, 04/01/48	(Call 04/01/22)		2,500		2,776,200
San Diego County Water Authority COP Water Revenue
Series 2008
5.00%, 05/01/33	(Call 05/01/18) (AGM)		3,800		4,218,304
San Diego County Water Authority RB Water Revenue
5.00%, 05/01/34	(Call 11/01/22)		1,000		1,150,590
San Diego Public Facilities Financing Authority RB Sewer Revenue
Series A
5.25%, 05/15/39	(Call 05/15/19)		1,000		1,139,160
Series B
5.00%, 05/15/18			1,000		1,188,900
5.00%, 05/15/22	(Call 05/15/19)		2,000		2,392,820
San Diego Public Facilities Financing Authority RB Water Revenue
Series B
5.50%, 08/01/39	(Call 08/01/19)		700		798,735
San Diego Regional Building Authority RB Lease Abatement
5.38%, 02/01/36	(Call 02/01/19)		1,500		1,726,560
San Diego Unified School District GO
0.00%, 07/01/30			1,300		618,072
0.00%, 07/01/35			2,010		722,072
0.00%, 07/01/37			700		221,256
0.00%, 07/01/43			1,180		272,922
0.00%, 07/01/44			1,800		395,838

Security		Principal (000s)		Value
Series C
0.00%, 07/01/46		$	275	$	54,865
0.00%, 07/01/48	(Call 07/01/40)		1,500		735,300
5.00%, 07/01/35	(Call 07/01/23)		1,715		1,939,716
Series D-1
5.50%, 07/01/17	(NPFGC)		105		123,032
Series D-2
4.75%, 07/01/27	(Call 07/01/15) (AGM)		3,095		3,264,358
Series E
0.00%, 07/01/47	(Call 07/01/42)		1,000		399,230
Series F-1
4.50%, 07/01/29	(Call 07/01/16) (AGM)		1,200		1,258,980
Series R-1
0.00%, 07/01/31			2,000		889,680
San Dieguito Union High School District GO
Series A-2
4.00%, 08/01/38	(Call 08/01/23)		1,000		1,018,390
San Francisco Bay Area Rapid Transit District GO
Series B
5.00%, 08/01/32	(Call 08/01/17)		1,400		1,571,752
San Francisco Bay Area Rapid Transit District RB Sales Tax Revenue
Series A
5.00%, 07/01/36	(Call 07/01/22)		1,000		1,136,660
San Francisco City & County Airports Commission RB Port Airport & Marina Revenue
Second Series
5.00%, 05/01/26	(Call 05/01/22)		1,000		1,166,790
5.00%, 05/01/28	(Call 05/01/22)		1,500		1,726,815
Series A
4.90%, 05/01/29	(Call 11/01/19)		1,000		1,105,930
Series E
6.00%, 05/01/39	(Call 05/01/19)		4,000		4,836,400
Series F
5.00%, 05/01/35	(Call 05/01/20)		500		545,065
San Francisco City & County Public Utilities Commission RB Water Revenue
Series A

207

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
4.75%, 11/01/36	(Call 05/01/16) (AGM)	$	2,000	$	2,138,080
5.00%, 11/01/30	(Call 11/01/21)		500		575,890
5.00%, 11/01/32	(Call 11/01/21)		2,000		2,279,560
5.00%, 11/01/35	(Call 05/01/22)		3,000		3,352,810
5.00%, 11/01/37	(Call 05/01/22)		1,000		1,106,750
5.00%, 11/01/41	(Call 11/01/21)		1,750		1,946,630
Series B
4.00%, 10/01/39	(Call 10/01/22)		1,500		1,483,065
5.00%, 11/01/39	(Call 11/01/19)		1,000		1,101,450
San Joaquin County Transportation Authority RB Sales Tax Revenue
Series A
5.50%, 03/01/41	(Call 03/01/21)		500		576,870
San Joaquin Hills Transportation Corridor Agency RB Highway Revenue Tolls
0.00%, 01/01/19	(ETM)		980		908,578
0.00%, 01/01/20	(ETM)		500		449,320
0.00%, 01/01/25	(ETM)		2,100		1,540,980
0.00%, 01/01/27	(ETM)		1,075		726,077
San Jose Financing Authority RB Lease Abatement
Series A
5.00%, 06/01/39	(Call 06/01/23)		1,850		2,017,184
San Marcos Unified School District GO
Series B
0.00%, 08/01/47			500		90,980
0.00%, 08/01/51			1,500		212,445
San Mateo County Community College District GO
Series B
5.00%, 09/01/31	(Call 09/01/16)		3,000		3,307,320
5.00%, 09/01/38	(Call 09/01/16)		1,700		1,874,148
Series C
0.00%, 09/01/30	(NPFGC)		1,190		613,278
San Mateo Joint Powers Financing Authority RB Lease Abatement
Series A
5.00%, 07/15/33	(Call 07/15/18)		750		824,460
San Mateo Union High School District GO
0.00%, 09/01/33			500		278,470
0.00%, 09/01/41	(Call 09/01/36)		460		261,919
Series A
0.00%, 07/01/51	(Call 09/01/41)		1,500		623,250
San Mateo-Foster City School Facilities Financing Authority RB Miscellaneous Revenue
4.50%, 08/15/15	(AGM)		100		108,988
Santa Barbara Secondary High School District GO
Series A
0.00%, 08/01/36			2,500		825,425

Security		Principal (000s)		Value
Santa Clara County Financing Authority RB Lease Abatement
Series L
5.25%, 05/15/36	(Call 05/15/18)	$	500	$	567,275
Santa Clara County GO
4.00%, 08/01/39	(Call 08/01/22)		2,250		2,268,832
Santa Clara Valley Transportation Authority RB Sales Tax Revenue
Series A
5.00%, 04/01/32	(Call 04/01/17) (AMBAC)		1,400		1,557,780
Southern California Public Power Authority RB Electric Power & Light Revenues
0.00%, 07/01/15	(NPFGC)		700		687,316
6.75%, 07/01/13			1,200		1,206,372
Series 2010-1
5.00%, 07/01/22	(Call 07/01/20)		2,000		2,364,820
5.00%, 07/01/30	(Call 07/01/20)		1,950		2,197,377
Series A
5.00%, 07/01/18			1,500		1,790,505
Series A-2003-1
5.00%, 07/01/33	(PR 07/01/13) (AMBAC)		625		627,475
State of California GO
3.00%, 09/01/13			500		503,490
3.50%, 10/01/17			1,000		1,105,080
4.00%, 09/01/13	(NPFGC)		800		807,584
4.00%, 11/01/13			1,000		1,015,790
4.00%, 09/01/14	(NPFGC)		600		627,546
4.00%, 10/01/14			200		209,770
4.00%, 08/01/15			600		644,562
4.00%, 09/01/17			295		331,775
4.00%, 09/01/20			500		569,445
4.25%, 04/01/16			1,000		1,097,490
4.50%, 08/01/26	(Call 02/01/17)		1,850		1,982,830
4.50%, 08/01/27	(Call 02/01/17)		2,000		2,139,560
4.50%, 08/01/30	(Call 02/01/17)		3,000		3,177,510
4.75%, 04/01/18			280		325,898
5.00%, 11/01/13			1,000		1,019,950
5.00%, 02/01/14			605		624,130
5.00%, 03/01/14			1,600		1,656,784
5.00%, 03/01/14	(NPFGC-FGIC)		165		170,856
5.00%, 05/01/14			1,125		1,173,577
5.00%, 08/01/14			660		696,029
5.00%, 11/01/14			500		532,945
5.00%, 03/01/15			500		539,310
5.00%, 04/01/15			2,500		2,705,050
5.00%, 09/01/15			480		527,309
5.00%, 11/01/15			1,500		1,657,455
5.00%, 12/01/15			380		408,261
5.00%, 02/01/16			3,320		3,691,010
5.00%, 03/01/16			2,845		3,172,090
5.00%, 04/01/16			600		670,902

208

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 05/01/16	(Call 05/01/15)	$	300	$	325,440
5.00%, 08/01/16			200		226,156
5.00%, 09/01/16			1,000		1,133,880
5.00%, 10/01/16			850		966,433
5.00%, 11/01/16	(AMBAC)		345		393,317
5.00%, 12/01/16			200		228,624
5.00%, 03/01/17	(Call 03/01/15)		2,900		3,124,808
5.00%, 04/01/17			725		834,533
5.00%, 05/01/17	(Call 05/01/15)		550		596,530
5.00%, 06/01/17	(Call 06/01/15)		4,750		5,168,570
5.00%, 06/01/17	(XLCA)		300		347,046
5.00%, 03/01/18			400		469,236
5.00%, 04/01/18			2,650		3,115,366
5.00%, 05/01/18	(Call 05/01/15)		1,620		1,756,388
5.00%, 06/01/18	(Call 06/01/17) (NPFGC)		1,000		1,149,720
5.00%, 08/01/18	(Call 02/01/17)		295		336,094
5.00%, 10/01/18			3,400		4,047,088
5.00%, 03/01/19	(Call 03/01/15)		6,125		6,593,072
5.00%, 04/01/19	(Call 04/01/18)		1,150		1,331,447
5.00%, 09/01/19			500		599,505
5.00%, 10/01/19			1,000		1,200,980
5.00%, 02/01/20			2,505		2,998,811
5.00%, 09/01/20			1,500		1,809,330
5.00%, 11/01/20	(Call 11/01/17) (NPFGC)		500		579,655
5.00%, 12/01/20	(Call 12/01/16)		510		580,370
5.00%, 03/01/21	(Call 03/01/16)		1,300		1,442,636
5.00%, 08/01/21	(Call 02/01/17)		900		999,709
5.00%, 10/01/21	(Call 10/01/19)		1,800		2,117,628
5.00%, 11/01/21	(Call 11/01/17)		250		289,130
5.00%, 12/01/21	(Call 12/01/16)		1,955		2,221,134
5.00%, 04/01/22			1,000		1,204,510
5.00%, 08/01/22	(Call 02/01/17)		320		361,738
5.00%, 09/01/22			1,000		1,209,250
5.00%, 10/01/22			2,500		3,025,425
5.00%, 12/01/22	(Call 12/01/16)		1,750		1,984,342
5.00%, 06/01/23	(Call 12/01/14) (AMBAC)		1,000		1,064,180
5.00%, 08/01/23	(Call 02/01/17)		340		384,346
5.00%, 09/01/23	(Call 09/01/22)		5,000		5,964,100
5.00%, 10/01/23	(Call 07/01/13)		25		25,091
5.00%, 02/01/24	(PR 08/01/13)		1,460		1,471,577
5.00%, 02/01/24	(Call 08/01/13)		2,045		2,059,560
5.00%, 03/01/24	(Call 03/01/16)		1,000		1,099,390
5.00%, 08/01/24	(Call 02/01/17)		750		845,243
5.00%, 10/01/24	(Call 04/01/18)		2,250		2,557,215
5.00%, 12/01/24	(Call 12/01/17)		2,420		2,737,695
5.00%, 02/01/25	(PR 08/01/13)		1,500		1,511,895
5.00%, 04/01/25	(Call 04/01/18)		1,050		1,189,513
5.00%, 08/01/25	(Call 02/01/17)		2,850		3,202,117
5.00%, 08/01/25	(Call 08/01/15) (AGM)		1,000		1,085,980
5.00%, 11/01/25	(Call 11/01/20)		500		578,570
5.00%, 12/01/25	(Call 12/01/16)		4,000		4,491,640
5.00%, 02/01/26	(Call 02/01/22)		2,000		2,294,280
5.00%, 11/01/26	(Call 11/01/17)		625		704,875
5.00%, 12/01/26	(Call 12/01/16)		1,250		1,399,087
5.00%, 02/01/27	(AMBAC)		550		659,494
5.00%, 05/01/27	(Call 05/01/15)		500		534,875
5.00%, 06/01/27	(Call 06/01/17) (NPFGC-FGIC)		2,000		2,206,020

Security		Principal (000s)		Value
5.00%, 08/01/27	(Call 08/01/15) (AGM)	$	1,000	$	1,077,810
5.00%, 03/01/28	(Call 03/01/16)		1,250		1,346,750
5.00%, 08/01/28	(Call 08/01/18)		250		280,638
5.00%, 09/01/28	(Call 09/01/18)		1,000		1,119,360
5.00%, 10/01/29	(Call 10/01/19)		21,600		24,192,230
5.00%, 02/01/31	(Call 02/01/22)		2,000		2,238,380
5.00%, 04/01/31	(PR 04/01/14) (AMBAC)		1,450		1,507,550
5.00%, 02/01/32	(Call 08/01/13)		2,245		2,490,579
5.00%, 02/01/32	(PR 08/01/13)		880		886,979
5.00%, 06/01/32	(Call 06/01/17)		3,020		3,247,648
5.00%, 11/01/32	(Call 11/01/17)		6,505		7,037,434
5.00%, 02/01/33	(Call 08/01/13)		3,105		3,439,408
5.00%, 02/01/33	(PR 08/01/13)		425		428,370
5.00%, 08/01/33	(Call 08/01/15)		650		694,902
5.00%, 10/01/33	(Call 04/01/23)		1,000		1,123,840
5.00%, 09/01/35	(Call 09/01/16)		720		767,081
5.00%, 06/01/37	(Call 06/01/17)		5,250		5,647,110
5.00%, 11/01/37	(Call 11/01/17)		9,865		10,683,696
5.00%, 12/01/37	(Call 12/01/17)		4,815		5,221,771
5.00%, 02/01/38	(Call 02/01/23)		3,000		3,309,240
5.00%, 04/01/38	(Call 04/01/18)		2,835		3,084,225
5.00%, 09/01/41	(Call 09/01/21)		3,970		4,298,597
5.00%, 10/01/41	(Call 10/01/21)		3,750		4,063,087
5.00%, 04/01/42	(Call 04/01/22)		2,000		2,172,300
5.00%, 09/01/42	(Call 09/01/22)		5,500		5,992,470
5.00%, 02/01/43	(Call 02/01/23)		1,000		1,092,040
5.00%, 04/01/43	(Call 04/01/23)		2,500		2,733,375
5.13%, 03/01/25	(Call 03/01/18)		560		639,100
5.13%, 02/01/28	(PR 02/01/14)		1,200		1,239,048
5.13%, 04/01/33	(Call 04/01/18)		2,975		3,289,785
5.25%, 02/01/14	(PR 08/01/13)		175		176,462
5.25%, 11/01/16	(PR 11/01/13)		540		551,281
5.25%, 10/01/20	(Call 10/01/19)		1,160		1,392,731
5.25%, 10/01/21	(Call 10/01/19)		1,000		1,191,250
5.25%, 09/01/22			300		368,949
5.25%, 10/01/22			1,090		1,341,681
5.25%, 02/01/23			250		306,813
5.25%, 09/01/23	(Call 09/01/21)		4,390		5,269,054
5.25%, 09/01/24	(Call 09/01/21)		2,000		2,384,060
5.25%, 09/01/25	(Call 09/01/21)		250		296,178
5.25%, 10/01/29	(Call 10/01/19)		3,800		4,358,106
5.25%, 02/01/30	(Call 02/01/22)		1,000		1,145,900
5.25%, 03/01/30	(Call 03/01/20)		500		574,845
5.25%, 08/01/32	(AGM)		2,955		3,520,942
5.25%, 04/01/34	(PR 04/01/14)		1,000		1,041,770
5.25%, 04/01/35	(Call 04/01/22)		1,000		1,131,130
5.25%, 03/01/38	(Call 03/01/18)		5,750		6,331,900
5.50%, 04/01/18			2,815		3,375,157
5.50%, 04/01/19			155		188,587
5.50%, 04/01/21	(Call 04/01/19)		315		375,748
5.50%, 04/01/23	(Call 04/01/19)		2,000		2,363,920
5.50%, 08/01/30	(Call 08/01/18)		485		553,831
5.50%, 11/01/34	(Call 11/01/19)		1,000		1,157,550
5.50%, 11/01/39	(Call 11/01/19)		1,490		1,715,303
5.50%, 03/01/40	(Call 03/01/20)		2,000		2,286,300
5.60%, 03/01/36	(Call 03/01/20)		595		689,575
5.75%, 04/01/27	(Call 04/01/19)		1,000		1,173,130
5.75%, 04/01/28	(Call 04/01/19)		1,700		1,987,045
5.75%, 04/01/31	(Call 04/01/19)		2,200		2,557,236
6.00%, 03/01/33	(Call 03/01/20)		1,000		1,221,670
6.00%, 04/01/35	(Call 04/01/19)		430		512,487

209

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
6.00%, 11/01/35	(Call 11/01/19)	$	235	$	283,168
6.00%, 04/01/38	(Call 04/01/19)		16,350		19,349,898
6.00%, 11/01/39	(Call 11/01/19)		5,500		6,598,460
6.50%, 04/01/33	(Call 04/01/19)		6,570		8,088,196
Series A
4.25%, 07/01/17			1,080		1,222,420
4.60%, 07/01/19			2,000		2,361,120
5.00%, 07/01/15	(PR 07/01/14)		1,050		1,103,687
5.00%, 07/01/15	(Call 07/01/14) (NPFGC)		600		630,240
5.00%, 07/01/17			625		725,875
5.00%, 07/01/18			4,150		4,926,589
5.00%, 07/01/19			1,445		1,739,419
5.00%, 07/01/20	(Call 07/01/19)		2,930		3,476,328
5.00%, 07/01/22	(Call 07/01/16)		5,515		6,175,201
5.25%, 07/01/13			2,150		2,159,008
5.25%, 07/01/13	(ETM) (NPFGC)		3,920		3,936,542
5.25%, 07/01/13	(NPFGC)		1,125		1,129,714
5.25%, 07/01/14	(ETM)		1,640		1,728,839
5.25%, 07/01/14			3,690		3,889,039
5.25%, 07/01/14	(NPFGC-FGIC)		5,910		6,228,785
5.25%, 07/01/21	(Call 07/01/19)		2,000		2,373,100
Series B
5.00%, 07/01/23			1,800		1,890,018
Turlock Irrigation District RB Electric Power & Light Revenues
Series A
5.00%, 01/01/40	(Call 01/01/20)		2,000		2,134,960
University of California Regents RB College & University Revenue
Series AF
5.00%, 05/15/39	(Call 05/15/23)		2,250		2,533,635
Series D
5.00%, 05/15/37	(Call 05/15/16) (NPFGC-FGIC)		1,885		2,010,786
5.00%, 05/15/41	(Call 05/15/16) (NPFGC-FGIC)		250		265,230
Series G
5.00%, 05/15/27	(Call 05/15/22)		1,900		2,216,977
5.00%, 05/15/28	(Call 05/15/22)		1,000		1,157,740
5.00%, 05/15/37	(Call 05/15/22)		1,000		1,114,450
5.00%, 05/15/42	(Call 05/15/22)		1,500		1,657,110
Series J
4.50%, 05/15/26	(Call 05/15/15) (AGM)		1,500		1,580,295
4.50%, 05/15/31	(Call 05/15/15) (AGM)		2,000		2,073,480
4.50%, 05/15/35	(Call 05/15/15) (AGM)		1,220		1,259,638
5.00%, 05/15/14	(ETM) (NPFGC)		10		10,452
5.00%, 05/15/14	(NPFGC)		1,640		1,715,112
Series Q
5.00%, 05/15/21	(Call 05/15/17)		300		347,376
University of California Regents RB Medical Center Pooled Revenue
Series A
4.50%, 05/15/37	(Call 05/15/15) (NPFGC)		200		202,646
4.75%, 05/15/31	(Call 05/15/15) (NPFGC)		1,250		1,331,512
Ventura County Community College District GO
Series C
5.50%, 08/01/33	(Call 08/01/18)		905		1,054,931
Ventura County Public Financing Authority RB Lease Revenue
5.00%, 11/01/43	(Call 11/01/22)		1,000		1,076,160

Security		Principal (000s)		Value
Whittier Union High School District GO
0.00%, 08/01/34	(Call 08/01/19)	$	500	$	154,330
William S. Hart Union High School District GO
Series B
0.00%, 08/01/34	(AGM)		500		185,875
Series C
0.00%, 08/01/37	(Call 08/01/23)		1,500		433,815
4.00%, 08/01/38	(Call 08/01/23)		4,000		4,019,760
Yosemite Community College District GO
Series C
5.00%, 08/01/28	(Call 08/01/18) (AGM)		1,000		1,132,370
					842,124,864
COLORADO — 1.09%
City & County of Denver RB Port Airport & Marina Revenue
Series A
5.00%, 11/15/21	(Call 11/15/20)		1,000		1,187,410
5.25%, 11/15/36	(Call 11/15/19)		200		222,138
Series B
4.00%, 11/15/43	(Call 11/15/22)		1,550		1,515,233
5.00%, 11/15/32	(Call 11/15/22)		2,335		2,616,858
5.00%, 11/15/43	(Call 11/15/22)		250		274,890
City of Aurora RB Water Revenue
Series A
5.00%, 08/01/39	(Call 08/01/17) (AMBAC)		1,000		1,119,690
Colorado Department of Transportation RB Highway Revenue Tolls
Series B
5.00%, 12/15/15	(NPFGC-FGIC)		5,310		5,914,278
Colorado Department of Transportation RB Transit Revenue
Series B
5.50%, 06/15/13			1,150		1,152,380
Colorado State Higher Education Capital Construction Lease Purchase Financing Program COP Lease Non-Terminable
5.25%, 11/01/23	(Call 11/01/18)		500		586,710
Colorado State University Board of Governors RB Enterprise Revenue
Series A
5.00%, 03/01/38	(Call 03/01/22) (HERBIP)		500		557,280
Denver City & County School District No. 1 GO
Series A
5.50%, 12/01/23	(NPFGC-FGIC)		540		694,359
Series B
3.00%, 12/01/29	(Call 12/01/22) (SAW)		1,000		922,310
5.00%, 12/01/31	(Call 12/01/22) (SAW)		2,000		2,305,300
E-470 Public Highway Authority RB Highway Revenue Tolls
Series A
0.00%, 09/01/40			850		210,545
0.00%, 09/01/41			1,000		235,330
Series B
0.00%, 09/01/16	(NPFGC)		765		706,936
0.00%, 09/01/19	(NPFGC)		435		356,635
0.00%, 09/01/20	(NPFGC)		715		558,880
0.00%, 09/01/23	(NPFGC)		165		108,846
0.00%, 09/01/24	(NPFGC)		1,165		727,461
0.00%, 09/01/29	(NPFGC)		2,500		1,145,675
Jefferson County School District No. R-1 GO
5.00%, 12/15/18	(SAW)		500		598,740

210

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 12/15/22	(PR 12/15/14) (AGM)	$	3,535	$	3,788,919
5.00%, 12/15/24	(PR 12/15/14) (AGM)		540		578,788
Regional Transportation District COP Lease Renewal
Series A
5.38%, 06/01/31	(Call 06/01/20)		500		557,265
Regional Transportation District RB Sales Tax Revenue
Series A
4.50%, 11/01/34	(Call 11/01/17) (AGM)		3,475		3,630,437
5.00%, 11/01/27			1,500		1,809,165
5.00%, 11/01/28	(Call 11/01/22)		4,000		4,684,160
State of Colorado Building Excellent Schools Today COP Lease Revenue
Series G
5.00%, 03/15/32	(Call 03/15/21)		1,000		1,108,630
					39,875,248
CONNECTICUT — 0.80%
State of Connecticut GO
Series A
5.00%, 01/01/14			5,570		5,726,127
5.00%, 01/01/15			1,000		1,073,190
5.00%, 01/01/16			1,000		1,112,070
5.00%, 02/15/25	(Call 02/15/19)		2,660		3,093,048
Series B
5.00%, 05/01/15			1,000		1,087,740
5.00%, 05/01/16			500		562,585
5.00%, 05/15/21			1,000		1,216,220
5.25%, 06/01/20	(AMBAC)		790		972,442
Series C
5.00%, 12/01/15			500		556,335
5.00%, 06/01/23	(Call 06/01/22)		1,000		1,208,140
5.50%, 12/15/13			1,000		1,028,700
5.50%, 12/15/15			275		309,903
Series D
5.00%, 01/01/14			1,000		1,028,030
5.00%, 11/01/19			1,000		1,211,390
5.00%, 11/01/31	(Call 11/01/21)		2,000		2,306,780
Series E
4.00%, 09/15/27	(Call 09/15/22)		500		541,645
5.00%, 12/15/16			1,500		1,723,605
5.00%, 12/15/18	(Call 12/15/16)		230		261,846
State of Connecticut Special Tax Revenue
Series A
5.00%, 01/01/29	(Call 01/01/23)		2,000		2,314,720
State of Connecticut ST Sales Tax Revenue
Series 1
5.00%, 02/01/17			500		574,920
5.00%, 02/01/19			1,000		1,189,220
					29,098,656
DELAWARE — 0.02%
State of Delaware GO
Series 2009C
5.00%, 10/01/16			500		573,565
					573,565
DISTRICT OF COLUMBIA — 0.90%
District of Columbia GO
Series A
4.50%, 06/01/37	(Call 06/01/17) (NPFGC-FGIC)		3,600		3,685,356

Security		Principal (000s)		Value
Series C
5.00%, 06/01/16	(AGM)	$	1,000	$	1,124,040
District of Columbia RB College & University Revenue
5.25%, 04/01/34	(Call 10/01/18)		1,000		1,144,540
Series A
4.50%, 04/01/42	(Call 04/01/17) (AMBAC)		1,100		1,114,234
District of Columbia RB Income Tax Revenue
Series A
5.00%, 12/01/25	(Call 06/01/20)		1,000		1,167,750
5.00%, 12/01/26	(Call 06/01/20)		500		577,320
5.00%, 12/01/27	(Call 06/01/20)		500		581,000
5.00%, 12/01/31	(Call 06/01/20)		500		567,745
Series C
5.00%, 12/01/13			1,000		1,024,240
5.00%, 12/01/24	(Call 12/01/22)		1,000		1,208,750
5.00%, 12/01/30	(Call 12/01/22)		2,000		2,328,520
5.00%, 12/01/35	(Call 12/01/22)		1,000		1,131,570
Series G
5.00%, 12/01/36	(Call 12/01/21)		2,500		2,806,875
District of Columbia RB Miscellaneous Revenue
Series A
5.25%, 12/01/34	(Call 12/01/19)		1,370		1,619,066
Series B
5.00%, 12/01/25	(Call 12/01/19)		400		476,024
District of Columbia RB Recreational Revenue
Series B-1
5.00%, 02/01/31	(Call 02/01/16) (NPFGC-FGIC)		1,000		1,024,750
District of Columbia Water & Sewer Authority RB Sewer Revenue
Series A
5.50%, 10/01/39	(Call 10/01/18)		1,000		1,159,850
6.00%, 10/01/35	(Call 10/01/18)		500		598,515
District of Columbia Water & Sewer Authority RB Water Revenue
5.00%, 10/01/33	(PR 10/01/13) (NPFGC-FGIC)		2,815		2,859,505
5.50%, 10/01/23	(AGM)		240		303,391
Metropolitan Washington Airports Authority RB Highway Revenue Tolls
Series A
0.00%, 10/01/37			4,000		1,063,120
5.25%, 10/01/44	(Call 10/01/19)		2,180		2,397,521
Metropolitan Washington Airports Authority RB Port Airport & Marina Revenue
Series A
5.00%, 10/01/35	(Call 10/01/20)		1,000		1,107,820
Series C
5.13%, 10/01/39	(Call 10/01/18)		1,475		1,599,534
Washington D.C. Convention Center Authority RB Miscellaneous Taxes
Series A
4.50%, 10/01/30	(Call 10/01/16) (AMBAC)		200		201,466
					32,872,502
FLORIDA — 3.60%
Broward County RB Port Airport & Marina Revenue
Series O

211

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.38%, 10/01/29	(Call 10/01/19)	$	1,560	$	1,752,098
Series Q-1
5.00%, 10/01/42	(Call 10/01/22)		1,000		1,079,630
Broward County RB Water & Sewer Utility Revenue
Series A
5.25%, 10/01/34	(Call 10/01/18)		500		571,260
Broward County School Board COP Lease Renewal
Series A
5.00%, 07/01/21			1,000		1,183,560
City of Cape Coral RB Water Revenue
Series A
5.00%, 10/01/42	(Call 10/01/21) (AGM)		1,000		1,078,310
City of Clearwater RB Water & Sewer Revenue
Series A
5.25%, 12/01/39	(Call 12/01/19)		1,000		1,111,390
City of Gainesville RB Multiple Utility Revenue
Series A
5.00%, 10/01/35	(PR 10/01/15) (AGM)		1,250		1,382,938
City of Tallahassee RB Water Revenue
5.00%, 10/01/37	(Call 10/01/17)		1,750		1,925,193
County of Hillsborough School Board COP Lease Appropriation
Series A
5.00%, 07/01/29	(Call 07/01/22)		2,500		2,854,325
County of Miami-Dade GO
5.00%, 07/01/41	(Call 07/01/20)		1,000		1,085,520
Series B-1
5.63%, 07/01/38	(Call 07/01/18)		1,000		1,147,520
County of Miami-Dade RB Hotel Occupancy Tax
Series A
5.00%, 10/01/29	(Call 10/01/22)		1,000		1,115,140
Series B
5.00%, 10/01/35	(Call 10/01/22) (AGM)		1,450		1,580,819
County of Miami-Dade RB Miscellaneous Revenue
Series B
5.00%, 10/01/35	(Call 10/01/15) (NPFGC)		1,125		1,199,936
County of Miami-Dade RB Port Airport & Marina Revenue
Series A
5.00%, 10/01/29	(Call 10/01/20)		3,000		3,327,600
5.38%, 10/01/35	(Call 10/01/20)		1,000		1,115,850
5.38%, 10/01/41	(Call 10/01/20)		4,000		4,444,320
Series B
5.00%, 10/01/41	(Call 10/01/20)		1,000		1,088,810
County of Miami-Dade RB Water & Sewer Revenue
5.00%, 10/01/39	(Call 10/01/20) (AGM)		3,475		3,814,125
Series B
5.00%, 10/01/14	(AGM)		500		531,315
Series C
5.38%, 10/01/24	(Call 10/01/18)		2,500		2,928,025
County of Palm Beach RB Miscellaneous Revenue
5.00%, 05/01/38	(Call 05/01/18)		3,000		3,294,750
County of Seminole RB Water Revenue
5.00%, 10/01/31	(Call 10/01/16)		3,100		3,368,305
5.00%, 10/01/36	(Call 10/01/16)		2,020		2,198,669
Florida Hurricane Catastrophe Fund Finance Corp. RB Miscellaneous Revenue
Series A
4.25%, 07/01/14			500		521,455

Security		Principal (000s)		Value
5.00%, 07/01/14		$	2,000	$	2,102,040
5.00%, 07/01/15			2,035		2,228,345
5.00%, 07/01/16			2,040		2,306,771
Florida Municipal Power Agency RB Electric Power & Light Revenues
Series A
5.00%, 10/01/31	(Call 10/01/18)		450		492,656
5.25%, 10/01/19			1,000		1,206,110
5.25%, 10/01/21	(Call 10/01/18)		180		211,779
Florida State Board of Education GO
Series A
5.00%, 01/01/15			2,865		3,076,580
5.00%, 06/01/16			3,060		3,461,350
5.00%, 06/01/18			500		594,130
5.00%, 06/01/21	(Call 06/01/20)		500		601,215
5.00%, 06/01/34	(Call 06/01/14)		1,000		1,047,080
Series C
5.00%, 06/01/22	(Call 06/01/19)		1,500		1,769,655
5.00%, 06/01/25	(Call 06/01/15) (GTD)		1,455		1,596,062
Series D
5.00%, 06/01/21	(Call 06/01/19)		1,000		1,193,780
5.00%, 06/01/34	(Call 06/01/18)		2,000		2,279,260
5.00%, 06/01/37	(Call 06/01/17)		3,085		3,458,933
Series H
5.00%, 06/01/40	(Call 06/01/20)		1,000		1,143,070
Florida State Board of Education RB Miscellaneous Revenue
Series E
5.00%, 07/01/20			1,000		1,204,910
Florida State Department of Environmental Protection RB Sales Tax Revenue
Series D
5.00%, 07/01/13			3,500		3,514,140
Florida State Department of Transportation RB Highway Revenue Tolls
Series A
5.00%, 07/01/32	(Call 07/01/17)		1,000		1,119,170
Series C
5.00%, 07/01/33	(Call 07/01/13)		1,000		1,013,950
Florida State Department of Transportation RB Transit Revenue
Series A
4.75%, 07/01/31	(Call 07/01/16) (NPFGC)		350		382,316
JEA Electric System RB Electric Revenue
Series Three 2010D
5.00%, 10/01/38	(Call 04/01/20)		1,000		1,092,320
Series Three 2012B
5.00%, 10/01/39	(Call 10/01/21)		2,000		2,207,520
JEA St. Johns River Power Park System RB Electric Power & Light Revenues
Series 21
5.00%, 10/01/20	(Call 04/01/15) (NPFGC)		500		540,720
Series 23
5.00%, 10/01/14			1,200		1,274,820
5.00%, 10/01/15			200		220,974
5.00%, 10/01/18			500		594,380
JEA Water & Sewer System RB Water Revenue
Series A
5.00%, 10/01/31	(Call 04/01/21)		1,000		1,126,020
Miami-Dade County Expressway Authority RB Highway Revenue Tolls
5.00%, 07/01/39	(Call 07/01/16) (AMBAC)		1,000		1,060,360
Series A
5.00%, 07/01/35	(Call 07/01/20) (AGM)		975		1,055,213
5.00%, 07/01/40	(Call 07/01/20)		2,000		2,131,140

212

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Miami-Dade County School Board COP Lease Appropriation
Series A
4.00%, 08/01/29	(Call 08/01/22)	$	1,000	$	1,017,800
Miami-Dade County School Board COP Lease Renewal
Series A
5.25%, 02/01/27	(Call 02/01/19) (AGM)		2,690		2,970,432
Series B
5.25%, 05/01/31	(Call 05/01/18) (AGM)		2,250		2,494,170
Miami-Dade County Transit System RB Sales Surtax Revenue
5.00%, 07/01/42	(Call 07/01/22)		2,000		2,168,440
Orange County School Board COP Lease Appropriation
Series A
5.00%, 08/01/32	(Call 08/01/17) (NPFGC-FGIC)		2,500		2,771,750
Orlando Utilities Commission RB Multiple Utility Revenue
5.00%, 10/01/18	(Call 10/01/16)		1,500		1,709,370
Orlando Utilities Commission RB Water Revenue
Series A
5.00%, 10/01/22			1,000		1,227,480
5.00%, 10/01/25			1,500		1,868,730
Series B
5.00%, 10/01/33	(Call 04/01/19)		500		577,715
Orlando-Orange County Expressway Authority RB Highway Revenue Tolls
5.00%, 07/01/22			500		598,995
Series A
5.00%, 07/01/35	(Call 07/01/20)		2,000		2,171,040
5.00%, 07/01/40	(Call 07/01/20)		2,500		2,695,975
Series B
5.00%, 07/01/35	(PR 07/01/13) (AMBAC)		1,000		1,004,010
Palm Beach County School District COP Lease Appropriation
Series C
4.50%, 08/01/27	(Call 08/01/17) (AMBAC)		300		314,760
Palm Beach County School District COP Lease Renewal
Series E
5.00%, 08/01/32	(Call 08/01/17) (NPFGC)		500		549,490
Palm Beach County Solid Waste Authority RB Resource Recovery Revenue
5.00%, 10/01/24	(Call 10/01/21)		1,000		1,171,590
5.00%, 10/01/31	(Call 10/01/21)		2,890		3,231,887
5.50%, 10/01/22	(Call 10/01/19) (BHAC)		220		271,559
State of Florida GO
Series A
5.00%, 06/01/17	(Call 06/01/15) (NPFGC-FGIC)		1,000		1,096,100
5.00%, 07/01/39	(Call 07/01/19)		1,000		1,126,020
Series F
5.00%, 06/01/31	(Call 06/01/21)		1,000		1,156,700

Security		Principal (000s)		Value
Tampa Bay Water RB Water Revenue
5.00%, 10/01/38	(Call 10/01/18)	$	2,000	$	2,224,560
Series A
5.00%, 10/01/16			500		570,350
Series B
5.00%, 10/01/19			1,000		1,205,320
Tampa-Hillsborough County Expressway Authority RB Highway Revenue Tolls
Series A
5.00%, 07/01/37	(Call 07/01/22)		2,000		2,181,240
					131,383,115
GEORGIA — 2.28%
Augusta Georgia RB Water & Sewer Revenue
5.25%, 10/01/39	(Call 10/01/14) (AGM)		1,900		2,001,707
City of Atlanta RB Port Airport & Marina Revenue
Series A
5.00%, 01/01/21			1,000		1,196,110
Series B
5.00%, 01/01/18			685		799,402
5.00%, 01/01/21	(Call 01/01/20)		1,000		1,178,100
5.00%, 01/01/37	(Call 01/01/22)		1,345		1,489,224
5.00%, 01/01/42	(Call 01/01/22)		1,000		1,096,370
Series C
5.25%, 01/01/30	(Call 01/01/21)		1,835		2,071,972
City of Atlanta RB Water & Wastewater Revenue
Series A
5.50%, 11/01/15	(NPFGC-FGIC)		500		559,930
5.50%, 11/01/18	(NPFGC-FGIC)		100		121,109
6.00%, 11/01/26	(Call 11/01/19)		1,000		1,217,040
6.00%, 11/01/27	(Call 11/01/19)		1,000		1,211,560
6.00%, 11/01/28	(Call 11/01/19)		2,320		2,806,226
6.25%, 11/01/39	(Call 11/01/19)		2,750		3,310,780
County of DeKalb RB Water & Sewerage Revenue
Series A
5.00%, 10/01/35	(Call 10/01/13)		1,000		1,012,220
Series B
5.25%, 10/01/32	(Call 10/01/26) (AGM)		2,190		2,637,023
County of Fulton RB Water Revenue
5.00%, 01/01/35	(PR 01/01/14) (NPFGC-FGIC)		1,600		1,644,464
Georgia State Road & Tollway Authority RB Fuel Sales Tax Revenue
Series A
5.00%, 06/01/18	(AGM)		950		1,117,713
Georgia State Road & Tollway Authority RB Highway Revenue Tolls
5.00%, 06/01/13	(NPFGC)		1,500		1,500,000
5.00%, 06/01/14	(NPFGC)		200		209,330
Georgia State Road & Tollway Authority RB Miscellaneous Taxes
Series A
5.00%, 06/01/16			2,000		2,249,560
5.00%, 06/01/19			1,100		1,307,856
Gwinnett County School District GO
Series A
4.00%, 10/01/15			1,000		1,084,490
4.00%, 10/01/16			510		567,135

213

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Metropolitan Atlanta Rapid Transit Authority RB Sales Tax Revenue
Series B
5.00%, 07/01/27	(Call 07/01/17) (AGM)	$	2,425	$	2,737,340
5.00%, 07/01/28	(Call 07/01/17) (AGM)		950		1,063,591
5.00%, 07/01/37	(Call 07/01/17) (AGM)		4,400		4,891,348
Municipal Electric Authority of Georgia RB Electric Power & Light Revenues
Series A
5.00%, 11/01/24	(Call 11/01/20)		1,000		1,148,430
5.25%, 01/01/17			500		574,040
Series D
5.75%, 01/01/19	(Call 07/01/18)		2,000		2,403,640
5.75%, 01/01/20	(Call 07/01/18)		500		594,450
State of Georgia GO
Series A
5.00%, 07/01/28	(Call 07/01/22)		1,000		1,193,040
Series B
5.00%, 07/01/15			1,000		1,096,880
5.00%, 07/01/18	(Call 07/01/15)		6,015		6,575,297
5.00%, 07/01/19	(Call 07/01/15)		1,000		1,092,050
5.00%, 01/01/20	(Call 01/01/19)		2,500		2,953,700
5.00%, 01/01/24	(Call 01/01/19)		1,000		1,166,350
Series C
4.00%, 10/01/23	(Call 10/01/22)		2,000		2,302,200
5.00%, 07/01/20	(Call 07/01/17)		2,000		2,328,860
5.00%, 07/01/29	(Call 07/01/21)		1,000		1,175,530
5.50%, 07/01/14			625		660,688
5.50%, 07/01/16	(PR 07/01/14)		775		818,640
5.50%, 07/01/16	(Call 07/01/14)		3,200		3,378,944
Series E
4.00%, 07/01/13			2,500		2,507,975
5.00%, 07/01/14			2,000		2,103,380
Series E-2
4.00%, 09/01/16			1,000		1,110,960
4.50%, 09/01/15			800		874,328
Series I
5.00%, 07/01/18			825		988,169
5.00%, 07/01/19			1,500		1,824,615
5.00%, 07/01/20			2,600		3,197,584
					83,151,350
GUAM — 0.03%
Government of Guam RB Business Privileges Taxes
Series A
5.00%, 01/01/31	(Call 01/01/22)		1,000		1,095,600
					1,095,600
HAWAII — 1.04%
City & County of Honolulu RB Wastewater Revenue
Series A
5.00%, 07/01/36	(Call 07/01/16) (NPFGC)		2,800		3,060,036
5.00%, 07/01/42	(Call 07/01/22)		1,000		1,119,960
State of Hawaii GO
Series DG
5.00%, 07/01/13	(AMBAC)		4,315		4,332,303
5.00%, 07/01/15	(AMBAC)		2,200		2,410,232
Series DJ
5.00%, 04/01/25	(Call 04/01/17) (AMBAC)		1,000		1,141,730
Series DQ

Security		Principal (000s)		Value
5.00%, 06/01/22	(Call 06/01/19)	$	500	$	596,785
Series DY
5.00%, 02/01/18			1,000		1,178,320
5.00%, 02/01/19			580		693,228
Series DZ
5.00%, 12/01/20			750		915,510
5.00%, 12/01/22	(Call 12/01/21)		1,000		1,218,580
5.00%, 12/01/23	(Call 12/01/21)		1,000		1,207,090
5.00%, 12/01/28	(Call 12/01/21)		500		584,340
5.00%, 12/01/30	(Call 12/01/21)		750		870,967
5.00%, 12/01/31	(Call 12/01/21)		1,500		1,733,355
Series EA
5.00%, 12/01/20			500		610,340
Series EE
5.00%, 11/01/29	(Call 11/01/22)		1,300		1,518,855
Series EF
5.00%, 11/01/17			4,000		4,706,920
5.00%, 11/01/19			5,000		6,058,650
State of Hawaii RB Port Airport & Marina Revenue
Series A
5.00%, 07/01/39	(Call 07/01/20)		3,700		3,994,816
					37,952,017
ILLINOIS — 4.37%
Chicago Board of Education COP Lease Non-Terminable
Series A
6.00%, 01/01/20	(NPFGC, GOI)		1,000		1,158,850
Chicago Board of Education GO
Series A
5.00%, 12/01/41	(Call 12/01/21)		2,800		2,944,424
5.00%, 12/01/42	(Call 12/01/22)		2,000		2,100,280
5.50%, 12/01/26	(NPFGC-FGIC)		1,000		1,202,040
Series B
5.00%, 12/01/23	(Call 12/01/17) (AMBAC)		1,000		1,099,290
Series C
5.00%, 12/01/27	(Call 12/01/18) (AGM)		5,600		6,075,776
5.25%, 12/01/26	(Call 12/01/18)		145		160,286
Series F
5.00%, 12/01/31	(Call 12/01/20)		525		567,205
Chicago Park District GO
Series C
5.25%, 01/01/40	(Call 01/01/21)		1,000		1,110,020
Chicago Transit Authority RB Federal Grant Revenue
5.00%, 06/01/19	(PR 12/01/16) (AMBAC)		55		63,424
5.00%, 06/01/19	(Call 12/01/16) (AMBAC)		270		298,045
City of Chicago GO
Series A
5.00%, 01/01/15	(AGM)		500		535,605
5.00%, 01/01/24	(Call 01/01/16) (AGM)		2,500		2,701,675
5.00%, 01/01/26	(Call 01/01/20) (AGM)		1,000		1,104,810
5.00%, 01/01/27	(Call 01/01/20) (AGM)		1,020		1,119,929
5.00%, 01/01/29	(Call 01/01/17) (NPFGC-FGIC)		900		951,021
5.00%, 01/01/33	(Call 01/01/22)		1,750		1,894,532
5.00%, 01/01/34	(PR 01/01/14) (AGM)		3,650		3,751,433
5.00%, 01/01/40	(Call 01/01/21)		1,000		1,063,480

214

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
City of Chicago RB Port Airport & Marina Revenue
Series A
5.00%, 01/01/21	(Call 01/01/16) (AMBAC)	$	500	$	547,780
5.00%, 01/01/33	(Call 01/01/16) (NPFGC-FGIC)		1,500		1,596,885
5.00%, 01/01/38	(Call 01/01/18) (AGM)		500		536,930
5.75%, 01/01/39	(Call 01/01/21)		500		573,630
Series B
5.00%, 01/01/19	(Call 01/01/17) (AGM)		1,270		1,419,771
5.00%, 01/01/20	(Call 01/01/17) (AGM)		510		563,387
5.25%, 01/01/15	(NPFGC-FGIC)		510		548,831
5.25%, 01/01/17	(NPFGC)		1,050		1,203,878
5.25%, 01/01/18	(NPFGC)		820		963,254
Series C
5.25%, 01/01/35	(Call 01/01/20) (AGM)		3,500		3,896,410
6.50%, 01/01/41	(Call 01/01/21)		1,560		1,982,401
Series F
5.00%, 01/01/35	(Call 01/01/20)		1,000		1,074,710
5.00%, 01/01/40	(Call 01/01/20)		610		653,365
City of Chicago RB Sales Tax Revenue
Series A
5.00%, 01/01/41	(Call 01/01/22)		2,000		2,169,740
City of Chicago RB Sewer Revenue
5.00%, 01/01/42	(Call 01/01/22)		1,000		1,084,870
City of Chicago RB Water Revenue
5.00%, 11/01/42	(Call 11/01/22)		2,500		2,737,625
5.25%, 11/01/38	(Call 11/01/18)		1,000		1,124,280
County of Cook GO
Series A
4.75%, 11/15/30	(Call 05/15/16) (AMBAC)		500		525,530
4.75%, 11/15/31	(Call 05/15/16) (AMBAC)		535		559,177
5.00%, 11/15/19			500		596,725
5.00%, 11/15/26	(Call 05/15/16) (AMBAC)		1,575		1,698,858
5.25%, 11/15/22	(Call 11/15/20)		1,000		1,173,370
5.25%, 11/15/28	(Call 11/15/21)		500		575,800
Series B
5.00%, 11/15/29	(PR 11/15/14) (NPFGC)		765		815,727
Series C
5.00%, 11/15/25	(Call 11/15/22)		1,250		1,440,588
5.00%, 11/15/29	(Call 11/15/22)		1,250		1,409,475
Illinois Finance Authority RB College & University Revenue
Series A
5.25%, 10/01/52	(Call 04/01/23)		1,000		1,118,870
Illinois Municipal Electric Agency RB Electric Power & Light Revenues
Series A
5.00%, 02/01/35	(Call 02/01/17) (NPFGC-FGIC)		2,700		2,869,965
Illinois State Toll Highway Authority RB Highway Revenue Tolls
Series A
5.00%, 01/01/14	(AGM)		500		513,445
5.00%, 01/01/21	(Call 07/01/15) (AGM)		1,000		1,091,620

Security		Principal (000s)		Value
5.00%, 01/01/22	(Call 07/01/15) (AGM)	$	500	$	545,590
5.00%, 01/01/23	(Call 07/01/15) (AGM)		1,225		1,336,426
5.00%, 01/01/38	(Call 01/01/23)		1,000		1,098,980
Series A-1
5.00%, 01/01/23	(Call 07/01/16) (AGM)		50		56,018
5.00%, 01/01/24	(Call 07/01/16) (AGM)		2,700		3,010,986
5.00%, 01/01/26	(PR 07/01/16) (AGM)		6,970		7,905,444
5.00%, 01/01/28	(Call 01/01/20)		1,000		1,128,200
5.00%, 01/01/31	(Call 01/01/20)		700		779,520
Series A-2
5.00%, 01/01/27	(PR 07/01/16) (AGM)		2,800		3,175,788
5.00%, 01/01/28	(PR 07/01/16) (AGM)		1,800		2,041,578
5.00%, 01/01/31	(PR 07/01/16) (AGM)		7,030		7,973,496
Series B
5.50%, 01/01/33	(Call 01/01/18)		1,000		1,124,520
Metropolitan Pier & Exposition Authority RB Miscellaneous Taxes
Series A
0.00%, 12/15/15	(NPFGC)		470		457,959
0.00%, 12/15/22	(NPFGC)		340		253,664
5.50%, 06/15/29	(NPFGC-FGIC)		2,000		2,371,860
Metropolitan Pier & Exposition Authority RB Port Airport & Marina Revenue
Series B
0.00%, 12/15/51			10,000		1,395,500
5.00%, 12/15/22	(Call 06/15/17)		1,000		1,144,940
Metropolitan Pier & Exposition Authority RB Sales Tax Revenue
0.00%, 06/15/28	(NPFGC)		1,295		688,021
Series A
0.00%, 06/15/31	(NPFGC)		1,035		458,091
0.00%, 12/15/34	(NPFGC)		3,000		1,105,290
0.00%, 06/15/36	(NPFGC)		2,800		936,656
0.00%, 06/15/37	(NPFGC)		415		131,144
0.00%, 06/15/40	(NPFGC)		3,500		925,645
5.50%, 06/15/50	(Call 06/15/20)		2,000		2,195,280
Series B
0.00%, 06/15/26	(AGM)		2,000		1,206,440
0.00%, 06/15/27	(AGM)		1,000		565,650
0.00%, 06/15/43	(AGM)		2,000		448,400
0.00%, 06/15/45	(AGM)		500		100,535
0.00%, 06/15/46	(AGM)		1,600		305,008
5.00%, 06/15/50	(Call 06/15/20)		1,500		1,591,215
5.25%, 06/15/50	(Call 06/15/20)		1,500		1,614,015
Metropolitan Water Reclamation District of Greater Chicago GO
5.00%, 12/01/26	(Call 06/01/16)		1,000		1,115,550
5.00%, 12/01/27	(Call 06/01/16)		875		961,914
5.00%, 12/01/29	(Call 06/01/16)		1,350		1,484,095
5.00%, 12/01/35	(PR 12/01/16)		2,040		2,344,796
Series B
5.00%, 12/01/30	(Call 12/01/21)		710		814,122
Metropolitan Water Reclamation District of Greater Chicago GOL
5.00%, 12/01/33	(PR 12/01/16)		1,500		1,724,115
Series B
5.00%, 12/01/32	(Call 12/01/21)		1,000		1,137,020

215

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series C
5.25%, 12/01/32		$	780	$	960,461
Northern Illinois Municipal Power Agency RB Electric Power & Light Revenues
Series A
5.00%, 01/01/42	(Call 01/01/18) (NPFGC)		355		367,091
Regional Transportation Authority RB Sales Tax Revenue
5.75%, 06/01/21	(AGM)		500		622,505
5.75%, 06/01/23	(AGM)		1,000		1,253,280
State of Illinois GO
5.00%, 01/01/15			590		627,748
5.00%, 01/01/17	(AGM)		1,500		1,684,710
5.00%, 08/01/19			2,000		2,283,120
5.00%, 01/01/20	(AGM)		500		568,925
5.00%, 01/01/22	(Call 01/01/20)		1,500		1,648,815
5.00%, 08/01/22			580		653,799
5.00%, 08/01/24	(Call 08/01/22)		2,000		2,220,300
Series A
5.00%, 06/01/16			100		110,891
5.00%, 03/01/34	(Call 03/01/14)		4,985		5,106,534
Series B
5.00%, 03/01/14			1,140		1,176,377
State of Illinois RB Federal Grant Revenue
Series A
5.00%, 06/15/14			1,000		1,049,610
5.00%, 06/15/15			1,000		1,094,350
Series B
5.00%, 06/15/17	(Call 12/15/16)		1,500		1,721,985
5.00%, 12/15/17	(Call 12/15/16)		500		573,510
5.00%, 12/15/18	(Call 06/15/16)		500		564,055
5.00%, 12/15/19	(Call 06/15/15)		2,000		2,175,660
State of Illinois RB Miscellaneous Revenue
Series A
5.00%, 12/15/13			1,650		1,692,933
5.00%, 12/15/15			1,000		1,116,430
State of Illinois RB Sales Tax Revenue
5.00%, 06/15/13			1,700		1,703,213
5.00%, 06/15/15			300		328,368
5.00%, 06/15/19			500		598,500
Series B
3.25%, 06/15/15			100		105,904
5.25%, 06/15/34	(Call 06/15/19)		2,000		2,240,500
Village of Schaumburg GO
Series B
5.25%, 12/01/34	(PR 12/01/14) (NPFGC-FGIC)		645		692,595
					159,564,662
INDIANA — 0.57%
Indiana Finance Authority RB Lease Appropriation
Series A
4.50%, 12/01/23	(Call 12/01/16) (NPFGC-FGIC)		1,000		1,120,450
4.50%, 12/01/24	(Call 12/01/16) (NPFGC-FGIC)		4,450		4,982,754
Indiana Finance Authority RB Miscellaneous Revenue
5.00%, 02/01/32	(Call 02/01/23)		1,000		1,163,060
Series A
5.25%, 02/01/17			705		817,546

Security		Principal (000s)		Value
Indiana Finance Authority RB Sewer Revenue
Series B
5.00%, 10/01/41	(Call 10/01/21)	$	1,000	$	1,078,310
Indiana Finance Authority RB Water Revenue
Series A
5.00%, 02/01/20			1,000		1,208,990
Indiana Municipal Power Agency RB Electric Power & Light Revenues
Series A
5.00%, 01/01/37	(Call 01/01/17) (NPFGC)		500		532,315
5.00%, 01/01/42	(Call 01/01/17) (NPFGC)		1,500		1,577,610
Indianapolis Local Public Improvement Bond Bank RB Miscellaneous Revenue
Series B
5.00%, 02/01/19			750		893,303
Indianapolis Local Public Improvement Bond Bank RB Water Revenue
Series A
5.45%, 01/01/35	(PR 07/01/17) (NPFGC)		1,500		1,780,665
5.75%, 01/01/38	(Call 01/01/19)		5,000		5,573,950
					20,728,953
IOWA — 0.02%
State of Iowa RB General Fund Revenue
Series A
5.00%, 06/01/27	(Call 06/01/19)		500		580,645
					580,645
KANSAS — 0.06%
Kansas Development Finance Authority RB Miscellaneous Revenue
5.00%, 03/01/21	(Call 03/01/20)		450		536,940
Kansas State Department of Transportation RB Highway Revenue Tolls
Series A
5.00%, 09/01/16			1,000		1,143,130
5.00%, 03/01/22	(PR 03/01/14)		660		683,443
					2,363,513
KENTUCKY — 0.24%
Kentucky Asset Liability Commission RB Miscellaneous Revenue
First Series
5.25%, 09/01/18	(NPFGC)		320		383,875
Kentucky State Property & Buildings Commission RB Lease Appropriation
5.25%, 10/01/14	(AGM)		500		532,385
Kentucky State Property & Buildings Commission RB Lease Renewal
5.00%, 11/01/20	(Call 11/01/18)		5,350		6,237,137
Louisville & Jefferson County Metropolitan Sewer District RB Sewer Revenue
Series A
5.00%, 05/15/30	(Call 11/15/21)		500		572,980
5.00%, 05/15/34	(Call 11/15/21)		1,000		1,127,670
					8,854,047
LOUISIANA — 0.65%
East Baton Rouge Sewerage Commission RB Sewer Revenue
Series A
5.25%, 02/01/39	(Call 02/01/19)		1,000		1,118,620

216

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Louisiana Local Government Environmental Facilities & Community Development Authority RB Sewer Revenue
Series A
4.00%, 02/01/48	(Call 02/01/23)	$	1,000	$	925,670
Louisiana State Citizens Property Insurance Corp. RB Miscellaneous Revenue
Series B
5.00%, 06/01/15	(AMBAC)		425		456,969
5.00%, 06/01/16	(AMBAC)		275		303,545
5.00%, 06/01/17	(Call 06/01/16) (AMBAC)		370		410,356
5.00%, 06/01/18	(Call 06/01/16) (AMBAC)		600		659,610
5.00%, 06/01/21	(Call 06/01/16) (AMBAC)		1,000		1,088,570
5.00%, 06/01/22	(Call 06/01/16) (AMBAC)		500		544,285
State of Louisiana GO
Series A
5.00%, 08/01/13	(NPFGC)		3,000		3,024,030
5.00%, 08/01/15	(NPFGC)		2,230		2,452,420
5.00%, 08/01/18	(Call 08/01/15) (NPFGC)		450		492,795
5.00%, 11/15/21	(Call 05/15/20)		2,000		2,400,380
Series C
5.00%, 07/15/24	(Call 07/15/22)		1,000		1,218,540
State of Louisiana RB Fuel Sales Tax Revenue
Series A
5.00%, 05/01/31	(Call 05/01/16) (AGM)		710		778,373
5.00%, 05/01/41	(Call 05/01/16) (NPFGC-FGIC)		750		814,838
Series A-1
4.00%, 05/01/35	(Call 05/01/22)		1,000		1,027,180
5.00%, 05/01/24	(Call 05/01/22)		1,000		1,201,650
5.00%, 05/01/25	(Call 05/01/22)		1,000		1,191,360
Series B
5.00%, 05/01/34	(Call 05/01/20)		1,915		2,155,428
5.00%, 05/01/45	(Call 05/01/20)		1,250		1,371,062
					23,635,681

Security		Principal (000s)		Value
MARYLAND — 1.35%
County of Montgomery GO
Series A
5.00%, 07/01/15		$	500	$	548,440
5.00%, 07/01/21			500		620,295
Maryland State Department of Transportation RB Income Tax Revenue
5.00%, 02/15/23	(Call 02/15/18)		2,500		2,877,925
Maryland State Department of Transportation RB Miscellaneous Taxes
5.00%, 05/01/14			275		287,039
5.00%, 03/01/17			1,000		1,155,270
Maryland State Department of Transportation RB Transit Revenue
5.00%, 05/01/16			2,500		2,822,475
Maryland State Transportation Authority RB Transit Revenue
5.00%, 07/01/38	(Call 07/01/18) (AGM)		2,000		2,206,980
State of Maryland GO
4.00%, 08/15/21			1,000		1,164,870
4.00%, 08/15/22			1,000		1,162,400
5.00%, 02/15/17	(PR 02/15/15)		260		280,436
5.00%, 03/01/19			525		634,347
5.00%, 03/01/21	(Call 03/01/20)		1,250		1,508,200
First Series
5.00%, 03/15/17			450		521,964
5.00%, 03/15/18	(PR 03/15/17)		1,060		1,227,872
5.00%, 03/15/22	(PR 03/15/17)		1,390		1,610,134
First Series A
5.25%, 03/01/16			400		451,788
First Series C
4.00%, 08/15/16			2,000		2,219,280
Second Series
5.00%, 07/15/13			700		704,144
5.00%, 07/15/14			1,790		1,885,998
5.00%, 08/01/15			2,500		2,751,250
5.00%, 08/01/16			500		569,915
5.00%, 08/01/16	(PR 08/01/13)		500		504,010
Second Series A
5.00%, 08/01/17	(PR 08/01/15)		1,410		1,548,744

217

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Second Series B
5.00%, 03/15/22	(Call 03/15/19)	$	2,000	$	2,361,080
Second Series C
5.00%, 11/01/16			540		620,822
Second Series E
4.00%, 08/01/14			2,175		2,270,874
5.00%, 08/01/16			1,000		1,139,830
5.00%, 08/01/19			1,000		1,218,350
Series A
5.00%, 08/01/16	(PR 08/01/15)		210		230,664
Series B
5.00%, 08/01/19			2,500		3,045,875
Series C
5.00%, 11/01/17			2,700		3,192,372
5.00%, 11/01/18			2,000		2,415,260
5.00%, 03/01/20	(PR 03/01/19)		1,120		1,355,469
Series E
5.00%, 08/01/15			400		440,200
Third Series C
5.00%, 11/01/19			1,500		1,836,090
					49,390,662
MASSACHUSETTS — 4.88%
Commonwealth of Massachusetts GO
Series A
5.00%, 08/01/14			1,250		1,319,300
5.00%, 03/01/21	(PR 03/01/15) (AGM)		1,750		1,889,388
5.00%, 03/01/22	(PR 03/01/15)		850		918,221
5.00%, 03/01/23	(PR 03/01/15) (AGM)		4,020		4,342,645
5.00%, 03/01/24	(PR 03/01/15) (AGM)		500		540,130
5.00%, 03/01/25	(PR 03/01/15)		350		378,091
5.00%, 09/01/28	(Call 09/01/18)		4,410		5,079,570
5.00%, 03/01/34	(Call 03/01/19)		460		519,524
5.00%, 03/01/39	(Call 03/01/19)		1,975		2,215,377
Series B
5.00%, 11/01/16			1,100		1,260,875
5.25%, 09/01/23	(AGM)		215		270,079
5.25%, 09/01/24	(AGM)		1,685		2,128,694
Series C
5.00%, 09/01/22	(PR 09/01/15)		625		688,975
5.50%, 12/01/16	(AGM)		500		583,370

Security		Principal (000s)		Value
5.50%, 12/01/17	(AGM)	$	600	$	723,462
5.50%, 12/01/22	(AGM)		1,000		1,277,560
5.50%, 12/01/22	(AMBAC)		1,300		1,660,828
5.50%, 12/01/23	(AMBAC)		900		1,154,376
Series D
5.00%, 08/01/22	(PR 08/01/16)		200		227,582
5.50%, 10/01/16			2,450		2,840,726
5.50%, 10/01/18			400		492,668
5.50%, 10/01/19	(AMBAC)		1,355		1,684,739
5.50%, 10/01/20	(NPFGC)		2,200		2,760,230
Series E
5.00%, 11/01/25	(AMBAC)		2,115		2,618,920
Commonwealth of Massachusetts GOL
Series A
5.25%, 08/01/21			600		746,670
5.50%, 08/01/30	(AMBAC)		1,100		1,418,549
Series B
5.00%, 08/01/24	(PR 08/01/14)		415		437,422
5.25%, 08/01/16	(AGM)		1,135		1,298,815
5.25%, 08/01/20			3,845		4,746,652
5.25%, 08/01/21			425		528,891
5.25%, 08/01/21	(AGM)		1,200		1,493,340
5.25%, 08/01/22			3,100		3,880,983
Series C
5.00%, 05/01/14			500		521,905
5.00%, 05/01/16			875		986,239
5.00%, 09/01/25	(PR 09/01/15)		700		771,652
5.25%, 08/01/25	(Call 08/01/17) (AGM)		3,300		3,820,773
5.50%, 11/01/13			1,510		1,543,522
5.50%, 11/01/14	(NPFGC-FGIC)		4,470		4,800,735
5.50%, 11/01/15	(GOI)		250		280,545
Series D
4.75%, 08/01/24	(PR 08/01/16)		1,000		1,130,080
5.00%, 10/01/24	(Call 10/01/21)		1,000		1,200,510
5.50%, 11/01/13	(NPFGC)		1,255		1,282,861
5.50%, 08/01/17			1,000		1,192,300
5.50%, 10/01/17			1,050		1,259,013
6.00%, 11/01/13	(NPFGC)		1,875		1,920,450
Series E
5.00%, 12/01/15			1,050		1,169,417
5.00%, 12/01/16			1,000		1,149,470

218

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Commonwealth of Massachusetts RB Federal Grant Revenue
Series A
5.00%, 06/15/13		$	1,500	$	1,502,820
Commonwealth of Massachusetts RB Fuel Sales Tax Revenue
Series A
5.50%, 06/01/16	(AGM)		1,000		1,144,390
Commonwealth of Massachusetts RB Hotel Occupancy Tax
5.50%, 01/01/30	(NPFGC-FGIC)		1,110		1,368,452
5.50%, 01/01/34	(NPFGC-FGIC)		1,500		1,830,210
Commonwealth of Massachusetts RB Miscellaneous Taxes
5.00%, 01/01/34	(PR 01/01/14) (FGIC)		575		590,772
5.25%, 01/01/25	(PR 01/01/14) (FGIC)		160		164,622
5.75%, 01/01/32	(PR 01/01/14) (FGIC)		815		840,917
Commonwealth of Massachusetts SO Dedicated Tax Revenue
5.25%, 01/01/26	(PR 01/01/14) (FGIC)		1,000		1,028,890
Commonwealth of Massachusetts SO Miscellaneous Revenue
5.00%, 12/15/13	(AGM)		650		666,868
5.00%, 12/15/14	(AGM)		1,875		2,010,038
Massachusetts Bay Transportation Authority RB Sales Tax Revenue
Series A
5.00%, 07/01/28			130		157,820
5.00%, 07/01/31	(PR 07/01/15)		900		985,806
5.00%, 07/01/31			3,070		3,696,894
5.00%, 07/01/34	(PR 07/01/14)		1,000		1,051,240
5.25%, 07/01/21			765		953,611
5.25%, 07/01/30			2,435		3,029,432
Series B
5.00%, 07/01/15			275		301,642
5.25%, 07/01/14			4,645		4,899,221
5.25%, 07/01/17			600		706,926
5.25%, 07/01/19			2,595		3,175,709
5.25%, 07/01/21			1,400		1,745,170
Series C
5.00%, 07/01/34	(PR 07/01/18)		2,450		2,939,265

Security		Principal (000s)		Value
5.50%, 07/01/15		$	1,000	$	1,107,250
5.50%, 07/01/16			1,290		1,485,383
5.50%, 07/01/17	(ETM)		10		11,900
5.50%, 07/01/17			190		225,764
Massachusetts Bay Transportation Authority RB Transit Revenue
Series B
5.25%, 07/01/21			1,000		1,246,550
Massachusetts Municipal Wholesale Electric Co. RB Miscellaneous Revenue
Series A
5.00%, 07/01/15			375		409,766
Massachusetts School Building Authority RB Sales Tax Revenue
Series A
4.50%, 08/15/35	(Call 08/15/17) (AMBAC)		3,000		3,160,650
5.00%, 08/15/13			515		520,140
5.00%, 08/15/14	(AGM)		635		671,665
5.00%, 08/15/17	(PR 08/15/15) (AGM)		1,000		1,100,500
5.00%, 08/15/21	(PR 08/15/15) (AGM)		2,000		2,201,000
5.00%, 08/15/25	(Call 08/15/22)		3,000		3,592,800
5.00%, 08/15/26	(Call 08/15/22)		1,000		1,187,900
5.00%, 08/15/30	(PR 08/15/15) (AGM)		4,800		5,282,400
5.00%, 08/15/30	(Call 08/15/15) (AGM)		200		215,516
5.00%, 08/15/37	(Call 08/15/17) (AMBAC)		2,850		3,181,312
Series B
5.00%, 08/15/19			2,000		2,419,940
5.00%, 10/15/19			1,000		1,213,540
5.00%, 10/15/21			1,035		1,271,415
5.00%, 08/15/28	(Call 08/15/22)		1,000		1,172,970
5.00%, 08/15/30	(Call 08/15/22)		4,000		4,646,160
5.00%, 10/15/35	(Call 10/15/21)		1,000		1,125,770
5.00%, 10/15/41	(Call 10/15/21)		2,750		3,083,052
Massachusetts State College Building Authority RB College & University Revenue
Series B
5.00%, 05/01/43	(Call 05/01/22)		750		834,900

219

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Massachusetts State Department of Transportation RB Highway Revenue Tolls
Series B
5.00%, 01/01/18		$	720	$	830,520
5.00%, 01/01/27	(Call 01/01/20)		2,175		2,441,351
5.00%, 01/01/37	(Call 01/01/20)		1,000		1,091,790
Massachusetts State Turnpike Authority RB Highway Revenue Tolls
Series A
0.00%, 01/01/28	(NPFGC)		1,000		597,740
5.00%, 01/01/20	(ETM)		300		345,540
Massachusetts Water Pollution Abatement Trust RB Water Revenue
5.25%, 08/01/21			500		626,935
Series A
5.25%, 08/01/15			1,855		2,051,853
5.25%, 08/01/19			1,000		1,227,790
Massachusetts Water Resources Authority RB General Revenue
Series J
5.25%, 08/01/17	(AGM)		500		589,290
Massachusetts Water Resources Authority RB Water Revenue
Series A
5.00%, 08/01/40	(Call 08/01/20) (GOI)		4,700		5,282,612
Series B
5.00%, 08/01/21	(Call 08/01/19) (GOI)		500		589,095
5.00%, 08/01/36	(Call 08/01/21) (GOI)		1,000		1,126,890
5.00%, 08/01/39	(Call 08/01/19) (GOI)		1,445		1,599,687
5.25%, 08/01/23	(AGM)		1,000		1,242,800
5.25%, 08/01/28	(AGM)		1,000		1,240,660
5.25%, 08/01/31	(AGM)		800		990,672
Series C
5.25%, 08/01/42	(Call 08/01/21) (GOI)		1,000		1,143,940

Security		Principal (000s)		Value
Series J
5.25%, 08/01/16		$	1,365	$	1,563,321
Metropolitan Boston Transit Parking Corp. RB Auto Parking Revenue
5.25%, 07/01/33	(Call 07/01/21)		2,000		2,264,060
					178,161,628
MICHIGAN — 1.19%
City of Detroit GOL
5.00%, 11/01/30	(Call 11/01/20)		1,000		1,084,290
City of Detroit Water Supply System RB Sewer Revenue
Series A
5.00%, 07/01/32	(PR 07/01/13) (AGM)		4,275		4,291,758
5.25%, 07/01/39	(Call 07/01/22)		1,000		1,065,360
City of Detroit Water Supply System RB Water Revenue
Series A
5.25%, 07/01/41	(Call 07/01/21)		1,000		1,046,520
Series B
6.25%, 07/01/36	(Call 07/01/19) (AGM)		750		856,808
Series C
5.00%, 07/01/41	(Call 07/01/21)		1,000		1,029,770
Detroit City School District GO
Series A
5.00%, 05/01/15	(AGM)		185		198,818
5.25%, 05/01/30	(AGM)		2,500		2,868,050
Michigan Finance Authority RB Miscellaneous Revenue
5.00%, 07/01/20	(Call 07/01/19)		4,500		5,413,590
5.00%, 07/01/22	(Call 07/01/16)		2,000		2,252,420
Series A
5.00%, 07/01/14			2,500		2,629,225
5.00%, 01/01/16			1,000		1,115,630
5.00%, 01/01/17			975		1,123,473
5.00%, 07/01/18			2,000		2,393,380
Series B
5.00%, 01/01/22	(Call 01/01/18)		1,780		2,062,628
Michigan Municipal Bond Authority RB Water Revenue
5.50%, 10/01/15			510		569,833

220

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Michigan State Building Authority RB Lease Appropriation
Series I
5.25%, 10/15/13	(AGM)	$	500	$	509,405
Michigan State Building Authority RB Lease Revenue
0.00%, 10/15/30	(Call 10/15/16) (NPFGC-FGIC)		500		223,465
Series I
5.00%, 10/15/33	(Call 10/15/15) (AMBAC)		1,650		1,765,368
Series IA
5.00%, 10/15/32	(Call 10/15/16) (NPFGC-FGIC)		1,270		1,383,233
Series II
5.00%, 10/15/33	(Call 10/15/15) (AMBAC)		1,000		1,064,880
5.38%, 10/15/41	(Call 10/15/21)		2,000		2,239,220
State of Michigan GO
5.50%, 12/01/13			500		513,240
5.50%, 12/01/14			500		539,025
Series A
5.00%, 05/01/17			200		231,882
5.00%, 05/01/19	(Call 05/01/18)		230		268,695
5.00%, 11/01/20	(Call 11/01/18)		760		884,382
5.25%, 11/01/22	(Call 11/01/18)		200		230,210
State of Michigan RB Federal Grant Revenue
5.25%, 09/15/20	(Call 09/15/17) (AGM)		310		364,600
State of Michigan RB Transit Revenue
5.00%, 11/01/20	(Call 11/01/19)		1,600		1,908,192
State of Michigan RB Trunk Line Revenue
Series B
5.00%, 09/01/15	(AGM)		250		275,810
Wayne County Airport Authority RB Port Airport & Marina Revenue
Series A
5.00%, 12/01/37	(Call 12/01/22)		1,000		1,088,290
					43,491,450

Security		Principal (000s)		Value
MINNESOTA — 0.84%
Metropolitan Council GO Series G
2.00%, 03/01/15		$	2,000	$	2,055,400
Minneapolis-St. Paul Metropolitan Airports Commission RB Port Airport & Marina Revenue
Series B
4.50%, 01/01/32	(Call 01/01/17) (NPFGC-FGIC)		1,000		1,033,170
Minnesota Public Facilities Authority RB Water Revenue
Series A
5.00%, 03/01/20			1,000		1,220,540
Series B
5.00%, 03/01/19			510		616,223
Southern Minnesota Municipal Power Agency RB Electric Power & Light Revenues
Series A
5.25%, 01/01/15	(AMBAC)		1,000		1,076,140
5.25%, 01/01/17	(AMBAC)		500		574,610
State of Minnesota GO
5.00%, 10/01/13			305		309,907
5.00%, 10/01/13	(ETM)		195		198,124
5.00%, 08/01/15			500		550,250
5.00%, 08/01/17			800		938,856
5.00%, 08/01/25	(Call 08/01/17)		2,000		2,288,420
Series A
5.00%, 08/01/13			1,000		1,008,040
5.00%, 10/01/13			500		508,045
5.00%, 08/01/14			2,900		3,061,240
5.00%, 08/01/15			2,575		2,833,788
5.00%, 08/01/16			2,500		2,849,575
5.00%, 08/01/18			400		480,108
5.00%, 08/01/19			1,000		1,217,690
5.00%, 08/01/25	(Call 08/01/20)		1,600		1,916,880
Series D
5.00%, 08/01/14			1,000		1,055,600
5.00%, 08/01/15			400		440,200
5.00%, 08/01/19			1,000		1,217,690
5.00%, 08/01/20			640		787,091

221

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series H
5.00%, 11/01/19		$	500	$	611,685
State of Minnesota RB Lease Appropriation
Series B
5.00%, 03/01/19			500		600,755
5.00%, 03/01/29	(Call 03/01/22)		1,000		1,157,870
					30,607,897
MISSISSIPPI — 0.11%
Mississippi Development Bank RB Electric Power & Light Revenues
5.00%, 03/01/41	(Call 03/01/16) (XLCA)		250		254,348
State of Mississippi GO
Series A
5.00%, 10/01/31	(Call 10/01/21)		1,000		1,144,080
5.00%, 10/01/36	(Call 10/01/21)		1,000		1,123,710
5.25%, 11/01/15			1,250		1,394,037
					3,916,175
MISSOURI — 0.44%
City of Kansas City RB Miscellaneous Revenue
Series C
5.25%, 04/01/40	(Call 04/01/18)		500		542,460
Metropolitan St. Louis Sewer District RB Sewer Revenue
Series A
5.00%, 05/01/42	(Call 05/01/22)		1,000		1,130,370
Missouri Highway & Transportation Commission RB Fuel Sales Tax Revenue
5.00%, 02/01/15			1,000		1,078,130
Missouri Highway & Transportation Commission RB Highway Revenue Tolls
5.00%, 02/01/14			625		645,031
5.25%, 05/01/18	(Call 05/01/17)		2,600		3,032,510
Series B
5.00%, 05/01/26	(Call 05/01/16)		5,000		5,600,150
Missouri Joint Municipal Electric Utility Commission RB Electric Power & Light Revenues
5.00%, 01/01/34	(Call 01/01/16) (NPFGC)		2,000		2,055,980

Security		Principal (000s)		Value
Series A
5.00%, 01/01/42	(Call 01/01/17) (AMBAC)	$	2,000	$	2,103,480
					16,188,111
NEBRASKA — 0.22%
City of Lincoln RB Electric Power & Light Revenues
5.00%, 09/01/37	(Call 09/01/22)		1,000		1,126,020
Nebraska Public Power District RB Electric Power & Light Revenues
Series B
5.00%, 01/01/14	(NPFGC)		1,755		1,804,087
Omaha Public Power District RB Electric Power & Light Revenues
Series A
5.00%, 02/01/16			605		676,221
5.00%, 02/01/37	(Call 02/01/22)		2,000		2,230,420
Series AA
4.50%, 02/01/38	(Call 02/01/15) (NPFGC-FGIC)		1,000		1,020,970
Series B
5.00%, 02/01/42	(Call 02/01/21)		1,000		1,110,700
					7,968,418
NEVADA — 0.65%
Clark County RB Port Airport & Marina Revenue
Series B
5.13%, 07/01/36	(Call 01/01/20)		4,480		4,885,350
Series C
5.00%, 07/01/23	(Call 07/01/19) (AGM)		500		577,035
Clark County School District GOL
Series A
5.00%, 06/15/22	(Call 06/15/18)		1,500		1,717,440
5.00%, 06/15/25	(Call 06/15/17) (NPFGC-FGIC)		1,350		1,520,897
5.00%, 06/15/27	(Call 06/15/18)		5,000		5,465,450
5.25%, 06/15/15	(NPFGC-FGIC)		1,500		1,645,785
Series C
5.00%, 06/15/22	(PR 12/15/15) (AGM)		1,200		1,335,288

222

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 06/15/23	(PR 12/15/15) (AGM)	$	1,000	$	1,112,740
Clark County Water Reclamation District GO
Series A
5.25%, 07/01/38	(Call 07/01/19)		1,000		1,167,790
Las Vegas Valley Water District GOL
Series B
5.00%, 06/01/42	(Call 06/01/22)		1,000		1,095,540
State of Nevada GOL
5.00%, 06/01/27	(Call 06/01/18)		3,000		3,391,560
					23,914,875
NEW HAMPSHIRE — 0.00%
New Hampshire Municipal Bond Bank RB Miscellaneous Revenue
Series A
5.00%, 08/15/17			25		29,186
					29,186
NEW JERSEY — 5.70%
Essex County Improvement Authority RB General Fund
5.25%, 12/15/20	(AMBAC)		1,000		1,234,740
Garden State Preservation Trust RB Open Space & Farmland Preservation Revenue
Series A
5.75%, 11/01/28	(AGM)		1,500		1,967,925
Series C
5.25%, 11/01/20	(AGM)		700		867,307
Garden State Preservation Trust RB Recreational Revenue
Series A
5.00%, 11/01/21	(PR 11/01/13) (AGM)		300		305,943
5.25%, 11/01/19	(PR 11/01/13) (AGM)		250		255,213
5.50%, 11/01/13	(AGM)		500		511,080
Garden State Preservation Trust RB Sales Tax Revenue
Series C
5.13%, 11/01/16	(AGM)		1,865		2,145,832
5.13%, 11/01/18	(AGM)		500		603,000

Security		Principal (000s)		Value
New Jersey Economic Development Authority RB Appropriations
Series NN
5.00%, 03/01/19		$	3,000	$	3,528,480
5.00%, 03/01/24	(Call 03/01/23)		1,500		1,752,165
5.00%, 03/01/28	(Call 03/01/23)		3,000		3,392,700
5.00%, 03/01/30	(Call 03/01/23)		2,000		2,235,380
New Jersey Economic Development Authority RB Federal Grant Revenue
Series Y
5.00%, 09/01/33	(Call 09/01/18)		820		894,702
New Jersey Economic Development Authority RB General Fund
Series O
5.13%, 03/01/28	(PR 03/01/15)		1,500		1,624,200
5.25%, 03/01/22	(PR 03/01/15)		1,610		1,746,818
New Jersey Economic Development Authority RB Miscellaneous Revenue
5.00%, 12/15/18			1,500		1,777,725
5.00%, 03/01/26	(Call 03/01/22)		1,000		1,136,110
Series A
5.00%, 05/01/19			1,000		1,179,470
5.00%, 07/01/29	(Call 07/01/14) (NPFGC)		200		207,746
5.25%, 07/01/15	(Call 07/01/14) (NPFGC)		500		525,990
5.25%, 07/01/16	(Call 07/01/14) (NPFGC)		380		399,669
5.25%, 07/01/17	(Call 07/01/14) (NPFGC)		3,050		3,207,502
Series AA
5.50%, 12/15/29	(Call 06/15/19)		250		283,840
Series DD
5.00%, 12/15/17			1,250		1,462,575
Series EE
5.00%, 09/01/20			1,500		1,782,915
5.25%, 09/01/24	(Call 03/01/21)		750		879,270
Series F
5.00%, 06/15/24	(PR 06/15/13) (FGIC)		700		701,288

223

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 06/15/26	(PR 06/15/13)	$	780	$	781,435
Series G
5.00%, 09/01/20	(PR 09/01/13) (AMBAC)		500		505,910
5.00%, 09/01/26	(PR 09/01/13) (AMBAC)		2,160		2,185,531
Series GG
5.00%, 09/01/21	(Call 03/01/21) (SAP)		1,000		1,189,050
5.00%, 09/01/22	(Call 03/01/21) (SAP)		250		293,518
5.25%, 09/01/25	(Call 03/01/21) (SAP)		1,825		2,125,267
5.25%, 09/01/27	(Call 03/01/21) (SAP)		585		673,060
Series K
5.25%, 12/15/15	(NPFGC-FGIC)		1,200		1,343,112
5.25%, 12/15/16	(Call 12/15/15) (AMBAC)		3,655		4,081,100
5.25%, 12/15/20	(AMBAC)		500		604,865
5.50%, 12/15/19	(AMBAC)		1,500		1,832,265
Series N-1
5.50%, 09/01/26	(AMBAC)		2,000		2,514,900
5.50%, 09/01/27	(NPFGC-FGIC)		2,000		2,524,740
Series W
5.00%, 03/01/16			385		430,703
New Jersey Economic Development Authority RB Special Assessment
Series A
6.38%, 04/01/31	(PR 05/15/14)		1,155		1,222,163
New Jersey Economic Development Authority RB Tobacco & Liquor Taxes
5.00%, 06/15/13			2,000		2,003,700
5.00%, 06/15/13	(ETM) (FGIC)		1,050		1,051,932
5.00%, 06/15/14			500		522,845
5.00%, 06/15/22	(AGM)		1,500		1,743,000
5.00%, 06/15/23	(Call 06/15/22)		1,000		1,149,000
5.00%, 06/15/25	(Call 06/15/22)		1,000		1,121,280
5.00%, 06/15/26	(Call 06/15/22)		500		555,075

Security		Principal (000s)		Value
5.00%, 06/15/28	(Call 06/15/22)	$	1,050	$	1,152,354
5.38%, 06/15/14	(ETM)		1,575		1,658,097
5.38%, 06/15/15	(ETM)		1,000		1,100,510
5.75%, 06/15/29	(PR 06/15/14)		2,750		2,904,000
New Jersey Educational Facilities Authority RB College & University Revenue
4.38%, 09/01/20	(Call 09/01/16) (AGM)		505		556,752
Series B
4.50%, 07/01/37	(PR 07/01/16) (NPFGC)		620		691,939
New Jersey Educational Facilities Authority RB Miscellaneous Revenue
Series A
5.00%, 09/01/15	(AGM)		505		554,263
5.00%, 09/01/16	(Call 09/01/15) (AGM)		225		246,380
5.00%, 09/01/17	(Call 09/01/15) (AGM)		500		547,160
New Jersey State Turnpike Authority RB Highway Revenue Tolls
Series A
5.00%, 01/01/20	(Call 01/01/15) (AGM)		2,700		2,886,030
5.00%, 01/01/20	(PR 07/01/13) (AGM)		5,000		5,019,600
5.00%, 01/01/21	(PR 07/01/13) (AGM)		900		903,528
5.00%, 01/01/21	(Call 01/01/15) (AGM)		1,000		1,068,240
5.00%, 01/01/23			1,000		1,191,180
5.00%, 01/01/32	(Call 01/01/22)		1,000		1,104,110
5.00%, 01/01/35	(Call 01/01/22)		2,000		2,178,900
5.00%, 01/01/38	(Call 07/01/22)		2,000		2,168,440
5.00%, 01/01/43	(Call 07/01/22)		3,000		3,226,500
Series B
5.00%, 01/01/25	(Call 01/01/23)		1,000		1,169,110
5.00%, 01/01/27	(Call 01/01/23)		800		918,728
5.00%, 01/01/28	(Call 01/01/23)		2,500		2,846,675
5.00%, 01/01/29	(Call 01/01/23)		2,000		2,263,300

224

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series H
5.00%, 01/01/36	(Call 01/01/19)	$	1,500	$	1,616,325
Series I
5.00%, 01/01/31	(Call 01/01/20)		1,970		2,174,013
New Jersey State Turnpike Authority RB Miscellaneous Revenue
Series E
5.25%, 01/01/40	(Call 01/01/19)		1,500		1,643,985
New Jersey Transit Corp. COP Federal Grant Revenue
Series A
5.25%, 09/15/13	(AMBAC)		1,000		1,014,410
New Jersey Transit Corp. COP Lease Appropriation
Series A
5.25%, 09/15/14	(AMBAC)		500		530,130
New Jersey Transit Corp. COP Lease Revenue
5.00%, 09/15/17	(NPFGC-FGIC)		690		779,238
New Jersey Transportation Trust Fund Authority RB Appropriations
Series A
5.00%, 06/15/42	(Call 06/15/22)		3,000		3,228,000
Series AA
4.00%, 06/15/27	(Call 06/15/22)		1,500		1,566,060
New Jersey Transportation Trust Fund Authority RB Fuel Sales Tax Revenue
Series B
5.25%, 12/15/16	(PR 12/15/15) (NPFGC)		500		560,060
5.25%, 12/15/22	(AMBAC)		500		606,280
5.50%, 12/15/20	(NPFGC-FGIC)		3,000		3,711,540
5.50%, 12/15/21	(NPFGC)		500		618,820
New Jersey Transportation Trust Fund Authority RB Highway Revenue Tolls
Series A
5.00%, 06/15/20	(PR 06/15/14) (FGIC)		500		524,115

Security		Principal (000s)		Value
5.25%, 12/15/13		$	1,670	$	1,715,424
5.75%, 06/15/17			1,060		1,251,478
New Jersey Transportation Trust Fund Authority RB Miscellaneous Revenue
Series A
5.50%, 06/15/41	(Call 06/15/21) (SAP)		400		455,192
Series B
5.00%, 06/15/42	(Call 06/15/21)		2,315		2,494,204
5.25%, 12/15/14	(NPFGC)		5,525		5,941,309
5.50%, 12/15/15	(NPFGC)		1,500		1,689,150
5.50%, 12/15/17	(NPFGC)		1,300		1,545,947
New Jersey Transportation Trust Fund Authority RB Transit Revenue
4.25%, 12/15/22	(Call 06/15/13) (AGM)		10		10,016
5.25%, 12/15/19			2,360		2,859,565
5.25%, 12/15/21	(NPFGC)		695		846,816
Series A
0.00%, 12/15/25			2,085		1,281,670
0.00%, 12/15/28			4,140		2,150,482
0.00%, 12/15/30			1,000		462,120
0.00%, 12/15/31			7,000		3,045,490
0.00%, 12/15/32			400		164,492
0.00%, 12/15/33			930		359,612
0.00%, 12/15/34			1,055		383,820
0.00%, 12/15/35			610		208,504
0.00%, 12/15/37			4,700		1,419,165
0.00%, 12/15/38			11,225		3,188,012
0.00%, 12/15/39			6,630		1,778,564
5.00%, 12/15/34	(Call 12/15/17) (AMBAC)		1,900		2,122,167
5.25%, 12/15/20			3,080		3,757,046
5.25%, 12/15/21			600		731,064
5.25%, 12/15/21	(ETM) (NPFGC)		5		6,380
5.25%, 12/15/22			550		668,459
5.50%, 06/15/13	(ETM)		350		350,724
5.50%, 12/15/13	(AMBAC)		1,715		1,763,946
5.50%, 12/15/15	(AMBAC)		515		579,941
5.50%, 12/15/16	(AGM)		1,500		1,743,495

225

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.50%, 12/15/21		$	500	$	618,820
5.50%, 12/15/22			2,200		2,719,860
5.50%, 12/15/23			1,500		1,861,740
Series B
5.25%, 06/15/22	(Call 06/15/21)		2,800		3,359,888
5.25%, 06/15/23	(Call 06/15/21)		1,000		1,189,820
5.50%, 06/15/31	(Call 06/15/21)		1,000		1,158,810
Series C
0.00%, 12/15/24	(AMBAC)		1,665		1,060,389
0.00%, 12/15/28	(AMBAC)		3,130		1,598,867
0.00%, 12/15/31	(NPFGC-FGIC)		500		216,355
0.00%, 12/15/35	(AMBAC)		2,500		845,175
5.25%, 06/15/13	(ETM) (NPFGC)		2,000		2,003,880
5.25%, 06/15/21	(PR 06/15/15) (NPFGC)		1,750		1,921,447
5.50%, 12/15/15	(AGM)		425		478,707
5.50%, 12/15/17	(AGM)		2,385		2,839,700
5.50%, 06/15/18	(PR 06/15/13)		2,150		2,154,386
5.50%, 06/15/19	(PR 06/15/13)		1,500		1,503,060
5.50%, 06/15/22	(PR 06/15/13)		1,000		1,002,040
5.50%, 06/15/24	(PR 06/15/13)		1,000		1,002,040
Series D
5.00%, 06/15/16	(PR 06/15/15) (AGM)		500		546,450
5.00%, 12/15/24			2,020		2,420,768
State of New Jersey GO
5.00%, 08/01/15			1,200		1,318,896
5.00%, 06/01/17			105		121,904
Series H
5.25%, 07/01/14			2,375		2,505,007
5.25%, 07/01/16			500		570,510
Series L
5.25%, 07/15/13			1,000		1,006,270
5.25%, 07/15/16	(AMBAC)		725		828,414
5.25%, 07/15/19	(AMBAC)		2,000		2,441,000
Series Q
5.00%, 08/15/19			1,000		1,207,740
5.00%, 08/15/21	(Call 08/15/20)		500		602,615
					208,071,620

Security		Principal (000s)		Value
NEW MEXICO — 0.25%
New Mexico Finance Authority RB Federal Grant Revenue
Series A-1
5.00%, 12/15/13		$	1,450	$	1,487,381
Series B
5.00%, 06/15/20			500		610,405
5.00%, 06/15/23	(Call 06/15/20)		2,250		2,649,690
New Mexico Finance Authority RB Fuel Sales Tax Revenue
Series A
5.25%, 06/15/15	(NPFGC)		2,300		2,526,964
5.25%, 06/15/21	(PR 06/15/14) (NPFGC)		350		368,116
State of New Mexico RB Miscellaneous Taxes
Series D
5.00%, 07/01/14			1,000		1,051,800
5.00%, 07/01/16			500		567,765
					9,262,121
NEW YORK — 18.49%
Brooklyn Arena Local Development Corp. RB Recreational Revenue
0.00%, 07/15/33			500		194,600
6.38%, 07/15/43	(Call 01/15/20)		1,875		2,186,269
City of New York GO
Series A
5.00%, 08/01/26	(Call 08/01/16)		1,000		1,121,910
5.00%, 08/01/28	(Call 08/01/16)		1,010		1,113,818
Series A-1
5.00%, 08/01/13			2,760		2,782,190
5.00%, 08/15/13			285		287,824
5.00%, 08/01/15			1,075		1,180,006
5.00%, 08/01/17			355		412,805
5.00%, 08/01/18	(Call 08/01/17)		2,000		2,314,140
5.00%, 08/01/30	(Call 08/01/21)		500		568,830
5.00%, 08/01/31	(Call 08/01/21)		710		805,545
5.00%, 08/01/32	(Call 08/01/21)		1,000		1,131,490
5.25%, 08/15/23	(Call 08/15/18)		6,850		8,079,575
Series B
5.00%, 08/01/14			2,400		2,532,360

226

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 08/01/16		$	1,000	$	1,132,940
5.00%, 08/01/17			1,000		1,162,830
5.25%, 08/01/15	(Call 08/01/14)		500		528,960
Series B-1
5.25%, 09/01/20	(Call 09/01/18)		500		595,575
5.25%, 09/01/23	(Call 09/01/18)		2,180		2,573,730
5.25%, 09/01/24	(Call 09/01/18)		1,000		1,177,850
Series C
3.63%, 08/01/13	(ETM) (CIFG)		130		130,746
3.63%, 08/01/13	(CIFG)		270		271,526
5.00%, 08/01/13			1,075		1,083,643
5.00%, 08/01/13	(ETM)		40		40,316
5.00%, 08/01/14	(ETM) (CIFG)		75		79,078
5.00%, 08/01/14	(CIFG)		225		237,301
5.00%, 08/01/15			200		219,536
5.00%, 08/01/17	(Call 08/01/15) (AGM)		1,000		1,095,780
5.00%, 08/01/19			1,265		1,512,826
5.00%, 01/01/23	(Call 01/01/17)		1,000		1,134,770
5.00%, 08/01/24	(Call 08/01/19)		1,000		1,167,590
5.25%, 08/01/17			250		293,253
5.25%, 08/01/18			480		574,704
Series C-1
5.00%, 10/01/18	(Call 10/01/17)		500		581,135
5.00%, 10/01/20	(Call 10/01/17)		480		557,534
5.00%, 10/01/22	(Call 10/01/17)		805		932,440
5.00%, 10/01/24	(Call 10/01/17)		2,255		2,603,736
Series D
5.00%, 08/01/19			4,000		4,783,640
Series D-1
5.00%, 10/01/25	(Call 10/01/21)		1,000		1,169,960
5.00%, 10/01/32	(Call 10/01/21)		1,685		1,910,520
5.13%, 12/01/27	(Call 12/01/17)		1,500		1,713,030
Series E
4.00%, 08/01/14			450		469,580
5.00%, 08/01/13			500		504,020
5.00%, 08/01/16			2,600		2,945,644
5.00%, 08/01/19	(Call 08/01/17)		1,000		1,158,280
5.00%, 11/01/20	(PR 11/01/14) (AGM)		55		58,643
5.00%, 11/01/20	(Call 11/01/14) (AGM)		395		420,051

Security		Principal (000s)		Value
5.00%, 08/01/21	(Call 08/01/19)	$	1,000	$	1,183,480
5.00%, 08/01/22	(Call 08/01/19)		400		470,700
5.00%, 08/01/27	(Call 08/01/19)		1,410		1,661,896
Series F
5.00%, 08/01/17			2,400		2,790,792
5.00%, 08/01/29	(Call 02/01/22)		1,730		1,993,687
5.00%, 08/01/31	(Call 02/01/22)		2,750		3,139,840
Series F-1
5.00%, 09/01/15			285		313,811
5.00%, 09/01/20	(PR 09/01/15) (XLCA)		225		247,925
5.00%, 09/01/20	(Call 09/01/15) (XLCA)		300		329,430
5.00%, 03/01/37	(Call 03/01/23)		2,000		2,252,960
Series G
5.00%, 08/01/13			1,565		1,577,583
5.00%, 08/01/14			1,405		1,482,485
5.00%, 08/01/15			1,100		1,207,448
5.00%, 08/01/22	(Call 08/01/17)		785		905,435
5.00%, 08/01/24	(Call 08/01/17)		1,150		1,300,495
Series G-1
5.00%, 04/01/26	(Call 04/01/22)		3,635		4,256,112
Series H
5.00%, 08/01/13	(ETM)		555		559,457
5.00%, 08/01/13			995		1,003,000
Series I
5.00%, 08/01/13			2,475		2,494,899
5.00%, 08/01/14			1,000		1,055,150
5.00%, 08/01/15	(Call 08/01/14)		310		327,053
5.00%, 08/01/16			1,500		1,699,410
5.00%, 08/01/19	(Call 08/01/14)		250		263,103
5.00%, 08/01/22			2,000		2,435,500
5.00%, 08/01/27	(Call 08/01/22)		1,000		1,169,910
Series I-1
5.00%, 08/01/17			500		581,415
5.00%, 08/01/18			215		254,743
5.00%, 04/01/24	(Call 04/01/16)		1,295		1,440,208
5.38%, 04/01/36	(Call 04/01/19)		3,500		4,119,815
Series J
5.00%, 08/01/18			1,000		1,184,850
5.00%, 08/01/21			1,600		1,935,056
5.00%, 03/01/30	(PR 03/01/15)		1,115		1,204,077
5.00%, 03/01/30	(Call 03/01/15)		640		678,502
5.50%, 06/01/23	(PR 06/01/13)		1,200		1,200,000

227

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series J-1
5.00%, 08/01/13	(ETM)	$	170	$	171,365
5.00%, 08/01/13			1,080		1,088,683
5.00%, 05/15/25	(Call 05/15/19)		275		318,082
5.00%, 05/15/31	(Call 05/15/19)		1,500		1,737,765
Series L-1
5.00%, 04/01/27	(Call 04/01/18)		1,200		1,376,820
Series M
5.00%, 04/01/22	(PR 04/01/15)		325		352,186
5.00%, 04/01/22	(Call 04/01/15)		100		108,010
Series O
5.00%, 06/01/17	(Call 06/01/15) (AGM)		500		544,370
5.00%, 06/01/20	(PR 06/01/15)		1,540		1,677,953
5.00%, 06/01/20	(Call 06/01/15)		460		500,342
Hudson Yards Infrastructure Corp. RB Miscellaneous Revenue
Series A
4.50%, 02/15/47	(Call 02/15/17) (NPFGC)		2,100		2,139,858
5.00%, 02/15/47	(Call 02/15/17)		9,150		9,566,690
5.00%, 02/15/47	(Call 02/15/21) (AGM)		1,000		1,080,650
5.25%, 02/15/47	(Call 02/15/21)		1,250		1,372,400
5.75%, 02/15/47	(Call 02/15/21)		3,500		4,037,145
Long Island Power Authority RB Electric Power & Light Revenues
Series A
0.00%, 06/01/14	(AGM)		200		199,034
5.00%, 05/01/15			1,025		1,110,813
5.00%, 12/01/16	(Call 06/01/16) (AGM)		2,000		2,232,280
5.00%, 12/01/23	(Call 06/01/16) (NPFGC-FGIC)		400		436,908
5.00%, 12/01/26	(Call 06/01/16) (XLCA)		1,200		1,308,732
5.25%, 12/01/20	(Call 06/01/16) (NPFGC-FGIC)		2,000		2,215,140
5.50%, 12/01/13	(ETM) (AGM)		275		282,180
5.50%, 04/01/22	(Call 04/01/19)		500		588,120
5.50%, 05/01/33	(Call 05/01/19) (BHAC)		1,100		1,277,364

Security		Principal (000s)		Value
5.75%, 04/01/39	(Call 04/01/19)	$	3,700	$	4,253,076
6.00%, 05/01/33	(Call 05/01/19)		1,000		1,187,930
Series B
5.00%, 09/01/29	(Call 09/01/22)		1,750		1,949,955
5.25%, 12/01/13			500		512,385
5.25%, 06/01/14			1,600		1,677,872
5.25%, 12/01/14			1,000		1,071,990
5.75%, 04/01/25	(Call 04/01/19)		1,050		1,249,321
5.75%, 04/01/33	(Call 04/01/19)		2,190		2,560,088
Series D
5.00%, 09/01/14	(NPFGC)		155		163,880
Series E
5.00%, 12/01/17	(Call 12/01/16)		850		959,761
5.00%, 12/01/17	(Call 12/01/16) (NPFGC-FGIC)		725		818,619
5.00%, 12/01/18	(Call 12/01/16) (NPFGC)		500		562,735
Series F
5.00%, 05/01/17	(NPFGC)		225		256,383
Metropolitan Transportation Authority RB Fuel Sales Tax Revenue
Series A
4.75%, 04/01/28	(PR 10/01/15) (FGIC)		800		879,064
5.00%, 04/01/23	(PR 10/01/15) (FGIC)		730		807,811
Metropolitan Transportation Authority RB Highway Revenue Tolls Series B
5.25%, 11/15/32	(PR 11/15/13)		300		306,840

228

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Metropolitan Transportation Authority RB Miscellaneous Revenue
Series A
5.50%, 01/01/15	(SAP)	$	1,660	$	1,792,933
5.50%, 07/01/15	(SAP)		675		745,160
5.75%, 01/01/16	(SAP)		625		705,488
Series C
5.00%, 11/15/30	(Call 11/15/22)		1,000		1,127,580
5.00%, 11/15/41	(Call 11/15/22)		2,000		2,162,680
Metropolitan Transportation Authority RB Miscellaneous Taxes
Series A
0.00%, 11/15/30			3,000		1,580,310
5.00%, 11/15/24	(Call 11/15/22)		1,500		1,793,985
5.00%, 11/15/25	(Call 11/15/22)		1,000		1,183,010
5.00%, 11/15/29	(Call 11/15/22)		2,500		2,888,900
Metropolitan Transportation Authority RB Transit Revenue
5.00%, 11/15/30			500		531,870
Series A
4.50%, 11/15/38	(Call 11/15/17)		1,800		1,834,164
4.75%, 11/15/27	(Call 11/15/15) (NPFGC)		6,330		6,793,989
4.75%, 11/15/30	(Call 11/15/15) (AMBAC)		250		265,558
5.00%, 11/15/18			250		295,223
5.00%, 11/15/35	(Call 11/15/16)		1,400		1,514,856
5.00%, 11/15/38	(Call 05/15/23)		3,250		3,517,442
5.00%, 11/15/41	(Call 11/15/21)		500		541,530
5.00%, 11/15/43	(Call 05/15/23)		1,295		1,390,558
5.00%, 11/15/46	(Call 11/15/21)		1,500		1,598,685
5.50%, 11/15/13	(AMBAC)		2,555		2,616,575
5.50%, 11/15/14	(AMBAC)		3,245		3,490,744
5.50%, 11/15/39	(Call 11/15/18)		600		678,144
Series B
4.50%, 11/15/37	(Call 11/15/17)		500		516,075
4.75%, 11/15/31	(Call 11/15/16)		430		460,728
5.00%, 11/15/34	(Call 11/15/19)		3,170		3,494,545
5.25%, 11/15/23	(AMBAC)		1,050		1,287,121
Series C
6.25%, 11/15/23	(Call 11/15/18)		2,700		3,302,181

Security		Principal (000s)		Value
Series D
5.00%, 11/15/21		$	1,000	$	1,190,010
5.00%, 11/15/28	(Call 11/15/22)		1,500		1,709,580
5.00%, 11/15/30	(Call 11/15/22)		2,000		2,260,340
5.00%, 11/15/36	(Call 11/15/21)		1,000		1,092,880
5.25%, 11/15/34	(Call 11/15/20)		280		311,130
5.25%, 11/15/41	(Call 11/15/21)		1,000		1,100,960
Series D-1
5.00%, 11/01/22			750		890,618
Series E
5.00%, 11/15/42	(Call 11/15/22)		1,000		1,079,710
Series F
4.00%, 11/15/30	(Call 11/15/22)		765		783,773
5.00%, 11/15/18			1,000		1,180,890
5.00%, 11/15/24	(Call 11/15/22)		1,000		1,174,040
5.00%, 11/15/30	(Call 11/15/22)		1,750		1,973,265
5.00%, 11/15/35	(Call 11/15/15)		1,500		1,598,685
Nassau County Interim Finance Authority RB Sales Tax Revenue
Series A
5.00%, 11/15/16			1,000		1,151,140
Series H
5.25%, 11/15/17	(PR 11/15/14) (AMBAC)		720		771,696
Nassau County Sewer & Storm Water Finance Authority RB Water Revenue Series A
5.13%, 11/01/23	(Call 11/01/18) (BHAC)		520		611,832
New York City Educational Construction Fund RB Lease Revenue
Series A
5.75%, 04/01/41	(Call 04/01/21)		600		707,658
New York City Industrial Development Agency RB Recreational Revenue
5.00%, 03/01/31	(Call 09/01/16) (FGIC)		290		300,530
5.00%, 03/01/46	(Call 09/01/16) (FGIC)		1,550		1,582,441

229

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
New York City Municipal Water Finance Authority RB Sewer Revenue
Series AA
4.50%, 06/15/39	(Call 06/15/17) (NPFGC-FGIC)	$	1,245	$	1,289,123
5.00%, 06/15/27	(Call 06/15/17)		500		562,340
Series B
5.00%, 06/15/14	(ETM) (AGM)		350		367,476
5.00%, 06/15/18	(Call 06/15/14)		500		523,375
Series CC
5.00%, 06/15/34	(Call 06/15/18)		2,900		3,265,487
New York City Municipal Water Finance Authority RB Water Revenue
5.00%, 06/15/26	(Call 06/15/21)		1,250		1,458,012
5.00%, 06/15/31	(Call 06/15/21)		435		492,416
5.00%, 06/15/32	(Call 06/15/21)		2,000		2,254,880
5.00%, 06/15/44	(Call 12/15/21)		2,000		2,190,380
5.38%, 06/15/43	(Call 12/15/20)		2,000		2,268,720
5.50%, 06/15/43	(Call 12/15/20)		1,000		1,143,930
Series A
4.75%, 06/15/30	(Call 06/15/17)		4,850		5,336,552
5.00%, 06/15/38	(Call 06/15/17)		4,125		4,518,154
5.00%, 06/15/39	(Call 06/15/14)		2,990		3,123,277
5.75%, 06/15/40	(Call 06/15/18)		500		586,495
5.88%, 06/15/13	(ETM) (AMBAC)		350		350,767
Series AA
5.00%, 06/15/21	(Call 06/15/18)		1,000		1,172,200
5.00%, 06/15/22	(Call 06/15/18)		4,600		5,370,178
5.00%, 06/15/34	(Call 06/15/21)		865		968,722
5.00%, 06/15/44	(Call 06/15/21)		1,600		1,744,640
Series B
5.00%, 06/15/20	(PR 12/15/14) (AMBAC)		110		117,938
5.00%, 06/15/20	(Call 12/15/14) (AMBAC)		140		149,561
5.00%, 06/15/21	(PR 12/15/14) (AMBAC)		215		230,514
5.00%, 06/15/21	(Call 12/15/14) (AMBAC)		285		304,240

Security		Principal (000s)		Value
5.00%, 06/15/28	(PR 12/15/14) (AMBAC)	$	170	$	182,267
5.00%, 06/15/28	(Call 12/15/14) (AMBAC)		300		318,198
5.00%, 06/15/36	(Call 12/15/14) (AGM)		2,500		2,638,050
Series BB
4.00%, 06/15/47	(Call 12/15/22)		1,215		1,192,462
5.00%, 06/15/27	(Call 06/15/19)		1,000		1,177,430
5.00%, 06/15/30	(Call 06/15/20)		1,000		1,126,640
5.00%, 06/15/31	(Call 06/15/20)		3,050		3,451,868
5.00%, 06/15/47	(Call 12/15/22)		2,000		2,178,560
Series C
4.75%, 06/15/33	(Call 06/15/16)		3,925		4,261,922
5.00%, 06/15/25	(Call 06/15/15) (NPFGC)		1,500		1,633,020
5.00%, 06/15/27	(Call 06/15/15) (NPFGC)		2,000		2,157,560
5.00%, 06/15/35	(PR 06/15/14)		95		99,582
5.00%, 06/15/35	(Call 06/15/14)		1,305		1,355,817
Series CC
5.00%, 06/15/45	(Call 12/15/21)		5,000		5,426,350
5.00%, 06/15/47	(Call 06/15/23)		2,000		2,186,240
Series D
5.00%, 06/15/28	(Call 06/15/16)		280		308,916
5.00%, 06/15/38	(Call 06/15/15)		7,200		7,691,976
Series DD
4.75%, 06/15/36	(Call 06/15/17)		500		537,255
5.00%, 06/15/32	(Call 06/15/18)		900		1,017,153
Series EE
5.00%, 06/15/17			1,225		1,429,269
5.00%, 06/15/34	(Call 06/15/22)		1,250		1,415,937
5.25%, 06/15/40	(Call 06/15/19)		1,900		2,147,342
Series FF
5.00%, 06/15/45	(Call 06/15/22)		1,000		1,089,460
Series FF-2
5.00%, 06/15/40	(Call 06/15/19)		710		775,774
Series GG
5.00%, 06/15/43	(Call 06/15/21)		1,430		1,561,345
Series GG-1
5.00%, 06/15/39	(Call 06/15/19)		2,460		2,695,471
New York City Transitional Finance Authority RB Income Tax Revenue
5.00%, 11/01/15	(ETM)		105		115,781
5.00%, 11/01/15			425		472,111
5.00%, 07/15/29	(Call 07/15/22)		835		955,198

230

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series A
5.00%, 11/01/20		$	1,000	$	1,225,480
5.00%, 11/01/22	(Call 11/01/21)		1,000		1,212,320
5.00%, 11/01/23	(Call 11/01/21)		1,000		1,200,710
5.00%, 05/01/28	(Call 05/01/19)		1,000		1,165,510
Series A-1
5.00%, 11/01/13			250		255,078
Series B
3.00%, 11/01/13			1,350		1,366,173
5.00%, 11/01/13	(ETM)		670		683,259
5.00%, 11/01/13			345		352,007
5.00%, 11/01/15	(ETM)		55		60,815
5.00%, 11/01/15			140		155,519
5.00%, 11/01/16			1,000		1,149,610
5.00%, 11/01/18			1,000		1,205,580
5.00%, 11/01/21	(Call 11/01/19)		2,800		3,329,704
5.00%, 11/01/25	(Call 05/01/17)		1,050		1,197,157
5.00%, 11/01/30	(Call 11/01/22)		1,250		1,437,205
Series C
5.00%, 11/01/33	(Call 11/01/20)		500		568,175
5.00%, 11/01/39	(Call 11/01/20)		750		828,060
Series C-1
5.00%, 11/01/27	(Call 11/01/17)		2,800		3,208,632
Series D
5.00%, 02/01/24	(Call 02/01/21)		1,250		1,472,862
5.00%, 02/01/31	(Call 02/01/21)		2,500		2,841,900
Series D-1
5.00%, 11/01/33	(Call 11/01/21)		1,000		1,132,660
5.00%, 11/01/38	(Call 11/01/21)		1,565		1,742,048
Series E
5.00%, 11/01/18			1,500		1,808,370
Series E-1
5.00%, 02/01/25	(Call 02/01/22)		2,500		2,949,325
5.00%, 02/01/35	(Call 02/01/22)		2,000		2,238,380
5.00%, 02/01/42	(Call 02/01/22)		3,250		3,596,222
Series F-1
5.00%, 02/01/30	(Call 02/01/23)		1,000		1,155,810
5.00%, 02/01/36	(Call 02/01/23)		2,000		2,259,920
5.00%, 05/01/39	(Call 05/01/22)		2,500		2,774,925
Series S-1
5.00%, 07/15/24	(Call 07/15/22)		600		708,372
5.00%, 07/15/31	(Call 07/15/22) (SAW)		1,000		1,128,730
5.00%, 07/15/33	(Call 07/15/22)		2,000		2,245,760
5.00%, 07/15/37	(Call 07/15/22)		1,000		1,112,930

Security		Principal (000s)		Value
New York City Transitional Finance Authority RB Miscellaneous Revenue
Series S-1
4.50%, 01/15/38	(Call 01/15/18) (SAW)	$	1,575	$	1,631,416
5.00%, 07/15/36	(Call 01/15/17) (NPFGC-FGIC)		1,000		1,091,060
5.50%, 07/15/28	(Call 07/15/18) (SAW)		3,255		3,814,437
Series S-1A
5.00%, 07/15/33	(Call 07/15/21) (SAW)		1,000		1,120,220
5.25%, 07/15/37	(Call 07/15/21) (SAW)		1,500		1,696,590
Series S-2
6.00%, 07/15/38	(Call 07/15/18) (SAW)		250		293,303
Series S-4
5.50%, 01/15/39	(Call 01/15/19) (SAW)		675		780,975
Series S-5
5.00%, 01/15/31	(Call 01/15/19) (SAW)		1,400		1,581,482
New York City Transitional Finance Authority RB Miscellaneous Taxes
5.00%, 11/01/15			1,500		1,666,275
5.00%, 11/01/16	(Call 05/01/15)		500		543,345
5.00%, 11/01/17	(Call 05/01/15)		2,000		2,170,000
Series A-1
5.00%, 11/01/13			3,070		3,132,352
5.00%, 11/01/14			3,960		4,227,181
New York City Transitional Finance Authority RB Sales Tax Revenue
Series A-2
5.00%, 11/01/18	(Call 11/01/15)		1,500		1,658,235
New York City Trust for Cultural Resources RB Miscellaneous Revenue
Series C
5.75%, 12/01/16			500		576,240
New York City Trust for Cultural Resources RB Recreational Revenue
5.00%, 04/01/31	(Call 10/01/18)		2,000		2,297,940

231

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
New York City Water & Sewer System RB Water Revenue
Series DD
5.00%, 06/15/34	(Call 06/15/23)	$	2,000	$	2,286,680
5.00%, 06/15/35	(Call 06/15/23)		1,100		1,245,618
New York Convention Center Development Corp. RB Hotel Occupancy Tax
5.00%, 11/15/44	(Call 11/15/15) (AMBAC)		2,250		2,371,725
New York Liberty Development Corp. RB Industrial Revenue
5.75%, 11/15/51	(Call 11/15/21)		1,750		2,029,072
New York Liberty Development Corp. RB Port Airport & Marina Revenue
5.00%, 12/15/41	(Call 12/15/21) (GOI)		3,000		3,313,320
5.25%, 12/15/43	(Call 12/15/21) (GOI)		100		112,270
New York Local Government Assistance Corp. RB Sales Tax Revenue
Series A
5.00%, 04/01/20	(Call 04/01/18)		225		263,815
Series C
0.00%, 04/01/14	(GOI)		1,000		998,090
5.50%, 04/01/17	(GOI)		4,300		4,867,600
New York State Dormitory Authority RB College & University Revenue
5.00%, 07/01/13	(ETM) (GOI)		500		501,985
5.00%, 07/01/17			1,000		1,159,660
5.00%, 07/01/22	(Call 07/01/18)		3,100		3,587,878
Series 1
5.50%, 07/01/40	(AMBAC)		530		678,644
Series A
4.00%, 05/15/18	(GOI)		2,000		2,261,920
5.00%, 05/15/18	(GOI)		2,000		2,361,900
5.00%, 07/01/37	(Call 07/01/22)		1,250		1,408,475
5.00%, 07/01/41	(Call 07/01/21)		500		549,805
5.00%, 07/01/42	(Call 07/01/22)		1,000		1,114,180
5.75%, 07/01/27	(NPFGC)		500		640,050

Security		Principal (000s)		Value
New York State Dormitory Authority RB Hospital Revenue
5.50%, 05/01/37	(Call 05/01/19)	$	850	$	948,286
5.75%, 05/01/37	(Call 05/01/19)		435		495,352
New York State Dormitory Authority RB Income Tax Revenue
Series A
5.00%, 12/15/20			2,700		3,303,666
5.00%, 12/15/21			1,500		1,841,790
5.00%, 03/15/25	(Call 03/15/18)		3,700		4,266,840
5.00%, 12/15/25	(Call 12/15/22)		3,000		3,571,740
5.00%, 03/15/27	(Call 03/15/18)		6,000		6,850,320
5.00%, 06/15/31	(Call 12/15/22)		4,000		4,605,560
Series B
5.00%, 03/15/28	(Call 03/15/19)		500		583,460
5.00%, 03/15/35	(Call 03/15/22)		1,500		1,687,005
5.00%, 03/15/42	(Call 03/15/22)		4,500		4,974,390
5.50%, 03/15/26	(AMBAC)		845		1,083,543
Series C
5.00%, 03/15/17			1,000		1,156,990
5.00%, 03/15/24	(Call 03/15/18)		280		323,596
5.00%, 12/15/31	(Call 12/15/16)		3,500		3,892,770
5.00%, 03/15/34	(Call 03/15/21)		2,500		2,787,875
5.00%, 03/15/41	(Call 03/15/21)		3,300		3,632,376
Series D
2.50%, 08/15/13			5,000		5,024,050
5.00%, 06/15/14			1,100		1,155,044
5.00%, 06/15/18			585		696,220
5.00%, 03/15/25	(Call 09/15/16)		1,230		1,376,161
5.00%, 03/15/36	(Call 09/15/16)		1,200		1,325,892
5.00%, 02/15/37	(Call 02/15/22)		1,800		2,011,050
Series F
5.00%, 03/15/30	(Call 03/15/15)		2,000		2,125,620
New York State Dormitory Authority RB Miscellaneous Revenue
5.00%, 07/01/13	(NPFGC-FGIC)		520		522,096
5.00%, 07/01/15			560		612,595
5.50%, 07/01/18	(NPFGC-FGIC)		2,055		2,488,954
Series A
5.00%, 05/15/25	(Call 05/15/22)		1,000		1,181,460
5.25%, 05/15/21			1,000		1,212,270

232

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
New York State Dormitory Authority RB Property Tax
Series D
5.25%, 10/01/23	(Call 07/01/13) (NPFGC)	$	5	$	5,020
New York State Environmental Facilities Corp. RB Federal Grant Revenue
Series C
5.00%, 10/15/35	(Call 10/15/16)		1,850		2,046,044
New York State Environmental Facilities Corp. RB Miscellaneous Revenue
Series D
5.00%, 02/15/34	(Call 08/15/14)		500		522,925
New York State Environmental Facilities Corp. RB Water Revenue
5.50%, 06/15/13			2,790		2,795,859
Series A
5.00%, 06/15/17			1,000		1,170,230
5.00%, 06/15/22			2,650		3,283,509
5.00%, 06/15/24	(Call 06/15/22)		750		910,868
Series B
4.50%, 06/15/36	(Call 06/15/17)		220		230,679
4.75%, 06/15/32	(Call 06/15/17)		400		435,792
5.00%, 06/15/31	(Call 06/15/21)		650		746,239
5.00%, 06/15/37	(Call 06/15/18)		1,360		1,519,229
5.00%, 06/15/41	(Call 06/15/21)		2,000		2,259,420
Series E
5.00%, 06/15/30	(Call 06/15/14)		1,600		1,667,056
New York State Power Authority RB Electric Power & Light Revenues
Series A
5.00%, 11/15/22	(GOI)		1,000		1,244,140
5.00%, 11/15/38	(Call 11/15/21) (GOI)		1,000		1,124,530
Series C
5.00%, 11/15/15	(NPFGC)		1,000		1,112,550
5.00%, 11/15/18	(Call 11/15/17) (NPFGC)		500		588,230
New York State Thruway Authority RB Highway Revenue Tolls
Series B
5.00%, 04/01/14	(AGM)		3,730		3,878,678

Security		Principal (000s)		Value
5.00%, 04/01/15	(AGM)	$	3,220	$	3,492,766
5.00%, 04/01/16	(Call 10/01/15) (NPFGC-FGIC)		1,250		1,382,550
5.00%, 04/01/17	(Call 10/01/15) (NPFGC-FGIC)		2,070		2,280,208
5.00%, 04/01/21	(Call 10/01/15) (AMBAC)		1,340		1,472,459
5.00%, 04/01/27	(Call 10/01/17)		4,985		5,622,581
5.50%, 04/01/20	(AMBAC)		620		768,781
Series F
4.00%, 01/01/15	(AMBAC)		350		368,953
5.00%, 01/01/17	(Call 01/01/15) (AMBAC)		1,000		1,070,050
Series H
5.00%, 01/01/20	(Call 01/01/18) (NPFGC)		1,500		1,733,130
5.00%, 01/01/21	(Call 01/01/18) (NPFGC)		3,400		3,912,108
5.00%, 01/01/22	(Call 01/01/18) (NPFGC-FGIC)		1,280		1,469,734
5.00%, 01/01/23	(Call 01/01/18) (NPFGC-FGIC)		720		825,012
Series I
5.00%, 01/01/37	(Call 01/01/22)		1,000		1,097,910
New York State Thruway Authority RB Income Tax Revenue
Series A
5.00%, 03/15/18			1,655		1,956,789
5.00%, 03/15/22	(Call 09/15/20)		1,000		1,196,210
5.00%, 03/15/26	(Call 09/15/18)		1,700		1,967,852
5.00%, 03/15/32	(Call 09/15/21)		2,000		2,258,640
New York State Thruway Authority RB Miscellaneous Revenue
5.00%, 04/01/14			1,080		1,123,049
5.00%, 04/01/15			1,065		1,155,014
5.00%, 04/01/18			725		857,081
5.00%, 04/01/19			550		657,476
Series A
4.00%, 04/01/15			2,050		2,185,833
5.00%, 04/01/21			500		606,945
5.00%, 04/01/30	(Call 04/01/22)		500		574,145
Series A-1
5.00%, 04/01/31	(Call 04/01/21)		2,000		2,257,960

233

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series B
5.00%, 04/01/14		$	500	$	520,060
5.00%, 04/01/19	(Call 10/01/18)		2,700		3,210,084
5.00%, 04/01/20	(Call 10/01/18)		2,000		2,371,420
Series I
5.00%, 01/01/28	(Call 01/01/22)		2,000		2,300,660
5.00%, 01/01/42	(Call 01/01/22)		2,000		2,174,320
New York State Urban Development Corp. RB Income Tax Revenue
5.00%, 12/15/17			200		236,912
5.00%, 12/15/18			1,840		2,217,421
Series A
5.00%, 03/15/16			1,500		1,686,600
5.00%, 03/15/19			1,000		1,196,160
5.00%, 03/15/31	(Call 03/15/21)		1,000		1,126,850
Series A-1
5.00%, 12/15/17			2,000		2,369,120
5.00%, 12/15/18			310		373,956
5.00%, 03/15/43	(Call 03/15/23)		2,000		2,229,180
Series A-2
5.50%, 03/15/22	(NPFGC)		1,500		1,894,380
Series B
5.00%, 03/15/32	(Call 03/15/17)		1,000		1,109,370
Series B-1
5.00%, 03/15/28	(Call 03/15/19)		250		291,730
5.00%, 03/15/36	(Call 03/15/19)		2,000		2,248,860
Series C
5.00%, 12/15/15			1,000		1,116,180
5.00%, 12/15/16			750		865,800
New York State Urban Development Corp. RB Miscellaneous Revenue
Series B
5.25%, 01/01/24	(Call 07/01/18)		250		289,600
Series D
5.00%, 01/01/16			3,110		3,457,698
5.25%, 01/01/17			460		528,292
5.25%, 01/01/20	(Call 01/01/19)		1,000		1,179,550
5.25%, 01/01/21	(Call 01/01/19)		500		581,990
5.50%, 01/01/19			1,515		1,828,469
5.63%, 01/01/28	(Call 01/01/19)		1,245		1,407,037
Port Authority of New York & New Jersey RB Port Airport & Marina Revenue
4.00%, 12/01/31	(Call 06/01/22) (GOI)		2,000		2,114,640

Security		Principal (000s)		Value
4.50%, 11/15/34	(Call 11/15/17) (AMBAC)	$	205	$	215,547
4.50%, 01/15/36	(Call 01/15/16) (GOI)		255		262,035
4.50%, 09/15/39	(Call 09/15/19) (GOI)		750		788,513
4.75%, 07/15/31	(Call 07/15/18) (GOI)		1,870		2,034,317
4.75%, 07/15/33	(Call 07/15/18) (GOI)		285		306,540
5.00%, 07/15/33	(Call 01/15/21) (GOI)		2,250		2,538,157
5.00%, 07/15/35	(Call 07/15/20) (GOI)		500		557,235
5.00%, 09/15/36	(Call 09/15/19) (GOI)		2,500		2,823,225
5.00%, 07/15/38	(Call 07/15/18) (GOI)		125		140,006
5.00%, 03/15/39	(Call 03/15/14) (GOI)		1,690		1,751,262
Series 5
5.38%, 03/01/28	(GOI)		2,000		2,447,700
Third Series
5.00%, 07/15/39	(Call 07/15/20) (GOI)		1,990		2,193,796
6.13%, 06/01/94	(Call 06/01/24) (GOI)		500		597,255
Sales Tax Asset Receivable Corp. RB Sales Tax Revenue
Series A
5.00%, 10/15/20	(Call 10/15/14) (NPFGC)		500		531,130
5.00%, 10/15/21	(Call 10/15/14) (NPFGC)		2,000		2,124,240
5.00%, 10/15/23	(Call 10/15/14) (NPFGC)		1,220		1,295,262
5.00%, 10/15/24	(Call 10/15/14) (NPFGC)		530		562,542
5.00%, 10/15/25	(Call 10/15/14) (NPFGC)		1,000		1,060,750
5.00%, 10/15/29	(Call 10/15/14) (AMBAC)		850		894,591
5.00%, 10/15/32	(Call 10/15/14) (AMBAC)		3,235		3,404,061

234

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.25%, 10/15/18	(Call 10/15/14)
	(NPFGC)	$	500	$	533,125
5.25%, 10/15/27	(Call 10/15/14)
	(AMBAC)		1,000		1,057,690
State of New York GO
Series A
5.00%, 02/15/39	(Call 02/15/19)		1,045		1,182,721
Series C
3.00%, 02/01/16			1,035		1,103,476
5.00%, 09/01/13			1,210		1,224,956
5.00%, 04/15/14			500		521,635
Triborough Bridge & Tunnel Authority RB Highway Revenue Tolls
Series A
0.00%, 11/15/31			1,000		472,310
5.00%, 01/01/23	(Call 01/01/22)
	(GOI)		1,000		1,203,160
5.00%, 01/01/25	(Call 01/01/22)
	(GOI)		1,000		1,180,180
5.00%, 01/01/26	(Call 01/01/22)
	(GOI)		685		804,396
5.00%, 01/01/27	(Call 01/01/22)
	(GOI)		2,700		3,143,637
5.00%, 11/15/35	(Call 11/15/16)		3,000		3,306,030
5.00%, 11/15/37	(Call 05/15/18)
	(GOI)		4,950		5,431,338
Series B
0.00%, 11/15/32			1,420		684,511
5.00%, 11/15/20			3,500		4,277,805
5.00%, 11/15/21			1,130		1,383,289
5.25%, 11/15/13	(GOI)		1,250		1,278,800
5.25%, 11/15/15	(GOI)		1,575		1,761,055
Series C
5.00%, 11/15/38	(Call 11/15/18)
	(GOI)		275		305,058
Series D
5.00%, 11/15/26	(Call 11/15/18)		800		891,088
5.00%, 11/15/31	(Call 11/15/18)		3,000		3,263,610
Series R
5.50%, 11/15/21	(NPFGC)		1,000		1,254,780
Series Y
5.50%, 01/01/17	(ETM)
	(GOI)		725		797,957
Triborough Bridge & Tunnel Authority RB Transit Revenue
Series B
5.00%, 11/15/20			2,500		3,055,575
					675,109,735
NORTH CAROLINA — 1.62%
City of Charlotte RB Water & Sewer Revenue
5.00%, 07/01/38	(Call 07/01/18)		2,000		2,239,920
County of Mecklenburg GO
Series A
5.00%, 08/01/16			525		598,411
5.00%, 12/01/21			2,500		3,117,100
Series C
5.00%, 02/01/14			750		774,037
5.00%, 03/01/17			500		579,245
County of Wake GO
Series C
5.00%, 03/01/20			1,000		1,223,410
5.00%, 03/01/25			1,550		1,937,903
Series D
4.00%, 02/01/17			2,125		2,378,385

Security		Principal (000s)		Value
North Carolina Eastern Municipal Power Agency RB Electric Power & Light Revenues
Series A
4.50%, 01/01/24	(PR 01/01/22)	$	500	$	600,315
5.00%, 01/01/21			2,600		3,099,876
Series B
5.00%, 01/01/26	(Call 01/01/19)		2,000		2,225,920
6.00%, 01/01/22			390		491,755
Series D
5.50%, 01/01/14			700		721,112
North Carolina Municipal Power Agency No. 1 RB Electric Power & Light Revenues
Series A
5.00%, 01/01/15			500		536,345
5.00%, 01/01/18			1,500		1,753,440
5.25%, 01/01/17			1,000		1,153,040
Series B
5.00%, 01/01/21	(Call 01/01/20)		2,500		2,940,200
North Carolina Turnpike Authority RB Miscellaneous Revenue
5.00%, 07/01/41	(Call 07/01/21)		1,500		1,648,320
Raleigh Durham Airport Authority RB Port Airport & Marina Revenue
Series A
5.00%, 05/01/32	(Call 05/01/20)		630		700,566
State of North Carolina GO
Series A
4.00%, 03/01/24	(PR 03/01/15)		830		881,850
5.00%, 03/01/15			2,130		2,304,468
5.00%, 03/01/16			530		595,004
5.00%, 09/01/16			1,125		1,286,021
5.00%, 03/01/17			1,185		1,372,811
Series B
5.00%, 06/01/13			1,000		1,000,000
5.00%, 04/01/14			500		519,970
5.00%, 06/01/14			1,000		1,047,790
5.00%, 04/01/15			1,565		1,699,074
5.00%, 06/01/16			535		606,198
5.00%, 06/01/17			400		467,044
5.00%, 06/01/19			1,000		1,214,420
Series C
4.00%, 05/01/20			1,500		1,741,950
4.00%, 05/01/21			1,000		1,162,750
5.00%, 05/01/19			1,000		1,212,410
5.00%, 05/01/22			2,050		2,553,808
Series E
5.00%, 05/01/19			1,000		1,212,410
State of North Carolina RB Federal Grant Revenue
5.25%, 03/01/20	(Call 03/01/19)		500		601,545
State of North Carolina RB Miscellaneous Revenue
Series A
5.00%, 05/01/29	(Call 05/01/20)
	(SAP)		1,500		1,711,515
Series B
5.00%, 11/01/18			1,000		1,200,040
5.00%, 11/01/23	(Call 11/01/21)		500		602,895
Series C
5.00%, 05/01/30	(Call 05/01/21)		1,000		1,139,980
State of North Carolina RB Transit Revenue
5.00%, 03/01/17			1,000		1,150,390
5.00%, 03/01/18			500		587,395

235

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Town of Cary RB Water Revenue
5.00%, 12/01/42	(Call 12/01/22)	$	1,000	$	1,133,310
University of North Carolina at Chapel Hill Board of Governors RB College & University Revenue
5.00%, 12/01/36	(Call 12/01/17)		1,180		1,334,958
					59,059,306
OHIO — 0.75%
American Municipal Power Ohio Inc. RB Electric Power & Light Revenues
Series A
5.00%, 02/15/38	(Call 02/15/18)		1,000		1,063,210
5.25%, 02/15/28	(Call 02/15/18)		1,000		1,108,450
Cincinnati City School District GO
5.25%, 12/01/25	(NPFGC-FGIC)		20		24,857
5.25%, 12/01/30	(NPFGC-FGIC)		1,000		1,260,730
City of Cleveland Airport System RB Port Airport & Marina Revenue
Series A
5.00%, 01/01/29	(Call 01/01/22)		1,000		1,103,330
City of Columbus GO
5.00%, 07/01/20			1,000		1,221,590
Series A
4.00%, 06/01/13			650		650,000
City of Columbus RB Sewer Revenue
Series A
5.00%, 06/01/27	(Call 12/01/17)		1,500		1,707,045
5.00%, 06/01/31	(Call 12/01/17)		2,670		2,986,395
Northeast Ohio Regional Sewer District RB Sewer Revenue
5.00%, 11/15/43	(Call 05/15/23)		1,000		1,120,700
Ohio State Turnpike Commission RB Highway Revenue Tolls
Series A
5.00%, 02/15/31	(Call 02/15/20)		1,500		1,666,500
Ohio State University (The) RB College & University Revenue
Series A
4.00%, 06/01/43	(Call 06/01/23)		1,000		975,380
5.00%, 06/01/43	(Call 06/01/23)		2,000		2,228,060
State of Ohio GO
Series A
5.00%, 09/15/16			1,000		1,141,490
5.38%, 09/01/28	(Call 03/01/18)		1,970		2,314,080
Series C
5.00%, 09/15/15			500		551,685
5.00%, 09/15/21			1,500		1,839,690
State of Ohio RB Highway Revenue Tolls
Series 2008-1
5.00%, 06/15/16			800		902,520
5.75%, 06/15/19	(Call 06/15/18)		2,800		3,359,972
					27,225,684
OKLAHOMA — 0.19%
Grand River Dam Authority RB Electric Power & Light Revenues
Series A
5.00%, 06/01/27	(Call 06/01/18) (BHAC)		500		580,835
5.25%, 06/01/40	(Call 06/01/20)		500		567,625
Oklahoma Municipal Power Authority RB Electric Power & Light Revenues
Series A
4.00%, 01/01/47	(Call 01/01/23)		2,000		1,937,920
4.50%, 01/01/47	(Call 01/01/17)
	(NPFGC-FGIC)		750		760,133

Security		Principal (000s)		Value
Oklahoma Turnpike Authority RB Highway Revenue Tolls
Series A
5.00%, 01/01/17		$	500	$	572,505
5.00%, 01/01/20			1,500		1,803,945
Series B
5.00%, 01/01/29	(Call 01/01/21)		500		573,940
					6,796,903
OREGON — 0.34%
City of Portland RB Sewer Revenue
Series A
5.00%, 06/01/14	(NPFGC)		2,850		2,984,720
5.00%, 06/01/15			440		480,000
5.00%, 03/01/35	(Call 03/01/20)		1,000		1,138,000
Oregon State Department of Transportation RB Fuel Sales Tax Revenue
Series A
4.50%, 11/15/32	(Call 11/15/17)		3,725		3,946,787
State of Oregon GO
Series A
4.50%, 08/01/32	(Call 08/01/17)		3,665		3,890,507
					12,440,014
PENNSYLVANIA — 2.83%
Allegheny County Sanitary Authority RB Sewer Revenue
Series A
5.00%, 12/01/21	(Call 12/01/15)
	(NPFGC)		1,000		1,097,840
City of Philadelphia RB Port Airport & Marina Revenue
Series A
5.00%, 06/15/40	(Call 06/15/20)		500		526,640
City of Philadelphia RB Water & Wastewater Revenue
5.25%, 12/15/14	(AMBAC)		2,000		2,081,940
Series B
4.75%, 11/01/31	(Call 11/01/17)
	(AMBAC)		300		320,604
Series C
5.00%, 08/01/17	(AGM)		370		429,755
5.00%, 08/01/40	(Call 08/01/20)
	(AGM)		1,000		1,090,990
Commonwealth Financing Authority RB Lease Appropriation
Series B
5.00%, 06/01/42	(Call 06/01/22)		1,000		1,085,980
Commonwealth of Pennsylvania GO
First Series
4.00%, 07/15/13			700		703,283
4.00%, 09/01/16			1,000		1,108,910
5.00%, 02/15/14			750		775,478
5.00%, 07/01/18			900		1,073,079
5.00%, 11/15/22	(Call 11/15/21)		2,600		3,151,096
5.00%, 11/15/24	(Call 11/15/21)		2,000		2,398,540
5.00%, 10/01/26	(Call 10/01/16)		1,085		1,225,323
5.00%, 11/15/26	(Call 11/15/21)		1,000		1,181,320
5.00%, 06/01/27	(Call 06/01/22)		2,000		2,354,140
5.00%, 11/15/29	(Call 11/15/21)		500		581,080
Second Series
5.00%, 07/01/13	(NPFGC-FGIC)		3,300		3,313,299
5.00%, 01/01/15			1,500		1,610,775
5.00%, 03/01/17			500		577,400
5.00%, 07/01/18			2,460		2,933,083
5.00%, 08/01/18	(Call 08/01/17)		1,000		1,160,980
5.00%, 01/01/19	(PR 01/01/16)		2,000		2,227,420

236

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 05/01/19		$	2,600	$	3,129,230
5.00%, 07/01/19			475		573,468
5.00%, 01/01/20	(PR 01/01/16)		3,900		4,343,469
5.00%, 05/01/20			755		916,208
5.00%, 07/01/20			1,355		1,648,181
5.00%, 05/01/21	(Call 05/01/20)		1,500		1,797,225
5.00%, 07/01/21			500		611,450
5.00%, 01/01/26	(Call 01/01/16)		1,150		1,268,254
Series A
5.00%, 05/01/14			1,000		1,043,970
5.00%, 05/01/16			3,500		3,947,125
5.00%, 02/15/17			500		576,595
Third Series
5.00%, 09/01/13			1,625		1,644,630
5.00%, 09/01/14	(AGM)		1,250		1,324,425
5.00%, 07/15/17			525		613,079
5.25%, 07/01/15			1,800		1,981,728
County of Chester GO
5.00%, 07/15/28	(Call 07/15/19)		1,410		1,598,644
Delaware River Port Authority RB Highway Revenue Tolls
Series D
5.00%, 01/01/35	(Call 01/01/20)		1,000		1,099,830
5.00%, 01/01/40	(Call 01/01/20)
	(AGM)		500		544,665
Delaware Valley Regional Finance Authority RB Miscellaneous Revenue
Series A
5.50%, 08/01/28	(AMBAC)		610		694,564
Pennsylvania Economic Development Financing Authority RB Miscellaneous Revenue
Series A
4.00%, 07/01/14			3,000		3,123,630
5.00%, 07/01/15			920		1,009,534
5.00%, 07/01/16			500		568,260
5.00%, 07/01/18			3,000		3,581,850
5.00%, 07/01/19			2,500		3,023,125
Series B
5.00%, 07/01/21	(Call 01/01/18)		1,000		1,165,560
5.00%, 01/01/22	(Call 07/01/17)		500		575,045
5.00%, 07/01/22	(Call 07/01/16)		1,000		1,126,540
5.00%, 01/01/23	(Call 01/01/16)		1,000		1,105,810
Pennsylvania Higher Educational Facilities Authority RB College & University Revenue
Series A
5.00%, 05/01/31	(Call 05/01/21)		700		773,052
Pennsylvania State Public School Building Authority RB Lease Revenue
Series A
5.00%, 06/01/31	(Call 12/01/16) (AGM)		1,800		1,905,642
Pennsylvania Turnpike Commission RB Highway Revenue Tolls
0.00%, 12/01/34	(Call 12/01/20)		500		485,360
5.00%, 12/01/42	(Call 12/01/21)		1,000		1,078,930
6.00%, 12/01/36	(Call 12/01/20)		1,500		1,783,590
Series A
5.00%, 12/01/34	(Call 12/01/14)
	(AMBAC)		1,250		1,312,850
5.00%, 12/01/37	(Call 12/01/22)		1,000		1,092,440
5.25%, 12/01/32	(Call 12/01/14)
	(AMBAC)		1,000		1,058,180
Series A-1
5.00%, 06/01/38	(Call 06/01/18)
	(AGM)		500		543,615
Series B
5.00%, 12/01/18			1,905		2,254,891
5.00%, 12/01/24	(Call 12/01/19)		500		572,115
5.00%, 06/01/29	(Call 06/01/19)		2,000		2,178,020

Security		Principal (000s)		Value
5.25%, 06/01/24	(Call 06/01/19)	$	575	$	649,233
5.25%, 06/01/39	(Call 06/01/19)		2,780		2,975,990
5.75%, 06/01/39	(Call 06/01/19)		250		278,060
Series D
5.13%, 12/01/40	(Call 12/01/19)		2,100		2,242,716
Series E
0.00%, 12/01/30	(Call 12/01/27)		500		502,395
0.00%, 12/01/38	(Call 12/01/27)		1,265		1,244,406
State Public School Building Authority RB Lease Appropriation
5.25%, 06/01/26	(PR 06/01/13)
	(AGM)		1,000		1,000,000
5.50%, 06/01/28	(AGM)		470		596,693
Westmoreland County Municipal Authority RB Water Revenue
5.00%, 08/15/37	(Call 08/15/23)		1,000		1,103,350
					103,276,577
PUERTO RICO — 4.25%
Commonwealth of Puerto Rico GO
5.50%, 07/01/13	(FGIC)		550		551,562
5.50%, 07/01/15	(AGM)		630		671,838
5.50%, 07/01/16	(AGM)		200		217,508
Series A
5.00%, 07/01/13			500		501,210
5.00%, 07/01/14	(AGM)		1,100		1,137,642
5.00%, 07/01/16	(AGM)		230		246,744
5.00%, 07/01/20			1,785		1,837,479
5.00%, 07/01/23	(Call 07/01/18)		1,000		994,500
5.00%, 07/01/29	(Call 07/01/14)		775		749,193
5.00%, 07/01/33	(Call 07/01/22)		1,000		965,540
5.00%, 07/01/41	(Call 07/01/22)		2,250		2,129,872
5.13%, 07/01/37	(Call 07/01/22)		1,700		1,652,961
5.25%, 07/01/15			555		580,092
5.25%, 07/01/24	(Call 07/01/16)		1,000		1,014,430
5.50%, 07/01/17			1,000		1,064,300
5.50%, 07/01/17	(XLCA)		1,675		1,782,702
5.50%, 07/01/18			2,785		2,977,388
5.50%, 07/01/19	(NPFGC)		1,000		1,064,990
5.50%, 07/01/39	(Call 07/01/22)		2,500		2,523,000
5.75%, 07/01/41	(Call 07/01/21)		1,970		2,018,462
6.00%, 07/01/40	(Call 07/01/21)		1,230		1,281,033
Series B
5.25%, 07/01/17	(Call 07/01/16)		1,780		1,855,187
5.75%, 07/01/38	(Call 07/01/19)		2,425		2,474,688
5.88%, 07/01/36	(Call 07/01/14)		2,000		2,014,980
Series C
5.75%, 07/01/37	(Call 07/01/16)
	(AGM)		600		627,066
Series E
5.38%, 07/01/30	(Call 07/01/21)		1,000		1,004,830
5.50%, 07/01/31	(Call 07/01/21)		1,500		1,520,430
Government Development Bank for Puerto Rico RB Miscellaneous Revenue
Series B
5.00%, 12/01/13			300		304,356
5.00%, 12/01/14			1,300		1,347,541
5.00%, 12/01/15			1,460		1,525,364
Puerto Rico Electric Power Authority RB Electric Power & Light Revenues
Series A
5.00%, 07/01/29	(Call 07/01/22)		1,000		985,840
5.00%, 07/01/42	(Call 07/01/22)		4,000		3,817,160
Series JJ
5.38%, 07/01/18	(XLCA)		45		48,767
Series LL
5.50%, 07/01/17	(NPFGC)		525		568,150

237

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series NN
5.00%, 07/01/32	(PR 07/01/13)
	(NPFGC)	$	1,340	$	1,345,266
Series TT
5.00%, 07/01/32	(Call 07/01/17)		2,000		1,947,140
5.00%, 07/01/37	(Call 07/01/17)		4,100		3,966,053
Series V
5.25%, 07/01/30	(NPFGC-FGIC)		2,500		2,530,900
Series WW
5.25%, 07/01/33	(Call 07/01/18)		1,500		1,501,920
5.50%, 07/01/38	(Call 07/01/18)		4,820		4,868,634
Series XX
5.25%, 07/01/40	(Call 07/01/20)		1,500		1,489,215
Series ZZ
4.00%, 07/01/16			125		128,319
5.25%, 07/01/19			1,260		1,353,076
5.25%, 07/01/24	(Call 07/01/20)		430		440,062
5.25%, 07/01/26	(Call 07/01/20)		1,500		1,527,900
Puerto Rico Highway & Transportation Authority RB Fuel Sales Tax Revenue
Series G
5.00%, 07/01/33	(PR 07/01/13)		1,000		1,003,970
Series J
5.13%, 07/01/39	(PR 07/01/14)		410		431,517
5.13%, 07/01/43	(PR 07/01/14)		700		736,736
Series X
5.50%, 07/01/15			50		52,578
Puerto Rico Highway & Transportation Authority RB Highway Revenue Tolls
Series BB
5.25%, 07/01/22	(ETM)
	(AGM)		180		229,316
5.25%, 07/01/22	(AGM)		320		351,744
Series CC
5.25%, 07/01/32	(AGM)		240		250,327
5.25%, 07/01/36	(AGM)		2,035		2,076,046
5.50%, 07/01/30			800		813,288
Series K
5.00%, 07/01/30	(Call 07/01/15)		700		676,557
5.00%, 07/01/40	(PR 07/01/15)		400		438,224
Series L
5.25%, 07/01/38	(AMBAC)		3,040		2,977,589
Series M
5.00%, 07/01/32	(Call 07/01/17)		1,020		985,871
5.00%, 07/01/46	(Call 07/01/17)		3,800		3,547,300
Series N
5.25%, 07/01/31	(AMBAC)		1,040		1,025,627
5.25%, 07/01/36	(AGM)		2,000		2,018,640
Series X
5.50%, 07/01/15	(ETM)		150		160,937
Puerto Rico Infrastructure Financing Authority RB Sales Tax Revenue
Series A
0.00%, 07/01/33	(FGIC)		900		263,826
Series C
5.50%, 07/01/15			500		524,590
5.50%, 07/01/16	(AMBAC)		1,250		1,323,938
5.50%, 07/01/17	(AMBAC)		2,550		2,714,475
5.50%, 07/01/25	(AMBAC)		4,625		4,727,305
Puerto Rico Municipal Finance Agency GO
Series C
5.00%, 08/01/15	(AGM)		925		978,780
5.25%, 08/01/17	(AGM)		760		830,558
Puerto Rico Public Buildings Authority RB Lease Non-Terminable
Series H
5.50%, 07/01/16	(AMBAC)		1,650		1,743,637

Security		Principal (000s)		Value
Series I
5.00%, 07/01/36	(Call 07/01/14)
	(GTD)	$	3,000	$	2,861,610
Series P
6.25%, 07/01/26	(Call 07/01/19)
	(GTD)		1,000		1,070,770
6.75%, 07/01/36	(Call 07/01/19)
	(GTD)		2,500		2,724,175
Puerto Rico Public Buildings Authority RB Lease Revenue Series Q
5.50%, 07/01/37	(Call 07/01/14)
	(GTD)		310		310,372
Puerto Rico Sales Tax Financing Corp. RB Sales Tax Revenue
1.00%, 08/01/32	(Call 08/01/26)		2,000		2,046,920
Series A
0.00%, 08/01/31			500		180,115
0.00%, 08/01/33			2,000		633,840
0.00%, 08/01/34			1,000		297,750
0.00%, 08/01/35			5,375		1,497,206
0.00%, 08/01/36			4,500		1,172,655
0.00%, 08/01/41	(NPFGC-FGIC)		2,000		425,440
0.00%, 08/01/42	(NPFGC-FGIC)		2,000		401,060
0.00%, 08/01/43	(NPFGC)		500		94,235
0.00%, 08/01/44	(NPFGC)		3,000		533,610
0.00%, 08/01/45	(NPFGC)		1,000		167,280
0.00%, 08/01/46	(NPFGC)		7,750		1,214,813
0.00%, 08/01/47	(AMBAC)		5,500		778,470
0.00%, 08/01/54	(AMBAC)		48,925		4,184,066
0.00%, 08/01/56			5,000		372,800
4.38%, 08/01/20	(Call 02/01/20)		215		232,441
5.00%, 08/01/18	(ETM)		60		72,277
5.00%, 08/01/18			160		179,078
5.00%, 08/01/24	(Call 08/01/19)		805		859,941
5.25%, 08/01/27	(Call 08/01/19)		1,430		1,528,298
5.38%, 08/01/39	(Call 02/01/20)		3,000		3,147,780
5.50%, 08/01/23	(Call 08/01/19)		520		573,045
5.50%, 08/01/28	(PR 08/01/19)		5		6,268
5.50%, 08/01/28	(Call 08/01/19)		965		1,039,035
5.50%, 08/01/37	(Call 02/01/20)		345		365,879
5.50%, 08/01/42	(Call 02/01/20)		1,250		1,319,750
5.75%, 08/01/37	(Call 08/01/19)		4,000		4,311,000
6.00%, 08/01/42	(Call 08/01/19)		9,625		10,611,947
Series A-1
0.00%, 08/01/23			2,100		1,300,089
5.00%, 08/01/43	(Call 08/01/21)		900		926,073
Series C
0.00%, 08/01/37			1,000		272,040
0.00%, 08/01/38			11,000		2,616,685
0.00%, 08/01/39			5,000		1,202,750
5.00%, 08/01/22	(Call 08/01/21)		1,035		1,201,128
5.00%, 08/01/40	(Call 08/01/21)		1,000		1,054,060
5.00%, 08/01/46	(Call 08/01/21)		1,500		1,569,165
5.13%, 08/01/42	(Call 08/01/20)
	(AGM)		1,360		1,414,876
5.25%, 08/01/40	(Call 08/01/21)		1,000		1,071,180
5.25%, 08/01/41	(Call 08/01/20)		1,250		1,302,150
					155,182,788
RHODE ISLAND — 0.05%
Rhode Island Convention Center Authority RB Miscellaneous Revenue
Series B
5.25%, 05/15/15	(NPFGC)		215		221,859

238

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Rhode Island Economic Development Corp. SO Grant Anticipation
Series A
5.25%, 06/15/19	(AGM)	$	1,200	$	1,442,124
					1,663,983
SOUTH CAROLINA — 0.89%
Charleston Educational Excellence Finance Corp. RB Lease Revenue
5.00%, 12/01/30	(Call 12/01/23)		2,000		2,280,580
City of Columbia RB Waterworks & Sewer System Revenue
Series A
5.00%, 02/01/41	(Call 02/01/21)		500		556,065
Greenville County School District RB Lease Appropriation
4.63%, 12/01/20	(AGM)		1,000		1,186,810
5.00%, 12/01/27	(Call 12/01/16)		1,000		1,104,460
Piedmont Municipal Power Agency RB Electric Power & Light Revenues
Series A-2
5.00%, 01/01/22	(Call 01/01/21)		1,000		1,169,440
South Carolina State Public Service Authority RB Electric Power & Light Revenues
Series A
5.00%, 01/01/17	(NPFGC)		2,360		2,708,525
5.50%, 01/01/38	(Call 01/01/19)		2,600		2,963,116
Series B
5.00%, 01/01/22	(Call 01/01/16)
	(NPFGC)		1,315		1,456,283
Series E
5.00%, 01/01/40	(Call 01/01/20)		1,450		1,592,955
South Carolina State Public Service Authority RB Miscellaneous Revenue
Series A
5.00%, 01/01/20	(PR 01/01/14)
	(AMBAC)		6,010		6,177,018
South Carolina State Public Service Authority RB Water Revenue
Series C
5.00%, 12/01/36	(Call 12/01/21)		500		549,715
South Carolina Transportation Infrastructure Bank RB Miscellaneous Revenue
Series A
4.00%, 10/01/33	(Call 10/01/21)		1,000		1,013,620
5.00%, 10/01/33	(PR 10/01/13)
	(AMBAC)		575		584,114
5.25%, 10/01/40	(Call 10/01/19)		500		574,140
Series B
3.38%, 10/01/32	(Call 10/01/22)		1,000		940,800
3.63%, 10/01/33	(Call 10/01/22)		875		844,384
5.00%, 10/01/17			1,000		1,172,450
South Carolina Transportation Infrastructure Bank RB Transit Revenue
Series B
5.25%, 10/01/13	(AMBAC)		830		843,969
State of South Carolina GO
Series A
4.00%, 06/01/15			500		536,515
4.00%, 04/01/22	(Call 04/01/20)		1,000		1,121,040
5.00%, 03/01/15			1,000		1,081,730
5.00%, 06/01/17			800		933,744
5.00%, 06/01/18			1,000		1,194,710
					32,586,183
TENNESSEE — 0.66%
City of Memphis GO
5.00%, 10/01/15	(NPFGC)		1,250		1,383,087
5.25%, 10/01/17	(NPFGC)		1,000		1,185,510

Security		Principal (000s)		Value
Series D
5.00%, 07/01/21	(Call 07/01/20)	$	1,000	$	1,209,620
City of Memphis RB Electric Power & Light Revenues
5.00%, 12/01/14			1,575		1,687,392
5.00%, 12/01/15			300		334,293
5.00%, 12/01/17			1,000		1,181,910
Series A
5.00%, 12/01/13	(NPFGC)		2,000		2,048,480
5.00%, 12/01/14	(PR 12/01/13)
	(NPFGC)		2,000		2,047,240
5.00%, 12/01/15	(PR 12/01/13)
	(NPFGC)		600		614,172
5.00%, 12/01/16	(PR 12/01/13)
	(NPFGC)		250		255,905
County of Shelby GO
Series A
5.00%, 04/01/14	(AMBAC)		1,280		1,331,456
5.00%, 04/01/14	(ETM)
	(AMBAC)		5		5,198
5.00%, 03/01/24			1,000		1,246,300
Metropolitan Government of Nashville & Davidson County GO
5.00%, 07/01/19			750		904,995
5.00%, 01/01/20	(PR 01/01/18)		1,000		1,176,780
5.00%, 07/01/23	(Call 07/01/22)		1,000		1,215,620
Series D
5.00%, 07/01/16			1,500		1,704,780
Metropolitan Government of Nashville & Davidson County RB Electric Power & Light Revenues
Series A
5.00%, 05/15/36	(Call 05/15/21)		1,025		1,155,975
State of Tennessee GO
Series A
4.00%, 08/01/17			2,000		2,267,020
5.00%, 08/01/21			1,000		1,242,720
					24,198,453
TEXAS — 7.57%
Central Texas Regional Mobility Authority RB Highway Revenue Tolls
6.00%, 01/01/41	(Call 01/01/21)		1,000		1,150,840
Series A
5.00%, 01/01/43	(Call 01/01/23)		500		533,305
City of Austin RB Electric Power & Light Revenues
5.00%, 11/15/13	(ETM)
	(AGM)		1,470		1,501,767
5.00%, 11/15/40	(Call 11/15/22)		1,000		1,107,960
City of Austin RB Water & Wastewater Revenue
5.00%, 11/15/37	(Call 11/15/22)		1,000		1,125,850
5.00%, 11/15/41	(Call 11/15/21)		1,000		1,117,490
Series A
5.00%, 11/15/39	(Call 11/15/19)		1,000		1,111,610
City of Brownsville RB Multiple Utility Revenue
Series A
5.00%, 09/01/31	(Call 09/01/15)
	(AMBAC)		500		532,105
City of Dallas GOL
Series A
5.00%, 02/15/18			1,600		1,892,032
5.00%, 02/15/20			650		789,529
City of Dallas RB Water Revenue
5.00%, 10/01/14	(AMBAC)		275		292,432
5.00%, 10/01/15	(AMBAC)		1,200		1,328,652
5.00%, 10/01/17	(AMBAC)		750		882,225
5.00%, 10/01/39	(Call 10/01/20)		850		936,998
5.00%, 10/01/40	(Call 10/01/21)		1,500		1,675,125

239

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
City of Houston GO
Series A
5.00%, 03/01/15		$	1,500	$	1,619,655
City of Houston GOL
5.00%, 03/01/19	(PR 09/01/15) (AMBAC)		560		615,199
Series A
5.00%, 03/01/18			1,000		1,177,830
5.00%, 03/01/19	(Call 03/01/18)		500		584,790
5.00%, 03/01/19	(PR 09/01/15) (AMBAC)		190		209,222
5.00%, 03/01/27	(Call 03/01/19)		1,000		1,154,260
5.25%, 03/01/28	(Call 03/01/18)		1,235		1,438,627
City of Houston RB Multiple Utility Revenue
Series A
5.25%, 11/15/17	(AGM)		825		979,655
City of Houston RB Port Airport & Marina Revenue
Series A
5.50%, 07/01/34	(Call 07/01/18)		750		858,120
5.50%, 07/01/39	(Call 07/01/18)		1,485		1,699,078
Series B
5.00%, 07/01/31	(Call 07/01/22)		1,500		1,681,185
5.00%, 07/01/32	(Call 07/01/22)		1,000		1,117,480
City of Houston RB Sewer Revenue
Series A
5.25%, 11/15/31	(Call 11/15/20)		1,000		1,163,450
Series E
5.00%, 11/15/16			1,000		1,147,850
City of Houston RB Utility Revenue
Series B
5.00%, 11/15/43	(Call 11/15/23)		1,000		1,118,300
Series E
5.00%, 11/15/13			2,000		2,043,720
5.00%, 11/15/14			1,950		2,083,672
City of Houston RB Water Revenue
Series A
5.00%, 11/15/36	(Call 11/15/17) (AGM)		4,500		5,026,545
5.13%, 05/15/28	(Call 05/15/14) (NPFGC)		1,000		1,037,900
5.25%, 05/15/14	(NPFGC)		1,210		1,267,947
6.00%, 11/15/36	(Call 05/15/19) (AGM)		1,000		1,205,440
Series C
5.00%, 11/15/18			750		899,520
Series D
5.00%, 11/15/21			890		1,084,963
5.00%, 11/15/33	(Call 11/15/21)		1,000		1,131,620
5.00%, 11/15/36	(Call 11/15/21)		1,000		1,115,930
City of San Antonio GO
5.00%, 02/01/19			500		598,815
City of San Antonio Public Facilities Corp. RB Lease Appropriation
4.00%, 09/15/32	(Call 09/15/22)		1,500		1,512,555
City of San Antonio RB Electric Power & Light Revenues
5.00%, 02/01/16			500		558,720
5.00%, 02/01/23			1,000		1,228,240
5.00%, 02/01/32	(PR 02/01/17)		40		46,153
5.00%, 02/01/32	(Call 02/01/17)		5,295		5,899,107
5.25%, 02/01/25			2,370		2,951,764
5.38%, 02/01/14			1,000		1,034,550
5.38%, 02/01/15			2,680		2,904,504
Series A
5.00%, 02/01/24	(PR 02/01/15)		3,150		3,390,345

Security		Principal (000s)		Value
Series D
5.00%, 02/01/17		$	1,250	$	1,439,750
5.00%, 02/01/18			1,000		1,179,820
5.00%, 02/01/19			500		597,610
City of San Antonio RB Water Revenue
4.50%, 05/15/37	(Call 05/15/17) (NPFGC-FGIC)		1,300		1,354,938
5.00%, 05/15/27	(Call 05/15/22)		1,000		1,171,140
County of Fort Bend GOL
4.75%, 03/01/31	(Call 03/01/17) (NPFGC)		1,485		1,622,630
County of Harris GO
Series A
5.00%, 10/01/24	(Call 10/01/22)		1,410		1,723,119
Series B
5.00%, 10/01/25	(Call 10/01/16)		3,400		3,852,880
County of Harris GOL
Series A
5.25%, 10/01/24	(PR 10/01/14)		3,000		3,195,780
County of Harris RB Highway Revenue Tolls
Series A
5.00%, 08/15/38	(Call 08/15/19)		1,000		1,128,640
Series B-1
5.00%, 08/15/14	(NPFGC-FGIC)		500		528,055
Series C
5.00%, 08/15/24	(Call 08/15/19)		500		586,010
5.00%, 08/15/30	(Call 08/15/22)		3,000		3,468,930
5.00%, 08/15/49	(Call 08/15/19)		1,000		1,078,560
Cypress-Fairbanks Independent School District GO
5.00%, 02/15/30	(Call 02/15/17) (PSF)		4,000		4,467,840
5.00%, 02/15/35	(Call 02/15/17) (PSF)		1,200		1,335,780
Dallas Area Rapid Transit RB Sales Tax Revenue
5.00%, 12/01/33	(Call 12/01/18)		250		284,370
5.00%, 12/01/36	(Call 12/01/16) (AMBAC)		4,735		5,207,316
5.25%, 12/01/29	(AMBAC)		1,050		1,318,097
5.25%, 12/01/43	(Call 12/01/18)		1,000		1,125,570
Dallas Area Rapid Transit RB Transit Revenue
5.00%, 12/01/42	(Call 12/01/22)		2,550		2,883,285
Dallas Independent School District GO
5.00%, 08/15/28	(Call 08/15/22) (PSF)		1,000		1,178,290
5.00%, 08/15/29	(Call 08/15/22) (PSF)		500		586,040
Series A
5.00%, 08/15/25	(PR 08/15/14) (PSF)		700		739,578
5.00%, 08/15/28	(PR 08/15/14) (PSF)		6,500		6,867,510
Dallas-Fort Worth International Airport RB Port Airport & Marina Revenue
Series A
5.00%, 11/01/16			500		568,240
5.00%, 11/01/42	(Call 11/01/20)		1,000		1,067,570
5.00%, 11/01/45	(Call 11/01/20)		500		531,800
5.25%, 11/01/38	(Call 11/01/20)		500		551,895
Series B
5.00%, 11/01/32	(Call 11/01/20)		1,000		1,091,750
5.00%, 11/01/44	(Call 11/01/22)		1,500		1,602,120
Series C
5.00%, 11/01/45	(Call 11/01/21)		1,000		1,070,830

240

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series G
5.00%, 11/01/33	(Call 11/01/20)	$	2,000	$	2,174,000
Fort Bend Grand Parkway Toll Road Authority RB Highway Revenue Tolls
5.00%, 03/01/37	(Call 03/01/22)		1,000		1,120,170
Grand Prairie Independent School District GO
5.00%, 02/15/37	(Call 02/15/17)		1,000		1,099,560
Harris County Flood Control District RB Miscellaneous Revenue
Series A
5.00%, 10/01/34	(Call 10/01/20)		1,500		1,697,565
Harris County Flood Control District SO Contract Tax
Series A
5.25%, 10/01/21			1,000		1,250,480
Harris County Metropolitan Transit Authority RB Sales Tax Revenue
Series A
5.00%, 11/01/36	(Call 11/01/21)		1,000		1,120,120
5.00%, 11/01/41	(Call 11/01/21)		1,000		1,097,800
Houston Community College District GOL
5.00%, 02/15/43	(Call 02/15/23)		2,000		2,239,720
Houston Independent School District GO
Series B
5.00%, 02/15/24	(Call 02/15/17) (PSF)		500		570,655
Houston Independent School District GOL
5.00%, 02/15/22	(Call 02/15/17) (PSF)		1,750		2,000,040
Klein Independent School District GO
Series A
5.00%, 08/01/38	(Call 08/01/18) (PSF)		240		268,039
Lower Colorado River Authority RB Electric Power & Light Revenues
5.00%, 05/15/40	(Call 05/15/20)		1,500		1,612,890
5.25%, 01/01/15	(ETM)		1,310		1,409,521
Series A
5.00%, 05/15/35	(Call 05/15/20)		2,000		2,169,620
6.25%, 05/15/28	(Call 05/15/18)		1,500		1,780,740
Lower Colorado River Authority RB Miscellaneous Revenue
5.75%, 05/15/28	(PR 05/15/15)		855		944,529
5.75%, 05/15/28	(Call 05/15/15)		85		91,646
Midland County Fresh Water Supply District No. 1 RB Water Revenue
Series A
0.00%, 09/15/34	(Call 09/15/27)		1,250		490,900
North East Independent School District GO
5.25%, 02/01/27	(PSF)		530		673,582
Series A
5.00%, 08/01/37	(Call 08/01/17) (PSF)		500		563,050
North Texas Municipal Water District RB Water Revenue
5.00%, 09/01/31	(Call 09/01/16) (NPFGC)		1,500		1,652,160
5.00%, 09/01/38	(Call 09/01/18)		1,700		1,913,180
North Texas Tollway Authority RB Highway Revenue Tolls
0.00%, 09/01/43	(Call 09/01/31)		500		386,860
5.75%, 01/01/38	(Call 01/01/18)		3,600		3,952,404
6.00%, 01/01/34	(Call 01/01/21)		1,000		1,155,130
6.00%, 01/01/38	(Call 01/01/19) (AGC-ICC)		500		570,225
6.00%, 01/01/43	(Call 01/01/21)		250		283,293
Series A
5.50%, 09/01/36	(Call 09/01/21)		2,500		2,902,100
5.50%, 09/01/41	(Call 09/01/21)		1,580		1,823,004
6.00%, 01/01/28	(Call 01/01/19)		1,010		1,168,610
6.00%, 09/01/41	(Call 09/01/21)		1,000		1,199,950
6.25%, 01/01/39	(Call 01/01/19)		1,000		1,139,700

Security		Principal (000s)		Value
Series B
0.00%, 09/01/37	(Call 09/01/31)	$	1,600	$	460,288
0.00%, 09/01/43	(Call 09/01/31)		2,500		449,225
5.00%, 01/01/38	(Call 01/01/21)		1,000		1,075,660
5.00%, 01/01/42	(Call 01/01/22)		6,930		7,460,353
Series C
0.00%, 09/01/45	(Call 09/01/31)		500		422,150
5.25%, 01/01/44	(Call 01/01/19)		3,370		3,585,747
6.00%, 01/01/25	(Call 01/01/19)		1,000		1,187,040
Series D
5.00%, 09/01/24	(Call 09/01/21)		1,000		1,186,650
5.00%, 09/01/32	(Call 09/01/21)		1,450		1,650,259
Series K-1
5.75%, 01/01/38	(Call 01/01/19) (AGM)		500		563,340
North Texas Tollway Authority RB Miscellaneous Revenue
0.00%, 01/01/38	(AGM)		1,500		498,705
Series A
5.13%, 01/01/28	(Call 01/01/18) (NPFGC)		9,960		10,877,017
Series D
0.00%, 01/01/31	(AGM)		1,370		653,997
0.00%, 01/01/34	(AGM)		3,500		1,423,170
Series E-3
5.75%, 01/01/38			1,150		1,293,359
Pharr-San Juan-Alamo Independent School District GO
5.00%, 02/01/38	(Call 02/01/18) (PSF)		300		334,653
Plano Independent School District GO
Series A
5.25%, 02/15/34	(Call 02/15/18)		1,700		1,947,214
Round Rock Independent School District GO
5.00%, 08/01/33	(Call 08/01/18)		500		572,500
San Antonio Independent School District GO
5.00%, 08/15/23	(Call 08/15/15) (PSF)		975		1,069,302
San Antonio Public Facilities Corp. RB Lease Appropriation
4.00%, 09/15/42	(Call 09/15/22)		2,000		1,912,060
State of Texas GO
4.50%, 04/01/33	(Call 04/01/17)		2,870		3,060,998
5.00%, 10/01/15			1,250		1,384,937
5.00%, 10/01/16			1,000		1,146,410
5.00%, 10/01/21			1,000		1,231,360
5.00%, 04/01/26	(Call 04/01/18)		1,050		1,200,392
5.00%, 04/01/27	(Call 04/01/18)		1,300		1,481,857
5.00%, 04/01/28	(Call 04/01/16)		1,000		1,099,420
5.00%, 04/01/30	(Call 04/01/16)		2,850		3,116,275
5.00%, 04/01/36	(Call 04/01/22)		1,500		1,708,740
5.00%, 04/01/42	(Call 04/01/22)		3,000		3,375,660
Series A
4.75%, 04/01/35	(Call 04/01/15)		5,600		5,919,480
5.00%, 04/01/26	(Call 04/01/15)		2,850		3,056,967
5.00%, 04/01/33	(Call 04/01/17)		3,800		4,214,884
Tarrant Regional Water District RB Water Revenue
5.00%, 03/01/37	(Call 03/01/22)		1,500		1,686,285
Texas Public Finance Authority RB Miscellaneous Revenue
Series A
5.00%, 07/01/13			995		998,980
5.00%, 07/01/14			1,270		1,335,367
5.00%, 07/01/15			2,740		3,000,629
5.00%, 01/01/16			500		556,580
5.00%, 01/01/17	(Call 01/01/16)		1,000		1,110,710
5.00%, 07/01/17	(Call 01/01/16)		1,500		1,666,065

241

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series B
5.00%, 07/01/18	(Call 07/01/15)	$	1,330	$	1,451,855
5.00%, 07/01/19	(Call 07/01/14)		1,500		1,573,920
5.00%, 01/01/20	(Call 07/01/13)		675		687,069
Texas State Transportation Commission RB Fuel Sales Tax Revenue
Series A
4.50%, 04/01/15			300		322,731
5.00%, 04/01/23	(Call 04/01/16)		500		558,450
5.25%, 04/01/14			2,550		2,657,176
Texas State Transportation Commission RB Highway Revenue Tolls
5.00%, 04/01/16			500		562,160
5.00%, 04/01/24	(Call 04/01/17)		2,000		2,283,460
5.00%, 04/01/25	(Call 04/01/16)		500		557,555
5.00%, 04/01/26	(Call 04/01/17)		1,000		1,136,900
5.00%, 04/01/27	(Call 04/01/17)		4,650		5,239,201
Series A
4.00%, 08/15/38	(Call 08/15/22)		2,500		2,407,500
5.00%, 04/01/17			800		926,184
5.00%, 08/15/41	(Call 08/15/22)		2,100		2,236,941
Series B
1.25%, 08/15/42	(Call 02/15/15)		1,500		1,510,140
Texas State Transportation Commission RB Miscellaneous Revenue
5.00%, 04/01/20	(Call 04/01/16)		595		665,091
Texas State Turnpike Authority RB Highway Revenue Tolls
Series A
0.00%, 08/15/21	(AMBAC)		500		385,195
Texas Water Development Board RB Water Revenue
Series A
5.00%, 07/15/27	(Call 07/15/17)		250		283,743
University of Texas System Board of Regents RB College & University Revenue
Series A
5.00%, 08/15/22			1,000		1,239,250
Series B
5.00%, 08/15/43	(Call 08/15/22)		1,000		1,129,730
					276,280,553
UTAH — 0.67%
Intermountain Power Agency RB Electric Power & Light Revenues
Series A
5.00%, 07/01/21	(Call 07/01/18)		1,000		1,167,980
5.25%, 07/01/20	(PR 07/01/13)		1,000		1,004,170
5.25%, 07/01/22	(PR 07/01/13)		1,000		1,004,170
5.50%, 07/01/14	(PR 07/01/13)		1,000		1,004,380
State of Utah GO
Series A
5.00%, 07/01/13			3,000		3,012,120
5.00%, 07/01/16			500		568,425
5.00%, 07/01/16	(PR 07/01/13)		1,400		1,405,544
5.00%, 07/01/17			685		802,162
5.00%, 07/01/22	(Call 07/01/21)		2,540		3,118,917
Series C
4.00%, 07/01/13			2,795		2,803,972
5.00%, 07/01/15			1,375		1,508,815
5.00%, 07/01/18			1,000		1,198,330
Utah Transit Authority RB Sales Tax Revenue
5.00%, 06/15/42	(Call 06/15/22)		1,000		1,095,070
Series A
5.00%, 06/15/28	(Call 06/15/18)		1,275		1,461,902
5.00%, 06/15/32	(Call 06/15/18) (AGM)		1,500		1,686,120
5.00%, 06/15/36	(Call 06/15/18) (AGM)		1,500		1,666,575
					24,508,652

Security		Principal (000s)		Value
VIRGIN ISLANDS — 0.03%
Virgin Islands Public Finance Authority RB Sales Tax Revenue
5.00%, 10/01/25	(Call 10/01/20)	$	650	$	722,319
5.00%, 10/01/29	(Call 10/01/20)		505		550,526
					1,272,845
VIRGINIA — 0.64%
Commonwealth of Virginia GO
Series D
5.00%, 06/01/18			500		597,895
5.00%, 06/01/19			500		607,530
County of Fairfax GO
Series A
5.00%, 10/01/13	(SAW)		1,500		1,524,135
Series B
5.00%, 04/01/23	(SAW)		1,000		1,255,420
Series C
5.00%, 10/01/16	(SAW)		425		487,377
5.00%, 10/01/17	(SAW)		2,360		2,784,611
County of Loudoun GO
Series B
5.00%, 11/01/19			500		611,685
Hampton Roads Sanitation District RB Sewer Revenue
5.00%, 04/01/38	(Call 04/01/18)		375		415,410
Upper Occoquan Sewage Authority RB Sewer Revenue
Series A
5.15%, 07/01/20	(NPFGC)		1,000		1,186,630
Virginia College Building Authority RB College & University Revenue
5.00%, 09/01/20			900		1,091,025
Virginia Commonwealth Transportation Board RB Fuel Sales Tax Revenue
5.00%, 05/15/28	(Call 05/15/22)		1,000		1,168,870
Virginia Commonwealth Transportation Board RB Miscellaneous Revenue
5.00%, 10/01/13			500		508,035
Virginia Commonwealth Transportation Board RB Transit Revenue
4.00%, 05/15/29	(Call 05/15/21) (SAP)		1,000		1,059,390
5.00%, 05/15/27	(Call 05/15/21) (SAP)		500		582,855
5.00%, 05/15/33	(Call 05/15/21) (SAP)		1,000		1,128,530
5.00%, 05/15/34	(Call 05/15/21) (SAP)		1,000		1,124,780
Virginia Public School Authority RB Miscellaneous Revenue
5.00%, 08/01/23	(Call 08/01/22) (GOI)		1,000		1,214,910
Series B
5.25%, 08/01/14			1,505		1,592,997
Series C
5.00%, 08/01/15	(SAW)		680		747,252
5.00%, 08/01/18	(SAW)		2,475		2,952,774
5.00%, 08/01/19	(SAW)		750		905,363
					23,547,474

242

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
WASHINGTON — 2.74%
Central Puget Sound Regional Transit Authority RB Sales Tax Revenue
Series A
5.00%, 11/01/32	(Call 11/01/17) (AGM)	$	1,400	$	1,558,676
5.00%, 11/01/36	(Call 11/01/17)		3,150		3,518,266
City of Seattle RB Electric Power & Light Revenues
Series A
5.25%, 02/01/36	(Call 02/01/21)		1,200		1,358,172
Series B
5.00%, 02/01/21	(Call 02/01/20)		500		595,855
5.00%, 02/01/22	(Call 02/01/20)		1,000		1,178,810
5.00%, 02/01/24	(Call 02/01/20)		500		579,490
City of Tacoma Electric System Revenue RB Electric Power & Light Revenues
Series A
4.00%, 01/01/42	(Call 07/01/23)		1,000		978,280
County of King GOL
4.75%, 01/01/34	(Call 01/01/18)		900		998,064
County of King RB Sewer Revenue
5.00%, 01/01/38	(Call 01/01/18)		4,600		5,147,906
5.00%, 01/01/45	(Call 07/01/20)		1,000		1,073,220
5.00%, 01/01/52	(Call 01/01/22)		1,000		1,081,830
5.13%, 01/01/41	(Call 01/01/21)		500		553,855
Series B
5.00%, 01/01/15			2,000		2,147,700
Energy Northwest RB Electric Power & Light Revenues
Series A
5.00%, 07/01/13	(AMBAC)		605		607,438
5.00%, 07/01/14			1,000		1,051,470
5.00%, 07/01/15			250		273,780
5.00%, 07/01/17			3,000		3,495,360
5.00%, 07/01/19			1,365		1,644,443
5.00%, 07/01/21			1,000		1,217,070
5.00%, 07/01/22	(Call 07/01/21)		1,500		1,724,135
5.00%, 07/01/23	(Call 07/01/21)		2,000		2,373,540
5.00%, 07/01/24	(Call 07/01/16)		2,370		2,643,759
5.25%, 07/01/13	(NPFGC)		2,670		2,681,321
5.25%, 07/01/16			580		661,884
5.25%, 07/01/18			125		150,305
5.25%, 07/01/18	(Call 07/01/14) (NPFGC)		150		157,865
5.50%, 07/01/13			330		331,469
5.50%, 07/01/15			2,295		2,537,077
Series B
5.00%, 07/01/17			100		116,512
Series C
5.00%, 07/01/14			875		920,036
FYI Properties RB Lease Non-Terminable
5.50%, 06/01/39	(Call 06/01/19)		1,000		1,101,710
King County School District No. 1 Seattle GOL
Series A
5.00%, 06/01/13			1,000		1,000,000
NJB Properties RB Lease Revenue
Series A
5.00%, 12/01/36	(Call 12/01/16) (GTD)		1,000		1,064,540
Port of Seattle RB Port Airport & Marina Revenue
5.00%, 06/01/30	(Call 06/01/20)		800		904,120
5.00%, 06/01/40	(Call 06/01/20)		1,600		1,764,576
Series A
5.00%, 08/01/31	(Call 08/01/22)		1,000		1,138,570

Security		Principal (000s)		Value
Snohomish County School District No. 201 GO
5.25%, 12/01/27	(Call 12/01/18) (GTD)	$	500	$	585,490
State of Washington GO
5.00%, 01/01/16			1,310		1,458,240
Series A
4.00%, 07/01/13			1,000		1,003,200
5.00%, 07/01/25	(Call 07/01/18)		1,330		1,546,338
5.00%, 07/01/27	(Call 07/01/18)		4,750		5,471,477
5.00%, 07/01/31	(Call 07/01/18)		3,400		3,868,622
5.00%, 08/01/35	(Call 08/01/21)		500		563,825
Series B-1
4.00%, 08/01/14			500		521,835
Series C
5.00%, 01/01/27	(Call 01/01/18)		1,000		1,149,670
5.00%, 01/01/28	(Call 01/01/18)		1,000		1,142,530
5.00%, 06/01/41	(Call 06/01/21)		5,000		5,559,950
Series D
5.00%, 01/01/29	(PR 01/01/14) (AMBAC)		1,675		1,720,945
5.00%, 02/01/34	(Call 02/01/22)		1,000		1,130,410
Series E
5.00%, 01/01/31	(PR 01/01/16) (AMBAC)		1,500		1,672,215
5.00%, 02/01/31	(Call 02/01/19)		1,500		1,731,210
Series R
5.00%, 07/01/20			2,000		2,428,280
5.00%, 01/01/21	(Call 01/01/15) (AMBAC)		2,685		2,869,996
Series R-2006A
5.00%, 07/01/13	(AMBAC)		525		527,116
5.00%, 07/01/19	(Call 07/01/15) (AMBAC)		2,455		2,678,307
Series R-2010A
5.00%, 01/01/15			555		595,709
Series R-2011C
5.00%, 07/01/16			400		453,424
5.00%, 07/01/17			350		407,792
Series R-2012C
5.00%, 07/01/20			1,000		1,214,890
5.00%, 07/01/24	(Call 07/01/22)		2,000		2,403,120
5.00%, 07/01/25	(Call 07/01/22)		1,000		1,191,260
5.00%, 07/01/26	(Call 07/01/22)		1,500		1,772,265
State of Washington RB Federal Grant Revenue
5.00%, 09/01/21			1,000		1,209,310
Series F
5.00%, 09/01/24	(Call 09/01/22)		1,500		1,778,850
University of Washington RB College & University Revenue
Series A
5.00%, 07/01/41	(Call 07/01/22)		1,000		1,119,130
					100,106,510
WEST VIRGINIA — 0.06%
State of West Virginia GO
5.00%, 06/01/15	(NPFGC-FGIC)		1,000		1,091,120
West Virginia University Board of Governors RB College & University Revenue
Series B
5.00%, 10/01/36	(Call 10/01/21)		1,000		1,129,930
					2,221,050
WISCONSIN — 0.83%
State of Wisconsin GO
Series 1
4.00%, 05/01/15			3,000		3,205,410

243

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 05/01/16	(AMBAC)	$	550	$	620,263
5.00%, 05/01/18	(Call 05/01/15) (NPFGC)		3,000		3,245,970
5.00%, 05/01/21			500		610,290
5.50%, 05/01/14	(NPFGC)		2,285		2,395,708
Series 2
5.00%, 11/01/20			1,500		1,832,580
5.00%, 11/01/22	(Call 11/01/21)		1,000		1,217,460
Series A
5.00%, 05/01/16	(NPFGC-FGIC)		1,000		1,127,750
Series B
5.00%, 05/01/22	(Call 05/01/21)		1,500		1,810,920
State of Wisconsin RB General Fund
Series A
5.38%, 05/01/25	(Call 05/01/19) (SAP)		2,050		2,431,669
5.63%, 05/01/28	(Call 05/01/19) (SAP)		1,470		1,750,549
5.75%, 05/01/33	(Call 05/01/19) (SAP)		3,000		3,547,560
6.00%, 05/01/36	(Call 05/01/19) (SAP)		2,360		2,821,640
6.25%, 05/01/37	(Call 05/01/19) (SAP)		1,000		1,214,230
State of Wisconsin RB Transit Revenue Series A
5.00%, 07/01/20	(AGM)		2,000		2,428,280
					30,260,279
TOTAL MUNICIPAL BONDS & NOTES
(Cost: $3,439,733,148)					3,600,651,388

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.53%
MONEY MARKET FUNDS — 0.53%
BlackRock Liquidity Funds — MuniFund, Institutional Shares
0.02%a,b	$	19,418	$	19,418,219
				19,418,219
TOTAL SHORT-TERM INVESTMENTS
(Cost: $19,418,219)				19,418,219
TOTAL INVESTMENTS IN SECURITIES — 99.14%
(Cost: $3,459,151,367)				3,620,069,607
Other Assets, Less Liabilities — 0.86%				31,488,004
NET ASSETS — 100.00%			$	3,651,557,611

COP  —  Certificates of Participation

ETM  —  Escrowed to Maturity

GO  —  General Obligation

GOI  —  General Obligation of the Issuer

GOL  —  General Obligation Limited

GTD  —  Guaranteed by the Commonwealth, County or State

PR  —  Prerefunded

PSF  —  Permanent School Fund

RB  —  Revenue Bond

SAP  —  Subject to Appropriations

SAW  —  State Aid Withholding

SO  —  Special Obligation

ST  —  Special Tax

Insured by:

AGC-ICC  —  Assured Guaranty Corp. — Insured Custody Certificates

AGM  —  Assured Guaranty Municipal Corp.

AMBAC  —  Ambac Financial Group Inc.

BHAC  —  Berkshire Hathaway Assurance Corp.

CIFG  —  CDC IXIS Financial Guaranty

FGIC  —  Financial Guaranty Insurance Co.

HERBIP  —  Higher Education Revenue Bond Intercept Program

NPFGC  —  National Public Finance Guarantee Corp.

XLCA  —  XL Capital Assurance Inc.

^a  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

244

Schedule of Investments  (Unaudited)

iSHARES^® NEW YORK AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
MUNICIPAL BONDS & NOTES — 98.34%
NEW YORK — 98.34%
Brooklyn Arena Local Development Corp. RB Recreational Revenue
6.25%, 07/15/40	(Call 01/15/20)	$	250	$	290,312
6.38%, 07/15/43	(Call 01/15/20)		700		816,207
City of New York GO
Series A
5.00%, 08/01/20	(Call 08/01/16) (AGM)		250		282,483
5.00%, 08/01/25	(Call 08/01/16)		400		449,564
Series A-1
5.00%, 08/01/17			1,100		1,279,113
5.00%, 08/01/19	(Call 08/01/17)		150		173,742
5.00%, 08/01/27	(Call 08/01/21)		250		288,365
5.00%, 08/01/31	(Call 08/01/21)		200		226,914
Series B
5.00%, 08/01/13			105		105,844
5.00%, 08/01/16			135		152,947
5.00%, 08/01/20			100		120,577
Series B-1
5.25%, 09/01/20	(Call 09/01/18)		195		232,274
Series C
5.00%, 08/01/19			230		275,059
Series C-1
5.00%, 10/01/19	(Call 10/01/17)		150		174,506
5.00%, 10/01/20	(Call 10/01/17)		250		290,382
5.00%, 10/01/24	(Call 10/01/17) (AGM)		1,000		1,154,650
Series E
4.00%, 08/01/14			220		229,572
5.00%, 08/01/27	(Call 08/01/19)		500		589,325
Series F
5.00%, 08/01/21			710		858,681
5.00%, 08/01/31	(Call 02/01/22)		250		285,440
Series F-1
5.00%, 03/01/32	(Call 03/01/23)		350		401,128
Series G
4.00%, 08/01/18	(Call 08/01/17)		145		160,889
5.00%, 08/01/14			500		527,575
5.00%, 08/01/24	(Call 08/01/17)		350		402,465
Series G-1
5.00%, 04/01/26	(Call 04/01/22)		1,000		1,170,870
5.00%, 04/01/27	(Call 04/01/22)		250		291,335

Security		Principal (000s)		Value
Series H-1
5.00%, 03/01/23	(Call 03/01/19)	$	490	$	570,478
Series I
5.00%, 08/01/23	(Call 08/01/22)		500		603,720
5.00%, 08/01/27	(Call 08/01/22)		250		292,477
Series I-1
5.00%, 04/01/23	(Call 04/01/19)		160		186,514
Series J
5.00%, 08/01/19			500		597,955
5.00%, 08/01/21			150		181,412
5.00%, 05/15/23	(Call 05/15/14)		5		5,214
5.25%, 06/01/28	(PR 06/01/13)		1,000		1,000,000
5.50%, 06/01/20	(PR 06/01/13)		135		135,000
Series J-1
5.00%, 05/15/33	(Call 05/15/19)		400		463,404
5.00%, 05/15/36	(Call 05/15/19)		905		1,048,452
Series L-1
5.00%, 04/01/25	(Call 04/01/18)		810		933,306
Series M
5.00%, 04/01/25	(Call 04/01/15) (FGIC)		200		215,868
Erie County Industrial Development Agency RB Lease Appropriation
Series A
5.00%, 05/01/31	(Call 05/01/19)		100		111,204
Hudson Yards Infrastructure Corp. RB Miscellaneous Revenue
Series A
4.50%, 02/15/47	(Call 02/15/17) (NPFGC)		675		687,811
5.00%, 02/15/47	(Call 02/15/17)		2,180		2,279,277
5.00%, 02/15/47	(Call 02/15/17) (FGIC)		650		679,601
5.25%, 02/15/47	(Call 02/15/21)		500		548,960
5.75%, 02/15/47	(Call 02/15/21)		1,000		1,153,470
Long Island Power Authority RB Electric Power & Light Revenues
Series A
5.00%, 05/01/38	(Call 05/01/21)		1,000		1,073,570
5.50%, 04/01/22	(Call 04/01/19)		500		588,120
5.50%, 05/01/33	(Call 05/01/19) (BHAC)		625		725,775
6.25%, 04/01/33	(Call 04/01/19)		250		302,395

245

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NEW YORK AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series B
5.00%, 09/01/29	(Call 09/01/22)	$	250	$	278,565
5.00%, 12/01/35	(Call 06/01/16)		350		371,525
5.25%, 12/01/13			275		281,812
Series C
5.00%, 09/01/35	(Call 09/01/16)		225		238,734
Series E
5.00%, 12/01/21	(Call 12/01/16) (NPFGC-FGIC)		400		444,380
5.00%, 12/01/22	(Call 12/01/16) (NPFGC-FGIC)		250		277,558
Metropolitan Transportation Authority RB Fuel Sales Tax Revenue
Series A
4.75%, 04/01/28	(PR 10/01/15) (FGIC)		2,030		2,230,625
5.00%, 04/01/29	(PR 10/01/14) (AGM)		730		775,669
Metropolitan Transportation Authority RB Highway Revenue Tolls
Series B
5.00%, 11/15/28	(PR 11/15/13) (NPFGC)		233		237,536
5.25%, 11/15/32	(PR 11/15/13)		2,015		2,060,942
Metropolitan Transportation Authority RB Miscellaneous Revenue
Series C
5.00%, 11/15/41	(Call 11/15/22)		500		540,670
Metropolitan Transportation Authority RB Miscellaneous Taxes
Series A
0.00%, 11/15/30			1,100		579,447
5.00%, 11/15/24	(Call 11/15/22)		500		597,995
Metropolitan Transportation Authority RB Transit Revenue
5.00%, 11/15/27			1,300		1,327,352
Series A
4.75%, 11/15/27	(Call 11/15/15) (NPFGC)		200		214,660
5.00%, 11/15/18			250		295,222
5.00%, 11/15/31	(Call 11/15/16)		600		658,884

Security		Principal (000s)		Value
5.00%, 11/15/37	(Call 11/15/21)	$	455	$	496,223
5.00%, 11/15/46	(Call 11/15/21)		500		532,895
5.50%, 11/15/39	(Call 11/15/18)		700		791,168
Series B
5.00%, 11/15/30	(Call 11/15/15) (AMBAC)		1,600		1,709,488
5.00%, 11/15/34	(Call 11/15/19)		650		716,547
Series C
5.00%, 11/15/42			500		537,320
6.25%, 11/15/23	(Call 11/15/18)		100		122,303
Series D
4.00%, 11/15/15			100		108,416
4.00%, 11/15/32	(Call 11/15/22)		250		250,460
5.00%, 11/15/25	(Call 11/15/22)		230		267,934
5.00%, 11/15/30	(Call 11/15/22)		890		1,005,851
Series D-1
5.00%, 11/01/22			250		296,872
Series F
5.00%, 11/15/30	(Call 11/15/22)		250		281,895
Nassau County Interim Finance Authority RB Sales Tax Revenue
Series A
5.00%, 11/15/16			640		736,730
Series H
5.25%, 11/15/13	(AMBAC)		95		97,217
5.25%, 11/15/15	(PR 11/15/14) (AMBAC)		255		273,309
Nassau County Sewer & Storm Water Finance Authority RB Water Revenue Series A
5.38%, 11/01/28	(Call 11/01/18) (BHAC)		235		273,660
New York City Educational Construction Fund RB Lease Revenue
Series A
5.75%, 04/01/41	(Call 04/01/21)		445		524,846
New York City Industrial Development Agency RB Recreational Revenue
4.50%, 03/01/39	(Call 09/01/16) (FGIC)		270		271,442

246

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NEW YORK AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 03/01/31	(Call 09/01/16) (FGIC)	$	210	$	217,625
5.00%, 03/01/36	(Call 09/01/16) (NPFGC)		275		283,033
5.00%, 03/01/46	(Call 09/01/16) (FGIC)		455		464,523
New York City Municipal Water Finance Authority RB Sewer Revenue
Series AA
5.00%, 06/15/37	(Call 06/15/17)		100		108,845
Series B
5.00%, 06/15/14	(ETM) (AGM)		140		146,990
Series CC
5.00%, 06/15/29	(Call 06/15/18)		185		212,887
New York City Municipal Water Finance Authority RB Water Revenue
5.00%, 06/15/26	(Call 06/15/21)		750		874,807
5.00%, 06/15/31	(Call 06/15/21)		160		181,118
5.00%, 06/15/44	(Call 12/15/21)		500		547,595
5.38%, 06/15/43	(Call 12/15/20)		125		141,795
Series A
5.00%, 06/15/38	(Call 06/15/17)		350		383,358
5.00%, 06/15/39	(Call 06/15/14)		255		264,634
5.88%, 06/15/13	(ETM) (AMBAC)		100		100,219
Series AA
4.75%, 06/15/33	(Call 06/15/17)		400		433,572
5.00%, 06/15/44	(Call 06/15/21)		150		163,560
Series BB
4.00%, 06/15/47	(Call 12/15/22)		400		392,580
5.00%, 06/15/31	(Call 06/15/20)		500		565,880

Security		Principal (000s)		Value
Series C
4.75%, 06/15/33	(Call 06/15/16)	$	250	$	271,460
5.00%, 06/15/25	(Call 06/15/15) (NPFGC)		600		653,208
5.00%, 06/15/27	(Call 06/15/15) (NPFGC)		455		490,845
Series CC
5.00%, 06/15/45	(Call 12/15/21)		1,650		1,790,695
5.00%, 06/15/47	(Call 06/15/23)		400		437,248
Series D
5.00%, 06/15/37	(Call 06/15/15)		250		267,188
Series DD
4.75%, 06/15/35	(Call 06/15/17)		250		268,513
4.75%, 06/15/36	(Call 06/15/17)		980		1,053,020
Series FF
5.00%, 06/15/45	(Call 06/15/22)		500		544,730
Series FF-2
5.00%, 06/15/40	(Call 06/15/19)		500		546,320
Series GG-1
5.00%, 06/15/39	(Call 06/15/19)		1,675		1,835,331
5.25%, 06/15/32	(Call 06/15/19)		750		865,590
New York City Transitional Finance Authority RB Income Tax Revenue
5.00%, 11/01/15	(ETM)		100		110,268
5.00%, 11/01/15			400		444,340
Series A
5.00%, 11/01/21			500		613,115
5.00%, 11/01/27	(Call 11/01/21)		400		468,516
5.00%, 05/01/29	(Call 05/01/19)		150		176,069
Series A-1
5.00%, 08/01/13	(ETM)		190		191,503
5.00%, 08/01/20	(PR 08/01/16)		1,000		1,134,870
Series B
5.00%, 11/01/19			400		487,244
5.00%, 11/01/20	(Call 11/01/19)		325		392,229

247

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NEW YORK AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 11/01/21	(Call 05/01/17)	$	175	$	200,825
5.00%, 11/01/21	(PR 05/01/17)		75		86,976
5.00%, 11/01/30	(Call 05/01/17)		100		111,822
Series C
5.00%, 11/01/39	(Call 11/01/20)		250		276,020
Series D
5.00%, 11/01/23	(Call 05/01/20)		250		296,095
5.00%, 02/01/25	(Call 02/01/21)		155		181,601
5.00%, 02/01/27	(Call 02/01/21)		250		289,382
5.00%, 02/01/31	(Call 02/01/21)		300		341,028
5.00%, 02/01/35	(Call 02/01/21)		500		557,860
Series E
5.00%, 11/01/23	(Call 05/01/21)		115		136,833
Series E-1
5.00%, 02/01/42	(Call 02/01/22)		250		276,633
Series F-1
5.00%, 05/01/39	(Call 05/01/22)		670		743,680
Series S-1
5.00%, 07/15/32	(Call 07/15/22) (SAW)		1,000		1,123,720
New York City Transitional Finance Authority RB Miscellaneous Revenue
Series S-1
4.50%, 01/15/38	(Call 01/15/18) (SAW)		235		243,418
4.75%, 01/15/38	(Call 01/15/18) (SAW)		250		265,793
5.00%, 01/15/26	(Call 01/15/18) (SAW)		470		531,622
5.00%, 01/15/34	(Call 01/15/18) (SAW)		500		552,600
Series S-2
5.00%, 01/15/37	(Call 01/15/17) (NPFGC-FGIC)		100		108,754
Series S-3
5.25%, 01/15/30	(Call 01/15/19) (SAW)		500		571,980
Series S-4
5.50%, 01/15/39	(Call 01/15/19) (SAW)		500		578,500
New York City Transitional Finance Authority RB Miscellaneous Taxes
Series A-1
5.00%, 11/01/13			260		265,281
5.00%, 11/01/19	(Call 05/01/15)		350		379,466

Security		Principal (000s)		Value
New York City Transitional Finance Authority RB Sales Tax Revenue
5.00%, 08/01/21	(PR 08/01/16)	$	725	$	822,781
New York City Trust for Cultural Resources RB Recreational Revenue
5.00%, 04/01/31	(Call 10/01/18)		500		574,485
New York City Water & Sewer System RB Water Revenue
Series DD
5.00%, 06/15/35	(Call 06/15/23)		400		452,952
Series GG
5.00%, 06/15/26	(Call 06/15/21)		260		303,267
Series GG-2
5.25%, 06/15/40	(Call 06/15/19)		230		263,118
New York Convention Center Development Corp. RB Hotel Occupancy Tax
5.00%, 11/15/30	(Call 11/15/15) (AMBAC)		375		401,497
5.00%, 11/15/35	(Call 11/15/15) (AMBAC)		500		534,835
5.00%, 11/15/44	(Call 11/15/15) (AMBAC)		645		679,894
New York Liberty Development Corp. RB Industrial Revenue
5.75%, 11/15/51	(Call 11/15/21)		250		289,867
New York Liberty Development Corp. RB Port Airport & Marina Revenue
5.00%, 12/15/41	(Call 12/15/21) (GOI)		500		552,220
5.25%, 12/15/43	(Call 12/15/21) (GOI)		740		830,798
New York Local Government Assistance Corp. RB Sales Tax Revenue
Series A
5.00%, 04/01/15	(GOI)		350		379,918
5.00%, 04/01/19	(Call 04/01/18)		535		629,090
5.00%, 04/01/20	(Call 04/01/18)		150		175,877
Series B
5.00%, 04/01/19	(GOI)		285		342,989
Series C
0.00%, 04/01/14	(GOI)		1,025		1,023,042
5.50%, 04/01/17	(GOI)		550		622,600

248

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NEW YORK AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series E
5.25%, 04/01/16	(GOI)	$	150	$	164,766
New York Municipal Bond Bank Agency RB Miscellaneous Revenue
5.00%, 12/01/19	(SAW)		50		60,224
Series A
4.00%, 12/01/15	(SAW)		1,000		1,088,110
New York State Dormitory Authority RB College & University Revenue
5.00%, 07/01/22	(Call 07/01/18)		500		578,690
5.00%, 09/01/38	(Call 09/01/19)		380		413,733
5.13%, 07/01/34	(Call 07/01/14) (AMBAC)		300		311,097
Series 1
5.50%, 07/01/40	(AMBAC)		400		512,184
Series A
5.00%, 07/01/37	(Call 07/01/22)		250		283,535
Series E
6.13%, 01/01/31	(Call 01/01/19)		250		289,915
New York State Dormitory Authority RB Hospital Revenue
5.50%, 07/01/23	(NPFGC)		200		251,762
Series A
5.25%, 08/15/15	(Call 08/15/14) (AGM, FHA)		560		592,150
New York State Dormitory Authority RB Income Tax Revenue
Series A
5.00%, 12/15/20			150		183,537
5.00%, 12/15/24	(Call 12/15/22)		250		303,530
5.00%, 12/15/25	(Call 12/15/22)		1,000		1,190,580
5.00%, 03/15/28	(Call 03/15/18)		500		570,125
Series B
5.00%, 03/15/28	(Call 03/15/19)		200		233,384
5.00%, 03/15/31	(Call 03/15/22)		1,000		1,141,020
5.00%, 03/15/42	(Call 03/15/22)		1,000		1,105,420
Series C
5.00%, 03/15/22	(Call 03/15/18)		500		581,360
5.00%, 03/15/25	(Call 03/15/18)		525		605,430
5.00%, 03/15/31	(Call 03/15/21)		250		281,713
5.00%, 12/15/31	(Call 12/15/16)		250		278,055
Series D
5.00%, 02/15/42	(Call 02/15/22)		250		276,143
Series F
5.00%, 03/15/22	(PR 03/15/15) (AGM)		165		178,502
5.00%, 03/15/30	(Call 03/15/15)		250		265,703

Security		Principal (000s)		Value
New York State Dormitory Authority RB Miscellaneous Revenue
5.00%, 07/01/15		$	500	$	546,960
5.00%, 07/01/22	(Call 07/01/19)		250		292,350
Series A
5.00%, 05/15/20			520		627,125
5.25%, 05/15/15			450		477,072
New York State Environmental Facilities Corp. RB Water Revenue
Series A
4.00%, 06/15/26	(Call 06/15/22)		750		821,767
4.75%, 06/15/31	(Call 06/15/16)		1,000		1,087,080
5.00%, 06/15/16			245		278,607
5.00%, 06/15/22			350		433,671
5.00%, 06/15/23	(Call 06/15/22)		400		490,748
5.00%, 06/15/24	(Call 06/15/22)		250		303,622
5.00%, 06/15/34	(Call 06/15/19)		180		207,113
5.13%, 06/15/38	(Call 06/15/19)		350		401,628
Series B
5.00%, 06/15/33	(Call 06/15/18)		500		564,575
5.00%, 06/15/41	(Call 06/15/21)		250		282,428
Series D
5.00%, 06/15/22			500		619,530
Series E
5.00%, 06/15/30	(Call 06/15/14)		750		781,432
New York State Power Authority RB Electric Power & Light Revenues
Series A
4.50%, 11/15/47	(Call 11/15/17) (NPFGC)		480		496,574
5.00%, 11/15/22	(GOI)		1,495		1,859,989
Series C
5.00%, 11/15/15	(NPFGC)		550		611,902
5.00%, 11/15/16	(NPFGC)		125		143,893
5.00%, 11/15/17			230		272,311
5.00%, 11/15/20	(Call 11/15/17) (NPFGC)		250		291,522
5.00%, 11/15/21	(Call 11/15/17) (NPFGC)		325		378,979
New York State Thruway Authority RB Highway Revenue Tolls
Series A
5.00%, 04/01/27	(Call 04/01/18)		750		846,960

249

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NEW YORK AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series B
4.13%, 04/01/19	(Call 10/01/15) (AMBAC)	$	500	$	531,525
5.00%, 04/01/15	(AGM)		500		542,355
5.00%, 04/01/17	(Call 10/01/15) (NPFGC-FGIC)		300		330,465
5.50%, 04/01/20	(AMBAC)		250		309,992
Series F
4.00%, 01/01/15	(AMBAC)		250		263,538
Series H
4.00%, 01/01/18	(NPFGC)		100		112,212
5.00%, 01/01/19	(Call 01/01/18) (NPFGC)		400		463,512
5.00%, 01/01/21	(Call 01/01/18) (NPFGC)		225		258,890
Series I
5.00%, 01/01/37	(Call 01/01/22)		300		329,373
New York State Thruway Authority RB Income Tax Revenue
Series A
5.00%, 03/15/18			500		591,175
5.00%, 03/15/21	(Call 09/15/20)		500		605,175
5.00%, 03/15/23	(Call 09/15/21)		500		602,340
5.00%, 03/15/26	(Call 09/15/18)		300		347,268
5.00%, 03/15/29	(Call 09/15/20)		250		289,238
Series C
5.25%, 03/15/19			250		302,497
New York State Thruway Authority RB Miscellaneous Revenue
5.00%, 04/01/16			250		280,800
Series A-1
5.00%, 04/01/31	(Call 04/01/21)		200		225,796
Series B
5.00%, 04/01/14			400		416,048
Series I
5.00%, 01/01/42	(Call 01/01/22)		1,000		1,087,160
New York State Urban Development Corp. RB Income Tax Revenue
5.00%, 12/15/17			250		296,140
Series A
5.00%, 03/15/19			250		299,040
5.00%, 03/15/31	(Call 03/15/21)		250		281,713
Series A-1
5.00%, 12/15/16			400		461,760
5.00%, 12/15/18			285		343,798
5.00%, 03/15/21			250		304,320
5.00%, 03/15/28	(Call 03/15/23)		500		581,955
5.00%, 03/15/43	(Call 03/15/23)		140		156,043
Series B
5.00%, 03/15/32	(Call 03/15/17)		250		277,343

Security		Principal (000s)		Value
Series B-1
5.00%, 03/15/28	(Call 03/15/19)	$	250	$	291,730
5.00%, 03/15/36	(Call 03/15/19)		500		562,215
5.25%, 03/15/38	(Call 03/15/19)		120		138,869
Series C
5.00%, 12/15/15			200		223,236
New York State Urban Development Corp. RB Miscellaneous Revenue
Series B
5.00%, 01/01/21	(Call 07/01/18)		750		870,015
Series D
5.25%, 01/01/17			160		183,754
5.25%, 01/01/20	(Call 01/01/19)		350		412,842
5.63%, 01/01/28	(Call 01/01/19)		400		452,060
Port Authority of New York & New Jersey RB Port Airport & Marina Revenue
4.00%, 09/15/31	(Call 09/15/19)		500		524,930
4.00%, 12/01/31	(Call 06/01/22) (GOI)		500		528,660
4.00%, 06/01/32	(Call 06/01/22)		170		178,660
4.50%, 09/15/39	(Call 09/15/19) (GOI)		475		499,391
4.75%, 07/15/31	(Call 07/15/18) (GOI)		200		217,574
4.75%, 07/15/32	(Call 07/15/18) (GOI)		130		140,940
4.75%, 11/15/32	(Call 11/15/17) (GOI)		210		228,467
5.00%, 10/01/27	(Call 10/01/16) (GOI)		700		775,194
5.00%, 12/01/29	(Call 06/01/15) (GOI)		925		995,503
5.00%, 10/01/31	(Call 10/01/16) (GOI)		150		165,933
5.00%, 07/15/32	(Call 07/15/20) (GOI)		275		308,712
5.00%, 07/15/35	(Call 07/15/18) (GOI)		200		225,692
5.00%, 10/01/35	(Call 10/01/16) (GOI)		550		609,367
5.00%, 09/15/36	(Call 09/15/19) (GOI)		200		225,858
5.00%, 01/15/41	(Call 01/15/21) (GOI)		250		274,538

250

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NEW YORK AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Sales Tax Asset Receivable Corp. RB Sales Tax Revenue
Series A
5.00%, 10/15/17	(Call 10/15/14) (NPFGC)	$	1,095	$	1,164,116
5.00%, 10/15/20	(Call 10/15/14) (NPFGC)		143		151,372
5.00%, 10/15/23	(Call 10/15/14) (NPFGC)		405		429,984
5.00%, 10/15/29	(Call 10/15/14) (AMBAC)		625		657,787
5.00%, 10/15/32	(Call 10/15/14) (AMBAC)		1,420		1,494,209
5.25%, 10/15/18	(Call 10/15/14) (NPFGC)		500		533,125
5.25%, 10/15/19	(Call 10/15/14) (NPFGC)		185		197,203
State of New York GO
Series A
5.00%, 02/15/34	(Call 02/15/19)		420		478,733
5.00%, 02/15/39	(Call 02/15/19)		250		282,948
Series C
3.00%, 02/01/16			100		106,616
4.50%, 02/01/17			100		113,861
5.00%, 04/15/14			350		365,144
5.00%, 04/15/15			500		544,765
5.00%, 04/15/16	(Call 04/15/15)		600		652,350
Triborough Bridge & Tunnel Authority RB Highway Revenue Tolls
Series A
5.00%, 11/15/19	(PR 05/15/18) (GOI)		250		299,695
5.00%, 01/01/23	(Call 01/01/22)		75		90,237
5.00%, 11/15/37	(Call 05/15/18) (GOI)		775		850,361
5.25%, 01/01/28	(PR 01/01/22) (GOI)		65		81,935
Series B
0.00%, 11/15/32			500		241,025
4.00%, 11/15/16			500		556,665
5.00%, 11/15/20			450		550,003
5.00%, 11/15/25	(Call 11/15/22)		710		847,101
5.00%, 11/15/27	(Call 11/15/22)		415		489,248
5.25%, 11/15/13	(GOI)		200		204,608
5.50%, 01/01/30	(PR 01/01/22) (GOI)		300		384,066
Series C
5.00%, 11/15/38	(Call 11/15/18) (GOI)		550		610,115
Series D
5.00%, 11/15/31	(Call 11/15/18)		650		707,115
Series E
5.50%, 11/15/19	(NPFGC)		150		185,279
Triborough Bridge & Tunnel Authority RB Transit Revenue
Series A
5.00%, 11/15/32	(Call 11/15/17)		600		668,970
					140,567,549
TOTAL MUNICIPAL BONDS & NOTES
(Cost: $134,122,200)					140,567,549

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 2.18%
MONEY MARKET FUNDS — 2.18%
BlackRock Liquidity Funds — New York Money Fund, Institutional Shares
0.01%a,b		3,116	$	3,115,833
				3,115,833
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,115,833)				3,115,833
TOTAL INVESTMENTS IN SECURITIES — 100.52%
(Cost: $137,238,033)				143,683,382
Other Assets, Less Liabilities — (0.52)%				(747,515	)
NET ASSETS — 100.00%			$	142,935,867

ETM  —  Escrowed to Maturity

GO  —  General Obligation

GOI  —  General Obligation of the Issuer

PR  —  Prerefunded

RB  —  Revenue Bond

SAW  —  State Aid Withholding

Insured by:

AGM  —  Assured Guaranty Municipal Corp.

AMBAC  —  Ambac Financial Group Inc.

BHAC  —  Berkshire Hathaway Assurance Corp.

FGIC  —  Financial Guaranty Insurance Co.

FHA  —  Federal Housing Administration

NPFGC  —  National Public Finance Guarantee Corp.

^a  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

251

Schedule of Investments  (Unaudited)

iSHARES^® SHORT TREASURY BOND ETF

May 31, 2013

Security	Principal or Shares (000s)	Value
U.S. GOVERNMENT OBLIGATIONS — 99.68%
U.S. Treasury Bills
0.00%, 08/01/13	$837,830	$	837,787,430
U.S. Treasury Notes
0.13%, 08/31/13	373,571		373,615,832
0.25%, 10/31/13	226,708		226,850,835
0.25%, 03/31/14	112,724		112,820,941
0.25%, 05/31/14	162,000		162,145,782
0.38%, 07/31/13	184,260		184,339,230
1.00%, 01/15/14	575,478		578,602,840
1.13%, 06/15/13	175,689		175,739,962
1.75%, 01/31/14	10,958		11,075,470
1.75%, 03/31/14	196,209		198,798,973
2.00%, 11/30/13	183,460		185,166,178
3.38%, 07/31/13	481,900		484,439,613
4.25%, 08/15/13	207,449		209,191,563
4.75%, 05/15/14	363,591		379,399,962
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $4,119,963,095)			4,119,974,611
SHORT-TERM INVESTMENTS — 0.02%
MONEY MARKET FUNDS — 0.02%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%a,b	926		925,637
TOTAL SHORT-TERM INVESTMENTS
(Cost: $925,637)			925,637
TOTAL INVESTMENTS IN SECURITIES — 99.70%
(Cost: $4,120,888,732)			4,120,900,248
Other Assets, Less Liabilities — 0.30%			12,461,240
NET ASSETS — 100.00%		$	4,133,361,488

^a  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

252

Schedule of Investments  (Unaudited)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
MUNICIPAL BONDS & NOTES — 98.45%
ALABAMA — 0.08%
Alabama Public School & College Authority RB Sales Tax Revenue
Series A
5.00%, 05/01/14		$	500	$	521,750
					521,750
ALASKA — 0.05%
City of Anchorage GO
Series B
5.25%, 12/01/16	(AMBAC)		265		307,013
					307,013
ARIZONA — 0.88%
Arizona School Facilities Board COP Lease Appropriation
Series A
5.00%, 09/01/13	(NPFGC)		260		263,123
City of Mesa RB Multiple Utility Revenue
4.00%, 07/01/17	(AGM)		50		56,191
5.25%, 07/01/16	(ETM) (NPFGC-FGIC)		165		188,349
5.25%, 07/01/16	(NPFGC-FGIC)		135		153,326
Phoenix Civic Improvement Corp. RB Sales Tax Revenue
5.00%, 07/01/13	(AMBAC)		900		903,627
5.00%, 07/01/15	(Call 07/01/14) (AMBAC)		1,250		1,312,437
Salt River Project Agricultural Improvement & Power District COP Lease Renewal
5.00%, 12/01/14	(Call 12/01/13) (NPFGC)		500		511,515
Salt River Project Agricultural Improvement & Power District RB Electric Power & Light Revenues
Series B
4.00%, 01/01/15			1,360		1,438,309
4.00%, 01/01/17			275		305,921
4.00%, 01/01/18			375		424,012
					5,556,810

Security		Principal (000s)		Value
ARKANSAS — 0.13%
State of Arkansas GO
5.00%, 08/01/14		$	775	$	818,090
					818,090
CALIFORNIA — 20.03%
Bay Area Toll Authority RB Highway Revenue Tolls
Series C-2
1.45%, 04/01/45	(Call 02/01/17)		750		759,900
Series F
5.00%, 04/01/15			860		933,177
Series F-1
5.00%, 04/01/17			750		868,613
California Infrastructure & Economic Development Bank RB Highway Revenue Tolls
5.25%, 07/01/19	(PR 07/01/13) (AGM)		600		602,502
5.25%, 07/01/20	(PR 07/01/13) (AGM)		220		220,917
5.25%, 07/01/21	(PR 07/01/13) (AGM)		1,375		1,380,734
California State Department of Transportation RB Federal Grant Revenue
Series A
5.00%, 02/01/14	(NPFGC-FGIC)		500		516,030
5.00%, 02/01/15	(NPFGC-FGIC)		800		862,552
California State Department of Water Resources RB Electric Power & Light Revenues
Series H
5.00%, 05/01/17			250		290,693
5.00%, 05/01/17	(AGM)		540		627,896
Series L
4.00%, 05/01/15			100		107,040
5.00%, 05/01/15			2,695		2,935,098
5.00%, 05/01/16			1,315		1,485,582
5.00%, 05/01/17			2,060		2,395,306
Series M
4.00%, 05/01/14			500		517,265
4.00%, 05/01/16			500		550,710

253

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 05/01/14		$	1,000	$	1,043,680
5.00%, 05/01/15			3,750		4,084,087
5.00%, 05/01/16			875		988,505
Series N
5.00%, 05/01/18			400		475,240
California State Department of Water Resources RB Water Revenue
Series AJ
5.00%, 12/01/16			500		576,645
California State Public Works Board RB Lease Revenue
Series C
5.25%, 06/01/28	(PR 12/01/13)		1,010		1,035,321
Series J
5.25%, 01/01/16	(AMBAC)		1,000		1,113,550
California Statewide Communities Development Authority RB Miscellaneous Revenue
4.00%, 06/15/13			1,410		1,412,059
5.00%, 06/15/13			6,715		6,727,423
Chabot-Las Positas Community College District GO
Series C
0.00%, 08/01/16	(AMBAC)		195		188,263
Desert Sands Unified School District GO
5.00%, 06/01/29	(PR 06/01/14) (AGM)		400		418,784
East Bay Municipal Utility District RB Water Revenue
Series B
5.00%, 06/01/16			500		566,380
Grossmont-Cuyamaca Community College District GO
Series B
5.00%, 08/01/29	(PR 08/01/15) (FGIC)		1,000		1,097,980
Los Angeles Convention & Exhibition Center Authority RB Lease Abatement
Series A
5.00%, 08/15/17			105		117,888

Security		Principal (000s)		Value
Los Angeles County Metropolitan Transportation Authority RB Sales Tax Revenue
Series A
5.00%, 07/01/17		$	1,350	$	1,578,838
Series B
5.00%, 07/01/14			1,000		1,051,920
Los Angeles Department of Water & Power RB Electric Power & Light Revenues
Series A
4.00%, 07/01/13			2,000		2,006,400
5.00%, 07/01/16			400		453,948
5.00%, 07/01/17			1,000		1,165,990
Series A-1
5.00%, 07/01/13	(NPFGC)		375		376,481
Series C
5.00%, 01/01/16	(Call 10/01/15)		950		1,049,512
Los Angeles Unified School District GO
5.75%, 07/01/14	(NPFGC)		525		555,923
Series A
5.00%, 07/01/13	(NPFGC)		625		627,525
5.00%, 07/01/21	(PR 07/01/13) (AGM)		1,015		1,019,009
5.00%, 07/01/22	(PR 07/01/13) (AGM)		600		602,370
5.00%, 07/01/23	(PR 07/01/13) (AGM)		2,875		2,886,356
5.00%, 07/01/24	(PR 07/01/13) (AGM)		535		537,113
5.00%, 01/01/28	(PR 07/01/13) (NPFGC)		3,670		3,684,496
5.25%, 07/01/19	(PR 07/01/13) (AGM)		1,450		1,456,032
5.25%, 07/01/20	(PR 07/01/13) (AGM)		1,400		1,405,824
5.50%, 07/01/15	(PR 07/01/13) (NPFGC)		500		502,185
Series A-1
5.50%, 07/01/17	(FGIC)		480		569,290
Series F
5.00%, 07/01/25	(PR 07/01/13) (FGIC)		1,465		1,470,787

254

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 01/01/28	(PR 07/01/13) (FGIC)	$	500	$	501,975
Series KY
5.00%, 07/01/14			1,050		1,103,802
Metropolitan Water District of Southern California RB Water Revenue
Series B
5.00%, 07/01/13			150		150,602
Series B-3
5.00%, 10/01/29	(PR 10/01/14) (NPFGC)		810		860,787
Series C
5.00%, 07/01/17			1,000		1,171,040
Orange County Sanitation District COP Sewer Revenue
5.00%, 02/01/33	(PR 08/01/13) (NPFGC-FGIC)		2,800		2,822,484
Sacramento County Sanitation Districts Financing Authority RB Sewer Revenue
5.00%, 12/01/35	(PR 12/01/14) (AMBAC)		1,300		1,390,701
Sacramento Municipal Utility District RB Electric Power & Light Revenues
Series U
5.00%, 08/15/17	(AGM)		100		116,428
San Diego Public Facilities Financing Authority RB Sewer Revenue
Series B
5.00%, 05/15/15			375		409,140
5.00%, 05/15/16			500		565,445
San Diego Unified School District GO
Series F
5.00%, 07/01/28	(PR 07/01/14) (AGM)		225		236,504
San Joaquin Hills Transportation Corridor Agency RB Highway Revenue Tolls
0.00%, 01/01/17	(ETM)		200		194,220

Security		Principal (000s)		Value
Southern California Public Power Authority RB Electric Power & Light Revenues
0.00%, 07/01/15	(NPFGC)	$	500	$	490,940
Series A
5.50%, 01/01/14	(AGM)		500		515,230
Series A-2003-1
5.00%, 07/01/33	(PR 07/01/13) (AMBAC)		840		843,326
State of California GO
3.00%, 09/01/13			1,500		1,510,470
3.00%, 09/01/16			1,645		1,759,936
4.00%, 08/01/13			250		251,580
4.00%, 08/01/14			1,000		1,042,950
4.00%, 04/01/15			300		319,251
4.00%, 08/01/15			475		510,278
4.00%, 10/01/15			325		350,721
4.00%, 04/01/17			300		334,305
4.25%, 04/01/16			645		707,881
5.00%, 03/01/14			2,155		2,231,480
5.00%, 03/01/14	(NPFGC-FGIC)		500		517,745
5.00%, 05/01/14			500		521,590
5.00%, 08/01/14			570		601,116
5.00%, 02/01/15			300		322,548
5.00%, 03/01/15			1,180		1,272,772
5.00%, 04/01/15			1,000		1,082,020
5.00%, 06/01/15			200		217,748
5.00%, 11/01/15			3,045		3,364,634
5.00%, 03/01/16			300		334,491
5.00%, 04/01/16			215		240,407
5.00%, 06/01/16	(XLCA)		1,000		1,124,520
5.00%, 09/01/16			1,000		1,133,880
5.00%, 10/01/16			1,000		1,136,980
5.00%, 11/01/16	(AMBAC)		790		900,639
5.00%, 12/01/16			250		285,780
5.00%, 02/01/17			1,000		1,145,260
5.00%, 03/01/17			1,000		1,148,190
5.00%, 04/01/17			1,750		2,014,390
5.00%, 09/01/17			1,000		1,165,260
5.00%, 10/01/17			300		350,415
5.00%, 02/01/18			700		819,371
5.00%, 04/01/18			2,000		2,351,220
5.00%, 02/01/29	(PR 02/01/14)		600		619,026
5.00%, 02/01/32	(PR 08/01/13)		500		503,965

255

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.00%, 02/01/33	(PR 02/01/14)	$	1,965	$	2,027,310
5.13%, 02/01/28	(PR 02/01/14)		250		258,135
5.25%, 10/01/13			350		355,880
5.25%, 02/01/14	(PR 08/01/13)		55		55,460
5.25%, 02/01/14	(Call 08/01/13)		45		45,369
5.25%, 04/01/29	(PR 04/01/14)		1,000		1,041,770
5.50%, 04/01/28	(PR 04/01/14)		500		521,925
5.50%, 04/01/30	(PR 04/01/14)		2,400		2,505,240
Series A
4.00%, 07/01/16			455		500,723
5.00%, 07/01/15	(PR 07/01/14)		2,665		2,801,261
5.00%, 07/01/15	(Call 07/01/14) (NPFGC)		1,765		1,853,956
5.00%, 07/01/16			1,095		1,237,657
5.00%, 07/01/17			1,000		1,161,400
5.25%, 07/01/13			1,040		1,044,358
5.25%, 07/01/13	(ETM) (NPFGC)		495		497,089
5.25%, 07/01/13	(NPFGC)		565		567,367
5.25%, 07/01/14	(ETM)		1,210		1,275,546
5.25%, 07/01/14			1,010		1,064,479
5.25%, 07/01/14	(NPFGC-FGIC)		2,380		2,508,377
Series B
3.50%, 07/01/23	(Call 07/01/14)		600		620,154
5.00%, 07/01/23	(Call 07/01/14)		1,310		1,375,513
University of California Regents RB College & University Revenue
Series AF
5.00%, 05/15/18			750		891,428
Series J
5.00%, 05/15/14	(NPFGC)		825		862,785
					126,538,444
COLORADO — 1.21%
City & County of Denver RB Port Airport & Marina Revenue
Series B
5.50%, 11/15/33	(PR 11/15/13)		500		511,945
Colorado Department of Transportation RB Highway Revenue Tolls
5.00%, 12/15/16			1,000		1,150,240
Series B
5.00%, 12/15/13	(NPFGC-FGIC)		410		420,594
5.00%, 12/15/15			560		623,728

Security		Principal (000s)		Value
Colorado Department of Transportation RB Transit Revenue
Series B
5.50%, 06/15/13	(NPFGC)	$	1,455	$	1,458,012
5.50%, 06/15/15	(NPFGC)		800		882,336
E-470 Public Highway Authority RB Highway Revenue Tolls
Series B
0.00%, 09/01/16	(NPFGC)		130		120,133
Regional Transportation District RB Sales Tax Revenue
Series A
5.00%, 11/01/31	(PR 11/01/16) (AMBAC)		500		573,615
5.00%, 11/01/36	(PR 11/01/16) (AMBAC)		1,655		1,898,666
					7,639,269
CONNECTICUT — 1.74%
State of Connecticut GO
Series A
3.50%, 01/01/16	(Call 01/01/14)		500		508,370
5.00%, 01/01/14			3,615		3,716,328
5.00%, 01/01/16			1,500		1,668,105
Series B
5.00%, 12/01/15	(Call 06/01/14) (NPFGC)		250		261,695
5.00%, 05/01/17			1,045		1,210,256
Series C
5.00%, 12/01/15			500		556,335
5.00%, 04/01/22	(PR 04/01/14) (NPFGC-FGIC)		150		155,870
5.50%, 12/15/14			790		853,082
Series D
5.00%, 01/01/14			1,000		1,028,030
State of Connecticut ST Sales Tax Revenue
Series 1
5.00%, 02/01/14			265		273,554
5.00%, 02/01/17			360		413,942
5.00%, 02/01/18			300		352,149
					10,997,716

256

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
DELAWARE — 0.07%
State of Delaware GO
Series 2009C
5.00%, 10/01/15		$	285	$	315,837
5.00%, 10/01/16			125		143,391
					459,228
DISTRICT OF COLUMBIA — 0.47%
District of Columbia GO
Series B
5.00%, 06/01/17	(AMBAC)		455		524,761
District of Columbia RB Income Tax Revenue
Series C
5.00%, 12/01/13			1,400		1,433,936
District of Columbia Water & Sewer Authority RB Water Revenue
5.00%, 10/01/33	(PR 10/01/13) (NPFGC-FGIC)		1,000		1,015,810
					2,974,507
FLORIDA — 2.84%
City of Gainesville RB Multiple Utility Revenue
Series A
5.00%, 10/01/35	(PR 10/01/15) (AGM)		2,025		2,240,359
County of Miami-Dade RB Water & Sewer Revenue
Series B
5.00%, 10/01/14	(AGM)		1,000		1,062,630
Florida Hurricane Catastrophe Fund Finance Corp. RB Miscellaneous Revenue
Series A
5.00%, 07/01/13			1,485		1,490,970
5.00%, 07/01/14			180		189,184
5.00%, 07/01/15			1,945		2,129,794
5.00%, 07/01/16			1,350		1,526,539
Florida State Board of Education GO
Series A
5.00%, 01/01/15			570		612,094
5.00%, 06/01/16			1,000		1,131,160
5.00%, 06/01/17			475		552,283

Security	Principal (000s)		Value
Florida State Board of Education RB Miscellaneous Revenue
Series C
5.00%, 07/01/16	$	1,035	$	1,172,727
Series E
5.00%, 07/01/17		495		575,324
Florida State Department of Environmental Protection RB Sales Tax Revenue
Series D
5.00%, 07/01/13		1,500		1,506,060
Florida State Turnpike Authority RB Highway Revenue
Series A
5.00%, 07/01/14		75		78,818
JEA St. Johns River Power Park System RB Electric Power & Light Revenues
Series 23
5.00%, 10/01/15		1,000		1,104,870
State of Florida GO
Series A
5.00%, 06/01/14		350		366,762
Series B
5.00%, 06/01/14		1,025		1,074,087
Tampa Bay Water RB Water Revenue
Series A
5.00%, 10/01/16		1,000		1,140,700
				17,954,361
GEORGIA — 1.76%
City of Atlanta RB Port Airport & Marina Revenue
Series B
5.00%, 01/01/15		500		536,265
Georgia State Road & Tollway Authority RB Federal Grant Revenue
Series A
5.00%, 06/01/17		1,000		1,155,010

257

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Georgia State Road & Tollway Authority RB Fuel Sales Tax Revenue
Series A
5.00%, 06/01/16		$	500	$	562,390
Georgia State Road & Tollway Authority RB Highway Revenue Tolls
5.00%, 06/01/13	(NPFGC)		350		350,000
5.00%, 06/01/14	(NPFGC)		1,000		1,046,650
5.00%, 06/01/16	(NPFGC)		230		258,918
Georgia State Road & Tollway Authority RB Miscellaneous Taxes
Series A
5.00%, 06/01/17			400		462,004
Gwinnett County School District GO
4.50%, 10/01/17			250		289,085
Municipal Electric Authority of Georgia RB Electric Power & Light Revenues
Series B
5.00%, 01/01/16			100		110,880
State of Georgia GO
5.00%, 08/01/20	(PR 08/01/17)		350		410,210
Series A
5.00%, 09/01/19	(PR 09/01/15)		200		220,568
Series B
4.50%, 03/01/21	(PR 03/01/16)		250		277,013
Series C
5.50%, 07/01/14			1,000		1,057,100
5.50%, 07/01/16	(PR 07/01/14)		105		110,913
5.50%, 07/01/16	(Call 07/01/14)		430		454,046
Series E
4.00%, 07/01/13			1,455		1,459,641
5.00%, 08/01/16			305		347,648
5.00%, 08/01/19	(PR 08/01/17)		565		662,197
Series E-2
4.00%, 09/01/16			1,200		1,333,152
					11,103,690
HAWAII — 0.94%
State of Hawaii GO
Series DG
5.00%, 07/01/13	(AMBAC)		1,135		1,139,551
5.00%, 07/01/14	(AMBAC)		1,160		1,219,833
5.00%, 07/01/16	(Call 07/01/15) (AMBAC)		575		628,182

Security		Principal (000s)		Value
Series DT
5.00%, 11/01/17		$	300	$	353,019
Series DZ
5.00%, 12/01/16			1,000		1,149,910
Series EA
5.00%, 12/01/16			250		287,477
Series EF
5.00%, 11/01/17			1,000		1,176,730
					5,954,702
ILLINOIS — 5.12%
City of Chicago GO
Series A
5.00%, 01/01/15	(AGM)		545		583,809
5.00%, 01/01/34	(PR 01/01/14) (AGM)		2,310		2,374,195
City of Chicago RB Port Airport & Marina Revenue
Series B
5.00%, 01/01/17			270		306,998
5.25%, 01/01/14	(NPFGC-FGIC)		500		514,710
5.25%, 01/01/15	(NPFGC-FGIC)		750		807,105
Illinois State Toll Highway Authority RB Highway Revenue Tolls
Series A
5.50%, 01/01/14	(AGM)		700		720,860
5.50%, 01/01/15	(AGM)		500		540,455
Series A-1
5.00%, 01/01/26	(PR 07/01/16) (AGM)		1,000		1,134,210
Series A-2
5.00%, 01/01/27	(PR 07/01/16) (AGM)		4,050		4,593,550
5.00%, 01/01/28	(PR 07/01/16) (AGM)		2,075		2,353,486
5.00%, 01/01/31	(PR 07/01/16) (AGM)		735		833,644
Metropolitan Pier & Exposition Authority RB Miscellaneous Taxes
0.00%, 06/15/15	(ETM) (NPFGC-FGIC)		275		271,887
0.00%, 06/15/15	(NPFGC-FGIC)		305		299,077
Metropolitan Water Reclamation District of Greater Chicago GO
5.00%, 12/01/35	(PR 12/01/16)		1,830		2,103,420

258

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Metropolitan Water Reclamation District of Greater Chicago GOL
5.00%, 12/01/33	(PR 12/01/16)	$	1,100	$	1,264,351
State of Illinois GO
4.00%, 04/01/15			290		306,159
5.00%, 01/01/15			500		531,990
5.00%, 01/01/17			1,000		1,121,280
5.00%, 01/01/17	(AGM)		1,000		1,123,140
5.00%, 01/01/18			1,000		1,134,030
First Series
5.50%, 08/01/13	(NPFGC)		725		731,104
5.50%, 08/01/14	(NPFGC)		860		906,965
5.50%, 08/01/15	(XLCA-ICR, NPFGC)		370		406,119
Series B
5.00%, 01/01/14			1,000		1,024,980
5.00%, 03/01/14			370		381,807
State of Illinois RB Federal Grant Revenue
Series A
5.00%, 06/15/15			1,500		1,641,525
Series B
5.00%, 06/15/17	(Call 12/15/16)		1,500		1,721,985
5.00%, 12/15/17	(Call 12/15/16)		500		573,510
State of Illinois RB Sales Tax Revenue
5.00%, 06/15/14			150		157,442
5.00%, 06/15/15			500		547,280
5.00%, 06/15/16			500		566,310
5.00%, 06/15/17			680		789,324
					32,366,707
INDIANA — 0.59%
Indiana Finance Authority RB Miscellaneous Revenue
Series A
5.00%, 02/01/16			775		865,357
Indiana Finance Authority RB Sewer Revenue
Series C
3.00%, 10/01/16			1,000		1,062,940
Indiana Finance Authority RB Water Revenue
Series A
4.00%, 02/01/16			265		288,895

Security		Principal (000s)		Value
Indiana Transportation Finance Authority RB Highway Revenue Tolls
Series A
5.00%, 06/01/28	(PR 06/01/13) (AGM)	$	500	$	500,000
Indianapolis Local Public Improvement Bond Bank RB Water Revenue
Series A
5.45%, 01/01/35	(PR 07/01/17)		850		1,009,044
					3,726,236
KANSAS — 0.09%
Kansas State Department of Transportation RB Highway Revenue Tolls
Series A
5.00%, 09/01/16			500		571,565
					571,565
KENTUCKY — 0.30%
Kentucky State Property & Buildings Commission RB Lease Appropriation
5.00%, 08/01/22	(PR 08/01/15) (AGM)		100		109,840
5.25%, 10/01/13	(AGM)		350		355,873
5.25%, 10/01/14	(AGM)		250		266,192
5.25%, 10/01/15	(AGM)		500		553,785
5.25%, 10/01/16	(AGM)		510		584,496
					1,870,186
LOUISIANA — 0.81%
State of Louisiana GO
Series A
5.00%, 08/01/14	(NPFGC)		250		263,840
5.00%, 08/01/15	(NPFGC)		1,875		2,062,012
5.00%, 10/15/18	(PR 10/15/14) (AMBAC)		1,430		1,519,618
5.25%, 08/01/16	(Call 08/01/15) (NPFGC)		750		826,215
State of Louisiana RB Fuel Sales Tax Revenue
Series A
5.00%, 05/01/35	(PR 05/01/15) (NPFGC-FGIC)		380		413,520
					5,085,205

259

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
MARYLAND — 3.71%
County of Montgomery GO
Series A
5.00%, 07/01/15		$	500	$	548,440
Maryland State Department of Transportation RB Miscellaneous Taxes
5.00%, 05/01/14			360		375,761
5.00%, 03/01/17			1,000		1,155,270
5.00%, 05/01/17	(PR 05/01/14)		1,310		1,366,933
Maryland State Department of Transportation RB Transit Revenue
5.00%, 05/01/16			1,000		1,128,990
Maryland State Transportation Authority Grant & Revenue Anticipation
5.25%, 03/01/18			300		358,185
Maryland State Transportation Authority RB Miscellaneous Revenue
5.00%, 03/01/14			225		233,015
5.25%, 03/01/16			240		270,509
5.25%, 03/01/17			280		326,057
State of Maryland GO
First Series
5.00%, 03/01/15			1,595		1,725,646
5.00%, 08/01/16	(PR 08/01/14)		675		712,186
5.00%, 03/15/17			390		452,369
5.00%, 03/15/22	(PR 03/15/17)		310		359,095
First Series A
5.00%, 02/15/19	(PR 02/15/15)		260		280,436
5.25%, 03/01/16			250		282,367
Second Series
5.00%, 07/15/13			355		357,102
5.00%, 08/01/13			600		604,848
5.00%, 08/01/14			585		617,596
5.00%, 07/15/15			400		439,428
5.00%, 08/01/15	(PR 08/01/13)		825		831,616
5.00%, 08/01/16	(PR 08/01/13)		300		302,406
5.00%, 08/01/16			1,875		2,137,181
5.00%, 07/15/17			1,500		1,758,000
5.00%, 08/01/18	(PR 08/01/13)		800		806,416
5.00%, 08/01/19	(PR 08/01/16)		250		284,562

Security		Principal (000s)		Value
Second Series A
4.00%, 08/01/15		$	150	$	161,840
5.00%, 08/01/14			1,000		1,055,720
5.00%, 08/01/15			700		770,350
5.00%, 08/01/17	(PR 08/01/15)		1,600		1,757,440
Second Series B
5.00%, 08/01/14			700		739,004
Second Series E
4.00%, 08/01/14			100		104,408
5.00%, 08/01/16			1,000		1,139,830
					23,443,006
MASSACHUSETTS — 8.81%
Commonwealth of Massachusetts GO
Series A
5.00%, 08/01/14			2,070		2,184,761
5.00%, 03/01/21	(PR 03/01/15) (AGM)		450		485,843
5.00%, 03/01/22	(PR 03/01/15)		1,325		1,431,344
5.00%, 03/01/23	(PR 03/01/15) (AGM)		575		621,149
5.00%, 03/01/24	(PR 03/01/15) (AGM)		400		432,104
5.00%, 03/01/25	(PR 03/01/15)		500		540,130
5.25%, 08/01/13			1,000		1,008,470
Series B
5.00%, 11/01/14			460		490,788
5.00%, 08/01/15			435		478,239
Series C
5.00%, 09/01/22	(PR 09/01/15)		775		854,329
5.25%, 08/01/20	(PR 08/01/13)		1,120		1,129,296
5.50%, 12/01/17	(AGM)		1,720		2,073,924
Series D
4.75%, 08/01/25	(PR 08/01/16)		750		847,560
5.00%, 08/01/21	(PR 08/01/16)		2,055		2,338,405
5.00%, 08/01/22	(PR 08/01/16)		715		813,606
5.25%, 10/01/21	(PR 10/01/13)		1,125		1,143,652
Series E
5.00%, 11/01/24	(PR 11/01/16) (AMBAC)		265		303,820
Commonwealth of Massachusetts GOL
Series A
5.00%, 08/01/16			1,500		1,704,750
5.00%, 04/01/18			1,000		1,189,580

260

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series B
5.00%, 08/01/23	(PR 08/01/14)	$	2,200	$	2,318,866
5.25%, 08/01/16			500		572,165
Series C
5.00%, 01/01/15			2,000		2,147,700
5.00%, 05/01/16			1,025		1,155,308
5.00%, 09/01/16	(Call 09/01/15)		715		786,664
5.00%, 09/01/21	(PR 09/01/15)		715		788,187
5.00%, 09/01/24	(PR 09/01/15)		500		551,180
5.00%, 09/01/25	(PR 09/01/15)		1,630		1,796,847
5.50%, 11/01/13	(FGIC)		1,640		1,676,408
5.50%, 11/01/14	(NPFGC-FGIC)		1,410		1,514,326
5.50%, 11/01/15			575		645,253
Series D
5.50%, 11/01/16			500		581,555
Commonwealth of Massachusetts RB Fuel Sales Tax Revenue
Series A
5.50%, 06/01/15	(NPFGC-FGIC)		955		1,051,522
5.50%, 06/01/16	(NPFGC-FGIC)		250		286,098
Commonwealth of Massachusetts RB Miscellaneous Taxes
5.00%, 01/01/34	(PR 01/01/14) (FGIC)		550		565,087
Commonwealth of Massachusetts SO Miscellaneous Revenue
5.00%, 12/15/13	(AGM)		350		359,083
5.00%, 12/15/14	(AGM)		340		364,487
Massachusetts Bay Transportation Authority RB Sales Tax Revenue
Series A
4.75%, 07/01/34	(PR 07/01/15)		1,300		1,417,208
5.00%, 07/01/31	(PR 07/01/15)		2,065		2,261,877
5.00%, 07/01/34	(PR 07/01/14)		2,400		2,522,976
5.25%, 07/01/17	(PR 07/01/14)		500		526,970
Series C
5.50%, 07/01/15			450		498,263
5.50%, 07/01/16			1,005		1,157,217
Massachusetts Municipal Wholesale Electric Co. RB Miscellaneous Revenue
Series A
5.00%, 07/01/15			375		409,766

Security		Principal (000s)		Value
Massachusetts School Building Authority RB Sales Tax Revenue
Series A
5.00%, 08/15/13	(AGM)	$	800	$	807,984
5.00%, 08/15/14	(AGM)		1,530		1,618,342
Series B
5.00%, 08/15/17			500		586,200
Massachusetts State Department of Transportation RB Highway Revenue Tolls
Series B
5.00%, 01/01/15			1,000		1,070,550
5.00%, 01/01/17			370		418,748
Massachusetts Water Pollution Abatement Trust RB Water Revenue
5.25%, 08/01/17			1,000		1,183,800
Series A
5.25%, 08/01/14			535		566,431
5.25%, 08/01/15			1,000		1,106,120
Massachusetts Water Resources Authority RB General Revenue
Series A
4.00%, 08/01/17			1,000		1,128,860
Massachusetts Water Resources Authority RB Water Revenue
Series J
5.25%, 08/01/16			1,000		1,145,290
					55,659,088
MICHIGAN — 1.11%
City of Detroit Water Supply System RB Sewer Revenue
Series A
5.00%, 07/01/32	(PR 07/01/13) (AGM)		765		767,999
City of Detroit Water Supply System RB Water Revenue
Series B
5.25%, 07/01/32	(PR 07/01/13) (NPFGC)		385		386,605
Michigan Finance Authority RB Miscellaneous Revenue
Series A
5.00%, 07/01/14			1,000		1,051,690
5.00%, 01/01/17			1,000		1,152,280
5.00%, 07/01/17			1,250		1,463,250

261

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Michigan Municipal Bond Authority RB Water Revenue
5.50%, 10/01/16		$	1,000	$	1,159,660
State of Michigan GO
5.50%, 12/01/13			1,000		1,026,480
					7,007,964
MINNESOTA — 1.71%
Southern Minnesota Municipal Power Agency RB Electric Power & Light Revenues
Series A
5.25%, 01/01/14	(AMBAC)		125		128,663
5.25%, 01/01/15	(AMBAC)		920		990,049
State of Minnesota GO
5.00%, 08/01/14			500		527,800
5.00%, 08/01/16			775		883,368
5.00%, 08/01/17			1,635		1,918,787
Series A
5.00%, 08/01/15			1,000		1,100,500
5.00%, 10/01/16			1,000		1,146,410
Series D
5.00%, 08/01/14			1,300		1,372,280
5.00%, 08/01/15			200		220,100
Series F
4.00%, 08/01/13			925		930,901
Series H
5.00%, 11/01/14			400		426,908
State of Minnesota RB Lease Appropriation
Series B
5.00%, 03/01/17			1,000		1,155,270
					10,801,036
MISSISSIPPI — 0.20%
State of Mississippi GO
Series A
5.25%, 11/01/14			150		160,569
5.50%, 12/01/15			1,000		1,124,600
					1,285,169
MISSOURI — 0.41%
Missouri Highway & Transportation Commission RB Highway Revenue Tolls
5.00%, 02/01/14			660		681,153
5.00%, 05/01/16			500		564,495
Series A
5.00%, 05/01/14			525		548,032

Security		Principal (000s)		Value
Missouri Highway & Transportation Commission RB Sales Tax Revenue
5.00%, 05/01/17		$	690	$	801,242
					2,594,922
NEBRASKA — 0.31%
Omaha Public Power District RB Electric Power & Light Revenues
Series A
5.00%, 02/01/16			1,000		1,117,720
5.00%, 02/01/34	(PR 02/01/14)		800		825,304
					1,943,024
NEVADA — 0.80%
Clark County RB Port Airport & Marina Revenue
Series D
5.00%, 07/01/16			90		101,475
Clark County School District GOL
Series A
5.00%, 06/15/16	(Call 06/15/14) (AGM)		400		418,656
Series C
5.00%, 06/15/22	(PR 12/15/15) (AGM)		560		623,134
5.00%, 06/15/23	(PR 12/15/15) (AGM)		2,100		2,336,754
Series D
5.00%, 06/15/23	(PR 12/15/14) (NPFGC)		450		482,040
State of Nevada GOL
Series A
5.00%, 02/01/15			1,000		1,077,450
					5,039,509
NEW JERSEY — 8.35%
Garden State Preservation Trust RB Recreational Revenue
Series A
5.25%, 11/01/19	(PR 11/01/13) (AGM)		230		234,796
Garden State Preservation Trust RB Sales Tax Revenue
Series C
5.13%, 11/01/16	(AGM)		1,250		1,438,225
New Jersey Building Authority RB Lease Appropriation
Series B
5.00%, 06/15/13			425		425,795

262

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
New Jersey Economic Development Authority RB Miscellaneous Revenue
Series DD
5.00%, 12/15/16		$	1,000	$	1,149,090
5.00%, 12/15/17			1,050		1,228,563
Series EE
5.00%, 09/01/15			1,000		1,101,340
5.00%, 09/01/17			1,500		1,741,770
Series F
5.00%, 06/15/24	(PR 06/15/13) (FGIC)		2,750		2,755,060
5.00%, 06/15/25	(PR 06/15/13) (FGIC)		500		500,920
5.00%, 06/15/28	(PR 06/15/13)		1,435		1,437,640
5.25%, 06/15/21	(PR 06/15/13) (FGIC)		300		300,582
Series GG
5.00%, 09/01/17	(SAP)		300		348,354
Series W
5.00%, 03/01/16			1,670		1,868,246
5.00%, 03/01/17			520		595,509
New Jersey Economic Development Authority RB Tobacco & Liquor Taxes
5.00%, 06/15/13	(ETM) (FGIC)		300		300,552
5.00%, 06/15/15			590		638,704
5.00%, 06/15/16			500		557,090
5.38%, 06/15/15	(ETM)		800		880,408
5.50%, 06/15/16	(ETM)		200		229,430
5.75%, 06/15/29	(PR 06/15/14)		2,000		2,112,000
New Jersey Educational Facilities Authority RB College & University Revenue
Series B
4.50%, 07/01/37	(PR 07/01/16)		675		753,320
New Jersey Highway Authority RB Highway Revenue
5.50%, 01/01/15	(ETM) (FGIC, GOI)		250		270,227
New Jersey State Turnpike Authority RB Highway Revenue Tolls
Series A
6.00%, 01/01/14	(ETM) (NPFGC)		1,225		1,266,099

Security		Principal (000s)		Value
New Jersey Transit Corp. COP Lease Appropriation
Series A
5.25%, 09/15/14	(AMBAC)	$	520	$	551,335
New Jersey Transit Corp. COP Lease Revenue
Series A
5.50%, 09/15/13	(AMBAC)		400		406,052
5.50%, 09/15/14	(AMBAC)		700		744,429
New Jersey Transportation Trust Fund Authority RB Fuel Sales Tax Revenue
Series B
5.25%, 12/15/15	(AMBAC)		1,010		1,130,998
5.25%, 12/15/16	(PR 12/15/15) (NPFGC)		550		616,066
New Jersey Transportation Trust Fund Authority RB Highway Revenue Tolls
Series A
5.25%, 12/15/13	(NPFGC)		455		467,376
5.75%, 06/15/15	(ETM)		200		221,796
New Jersey Transportation Trust Fund Authority RB Miscellaneous Revenue
Series B
4.00%, 06/15/14			150		155,759
5.25%, 12/15/13	(NPFGC-FGIC)		200		205,440
5.25%, 12/15/14	(NPFGC)		625		672,094
5.50%, 12/15/16	(NPFGC)		450		522,706
New Jersey Transportation Trust Fund Authority RB Transit Revenue
5.00%, 06/15/19	(PR 06/15/15) (AGM)		145		158,471
Series A
5.50%, 06/15/13	(ETM)		3,045		3,051,303
5.50%, 12/15/13	(AMBAC)		425		437,129
5.50%, 12/15/14	(AMBAC)		1,000		1,079,190
5.50%, 12/15/15	(AMBAC)		800		900,880
5.50%, 12/15/16	(AGM)		500		581,165
Series C
5.25%, 06/15/16	(PR 06/15/15) (FGIC)		135		148,226
5.25%, 06/15/17	(PR 06/15/15) (NPFGC)		1,505		1,652,445

263

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
5.25%, 06/15/18	(PR 06/15/15) (FGIC)	$	785	$	861,906
5.50%, 06/15/15	(PR 06/15/13)		250		250,510
5.50%, 12/15/15	(AGM)		400		450,548
5.50%, 12/15/16	(AGM)		375		435,874
5.50%, 12/15/17			1,000		1,190,650
5.50%, 06/15/18	(PR 06/15/13)		200		200,408
5.50%, 06/15/19	(PR 06/15/13)		1,000		1,002,040
5.50%, 06/15/21	(PR 06/15/13)		500		501,020
5.50%, 06/15/22	(PR 06/15/13)		1,150		1,152,346
5.50%, 06/15/23	(PR 06/15/13)		740		741,510
Series D
5.00%, 06/15/16	(PR 06/15/15) (AGM)		1,000		1,092,900
5.00%, 06/15/17	(PR 06/15/15) (AMBAC)		2,000		2,185,800
State of New Jersey GO
5.00%, 08/01/13			1,400		1,411,382
Series H
5.25%, 07/01/14			1,175		1,239,319
5.25%, 07/01/15			500		550,315
5.25%, 07/01/16			500		570,510
Series L
5.25%, 07/15/13	(AMBAC)		425		427,665
5.25%, 07/15/15	(AMBAC)		1,025		1,129,991
5.25%, 07/15/17	(AMBAC)		1,300		1,527,760
					52,759,034
NEW MEXICO — 0.77%
New Mexico Finance Authority RB Fuel Sales Tax Revenue
Series A
5.13%, 06/15/17	(PR 06/15/14)		800		840,376
5.25%, 06/15/15	(NPFGC)		100		109,868
5.25%, 06/15/19	(PR 06/15/14) (NPFGC)		550		578,468
5.25%, 06/15/21	(PR 06/15/14) (NPFGC)		3,150		3,313,044
					4,841,756
NEW YORK — 12.87%
City of New York GO
Series A-1
4.00%, 08/01/14			400		417,404
5.00%, 08/01/13			425		428,417
5.00%, 08/01/14			200		211,030
5.00%, 08/15/16			765		867,824

Security		Principal (000s)		Value
Series B
5.00%, 08/01/13		$	600	$	604,824
5.00%, 08/01/14			1,030		1,086,804
Series B-1
5.00%, 09/01/15			500		550,545
Series C
5.00%, 08/01/14			295		311,269
5.00%, 08/01/14	(ETM) (CIFG)		65		68,534
5.00%, 08/01/14	(CIFG)		210		221,481
5.00%, 08/01/16			940		1,064,964
5.00%, 08/01/17			1,000		1,162,830
5.25%, 08/01/16			350		399,262
Series D
5.00%, 08/01/15			125		137,210
Series E
4.00%, 08/01/14			400		417,404
5.00%, 08/01/15			1,055		1,158,053
Series F-1
5.00%, 09/01/16	(Call 09/01/15)		135		148,403
5.25%, 09/01/14			290		307,995
Series G
5.00%, 08/01/14			1,500		1,582,725
5.00%, 08/01/15			1,010		1,108,657
Series I
5.00%, 08/01/13			765		771,151
5.00%, 08/01/14			350		369,303
5.00%, 08/01/16			1,200		1,359,528
5.00%, 08/01/17			1,300		1,511,679
Series I-1
5.00%, 08/01/16			1,000		1,132,940
5.00%, 02/01/17			365		418,279
5.00%, 08/01/17			1,150		1,337,254
Series J
5.25%, 06/01/28	(PR 06/01/13)		305		305,000
5.50%, 06/01/23	(PR 06/01/13)		300		300,000
Long Island Power Authority RB Electric Power & Light Revenues
Series A
5.00%, 05/01/14			500		521,215
5.00%, 05/01/15			1,500		1,625,580
5.50%, 12/01/13	(ETM) (AGM)		300		307,833
Series B
5.25%, 12/01/13			500		512,385

264

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Metropolitan Transportation Authority RB Fuel Sales Tax Revenue
Series A
5.00%, 04/01/23	(PR 10/01/15)	$	325	$	359,642
5.00%, 04/01/29	(PR 10/01/14) (AGM)		2,300		2,443,888
5.25%, 04/01/23	(PR 10/01/14) (AGM)		1,075		1,145,821
Metropolitan Transportation Authority RB Highway Revenue Tolls
Series B
5.25%, 11/15/32	(PR 11/15/13)		255		260,814
Metropolitan Transportation Authority RB Miscellaneous Revenue
Series B
5.50%, 01/01/14	(NPFGC)		750		773,115
Series D
5.00%, 11/15/17			215		251,107
Metropolitan Transportation Authority RB Transit Revenue
5.00%, 11/15/27			500		510,520
Series A
5.50%, 11/15/13	(AMBAC)		675		691,267
5.50%, 11/15/14	(AMBAC)		2,430		2,614,024
Series D
5.00%, 11/15/16			1,000		1,142,270
Series F
5.00%, 11/15/17			500		583,970
New York City Municipal Water Finance Authority RB Sewer Revenue
Series B
5.00%, 06/15/14	(ETM) (AGM)		340		356,976
New York City Municipal Water Finance Authority RB Water Revenue
Series EE
5.00%, 06/15/16			405		459,501
5.00%, 06/15/17			200		233,350

Security		Principal (000s)		Value
New York City Transitional Finance Authority RB Income Tax Revenue
Series A
5.00%, 11/01/17		$	775	$	914,980
Series A-1
5.00%, 08/01/13	(ETM)		250		251,978
5.00%, 11/01/14			620		661,831
Series B
5.00%, 11/01/15	(ETM)		235		259,847
5.00%, 11/01/15			555		616,522
5.00%, 02/01/16			1,900		2,126,765
Series D
5.00%, 11/01/15	(ETM)		100		110,268
5.00%, 11/01/15			815		905,343
Series E
5.00%, 11/01/17			200		236,124
New York City Transitional Finance Authority RB Miscellaneous Taxes
5.00%, 11/01/15			605		672,064
Series A-1
5.00%, 11/01/13			1,375		1,402,926
5.00%, 11/01/14			675		720,542
New York City Transitional Finance Authority RB Sales Tax Revenue Series A-2
5.00%, 11/01/17	(Call 11/01/15)		605		668,513
New York City Trust for Cultural Resources RB Miscellaneous Revenue Series C
5.75%, 12/01/16			275		316,932
New York Local Government Assistance Corp. RB Sales Tax Revenue
Series A
5.00%, 04/01/15			1,285		1,394,842
Series C
0.00%, 04/01/14	(GOI)		1,000		998,090
New York State Dormitory Authority RB College & University Revenue
5.00%, 07/01/13	(ETM) (GOI)		400		401,588
5.00%, 07/01/15			300		328,536
5.00%, 07/01/16			385		436,105

265

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series A
5.50%, 05/15/17	(NPFGC-FGIC)	$	275	$	323,763
New York State Dormitory Authority RB Income Tax Revenue
Series A
5.00%, 03/15/16			555		624,042
5.00%, 02/15/17			1,000		1,153,830
Series C
5.00%, 03/15/15			1,240		1,343,602
Series D
5.00%, 06/15/16			540		612,668
Series E
5.00%, 02/15/15			1,300		1,403,857
Series F
5.00%, 03/15/22	(PR 03/15/15) (AGM)		345		373,231
New York State Dormitory Authority RB Miscellaneous Revenue
5.00%, 07/01/15	(NPFGC-FGIC)		150		164,268
5.00%, 07/01/17			500		579,175
Series A
4.00%, 05/15/17			350		390,274
5.00%, 05/15/17			250		288,855
5.25%, 05/15/15			450		477,072
New York State Environmental Facilities Corp. RB Water Revenue
Series A
2.00%, 06/15/13			1,000		1,000,740
5.00%, 06/15/17			1,500		1,755,345
New York State Thruway Authority RB Highway Revenue Tolls
Series B
5.00%, 04/01/14	(AGM)		1,650		1,715,769
5.00%, 04/01/15	(AGM)		1,080		1,171,487
5.00%, 04/01/16	(Call 10/01/15) (NPFGC-FGIC)		750		829,530
Series F
5.00%, 01/01/16	(Call 01/01/15) (AMBAC)		1,000		1,069,720
Series H
5.00%, 01/01/17	(NPFGC)		325		371,013
New York State Thruway Authority RB Income Tax Revenue
Series A
5.00%, 03/15/16			1,330		1,495,452
5.00%, 03/15/17			190		219,828

Security		Principal (000s)		Value
New York State Thruway Authority RB Miscellaneous Revenue
5.00%, 04/01/14		$	240	$	249,566
5.00%, 04/01/15			365		395,850
Series A
4.00%, 04/01/14			200		206,308
Series B
5.00%, 04/01/15			780		846,222
5.00%, 04/01/16			1,160		1,305,360
New York State Urban Development Corp. RB Income Tax Revenue
5.00%, 12/15/17			400		473,824
Series A
5.00%, 03/15/16			2,025		2,276,910
5.00%, 03/15/17			455		526,430
New York State Urban Development Corp. RB Miscellaneous Revenue
Series B
5.00%, 01/01/15			750		804,892
5.00%, 01/01/17			170		194,069
Series D
5.00%, 01/01/14			285		293,006
5.00%, 01/01/15			2,250		2,414,677
5.25%, 01/01/17			200		229,692
State of New York GO
Series C
3.00%, 02/01/15			225		235,078
5.00%, 04/15/14			1,270		1,324,953
5.00%, 04/15/15			300		326,859
Triborough Bridge & Tunnel Authority RB Highway Revenue Tolls
Series B
5.00%, 11/15/16			1,000		1,147,430
5.25%, 11/15/13			300		306,912
5.25%, 11/15/14	(GOI)		1,500		1,607,700
Series B1
5.00%, 11/15/25	(Call 11/15/13) (GOI)		250		255,260
Series B3
5.00%, 11/15/38	(Call 11/15/15) (GOI)		500		552,190
					81,314,552

266

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
NORTH CAROLINA — 2.74%
City of Raleigh Combined Enterprise System RB Water Revenue
5.00%, 03/01/31	(PR 03/01/14)	$	420	$	434,969
County of Mecklenburg GO
Series A
5.00%, 08/01/13			735		740,909
Series C
5.00%, 03/01/15			215		232,611
County of Wake GO
4.50%, 03/01/24	(PR 03/01/17)		775		882,632
5.00%, 03/01/16			250		280,662
Series D
4.00%, 02/01/17			1,200		1,343,088
North Carolina Eastern Municipal Power Agency RB Electric Power & Light Revenues
Series A
5.00%, 01/01/15			500		535,935
5.00%, 01/01/16			350		388,650
Series D
5.50%, 01/01/14			275		283,294
North Carolina Municipal Power Agency No. 1 RB Electric Power & Light Revenues
Series A
5.00%, 01/01/15			500		536,345
5.00%, 01/01/18			1,000		1,168,960
5.25%, 01/01/15			250		269,158
State of North Carolina GO
Series A
5.00%, 03/01/14			400		414,404
5.00%, 03/01/15			1,200		1,298,292
5.00%, 03/01/16			1,400		1,571,710
5.00%, 09/01/16			285		325,792
5.00%, 03/01/17			1,445		1,674,018
Series B
5.00%, 04/01/14			1,320		1,372,721
5.00%, 04/01/16			1,070		1,204,970
5.00%, 06/01/18			1,000		1,195,250
State of North Carolina RB Transit Revenue
5.00%, 03/01/17			1,000		1,150,390
					17,304,760

Security		Principal (000s)		Value
OHIO — 0.74%
Cincinnati City School District GO
5.00%, 12/01/31	(PR 12/01/13) (AGM)	$	1,460	$	1,494,982
City of Columbus GO
Series A
4.00%, 06/01/13			1,000		1,000,000
4.00%, 06/01/14			1,000		1,037,810
State of Ohio GO Series A
5.00%, 09/15/16			1,000		1,141,490
					4,674,282
OKLAHOMA — 0.05%
Oklahoma Turnpike Authority RB Highway Revenue Tolls Series A
5.00%, 01/01/17			275		314,878
					314,878
OREGON — 0.26%
City of Portland RB Sewer Revenue Series A
5.00%, 06/01/14	(NPFGC)		1,550		1,623,269
					1,623,269
PENNSYLVANIA — 3.54%
City of Philadelphia RB Water & Wastewater Revenue
Series A
5.00%, 06/15/14			1,500		1,572,645
Series C
5.00%, 08/01/17	(AGM)		450		522,675
Commonwealth of Pennsylvania GO
First Series
4.00%, 09/01/16			250		277,228
Second Series
5.00%, 07/01/13	(NPFGC-FGIC)		2,280		2,289,188
5.00%, 03/01/16			700		784,623
5.00%, 03/01/17			1,000		1,154,800
5.00%, 01/01/18	(PR 01/01/16)		500		556,855
5.00%, 01/01/19	(PR 01/01/16)		210		233,879
5.00%, 03/01/19	(PR 03/01/17)		310		358,902
5.00%, 01/01/21	(PR 01/01/16)		615		684,932
Series A
5.00%, 05/01/14			1,000		1,043,970
5.00%, 02/15/16			1,000		1,119,050

267

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Third Series
5.00%, 09/01/13		$	400	$	404,832
5.00%, 09/01/14	(AGM)		2,600		2,754,804
5.00%, 07/15/17			225		262,748
5.38%, 07/01/16	(NPFGC)		720		825,106
5.38%, 07/01/17	(AGM)		500		590,725
Pennsylvania Economic Development Financing Authority RB Miscellaneous Revenue
Series A
4.00%, 07/01/14			1,725		1,796,087
4.00%, 01/01/17			500		557,910
5.00%, 07/01/15			1,000		1,097,320
5.00%, 07/01/17			1,500		1,753,605
5.00%, 01/01/18			1,000		1,178,750
Pennsylvania Intergovernmental Cooperation Authority RB Special Tax Revenue
5.00%, 06/15/16			500		564,240
					22,384,874
PUERTO RICO — 2.34%
Commonwealth of Puerto Rico GO
5.50%, 07/01/14	(FGIC)		1,400		1,446,046
5.65%, 07/01/15	(NPFGC)		180		188,237
Series A
5.00%, 07/01/13			600		601,452
5.25%, 07/01/15			750		783,907
5.50%, 07/01/16	(NPFGC)		200		212,010
Government Development Bank for Puerto Rico RB Miscellaneous Revenue
Series B
5.00%, 12/01/13			215		218,122
5.00%, 12/01/14			210		217,680
5.00%, 12/01/15			750		783,577
Puerto Rico Electric Power Authority RB Electric Power & Light Revenues
Series JJ
5.25%, 07/01/13	(NPFGC)		1,275		1,279,284
Series KK
5.50%, 07/01/15	(NPFGC)		500		528,115

Security		Principal (000s)		Value
Series NN
5.00%, 07/01/32	(PR 07/01/13) (NPFGC)	$	480	$	481,886
5.13%, 07/01/24	(PR 07/01/13)		460		461,854
5.13%, 07/01/29	(PR 07/01/13)		400		401,612
Series OO
5.00%, 07/01/13	(CIFG, AGM)		1,480		1,484,677
5.00%, 07/01/14	(NPFGC-FGIC)		230		236,617
Series RR
5.00%, 07/01/29	(PR 07/01/15) (AGC)		280		306,510
Puerto Rico Highway & Transportation Authority RB Fuel Sales Tax Revenue
Series G
5.00%, 07/01/33	(PR 07/01/13)		545		547,164
5.00%, 07/01/42	(PR 07/01/13)		500		501,985
Series J
5.13%, 07/01/39	(PR 07/01/14)		705		741,998
5.13%, 07/01/43	(PR 07/01/14)		250		263,120
Puerto Rico Highway & Transportation Authority RB Highway Revenue Tolls
Series AA
5.50%, 07/01/16	(ETM)		255		293,283
Series K
5.00%, 07/01/35	(PR 07/01/15)		500		547,780
5.00%, 07/01/45	(PR 07/01/15) (AGC-ICC)		300		328,668
Puerto Rico Infrastructure Financing Authority RB Sales Tax Revenue
Series C
5.50%, 07/01/13	(AMBAC)		250		250,708
5.50%, 07/01/14	(AMBAC)		980		1,011,693
Puerto Rico Municipal Finance Agency GO
Series C
5.00%, 08/01/13	(AGM)		400		402,288
Puerto Rico Public Buildings Authority RB Lease Non-Terminable
Series H
5.50%, 07/01/16	(AMBAC)		250		264,188
					14,784,461

268

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
RHODE ISLAND — 0.04%
Rhode Island Economic Development Corp. SO Grant Anticipation
5.00%, 06/15/16	(NPFGC-FGIC)	$	200	$	224,976
					224,976
SOUTH CAROLINA — 0.38%
South Carolina State Public Service Authority RB Electric Power & Light Revenues
Series E
5.00%, 01/01/16			925		1,029,673
5.00%, 01/01/17			285		327,089
State of South Carolina GO
Series A
4.00%, 06/01/14			1,000		1,037,700
					2,394,462
TENNESSEE — 1.87%
City of Memphis GO
5.00%, 10/01/15	(NPFGC)		500		553,235
5.25%, 10/01/17	(NPFGC)		400		474,204
City of Memphis RB Electric Power & Light Revenues
5.00%, 12/01/14			400		428,544
5.00%, 12/01/15			1,030		1,147,739
5.00%, 12/01/17			1,015		1,199,639
Series A
5.00%, 12/01/16	(PR 12/01/13) (NPFGC)		3,795		3,884,638
5.00%, 12/01/17	(PR 12/01/13) (NPFGC)		485		496,456
County of Shelby GO
Series A
5.00%, 04/01/14	(AMBAC)		495		514,899
5.00%, 04/01/14	(ETM) (AMBAC)		5		5,198
5.00%, 04/01/15	(AMBAC)		985		1,068,814
5.00%, 04/01/15	(ETM) (AMBAC)		15		16,266
Metropolitan Government of Nashville & Davidson County GO
5.00%, 01/01/23	(PR 01/01/18)		775		912,004
State of Tennessee GO
Series A
4.00%, 08/01/17			1,000		1,133,510
					11,835,146

Security		Principal (000s)		Value
TEXAS — 4.40%
City of Dallas GOL
Series A
5.00%, 02/15/18		$	1,000	$	1,182,520
City of Dallas RB Water Revenue
5.00%, 10/01/13	(AMBAC)		400		406,440
5.00%, 10/01/16	(AMBAC)		480		549,763
City of Houston GOL
Series A
5.00%, 03/01/17			925		1,065,221
5.38%, 03/01/15	(PR 03/01/14) (NPFGC)		200		207,664
City of Houston RB Sewer Revenue
Series E
5.00%, 11/15/16			500		573,925
City of Houston RB Water Revenue
Series A
5.25%, 05/15/14	(NPFGC)		1,300		1,362,257
City of San Antonio RB Electric Power & Light Revenues
5.00%, 02/01/16			500		558,720
5.00%, 02/01/18	(Call 02/01/17)		475		544,673
5.38%, 02/01/15			1,000		1,083,770
Series A
4.40%, 02/01/21	(PR 02/01/15)		525		559,828
5.00%, 02/01/25	(PR 02/01/16)		1,375		1,536,026
Dallas-Fort Worth International Airport RB Port Airport & Marina Revenue Series A
5.00%, 11/01/16			285		323,897
Lower Colorado River Authority RB Electric Power & Light Revenues
5.00%, 05/15/15			250		272,138
5.25%, 01/01/15	(ETM)		865		930,714
North East Independent School District GO
5.00%, 08/01/33	(PR 08/01/14) (PSF)		2,250		2,373,187
North Texas Tollway Authority RB Highway Revenue Tolls
Series A
4.50%, 01/01/38	(PR 01/01/15) (AGM)		540		574,641
5.00%, 01/01/35	(PR 01/01/15) (AGM)		1,105		1,184,593
State of Texas GO
5.00%, 10/01/15			750		830,962

269

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Series B
5.00%, 10/01/17		$	800	$	942,160
Texas Public Finance Authority RB Miscellaneous Revenue
Series A
4.00%, 07/01/13			300		300,951
5.00%, 07/01/14			170		178,750
5.00%, 07/01/15			1,400		1,533,168
5.00%, 07/01/16	(Call 01/01/16)		1,000		1,114,690
5.00%, 07/01/17	(Call 01/01/16)		455		505,373
Texas State Transportation Commission RB Fuel Sales Tax Revenue
Series A
4.50%, 04/01/15			250		268,943
4.50%, 04/01/16			570		632,865
5.25%, 04/01/14			200		208,406
Texas State Transportation Commission RB Highway Revenue Tolls
5.00%, 04/01/14			500		519,970
5.00%, 04/01/16			1,800		2,023,776
Series A
5.00%, 04/01/17			250		289,433
Series B
1.25%, 08/15/42	(Call 02/15/15)		1,000		1,006,760
Texas Water Development Board RB Water Revenue
Series B
5.00%, 07/15/17	(PR 07/15/14)		1,035		1,089,172
University of Texas System Board of Regents RB College & University Revenue
Series B
4.75%, 07/01/30	(PR 07/01/14)		1,000		1,048,540
					27,783,896
UTAH — 1.32%
Intermountain Power Agency RB Electric Power & Light Revenues
Series A
5.00%, 07/01/14			375		394,384
5.25%, 07/01/13			500		502,125

Security		Principal (000s)		Value
State of Utah GO
Series A
5.00%, 07/01/13		$	300	$	301,212
5.00%, 07/01/15			1,000		1,097,320
5.00%, 07/01/16	(PR 07/01/13)		830		833,287
5.00%, 07/01/17			795		930,977
Series C
4.00%, 07/01/13			1,750		1,755,617
5.00%, 07/01/14			1,000		1,051,920
5.00%, 07/01/15			500		548,660
Utah Transit Authority RB Sales Tax Revenue
Series B
4.50%, 06/15/33	(PR 12/15/15) (AGM)		455		501,542
4.75%, 06/15/35	(PR 12/15/15) (AGM)		350		388,006
					8,305,050
VIRGINIA — 0.88%
County of Fairfax GO
Series C
5.00%, 10/01/17			1,500		1,769,880
Virginia Commonwealth Transportation Board RB Miscellaneous Revenue
5.00%, 10/01/13			300		304,821
5.00%, 10/01/14			780		829,226
Virginia Public School Authority RB Miscellaneous Revenue
Series B
5.25%, 08/01/14			925		979,085
5.25%, 08/01/15			1,225		1,352,755
Series C
5.00%, 08/01/17	(SAW)		250		292,092
					5,527,859
WASHINGTON — 3.21%
City of Seattle RB Electric Power & Light Revenues
Series B
5.00%, 02/01/15			1,250		1,346,275
County of King RB Sewer Revenue
Series B
5.00%, 01/01/16			1,000		1,113,160

270

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF

May 31, 2013

Security		Principal (000s)		Value
Energy Northwest RB Electric Power & Light Revenues
Series A
5.00%, 07/01/13		$	460	$	461,854
5.00%, 07/01/13	(AMBAC)		580		582,337
5.00%, 07/01/14			900		946,323
5.00%, 07/01/15			435		476,377
5.00%, 07/01/17			1,500		1,747,680
5.25%, 07/01/13	(NPFGC)		655		657,777
5.25%, 07/01/16	(NPFGC)		190		216,824
5.50%, 07/01/13			205		205,912
5.50%, 07/01/14			1,660		1,754,404
5.50%, 07/01/15			445		491,939
Series C
5.00%, 07/01/14			800		841,176
5.00%, 07/01/16			735		833,167
5.25%, 07/01/16	(NPFGC)		125		142,648
King County School District No. 1 Seattle GOL Series A
5.00%, 06/01/13	(GTD)		1,250		1,250,000
State of Washington GO
5.00%, 01/01/16			500		556,580
Series A
5.00%, 07/01/15			300		328,536
Series C
5.00%, 07/01/13			500		502,015
Series R-2006A
5.00%, 07/01/13	(AMBAC)		1,000		1,004,030
5.00%, 07/01/15	(AMBAC)		600		657,072
Series R-2010A
5.00%, 01/01/17			150		172,152
Series R-2011C
5.00%, 07/01/16			1,000		1,133,560
5.00%, 07/01/17			650		757,328
Series S-5
0.00%, 01/01/17	(NPFGC-FGIC)		375		361,448
State of Washington RB Federal Grant Revenue
5.00%, 09/01/17			1,000		1,165,100
Washington State Public Power Supply System RB Electric Power & Light Revenues
Series B
7.13%, 07/01/16	(NPFGC)		500		598,325
					20,303,999
WISCONSIN — 0.52%
State of Wisconsin GO
Series 1
5.00%, 05/01/15	(NPFGC)		860		936,153
5.00%, 05/01/16	(AMBAC)		100		112,775
5.50%, 05/01/14	(NPFGC)		300		314,535
Series A
5.00%, 05/01/16	(NPFGC-FGIC)		1,370		1,545,017
State of Wisconsin RB Miscellaneous Revenue
Series 1
5.00%, 07/01/15			100		109,227
5.00%, 07/01/16			250		282,323
					3,300,030
TOTAL MUNICIPAL BONDS & NOTES
(Cost: $616,364,536)					621,896,481

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.79%
MONEY MARKET FUNDS — 0.79%
BlackRock Liquidity Funds — MuniFund, Institutional Shares
0.07%a,b		5,005	$	5,004,710
				5,004,710
TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,004,710)				5,004,710
TOTAL INVESTMENTS IN SECURITIES — 99.24%
(Cost: $621,369,246)				626,901,191
Other Assets, Less Liabilities — 0.76%				4,775,206
NET ASSETS — 100.00%			$	631,676,397

COP  —  Certificates of Participation

ETM  —  Escrowed to Maturity

GO  —  General Obligation

GOI  —  General Obligation of the Issuer

GOL  —  General Obligation Limited

GTD  —  Guaranteed by the Commonwealth, County or State

PR  —  Prerefunded

PSF  —  Permanent School Fund

RB  —  Revenue Bond

SAP  —  Subject to Appropriations

SAW  —  State Aid Withholding

SO  —  Special Obligation

ST  —  Special Tax

Insured by:

AGC  —  Assured Guaranty Corp.

AGC-ICC  —  AGC Insured Custody Certificates

AGM  —  Assured Guaranty Municipal Corp.

AMBAC  —  Ambac Financial Group Inc.

CIFG  —  CDC IXIS Financial Guaranty

FGIC  —  Financial Guaranty Insurance Co.

NPFGC  —  National Public Finance Guarantee Corp.

XLCA  —  XL Capital Assurance Inc.

XLCA  —  ICR  —  XL Capital Ltd.  —  Insured Custodial Receipts

^a  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

271

Notes to Schedules of Investments  (Unaudited)

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 schedules of investments relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Former Namea
10+ Year Credit Bond	iShares 10+ Year Credit Bond Fund
1-3 Year Credit Bond	iShares Barclays 1-3 Year Credit Bond Fund
1-3 Year Treasury Bond	iShares Barclays 1-3 Year Treasury Bond Fund
3-7 Year Treasury Bond	iShares Barclays 3-7 Year Treasury Bond Fund
7-10 Year Treasury Bond	iShares Barclays 7-10 Year Treasury Bond Fund
10-20 Year Treasury Bond	iShares Barclays 10-20 Year Treasury Bond Fund
20+ Year Treasury Bond	iShares Barclays 20+ Year Treasury Bond Fund
Agency Bond	iShares Barclays Agency Bond Fund
California AMT-Free Muni Bond	iShares S&P California AMT-Free Municipal Bond Fund
Core Long-Term U.S. Bond	N/A
Core Total U.S. Bond Market	N/A
Credit Bond	iShares Barclays Credit Bond Fund
Government/Credit Bond	iShares Barclays Government/Credit Bond Fund
iBoxx $ High Yield Corporate Bond	iShares iBoxx $ High Yield Corporate Bond Fund
iBoxx $ Investment Grade Corporate Bond	iShares iBoxx $ Investment Grade Corporate Bond Fund
Intermediate Credit Bond	iShares Barclays Intermediate Credit Bond Fund
Intermediate Government/Credit Bond	iShares Barclays Intermediate Government/Credit Bond Fund
MBS	iShares Barclays MBS Bond Fund
National AMT-Free Muni Bond	iShares S&P National AMT-Free Municipal Bond Fund
New York AMT-Free Muni Bond	iShares S&P New York AMT-Free Municipal Bond Fund
Short Treasury Bond	iShares Barclays Short Treasury Bond Fund
Short-Term National AMT-Free Muni Bond	iShares S&P Short Term National AMT-Free Municipal Bond Fund

^a  With the exception of the iShares Core Long-Term U.S. Bond ETF and the iShares Core Total U.S. Bond Market ETF, the Funds changed their names effective July 1, 2013.

1. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

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

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of May 31, 2013. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and  Investment Type	Investments
	Level 1		Level 2		Level 3		Total
10+ Year Credit Bond
Assets:
Corporate Bonds & Notes	$	—	$	267,641,470	$	—	$	267,641,470
Foreign Agency Obligations		—		10,266,309		—		10,266,309
Foreign Government Obligations		—		40,605,085		—		40,605,085
Money Market Funds		1,711,523		—		—		1,711,523
	$	1,711,523	$	318,512,864	$	—	$	320,224,387
1-3 Year Credit Bond
Assets:
Corporate Bonds & Notes	$	—	$	8,837,015,544	$	—	$	8,837,015,544
Foreign Agency Obligations		—		838,779,810		—		838,779,810
Foreign Government Obligations		—		294,036,425		—		294,036,425
Municipal Debt Obligations		—		42,740,566		—		42,740,566
U.S. Government & Agency Obligations		—		15,646,798		—		15,646,798
Money Market Funds		435,579,083		—		—		435,579,083
	$	435,579,083	$	10,028,219,143	$	—	$	10,463,798,226
1-3 Year Treasury Bond
Assets:
U.S. Government Obligations	$	—	$	7,509,699,223	$	—	$	7,509,699,223
Money Market Funds		48,520,693		—		—		48,520,693
	$	48,520,693	$	7,509,699,223	$	—	$	7,558,219,916
3-7 Year Treasury Bond
Assets:
U.S. Government Obligations	$	—	$	3,838,162,484	$	—	$	3,838,162,484
Money Market Funds		1,503,384,927		—		—		1,503,384,927
	$	1,503,384,927	$	3,838,162,484	$	—	$	5,341,547,411
7-10 Year Treasury Bond
Assets:
U.S. Government Obligations	$	—	$	4,449,128,905	$	—	$	4,449,128,905
Money Market Funds		1,168,217,742		—		—		1,168,217,742
	$	1,168,217,742	$	4,449,128,905	$	—	$	5,617,346,647
10-20 Year Treasury Bond
Assets:
U.S. Government Obligations	$	—	$	386,888,661	$	—	$	386,888,661
Money Market Funds		128,658,803		—		—		128,658,803
	$	128,658,803	$	386,888,661	$	—	$	515,547,464
20+ Year Treasury Bond
Assets:
U.S. Government Obligations	$	—	$	3,300,548,227	$	—	$	3,300,548,227
Money Market Funds		1,193,726,824		—		—		1,193,726,824
	$	1,193,726,824	$	3,300,548,227	$	—	$	4,494,275,051

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iShares ETF and  Investment Type	Investments
	Level 1		Level 2		Level 3		Total
Agency Bond
Assets:
Corporate Bonds & Notes	$	—	$	14,203,177	$	—	$	14,203,177
Foreign Government Obligations		—		7,368,677		—		7,368,677
U.S. Government Agency Obligations		—		392,715,235		—		392,715,235
Money Market Funds		65,056,585		—		—		65,056,585
	$	65,056,585	$	414,287,089	$	—	$	479,343,674
California AMT-Free Muni Bond
Assets:
Municipal Bonds & Notes	$	—	$	299,294,045	$	—	$	299,294,045
Money Market Funds		821,717		—		—		821,717
	$	821,717	$	299,294,045	$	—	$	300,115,762
Core Long-Term U.S. Bond
Assets:
Corporate Bonds & Notes	$	—	$	30,094,997	$	—	$	30,094,997
Foreign Agency Obligations		—		833,397		—		833,397
Foreign Government Obligations		—		3,161,005		—		3,161,005
Municipal Debt Obligations		—		4,345,271		—		4,345,271
U.S. Government & Agency Obligations		—		23,487,836		—		23,487,836
Money Market Funds		442,627		—		—		442,627
	$	442,627	$	61,922,506	$	—	$	62,365,133
Core Total U.S. Bond Market
Assets:
Collateralized Mortgage Obligations	$	—	$	274,286,727	$	—	$	274,286,727
Corporate Bonds & Notes		—		3,674,822,464		—		3,674,822,464
Foreign Agency Obligations		—		213,106,322		—		213,106,322
Foreign Government Bonds & Notes		—		230,033,430		—		230,033,430
Municipal Debt Obligations		—		143,955,997		—		143,955,997
U.S. Government & Agency Obligations		—		11,022,843,867		—		11,022,843,867
Money Market Funds		4,524,377,949		—		—		4,524,377,949
	$	4,524,377,949	$	15,559,048,807	$	—	$	20,083,426,756
Credit Bond
Assets:
Corporate Bonds & Notes	$	—	$	1,152,608,258	$	—	$	1,152,608,258
Foreign Agency Obligations		—		70,307,953		—		70,307,953
Foreign Government Obligations		—		74,443,142		—		74,443,142
Municipal Debt Obligations		—		47,375,337		—		47,375,337
Money Market Funds		73,940,107		—		—		73,940,107
	$	73,940,107	$	1,344,734,690	$	—	$	1,418,674,797
Government/Credit Bond
Assets:
Corporate Bonds & Notes	$	—	$	63,493,906	$	—	$	63,493,906
Foreign Agency Obligations		—		4,235,421		—		4,235,421
Foreign Government Obligations		—		4,275,245		—		4,275,245
Municipal Debt Obligations		—		2,547,214		—		2,547,214
U.S. Government & Agency Obligations		—		110,138,535		—		110,138,535
Money Market Funds		40,176,225		—		—		40,176,225
	$	40,176,225	$	184,690,321	$	—	$	224,866,546
iBoxx $ High Yield Corporate Bond
Assets:
Corporate Bonds & Notes	$	—	$	14,872,950,195	$	16,816,800	$	14,889,766,995
Money Market Funds		2,697,346,807		—		—		2,697,346,807
	$	2,697,346,807	$	14,872,950,195	$	16,816,800	$	17,587,113,802
iBoxx $ Investment Grade Corporate Bond
Assets:
Corporate Bonds & Notes	$	—	$	22,405,335,338	$	—	$	22,405,335,338
Foreign Agency Obligations		—		1,637,805		—		1,637,805
Money Market Funds		1,310,726,683		—		—		1,310,726,683
	$	1,310,726,683	$	22,406,973,143	$	—	$	23,717,699,826

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iShares ETF and  Investment Type	Investments
	Level 1		Level 2		Level 3		Total
Intermediate Credit Bond
Assets:
Corporate Bonds & Notes	$	—	$	5,474,424,346	$	—	$	5,474,424,346
Foreign Agency Obligations		—		339,995,976		—		339,995,976
Foreign Government Obligations		—		229,883,422		—		229,883,422
Municipal Debt Obligations		—		21,864,012		—		21,864,012
Money Market Funds		382,155,820		—		—		382,155,820
	$	382,155,820	$	6,066,167,756	$	—	$	6,448,323,576
Intermediate Government/Credit Bond
Assets:
Corporate Bonds & Notes	$	—	$	341,784,397	$	—	$	341,784,397
Foreign Agency Obligations		—		24,493,347		—		24,493,347
Foreign Government Obligations		—		15,188,586		—		15,188,586
Municipal Debt Obligations		—		1,172,109		—		1,172,109
U.S. Government & Agency Obligations		—		708,886,238		—		708,886,238
Money Market Funds		279,673,972		—		—		279,673,972
	$	279,673,972	$	1,091,524,677	$	—	$	1,371,198,649
MBS
Assets:
U.S. Government Agency Obligations	$	—	$	6,370,751,758	$	—	$	6,370,751,758
Money Market Funds		1,542,963,685		—		—		1,542,963,685
	$	1,542,963,685	$	6,370,751,758	$	—	$	7,913,715,443
National AMT-Free Muni Bond
Assets:
Municipal Bonds & Notes	$	—	$	3,600,651,388	$	—	$	3,600,651,388
Money Market Funds		19,418,219		—		—		19,418,219
	$	19,418,219	$	3,600,651,388	$	—	$	3,620,069,607
New York AMT-Free Muni Bond
Assets:
Municipal Bonds & Notes	$	—	$	140,567,549	$	—	$	140,567,549
Money Market Funds		3,115,833		—		—		3,115,833
	$	3,115,833	$	140,567,549	$	—	$	143,683,382
Short Treasury Bond
Assets:
U.S. Government Obligations	$	—	$	4,119,974,611	$	—	$	4,119,974,611
Money Market Funds		925,637		—		—		925,637
	$	925,637	$	4,119,974,611	$	—	$	4,120,900,248
Short-Term National AMT-Free Muni Bond
Assets:
Municipal Bonds & Notes	$	—	$	621,896,481	$	—	$	621,896,481
Money Market Funds		5,004,710		—		—		5,004,710
	$	5,004,710	$	621,896,481	$	—	$	626,901,191

WHEN-ISSUED/TBA TRANSACTIONS

The iShares Core Total U.S. Bond Market ETF and iShares MBS ETF may purchase mortgage pass-through securities on a when-issued or to-be-announced (“TBA”) basis, with payment and delivery scheduled for a future date. The Fund may enter into a TBA agreement, sell the obligation to purchase the pools stipulated in the TBA agreement prior to the stipulated

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settlement date and enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities (a “TBA roll”). A TBA roll is treated by the Fund as a purchase transaction and a sale transaction in which the Fund realizes a gain or loss. The Fund’s use of TBA rolls may cause the Fund to experience higher portfolio turnover and higher transaction costs. The Fund could be exposed to possible risk if there is adverse market action, expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

FEDERAL INCOME TAXES

As of May 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized  Appreciation  (Depreciation)
10+ Year Credit Bond	$	322,606,123	$	7,262,583	$	(9,644,319	)	$	(2,381,736	)
1-3 Year Credit Bond		10,393,708,012		79,902,626		(9,812,412	)		70,090,214
1-3 Year Treasury Bond		7,552,850,310		7,403,374		(2,033,768	)		5,369,606
3-7 Year Treasury Bond		5,384,067,042		63,671		(42,583,302	)		(42,519,631	)
7-10 Year Treasury Bond		5,686,202,684		3,038,328		(71,894,365	)		(68,856,037	)
10-20 Year Treasury Bond		536,186,640		—		(20,639,176	)		(20,639,176	)
20+ Year Treasury Bond		4,802,727,902		—		(308,452,851	)		(308,452,851	)
Agency Bond		475,312,712		5,011,611		(980,649	)		4,030,962
California AMT-Free Muni Bond		284,249,307		17,032,081		(1,165,626	)		15,866,455
Core Long-Term U.S. Bond		64,744,467		861,026		(3,240,360	)		(2,379,334	)
Core Total U.S. Bond Market		19,564,862,267		599,690,346		(81,125,857	)		518,564,489
Credit Bond		1,356,892,206		69,893,150		(8,110,559	)		61,782,591
Government/Credit Bond		216,636,360		9,219,023		(988,837	)		8,230,186
iBoxx $ High Yield Corporate Bond		16,986,368,936		730,491,448		(129,746,582	)		600,744,866
iBoxx $ Investment Grade Corporate Bond		22,623,593,816		1,297,063,809		(202,957,799	)		1,094,106,010
Intermediate Credit Bond		6,275,573,694		201,881,713		(29,131,831	)		172,749,882
Intermediate Government/Credit Bond		1,342,133,208		32,596,598		(3,531,157	)		29,065,441
MBS		7,934,923,205		46,875,571		(68,083,333	)		(21,207,762	)
National AMT-Free Muni Bond		3,459,382,222		177,528,625		(16,841,240	)		160,687,385
New York AMT-Free Muni Bond		137,275,025		7,203,497		(795,140	)		6,408,357
Short Treasury Bond		4,120,888,732		279,846		(268,330	)		11,516
Short-Term National AMT-Free Muni Bond		621,369,246		5,755,991		(224,046	)		5,531,945

RECENT ACCOUNTING STANDARD

In December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. The scope of the disclosure requirements for offsetting will be limited to derivative instruments and securities lending transactions. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar

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agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statements and disclosures.

2. TRANSACTIONS WITH AFFILIATES

Each Fund may invest its positive cash balances in certain money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or an affiliate. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”).

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

Investments in issuers considered to be affiliates of the Funds (excluding short-term investments) during the three months ended May 31, 2013, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Principal Held at Beginning of Period (000s)		Principal Purchased (000s)		Principal Sold (000s)		Principal Held at End of Period (000s)		Value at End of Period		Interest Income		Net Realized Gain (Loss)
1-3 Year Credit Bond
PNC Bank N.A.
0.80%, 01/28/16 (Call 12/28/15)	$	1,000	$	—	$	—	$	1,000	$	997,253	$	1,602	$	—
PNC Funding Corp.
3.00%, 05/19/14		8,000		—		—		8,000		8,192,084		27,866		—
3.63%, 02/08/15		20,904		—		—		20,904		21,870,438		59,193		—
4.25%, 09/21/15		5,500		—		—		5,500		5,918,535		10,346		—
5.25%, 11/15/15		—		2,000		—		2,000		2,195,061		2,383		—
5.40%, 06/10/14		8,263		—		—		8,263		8,667,078		27,206		—
									$	47,840,449	$	128,596	$	—
Core Total U.S. Bond Market
PNC Funding Corp.
5.25%, 11/15/15	$	9,135	$	—	$	—	$	9,135	$	10,025,941	$	107,469	$	—
5.40%, 06/10/14		998		—		—		998		1,046,804		12,266		—
6.70%, 06/10/19		998		—		—		998		1,237,506		15,933		—
									$	12,310,251	$	135,668	$	—
Credit Bond
PNC Bank N.A.
0.80%, 01/28/16 (Call 12/28/15)	$	500	$	—	$	—	$	500	$	498,626	$	889	$	—
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)		910		—		—		910		919,581		7,142		—
3.63%, 02/08/15		500		—		—		500		523,116		3,957		—
4.25%, 09/21/15		200		—		—		200		215,219		2,140		—
5.13%, 02/08/20		925		—		—		925		1,060,727		9,961		—
									$	3,217,269	$	24,089	$	—

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iShares ETF and Name of Affiliated Issuer	Principal Held at Beginning of Period (000s)		Principal Purchased (000s)		Principal Sold (000s)			Principal Held at End of Period (000s)		Value at End of Period		Interest Income		Net Realized Gain (Loss)
Government/Credit Bond
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)	$	100	$	—	$	—		$	100	$	101,053	$	673	$	—
iBoxx $ Investment Grade Corporate Bond
PNC Bank N.A.
2.70%, 11/01/22 (Call 10/01/22)	$	14,250	$	—	$	—		$	14,250	$	13,494,674	$	95,419	$	—
2.95%, 01/30/23 (Call 12/30/22)		5,000		—		—			5,000		4,834,458		36,725		—
PNC Funding Corp.
2.70%, 09/19/16 (Call 08/19/16)		13,654		1,000		—			14,654		15,394,452		35,279		—
3.30%, 03/08/22 (Call 02/06/22)		19,738		10,000		—			29,738		29,941,360		169,856		—
4.38%, 08/11/20		10,208		—		—			10,208		11,308,611		106,575		—
5.13%, 02/08/20		18,839		730		—			19,569		22,455,899		197,505		—
										$	97,429,454	$	641,359	$	—
Intermediate Credit Bond
PNC Bank N.A.
2.95%, 01/30/23 (Call 12/30/22)	$	3,000	$	—	$	—		$	3,000	$	2,911,185	$	22,629	$	—
4.88%, 09/21/17		340		—		—			340		379,407		2,650		—
5.25%, 01/15/17		290		—		—			290		324,404		2,339		—
6.00%, 12/07/17		1,000		—		—			1,000		1,167,299		8,255		—
PNC Financial Services Group Inc. (The)
2.85%, 11/09/22		—		8,000		—			8,000		7,750,577		13,319		—
PNC Funding Corp.
2.70%, 09/19/16 (Call 08/19/16)		2,093		—		—			2,093		2,191,442		12,287		—
3.30%, 03/08/22 (Call 02/06/22)		1,862		—		—			1,862		1,881,605		15,692		—
3.63%, 02/08/15		335		—		—			335		350,488		1,133		—
4.25%, 09/21/15		750		1,500		—			2,250		2,421,219		10,119		—
4.38%, 08/11/20		1,992		—		—			1,992		2,200,534		20,592		—
5.13%, 02/08/20		2,411		—		—			2,411		2,764,772		26,390		—
5.25%, 11/15/15		1,957		—		(100	)		1,857		2,038,114		21,519		15,962
5.40%, 06/10/14		1,700		—		—			1,700		1,783,133		17,299		—
5.63%, 02/01/17		1,750		—		—			1,750		1,969,967		21,754		—
										$	30,134,146	$	195,977	$	15,962

279

Notes to Schedules of Investments  (Unaudited) (Continued)

iSHARES^® TRUST

iShares ETF and Name of Affiliated Issuer	Principal Held at Beginning of Period (000s)		Principal Purchased (000s)		Principal Sold (000s)		Principal Held at End of Period (000s)		Value at End of Period		Interest Income		Net Realized Gain (Loss)
Intermediate Government/Credit Bond
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)	$	500	$	—	$	—	$	500	$	505,265	$	3,561	$	—
5.25%, 11/15/15		135		—		—		135		148,167		1,173		—
									$	653,432	$	4,734	$	—

3. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities plus the interest accrued on such securities, if any, for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan plus accrued interest, if any. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Any securities lending cash collateral 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 BFA or its affiliates. Each Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the value of the cash collateral received.

As of May 31, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA.

280

Item 2. Controls and Procedures.

(a) The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the certifications filed with this

Form N-Q.

(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 Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of the President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed with this Form N-Q as exhibits.

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 Trust

By: /s/ Michael Latham

Michael Latham, President

(Principal Executive Officer)

Date: July 29, 2013

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/ Michael Latham

Michael Latham, President

(Principal Executive Officer)

Date: July 29, 2013

By: /s/ Jack Gee

Jack Gee, Treasurer and Chief Financial Officer

(Principal Financial Officer)

Date: July 29, 2013