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

1 Iron Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: April 30, 2015

Date of reporting period: January 31, 2015

Item 1. Schedules of Investments.

Schedule of Investments  (Unaudited)

iSHARES^® ASIA DEVELOPED REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.41%
AUSTRALIA — 20.98%
BWP Trust		25,176	$	55,876
Charter Hall Retail REIT		16,206		55,404
Cromwell Group		76,140		62,852
Dexus Property Group		47,094		282,760
Federation Centres		74,256		175,215
Goodman Group		89,472		427,116
GPT Group (The)		92,412		325,286
Investa Office Fund		31,440		94,508
Mirvac Group		189,276		284,479
Novion Property Group		116,232		209,996
Scentre Group		269,946		798,838
Stockland		119,892		408,943
Westfield Corp.		100,848		774,359
				3,955,632
HONG KONG — 26.92%
Champion REIT		120,000		58,813
Hang Lung Properties Ltd.		120,000		353,654
Henderson Land Development Co. Ltd.		60,180		430,004
Hongkong Land Holdings Ltd.		60,000		444,600
Hysan Development Co. Ltd.		36,000		174,350
Kerry Properties Ltd.		33,000		117,046
Link REIT (The)		120,000		812,552
New World Development Co. Ltd.		264,333		315,699
Sino Land Co. Ltd.		156,800		262,906
Sun Hung Kai Properties Ltd.		78,000		1,273,617
Swire Properties Ltd.		61,200		196,939
Wharf Holdings Ltd. (The)		78,200		635,416
				5,075,596
JAPAN — 39.43%
Activia Properties Inc.		12		107,573
Advance Residence Investment Corp.		66		169,404
Aeon Mall Co. Ltd.		5,490		91,745
Daiwa House REIT Investment Corp.		12		58,332
Daiwa Office Investment Corp.		12		69,774
Daiwahouse Residential Investment Corp.		18		84,740
Frontier Real Estate Investment Corp.		24		109,718
Fukuoka REIT Corp.		30		60,682
GLP J-REIT		102		116,184
Hulic Co. Ltd.		15,600		143,297
Industrial & Infrastructure Fund Investment Corp.		12		60,682
Japan Excellent Inc.		54		69,554
Japan Hotel REIT Investment Corp.		138		91,166
Japan Logistics Fund Inc.		42		90,211
Japan Prime Realty Investment Corp.		42		147,312
Japan Real Estate Investment Corp.		66		321,951
Japan Retail Fund Investment Corp.		120		260,707
Kenedix Realty Investment Corp.		18		107,113
Mitsubishi Estate Co. Ltd.		66,000		1,339,216
Mitsui Fudosan Co. Ltd.		50,000		1,277,189
Mori Hills REIT Investment Corp.		66		93,607
MORI TRUST Sogo REIT Inc.		54		112,721
Nippon Accommodations Fund Inc.		24		99,400

Security	Shares		Value
Nippon Building Fund Inc.		72	$	355,510
Nippon Prologis REIT Inc.		78		184,201
Nomura Real Estate Holdings Inc.		6,000		101,954
Nomura Real Estate Master Fund Inc.		84		105,621
Nomura Real Estate Office Fund Inc.		18		92,096
NTT Urban Development Corp.		5,400		52,453
Orix JREIT Inc.		102		153,350
Premier Investment Corp.		12		64,257
Sumitomo Realty & Development Co. Ltd.		24,000		773,337
Tokyo Tatemono Co. Ltd.		21,000		143,021
TOKYU REIT Inc.		48		63,747
Top REIT Inc.		12		51,590
United Urban Investment Corp.		132		212,050
				7,435,465
NEW ZEALAND — 0.30%
Kiwi Property Group Ltd.		59,322		56,834
				56,834
SINGAPORE — 11.78%
Ascendas REIT		102,202		185,808
CapitaCommercial Trust		102,000		133,427
CapitaLand Ltd.		132,000		339,487
CapitaMall Trust Management Ltd.a		138,400		213,773
CDL Hospitality Trusts		36,000		47,890
City Developments Ltd.		30,000		222,822
Fortune REIT		72,000		80,605
Global Logistic Properties Ltd.		156,000		291,686
Keppel Land Ltd.		36,000		120,789
Keppel REITa		78,000		71,192
Mapletree Commercial Trust		66,000		73,897
Mapletree Industrial Trust		60,200		68,070
Mapletree Logistics Trust		78,240		69,387
Suntec REITa		126,000		175,065
UOL Group Ltd.b		24,000		128,062
				2,221,960
TOTAL COMMON STOCKS
(Cost: $18,957,858)				18,745,487
SHORT-TERM INVESTMENTS — 2.49%
MONEY MARKET FUNDS — 2.49%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		436,578		436,578
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		26,262		26,262

1

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® ASIA DEVELOPED REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		6,644	$	6,644
				469,484
TOTAL SHORT-TERM INVESTMENTS (Cost: $469,484)				469,484
TOTAL INVESTMENTS IN SECURITIES — 101.90% (Cost: $19,427,342)				19,214,971
Other Assets, Less Liabilities — (1.90)%				(357,401	)
NET ASSETS — 100.00%			$	18,857,570

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

2

Schedule of Investments  (Unaudited)

iSHARES^® COHEN & STEERS REIT ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.94%
HEALTH CARE REITS — 16.79%
HCP Inc.a		4,039,625	$	191,033,866
Health Care REIT Inc.		2,851,859		233,709,845
Ventas Inc.		2,590,384		206,738,547
				631,482,258
HOTEL & RESORT REITS — 4.06%
Host Hotels & Resorts Inc.		6,667,739		152,624,546
				152,624,546
INDUSTRIAL REITS — 5.28%
Prologis Inc.a		4,402,121		198,711,742
				198,711,742
OFFICE REITS — 19.61%
Alexandria Real Estate Equities Inc.		634,942		61,919,544
Boston Properties Inc.		1,348,004		187,102,955
Digital Realty Trust Inc.a		1,196,513		87,273,658
Douglas Emmett Inc.		1,194,147		34,009,307
Highwoods Properties Inc.a		794,986		37,364,342
Kilroy Realty Corp.		736,796		54,633,423
SL Green Realty Corp.a		843,218		106,245,468
Vornado Realty Trusta		1,532,777		169,279,892
				737,828,589
RESIDENTIAL REITS — 19.82%
American Campus Communities Inc.a		922,625		40,558,595
AvalonBay Communities Inc.		1,152,348		199,344,681
Camden Property Trusta		757,326		58,351,968
Equity Residentiala		3,183,265		247,053,197
Essex Property Trust Inc.a		559,630		126,504,361
UDR Inc.		2,224,687		73,993,090
				745,805,892
RETAIL REITS — 27.57%
Federal Realty Investment Trusta		597,950		85,967,272
General Growth Properties Inc.a		5,526,719		166,796,379
Kimco Realty Corp.a		3,610,518		99,830,823
Macerich Co. (The)a		1,239,571		106,615,502
Realty Income Corp.a		1,964,139		106,672,389
Regency Centers Corp.a		817,718		56,062,746
Simon Property Group Inc.		1,515,844		301,137,569
Tanger Factory Outlet Centers Inc.a		853,394		33,581,054
Taubman Centers Inc.a		527,961		43,266,404
Urban Edge Propertiesb		4,919		116,765
Weingarten Realty Investorsa		989,590		37,089,833
				1,037,136,736

Security	Shares		Value
SPECIALIZED REITS — 6.81%
Public Storage		1,276,078	$	256,287,505
				256,287,505
TOTAL COMMON STOCKS
(Cost: $2,924,596,323)				3,759,877,268
SHORT-TERM INVESTMENTS — 2.93%
MONEY MARKET FUNDS — 2.93%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		101,257,347		101,257,347
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		6,091,128		6,091,128
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		2,861,972		2,861,972
				110,210,447
TOTAL SHORT-TERM INVESTMENTS
(Cost: $110,210,447)				110,210,447
TOTAL INVESTMENTS IN SECURITIES — 102.87%
(Cost: $3,034,806,770)				3,870,087,715
Other Assets, Less Liabilities — (2.87)%				(108,022,280	)
NET ASSETS — 100.00%			$	3,762,065,435

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

3

Schedule of Investments  (Unaudited)

iSHARES ^® CORE DIVIDEND GROWTH ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.83%
AEROSPACE & DEFENSE — 3.90%
General Dynamics Corp.		5,754	$	766,490
HEICO Corp.		133		8,070
L-3 Communications Holdings Inc.		1,748		215,214
Lockheed Martin Corp.		8,943		1,684,593
Northrop Grumman Corp.		4,107		644,594
Raytheon Co.		7,317		732,066
United Technologies Corp. Class B		18,430		2,115,395
				6,166,422
AIR FREIGHT & LOGISTICS — 1.46%
C.H. Robinson Worldwide Inc.		2,991		213,019
Expeditors International of Washington Inc.		2,938		128,332
FedEx Corp.		1,252		211,726
United Parcel Service Inc. Class B		17,758		1,755,200
				2,308,277
AUTO COMPONENTS — 0.14%
Autoliv Inc.		2,023		214,559
				214,559
AUTOMOBILES — 0.04%
Thor Industries Inc.		990		55,786
				55,786
BEVERAGES — 5.70%
Brown-Forman Corp. Class B NVS		2,163		192,226
Coca-Cola Co. (The)		103,157		4,246,974
Coca-Cola Enterprises Inc.		5,335		224,603
Dr Pepper Snapple Group Inc.		4,698		363,014
PepsiCo Inc.		42,583		3,993,434
				9,020,251
BUILDING PRODUCTS — 0.07%
A.O. Smith Corp.		885		52,578
Lennox International Inc.		599		58,888
				111,466
CAPITAL MARKETS — 1.84%
Ameriprise Financial Inc.		3,360		419,798
BlackRock Inc.a		2,869		976,923
Cohen & Steers Inc.		444		18,684
Eaton Vance Corp. NVS		3,057		123,044
Evercore Partners Inc. Class A		814		38,966
Franklin Resources Inc.		3,495		180,097
Invesco Ltd.		11,229		412,441
Legg Mason Inc.		1,276		70,742
SEI Investments Co.		1,499		60,215
T. Rowe Price Group Inc.		5,702		448,862

Security	Shares		Value
TD Ameritrade Holding Corp.		4,759	$	154,144
				2,903,916
CHEMICALS — 2.84%
Air Products and Chemicals Inc.		4,335		631,219
Airgas Inc.		1,384		155,894
Albemarle Corp.		1,528		73,741
Ashland Inc.		779		92,327
Celanese Corp. Series A		2,685		144,346
Ecolab Inc.		2,991		310,376
H.B. Fuller Co.		596		24,525
International Flavors & Fragrances Inc.		1,581		167,760
Monsanto Co.		8,285		977,464
NewMarket Corp.		127		57,108
PPG Industries Inc.		1,746		389,149
Praxair Inc.		6,280		757,305
RPM International Inc.		3,027		144,872
Scotts Miracle-Gro Co. (The) Class A		1,355		85,948
Sensient Technologies Corp.		868		52,948
Sherwin-Williams Co. (The)		762		206,708
Sigma-Aldrich Corp.		848		116,617
Valspar Corp. (The)		1,011		84,348
Westlake Chemical Corp.		488		27,967
				4,500,622
COMMERCIAL BANKS — 0.22%
Bank of the Ozarks Inc.		944		30,614
BOK Financial Corp.		628		33,981
Community Bank System Inc.		1,360		45,737
Cullen/Frost Bankers Inc.		1,643		102,359
First Interstate BancSystem Inc.		531		12,691
Prosperity Bancshares Inc.		1,113		50,964
UMB Financial Corp.		664		32,217
Westamerica Bancorp		864		35,148
				343,711
COMMERCIAL SERVICES & SUPPLIES — 1.18%
ABM Industries Inc.		1,239		35,770
ADT Corp. (The)		4,588		157,827
Brady Corp. Class A		1,544		40,406
Cintas Corp.		1,208		95,070
G&K Services Inc. Class A		395		27,689
Healthcare Services Group Inc.		1,759		55,426
Matthews International Corp. Class A		347		16,077
MSA Safety Inc.		785		34,273
Republic Services Inc.		7,585		300,973
Rollins Inc.		899		29,712
Tyco International PLC		7,457		304,320
Waste Connections Inc.		1,562		67,510
Waste Management Inc.		13,657		702,379
				1,867,432
COMMUNICATIONS EQUIPMENT — 1.74%
Harris Corp.		2,963		198,906
QUALCOMM Inc.		40,826		2,549,992
				2,748,898

4

Schedule of Investments(Unaudited) (Continued)

iSHARES^® CORE DIVIDEND GROWTH ETF

January 31, 2015

Security	Shares		Value
CONTAINERS & PACKAGING — 0.30%
AptarGroup Inc.		1,160	$	73,208
Bemis Co. Inc.		2,641		116,996
Rock-Tenn Co. Class A		1,884		122,272
Silgan Holdings Inc.		528		27,144
Sonoco Products Co.		3,133		138,479
				478,099
DISTRIBUTORS — 0.21%
Genuine Parts Co.		3,617		336,164
				336,164
DIVERSIFIED CONSUMER SERVICES — 0.01%
DeVry Education Group Inc.		429		18,194
				18,194
DIVERSIFIED FINANCIAL SERVICES — 0.41%
CBOE Holdings Inc.		1,173		75,623
MarketAxess Holdings Inc.		365		27,729
McGraw Hill Financial Inc.		3,733		333,880
Moody’s Corp.		2,257		206,132
				643,364
ELECTRIC UTILITIES — 2.50%
Cleco Corp.		1,888		102,632
Edison International		7,553		514,737
ITC Holdings Corp.		2,760		117,410
MGE Energy Inc.		903		41,448
NextEra Energy Inc.		13,016		1,421,868
Northeast Utilities		10,104		561,580
OGE Energy Corp.		6,003		211,185
Portland General Electric Co.		2,446		97,106
Westar Energy Inc.		4,872		208,132
Xcel Energy Inc.		18,203		683,159
				3,959,257
ELECTRICAL EQUIPMENT — 1.73%
Eaton Corp. PLC		14,505		915,120
Emerson Electric Co.		22,126		1,259,854
Franklin Electric Co. Inc.		393		13,445
Hubbell Inc. Class B		1,213		128,626
Regal Beloit Corp.		601		41,379
Rockwell Automation Inc.		3,466		377,517
				2,735,941
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.36%
AVX Corp.		1,479		19,123
Littelfuse Inc.		243		23,994
TE Connectivity Ltd.		7,820		519,170
				562,287
ENERGY EQUIPMENT & SERVICES — 0.08%
CARBO Ceramics Inc.b		770		25,240
Core Laboratories NV		836		77,539

Security	Shares		Value
RPC Inc.		2,308	$	28,781
				131,560
FOOD & STAPLES RETAILING — 4.96%
Andersons Inc. (The)		239		10,750
Casey’s General Stores Inc.		391		35,698
Costco Wholesale Corp.		4,606		658,612
CVS Health Corp.		14,599		1,433,038
Kroger Co. (The)		6,212		428,939
Sysco Corp.		17,999		705,021
Wal-Mart Stores Inc.		38,185		3,244,961
Walgreens Boots Alliance Inc.		17,973		1,325,509
				7,842,528
FOOD PRODUCTS — 2.37%
Archer-Daniels-Midland Co.		12,627		588,797
Bunge Ltd.		2,288		204,845
Flowers Foods Inc.		4,918		96,196
General Mills Inc.		19,852		1,041,833
Hershey Co. (The)		3,369		344,346
Hormel Foods Corp.		2,195		112,428
J&J Snack Foods Corp.		194		19,035
J.M. Smucker Co. (The)		2,729		281,496
Kellogg Co.		7,993		524,181
Lancaster Colony Corp.		393		35,343
McCormick & Co. Inc. NVS		2,764		197,322
Mead Johnson Nutrition Co. Class A		3,152		310,440
				3,756,262
GAS UTILITIES — 0.71%
Atmos Energy Corp.		3,052		173,689
Laclede Group Inc. (The)		1,564		84,081
National Fuel Gas Co.		2,019		128,065
New Jersey Resources Corp.		1,327		84,769
Piedmont Natural Gas Co.		2,749		109,658
Questar Corp.		5,714		148,278
South Jersey Industries Inc.		1,137		66,230
Southwest Gas Corp.		1,235		75,903
UGI Corp.		4,194		155,136
WGL Holdings Inc.		1,722		97,293
				1,123,102
HEALTH CARE EQUIPMENT & SUPPLIES — 2.99%
Abbott Laboratories		31,147		1,394,140
Baxter International Inc.		16,150		1,135,506
Becton, Dickinson and Co.		3,213		443,651
C.R. Bard Inc.		410		70,122
Cantel Medical Corp.		101		4,098
Medtronic PLC		17,104		1,221,226
Steris Corp.		869		56,676
Stryker Corp.		4,126		375,672
West Pharmaceutical Services Inc.		635		31,312
				4,732,403
HEALTH CARE PROVIDERS & SERVICES — 1.80%
AmerisourceBergen Corp.		2,778		264,049
Cardinal Health Inc.		5,911		491,736
Chemed Corp.		144		14,564

5

Schedule of Investments(Unaudited) (Continued)

iSHARES^® CORE DIVIDEND GROWTH ETF

January 31, 2015

Security	Shares		Value
McKesson Corp.		1,121	$	238,381
Omnicare Inc.		1,167		87,502
Owens & Minor Inc.		1,945		66,577
Patterson Companies Inc.		1,487		74,484
UnitedHealth Group Inc.		15,153		1,610,006
				2,847,299
HOTELS, RESTAURANTS & LEISURE — 4.14%
Bob Evans Farms Inc.		618		34,837
Brinker International Inc.		1,346		78,647
Cracker Barrel Old Country Store Inc.		768		103,304
International Speedway Corp. Class A		233		6,778
Marriott International Inc./MD Class A		2,305		171,723
McDonald’s Corp.		38,417		3,551,267
Starbucks Corp.		12,074		1,056,837
Wendy’s Co. (The)		7,304		76,984
Wyndham Worldwide Corp.		2,182		182,830
Wynn Resorts Ltd.		3,473		513,830
Yum! Brands Inc.		10,582		764,867
				6,541,904
HOUSEHOLD DURABLES — 0.26%
Garmin Ltd.		4,422		231,536
Leggett & Platt Inc.		4,319		184,119
				415,655
HOUSEHOLD PRODUCTS — 4.60%
Church & Dwight Co. Inc.		2,265		183,284
Clorox Co. (The)		4,042		431,322
Colgate-Palmolive Co.		18,683		1,261,476
Kimberly-Clark Corp.		11,051		1,193,066
Procter & Gamble Co. (The)		49,608		4,181,458
WD-40 Co.		253		20,761
				7,271,367
INDUSTRIAL CONGLOMERATES — 4.34%
3M Co.		14,483		2,350,591
Carlisle Companies Inc.		775		69,502
General Electric Co.		182,685		4,364,345
Roper Industries Inc.		546		84,269
				6,868,707
INSURANCE — 4.20%
ACE Ltd.		7,818		844,031
Aflac Inc.		12,297		701,913
Allied World Assurance Co. Holdings Ltd.		2,457		95,012
American Equity Investment Life Holding Co.		624		15,918
American Financial Group Inc.		1,290		74,872
AmTrust Financial Services Inc.		425		21,514
Assurant Inc.		1,186		75,323
Axis Capital Holdings Ltd.		2,325		118,342
Brown & Brown Inc.		1,682		51,890
Chubb Corp. (The)		4,811		470,997
Cincinnati Financial Corp.		5,277		266,541
Erie Indemnity Co. Class A		715		61,962
First American Financial Corp.		3,299		112,232
HCC Insurance Holdings Inc.		2,254		120,228

Security	Shares		Value
Horace Mann Educators Corp.		1,251	$	38,118
Marsh & McLennan Companies Inc.		11,030		593,083
Montpelier Re Holdings Ltd.		915		32,144
PartnerRe Ltd.		1,211		138,538
Primerica Inc.		505		25,068
Principal Financial Group Inc.		7,432		348,784
Protective Life Corp.		1,056		73,867
Prudential Financial Inc.		12,815		972,402
Reinsurance Group of America Inc.		1,117		92,499
RenaissanceRe Holdings Ltd.		482		46,094
RLI Corp.		608		28,521
StanCorp Financial Group Inc.		858		53,230
Symetra Financial Corp.		1,792		36,396
Torchmark Corp.		1,273		63,739
Travelers Companies Inc. (The)		7,280		748,530
Unum Group		5,282		164,059
Validus Holdings Ltd.		2,774		109,989
WR Berkley Corp.		888		43,503
				6,639,339
IT SERVICES — 4.67%
Accenture PLC Class A		15,950		1,340,279
Automatic Data Processing Inc.		10,049		829,344
Broadridge Financial Solutions Inc.		3,105		149,009
International Business Machines Corp.		26,361		4,041,405
Jack Henry & Associates Inc.		1,225		75,178
Visa Inc. Class A		3,732		951,324
				7,386,539
LEISURE EQUIPMENT & PRODUCTS — 0.20%
Hasbro Inc.		3,675		201,831
Polaris Industries Inc.		838		121,166
				322,997
LIFE SCIENCES TOOLS & SERVICES — 0.03%
Bio-Techne Corp.		545		50,696
				50,696
MACHINERY — 3.90%
Caterpillar Inc.		19,005		1,519,830
CLARCOR Inc.		644		40,269
Crane Co.		1,239		75,517
Cummins Inc.		3,860		538,316
Deere & Co.		10,239		872,261
Donaldson Co. Inc.		2,340		85,550
Dover Corp.		3,893		272,666
Flowserve Corp.		1,588		86,530
Graco Inc.		874		62,264
Hillenbrand Inc.		1,607		50,476
IDEX Corp.		1,241		89,786
Illinois Tool Works Inc.		7,726		719,213
ITT Corp.		1,069		38,281
Lincoln Electric Holdings Inc.		1,089		73,954
Nordson Corp.		721		52,532
PACCAR Inc.		4,791		287,987
Pall Corp.		1,446		139,915
Parker-Hannifin Corp.		3,136		365,219
Pentair PLC		3,867		239,019
Snap-on Inc.		961		127,534
Stanley Black & Decker Inc.		3,618		338,826

6

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE DIVIDEND GROWTH ETF

January 31, 2015

Security	Shares		Value
Tennant Co.		230	$	14,998
Toro Co. (The)		752		48,812
Valmont Industries Inc.		289		34,715
				6,174,470
MEDIA — 3.32%
Comcast Corp. Class A		43,624		2,318,398
John Wiley & Sons Inc. Class A		1,000		61,960
Meredith Corp.		1,252		65,179
Omnicom Group Inc.		6,715		488,852
Time Warner Cable Inc.		6,037		821,817
Time Warner Inc.		13,340		1,039,586
Viacom Inc. Class B NVS		7,000		450,940
				5,246,732
METALS & MINING — 0.36%
Compass Minerals International Inc.		1,040		90,896
Globe Specialty Metals Inc.		1,184		18,257
Nucor Corp.		9,296		405,771
Royal Gold Inc.		842		61,011
				575,935
MULTI-UTILITIES — 3.19%
Alliant Energy Corp.		3,724		255,504
Black Hills Corp.		1,385		69,471
CMS Energy Corp.		9,319		351,606
Dominion Resources Inc.		20,336		1,563,635
DTE Energy Co.		6,245		559,927
MDU Resources Group Inc.		6,347		143,506
NorthWestern Corp.		1,444		83,405
Public Service Enterprise Group Inc.		19,048		812,969
Sempra Energy		5,855		655,291
Vectren Corp.		2,966		142,131
Wisconsin Energy Corp.		7,244		403,998
				5,041,443
MULTILINE RETAIL — 1.09%
Family Dollar Stores Inc.		1,573		119,705
Nordstrom Inc.		2,654		202,235
Target Corp.		18,955		1,395,278
				1,717,218
OIL, GAS & CONSUMABLE FUELS — 6.11%
Cimarex Energy Co.		588		60,682
EOG Resources Inc.		4,438		395,115
Exxon Mobil Corp.		54,714		4,783,098
Marathon Oil Corp.		22,477		597,888
Murphy Oil Corp.		5,400		242,514
Occidental Petroleum Corp.		29,816		2,385,280
Phillips 66		17,198		1,209,363
				9,673,940
PAPER & FOREST PRODUCTS — 0.43%
International Paper Co.		12,910		679,841
				679,841

Security	Shares		Value
PERSONAL PRODUCTS — 0.19%
Estee Lauder Companies Inc. (The) Class A		3,073	$	216,923
Nu Skin Enterprises Inc. Class A		1,954		80,075
				296,998
PHARMACEUTICALS — 7.07%
AbbVie Inc.		41,405		2,498,792
Johnson & Johnson		42,693		4,275,277
Perrigo Co. PLC		393		59,634
Pfizer Inc.		139,111		4,347,218
				11,180,921
PROFESSIONAL SERVICES — 0.21%
Corporate Executive Board Co. (The)		517		35,425
Dun & Bradstreet Corp. (The)		569		65,497
Equifax Inc.		1,572		132,771
Robert Half International Inc.		1,831		106,308
				340,001
ROAD & RAIL — 2.18%
CSX Corp.		19,076		635,231
J.B. Hunt Transport Services Inc.		972		77,381
Norfolk Southern Corp.		7,243		738,568
Ryder System Inc.		944		78,154
Union Pacific Corp.		16,361		1,917,673
				3,447,007
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.56%
Altera Corp.		6,201		204,168
Analog Devices Inc.		8,679		452,219
Applied Materials Inc.		21,484		490,695
Broadcom Corp. Class A		6,356		269,717
KLA-Tencor Corp.		4,991		306,797
Linear Technology Corp.		5,932		266,584
Microchip Technology Inc.		6,767		305,192
Texas Instruments Inc.		27,696		1,480,351
Xilinx Inc.		6,938		267,633
				4,043,356
SOFTWARE — 3.77%
Activision Blizzard Inc.		5,081		106,168
FactSet Research Systems Inc.		470		67,487
Microsoft Corp.		100,809		4,072,684
Oracle Corp.		39,696		1,662,865
Solera Holdings Inc.		1,162		59,959
				5,969,163
SPECIALTY RETAIL — 3.73%
Aaron’s Inc.		235		7,440
Best Buy Co. Inc.		6,450		227,040
Chico’s FAS Inc.		3,194		53,276
Finish Line Inc. (The) Class A		612		14,443
Gap Inc. (The)		6,287		258,962
Group 1 Automotive Inc.		194		15,596
Home Depot Inc. (The)		26,173		2,732,985
Lithia Motors Inc. Class A		194		16,432

7

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE DIVIDEND GROWTH ETF

January 31, 2015

Security	Shares		Value
Lowe’s Companies Inc.		14,315	$	969,984
Monro Muffler Brake Inc.		302		17,256
PetSmart Inc.		1,069		87,343
Rent-A-Center Inc.		1,685		57,762
Ross Stores Inc.		1,973		180,944
Staples Inc.		21,745		370,752
Tiffany & Co.		1,728		149,714
TJX Companies Inc. (The)		7,861		518,354
Tractor Supply Co.		1,188		96,430
Williams-Sonoma Inc.		1,649		129,034
				5,903,747
TEXTILES, APPAREL & LUXURY GOODS — 1.00%
Coach Inc.		11,613		431,887
Columbia Sportswear Co.		384		16,320
Nike Inc. Class B		7,190		663,278
Ralph Lauren Corp.		633		105,641
VF Corp.		5,237		363,291
				1,580,417
TRADING COMPANIES & DISTRIBUTORS — 0.46%
Applied Industrial Technologies Inc.		952		38,489
Fastenal Co.		6,216		275,991
GATX Corp.		1,134		64,808
MSC Industrial Direct Co. Inc. Class A		1,072		80,475
W.W. Grainger Inc.		1,132		266,971
				726,734
WATER UTILITIES — 0.26%
American States Water Co.		1,000		39,640
American Water Works Co. Inc.		4,445		249,542
Aqua America Inc.		4,694		126,973
				416,155
TOTAL COMMON STOCKS
(Cost: $158,404,997)				157,919,082
SHORT-TERM INVESTMENTS — 0.12%
MONEY MARKET FUNDS — 0.12%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%a,c,d		19,146		19,146
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%a,c,d		1,152		1,152

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%a,c		176,895	$	176,895
				197,193
TOTAL SHORT-TERM INVESTMENTS
(Cost: $197,193)				197,193
TOTAL INVESTMENTS IN SECURITIES — 99.95%
(Cost: $158,602,190)				158,116,275
Other Assets, Less Liabilities — 0.05%				79,886
NET ASSETS — 100.00%			$	158,196,161

NVS  —  Non-Voting Shares

^a  Affiliated issuer. See Note 2.

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

^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 1.

Open futures contracts as of January 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
E-mini S&P 500		3		Mar. 2015		Chicago Mercantile	$	298,260	$	(5,654)

See accompanying notes to schedules of investments.

8

Schedule of Investments  (Unaudited)

iSHARES^® CORE HIGH DIVIDEND ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.85%
AEROSPACE & DEFENSE — 1.26%
Lockheed Martin Corp.		368,424	$	69,400,029
				69,400,029
BEVERAGES — 3.70%
Coca-Cola Co. (The)		4,963,945		204,365,616
				204,365,616
CAPITAL MARKETS — 0.11%
Federated Investors Inc. Class B		126,913		4,011,719
Greenhill & Co. Inc.		48,741		1,797,568
				5,809,287
CHEMICALS — 0.04%
Innophos Holdings Inc.		33,684		2,005,545
				2,005,545
COMMERCIAL BANKS — 0.07%
Trustmark Corp.		115,639		2,470,049
Westamerica Bancorp		35,505		1,444,343
				3,914,392
COMMERCIAL SERVICES & SUPPLIES — 0.75%
Republic Services Inc.		310,372		12,315,561
Waste Management Inc.		564,946		29,055,173
				41,370,734
COMMUNICATIONS EQUIPMENT — 2.97%
Cisco Systems Inc.		6,210,738		163,746,107
				163,746,107
DIVERSIFIED TELECOMMUNICATION SERVICES — 15.49%
AT&T Inc.		12,610,781		415,146,911
CenturyLink Inc.		1,379,807		51,287,426
Verizon Communications Inc.		8,486,894		387,935,925
				854,370,262
ELECTRIC UTILITIES — 6.86%
American Electric Power Co. Inc.		765,682		48,092,486
Duke Energy Corp.		1,174,556		102,350,810
Great Plains Energy Inc.		243,144		7,189,768
IDACORP Inc.		64,806		4,400,976
NextEra Energy Inc.		536,260		58,581,042
Northeast Utilities		415,125		23,072,648
Pinnacle West Capital Corp.		173,012		12,141,982
Southern Co. (The)		1,693,917		85,915,470
Westar Energy Inc.		199,928		8,540,924

Security	Shares		Value
Xcel Energy Inc.		753,153	$	28,265,832
				378,551,938
ELECTRICAL EQUIPMENT — 0.94%
Emerson Electric Co.		912,154		51,938,049
				51,938,049
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.01%
AVX Corp.		60,945		788,019
				788,019
ENERGY EQUIPMENT & SERVICES — 0.02%
Frank’s International NV		57,539		941,913
				941,913
FOOD & STAPLES RETAILING — 0.53%
Sysco Corp.		744,479		29,161,242
				29,161,242
FOOD PRODUCTS — 2.28%
General Mills Inc.		818,797		42,970,466
Kellogg Co.		328,351		21,533,259
Kraft Foods Group Inc.		934,341		61,049,841
				125,553,566
GAS UTILITIES — 0.24%
Piedmont Natural Gas Co.		113,342		4,521,212
Questar Corp.		234,968		6,097,420
South Jersey Industries Inc.		46,798		2,725,984
				13,344,616
HOTELS, RESTAURANTS & LEISURE — 2.72%
Cracker Barrel Old Country Store Inc.		31,800		4,277,418
McDonald’s Corp.		1,578,878		145,951,482
				150,228,900
HOUSEHOLD DURABLES — 0.14%
Leggett & Platt Inc.		177,314		7,558,896
				7,558,896
HOUSEHOLD PRODUCTS — 6.28%
Clorox Co. (The)		165,912		17,704,469
Kimberly-Clark Corp.		455,582		49,184,633
Procter & Gamble Co. (The)		3,318,395		279,707,515
				346,596,617
INDUSTRIAL CONGLOMERATES — 6.50%
General Electric Co.		15,013,265		358,666,901
				358,666,901
INSURANCE — 0.34%
Cincinnati Financial Corp.		215,870		10,903,594

9

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE HIGH DIVIDEND ETF

January 31, 2015

Security	Shares		Value
Erie Indemnity Co. Class A		29,334	$	2,542,084
OneBeacon Insurance Group Ltd. Class A		55,748		881,376
Validus Holdings Ltd.		114,522		4,540,797
				18,867,851
IT SERVICES — 0.57%
Paychex Inc.		458,603		20,756,372
Western Union Co.		628,555		10,685,435
				31,441,807
LEISURE EQUIPMENT & PRODUCTS — 0.15%
Hasbro Inc.		150,783		8,281,002
				8,281,002
MULTI-UTILITIES — 4.10%
Alliant Energy Corp.		152,588		10,469,063
CMS Energy Corp.		381,186		14,382,148
Consolidated Edison Inc.		499,604		34,612,565
Dominion Resources Inc.		837,763		64,415,597
DTE Energy Co.		256,574		23,004,425
PG&E Corp.		717,016		42,167,711
SCANA Corp.		227,806		14,527,189
Vectren Corp.		121,899		5,841,400
Wisconsin Energy Corp.		297,833		16,610,146
				226,030,244
OIL, GAS & CONSUMABLE FUELS — 22.83%
Chevron Corp.		3,312,556		339,636,367
ConocoPhillips		2,429,128		152,986,481
Exxon Mobil Corp.		5,658,234		494,642,816
Kinder Morgan Inc.		3,256,251		133,669,104
Occidental Petroleum Corp.		1,225,140		98,011,200
Spectra Energy Corp.		1,215,220		40,636,957
				1,259,582,925
PAPER & FOREST PRODUCTS — 0.51%
International Paper Co.		534,250		28,133,605
				28,133,605
PHARMACEUTICALS — 10.44%
Eli Lilly and Co.		1,161,183		83,605,176
Merck & Co. Inc.		3,591,760		216,511,293
Pfizer Inc.		8,830,110		275,940,937
				576,057,406
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.49%
Maxim Integrated Products Inc.		445,939		14,756,122
Microchip Technology Inc.		276,605		12,474,885
				27,231,007
SOFTWARE — 0.25%
CA Inc.		459,186		13,913,336
				13,913,336

Security	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 0.32%
Coach Inc.		476,942	$	17,737,473
				17,737,473
THRIFTS & MORTGAGE FINANCE — 0.34%
New York Community Bancorp Inc.		1,220,216		18,852,338
				18,852,338
TOBACCO — 8.60%
Altria Group Inc.		3,531,159		187,504,543
Philip Morris International Inc.		3,117,217		250,125,492
Reynolds American Inc.		540,813		36,748,243
				474,378,278
TOTAL COMMON STOCKS
(Cost: $5,452,449,548)				5,508,819,901
SHORT-TERM INVESTMENTS — 0.12%
MONEY MARKET FUNDS — 0.12%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%a,b		6,682,511		6,682,511
				6,682,511
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,682,511)				6,682,511
TOTAL INVESTMENTS IN SECURITIES — 99.97%
(Cost: $5,459,132,059)				5,515,502,412
Other Assets, Less Liabilities — 0.03%				1,852,980
NET ASSETS — 100.00%			$	5,517,355,392

^a  Affiliated issuer. See Note 2.

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

Open futures contracts as of January 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
E-mini S&P 500		74		Mar. 2015		Chicago Mercantile	$	7,357,080	$	(105,705)

See accompanying notes to schedules of investments.

10

Schedule of Investments  (Unaudited)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.90%
AEROSPACE & DEFENSE — 2.63%
Alliant Techsystems Inc.a		1,372	$	178,785
B/E Aerospace Inc.a		4,620		269,484
Boeing Co. (The)		29,360		4,268,063
Curtiss-Wright Corp.		2,119		140,977
DigitalGlobe Inc.a,b		3,045		81,880
Esterline Technologies Corp.a		1,365		153,003
Exelis Inc.		8,151		139,464
General Dynamics Corp.		13,890		1,850,287
HEICO Corp.		2,493		151,275
Hexcel Corp.b		4,100		181,343
Honeywell International Inc.		34,672		3,389,535
Huntington Ingalls Industries Inc.		2,191		255,471
KLX Inc.a		2,438		95,838
L-3 Communications Holdings Inc.		3,799		467,733
Lockheed Martin Corp.		11,916		2,244,617
Moog Inc. Class Aa		1,809		127,173
Northrop Grumman Corp.		8,946		1,404,075
Precision Castparts Corp.		6,344		1,269,434
Raytheon Co.		13,713		1,371,986
Rockwell Collins Inc.		5,967		510,894
Spirit AeroSystems Holdings Inc. Class Aa		5,741		258,575
Teledyne Technologies Inc.a		1,648		156,626
Textron Inc.		12,045		512,635
TransDigm Group Inc.		2,198		451,755
Triumph Group Inc.		2,340		133,520
United Technologies Corp. Class B		37,523		4,306,890
Vectrus Inc.a		455		12,667
				24,383,985
AIR FREIGHT & LOGISTICS — 0.64%
C.H. Robinson Worldwide Inc.		6,495		462,574
Expeditors International of Washington Inc.		8,426		368,048
FedEx Corp.		11,622		1,965,397
Hub Group Inc. Class Aa		1,558		52,037
United Parcel Service Inc. Class B		30,885		3,052,673
				5,900,729
AIRLINES — 0.72%
Alaska Air Group Inc.		5,920		401,790
American Airlines Group Inc.		31,850		1,563,198
Delta Air Lines Inc.		37,183		1,759,128
JetBlue Airways Corp.a,b		11,312		189,928
Southwest Airlines Co.		30,193		1,364,120
Spirit Airlines Inc.a		3,265		242,067
United Continental Holdings Inc.a		16,424		1,139,333
				6,659,564
AUTO COMPONENTS — 0.56%
Autoliv Inc.		4,082		432,937
BorgWarner Inc.		9,999		540,046
Cooper Tire & Rubber Co.		2,298		79,948
Dana Holding Corp.		7,762		161,993
Delphi Automotive PLC		13,069		898,232

Security	Shares		Value
Gentex Corp.		12,818	$	213,933
Goodyear Tire & Rubber Co. (The)		12,166		294,904
Johnson Controls Inc.		29,390		1,365,753
Lear Corp.		3,541		355,339
Tenneco Inc.a		2,659		136,726
TRW Automotive Holdings Corp.a		4,873		502,747
Visteon Corp.a		1,937		187,792
				5,170,350
AUTOMOBILES — 0.65%
Ford Motor Co.		170,801		2,512,483
General Motors Co.		59,626		1,945,000
Harley-Davidson Inc.		9,484		585,163
Tesla Motors Inc.a,b		4,272		869,779
Thor Industries Inc.		1,945		109,601
				6,022,026
BEVERAGES — 1.86%
Brown-Forman Corp. Class B NVS		6,969		619,335
Coca-Cola Co. (The)		174,564		7,186,800
Coca-Cola Enterprises Inc.		9,968		419,653
Constellation Brands Inc. Class Aa		7,493		827,602
Dr Pepper Snapple Group Inc.		8,642		667,767
Molson Coors Brewing Co. Class B NVS		6,986		530,447
Monster Beverage Corp.a		6,393		747,661
PepsiCo Inc.		66,163		6,204,766
				17,204,031
BIOTECHNOLOGY — 3.14%
Alexion Pharmaceuticals Inc.a		8,748		1,602,983
Alkermes PLCa		6,577		475,188
Alnylam Pharmaceuticals Inc.a		2,966		278,300
Amgen Inc.		33,647		5,123,092
Biogen Idec Inc.a		10,459		4,070,224
BioMarin Pharmaceutical Inc.a		6,899		670,307
Celgene Corp.a,b		35,353		4,212,663
Cepheida,b		3,252		183,771
Gilead Sciences Inc.a		66,685		6,990,589
Incyte Corp.a		6,808		542,666
Intercept Pharmaceuticals Inc.a,b		579		116,396
Isis Pharmaceuticals Inc.a,b		5,143		352,347
MannKind Corp.a,b		12,489		79,305
Medivation Inc.a		3,475		378,149
Myriad Genetics Inc.a,b		3,290		123,112
NPS Pharmaceuticals Inc.a		4,431		203,206
PDL BioPharma Inc.		7,902		57,606
Pharmacyclics Inc.a,b		2,687		453,431
Puma Biotechnology Inc.a		933		196,938
Regeneron Pharmaceuticals Inc.a		3,290		1,370,811
Seattle Genetics Inc.a,b		4,411		137,447
United Therapeutics Corp.a,b		2,020		285,083
Vertex Pharmaceuticals Inc.a		10,644		1,172,330
				29,075,944
BUILDING PRODUCTS — 0.19%
A.O. Smith Corp.		3,431		203,836
Allegion PLC		4,290		231,703
Armstrong World Industries Inc.a		2,114		107,180
Fortune Brands Home & Security Inc.		6,992		313,172

11

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
Lennox International Inc.		2,020	$	198,586
Masco Corp.		15,767		391,652
Owens Corning		5,352		214,347
USG Corp.a		3,771		114,827
				1,775,303
CAPITAL MARKETS — 2.06%
Affiliated Managers Group Inc.a		2,478		509,278
Ameriprise Financial Inc.		8,145		1,017,636
Bank of New York Mellon Corp. (The)		49,970		1,798,920
BlackRock Inc.c		5,639		1,920,136
Charles Schwab Corp. (The)		50,603		1,314,666
E*TRADE Financial Corp.a		12,739		293,634
Eaton Vance Corp. NVS		5,355		215,539
Federated Investors Inc. Class B		4,096		129,475
Financial Engines Inc.		2,234		80,201
Franklin Resources Inc.		17,384		895,797
Goldman Sachs Group Inc. (The)		17,946		3,094,070
Invesco Ltd.		19,112		701,984
Janus Capital Group Inc.		6,588		115,553
Legg Mason Inc.		4,587		254,303
LPL Financial Holdings Inc.		3,472		142,873
Morgan Stanley		67,737		2,290,188
Northern Trust Corp.		9,860		644,647
NorthStar Asset Management Group Inc.		8,208		173,763
Raymond James Financial Inc.		5,498		289,305
SEI Investments Co.		5,776		232,022
State Street Corp.		18,490		1,322,220
Stifel Financial Corp.a,b		2,926		137,961
T. Rowe Price Group Inc.		11,529		907,563
TD Ameritrade Holding Corp.		12,200		395,158
Waddell & Reed Financial Inc. Class A		3,764		168,288
				19,045,180
CHEMICALS — 2.44%
Air Products and Chemicals Inc.		8,463		1,232,297
Airgas Inc.		2,915		328,346
Albemarle Corp.		4,869		234,978
Ashland Inc.		2,826		334,937
Axiall Corp.		3,084		136,467
Cabot Corp.		2,961		125,576
Celanese Corp. Series A		6,896		370,729
CF Industries Holdings Inc.		2,191		669,088
Chemtura Corp.a,b		3,458		75,350
Cytec Industries Inc.		3,040		145,890
Dow Chemical Co. (The)		49,072		2,216,091
E.I. du Pont de Nemours and Co.		40,122		2,857,088
Eastman Chemical Co.		6,621		469,363
Ecolab Inc.		11,895		1,234,344
FMC Corp.		5,835		335,512
H.B. Fuller Co.		2,170		89,295
Huntsman Corp.		9,169		201,351
International Flavors & Fragrances Inc.		3,606		382,633
LyondellBasell Industries NV Class A		18,404		1,455,572
Minerals Technologies Inc.		1,544		100,870
Monsanto Co.		21,455		2,531,261
Mosaic Co. (The)		14,053		684,241
NewMarket Corp.		490		220,338
Olin Corp.		3,622		90,804
Platform Specialty Products Corp.a,b		5,353		112,413
PolyOne Corp.		4,148		147,627

Security	Shares		Value
PPG Industries Inc.		6,056	$	1,349,761
Praxair Inc.		12,884		1,553,682
RPM International Inc.		5,847		279,837
Scotts Miracle-Gro Co. (The) Class A		1,966		124,703
Sensient Technologies Corp.		2,184		133,224
Sherwin-Williams Co. (The)		3,602		977,115
Sigma-Aldrich Corp.		5,238		720,330
Valspar Corp. (The)		3,366		280,825
W.R. Grace & Co.a		3,263		282,837
Westlake Chemical Corp.		1,770		101,439
				22,586,214
COMMERCIAL BANKS — 5.27%
Associated Banc-Corp.		6,366		107,012
BancorpSouth Inc.		3,675		72,949
Bank of America Corp.		464,789		7,041,553
Bank of Hawaii Corp.		1,983		111,960
BankUnited Inc.		4,692		129,781
BB&T Corp.		32,083		1,132,209
BOK Financial Corp.		908		49,132
Cathay General Bancorp		3,239		77,380
CIT Group Inc.		8,232		360,726
Citigroup Inc.		133,929		6,287,967
City National Corp.		2,090		181,182
Comerica Inc.		8,054		334,241
Commerce Bancshares Inc.		3,777		151,080
Cullen/Frost Bankers Inc.		2,504		155,999
East West Bancorp Inc.		6,167		223,122
F.N.B. Corp.		7,744		92,928
Fifth Third Bancorp		36,061		623,855
First Financial Bankshares Inc.		2,722		67,233
First Horizon National Corp.		10,621		137,967
First Niagara Financial Group Inc.		15,780		128,134
First Republic Bank		5,534		281,791
FirstMerit Corp.		7,276		119,217
Fulton Financial Corp.		8,186		91,274
Glacier Bancorp Inc.		3,181		70,841
Hancock Holding Co.		3,629		94,753
Huntington Bancshares Inc.		36,694		367,674
IBERIABANK Corp.		1,550		84,646
International Bancshares Corp.		2,500		56,275
Investors Bancorp Inc.		15,534		171,029
JPMorgan Chase & Co.		165,401		8,994,506
KeyCorp		38,325		497,842
M&T Bank Corp.		5,885		665,947
MB Financial Inc.		2,883		81,906
PNC Financial Services Group Inc. (The)c		23,318		1,971,304
Popular Inc.a		4,550		140,277
PrivateBancorp Inc.		2,998		90,959
Prosperity Bancshares Inc.		2,534		116,032
Regions Financial Corp.		61,229		532,692
Signature Banka		2,241		262,488
SunTrust Banks Inc.		23,094		887,271
Susquehanna Bancshares Inc.		8,094		102,065
SVB Financial Groupa		2,209		249,396
Synovus Financial Corp.		6,191		159,542
TCF Financial Corp.		7,197		105,796
Texas Capital Bancshares Inc.a,b		2,074		84,723
Trustmark Corp.		2,925		62,478
U.S. Bancorp		79,279		3,322,583
UMB Financial Corp.		1,610		78,117
Umpqua Holdings Corp.		9,461		146,740

12

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
United Bankshares Inc./WV		2,802	$	94,736
Valley National Bancorp		10,274		93,288
Webster Financial Corp.		3,937		120,197
Wells Fargo & Co.		208,836		10,842,765
Wintrust Financial Corp.		2,053		89,244
Zions Bancorp		8,980		215,161
				48,811,965
COMMERCIAL SERVICES & SUPPLIES — 0.56%
ADT Corp. (The)		7,737		266,153
Cintas Corp.		4,264		335,577
Civeo Corp.		4,602		13,484
Clean Harbors Inc.a,b		2,493		117,969
Copart Inc.a		5,007		183,256
Covanta Holding Corp.		5,813		118,818
Deluxe Corp.		2,230		144,794
Healthcare Services Group Inc.		2,967		93,490
Herman Miller Inc.		2,531		73,526
HNI Corp.		2,046		100,765
KAR Auction Services Inc.		6,071		207,082
MSA Safety Inc.		1,355		59,159
Pitney Bowes Inc.		8,937		214,309
R.R. Donnelley & Sons Co.		8,767		144,392
Republic Services Inc.		11,139		441,995
Rollins Inc.		2,821		93,234
Stericycle Inc.a		3,809		500,084
Tetra Tech Inc.		2,845		65,520
Tyco International PLC		18,462		753,434
United Stationers Inc.		1,783		71,873
Waste Connections Inc.		5,481		236,889
Waste Management Inc.		18,778		965,753
				5,201,556
COMMUNICATIONS EQUIPMENT — 1.52%
ARRIS Group Inc.a		6,007		157,503
Aruba Networks Inc.a,b		4,863		80,629
Brocade Communications Systems Inc.		18,690		207,833
Ciena Corp.a,b		4,480		82,970
Cisco Systems Inc.		226,075		5,960,467
CommScope Holding Co. Inc.a		3,858		108,429
EchoStar Corp. Class Aa		1,991		103,870
F5 Networks Inc.a		3,225		359,974
Finisar Corp.a,b		4,098		74,338
Harris Corp.		4,650		312,154
InterDigital Inc.		1,786		89,264
JDS Uniphase Corp.a		10,380		126,117
Juniper Networks Inc.		17,016		386,774
Motorola Solutions Inc.		9,382		585,531
Palo Alto Networks Inc.a		3,005		379,802
Plantronics Inc.		1,889		86,573
Polycom Inc.a		6,253		83,165
QUALCOMM Inc.		73,541		4,593,371
Riverbed Technology Inc.a		7,202		148,217
ViaSat Inc.a		1,876		105,469
				14,032,450
COMPUTERS & PERIPHERALS — 4.25%
3D Systems Corp.a,b		4,542		132,081
Apple Inc.		259,451		30,397,279
Diebold Inc.		2,792		87,110

Security	Shares		Value
Electronics For Imaging Inc.a		2,047	$	79,117
EMC Corp.		90,138		2,337,278
Hewlett-Packard Co.		82,725		2,988,854
Lexmark International Inc. Class A		2,788		111,269
NCR Corp.a		7,382		187,503
NetApp Inc.		13,732		519,070
SanDisk Corp.		9,739		739,287
Seagate Technology PLC		14,433		814,599
Western Digital Corp.		9,616		934,964
				39,328,411
CONSTRUCTION & ENGINEERING — 0.15%
AECOMa		6,604		167,874
Chicago Bridge & Iron Co. NV		4,249		146,633
EMCOR Group Inc.		2,917		117,730
Fluor Corp.		7,025		376,470
Jacobs Engineering Group Inc.a		5,843		222,618
KBR Inc.		6,569		108,586
Quanta Services Inc.a		9,590		253,943
				1,393,854
CONSTRUCTION MATERIALS — 0.09%
Eagle Materials Inc.		2,197		156,470
Martin Marietta Materials Inc.		2,804		302,103
Vulcan Materials Co.		5,731		404,093
				862,666
CONSUMER FINANCE — 0.79%
Ally Financial Inc.a		19,246		360,093
American Express Co.		39,430		3,181,607
Capital One Financial Corp.		24,529		1,795,768
Discover Financial Services		20,084		1,092,168
Navient Corp.		18,045		356,208
PRA Group Inc.a		2,220		109,934
Santander Consumer USA Holdings Inc.		4,176		74,542
SLM Corp.		18,710		170,448
Synchrony Financiala		5,712		176,272
				7,317,040
CONTAINERS & PACKAGING — 0.40%
AptarGroup Inc.		2,831		178,665
Avery Dennison Corp.		3,978		207,930
Ball Corp.		6,173		390,936
Bemis Co. Inc.		4,531		200,723
Berry Plastics Group Inc.a		5,425		183,474
Crown Holdings Inc.a		6,149		272,462
Graphic Packaging Holding Co.a		14,823		214,637
Greif Inc. Class A		1,362		52,028
MeadWestvaco Corp.		7,452		374,687
Owens-Illinois Inc.a		7,232		168,867
Packaging Corp. of America		4,378		332,071
Rock-Tenn Co. Class A		6,096		395,630
Sealed Air Corp.		9,476		383,778
Silgan Holdings Inc.		1,998		102,717
Sonoco Products Co.		4,458		197,044
				3,655,649

13

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
DISTRIBUTORS — 0.12%
Genuine Parts Co.		6,697	$	622,419
LKQ Corp.a		13,145		339,273
Pool Corp.		2,045		127,219
				1,088,911
DIVERSIFIED CONSUMER SERVICES — 0.13%
Apollo Education Group Inc.a		4,421		111,674
DeVry Education Group Inc.		2,526		107,128
Graham Holdings Co. Class B		190		177,711
Grand Canyon Education Inc.a		2,217		97,149
H&R Block Inc.		12,395		424,900
Service Corp. International		9,362		211,862
Sotheby’s		2,707		115,183
				1,245,607
DIVERSIFIED FINANCIAL SERVICES — 1.86%
Berkshire Hathaway Inc. Class Ba		80,670		11,609,220
CBOE Holdings Inc.		3,851		248,274
CME Group Inc./IL		14,047		1,198,209
FNFV Groupa		4,033		50,009
Intercontinental Exchange Inc.		5,007		1,030,090
Leucadia National Corp.		13,917		315,498
MarketAxess Holdings Inc.		1,731		131,504
McGraw Hill Financial Inc.		11,952		1,068,987
Moody’s Corp.		8,204		749,271
MSCI Inc. Class A		5,086		273,729
NASDAQ OMX Group Inc. (The)		5,184		236,391
Voya Financial Inc.		8,699		339,348
				17,250,530
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.95%
AT&T Inc.		229,668		7,560,670
CenturyLink Inc.		25,153		934,937
Frontier Communications Corp.		43,746		293,754
Level 3 Communications Inc.a		12,444		618,965
Verizon Communications Inc.		183,653		8,394,779
Windstream Holdings Inc.		26,208		208,354
				18,011,459
ELECTRIC UTILITIES — 1.87%
ALLETE Inc.		1,608		91,093
American Electric Power Co. Inc.		21,675		1,361,407
Cleco Corp.		2,660		144,598
Duke Energy Corp.		31,372		2,733,756
Edison International		14,390		980,679
El Paso Electric Co.		1,769		70,866
Entergy Corp.		8,046		704,106
Exelon Corp.		38,061		1,371,718
FirstEnergy Corp.		18,477		745,177
Great Plains Energy Inc.		6,811		201,401
Hawaiian Electric Industries Inc.		4,336		148,725
IDACORP Inc.		2,173		147,568
ITC Holdings Corp.		7,042		299,567
NextEra Energy Inc.		19,253		2,103,198
Northeast Utilities		14,141		785,957
OGE Energy Corp.		8,707		306,312
Pepco Holdings Inc.		10,920		299,754

Security	Shares		Value
Pinnacle West Capital Corp.		4,844	$	339,952
PNM Resources Inc.		3,502		106,811
Portland General Electric Co.		3,480		138,156
PPL Corp.		29,465		1,046,008
Southern Co. (The)		39,831		2,020,228
UIL Holdings Corp.		2,442		112,332
Westar Energy Inc.		5,638		240,855
Xcel Energy Inc.		22,430		841,798
				17,342,022
ELECTRICAL EQUIPMENT — 0.64%
Acuity Brands Inc.		1,970		295,283
AMETEK Inc.		10,843		519,380
Babcock & Wilcox Co. (The)		4,960		135,061
Eaton Corp. PLC		20,997		1,324,701
Emerson Electric Co.		30,816		1,754,663
EnerSys		2,097		122,423
Generac Holdings Inc.a		2,954		129,208
Hubbell Inc. Class B		2,358		250,042
Polypore International Inc.a		2,084		93,196
Regal Beloit Corp.		1,988		136,874
Rockwell Automation Inc.		5,995		652,975
Sensata Technologies Holding NVa		7,338		361,910
Solarcity Corp.a,b		2,326		113,067
				5,888,783
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.70%
Amphenol Corp. Class A		13,628		731,960
Anixter International Inc.a		1,181		89,000
Arrow Electronics Inc.a		4,409		242,671
Avnet Inc.		6,092		253,549
Belden Inc.		1,833		152,029
CDW Corp./DE		5,260		180,208
Cognex Corp.a		3,691		135,644
Corning Inc.		56,940		1,353,464
Dolby Laboratories Inc. Class A		2,102		81,558
FEI Co.		1,850		152,107
FLIR Systems Inc.		6,283		189,746
Ingram Micro Inc. Class Aa		6,865		172,861
IPG Photonics Corp.a,b		1,674		124,947
Itron Inc.a		1,779		66,196
Jabil Circuit Inc.		8,880		183,017
Keysight Technologies Inc.a		7,266		242,612
Knowles Corp.a,b		3,740		79,325
Littelfuse Inc.		970		95,778
National Instruments Corp.		4,703		141,466
TE Connectivity Ltd.		18,058		1,198,871
Tech Data Corp.a		1,667		95,186
Trimble Navigation Ltd.a,b		11,306		269,535
Vishay Intertechnology Inc.		5,829		79,391
Zebra Technologies Corp. Class Aa		2,283		190,539
				6,501,660
ENERGY EQUIPMENT & SERVICES — 1.37%
Atwood Oceanics Inc.		2,525		72,164
Baker Hughes Inc.		19,130		1,109,349
Bristow Group Inc.		1,596		88,913
Cameron International Corp.a		8,725		390,705
CARBO Ceramics Inc.b		878		28,781
Core Laboratories NV		1,881		174,463

14

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
Diamond Offshore Drilling Inc.b		3,085	$	97,270
Dresser-Rand Group Inc.a		3,349		268,188
Dril-Quip Inc.a		1,820		135,099
Ensco PLC Class Ab		10,267		287,887
Exterran Holdings Inc.		2,822		76,504
FMC Technologies Inc.a		10,360		388,293
Forum Energy Technologies Inc.a		2,575		39,784
Halliburton Co.		37,497		1,499,505
Helix Energy Solutions Group Inc.a		4,434		83,226
Helmerich & Payne Inc.		4,746		282,672
McDermott International Inc.a,b		10,419		23,443
Nabors Industries Ltd.		12,383		142,528
National Oilwell Varco Inc.		19,179		1,043,913
Nobel Corp. PLC		11,107		180,155
Oceaneering International Inc.		4,541		237,767
Oil States International Inc.a		2,290		94,050
Patterson-UTI Energy Inc.		6,444		110,579
Rowan Companies PLC Class A		5,533		116,857
Schlumberger Ltd.		56,935		4,690,875
SEACOR Holdings Inc.a,b		837		60,222
Superior Energy Services Inc.		6,662		133,240
Tidewater Inc.		2,183		63,874
Transocean Ltd.b		15,235		248,330
Unit Corp.a		1,937		57,684
US Silica Holdings Inc.		2,248		56,650
Weatherford International Ltd.a		34,263		353,937
				12,636,907
FOOD & STAPLES RETAILING — 2.23%
Casey’s General Stores Inc.		1,690		154,297
Costco Wholesale Corp.		19,338		2,765,141
CVS Health Corp.		50,713		4,977,988
Kroger Co. (The)		21,804		1,505,566
Rite Aid Corp.a		39,808		277,860
Sprouts Farmers Market Inc.a		5,412		197,051
Sysco Corp.		26,091		1,021,984
United Natural Foods Inc.a		2,178		168,316
Wal-Mart Stores Inc.		69,833		5,934,408
Walgreens Boots Alliance Inc.		38,521		2,840,924
Whole Foods Market Inc.		15,935		830,134
				20,673,669
FOOD PRODUCTS — 1.60%
Archer-Daniels-Midland Co.		28,478		1,327,929
B&G Foods Inc. Class A		2,310		68,930
Bunge Ltd.		6,350		568,515
Campbell Soup Co.		7,910		361,803
ConAgra Foods Inc.		18,941		671,080
Darling Ingredients Inc.a		6,964		118,249
Dean Foods Co.		4,081		73,948
Flowers Foods Inc.		8,529		166,827
General Mills Inc.		26,641		1,398,120
Hain Celestial Group Inc. (The)a,b		4,482		236,515
Hershey Co. (The)		6,599		674,484
Hormel Foods Corp.		5,935		303,991
Ingredion Inc.		3,227		260,225
J.M. Smucker Co. (The)		4,480		462,112
Kellogg Co.		11,129		729,840
Keurig Green Mountain Inc.		5,376		658,883
Kraft Foods Group Inc.		25,973		1,697,076
Lancaster Colony Corp.		872		78,419

Security	Shares		Value
McCormick & Co. Inc. NVS		5,650	$	403,353
Mead Johnson Nutrition Co. Class A		8,870		873,606
Mondelez International Inc. Class A		74,386		2,621,363
Post Holdings Inc.a,b		1,974		93,272
TreeHouse Foods Inc.a		1,819		164,983
Tyson Foods Inc. Class A		13,041		509,121
WhiteWave Foods Co. (The) Class Aa		7,560		249,253
				14,771,897
GAS UTILITIES — 0.21%
AGL Resources Inc.		5,203		293,345
Atmos Energy Corp.		4,383		249,437
National Fuel Gas Co.		3,712		235,452
New Jersey Resources Corp.		1,831		116,964
ONE GAS Inc.		2,265		100,090
Piedmont Natural Gas Co.		3,349		133,592
Questar Corp.		7,766		201,528
South Jersey Industries Inc.		1,405		81,841
Southwest Gas Corp.		2,007		123,350
UGI Corp.		7,492		277,129
WGL Holdings Inc.		2,259		127,634
				1,940,362
HEALTH CARE EQUIPMENT & SUPPLIES — 2.19%
Abbott Laboratories		66,698		2,985,402
Alere Inc.a		3,311		134,725
Align Technology Inc.a		3,157		167,479
Baxter International Inc.		23,897		1,680,198
Becton, Dickinson and Co.		8,464		1,168,709
Boston Scientific Corp.a		59,110		875,419
C.R. Bard Inc.		3,292		563,031
CareFusion Corp.a		8,913		528,541
Cooper Companies Inc. (The)		2,155		339,736
DENTSPLY International Inc.		6,260		313,157
DexCom Inc.a		3,263		195,062
Edwards Lifesciences Corp.a		4,790		600,426
Haemonetics Corp.a,b		2,240		88,704
Halyard Health Inc.a		2,029		90,433
Hill-Rom Holdings Inc.		2,660		127,042
Hologic Inc.a		10,661		323,721
IDEXX Laboratories Inc.a		2,112		334,583
Intuitive Surgical Inc.a		1,593		787,707
Medtronic PLC		62,692		4,476,209
ResMed Inc.		6,277		392,124
Sirona Dental Systems Inc.a		2,384		215,084
St. Jude Medical Inc.		12,563		827,525
Steris Corp.		2,582		168,398
Stryker Corp.		13,217		1,203,408
Teleflex Inc.		1,795		196,660
Thoratec Corp.a		2,545		91,340
Varian Medical Systems Inc.a		4,349		402,543
West Pharmaceutical Services Inc.		3,030		149,409
Zimmer Holdings Inc.		7,435		833,463
				20,260,238
HEALTH CARE PROVIDERS & SERVICES — 2.52%
Acadia Healthcare Co. Inc.a		2,116		122,199
Aetna Inc.		15,479		1,421,282
AmerisourceBergen Corp.		9,201		874,555
Anthem Inc.		11,955		1,613,447

15

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
Brookdale Senior Living Inc.a		8,089	$	273,004
Cardinal Health Inc.		14,658		1,219,399
Centene Corp.a		2,541		277,375
Chemed Corp.		778		78,687
Cigna Corp.		11,637		1,243,181
Community Health Systems Inc.a		5,063		238,315
DaVita HealthCare Partners Inc.a,b		7,582		569,105
Envision Healthcare Holdings Inc.a		5,700		195,966
Express Scripts Holding Co.a		32,500		2,623,075
HCA Holdings Inc.a		13,350		945,180
Health Net Inc./CAa		3,500		189,595
HealthSouth Corp.		3,842		169,432
Henry Schein Inc.a		3,689		509,340
Humana Inc.		6,784		993,449
Laboratory Corp. of America Holdingsa		3,736		428,818
LifePoint Hospitals Inc.a		2,071		135,112
Magellan Health Inc.a		1,188		71,423
McKesson Corp.		10,241		2,177,749
MEDNAX Inc.a		4,418		299,938
Omnicare Inc.		4,248		318,515
Owens & Minor Inc.		2,808		96,118
Patterson Companies Inc.		3,711		185,884
Quest Diagnostics Inc.		6,426		456,696
Team Health Holdings Inc.a		3,138		162,235
Tenet Healthcare Corp.a		4,384		185,355
UnitedHealth Group Inc.		42,472		4,512,650
Universal Health Services Inc. Class B		4,058		416,067
VCA Inc.a		3,592		187,143
WellCare Health Plans Inc.a		1,871		136,302
				23,326,591
HEALTH CARE TECHNOLOGY — 0.15%
Allscripts Healthcare Solutions Inc.a		6,974		83,060
athenahealth Inc.a,b		1,646		229,963
Cerner Corp.a		13,531		897,782
HMS Holdings Corp.a,b		3,845		76,073
Medidata Solutions Inc.a,b		2,260		97,158
				1,384,036
HOTELS, RESTAURANTS & LEISURE — 1.90%
Brinker International Inc.		2,915		170,323
Buffalo Wild Wings Inc.a		858		152,999
Carnival Corp.		19,999		879,156
Cheesecake Factory Inc. (The)		2,165		113,684
Chipotle Mexican Grill Inc.a		1,372		973,901
Choice Hotels International Inc.		1,434		82,383
Cracker Barrel Old Country Store Inc.		1,052		141,505
Darden Restaurants Inc.		5,753		353,119
Domino’s Pizza Inc.		2,389		236,630
Dunkin’ Brands Group Inc.		4,755		224,959
Hilton Worldwide Holdings Inc.a		18,205		472,784
Hyatt Hotels Corp. Class Aa		2,620		147,401
International Game Technology		10,798		182,702
Jack in the Box Inc.		1,680		142,447
Las Vegas Sands Corp.		16,343		888,569
Life Time Fitness Inc.a,b		1,501		82,060
Marriott International Inc./MD Class A		9,412		701,194
Marriott Vacations Worldwide Corp.		1,288		98,532
McDonald’s Corp.		43,095		3,983,702
MGM Resorts Internationala		16,060		312,849
Norwegian Cruise Line Holdings Ltd.a		4,448		194,644

Security	Shares		Value
Panera Bread Co. Class Aa		1,180	$	202,795
Royal Caribbean Cruises Ltd.		7,419		560,505
Six Flags Entertainment Corp.		3,805		163,463
Starbucks Corp.		33,141		2,900,832
Starwood Hotels & Resorts Worldwide Inc.		7,866		566,116
Vail Resorts Inc.		1,583		138,924
Wendy’s Co. (The)		12,827		135,197
Wyndham Worldwide Corp.		5,412		453,472
Wynn Resorts Ltd.		3,592		531,436
Yum! Brands Inc.		19,400		1,402,232
				17,590,515
HOUSEHOLD DURABLES — 0.51%
D.R. Horton Inc.		14,804		362,994
Garmin Ltd.		5,242		274,471
Harman International Industries Inc.		2,997		388,501
Jarden Corp.a		7,860		377,437
Leggett & Platt Inc.		5,954		253,819
Lennar Corp. Class A		7,776		349,220
Mohawk Industries Inc.a		2,780		458,811
Newell Rubbermaid Inc.		11,878		437,942
NVR Inc.a		173		216,982
PulteGroup Inc.		14,514		298,843
Ryland Group Inc. (The)		2,095		84,114
Tempur Sealy International Inc.a		2,637		145,114
Toll Brothers Inc.a		7,022		243,102
Tupperware Brands Corp.		2,188		147,931
Whirlpool Corp.		3,480		692,799
				4,732,080
HOUSEHOLD PRODUCTS — 1.71%
Church & Dwight Co. Inc.		5,897		477,185
Clorox Co. (The)		5,788		617,638
Colgate-Palmolive Co.		37,876		2,557,388
Energizer Holdings Inc.		2,734		349,979
Kimberly-Clark Corp.		16,494		1,780,692
Procter & Gamble Co. (The)		119,536		10,075,689
				15,858,571
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.13%
AES Corp. (The)		29,014		354,551
Calpine Corp.a		16,017		334,435
Dynegy Inc.a		4,493		122,749
NRG Energy Inc.		14,980		369,407
				1,181,142
INDUSTRIAL CONGLOMERATES — 1.99%
3M Co.		28,357		4,602,341
Carlisle Companies Inc.		2,822		253,077
Danaher Corp.		27,072		2,230,191
General Electric Co.		444,245		10,613,013
Roper Industries Inc.		4,469		689,746
				18,388,368
INSURANCE — 2.96%
ACE Ltd.		14,637		1,580,211
Aflac Inc.		19,929		1,137,547
Alleghany Corp.a		708		313,000

16

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
Allied World Assurance Co. Holdings Ltd.		4,470	$	172,855
Allstate Corp. (The)		18,576		1,296,419
American Financial Group Inc.		3,396		197,104
American International Group Inc.		62,029		3,031,357
Aon PLC		12,628		1,137,151
Arch Capital Group Ltd.a		5,718		331,473
Arthur J. Gallagher & Co.		7,065		313,898
Aspen Insurance Holdings Ltd.		2,900		125,628
Assurant Inc.		3,212		203,994
Assured Guaranty Ltd.		7,319		178,730
Axis Capital Holdings Ltd.		4,667		237,550
Brown & Brown Inc.		5,209		160,698
Chubb Corp. (The)		10,444		1,022,468
Cincinnati Financial Corp.		6,485		327,557
CNO Financial Group Inc.		8,986		139,463
Endurance Specialty Holdings Ltd.		1,908		116,617
Erie Indemnity Co. Class A		1,126		97,579
Everest Re Group Ltd.		1,993		341,560
First American Financial Corp.		4,751		161,629
FNF Group		12,102		424,780
Genworth Financial Inc. Class Aa		21,756		151,857
Hanover Insurance Group Inc. (The)		1,865		128,685
Hartford Financial Services Group Inc. (The)		19,109		743,340
HCC Insurance Holdings Inc.		4,158		221,788
Kemper Corp.		2,180		76,104
Lincoln National Corp.		11,454		572,471
Loews Corp.		13,107		501,474
Markel Corp.a		629		429,834
Marsh & McLennan Companies Inc.		24,021		1,291,609
Mercury General Corp.		1,328		75,895
MetLife Inc.		50,322		2,339,973
Old Republic International Corp.		10,679		149,933
PartnerRe Ltd.		2,112		241,613
Platinum Underwriters Holdings Ltd.		1,156		85,348
Primerica Inc.		2,489		123,554
Principal Financial Group Inc.		12,097		567,712
ProAssurance Corp.		2,403		106,621
Progressive Corp. (The)		23,644		613,562
Protective Life Corp.		3,453		241,537
Prudential Financial Inc.		20,317		1,541,654
Reinsurance Group of America Inc.		2,956		244,786
RenaissanceRe Holdings Ltd.		1,637		156,546
RLI Corp.		1,534		71,960
StanCorp Financial Group Inc.		1,948		120,854
Symetra Financial Corp.		4,429		89,953
Torchmark Corp.		5,771		288,954
Travelers Companies Inc. (The)		14,677		1,509,089
Unum Group		11,188		347,499
Validus Holdings Ltd.		4,069		161,336
White Mountains Insurance Group Ltd.		265		170,814
Willis Group Holdings PLC		7,856		340,165
WR Berkley Corp.		4,560		223,394
XL Group PLC		11,223		387,081
				27,366,263
INTERNET & CATALOG RETAIL — 1.23%
Amazon.com Inc.a		16,796		5,954,686
Expedia Inc.		4,375		375,944
Groupon Inc.a		18,980		135,897
HSN Inc.		1,460		113,062
Liberty Interactive Corp. Series Aa		20,853		570,538
Liberty TripAdvisor Holdings Inc. Class Aa		3,312		79,289

Security	Shares		Value
Liberty Ventures Series Aa		5,967	$	222,868
Netflix Inc.a		2,683		1,185,349
Priceline Group Inc. (The)a		2,310		2,331,899
Shutterfly Inc.a		1,683		73,833
TripAdvisor Inc.a,b		4,849		324,932
				11,368,297
INTERNET SOFTWARE & SERVICES — 3.18%
Akamai Technologies Inc.a		7,898		459,308
AOL Inc.a		3,482		150,596
CoStar Group Inc.a		1,411		260,344
eBay Inc.a		50,111		2,655,883
Equinix Inc.		2,416		523,934
Facebook Inc. Class Aa		92,413		7,015,071
Google Inc. Class Aa		12,601		6,773,668
Google Inc. Class Ca		12,590		6,729,607
IAC/InterActiveCorp		3,428		208,937
j2 Global Inc.		1,904		109,366
LinkedIn Corp. Class Aa		4,671		1,049,760
Pandora Media Inc.a,b		7,745		128,567
Rackspace Hosting Inc.a		5,350		240,536
Twitter Inc.a		22,736		853,282
VeriSign Inc.a,b		4,707		256,437
Yahoo! Inc.a		39,037		1,717,238
Yelp Inc.a,b		2,854		149,749
Zillow Inc. Class Aa,b		1,194		115,722
				29,398,005
IT SERVICES — 3.18%
Accenture PLC Class A		27,682		2,326,118
Acxiom Corp.a		3,263		59,387
Alliance Data Systems Corp.a		2,810		811,612
Amdocs Ltd.		7,146		344,294
Automatic Data Processing Inc.		21,398		1,765,977
Broadridge Financial Solutions Inc.		5,166		247,916
CACI International Inc. Class Aa		1,020		86,282
Cognizant Technology Solutions Corp. Class Aa		26,904		1,456,314
Computer Sciences Corp.		6,222		377,551
Convergys Corp.		4,316		82,695
CoreLogic Inc.a		4,035		133,962
DST Systems Inc.		1,352		130,738
Euronet Worldwide Inc.a		2,128		96,590
Fidelity National Information Services Inc.		12,513		781,187
Fiserv Inc.a		10,771		781,221
FleetCor Technologies Inc.a		3,339		469,129
Gartner Inc.a		3,825		322,142
Genpact Ltd.a		6,895		138,383
Global Payments Inc.		2,936		256,342
International Business Machines Corp.		40,693		6,238,644
Jack Henry & Associates Inc.		3,526		216,391
Leidos Holdings Inc.		2,823		116,872
MasterCard Inc. Class A		43,408		3,560,758
MAXIMUS Inc.		3,008		167,606
NeuStar Inc. Class Aa,b		2,721		71,535
Paychex Inc.		14,613		661,384
Science Applications International Corp.		1,777		86,682
Teradata Corp.a,b		6,802		303,097
Total System Services Inc.		7,409		262,056
Vantiv Inc. Class Aa		6,754		232,270
VeriFone Systems Inc.a		4,870		152,869
Visa Inc. Class A		21,602		5,506,566

17

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
Western Union Co.		23,373	$	397,341
WEX Inc.a,b		1,688		155,380
Xerox Corp.		47,040		619,517
				29,416,808
LEISURE EQUIPMENT & PRODUCTS — 0.14%
Brunswick Corp.		3,986		216,360
Hasbro Inc.		5,102		280,202
Mattel Inc.		14,953		402,236
Polaris Industries Inc.		2,674		386,633
				1,285,431
LIFE SCIENCES TOOLS & SERVICES — 0.66%
Agilent Technologies Inc.		14,773		557,976
Bio-Rad Laboratories Inc. Class Aa		890		101,878
Bio-Techne Corp.		1,635		152,088
Bruker Corp.a		5,199		98,053
Charles River Laboratories International Inc.a		2,132		147,854
Covance Inc.a		2,496		265,100
Illumina Inc.a		6,284		1,226,574
Mettler-Toledo International Inc.a,b		1,255		381,457
PAREXEL International Corp.a,b		2,330		142,037
PerkinElmer Inc.		4,985		227,864
Quintiles Transnational Holdings Inc.a		3,288		198,924
Thermo Fisher Scientific Inc.		17,722		2,218,972
Waters Corp.a		3,630		432,152
				6,150,929
MACHINERY — 1.77%
Actuant Corp. Class A		2,767		63,945
AGCO Corp.		3,715		161,008
Allison Transmission Holdings Inc.		7,453		233,428
Caterpillar Inc.		26,825		2,145,195
Chart Industries Inc.a		1,324		37,734
CLARCOR Inc.		2,217		138,629
Colfax Corp.a,b		4,317		195,603
Crane Co.		2,131		129,884
Cummins Inc.		7,492		1,044,834
Deere & Co.		15,813		1,347,109
Donaldson Co. Inc.		5,607		204,992
Dover Corp.		7,309		511,922
Flowserve Corp.		6,029		328,520
Graco Inc.		2,660		189,498
Harsco Corp.		3,538		52,221
Hillenbrand Inc.		2,736		85,938
IDEX Corp.		3,536		255,830
Illinois Tool Works Inc.		15,929		1,482,831
Ingersoll-Rand PLC		11,644		773,162
ITT Corp.		4,076		145,962
Joy Global Inc.		4,432		185,878
Kennametal Inc.		3,486		109,530
Lincoln Electric Holdings Inc.		3,433		233,135
Manitowoc Co. Inc. (The)		5,852		109,432
Middleby Corp. (The)a		2,542		241,541
Mueller Industries Inc.		2,479		77,816
Navistar International Corp.a,b		2,961		87,113
Nordson Corp.		2,632		191,768
Oshkosh Corp.		3,616		154,946
PACCAR Inc.		15,592		937,235
Pall Corp.		4,709		455,643

Security	Shares		Value
Parker-Hannifin Corp.		6,588	$	767,238
Pentair PLC		8,273		511,354
Snap-on Inc.		2,554		338,941
SPX Corp.		1,879		157,028
Stanley Black & Decker Inc.		6,858		642,252
Terex Corp.		4,892		109,972
Timken Co. (The)		3,169		120,454
Toro Co. (The)		2,450		159,029
Trinity Industries Inc.		6,982		184,814
Valmont Industries Inc.b		1,138		136,697
WABCO Holdings Inc.a		2,456		233,738
Wabtec Corp./DE		4,213		351,575
Woodward Inc.		2,674		119,287
Xylem Inc.		8,224		280,438
				16,425,099
MARINE — 0.02%
Kirby Corp.a		2,508		181,805
				181,805
MEDIA — 3.46%
AMC Networks Inc. Class Aa,b		2,641		176,155
Cablevision NY Group Class Ab		9,467		179,116
CBS Corp. Class B NVS		21,043		1,153,367
Charter Communications Inc. Class Aa		3,580		540,992
Cinemark Holdings Inc.		4,522		168,083
Comcast Corp. Class A		113,897		6,053,056
DIRECTVa		22,221		1,895,007
Discovery Communications Inc. Series Aa,b		6,532		189,330
Discovery Communications Inc. Series C NVSa		12,268		342,032
DISH Network Corp. Class Aa		9,306		654,677
DreamWorks Animation SKG Inc. Class Aa,b		3,165		59,090
Gannett Co. Inc.		10,146		314,627
Interpublic Group of Companies Inc. (The)		18,505		368,990
John Wiley & Sons Inc. Class A		2,021		125,221
Liberty Broadband Corp. Class Aa		1,087		48,339
Liberty Broadband Corp. Class Ca		2,849		126,496
Liberty Global PLC Series Aa		10,885		508,547
Liberty Global PLC Series C NVSa		26,561		1,210,916
Liberty Media Corp. Class Aa		4,420		150,501
Liberty Media Corp. Class Ca		8,840		301,621
Lions Gate Entertainment Corp.		3,707		106,502
Live Nation Entertainment Inc.a		6,234		148,182
Madison Square Garden Inc. Class Aa		2,719		205,964
Meredith Corp.		1,602		83,400
New York Times Co. (The) Class A		5,594		70,428
News Corp. Class A NVSa		21,921		326,404
Omnicom Group Inc.		10,888		792,646
Regal Entertainment Group Class A		3,497		73,996
Scripps Networks Interactive Inc. Class A		4,574		325,166
Sinclair Broadcast Group Inc. Class A		3,302		81,691
Sirius XM Holdings Inc.a,b		113,316		402,272
Starza,b		3,733		110,198
Time Inc.		4,916		123,097
Time Warner Cable Inc.		12,416		1,690,190
Time Warner Inc.		37,146		2,894,788
Twenty-First Century Fox Inc. Class A		82,176		2,724,956
Viacom Inc. Class B NVS		16,361		1,053,976
Walt Disney Co. (The)		68,967		6,273,238
				32,053,257

18

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
METALS & MINING — 0.45%
Alcoa Inc.		52,626	$	823,597
Allegheny Technologies Inc.		4,748		135,460
Carpenter Technology Corp.		2,389		90,639
Cliffs Natural Resources Inc.b		6,687		42,930
Commercial Metals Co.		5,072		68,066
Compass Minerals International Inc.		1,445		126,293
Freeport-McMoRan Inc.		45,680		767,881
Newmont Mining Corp.		21,943		551,866
Nucor Corp.		14,071		614,199
Reliance Steel & Aluminum Co.		3,437		179,996
Royal Gold Inc.		2,876		208,395
Steel Dynamics Inc.		10,593		180,505
Stillwater Mining Co.a,b		5,039		68,883
TimkenSteel Corp.		1,755		47,385
United States Steel Corp.		6,375		155,805
Worthington Industries Inc.		2,377		71,144
				4,133,044
MULTI-UTILITIES — 1.23%
Alliant Energy Corp.		4,905		336,532
Ameren Corp.		10,713		485,085
Avista Corp.		2,640		98,023
Black Hills Corp.		1,956		98,113
CenterPoint Energy Inc.		18,901		436,424
CMS Energy Corp.		12,115		457,099
Consolidated Edison Inc.		12,922		895,236
Dominion Resources Inc.		25,777		1,981,994
DTE Energy Co.		7,817		700,872
Integrys Energy Group Inc.		3,464		280,930
MDU Resources Group Inc.		8,387		189,630
NiSource Inc.		14,120		610,831
NorthWestern Corp.		1,985		114,654
PG&E Corp.		21,023		1,236,363
Public Service Enterprise Group Inc.		22,329		953,002
SCANA Corp.		6,231		397,351
Sempra Energy		10,190		1,140,465
TECO Energy Inc.		10,334		220,424
Vectren Corp.		3,633		174,093
Wisconsin Energy Corp.		9,869		550,394
				11,357,515
MULTILINE RETAIL — 0.69%
Big Lots Inc.		2,538		116,520
Dillard’s Inc.		1,188		134,957
Dollar General Corp.a		13,471		903,365
Dollar Tree Inc.a		9,153		650,778
Family Dollar Stores Inc.		4,256		323,882
J.C. Penney Co. Inc.a,b		12,736		92,591
Kohl’s Corp.		8,885		530,612
Macy’s Inc.		15,292		976,853
Nordstrom Inc.		6,149		468,554
Sears Holdings Corp.a,b		2,434		77,498
Target Corp.		28,197		2,075,581
				6,351,191
OIL, GAS & CONSUMABLE FUELS — 6.33%
Anadarko Petroleum Corp.		22,470		1,836,922
Antero Resources Corp.a,b		2,268		78,586

Security	Shares		Value
Apache Corp.		16,616	$	1,039,663
Cabot Oil & Gas Corp.		18,098		479,597
California Resources Corp.a		14,146		72,428
Carrizo Oil & Gas Inc.a		2,054		92,635
Cheniere Energy Inc.a		9,809		700,166
Chesapeake Energy Corp.		23,059		442,272
Chevron Corp.		83,652		8,576,840
Cimarex Energy Co.		3,806		392,779
Cobalt International Energy Inc.a		13,158		120,001
Concho Resources Inc.a		4,940		547,599
ConocoPhillips		54,518		3,433,544
CONSOL Energy Inc.		10,077		291,729
Continental Resources Inc.a,b		3,754		170,432
Denbury Resources Inc.		15,999		110,393
Devon Energy Corp.		17,032		1,026,519
Diamondback Energy Inc.a,b		2,597		179,167
Energen Corp.		3,171		201,105
Energy XXI Ltd.b		4,120		12,113
EOG Resources Inc.		24,325		2,165,655
EQT Corp.		6,625		493,165
Exxon Mobil Corp.		187,328		16,376,214
Gulfport Energy Corp.a		3,697		142,298
Hess Corp.		11,255		759,600
HollyFrontier Corp.		8,777		315,270
Kinder Morgan Inc.		75,269		3,089,792
Laredo Petroleum Inc.a		3,280		32,177
Marathon Oil Corp.		29,643		788,504
Marathon Petroleum Corp.		12,328		1,141,449
Murphy Oil Corp.		7,489		336,331
Newfield Exploration Co.a		5,967		177,697
Noble Energy Inc.		15,861		757,204
Oasis Petroleum Inc.a		4,227		56,811
Occidental Petroleum Corp.		34,396		2,751,680
ONEOK Inc.		9,271		408,202
PBF Energy Inc.		3,516		98,800
Peabody Energy Corp.b		11,910		74,199
Phillips 66		24,422		1,717,355
Pioneer Natural Resources Co.		6,588		991,692
QEP Resources Inc.		7,308		147,768
Range Resources Corp.		7,490		346,562
Rosetta Resources Inc.a		2,768		47,250
SandRidge Energy Inc.a,b		15,272		21,534
SemGroup Corp. Class A		1,837		123,685
SM Energy Co.		2,958		111,872
Southwestern Energy Co.a,b		16,741		415,009
Spectra Energy Corp.		29,598		989,757
Stone Energy Corp.a		2,188		30,807
Targa Resources Corp.		1,233		107,061
Teekay Corp.		1,899		80,385
Tesoro Corp.		5,656		462,265
Ultra Petroleum Corp.a,b		6,662		84,940
Valero Energy Corp.		22,982		1,215,288
Western Refining Inc.		3,364		124,905
Whiting Petroleum Corp.a		7,278		218,486
Williams Companies Inc. (The)		29,676		1,301,589
World Fuel Services Corp.		3,186		156,018
WPX Energy Inc.a		8,838		94,213
				58,557,979
PAPER & FOREST PRODUCTS — 0.15%
Domtar Corp.		2,843		108,887
International Paper Co.		18,840		992,115

19

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
KapStone Paper and Packaging Corp.		3,886	$	116,075
Louisiana-Pacific Corp.a		6,147		100,626
Resolute Forest Products Inc.a,b		4,248		72,216
				1,389,919
PERSONAL PRODUCTS — 0.11%
Avon Products Inc.		19,007		147,114
Estee Lauder Companies Inc. (The) Class A		9,925		700,606
Herbalife Ltd.b		2,999		91,409
Nu Skin Enterprises Inc. Class Ab		2,605		106,753
				1,045,882
PHARMACEUTICALS — 5.64%
AbbVie Inc.		70,513		4,255,460
Actavis PLCa		11,733		3,127,314
Akorn Inc.a		3,333		141,919
Allergan Inc.		13,186		2,891,162
Bristol-Myers Squibb Co.		73,407		4,424,240
Eli Lilly and Co.		43,375		3,123,000
Endo International PLCa		7,350		585,134
Hospira Inc.a		7,580		480,799
Impax Laboratories Inc.a		2,871		105,280
Jazz Pharmaceuticals PLCa		2,680		453,831
Johnson & Johnson		123,827		12,400,036
Mallinckrodt PLCa		5,201		551,254
Merck & Co. Inc.		126,218		7,608,421
Mylan Inc./PAa		16,449		874,264
Pacira Pharmaceuticals Inc.a		1,647		176,805
Perrigo Co. PLC		6,229		945,188
Pfizer Inc.		278,802		8,712,563
Salix Pharmaceuticals Ltd.a,b		2,784		374,921
Theravance Inc.b		3,392		38,228
Zoetis Inc.		22,094		944,077
				52,213,896
PROFESSIONAL SERVICES — 0.35%
Advisory Board Co. (The)a		1,606		75,289
Corporate Executive Board Co. (The)		1,460		100,039
Dun & Bradstreet Corp. (The)		1,577		181,529
Equifax Inc.		5,395		455,662
FTI Consulting Inc.a		1,820		74,019
IHS Inc. Class Aa		3,055		351,722
Manpowergroup Inc.		3,497		254,861
Nielsen NV		14,324		623,954
Robert Half International Inc.		5,903		342,728
Towers Watson & Co. Class A		3,154		373,749
Verisk Analytics Inc. Class Aa,b		6,578		423,294
				3,256,846
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.94%
Alexandria Real Estate Equities Inc.		3,172		309,333
American Campus Communities Inc.		4,621		203,139
American Capital Agency Corp.		15,634		336,913
American Homes 4 Rent Class A		6,425		107,233
American Realty Capital Properties Inc.		40,569		375,872
American Tower Corp.		17,528		1,699,340
Annaly Capital Management Inc.		41,882		442,274
Apartment Investment and Management Co. Class A		6,834		272,403
ARMOUR Residential REIT Inc.		16,494		54,595

Security	Shares		Value
AvalonBay Communities Inc.		5,841	$	1,010,435
BioMed Realty Trust Inc.		8,602		210,319
Boston Properties Inc.		6,756		937,733
Brandywine Realty Trust		7,925		131,634
Camden Property Trust		3,743		288,398
CBL & Associates Properties Inc.		7,672		158,197
Chimera Investment Corp.		45,001		141,303
Colony Financial Inc.		5,102		127,805
Columbia Property Trust Inc.		5,507		134,756
Corporate Office Properties Trust		4,330		129,900
Corrections Corp. of America		5,119		201,279
Cousins Properties Inc.		9,559		105,531
Crown Castle International Corp.		14,851		1,284,760
CubeSmart		7,237		178,320
CYS Investments Inc.		7,726		68,298
DCT Industrial Trust Inc.		3,820		144,243
DDR Corp.		13,562		265,815
DiamondRock Hospitality Co.		8,524		123,854
Digital Realty Trust Inc.		6,003		437,859
Douglas Emmett Inc.		5,805		165,326
Duke Realty Corp.		15,031		328,127
DuPont Fabros Technology Inc.		2,922		108,874
EastGroup Properties Inc.		1,336		86,359
EPR Properties		2,455		159,722
Equity Commonwealth		5,932		156,308
Equity Lifestyle Properties Inc.		3,441		188,326
Equity Residentialb		16,016		1,243,002
Essex Property Trust Inc.		2,843		642,660
Extra Space Storage Inc.		4,858		320,628
Federal Realty Investment Trust		2,985		429,153
Gaming and Leisure Properties Inc.		4,085		133,294
General Growth Properties Inc.		27,859		840,785
GEO Group Inc. (The)		3,431		149,317
Hatteras Financial Corp.		4,385		79,719
HCP Inc.		20,463		967,695
Health Care REIT Inc.		14,549		1,192,291
Healthcare Realty Trust Inc.		4,274		128,605
Healthcare Trust of America Inc. Class A		5,487		161,647
Highwoods Properties Inc.		3,960		186,120
Home Properties Inc.		2,479		174,769
Hospitality Properties Trust		6,517		212,389
Host Hotels & Resorts Inc.		33,417		764,915
Invesco Mortgage Capital Inc.		5,753		88,251
Iron Mountain Inc.		8,127		323,780
Kilroy Realty Corp.		3,644		270,203
Kimco Realty Corp.		17,959		496,566
Kite Realty Group Trust		3,891		118,909
Lamar Advertising Co.Class A		3,427		191,981
LaSalle Hotel Properties		4,923		199,185
Lexington Realty Trust		9,018		102,895
Liberty Property Trust		6,476		260,983
Macerich Co. (The)		6,230		535,842
Mack-Cali Realty Corp.		3,926		76,596
Medical Properties Trust Inc.		8,952		137,592
MFA Financial Inc.b		16,365		128,302
Mid-America Apartment Communities Inc.		3,327		263,898
National Retail Properties Inc.b		5,816		249,157
NorthStar Realty Finance Corp.		10,190		192,693
Omega Healthcare Investors Inc.		5,771		253,116
Outfront Media Inc.		5,610		159,054
Pebblebrook Hotel Trust		3,287		152,648
Piedmont Office Realty Trust Inc. Class A		6,682		130,499
Plum Creek Timber Co. Inc.		7,815		347,924

20

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
Post Properties Inc.		2,409	$	146,347
Potlatch Corp.		1,759		70,114
Prologis Inc.		22,282		1,005,809
Public Storage		6,436		1,292,606
Rayonier Inc.		5,511		161,748
Realty Income Corp.b		9,996		542,883
Redwood Trust Inc.b		3,612		71,987
Regency Centers Corp.b		4,104		281,370
Retail Properties of America Inc. Class A		10,799		191,034
RLJ Lodging Trust		5,835		198,798
Ryman Hospitality Properties Inc.		2,247		123,360
Senior Housing Properties Trust		8,929		207,956
Simon Property Group Inc.		13,783		2,738,131
SL Green Realty Corp.		4,305		542,430
Sovran Self Storage Inc.		1,423		134,829
Spirit Realty Capital Inc.		17,119		220,150
Starwood Property Trust Inc.b		9,627		230,374
Strategic Hotels & Resorts Inc.a		11,392		152,881
Sun Communities Inc.		1,916		129,771
Sunstone Hotel Investors Inc.		8,999		153,426
Tanger Factory Outlet Centers Inc.		4,109		161,689
Taubman Centers Inc.		2,901		237,737
Two Harbors Investment Corp.		16,236		167,556
UDR Inc.		11,515		382,989
Urban Edge Propertiesa,b		3,849		91,375
Ventas Inc.		13,066		1,042,797
Vornado Realty Trust		7,699		850,278
Washington Real Estate Investment Trust		2,884		82,800
Weingarten Realty Investors		4,895		183,465
Weyerhaeuser Co.		23,318		835,950
WP Carey Inc.		4,378		314,384
WP GLIMCHER Inc.		8,142		143,951
				36,472,621
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.17%
Alexander & Baldwin Inc.		1,897		72,579
Altisource Portfolio Solutions SAa,b		747		15,149
CBRE Group Inc. Class Aa		12,173		393,675
Forest City Enterprises Inc. Class Aa		7,705		188,773
Howard Hughes Corp. (The)a		1,633		213,319
Jones Lang LaSalle Inc.		1,949		286,659
Realogy Holdings Corp.a		6,428		298,902
St. Joe Co. (The)a,b		3,877		62,652
				1,531,708
ROAD & RAIL — 1.06%
Avis Budget Group Inc.a		4,768		273,254
Con-way Inc.		2,427		99,434
CSX Corp.		44,098		1,468,463
Genesee & Wyoming Inc. Class Aa		2,229		183,781
Hertz Global Holdings Inc.a,b		19,755		405,373
J.B. Hunt Transport Services Inc.		4,062		323,376
Kansas City Southern		4,851		534,046
Landstar System Inc.		1,886		120,855
Norfolk Southern Corp.		13,657		1,392,604
Old Dominion Freight Line Inc.a		3,090		216,671
Ryder System Inc.		2,325		192,487
Union Pacific Corp.		39,341		4,611,159
				9,821,503

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.39%
Advanced Micro Devices Inc.a,b		26,299	$	67,588
Altera Corp.		13,633		448,866
Analog Devices Inc.		13,706		714,151
Applied Materials Inc.		53,681		1,226,074
Atmel Corp.a		18,294		152,389
Avago Technologies Ltd.		11,155		1,147,626
Broadcom Corp. Class A		23,728		1,006,898
Cavium Inc.a,b		2,483		146,025
Cree Inc.a,b		5,319		188,080
Cypress Semiconductor Corp.a		7,009		103,243
Fairchild Semiconductor International Inc.a		5,573		85,546
First Solar Inc.a		3,375		142,830
Integrated Device Technology Inc.a		6,363		116,379
Intel Corp.		214,094		7,073,666
KLA-Tencor Corp.		7,338		451,067
Lam Research Corp.		6,986		534,010
Linear Technology Corp.		10,534		473,398
Marvell Technology Group Ltd.		18,974		293,907
Maxim Integrated Products Inc.		12,486		413,162
Microchip Technology Inc.		8,761		395,121
Micron Technology Inc.a		47,513		1,390,468
Microsemi Corp.a		4,119		114,755
NVIDIA Corp.		22,717		436,280
ON Semiconductor Corp.a		19,801		198,208
Qorvo Inc.a		6,388		471,882
Semtech Corp.a		3,052		77,704
Silicon Laboratories Inc.a		1,674		73,254
Skyworks Solutions Inc.		8,450		701,772
SunEdison Inc.a		11,090		207,716
Synaptics Inc.a,b		1,623		124,663
Teradyne Inc.		9,841		178,122
Texas Instruments Inc.		46,784		2,500,605
Xilinx Inc.		11,874		458,039
				22,113,494
SOFTWARE — 3.73%
ACI Worldwide Inc.a,b		4,911		90,706
Activision Blizzard Inc.		21,937		458,374
Adobe Systems Inc.a		20,883		1,464,525
ANSYS Inc.a		4,102		330,908
Aspen Technology Inc.a		4,131		146,010
Autodesk Inc.a		10,162		548,799
CA Inc.		14,423		437,017
Cadence Design Systems Inc.a		12,768		229,696
CDK Global Inc.		7,075		319,507
Citrix Systems Inc.a		7,011		415,472
CommVault Systems Inc.a		1,965		85,635
Electronic Arts Inc.a		13,656		749,168
FactSet Research Systems Inc.		1,693		243,098
Fair Isaac Corp.		1,451		103,529
Fortinet Inc.a		6,147		183,764
Guidewire Software Inc.a		3,194		160,019
Informatica Corp.a		4,763		198,546
Intuit Inc.		12,635		1,096,971
Manhattan Associates Inc.a		3,481		155,392
Mentor Graphics Corp.		4,179		96,159
Microsoft Corp.		364,649		14,731,819
NetSuite Inc.a,b		1,637		161,130
Nuance Communications Inc.a		10,931		150,247
Oracle Corp.		143,018		5,991,024

21

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
PTC Inc.a		5,282	$	176,472
QLIK Technologies Inc.a,b		3,921		111,356
Red Hat Inc.a		8,288		528,691
Rovi Corp.a		3,905		90,244
Salesforce.com Inc.a		25,973		1,466,176
ServiceNow Inc.a,b		5,797		422,601
SolarWinds Inc.a		2,964		142,717
Solera Holdings Inc.		3,046		157,174
Splunk Inc.a		5,338		275,708
SS&C Technologies Holdings Inc.		3,051		168,812
Symantec Corp.		30,547		756,649
Synopsys Inc.a		6,793		292,031
Tableau Software Inc. Class Aa		1,845		149,002
Take-Two Interactive Software Inc.a		3,956		117,572
TiVo Inc.a		5,337		55,825
Tyler Technologies Inc.a		1,434		152,119
Ultimate Software Group Inc. (The)a		1,233		182,496
Verint Systems Inc.a		2,742		146,368
VMware Inc. Class Aa		3,790		292,209
Workday Inc. Class Aa,b		4,189		332,858
				34,564,595
SPECIALTY RETAIL — 2.53%
Aaron’s Inc.		3,072		97,259
Abercrombie & Fitch Co. Class A		3,304		84,318
Advance Auto Parts Inc.		3,188		506,892
American Eagle Outfitters Inc.		7,328		102,885
ANN INC.a		1,907		63,122
Asbury Automotive Group Inc.a		1,413		104,859
Ascena Retail Group Inc.a		5,586		64,574
AutoNation Inc.a		3,301		196,806
AutoZone Inc.a		1,412		842,907
Bed Bath & Beyond Inc.a		8,154		609,675
Best Buy Co. Inc.		12,920		454,784
Cabela’s Inc.a		2,020		110,999
CarMax Inc.a,b		9,556		593,428
Chico’s FAS Inc.		6,830		113,924
CST Brands Inc.		3,324		143,264
Dick’s Sporting Goods Inc.		4,257		219,874
DSW Inc. Class A		3,302		117,419
Foot Locker Inc.		6,160		327,835
GameStop Corp. Class Ab		4,704		165,816
Gap Inc. (The)		11,740		483,571
Genesco Inc.a		1,081		77,237
GNC Holdings Inc. Class A		3,874		171,773
Group 1 Automotive Inc.		942		75,727
Guess? Inc.		2,711		50,913
Home Depot Inc. (The)		58,269		6,084,449
L Brands Inc.		10,947		926,445
Lithia Motors Inc. Class A		1,068		90,460
Lowe’s Companies Inc.		43,089		2,919,711
Lumber Liquidators Holdings Inc.a,b		1,217		76,853
Men’s Wearhouse Inc. (The)		2,006		93,219
Murphy USA Inc.a,b		2,000		139,620
O’Reilly Automotive Inc.a,b		4,493		841,808
Office Depot Inc.a		21,866		166,182
PetSmart Inc.		4,314		352,475
Pier 1 Imports Inc.		4,419		74,283
Restoration Hardware Holdings Inc.a,b		1,649		144,337
Ross Stores Inc.		9,260		849,235
Sally Beauty Holdings Inc.a		5,546		172,370
Signet Jewelers Ltd.		3,547		429,577

Security	Shares		Value
Staples Inc.		28,014	$	477,639
Tiffany & Co.		4,988		432,160
TJX Companies Inc. (The)		30,569		2,015,720
Tractor Supply Co.		5,927		481,095
Ulta Salon, Cosmetics & Fragrance Inc.a		2,833		373,786
Urban Outfitters Inc.a		4,398		153,314
Williams-Sonoma Inc.		3,803		297,585
				23,372,184
TEXTILES, APPAREL & LUXURY GOODS — 0.90%
Carter’s Inc.		2,398		195,413
Coach Inc.		12,150		451,858
Deckers Outdoor Corp.a,b		1,517		100,198
Fossil Group Inc.a		2,013		196,871
Hanesbrands Inc.		4,486		499,651
Iconix Brand Group Inc.a,b		2,278		75,721
Kate Spade & Co.a		5,820		183,504
Lululemon Athletica Inc.a		4,703		311,527
Michael Kors Holdings Ltd.a		9,077		642,561
Nike Inc. Class B		30,942		2,854,399
PVH Corp.		3,618		398,921
Ralph Lauren Corp.		2,710		452,272
SKECHERS U.S.A. Inc. Class Aa,b		1,866		112,613
Steven Madden Ltd.a		2,493		85,610
Under Armour Inc. Class Aa		7,479		539,086
VF Corp.		15,286		1,060,390
Wolverine World Wide Inc.		4,424		124,536
				8,285,131
THRIFTS & MORTGAGE FINANCE — 0.12%
Capitol Federal Financial Inc.		6,184		77,053
Hudson City Bancorp Inc.		20,992		188,298
MGIC Investment Corp.a		14,930		127,204
New York Community Bancorp Inc.		19,449		300,487
Ocwen Financial Corp.a,b		4,509		27,595
People’s United Financial Inc.		13,337		187,652
Radian Group Inc.b		8,665		136,560
Washington Federal Inc.		4,357		86,530
				1,131,379
TOBACCO — 1.31%
Altria Group Inc.		87,453		4,643,754
Lorillard Inc.		16,021		1,051,138
Philip Morris International Inc.		68,706		5,512,970
Reynolds American Inc.		13,734		933,225
				12,141,087
TRADING COMPANIES & DISTRIBUTORS — 0.29%
Air Lease Corp.		4,347		151,884
Applied Industrial Technologies Inc.		1,895		76,615
Fastenal Co.		11,926		529,514
GATX Corp.		2,040		116,586
HD Supply Holdings Inc.a		6,726		193,911
MRC Global Inc.a		4,492		48,559
MSC Industrial Direct Co. Inc. Class A		2,310		173,412
NOW Inc.a,b		4,751		118,537
United Rentals Inc.a		4,411		365,451
W.W. Grainger Inc.		2,712		639,598
Watsco Inc.		1,182		128,672

22

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® DOW JONES U.S. ETF

January 31, 2015

Security	Shares		Value
WESCO International Inc.a,b		1,927	$	128,647
				2,671,386
WATER UTILITIES — 0.07%
American Water Works Co. Inc.		8,069		452,994
Aqua America Inc.		7,747		209,556
				662,550
WIRELESS TELECOMMUNICATION SERVICES — 0.14%
SBA Communications Corp. Class Aa		5,673		662,039
Sprint Corp.a,b		34,816		149,709
T-Mobile US Inc.a		11,878		358,478
Telephone & Data Systems Inc.		4,454		103,555
				1,273,781
TOTAL COMMON STOCKS (Cost: $661,617,046)				924,493,850
SHORT-TERM INVESTMENTS — 2.63%
MONEY MARKET FUNDS — 2.63%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		21,127,980		21,127,980
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,270,952		1,270,952
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,900,475		1,900,475
				24,299,407
TOTAL SHORT-TERM INVESTMENTS (Cost: $24,299,407)				24,299,407
TOTAL INVESTMENTS IN SECURITIES — 102.53% (Cost: $685,916,453)				948,793,257
Other Assets Less Liabilities — (2.53)%				(23,370,678	)
NET ASSETS — 100.00%			$	925,422,579

NVS — Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

23

Schedule of Investments  (Unaudited)

iSHARES^® EUROPE DEVELOPED REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.15%
AUSTRIA — 1.64%
BUWOG AGa		11,478	$	224,335
CA Immobilien Anlagen AG		18,530		375,442
conwert Immobilien Invest SE		13,839		160,851
				760,628
BELGIUM — 2.76%
Aedifica SA		2,058		137,414
Befimmo SA		3,820		291,359
Cofinimmo SA		3,904		476,892
Intervest Offices & Warehouses NV		1,536		40,039
Leasinvest Real Estate SCA		445		46,590
Warehouses De Pauw SCA		3,033		232,736
Wereldhave Belgium NV		441		50,561
				1,275,591
FINLAND — 1.18%
Citycon OYJ		58,985		200,084
Sponda OYJ		54,365		250,301
Technopolis OYJ		21,482		97,450
				547,835
FRANCE — 23.47%
Affine SA		1,301		27,057
ANF Immobilier		1,599		41,032
Fonciere des Regions		7,609		781,275
Gecina SA		7,730		1,013,167
Icade		7,978		696,455
Klepierre		39,878		1,881,464
Mercialys		9,349		226,031
Unibail-Rodamco SE		21,964		6,198,800
				10,865,281
GERMANY — 14.95%
Alstria Office REIT AG		15,325		196,195
Deutsche Annington Immobilien SE		51,524		1,790,782
Deutsche EuroShop AG		10,358		479,988
Deutsche Wohnen AG Bearer		64,633		1,680,425
DIC Asset AG		7,745		80,992
DO Deutsche Office AGa		14,682		59,098
GAGFAH SAa		48,794		1,089,669
Hamborner REIT AG		10,273		106,327
LEG Immobilien AGa		12,880		987,325
TAG Immobilien AG		25,368		329,634
TLG Immobilien AGa		7,617		118,660
				6,919,095
GREECE — 0.15%
Grivalia Properties REIC		7,667		68,349
				68,349

Security	Shares		Value
ITALY — 0.51%
Beni Stabili SpA SIIQ		240,878	$	179,808
Immobiliare Grande Distribuzione SIIQ SpA		68,358		56,234
				236,042
NETHERLANDS — 2.86%
Eurocommercial Properties NV		9,179		409,143
NSI NV		29,411		131,395
VastNed Retail NV		4,301		213,285
Wereldhave NV		7,911		569,464
				1,323,287
NORWAY — 0.48%
Entra ASAa,b		14,114		151,602
Norwegian Property ASAa		54,163		72,679
				224,281
SPAIN — 1.29%
Inmobiliaria Colonial SAa		378,758		256,446
Merlin Properties SOCIMI SAa,c		28,256		338,624
				595,070
SWEDEN — 6.41%
Castellum AB		37,052		583,161
Dios Fastigheter AB		10,637		80,043
Fabege AB		29,894		409,069
Fastighets AB Balder Class Ba		20,835		301,980
Hemfosa Fastigheter ABa		8,909		191,697
Hufvudstaden AB Class A		25,049		328,538
Klovern AB Class A		7,497		7,839
Klovern AB Class Ba		84,561		84,332
Kungsleden AB		41,122		315,656
Wallenstam AB Class B		22,591		374,402
Wihlborgs Fastigheter AB		14,934		292,454
				2,969,171
SWITZERLAND — 5.76%
Allreal Holding AG Registered		2,160		339,243
Mobimo Holding AG Registered		1,388		320,430
PSP Swiss Property AG Registered		8,990		927,776
Swiss Prime Site AG Registered		12,439		1,078,889
				2,666,338
UNITED KINGDOM — 36.69%
Big Yellow Group PLC		32,169		295,203
British Land Co. PLC (The)		228,494		2,846,639
Capital & Counties Properties PLC		164,170		948,543
Daejan Holdings PLC		1,105		90,863
Derwent London PLC		20,876		1,020,562
Development Securities PLC		28,200		102,072
Grainger PLC		92,820		270,309
Great Portland Estates PLC		77,707		916,743
Hammerson PLC		177,112		1,831,442
Hansteen Holdings PLC		154,915		262,448
Helical Bar PLC		22,421		128,467
Intu Properties PLC		207,408		1,136,998

24

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® EUROPE DEVELOPED REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
Land Securities Group PLC		177,702	$	3,400,188
LondonMetric Property PLC		131,969		316,136
Primary Health Properties PLC		23,962		135,137
Quintain Estates and Development PLCa		110,553		159,813
Redefine International PLC		196,208		160,161
Safestore Holdings PLC		46,757		188,904
Schroder REIT Ltd.		117,155		105,573
SEGRO PLC		167,577		1,037,945
Shaftesbury PLC		62,777		733,536
St. Modwen Properties PLC		39,833		250,189
UNITE Group PLC (The)		45,449		334,405
Workspace Group PLC		26,198		310,840
				16,983,116
TOTAL COMMON STOCKS (Cost: $41,634,755)				45,434,084
INVESTMENT COMPANIES — 1.57%
UNITED KINGDOM — 1.57%
F&C Commercial Property Trust Ltd.		119,203		249,748
F&C UK Real Estate Investments Ltd.		52,160		73,835
Medicx Fund Ltd.		79,907		99,610
Picton Property Income Ltd.		99,232		103,581
Standard Life Investment Property Income Trust PLC		55,180		67,543
UK Commercial Property Trust Ltd.		99,823		134,557
				728,874
TOTAL INVESTMENT COMPANIES (Cost: $701,207)				728,874
RIGHTS — 0.00%
BELGIUM — 0.00%
Wereldhave Belgium NVa		387		939
				939
TOTAL RIGHTS (Cost: $0)				939
SHORT-TERM INVESTMENTS — 0.73%
MONEY MARKET FUNDS — 0.73%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%d,e,f		297,356		297,356
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%d,e,f		17,888		17,888

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		23,814	$	23,814
				339,058
TOTAL SHORT-TERM INVESTMENTS (Cost: $339,058)				339,058
TOTAL INVESTMENTS IN SECURITIES — 100.45% (Cost: $42,675,020)				46,502,955
Other Assets, Less Liabilities — (0.45)%				(210,374	)
NET ASSETS — 100.00%			$	46,292,581

^a Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

25

Schedule of Investments  (Unaudited)

iSHARES^® GLOBAL REIT ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.73%
AUSTRALIA — 6.94%
BWP Trust		7,332	$	16,273
Charter Hall Retail REIT		4,740		16,205
Cromwell Group		22,068		18,217
Dexus Property Group		13,572		81,488
Federation Centres		21,348		50,373
Goodman Group		25,572		122,074
GPT Group (The)		26,484		93,222
Investa Office Fund		9,168		27,559
Mirvac Group		54,696		82,207
Novion Property Group		33,432		60,402
Scentre Group		77,292		228,726
Stockland		34,356		117,186
Westfield Corp.		28,920		222,062
				1,135,994
BELGIUM — 0.54%
Aedifica SA		144		9,615
Befimmo SA		252		19,221
Cofinimmo SA		264		32,249
Intervest Offices & Warehouses NV		120		3,128
Leasinvest Real Estate SCA		36		3,769
Warehouses De Pauw SCA		204		15,654
Wereldhave Belgium NV		36		4,127
				87,763
CANADA — 3.48%
Allied Properties Real Estate Investment Trust		1,092		34,449
Artis Real Estate Investment Trust		2,028		24,871
Boardwalk Real Estate Investment Trust		576		27,861
Calloway Real Estate Investment Trust		1,536		38,438
Canadian Apartment Properties Real Estate Investment Trust		1,632		36,644
Canadian Real Estate Investment Trust		1,068		40,616
Chartwell Retirement Residences		2,580		25,720
Cominar Real Estate Investment Trust		2,352		36,005
Crombie Real Estate Investment Trust		1,212		12,876
Dream Global Real Estate Investment Trust		1,488		10,503
Dream Office Real Estate Investment Trust		1,596		34,187
Granite Real Estate Investment Trust		696		24,482
H&R Real Estate Investment Trust		4,116		79,272
InnVest Real Estate Investment Trust		1,296		6,388
Morguard Real Estate Investment Trust		552		8,036
Northern Property Real Estate Investment Trust		492		9,565
Pure Industrial Real Estate Trust		2,952		11,268
RioCan REIT		4,656		108,106
				569,287
FRANCE — 4.28%
Affine SA		156		3,244
ANF Immobilier		168		4,311
Fonciere des Regions		444		45,589
Gecina SA		504		66,059
Icade		480		41,902
Klepierre		2,520		118,895

Security	Shares		Value
Mercialys		636	$	15,377
Unibail-Rodamco SE		1,440		406,405
				701,782
GERMANY — 0.13%
Alstria Office REIT AG		1,068		13,673
Hamborner REIT AG		732		7,576
				21,249
GREECE — 0.03%
Grivalia Properties REIC		600		5,349
				5,349
HONG KONG — 1.72%
Champion REIT		36,000		17,644
Hui Xian Real Estate Investment Trust		36,000		20,041
Link REIT (The)		36,000		243,766
				281,451
ITALY — 0.10%
Beni Stabili SpA SIIQ		16,392		12,236
Immobiliare Grande Distribuzione SIIQ SpA		5,016		4,127
				16,363
JAPAN — 6.20%
Advance Residence Investment Corp.		24		61,601
Frontier Real Estate Investment Corp.		12		54,859
Fukuoka REIT Corp.		12		24,273
GLP J-REIT		36		41,006
Japan Excellent Inc.		24		30,913
Japan Hotel REIT Investment Corp.		48		31,710
Japan Logistics Fund Inc.		12		25,775
Japan Prime Realty Investment Corp.		12		42,089
Japan Real Estate Investment Corp.		24		117,073
Japan Retail Fund Investment Corp.		36		78,212
Kenedix Realty Investment Corp.		5		29,754
Mori Hills REIT Investment Corp.		24		34,039
MORI TRUST Sogo REIT Inc.		24		50,098
Nippon Accommodations Fund Inc.		12		49,700
Nippon Building Fund Inc.		18		88,878
Nippon Prologis REIT Inc.		24		56,677
Nomura Real Estate Master Fund Inc.		24		30,178
Nomura Real Estate Office Fund Inc.		5		25,582
Orix JREIT Inc.		36		54,123
TOKYU REIT Inc.		24		31,873
United Urban Investment Corp.		36		57,832
				1,016,245
MEXICO — 0.85%
Asesor de Activos Prisma SAPI de CV		7,200		7,833
Concentradora Fibra Danhos SA de CV		3,600		8,555
Fibra Uno Administracion SAB de CV		33,600		101,431
Macquarie Mexico Real Estate Management SA de CVa		13,200		21,757
				139,576

26

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GLOBAL REIT ETF

January 31, 2015

Security	Shares		Value
NETHERLANDS — 0.56%
Eurocommercial Properties NV		588	$	26,209
NSI NV		2,016		9,007
VastNed Retail NV		312		15,472
Wereldhave NV		572		41,175
				91,863
NEW ZEALAND — 0.10%
Kiwi Property Group Ltd.		17,280		16,555
				16,555
SINGAPORE — 2.26%
Ascendas REIT		36,000		65,450
CapitaCommercial Trust		24,000		31,395
CapitaMall Trust Management Ltd.		36,000		55,606
CDL Hospitality Trusts		12,000		15,963
Fortune REIT		24,000		26,868
Keppel REITb		24,000		21,905
Mapletree Commercial Trust		24,000		26,872
Mapletree Greater China Commercial Trust		36,000		27,138
Mapletree Industrial Trust		24,000		27,138
Mapletree Logistics Trust		24,000		21,284
Suntec REITb		36,000		50,018
				369,637
SOUTH AFRICA — 1.72%
Acucap Properties Ltd.		1,920		9,244
Arrowhead Properties Ltd. Class A		5,784		4,923
Arrowhead Properties Ltd. Class B		5,004		4,259
Capital Property Fund		22,644		28,794
Emira Property Fund		6,504		10,765
Fountainhead Property Trust		6,996		5,534
Growthpoint Properties Ltd.		32,652		82,255
Hyprop Investments Ltd.		3,588		32,638
Redefine Properties Ltd.		52,644		51,598
Resilient Property Income Fund Ltd.		3,444		26,155
SA Corporate Real Estate Fund Nominees Pty Ltd.		27,816		12,436
Vukile Property Fund Ltd.		7,872		13,360
				281,961
SPAIN — 0.14%
Merlin Properties SOCIMI SAa,b		1,896		22,722
				22,722
TURKEY — 0.26%
Dogus Gayrimenkul Yatirim Ortakligi ASa		972		1,921
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		28,824		37,933
Is Gayrimenkul Yatirim Ortakligi AS		4,380		3,268
				43,122
UNITED KINGDOM — 5.88%
Big Yellow Group PLC		2,076		19,051
British Land Co. PLC (The)		15,024		187,173
Derwent London PLC		1,368		66,877
Great Portland Estates PLC		5,100		60,167
Hammerson PLC		11,664		120,612

Security	Shares		Value
Hansteen Holdings PLC		11,076	$	18,764
Intu Properties PLC		13,716		75,190
Land Securities Group PLC		11,688		223,641
LondonMetric Property PLC		9,096		21,790
Primary Health Properties PLC		1,632		9,204
Redefine International PLC		13,140		10,726
Safestore Holdings PLC		3,216		12,993
SEGRO PLC		11,004		68,157
Shaftesbury PLC		4,152		48,515
Workspace Group PLC		1,764		20,930
				963,790
UNITED STATES — 64.54%
Acadia Realty Trust		984		35,611
Agree Realty Corp.		288		9,976
Alexander’s Inc.		36		16,698
Alexandria Real Estate Equities Inc.		1,092		106,492
American Campus Communities Inc.		1,596		70,160
American Homes 4 Rent Class A		2,268		37,853
American Realty Capital Properties Inc.a		13,860		128,413
Apartment Investment and Management Co. Class A		2,184		87,054
Ashford Hospitality Trust Inc.		1,080		11,362
Associated Estates Realty Corp.		912		22,718
AvalonBay Communities Inc.		2,016		348,748
Aviv REIT Inc.		408		16,047
BioMed Realty Trust Inc.		3,012		73,643
Boston Properties Inc.		2,280		316,464
Brandywine Realty Trust		2,736		45,445
Brixmor Property Group Inc.		2,256		61,138
Camden Property Trust		1,296		99,857
Campus Crest Communities Inc.		1,068		7,359
CBL & Associates Properties Inc.		2,544		52,457
Cedar Realty Trust Inc.		1,452		11,558
Chambers Street Propertiesb		3,816		32,245
Chatham Lodging Trust		516		16,063
Chesapeake Lodging Trust		792		29,082
Corporate Office Properties Trust		1,380		41,400
Cousins Properties Inc.		3,084		34,047
CubeSmart		2,436		60,023
DCT Industrial Trust Inc.		1,396		52,713
DDR Corp.b		4,644		91,022
DiamondRock Hospitality Co.		3,300		47,949
Digital Realty Trust Inc.		2,040		148,798
Douglas Emmett Inc.		2,040		58,099
Duke Realty Corp.		5,328		116,310
DuPont Fabros Technology Inc.		1,008		37,558
EastGroup Properties Inc.		504		32,579
Education Realty Trust Inc.		214		7,404
Empire State Realty Trust Inc. Class A		1,248		22,714
EPR Propertiesb		864		56,212
Equity Commonwealtha		1,956		51,541
Equity Lifestyle Properties Inc.		1,224		66,990
Equity One Inc.		972		26,477
Equity Residential		5,352		415,369
Essex Property Trust Inc.		948		214,295
Excel Trust Inc.		1,008		14,152
Extra Space Storage Inc.		1,644		108,504
Federal Realty Investment Trust		1,020		146,645
FelCor Lodging Trust Inc.		1,920		19,219
First Industrial Realty Trust Inc.		1,860		40,418
First Potomac Realty Trust		1,020		13,056
Franklin Street Properties Corp.		1,500		19,320

27

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® GLOBAL REIT ETF

January 31, 2015

Security	Shares		Value
General Growth Properties Inc.		7,560	$	228,161
Getty Realty Corp.		420		7,783
Government Properties Income Trust		877		19,996
HCP Inc.		6,960		329,138
Health Care REIT Inc.		4,956		406,144
Healthcare Realty Trust Inc.		1,632		49,107
Healthcare Trust of America Inc. Class A		1,896		55,856
Hersha Hospitality Trust		2,628		17,555
Highwoods Properties Inc.		1,392		65,424
Home Properties Inc.		876		61,758
Hospitality Properties Trust		2,246		73,197
Host Hotels & Resorts Inc.		11,220		256,826
Hudson Pacific Properties Inc.		960		31,056
Inland Real Estate Corp.		1,464		16,660
Investors Real Estate Trust		1,980		16,335
Kilroy Realty Corp.		1,260		93,429
Kimco Realty Corp.		6,156		170,213
Kite Realty Group Trust		1,357		41,470
LaSalle Hotel Properties		1,632		66,031
Lexington Realty Trust		3,480		39,707
Liberty Property Trust		2,232		89,950
LTC Properties Inc.		564		26,463
Macerich Co. (The)		2,388		205,392
Mack-Cali Realty Corp.		1,368		26,690
Mid-America Apartment Communities Inc.		1,140		90,425
National Health Investors Inc.		528		39,473
National Retail Properties Inc.		1,992		85,337
New York REIT Inc.		2,472		25,783
Omega Healthcare Investors Inc.		1,968		86,316
Parkway Properties Inc.		1,236		22,619
Pebblebrook Hotel Trust		1,056		49,041
Pennsylvania Real Estate Investment Trustb		1,032		24,696
Physicians Realty Trust		732		12,912
Piedmont Office Realty Trust Inc. Class A		2,412		47,106
Post Properties Inc.		840		51,030
Prologis Inc.		7,452		336,383
PS Business Parks Inc.		300		25,233
Public Storage		2,172		436,224
Ramco-Gershenson Properties Trust		1,296		25,363
Realty Income Corp.		3,432		186,392
Regency Centers Corp.		1,464		100,372
Retail Opportunity Investments Corp.		1,368		24,173
Retail Properties of America Inc. Class A		3,660		64,745
RLJ Lodging Trust		2,136		72,773
Rouse Properties Inc.		636		11,823
Ryman Hospitality Properties Inc.		708		38,869
Sabra Health Care REIT Inc.		828		27,076
Saul Centers Inc.		264		15,072
Select Income REIT		612		15,220
Senior Housing Properties Trust		3,072		71,547
Silver Bay Realty Trust Corp.		29		452
Simon Property Group Inc.		4,716		936,881
SL Green Realty Corp.		1,440		181,440
Sovran Self Storage Inc.		516		48,891
Spirit Realty Capital Inc.		6,168		79,320
STAG Industrial Inc.		972		25,466
Strategic Hotels & Resorts Inc.a		3,876		52,016
Summit Hotel Properties Inc.		1,212		15,538
Sun Communities Inc.		756		51,204
Sunstone Hotel Investors Inc.		3,386		57,725
Tanger Factory Outlet Centers Inc.		1,464		57,608
Taubman Centers Inc.b		770		63,101
UDR Inc.		3,876		128,916

Security	Shares		Value
Urban Edge Propertiesb		1,266	$	30,055
Urstadt Biddle Properties Inc. Class A		326		7,661
Ventas Inc.		4,392		350,562
Vornado Realty Trust		2,532		279,634
Washington Real Estate Investment Trust		1,056		30,318
Weingarten Realty Investors		1,656		62,067
Winthrop Realty Trust		576		9,216
WP Carey Inc.		1,332		95,651
WP GLIMCHER Inc.		2,747		48,567
				10,571,890
TOTAL COMMON STOCKS (Cost: $15,063,276)				16,336,599
RIGHTS — 0.00%
BELGIUM — 0.00%
Wereldhave Belgium NVa		36		87
				87
TOTAL RIGHTS (Cost: $0)				87
SHORT-TERM INVESTMENTS — 1.97%
MONEY MARKET FUNDS — 1.97%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		295,389		295,389
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		17,769		17,769
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		9,037		9,037
				322,195
TOTAL SHORT-TERM INVESTMENTS (Cost: $322,195)				322,195
TOTAL INVESTMENTS IN SECURITIES — 101.70% (Cost: $15,385,471)				16,658,881
Other Assets, Less Liabilities — (1.70)%				(278,814	)
NET ASSETS — 100.00%			$	16,380,067

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

28

Schedule of Investments  (Unaudited)

iSHARES^® INTERNATIONAL DEVELOPED REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.09%
AUSTRALIA — 12.47%
BWP Trust		760,395	$	1,687,649
Charter Hall Retail REIT		492,002		1,682,014
Cromwell Group		2,307,931		1,905,140
Dexus Property Group		1,437,672		8,632,017
Federation Centres		2,270,302		5,357,034
Goodman Group		2,721,399		12,991,246
GPT Group (The)		2,806,775		9,879,709
Investa Office Fund		960,368		2,886,842
Mirvac Group		5,798,595		8,715,217
Novion Property Group		3,546,758		6,407,929
Scentre Groupa		8,216,318		24,314,142
Stockland		3,653,317		12,461,192
Westfield Corp.		3,069,259		23,567,231
				120,487,362
AUSTRIA — 0.56%
BUWOG AGa		82,726		1,616,860
CA Immobilien Anlagen AGb		129,065		2,615,028
conwert Immobilien Invest SE		98,276		1,142,266
				5,374,154
BELGIUM — 0.91%
Aedifica SA		14,928		996,749
Befimmo SA		26,435		2,016,249
Cofinimmo SA		27,679		3,381,121
Intervest Offices & Warehouses NV		11,196		291,848
Leasinvest Real Estate SCA		3,110		325,610
Warehouses De Pauw SCA		18,971		1,455,733
Wereldhave Belgium NV		3,110		356,563
				8,823,873
CANADA — 6.62%
Allied Properties Real Estate Investment Trust		120,046		3,787,089
Artis Real Estate Investment Trust		217,389		2,666,035
Boardwalk Real Estate Investment Trust		63,444		3,068,749
Calloway Real Estate Investment Trust		167,318		4,187,074
Canadian Apartment Properties Real Estate Investment Trust		177,270		3,980,344
Canadian Real Estate Investment Trust		111,649		4,245,999
Chartwell Retirement Residences		280,211		2,793,381
Cominar Real Estate Investment Trust		235,116		3,599,197
Crombie Real Estate Investment Trust		125,955		1,338,076
Dream Global Real Estate Investment Trust		154,256		1,088,837
Dream Office Real Estate Investment Trust		166,074		3,557,372
Extendicare Inc.		141,194		759,449
First Capital Realty Inc.		136,218		2,097,066
Granite Real Estate Investment Trust		75,262		2,647,332
H&R Real Estate Investment Trust		437,266		8,421,496
InnVest Real Estate Investment Trust		123,156		607,063
Killam Properties Inc.		84,592		741,210
Morguard Real Estate Investment Trust		56,291		819,537
Northern Property Real Estate Investment Trust		51,315		997,606
Pure Industrial Real Estate Trust		308,823		1,178,835

Security	Shares		Value
RioCan REIT		491,380	$	11,409,146
				63,990,893
FINLAND — 0.40%
Citycon OYJ		414,571		1,406,275
Sponda OYJ		379,731		1,748,311
Technopolis OYJ		147,303		668,221
				3,822,807
FRANCE — 7.93%
Affine SA		9,330		194,039
ANF Immobilier		11,507		295,281
Fonciere des Regions		54,114		5,556,301
Gecina SA		54,736		7,174,221
Icade		56,291		4,914,031
Klepierre		283,628		13,381,714
Mercialys		66,243		1,601,560
Unibail-Rodamco SE		154,256		43,534,967
				76,652,114
GERMANY — 5.02%
Alstria Office REIT AG		108,228		1,385,564
Deutsche Annington Immobilien SE		357,961		12,441,390
Deutsche EuroShop AG		73,396		3,401,157
Deutsche Wohnen AG Bearer		455,926		11,853,847
DIC Asset AG		55,980		585,402
DO Deutsche Office AGa		106,051		426,875
GAGFAH SAa		343,966		7,681,460
Hamborner REIT AG		74,018		766,097
LEG Immobilien AGa		88,013		6,746,692
TAG Immobilien AG		184,112		2,392,371
TLG Immobilien AGa		54,425		847,847
				48,528,702
GREECE — 0.06%
Grivalia Properties REIC		60,800		542,017
				542,017
HONG KONG — 16.12%
Champion REITb		3,732,000		1,829,093
Hang Lung Properties Ltd.		3,421,000		10,082,074
Henderson Land Development Co. Ltd.		1,866,440		13,336,271
Hongkong Land Holdings Ltd.		1,866,000		13,827,060
Hysan Development Co. Ltd.		933,000		4,518,582
Kerry Properties Ltd.		933,000		3,309,215
Link REIT (The)		3,576,500		24,217,435
New World Development Co. Ltd.		7,775,333		9,286,255
Sino Land Co. Ltd.		4,976,800		8,344,574
Sun Hung Kai Properties Ltd.		2,495,000		40,739,422
Swire Properties Ltd.		1,866,000		6,004,720
Wharf Holdings Ltd. (The)		2,488,900		20,223,607
				155,718,308
ISRAEL — 0.21%
Azrieli Group Ltd.		59,401		2,051,676
				2,051,676

29

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERNATIONAL DEVELOPED REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
ITALY — 0.16%
Beni Stabili SpA SIIQ		1,546,653	$	1,154,530
Immobiliare Grande Distribuzione SIIQ SpA		458,556		377,227
				1,531,757
JAPAN — 23.51%
Activia Properties Inc.		397		3,558,856
Advance Residence Investment Corp.		2,177		5,587,754
Aeon Mall Co. Ltd.		155,500		2,598,617
Daiwa House REIT Investment Corp.		311		1,511,778
Daiwa Office Investment Corp.		311		1,808,309
Daiwahouse Residential Investment Corp.		622		2,928,242
Frontier Real Estate Investment Corp.		746		3,410,395
Fukuoka REIT Corp.		933		1,887,207
GLP J-REIT		3,110		3,542,485
Hulic Co. Ltd.		466,500		4,285,136
Industrial & Infrastructure Fund Investment Corp.		622		3,145,345
Japan Excellent Inc.		1,866		2,403,489
Japan Hotel REIT Investment Corp.		4,364		2,882,956
Japan Logistics Fund Inc.		1,244		2,671,955
Japan Prime Realty Investment Corp.		1,244		4,363,240
Japan Real Estate Investment Corp.		1,866		9,102,439
Japan Retail Fund Investment Corp.		3,732		8,108,001
Kenedix Realty Investment Corp.		574		3,415,707
Mitsubishi Estate Co. Ltd.		2,020,000		40,988,124
Mitsui Fudosan Co. Ltd.		1,555,000		39,720,576
Mori Hills REIT Investment Corp.		1,866		2,646,538
MORI TRUST Sogo REIT Inc.		1,555		3,245,954
Nippon Accommodations Fund Inc.		622		2,576,112
Nippon Building Fund Inc.		2,177		10,749,244
Nippon Prologis REIT Inc.		2,177		5,141,104
Nomura Real Estate Holdings Inc.		186,600		3,170,762
Nomura Real Estate Master Fund Inc.		2,799		3,519,451
Nomura Real Estate Office Fund Inc.		622		3,182,412
NTT Urban Development Corp.		155,500		1,510,454
Orix JREIT Inc.		3,115		4,683,174
Premier Investment Corp.		399		2,136,560
Sumitomo Realty & Development Co. Ltd.		697,000		22,458,988
Tokyo Tatemono Co. Ltd.		622,000		4,236,155
TOKYU REIT Inc.		1,555		2,065,126
Top REIT Inc.		311		1,337,037
United Urban Investment Corp.		4,043		6,494,821
				227,074,503
NETHERLANDS — 0.97%
Eurocommercial Properties NV		65,310		2,911,114
NSI NV		209,614		936,458
VastNed Retail NV		31,100		1,542,241
Wereldhave NV		55,608		4,002,878
				9,392,691
NEW ZEALAND — 0.18%
Kiwi Property Group Ltd.		1,813,752		1,737,676
				1,737,676
NORWAY — 0.15%
Entra ASAa,c		99,209		1,065,628

Security	Shares		Value
Norwegian Property ASAa		282,788	$	379,459
				1,445,087
SINGAPORE — 6.90%
Ascendas REIT		3,110,402		5,654,858
CapitaCommercial Trust		3,110,000		4,068,214
CapitaLand Ltd.		4,043,000		10,398,078
CapitaMall Trust Management Ltd.		4,043,400		6,245,441
CDL Hospitality Trustsb		933,000		1,241,150
City Developments Ltd.		933,000		6,929,754
Fortune REIT		2,177,000		2,437,186
Global Logistic Properties Ltd.		4,665,000		8,722,526
Keppel Land Ltd.		933,000		3,130,456
Keppel REITb		2,799,000		2,554,700
Mapletree Commercial Trust		2,177,000		2,437,481
Mapletree Industrial Trust		1,866,800		2,110,860
Mapletree Logistics Trust		2,488,210		2,206,675
Suntec REITb		3,732,000		5,185,249
UOL Group Ltd.		622,000		3,318,927
				66,641,555
SPAIN — 0.44%
Inmobiliaria Colonial SAa		2,658,623		1,800,075
Merlin Properties SOCIMI SAa,b		201,839		2,418,867
				4,218,942
SWEDEN — 2.15%
Castellum AB		260,307		4,096,969
Dios Fastigheter AB		75,262		566,345
Fabege AB		207,748		2,842,818
Fastighets AB Balder Class Ba,b		144,926		2,100,542
Hemfosa Fastigheter ABa		62,200		1,338,370
Hufvudstaden AB Class A		175,404		2,300,568
Klovern AB Class A		57,662		60,294
Klovern AB Class Ba		611,115		609,456
Kungsleden AB		287,814		2,209,284
Wallenstam AB Class B		157,677		2,613,194
Wihlborgs Fastigheter AB		104,807		2,052,443
				20,790,283
SWITZERLAND — 1.95%
Allreal Holding AG Registered		15,550		2,442,231
Mobimo Holding AG Registered		9,952		2,297,489
PSP Swiss Property AG Registered		63,444		6,547,479
Swiss Prime Site AG Registered		87,080		7,552,833
				18,840,032
UNITED KINGDOM — 12.38%
Big Yellow Group PLC		227,652		2,089,074
British Land Co. PLC (The)		1,604,138		19,984,778
Capital & Counties Properties PLC		1,153,810		6,666,497
Daejan Holdings PLC		8,086		664,904
Derwent London PLC		146,792		7,176,201
Development Securities PLC		200,284		724,944
Grainger PLC		646,258		1,882,023
Great Portland Estates PLC		547,360		6,457,441
Hammerson PLC		1,244,933		12,873,337
Hansteen Holdings PLC		1,112,522		1,884,773

30

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERNATIONAL DEVELOPED REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
Helical Bar PLC		161,720	$	926,615
Intu Properties PLC		1,458,279		7,994,194
Land Securities Group PLC		1,248,976		23,898,175
LondonMetric Property PLC		942,330		2,257,381
Primary Health Properties PLC		172,916		975,184
Quintain Estates and Development PLCa		784,810		1,134,505
Redefine International PLC		1,403,425		1,145,592
Safestore Holdings PLC		328,795		1,328,369
Schroder REIT Ltd.		768,792		692,790
SEGRO PLC		1,178,690		7,300,615
Shaftesbury PLC		444,730		5,196,575
St. Modwen Properties PLC		281,766		1,769,758
UNITE Group PLC (The)		322,196		2,370,657
Workspace Group PLC		186,110		2,208,198
				119,602,580
TOTAL COMMON STOCKS (Cost: $912,644,026)				957,267,012
INVESTMENT COMPANIES — 0.52%
UNITED KINGDOM — 0.52%
F&C Commercial Property Trust Ltd.		816,686		1,711,081
F&C UK Real Estate Investments Ltd.		376,310		532,682
Medicx Fund Ltd.		575,098		716,904
Picton Property Income Ltd.		716,233		747,619
Standard Life Investment Property Income Trust PLC		343,655		420,651
UK Commercial Property Trust Ltd.		663,985		895,022
				5,023,959
TOTAL INVESTMENT COMPANIES (Cost: $4,537,744)				5,023,959
RIGHTS — 0.00%
BELGIUM — 0.00%
Wereldhave Belgium NVa		3,140		7,622
				7,622
TOTAL RIGHTS (Cost: $0)				7,622
SHORT-TERM INVESTMENTS — 1.38%
MONEY MARKET FUNDS — 1.38%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%d,e,f		12,514,194		12,514,194
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%d,e,f		752,790		752,790

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		34,241	$	34,241
				13,301,225
TOTAL SHORT-TERM INVESTMENTS (Cost: $13,301,225)				13,301,225
TOTAL INVESTMENTS IN SECURITIES — 100.99% (Cost: $930,482,995)				975,599,818
Other Assets, Less Liabilities — (0.99)%				(9,589,896	)
NET ASSETS — 100.00%			$	966,009,922

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

31

Schedule of Investments  (Unaudited)

iSHARES^® INTERNATIONAL SELECT DIVIDEND ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.75%
AUSTRALIA — 17.78%
ALS Ltd.		5,099,548	$	19,459,240
Amcor Ltd.		2,860,543		28,469,343
APA Group		8,648,474		54,688,199
AusNet Services		42,024,778		45,817,520
Australia and New Zealand Banking Group Ltd.		1,358,085		34,901,091
Bradken Ltd.a		9,895,668		21,038,069
Commonwealth Bank of Australia		550,575		38,301,160
Metcash Ltd.		23,089,892		26,252,633
Monadelphous Group Ltd.b		4,279,803		27,196,439
Myer Holdings Ltd.		24,514,046		29,685,441
National Australia Bank Ltd.		1,414,366		39,244,224
Orica Ltd.		1,720,241		24,301,030
Scentre Groupc		13,206,459		39,081,218
Stockland		14,111,849		48,134,464
Suncorp Group Ltd.		2,858,096		32,762,930
Sydney Airport		11,454,407		44,511,401
Tatts Group Ltd.		14,459,323		43,464,369
Telstra Corp. Ltd.		9,455,208		47,861,087
Wesfarmers Ltd.		892,166		30,285,214
Westpac Banking Corp.		1,407,025		37,758,540
WorleyParsons Ltd.		2,799,368		20,971,678
				734,185,290
AUSTRIA — 1.01%
Oesterreichische Post AG		844,215		41,821,543
				41,821,543
BELGIUM — 2.42%
Belgacom SA		2,679,465		99,765,110
				99,765,110
CANADA — 4.46%
Bank of Montreal		513,870		29,556,796
Canadian Oil Sands Ltd.		2,877,672		17,815,943
Crescent Point Energy Corp.		1,392,343		33,162,789
Emera Inc.		1,323,827		43,412,380
Manitoba Telecom Services Inc.		1,668,854		33,760,089
Russel Metals Inc.		1,429,048		26,395,602
				184,103,599
DENMARK — 1.29%
Tryg A/S		455,142		53,331,833
				53,331,833
FINLAND — 6.80%
Elisa OYJ		2,212,088		58,836,178
Fortum OYJ		2,040,798		43,525,552
Konecranes OYJ		1,013,058		30,877,445
Metso OYJ		1,309,145		39,769,055
Stora Enso OYJ Class R		3,557,938		34,568,775
UPM-Kymmene OYJ		2,495,940		43,909,928

Security	Shares		Value
YIT OYJb		5,028,585	$	29,308,837
				280,795,770
FRANCE — 11.10%
Bouygues SA		1,211,265		43,267,714
CNP Assurances SA		2,554,668		44,943,102
GDF Suez		2,774,898		61,765,577
Lagardere SCA		1,145,196		31,376,968
Neopost SA		699,842		36,327,901
Orange SA		4,996,774		88,075,112
Societe Television Francaise 1		1,683,536		26,673,007
Total SA		690,054		35,430,472
Veolia Environnement SA		2,745,534		50,361,223
Vivendi SA		1,681,089		39,903,932
				458,125,008
GERMANY — 7.82%
Deutsche Telekom AG Registered		2,532,645		43,683,983
Freenet AG		1,923,342		57,428,678
K+S AG Registered		2,062,821		65,178,152
ProSiebenSat.1 Media AG Registered		2,718,617		120,688,211
RWE AG		1,296,910		36,016,700
				322,995,724
GREECE — 0.76%
OPAP SA		3,693,270		31,257,539
				31,257,539
HONG KONG — 2.86%
CLP Holdings Ltd.		4,894,000		43,679,803
Television Broadcasts Ltd.		4,226,600		26,220,854
VTech Holdings Ltd.		3,425,800		48,293,956
				118,194,613
ISRAEL — 0.86%
Migdal Insurance & Financial Holdings Ltd.		29,750,626		35,639,067
				35,639,067
ITALY — 5.01%
Enel SpA		8,385,869		37,908,926
Eni SpA		1,986,964		33,408,635
Hera SpA		21,394,121		52,388,583
Snam SpA		8,919,315		43,641,859
Terna Rete Elettrica Nazionale SpA		9,034,324		39,576,161
				206,924,164
JAPAN — 1.83%
Eisai Co. Ltd.		775,800		38,887,417
Net One Systems Co. Ltd.a		6,117,500		36,768,016
				75,655,433
NETHERLANDS — 0.62%
Corbion NV		1,548,951		25,764,257
				25,764,257

32

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® INTERNATIONAL SELECT DIVIDEND ETF

January 31, 2015

Security	Shares		Value
NEW ZEALAND — 3.84%
Fletcher Building Ltd.		4,482,904	$	27,265,937
SKYCITY Entertainment Group Ltd.		15,188,529		43,323,670
Spark New Zealand Ltd.		36,724,576		87,960,502
				158,550,109
NORWAY — 0.42%
Fred Olsen Energy ASA		1,688,430		14,094,758
Seadrill Ltd.		313,216		3,327,958
				17,422,716
PORTUGAL — 1.33%
Energias de Portugal SA		14,422,618		54,961,380
				54,961,380
SINGAPORE — 1.28%
Keppel Corp. Ltd.		3,064,000		19,700,540
StarHub Ltd.		10,680,000		32,992,683
				52,693,223
SPAIN — 2.91%
Ferrovial SA		3,048,962		60,502,992
Gas Natural SDG SA		1,551,398		36,414,054
Mapfre SA		6,920,116		23,309,887
				120,226,933
SWEDEN — 4.78%
NCC AB Class B		1,257,758		40,731,992
Peab AB		5,784,708		41,606,794
Securitas AB Class B		3,132,160		38,203,307
Swedbank AB Class A		1,803,439		43,731,889
TeliaSonera AB		5,344,248		32,979,814
				197,253,796
SWITZERLAND — 3.72%
Swiss Prime Site AG Registered		533,446		46,268,127
Swisscom AG Registered		73,410		43,046,242
Zurich Insurance Group AG		193,313		64,168,024
				153,482,393
UNITED KINGDOM — 16.85%
Amlin PLC		5,349,142		39,157,130
AstraZeneca PLC		978,800		69,724,963
BAE Systems PLC		4,879,318		37,190,873
British American Tobacco PLC		609,303		34,335,024
Cable & Wireless Communications PLC		66,546,165		49,972,864
Carillion PLC		9,039,218		46,497,825
Catlin Group Ltd.		5,194,981		54,382,347
Dairy Crest Group PLC		3,653,371		26,809,483
Friends Life Group Ltd.		8,620,781		51,583,066
HSBC Holdings PLC		2,973,105		27,220,520
National Grid PLC		3,310,791		46,517,543
Provident Financial PLC		1,475,541		58,438,979
Royal Dutch Shell PLC Class A		1,235,735		37,545,987

Security	Shares		Value
SSE PLC		2,153,360	$	52,037,197
United Utilities Group PLC		2,982,893		46,009,692
Vodafone Group PLC		5,256,156		18,511,956
				695,935,449
TOTAL COMMON STOCKS (Cost: $4,323,206,181)				4,119,084,949
SHORT-TERM INVESTMENTS — 0.32%
MONEY MARKET FUNDS — 0.32%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%a,d,e		11,807,018		11,807,018
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%a,d,e		710,250		710,250
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%a,d		682,494		682,494
				13,199,762
TOTAL SHORT-TERM INVESTMENTS (Cost: $13,199,762)				13,199,762
TOTAL INVESTMENTS IN SECURITIES — 100.07% (Cost: $4,336,405,943)				4,132,284,711
Other Assets, Less Liabilities — (0.07)%				(2,809,033	)
NET ASSETS — 100.00%			$	4,129,475,678

^a  Affiliated issuer. See Note 2.

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

^c  Non-income earning security.

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

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

See accompanying notes to schedules of investments.

33

Schedule of Investments  (Unaudited)

iSHARES^® MORNINGSTAR LARGE-CAP ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.84%
AEROSPACE & DEFENSE — 6.40%
Boeing Co. (The)		86,344	$	12,551,827
General Dynamics Corp.		41,002		5,461,876
Honeywell International Inc.		101,944		9,966,046
Raytheon Co.		40,164		4,018,408
United Technologies Corp. Class B		110,411		12,672,975
				44,671,132
AIR FREIGHT & LOGISTICS — 0.83%
FedEx Corp.		34,307		5,801,657
				5,801,657
AIRLINES — 1.14%
American Airlines Group Inc.		93,417		4,584,906
United Continental Holdings Inc.a		48,073		3,334,824
				7,919,730
AUTO COMPONENTS — 0.58%
Johnson Controls Inc.		86,770		4,032,202
				4,032,202
BEVERAGES — 5.65%
Coca-Cola Co. (The)		513,350		21,134,619
PepsiCo Inc.		194,892		18,276,972
				39,411,591
CAPITAL MARKETS — 2.71%
Ameriprise Financial Inc.		24,037		3,003,183
Bank of New York Mellon Corp. (The)		146,614		5,278,104
Morgan Stanley		198,840		6,722,780
State Street Corp.		54,378		3,888,571
				18,892,638
CHEMICALS — 1.73%
Air Products and Chemicals Inc.		25,053		3,647,967
E.I. du Pont de Nemours and Co.		117,983		8,401,570
				12,049,537
COMMERCIAL BANKS — 4.37%
Bank of America Corp.		1,369,478		20,747,592
U.S. Bancorp		233,030		9,766,287
				30,513,879
COMMERCIAL SERVICES & SUPPLIES — 0.32%
Tyco International PLC		54,515		2,224,757
				2,224,757

Security	Shares		Value
COMPUTERS & PERIPHERALS — 0.98%
EMC Corp.		265,013	$	6,871,787
				6,871,787
CONSUMER FINANCE — 1.34%
American Express Co.		115,881		9,350,438
				9,350,438
DIVERSIFIED FINANCIAL SERVICES — 5.40%
Berkshire Hathaway Inc. Class Ba		237,463		34,173,301
CME Group Inc./IL		41,241		3,517,857
				37,691,158
ELECTRICAL EQUIPMENT — 1.30%
Eaton Corp. PLC		61,816		3,899,971
Emerson Electric Co.		90,339		5,143,903
				9,043,874
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.50%
TE Connectivity Ltd.		52,972		3,516,811
				3,516,811
ENERGY EQUIPMENT & SERVICES — 1.54%
Baker Hughes Inc.		56,359		3,268,259
Halliburton Co.		110,378		4,414,016
National Oilwell Varco Inc.		56,086		3,052,761
				10,735,036
FOOD & STAPLES RETAILING — 3.73%
CVS Health Corp.		149,288		14,654,110
Sysco Corp.		76,577		2,999,521
Walgreens Boots Alliance Inc.		113,545		8,373,944
				26,027,575
FOOD PRODUCTS — 1.41%
Kellogg Co.		32,839		2,153,582
Mondelez International Inc. Class A		218,781		7,709,842
				9,863,424
HEALTH CARE EQUIPMENT & SUPPLIES — 5.93%
Abbott Laboratories		196,101		8,777,481
Baxter International Inc.		70,589		4,963,113
Becton, Dickinson and Co.		25,005		3,452,690
Boston Scientific Corp.a		172,799		2,559,153
Medtronic PLC		184,540		13,176,156
St. Jude Medical Inc.		37,246		2,453,394
Stryker Corp.		38,929		3,544,485
Zimmer Holdings Inc.		22,061		2,473,038
				41,399,510
HEALTH CARE PROVIDERS & SERVICES — 5.44%
Aetna Inc.		45,808		4,206,091

34

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR LARGE-CAP ETF

January 31, 2015

Security	Shares		Value
AmerisourceBergen Corp.		27,064	$	2,572,433
Cardinal Health Inc.		43,109		3,586,238
Cigna Corp.		34,071		3,639,805
Express Scripts Holding Co.a		95,579		7,714,181
Humana Inc.		19,974		2,924,993
UnitedHealth Group Inc.		124,990		13,280,187
				37,923,928
HOTELS, RESTAURANTS & LEISURE — 2.05%
Carnival Corp.		58,673		2,579,265
McDonald’s Corp.		126,738		11,715,661
				14,294,926
HOUSEHOLD PRODUCTS — 6.08%
Colgate-Palmolive Co.		111,573		7,533,409
Kimberly-Clark Corp.		48,509		5,237,032
Procter & Gamble Co. (The)		351,871		29,659,206
				42,429,647
INDUSTRIAL CONGLOMERATES — 1.94%
3M Co.		83,451		13,544,097
				13,544,097
INSURANCE — 1.02%
Aon PLC		37,140		3,344,457
Marsh & McLennan Companies Inc.		70,452		3,788,204
				7,132,661
IT SERVICES — 0.98%
Accenture PLC Class A		81,722		6,867,100
				6,867,100
LIFE SCIENCES TOOLS & SERVICES — 0.24%
Agilent Technologies Inc.		43,455		1,641,295
				1,641,295
MACHINERY — 3.02%
Caterpillar Inc.		78,845		6,305,235
Cummins Inc.		22,131		3,086,389
Illinois Tool Works Inc.		46,844		4,360,708
Ingersoll-Rand PLC		34,584		2,296,378
PACCAR Inc.		46,126		2,772,634
Parker-Hannifin Corp.		19,364		2,255,131
				21,076,475
MEDIA — 2.57%
DIRECTVa		65,412		5,578,335
DISH Network Corp. Class Aa		27,622		1,943,208
Omnicom Group Inc.		32,331		2,353,697
Time Warner Cable Inc.		36,532		4,973,101
Viacom Inc. Class B NVS		48,119		3,099,826
				17,948,167

Security	Shares		Value
METALS & MINING — 0.71%
Alcoa Inc.		153,566	$	2,403,308
Nucor Corp.		41,559		1,814,050
Southern Copper Corp.		26,454		721,665
				4,939,023
MULTI-UTILITIES — 0.48%
Sempra Energy		30,107		3,369,575
				3,369,575
MULTILINE RETAIL — 1.29%
Macy’s Inc.		44,977		2,873,131
Target Corp.		82,956		6,106,391
				8,979,522
OIL, GAS & CONSUMABLE FUELS — 0.42%
Spectra Energy Corp.		87,405		2,922,823
				2,922,823
PHARMACEUTICALS — 7.40%
AbbVie Inc.		207,486		12,521,780
Johnson & Johnson		364,500		36,501,030
Mylan Inc./PAa		48,755		2,591,328
				51,614,138
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.77%
HCP Inc.		59,824		2,829,077
Public Storage		18,899		3,795,675
Ventas Inc.		40,842		3,259,600
Weyerhaeuser Co.		68,308		2,448,842
				12,333,194
ROAD & RAIL — 1.21%
CSX Corp.		129,646		4,317,212
Norfolk Southern Corp.		40,304		4,109,799
				8,427,011
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.59%
Applied Materials Inc.		158,696		3,624,616
Broadcom Corp. Class A		70,174		2,977,834
Micron Technology Inc.a		139,814		4,091,657
Texas Instruments Inc.		137,566		7,352,903
				18,047,010
SOFTWARE — 8.75%
Microsoft Corp.		1,073,376		43,364,391
Oracle Corp.		421,253		17,646,288
				61,010,679
SPECIALTY RETAIL — 0.75%
AutoZone Inc.a		4,174		2,491,711

35

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR LARGE-CAP ETF

January 31, 2015

Security	Shares		Value
L Brands Inc.		32,026	$	2,710,360
				5,202,071
TOBACCO — 5.12%
Altria Group Inc.		257,388		13,667,303
Lorillard Inc.		46,896		3,076,847
Philip Morris International Inc.		202,331		16,235,039
Reynolds American Inc.		40,140		2,727,513
				35,706,702
WIRELESS TELECOMMUNICATION SERVICES — 0.15%
T-Mobile US Inc.a		34,727		1,048,061
				1,048,061
TOTAL COMMON STOCKS (Cost: $605,803,358)				696,474,841
SHORT-TERM INVESTMENTS — 0.08%
MONEY MARKET FUNDS — 0.08%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		553,551		553,551
				553,551
TOTAL SHORT-TERM INVESTMENTS (Cost: $553,551)				553,551
TOTAL INVESTMENTS IN SECURITIES — 99.92% (Cost: $606,356,909)				697,028,392
Other Assets, Less Liabilities — 0.08%				591,864
NET ASSETS — 100.00%			$	697,620,256

NVS   —   Non-Voting Shares

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

36

Schedule of Investments  (Unaudited)

iSHARES^® MORNINGSTAR LARGE-CAP GROWTH ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.94%
AEROSPACE & DEFENSE — 0.52%
Precision Castparts Corp.		16,751	$	3,351,875
				3,351,875
AIR FREIGHT & LOGISTICS — 1.25%
United Parcel Service Inc. Class B		81,860		8,091,042
				8,091,042
AIRLINES — 0.56%
Southwest Airlines Co.		79,753		3,603,241
				3,603,241
AUTO COMPONENTS — 0.37%
Delphi Automotive PLC		34,804		2,392,079
				2,392,079
AUTOMOBILES — 0.36%
Tesla Motors Inc.a,b		11,321		2,304,956
				2,304,956
BEVERAGES — 0.25%
Brown-Forman Corp. Class B NVS		18,383		1,633,697
				1,633,697
BIOTECHNOLOGY — 10.07%
Alexion Pharmaceuticals Inc.a		23,293		4,268,209
Amgen Inc.		89,333		13,601,843
Biogen Idec Inc.a		27,735		10,793,353
Celgene Corp.a,b		93,800		11,177,208
Gilead Sciences Inc.a		177,177		18,573,465
Regeneron Pharmaceuticals Inc.a		8,722		3,634,108
Vertex Pharmaceuticals Inc.a		28,264		3,112,997
				65,161,183
CAPITAL MARKETS — 2.23%
BlackRock Inc.c		14,961		5,094,370
Charles Schwab Corp. (The)		135,023		3,507,897
Franklin Resources Inc.		45,981		2,369,401
T. Rowe Price Group Inc.		30,454		2,397,339
TD Ameritrade Holding Corp.		31,887		1,032,820
				14,401,827
CHEMICALS — 3.14%
Ecolab Inc.		31,743		3,293,971
Monsanto Co.		56,851		6,707,281
PPG Industries Inc.		16,127		3,594,386
Praxair Inc.		34,227		4,127,434

Security	Shares		Value
Sherwin-Williams Co. (The)		9,569	$	2,595,782
				20,318,854
COMMUNICATIONS EQUIPMENT — 1.89%
QUALCOMM Inc.		195,256		12,195,690
				12,195,690
COMPUTERS & PERIPHERALS — 12.78%
Apple Inc.		688,760		80,695,122
SanDisk Corp.		25,876		1,964,247
				82,659,369
DIVERSIFIED FINANCIAL SERVICES — 1.17%
Intercontinental Exchange Inc.		13,255		2,726,951
McGraw Hill Financial Inc.		31,927		2,855,551
Moody’s Corp.		21,602		1,972,911
				7,555,413
ENERGY EQUIPMENT & SERVICES — 1.92%
Schlumberger Ltd.		151,122		12,450,942
				12,450,942
FOOD & STAPLES RETAILING — 1.75%
Costco Wholesale Corp.		51,412		7,351,402
Kroger Co. (The)		57,694		3,983,771
				11,335,173
FOOD PRODUCTS — 0.90%
Hershey Co. (The)		17,354		1,773,752
Keurig Green Mountain Inc.		14,249		1,746,358
Mead Johnson Nutrition Co. Class A		23,692		2,333,425
				5,853,535
HEALTH CARE PROVIDERS & SERVICES — 0.89%
McKesson Corp.		27,233		5,791,097
				5,791,097
HEALTH CARE TECHNOLOGY — 0.37%
Cerner Corp.a		35,640		2,364,714
				2,364,714
HOTELS, RESTAURANTS & LEISURE — 3.23%
Chipotle Mexican Grill Inc.a		3,638		2,582,398
Hilton Worldwide Holdings Inc.a		48,497		1,259,467
Las Vegas Sands Corp.		43,263		2,352,209
Marriott International Inc./MD Class A		24,923		1,856,764
Starbucks Corp.		87,882		7,692,311
Wynn Resorts Ltd.		9,500		1,405,525
Yum! Brands Inc.		51,402		3,715,337
				20,864,011

37

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR LARGE-CAP GROWTH ETF

January 31, 2015

Security	Shares		Value
INDUSTRIAL CONGLOMERATES — 0.91%
Danaher Corp.		71,797	$	5,914,637
				5,914,637
INTERNET & CATALOG RETAIL — 3.89%
Amazon.com Inc.a		44,588		15,807,784
Netflix Inc.a		7,082		3,128,828
Priceline Group Inc. (The)a		6,149		6,207,292
				25,143,904
INTERNET SOFTWARE & SERVICES — 11.00%
eBay Inc.a		132,774		7,037,022
Facebook Inc. Class Aa		245,553		18,639,928
Google Inc. Class Aa		33,476		17,995,024
Google Inc. Class Ca		33,445		17,877,021
LinkedIn Corp. Class Aa		12,379		2,782,057
Twitter Inc.a,b		60,271		2,261,971
Yahoo! Inc.a		103,471		4,551,689
				71,144,712
IT SERVICES — 5.04%
Automatic Data Processing Inc.		56,614		4,672,353
Cognizant Technology Solutions Corp. Class Aa		71,538		3,872,352
MasterCard Inc. Class A		115,084		9,440,341
Visa Inc. Class A		57,361		14,621,892
				32,606,938
LIFE SCIENCES TOOLS & SERVICES — 1.41%
Illumina Inc.a		16,693		3,258,306
Thermo Fisher Scientific Inc.		46,980		5,882,366
				9,140,672
MEDIA — 8.01%
CBS Corp. Class B NVS		56,057		3,072,484
Comcast Corp. Class A		302,560		16,079,551
Sirius XM Holdings Inc.a		302,837		1,075,071
Time Warner Inc.		98,473		7,674,001
Twenty-First Century Fox Inc. Class A		217,767		7,221,154
Walt Disney Co. (The)		183,213		16,665,055
				51,787,316
MULTILINE RETAIL — 0.37%
Dollar General Corp.a		35,582		2,386,129
				2,386,129
OIL, GAS & CONSUMABLE FUELS — 4.23%
Anadarko Petroleum Corp.		59,479		4,862,408
Continental Resources Inc.a,b		10,038		455,725
EOG Resources Inc.		64,360		5,729,971
Kinder Morgan Inc.		199,547		8,191,404
Noble Energy Inc.		42,260		2,017,492
Pioneer Natural Resources Co.		17,462		2,628,555
Williams Companies Inc. (The)		79,054		3,467,309
				27,352,864

Security	Shares		Value
PERSONAL PRODUCTS — 0.29%
Estee Lauder Companies Inc. (The) Class A		26,265	$	1,854,046
				1,854,046
PHARMACEUTICALS — 5.06%
Actavis PLCa		31,129		8,297,123
Allergan Inc.		34,986		7,671,030
Bristol-Myers Squibb Co.		194,807		11,741,018
Perrigo Co. PLC		16,509		2,505,076
Zoetis Inc.		58,790		2,512,097
				32,726,344
REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.56%
American Tower Corp.		46,563		4,514,283
AvalonBay Communities Inc.		15,481		2,678,058
Boston Properties Inc.		17,954		2,492,015
Crown Castle International Corp.		39,243		3,394,912
Equity Residential		42,595		3,305,798
General Growth Properties Inc.		73,589		2,220,916
Health Care REIT Inc.		38,523		3,156,960
Host Hotels & Resorts Inc.b		88,811		2,032,884
Prologis Inc.		58,804		2,654,413
Simon Property Group Inc.		36,499		7,250,891
Vornado Realty Trust		20,475		2,261,259
				35,962,389
ROAD & RAIL — 1.89%
Union Pacific Corp.		104,416		12,238,599
				12,238,599
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.47%
Avago Technologies Ltd.		29,735		3,059,137
				3,059,137
SOFTWARE — 1.78%
Adobe Systems Inc.a		55,663		3,903,646
Intuit Inc.		33,574		2,914,895
Salesforce.com Inc.a		68,941		3,891,719
VMware Inc. Class Aa		10,111		779,558
				11,489,818
SPECIALTY RETAIL — 4.52%
Home Depot Inc. (The)		154,766		16,160,666
Lowe’s Companies Inc.		114,260		7,742,257
TJX Companies Inc. (The)		80,906		5,334,942
				29,237,865
TEXTILES, APPAREL & LUXURY GOODS — 1.60%
Nike Inc. Class B		81,953		7,560,164
VF Corp.		40,629		2,818,434
				10,378,598

38

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR LARGE-CAP GROWTH ETF

January 31, 2015

Security	Shares		Value
TRADING COMPANIES & DISTRIBUTORS — 0.26%
W.W. Grainger Inc.		7,117	$	1,678,473
				1,678,473
TOTAL COMMON STOCKS (Cost: $456,422,748)				646,431,139
SHORT-TERM INVESTMENTS — 1.55%
MONEY MARKET FUNDS — 1.55%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		8,242,659		8,242,659
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		495,837		495,837
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,272,494		1,272,494
				10,010,990
TOTAL SHORT-TERM INVESTMENTS (Cost: $10,010,990)				10,010,990
TOTAL INVESTMENTS IN SECURITIES — 101.49%
(Cost: $466,433,738)				656,442,129
Other Assets, Less Liabilities — (1.49)%				(9,648,447	)
NET ASSETS — 100.00%			$	646,793,682

NVS  —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

39

Schedule of Investments  (Unaudited)

iSHARES^® MORNINGSTAR LARGE-CAP VALUE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.95%
AEROSPACE & DEFENSE — 1.74%
Lockheed Martin Corp.		16,658	$	3,137,867
Northrop Grumman Corp.		12,520		1,965,014
				5,102,881
AIRLINES — 0.84%
Delta Air Lines Inc.		51,943		2,457,423
				2,457,423
AUTOMOBILES — 2.12%
Ford Motor Co.		238,717		3,511,527
General Motors Co.		83,730		2,731,273
				6,242,800
CAPITAL MARKETS — 1.47%
Goldman Sachs Group Inc. (The)		25,125		4,331,801
				4,331,801
CHEMICALS — 1.75%
Dow Chemical Co. (The)		68,721		3,103,440
LyondellBasell Industries NV Class A		25,754		2,036,884
				5,140,324
COMMERCIAL BANKS — 14.66%
BB&T Corp.		44,667		1,576,298
Citigroup Inc.		187,909		8,822,328
Fifth Third Bancorp		51,222		886,141
JPMorgan Chase & Co.		231,868		12,608,982
PNC Financial Services Group Inc. (The)a		32,649		2,760,146
SunTrust Banks Inc.		32,364		1,243,425
Wells Fargo & Co.		292,812		15,202,799
				43,100,119
COMMERCIAL SERVICES & SUPPLIES — 0.46%
Waste Management Inc.		26,422		1,358,883
				1,358,883
COMMUNICATIONS EQUIPMENT — 2.85%
Cisco Systems Inc.		317,178		8,362,398
				8,362,398
COMPUTERS & PERIPHERALS — 2.26%
Hewlett-Packard Co.		115,758		4,182,337
Seagate Technology PLC		20,317		1,146,691
Western Digital Corp.		13,547		1,317,175
				6,646,203

Security	Shares		Value
CONSUMER FINANCE — 1.46%
Capital One Financial Corp.		34,500	$	2,525,745
Discover Financial Services		28,116		1,528,948
Synchrony Financialb		7,779		240,060
				4,294,753
DIVERSIFIED TELECOMMUNICATION SERVICES — 8.05%
AT&T Inc.		321,732		10,591,417
CenturyLink Inc.		35,409		1,316,153
Verizon Communications Inc.		257,394		11,765,480
				23,673,050
ELECTRIC UTILITIES — 5.54%
American Electric Power Co. Inc.		30,323		1,904,588
Duke Energy Corp.		43,871		3,822,919
Edison International		20,215		1,377,652
Exelon Corp.		53,266		1,919,707
NextEra Energy Inc.		27,076		2,957,782
PPL Corp.		41,254		1,464,517
Southern Co. (The)		55,820		2,831,190
				16,278,355
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.64%
Corning Inc.		79,459		1,888,740
				1,888,740
FOOD & STAPLES RETAILING — 2.83%
Wal-Mart Stores Inc.		97,963		8,324,896
				8,324,896
FOOD PRODUCTS — 2.11%
Archer-Daniels-Midland Co.		39,904		1,860,723
General Mills Inc.		37,414		1,963,487
Kraft Foods Group Inc.		36,552		2,388,308
				6,212,518
HEALTH CARE PROVIDERS & SERVICES — 1.22%
Anthem Inc.		16,725		2,257,206
HCA Holdings Inc.b		18,832		1,333,306
				3,590,512
INDUSTRIAL CONGLOMERATES — 5.06%
General Electric Co.		622,885		14,880,723
				14,880,723
INSURANCE — 6.77%
ACE Ltd.		20,554		2,219,010
Aflac Inc.		27,942		1,594,929
Allstate Corp. (The)		26,001		1,814,610
American International Group Inc.		86,831		4,243,431
Chubb Corp. (The)		14,626		1,431,885
Hartford Financial Services Group Inc. (The)		26,799		1,042,481
MetLife Inc.		70,464		3,276,576

40

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR LARGE-CAP VALUE ETF

January 31, 2015

Security	Shares		Value
Prudential Financial Inc.		28,439	$	2,157,951
Travelers Companies Inc. (The)		20,535		2,111,409
				19,892,282
IT SERVICES — 2.98%
International Business Machines Corp.		57,089		8,752,315
				8,752,315
MACHINERY — 0.65%
Deere & Co.		22,215		1,892,496
				1,892,496
METALS & MINING — 0.37%
Freeport-McMoRan Inc.		64,509		1,084,396
				1,084,396
MULTI-UTILITIES — 2.42%
Consolidated Edison Inc.		18,176		1,259,233
Dominion Resources Inc.		36,225		2,785,340
PG&E Corp.		29,455		1,732,249
Public Service Enterprise Group Inc.		31,397		1,340,024
				7,116,846
OIL, GAS & CONSUMABLE FUELS — 18.52%
Apache Corp.		23,351		1,461,072
Chevron Corp.		117,257		12,022,360
ConocoPhillips		76,349		4,808,460
Devon Energy Corp.		23,856		1,437,801
Exxon Mobil Corp.		262,655		22,961,300
Hess Corp.		15,779		1,064,925
Marathon Oil Corp.		41,906		1,114,699
Marathon Petroleum Corp.		17,379		1,609,122
Occidental Petroleum Corp.		48,097		3,847,760
Phillips 66		34,296		2,411,695
Valero Energy Corp.		32,331		1,709,663
				54,448,857
PAPER & FOREST PRODUCTS — 0.47%
International Paper Co.		26,280		1,383,905
				1,383,905
PHARMACEUTICALS — 9.27%
Eli Lilly and Co.		60,774		4,375,728
Merck & Co. Inc.		176,830		10,659,313
Pfizer Inc.		390,809		12,212,781
				27,247,822
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.37%
Intel Corp.		299,899		9,908,663
				9,908,663

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 0.07%
Sprint Corp.b,c		49,213	$	211,616
				211,616
TOTAL COMMON STOCKS (Cost: $276,809,171)				293,825,577
SHORT-TERM INVESTMENTS — 0.13%
MONEY MARKET FUNDS — 0.13%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%a,d,e		197,899		197,899
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%a,d,e		11,905		11,905
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%a,d		179,994		179,994
				389,798
TOTAL SHORT-TERM INVESTMENTS (Cost: $389,798)				389,798
TOTAL INVESTMENTS IN SECURITIES — 100.08%
(Cost: $277,198,969)				294,215,375
Other Assets, Less Liabilities — (0.08)%				(239,190	)
NET ASSETS — 100.00%			$	293,976,185

^a  Affiliated issuer. See Note 2.

^b  Non-income earning security.

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

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

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

See accompanying notes to schedules of investments.

41

Schedule of Investments  (Unaudited)

iSHARES^® MORNINGSTAR MID-CAP ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.86%
AEROSPACE & DEFENSE — 0.96%
Rockwell Collins Inc.		35,044	$	3,000,467
Teledyne Technologies Inc.a		9,612		913,525
				3,913,992
AIR FREIGHT & LOGISTICS — 1.23%
C.H. Robinson Worldwide Inc.		38,561		2,746,314
Expeditors International of Washington Inc.		50,883		2,222,570
				4,968,884
AIRLINES — 0.58%
Alaska Air Group Inc.		34,679		2,353,664
				2,353,664
AUTO COMPONENTS — 0.52%
Lear Corp.		20,892		2,096,512
				2,096,512
BUILDING PRODUCTS — 1.22%
Allegion PLC		25,236		1,362,996
Masco Corp.		93,909		2,332,700
Owens Corning		31,013		1,242,071
				4,937,767
CAPITAL MARKETS — 3.59%
E*TRADE Financial Corp.a		76,133		1,754,866
Eaton Vance Corp. NVS		31,182		1,255,075
Invesco Ltd.		113,559		4,171,022
LPL Financial Holdings Inc.		20,058		825,387
Northern Trust Corp.		58,351		3,814,988
Raymond James Financial Inc.		33,209		1,747,458
Waddell & Reed Financial Inc. Class A		22,094		987,823
				14,556,619
CHEMICALS — 5.09%
Airgas Inc.		17,722		1,996,206
FMC Corp.		35,129		2,019,918
International Flavors & Fragrances Inc.		21,344		2,264,812
Mosaic Co. (The)		83,193		4,050,667
NewMarket Corp.		2,811		1,264,022
RPM International Inc.		35,185		1,683,954
Scotts Miracle-Gro Co. (The) Class A		11,683		741,053
Sigma-Aldrich Corp.		31,393		4,317,165
Valspar Corp. (The)		20,096		1,676,609
Westlake Chemical Corp.		10,855		622,100
				20,636,506
COMMERCIAL BANKS — 0.58%
First Republic Bank		32,070		1,633,004

Security	Shares		Value
Prosperity Bancshares Inc.		15,821	$	724,444
				2,357,448
COMMERCIAL SERVICES & SUPPLIES — 0.81%
Cintas Corp.		25,594		2,014,248
KAR Auction Services Inc.		37,130		1,266,504
				3,280,752
COMMUNICATIONS EQUIPMENT — 1.65%
ARRIS Group Inc.a		34,823		913,059
Juniper Networks Inc.		101,481		2,306,663
Motorola Solutions Inc.		55,837		3,484,787
				6,704,509
COMPUTERS & PERIPHERALS — 1.04%
NCR Corp.a		44,408		1,127,963
NetApp Inc.		82,158		3,105,573
				4,233,536
CONSTRUCTION & ENGINEERING — 1.14%
Chicago Bridge & Iron Co. NV		25,463		878,728
Fluor Corp.		41,179		2,206,783
Quanta Services Inc.a		57,384		1,519,528
				4,605,039
CONSTRUCTION MATERIALS — 0.60%
Vulcan Materials Co.		34,716		2,447,825
				2,447,825
CONSUMER FINANCE — 0.17%
Santander Consumer USA Holdings Inc.		26,633		475,399
Springleaf Holdings Inc.a,b		6,344		200,470
				675,869
CONTAINERS & PACKAGING — 1.85%
AptarGroup Inc.		17,084		1,078,171
MeadWestvaco Corp.		43,947		2,209,655
Packaging Corp. of America		25,934		1,967,094
Sealed Air Corp.		55,661		2,254,271
				7,509,191
DISTRIBUTORS — 0.92%
Genuine Parts Co.		40,290		3,744,553
				3,744,553
DIVERSIFIED CONSUMER SERVICES — 1.19%
Graham Holdings Co. Class B		1,162		1,086,842
H&R Block Inc.		72,532		2,486,397
Service Corp. International		54,743		1,238,834
				4,812,073
DIVERSIFIED FINANCIAL SERVICES — 0.54%
FNFV Groupa,b		23,552		292,045

42

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR MID-CAP ETF

January 31, 2015

Security	Shares		Value
Leucadia National Corp.		83,521	$	1,893,421
				2,185,466
ELECTRICAL EQUIPMENT — 1.34%
Hubbell Inc. Class B		14,321		1,518,599
Rockwell Automation Inc.		35,788		3,898,029
				5,416,628
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.38%
CDW Corp./DE		31,358		1,074,325
Dolby Laboratories Inc. Class A		11,558		448,450
				1,522,775
ENERGY EQUIPMENT & SERVICES — 1.76%
Cameron International Corp.a		52,045		2,330,575
Helmerich & Payne Inc.		28,538		1,699,723
RPC Inc.		16,107		200,854
Superior Energy Services Inc.		40,119		802,380
Weatherford International Ltd.a		203,981		2,107,124
				7,140,656
FOOD PRODUCTS — 1.50%
Flowers Foods Inc.		48,826		955,037
Hormel Foods Corp.		35,417		1,814,059
McCormick & Co. Inc. NVS		34,042		2,430,258
Pinnacle Foods Inc.		24,368		876,517
				6,075,871
GAS UTILITIES — 0.35%
National Fuel Gas Co.		22,193		1,407,702
				1,407,702
HEALTH CARE EQUIPMENT & SUPPLIES — 2.62%
CareFusion Corp.a		53,751		3,187,434
DENTSPLY International Inc.		37,307		1,866,283
Hologic Inc.a		63,907		1,940,536
Teleflex Inc.		10,921		1,196,505
Varian Medical Systems Inc.a,b		26,355		2,439,419
				10,630,177
HEALTH CARE PROVIDERS & SERVICES — 3.24%
Centene Corp.a,b		15,466		1,688,269
DaVita HealthCare Partners Inc.a		45,316		3,401,419
Henry Schein Inc.a		22,198		3,064,878
Patterson Companies Inc.		22,582		1,131,132
Premier Inc.a,b		7,593		246,772
Universal Health Services Inc. Class B		24,002		2,460,925
VCA Inc.a		22,200		1,156,620
				13,150,015
HEALTH CARE TECHNOLOGY — 0.11%
IMS Health Holdings Inc.a,b		17,533		431,487
				431,487

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 2.71%
Aramark		30,750	$	963,090
MGM Resorts Internationala		94,507		1,840,996
Norwegian Cruise Line Holdings Ltd.a		26,526		1,160,778
Royal Caribbean Cruises Ltd.		44,020		3,325,711
Six Flags Entertainment Corp.		23,247		998,691
Wyndham Worldwide Corp.		32,491		2,722,421
				11,011,687
HOUSEHOLD DURABLES — 3.50%
D.R. Horton Inc.		87,456		2,144,421
Jarden Corp.a,b		47,160		2,264,623
Leggett & Platt Inc.		36,279		1,546,574
Mohawk Industries Inc.a		16,334		2,695,764
Toll Brothers Inc.a,b		42,679		1,477,547
Whirlpool Corp.		20,527		4,086,515
				14,215,444
HOUSEHOLD PRODUCTS — 1.72%
Church & Dwight Co. Inc.		35,263		2,853,482
Clorox Co. (The)		34,109		3,639,772
Spectrum Brands Holdings Inc.		5,543		497,096
				6,990,350
INDUSTRIAL CONGLOMERATES — 0.37%
Carlisle Companies Inc.		16,915		1,516,937
				1,516,937
INSURANCE — 2.09%
Arthur J. Gallagher & Co.		42,539		1,890,008
Brown & Brown Inc.		31,144		960,792
Erie Indemnity Co. Class A		6,466		560,344
FNF Group		73,254		2,571,215
Markel Corp.a		3,681		2,515,448
				8,497,807
INTERNET & CATALOG RETAIL — 0.55%
Expedia Inc.		26,020		2,235,899
				2,235,899
INTERNET SOFTWARE & SERVICES — 0.31%
IAC/InterActiveCorp		20,324		1,238,748
				1,238,748
IT SERVICES — 4.64%
Broadridge Financial Solutions Inc.		31,637		1,518,260
DST Systems Inc.		7,710		745,557
Fidelity National Information Services Inc.		74,792		4,669,264
Genpact Ltd.a		41,018		823,231
Global Payments Inc.		17,829		1,556,650
Paychex Inc.		86,072		3,895,619
Teradata Corp.a,b		40,331		1,797,149
Total System Services Inc.		43,614		1,542,627
Vantiv Inc. Class Aa,b		39,394		1,354,760

43

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR MID-CAP ETF

January 31, 2015

Security	Shares		Value
VeriFone Systems Inc.a,b		29,856	$	937,180
				18,840,297
LEISURE EQUIPMENT & PRODUCTS — 0.33%
Brunswick Corp.		24,505		1,330,131
				1,330,131
LIFE SCIENCES TOOLS & SERVICES — 1.26%
PerkinElmer Inc.		29,779		1,361,198
Quintiles Transnational Holdings Inc.a		18,893		1,143,026
Waters Corp.a		21,952		2,613,386
				5,117,610
MACHINERY — 6.16%
Allison Transmission Holdings Inc.		43,992		1,377,829
Crane Co.		13,038		794,666
Donaldson Co. Inc.		33,663		1,230,719
Dover Corp.		43,587		3,052,834
Flowserve Corp.		35,932		1,957,935
ITT Corp.		24,087		862,555
Pall Corp.		28,081		2,717,118
Pentair PLC		49,236		3,043,277
Snap-on Inc.		15,319		2,032,985
SPX Corp.		10,803		902,807
Stanley Black & Decker Inc.		41,291		3,866,902
Timken Co. (The)		19,641		746,554
Valmont Industries Inc.		6,474		777,657
Xylem Inc.		47,943		1,634,856
				24,998,694
MARINE — 0.27%
Kirby Corp.a		15,048		1,090,830
				1,090,830
MEDIA — 1.57%
Cinemark Holdings Inc.		27,514		1,022,695
Discovery Communications Inc. Series Aa		39,159		1,135,024
Discovery Communications Inc. Series C NVSa		72,034		2,008,308
Interpublic Group of Companies Inc. (The)		110,244		2,198,265
				6,364,292
MULTILINE RETAIL — 1.36%
Dillard’s Inc.		6,798		772,253
Family Dollar Stores Inc.		25,320		1,926,852
Nordstrom Inc.		37,110		2,827,782
				5,526,887
OIL, GAS & CONSUMABLE FUELS — 4.41%
Cheniere Energy Inc.a		58,317		4,162,667
Chesapeake Energy Corp.		136,748		2,622,827
Cimarex Energy Co.		23,000		2,373,600
CONSOL Energy Inc.		60,677		1,756,599
EP Energy Corp. Class Aa,b		9,694		100,333
ONEOK Inc.		54,880		2,416,366
SM Energy Co.		17,742		671,002
Southwestern Energy Co.a,b		99,959		2,477,984

Security	Shares		Value
Whiting Petroleum Corp.a		43,837	$	1,315,987
				17,897,365
PERSONAL PRODUCTS — 0.13%
Herbalife Ltd.b		17,889		545,257
				545,257
PHARMACEUTICALS — 0.80%
Mallinckrodt PLCa		30,650		3,248,593
				3,248,593
PROFESSIONAL SERVICES — 1.46%
Nielsen NV		85,379		3,719,109
Towers Watson & Co. Class A		18,435		2,184,548
				5,903,657
REAL ESTATE INVESTMENT TRUSTS (REITS) — 11.41%
Alexandria Real Estate Equities Inc.		18,982		1,851,125
American Campus Communities Inc.		27,722		1,218,659
American Realty Capital Properties Inc.		239,326		2,217,355
Apartment Investment and Management Co. Class A		40,703		1,622,422
Brixmor Property Group Inc.		35,843		971,345
Corrections Corp. of America		30,727		1,208,186
Digital Realty Trust Inc.		35,721		2,605,490
Douglas Emmett Inc.		35,950		1,023,856
Equity Lifestyle Properties Inc.		21,031		1,151,027
Highwoods Properties Inc.		24,086		1,132,042
Iron Mountain Inc.		49,151		1,958,176
Kimco Realty Corp.b		108,438		2,998,311
LaSalle Hotel Properties		29,433		1,190,859
Macerich Co. (The)		37,054		3,187,015
Mid-America Apartment Communities Inc.		19,838		1,573,550
Omega Healthcare Investors Inc.b		33,591		1,473,301
Plum Creek Timber Co. Inc.b		46,365		2,064,170
Rayonier Inc.		33,492		982,990
Realty Income Corp.b		58,697		3,187,834
Regency Centers Corp.b		24,580		1,685,205
SL Green Realty Corp.		25,441		3,205,566
Spirit Realty Capital Inc.		105,068		1,351,174
Taubman Centers Inc.		15,371		1,259,653
UDR Inc.		67,274		2,237,533
Weingarten Realty Investors		29,695		1,112,969
WP Carey Inc.		25,499		1,831,083
				46,300,896
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.28%
CBRE Group Inc. Class Aa		73,703		2,383,555
Forest City Enterprises Inc. Class Aa		44,352		1,086,624
Jones Lang LaSalle Inc.		11,816		1,737,897
				5,208,076
ROAD & RAIL — 0.71%
AMERCOa		1,600		457,776
Hertz Global Holdings Inc.a		118,008		2,421,524
				2,879,300

44

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR MID-CAP ETF

January 31, 2015

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.21%
Altera Corp.		80,348	$	2,645,458
Analog Devices Inc.		82,029		4,274,121
Freescale Semiconductor Ltd.a,b		26,384		846,663
Lam Research Corp.		41,900		3,202,836
Linear Technology Corp.		62,875		2,825,602
Maxim Integrated Products Inc.		74,577		2,467,753
Microchip Technology Inc.b		52,974		2,389,127
NVIDIA Corp.		136,109		2,613,973
SunEdison Inc.a,b		66,431		1,244,253
Xilinx Inc.		69,709		2,689,025
				25,198,811
SOFTWARE — 3.27%
Activision Blizzard Inc.		130,775		2,732,544
Cadence Design Systems Inc.a,b		77,165		1,388,198
Electronic Arts Inc.a		81,959		4,496,271
Nuance Communications Inc.a,b		66,732		917,231
PTC Inc.a		30,623		1,023,115
Solera Holdings Inc.		17,942		925,807
Synopsys Inc.a		41,077		1,765,900
				13,249,066
SPECIALTY RETAIL — 5.56%
AutoNation Inc.a		19,701		1,174,574
CarMax Inc.a,b		56,775		3,525,727
Dick’s Sporting Goods Inc.		25,863		1,335,824
Foot Locker Inc.		37,454		1,993,302
Gap Inc. (The)		70,340		2,897,304
GNC Holdings Inc. Class A		23,461		1,040,261
Penske Automotive Group Inc.		11,155		539,344
PetSmart Inc.		26,205		2,141,079
Sally Beauty Holdings Inc.a		33,213		1,032,260
Signet Jewelers Ltd.		21,134		2,559,539
Tiffany & Co.		29,665		2,570,176
Williams-Sonoma Inc.		22,576		1,766,572
				22,575,962
TEXTILES, APPAREL & LUXURY GOODS — 0.88%
Fossil Group Inc.a,b		11,857		1,159,615
PVH Corp.		21,719		2,394,737
				3,554,352
THRIFTS & MORTGAGE FINANCE — 0.35%
People’s United Financial Inc.		81,231		1,142,920
TFS Financial Corp.		20,540		287,971
				1,430,891
TRADING COMPANIES & DISTRIBUTORS — 1.26%
HD Supply Holdings Inc.a		40,272		1,161,042
MSC Industrial Direct Co. Inc. Class A		13,345		1,001,809
United Rentals Inc.a,b		26,310		2,179,783
WESCO International Inc.a		11,726		782,828
				5,125,462

Security	Shares		Value
WATER UTILITIES — 0.31%
Aqua America Inc.		46,567	$	1,259,637
				1,259,637
TOTAL COMMON STOCKS
(Cost: $361,489,436)				405,148,454
SHORT-TERM INVESTMENTS — 4.97%
MONEY MARKET FUNDS — 4.97%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		18,692,258		18,692,258
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,124,432		1,124,432
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		322,520		322,520
				20,139,210
TOTAL SHORT-TERM INVESTMENTS
(Cost: $20,139,210)				20,139,210
TOTAL INVESTMENTS IN SECURITIES — 104.83%
(Cost: $381,628,646)				425,287,664
Other Assets, Less Liabilities — (4.83)%				(19,582,046	)
NET ASSETS — 100.00%			$	405,705,618

NVS  —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

45

Schedule of Investments  (Unaudited)

iSHARES^® MORNINGSTAR MID-CAP GROWTH ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.96%
AEROSPACE & DEFENSE — 2.49%
B/E Aerospace Inc.a		15,289	$	891,807
HEICO Corp.		8,209		498,122
Hexcel Corp.		13,851		612,630
Textron Inc.		40,007		1,702,698
TransDigm Group Inc.		7,145		1,468,512
				5,173,769
AIRLINES — 0.38%
Spirit Airlines Inc.a		10,565		783,289
				783,289
AUTO COMPONENTS — 1.20%
BorgWarner Inc.		32,955		1,779,900
Gentex Corp.		42,508		709,458
				2,489,358
AUTOMOBILES — 0.92%
Harley-Davidson Inc.		31,060		1,916,402
				1,916,402
BEVERAGES — 2.47%
Constellation Brands Inc. Class Aa		24,334		2,687,690
Monster Beverage Corp.a		20,906		2,444,957
				5,132,647
BIOTECHNOLOGY — 6.14%
Alkermes PLCa		21,231		1,533,940
Alnylam Pharmaceuticals Inc.a		10,309		967,293
BioMarin Pharmaceutical Inc.a,b		22,624		2,198,148
Incyte Corp.a,b		22,284		1,776,258
Intercept Pharmaceuticals Inc.a,b		1,770		355,823
Isis Pharmaceuticals Inc.a		17,152		1,175,083
Medivation Inc.a		11,270		1,226,401
Pharmacyclics Inc.a,b		8,865		1,495,969
Puma Biotechnology Inc.a,b		2,933		619,098
Seattle Genetics Inc.a,b		14,580		454,313
United Therapeutics Corp.a		6,898		973,515
				12,775,841
BUILDING PRODUCTS — 1.30%
A.O. Smith Corp.		10,921		648,817
Fortune Brands Home & Security Inc.		22,906		1,025,960
Lennox International Inc.		6,417		630,855
USG Corp.a,b		13,029		396,733
				2,702,365
CAPITAL MARKETS — 1.55%
Affiliated Managers Group Inc.a		8,054		1,655,258
Legg Mason Inc.		14,579		808,260

Security	Shares		Value
SEI Investments Co.		18,939	$	760,779
				3,224,297
CHEMICALS — 0.45%
W.R. Grace & Co.a		10,718		929,036
				929,036
COMMERCIAL BANKS — 1.07%
Investors Bancorp Inc.		49,496		544,951
Signature Banka		7,305		855,634
SVB Financial Groupa		7,383		833,541
				2,234,126
COMMERCIAL SERVICES & SUPPLIES — 1.59%
Copart Inc.a		16,508		604,193
Rollins Inc.		9,247		305,613
Stericycle Inc.a,b		12,307		1,615,786
Waste Connections Inc.		18,020		778,825
				3,304,417
COMMUNICATIONS EQUIPMENT — 1.19%
Arista Networks Inc.a,b		735		46,393
F5 Networks Inc.a		10,712		1,195,674
Palo Alto Networks Inc.a,b		9,706		1,226,741
				2,468,808
COMPUTERS & PERIPHERALS — 0.21%
3D Systems Corp.a,b		15,186		441,609
				441,609
CONSTRUCTION MATERIALS — 0.71%
Eagle Materials Inc.		7,297		519,692
Martin Marietta Materials Inc.		8,985		968,044
				1,487,736
DISTRIBUTORS — 0.55%
LKQ Corp.a		43,997		1,135,563
				1,135,563
DIVERSIFIED FINANCIAL SERVICES — 0.80%
CBOE Holdings Inc.		12,253		789,951
MSCI Inc. Class A		16,265		875,382
				1,665,333
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.01%
Level 3 Communications Inc.a		40,424		2,010,690
Zayo Group Holdings Inc.a		3,104		86,136
				2,096,826
ELECTRIC UTILITIES — 0.46%
ITC Holdings Corp.		22,611		961,872
				961,872

46

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR MID-CAP GROWTH ETF

January 31, 2015

Security	Shares		Value
ELECTRICAL EQUIPMENT — 2.03%
Acuity Brands Inc.		6,297	$	943,857
AMETEK Inc.		35,644		1,707,348
Sensata Technologies Holding NVa,b		24,500		1,208,340
Solarcity Corp.a,b		7,344		356,992
				4,216,537
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.10%
Amphenol Corp. Class A		44,875		2,410,236
FLIR Systems Inc.		20,455		617,741
National Instruments Corp.		14,649		440,642
Trimble Navigation Ltd.a		37,604		896,479
				4,365,098
ENERGY EQUIPMENT & SERVICES — 1.91%
Core Laboratories NV		6,359		589,797
Dresser-Rand Group Inc.a		11,129		891,210
Dril-Quip Inc.a		5,737		425,858
FMC Technologies Inc.a		33,951		1,272,483
Oceaneering International Inc.		15,246		798,281
				3,977,629
FOOD & STAPLES RETAILING — 1.62%
Sprouts Farmers Market Inc.a,b		18,010		655,744
Whole Foods Market Inc.		52,174		2,718,005
				3,373,749
FOOD PRODUCTS — 0.77%
Hain Celestial Group Inc. (The)a,b		14,652		773,186
WhiteWave Foods Co. (The) Class Aa		25,314		834,603
				1,607,789
HEALTH CARE EQUIPMENT & SUPPLIES — 5.36%
Align Technology Inc.a		10,491		556,547
C.R. Bard Inc.		10,857		1,856,873
Cooper Companies Inc. (The)		7,010		1,105,126
Edwards Lifesciences Corp.a		15,507		1,943,802
IDEXX Laboratories Inc.a,b		6,923		1,096,742
Intuitive Surgical Inc.a		5,258		2,599,976
ResMed Inc.		20,246		1,264,768
Sirona Dental Systems Inc.a		8,039		725,279
				11,149,113
HEALTH CARE PROVIDERS & SERVICES — 1.77%
Brookdale Senior Living Inc.a		26,629		898,729
Envision Healthcare Holdings Inc.a		18,918		650,401
MEDNAX Inc.a		14,579		989,768
Team Health Holdings Inc.a		10,324		533,751
Tenet Healthcare Corp.a		14,269		603,293
				3,675,942
HEALTH CARE TECHNOLOGY — 0.37%
athenahealth Inc.a,b		5,531		772,736
				772,736

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 2.23%
Domino’s Pizza Inc.		7,987	$	791,112
Dunkin’ Brands Group Inc.		15,184		718,355
Extended Stay America Inc.		7,810		154,482
Hyatt Hotels Corp. Class Aa		8,380		471,459
Panera Bread Co. Class Aa		3,720		639,319
Starwood Hotels & Resorts Worldwide Inc.		25,885		1,862,944
				4,637,671
HOUSEHOLD DURABLES — 1.61%
GoPro Inc.a,b		3,994		198,701
Harman International Industries Inc.		9,948		1,289,559
Lennar Corp. Class A		25,925		1,164,292
NVR Inc.a,b		565		708,640
				3,361,192
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.52%
Calpine Corp.a		52,035		1,086,491
				1,086,491
INDUSTRIAL CONGLOMERATES — 1.08%
Roper Industries Inc.		14,522		2,241,325
				2,241,325
INSURANCE — 0.27%
White Mountains Insurance Group Ltd.		872		562,074
				562,074
INTERNET & CATALOG RETAIL — 1.66%
Groupon Inc.a		61,281		438,772
Liberty Interactive Corp. Series Aa		68,484		1,873,722
TripAdvisor Inc.a		16,185		1,084,557
zulily Inc.a,b		2,682		49,617
				3,446,668
INTERNET SOFTWARE & SERVICES — 3.64%
Akamai Technologies Inc.a,b		25,842		1,502,842
CoStar Group Inc.a		4,697		866,643
Equinix Inc.		7,957		1,725,555
MercadoLibre Inc.		4,615		571,983
Pandora Media Inc.a		26,485		439,651
Rackspace Hosting Inc.a		17,299		777,763
VeriSign Inc.a,b		15,822		861,983
Yelp Inc.a,b		8,949		469,554
Zillow Inc. Class Aa,b		3,702		358,798
				7,574,772
IT SERVICES — 4.38%
Alliance Data Systems Corp.a,b		9,270		2,677,454
Fiserv Inc.a		35,379		2,566,039
FleetCor Technologies Inc.a		11,054		1,553,087
Gartner Inc.a,b		12,780		1,076,332
Jack Henry & Associates Inc.		11,873		728,646

47

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR MID-CAP GROWTH ETF

January 31, 2015

Security	Shares		Value
WEX Inc.a		5,628	$	518,057
				9,119,615
LEISURE EQUIPMENT & PRODUCTS — 0.62%
Polaris Industries Inc.		8,869		1,282,369
				1,282,369
LIFE SCIENCES TOOLS & SERVICES — 1.02%
Covance Inc.a		8,215		872,515
Mettler-Toledo International Inc.a		4,145		1,259,873
				2,132,388
MACHINERY — 2.97%
Colfax Corp.a,b		13,827		626,501
Graco Inc.		8,634		615,086
IDEX Corp.		11,527		833,979
Lincoln Electric Holdings Inc.		11,278		765,889
Middleby Corp. (The)a,b		8,314		789,996
Nordson Corp.		8,519		620,694
WABCO Holdings Inc.a		7,951		756,697
Wabtec Corp./DE		13,975		1,166,214
				6,175,056
MEDIA — 3.07%
AMC Networks Inc. Class Aa,b		8,585		572,619
Charter Communications Inc. Class Aa		11,837		1,788,748
Liberty Media Corp. Class Aa		14,408		490,592
Liberty Media Corp. Class Ca		28,881		985,420
Lions Gate Entertainment Corp.		11,909		342,146
Live Nation Entertainment Inc.a		20,975		498,576
Madison Square Garden Inc. Class Aa		8,781		665,161
Scripps Networks Interactive Inc. Class A		14,731		1,047,227
				6,390,489
METALS & MINING — 0.33%
Royal Gold Inc.		9,465		685,834
				685,834
MULTILINE RETAIL — 1.02%
Dollar Tree Inc.a		29,815		2,119,846
				2,119,846
OIL, GAS & CONSUMABLE FUELS — 4.02%
Antero Resources Corp.a,b		7,937		275,017
Cabot Oil & Gas Corp.		59,854		1,586,131
Concho Resources Inc.a,b		16,379		1,815,612
Diamondback Energy Inc.a		8,240		568,478
EQT Corp.		21,956		1,634,405
Gulfport Energy Corp.a		12,423		478,161
Kosmos Energy Ltd.a		15,641		137,172
Memorial Resource Development Corp.a		10,572		202,454
Range Resources Corp.		24,493		1,133,291
Rice Energy Inc.a,b		9,507		162,379
Targa Resources Corp.		4,292		372,674
				8,365,774

Security	Shares		Value
PHARMACEUTICALS — 1.53%
Akorn Inc.a		10,809	$	460,247
Jazz Pharmaceuticals PLCa		8,765		1,484,265
Salix Pharmaceuticals Ltd.a,b		9,252		1,245,967
				3,190,479
PROFESSIONAL SERVICES — 2.48%
Equifax Inc.		17,508		1,478,726
IHS Inc. Class Aa		9,898		1,139,557
Robert Half International Inc.		19,734		1,145,756
Verisk Analytics Inc. Class Aa,b		21,550		1,386,742
				5,150,781
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.06%
BioMed Realty Trust Inc.		28,666		700,884
Camden Property Trust		12,544		966,515
Essex Property Trust Inc.		9,270		2,095,483
Extra Space Storage Inc.b		16,045		1,058,970
Federal Realty Investment Trust		9,892		1,422,173
Kilroy Realty Corp.		12,189		903,814
Lamar Advertising Co.Class A		11,638		651,961
RLJ Lodging Trust		19,168		653,054
				8,452,854
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.80%
Howard Hughes Corp. (The)a		5,237		684,109
Realogy Holdings Corp.a		21,231		987,242
				1,671,351
ROAD & RAIL — 2.41%
Avis Budget Group Inc.a		15,425		884,007
Genesee & Wyoming Inc. Class Aa		7,431		612,686
J.B. Hunt Transport Services Inc.		13,437		1,069,720
Kansas City Southern		15,995		1,760,889
Old Dominion Freight Line Inc.a		9,883		692,996
				5,020,298
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.40%
Cree Inc.a,b		17,341		613,178
Skyworks Solutions Inc.		27,644		2,295,834
				2,909,012
SOFTWARE — 7.10%
ANSYS Inc.a		13,344		1,076,460
Autodesk Inc.a		32,978		1,780,977
CDK Global Inc.		23,321		1,053,176
Citrix Systems Inc.a		23,371		1,384,965
FactSet Research Systems Inc.		5,637		809,417
FireEye Inc.a		4,559		154,140
Fortinet Inc.a		20,105		601,039
Informatica Corp.a		15,778		657,706
NetSuite Inc.a,b		5,125		504,454
Red Hat Inc.a		27,222		1,736,491
ServiceNow Inc.a,b		19,163		1,396,983
Splunk Inc.a		17,410		899,227
SS&C Technologies Holdings Inc.		9,820		543,341

48

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR MID-CAP GROWTH ETF

January 31, 2015

Security		Shares		Value
Tableau Software Inc. Class Aa			5,788	$	467,439
Ultimate Software Group Inc. (The)a			4,119		609,653
Workday Inc. Class Aa			13,772		1,094,323
					14,769,791
SPECIALTY RETAIL — 5.08%
Advance Auto Parts Inc.			10,579		1,682,061
O’Reilly Automotive Inc.a,b			14,713		2,756,627
Ross Stores Inc.			30,432		2,790,919
Tractor Supply Co.			19,699		1,598,968
Ulta Salon, Cosmetics & Fragrance Inc.a			9,347		1,233,243
Urban Outfitters Inc.a			14,529		506,481
					10,568,299
TEXTILES, APPAREL & LUXURY GOODS — 4.11%
Carter’s Inc.			7,681		625,925
Hanesbrands Inc.			14,476		1,612,337
Lululemon Athletica Inc.a,b			15,179		1,005,457
Michael Kors Holdings Ltd.a			29,853		2,113,294
Ralph Lauren Corp.			8,768		1,463,291
Under Armour Inc. Class Aa			24,157		1,741,236
					8,561,540
TRADING COMPANIES & DISTRIBUTORS — 1.08%
Air Lease Corp.			13,830		483,220
Fastenal Co.			39,528		1,755,043
					2,238,263
WIRELESS TELECOMMUNICATION SERVICES — 1.05%
SBA Communications Corp. Class Aa			18,717		2,184,274
					2,184,274
TOTAL COMMON STOCKS (Cost: $162,562,351)					207,960,393
SHORT-TERM INVESTMENTS — 9.50%
MONEY MARKET FUNDS — 9.50%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e	18,524,316				18,524,316
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e	1,114,329				1,114,329

Security	Shares	Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d	127,823	$	127,823
			19,766,468
TOTAL SHORT-TERM INVESTMENTS (Cost: $19,766,468)			19,766,468
TOTAL INVESTMENTS IN SECURITIES — 109.46% (Cost: $182,328,819)			227,726,861
Other Assets, Less Liabilities — (9.46)%			(19,676,628	)
NET ASSETS — 100.00%		$	208,050,233

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

49

Schedule of Investments  (Unaudited)

iSHARES^® MORNINGSTAR MID-CAP VALUE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 100.25%
AEROSPACE & DEFENSE — 1.90%
Alliant Techsystems Inc.		5,066	$	660,150
Huntington Ingalls Industries Inc.		7,671		894,439
L-3 Communications Holdings Inc.		13,561		1,669,630
Spirit AeroSystems Holdings Inc. Class Aa		20,639		929,581
				4,153,800
AUTO COMPONENTS — 2.32%
Autoliv Inc.		14,431		1,530,552
Goodyear Tire & Rubber Co. (The)		43,565		1,056,016
TRW Automotive Holdings Corp.a		17,618		1,817,649
Visteon Corp.a		7,036		682,140
				5,086,357
BEVERAGES — 2.65%
Coca-Cola Enterprises Inc.		35,445		1,492,234
Dr Pepper Snapple Group Inc.		30,929		2,389,884
Molson Coors Brewing Co. Class B NVS		25,369		1,926,268
				5,808,386
CHEMICALS — 3.74%
Albemarle Corp.		17,967		867,088
Ashland Inc.		10,127		1,200,252
Celanese Corp. Series A		24,503		1,317,281
CF Industries Holdings Inc.		7,913		2,416,472
Eastman Chemical Co.		23,664		1,677,541
Huntsman Corp.		32,193		706,958
				8,185,592
COMMERCIAL BANKS — 6.59%
BOK Financial Corp.		3,430		185,597
CIT Group Inc.		29,026		1,271,919
Citizens Financial Group Inc.		21,940		524,366
City National Corp.		7,606		659,364
Comerica Inc.		28,509		1,183,124
Commerce Bancshares Inc.		13,315		532,600
Cullen/Frost Bankers Inc.		8,817		549,299
East West Bancorp Inc.		22,802		824,977
Huntington Bancshares Inc.		129,206		1,294,644
KeyCorp		137,971		1,792,243
M&T Bank Corp.b		21,019		2,378,510
Regions Financial Corp.		219,157		1,906,666
Umpqua Holdings Corp.		34,927		541,718
Zions Bancorp		32,226		772,135
				14,417,162
COMMERCIAL SERVICES & SUPPLIES — 1.51%
ADT Corp. (The)		27,713		953,327
Pitney Bowes Inc.		31,920		765,442
Republic Services Inc.		40,216		1,595,771
				3,314,540

Security	Shares		Value
COMMUNICATIONS EQUIPMENT — 1.19%
Brocade Communications Systems Inc.		68,620	$	763,054
CommScope Holding Co. Inc.a,b		13,195		370,846
EchoStar Corp. Class Aa		6,865		358,147
Harris Corp.		16,599		1,114,291
				2,606,338
CONSTRUCTION & ENGINEERING — 0.64%
AECOMa		24,434		621,112
Jacobs Engineering Group Inc.a		20,738		790,118
				1,411,230
CONSUMER FINANCE — 0.87%
Ally Financial Inc.a		69,610		1,302,403
SLM Corp.		67,193		612,128
				1,914,531
CONTAINERS & PACKAGING — 3.35%
Avery Dennison Corp.		14,472		756,451
Ball Corp.		21,832		1,382,621
Bemis Co. Inc.		15,864		702,775
Crown Holdings Inc.a		22,052		977,124
Graphic Packaging Holding Co.a		51,943		752,135
Owens-Illinois Inc.a		26,182		611,350
Rock-Tenn Co. Class A		22,217		1,441,883
Sonoco Products Co.		16,082		710,824
				7,335,163
DIVERSIFIED FINANCIAL SERVICES — 0.94%
NASDAQ OMX Group Inc. (The)		18,642		850,075
Voya Financial Inc.		30,696		1,197,451
				2,047,526
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.84%
Frontier Communications Corp.		159,087		1,068,269
Windstream Holdings Inc.		95,714		760,927
				1,829,196
ELECTRIC UTILITIES — 7.35%
Entergy Corp.		28,709		2,512,325
FirstEnergy Corp.		66,922		2,698,964
Great Plains Energy Inc.		24,436		722,573
Northeast Utilities		50,380		2,800,120
OGE Energy Corp.		31,636		1,112,954
Pepco Holdings Inc.		39,987		1,097,643
Pinnacle West Capital Corp.		17,526		1,229,975
Westar Energy Inc.		20,769		887,252
Xcel Energy Inc.		80,404		3,017,562
				16,079,368
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.84%
Arrow Electronics Inc.a		15,391		847,121
Avnet Inc.		21,767		905,942
Flextronics International Ltd.a		91,925		1,022,206

50

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR MID-CAP VALUE ETF

January 31, 2015

Security	Shares		Value
Ingram Micro Inc. Class Aa		24,757	$	623,381
Jabil Circuit Inc.		30,711		632,954
				4,031,604
ENERGY EQUIPMENT & SERVICES — 1.17%
Diamond Offshore Drilling Inc.b		10,733		338,411
Ensco PLC Class A		37,194		1,042,920
Nabors Industries Ltd.		46,594		536,297
Nobel Corp. PLC		39,987		648,589
				2,566,217
FOOD & STAPLES RETAILING — 0.46%
Rite Aid Corp.a		144,864		1,011,151
				1,011,151
FOOD PRODUCTS — 4.77%
Bunge Ltd.		23,087		2,066,979
Campbell Soup Co.		28,422		1,300,022
ConAgra Foods Inc.		67,583		2,394,466
Ingredion Inc.		11,412		920,264
J.M. Smucker Co. (The)		16,219		1,672,990
Pilgrim’s Pride Corp.		9,932		269,654
Tyson Foods Inc. Class A		46,657		1,821,489
				10,445,864
GAS UTILITIES — 1.70%
AGL Resources Inc.		18,984		1,070,318
Atmos Energy Corp.		15,948		907,601
Questar Corp.		27,834		722,292
UGI Corp.		27,377		1,012,675
				3,712,886
HEALTH CARE PROVIDERS & SERVICES — 2.38%
Community Health Systems Inc.a		18,462		869,006
Laboratory Corp. of America Holdingsa,b		13,466		1,545,628
Omnicare Inc.		15,535		1,164,814
Quest Diagnostics Inc.		23,028		1,636,600
				5,216,048
HOTELS, RESTAURANTS & LEISURE — 0.86%
Darden Restaurants Inc.		19,794		1,214,956
International Game Technology		39,277		664,567
				1,879,523
HOUSEHOLD DURABLES — 1.68%
Garmin Ltd.		19,130		1,001,647
Newell Rubbermaid Inc.		43,194		1,592,563
PulteGroup Inc.		52,955		1,090,343
				3,684,553
HOUSEHOLD PRODUCTS — 0.58%
Energizer Holdings Inc.		9,852		1,261,155
				1,261,155

Security	Shares		Value
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.19%
AES Corp. (The)		104,059	$	1,271,601
NRG Energy Inc.		53,924		1,329,766
				2,601,367
INSURANCE — 12.73%
Alleghany Corp.a		2,570		1,136,171
Allied World Assurance Co. Holdings Ltd.		15,478		598,534
American Financial Group Inc.		11,722		680,345
Arch Capital Group Ltd.a		20,484		1,187,457
Assurant Inc.		11,156		708,518
Assured Guaranty Ltd.		25,709		627,814
Axis Capital Holdings Ltd.		16,233		826,260
Cincinnati Financial Corp.		23,348		1,179,307
CNA Financial Corp.		4,309		167,879
CNO Financial Group Inc.		32,994		512,067
Everest Re Group Ltd.		7,180		1,230,508
Genworth Financial Inc. Class Aa		78,854		550,401
HCC Insurance Holdings Inc.		15,375		820,102
Lincoln National Corp.		41,350		2,066,673
Loews Corp.		47,664		1,823,625
Old Republic International Corp.		38,997		547,518
PartnerRe Ltd.		7,779		889,918
Principal Financial Group Inc.		43,470		2,040,047
Progressive Corp. (The)		85,116		2,208,760
Protective Life Corp.		12,526		876,194
Reinsurance Group of America Inc.		10,910		903,457
RenaissanceRe Holdings Ltd.b		6,112		584,491
Torchmark Corp.		20,420		1,022,429
Unum Group		39,975		1,241,623
Willis Group Holdings PLC		28,098		1,216,643
WR Berkley Corp.		16,126		790,013
XL Group PLC		41,138		1,418,850
				27,855,604
IT SERVICES — 2.36%
Computer Sciences Corp.		22,400		1,359,232
Sabre Corp.		6,356		129,853
Western Union Co.		83,322		1,416,474
Xerox Corp.		170,751		2,248,791
				5,154,350
LEISURE EQUIPMENT & PRODUCTS — 1.11%
Hasbro Inc.		17,961		986,418
Mattel Inc.		54,011		1,452,896
				2,439,314
MACHINERY — 1.12%
AGCO Corp.		13,443		582,619
Joy Global Inc.		15,587		653,719
Oshkosh Corp.		12,820		549,337
Trinity Industries Inc.		24,706		653,968
				2,439,643
MEDIA — 1.35%
Cablevision NY Group Class A		34,755		657,565
Gannett Co. Inc.		35,847		1,111,615

51

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR MID-CAP VALUE ETF

January 31, 2015

Security	Shares		Value
News Corp. Class A NVSa		79,161	$	1,178,707
				2,947,887
METALS & MINING — 2.00%
Allegheny Technologies Inc.		17,500		499,275
Newmont Mining Corp.		79,415		1,997,287
Reliance Steel & Aluminum Co.		12,398		649,283
Steel Dynamics Inc.		38,184		650,655
United States Steel Corp.		23,381		571,432
				4,367,932
MULTI-UTILITIES — 7.71%
Alliant Energy Corp.		17,605		1,207,879
Ameren Corp.		38,644		1,749,800
CenterPoint Energy Inc.		68,489		1,581,411
CMS Energy Corp.		43,822		1,653,404
DTE Energy Co.		28,154		2,524,288
Integrys Energy Group Inc.		12,697		1,029,727
MDU Resources Group Inc.		30,837		697,225
NiSource Inc.		50,243		2,173,512
SCANA Corp.		22,723		1,449,046
TECO Energy Inc.		37,283		795,246
Wisconsin Energy Corp.		35,898		2,002,031
				16,863,569
MULTILINE RETAIL — 0.99%
Kohl’s Corp.		32,161		1,920,655
Sears Holdings Corp.a,b		8,000		254,720
				2,175,375
OIL, GAS & CONSUMABLE FUELS — 3.46%
Cobalt International Energy Inc.a		47,452		432,762
CVR Energy Inc.		2,599		99,594
Denbury Resources Inc.		56,308		388,525
Energen Corp.		11,623		737,131
HollyFrontier Corp.		31,066		1,115,891
Murphy Oil Corp.		26,471		1,188,813
Newfield Exploration Co.a		22,029		656,024
QEP Resources Inc.		26,656		538,984
Tesoro Corp.		20,113		1,643,835
Western Refining Inc.		11,655		432,750
WPX Energy Inc.a		32,478		346,215
				7,580,524
PERSONAL PRODUCTS — 0.34%
Avon Products Inc.		68,965		533,789
Coty Inc. Class A		11,342		215,725
				749,514
PHARMACEUTICALS — 1.74%
Endo International PLCa		26,445		2,105,286
Hospira Inc.a		26,950		1,709,439
				3,814,725
PROFESSIONAL SERVICES — 0.72%
Dun & Bradstreet Corp. (The)		5,702		656,357

Security	Shares		Value
Manpowergroup Inc.		12,570	$	916,102
				1,572,459
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.76%
American Capital Agency Corp.		55,979		1,206,347
Annaly Capital Management Inc.		150,989		1,594,444
DDR Corp.		47,523		931,451
Duke Realty Corp.		54,231		1,183,863
Hospitality Properties Trust		23,809		775,935
Liberty Property Trust		23,594		950,838
National Retail Properties Inc.		20,952		897,584
NorthStar Realty Finance Corp.		35,412		669,641
Senior Housing Properties Trust		32,379		754,107
Starwood Property Trust Inc.		35,328		845,399
Two Harbors Investment Corp.		58,092		599,509
				10,409,118
ROAD & RAIL — 0.32%
Ryder System Inc.		8,424		697,423
				697,423
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.86%
First Solar Inc.a		12,090		511,649
KLA-Tencor Corp.		26,204		1,610,760
Marvell Technology Group Ltd.		67,774		1,049,819
ON Semiconductor Corp.a		69,235		693,042
SunPower Corp.a		8,180		197,302
				4,062,572
SOFTWARE — 1.95%
CA Inc.		51,051		1,546,845
Symantec Corp.		109,754		2,718,607
				4,265,452
SPECIALTY RETAIL — 2.92%
Bed Bath & Beyond Inc.a		29,476		2,203,920
Best Buy Co. Inc.		46,383		1,632,682
GameStop Corp. Class Ab		17,216		606,864
Michaels Companies Inc. (The)a		7,717		199,099
Staples Inc.		101,911		1,737,582
				6,380,147
TEXTILES, APPAREL & LUXURY GOODS — 0.75%
Coach Inc.		43,911		1,633,050
				1,633,050
THRIFTS & MORTGAGE FINANCE — 0.81%
Hudson City Bancorp Inc.		76,414		685,433
New York Community Bancorp Inc.b		70,257		1,085,471
				1,770,904

52

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR MID-CAP VALUE ETF

January 31, 2015

Security	Shares		Value
WATER UTILITIES — 0.73%
American Water Works Co. Inc.		28,569	$	1,603,864
				1,603,864
TOTAL COMMON STOCKS (Cost: $193,400,991)				219,382,983
SHORT-TERM INVESTMENTS — 1.62%
MONEY MARKET FUNDS — 1.62%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		3,059,663		3,059,663
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		184,054		184,054
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		292,809		292,809
				3,536,526
TOTAL SHORT-TERM INVESTMENTS (Cost: $3,536,526)				3,536,526
TOTAL INVESTMENTS IN SECURITIES — 101.87% (Cost: $196,937,517)				222,919,509
Other Assets, Less Liabilities — (1.87)%				(4,093,261	)
NET ASSETS — 100.00%			$	218,826,248

NVS  —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

53

Schedule of Investments  (Unaudited)

iSHARES^® MORNINGSTAR SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.95%
AEROSPACE & DEFENSE — 2.14%
Curtiss-Wright Corp.		21,334	$	1,419,351
DigitalGlobe Inc.a		31,090		836,010
Esterline Technologies Corp.a		14,150		1,586,073
Orbital Sciences Corp.a		26,963		757,391
				4,598,825
AIR FREIGHT & LOGISTICS — 0.24%
Hub Group Inc. Class Aa		15,468		516,631
				516,631
AUTO COMPONENTS — 0.65%
Tenneco Inc.a		27,128		1,394,922
				1,394,922
AUTOMOBILES — 0.54%
Thor Industries Inc.		20,639		1,163,008
				1,163,008
BIOTECHNOLOGY — 2.92%
Clovis Oncology Inc.a,b		13,100		853,989
Neurocrine Biosciences Inc.a,b		30,986		1,042,989
Opko Health Inc.a,b		102,269		1,240,523
PDL BioPharma Inc.		71,563		521,694
Portola Pharmaceuticals Inc.a		19,667		559,133
PTC Therapeutics Inc.a		10,009		549,594
Receptos Inc.a		13,713		1,510,761
				6,278,683
BUILDING PRODUCTS — 0.41%
Masonite International Corp.a		9,174		575,393
Nortek Inc.a		4,076		311,121
				886,514
CAPITAL MARKETS — 1.55%
Interactive Brokers Group Inc. Class A		25,932		794,297
Janus Capital Group Inc.		65,291		1,145,204
Stifel Financial Corp.a,b		29,323		1,382,580
				3,322,081
CHEMICALS — 3.01%
Cytec Industries Inc.		32,018		1,536,544
Ferro Corp.a		38,803		431,877
H.B. Fuller Co.		22,266		916,246
Innophos Holdings Inc.		9,681		576,407
Minerals Technologies Inc.		15,276		997,981
PolyOne Corp.		40,384		1,437,267
Tronox Ltd. Class A		26,866		567,947
				6,464,269

Security	Shares		Value
COMMERCIAL BANKS — 4.04%
Capital Bank Financial Corp.a		11,978	$	292,503
First Financial Bankshares Inc.		28,371		700,764
First Midwest Bancorp Inc.		33,471		515,453
Glacier Bancorp Inc.		33,223		739,876
Home Bancshares Inc.		26,023		770,801
PrivateBancorp Inc.		31,136		944,666
South State Corp.		10,691		638,360
Synovus Financial Corp.		60,500		1,559,085
Texas Capital Bancshares Inc.a		20,331		830,521
UMB Financial Corp.		16,724		811,449
Western Alliance Bancorpa		34,324		882,470
				8,685,948
COMMERCIAL SERVICES & SUPPLIES — 2.06%
Clean Harbors Inc.a		24,236		1,146,848
Covanta Holding Corp.		58,226		1,190,139
G&K Services Inc. Class A		8,828		618,843
Steelcase Inc. Class A		39,746		670,912
UniFirst Corp.		6,929		804,665
				4,431,407
COMMUNICATIONS EQUIPMENT — 2.12%
Ciena Corp.a,b		47,179		873,755
Finisar Corp.a,b		44,090		799,793
InterDigital Inc.		16,454		822,371
JDS Uniphase Corp.a,b		102,995		1,251,389
Polycom Inc.a		60,424		803,639
				4,550,947
COMPUTERS & PERIPHERALS — 0.42%
Diebold Inc.		28,747		896,906
				896,906
CONSTRUCTION & ENGINEERING — 1.44%
EMCOR Group Inc.		28,764		1,160,915
KBR Inc.		64,500		1,066,185
MasTec Inc.a		29,464		545,673
Primoris Services Corp.		17,107		321,270
				3,094,043
CONSUMER FINANCE — 0.63%
Credit Acceptance Corp.a,b		3,757		592,253
Encore Capital Group Inc.a,b		10,675		397,324
Nelnet Inc. Class A		8,191		358,274
				1,347,851
DIVERSIFIED CONSUMER SERVICES — 0.22%
ServiceMaster Global Holdings Inc.a		16,660		470,812
				470,812
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.23%
Consolidated Communications Holdings Inc.		20,865		485,737
				485,737

54

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
ELECTRICAL EQUIPMENT — 2.27%
AZZ Inc.		11,451	$	483,118
Babcock & Wilcox Co. (The)		47,334		1,288,905
EnerSys		20,151		1,176,415
Franklin Electric Co. Inc.		17,478		597,922
Generac Holdings Inc.a		30,593		1,338,138
				4,884,498
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.94%
Belden Inc.		18,969		1,573,289
Knowles Corp.a,b		37,643		798,408
Littelfuse Inc.		9,958		983,253
Vishay Intertechnology Inc.		60,066		818,099
				4,173,049
ENERGY EQUIPMENT & SERVICES — 2.04%
Atwood Oceanics Inc.		26,516		757,827
Bristow Group Inc.		15,565		867,126
CARBO Ceramics Inc.b		8,787		288,038
Exterran Holdings Inc.		30,218		819,210
Forum Energy Technologies Inc.a		28,961		447,448
SEACOR Holdings Inc.a		7,861		565,599
Tidewater Inc.		22,023		644,393
				4,389,641
FOOD & STAPLES RETAILING — 0.98%
Andersons Inc. (The)		11,942		537,151
Casey’s General Stores Inc.		17,112		1,562,326
				2,099,477
FOOD PRODUCTS — 2.37%
B&G Foods Inc. Class A		23,813		710,580
Darling Ingredients Inc.a,b		73,159		1,242,240
Lancaster Colony Corp.		8,598		773,218
Snyders-Lance Inc.		23,030		669,943
TreeHouse Foods Inc.a		18,755		1,701,078
				5,097,059
HEALTH CARE EQUIPMENT & SUPPLIES — 2.86%
CONMED Corp.		12,257		583,924
Greatbatch Inc.a		11,108		539,404
Haemonetics Corp.a,b		22,729		900,068
Hill-Rom Holdings Inc.		25,553		1,220,411
Integra LifeSciences Holdings Corp.a,b		11,233		625,903
Steris Corp.		26,331		1,717,308
Wright Medical Group Inc.a,b		22,729		554,815
				6,141,833
HEALTH CARE PROVIDERS & SERVICES — 1.81%
Chemed Corp.		7,533		761,888
HealthSouth Corp.		38,882		1,714,696
WellCare Health Plans Inc.a		19,497		1,420,356
				3,896,940

Security	Shares		Value
HEALTH CARE TECHNOLOGY — 0.23%
MedAssets Inc.a		26,772	$	495,550
				495,550
HOTELS, RESTAURANTS & LEISURE — 6.44%
Bloomin’ Brands Inc.a		46,334		1,145,145
Boyd Gaming Corp.a		34,760		453,966
Brinker International Inc.		28,162		1,645,506
Cheesecake Factory Inc. (The)		20,457		1,074,197
Choice Hotels International Inc.		15,457		888,005
Churchill Downs Inc.		5,404		513,326
ClubCorp Holdings Inc.		11,713		199,238
Cracker Barrel Old Country Store Inc.		10,592		1,424,730
Diamond Resorts International Inc.a,b		22,207		630,235
DineEquity Inc.		7,303		779,595
Life Time Fitness Inc.a		15,939		871,385
Marriott Vacations Worldwide Corp.		12,563		961,069
Pinnacle Entertainment Inc.a		24,733		523,103
SeaWorld Entertainment Inc.		30,021		525,668
Texas Roadhouse Inc.		27,789		933,432
Wendy’s Co. (The)		121,700		1,282,718
				13,851,318
HOUSEHOLD DURABLES — 1.99%
Helen of Troy Ltd.a,b		11,826		889,552
La-Z-Boy Inc.		23,034		614,777
Ryland Group Inc. (The)		20,525		824,079
Standard-Pacific Corp.a		67,448		473,485
Tempur Sealy International Inc.a,b		26,980		1,484,709
				4,286,602
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.10%
Ormat Technologies Inc.		8,073		215,953
				215,953
INSURANCE — 2.15%
AmTrust Financial Services Inc.b		13,959		706,605
Argo Group International Holdings Ltd.		11,410		610,321
Enstar Group Ltd.a		4,830		651,905
National General Holdings Corp.		21,241		381,701
Primerica Inc.		23,608		1,171,901
RLI Corp.		16,364		767,635
Third Point Reinsurance Ltd.a		25,309		334,838
				4,624,906
INTERNET & CATALOG RETAIL — 0.09%
Lands’ End Inc.a		5,870		203,630
				203,630
INTERNET SOFTWARE & SERVICES — 1.23%
AOL Inc.a		34,509		1,492,514
j2 Global Inc.		20,177		1,158,967
				2,651,481

55

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
IT SERVICES — 1.86%
Cardtronics Inc.a		19,710	$	662,453
Convergys Corp.		44,426		851,202
CoreLogic Inc.a		39,865		1,323,518
EVERTEC Inc.		29,356		588,882
NeuStar Inc. Class Aa,b		15,201		399,634
TeleTech Holdings Inc.a		7,784		171,715
				3,997,404
LIFE SCIENCES TOOLS & SERVICES — 1.29%
Bio-Rad Laboratories Inc. Class Aa		9,139		1,046,141
Charles River Laboratories International Inc.a		20,843		1,445,462
VWR Corp.a,b		11,757		284,049
				2,775,652
MACHINERY — 5.42%
Actuant Corp. Class A		27,342		631,874
Albany International Corp. Class A		12,814		437,342
Barnes Group Inc.		21,701		745,429
CLARCOR Inc.		22,268		1,392,418
Greenbrier Companies Inc. (The)b		10,921		567,128
Hillenbrand Inc.		27,914		876,779
Hyster-Yale Materials Handling Inc.		4,798		300,595
Meritor Inc.a		43,518		557,030
Mueller Industries Inc.		25,191		790,745
Mueller Water Products Inc. Class A		70,748		723,752
Rexnord Corp.a,b		45,177		1,118,131
Terex Corp.		48,166		1,082,772
TriMas Corp.a		20,052		541,203
Watts Water Technologies Inc. Class A		12,604		738,972
Woodward Inc.		25,937		1,157,050
				11,661,220
MEDIA — 1.35%
AMC Entertainment Holdings Inc. Class A		8,617		242,310
Loral Space & Communications Inc.a		5,797		416,862
Meredith Corp.		16,138		840,145
New York Times Co. (The) Class A		57,924		729,263
Nexstar Broadcasting Group Inc. Class A		13,716		684,360
				2,912,940
METALS & MINING — 2.18%
Century Aluminum Co.a		22,828		527,555
Compass Minerals International Inc.		14,921		1,304,095
Globe Specialty Metals Inc.		28,553		440,287
Kaiser Aluminum Corp.		7,924		549,212
Stillwater Mining Co.a		53,222		727,545
TimkenSteel Corp.		17,036		459,972
Worthington Industries Inc.		22,449		671,899
				4,680,565
MULTILINE RETAIL — 0.62%
Burlington Stores Inc.a		26,764		1,335,256
				1,335,256

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 0.86%
Gran Tierra Energy Inc.a		122,930	$	263,070
Oasis Petroleum Inc.a		45,013		604,975
PDC Energy Inc.a		15,891		730,033
SandRidge Energy Inc.a,b		174,910		246,623
				1,844,701
PAPER & FOREST PRODUCTS — 1.15%
Boise Cascade Co.a		17,492		707,376
Clearwater Paper Corp.a		8,690		643,234
KapStone Paper and Packaging Corp.		37,531		1,121,051
				2,471,661
PERSONAL PRODUCTS — 0.50%
Nu Skin Enterprises Inc. Class Ab		26,323		1,078,717
				1,078,717
PHARMACEUTICALS — 0.76%
Medicines Co. (The)a		28,989		831,115
Prestige Brands Holdings Inc.a		23,131		792,468
				1,623,583
PROFESSIONAL SERVICES — 0.64%
Korn/Ferry Internationala		22,278		634,923
On Assignment Inc.a		20,910		734,568
				1,369,491
REAL ESTATE INVESTMENT TRUSTS (REITS) — 15.05%
Alexander’s Inc.		1,470		681,845
American Homes 4 Rent Class A		62,966		1,050,903
Aviv REIT Inc.		10,870		427,517
Chambers Street Propertiesb		105,014		887,368
Chesapeake Lodging Trust		24,300		892,296
DiamondRock Hospitality Co.		86,935		1,263,166
DuPont Fabros Technology Inc.b		29,272		1,090,675
EastGroup Properties Inc.b		14,138		913,880
Empire State Realty Trust Inc. Class Ab		43,516		791,991
EPR Propertiesb		25,321		1,647,384
Equity One Inc.		33,990		925,888
First Industrial Realty Trust Inc.		49,130		1,067,595
Franklin Street Properties Corp.		39,744		511,903
Gaming and Leisure Properties Inc.		39,963		1,303,993
Healthcare Realty Trust Inc.		43,614		1,312,345
Home Properties Inc.		25,425		1,792,462
Kite Realty Group Trustb		37,091		1,133,501
Lexington Realty Trustb		92,898		1,059,966
LTC Properties Inc.		15,431		724,022
Medical Properties Trust Inc.		89,875		1,381,379
National Health Investors Inc.b		14,598		1,091,346
Post Properties Inc.		24,125		1,465,594
Potlatch Corp.		17,979		716,643
Ramco-Gershenson Properties Trust		34,354		672,308
Retail Opportunity Investments Corp.		41,179		727,633
Sovran Self Storage Inc.		14,997		1,420,966
STAG Industrial Inc.		28,614		749,687
Strategic Hotels & Resorts Inc.a		118,467		1,589,827
Sun Communities Inc.		22,188		1,502,793

56

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Sunstone Hotel Investors Inc.		91,776	$	1,564,777
				32,361,653
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.06%
Altisource Portfolio Solutions SAa,b		6,616		134,172
				134,172
ROAD & RAIL — 0.49%
Con-way Inc.		25,735		1,054,363
				1,054,363
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.39%
Atmel Corp.a		184,887		1,540,109
Cirrus Logic Inc.a,b		27,972		741,258
Entegris Inc.a		61,788		803,244
MKS Instruments Inc.		23,491		822,420
OmniVision Technologies Inc.a		25,567		691,332
Qorvo Inc.a		64,735		4,781,974
Rambus Inc.a		51,102		574,897
Semtech Corp.a		29,561		752,623
Teradyne Inc.		95,942		1,736,550
Tessera Technologies Inc.		20,798		771,190
Veeco Instruments Inc.a,b		17,815		519,664
				13,735,261
SOFTWARE — 1.65%
Mentor Graphics Corp.		43,320		996,793
Take-Two Interactive Software Inc.a		37,393		1,111,320
Verint Systems Inc.a		26,829		1,432,132
				3,540,245
SPECIALTY RETAIL — 4.73%
Aaron’s Inc.		28,568		904,463
Abercrombie & Fitch Co. Class A		31,747		810,183
ANN INC.a		20,236		669,812
Asbury Automotive Group Inc.a		13,180		978,088
Cabela’s Inc.a		21,159		1,162,687
Chico’s FAS Inc.		67,948		1,133,373
Conn’s Inc.a,b		10,713		168,623
DSW Inc. Class A		31,278		1,112,246
Express Inc.a		37,462		490,003
Finish Line Inc. (The) Class A		21,307		502,845
Genesco Inc.a,b		10,667		762,157
Outerwall Inc.a		8,414		522,341
Sonic Automotive Inc. Class A		14,712		362,356
Vitamin Shoppe Inc.a		13,717		579,817
				10,158,994
TEXTILES, APPAREL & LUXURY GOODS — 2.54%
Columbia Sportswear Co.		12,109		514,633
Deckers Outdoor Corp.a		15,387		1,016,311
Iconix Brand Group Inc.a,b		21,245		706,184
SKECHERS U.S.A. Inc. Class Aa		18,221		1,099,637
Steven Madden Ltd.a		25,052		860,286
Wolverine World Wide Inc.		45,120		1,270,128
				5,467,179

Security	Shares		Value
THRIFTS & MORTGAGE FINANCE — 1.26%
Capitol Federal Financial Inc.		57,301	$	713,970
Ladder Capital Corp. Class Aa		9,238		173,305
MGIC Investment Corp.a		150,399		1,281,400
Nationstar Mortgage Holdings Inc.a,b		9,665		248,487
Ocwen Financial Corp.a,b		48,069		294,182
				2,711,344
TOBACCO — 0.34%
Vector Group Ltd.		32,450		726,231
				726,231
TRADING COMPANIES & DISTRIBUTORS — 1.54%
Applied Industrial Technologies Inc.		18,278		738,979
Beacon Roofing Supply Inc.a		21,994		521,038
GATX Corp.		19,646		1,122,769
MRC Global Inc.a		45,211		488,731
Rush Enterprises Inc. Class Aa		15,854		443,912
				3,315,429
TRANSPORTATION INFRASTRUCTURE — 0.15%
Wesco Aircraft Holdings Inc.a,b		24,873		324,344
				324,344
TOTAL COMMON STOCKS
(Cost: $195,924,121)				214,880,926
SHORT-TERM INVESTMENTS — 10.23%
MONEY MARKET FUNDS — 10.23%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		20,575,866		20,575,866
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,237,739		1,237,739
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		179,340		179,340
				21,992,945
TOTAL SHORT-TERM INVESTMENTS
(Cost: $21,992,945)				21,992,945
TOTAL INVESTMENTS IN SECURITIES — 110.18%
(Cost: $217,917,066)				236,873,871
Other Assets, Less Liabilities — (10.18)%				(21,881,084	)
NET ASSETS — 100.00%			$	214,992,787

^a  Non-income earning security.

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

57

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP ETF

January 31, 2015

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

58

Schedule of Investments  (Unaudited)

iSHARES^® MORNINGSTAR SMALL-CAP GROWTH ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 100.02%
AIR FREIGHT & LOGISTICS — 0.81%
Forward Air Corp.		7,382	$	331,452
XPO Logistics Inc.a,b		15,965		587,352
				918,804
AIRLINES — 0.53%
Allegiant Travel Co.		3,310		600,004
				600,004
AUTO COMPONENTS — 0.84%
Dorman Products Inc.a,b		7,435		340,002
Drew Industries Inc.a		5,738		288,507
Gentherm Inc.a		8,661		318,552
				947,061
BEVERAGES — 0.60%
Boston Beer Co. Inc. (The)a		2,155		677,791
				677,791
BIOTECHNOLOGY — 7.25%
ACADIA Pharmaceuticals Inc.a,b		19,059		579,965
Acorda Therapeutics Inc.a,b		10,159		422,106
Agios Pharmaceuticals Inc.a,b		2,576		298,610
Celldex Therapeutics Inc.a,b		21,699		464,792
Cepheida,b		17,085		965,473
Dyax Corp.a		33,117		500,398
Exact Sciences Corp.a,b		21,490		584,743
Insys Therapeutics Inc.a,b		2,464		117,730
Intrexon Corp.a,b		8,539		245,155
Ironwood Pharmaceuticals Inc. Class Aa		29,170		454,469
Karyopharm Therapeutics Inc.a,b		4,913		130,342
Keryx Biopharmaceuticals Inc.a,b		24,519		298,151
Ligand Pharmaceuticals Inc.a,b		4,424		251,814
Myriad Genetics Inc.a,b		17,702		662,409
Novavax Inc.a		57,779		451,254
NPS Pharmaceuticals Inc.a,b		23,836		1,093,119
Synageva BioPharma Corp.a,b		5,645		650,417
				8,170,947
BUILDING PRODUCTS — 1.17%
Armstrong World Industries Inc.a,b		10,920		553,644
NCI Building Systems Inc.a		6,973		107,593
Simpson Manufacturing Co. Inc.		10,087		329,240
Trex Co. Inc.a		7,762		330,118
				1,320,595
CAPITAL MARKETS — 3.04%
Cohen & Steers Inc.		4,580		192,726
Evercore Partners Inc. Class A		8,720		417,426
Financial Engines Inc.		12,623		453,166
GAMCO Investors Inc. Class A		1,073		87,611

Security	Shares		Value
Greenhill & Co. Inc.		6,423	$	236,880
HFF Inc. Class A		7,953		270,163
Moelis & Co. Class A		3,252		100,812
NorthStar Asset Management Group Inc.		45,722		967,935
Virtus Investment Partners Inc.		1,717		232,877
WisdomTree Investments Inc.		26,510		461,804
				3,421,400
CHEMICALS — 0.53%
Balchem Corp.		7,471		395,739
Flotek Industries Inc.a,b		12,217		197,549
				593,288
COMMERCIAL BANKS — 1.00%
Bank of the Ozarks Inc.		15,670		508,178
Hilltop Holdings Inc.a		18,377		333,543
Pinnacle Financial Partners Inc.		8,047		289,209
				1,130,930
COMMERCIAL SERVICES & SUPPLIES — 1.98%
Healthcare Services Group Inc.		17,151		540,428
Herman Miller Inc.		14,408		418,552
HNI Corp.		10,773		530,570
Mobile Mini Inc.		11,167		405,362
MSA Safety Inc.		7,622		332,777
				2,227,689
COMMUNICATIONS EQUIPMENT — 2.87%
ADTRAN Inc.		13,177		291,344
Aruba Networks Inc.a		26,573		440,580
Infinera Corp.a,b		30,346		489,178
Plantronics Inc.		10,421		477,594
Riverbed Technology Inc.a		37,615		774,117
Ubiquiti Networks Inc.b		6,411		168,577
ViaSat Inc.a,b		10,456		587,836
				3,229,226
COMPUTERS & PERIPHERALS — 1.07%
Cray Inc.a,b		9,866		320,546
Electronics For Imaging Inc.a		11,385		440,030
Nimble Storage Inc.a,b		6,041		135,500
Super Micro Computer Inc.a		8,473		309,858
				1,205,934
CONSUMER FINANCE — 0.84%
First Cash Financial Services Inc.a,b		6,863		341,228
PRA Group Inc.a		12,149		601,619
				942,847
DISTRIBUTORS — 0.91%
Core-Mark Holding Co. Inc.		5,602		373,541
Pool Corp.		10,532		655,196
				1,028,737

59

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP GROWTH ETF

January 31, 2015

Security	Shares		Value
DIVERSIFIED CONSUMER SERVICES — 2.10%
Bright Horizons Family Solutions Inc.a,b		8,972	$	435,591
Grand Canyon Education Inc.a		11,338		496,831
Houghton Mifflin Harcourt Co.a,b		26,783		527,089
LifeLock Inc.a,b		18,398		273,210
Sotheby’s		14,894		633,740
				2,366,461
DIVERSIFIED FINANCIAL SERVICES — 0.61%
MarketAxess Holdings Inc.		9,065		688,668
				688,668
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.46%
Cogent Communications Holdings Inc.		10,308		382,014
Globalstar Inc.a,b		58,021		140,411
				522,425
ELECTRIC UTILITIES — 0.39%
NRG Yield Inc. Class A		8,239		435,678
				435,678
ELECTRICAL EQUIPMENT — 0.43%
Polypore International Inc.a		10,846		485,033
				485,033
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.00%
Cognex Corp.a		21,109		775,756
FEI Co.		10,074		828,284
InvenSense Inc.a,b		18,133		267,824
IPG Photonics Corp.a,b		8,607		642,426
Methode Electronics Inc.		9,250		334,573
OSI Systems Inc.a		4,521		316,380
Universal Display Corp.a,b		9,744		310,444
Zebra Technologies Corp. Class Aa,b		12,359		1,031,482
				4,507,169
ENERGY EQUIPMENT & SERVICES — 0.29%
US Silica Holdings Inc.		13,072		329,414
				329,414
FOOD & STAPLES RETAILING — 1.55%
Fresh Market Inc. (The)a,b		10,673		406,748
PriceSmart Inc.		4,903		400,967
United Natural Foods Inc.a,b		12,092		934,470
				1,742,185
FOOD PRODUCTS — 0.91%
J&J Snack Foods Corp.		3,619		355,096
Post Holdings Inc.a,b		10,895		514,789
Tootsie Roll Industries Inc.b		4,860		151,583
				1,021,468

Security	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES — 5.70%
ABIOMED Inc.a		8,914	$	461,210
Cantel Medical Corp.		8,555		347,076
Cyberonics Inc.a,b		6,376		354,314
DexCom Inc.a		17,466		1,044,118
Globus Medical Inc. Class Aa,b		16,020		377,752
HeartWare International Inc.a,b		3,919		327,354
Insulet Corp.a		13,580		399,116
Masimo Corp.a,b		11,567		295,190
Neogen Corp.a		8,942		412,226
NuVasive Inc.a		11,416		528,789
Spectranetics Corp. (The)a,b		10,164		332,465
Thoratec Corp.a		13,355		479,311
Tornier NVa		8,680		209,796
West Pharmaceutical Services Inc.		17,230		849,611
				6,418,328
HEALTH CARE PROVIDERS & SERVICES — 2.60%
Acadia Healthcare Co. Inc.a,b		11,026		636,752
Air Methods Corp.a,b		8,646		359,241
AmSurg Corp.a		11,672		644,061
ExamWorks Group Inc.a		8,253		305,031
Molina Healthcare Inc.a,b		7,621		387,985
MWI Veterinary Supply Inc.a		3,132		594,046
				2,927,116
HEALTH CARE TECHNOLOGY — 1.57%
Allscripts Healthcare Solutions Inc.a,b		41,132		489,882
Castlight Health Inc.a		2,895		25,708
HMS Holdings Corp.a,b		21,330		422,014
Medidata Solutions Inc.a,b		13,161		565,791
Veeva Systems Inc.a,b		9,138		262,809
				1,766,204
HOTELS, RESTAURANTS & LEISURE — 4.23%
Belmond Ltd.a		20,703		227,526
Buffalo Wild Wings Inc.a,b		4,589		818,311
El Pollo Loco Holdings Inc.a,b		3,366		86,607
Fiesta Restaurant Group Inc.a		6,489		383,305
Interval Leisure Group Inc.		9,579		221,083
Jack in the Box Inc.		9,367		794,228
Krispy Kreme Doughnuts Inc.a		15,620		304,121
La Quinta Holdings Inc.a,b		16,160		328,533
Papa John’s International Inc.		7,219		458,118
Sonic Corp.		12,202		369,355
Vail Resorts Inc.		8,804		772,639
				4,763,826
HOUSEHOLD DURABLES — 0.45%
TRI Pointe Homes Inc.a		35,635		510,650
				510,650
HOUSEHOLD PRODUCTS — 0.24%
WD-40 Co.		3,337		273,834
				273,834

60

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP GROWTH ETF

January 31, 2015

Security	Shares		Value
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.25%
Pattern Energy Group Inc.		9,640	$	281,681
				281,681
INTERNET & CATALOG RETAIL — 1.31%
HSN Inc.		7,877		609,995
Liberty TripAdvisor Holdings Inc. Class Aa		16,777		401,641
Shutterfly Inc.a		9,385		411,720
Wayfair Inc.a,b		2,580		50,465
				1,473,821
INTERNET SOFTWARE & SERVICES — 4.83%
Bankrate Inc.a		14,148		176,567
Cimpress NVa,b		7,325		590,029
comScore Inc.a		8,289		344,491
Cornerstone OnDemand Inc.a		11,676		384,724
Dealertrack Technologies Inc.a,b		10,731		431,386
Demandware Inc.a,b		7,742		414,662
Endurance International Group Holdings Inc.a,b		10,718		180,170
Envestnet Inc.a		8,318		428,127
Gogo Inc.a,b		13,085		190,190
GrubHub Inc.a,b		4,342		149,495
HomeAway Inc.a,b		21,282		542,478
Marketo Inc.a,b		6,911		237,946
NIC Inc.		14,744		242,096
RetailMeNot Inc.a,b		10,204		158,468
Shutterstock Inc.a,b		3,791		213,395
TrueCar Inc.a,b		3,600		63,288
Trulia Inc.a,b		8,429		359,750
WebMD Health Corp.a,b		8,598		333,173
				5,440,435
IT SERVICES — 3.76%
Acxiom Corp.a,b		18,667		339,739
Blackhawk Network Holdings Inc.a		3,085		102,916
Blackhawk Network Holdings Inc. Class Ba		9,191		304,314
EPAM Systems Inc.a		5,696		278,705
Euronet Worldwide Inc.a		12,123		550,263
Heartland Payment Systems Inc.		8,800		437,976
iGATE Corp.a		8,614		304,936
MAXIMUS Inc.		15,965		889,570
Sapient Corp.a		28,549		709,728
Syntel Inc.a		7,510		324,807
				4,242,954
LIFE SCIENCES TOOLS & SERVICES — 1.91%
Bio-Techne Corp.		8,989		836,157
Bruker Corp.a,b		26,992		509,069
PAREXEL International Corp.a		13,338		813,084
				2,158,310
MACHINERY — 2.97%
American Railcar Industries Inc.		2,285		114,707
Chart Industries Inc.a		7,414		211,299
CIRCOR International Inc.		4,298		212,278
EnPro Industries Inc.a		5,812		344,826
Manitowoc Co. Inc. (The)		32,873		614,725

Security	Shares		Value
Proto Labs Inc.a,b		5,508	$	354,660
RBC Bearings Inc.		5,661		328,565
Tennant Co.		4,463		291,032
Toro Co. (The)		13,495		875,961
				3,348,053
MEDIA — 0.58%
DreamWorks Animation SKG Inc. Class Aa,b		17,550		327,659
Morningstar Inc.		4,865		323,960
				651,619
METALS & MINING — 0.43%
Carpenter Technology Corp.		12,924		490,337
				490,337
OIL, GAS & CONSUMABLE FUELS — 2.44%
Bonanza Creek Energy Inc.a		7,785		203,033
Carrizo Oil & Gas Inc.a		10,270		463,177
Eclipse Resources Corp.a,b		7,292		45,210
Halcon Resources Corp.a,b		61,881		86,633
Laredo Petroleum Inc.a,b		20,159		197,760
Matador Resources Co.a,b		16,365		352,829
Parsley Energy Inc. Class Aa		12,883		216,048
Rosetta Resources Inc.a,b		14,926		254,787
RSP Permian Inc.a,b		8,835		236,778
SemGroup Corp. Class A		10,342		696,327
				2,752,582
PERSONAL PRODUCTS — 0.13%
USANA Health Sciences Inc.a		1,462		143,334
				143,334
PHARMACEUTICALS — 2.36%
Endo International PLCa		1,276		101,582
Horizon Pharma PLCa		16,729		274,857
Impax Laboratories Inc.a		16,074		589,434
Lannett Co. Inc.a,b		6,416		304,311
Nektar Therapeuticsa		31,195		456,695
Pacira Pharmaceuticals Inc.a,b		8,740		938,239
				2,665,118
PROFESSIONAL SERVICES — 1.87%
Advisory Board Co. (The)a		10,136		475,176
Corporate Executive Board Co. (The)		8,162		559,260
Huron Consulting Group Inc.a		5,540		416,719
TriNet Group Inc.a,b		6,600		218,922
WageWorks Inc.a		7,987		439,604
				2,109,681
REAL ESTATE INVESTMENT TRUSTS (REITS) — 8.13%
Acadia Realty Trust		16,400		593,516
American Assets Trust Inc.		8,598		381,579
CubeSmart		39,475		972,664
DCT Industrial Trust Inc.		21,352		806,252
Education Realty Trust Inc.		11,044		382,122
FelCor Lodging Trust Inc.		26,840		268,668

61

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP GROWTH ETF

January 31, 2015

Security	Shares		Value
Healthcare Trust of America Inc. Class A		28,968	$	853,397
Hersha Hospitality Trust		48,664		325,076
Hudson Pacific Properties Inc.		16,497		533,678
New York REIT Inc.b		39,275		409,638
Parkway Properties Inc.		20,397		373,265
Pebblebrook Hotel Trust		17,317		804,202
PS Business Parks Inc.		4,695		394,897
Ryman Hospitality Properties Inc.b		12,372		679,223
Sabra Health Care REIT Inc.		14,319		468,231
Tanger Factory Outlet Centers Inc.		23,246		914,730
				9,161,138
REAL ESTATE MANAGEMENT & DEVELOPMENT —0.82%
Alexander & Baldwin Inc.		10,982		420,171
Kennedy-Wilson Holdings Inc.		18,876		501,913
				922,084
ROAD & RAIL — 1.75%
Heartland Express Inc.		13,401		344,272
Knight Transportation Inc.		14,783		421,168
Landstar System Inc.		10,850		695,268
Swift Transportation Co.a,b		20,601		506,372
				1,967,080
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.94%
Cavium Inc.a		13,076		769,000
Integrated Device Technology Inc.a		36,052		659,391
Monolithic Power Systems Inc.		8,728		414,493
Power Integrations Inc.		7,155		369,055
Silicon Laboratories Inc.a		9,545		417,689
Synaptics Inc.a,b		8,952		687,603
				3,317,231
SOFTWARE — 8.94%
ACI Worldwide Inc.a,b		27,899		515,295
Advent Software Inc.		10,771		450,766
Aspen Technology Inc.a		21,940		775,469
Barracuda Networks Inc.a		2,535		85,835
Blackbaud Inc.		11,239		491,257
CommVault Systems Inc.a		10,446		455,237
Fair Isaac Corp.		7,789		555,745
FleetMatics Group PLCa		9,152		324,072
Guidewire Software Inc.a		16,854		844,385
Manhattan Associates Inc.a		18,099		807,939
MicroStrategy Inc. Class Aa		2,192		354,227
NetScout Systems Inc.a		9,090		326,331
Pegasystems Inc.		8,683		169,926
Proofpoint Inc.a,b		8,223		411,150
QLIK Technologies Inc.a		21,907		622,159
RealPage Inc.a,b		12,619		227,268
SolarWinds Inc.a		15,958		768,378
Synchronoss Technologies Inc.a,b		8,725		370,551
TiVo Inc.a		24,826		259,680
Tyler Technologies Inc.a		8,008		849,489
Zynga Inc. Class Aa		158,383		405,461
				10,070,620

Security	Shares		Value
SPECIALTY RETAIL — 3.02%
Five Below Inc.a,b		13,193	$	439,591
Hibbett Sports Inc.a,b		6,065		285,298
Lithia Motors Inc. Class A		5,548		469,916
Lumber Liquidators Holdings Inc.a,b		6,557		414,074
Mattress Firm Holding Corp.a,b		3,657		210,716
Monro Muffler Brake Inc.		7,672		438,378
Restoration Hardware Holdings Inc.a,b		8,715		762,824
Select Comfort Corp.a		12,913		385,324
				3,406,121
TEXTILES, APPAREL & LUXURY GOODS — 1.55%
G-III Apparel Group Ltd.a,b		4,626		449,647
Kate Spade & Co.a		30,812		971,503
Tumi Holdings Inc.a		14,476		328,171
				1,749,321
THRIFTS & MORTGAGE FINANCE — 0.30%
Essent Group Ltd.a,b		14,353		335,717
				335,717
TRADING COMPANIES & DISTRIBUTORS — 0.76%
H&E Equipment Services Inc.		7,593		133,181
Watsco Inc.		6,618		720,436
				853,617
TOTAL COMMON STOCKS
(Cost: $101,207,132)				112,714,566
SHORT-TERM INVESTMENTS — 23.24%
MONEY MARKET FUNDS — 23.24%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		24,635,904		24,635,904
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,481,971		1,481,971
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		72,950		72,950
				26,190,825
TOTAL SHORT-TERM INVESTMENTS
(Cost: $26,190,825)				26,190,825
TOTAL INVESTMENTS IN SECURITIES — 123.26%
(Cost: $127,397,957)				138,905,391
Other Assets, Less Liabilities — (23.26)%				(26,212,626	)
NET ASSETS — 100.00%			$	112,692,765

62

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP GROWTH ETF

January 31, 2015

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

63

Schedule of Investments  (Unaudited)

iSHARES^® MORNINGSTAR SMALL-CAP VALUE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.89%
AEROSPACE & DEFENSE — 2.09%
Cubic Corp.		18,190	$	951,155
Exelis Inc.		156,062		2,670,221
Moog Inc. Class Aa		33,971		2,388,161
Triumph Group Inc.		42,401		2,419,401
				8,428,938
AIRLINES — 0.85%
JetBlue Airways Corp.a,b		204,767		3,438,038
				3,438,038
AUTO COMPONENTS — 1.59%
American Axle & Manufacturing Holdings Inc.a,b		63,230		1,539,650
Cooper Tire & Rubber Co.		45,578		1,585,659
Dana Holding Corp.		141,523		2,953,585
Federal-Mogul Holdings Corp.a,b		23,891		323,245
				6,402,139
CAPITAL MARKETS — 1.37%
Artisan Partners Asset Management Inc.		23,072		1,113,686
BGC Partners Inc. Class A		141,447		1,107,530
Federated Investors Inc. Class B		79,543		2,514,354
KCG Holdings Inc. Class Aa		64,679		791,024
				5,526,594
CHEMICALS — 2.76%
Axiall Corp.		58,660		2,595,705
Cabot Corp.		53,532		2,270,292
Chemtura Corp.a,b		61,648		1,343,310
Kronos Worldwide Inc.		17,755		199,389
Olin Corp.		65,255		1,635,943
Rayonier Advanced Materials Inc.		35,816		613,170
Sensient Technologies Corp.		40,253		2,455,433
				11,113,242
COMMERCIAL BANKS — 12.76%
Associated Banc-Corp.		127,046		2,135,643
BancorpSouth Inc.		71,351		1,416,317
Bank of Hawaii Corp.		36,778		2,076,486
BankUnited Inc.		84,963		2,350,077
BBCN Bancorp Inc.		66,433		860,307
Cathay General Bancorp		61,847		1,477,525
Columbia Banking System Inc.		44,579		1,133,644
Community Bank System Inc.		33,897		1,139,956
CVB Financial Corp.		80,407		1,174,746
F.N.B. Corp.		145,158		1,741,896
First Citizens BancShares Inc. Class A		5,780		1,410,609
First Horizon National Corp.		196,596		2,553,782
First Interstate BancSystem Inc.		16,875		403,312
First Niagara Financial Group Inc.		295,834		2,402,172
FirstMerit Corp.		138,238		2,265,030
Fulton Financial Corp.		154,992		1,728,161

Security	Shares		Value
Hancock Holding Co.		68,229	$	1,781,459
IBERIABANK Corp.		27,996		1,528,861
International Bancshares Corp.		48,384		1,089,124
MB Financial Inc.		53,832		1,529,367
National Penn Bancshares Inc.		103,428		1,003,252
Old National Bancorp		89,299		1,197,500
Park National Corp.		10,783		867,061
Popular Inc.a		86,449		2,665,223
Susquehanna Bancshares Inc.		151,587		1,911,512
TCF Financial Corp.		139,815		2,055,280
Trustmark Corp.		56,294		1,202,440
United Bankshares Inc./WV		53,256		1,800,585
Valley National Bancorp		184,049		1,671,165
Webster Financial Corp.		75,434		2,303,000
Westamerica Bancorpb		21,835		888,248
Wintrust Financial Corp.		39,095		1,699,460
				51,463,200
COMMERCIAL SERVICES & SUPPLIES — 3.00%
ABM Industries Inc.		43,564		1,257,693
Brady Corp. Class A		39,836		1,042,508
Deluxe Corp.		41,508		2,695,114
Matthews International Corp. Class A		24,713		1,144,953
R.R. Donnelley & Sons Co.		166,949		2,749,650
Tetra Tech Inc.		52,864		1,217,458
United Stationers Inc.		32,721		1,318,984
West Corp.		20,410		667,407
				12,093,767
COMMUNICATIONS EQUIPMENT — 0.24%
NETGEAR Inc.a		28,907		976,189
				976,189
COMPUTERS & PERIPHERALS — 0.51%
Lexmark International Inc. Class A		51,664		2,061,910
				2,061,910
CONSTRUCTION & ENGINEERING — 0.44%
Granite Construction Inc.		30,547		1,041,042
Tutor Perini Corp.a		33,087		718,319
				1,759,361
CONSUMER FINANCE — 0.12%
Cash America International Inc.		24,119		501,675
				501,675
CONTAINERS & PACKAGING — 1.56%
Berry Plastics Group Inc.a		98,735		3,339,218
Greif Inc. Class A		28,463		1,087,287
Silgan Holdings Inc.		36,472		1,875,025
				6,301,530
DIVERSIFIED CONSUMER SERVICES — 1.11%
Apollo Education Group Inc.a		80,746		2,039,644
DeVry Education Group Inc.		48,064		2,038,394

64

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP VALUE ETF

January 31, 2015

Security	Shares		Value
Weight Watchers International Inc.a,b		23,190	$	384,027
				4,462,065
DIVERSIFIED FINANCIAL SERVICES — 0.26%
PHH Corp.a,b		42,603		1,062,519
				1,062,519
ELECTRIC UTILITIES — 4.92%
ALLETE Inc.		32,240		1,826,396
Cleco Corp.		50,421		2,740,886
El Paso Electric Co.		33,933		1,359,356
Hawaiian Electric Industries Inc.		85,621		2,936,800
IDACORP Inc.		42,028		2,854,121
MGE Energy Inc.		29,228		1,341,565
PNM Resources Inc.		66,604		2,031,422
Portland General Electric Co.		65,354		2,594,554
UIL Holdings Corp.		47,281		2,174,926
				19,860,026
ELECTRICAL EQUIPMENT — 0.64%
Regal Beloit Corp.		37,341		2,570,928
				2,570,928
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.95%
Anixter International Inc.a		22,799		1,718,133
AVX Corp.		39,669		512,920
Benchmark Electronics Inc.a		44,383		1,075,400
Coherent Inc.a		20,972		1,297,747
Itron Inc.a		32,606		1,213,269
Plexus Corp.a		28,094		1,064,482
Sanmina Corp.a		68,806		1,457,311
SYNNEX Corp.		23,366		1,733,524
Tech Data Corp.a		31,999		1,827,143
				11,899,929
ENERGY EQUIPMENT & SERVICES — 1.76%
Frank’s International NV		28,500		466,545
Helix Energy Solutions Group Inc.a,b		82,164		1,542,218
Oil States International Inc.a		44,460		1,825,972
Patterson-UTI Energy Inc.		122,425		2,100,813
Unit Corp.a		38,484		1,146,054
				7,081,602
FOOD & STAPLES RETAILING — 0.52%
SUPERVALU Inc.a,b		172,088		1,676,137
Weis Markets Inc.		9,235		423,240
				2,099,377
FOOD PRODUCTS — 1.38%
Cal-Maine Foods Inc.b		25,063		878,458
Dean Foods Co.		78,293		1,418,669
Fresh Del Monte Produce Inc.b		30,171		1,014,651
Sanderson Farms Inc.b		17,203		1,375,552
Seaboard Corp.a		234		895,048
				5,582,378

Security	Shares		Value
GAS UTILITIES — 4.03%
Laclede Group Inc. (The)		36,193	$	1,945,736
New Jersey Resources Corp.		35,312		2,255,731
Northwest Natural Gas Co.		22,729		1,134,404
ONE GAS Inc.		43,539		1,923,988
Piedmont Natural Gas Co.		65,428		2,609,923
South Jersey Industries Inc.		28,170		1,640,902
Southwest Gas Corp.		38,997		2,396,756
WGL Holdings Inc.		41,544		2,347,236
				16,254,676
HEALTH CARE EQUIPMENT & SUPPLIES — 0.66%
Alere Inc.a		65,623		2,670,200
				2,670,200
HEALTH CARE PROVIDERS & SERVICES — 2.82%
Health Net Inc./CAa		65,081		3,525,438
Kindred Healthcare Inc.		58,172		1,073,855
LifePoint Hospitals Inc.a		37,831		2,468,095
Magellan Health Inc.a		23,293		1,400,375
Owens & Minor Inc.		52,770		1,806,317
Select Medical Holdings Corp.		80,875		1,093,430
				11,367,510
HOTELS, RESTAURANTS & LEISURE — 0.54%
Bob Evans Farms Inc.		19,728		1,112,067
Caesars Entertainment Corp.a,b		35,339		384,842
International Speedway Corp. Class A		23,476		682,917
				2,179,826
HOUSEHOLD DURABLES — 1.56%
KB Home		76,463		952,729
M.D.C. Holdings Inc.		33,193		829,825
Meritage Homes Corp.a		31,552		1,148,809
Taylor Morrison Home Corp. Class Aa		28,216		501,398
Tupperware Brands Corp.		42,089		2,845,637
				6,278,398
HOUSEHOLD PRODUCTS — 0.28%
Harbinger Group Inc.a		90,636		1,132,044
				1,132,044
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.58%
Dynegy Inc.a		86,289		2,357,416
				2,357,416
INSURANCE — 7.93%
American Equity Investment Life Holding Co.		63,272		1,614,069
American National Insurance Co.		7,196		748,672
Aspen Insurance Holdings Ltd.		52,308		2,265,982
Endurance Specialty Holdings Ltd.b		37,630		2,299,946
FBL Financial Group Inc. Class A		8,698		453,949
Fidelity & Guaranty Life		9,379		202,680
First American Financial Corp.		89,940		3,059,759

65

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP VALUE ETF

January 31, 2015

Security	Shares		Value
Greenlight Capital Re Ltd. Class Aa		25,204	$	791,658
Hanover Insurance Group Inc. (The)		36,964		2,550,516
Horace Mann Educators Corp.		35,355		1,077,267
Kemper Corp.		41,753		1,457,597
MBIA Inc.a		117,842		945,093
Mercury General Corp.		24,391		1,393,946
Montpelier Re Holdings Ltd.		31,284		1,099,007
OneBeacon Insurance Group Ltd. Class A		20,090		317,623
Platinum Underwriters Holdings Ltd.		20,886		1,542,013
ProAssurance Corp.		48,101		2,134,241
Selective Insurance Group Inc.		47,116		1,216,535
StanCorp Financial Group Inc.		35,138		2,179,961
Symetra Financial Corp.		79,546		1,615,579
Validus Holdings Ltd.		76,316		3,025,929
				31,992,022
INTERNET & CATALOG RETAIL — 0.10%
Travelport Worldwide Ltd.b		25,488		397,358
				397,358
IT SERVICES — 2.11%
Booz Allen Hamilton Holding Corp.		72,169		2,100,840
CACI International Inc. Class Aa		19,917		1,684,779
Leidos Holdings Inc.		52,007		2,153,090
Science Applications International Corp.		33,730		1,645,349
Unisys Corp.a,b		41,698		914,437
				8,498,495
MACHINERY — 1.17%
Harsco Corp.		67,798		1,000,698
Kennametal Inc.		66,130		2,077,805
Navistar International Corp.a,b		55,822		1,642,283
				4,720,786
MARINE — 0.31%
Matson Inc.		35,947		1,249,158
				1,249,158
MEDIA — 2.16%
Clear Channel Outdoor Holdings Inc. Class A		36,422		329,619
John Wiley & Sons Inc. Class A		39,215		2,429,761
Media General Inc.a		67,358		963,219
Regal Entertainment Group Class Ab		66,484		1,406,802
Sinclair Broadcast Group Inc. Class A		60,158		1,488,309
Starza,b		70,706		2,087,241
				8,704,951
METALS & MINING — 0.88%
AK Steel Holding Corp.a,b		149,094		565,066
Cliffs Natural Resources Inc.b		128,143		822,678
Commercial Metals Co.		98,583		1,322,984
SunCoke Energy Inc.		55,287		834,834
				3,545,562
MULTI-UTILITIES — 2.27%
Avista Corp.		47,765		1,773,514

Security	Shares		Value
Black Hills Corp.		37,344	$	1,873,175
NorthWestern Corp.		38,380		2,216,829
Vectren Corp.		68,941		3,303,653
				9,167,171
MULTILINE RETAIL — 0.97%
Big Lots Inc.		44,713		2,052,774
J.C. Penney Co. Inc.a,b		254,320		1,848,906
				3,901,680
OIL, GAS & CONSUMABLE FUELS — 2.65%
Delek US Holdings Inc.		45,018		1,388,805
Green Plains Inc.		28,740		672,803
PBF Energy Inc.		69,929		1,965,005
Peabody Energy Corp.b		227,235		1,415,674
Stone Energy Corp.a,b		46,870		659,930
Ultra Petroleum Corp.a,b		128,181		1,634,308
World Fuel Services Corp.		60,209		2,948,435
				10,684,960
PAPER & FOREST PRODUCTS — 1.58%
Domtar Corp.		54,045		2,069,923
Louisiana-Pacific Corp.a		118,944		1,947,113
Resolute Forest Products Inc.a		78,947		1,342,099
Schweitzer-Mauduit International Inc.		25,874		1,005,464
				6,364,599
PERSONAL PRODUCTS — 0.08%
Revlon Inc. Class Aa,b		9,689		317,218
				317,218
PHARMACEUTICALS — 0.44%
Catalent Inc.a,b		37,221		1,028,044
Theravance Inc.b		66,933		754,335
				1,782,379
PROFESSIONAL SERVICES — 0.35%
FTI Consulting Inc.a		34,248		1,392,866
				1,392,866
REAL ESTATE INVESTMENT TRUSTS (REITS) — 13.33%
ARMOUR Residential REIT Inc.b		298,479		987,965
Blackstone Mortgage Trust Inc. Class A		48,141		1,405,717
Brandywine Realty Trustb		149,531		2,483,710
Capstead Mortgage Corp.		81,493		979,546
CBL & Associates Properties Inc.		142,252		2,933,236
Chimera Investment Corp.		860,567		2,702,180
Colony Financial Inc.b		91,635		2,295,457
Columbia Property Trust Inc.		104,433		2,555,475
Corporate Office Properties Trustb		77,668		2,330,040
Cousins Properties Inc.b		171,494		1,893,294
CYS Investments Inc.b		135,333		1,196,344
Equity Commonwealth		107,619		2,835,761
GEO Group Inc. (The)		61,961		2,696,543
Government Properties Income Trustb		61,282		1,397,229
Hatteras Financial Corp.		81,687		1,485,070

66

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MORNINGSTAR SMALL-CAP VALUE ETF

January 31, 2015

Security	Shares		Value
Invesco Mortgage Capital Inc.b		103,874	$	1,593,427
iStar Financial Inc.a		64,693		843,597
Mack-Cali Realty Corp.		69,868		1,363,125
MFA Financial Inc.b		309,996		2,430,369
New Residential Investment Corp.		119,386		1,522,171
Newcastle Investment Corp.b		56,318		249,489
Outfront Media Inc.		112,281		3,183,166
Pennsylvania Real Estate Investment Trustb		57,431		1,374,324
PennyMac Mortgage Investment Trustc		53,341		1,200,706
Piedmont Office Realty Trust Inc. Class A		129,472		2,528,588
Redwood Trust Inc.b		70,099		1,397,073
Retail Properties of America Inc. Class A		197,277		3,489,830
Select Income REITb		31,798		790,816
Washington Real Estate Investment Trustb		56,125		1,611,349
				53,755,597
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.16%
St. Joe Co. (The)a		39,674		641,132
				641,132
ROAD & RAIL — 0.26%
Werner Enterprises Inc.		37,220		1,061,887
				1,061,887
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.81%
Advanced Micro Devices Inc.a,b		524,208		1,347,215
Amkor Technology Inc.a,b		95,613		607,143
Cypress Semiconductor Corp.b		124,121		1,828,302
Diodes Inc.a		30,658		810,291
Fairchild Semiconductor International Inc.a		99,415		1,526,020
Intersil Corp. Class A		108,061		1,546,353
Microsemi Corp.a		79,448		2,213,421
PMC-Sierra Inc.a		165,262		1,460,916
				11,339,661
SOFTWARE — 0.72%
Progress Software Corp.a		41,924		1,050,196
Rovi Corp.a,b		79,268		1,831,884
				2,882,080
SPECIALTY RETAIL — 5.14%
American Eagle Outfitters Inc.		146,354		2,054,810
Ascena Retail Group Inc.a		109,958		1,271,114
Barnes & Noble Inc.a		35,917		843,690
Buckle Inc. (The)b		23,432		1,190,111
CST Brands Inc.		64,888		2,796,673
Group 1 Automotive Inc.		17,843		1,434,399
Guess? Inc.		53,410		1,003,040
Men’s Wearhouse Inc. (The)		38,085		1,769,810
Murphy USA Inc.a,b		35,923		2,507,785
Office Depot Inc.a,b		404,955		3,077,658
Pier 1 Imports Inc.		76,429		1,284,772
Rent-A-Center Inc.		44,141		1,513,153
				20,747,015
THRIFTS & MORTGAGE FINANCE — 1.97%
Astoria Financial Corp.		73,421		897,939

Security	Shares		Value
EverBank Financial Corp.		71,907	$	1,254,777
Home Loan Servicing Solutions Ltd.b		59,318		715,375
Northwest Bancshares Inc.		80,000		944,000
Radian Group Inc.		159,649		2,516,068
Washington Federal Inc.		82,165		1,631,797
				7,959,956
TRADING COMPANIES & DISTRIBUTORS — 0.28%
TAL International Group Inc.		28,103		1,142,387
				1,142,387
WATER UTILITIES — 0.32%
American States Water Co.		32,077		1,271,532
				1,271,532
WIRELESS TELECOMMUNICATION SERVICES — 0.60%
Leap Wireless International Inc.		41,720		105,134
Telephone & Data Systems Inc.		82,102		1,908,871
United States Cellular Corp.a		11,307		393,371
				2,407,376
TOTAL COMMON STOCKS (Cost: $367,749,057)				402,853,305
SHORT-TERM INVESTMENTS — 9.13%
MONEY MARKET FUNDS — 9.13%
BlackRock Cash Funds: Institutional, SL Agency Shares 0.15%c,d,e		34,222,743		34,222,743
BlackRock Cash Funds: Prime, SL Agency Shares 0.14%c,d,e		2,058,666		2,058,666
BlackRock Cash Funds: Treasury, SL Agency Shares 0.00%c,d		548,119		548,119
				36,829,528
TOTAL SHORT-TERM INVESTMENTS (Cost: $36,829,528)				36,829,528
TOTAL INVESTMENTS IN SECURITIES — 109.02% (Cost: $404,578,585)				439,682,833
Other Assets, Less Liabilities — (9.02)%				(36,376,172	)
NET ASSETS — 100.00%			$	403,306,661

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

67

Schedule of Investments  (Unaudited)

iSHARES^® MORTGAGE REAL ESTATE CAPPED ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.75%
DIVERSIFIED REITS — 1.01%
RAIT Financial Trusta		1,728,099	$	12,183,098
				12,183,098
MORTGAGE REITS — 98.74%
AG Mortgage Investment Trust Inc.a		569,039		10,464,627
Altisource Residential Corp.a		1,147,820		20,672,238
American Capital Agency Corp.a		7,290,652		157,113,551
American Capital Mortgage Investment Corp.		1,084,139		20,208,351
Annaly Capital Management Inc.a		19,381,647		204,670,192
Anworth Mortgage Asset Corp.a		2,364,496		12,271,734
Apollo Commercial Real Estate Finance Inc.a		993,598		16,424,175
Apollo Residential Mortgage Inc.a		684,964		10,719,687
Ares Commercial Real Estate Corp.a		572,121		6,882,616
ARMOUR Residential REIT Inc.a		7,544,248		24,971,461
Blackstone Mortgage Trust Inc. Class Aa		1,201,877		35,094,808
Capstead Mortgage Corp.a		2,016,636		24,239,965
Cherry Hill Mortgage Investment Corp.		147,876		2,502,062
Chimera Investment Corp.		16,929,052		53,157,223
Colony Financial Inc.a		2,208,968		55,334,648
CYS Investments Inc.a		3,406,205		30,110,852
Dynex Capital Inc.		1,163,328		9,737,055
Ellington Residential Mortgage REIT		150,056		2,463,920
Five Oaks Investment Corp.		251,001		2,745,951
Hannon Armstrong Sustainable Infrastructure Capital Inc.		547,899		7,506,216
Hatteras Financial Corp.		2,032,622		36,953,068
Invesco Mortgage Capital Inc.a		2,587,997		39,699,874
iStar Financial Inc.a,b		1,781,227		23,227,200
Javelin Mortgage Investment Corp.a		259,750		2,374,115
MFA Financial Inc.a		6,795,633		53,277,763
New Residential Investment Corp.a		2,818,050		35,930,138
New York Mortgage Trust Inc.a		2,198,140		17,013,604
Newcastle Investment Corp.a		1,349,729		5,979,299
Orchid Island Capital Inc.		194,939		2,534,207
PennyMac Mortgage Investment Trusta,c		1,226,313		27,604,306
Redwood Trust Inc.a		1,451,494		28,928,275
Resource Capital Corp.a		2,693,732		13,010,726
Starwood Property Trust Inc.a		4,534,509		108,510,800
Two Harbors Investment Corp.a		7,189,554		74,196,197
Western Asset Mortgage Capital Corp.a		861,426		11,629,251
ZAIS Financial Corp.		128,294		2,225,901
				1,190,386,056
TOTAL COMMON STOCKS (Cost: $1,316,098,974)				1,202,569,154
SHORT-TERM INVESTMENTS — 12.00%
MONEY MARKET FUNDS — 12.00%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		135,038,973		135,038,973

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		8,123,259	$	8,123,259
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,455,392		1,455,392
				144,617,624
TOTAL SHORT-TERM INVESTMENTS (Cost: $144,617,624)				144,617,624
TOTAL INVESTMENTS IN SECURITIES — 111.75% (Cost: $1,460,716,598)				1,347,186,778
Other Assets, Less Liabilities — (11.75)%				(141,659,927	)
NET ASSETS — 100.00%			$	1,205,526,851

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

68

Schedule of Investments  (Unaudited)

iSHARES^® MSCI KLD 400 SOCIAL ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.91%
AEROSPACE & DEFENSE — 0.01%
American Science and Engineering Inc.		435	$	20,184
				20,184
AIR FREIGHT & LOGISTICS — 1.21%
C.H. Robinson Worldwide Inc.		8,038		572,467
Echo Global Logistics Inc.a		975		25,740
Expeditors International of Washington Inc.		10,752		469,647
United Parcel Service Inc. Class B		38,786		3,833,608
				4,901,462
AIRLINES — 0.11%
Southwest Airlines Co.		9,440		426,499
				426,499
AUTO COMPONENTS — 0.72%
Autoliv Inc.		5,068		537,512
BorgWarner Inc.		12,491		674,639
Johnson Controls Inc.		36,514		1,696,806
				2,908,957
AUTOMOBILES — 0.42%
Harley-Davidson Inc.		11,907		734,662
Tesla Motors Inc.a,b		4,796		976,466
				1,711,128
BEVERAGES — 2.26%
Coca-Cola Enterprises Inc.		12,738		536,270
Dr Pepper Snapple Group Inc.		10,690		826,016
PepsiCo Inc.		82,748		7,760,108
				9,122,394
BIOTECHNOLOGY — 5.59%
Amgen Inc.		41,714		6,351,373
Biogen Idec Inc.a		12,968		5,046,627
BioMarin Pharmaceutical Inc.a		8,581		833,730
Cepheida,b		3,866		218,468
Gilead Sciences Inc.a		83,017		8,702,672
Vertex Pharmaceuticals Inc.a		13,091		1,441,843
				22,594,713
BUILDING PRODUCTS — 0.24%
A.O. Smith Corp.		4,236		251,661
Builders FirstSource Inc.a		2,703		16,002
Masco Corp.		19,636		487,758
Owens Corning		5,828		233,411
				988,832

Security	Shares		Value
CAPITAL MARKETS — 3.49%
Ameriprise Financial Inc.		10,291	$	1,285,758
Bank of New York Mellon Corp. (The)		62,175		2,238,300
BlackRock Inc.c		7,295		2,484,020
Charles Schwab Corp. (The)		64,305		1,670,644
Franklin Resources Inc.		22,342		1,151,283
Invesco Ltd.		23,658		868,958
Legg Mason Inc.		5,745		318,503
Northern Trust Corp.		12,257		801,363
State Street Corp.		23,216		1,660,176
T. Rowe Price Group Inc.		14,462		1,138,449
TD Ameritrade Holding Corp.		14,934		483,712
				14,101,166
CHEMICALS — 2.36%
Air Products and Chemicals Inc.		11,713		1,705,530
Albemarle Corp.		6,186		298,536
Ecolab Inc.		14,826		1,538,494
H.B. Fuller Co.		2,765		113,780
International Flavors & Fragrances Inc.		4,474		474,736
Minerals Technologies Inc.		1,900		124,127
Mosaic Co. (The)		17,709		862,251
Praxair Inc.		16,051		1,935,590
Sherwin-Williams Co. (The)		4,569		1,239,433
Sigma-Aldrich Corp.		6,518		896,355
Valspar Corp. (The)		4,371		364,673
				9,553,505
COMMERCIAL BANKS — 2.39%
Bank of Hawaii Corp.		2,437		137,593
Cathay General Bancorp		4,179		99,836
CIT Group Inc.		10,230		448,279
Comerica Inc.		9,961		413,381
Heartland Financial USA Inc.		812		22,427
International Bancshares Corp.		3,134		70,546
KeyCorp		47,809		621,039
M&T Bank Corp.		6,500		735,540
Old National Bancorp		6,399		85,811
PNC Financial Services Group Inc. (The)c		29,694		2,510,331
Popular Inc.a		5,716		176,224
U.S. Bancorp		98,946		4,146,827
Umpqua Holdings Corp.		11,972		185,686
				9,653,520
COMMERCIAL SERVICES & SUPPLIES — 0.29%
ACCO Brands Corp.a		6,293		49,841
Copart Inc.a		6,261		229,153
Deluxe Corp.		2,741		177,973
HNI Corp.		2,490		122,632
Interface Inc.		3,684		57,876
Knoll Inc.		2,611		53,499
R.R. Donnelley & Sons Co.		11,009		181,318
Steelcase Inc. Class A		5,031		84,923
Team Inc.a		1,070		40,810
Tetra Tech Inc.		3,537		81,457
United Stationers Inc.		2,148		86,586
				1,166,068

69

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KLD 400 SOCIAL ETF

January 31, 2015

Security	Shares		Value
COMMUNICATIONS EQUIPMENT — 3.51%
Black Box Corp.		857	$	18,006
Calix Inc.a,b		2,093		20,093
Cisco Systems Inc.		281,320		7,417,002
Motorola Solutions Inc.		12,364		771,637
Plantronics Inc.		2,380		109,075
Polycom Inc.a		7,567		100,641
QUALCOMM Inc.		92,040		5,748,818
				14,185,272
COMPUTERS & PERIPHERALS — 1.69%
EMC Corp.		111,399		2,888,576
Hewlett-Packard Co.		102,757		3,712,610
Lexmark International Inc. Class A		3,252		129,787
Silicon Graphics International Corp.a,b		1,825		17,210
Super Micro Computer Inc.a		1,980		72,409
				6,820,592
CONSTRUCTION & ENGINEERING — 0.13%
EMCOR Group Inc.		3,702		149,413
Granite Construction Inc.		2,048		69,796
Quanta Services Inc.a		11,701		309,842
				529,051
CONSUMER FINANCE — 1.03%
American Express Co.		51,721		4,173,367
				4,173,367
CONTAINERS & PACKAGING — 0.59%
Avery Dennison Corp.		5,163		269,870
Ball Corp.		7,244		458,763
MeadWestvaco Corp.		9,282		466,699
Rock-Tenn Co. Class A		7,908		513,229
Sealed Air Corp.		11,099		449,509
Sonoco Products Co.		5,603		247,653
				2,405,723
DISTRIBUTORS — 0.34%
Genuine Parts Co.		8,382		779,023
LKQ Corp.a		16,677		430,433
Pool Corp.		2,426		150,922
Weyco Group Inc.		390		10,538
				1,370,916
DIVERSIFIED CONSUMER SERVICES — 0.03%
DeVry Education Group Inc.		3,154		133,761
				133,761
DIVERSIFIED FINANCIAL SERVICES — 0.71%
CME Group Inc./IL		17,551		1,497,100
Intercontinental Exchange Inc.		6,237		1,283,138
PHH Corp.a,b		3,015		75,194
				2,855,432

Security	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.06%
CenturyLink Inc.		31,342	$	1,164,982
Cincinnati Bell Inc.a		10,973		32,151
Level 3 Communications Inc.a		15,591		775,496
Verizon Communications Inc.		227,648		10,405,790
				12,378,419
ELECTRIC UTILITIES — 0.44%
ITC Holdings Corp.		8,574		364,738
MGE Energy Inc.		1,922		88,220
Northeast Utilities		17,338		963,646
Pepco Holdings Inc.		13,860		380,457
				1,797,061
ELECTRICAL EQUIPMENT — 0.20%
Rockwell Automation Inc.		7,553		822,673
				822,673
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.61%
Corning Inc.		70,971		1,686,981
Flextronics International Ltd.a		32,406		360,355
Itron Inc.a		2,168		80,671
Trimble Navigation Ltd.a		14,319		341,365
				2,469,372
ENERGY EQUIPMENT & SERVICES — 0.84%
Baker Hughes Inc.		23,915		1,386,831
FMC Technologies Inc.a		12,815		480,306
Geospace Technologies Corp.a		746		17,889
National Oilwell Varco Inc.		23,660		1,287,814
Nobel Corp. PLC		14,012		227,275
				3,400,115
FOOD & STAPLES RETAILING — 0.62%
Sysco Corp.		32,255		1,263,428
United Natural Foods Inc.a,b		2,742		211,902
Whole Foods Market Inc.		19,804		1,031,689
				2,507,019
FOOD PRODUCTS — 2.88%
Bunge Ltd.b		7,986		714,987
Campbell Soup Co.		11,244		514,300
Darling Ingredients Inc.a		9,085		154,263
General Mills Inc.		33,670		1,767,002
Hain Celestial Group Inc. (The)a		5,544		292,557
J.M. Smucker Co. (The)		5,609		578,568
Kellogg Co.		14,809		971,174
Keurig Green Mountain Inc.		6,678		818,456
Kraft Foods Group Inc.		32,639		2,132,632
McCormick & Co. Inc. NVS		6,479		462,536
Mondelez International Inc. Class A		92,570		3,262,167
				11,668,642

70

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KLD 400 SOCIAL ETF

January 31, 2015

Security	Shares		Value
GAS UTILITIES — 0.20%
New Jersey Resources Corp.		2,327	$	148,649
Northwest Natural Gas Co.		1,502		74,965
Piedmont Natural Gas Co.		4,298		171,447
Questar Corp.		9,688		251,403
WGL Holdings Inc.		2,866		161,929
				808,393
HEALTH CARE EQUIPMENT & SUPPLIES — 2.44%
Becton, Dickinson and Co.		10,547		1,456,330
Cooper Companies Inc. (The)		2,658		419,034
DENTSPLY International Inc.		7,814		390,895
Edwards Lifesciences Corp.a		5,806		727,782
Hologic Inc.a		12,242		371,728
IDEXX Laboratories Inc.a,b		2,768		438,507
Medtronic PLC		77,778		5,553,349
Varian Medical Systems Inc.a		5,685		526,204
				9,883,829
HEALTH CARE PROVIDERS & SERVICES — 1.82%
AmerisourceBergen Corp.		12,331		1,172,062
Cardinal Health Inc.		18,506		1,539,514
Cigna Corp.		14,503		1,549,356
Henry Schein Inc.a		4,640		640,645
Humana Inc.		8,446		1,236,832
Laboratory Corp. of America Holdingsa		4,635		532,005
Molina Healthcare Inc.a,b		1,651		84,052
MWI Veterinary Supply Inc.a		713		135,235
Patterson Companies Inc.		4,556		228,210
Select Medical Holdings Corp.		4,638		62,706
Team Health Holdings Inc.a		3,879		200,544
				7,381,161
HEALTH CARE TECHNOLOGY — 0.28%
Cerner Corp.a		16,870		1,119,325
				1,119,325
HOTELS, RESTAURANTS & LEISURE — 2.75%
Choice Hotels International Inc.		1,780		102,261
Darden Restaurants Inc.		7,291		447,522
Jack in the Box Inc.		2,152		182,468
Marriott International Inc./MD Class A		12,747		949,651
McDonald’s Corp.		53,920		4,984,365
Royal Caribbean Cruises Ltd.		9,126		689,469
Starbucks Corp.		41,249		3,610,525
Vail Resorts Inc.		1,995		175,081
				11,141,342
HOUSEHOLD DURABLES — 0.49%
CSS Industries Inc.		486		13,219
Ethan Allen Interiors Inc.		1,438		39,142
Jarden Corp.a		10,064		483,273
La-Z-Boy Inc.		2,899		77,374
Meritage Homes Corp.a		2,055		74,823
Mohawk Industries Inc.a		3,411		562,952
Newell Rubbermaid Inc.		15,085		556,184

Security	Shares		Value
Tupperware Brands Corp.		2,790	$	188,632
				1,995,599
HOUSEHOLD PRODUCTS — 4.78%
Clorox Co. (The)		7,052		752,519
Colgate-Palmolive Co.		50,149		3,386,061
Energizer Holdings Inc.		3,402		435,490
Kimberly-Clark Corp.		20,545		2,218,038
Procter & Gamble Co. (The)		148,701		12,534,007
				19,326,115
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.01%
Ormat Technologies Inc.b		879		23,513
				23,513
INDUSTRIAL CONGLOMERATES — 1.36%
3M Co.		33,804		5,486,389
				5,486,389
INSURANCE — 2.82%
ACE Ltd.		18,449		1,991,754
Aflac Inc.		24,906		1,421,634
Chubb Corp. (The)		13,220		1,294,238
Hartford Financial Services Group Inc. (The)		24,612		957,407
Marsh & McLennan Companies Inc.		29,837		1,604,336
PartnerRe Ltd.		2,466		282,110
Principal Financial Group Inc.		16,101		755,620
Progressive Corp. (The)		30,735		797,573
Travelers Companies Inc. (The)		18,634		1,915,948
Willis Group Holdings PLC		8,845		382,989
				11,403,609
INTERNET & CATALOG RETAIL — 0.52%
Blue Nile Inc.a		652		20,264
HSN Inc.		1,873		145,045
Netflix Inc.a		3,131		1,383,276
NutriSystem Inc.		1,511		26,926
Shutterfly Inc.a,b		2,111		92,610
TripAdvisor Inc.a,b		6,445		431,879
				2,100,000
INTERNET SOFTWARE & SERVICES — 4.95%
Equinix Inc.		2,910		631,063
Google Inc. Class Aa		15,561		8,364,815
Google Inc. Class Ca		15,788		8,439,002
Rackspace Hosting Inc.a		6,696		301,052
Yahoo! Inc.a		51,906		2,283,345
				20,019,277
IT SERVICES — 3.60%
Accenture PLC Class A		34,665		2,912,900
Cognizant Technology Solutions Corp. Class Aa		33,418		1,808,916
Convergys Corp.		5,573		106,779
FleetCor Technologies Inc.a		4,281		601,481
International Business Machines Corp.		52,046		7,979,172
Teradata Corp.a,b		8,539		380,498

71

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KLD 400 SOCIAL ETF

January 31, 2015

Security	Shares		Value
Xerox Corp.		60,008	$	790,305
				14,580,051
LEISURE EQUIPMENT & PRODUCTS — 0.22%
Callaway Golf Co.		4,407		35,961
Hasbro Inc.		6,322		347,204
Mattel Inc.		18,439		496,009
				879,174
LIFE SCIENCES TOOLS & SERVICES — 1.22%
Affymetrix Inc.a,b		4,043		44,635
Agilent Technologies Inc.		18,234		688,698
Bio-Techne Corp.		2,044		190,133
Fluidigm Corp.a,b		1,574		60,646
Mettler-Toledo International Inc.a		1,578		479,633
PAREXEL International Corp.a,b		3,017		183,917
Thermo Fisher Scientific Inc.		21,934		2,746,356
Waters Corp.a		4,624		550,487
				4,944,505
MACHINERY — 3.43%
AGCO Corp.		4,922		213,320
Caterpillar Inc.		32,761		2,619,897
CLARCOR Inc.		2,793		174,646
Cummins Inc.		9,605		1,339,513
Deere & Co.		18,722		1,594,927
Dover Corp.		9,104		637,644
Graco Inc.		3,309		235,733
Illinois Tool Works Inc.		20,705		1,927,429
Ingersoll-Rand PLC		14,660		973,424
Lincoln Electric Holdings Inc.		4,159		282,438
Meritor Inc.a		5,136		65,741
Middleby Corp. (The)a,b		3,155		299,788
Nordson Corp.		3,313		241,385
Pall Corp.		5,991		579,689
Parker-Hannifin Corp.		8,159		950,197
Snap-on Inc.		3,200		424,672
Tennant Co.		973		63,449
Timken Co. (The)		4,003		152,154
WABCO Holdings Inc.a		3,131		297,977
Wabtec Corp./DE		5,308		442,953
Xylem Inc.		10,064		343,183
				13,860,159
MEDIA — 2.46%
Charter Communications Inc. Class Aa		4,156		628,034
Discovery Communications Inc. Series Aa		8,135		235,793
Discovery Communications Inc. Series C NVSa		15,380		428,794
DreamWorks Animation SKG Inc. Class Aa,b		3,819		71,301
John Wiley & Sons Inc. Class A		2,601		161,158
Liberty Global PLC Series Aa,b		13,549		633,009
Liberty Global PLC Series C NVSa		34,955		1,593,598
New York Times Co. (The) Class Ab		7,433		93,582
Scholastic Corp.		1,503		55,280
Scripps Networks Interactive Inc. Class A		4,372		310,806
Time Warner Cable Inc.		15,358		2,090,685
Time Warner Inc.		46,939		3,657,956
				9,959,996

Security	Shares		Value
METALS & MINING — 0.23%
Compass Minerals International Inc.		1,853	$	161,952
Nucor Corp.		17,453		761,823
Schnitzer Steel Industries Inc. Class A		1,452		24,510
				948,285
MULTI-UTILITIES — 1.26%
Avista Corp.		3,552		131,886
CenterPoint Energy Inc.		22,498		519,479
CMS Energy Corp.		15,081		569,006
Consolidated Edison Inc.		16,095		1,115,062
Integrys Energy Group Inc.		4,404		357,164
MDU Resources Group Inc.		10,156		229,627
NiSource Inc.		17,259		746,624
Sempra Energy		12,842		1,437,277
				5,106,125
MULTILINE RETAIL — 0.31%
Kohl’s Corp.		11,341		677,285
Nordstrom Inc.		7,732		589,178
				1,266,463
OIL, GAS & CONSUMABLE FUELS — 3.54%
Clean Energy Fuels Corp.a,b		4,080		17,014
Denbury Resources Inc.		19,411		133,936
Devon Energy Corp.		21,366		1,287,729
Energen Corp.		4,019		254,885
Energy XXI Ltd.b		4,648		13,665
EOG Resources Inc.		30,069		2,677,043
EQT Corp.		8,284		616,661
Hess Corp.		15,192		1,025,308
Marathon Petroleum Corp.		15,570		1,441,626
Noble Energy Inc.		19,833		946,827
ONEOK Inc.		11,465		504,804
Phillips 66		30,712		2,159,668
Pioneer Natural Resources Co.		7,867		1,184,220
QEP Resources Inc.		9,424		190,553
Southwestern Energy Co.a,b		20,933		518,929
Spectra Energy Corp.		36,882		1,233,334
Ultra Petroleum Corp.a,b		8,473		108,031
				14,314,233
PAPER & FOREST PRODUCTS — 0.04%
Domtar Corp.		3,586		137,344
Wausau Paper Corp.		2,441		24,800
				162,144
PERSONAL PRODUCTS — 0.27%
Avon Products Inc.		23,949		185,365
Estee Lauder Companies Inc. (The) Class A		12,751		900,093
				1,085,458
PHARMACEUTICALS — 4.01%
Bristol-Myers Squibb Co.		91,043		5,487,162
Merck & Co. Inc.		158,418		9,549,437
VIVUS Inc.a,b		5,141		13,469

72

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KLD 400 SOCIAL ETF

January 31, 2015

Security	Shares		Value
Zoetis Inc.		27,550	$	1,177,212
				16,227,280
PROFESSIONAL SERVICES — 0.48%
CBIZ Inc.a,b		2,420		20,038
Corporate Executive Board Co. (The)		1,859		127,379
Dun & Bradstreet Corp. (The)		2,002		230,450
Exponent Inc.		726		58,182
Heidrick & Struggles International Inc.		903		20,010
ICF International Inc.a		984		36,762
IHS Inc. Class Aa		3,751		431,853
Kelly Services Inc. Class A		1,601		27,057
Manpowergroup Inc.		4,391		320,016
Navigant Consulting Inc.a		2,716		39,192
On Assignment Inc.a		2,703		94,956
Resources Connection Inc.		2,161		36,089
Robert Half International Inc.		7,552		438,469
RPX Corp.a		2,471		30,517
TrueBlue Inc.a		2,275		50,186
				1,961,156
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.65%
American Tower Corp.		21,767		2,110,311
AvalonBay Communities Inc.		7,197		1,245,009
Boston Properties Inc.		8,414		1,167,863
Corporate Office Properties Trust		5,099		152,970
Digital Realty Trust Inc.b		7,401		539,829
Duke Realty Corp.		18,796		410,317
Equity Residential		18,891		1,466,131
Federal Realty Investment Trustb		3,730		536,262
HCP Inc.		25,218		1,192,559
Host Hotels & Resorts Inc.b		41,478		949,431
Iron Mountain Inc.		9,045		360,353
Liberty Property Trust		8,161		328,888
Macerich Co. (The)		7,696		661,933
Plum Creek Timber Co. Inc.		9,762		434,604
Potlatch Corp.		2,247		89,565
Prologis Inc.		27,478		1,240,357
Simon Property Group Inc.		17,064		3,389,934
UDR Inc.		13,867		461,216
Vornado Realty Trust		9,283		1,025,215
Weyerhaeuser Co.		29,036		1,040,941
				18,803,688
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.27%
CBRE Group Inc. Class Aa		16,318		527,724
Forest City Enterprises Inc. Class Aa		8,511		208,519
Jones Lang LaSalle Inc.		2,471		363,435
				1,099,678
ROAD & RAIL — 1.22%
ArcBest Corp.		1,359		50,636
Avis Budget Group Inc.a		5,734		328,616
CSX Corp.		54,945		1,829,669
Genesee & Wyoming Inc. Class Aa		2,907		239,682
Hertz Global Holdings Inc.a		24,441		501,529
Norfolk Southern Corp.		16,968		1,730,227
Ryder System Inc.		2,925		242,161
				4,922,520

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.28%
Advanced Micro Devices Inc.a,b		36,102	$	92,782
Analog Devices Inc.		17,227		897,613
Applied Materials Inc.		66,989		1,530,029
Intel Corp.		271,898		8,983,510
Lam Research Corp.		8,869		677,946
Microchip Technology Inc.		11,043		498,039
NVIDIA Corp.		29,620		568,852
Skyworks Solutions Inc.		10,383		862,308
SunPower Corp.a,b		2,545		61,386
Texas Instruments Inc.		58,617		3,133,079
				17,305,544
SOFTWARE — 4.11%
Adobe Systems Inc.a		25,975		1,821,627
ANSYS Inc.a		5,072		409,158
Autodesk Inc.a		12,408		670,094
CA Inc.		18,233		552,460
FactSet Research Systems Inc.		2,201		316,042
Intuit Inc.		14,827		1,287,280
NetSuite Inc.a,b		1,893		186,328
Oracle Corp.		195,719		8,198,669
Salesforce.com Inc.a		32,325		1,824,746
Symantec Corp.		37,851		937,569
Workday Inc. Class Aa,b		5,240		416,370
				16,620,343
SPECIALTY RETAIL — 3.30%
ANN INC.a		2,520		83,412
Bed Bath & Beyond Inc.a		11,062		827,106
Best Buy Co. Inc.		16,195		570,064
Brown Shoe Co. Inc.		2,271		64,474
Buckle Inc. (The)b		1,607		81,619
CarMax Inc.a,b		12,004		745,448
Foot Locker Inc.		7,920		421,502
GameStop Corp. Class Ab		6,276		221,229
Gap Inc. (The)		13,036		536,953
Lowe’s Companies Inc.		54,203		3,672,795
Men’s Wearhouse Inc. (The)		2,227		103,489
Office Depot Inc.a,b		28,138		213,849
PetSmart Inc.		5,201		424,948
Pier 1 Imports Inc.		4,891		82,218
Signet Jewelers Ltd.		4,161		503,939
Staples Inc.		35,202		600,194
Tiffany & Co.		7,067		612,285
TJX Companies Inc. (The)		38,062		2,509,808
Tractor Supply Co.		7,526		610,885
Ulta Salon, Cosmetics & Fragrance Inc.a		3,368		444,374
				13,330,591
TEXTILES, APPAREL & LUXURY GOODS — 1.92%
Columbia Sportswear Co.		1,532		65,110
Deckers Outdoor Corp.a,b		1,919		126,750
Hanesbrands Inc.		5,487		611,142
Michael Kors Holdings Ltd.a		11,249		796,317
Nike Inc. Class B		37,928		3,498,858
Oxford Industries Inc.		812		45,423
PVH Corp.		4,495		495,619
Under Armour Inc. Class Aa		9,065		653,405

73

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KLD 400 SOCIAL ETF

January 31, 2015

Security	Shares		Value
VF Corp.		18,958	$	1,315,117
Wolverine World Wide Inc.		5,575		156,936
				7,764,677
THRIFTS & MORTGAGE FINANCE — 0.15%
New York Community Bancorp Inc.		24,391		376,841
People’s United Financial Inc.		17,157		241,399
				618,240
TRADING COMPANIES & DISTRIBUTORS — 0.55%
Air Lease Corp.		5,350		186,929
Applied Industrial Technologies Inc.		2,173		87,854
Fastenal Co.		15,429		685,047
H&E Equipment Services Inc.		1,746		30,625
United Rentals Inc.a		5,282		437,614
W.W. Grainger Inc.		3,370		794,781
				2,222,850
TRANSPORTATION INFRASTRUCTURE — 0.01%
Wesco Aircraft Holdings Inc.a,b		3,768		49,135
				49,135
WATER UTILITIES — 0.14%
American Water Works Co. Inc.		9,785		549,330
				549,330
WIRELESS TELECOMMUNICATION SERVICES — 0.05%
Sprint Corp.a,b		43,538		187,213
				187,213
TOTAL COMMON STOCKS (Cost: $331,533,414)				404,123,233
SHORT-TERM INVESTMENTS — 1.98%
MONEY MARKET FUNDS — 1.98%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		7,197,408		7,197,408
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		432,960		432,960

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,e		366,717	$	366,717
				7,997,085
TOTAL SHORT-TERM INVESTMENTS (Cost: $7,997,085)				7,997,085
TOTAL INVESTMENTS IN SECURITIES — 101.89%
(Cost: $339,530,499)				412,120,318
Other Assets, Less Liabilities — (1.89)%				(7,640,588	)
NET ASSETS — 100.00%			$	404,479,730

NVS  —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

74

Schedule of Investments  (Unaudited)

iSHARES^® MSCI USA ESG SELECT ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.93%
AEROSPACE & DEFENSE — 1.71%
Rockwell Collins Inc.		61,349	$	5,252,702
				5,252,702
AIR FREIGHT & LOGISTICS — 0.74%
Expeditors International of Washington Inc.		51,844		2,264,546
				2,264,546
AUTO COMPONENTS — 0.28%
Johnson Controls Inc.		18,595		864,110
				864,110
AUTOMOBILES — 0.39%
Tesla Motors Inc.a,b		5,928		1,206,941
				1,206,941
BEVERAGES — 1.99%
Coca-Cola Enterprises Inc.		145,012		6,105,005
				6,105,005
BIOTECHNOLOGY — 1.86%
Biogen Idec Inc.a		1,988		773,650
Gilead Sciences Inc.a		36,960		3,874,517
Vertex Pharmaceuticals Inc.a		9,626		1,060,208
				5,708,375
BUILDING PRODUCTS — 0.25%
Masco Corp.		31,470		781,715
				781,715
CAPITAL MARKETS — 5.14%
BlackRock Inc.c		10,261		3,493,973
Franklin Resources Inc.		10,501		541,116
Legg Mason Inc.		8,147		451,670
Northern Trust Corp.		137,231		8,972,163
State Street Corp.		32,826		2,347,387
				15,806,309
CHEMICALS — 4.35%
Ecolab Inc.		84,298		8,747,603
International Flavors & Fragrances Inc.		8,567		909,044
Sigma-Aldrich Corp.		27,074		3,723,217
				13,379,864
COMMUNICATIONS EQUIPMENT — 1.82%
Cisco Systems Inc.		164,797		4,344,873

Security	Shares		Value
Motorola Solutions Inc.		20,097	$	1,254,254
				5,599,127
COMPUTERS & PERIPHERALS — 5.14%
Apple Inc.		98,345		11,522,100
EMC Corp.		53,511		1,387,540
Hewlett-Packard Co.		79,703		2,879,670
				15,789,310
CONSUMER FINANCE — 2.81%
American Express Co.		107,203		8,650,210
				8,650,210
CONTAINERS & PACKAGING — 1.53%
Ball Corp.		74,109		4,693,323
				4,693,323
DISTRIBUTORS — 0.29%
LKQ Corp.a		34,514		890,806
				890,806
ELECTRIC UTILITIES — 4.54%
NextEra Energy Inc.		127,622		13,941,427
				13,941,427
ELECTRICAL EQUIPMENT — 2.25%
Eaton Corp. PLC		109,623		6,916,115
				6,916,115
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.40%
Corning Inc.		31,404		746,473
Flextronics International Ltd.a		43,427		482,908
				1,229,381
ENERGY EQUIPMENT & SERVICES — 0.46%
FMC Technologies Inc.a		31,441		1,178,409
National Oilwell Varco Inc.		4,123		224,415
				1,402,824
FOOD & STAPLES RETAILING — 0.39%
Whole Foods Market Inc.		23,077		1,202,196
				1,202,196
FOOD PRODUCTS — 2.27%
Bunge Ltd.		9,571		856,892
Campbell Soup Co.		47,098		2,154,262
General Mills Inc.		11,689		613,439
Kellogg Co.		21,078		1,382,295
Keurig Green Mountain Inc.		8,921		1,093,358
Mondelez International Inc. Class A		24,537		864,684
				6,964,930

75

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI USA ESG SELECT ETF

January 31, 2015

Security	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES — 0.19%
Becton, Dickinson and Co.		4,152	$	573,308
				573,308
HEALTH CARE PROVIDERS & SERVICES — 6.81%
AmerisourceBergen Corp.		24,428		2,321,881
Cardinal Health Inc.		18,837		1,567,050
Henry Schein Inc.a		73,441		10,139,999
Patterson Companies Inc.		137,875		6,906,159
				20,935,089
HOTELS, RESTAURANTS & LEISURE — 0.96%
Marriott International Inc./MD Class A		39,413		2,936,269
				2,936,269
HOUSEHOLD DURABLES — 0.63%
Mohawk Industries Inc.a		11,693		1,929,813
				1,929,813
HOUSEHOLD PRODUCTS — 2.39%
Clorox Co. (The)		20,023		2,136,654
Procter & Gamble Co. (The)		61,917		5,218,984
				7,355,638
INDUSTRIAL CONGLOMERATES — 5.21%
3M Co.		98,684		16,016,413
				16,016,413
INSURANCE — 6.38%
ACE Ltd.		76,519		8,260,991
Marsh & McLennan Companies Inc.		182,941		9,836,738
Travelers Companies Inc. (The)		14,695		1,510,940
				19,608,669
INTERNET SOFTWARE & SERVICES — 0.90%
Google Inc. Class Aa		5,136		2,760,857
				2,760,857
IT SERVICES — 4.80%
Accenture PLC Class A		79,798		6,705,426
International Business Machines Corp.		39,934		6,122,282
Teradata Corp.a,b		43,116		1,921,249
				14,748,957
LEISURE EQUIPMENT & PRODUCTS — 0.28%
Mattel Inc.		31,922		858,702
				858,702
LIFE SCIENCES TOOLS & SERVICES — 2.99%
Agilent Technologies Inc.		82,022		3,097,971
Mettler-Toledo International Inc.a		4,192		1,274,158

Security	Shares		Value
Waters Corp.a		40,358	$	4,804,620
				9,176,749
MACHINERY — 2.16%
Caterpillar Inc.		6,858		548,434
Cummins Inc.		21,472		2,994,485
Deere & Co.		30,528		2,600,680
Xylem Inc.		14,805		504,851
				6,648,450
MEDIA — 1.99%
Scripps Networks Interactive Inc. Class A		10,921		776,374
Time Warner Cable Inc.		34,818		4,739,774
Time Warner Inc.		3,766		293,485
Walt Disney Co. (The)		3,420		311,083
				6,120,716
OIL, GAS & CONSUMABLE FUELS — 4.61%
Denbury Resources Inc.		151,188		1,043,197
Devon Energy Corp.		11,603		699,313
Hess Corp.		64,966		4,384,556
Marathon Oil Corp.		41,130		1,094,058
Noble Energy Inc.		5,684		271,354
Phillips 66		4,503		316,651
Spectra Energy Corp.		189,989		6,353,232
				14,162,361
PHARMACEUTICALS — 2.30%
Merck & Co. Inc.		92,194		5,557,454
Zoetis Inc.		35,763		1,528,153
				7,085,607
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.11%
Digital Realty Trust Inc.		5,377		392,198
Liberty Property Trust		104,338		4,204,821
Prologis Inc.		102,769		4,638,993
Vornado Realty Trust		2,861		315,969
				9,551,981
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.95%
CBRE Group Inc. Class Aa		89,980		2,909,953
				2,909,953
ROAD & RAIL — 1.14%
Norfolk Southern Corp.		34,432		3,511,031
				3,511,031
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.84%
Applied Materials Inc.		143,876		3,286,128
Intel Corp.		113,356		3,745,282
Texas Instruments Inc.		31,756		1,697,358
				8,728,768

76

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI USA ESG SELECT ETF

January 31, 2015

Security	Shares		Value
SOFTWARE — 5.82%
Autodesk Inc.a		21,735	$	1,173,799
CA Inc.		43,705		1,324,261
Microsoft Corp.		226,738		9,160,215
Oracle Corp.		100,238		4,198,970
Salesforce.com Inc.a		7,638		431,165
Symantec Corp.		64,675		1,602,000
				17,890,410
SPECIALTY RETAIL — 2.23%
Gap Inc. (The)		14,895		613,525
Signet Jewelers Ltd.b		6,229		754,394
Staples Inc.		50,896		867,777
Tiffany & Co.		53,316		4,619,298
				6,854,994
TEXTILES, APPAREL & LUXURY GOODS — 2.47%
Nike Inc. Class B		72,109		6,652,055
PVH Corp.		8,562		944,046
				7,596,101
TRADING COMPANIES & DISTRIBUTORS — 0.16%
W.W. Grainger Inc.		2,142		505,169
				505,169
TOTAL COMMON STOCKS (Cost: $249,165,210)				307,115,221
SHORT-TERM INVESTMENTS — 1.28%
MONEY MARKET FUNDS — 1.28%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		3,140,304		3,140,304
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		188,905		188,905
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		615,292		615,292
				3,944,501
TOTAL SHORT-TERM INVESTMENTS (Cost: $3,944,501)				3,944,501
TOTAL INVESTMENTS IN SECURITIES — 101.21%
(Cost: $253,109,711)				311,059,722
Other Assets, Less Liabilities — (1.21)%				(3,712,852	)
NET ASSETS — 100.00%			$	307,346,870

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

77

Schedule of Investments  (Unaudited)

iSHARES^® NORTH AMERICA REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.88%
CANADA — 5.37%
Allied Properties Real Estate Investment Trust		2,424	$	76,470
Artis Real Estate Investment Trust		4,368		53,569
Boardwalk Real Estate Investment Trust		1,288		62,300
Calloway Real Estate Investment Trust		3,328		83,282
Canadian Apartment Properties Real Estate Investment Trust		3,568		80,114
Canadian Real Estate Investment Trust		2,328		88,534
Chartwell Retirement Residences		5,552		55,347
Cominar Real Estate Investment Trust		5,136		78,623
Crombie Real Estate Investment Trust		2,536		26,941
Dream Global Real Estate Investment Trust		3,144		22,192
Dream Office Real Estate Investment Trust		3,352		71,801
Extendicare Inc.		2,980		16,029
First Capital Realty Inc.		2,808		43,229
Granite Real Estate Investment Trust		1,512		53,184
H&R Real Estate Investment Trust		8,960		172,564
InnVest Real Estate Investment Trust		2,896		14,275
Killam Properties Inc.		1,776		15,562
Morguard Real Estate Investment Trust		1,112		16,190
Northern Property Real Estate Investment Trust		1,080		20,996
Pure Industrial Real Estate Trust		6,104		23,300
RioCan REIT		10,160		235,901
				1,310,403
UNITED STATES — 94.51%
Acadia Realty Trust		2,072		74,986
Agree Realty Corp.		560		19,398
Alexander’s Inc.		67		31,077
Alexandria Real Estate Equities Inc.		2,336		227,807
American Assets Trust Inc.		1,212		53,789
American Campus Communities Inc.		3,392		149,112
American Homes 4 Rent Class A		4,952		82,649
American Realty Capital Properties Inc.		30,168		279,506
Apartment Investment and Management Co. Class A		4,712		187,820
Ashford Hospitality Trust Inc.		2,368		24,911
Associated Estates Realty Corp.		1,840		45,834
AvalonBay Communities Inc.		4,260		736,937
Aviv REIT Inc.		848		33,352
BioMed Realty Trust Inc.		6,392		156,284
Boston Properties Inc.		4,928		684,006
Brandywine Realty Trust		5,800		96,338
Brixmor Property Group Inc.		4,902		132,844
Camden Property Trust		2,808		216,356
Campus Crest Communities Inc.a		2,072		14,276
CBL & Associates Properties Inc.a		5,504		113,492
Cedar Realty Trust Inc.		2,680		21,333
Chambers Street Properties		7,656		64,693
Chatham Lodging Trust		1,040		32,375
Chesapeake Lodging Trust		1,808		66,390
Corporate Office Properties Trust		3,040		91,200
Cousins Properties Inc.		6,888		76,044
CubeSmart		5,328		131,282
DCT Industrial Trust Inc.		2,888		109,051
DDR Corp.		9,904		194,118
DiamondRock Hospitality Co.		6,312		91,713
Digital Realty Trust Inc.		4,416		322,103

Security	Shares		Value
Douglas Emmett Inc.		4,352	$	123,945
Duke Realty Corp.		11,152		243,448
DuPont Fabros Technology Inc.a		2,112		78,693
EastGroup Properties Inc.		1,040		67,226
Education Realty Trust Inc.		1,488		51,485
Empire State Realty Trust Inc. Class Aa		2,656		48,339
EPR Properties		1,872		121,792
Equity Commonwealth		4,176		110,038
Equity Lifestyle Properties Inc.		2,472		135,293
Equity One Inc.		2,040		55,570
Equity Residential		11,592		899,655
Essex Property Trust Inc.		2,072		468,376
Excel Trust Inc.		1,896		26,620
Extra Space Storage Inc.		3,528		232,848
Federal Realty Investment Trust		2,208		317,444
FelCor Lodging Trust Inc.		4,112		41,161
First Industrial Realty Trust Inc.		3,624		78,750
First Potomac Realty Trust		1,896		24,269
Forest City Enterprises Inc. Class Ab		4,888		119,756
Franklin Street Properties Corp.		2,936		37,816
General Growth Properties Inc.		16,392		494,711
Getty Realty Corp.		864		16,010
Government Properties Income Trust		2,276		51,893
HCP Inc.		14,896		704,432
Health Care REIT Inc.a		10,656		873,259
Healthcare Realty Trust Inc.		3,144		94,603
Healthcare Trust of America Inc. Class A		4,008		118,076
Hersha Hospitality Trust		5,648		37,729
Highwoods Properties Inc.a		2,976		139,872
Home Properties Inc.		1,840		129,720
Hospitality Properties Trusta		4,848		157,996
Host Hotels & Resorts Inc.		24,592		562,911
Hudson Pacific Properties Inc.		2,078		67,223
Inland Real Estate Corp.		2,824		32,137
Investors Real Estate Trust		3,784		31,218
Kilroy Realty Corp.		2,752		204,061
Kimco Realty Corp.		13,320		368,298
Kite Realty Group Trust		2,648		80,923
LaSalle Hotel Propertiesa		3,368		136,269
Lexington Realty Trust		7,504		85,621
Liberty Property Trust		4,784		192,795
LTC Properties Inc.		1,112		52,175
Macerich Co. (The)		5,138		441,919
Mack-Cali Realty Corp.		2,952		57,594
Mid-America Apartment Communities Inc.		2,440		193,541
National Health Investors Inc.		1,096		81,937
National Retail Properties Inc.a		4,232		181,299
New York REIT Inc.		5,376		56,072
Omega Healthcare Investors Inc.		4,128		181,054
Paramount Group Inc.b		4,640		89,784
Parkway Properties Inc.		2,608		47,726
Pebblebrook Hotel Trust		2,296		106,626
Pennsylvania Real Estate Investment Trusta		2,104		50,349
Physicians Realty Trust		2,092		36,903
Piedmont Office Realty Trust Inc. Class A		4,976		97,181
Post Properties Inc.		1,752		106,434
Prologis Inc.		16,200		731,268
PS Business Parks Inc.		656		55,176
Public Storage		4,720		947,965
Ramco-Gershenson Properties Trust		2,528		49,473
Realty Income Corp.		7,216		391,901
Regency Centers Corp.		3,032		207,874
Retail Opportunity Investments Corp.		2,984		52,727

78

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® NORTH AMERICA REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
Retail Properties of America Inc. Class A		7,680	$	135,859
RLJ Lodging Trust		4,280		145,820
Rouse Properties Inc.		1,224		22,754
Ryman Hospitality Properties Inc.		1,552		85,205
Sabra Health Care REIT Inc.		1,783		58,304
Saul Centers Inc.		448		25,576
Select Income REITa		1,248		31,038
Senior Housing Properties Trust		6,608		153,900
Silver Bay Realty Trust Corp.		1,144		17,824
Simon Property Group Inc.		10,224		2,031,100
SL Green Realty Corp.		3,136		395,136
Sovran Self Storage Inc.		1,104		104,604
Spirit Realty Capital Inc.		12,432		159,876
STAG Industrial Inc.		2,110		55,282
Strategic Hotels & Resorts Inc.b		8,728		117,130
Summit Hotel Properties Inc.		2,720		34,870
Sun Communities Inc.		1,496		101,324
Sunstone Hotel Investors Inc.		6,725		114,661
Tanger Factory Outlet Centers Inc.		3,112		122,457
Taubman Centers Inc.		2,064		169,145
UDR Inc.		8,280		275,393
Universal Health Realty Income Trust		391		21,008
Urban Edge Propertiesb		2,728		64,763
Urstadt Biddle Properties Inc. Class A		845		19,857
Ventas Inc.		10,466		835,291
Vornado Realty Trust		5,456		602,561
Washington Real Estate Investment Trust		2,144		61,554
Weingarten Realty Investors		3,568		133,729
Winthrop Realty Trust		1,032		16,512
WP Carey Inc.		2,872		206,238
WP GLIMCHER Inc.		5,959		105,355
				23,064,461
TOTAL COMMON STOCKS
(Cost: $19,963,529)				24,374,864
SHORT-TERM INVESTMENTS — 4.81%
MONEY MARKET FUNDS — 4.81%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		1,100,816		1,100,816
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		66,220		66,220

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		6,522	$	6,522
				1,173,558
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,173,558)				1,173,558
TOTAL INVESTMENTS IN SECURITIES — 104.69%
(Cost: $21,137,087)				25,548,422
Other Assets, Less Liabilities — (4.69)%				(1,143,851	)
NET ASSETS — 100.00%			$	24,404,571

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

79

Schedule of Investments  (Unaudited)

iSHARES^® REAL ESTATE 50 ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.81%
DIVERSIFIED REITS — 4.35%
American Realty Capital Properties Inc.		127,435	$	1,180,685
Duke Realty Corp.		47,026		1,026,578
Liberty Property Trusta		20,375		821,113
WP Carey Inc.		12,124		870,624
				3,899,000
HEALTH CARE REITS — 11.75%
HCP Inc.		62,962		2,977,473
Health Care REIT Inc.		45,027		3,689,963
Senior Housing Properties Trust		27,937		650,653
Ventas Inc.		40,361		3,221,211
				10,539,300
HOTEL & RESORT REITS — 3.40%
Hospitality Properties Trust		20,511		668,453
Host Hotels & Resorts Inc.		103,973		2,379,942
				3,048,395
INDUSTRIAL REITS — 3.44%
Prologis Inc.		68,482		3,091,278
				3,091,278
MORTGAGE REITS — 4.92%
American Capital Agency Corp.		49,094		1,057,976
Annaly Capital Management Inc.		130,476		1,377,826
NorthStar Realty Finance Corp.		39,260		742,407
Starwood Property Trust Inc.		30,558		731,253
Two Harbors Investment Corp.		48,651		502,078
				4,411,540
OFFICE REITS — 12.22%
Alexandria Real Estate Equities Inc.		9,848		960,377
BioMed Realty Trust Inc.		27,321		667,998
Boston Properties Inc.		20,845		2,893,286
Digital Realty Trust Inc.		18,642		1,359,748
Kilroy Realty Corp.		11,600		860,140
SL Green Realty Corp.		13,287		1,674,162
Vornado Realty Trust		23,030		2,543,433
				10,959,144
RESIDENTIAL REITS — 14.76%
American Campus Communities Inc.		14,483		636,673
Apartment Investment and Management Co. Class A		20,080		800,389
AvalonBay Communities Inc.		18,025		3,118,145
Camden Property Trust		11,913		917,896
Equity Residential		48,969		3,800,484
Essex Property Trust Inc.		8,735		1,974,547
Mid-America Apartment Communities Inc.a		10,381		823,421

Security	Shares		Value
UDR Inc.		35,167	$	1,169,654
				13,241,209
RETAIL REITS — 23.87%
Brixmor Property Group Inc.		20,906		566,553
DDR Corp.		42,122		825,591
Federal Realty Investment Trust		9,327		1,340,943
General Growth Properties Inc.		69,291		2,091,202
Kimco Realty Corp.a		56,478		1,561,617
Macerich Co. (The)		21,739		1,869,771
National Retail Properties Inc.a		17,997		770,991
Realty Income Corp.a		30,487		1,655,749
Regency Centers Corp.		12,860		881,682
Simon Property Group Inc.		43,203		8,582,708
Taubman Centers Inc.		8,464		693,625
Weingarten Realty Investorsa		15,248		571,495
				21,411,927
SPECIALIZED REITS — 21.10%
American Tower Corp.		54,530		5,286,683
Crown Castle International Corp.		45,904		3,971,155
Extra Space Storage Inc.a		15,006		990,396
Iron Mountain Inc.		25,408		1,012,255
Plum Creek Timber Co. Inc.		24,382		1,085,487
Public Storage		19,942		4,005,151
Weyerhaeuser Co.		71,972		2,580,196
				18,931,323
TOTAL COMMON STOCKS (Cost: $70,974,944)				89,533,116
SHORT-TERM INVESTMENTS — 5.11%
MONEY MARKET FUNDS — 5.11%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%b,c,d		4,172,992		4,172,992
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c,d		251,026		251,026
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		160,154		160,154
				4,584,172
TOTAL SHORT-TERM INVESTMENTS (Cost: $4,584,172)				4,584,172
TOTAL INVESTMENTS IN SECURITIES — 104.92% (Cost: $75,559,116)				94,117,288
Other Assets, Less Liabilities — (4.92)%				(4,409,878	)
NET ASSETS — 100.00%			$	89,707,410

80

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® REAL ESTATE 50 ETF

January 31, 2015

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

^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 1.

See accompanying notes to schedules of investments.

81

Schedule of Investments  (Unaudited)

iSHARES^® RESIDENTIAL REAL ESTATE CAPPED ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.88%
HEALTH CARE REITS — 35.04%
Aviv REIT Inc.		51,714	$	2,033,912
HCP Inc.		323,459		15,296,376
Health Care REIT Inc.		391,958		32,120,959
Healthcare Realty Trust Inc.		173,808		5,229,883
Healthcare Trust of America Inc. Class A		216,414		6,375,556
LTC Properties Inc.		65,688		3,082,081
Medical Properties Trust Inc.		367,577		5,649,658
National Health Investors Inc.		61,028		4,562,453
New Senior Investment Group Inc.a		110,433		1,826,562
Omega Healthcare Investors Inc.a		218,265		9,573,103
Physicians Realty Trust		124,714		2,199,955
Sabra Health Care REIT Inc.		101,151		3,307,638
Senior Housing Properties Trust		339,492		7,906,769
Universal Health Realty Income Trust		17,633		947,421
Ventas Inc.		242,188		19,329,024
				119,441,350
RESIDENTIAL REITS — 47.35%
American Campus Communities Inc.		180,722		7,944,539
Apartment Investment and Management Co. Class A		248,466		9,903,855
Associated Estates Realty Corp.a		110,379		2,749,541
AvalonBay Communities Inc.a		156,394		27,054,598
Camden Property Trust		146,802		11,311,094
Campus Crest Communities Inc.		103,014		709,766
Education Realty Trust Inc.a		63,874		2,210,040
Equity Lifestyle Properties Inc.		132,352		7,243,625
Equity Residentiala		422,363		32,779,592
Essex Property Trust Inc.		70,851		16,015,869
Home Properties Inc.		98,881		6,971,110
Mid-America Apartment Communities Inc.		128,101		10,160,971
Post Properties Inc.		95,234		5,785,466
Sun Communities Inc.a		81,538		5,522,569
UDR Inc.		429,284		14,277,986
UMH Properties Inc.		76,104		732,882
				161,373,503
SPECIALIZED REITS — 17.49%
CubeSmart		283,580		6,987,411
Extra Space Storage Inc.a		184,325		12,165,450
Public Storage		173,295		34,804,568
Sovran Self Storage Inc.		59,731		5,659,512
				59,616,941
TOTAL COMMON STOCKS (Cost: $275,477,733)				340,431,794
SHORT-TERM INVESTMENTS — 6.61%
MONEY MARKET FUNDS — 6.61%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%b,c,d		20,454,501		20,454,501

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c,d		1,230,439	$	1,230,439
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		830,386		830,386
				22,515,326
TOTAL SHORT-TERM INVESTMENTS (Cost: $22,515,326)				22,515,326
TOTAL INVESTMENTS IN SECURITIES — 106.49% (Cost: $297,993,059)				362,947,120
Other Assets, Less Liabilities — (6.49)%				(22,112,459	)
NET ASSETS — 100.00%			$	340,834,661

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

^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 1.

See accompanying notes to schedules of investments.

82

Schedule of Investments  (Unaudited)

iSHARES^® SELECT DIVIDEND ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.89%
AEROSPACE & DEFENSE — 8.70%
General Dynamics Corp.		2,083,507	$	277,543,966
Honeywell International Inc.		1,738,452		169,951,068
Lockheed Martin Corp.		3,227,082		607,885,436
Northrop Grumman Corp.		1,893,361		297,163,009
				1,352,543,479
BEVERAGES — 0.62%
Coca-Cola Co. (The)		2,333,635		96,075,753
				96,075,753
BIOTECHNOLOGY — 0.29%
PDL BioPharma Inc.		6,164,376		44,938,301
				44,938,301
CAPITAL MARKETS — 0.66%
Federated Investors Inc. Class B		3,258,113		102,988,952
				102,988,952
CHEMICALS — 1.02%
Olin Corp.		2,438,119		61,123,643
RPM International Inc.		2,028,801		97,098,416
				158,222,059
COMMERCIAL BANKS — 3.49%
Bank of Hawaii Corp.a		2,653,980		149,843,711
BB&T Corp.		2,211,164		78,031,978
F.N.B. Corp.		3,384,963		40,619,556
First Niagara Financial Group Inc.		2,512,164		20,398,772
FirstMerit Corp.		2,443,608		40,038,517
Trustmark Corp.		2,968,655		63,410,471
United Bankshares Inc./WV		3,439,356		116,284,626
Valley National Bancorp		3,770,902		34,239,790
				542,867,421
COMMERCIAL SERVICES & SUPPLIES — 3.21%
Deluxe Corp.		1,706,514		110,803,954
Pitney Bowes Inc.		2,838,043		68,056,271
R.R. Donnelley & Sons Co.		4,559,055		75,087,636
Republic Services Inc.		2,563,832		101,732,854
Waste Management Inc.		2,786,632		143,316,484
				498,997,199
COMPUTERS & PERIPHERALS — 1.05%
Seagate Technology PLC		2,897,332		163,525,418
				163,525,418
CONTAINERS & PACKAGING — 2.18%
Avery Dennison Corp.		2,014,806		105,313,910

Security	Shares		Value
MeadWestvaco Corp.		2,390,239	$	120,181,217
Sonoco Products Co.		2,574,150		113,777,430
				339,272,557
DISTRIBUTORS — 1.31%
Genuine Parts Co.		2,198,654		204,342,903
				204,342,903
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.34%
AT&T Inc.		4,428,431		145,783,948
CenturyLink Inc.		5,870,070		218,190,502
				363,974,450
ELECTRIC UTILITIES — 16.47%
American Electric Power Co. Inc.		3,645,923		229,000,424
Cleco Corp.		2,685,341		145,975,137
Edison International		2,492,221		169,844,861
Entergy Corp.		4,550,608		398,223,706
Exelon Corp.		3,698,127		133,280,497
FirstEnergy Corp.		5,714,270		230,456,509
IDACORP Inc.a		2,841,473		192,964,432
NextEra Energy Inc.		2,673,005		291,999,066
Northeast Utilities		2,996,715		166,557,420
OGE Energy Corp.		2,073,606		72,949,459
Pinnacle West Capital Corp.		3,604,535		252,966,266
PPL Corp.		4,188,822		148,703,181
Xcel Energy Inc.		3,390,487		127,244,977
				2,560,165,935
ELECTRICAL EQUIPMENT — 1.60%
Eaton Corp. PLC		1,978,148		124,801,357
Emerson Electric Co.		2,164,519		123,247,712
				248,049,069
ENERGY EQUIPMENT & SERVICES — 1.25%
Ensco PLC Class A		4,328,877		121,381,711
Nobel Corp. PLC		4,459,800		72,337,956
				193,719,667
FOOD & STAPLES RETAILING — 0.66%
Sysco Corp.		2,623,667		102,769,036
				102,769,036
FOOD PRODUCTS — 1.60%
Campbell Soup Co.		2,566,272		117,381,281
General Mills Inc.		2,509,923		131,720,759
				249,102,040
GAS UTILITIES — 3.03%
AGL Resources Inc.		3,473,550		195,838,749
New Jersey Resources Corp.a		3,215,480		205,404,863
Questar Corp.		2,713,734		70,421,397
				471,665,009

83

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SELECT DIVIDEND ETF

January 31, 2015

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 3.10%
Darden Restaurants Inc.		3,567,487	$	218,972,352
McDonald’s Corp.		2,838,162		262,359,695
				481,332,047
HOUSEHOLD DURABLES — 2.96%
Garmin Ltd.		3,118,443		163,281,676
Leggett & Platt Inc.		3,462,906		147,623,683
Tupperware Brands Corp.		2,197,735		148,588,863
				459,494,222
HOUSEHOLD PRODUCTS — 3.50%
Clorox Co. (The)		2,504,932		267,301,294
Kimberly-Clark Corp.		2,565,260		276,945,469
				544,246,763
INDUSTRIAL CONGLOMERATES — 0.37%
General Electric Co.		2,385,758		56,995,759
				56,995,759
INSURANCE — 3.34%
Arthur J. Gallagher & Co.		2,544,138		113,036,051
Cincinnati Financial Corp.		2,730,735		137,929,425
Mercury General Corp.a		3,780,855		216,075,863
Old Republic International Corp.		3,694,513		51,870,963
				518,912,302
LEISURE EQUIPMENT & PRODUCTS — 0.46%
Mattel Inc.		2,642,676		71,087,984
				71,087,984
MEDIA — 1.54%
Cinemark Holdings Inc.		2,559,545		95,138,288
Meredith Corp.a		2,760,881		143,731,465
				238,869,753
METALS & MINING — 0.27%
Cliffs Natural Resources Inc.b		2,110,598		13,550,039
Commercial Metals Co.		2,064,650		27,707,603
				41,257,642
MULTI-UTILITIES — 18.16%
Alliant Energy Corp.		3,107,171		213,183,002
Avista Corp.a		3,789,711		140,711,969
Black Hills Corp.a		2,554,655		128,141,495
CenterPoint Energy Inc.		3,029,374		69,948,246
CMS Energy Corp.		3,281,894		123,825,861
Dominion Resources Inc.		2,968,760		228,267,956
DTE Energy Co.		3,311,863		296,941,637
Integrys Energy Group Inc.a		4,290,622		347,969,444
NiSource Inc.		2,713,300		117,377,358
PG&E Corp.		3,772,862		221,882,014
Public Service Enterprise Group Inc.		3,773,010		161,032,067

Security	Shares		Value
SCANA Corp.		3,659,754	$	233,382,513
Sempra Energy		2,421,241		270,985,293
TECO Energy Inc.		4,360,647		93,012,600
Wisconsin Energy Corp.		3,148,603		175,597,589
				2,822,259,044
OIL, GAS & CONSUMABLE FUELS — 5.11%
Chevron Corp.		2,733,286		280,243,814
ConocoPhillips		3,333,398		209,937,406
HollyFrontier Corp.		5,816,896		208,942,904
ONEOK Inc.		2,180,103		95,989,935
				795,114,059
PAPER & FOREST PRODUCTS — 0.88%
Domtar Corp.a		3,573,047		136,847,700
				136,847,700
PHARMACEUTICALS — 4.07%
Bristol-Myers Squibb Co.		2,308,804		139,151,617
Eli Lilly and Co.		3,272,728		235,636,416
Merck & Co. Inc.		2,933,598		176,837,287
Pfizer Inc.		2,610,822		81,588,188
				633,213,508
SEMICONDUCTORS & SEMICONDUCTR EQUIPMENT — 0.65%
Intel Corp.		3,081,020		101,796,901
				101,796,901
SPECIALTY RETAIL — 0.28%
Staples Inc.		2,525,790		43,064,720
				43,064,720
THRIFTS & MORTGAGE FINANCE — 0.85%
New York Community Bancorp Inc.		5,174,336		79,943,491
People’s United Financial Inc.		3,690,789		51,929,401
				131,872,892
TOBACCO — 4.87%
Altria Group Inc.		4,253,657		225,869,187
Lorillard Inc.		3,629,549		238,134,710
Philip Morris International Inc.		3,651,035		292,959,048
				756,962,945
TOTAL COMMON STOCKS (Cost: $11,910,025,087)				15,526,547,489
SHORT-TERM INVESTMENTS — 0.38%
MONEY MARKET FUNDS — 0.38%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%a,c,d		11,659,359		11,659,359

84

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® SELECT DIVIDEND ETF

January 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%a,c,d		701,368	$	701,368
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%a,c		46,243,303		46,243,303
				58,604,030
TOTAL SHORT-TERM INVESTMENTS (Cost: $58,604,030)				58,604,030
TOTAL INVESTMENTS IN SECURITIES — 100.27% (Cost: $11,968,629,117)				15,585,151,519
Other Assets, Less Liabilities — (0.27)%				(41,464,487	)
NET ASSETS — 100.00%			$	15,543,687,032

^a  Affiliated issuer. See Note 2.

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

^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 1.

Open futures contracts as of January 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
E-mini S&P 500		160		Mar. 2015		Chicago Mercantile	$	15,907,200	$	(248,744)

See accompanying notes to schedules of investments.

85

Schedule of Investments  (Unaudited)

iSHARES^® TRANSPORTATION AVERAGE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.95%
AIR FREIGHT & LOGISTICS — 27.97%
C.H. Robinson Worldwide Inc.		1,332,946	$	94,932,413
Expeditors International of Washington Inc.		1,733,879		75,735,835
FedEx Corp.		1,409,960		238,438,336
United Parcel Service Inc. Class B		1,443,144		142,640,353
				551,746,937
AIRLINES — 17.40%
Alaska Air Group Inc.		1,397,908		94,876,016
Delta Air Lines Inc.		1,401,043		66,283,344
JetBlue Airways Corp.a,b		1,418,136		23,810,503
Southwest Airlines Co.		1,391,761		62,879,762
United Continental Holdings Inc.b		1,373,758		95,297,593
				343,147,218
MARINE — 7.15%
Kirby Corp.b		1,287,145		93,305,141
Matson Inc.		1,376,875		47,846,406
				141,151,547
ROAD & RAIL — 47.43%
Avis Budget Group Inc.a,b		1,407,602		80,669,671
Con-way Inc.		1,513,539		62,009,693
CSX Corp.		1,418,680		47,242,044
J.B. Hunt Transport Services Inc.		1,207,810		96,153,754
Kansas City Southern		1,397,267		153,825,124
Landstar System Inc.		1,370,260		87,806,261
Norfolk Southern Corp.		1,405,255		143,293,852
Ryder System Inc.		1,216,116		100,682,244
Union Pacific Corp.		1,398,496		163,917,716
				935,600,359
TOTAL COMMON STOCKS
(Cost: $1,978,221,953)				1,971,646,061
SHORT-TERM INVESTMENTS — 0.85%
MONEY MARKET FUNDS — 0.85%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		13,952,798		13,952,798
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		839,330		839,330

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		2,032,062	$	2,032,062
				16,824,190
TOTAL SHORT-TERM INVESTMENTS
(Cost: $16,824,190)				16,824,190
TOTAL INVESTMENTS IN SECURITIES — 100.80%
(Cost: $1,995,046,143)				1,988,470,251
Other Assets, Less Liabilities — (0.80)%				(15,871,715	)
NET ASSETS — 100.00%			$	1,972,598,536

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

86

Schedule of Investments  (Unaudited)

iSHARES^® U.S. AEROSPACE & DEFENSE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.91%
AEROSPACE & DEFENSE — 94.58%
AAR Corp.		167,295	$	4,794,675
AeroVironment Inc.a,b		127,719		3,268,329
Alliant Techsystems Inc.		72,934		9,504,030
Astronics Corp.		93,028		5,180,729
B/E Aerospace Inc.a,b		182,122		10,623,176
Boeing Co. (The)		253,217		36,810,155
Cubic Corp.		90,531		4,733,866
Curtiss-Wright Corp.		110,509		7,352,164
DigitalGlobe Inc.a,b		234,865		6,315,520
Engility Holdings Inc.		95,594		3,814,201
Esterline Technologies Corp.		69,036		7,738,245
Exelis Inc.		445,380		7,620,452
GenCorp Inc.		280,845		4,718,196
General Dynamics Corp.		170,191		22,671,143
HEICO Corp.		137,713		8,356,425
Hexcel Corp.a		201,632		8,918,183
Huntington Ingalls Industries Inc.		88,401		10,307,557
KLX Inc.		149,532		5,878,103
L-3 Communications Holdings Inc.		103,591		12,754,124
Lockheed Martin Corp.		135,189		25,465,552
Moog Inc. Class A		102,248		7,188,034
Northrop Grumman Corp.		138,267		21,701,006
Orbital Sciences Corp.		221,355		6,217,862
Precision Castparts Corp.		90,288		18,066,629
Raytheon Co.		197,838		19,793,692
Rockwell Collins Inc.		156,121		13,367,080
Spirit AeroSystems Holdings Inc. Class A		224,531		10,112,876
Taser International Inc.a,b		216,238		5,840,588
Teledyne Technologies Inc.		78,647		7,474,611
Textron Inc.		323,099		13,751,093
TransDigm Group Inc.		63,249		12,999,567
Triumph Group Inc.		115,365		6,582,727
United Technologies Corp. Class B		297,340		34,128,685
				384,049,275
AIRPORT SERVICES — 0.94%
Wesco Aircraft Holdings Inc.a,b		292,512		3,814,356
				3,814,356
INDUSTRIAL MACHINERY — 1.20%
RBC Bearings Inc.		83,642		4,854,582
				4,854,582
IT CONSULTING & OTHER SERVICES — 1.05%
ManTech International Corp. Class A		130,868		4,257,136
				4,257,136
LEISURE PRODUCTS — 2.14%
Smith & Wesson Holding Corp.a,b		352,668		4,337,816

Security	Shares		Value
Sturm Ruger & Co. Inc.a		107,551	$	4,345,061
				8,682,877
TOTAL COMMON STOCKS
(Cost: $381,921,934)				405,658,226
SHORT-TERM INVESTMENTS — 6.70%
MONEY MARKET FUNDS — 6.70%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		25,472,691		25,472,691
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,532,308		1,532,308
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		214,769		214,769
				27,219,768
TOTAL SHORT-TERM INVESTMENTS
(Cost: $27,219,768)				27,219,768
TOTAL INVESTMENTS IN SECURITIES — 106.61%
(Cost: $409,141,702)				432,877,994
Other Assets, Less Liabilities — (6.61)%				(26,838,194	)
NET ASSETS — 100.00%			$	406,039,800

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

87

Schedule of Investments  (Unaudited)

iSHARES^® U.S. BASIC MATERIALS ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.94%
CHEMICALS — 78.23%
Air Products and Chemicals Inc.		169,362	$	24,660,801
Airgas Inc.		59,192		6,667,387
Albemarle Corp.		99,061		4,780,684
Ashland Inc.		56,204		6,661,298
Axiall Corp.		61,687		2,729,650
Cabot Corp.		56,283		2,386,962
Celanese Corp. Series A		135,284		7,272,868
CF Industries Holdings Inc.		43,786		13,371,369
Chemtura Corp.a,b		64,828		1,412,602
Cytec Industries Inc.		63,342		3,039,782
Dow Chemical Co. (The)		975,433		44,050,554
E.I. du Pont de Nemours and Co.		797,659		56,801,297
Eastman Chemical Co.		130,784		9,271,278
Ecolab Inc.		237,834		24,680,034
FMC Corp.		117,340		6,747,050
H.B. Fuller Co.		44,222		1,819,735
Huntsman Corp.		178,706		3,924,384
International Flavors & Fragrances Inc.		71,302		7,565,855
LyondellBasell Industries NV Class A		365,893		28,938,477
Minerals Technologies Inc.		30,315		1,980,479
Monsanto Co.		426,220		50,285,436
Mosaic Co. (The)		277,904		13,531,146
NewMarket Corp.		9,401		4,227,348
Olin Corp.		68,810		1,725,067
Platform Specialty Products Corp.a,b		106,339		2,233,119
PolyOne Corp.		80,237		2,855,635
PPG Industries Inc.		120,842		26,933,265
Praxair Inc.		256,544		30,936,641
RPM International Inc.		117,573		5,627,044
Sensient Technologies Corp.		42,335		2,582,435
Sigma-Aldrich Corp.		104,873		14,422,135
W.R. Grace & Co.a		65,015		5,635,500
Westlake Chemical Corp.		36,240		2,076,914
				421,834,231
ELECTRICAL EQUIPMENT — 0.33%
Polypore International Inc.a		39,264		1,755,886
				1,755,886
METALS & MINING — 15.30%
Alcoa Inc.		1,037,963		16,244,121
Allegheny Technologies Inc.		95,523		2,725,271
Carpenter Technology Corp.		46,769		1,774,416
Cliffs Natural Resources Inc.b		134,896		866,032
Commercial Metals Co.		104,026		1,396,029
Compass Minerals International Inc.		29,511		2,579,261
Freeport-McMoRan Inc.		914,937		15,380,091
Newmont Mining Corp.		439,203		11,045,956
Nucor Corp.		280,882		12,260,499
Reliance Steel & Aluminum Co.		68,860		3,606,198
Royal Gold Inc.		57,473		4,164,494
Steel Dynamics Inc.		212,001		3,612,497
Stillwater Mining Co.a,b		105,646		1,444,181
TimkenSteel Corp.		33,670		909,090

Security	Shares		Value
United States Steel Corp.		127,855	$	3,124,776
Worthington Industries Inc.		44,584		1,334,399
				82,467,311
OIL, GAS & CONSUMABLE FUELS — 1.36%
CONSOL Energy Inc.		202,723		5,868,831
Peabody Energy Corp.b		238,759		1,487,468
				7,356,299
PAPER & FOREST PRODUCTS — 4.72%
Domtar Corp.		56,649		2,169,657
International Paper Co.		372,986		19,641,443
KapStone Paper and Packaging Corp.		74,238		2,217,489
Resolute Forest Products Inc.a		83,255		1,415,335
				25,443,924
TOTAL COMMON STOCKS (Cost: $666,300,660)				538,857,651
SHORT-TERM INVESTMENTS — 1.11%
MONEY MARKET FUNDS — 1.11%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		4,696,482		4,696,482
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		282,517		282,517
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,010,081		1,010,081
				5,989,080
TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,989,080)				5,989,080
TOTAL INVESTMENTS IN SECURITIES — 101.05%
(Cost: $672,289,740)				544,846,731
Other Assets, Less Liabilities — (1.05)%				(5,654,005	)
NET ASSETS — 100.00%			$	539,192,726

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

88

Schedule of Investments  (Unaudited)

iSHARES^® U.S. BROKER-DEALERS ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.93%
INVESTMENT BANKING & BROKERAGE — 71.56%
BGC Partners Inc. Class A		925,196	$	7,244,285
Charles Schwab Corp. (The)		662,681		17,216,452
E*TRADE Financial Corp.a,b		532,798		12,280,994
Evercore Partners Inc. Class A		166,614		7,975,812
FXCM Inc. Class Ab		411,653		905,637
Goldman Sachs Group Inc. (The)		128,536		22,160,892
Greenhill & Co. Inc.		178,246		6,573,713
Interactive Brokers Group Inc. Class A		295,729		9,058,179
Investment Technology Group Inc.a		331,811		6,885,078
KCG Holdings Inc. Class Aa		608,149		7,437,662
LPL Financial Holdings Inc.		230,582		9,488,449
Morgan Stanley		605,289		20,464,821
Piper Jaffray Companies Inc.a		124,470		6,354,194
Raymond James Financial Inc.		224,326		11,804,034
RCS Capital Corp. Class Ab		482,594		4,550,861
Stifel Financial Corp.a,b		204,437		9,639,205
TD Ameritrade Holding Corp.		384,080		12,440,351
				172,480,619
SPECIALIZED FINANCE — 28.37%
CBOE Holdings Inc.		184,454		11,891,749
CME Group Inc./IL		208,630		17,796,139
Intercontinental Exchange Inc.		80,648		16,591,713
MarketAxess Holdings Inc.		137,940		10,479,302
NASDAQ OMX Group Inc. (The)		255,040		11,629,824
				68,388,727
TOTAL COMMON STOCKS (Cost: $239,970,843)				240,869,346
SHORT-TERM INVESTMENTS — 5.12%
MONEY MARKET FUNDS — 5.12%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		11,430,252		11,430,252
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		687,586		687,586

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		221,973	$	221,973
				12,339,811
TOTAL SHORT-TERM INVESTMENTS (Cost: $12,339,811)				12,339,811
TOTAL INVESTMENTS IN SECURITIES — 105.05% (Cost: $252,310,654)				253,209,157
Other Assets, Less Liabilities — (5.05)%				(12,165,275	)
NET ASSETS — 100.00%			$	241,043,882

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

89

Schedule of Investments  (Unaudited)

iSHARES^® U.S. CONSUMER GOODS ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.75%
AUTO COMPONENTS — 5.69%
Autoliv Inc.		24,833	$	2,633,788
BorgWarner Inc.		62,328		3,366,335
Cooper Tire & Rubber Co.		14,991		521,537
Dana Holding Corp.		46,325		966,803
Delphi Automotive PLC		81,143		5,576,958
Gentex Corp.		80,030		1,335,701
Goodyear Tire & Rubber Co. (The)		75,360		1,826,726
Johnson Controls Inc.		182,583		8,484,632
Lear Corp.		21,683		2,175,889
Tenneco Inc.a		16,690		858,200
TRW Automotive Holdings Corp.a		30,329		3,129,043
Visteon Corp.a		12,165		1,179,397
				32,055,009
AUTOMOBILES — 6.62%
Ford Motor Co.		1,054,846		15,516,785
General Motors Co.		369,899		12,066,105
Harley-Davidson Inc.		58,720		3,623,024
Tesla Motors Inc.a,b		26,456		5,386,442
Thor Industries Inc.		12,672		714,067
				37,306,423
BEVERAGES — 18.88%
Brown-Forman Corp. Class B NVS		42,877		3,810,479
Coca-Cola Co. (The)		1,080,467		44,482,826
Coca-Cola Enterprises Inc.		60,999		2,568,058
Constellation Brands Inc. Class Aa		45,988		5,079,375
Dr Pepper Snapple Group Inc.		53,283		4,117,178
Molson Coors Brewing Co. Class B NVS		43,688		3,317,230
Monster Beverage Corp.a		39,513		4,621,045
PepsiCo Inc.		410,194		38,467,993
				106,464,184
CHEMICALS — 0.14%
Scotts Miracle-Gro Co. (The) Class A		12,217		774,924
				774,924
COMMERCIAL SERVICES & SUPPLIES — 0.19%
Herman Miller Inc.		16,379		475,810
HNI Corp.		12,151		598,437
				1,074,247
DISTRIBUTORS — 1.20%
Genuine Parts Co.		41,891		3,893,349
LKQ Corp.a		83,149		2,146,076
Pool Corp.		11,880		739,055
				6,778,480

Security	Shares		Value
DIVERSIFIED FINANCIAL SERVICES — 0.35%
Leucadia National Corp.		86,940	$	1,970,930
				1,970,930
FOOD PRODUCTS — 16.26%
Archer-Daniels-Midland Co.		176,446		8,227,677
B&G Foods Inc. Class A		14,622		436,320
Bunge Ltd.b		39,761		3,559,802
Campbell Soup Co.		49,166		2,248,853
ConAgra Foods Inc.		116,432		4,125,186
Darling Ingredients Inc.a,b		45,236		768,107
Dean Foods Co.		25,793		467,369
Flowers Foods Inc.		50,779		993,237
General Mills Inc.		165,474		8,684,076
Hain Celestial Group Inc. (The)a,b		27,603		1,456,610
Hershey Co. (The)		40,554		4,145,024
Hormel Foods Corp.		36,758		1,882,745
Ingredion Inc.		19,655		1,584,979
J.M. Smucker Co. (The)		27,922		2,880,154
Kellogg Co.		69,084		4,530,529
Keurig Green Mountain Inc.		33,298		4,081,003
Kraft Foods Group Inc.		161,383		10,544,765
Lancaster Colony Corp.		5,294		476,089
McCormick & Co. Inc. NVS		35,425		2,528,991
Mead Johnson Nutrition Co. Class A		55,373		5,453,687
Mondelez International Inc. Class A		460,429		16,225,518
Post Holdings Inc.a		12,238		578,246
TreeHouse Foods Inc.a,b		11,621		1,054,025
Tyson Foods Inc. Class A		80,337		3,136,357
WhiteWave Foods Co. (The) Class Aa		47,693		1,572,438
				91,641,787
HOUSEHOLD DURABLES — 4.92%
D.R. Horton Inc.		91,040		2,232,301
Harman International Industries Inc.		18,748		2,430,303
Jarden Corp.a		49,093		2,357,446
Leggett & Platt Inc.		37,639		1,604,550
Lennar Corp. Class A		49,001		2,200,635
Mohawk Industries Inc.a		16,992		2,804,359
Newell Rubbermaid Inc.		74,346		2,741,137
NVR Inc.a		1,064		1,334,501
PulteGroup Inc.		91,283		1,879,517
Ryland Group Inc. (The)		12,613		506,412
Tempur Sealy International Inc.a,b		16,630		915,149
Toll Brothers Inc.a		44,464		1,539,344
Tupperware Brands Corp.		13,841		935,790
Whirlpool Corp.		21,342		4,248,765
				27,730,209
HOUSEHOLD PRODUCTS — 17.43%
Church & Dwight Co. Inc.		36,687		2,968,712
Clorox Co. (The)		35,469		3,784,897
Colgate-Palmolive Co.		234,804		15,853,966
Energizer Holdings Inc.		17,043		2,181,674
Kimberly-Clark Corp.		102,082		11,020,773
Procter & Gamble Co. (The)		740,605		62,425,596
				98,235,618

90

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. CONSUMER GOODS ETF

January 31, 2015

Security	Shares		Value
LEISURE EQUIPMENT & PRODUCTS — 1.42%
Brunswick Corp.		25,431	$	1,380,395
Hasbro Inc.		30,947		1,699,609
Mattel Inc.		92,912		2,499,333
Polaris Industries Inc.		16,761		2,423,473
				8,002,810
MACHINERY — 1.60%
Middleby Corp. (The)a		15,684		1,490,294
Snap-on Inc.		15,947		2,116,326
Stanley Black & Decker Inc.		42,935		4,020,863
WABCO Holdings Inc.a		14,983		1,425,932
				9,053,415
PERSONAL PRODUCTS — 1.15%
Avon Products Inc.		118,820		919,666
Estee Lauder Companies Inc. (The) Class A		61,383		4,333,026
Herbalife Ltd.b		18,575		566,166
Nu Skin Enterprises Inc. Class A		16,206		664,122
				6,482,980
SOFTWARE — 1.51%
Activision Blizzard Inc.		136,068		2,843,141
Electronic Arts Inc.a		85,212		4,674,730
Take-Two Interactive Software Inc.a		23,082		685,997
TiVo Inc.a		28,111		294,041
				8,497,909
TEXTILES, APPAREL & LUXURY GOODS — 9.06%
Carter’s Inc.		14,531		1,184,131
Coach Inc.		75,580		2,810,820
Deckers Outdoor Corp.a,b		9,477		625,956
Fossil Group Inc.a,b		12,351		1,207,928
Hanesbrands Inc.		27,392		3,050,921
Iconix Brand Group Inc.a,b		13,203		438,868
Kate Spade & Co.a		34,756		1,095,857
Lululemon Athletica Inc.a,b		28,588		1,893,669
Michael Kors Holdings Ltd.a		56,432		3,994,821
Nike Inc. Class B		191,256		17,643,366
PVH Corp.		22,600		2,491,876
Ralph Lauren Corp.		16,594		2,769,373
SKECHERS U.S.A. Inc. Class Aa,b		11,254		679,179
Steven Madden Ltd.a		15,459		530,862
Under Armour Inc. Class Aa,b		45,707		3,294,560
VF Corp.		94,689		6,568,576
Wolverine World Wide Inc.		27,859		784,231
				51,064,994
TOBACCO — 13.33%
Altria Group Inc.		541,711		28,764,854
Lorillard Inc.		98,670		6,473,739
Philip Morris International Inc.		425,849		34,170,124

Security	Shares		Value
Reynolds American Inc.		84,450	$	5,738,377
				75,147,094
TOTAL COMMON STOCKS
(Cost: $512,877,413)				562,281,013
SHORT-TERM INVESTMENTS — 2.80%
MONEY MARKET FUNDS — 2.80%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		14,254,123		14,254,123
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		857,455		857,455
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		691,329		691,329
				15,802,907
TOTAL SHORT-TERM INVESTMENTS
(Cost: $15,802,907)				15,802,907
TOTAL INVESTMENTS IN SECURITIES — 102.55%
(Cost: $528,680,320)				578,083,920
Other Assets, Less Liabilities — (2.55)%				(14,379,291	)
NET ASSETS — 100.00%			$	563,704,629

NVS  —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

91

Schedule of Investments  (Unaudited)

iSHARES^® U.S. CONSUMER SERVICES ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.93%
AIRLINES — 5.21%
Alaska Air Group Inc.		37,082	$	2,516,755
American Airlines Group Inc.		202,145		9,921,277
Delta Air Lines Inc.		235,873		11,159,152
JetBlue Airways Corp.a,b		68,919		1,157,150
Southwest Airlines Co.		191,291		8,642,527
Spirit Airlines Inc.a		20,547		1,523,355
United Continental Holdings Inc.a		104,017		7,215,659
				42,135,875
COMMERCIAL SERVICES & SUPPLIES — 0.38%
Copart Inc.a		31,958		1,169,663
KAR Auction Services Inc.		39,592		1,350,483
Rollins Inc.		18,023		595,660
				3,115,806
DIVERSIFIED CONSUMER SERVICES — 0.97%
Apollo Education Group Inc.a		27,162		686,112
DeVry Education Group Inc.		16,180		686,194
Graham Holdings Co. Class B		1,242		1,161,667
Grand Canyon Education Inc.a		13,157		576,540
H&R Block Inc.		77,559		2,658,723
Service Corp. International		58,368		1,320,868
Sotheby’s		17,280		735,264
				7,825,368
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.06%
Dolby Laboratories Inc. Class A		12,366		479,801
				479,801
FOOD & STAPLES RETAILING — 16.28%
Casey’s General Stores Inc.		10,871		992,522
Costco Wholesale Corp.		123,372		17,640,962
CVS Health Corp.		323,075		31,713,042
Kroger Co. (The)		138,404		9,556,796
Rite Aid Corp.a		257,584		1,797,937
Sprouts Farmers Market Inc.a		34,881		1,270,017
Sysco Corp.		165,686		6,489,921
United Natural Foods Inc.a,b		14,029		1,084,161
Wal-Mart Stores Inc.		445,097		37,824,343
Walgreens Boots Alliance Inc.		245,712		18,121,260
Whole Foods Market Inc.		101,390		5,281,912
				131,772,873
HEALTH CARE PROVIDERS & SERVICES — 3.83%
AmerisourceBergen Corp.		58,554		5,565,558
Cardinal Health Inc.		93,276		7,759,630
Chemed Corp.		4,836		489,113
McKesson Corp.		65,350		13,896,677
Omnicare Inc.		27,606		2,069,898

Security	Shares		Value
VCA Inc.a		23,717	$	1,235,656
				31,016,532
HOTELS, RESTAURANTS & LEISURE — 13.81%
Brinker International Inc.		17,876		1,044,495
Buffalo Wild Wings Inc.a,b		5,316		947,949
Carnival Corp.		126,943		5,580,414
Cheesecake Factory Inc. (The)		12,958		680,425
Chipotle Mexican Grill Inc.a,b		8,741		6,204,711
Choice Hotels International Inc.		9,832		564,848
Cracker Barrel Old Country Store Inc.		6,725		904,580
Darden Restaurants Inc.		34,973		2,146,643
Domino’s Pizza Inc.		15,545		1,539,732
Dunkin’ Brands Group Inc.		29,568		1,398,862
Hilton Worldwide Holdings Inc.a		116,557		3,026,985
Hyatt Hotels Corp. Class Aa		16,205		911,693
International Game Technology		69,558		1,176,921
Jack in the Box Inc.		10,877		922,261
Las Vegas Sands Corp.		103,976		5,653,175
Life Time Fitness Inc.a,b		10,126		553,588
Marriott International Inc./MD Class A		59,898		4,462,401
Marriott Vacations Worldwide Corp.		8,029		614,219
McDonald’s Corp.		274,271		25,353,611
MGM Resorts Internationala		101,129		1,969,993
Norwegian Cruise Line Holdings Ltd.a		28,383		1,242,040
Panera Bread Co. Class Aa		7,203		1,237,908
Royal Caribbean Cruises Ltd.		47,070		3,556,139
Six Flags Entertainment Corp.		24,744		1,063,002
Starbucks Corp.		210,889		18,459,114
Starwood Hotels & Resorts Worldwide Inc.		50,331		3,622,322
Vail Resorts Inc.		10,211		896,117
Wendy’s Co. (The)		77,112		812,761
Wyndham Worldwide Corp.		34,742		2,911,032
Wynn Resorts Ltd.		22,831		3,377,847
Yum! Brands Inc.		123,298		8,911,980
				111,747,768
INTERNET & CATALOG RETAIL — 8.95%
Amazon.com Inc.a		106,998		37,934,001
Expedia Inc.		27,822		2,390,745
Groupon Inc.a,b		118,609		849,241
HSN Inc.		9,135		707,414
Liberty Interactive Corp. Series Aa		133,155		3,643,121
Liberty TripAdvisor Holdings Inc. Class Aa		19,518		467,261
Liberty Ventures Series Aa		38,732		1,446,640
Netflix Inc.a,b		16,980		7,501,764
Priceline Group Inc. (The)a		14,755		14,894,877
Shutterfly Inc.a		10,920		479,060
TripAdvisor Inc.a		31,435		2,106,459
				72,420,583
INTERNET SOFTWARE & SERVICES — 0.11%
Yelp Inc.a,b		17,327		909,148
				909,148
IT SERVICES — 0.05%
Acxiom Corp.a		21,822		397,160
				397,160

92

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. CONSUMER SERVICES ETF

January 31, 2015

Security	Shares		Value
MEDIA — 25.25%
AMC Networks Inc. Class Aa,b		16,635	$	1,109,554
Cablevision NY Group Class A		61,536		1,164,261
CBS Corp. Class B NVSb		134,381		7,365,423
Charter Communications Inc. Class Aa		23,016		3,478,063
Cinemark Holdings Inc.		29,282		1,088,412
Comcast Corp. Class A		726,052		38,586,034
DIRECTVa		141,544		12,070,872
Discovery Communications Inc. Series Aa,b		41,739		1,209,805
Discovery Communications Inc. Series C NVSa,b		77,027		2,147,513
DISH Network Corp. Class Aa		59,757		4,203,905
DreamWorks Animation SKG Inc. Class Aa,b		20,412		381,092
Gannett Co. Inc.		63,712		1,975,709
Interpublic Group of Companies Inc. (The)		117,891		2,350,747
John Wiley & Sons Inc. Class A		13,200		817,872
Liberty Broadband Corp. Class Aa		6,994		311,023
Liberty Broadband Corp. Class Ca		18,359		815,140
Liberty Global PLC Series Aa		69,675		3,255,216
Liberty Global PLC Series C NVSa		170,017		7,751,075
Liberty Media Corp. Class Aa		27,916		950,540
Liberty Media Corp. Class Ca		56,129		1,915,121
Lions Gate Entertainment Corp.		23,204		666,651
Live Nation Entertainment Inc.a		40,633		965,846
Madison Square Garden Inc. Class Aa		17,008		1,288,356
Meredith Corp.		10,274		534,864
New York Times Co. (The) Class A		36,836		463,765
News Corp. Class A NVSa		140,687		2,094,829
Omnicom Group Inc.		69,947		5,092,142
Regal Entertainment Group Class A		22,440		474,830
Scripps Networks Interactive Inc. Class A		28,600		2,033,174
Sinclair Broadcast Group Inc. Class A		20,305		502,346
Sirius XM Holdings Inc.a		727,877		2,583,963
Starza,b		23,794		702,399
Time Inc.b		30,684		768,327
Time Warner Cable Inc.		79,052		10,761,349
Time Warner Inc.		236,305		18,415,249
Twenty-First Century Fox Inc. Class A		522,576		17,328,620
Viacom Inc. Class B NVS		104,116		6,707,153
Walt Disney Co. (The)		439,654		39,990,928
				204,322,168
MULTILINE RETAIL — 4.99%
Big Lots Inc.		15,011		689,155
Dillard’s Inc.		7,278		826,781
Dollar General Corp.a		85,517		5,734,770
Dollar Tree Inc.a		57,963		4,121,169
Family Dollar Stores Inc.		27,092		2,061,701
J.C. Penney Co. Inc.a,b		85,834		624,013
Kohl’s Corp.		56,936		3,400,218
Macy’s Inc.		97,314		6,216,418
Nordstrom Inc.		39,679		3,023,540
Sears Holdings Corp.a,b		14,112		449,326
Target Corp.		179,514		13,214,026
				40,361,117
PROFESSIONAL SERVICES — 0.91%
Dun & Bradstreet Corp. (The)		10,094		1,161,920
IHS Inc. Class Aa		19,230		2,213,950

Security	Shares		Value
Nielsen NV		91,293	$	3,976,723
				7,352,593
ROAD & RAIL — 0.53%
Avis Budget Group Inc.a		29,987		1,718,555
Hertz Global Holdings Inc.a		126,186		2,589,337
				4,307,892
SOFTWARE — 0.19%
FactSet Research Systems Inc.		10,970		1,575,182
				1,575,182
SPECIALTY RETAIL — 18.41%
Aaron’s Inc.		18,160		574,946
Abercrombie & Fitch Co. Class A		20,087		512,620
Advance Auto Parts Inc.		20,574		3,271,266
American Eagle Outfitters Inc.		49,274		691,807
ANN INC.a		12,872		426,063
Asbury Automotive Group Inc.a		8,367		620,915
Ascena Retail Group Inc.a		37,105		428,934
AutoNation Inc.a		21,114		1,258,817
AutoZone Inc.a		9,031		5,391,146
Bed Bath & Beyond Inc.a		52,209		3,903,667
Best Buy Co. Inc.		82,057		2,888,406
Cabela’s Inc.a,b		13,409		736,824
CarMax Inc.a,b		60,708		3,769,967
Chico’s FAS Inc.		43,045		717,991
CST Brands Inc.		21,837		941,175
Dick’s Sporting Goods Inc.		27,584		1,424,714
DSW Inc. Class A		19,811		704,479
Foot Locker Inc.		40,080		2,133,058
GameStop Corp. Class Ab		30,646		1,080,271
Gap Inc. (The)		75,215		3,098,106
Genesco Inc.a		6,795		485,503
GNC Holdings Inc. Class A		24,982		1,107,702
Group 1 Automotive Inc.		6,020		483,948
Guess? Inc.		18,024		338,491
Home Depot Inc. (The)		371,390		38,780,544
L Brands Inc.		69,291		5,864,097
Lithia Motors Inc. Class A		6,440		545,468
Lowe’s Companies Inc.		274,188		18,578,979
Lumber Liquidators Holdings Inc.a,b		7,633		482,024
Men’s Wearhouse Inc. (The)		12,853		597,279
Murphy USA Inc.a,b		12,098		844,561
O’Reilly Automotive Inc.a,b		28,592		5,356,997
Office Depot Inc.a		136,302		1,035,895
PetSmart Inc.		28,032		2,290,354
Pier 1 Imports Inc.		25,806		433,799
Restoration Hardware Holdings Inc.a,b		10,104		884,403
Ross Stores Inc.		59,139		5,423,638
Sally Beauty Holdings Inc.a		35,354		1,098,802
Signet Jewelers Ltd.		22,599		2,736,965
Staples Inc.		180,330		3,074,626
Tiffany & Co.		31,720		2,748,221
TJX Companies Inc. (The)		194,150		12,802,251
Tractor Supply Co.		38,315		3,110,028
Ulta Salon, Cosmetics & Fragrance Inc.a		18,152		2,394,975
Urban Outfitters Inc.a,b		28,273		985,597

93

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. CONSUMER SERVICES ETF

January 31, 2015

Security	Shares		Value
Williams-Sonoma Inc.		24,180	$	1,892,085
				148,952,404
TOTAL COMMON STOCKS (Cost: $753,269,301)				808,692,270
SHORT-TERM INVESTMENTS — 3.56%
MONEY MARKET FUNDS — 3.56%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		26,634,829		26,634,829
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,602,216		1,602,216
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		533,397		533,397
				28,770,442
TOTAL SHORT-TERM INVESTMENTS (Cost: $28,770,442)				28,770,442
TOTAL INVESTMENTS IN SECURITIES — 103.49% (Cost: $782,039,743)				837,462,712
Other Assets, Less Liabilities — (3.49)%				(28,242,968	)
NET ASSETS — 100.00%			$	809,219,744

NVS  —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

94

Schedule of Investments  (Unaudited)

iSHARES^® U.S. ENERGY ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.87%
ELECTRIC UTILITIES — 0.43%
OGE Energy Corp.		141,217	$	4,968,014
				4,968,014
ELECTRICAL EQUIPMENT — 0.15%
Solarcity Corp.a,b		36,130		1,756,279
				1,756,279
ENERGY EQUIPMENT & SERVICES — 17.69%
Atwood Oceanics Inc.		42,340		1,210,077
Baker Hughes Inc.		306,628		17,781,358
Bristow Group Inc.		24,869		1,385,452
Cameron International Corp.a		139,965		6,267,633
CARBO Ceramics Inc.b		13,904		455,773
Core Laboratories NV		31,019		2,877,012
Diamond Offshore Drilling Inc.b		47,579		1,500,166
Dresser-Rand Group Inc.a		54,268		4,345,781
Dril-Quip Inc.a		27,994		2,077,995
Ensco PLC Class A		166,010		4,654,920
Exterran Holdings Inc.		48,484		1,314,401
FMC Technologies Inc.a,b		165,758		6,212,610
Forum Energy Technologies Inc.a		45,779		707,286
Halliburton Co.		600,532		24,015,275
Helix Energy Solutions Group Inc.a		69,400		1,302,638
Helmerich & Payne Inc.		76,743		4,570,813
McDermott International Inc.a,b		167,444		376,749
Nabors Industries Ltd.b		205,048		2,360,102
National Oilwell Varco Inc.		305,120		16,607,682
Nobel Corp. PLC		178,676		2,898,125
Oceaneering International Inc.		74,437		3,897,521
Oil States International Inc.a		37,803		1,552,569
Patterson-UTI Energy Inc.		103,530		1,776,575
Rowan Companies PLC Class A		88,185		1,862,467
Schlumberger Ltd.		911,815		75,124,438
SEACOR Holdings Inc.a		12,445		895,418
Superior Energy Services Inc.		108,274		2,165,480
Tidewater Inc.		35,223		1,030,625
Transocean Ltd.b		241,410		3,934,983
Unit Corp.a		32,642		972,079
US Silica Holdings Inc.		38,194		962,489
Weatherford International Ltd.a,b		548,489		5,665,891
				202,762,383
MACHINERY — 0.05%
Chart Industries Inc.a		21,544		614,004
				614,004
OIL, GAS & CONSUMABLE FUELS — 81.35%
Anadarko Petroleum Corp.		358,872		29,337,786
Antero Resources Corp.a,b		38,879		1,347,157
Apache Corp.		266,807		16,694,114
Cabot Oil & Gas Corp.		292,725		7,757,212
California Resources Corp.a		193,215		989,261

Security	Shares		Value
Carrizo Oil & Gas Inc.a,b		29,974	$	1,351,827
Cheniere Energy Inc.a		156,802		11,192,527
Chesapeake Energy Corp.		367,730		7,053,061
Chevron Corp.		1,339,506		137,339,550
Cimarex Energy Co.		61,837		6,381,578
Cobalt International Energy Inc.a,b		210,069		1,915,829
Concho Resources Inc.a,b		80,094		8,878,420
ConocoPhillips		872,215		54,932,101
Continental Resources Inc.a,b		60,659		2,753,919
Denbury Resources Inc.		249,668		1,722,709
Devon Energy Corp.		272,504		16,423,816
Diamondback Energy Inc.a,b		40,121		2,767,948
Energen Corp.		51,783		3,284,078
Energy XXI Ltd.b		64,930		190,894
EOG Resources Inc.		388,323		34,572,397
EQT Corp.		107,384		7,993,665
Exxon Mobil Corp.		3,000,514		262,304,934
Gulfport Energy Corp.a		60,546		2,330,416
Hess Corp.		180,082		12,153,734
HollyFrontier Corp.		138,729		4,983,146
Kinder Morgan Inc.		1,204,004		49,424,364
Laredo Petroleum Inc.a,b		58,985		578,643
Marathon Oil Corp.		478,306		12,722,940
Marathon Petroleum Corp.		198,572		18,385,781
Murphy Oil Corp.		118,259		5,311,012
Newfield Exploration Co.a		97,568		2,905,575
Noble Energy Inc.		255,407		12,193,130
Oasis Petroleum Inc.a,b		71,527		961,323
Occidental Petroleum Corp.		549,467		43,957,360
ONEOK Inc.		147,576		6,497,771
PBF Energy Inc.		59,507		1,672,147
Phillips 66		392,221		27,580,981
Pioneer Natural Resources Co.		105,539		15,886,786
QEP Resources Inc.		117,245		2,370,694
Range Resources Corp.		119,589		5,533,383
Rosetta Resources Inc.a		43,489		742,357
SandRidge Energy Inc.a,b		279,600		394,236
SemGroup Corp. Class A		30,179		2,031,952
SM Energy Co.		47,678		1,803,182
Southwestern Energy Co.a,b		268,616		6,658,991
Spectra Energy Corp.		475,533		15,901,823
Stone Energy Corp.a		39,740		559,539
Targa Resources Corp.		20,885		1,813,445
Teekay Corp.		32,668		1,382,836
Tesoro Corp.		89,499		7,314,753
Ultra Petroleum Corp.a,b		108,390		1,381,972
Valero Energy Corp.		369,391		19,533,396
Western Refining Inc.		51,943		1,928,644
Whiting Petroleum Corp.a		118,140		3,546,563
Williams Companies Inc. (The)		476,728		20,909,290
World Fuel Services Corp.		51,107		2,502,710
WPX Energy Inc.a		143,727		1,532,130
				932,571,788
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.20%
First Solar Inc.a,b		53,191		2,251,043
				2,251,043
TOTAL COMMON STOCKS (Cost: $1,422,367,051)				1,144,923,511

95

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. ENERGY ETF

January 31, 2015

Security	Shares		Value
SHORT-TERM INVESTMENTS — 2.95%
MONEY MARKET FUNDS — 2.95%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		30,906,172	$	30,906,172
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,859,159		1,859,159
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,082,709		1,082,709
				33,848,040
TOTAL SHORT-TERM INVESTMENTS
(Cost: $33,848,040)				33,848,040
TOTAL INVESTMENTS IN SECURITIES — 102.82%
(Cost: $1,456,215,091)				1,178,771,551
Other Assets, Less Liabilities — (2.82)%				(32,342,759	)
NET ASSETS — 100.00%			$	1,146,428,792

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

96

Schedule of Investments  (Unaudited)

iSHARES^® U.S. FINANCIAL SERVICES ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.81%
CAPITAL MARKETS — 20.83%
Affiliated Managers Group Inc.a		15,430	$	3,171,174
Ameriprise Financial Inc.		51,138		6,389,182
Bank of New York Mellon Corp. (The)		311,662		11,219,832
BlackRock Inc.b		35,269		12,009,447
Charles Schwab Corp. (The)		318,241		8,267,901
E*TRADE Financial Corp.a		80,335		1,851,722
Eaton Vance Corp. NVS		32,875		1,323,219
Federated Investors Inc. Class B		26,765		846,042
Financial Engines Inc.		14,667		526,545
Franklin Resources Inc.		108,680		5,600,280
Goldman Sachs Group Inc. (The)		112,097		19,326,644
Invesco Ltd.		119,489		4,388,831
Janus Capital Group Inc.		41,461		727,226
Legg Mason Inc.		27,944		1,549,215
LPL Financial Holdings Inc.		21,369		879,334
Morgan Stanley		422,603		14,288,207
Northern Trust Corp.		61,423		4,015,836
NorthStar Asset Management Group Inc.		52,903		1,119,957
Raymond James Financial Inc.		35,036		1,843,594
SEI Investments Co.		36,320		1,458,974
State Street Corp.		115,635		8,269,059
Stifel Financial Corp.a		18,435		869,210
T. Rowe Price Group Inc.		71,888		5,659,023
TD Ameritrade Holding Corp.		75,522		2,446,158
Waddell & Reed Financial Inc. Class A		23,242		1,039,150
				119,085,762
COMMERCIAL BANKS — 53.43%
Associated Banc-Corp.		42,252		710,256
BancorpSouth Inc.		23,772		471,874
Bank of America Corp.		2,909,314		44,076,107
Bank of Hawaii Corp.		12,356		697,620
BankUnited Inc.		28,297		782,695
BB&T Corp.		199,550		7,042,119
BOK Financial Corp.		6,128		331,586
Cathay General Bancorp		20,648		493,281
CIT Group Inc.		50,867		2,228,992
Citigroup Inc.		838,120		39,349,734
City National Corp.		13,405		1,162,079
Comerica Inc.		49,914		2,071,431
Commerce Bancshares Inc.		23,189		927,560
Cullen/Frost Bankers Inc.		15,315		954,124
East West Bancorp Inc.		39,929		1,444,631
F.N.B. Corp.		48,230		578,760
Fifth Third Bancorp		228,559		3,954,071
First Financial Bankshares Inc.		17,810		439,907
First Horizon National Corp.		66,123		858,938
First Niagara Financial Group Inc.		99,356		806,771
First Republic Bank		33,833		1,722,776
FirstMerit Corp.		46,445		761,001
Fulton Financial Corp.		52,286		582,989
Glacier Bancorp Inc.		21,211		472,369
Hancock Holding Co.		22,898		597,867
Huntington Bancshares Inc.		226,448		2,269,009
IBERIABANK Corp.		9,434		515,191

Security	Shares		Value
International Bancshares Corp.		16,472	$	370,785
Investors Bancorp Inc.		95,637		1,052,963
JPMorgan Chase & Co.		1,034,098		56,234,249
KeyCorp		240,557		3,124,835
M&T Bank Corp.		36,647		4,146,975
MB Financial Inc.		18,177		516,409
PNC Financial Services Group Inc. (The)b		145,683		12,316,041
Popular Inc.a		29,031		895,026
PrivateBancorp Inc.		19,546		593,026
Prosperity Bancshares Inc.		16,811		769,776
Regions Financial Corp.		381,971		3,323,148
Signature Banka		13,996		1,639,351
SunTrust Banks Inc.		144,539		5,553,188
Susquehanna Bancshares Inc.		50,391		635,431
SVB Financial Groupa		14,144		1,596,858
Synovus Financial Corp.		37,966		978,384
TCF Financial Corp.		46,943		690,062
Texas Capital Bancshares Inc.a,c		12,892		526,638
Trustmark Corp.		18,747		400,436
U.S. Bancorp		495,188		20,753,329
UMB Financial Corp.		10,665		517,466
Umpqua Holdings Corp.		60,953		945,381
United Bankshares Inc./WV		17,700		598,437
Valley National Bancorp		61,136		555,115
Webster Financial Corp.		25,088		765,937
Wells Fargo & Co.		1,305,871		67,800,822
Wintrust Financial Corp.		13,202		573,891
Zions Bancorp		56,439		1,352,278
				305,529,975
CONSUMER FINANCE — 8.02%
Ally Financial Inc.a		120,751		2,259,251
American Express Co.		246,243		19,869,348
Capital One Financial Corp.		153,921		11,268,557
Discover Financial Services		125,618		6,831,107
Navient Corp.		114,038		2,251,110
PRA Group Inc.a,c		13,952		690,903
Santander Consumer USA Holdings Inc.		28,624		510,938
SLM Corp.		118,610		1,080,537
Synchrony Financiala		35,105		1,083,340
				45,845,091
DIVERSIFIED FINANCIAL SERVICES — 5.44%
CBOE Holdings Inc.		23,490		1,514,400
CME Group Inc./IL		87,715		7,482,090
FNFV Groupa		28,081		348,204
Intercontinental Exchange Inc.		31,229		6,424,742
MarketAxess Holdings Inc.		10,515		798,825
McGraw Hill Financial Inc.		75,235		6,729,018
Moody’s Corp.		50,900		4,648,697
MSCI Inc. Class A		31,145		1,676,224
NASDAQ OMX Group Inc. (The)		32,740		1,492,944
				31,115,144
INSURANCE — 0.47%
FNF Group		77,222		2,710,492
				2,710,492

97

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. FINANCIAL SERVICES ETF

January 31, 2015

Security	Shares		Value
IT SERVICES — 10.35%
MasterCard Inc. Class A		271,173	$	22,244,321
Visa Inc. Class A		135,135		34,447,263
Western Union Co.		145,260		2,469,420
				59,161,004
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.02%
Altisource Portfolio Solutions SAa,c		4,524		91,747
				91,747
THRIFTS & MORTGAGE FINANCE — 1.25%
Capitol Federal Financial Inc.		36,496		454,740
Hudson City Bancorp Inc.		134,781		1,208,986
MGIC Investment Corp.a		95,159		810,755
New York Community Bancorp Inc.		123,112		1,902,080
Ocwen Financial Corp.a,c		30,935		189,322
People’s United Financial Inc.		85,956		1,209,401
Radian Group Inc.		53,108		836,982
Washington Federal Inc.		27,709		550,301
				7,162,567
TOTAL COMMON STOCKS (Cost: $546,558,715)				570,701,782
SHORT-TERM INVESTMENTS — 0.35%
MONEY MARKET FUNDS — 0.35%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%b,d,e		1,407,701		1,407,701
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,d,e		84,680		84,680
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,d		529,782		529,782
				2,022,163
TOTAL SHORT-TERM INVESTMENTS (Cost: $2,022,163)				2,022,163
TOTAL INVESTMENTS IN SECURITIES — 100.16%
(Cost: $548,580,878)				572,723,945
Other Assets, Less Liabilities — (0.16)%				(942,751	)
NET ASSETS — 100.00%			$	571,781,194

NVS   —   Non-Voting Shares

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

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

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

See accompanying notes to schedules of investments.

98

Schedule of Investments  (Unaudited)

iSHARES^® U.S. FINANCIALS ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.96%
CAPITAL MARKETS — 11.30%
Affiliated Managers Group Inc.a		28,038	$	5,762,370
Ameriprise Financial Inc.		92,985		11,617,546
Bank of New York Mellon Corp. (The)		566,963		20,410,668
BlackRock Inc.b		64,154		21,845,078
Charles Schwab Corp. (The)		578,860		15,038,783
E*TRADE Financial Corp.a		146,246		3,370,970
Eaton Vance Corp. NVS		59,917		2,411,659
Federated Investors Inc. Class B		48,636		1,537,384
Financial Engines Inc.c		26,812		962,551
Franklin Resources Inc.		197,594		10,182,019
Goldman Sachs Group Inc. (The)		203,963		35,165,261
Invesco Ltd.		217,669		7,994,982
Janus Capital Group Inc.		74,545		1,307,519
Legg Mason Inc.		50,901		2,821,951
LPL Financial Holdings Inc.		38,501		1,584,316
Morgan Stanley		768,875		25,995,664
Northern Trust Corp.		111,869		7,313,995
NorthStar Asset Management Group Inc.		96,121		2,034,882
Raymond James Financial Inc.		63,650		3,349,263
SEI Investments Co.		66,111		2,655,679
State Street Corp.		210,317		15,039,769
Stifel Financial Corp.a		33,491		1,579,101
T. Rowe Price Group Inc.		130,724		10,290,593
TD Ameritrade Holding Corp.		137,539		4,454,888
Waddell & Reed Financial Inc. Class A		42,672		1,907,865
				216,634,756
COMMERCIAL BANKS — 29.00%
Associated Banc-Corp.		77,006		1,294,471
BancorpSouth Inc.		44,216		877,688
Bank of America Corp.		5,294,337		80,209,206
Bank of Hawaii Corp.		22,367		1,262,841
BankUnited Inc.		52,062		1,440,035
BB&T Corp.		362,919		12,807,411
BOK Financial Corp.		11,109		601,108
Cathay General Bancorp		37,746		901,752
CIT Group Inc.		92,622		4,058,696
Citigroup Inc.		1,525,180		71,607,201
City National Corp.		24,246		2,101,886
Comerica Inc.		90,813		3,768,739
Commerce Bancshares Inc.		42,001		1,680,040
Cullen/Frost Bankers Inc.		27,804		1,732,189
East West Bancorp Inc.		72,767		2,632,710
F.N.B. Corp.		88,274		1,059,288
Fifth Third Bancorp		415,465		7,187,544
First Financial Bankshares Inc.		32,527		803,417
First Horizon National Corp.		119,183		1,548,187
First Niagara Financial Group Inc.		180,555		1,466,107
First Republic Bank		61,490		3,131,071
FirstMerit Corp.		84,470		1,384,041
Fulton Financial Corp.		94,251		1,050,899
Glacier Bancorp Inc.		37,916		844,389
Hancock Holding Co.		41,819		1,091,894
Huntington Bancshares Inc.		412,513		4,133,380
IBERIABANK Corp.		17,020		929,462

Security	Shares		Value
International Bancshares Corp.		29,686	$	668,232
Investors Bancorp Inc.		173,769		1,913,197
JPMorgan Chase & Co.		1,881,859		102,335,492
KeyCorp		437,996		5,689,568
M&T Bank Corp.c		66,756		7,554,109
MB Financial Inc.		32,783		931,365
PNC Financial Services Group Inc. (The)b		265,018		22,404,622
Popular Inc.a		52,679		1,624,094
PrivateBancorp Inc.		35,667		1,082,137
Prosperity Bancshares Inc.		30,536		1,398,243
Regions Financial Corp.		695,654		6,052,190
Signature Banka		25,500		2,986,815
SunTrust Banks Inc.		262,777		10,095,892
Susquehanna Bancshares Inc.		91,816		1,157,800
SVB Financial Groupa		25,692		2,900,627
Synovus Financial Corp.		69,311		1,786,144
TCF Financial Corp.		85,614		1,258,526
Texas Capital Bancshares Inc.a,c		23,323		952,745
Trustmark Corp.		34,584		738,714
U.S. Bancorp		900,996		37,760,742
UMB Financial Corp.		19,442		943,326
Umpqua Holdings Corp.		110,836		1,719,066
United Bankshares Inc./WV		32,730		1,106,601
Valley National Bancorp		112,534		1,021,809
Webster Financial Corp.		46,032		1,405,357
Wells Fargo & Co.		2,376,452		123,385,388
Wintrust Financial Corp.		23,722		1,031,195
Zions Bancorp		102,808		2,463,280
				555,972,928
CONSUMER FINANCE — 4.35%
Ally Financial Inc.a		219,449		4,105,891
American Express Co.		448,035		36,151,944
Capital One Financial Corp.		280,007		20,499,313
Discover Financial Services		228,467		12,424,035
Navient Corp.		207,531		4,096,662
PRA Group Inc.a,c		25,335		1,254,589
Santander Consumer USA Holdings Inc.		51,378		917,097
SLM Corp.		214,896		1,957,703
Synchrony Financiala		63,341		1,954,703
				83,361,937
DIVERSIFIED FINANCIAL SERVICES — 10.04%
Berkshire Hathaway Inc. Class Ba		917,971		132,105,207
CBOE Holdings Inc.		42,725		2,754,481
CME Group Inc./IL		159,523		13,607,312
FNFV Groupa		49,550		614,420
Intercontinental Exchange Inc.		56,791		11,683,612
MarketAxess Holdings Inc.		18,931		1,438,188
McGraw Hill Financial Inc.		136,860		12,240,758
Moody’s Corp.		92,496		8,447,660
MSCI Inc. Class A		56,710		3,052,132
NASDAQ OMX Group Inc. (The)		59,366		2,707,090
Voya Financial Inc.		97,905		3,819,274
				192,470,134
INSURANCE — 16.27%
ACE Ltd.		167,094		18,039,468
Aflac Inc.		227,129		12,964,523
Alleghany Corp.a		8,154		3,604,802

99

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. FINANCIALS ETF

January 31, 2015

Security	Shares		Value
Allied World Assurance Co. Holdings Ltd.		48,933	$	1,892,239
Allstate Corp. (The)		211,435		14,756,049
American Financial Group Inc.		37,364		2,168,607
American International Group Inc.		704,901		34,448,512
Aon PLC		143,659		12,936,493
Arch Capital Group Ltd.a		65,358		3,788,803
Arthur J. Gallagher & Co.		81,511		3,621,534
Aspen Insurance Holdings Ltd.		31,526		1,365,706
Assurant Inc.		35,635		2,263,179
Assured Guaranty Ltd.		81,976		2,001,854
Axis Capital Holdings Ltd.		51,758		2,634,482
Brown & Brown Inc.		59,949		1,849,427
Chubb Corp. (The)		118,866		11,636,981
Cincinnati Financial Corp.		74,338		3,754,812
CNO Financial Group Inc.		103,805		1,611,054
Endurance Specialty Holdings Ltd.c		22,985		1,404,843
Erie Indemnity Co. Class A		12,438		1,077,877
Everest Re Group Ltd.		22,954		3,933,857
First American Financial Corp.		54,703		1,860,996
FNF Group		140,408		4,928,321
Genworth Financial Inc. Class Aa		252,334		1,761,291
Hanover Insurance Group Inc. (The)		22,405		1,545,945
Hartford Financial Services Group Inc. (The)		217,993		8,479,928
HCC Insurance Holdings Inc.		49,013		2,614,354
Kemper Corp.		25,286		882,734
Lincoln National Corp.		131,283		6,561,524
Loews Corp.		151,312		5,789,197
Markel Corp.a,c		7,064		4,827,255
Marsh & McLennan Companies Inc.		272,477		14,651,088
Mercury General Corp.		11,382		650,481
MetLife Inc.		572,090		26,602,185
Old Republic International Corp.		123,427		1,732,915
PartnerRe Ltd.		24,791		2,836,090
Platinum Underwriters Holdings Ltd.		12,746		941,037
Primerica Inc.		27,005		1,340,528
Principal Financial Group Inc.		138,025		6,477,513
ProAssurance Corp.		29,080		1,290,280
Progressive Corp. (The)		270,335		7,015,193
Protective Life Corp.		39,996		2,797,720
Prudential Financial Inc.		230,688		17,504,606
Reinsurance Group of America Inc.		34,927		2,892,305
RenaissanceRe Holdings Ltd.		19,512		1,865,933
RLI Corp.		18,858		884,629
StanCorp Financial Group Inc.		21,306		1,321,824
Symetra Financial Corp.		48,129		977,500
Torchmark Corp.		65,117		3,260,408
Travelers Companies Inc. (The)		166,922		17,162,920
Unum Group		127,503		3,960,243
Validus Holdings Ltd.		46,288		1,835,319
White Mountains Insurance Group Ltd.		3,038		1,958,234
Willis Group Holdings PLC		89,533		3,876,779
WR Berkley Corp.		51,614		2,528,570
XL Group PLC		130,630		4,505,429
				311,876,376
IT SERVICES — 5.62%
MasterCard Inc. Class A		493,400		40,473,602
Visa Inc. Class A		245,902		62,682,879
Western Union Co.		264,554		4,497,418
				107,653,899

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 21.79%
Alexandria Real Estate Equities Inc.		36,365	$	3,546,315
American Campus Communities Inc.		53,313		2,343,639
American Capital Agency Corp.		178,169		3,839,542
American Homes 4 Rent Class A		72,495		1,209,942
American Realty Capital Properties Inc.		458,565		4,248,605
American Tower Corp.		199,695		19,360,430
Annaly Capital Management Inc.		478,856		5,056,719
Apartment Investment and Management Co. Class A		77,786		3,100,550
ARMOUR Residential REIT Inc.		182,244		603,228
AvalonBay Communities Inc.		66,542		11,511,101
BioMed Realty Trust Inc.		100,567		2,458,863
Boston Properties Inc.		77,171		10,711,335
Brandywine Realty Trust		91,440		1,518,818
Camden Property Trust		43,649		3,363,155
CBL & Associates Properties Inc.c		86,786		1,789,527
Chimera Investment Corp.		523,774		1,644,650
Colony Financial Inc.		56,304		1,410,415
Columbia Property Trust Inc.		63,656		1,557,662
Corporate Office Properties Trust		47,226		1,416,780
Corrections Corp. of Americac		59,148		2,325,699
Cousins Properties Inc.		103,835		1,146,338
Crown Castle International Corp.		168,188		14,549,944
CubeSmart		83,046		2,046,253
CYS Investments Inc.		82,388		728,310
DCT Industrial Trust Inc.		44,966		1,697,916
DDR Corp.c		151,235		2,964,206
DiamondRock Hospitality Co.		99,854		1,450,879
Digital Realty Trust Inc.		68,458		4,993,327
Douglas Emmett Inc.		68,856		1,961,019
Duke Realty Corp.		172,832		3,772,923
DuPont Fabros Technology Inc.		33,427		1,245,490
EastGroup Properties Inc.		16,206		1,047,556
EPR Properties		28,895		1,879,909
Equity Commonwealth		65,323		1,721,261
Equity Lifestyle Properties Inc.		40,558		2,219,739
Equity Residential		182,678		14,177,640
Essex Property Trust Inc.c		32,318		7,305,484
Extra Space Storage Inc.		55,807		3,683,262
Federal Realty Investment Trust		34,426		4,949,426
Gaming and Leisure Properties Inc.		45,519		1,485,285
General Growth Properties Inc.		316,275		9,545,179
GEO Group Inc. (The)		37,875		1,648,320
Hatteras Financial Corp.		49,946		908,018
HCP Inc.		231,503		10,947,777
Health Care REIT Inc.		165,199		13,538,058
Healthcare Realty Trust Inc.		50,213		1,510,909
Healthcare Trust of America Inc. Class A		60,993		1,796,854
Highwoods Properties Inc.c		46,506		2,185,782
Home Properties Inc.		29,277		2,064,029
Hospitality Properties Trust		77,458		2,524,356
Host Hotels & Resorts Inc.		381,631		8,735,534
Invesco Mortgage Capital Inc.		62,525		959,134
Iron Mountain Inc.c		94,207		3,753,207
Kilroy Realty Corp.		42,691		3,165,538
Kimco Realty Corp.c		207,471		5,736,573
Kite Realty Group Trustc		42,790		1,307,662
Lamar Advertising Co.Class A		39,620		2,219,512
LaSalle Hotel Properties		56,853		2,300,272
Lexington Realty Trust		106,494		1,215,097
Liberty Property Trust		75,160		3,028,948
Macerich Co. (The)		71,123		6,117,289

100

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S FINANCIALS ETF

January 31, 2015

Security	Shares		Value
Mack-Cali Realty Corp.		42,327	$	825,800
Medical Properties Trust Inc.		102,240		1,571,429
MFA Financial Inc.		187,108		1,466,927
Mid-America Apartment Communities Inc.		38,139		3,025,185
National Retail Properties Inc.c		66,934		2,867,453
NorthStar Realty Finance Corp.		112,941		2,135,714
Omega Healthcare Investors Inc.c		64,485		2,828,312
Outfront Media Inc.		64,110		1,817,519
Pebblebrook Hotel Trust		36,398		1,690,323
Piedmont Office Realty Trust Inc. Class A		78,657		1,536,171
Plum Creek Timber Co. Inc.c		88,924		3,958,896
Post Properties Inc.		27,723		1,684,172
Potlatch Corp.		20,620		821,913
Prologis Inc.		252,018		11,376,093
Public Storage		73,138		14,689,036
Rayonier Inc.		64,290		1,886,912
Realty Income Corp.c		112,545		6,112,319
Redwood Trust Inc.c		42,691		850,832
Regency Centers Corp.c		47,076		3,227,531
Retail Properties of America Inc. Class A		119,796		2,119,191
RLJ Lodging Trust		67,092		2,285,824
Ryman Hospitality Properties Inc.c		26,164		1,436,404
Senior Housing Properties Trust		102,496		2,387,132
Simon Property Group Inc.		156,491		31,088,502
SL Green Realty Corp.c		48,677		6,133,302
Sovran Self Storage Inc.		17,255		1,634,911
Spirit Realty Capital Inc.		202,046		2,598,312
Starwood Property Trust Inc.c		112,927		2,702,343
Strategic Hotels & Resorts Inc.a		136,355		1,829,884
Sun Communities Inc.		25,357		1,717,430
Sunstone Hotel Investors Inc.		105,853		1,804,788
Tanger Factory Outlet Centers Inc.		48,794		1,920,044
Taubman Centers Inc.		31,978		2,620,597
Two Harbors Investment Corp.		186,237		1,921,966
UDR Inc.		128,851		4,285,584
Urban Edge Propertiesa		45,440		1,078,746
Ventas Inc.		162,562		12,974,073
Vornado Realty Trust		87,940		9,712,094
Washington Real Estate Investment Trust		34,226		982,628
Weingarten Realty Investors		57,405		2,151,539
Weyerhaeuser Co.		264,290		9,474,796
WP Carey Inc.		48,839		3,507,129
WP GLIMCHER Inc.		92,772		1,640,209
				417,631,155
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.91%
Alexander & Baldwin Inc.		23,033		881,243
Altisource Portfolio Solutions SAa,c		8,073		163,720
CBRE Group Inc. Class Aa		141,296		4,569,513
Forest City Enterprises Inc. Class Aa		85,101		2,084,975
Howard Hughes Corp. (The)a		18,315		2,392,488
Jones Lang LaSalle Inc.		22,650		3,331,362
Realogy Holdings Corp.a		74,041		3,442,906
St. Joe Co. (The)a,c		33,649		543,768
				17,409,975
THRIFTS & MORTGAGE FINANCE — 0.68%
Capitol Federal Financial Inc.		65,411		815,021
Hudson City Bancorp Inc.		244,944		2,197,148
MGIC Investment Corp.a		172,488		1,469,598
New York Community Bancorp Inc.		224,176		3,463,519

Security	Shares		Value
Ocwen Financial Corp.a,c		55,336	$	338,656
People’s United Financial Inc.		156,071		2,195,919
Radian Group Inc.		97,302		1,533,480
Washington Federal Inc.		50,292		998,799
				13,012,140
TOTAL COMMON STOCKS (Cost: $2,037,814,117)				1,916,023,300
SHORT-TERM INVESTMENTS — 1.42%
MONEY MARKET FUNDS — 1.42%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%b,d,e		24,303,478		24,303,478
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,d,e		1,461,974		1,461,974
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,d		1,489,588		1,489,588
				27,255,040
TOTAL SHORT-TERM INVESTMENTS (Cost: $27,255,040)				27,255,040
TOTAL INVESTMENTS IN SECURITIES — 101.38% (Cost: $2,065,069,157)				1,943,278,340
Other Assets, Less Liabilities — (1.38)%				(26,439,155	)
NET ASSETS — 100.00%			$	1,916,839,185

NVS  —  Non-Voting Shares

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

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

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

See accompanying notes to schedules of investments.

101

Schedule of Investments  (Unaudited)

iSHARES^® U.S HEALTHCARE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.98%
BIOTECHNOLOGY — 23.21%
Alexion Pharmaceuticals Inc.a		142,192	$	26,055,263
Alkermes PLCa		104,860		7,576,135
Alnylam Pharmaceuticals Inc.a		50,906		4,776,510
Amgen Inc.		545,496		83,057,221
Biogen Idec Inc.a		169,353		65,905,414
BioMarin Pharmaceutical Inc.a		111,747		10,857,339
Celgene Corp.a,b		572,774		68,251,750
Cepheida,b		50,528		2,855,337
Gilead Sciences Inc.a		1,081,910		113,416,625
Incyte Corp.a		110,240		8,787,230
Intercept Pharmaceuticals Inc.a,b		8,808		1,770,672
Isis Pharmaceuticals Inc.a,b		84,713		5,803,688
MannKind Corp.a,b		188,840		1,199,134
Medivation Inc.a		55,660		6,056,921
Myriad Genetics Inc.a,b		51,897		1,941,986
NPS Pharmaceuticals Inc.a		70,468		3,231,662
PDL BioPharma Inc.		116,151		846,741
Pharmacyclics Inc.a,b		43,872		7,403,400
Puma Biotechnology Inc.a		14,479		3,056,227
Regeneron Pharmaceuticals Inc.a		53,221		22,175,062
Seattle Genetics Inc.a,b		72,373		2,255,143
United Therapeutics Corp.a,b		34,067		4,807,876
Vertex Pharmaceuticals Inc.a		172,482		18,997,167
				471,084,503
COMMERCIAL SERVICES & SUPPLIES — 0.08%
Healthcare Services Group Inc.		50,415		1,588,577
				1,588,577
HEALTH CARE EQUIPMENT & SUPPLIES — 16.21%
Abbott Laboratories		1,079,837		48,333,504
Alere Inc.a,b		56,652		2,305,170
Align Technology Inc.a,b		52,113		2,764,595
Baxter International Inc.		388,663		27,326,896
Becton, Dickinson and Co.		137,669		19,009,336
Boston Scientific Corp.a		951,202		14,087,302
C.R. Bard Inc.		53,708		9,185,679
CareFusion Corp.a		146,224		8,671,083
Cooper Companies Inc. (The)		34,617		5,457,370
DENTSPLY International Inc.		101,483		5,076,687
DexCom Inc.a,b		51,594		3,084,289
Edwards Lifesciences Corp.a		76,711		9,615,724
Haemonetics Corp.a,b		37,109		1,469,516
Halyard Health Inc.a		32,935		1,467,913
Hill-Rom Holdings Inc.		41,494		1,981,753
Hologic Inc.a		173,825		5,278,196
IDEXX Laboratories Inc.a		34,194		5,417,014
Intuitive Surgical Inc.a		25,998		12,855,491
Medtronic PLC		1,016,516		72,579,242
ResMed Inc.b		99,989		6,246,313
Sirona Dental Systems Inc.a		39,699		3,581,644
St. Jude Medical Inc.		205,027		13,505,129
Steris Corp.		42,602		2,778,502
Stryker Corp.		214,322		19,514,018

Security	Shares		Value
Teleflex Inc.		29,691	$	3,252,946
Thoratec Corp.a		38,899		1,396,085
Varian Medical Systems Inc.a,b		71,692		6,635,812
West Pharmaceutical Services Inc.		51,227		2,526,003
Zimmer Holdings Inc.		121,443		13,613,760
				329,016,972
HEALTH CARE PROVIDERS & SERVICES — 14.76%
Acadia Healthcare Co. Inc.a,b		32,516		1,877,799
Aetna Inc.		252,212		23,158,106
Anthem Inc.		193,579		26,125,422
Brookdale Senior Living Inc.a		131,505		4,438,294
Centene Corp.a,b		42,067		4,592,034
Cigna Corp.		187,578		20,038,958
Community Health Systems Inc.a,b		83,371		3,924,273
DaVita HealthCare Partners Inc.a		123,278		9,253,247
Envision Healthcare Holdings Inc.a		93,415		3,211,608
Express Scripts Holding Co.a		526,301		42,477,754
HCA Holdings Inc.a		217,638		15,408,770
Health Net Inc./CAa		55,863		3,026,099
HealthSouth Corp.		62,572		2,759,425
Henry Schein Inc.a		60,387		8,337,633
Humana Inc.		109,956		16,101,956
Laboratory Corp. of America Holdingsa		60,594		6,954,979
LifePoint Hospitals Inc.a		32,680		2,132,043
Magellan Health Inc.a		20,093		1,207,991
MEDNAX Inc.a		72,003		4,888,284
Owens & Minor Inc.b		45,644		1,562,394
Patterson Companies Inc.		61,359		3,073,472
Quest Diagnostics Inc.		103,640		7,365,695
Team Health Holdings Inc.a		51,318		2,653,140
Tenet Healthcare Corp.a,b		70,275		2,971,227
UnitedHealth Group Inc.		688,294		73,131,237
Universal Health Services Inc. Class B		65,292		6,694,389
WellCare Health Plans Inc.a		31,679		2,307,815
				299,674,044
HEALTH CARE TECHNOLOGY — 0.06%
HMS Holdings Corp.a,b		62,011		1,226,888
				1,226,888
LIFE SCIENCES TOOLS & SERVICES — 3.98%
Bio-Rad Laboratories Inc. Class Aa		14,833		1,697,933
Bio-Techne Corp.		26,482		2,463,356
Bruker Corp.a,b		78,894		1,487,941
Charles River Laboratories International Inc.a		33,804		2,344,307
Covance Inc.a		40,575		4,309,471
Illumina Inc.a		101,827		19,875,612
PAREXEL International Corp.a		39,440		2,404,262
Quintiles Transnational Holdings Inc.a		51,329		3,105,404
Thermo Fisher Scientific Inc.		286,865		35,918,367
Waters Corp.a		59,715		7,109,071
				80,715,724
PHARMACEUTICALS — 41.68%
AbbVie Inc.		1,142,574		68,954,341
Actavis PLCa		190,084		50,664,989
Akorn Inc.a		53,264		2,267,981
Allergan Inc.		213,630		46,840,514

102

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. HEALTHCARE ETF

January 31, 2015

Security	Shares		Value
Bristol-Myers Squibb Co.		1,189,553	$	71,694,359
Eli Lilly and Co.		702,650		50,590,800
Endo International PLCa		119,024		9,475,501
Hospira Inc.a		121,322		7,695,455
Impax Laboratories Inc.a		47,860		1,755,026
Jazz Pharmaceuticals PLCa		43,375		7,345,123
Johnson & Johnson		2,007,331		201,014,126
Mallinckrodt PLCa		83,382		8,837,658
Merck & Co. Inc.		2,044,449		123,239,386
Mylan Inc./PAa		268,389		14,264,875
Pacira Pharmaceuticals Inc.a		25,691		2,757,929
Perrigo Co. PLC		100,945		15,317,394
Pfizer Inc.		4,518,394		141,199,813
Salix Pharmaceuticals Ltd.a		45,693		6,153,476
Theravance Inc.b		57,560		648,701
Zoetis Inc.		359,499		15,361,392
				846,078,839
TOTAL COMMON STOCKS (Cost: $1,904,155,519)				2,029,385,547
SHORT-TERM INVESTMENTS — 2.68%
MONEY MARKET FUNDS — 2.68%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		49,989,508		49,989,508
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		3,007,115		3,007,115
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,343,348		1,343,348
				54,339,971
TOTAL SHORT-TERM INVESTMENTS (Cost: $54,339,971)				54,339,971
TOTAL INVESTMENTS IN SECURITIES — 102.66%
(Cost: $1,958,495,490)				2,083,725,518
Other Assets, Less Liabilities — (2.66)%				(54,016,444	)
NET ASSETS — 100.00%			$	2,029,709,074

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

103

Schedule of Investments  (Unaudited)

iSHARES^® U.S. HEALTHCARE PROVIDERS ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.96%
DIVERSIFIED SUPPORT SERVICES — 0.97%
Healthcare Services Group Inc.		199,545	$	6,287,663
				6,287,663
HEALTH CARE SERVICES — 27.73%
Air Methods Corp.a,b		110,621		4,596,302
Amedisys Inc.a,b		118,087		3,327,692
Bio-Reference Laboratories Inc.a,b		96,440		3,233,633
BioScrip Inc.a,b		292,156		1,679,897
CorVel Corp.a		42,991		1,416,123
DaVita HealthCare Partners Inc.a,b		286,743		21,522,930
Envision Healthcare Holdings Inc.a		293,756		10,099,331
Express Scripts Holding Co.a		776,750		62,691,492
Gentiva Health Services Inc.a		127,335		2,472,846
Healthways Inc.a		140,580		2,898,760
IPC Healthcare Inc.a,b		65,169		2,630,221
Laboratory Corp. of America Holdingsa		157,329		18,058,223
MEDNAX Inc.a		204,160		13,860,422
Premier Inc.a,b		102,284		3,324,230
Quest Diagnostics Inc.		264,651		18,808,747
Team Health Holdings Inc.a		164,913		8,526,002
				179,146,851
HEALTH CARE DISTRIBUTORS — 0.43%
PharMerica Corp.a		121,557		2,797,027
				2,797,027
HEALTH CARE FACILITIES — 20.24%
Acadia Healthcare Co. Inc.a,b		118,261		6,829,573
AmSurg Corp.a		130,732		7,213,792
Brookdale Senior Living Inc.a,b		374,058		12,624,457
Capital Senior Living Corp.a		106,479		2,541,654
Community Health Systems Inc.a		242,895		11,433,068
Ensign Group Inc. (The)		74,436		3,089,094
Hanger Inc.a,b		134,349		2,899,251
HCA Holdings Inc.a		432,466		30,618,593
HealthSouth Corp.		215,722		9,513,340
Kindred Healthcare Inc.		227,673		4,202,843
LifePoint Hospitals Inc.a,b		112,287		7,325,604
National Healthcare Corp.		36,453		2,295,445
Select Medical Holdings Corp.		307,880		4,162,538
Tenet Healthcare Corp.a		215,319		9,103,687
Universal Health Services Inc. Class B		164,620		16,878,489
				130,731,428
HEALTH CARE TECHNOLOGY — 1.15%
HealthStream Inc.a		85,915		2,427,958
HMS Holdings Corp.a,b		254,075		5,026,874
				7,454,832
LIFE SCIENCES TOOLS & SERVICES — 3.27%
Covance Inc.a		118,699		12,607,021

Security	Shares		Value
PAREXEL International Corp.a,b		139,340	$	8,494,166
				21,101,187
MANAGED HEALTH CARE — 46.17%
Aetna Inc.		454,610		41,742,290
Anthem Inc.		340,958		46,015,692
Centene Corp.a		123,696		13,502,655
Cigna Corp.		352,202		37,625,740
Health Net Inc./CAa		183,297		9,929,199
Humana Inc.		219,478		32,140,358
Magellan Health Inc.a		83,207		5,002,405
Molina Healthcare Inc.a,b		96,340		4,904,669
Triple-S Management Corp. Class Ba,b		98,598		2,374,240
UnitedHealth Group Inc.		894,864		95,079,300
Universal American Corp.a		227,347		2,052,943
WellCare Health Plans Inc.a		108,461		7,901,384
				298,270,875
TOTAL COMMON STOCKS (Cost: $528,113,026)				645,789,863
SHORT-TERM INVESTMENTS — 2.74%
MONEY MARKET FUNDS — 2.74%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		16,267,772		16,267,772
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		978,586		978,586
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		458,633		458,633
				17,704,991
TOTAL SHORT-TERM INVESTMENTS (Cost: $17,704,991)				17,704,991
TOTAL INVESTMENTS IN SECURITIES — 102.70%
(Cost: $545,818,017)				663,494,854
Other Assets, Less Liabilities — (2.70)%				(17,451,942	)
NET ASSETS — 100.00%			$	646,042,912

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

104

Schedule of Investments  (Unaudited)

iSHARES^® U.S. HOME CONSTRUCTION ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.89%
BUILDING PRODUCTS — 13.72%
Fortune Brands Home & Security Inc.		678,063	$	30,370,441
Lennox International Inc.		275,076		27,042,722
Masco Corp.		1,317,442		32,725,259
Masonite International Corp.a,b		305,159		19,139,573
Owens Corning		748,541		29,979,067
Quanex Building Products Corp.		767,134		14,445,133
Simpson Manufacturing Co. Inc.		549,582		17,938,356
Trex Co. Inc.a,b		445,300		18,938,609
Universal Forest Products Inc.		335,692		16,804,742
USG Corp.a,b		798,861		24,325,317
				231,709,219
CONSTRUCTION MATERIALS — 1.39%
Eagle Materials Inc.		329,758		23,485,365
				23,485,365
FOREST PRODUCTS — 1.29%
Louisiana-Pacific Corp.a		1,333,809		21,834,453
				21,834,453
HOME FURNISHINGS — 4.67%
Ethan Allen Interiors Inc.b		530,139		14,430,384
Leggett & Platt Inc.		681,642		29,058,398
Mohawk Industries Inc.a,b		214,909		35,468,581
				78,957,363
HOME IMPROVEMENT RETAIL — 9.31%
Home Depot Inc. (The)		730,448		76,273,380
Lowe’s Companies Inc.		893,591		60,549,726
Lumber Liquidators Holdings Inc.a,b		323,337		20,418,732
				157,241,838
HOMEBUILDING — 64.47%
Beazer Homes USA Inc.a,b		911,672		14,404,418
Cavco Industries Inc.a		270,623		19,893,497
D.R. Horton Inc.		7,349,024		180,198,068
Hovnanian Enterprises Inc. Class Aa,b		4,222,233		14,524,482
KB Homeb		2,609,236		32,511,081
Lennar Corp. Class A		3,965,229		178,078,434
M.D.C. Holdings Inc.		1,180,051		29,501,275
M/I Homes Inc.a,b		811,885		16,757,306
Meritage Homes Corp.a,b		1,084,142		39,473,610
NVR Inc.a,b		92,853		116,459,018
PulteGroup Inc.		7,552,048		155,496,668
Ryland Group Inc. (The)		1,288,389		51,728,818
Standard-Pacific Corp.a,b		4,529,491		31,797,027
Taylor Morrison Home Corp. Class Aa,b		1,088,154		19,336,497
Toll Brothers Inc.a,b		3,818,186		132,185,599
TRI Pointe Homes Inc.a,b		3,955,293		56,679,349
				1,089,025,147

Security	Shares		Value
SPECIALTY CHEMICALS — 2.68%
Sherwin-Williams Co. (The)		167,146	$	45,341,696
				45,341,696
TRADING COMPANIES & DISTRIBUTORS — 2.36%
Beacon Roofing Supply Inc.a,b		668,092		15,827,100
Watsco Inc.		220,563		24,010,488
				39,837,588
TOTAL COMMON STOCKS
(Cost: $1,742,795,795)				1,687,432,669
SHORT-TERM INVESTMENTS — 8.69%
MONEY MARKET FUNDS — 8.69%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		136,645,810		136,645,810
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		8,219,918		8,219,918
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,996,410		1,996,410
				146,862,138
TOTAL SHORT-TERM INVESTMENTS
(Cost: $146,862,138)				146,862,138
TOTAL INVESTMENTS IN SECURITIES — 108.58%
(Cost: $1,889,657,933)				1,834,294,807
Other Assets, Less Liabilities — (8.58)%				(145,010,760	)
NET ASSETS — 100.00%			$	1,689,284,047

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

105

Schedule of Investments  (Unaudited)

iSHARES^® U.S. INDUSTRIALS ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.90%
AEROSPACE & DEFENSE — 21.36%
Alliant Techsystems Inc.		10,249	$	1,335,547
B/E Aerospace Inc.a		33,875		1,975,929
Boeing Co. (The)		213,243		30,999,135
Curtiss-Wright Corp.		15,555		1,034,874
DigitalGlobe Inc.a,b		22,470		604,218
Esterline Technologies Corp.a		10,276		1,151,837
Exelis Inc.		59,771		1,022,682
General Dynamics Corp.		101,255		13,488,178
HEICO Corp.b		18,181		1,103,223
Hexcel Corp.b		30,622		1,354,411
Honeywell International Inc.		251,767		24,612,742
Huntington Ingalls Industries Inc.		15,583		1,816,978
KLX Inc.a,b		16,937		665,793
L-3 Communications Holdings Inc.		27,341		3,366,224
Lockheed Martin Corp.		86,369		16,269,328
Moog Inc. Class Aa		13,037		916,501
Northrop Grumman Corp.		64,969		10,196,885
Precision Castparts Corp.		45,850		9,174,585
Raytheon Co.		99,181		9,923,059
Rockwell Collins Inc.		42,699		3,655,888
Spirit AeroSystems Holdings Inc. Class Aa		41,900		1,887,176
Teledyne Technologies Inc.a		11,789		1,120,427
Textron Inc.		88,655		3,773,157
TransDigm Group Inc.		15,869		3,261,556
Triumph Group Inc.		16,249		927,168
United Technologies Corp. Class B		272,681		31,298,325
Vectrus Inc.a		3,309		92,123
				177,027,949
AIR FREIGHT & LOGISTICS — 5.18%
C.H. Robinson Worldwide Inc.		47,134		3,356,883
Expeditors International of Washington Inc.		61,996		2,707,985
FedEx Corp.		84,723		14,327,507
Hub Group Inc. Class Aa,b		11,222		374,815
United Parcel Service Inc. Class B		224,178		22,157,754
				42,924,944
BUILDING PRODUCTS — 1.53%
A.O. Smith Corp.		24,069		1,429,939
Allegion PLC		30,844		1,665,884
Armstrong World Industries Inc.a		14,397		729,928
Fortune Brands Home & Security Inc.		50,772		2,274,078
Lennox International Inc.		14,160		1,392,070
Masco Corp.		114,312		2,839,510
Owens Corning		37,816		1,514,531
USG Corp.a,b		28,901		880,035
				12,725,975
CHEMICALS — 1.11%
Sherwin-Williams Co. (The)		26,261		7,123,821
Valspar Corp. (The)		24,451		2,039,947
				9,163,768

Security	Shares		Value
COMMERCIAL SERVICES & SUPPLIES — 3.71%
ADT Corp. (The)b		56,296	$	1,936,582
Cintas Corp.		31,317		2,464,648
Civeo Corp.		34,202		100,212
Clean Harbors Inc.a,b		17,466		826,491
Covanta Holding Corp.		42,183		862,220
Deluxe Corp.		15,944		1,035,244
MSA Safety Inc.		10,055		439,001
R.R. Donnelley & Sons Co.		63,889		1,052,252
Republic Services Inc.		81,070		3,216,858
Stericycle Inc.a		27,278		3,581,329
Tetra Tech Inc.		20,189		464,953
Tyco International PLC		134,747		5,499,025
United Stationers Inc.		12,662		510,405
Waste Connections Inc.		39,817		1,720,891
Waste Management Inc.		137,050		7,048,481
				30,758,592
CONSTRUCTION & ENGINEERING — 1.22%
AECOMa		49,597		1,260,756
Chicago Bridge & Iron Co. NV		30,909		1,066,669
EMCOR Group Inc.		20,873		842,434
Fluor Corp.		50,171		2,688,664
Jacobs Engineering Group Inc.a		42,152		1,605,991
KBR Inc.		46,745		772,695
Quanta Services Inc.a		70,216		1,859,320
				10,096,529
CONSTRUCTION MATERIALS — 0.76%
Eagle Materials Inc.		16,159		1,150,844
Martin Marietta Materials Inc.		19,966		2,151,137
Vulcan Materials Co.		42,477		2,995,053
				6,297,034
CONTAINERS & PACKAGING — 3.19%
AptarGroup Inc.		20,871		1,317,169
Avery Dennison Corp.		29,380		1,535,693
Ball Corp.		43,976		2,785,000
Bemis Co. Inc.		32,129		1,423,315
Berry Plastics Group Inc.a		37,927		1,282,691
Crown Holdings Inc.a		44,834		1,986,594
Graphic Packaging Holding Co.a		104,810		1,517,649
Greif Inc. Class A		11,012		420,658
MeadWestvaco Corp.		53,542		2,692,092
Owens-Illinois Inc.a		52,922		1,235,729
Packaging Corp. of America		31,723		2,406,190
Rock-Tenn Co. Class A		45,169		2,931,468
Sealed Air Corp.		67,818		2,746,629
Silgan Holdings Inc.		14,101		724,932
Sonoco Products Co.		32,582		1,440,124
				26,445,933
ELECTRICAL EQUIPMENT — 4.97%
Acuity Brands Inc.		13,988		2,096,661
AMETEK Inc.		78,982		3,783,238
Babcock & Wilcox Co. (The)		34,405		936,848
Eaton Corp. PLC		152,649		9,630,625
Emerson Electric Co.		223,091		12,702,801

106

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. INDUSTRIALS ETF

January 31, 2015

Security	Shares		Value
EnerSys		14,625	$	853,807
Generac Holdings Inc.a		22,086		966,042
Hubbell Inc. Class B		17,446		1,849,974
Regal Beloit Corp.		14,355		988,342
Rockwell Automation Inc.		43,603		4,749,239
Sensata Technologies Holding NVa,b		54,149		2,670,629
				41,228,206
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS— 4.04%
Amphenol Corp. Class A		99,673		5,353,437
Anixter International Inc.a		8,770		660,907
Arrow Electronics Inc.a		31,270		1,721,101
Avnet Inc.		44,019		1,832,071
Belden Inc.		13,755		1,140,840
Cognex Corp.a		27,935		1,026,611
FEI Co.		13,322		1,095,335
FLIR Systems Inc.		45,548		1,375,550
IPG Photonics Corp.a,b		11,416		852,090
Itron Inc.a,b		12,606		469,069
Jabil Circuit Inc.		62,355		1,285,137
Keysight Technologies Inc.a		54,006		1,803,260
Knowles Corp.a,b		27,505		583,381
Littelfuse Inc.		7,188		709,743
National Instruments Corp.		32,422		975,254
TE Connectivity Ltd.		130,846		8,686,866
Trimble Navigation Ltd.a,b		83,348		1,987,016
Vishay Intertechnology Inc.		43,396		591,054
Zebra Technologies Corp. Class Aa		16,340		1,363,736
				33,512,458
INDUSTRIAL CONGLOMERATES— 16.12%
3M Co.		206,100		33,450,030
Carlisle Companies Inc.		20,583		1,845,883
Danaher Corp.		196,623		16,197,803
General Electric Co.		3,229,722		77,158,059
Roper Industries Inc.		32,166		4,964,500
				133,616,275
INTERNET SOFTWARE & SERVICES— 1.15%
CoStar Group Inc.a,b		10,439		1,926,100
LinkedIn Corp. Class Aa		33,967		7,633,744
				9,559,844
IT SERVICES — 8.83%
Accenture PLC Class A		201,819		16,958,850
Alliance Data Systems Corp.a		20,578		5,943,544
Automatic Data Processing Inc.		155,043		12,795,699
Broadridge Financial Solutions Inc.		38,731		1,858,701
Convergys Corp.		32,315		619,155
CoreLogic Inc.a		28,825		956,990
Euronet Worldwide Inc.a		15,962		724,515
Fidelity National Information Services Inc.		91,365		5,703,917
Fiserv Inc.a,b		78,554		5,697,522
FleetCor Technologies Inc.a		24,502		3,442,531
Genpact Ltd.a,b		50,231		1,008,136
Global Payments Inc.		21,723		1,896,635
Jack Henry & Associates Inc.		26,225		1,609,428
MAXIMUS Inc.		21,240		1,183,493
NeuStar Inc. Class Aa,b		18,038		474,219

Security	Shares		Value
Paychex Inc.		105,188	$	4,760,809
Total System Services Inc.		53,339		1,886,600
WEX Inc.a		12,417		1,142,985
Xerox Corp.		344,623		4,538,685
				73,202,414
LIFE SCIENCES TOOLS & SERVICES— 1.02%
Agilent Technologies Inc.		107,113		4,045,658
Mettler-Toledo International Inc.a,b		9,169		2,786,918
PerkinElmer Inc.		36,296		1,659,090
				8,491,666
MACHINERY — 13.08%
Actuant Corp. Class A		19,837		458,433
AGCO Corp.		26,993		1,169,877
Allison Transmission Holdings Inc.		53,805		1,685,173
Caterpillar Inc.		194,712		15,571,119
CLARCOR Inc.		16,247		1,015,925
Colfax Corp.a,b		30,567		1,384,991
Crane Co.		15,889		968,435
Cummins Inc.		54,670		7,624,278
Deere & Co.		115,280		9,820,703
Donaldson Co. Inc.		41,167		1,505,066
Dover Corp.		53,108		3,719,684
Flowserve Corp.		43,947		2,394,672
Graco Inc.		19,063		1,358,048
Harsco Corp.		26,001		383,775
Hillenbrand Inc.		20,245		635,895
IDEX Corp.		25,503		1,845,142
Illinois Tool Works Inc.		115,678		10,768,465
Ingersoll-Rand PLC		85,495		5,676,868
ITT Corp.		29,458		1,054,891
Joy Global Inc.		31,479		1,320,229
Kennametal Inc.		25,353		796,591
Lincoln Electric Holdings Inc.		25,050		1,701,146
Manitowoc Co. Inc. (The)		43,369		811,000
Mueller Industries Inc.		18,305		574,594
Navistar International Corp.a,b		21,459		631,324
Nordson Corp.		18,888		1,376,180
Oshkosh Corp.		25,592		1,096,617
PACCAR Inc.		113,954		6,849,775
Pall Corp.		34,212		3,310,353
Parker-Hannifin Corp.		47,860		5,573,776
Pentair PLC		59,989		3,707,920
SPX Corp.		13,244		1,106,801
Terex Corp.		34,608		777,988
Timken Co. (The)		24,026		913,228
Toro Co. (The)		17,798		1,155,268
Trinity Industries Inc.		49,980		1,322,971
Valmont Industries Inc.		7,870		945,344
Wabtec Corp./DE		30,885		2,577,353
Woodward Inc.		18,756		836,705
Xylem Inc.		58,452		1,993,213
				108,419,816
MARINE — 0.16%
Kirby Corp.a		18,404		1,334,106
				1,334,106

107

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. INDUSTRIALS ETF

January 31, 2015

Security	Shares		Value
MULTI-UTILITIES — 0.17%
MDU Resources Group Inc.		62,239	$	1,407,224
				1,407,224
PAPER & FOREST PRODUCTS — 0.09%
Louisiana-Pacific Corp.a		45,538		745,457
				745,457
PROFESSIONAL SERVICES — 1.85%
Advisory Board Co. (The)a		13,453		630,677
Corporate Executive Board Co. (The)		10,867		744,607
Equifax Inc.		38,726		3,270,798
FTI Consulting Inc.a		13,122		533,672
Manpowergroup Inc.		25,397		1,850,933
Robert Half International Inc.		43,655		2,534,609
Towers Watson & Co. Class A		22,488		2,664,828
Verisk Analytics Inc. Class Aa,b		47,656		3,066,663
				15,296,787
ROAD & RAIL — 8.03%
Con-way Inc.		18,585		761,428
CSX Corp.		320,148		10,660,928
Genesee & Wyoming Inc. Class Aa,b		16,412		1,353,169
J.B. Hunt Transport Services Inc.		29,858		2,376,995
Kansas City Southern		35,444		3,902,030
Landstar System Inc.		14,363		920,381
Norfolk Southern Corp.		99,527		10,148,768
Old Dominion Freight Line Inc.a		21,849		1,532,052
Ryder System Inc.		17,036		1,410,411
Union Pacific Corp.		285,951		33,516,317
				66,582,479
TRADING COMPANIES & DISTRIBUTORS —2.33%
Air Lease Corp.		30,651		1,070,946
Applied Industrial Technologies Inc.		13,352		539,821
Fastenal Co.b		87,590		3,888,996
GATX Corp.		14,121		807,015
HD Supply Holdings Inc.a		48,869		1,408,893
MRC Global Inc.a		32,970		356,406
MSC Industrial Direct Co. Inc. Class A		16,209		1,216,810
NOW Inc.a,b		34,331		856,558
United Rentals Inc.a		32,056		2,655,840
W.W. Grainger Inc.		19,490		4,596,522
Watsco Inc.		8,768		954,485
WESCO International Inc.a,b		14,311		955,402
				19,307,694
TOTAL COMMON STOCKS
(Cost: $883,175,555)				828,145,150
SHORT-TERM INVESTMENTS — 2.42%
MONEY MARKET FUNDS — 2.42%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		18,271,156		18,271,156

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,099,100	$	1,099,100
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		665,422		665,422
				20,035,678
TOTAL SHORT-TERM INVESTMENTS
(Cost: $20,035,678)				20,035,678
TOTAL INVESTMENTS IN SECURITIES — 102.32%
(Cost: $903,211,233)				848,180,828
Other Assets, Less Liabilities — (2.32)%				(19,233,953	)
NET ASSETS — 100.00%			$	828,946,875

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

108

Schedule of Investments  (Unaudited)

iSHARES^® U.S. INSURANCE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 100.96%
INSURANCE BROKERS — 2.05%
Arthur J. Gallagher & Co.		37,467	$	1,664,659
Brown & Brown Inc.		27,380		844,673
eHealth Inc.a		4,127		42,260
				2,551,592
LIFE & HEALTH INSURANCE — 32.19%
Aflac Inc.		104,588		5,969,883
American Equity Investment Life Holding Co.		17,569		448,185
CNO Financial Group Inc.		47,635		739,295
FBL Financial Group Inc. Class A		2,400		125,256
Lincoln National Corp.		60,307		3,014,144
MetLife Inc.		263,679		12,261,073
National Western Life Insurance Co. Class A		527		125,632
Primerica Inc.		12,346		612,855
Principal Financial Group Inc.		63,400		2,975,362
Protective Life Corp.		18,129		1,268,124
Prudential Financial Inc.		106,306		8,066,499
StanCorp Financial Group Inc.		9,767		605,945
Symetra Financial Corp.		22,089		448,628
Torchmark Corp.		29,869		1,495,541
Unum Group		58,505		1,817,165
				39,973,587
MULTI-LINE INSURANCE — 22.21%
American Financial Group Inc.		17,142		994,922
American International Group Inc.		324,920		15,878,840
American National Insurance Co.		2,009		209,016
Assurant Inc.		16,315		1,036,166
Genworth Financial Inc. Class Aa		115,358		805,199
Hartford Financial Services Group Inc. (The)		100,159		3,896,185
HCC Insurance Holdings Inc.		22,478		1,198,977
Horace Mann Educators Corp.		9,748		297,022
Kemper Corp.		11,630		406,003
Loews Corp.		69,485		2,658,496
National General Holdings Corp.		11,136		200,114
				27,580,940
OTHER DIVERSIFIED FINANCIAL SERVICES — 1.41%
Voya Financial Inc.		44,917		1,752,212
				1,752,212
PROPERTY & CASUALTY INSURANCE — 41.51%
ACE Ltd.		76,999		8,312,812
Allied World Assurance Co. Holdings Ltd.		22,392		865,899
Allstate Corp. (The)		97,356		6,794,475
Ambac Financial Group Inc.a		9,887		241,737
Amerisafe Inc.		4,409		179,446
AmTrust Financial Services Inc.		7,320		370,538
Arch Capital Group Ltd.a		29,976		1,737,709
Argo Group International Holdings Ltd.		5,973		319,496
Assured Guaranty Ltd.		37,585		917,826
Axis Capital Holdings Ltd.		23,733		1,208,010

Security	Shares		Value
Chubb Corp. (The)		54,737	$	5,358,752
Cincinnati Financial Corp.		34,162		1,725,523
CNA Financial Corp.		6,295		245,253
Employers Holdings Inc.		7,276		151,341
Erie Indemnity Co. Class A		5,711		494,915
First American Financial Corp.		24,913		847,540
Hanover Insurance Group Inc. (The)		10,228		705,732
Infinity Property and Casualty Corp.		2,656		186,637
Markel Corp.a		3,241		2,214,770
MBIA Inc.a		32,828		263,280
Mercury General Corp.		7,972		455,600
Navigators Group Inc. (The)a		2,510		186,292
Old Republic International Corp.		56,355		791,224
OneBeacon Insurance Group Ltd. Class A		5,380		85,058
ProAssurance Corp.		13,286		589,500
Progressive Corp. (The)		124,168		3,222,160
RLI Corp.		8,588		402,863
Safety Insurance Group Inc.		2,917		180,708
Selective Insurance Group Inc.		13,119		338,733
Travelers Companies Inc. (The)		76,920		7,908,914
United Fire Group Inc.		4,920		137,465
White Mountains Insurance Group Ltd.		1,395		899,189
WR Berkley Corp.		23,576		1,154,988
XL Group PLC		59,910		2,066,296
				51,560,681
REGIONAL BANKS — 0.26%
Hilltop Holdings Inc.a		17,626		319,912
				319,912
REINSURANCE — 1.33%
Alleghany Corp.a		3,740		1,653,417
				1,653,417
TOTAL COMMON STOCKS
(Cost: $109,483,906)				125,392,341
SHORT-TERM INVESTMENTS — 0.10%
MONEY MARKET FUNDS — 0.10%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		126,603		126,603
				126,603
TOTAL SHORT-TERM INVESTMENTS
(Cost: $126,603)				126,603
TOTAL INVESTMENTS IN SECURITIES — 101.06%
(Cost: $109,610,509)				125,518,944
Other Assets, Less Liabilities — (1.06)%				(1,324,115	)
NET ASSETS — 100.00%			$	124,194,829

109

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. INSURANCE ETF

January 31, 2015

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

110

Schedule of Investments  (Unaudited)

iSHARES^® U.S. MEDICAL DEVICES ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.92%
HEALTH CARE EQUIPMENT — 86.93%
Abbott Laboratories		1,950,521	$	87,305,320
ABIOMED Inc.a		104,051		5,383,599
Accuray Inc.a,b		266,248		1,962,248
Analogic Corp.		36,965		3,013,756
Baxter International Inc.		780,142		54,851,784
Becton, Dickinson and Co.		298,593		41,229,721
Boston Scientific Corp.a,b		2,267,120		33,576,047
C.R. Bard Inc.		135,580		23,188,247
Cantel Medical Corp.		96,658		3,921,415
Cardiovascular Systems Inc.a,b		90,019		3,068,748
CareFusion Corp.a		372,374		22,081,778
Cynosure Inc. Class Aa		71,620		2,164,356
DexCom Inc.a,b		163,790		9,791,366
Edwards Lifesciences Corp.a		189,578		23,763,602
Globus Medical Inc. Class Aa,b		181,548		4,280,902
HeartWare International Inc.a,b		47,405		3,959,740
Hill-Rom Holdings Inc.		142,287		6,795,627
Hologic Inc.a		501,925		15,240,953
IDEXX Laboratories Inc.a,b		96,969		15,361,829
Insulet Corp.a		139,444		4,098,259
Integra LifeSciences Holdings Corp.a,b		72,634		4,047,167
Intuitive Surgical Inc.a		60,943		30,135,095
Invacare Corp.		101,515		1,487,195
Masimo Corp.a		137,959		3,520,714
Medtronic PLC		1,808,048		129,094,627
Natus Medical Inc.a		95,236		3,580,874
NuVasive Inc.a		121,073		5,608,101
NxStage Medical Inc.a,b		173,315		3,100,605
ResMed Inc.		280,235		17,506,280
Sirona Dental Systems Inc.a		121,525		10,963,986
St. Jude Medical Inc.		475,608		31,328,299
Steris Corp.		135,757		8,854,072
Stryker Corp.		461,748		42,042,155
Teleflex Inc.		90,995		9,969,412
Thoratec Corp.a,b		148,064		5,314,017
Tornier NVa,b		108,577		2,624,306
Varian Medical Systems Inc.a,b		194,919		18,041,703
Wright Medical Group Inc.a,b		142,576		3,480,280
Zeltiq Aesthetics Inc.a		90,574		2,917,389
Zimmer Holdings Inc.		282,462		31,663,990
				730,319,564
HEALTH CARE SUPPLIES — 0.42%
Atrion Corp.		5,301		1,775,835
OraSure Technologies Inc.a		190,784		1,753,305
				3,529,140
HEALTH CARE TECHNOLOGY — 0.39%
Omnicell Inc.a		103,645		3,299,020
				3,299,020
LIFE SCIENCES TOOLS & SERVICES — 12.18%
Bio-Rad Laboratories Inc. Class Aa		51,622		5,909,170

Security	Shares		Value
Bruker Corp.a,b		288,435	$	5,439,884
Fluidigm Corp.a,b		89,263		3,439,304
Thermo Fisher Scientific Inc.		547,073		68,499,010
Waters Corp.a		159,828		19,027,524
				102,314,892
TOTAL COMMON STOCKS (Cost: $762,231,808)				839,462,616
SHORT-TERM INVESTMENTS — 3.35%
MONEY MARKET FUNDS — 3.35%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		25,841,587		25,841,587
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,554,499		1,554,499
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		783,185		783,185
				28,179,271
TOTAL SHORT-TERM INVESTMENTS (Cost: $28,179,271)				28,179,271
TOTAL INVESTMENTS IN SECURITIES — 103.27% (Cost: $790,411,079)				867,641,887
Other Assets, Less Liabilities — (3.27)%				(27,468,174	)
NET ASSETS — 100.00%			$	840,173,713

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

111

Schedule of Investments  (Unaudited)

iSHARES^® U.S. OIL & GAS EXPLORATION & PRODUCTION ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.91%
OIL & GAS EXPLORATION & PRODUCTION — 74.86%
Anadarko Petroleum Corp.		412,532	$	33,724,491
Antero Resources Corp.a,b		44,716		1,549,409
Apache Corp.		306,665		19,188,029
Approach Resources Inc.a,b		29,992		188,050
Bill Barrett Corp.a,b		40,642		414,548
Bonanza Creek Energy Inc.a		26,003		678,158
Cabot Oil & Gas Corp.		336,426		8,915,289
California Resources Corp.a		248,965		1,274,701
Carrizo Oil & Gas Inc.a,b		34,581		1,559,603
Chesapeake Energy Corp.		422,566		8,104,816
Cimarex Energy Co.		71,057		7,333,082
Clayton Williams Energy Inc.a		4,914		274,693
Cobalt International Energy Inc.a		241,618		2,203,556
Comstock Resources Inc.b		36,174		146,143
Concho Resources Inc.a,b		92,053		10,204,075
ConocoPhillips		1,002,651		63,146,960
Contango Oil & Gas Co.a,b		13,071		393,045
Continental Resources Inc.a,b		69,719		3,165,243
Denbury Resources Inc.		286,964		1,980,052
Devon Energy Corp.		313,241		18,879,035
Diamondback Energy Inc.a		46,275		3,192,512
Eclipse Resources Corp.a,b		25,144		155,893
Energen Corp.		59,548		3,776,534
Energy XXI Ltd.b		76,030		223,528
EOG Resources Inc.		446,386		39,741,746
EP Energy Corp. Class Aa,b		30,375		314,381
EQT Corp.		123,409		9,186,566
EXCO Resources Inc.b		139,846		278,294
Gulfport Energy Corp.a		69,681		2,682,022
Halcon Resources Corp.a,b		207,094		289,932
Kosmos Energy Ltd.a		88,060		772,286
Laredo Petroleum Inc.a,b		67,525		662,420
Magnum Hunter Resources Corp.a,b		154,889		300,485
Marathon Oil Corp.		549,740		14,623,084
Matador Resources Co.a,b		55,035		1,186,555
Memorial Resource Development Corp.a		59,616		1,141,646
Murphy Oil Corp.		135,861		6,101,517
Newfield Exploration Co.a		111,800		3,329,404
Noble Energy Inc.		293,540		14,013,600
Northern Oil and Gas Inc.a,b		47,161		296,171
Oasis Petroleum Inc.a		82,607		1,110,238
Parsley Energy Inc. Class Aa,b		43,175		724,045
PDC Energy Inc.a,b		29,302		1,346,134
Penn Virginia Corp.a,b		57,468		280,444
Pioneer Natural Resources Co.		121,286		18,257,182
QEP Resources Inc.		134,988		2,729,457
Range Resources Corp.		137,377		6,356,434
Rex Energy Corp.a,b		38,923		137,787
Rice Energy Inc.a		54,711		934,464
Rosetta Resources Inc.a,b		50,136		855,822
RSP Permian Inc.a,b		29,475		789,930
Sanchez Energy Corp.a,b		42,153		469,584
SandRidge Energy Inc.a,b		319,897		451,055
SM Energy Co.		54,825		2,073,481
Southwestern Energy Co.a,b		308,811		7,655,425
Stone Energy Corp.a,b		45,647		642,710

Security	Shares		Value
Synergy Resources Corp.a,b		60,453	$	739,340
Triangle Petroleum Corp.a,b		54,979		288,640
Ultra Petroleum Corp.a,b		124,542		1,587,910
W&T Offshore Inc.		28,685		145,146
Whiting Petroleum Corp.a,b		135,276		4,060,985
WPX Energy Inc.a,b		165,281		1,761,895
				338,989,662
OIL & GAS REFINING & MARKETING — 21.75%
Clean Energy Fuels Corp.a,b		55,558		231,677
CVR Energy Inc.		12,754		488,733
Delek US Holdings Inc.		43,888		1,353,945
HollyFrontier Corp.		159,335		5,723,313
Marathon Petroleum Corp.		228,233		21,132,093
PBF Energy Inc.		67,987		1,910,435
Phillips 66		450,868		31,705,038
Tesoro Corp.		102,824		8,403,806
Valero Energy Corp.		424,583		22,451,949
Western Refining Inc.		59,410		2,205,893
World Fuel Services Corp.		58,705		2,874,784
				98,481,666
OIL & GAS STORAGE & TRANSPORTATION — 3.30%
Cheniere Energy Inc.a		180,217		12,863,890
Targa Resources Corp.		24,027		2,086,264
				14,950,154
TOTAL COMMON STOCKS
(Cost: $569,085,733)				452,421,482
WARRANTS — 0.00%
OIL & GAS EXPLORATION & PRODUCTION — 0.00%
Magnum Hunter Resources Corp. (Expires 04/15/16)a,b		12,939		—
				—
TOTAL WARRANTS
(Cost: $0)				—
SHORT-TERM INVESTMENTS — 5.80%
MONEY MARKET FUNDS — 5.80%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		24,421,178		24,421,178
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,469,054		1,469,054

112

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. OIL & GAS EXPLORATION & PRODUCTION ETF

January 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		401,939	$	401,939
				26,292,171
TOTAL SHORT-TERM INVESTMENTS
(Cost: $26,292,171)				26,292,171
TOTAL INVESTMENTS IN SECURITIES — 105.71%
(Cost: $595,377,904)				478,713,653
Other Assets, Less Liabilities — (5.71)%				(25,879,255	)
NET ASSETS — 100.00%			$	452,834,398

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

113

Schedule of Investments  (Unaudited)

iSHARES^® U.S. OIL EQUIPMENT & SERVICES ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.91%
INDUSTRIAL MACHINERY — 0.61%
Chart Industries Inc.a		71,878	$	2,048,523
				2,048,523
OIL & GAS DRILLING — 18.75%
Atwood Oceanics Inc.		124,901		3,569,671
Diamond Offshore Drilling Inc.b		130,223		4,105,931
Ensco PLC Class A		337,454		9,462,210
Helmerich & Payne Inc.		155,148		9,240,615
Nabors Industries Ltd.		509,537		5,864,771
Nobel Corp. PLCb		420,318		6,817,558
Paragon Offshore PLCb		301,742		630,641
Parker Drilling Co.a		393,718		1,066,976
Patterson-UTI Energy Inc.		284,490		4,881,848
Pioneer Energy Services Corp.a		211,612		876,074
Rowan Companies PLC Class A		234,013		4,942,354
Transocean Ltd.b		504,754		8,227,490
Unit Corp.a		98,896		2,945,123
				62,631,262
OIL & GAS EQUIPMENT & SERVICES — 80.55%
Baker Hughes Inc.		439,834		25,505,974
Basic Energy Services Inc.a,b		130,642		768,175
Bristow Group Inc.		68,523		3,817,416
C&J Energy Services Inc.a		127,600		1,314,280
Cameron International Corp.a		258,450		11,573,391
CARBO Ceramics Inc.b		51,854		1,699,774
Core Laboratories NV		68,648		6,367,102
Dresser-Rand Group Inc.a		112,198		8,984,816
Dril-Quip Inc.a		70,828		5,257,562
ERA Group Inc.a		60,047		1,352,258
Exterran Holdings Inc.		132,120		3,581,773
FMC Technologies Inc.a		298,601		11,191,565
Forum Energy Technologies Inc.a		147,171		2,273,792
Frank’s International NV		95,645		1,565,709
Geospace Technologies Corp.a,b		42,116		1,009,942
GulfMark Offshore Inc. Class A		73,201		1,444,256
Halliburton Co.		794,550		31,774,055
Helix Energy Solutions Group Inc.a,b		189,948		3,565,324
Hornbeck Offshore Services Inc.a,b		86,722		1,925,228
ION Geophysical Corp.a		418,524		941,679
Matrix Service Co.a		74,422		1,428,902
McDermott International Inc.a,b		638,623		1,436,902
National Oilwell Varco Inc.		423,048		23,026,503
Newpark Resources Inc.a,b		217,087		1,875,632
Oceaneering International Inc.		152,590		7,989,612
Oil States International Inc.a		101,672		4,175,669
PHI Inc.a		37,380		1,278,770
RPC Inc.		158,707		1,979,076
Schlumberger Ltd.		873,085		71,933,473
SEACOR Holdings Inc.a,b		39,742		2,859,437
Seventy Seven Energy Inc.a		146,870		580,137
Superior Energy Services Inc.		278,166		5,563,320
Tesco Corp.		106,000		1,085,440
TETRA Technologies Inc.a,b		237,588		1,173,685

Security	Shares		Value
Tidewater Inc.		106,965	$	3,129,796
US Silica Holdings Inc.		116,552		2,937,110
Weatherford International Ltd.a,b		1,040,273		10,746,020
				269,113,555
TOTAL COMMON STOCKS
(Cost: $473,801,329)				333,793,340
SHORT-TERM INVESTMENTS — 7.74%
MONEY MARKET FUNDS — 7.74%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		24,174,699		24,174,699
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,454,227		1,454,227
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		220,914		220,914
				25,849,840
TOTAL SHORT-TERM INVESTMENTS
(Cost: $25,849,840)				25,849,840
TOTAL INVESTMENTS IN SECURITIES — 107.65%
(Cost: $499,651,169)				359,643,180
Other Assets, Less Liabilities — (7.65)%				(25,539,061	)
NET ASSETS — 100.00%			$	334,104,119

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

114

Schedule of Investments  (Unaudited)

iSHARES^® U.S. PHARMACEUTICALS ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.99%
BIOTECHNOLOGY — 12.75%
Aegerion Pharmaceuticals Inc.a,b		415,385	$	9,645,240
AMAG Pharmaceuticals Inc.a,b		239,168		10,568,834
Anacor Pharmaceuticals Inc.a,b		346,358		13,023,061
ARIAD Pharmaceuticals Inc.a,b		1,675,093		10,804,350
Infinity Pharmaceuticals Inc.a		559,388		8,636,951
Ironwood Pharmaceuticals Inc. Class Aa,b		887,358		13,825,038
Kythera Biopharmaceuticals Inc.a,b		253,157		9,417,440
Merrimack Pharmaceuticals Inc.a,b		1,051,820		9,918,662
NewLink Genetics Corp.a,b		260,030		9,514,498
Spectrum Pharmaceuticals Inc.a,b		1,096,623		7,676,361
TESARO Inc.a,b		256,693		10,326,759
				113,357,194
PHARMACEUTICALS — 87.24%
Actavis PLCa		179,947		47,963,073
Akorn Inc.a,b		386,238		16,446,014
Allergan Inc.		214,680		47,070,737
Bristol-Myers Squibb Co.		890,251		53,655,428
Catalent Inc.a,b		399,352		11,030,102
Depomed Inc.a,b		665,919		12,166,340
Eli Lilly and Co.		658,944		47,443,968
Endo International PLCa,b		375,573		29,899,367
Hospira Inc.a		401,164		25,445,833
Impax Laboratories Inc.a,b		436,048		15,989,880
Jazz Pharmaceuticals PLCa		138,479		23,450,034
Johnson & Johnson		730,810		73,183,313
Lannett Co. Inc.a,b		263,911		12,517,299
Mallinckrodt PLCa		257,235		27,264,338
Medicines Co. (The)a		491,573		14,093,398
Merck & Co. Inc.		1,066,529		64,290,368
Mylan Inc./PAa,b		556,461		29,575,902
Pacira Pharmaceuticals Inc.a,b		176,376		18,933,964
Perrigo Co. PLC		199,502		30,272,433
Pfizer Inc.		2,123,782		66,368,187
Prestige Brands Holdings Inc.a,b		390,576		13,381,134
Sagent Pharmaceuticals Inc.a,b		327,302		8,401,842
Salix Pharmaceuticals Ltd.a,b		196,004		26,395,859
TherapeuticsMD Inc.a,b		2,094,139		8,502,204
Theravance Biopharma Inc.a,b		516,250		8,383,900
Theravance Inc.b		827,214		9,322,702
VIVUS Inc.a,b		1,157,470		3,032,571
Zoetis Inc.		725,732		31,010,528
				775,490,718
TOTAL COMMON STOCKS
(Cost: $723,981,587)				888,847,912
SHORT-TERM INVESTMENTS — 17.84%
MONEY MARKET FUNDS — 17.84%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		149,193,769		149,193,769

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		8,974,740	$	8,974,740
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		411,842		411,842
				158,580,351
TOTAL SHORT-TERM INVESTMENTS
(Cost: $158,580,351)				158,580,351
TOTAL INVESTMENTS IN SECURITIES — 117.83%
(Cost: $882,561,938)				1,047,428,263
Other Assets, Less Liabilities — (17.83)%				(158,458,688	)
NET ASSETS — 100.00%			$	888,969,575

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

115

Schedule of Investments  (Unaudited)

iSHARES^® U.S. REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.93%
DIVERSIFIED REAL ESTATE ACTIVITIES — 0.34%
Alexander & Baldwin Inc.		353,986	$	13,543,504
St. Joe Co. (The)a,b		512,867		8,287,931
				21,831,435
DIVERSIFIED REITS — 4.75%
American Realty Capital Properties Inc.		6,918,644		64,101,237
Cousins Properties Inc.b		1,574,799		17,385,781
Duke Realty Corp.		2,605,687		56,882,147
Lexington Realty Trustb		1,617,037		18,450,392
Liberty Property Trustb		1,135,071		45,743,361
Spirit Realty Capital Inc.		3,051,395		39,240,940
Washington Real Estate Investment Trustb		518,411		14,883,580
WP Carey Inc.		738,000		52,995,780
				309,683,218
HEALTH CARE REITS — 10.64%
HCP Inc.b		3,483,350		164,727,622
Health Care REIT Inc.		2,483,938		203,558,719
Healthcare Realty Trust Inc.b		756,945		22,776,475
Healthcare Trust of America Inc. Class Ab		919,338		27,083,698
Medical Properties Trust Inc.b		1,535,376		23,598,729
Omega Healthcare Investors Inc.b		974,505		42,741,789
Senior Housing Properties Trustb		1,561,759		36,373,367
Ventas Inc.b		2,165,493		172,827,996
				693,688,395
HOTEL & RESORT REITS — 5.54%
DiamondRock Hospitality Co.b		1,507,113		21,898,352
Hospitality Properties Trustb		1,124,848		36,658,796
Host Hotels & Resorts Inc.b		5,747,868		131,568,699
LaSalle Hotel Properties		855,131		34,598,600
Pebblebrook Hotel Trustb		548,826		25,487,479
RLJ Lodging Trustb		1,011,893		34,475,195
Ryman Hospitality Properties Inc.b		394,108		21,636,529
Strategic Hotels & Resorts Inc.a		2,053,196		27,553,890
Sunstone Hotel Investors Inc.b		1,591,264		27,131,057
				361,008,597
INDUSTRIAL REITS — 3.26%
DCT Industrial Trust Inc.b		677,302		25,574,923
EastGroup Properties Inc.b		247,881		16,023,028
Prologis Inc.		3,792,355		171,186,905
				212,784,856
MORTGAGE REITS — 5.52%
American Capital Agency Corp.		2,690,639		57,983,270
Annaly Capital Management Inc.b		7,211,125		76,149,480
ARMOUR Residential REIT Inc.b		2,829,409		9,365,344
Chimera Investment Corp.		7,919,902		24,868,492
Colony Financial Inc.b		846,685		21,209,459
CYS Investments Inc.b		1,272,147		11,245,780

Security	Shares		Value
Hatteras Financial Corp.		386,206	$	7,021,225
Invesco Mortgage Capital Inc.b		958,389		14,701,687
MFA Financial Inc.b		2,848,334		22,330,939
NorthStar Realty Finance Corp.		1,712,511		32,383,583
Redwood Trust Inc.b		652,356		13,001,455
Starwood Property Trust Inc.b		1,702,670		40,744,893
Two Harbors Investment Corp.		2,811,303		29,012,647
				360,018,254
OFFICE REITS — 12.65%
Alexandria Real Estate Equities Inc.		549,443		53,581,681
BioMed Realty Trust Inc.b		1,513,178		36,997,202
Boston Properties Inc.		1,161,325		161,191,910
Brandywine Realty Trust		1,381,981		22,954,704
Columbia Property Trust Inc.		964,389		23,598,599
Corporate Office Properties Trustb		715,229		21,456,870
Digital Realty Trust Inc.b		1,031,269		75,220,761
Douglas Emmett Inc.		1,045,796		29,784,270
DuPont Fabros Technology Inc.b		509,436		18,981,585
Equity Commonwealth		992,776		26,159,648
Highwoods Properties Inc.		700,185		32,908,695
Kilroy Realty Corp.		641,371		47,557,660
Mack-Cali Realty Corp.		654,198		12,763,403
Piedmont Office Realty Trust Inc. Class Ab		1,190,482		23,250,114
SL Green Realty Corp.b		733,589		92,432,214
Vornado Realty Trust		1,324,687		146,298,432
				825,137,748
REAL ESTATE DEVELOPMENT — 0.55%
Howard Hughes Corp. (The)a,b		276,525		36,122,461
				36,122,461
REAL ESTATE OPERATING COMPANIES — 0.48%
Forest City Enterprises Inc. Class Aa,b		1,289,615		31,595,567
				31,595,567
REAL ESTATE SERVICES — 2.62%
CBRE Group Inc. Class Aa		2,128,748		68,843,710
Jones Lang LaSalle Inc.		342,097		50,315,627
Realogy Holdings Corp.a		1,116,083		51,897,860
				171,057,197
RESIDENTIAL REITS — 13.39%
American Campus Communities Inc.		805,677		35,417,561
American Homes 4 Rent Class Ab		1,096,888		18,307,061
Apartment Investment and Management Co. Class A		1,170,383		46,651,466
AvalonBay Communities Inc.b		1,001,080		173,176,829
Camden Property Trust		659,331		50,801,454
Equity Lifestyle Properties Inc.		611,399		33,461,867
Equity Residentialb		2,746,678		213,169,680
Essex Property Trust Inc.		485,686		109,789,320
Home Properties Inc.b		439,872		31,010,976
Mid-America Apartment Communities Inc.b		574,953		45,605,272
Post Properties Inc.		419,409		25,479,097
Sun Communities Inc.b		380,706		25,785,217
UDR Inc.		1,944,360		64,669,414
				873,325,214

116

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. REAL ESTATE ETF

January 31, 2015

Security	Shares		Value
RETAIL REITS — 20.06%
CBL & Associates Properties Inc.b		1,310,509	$	27,022,695
DDR Corp.b		2,286,861		44,822,476
Federal Realty Investment Trust		518,527		74,548,627
General Growth Properties Inc.		4,761,716		143,708,589
Kimco Realty Corp.b		3,128,662		86,507,504
Kite Realty Group Trustb		645,021		19,711,842
Macerich Co. (The)		1,068,497		91,901,427
National Retail Properties Inc.b		1,008,270		43,194,287
Realty Income Corp.b		1,693,043		91,949,165
Regency Centers Corp.		712,075		48,819,862
Retail Properties of America Inc. Class A		1,812,559		32,064,169
Simon Property Group Inc.		2,352,773		467,401,884
Tanger Factory Outlet Centers Inc.b		737,112		29,005,357
Taubman Centers Inc.		424,807		34,812,934
Urban Edge Propertiesa,b		680,159		16,146,975
Weingarten Realty Investorsb		863,625		32,368,665
WP GLIMCHER Inc.b		1,396,280		24,686,230
				1,308,672,688
SPECIALIZED REITS — 20.13%
American Tower Corp.		3,003,304		291,170,323
Corrections Corp. of Americab		892,178		35,080,439
Crown Castle International Corp.		2,530,763		218,936,307
CubeSmart		1,249,272		30,782,062
EPR Propertiesb		439,001		28,561,405
Extra Space Storage Inc.b		842,966		55,635,756
Gaming and Leisure Properties Inc.		693,874		22,641,109
GEO Group Inc. (The)		571,221		24,859,538
Iron Mountain Inc.b		1,411,138		56,219,738
Lamar Advertising Co.Class A		551,601		30,900,688
Outfront Media Inc.		1,021,393		28,956,483
Plum Creek Timber Co. Inc.b		1,340,852		59,694,731
Potlatch Corp.		317,165		12,642,197
Public Storage		1,099,667		220,857,120
Rayonier Inc.		970,522		28,484,821
Sovran Self Storage Inc.		259,883		24,623,914
Weyerhaeuser Co.		3,979,141		142,652,205
				1,312,698,836
TOTAL COMMON STOCKS
(Cost: $6,395,661,409)				6,517,624,466
SHORT-TERM INVESTMENTS — 5.81%
MONEY MARKET FUNDS — 5.81%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		354,321,515		354,321,515
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		21,314,183		21,314,183

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		3,575,836	$	3,575,836
				379,211,534
TOTAL SHORT-TERM INVESTMENTS
(Cost: $379,211,534)				379,211,534
TOTAL INVESTMENTS IN SECURITIES — 105.74%
(Cost: $6,774,872,943)				6,896,836,000
Other Assets, Less Liabilities — (5.74)%				(374,377,816	)
NET ASSETS — 100.00%			$	6,522,458,184

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

117

Schedule of Investments  (Unaudited)

iSHARES^® U.S. REGIONAL BANKS ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.82%
DIVERSIFIED BANKS — 22.36%
Comerica Inc.		285,567	$	11,851,031
U.S. Bancorp		2,718,140		113,917,247
				125,768,278
REGIONAL BANKS — 72.01%
Associated Banc-Corp.		246,863		4,149,768
BancorpSouth Inc.		140,221		2,783,387
Bank of Hawaii Corp.		71,408		4,031,696
BB&T Corp.		1,117,775		39,446,280
BOK Financial Corp.		35,388		1,914,845
Cathay General Bancorp		121,488		2,902,348
City National Corp.		77,429		6,712,320
Commerce Bancshares Inc.		133,866		5,354,640
Cullen/Frost Bankers Inc.		88,505		5,513,862
East West Bancorp Inc.		230,145		8,326,646
F.N.B. Corp.		283,305		3,399,660
Fifth Third Bancorp		1,291,780		22,347,794
First Financial Bankshares Inc.		104,978		2,592,957
First Horizon National Corp.		381,452		4,955,062
First Niagara Financial Group Inc.		574,574		4,665,541
First Republic Bank		194,499		9,903,889
FirstMerit Corp.		268,279		4,395,751
Fulton Financial Corp.		302,437		3,372,173
Glacier Bancorp Inc.		122,760		2,733,865
Hancock Holding Co.		132,872		3,469,288
Huntington Bancshares Inc.		1,294,326		12,969,147
IBERIABANK Corp.		54,667		2,985,365
International Bancshares Corp.		95,203		2,143,020
KeyCorp		1,367,519		17,764,072
M&T Bank Corp.a		207,164		23,442,678
MB Financial Inc.		105,186		2,988,334
PNC Financial Services Group Inc. (The)b		807,950		68,304,093
Popular Inc.c		167,423		5,161,651
PrivateBancorp Inc.		114,780		3,482,425
Prosperity Bancshares Inc.		97,155		4,448,727
Regions Financial Corp.		2,165,086		18,836,248
Signature Bankc		80,461		9,424,397
SunTrust Banks Inc.		813,305		31,247,178
Susquehanna Bancshares Inc.		295,387		3,724,830
SVB Financial Groupc		81,457		9,196,495
Synovus Financial Corp.		220,721		5,687,980
TCF Financial Corp.		272,153		4,000,649
Texas Capital Bancshares Inc.c		74,455		3,041,487
Trustmark Corp.		110,934		2,369,550
UMB Financial Corp.		61,766		2,996,886
Umpqua Holdings Corp.		350,927		5,442,878
United Bankshares Inc./WV		103,893		3,512,622
Valley National Bancorpa		359,376		3,263,134
Webster Financial Corp.		146,512		4,473,011
Wintrust Financial Corp.		76,358		3,319,282
Zions Bancorp		325,078		7,788,869
				404,986,780

Security	Shares		Value
THRIFTS & MORTGAGE FINANCE — 5.45%
Capitol Federal Financial Inc.		212,704	$	2,650,292
Hudson City Bancorp Inc.		773,498		6,938,277
New York Community Bancorp Inc.		706,066		10,908,719
People’s United Financial Inc.		495,489		6,971,530
Washington Federal Inc.		160,415		3,185,842
				30,654,660
TOTAL COMMON STOCKS
(Cost: $573,079,222)				561,409,718
SHORT-TERM INVESTMENTS — 0.26%
MONEY MARKET FUNDS — 0.26%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%b,d,e		795,646		795,646
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,d,e		47,862		47,862
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,d		635,708		635,708
				1,479,216
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,479,216)				1,479,216
TOTAL INVESTMENTS IN SECURITIES — 100.08%
(Cost: $574,558,438)				562,888,934
Other Assets, Less Liabilities — (0.08)%				(465,221	)
NET ASSETS — 100.00%			$	562,423,713

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

^b  Affiliated issuer. See Note 2.

^c  Non-income earning security.

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

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

See accompanying notes to schedules of investments.

118

Schedule of Investments  (Unaudited)

iSHARES^® U.S. TECHNOLOGY ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.83%
COMMERCIAL SERVICES & SUPPLIES — 0.14%
Pitney Bowes Inc.		260,716	$	6,251,970
				6,251,970
COMMUNICATIONS EQUIPMENT — 9.35%
ARRIS Group Inc.a		170,195		4,462,513
Aruba Networks Inc.a		141,905		2,352,785
Brocade Communications Systems Inc.		560,759		6,235,640
Ciena Corp.a,b		139,012		2,574,502
Cisco Systems Inc.		6,613,649		174,368,856
CommScope Holding Co. Inc.a		106,555		2,994,728
EchoStar Corp. Class Aa		55,639		2,902,687
F5 Networks Inc.a		95,320		10,639,619
Finisar Corp.a,b		128,440		2,329,902
Harris Corp.		134,909		9,056,441
InterDigital Inc.		48,450		2,421,531
JDS Uniphase Corp.a		298,281		3,624,114
Juniper Networks Inc.		497,110		11,299,310
Motorola Solutions Inc.		273,955		17,097,532
Palo Alto Networks Inc.a,b		86,262		10,902,654
Plantronics Inc.		55,640		2,549,981
Polycom Inc.a		175,934		2,339,922
QUALCOMM Inc.		2,150,342		134,310,361
Riverbed Technology Inc.a		201,232		4,141,355
ViaSat Inc.a,b		55,409		3,115,094
				409,719,527
COMPUTERS & PERIPHERALS — 26.24%
3D Systems Corp.a,b		135,757		3,947,814
Apple Inc.		7,585,296		888,693,279
Diebold Inc.		83,350		2,600,520
Electronics For Imaging Inc.a		61,115		2,362,095
EMC Corp.		2,631,817		68,243,015
Hewlett-Packard Co.		2,413,734		87,208,210
Lexmark International Inc. Class A		80,164		3,199,345
NCR Corp.a		218,459		5,548,859
NetApp Inc.		403,056		15,235,517
SanDisk Corp.		285,363		21,661,905
Seagate Technology PLC		423,210		23,885,972
Western Digital Corp.		282,370		27,454,835
				1,150,041,366
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.20%
CDW Corp./DE		154,120		5,280,151
Corning Inc.		1,657,869		39,407,546
Ingram Micro Inc. Class Aa		201,834		5,082,180
Tech Data Corp.a		49,417		2,821,711
				52,591,588
HEALTH CARE TECHNOLOGY — 0.88%
Allscripts Healthcare Solutions Inc.a		220,510		2,626,274
athenahealth Inc.a,b		49,379		6,898,740
Cerner Corp.a		393,080		26,080,858

Security	Shares		Value
Medidata Solutions Inc.a,b		70,530	$	3,032,085
				38,637,957
HOUSEHOLD DURABLES — 0.19%
Garmin Ltd.		156,287		8,183,187
				8,183,187
INTERNET SOFTWARE & SERVICES — 18.65%
Akamai Technologies Inc.a		230,029		13,377,336
AOL Inc.a		101,023		4,369,245
eBay Inc.a		1,462,188		77,495,964
Equinix Inc.		70,874		15,369,736
Facebook Inc. Class Aa		2,704,220		205,277,340
Google Inc. Class Aa		368,693		198,190,922
Google Inc. Class Ca,b		368,314		196,871,199
IAC/InterActiveCorp		99,527		6,066,171
j2 Global Inc.		59,055		3,392,119
Pandora Media Inc.a		237,598		3,944,127
Rackspace Hosting Inc.a		154,476		6,945,241
Twitter Inc.a		664,754		24,948,217
VeriSign Inc.a,b		141,381		7,702,437
Yahoo! Inc.a		1,139,508		50,126,957
Zillow Inc. Class Aa,b		33,190		3,216,775
				817,293,786
IT SERVICES — 6.57%
Amdocs Ltd.		204,542		9,854,833
CACI International Inc. Class Aa		30,863		2,610,701
Cognizant Technology Solutions Corp. Class Aa		787,550		42,630,081
Computer Sciences Corp.		181,397		11,007,170
DST Systems Inc.		37,981		3,672,763
Gartner Inc.a,b		113,572		9,565,034
International Business Machines Corp.		1,190,338		182,490,719
Leidos Holdings Inc.		80,556		3,335,018
Science Applications International Corp.		52,047		2,538,853
Teradata Corp.a,b		197,260		8,789,906
Vantiv Inc. Class Aa		193,872		6,667,258
VeriFone Systems Inc.a,b		146,630		4,602,716
				287,765,052
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 14.65%
Advanced Micro Devices Inc.a,b		817,194		2,100,188
Altera Corp.		394,026		12,973,306
Analog Devices Inc.		402,495		20,972,002
Applied Materials Inc.		1,575,802		35,991,318
Atmel Corp.a		541,501		4,510,703
Avago Technologies Ltd.		327,052		33,647,110
Broadcom Corp. Class A		696,756		29,566,841
Cavium Inc.a,b		69,831		4,106,761
Cree Inc.a,b		154,952		5,479,103
Cypress Semiconductor Corp.		190,685		2,808,790
Fairchild Semiconductor International Inc.a,b		154,090		2,365,281
Integrated Device Technology Inc.a		192,856		3,527,336
Intel Corp.		6,253,366		206,611,213
KLA-Tencor Corp.		212,581		13,067,354
Lam Research Corp.		205,590		15,715,300
Linear Technology Corp.		308,278		13,854,013
Marvell Technology Group Ltd.		552,547		8,558,953
Maxim Integrated Products Inc.		365,351		12,089,465

119

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® U.S. TECHNOLOGY ETF

January 31, 2015

Security	Shares		Value
Microchip Technology Inc.		259,533	$	11,704,938
Micron Technology Inc.a		1,388,376		40,630,824
Microsemi Corp.a		123,339		3,436,224
NVIDIA Corp.		667,245		12,814,440
ON Semiconductor Corp.a		565,462		5,660,275
Qorvo Inc.a		191,047		14,112,642
Semtech Corp.a		85,965		2,188,669
Silicon Laboratories Inc.a		51,106		2,236,398
Skyworks Solutions Inc.		246,621		20,481,874
SunEdison Inc.a,b		326,363		6,112,779
Synaptics Inc.a,b		47,520		3,650,011
Teradyne Inc.		280,837		5,083,150
Texas Instruments Inc.		1,366,155		73,020,985
Xilinx Inc.		341,784		13,184,318
				642,262,564
SOFTWARE — 21.96%
ACI Worldwide Inc.a,b		147,255		2,719,800
Adobe Systems Inc.a		612,782		42,974,402
ANSYS Inc.a		118,557		9,563,993
Aspen Technology Inc.a		117,424		4,150,351
Autodesk Inc.a		294,241		15,890,485
CA Inc.		413,804		12,538,261
Cadence Design Systems Inc.a,b		377,229		6,786,350
CDK Global Inc.		208,346		9,408,905
Citrix Systems Inc.a		207,993		12,325,665
CommVault Systems Inc.a		55,956		2,438,562
Fair Isaac Corp.		41,270		2,944,615
Fortinet Inc.a		178,895		5,348,066
Guidewire Software Inc.a		89,623		4,490,112
Informatica Corp.a		140,980		5,876,751
Intuit Inc.		369,281		32,060,976
Manhattan Associates Inc.a		96,821		4,322,089
Mentor Graphics Corp.		126,908		2,920,153
Microsoft Corp.		10,660,909		430,700,724
NetSuite Inc.a,b		45,422		4,470,887
Nuance Communications Inc.a,b		326,963		4,494,106
Oracle Corp.		4,183,845		175,261,267
PTC Inc.a		150,524		5,029,007
QLIK Technologies Inc.a,b		116,000		3,294,400
Red Hat Inc.a		242,878		15,493,188
Rovi Corp.a		121,665		2,811,678
Salesforce.com Inc.a,b		759,009		42,846,058
ServiceNow Inc.a,b		170,441		12,425,149
SolarWinds Inc.a		85,123		4,098,672
Solera Holdings Inc.		88,558		4,569,593
Splunk Inc.a		155,184		8,015,254
SS&C Technologies Holdings Inc.		87,648		4,849,564
Symantec Corp.		892,630		22,110,445
Synopsys Inc.a		200,928		8,637,895
Tableau Software Inc. Class Aa		51,717		4,176,665
Tyler Technologies Inc.a		42,819		4,542,240
Ultimate Software Group Inc. (The)a		36,677		5,428,563
Verint Systems Inc.a		78,715		4,201,807
VMware Inc. Class Aa		111,239		8,576,527
Workday Inc. Class Aa,b		122,771		9,755,384
				962,548,609
TOTAL COMMON STOCKS
(Cost: $4,049,716,729)				4,375,295,606

Security	Shares		Value
SHORT-TERM INVESTMENTS — 2.94%
MONEY MARKET FUNDS — 2.94%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		113,339,785	$	113,339,785
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		6,817,946		6,817,946
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		8,520,761		8,520,761
				128,678,492
TOTAL SHORT-TERM INVESTMENTS
(Cost: $128,678,492)				128,678,492
TOTAL INVESTMENTS IN SECURITIES — 102.77%
(Cost: $4,178,395,221)				4,503,974,098
Other Assets, Less Liabilities — (2.77)%				(121,395,078	)
NET ASSETS — 100.00%			$	4,382,579,020

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

120

Schedule of Investments  (Unaudited)

iSHARES^® U.S. TELECOMMUNICATIONS ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.85%
COMMUNICATIONS EQUIPMENT — 2.36%
Ruckus Wireless Inc.a,b		1,127,269	$	11,937,779
				11,937,779
DIVERSIFIED TELECOMMUNICATION SERVICES — 69.36%
8x8 Inc.a,b		1,622,791		12,511,718
AT&T Inc.		1,913,161		62,981,260
Atlantic Tele-Network Inc.		186,462		12,386,671
CenturyLink Inc.		895,887		33,300,120
Cincinnati Bell Inc.a,b		3,965,632		11,619,302
Consolidated Communications Holdings Inc.		572,747		13,333,550
Frontier Communications Corp.		3,743,214		25,135,682
General Communication Inc. Class Aa,b		872,750		12,811,970
Globalstar Inc.a,b		4,830,386		11,689,534
inContact Inc.a,b		1,412,923		12,108,750
Iridium Communications Inc.a,b		1,413,784		12,031,302
Level 3 Communications Inc.a		625,581		31,116,399
Verizon Communications Inc.		1,397,113		63,862,035
Vonage Holdings Corp.a		3,662,174		15,381,131
Windstream Holdings Inc.		2,520,644		20,039,120
				350,308,544
WIRELESS TELECOMMUNICATION SERVICES — 28.13%
Leap Wireless International Inc.		692,354		1,744,732
NTELOS Holdings Corp.b,c		1,657,987		6,797,747
SBA Communications Corp. Class Aa,b		274,520		32,036,484
Shenandoah Telecommunications Co.		427,992		12,715,642
Spok Holdings Inc.		651,383		11,151,677
Sprint Corp.a,b		4,634,876		19,929,967
T-Mobile US Inc.a		964,921		29,121,316
Telephone & Data Systems Inc.		757,221		17,605,388
United States Cellular Corp.a		314,765		10,950,674
				142,053,627
TOTAL COMMON STOCKS
(Cost: $532,658,368)				504,299,950
SHORT-TERM INVESTMENTS — 5.25%
MONEY MARKET FUNDS — 5.25%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		24,903,623		24,903,623
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,498,075		1,498,075

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		142,924	$	142,924
				26,544,622
TOTAL SHORT-TERM INVESTMENTS
(Cost: $26,544,622)				26,544,622
TOTAL INVESTMENTS IN SECURITIES — 105.10%
(Cost: $559,202,990)				530,844,572
Other Assets, Less Liabilities — (5.10)%				(25,767,429	)
NET ASSETS — 100.00%			$	505,077,143

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See accompanying notes to schedules of investments.

121

Schedule of Investments  (Unaudited)

iSHARES^® U.S. UTILITIES ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.88%
ELECTRIC UTILITIES — 53.13%
ALLETE Inc.		107,113	$	6,067,951
American Electric Power Co. Inc.		1,366,228		85,812,781
Cleco Corp.		168,569		9,163,411
Duke Energy Corp.		1,975,136		172,113,351
Edison International		909,841		62,005,664
El Paso Electric Co.		112,537		4,508,232
Entergy Corp.		503,997		44,104,777
Exelon Corp.		2,400,071		86,498,559
FirstEnergy Corp.		1,175,052		47,389,847
Great Plains Energy Inc.		429,763		12,708,092
Hawaiian Electric Industries Inc.		286,565		9,829,180
IDACORP Inc.		140,351		9,531,236
ITC Holdings Corp.		434,889		18,500,178
NextEra Energy Inc.		1,218,877		133,150,124
Northeast Utilities		884,675		49,170,237
Pepco Holdings Inc.		703,456		19,309,867
Pinnacle West Capital Corp.		308,443		21,646,530
PNM Resources Inc.		222,476		6,785,518
Portland General Electric Co.		218,382		8,669,765
PPL Corp.		1,857,243		65,932,127
Southern Co. (The)		2,512,760		127,447,187
UIL Holdings Corp.		157,999		7,267,954
Westar Energy Inc.		365,093		15,596,773
Xcel Energy Inc.		1,412,147		52,997,877
				1,076,207,218
GAS UTILITIES — 6.13%
AGL Resources Inc.		333,918		18,826,297
Atmos Energy Corp.		280,346		15,954,491
National Fuel Gas Co.		235,128		14,914,169
New Jersey Resources Corp.		118,053		7,541,226
ONE GAS Inc.		145,357		6,423,326
Piedmont Natural Gas Co.		218,742		8,725,618
Questar Corp.		489,496		12,702,421
South Jersey Industries Inc.		93,976		5,474,102
Southwest Gas Corp.		129,888		7,982,916
UGI Corp.		481,495		17,810,500
WGL Holdings Inc.		138,869		7,846,099
				124,201,165
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 3.67%
AES Corp. (The)		1,831,863		22,385,366
Calpine Corp.a		1,000,830		20,897,330
Dynegy Inc.a		288,319		7,876,875
NRG Energy Inc.		944,150		23,282,739
				74,442,310
MULTI-UTILITIES — 34.90%
Alliant Energy Corp.		309,798		21,255,241
Ameren Corp.		677,554		30,679,645
Avista Corp.		159,854		5,935,379
Black Hills Corp.		124,797		6,259,818
CenterPoint Energy Inc.		1,200,182		27,712,202

Security	Shares		Value
CMS Energy Corp.		768,089	$	28,979,998
Consolidated Edison Inc.		817,912		56,664,943
Dominion Resources Inc.		1,630,593		125,376,296
DTE Energy Co.		494,254		44,314,814
Integrys Energy Group Inc.		223,305		18,110,035
NiSource Inc.		881,610		38,138,449
NorthWestern Corp.		128,197		7,404,659
PG&E Corp.		1,326,700		78,023,227
Public Service Enterprise Group Inc.		1,413,150		60,313,242
SCANA Corp.		398,066		25,384,669
Sempra Energy		645,451		72,238,876
TECO Energy Inc.		655,495		13,981,708
Vectren Corp.		230,423		11,041,870
Wisconsin Energy Corp.		629,734		35,120,265
				706,935,336
WATER UTILITIES — 2.05%
American Water Works Co. Inc.		500,722		28,110,533
Aqua America Inc.		493,365		13,345,523
				41,456,056
TOTAL COMMON STOCKS (Cost: $2,024,467,162)				2,023,242,085
SHORT-TERM INVESTMENTS — 0.11%
MONEY MARKET FUNDS — 0.11%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		2,309,262		2,309,262
				2,309,262
TOTAL SHORT-TERM INVESTMENTS (Cost: $2,309,262)				2,309,262
TOTAL INVESTMENTS IN SECURITIES — 99.99%
(Cost: $2,026,776,424)				2,025,551,347
Other Assets, Less Liabilities — 0.01%				186,601
NET ASSETS — 100.00%			$	2,025,737,948

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See accompanying notes to schedules of investments.

122

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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	iShares ETF
Asia Developed Real Estate	Select Dividend
Cohen & Steers REIT	Transportation Average
Core Dividend Growtha	U.S. Aerospace & Defense
Core High Dividendb	U.S. Basic Materials
Dow Jones U.S.	U.S. Broker-Dealers
Europe Developed Real Estate	U.S. Consumer Goods
Global REITc	U.S. Consumer Services
International Developed Real Estate	U.S. Energy
International Select Dividend	U.S. Financial Services
Morningstar Large-Cap	U.S. Financials
Morningstar Large-Cap Growth	U.S. Healthcare
Morningstar Large-Cap Value	U.S. Healthcare Providers
Morningstar Mid-Cap	U.S. Home Construction
Morningstar Mid-Cap Growth	U.S. Industrials
Morningstar Mid-Cap Value	U.S. Insurance
Morningstar Small-Cap	U.S. Medical Devices
Morningstar Small-Cap Growth	U.S. Oil & Gas Exploration & Production
Morningstar Small-Cap Value	U.S. Oil Equipment & Services
Mortgage Real Estate Capped	U.S. Pharmaceuticals
MSCI KLD 400 Social	U.S. Real Estate
MSCI USA ESG Select	U.S. Regional Banks
North America Real Estate	U.S. Technology
Real Estate 50	U.S. Telecommunications
Residential Real Estate Capped	U.S. Utilities

^a  The Fund commenced operations on June 10, 2014.

^b  Formerly the iShares High Dividend ETF.

^c  The Fund commenced operations on July 8, 2014.

123

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iSHARES^® TRUST

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”).

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

• Futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded.

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

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized

124

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iSHARES^® TRUST

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.

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 January 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

125

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iSHARES^® TRUST

iShares ETF and Investment Type	Investments
	Level 1			Level 2		Level 3		Total
Asia Developed Real Estate
Assets:
Common Stocks	$	18,745,487		$	—	$	—	$	18,745,487
Money Market Funds		469,484			—		—		469,484
	$	19,214,971		$	—	$	—	$	19,214,971
Cohen & Steers REIT
Assets:
Common Stocks	$	3,759,877,268		$	—	$	—	$	3,759,877,268
Money Market Funds		110,210,447			—		—		110,210,447
	$	3,870,087,715		$	—	$	—	$	3,870,087,715
Core Dividend Growth
Assets:
Common Stocks	$	157,919,082		$	—	$	—	$	157,919,082
Money Market Funds		197,193			—		—		197,193
	$	158,116,275		$	—	$	—	$	158,116,275
Liabilities:
Futures Contractsa	$	(5,654	)	$	—	$	—	$	(5,654	)
Core High Dividend
Assets:
Common Stocks	$	5,508,819,901		$	—	$	—	$	5,508,819,901
Money Market Funds		6,682,511			—		—		6,682,511
	$	5,515,502,412		$	—	$	—	$	5,515,502,412
Liabilities:
Futures Contractsa	$	(105,705	)	$	—	$	—	$	(105,705	)
Dow Jones U.S.
Assets:
Common Stocks	$	924,493,850		$	—	$	—	$	924,493,850
Money Market Funds		24,299,407			—		—		24,299,407
	$	948,793,257		$	—	$	—	$	948,793,257
Europe Developed Real Estate
Assets:
Common Stocks	$	45,434,084		$	—	$	—	$	45,434,084
Investment Companies		728,874			—		—		728,874
Rights		939			—		—		939
Money Market Funds		339,058			—		—		339,058
	$	46,502,955		$	—	$	—	$	46,502,955
Global REIT
Assets:
Common Stocks	$	16,336,599		$	—	$	—	$	16,336,599
Rights		87			—		—		87
Money Market Funds		322,195			—		—		322,195
	$	16,658,881		$	—	$	—	$	16,658,881
International Developed Real Estate
Assets:
Common Stocks	$	957,267,012		$	—	$	—	$	957,267,012
Investment Companies		5,023,959			—		—		5,023,959
Rights		7,622			—		—		7,622
Money Market Funds		13,301,225			—		—		13,301,225
	$	975,599,818		$	—	$	—	$	975,599,818

126

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iSHARES^® TRUST

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
International Select Dividend
Assets:
Common Stocks	$	4,119,084,949	$	—	$	—	$	4,119,084,949
Money Market Funds		13,199,762		—		—		13,199,762
	$	4,132,284,711	$	—	$	—	$	4,132,284,711
Morningstar Large-Cap
Assets:
Common Stocks	$	696,474,841	$	—	$	—	$	696,474,841
Money Market Funds		553,551		—		—		553,551
	$	697,028,392	$	—	$	—	$	697,028,392
Morningstar Large-Cap Growth
Assets:
Common Stocks	$	646,431,139	$	—	$	—	$	646,431,139
Money Market Funds		10,010,990		—		—		10,010,990
	$	656,442,129	$	—	$	—	$	656,442,129
Morningstar Large-Cap Value
Assets:
Common Stocks	$	293,825,577	$	—	$	—	$	293,825,577
Money Market Funds		389,798		—		—		389,798
	$	294,215,375	$	—	$	—	$	294,215,375
Morningstar Mid-Cap
Assets:
Common Stocks	$	405,148,454	$	—	$	—	$	405,148,454
Money Market Funds		20,139,210		—		—		20,139,210
	$	425,287,664	$	—	$	—	$	425,287,664
Morningstar Mid-Cap Growth
Assets:
Common Stocks	$	207,960,393	$	—	$	—	$	207,960,393
Money Market Funds		19,766,468		—		—		19,766,468
	$	227,726,861	$	—	$	—	$	227,726,861
Morningstar Mid-Cap Value
Assets:
Common Stocks	$	219,382,983	$	—	$	—	$	219,382,983
Money Market Funds		3,536,526		—		—		3,536,526
	$	222,919,509	$	—	$	—	$	222,919,509
Morningstar Small-Cap
Assets:
Common Stocks	$	214,880,926	$	—	$	—	$	214,880,926
Money Market Funds		21,992,945		—		—		21,992,945
	$	236,873,871	$	—	$	—	$	236,873,871
Morningstar Small-Cap Growth
Assets:
Common Stocks	$	112,714,566	$	—	$	—	$	112,714,566
Money Market Funds		26,190,825		—		—		26,190,825
	$	138,905,391	$	—	$	—	$	138,905,391
Morningstar Small-Cap Value
Assets:
Common Stocks	$	402,748,171	$	105,134	$	—	$	402,853,305
Money Market Funds		36,829,528		—		—		36,829,528
	$	439,577,699	$	105,134	$	—	$	439,682,833
Mortgage Real Estate Capped
Assets:
Common Stocks	$	1,202,569,154	$	—	$	—	$	1,202,569,154
Money Market Funds		144,617,624		—		—		144,617,624
	$	1,347,186,778	$	—	$	—	$	1,347,186,778

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iSHARES^® TRUST

iShares ETF and Investment Type	Investments
	Level 1			Level 2		Level 3		Total
MSCI KLD 400 Social
Assets:
Common Stocks	$	404,123,233		$	—	$	—	$	404,123,233
Money Market Funds		7,997,085			—		—		7,997,085
	$	412,120,318		$	—	$	—	$	412,120,318
MSCI USA ESG Select
Assets:
Common Stocks	$	307,115,221		$	—	$	—	$	307,115,221
Money Market Funds		3,944,501			—		—		3,944,501
	$	311,059,722		$	—	$	—	$	311,059,722
North America Real Estate
Assets:
Common Stocks	$	24,374,864		$	—	$	—	$	24,374,864
Money Market Funds		1,173,558			—		—		1,173,558
	$	25,548,422		$	—	$	—	$	25,548,422
Real Estate 50
Assets:
Common Stocks	$	89,533,116		$	—	$	—	$	89,533,116
Money Market Funds		4,584,172			—		—		4,584,172
	$	94,117,288		$	—	$	—	$	94,117,288
Residential Real Estate Capped
Assets:
Common Stocks	$	340,431,794		$	—	$	—	$	340,431,794
Money Market Funds		22,515,326			—		—		22,515,326
	$	362,947,120		$	—	$	—	$	362,947,120
Select Dividend
Assets:
Common Stocks	$	15,526,547,489		$	—	$	—	$	15,526,547,489
Money Market Funds		58,604,030			—		—		58,604,030
	$	15,585,151,519		$	—	$	—	$	15,585,151,519
Liabilities:
Futures Contractsa	$	(248,744	)	$	—	$	—	$	(248,744	)
Transportation Average
Assets:
Common Stocks	$	1,971,646,061		$	—	$	—	$	1,971,646,061
Money Market Funds		16,824,190			—		—		16,824,190
	$	1,988,470,251		$	—	$	—	$	1,988,470,251
U.S. Aerospace & Defense
Assets:
Common Stocks	$	405,658,226		$	—	$	—	$	405,658,226
Money Market Funds		27,219,768			—		—		27,219,768
	$	432,877,994		$	—	$	—	$	432,877,994
U.S. Basic Materials
Assets:
Common Stocks	$	538,857,651		$	—	$	—	$	538,857,651
Money Market Funds		5,989,080			—		—		5,989,080
	$	544,846,731		$	—	$	—	$	544,846,731
U.S. Broker-Dealers
Assets:
Common Stocks	$	240,869,346		$	—	$	—	$	240,869,346
Money Market Funds		12,339,811			—		—		12,339,811
	$	253,209,157		$	—	$	—	$	253,209,157

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iSHARES^® TRUST

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
U.S. Consumer Goods
Assets:
Common Stocks	$	562,281,013	$	—	$	—	$	562,281,013
Money Market Funds		15,802,907		—		—		15,802,907
	$	578,083,920	$	—	$	—	$	578,083,920
U.S. Consumer Services
Assets:
Common Stocks	$	808,692,270	$	—	$	—	$	808,692,270
Money Market Funds		28,770,442		—		—		28,770,442
	$	837,462,712	$	—	$	—	$	837,462,712
U.S. Energy
Assets:
Common Stocks	$	1,144,923,511	$	—	$	—	$	1,144,923,511
Money Market Funds		33,848,040		—		—		33,848,040
	$	1,178,771,551	$	—	$	—	$	1,178,771,551
U.S. Financial Services
Assets:
Common Stocks	$	570,701,782	$	—	$	—	$	570,701,782
Money Market Funds		2,022,163		—		—		2,022,163
	$	572,723,945	$	—	$	—	$	572,723,945
U.S. Financials
Assets:
Common Stocks	$	1,916,023,300	$	—	$	—	$	1,916,023,300
Money Market Funds		27,255,040		—		—		27,255,040
	$	1,943,278,340	$	—	$	—	$	1,943,278,340
U.S. Healthcare
Assets:
Common Stocks	$	2,029,385,547	$	—	$	—	$	2,029,385,547
Money Market Funds		54,339,971		—		—		54,339,971
	$	2,083,725,518	$	—	$	—	$	2,083,725,518
U.S. Healthcare Providers
Assets:
Common Stocks	$	645,789,863	$	—	$	—	$	645,789,863
Money Market Funds		17,704,991		—		—		17,704,991
	$	663,494,854	$	—	$	—	$	663,494,854
U.S. Home Construction
Assets:
Common Stocks	$	1,687,432,669	$	—	$	—	$	1,687,432,669
Money Market Funds		146,862,138		—		—		146,862,138
	$	1,834,294,807	$	—	$	—	$	1,834,294,807
U.S. Industrials
Assets:
Common Stocks	$	828,145,150	$	—	$	—	$	828,145,150
Money Market Funds		20,035,678		—		—		20,035,678
	$	848,180,828	$	—	$	—	$	848,180,828
U.S. Insurance
Assets:
Common Stocks	$	125,392,341	$	—	$	—	$	125,392,341
Money Market Funds		126,603		—		—		126,603
	$	125,518,944	$	—	$	—	$	125,518,944

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iSHARES^® TRUST

iShares ETF and Investment Type	Investments
	Level 1		Level 2			Level 3		Total
U.S. Medical Devices
Assets:
Common Stocks	$	839,462,616	$	—		$	—	$	839,462,616
Money Market Funds		28,179,271		—			—		28,179,271
	$	867,641,887	$	—		$	—	$	867,641,887
U.S. Oil & Gas Exploration & Production
Assets:
Common Stocks	$	452,421,482	$	—		$	—	$	452,421,482
Warrants		—		0	b		—		0	b
Money Market Funds		26,292,171		—			—		26,292,171
	$	478,713,653	$	0	b	$	—	$	478,713,653
U.S. Oil Equipment & Services
Assets:
Common Stocks	$	333,793,340	$	—		$	—	$	333,793,340
Money Market Funds		25,849,840		—			—		25,849,840
	$	359,643,180	$	—		$	—	$	359,643,180
U.S. Pharmaceuticals
Assets:
Common Stocks	$	888,847,912	$	—		$	—	$	888,847,912
Money Market Funds		158,580,351		—			—		158,580,351
	$	1,047,428,263	$	—		$	—	$	1,047,428,263
U.S. Real Estate
Assets:
Common Stocks	$	6,517,624,466	$	—		$	—	$	6,517,624,466
Money Market Funds		379,211,534		—			—		379,211,534
	$	6,896,836,000	$	—		$	—	$	6,896,836,000
U.S. Regional Banks
Assets:
Common Stocks	$	561,409,718	$	—		$	—	$	561,409,718
Money Market Funds		1,479,216		—			—		1,479,216
	$	562,888,934	$	—		$	—	$	562,888,934
U.S. Technology
Assets:
Common Stocks	$	4,375,295,606	$	—		$	—	$	4,375,295,606
Money Market Funds		128,678,492		—			—		128,678,492
	$	4,503,974,098	$	—		$	—	$	4,503,974,098
U.S. Telecommunications
Assets:
Common Stocks	$	502,555,218	$	1,744,732		$	—	$	504,299,950
Money Market Funds		26,544,622		—			—		26,544,622
	$	529,099,840	$	1,744,732		$	—	$	530,844,572
U.S. Utilities
Assets:
Common Stocks	$	2,023,242,085	$	—		$	—	$	2,023,242,085
Money Market Funds		2,309,262		—			—		2,309,262
	$	2,025,551,347	$	—		$	—	$	2,025,551,347

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

^b  Rounds to less than $1.

FOREIGN CURRENCY TRANSLATION

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iSHARES^® TRUST

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

FEDERAL INCOME TAXES

As of January 31, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

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iSHARES^® TRUST

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asia Developed Real Estate	$	20,376,391	$	1,147,912	$	(2,309,332	)	$	(1,161,420	)
Cohen & Steers REIT		3,204,495,000		835,280,945		(169,688,230	)		665,592,715
Core Dividend Growth		159,551,239		4,740,741		(6,175,705	)		(1,434,964	)
Core High Dividend		5,489,587,483		279,249,123		(253,334,194	)		25,914,929
Dow Jones U.S.		706,742,311		293,650,886		(51,599,940	)		242,050,946
Europe Developed Real Estate		43,645,905		4,448,075		(1,591,025	)		2,857,050
Global REIT		15,385,471		1,404,772		(131,362	)		1,273,410
International Developed Real Estate		956,350,005		86,552,815		(67,303,002	)		19,249,813
International Select Dividend		4,380,976,939		302,819,923		(551,512,151	)		(248,692,228	)
Morningstar Large-Cap		608,348,206		101,753,595		(13,073,409	)		88,680,186
Morningstar Large-Cap Growth		468,608,601		196,545,004		(8,711,476	)		187,833,528
Morningstar Large-Cap Value		278,789,812		28,545,475		(13,119,912	)		15,425,563
Morningstar Mid-Cap		383,112,510		56,897,485		(14,722,331	)		42,175,154
Morningstar Mid-Cap Growth		183,037,641		51,165,623		(6,476,403	)		44,689,220
Morningstar Mid-Cap Value		198,129,663		35,264,620		(10,474,774	)		24,789,846
Morningstar Small-Cap		218,497,486		31,924,959		(13,548,574	)		18,376,385
Morningstar Small-Cap Growth		128,789,760		17,592,338		(7,476,707	)		10,115,631
Morningstar Small-Cap Value		409,457,087		55,575,845		(25,350,099	)		30,225,746
Mortgage Real Estate Capped		1,527,715,890		43,212,370		(223,741,482	)		(180,529,112	)
MSCI KLD 400 Social		343,268,885		78,322,356		(9,470,923	)		68,851,433
MSCI USA ESG Select		254,778,849		60,964,803		(4,683,930	)		56,280,873
North America Real Estate		21,356,422		4,871,070		(679,070	)		4,192,000
Real Estate 50		76,944,823		20,477,915		(3,305,450	)		17,172,465
Residential Real Estate Capped		301,187,774		65,790,054		(4,030,708	)		61,759,346
Select Dividend		12,073,852,485		3,997,843,191		(486,544,157	)		3,511,299,034
Transportation Average		1,998,349,844		99,326,410		(109,206,003	)		(9,879,593	)
U.S. Aerospace & Defense		410,985,930		38,620,617		(16,728,553	)		21,892,064
U.S. Basic Materials		677,746,058		11,380,238		(144,279,565	)		(132,899,327	)
U.S. Broker-Dealers		254,942,416		17,268,803		(19,002,062	)		(1,733,259	)
U.S. Consumer Goods		530,874,270		60,469,372		(13,259,722	)		47,209,650
U.S. Consumer Services		784,086,021		72,388,057		(19,011,366	)		53,376,691
U.S. Energy		1,467,036,011		5,530,413		(293,794,873	)		(288,264,460	)
U.S. Financial Services		559,545,437		51,676,752		(38,498,244	)		13,178,508
U.S. Financials		2,100,534,618		26,292,742		(183,549,020	)		(157,256,278	)
U.S. Healthcare		1,970,427,085		145,187,609		(31,889,176	)		113,298,433
U.S. Healthcare Providers		548,146,156		124,451,895		(9,103,197	)		115,348,698
U.S. Home Construction		1,903,678,306		52,110,733		(121,494,232	)		(69,383,499	)
U.S. Industrials		907,691,603		29,344,147		(88,854,922	)		(59,510,775	)
U.S. Insurance		110,660,541		17,975,704		(3,117,301	)		14,858,403
U.S. Medical Devices		796,494,403		88,828,547		(17,681,063	)		71,147,484
U.S. Oil & Gas Exploration & Production		601,348,281		10,017,734		(132,652,362	)		(122,634,628	)
U.S. Oil Equipment & Services		507,053,723		2,272,021		(149,682,564	)		(147,410,543	)
U.S. Pharmaceuticals		890,116,756		179,349,891		(22,038,384	)		157,311,507
U.S. Real Estate		6,806,844,197		274,193,273		(184,201,470	)		89,991,803
U.S. Regional Banks		581,441,135		14,964,337		(33,516,538	)		(18,552,201	)
U.S. Technology		4,230,404,913		455,319,644		(181,750,459	)		273,569,185
U.S. Telecommunications		573,642,252		27,775,318		(70,572,998	)		(42,797,680	)
U.S. Utilities		2,030,399,203		56,721,900		(61,569,756	)		(4,847,856	)

132

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iSHARES^® TRUST

LOANS OF PORTFOLIO SECURITIES

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

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of January 31, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments.

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

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

133

Notes to Schedules of Investments  (Unaudited) (Continued)

iSHARES^® TRUST

2. TRANSACTIONS WITH AFFILIATES

Each Fund may invest its positive cash balances in certain money market funds managed by BFA, the Funds’ investment adviser, or an affiliate. BFA is a California corporation indirectly owned by 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 money market funds) during the nine months ended January 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
Core Dividend Growth
BlackRock Inc.		—		4,113		(1,244	)		2,869	$	976,923	$	7,415	$	17,449
Dow Jones U.S.
BlackRock Inc.		5,631		626		(618	)		5,639	$	1,920,136	$	32,897	$	86,698
PNC Financial Services Group Inc. (The)		23,934		2,758		(3,374	)		23,318		1,971,304		34,750		75,520
										$	3,891,440	$	67,647	$	162,218
International Select Dividend
Bradken Ltd.		7,713,420		2,809,030		(626,782	)		9,895,668	$	21,038,069	$	834,854	$	(643,625	)
Net One System Co. Ltd.a		4,901,000		1,396,500		(180,000	)		6,117,500		36,768,016		752,395		50,409
										$	57,806,085	$	1,587,249	$	(593,216	)
Morningstar Large-Cap Growth
BlackRock Inc.		12,717		3,286		(1,042	)		14,961	$	5,094,370	$	76,806	$	63,453
Morningstar Large-Cap Value
PNC Financial Services Group Inc. (The)		32,551		4,160		(4,062	)		32,649	$	2,760,146	$	46,899	$	60,546
Morningstar Small-Cap Value
PennyMac Mortgage Investment Trust		53,341		—		—			53,341	$	1,200,706	$	32,538	$	—
Mortgage Real Estate Capped
PennyMac Mortgage Investment Trust		1,226,313		—		—			1,226,313	$	27,604,306	$	2,219,627	$	—
MSCI KLD 400 Social
Blackrock Inc.		7,144		1,680		(1,529	)		7,295	$	2,484,020	$	40,136	$	118,195

134

Notes to Schedules of Investments  (Unaudited) (Continued)

iSHARES^® TRUST

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
PNC Financial Services Group Inc. (The)		28,386		6,894		(5,586	)		29,694	$	2,510,331	$	40,499	$	114,118
										$	4,994,351	$	80,635	$	232,313
MSCI USA ESG Select
BlackRock Inc.		807		9,662		(208	)		10,261	$	3,493,973	$	35,863	$	11,207
Select Dividend
Avista Corp.		3,486,948		442,366		(139,603	)		3,789,711	$	140,711,969	$	3,440,095	$	535,946
Bank of Hawaii Corp.		2,509,164		258,518		(113,702	)		2,653,980		149,843,711		3,484,911		610,982
Black Hills Corp.		2,339,549		300,124		(85,018	)		2,554,655		128,141,495		2,828,832		829,999
Domtar Corp.		—		3,630,483		(57,436	)		3,573,047		136,847,700		2,509,081		125,789
IDACORP Inc.		2,601,071		334,238		(93,836	)		2,841,473		192,964,432		3,567,919		354,468
Integrys Energy Group Inc.b		3,936,552		496,839		(142,769	)		4,290,622		347,969,444		8,347,135		1,701,102
Mercury General Corp.		3,763,869		16,986		—			3,780,855		216,075,863		6,974,683		—
Meredith Corp.		2,524,351		326,957		(90,427	)		2,760,881		143,731,465		3,408,768		599,194
New Jersey Resources Corp.		2,964,995		367,672		(117,187	)		3,215,480		205,404,863		4,086,548		833,116
Universal Corp.		3,026,528		—		(3,026,528	)		—		—		1,858,814		(6,902,489	)
UNS Energy Corp.		2,890,921		109,404		(3,000,325	)		—		—		2,500,332		56,912,756
										$	1,661,690,942	$	43,007,118	$	55,600,863
U.S. Financial Services
BlackRock Inc.		37,044		7,323		(9,098	)		35,269	$	12,009,447	$	198,634	$	927,834
PNC Financial Services Group Inc. (The)		157,487		29,600		(41,404	)		145,683		12,316,041		212,551		698,526
										$	24,325,488	$	411,185	$	1,626,360
U.S. Financials
BlackRock Inc.		55,133		64,992		(55,971	)		64,154	$	21,845,078	$	265,856	$	4,011,518
PNC Financial Services Group Inc. (The)		234,333		271,991		(241,306	)		265,018		22,404,622		351,293		2,466,172
										$	44,249,700	$	617,149	$	6,477,690
U.S. Regional Banks
PNC Financial Services Group Inc. (The)		657,385		462,094		(311,529	)		807,950	$	68,304,093	$	1,042,418	$	4,462,567
U.S. Telecommunications
NII Holding Inc.		13,100,463		642,180		(13,742,643	)		—	$	—	$	—	$	(21,262,863	)
NTELOS Holdings Corp.		1,134,779		1,533,802		(1,010,594	)		1,657,987		6,797,747		447,407		(2,587,729	)
										$	6,797,747	$	447,407	$	(23,850,592	)

^a  As of January 31, 2015, the Fund held less than 5% of the outstanding voting shares of the issuer.

^b  Not an affiliate at the beginning of the period.

135

Notes to Schedules of Investments  (Unaudited) (Continued)

iSHARES^® TRUST

3. FUTURES CONTRACTS

Each Fund may purchase or sell futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

136

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/ Manish Mehta
Manish Mehta, President (Principal Executive Officer)
Date:	March 27, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Manish Mehta
Manish Mehta, President (Principal Executive Officer)
Date:	March 27, 2015

By: /s/ Jack Gee
Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:	March 27, 2015