UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22649

iShares U.S. ETF Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

1 Iron Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2017

Date of reporting period: October 31, 2017

Explanatory Note:

The Registrant is filing this amendment to its Form N-CSR for the period ended October 31, 2017, filed with the Securities and Exchange Commission on January 9, 2018 (Accession Number 0001193125-18-007070). The sole purpose of this amendment is to correct the fund market total returns presented in the Management’s Discussion of Fund Performance and the premium/discount range presented within the Supplemental Information section for the iShares Edge U.S. Fixed Income Balanced Risk ETF, iShares Short Maturity Bond ETF, iShares Short Maturity Municipal Bond ETF, and iShares Ultra Short-Term Bond ETF within Item 1, Reports to Stockholders. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.

Item 1. Reports to Stockholders.

OCTOBER 31, 2017

2017 ANNUAL REPORT

iShares U.S. ETF Trust

^Ø  iShares Interest Rate Hedged 10+ Year Credit Bond ETF  |  CLYH  |  NYSE Arca

Table of Contents

Management’s Discussion of Fund Performance	5
About Fund Performance	8
Shareholder Expenses	8
Schedule of Investments	9
Financial Statements	11
Financial Highlights	14
Notes to Financial Statements	15
Report of Independent Registered Public Accounting Firm	23
Tax Information	24
Board Review and Approval of Investment Advisory Contract	25
Supplemental Information	29
Trustee and Officer Information	31
Additional Financial Information – iShares 10+ Year Credit Bond ETF	35
Schedule of Investments (Unaudited) as of October  31, 2017	36
Statement of Assets and Liabilities (Unaudited) as of October 31, 2017	67
Audited Financial Statements as of February  28, 2017	68

Management’s Discussion of Fund Performance

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

U.S. BOND MARKET OVERVIEW

The U.S. bond market posted a modestly positive gain for the 12 months ended October 31, 2017 (“reporting period”). The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned 0.90%.

Improving economic growth and rising interest rates contributed to the U.S. bond market performance. The U.S. economy expanded by 2.3% for the 12 months ended September 2017 (the most recent data available), its fastest year-over-year growth rate in two years. The job market mirrored this progress, with the unemployment rate declining to its lowest level in more than 16 years. The healthier economy and job market contributed to consumer confidence reaching its highest level since January 2004, while retail sales increased by 4.6% for the reporting period.

On the manufacturing side, industrial output increased by 0.90% for the reporting period, reflecting a recovery in 2017 after industrial production contracted for much of 2016. At the same time, inflation was modest, with the consumer price index rising by 2.2% for the 12 months ended September 2017, well below the long-term historical average of 3.3%.

In that environment, the U.S. Federal Reserve Bank (“Fed”) worked to normalize monetary policy by beginning to reverse some of the measures taken in response to the 2008 financial crisis. The Fed increased interest rates by a quarter percentage point three times during the reporting period, from 0.5% to 1.25%, which contributed to higher short-term bond yields. The Fed also started reducing the amount of U.S. Treasury bonds and mortgage-backed securities on its balance sheet in October 2017.

Another catalyst for rising bond yields was the outcome of the U.S. presidential election in November 2016. The new administration was expected to enact pro-growth fiscal policies, including lower taxes and significant infrastructure spending, which was expected to lead to a higher federal budget deficit. Expectations of an increase in the supply of U.S. Treasury bonds, based on the government’s need to fill the larger budget gap, led to an increase in U.S. bond yields during the reporting period.

Overall, short-term U.S. Treasury bond yields rose more than long-term bond yields. For example, the yield of the two-year U.S. Treasury note increased from 0.86% to 1.6% over the course of the reporting period, while the yield of the 30-year U.S. Treasury bond rose less than half that amount, increasing from 2.58% to 2.88%. The yield difference, or spread, between short-term and longer-term U.S. Treasury securities reached levels not seen since before the 2008 financial crisis, when the Fed was raising short-term interest rates aggressively.

Interest rate trends had important implications for returns across the U.S. bond market. U.S. Treasury bonds declined for the reporting period and were the weakest performers among the broad market segments.

In contrast, economically sensitive corporate bonds performed well, benefiting from improving economic growth, healthy corporate profits, strong investor demand for their comparatively higher yields, and expectations of the new administration’s corporate-friendly policies. As a result, the yield spread between U.S. Treasury securities and corporate bonds — both investment-grade and high-yield — declined for the reporting period.

Mortgage-backed securities, which have higher yields than U.S. Treasury securities but greater sensitivity to interest rate changes than corporate bonds, finished between these two sectors, managing modest gains for the reporting period.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

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

Performance as of October 31, 2017

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		11.36%		4.48%		11.36%		10.50%
Fund Market		11.44%		4.55%		11.44%		10.67%
Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index		12.71%		5.37%		12.71%		12.61%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a,b		Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a,b		Annualized Expense Ratioa
$	1,000.00	$	1,059.70	$	0.52	$	1,000.00	$	1,024.70	$	0.51		0.10%

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

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

6 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

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

The iShares Interest Rate Hedged 10+ Year Credit Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of investment-grade U.S. corporate bonds and U.S. dollar-denominated bonds, including those of non-U.S. corporations and governments, with remaining maturities greater than ten years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares 10+ Year Credit Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps. For the 12-month reporting period ended October 31, 2017, the total return for the Fund was 11.36%, net of fees.

Investor demand for long-term, investment-grade bonds grew during the reporting period, contributing to the Fund’s return. The market for long-term debt benefited from better-capitalized pension funds seeking stable investments. While yields on long-term U.S. Treasuries increased, strong investor demand for yield reduced credit spreads (the additional yield on corporate bonds over similar-duration U.S. Treasuries), which helped support prices of long-term corporate bonds.

The Fund’s investments include both corporate and non-corporate bonds. Among corporate bonds, debt issued by industrial companies was the principal contributor to the Fund’s return for the reporting period. Among industrial companies, energy company bonds contributed the most, as oil prices stabilized in the $45-55 price range, which was sufficient for most oil companies to remain solvent. Bonds issued by firms in the consumer non-cyclicals, technology, and communications industries were also notable contributors to the Fund’s performance.

Financial company bonds also contributed significantly to the Fund’s return for the reporting period, with debt issued by the banks industry the primary contributor. Rising capital levels and reduced risk have made bank bonds more attractive for investors, sending the spread for U.S. banking bonds to the lowest level since the financial crisis.

Bonds issued by non-corporate entities, which represented approximately 15% of the Fund on average for the reporting period, also contributed to the Fund’s return for the reporting period. These issuers include supranationals, foreign governments, foreign agencies, and municipal agencies issuing taxable bonds.

Increasing interest rates reduce the value of existing bonds, meaning a rise in interest rates typically detracts from bond fund performance. Conversely, falling rates usually serve to increase bond prices. An interest rate hedged fund attempts to mitigate these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and Treasury futures contracts.

Rising interest rates during the reporting period meant that hedging activity positively contributed to the Fund’s return. The Fund’s interest rate hedge seeks near-zero interest rate sensitivity and was successful within its targeted range. As a result, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund’s return fluctuated based on direct exposure to the yield premium of long-term, investment-grade bonds, independent of rising interest rates during the reporting period.

ALLOCATION BY INVESTMENT TYPE ¹

As of 10/31/17

Investment Type Percentage of
Total Investments  ²

Corporate Bonds & Notes	88.30	%
Municipal Debt Obligations	6.40
Foreign Government Obligations	5.30
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY ¹

As of 10/31/17

Moody’s Credit Rating ³ Percentage of
Total Investments  ²

Aaa	3.88	%
Aa	10.67
A	36.79
Baa	43.88
Ba	3.70
Not Rated	1.08
TOTAL	100.00	%

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

²  Excludes money market funds.

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

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 7

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2017 and held through October 31, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

8 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

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

October 31, 2017

Security	Shares		Value
INVESTMENT COMPANIES — 95.04%
EXCHANGE-TRADED FUNDS — 95.04%
iShares 10+ Year Credit Bond ETFa		237,854	$	14,813,547
				14,813,547
TOTAL INVESTMENT COMPANIES
(Cost: $14,012,923)				14,813,547
SHORT-TERM INVESTMENTS — 0.09%
MONEY MARKET FUNDS — 0.09%
BlackRock Cash Funds: Treasury, SL Agency Shares 1.00%a,b		13,582		13,582
				13,582
TOTAL SHORT-TERM INVESTMENTS
(Cost: $13,582)				13,582

	Value
TOTAL INVESTMENTS IN SECURITIES — 95.13%
(Cost: $14,026,505)c	$	14,827,129
Other Assets, Less Liabilities — 4.87%		758,562
NET ASSETS — 100.00%	$	15,585,691

^a  Affiliated issuer. See Schedule 1.

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

^c The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $14,058,027. Net unrealized appreciation was $1,556,859, of which $1,588,381 represented gross unrealized appreciation on investments and $31,522 represented gross unrealized depreciation on investments.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2017, for purposes of Section 2(a)(3) of the 1940 Act, and/or related parties of the Fund were as follows:

Affiliated issuer	Shares held at 10/31/16		Shares purchased			Shares sold			Shares held at 10/31/17		Value at 10/31/17		Net realized gain (loss) a			Change in unrealized appreciation (depreciation)		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		—		—	b		—			—	$	—	$	(2	)	$	—	$	—	c
BlackRock Cash Funds: Treasury, SL Agency Shares		377,931		—			(364,349	)b		13,582		13,582		29			—		1,474
iShares 10+ Year Credit Bond ETF		124,896		124,573			(11,615	)		237,854		14,813,547		(30,963	)		386,900		438,947
											$	14,827,129	$	(30,936	)	$	386,900	$	440,421

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

^b  Net of shares purchased and sold.

^c  Does not include income earned on investment of securities lending cash collateral which is not direct income of the Fund and is reflected as a component of securities lending income in the statement of operations.

SCHEDULE OF INVESTMENTS 9

Schedule of Investments (Continued)

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

October 31, 2017

Schedule 2 — Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of October 31, 2017 were as follows:

Paid by the Fund			Received by the Fund				Termination Date		Notional Amount (000)					Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate		Frequency							Value
1.01%		Semi-Annual		3-Month LIBOR		Quarterly		12/08/2018	$	(2,837	)	$	20,392	$	18,743	$	1,649
1.17%		Semi-Annual		3-Month LIBOR		Quarterly		12/08/2021		(1,120	)		38,043		16,813		21,230
1.44%		Semi-Annual		3-Month LIBOR		Quarterly		12/08/2026		(4,075	)		303,655		161,335		142,320
1.70%		Semi-Annual		3-Month LIBOR		Quarterly		12/08/2036		(3,986	)		549,454		216,718		332,736
2.34%		Semi-Annual		3-Month LIBOR		Quarterly		12/08/2036		(2,363	)		90,495		73,514		16,981
1.77%		Semi-Annual		3-Month LIBOR		Quarterly		12/08/2046		(3,738	)		684,409		411,568		272,841
												$	1,686,448	$	898,691	$	787,757

Schedule 3 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Investment companies	$	14,813,547	$	—	$	—	$	14,813,547
Money market funds		13,582		—		—		13,582
Total	$	14,827,129	$	—	$	—	$	14,827,129
Derivative financial instrumentsa:
Assets:
Centrally cleared interest rate swaps	$	—	$	787,757	$	—	$	787,757
Total	$	—	$	787,757	$	—	$	787,757

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

See notes to financial statements.

10 2017 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities

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

October 31, 2017

ASSETS
Investments in securities, at cost:
Affiliated (Note 2)	$	14,026,505
Total cost of investments in securities	$	14,026,505
Investments in securities, at fair value (Note 1):
Affiliated (Note 2)	$	14,827,129
Cash pledged for centrally cleared swaps		770,000
Receivables:
Dividends		199
Total Assets		15,597,328
LIABILITIES
Payables:
Investment advisory fees (Note 2)		1,315
Variation margin on centrally cleared swaps		10,322
Total Liabilities		11,637
NET ASSETS	$	15,585,691
Net assets consist of:
Paid-in capital	$	14,786,967
Accumulated net realized loss		(789,657	)
Net unrealized appreciation		1,588,381
NET ASSETS	$	15,585,691
Shares outstandinga		600,000
Net asset value per share	$	25.98

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

See notes to financial statements.

FINANCIAL STATEMENTS 11

Statement of Operations

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

Year ended October 31, 2017

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	440,421
Securities lending income — affiliated — net (Note 2)		1,422
Total investment income		441,843
EXPENSES
Investment advisory fees (Note 2)		41,519
Proxy fees		241
Total expenses		41,760
Less investment advisory fees waived (Note 2)		(29,897	)
Net expenses		11,863
Net investment income		429,980
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(30,965	)
Swap agreements		1,893
Realized gain distributions from affiliated funds		29
Net realized loss		(29,043	)
Net change in unrealized appreciation/depreciation on:
Investments — affiliated (Note 2)		386,900
Swap agreements		438,205
Net change in unrealized appreciation/depreciation		825,105
Net realized and unrealized gain		796,062
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,226,042

See notes to financial statements.

12 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

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

	Year ended October 31, 2017			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	429,980		$	293,342
Net realized loss		(29,043	)		(936,636	)
Net change in unrealized appreciation/depreciation		825,105			789,028
Net increase in net assets resulting from operations		1,226,042			145,734
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(352,551	)		(200,730	)
Return of capital		(7,976	)		(6,500	)
Total distributions to shareholders		(360,527	)		(207,230	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		6,296,970			1,201,441
Cost of shares redeemed		—			(1,146,020	)
Net increase in net assets from capital share transactions		6,296,970			55,421
INCREASE (DECREASE) IN NET ASSETS		7,162,485			(6,075	)
NET ASSETS
Beginning of year		8,423,206			8,429,281
End of year	$	15,585,691		$	8,423,206
SHARES ISSUED AND REDEEMED
Shares sold		250,000			50,000
Shares redeemed		—			(50,000	)
Net increase in shares outstanding		250,000			—

See notes to financial statements.

FINANCIAL STATEMENTS 13

Financial Highlights

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

(For a share outstanding throughout each period)

	Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Period from Jul. 22, 2015 a to Oct. 31, 2015
Net asset value, beginning of period	$	24.07		$	24.08		$	25.10
Income from investment operations:
Net investment incomeb		0.91			0.89			0.26
Net realized and unrealized gain (loss)c		1.78			(0.28	)		(1.09	)
Total from investment operations		2.69			0.61			(0.83	)
Less distributions from:
Net investment income		(0.76	)		(0.60	)		(0.13	)
Return of capital		(0.02	)		(0.02	)		(0.06	)
Total distributions		(0.78	)		(0.62	)		(0.19	)
Net asset value, end of period	$	25.98		$	24.07		$	24.08
Total return		11.36	%		2.49	%e		(3.19	)%d,e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	15,586		$	8,423		$	8,429
Ratio of expenses to average net assetsf,g		0.10	%		0.10	%		0.12	%
Ratio of expenses to average net assets prior to waived feesf,g		0.35	%		0.35	%		0.35	%
Ratio of net investment income to average net assetsf		3.62	%		3.78	%		3.80	%
Portfolio turnover rateh,i		6	%		9	%		4	%d

^a Commencement of operations.

^b Based on average shares outstanding throughout each period.

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

^d Not annualized.

^e The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total returns for the year ended October 31, 2016 and the period ended October 31, 2015 were 2.62% and -3.31%, respectively.

^f Annualized for periods of less than one year.

^g The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. These ratios do not include these indirect fees and expenses.

^h Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

ⁱ  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested.

See notes to financial statements.

14 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

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

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

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

iShares ETF	Diversification Classification
Interest Rate Hedged 10+ Year Credit Bond	Diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

NOTES TO FINANCIAL STATEMENTS 15

Notes to Financial Statements (Continued)

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

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

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

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

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

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

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

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

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

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

16 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates. As of October 31, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of October 31, 2017 and the total value of the related cash collateral are disclosed in the statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the statement of operations.

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

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

NOTES TO FINANCIAL STATEMENTS 17

Notes to Financial Statements (Continued)

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

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is the Fund’s total annual operating expenses. BFA has contractually agreed to reduce its investment advisory fee for the Fund through February 28, 2022 so that the total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares 10+ Year Credit Bond ETF (“CLY”), after taking into account any fee waivers by CLY, plus 0.10%.

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

Pursuant to a securities lending agreement, the Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, the Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the year ended October 31, 2017, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $364.

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

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Dividends — affiliated” in the statement of operations.

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

18 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended October 31, 2017, were $1,613,906 and $704,266, respectively.

In-kind purchases and sales (see Note 4) for the year ended October 31, 2017, were $5,881,855 and $  —, respectively.

4. CAPITAL SHARE TRANSACTIONS

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

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

5. INTEREST RATE SWAPS

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

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

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

NOTES TO FINANCIAL STATEMENTS 19

Notes to Financial Statements (Continued)

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

The following table shows the value of interest rate swaps held by the Fund as of October 31, 2017 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized appreciationa	$	787,757

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

The following table shows the realized and unrealized gains (losses) on interest rate swaps held by the Fund during the year ended October 31, 2017 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Centrally cleared interest rate swaps:
Swap agreements	$	1,893	$	438,205

For the year ended October 31, 2017, the average quarter-end notional amount of open interest rate swaps for the Fund (where the Fund pays the fixed rate) was $12,295,200.

6. PRINCIPAL RISKS

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

MARKET RISK

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

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

20 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

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

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2017, attributable to the accounting for swap agreements, were reclassified to the following accounts:

Paid-in Capital	Undistributed Net Investment Income/Distributions in Excess of  Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized  Loss
$      —	$	(77,429)	$	77,429

The tax character of distributions paid during the years ended October 31, 2017 and October 31, 2016 was as follows.

	2017		2016
Ordinary income	$	352,551	$	200,730
Return of capital		7,976		6,500
	$	360,527	$	207,230

As of October 31, 2017, the tax components of accumulated net earnings (losses) were as follows:

Capital Loss Carryforwards	Net Unrealized Gains  (Losses) a		Total
$ (758,135)	$	1,556,859	$	798,724

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

NOTES TO FINANCIAL STATEMENTS 21

Notes to Financial Statements (Continued)

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

As of October 31, 2017, the Fund had non-expiring capital loss carryforwards in the amount of $758,135 available to offset future realized capital gains.

For the year ended October 31, 2017, the Fund utilized $79,349 of its capital loss carryforwards.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

8. LEGAL PROCEEDINGS

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

9. SUBSEQUENT EVENTS

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

22 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

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

Shareholders of the iShares Interest Rate Hedged 10+ Year Credit Bond ETF

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the iShares Interest Rate Hedged 10+ Year Credit Bond ETF (constituting a fund of the iShares U.S. ETF Trust, hereafter referred to as the “Fund”) as of October 31, 2017, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the two years then ended and for the period July 22, 2015 (commencement of operations) through October 31, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 21, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 23

Tax Information (Unaudited)

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

For the fiscal year ended October 31, 2017, the Fund hereby designates $320,477 as the maximum amount allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.

24 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

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

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 5, 2017 and May 12, 2017. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 18, 2017, management presented information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its meetings. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 19-21, 2017, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential further enhancements to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, waivers/reimbursements (if any), and underlying fund fees and expenses (if any) of the Fund in comparison with the same information for other exchange traded funds (“ETFs”) (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Broadridge’s judgment, pure index institutional mutual funds, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board further noted that the Peer Group for the Fund contained only three comparison funds identified by Broadridge, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2016, to that of relevant comparison funds for the same periods.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 25

Board Review and Approval of Investment Advisory

Contract (Continued)

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

further noted that during the prior year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its benchmark index. Such periodic comparative performance information, including any additional detailed information requested by the Boards, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s strategy and benchmark index.

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, product design, compliance and risk management, and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 19-21, 2017 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

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

Costs of Services Provided to Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability of the Fund to BlackRock, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, including supplemental information that was responsive to requests of the 15(c) Committee. The Board noted that the 15(c) Committee had focused on the methodology and profitability presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BFA affiliate, from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee during its meetings and addressed by management, including through supplemental information. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through

26 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

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

relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale be identified in the future that are not otherwise shared, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider the Advisory Contract at least annually, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged BFA’s expressed business purpose for launching a suite of iShares “Core” ETFs that generally are subject to lower investment advisory fees than iShares non-Core ETFs that may provide a similar investment exposure. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 27

Board Review and Approval of Investment Advisory

Contract (Continued)

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

Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion — Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

28 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

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

Proxy Results

A special meeting of the shareholders of each series of iShares U.S. ETF Trust (the “Trust”) was held on June 19, 2017, to elect five Trustees to the Board of Trustees of the Trust. The five nominees were Jane D. Carlin, Richard L. Fagnani, Drew E. Lawton, Madhav V. Rajan and Mark Wiedman, all of whom were elected as Trustees at the special meeting. The other Trustees whose terms of office as Trustees continued after the special meeting are Cecilia H. Herbert, Charles A. Hurty, John E. Kerrigan, John E. Martinez and Robert S. Kapito.

Trustee	Votes For		Votes Withheld
Jane D. Carlin		49,298,818		57,986
Richard L. Fagnani		49,294,053		62,752
Drew E. Lawton		49,296,485		60,320
Madhav V. Rajan		49,289,721		67,084
Mark Wiedman		49,289,957		66,848

Section 19(a) Notices

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

Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
$	0.780443	$	—	$	—	$	0.780443		100	%		—	%		—	%		100	%

Premium/Discount Information

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

SUPPLEMENTAL INFORMATION 29

Supplemental Information (Unaudited) (Continued)

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

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

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

The following information shows the frequency of distributions of premiums and discounts for the Fund for the immediately preceding five calendar years (or from the inception date of the Fund, if less than five years) through the date of the most recent calendar quarter-end. Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

Period Covered: July 22, 2015 through September 30, 2017

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5% and Less than 2.0%		1		0.18	%
Greater than 1.0% and Less than 1.5%		8		1.44
Greater than 0.5% and Less than 1.0%		26		4.69
Greater than 0.0% and Less than 0.5%		296		53.43
At NAV		13		2.35
Less than 0.0% and Greater than –0.5%		191		34.48
Less than –0.5% and Greater than –1.0%		17		3.07
Less than –1.0% and Greater than –1.5%		1		0.18
Less than –1.5% and Greater than –2.0%		1		0.18
		554		100.00	%

30 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees a total of 346 funds (as of October 31, 2017) within the Exchange-Traded Fund Complex. Drew E. Lawton, from October 2016 to June 2017, and Richard L. Fagnani, from April 2017 to June 2017, served as a member of the advisory board (“Advisory Board,” members of which are “Advisory Board Members”) for iShares U.S. ETF Trust, iShares, Inc. and iShares Trust with respect to all funds within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (60)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Mark K. Wiedmanb (46)	Trustee (since 2013)	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

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

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

TRUSTEE AND OFFICER INFORMATION 31

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (68)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998- 2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Director of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (61)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (62)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
Charles A. Hurty (74)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (62)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (58)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

32 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (53)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011); Director, Cavium, Inc. (since 2013).

TRUSTEE AND OFFICER INFORMATION 33

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (42)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (58)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Benjamin Archibald (42)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised mutual funds (since 2012).
Alan Mason (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Steve Messinger (55)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Charles Park (50)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (48)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

34 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Additional Financial Information

Schedule of Investments (Unaudited)

October 31, 2017

Statement of Assets and Liabilities (Unaudited)

October 31, 2017

Audited Financial Statements

February 28, 2017

iShares Trust

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

Schedule of Investments (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 86.59%
ADVERTISING — 0.04%
WPP Finance 2010
5.13%, 09/07/42	$	55	$	57,273
5.63%, 11/15/43		229		258,365
				315,638
AEROSPACE & DEFENSE — 1.77%
Boeing Co. (The)
3.38%, 06/15/46 (Call 12/15/45)		125		118,900
3.65%, 03/01/47 (Call 09/01/46)		300		299,193
6.63%, 02/15/38		16		22,522
6.88%, 03/15/39		182		266,059
General Dynamics Corp.
3.60%, 11/15/42 (Call 05/15/42)		300		298,269
Harris Corp.
4.85%, 04/27/35 (Call 10/27/34)		275		305,602
5.05%, 04/27/45 (Call 10/27/44)		300		346,083
6.15%, 12/15/40		50		61,761
Lockheed Martin Corp.
3.60%, 03/01/35 (Call 09/01/34)		300		298,167
3.80%, 03/01/45 (Call 09/01/44)		500		493,415
4.07%, 12/15/42		800		822,720
4.09%, 09/15/52 (Call 03/15/52)		350		355,015
4.50%, 05/15/36 (Call 11/15/35)		500		551,915
4.70%, 05/15/46 (Call 11/15/45)		600		680,280
Series B
6.15%, 09/01/36		300		390,846
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		120		119,827
4.03%, 10/15/47 (Call 04/15/47)		1,100		1,132,791
4.75%, 06/01/43		250		283,792
5.05%, 11/15/40		250		286,855
Northrop Grumman Systems Corp.
7.75%, 02/15/31		555		786,157
Raytheon Co.
4.20%, 12/15/44 (Call 06/15/44)		100		108,677
4.70%, 12/15/41		300		345,714
4.88%, 10/15/40		137		161,941
Rockwell Collins Inc.
4.35%, 04/15/47 (Call 10/15/46)		150		161,042
4.80%, 12/15/43 (Call 06/15/43)		261		294,625
United Technologies Corp.
3.75%, 11/01/46 (Call 05/01/46)		500		488,830
4.05%, 05/04/47 (Call 11/04/46)		250		256,520

Security	Principal (000s)		Value
4.15%, 05/15/45 (Call 11/16/44)	$	600	$	622,428
4.50%, 06/01/42		2,000		2,178,900
5.40%, 05/01/35		11		13,093
5.70%, 04/15/40		200		251,036
6.05%, 06/01/36		100		128,064
6.13%, 07/15/38		200		260,892
6.70%, 08/01/28		500		653,205
7.50%, 09/15/29		114		158,555
				14,003,691
AGRICULTURE — 1.42%
Altria Group Inc.
3.88%, 09/16/46 (Call 03/16/46)a		700		684,691
4.25%, 08/09/42		400		413,276
4.50%, 05/02/43		350		373,958
5.38%, 01/31/44a		800		962,944
Archer-Daniels-Midland Co.
4.02%, 04/16/43		799		830,592
4.54%, 03/26/42		378		416,934
BAT Capital Corp.
4.39%, 08/15/37 (Call 02/15/37)b		1,500		1,553,535
4.54%, 08/15/47 (Call 02/15/47)a,b		500		513,980
Philip Morris International Inc.
3.88%, 08/21/42		76		75,422
4.13%, 03/04/43		225		230,974
4.25%, 11/10/44		1,000		1,046,960
4.38%, 11/15/41		236		250,236
4.50%, 03/20/42		171		185,027
4.88%, 11/15/43		300		340,467
6.38%, 05/16/38		850		1,135,404
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		100		118,175
5.85%, 08/15/45 (Call 02/15/45)		1,000		1,229,080
6.15%, 09/15/43		381		480,974
7.25%, 06/15/37		253		347,594
				11,190,223
AIRLINES — 0.26%
American Airlines Pass Through Trust
Series 2016-1, Class AA
3.58%, 07/15/29		17		17,541
Series 2016-2, Class AA
3.20%, 12/15/29		82		81,864
Series 2016-3, Class AA
3.00%, 04/15/30		972		958,510

36 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Latam Airlines Pass Through Trust
Series 2015-1, Class A
4.20%, 08/15/29	$	456	$	463,004
United Airlines Pass Through Trust
Series 2015-1, Class AA
3.45%, 06/01/29		75		76,490
Series 2016-2, Class AA
2.88%, 04/07/30		500		489,465
				2,086,874
APPAREL — 0.11%
NIKE Inc.
3.38%, 11/01/46 (Call 05/01/46)		200		187,618
3.63%, 05/01/43 (Call 11/01/42)		300		294,723
3.88%, 11/01/45 (Call 05/01/45)		175		177,734
VF Corp.
6.45%, 11/01/37		150		195,829
				855,904
AUTO MANUFACTURERS — 0.93%
Daimler Finance North America LLC
8.50%, 01/18/31		700		1,050,168
Ford Motor Co.
4.75%, 01/15/43a		800		790,720
5.29%, 12/08/46 (Call 06/08/46)a		650		688,253
6.63%, 10/01/28a		16		19,452
7.40%, 11/01/46		114		150,564
7.45%, 07/16/31		1,005		1,310,329
General Motors Co.
5.00%, 04/01/35		145		150,243
5.15%, 04/01/38 (Call 10/01/37)		250		260,798
5.20%, 04/01/45		500		511,890
5.40%, 04/01/48 (Call 10/01/47)		250		264,045
6.25%, 10/02/43		750		867,322
6.60%, 04/01/36 (Call 10/01/35)		650		779,876
6.75%, 04/01/46 (Call 10/01/45)		390		476,260
				7,319,920
AUTO PARTS & EQUIPMENT — 0.04%
BorgWarner Inc.
4.38%, 03/15/45 (Call 09/15/44)		185		187,152
Delphi Automotive PLC
4.40%, 10/01/46 (Call 04/01/46)		150		152,725
				339,877

Security	Principal (000s)		Value
BANKS — 7.93%
Bank of America Corp.
4.18%, 11/25/27 (Call 11/25/26)a	$	1,450	$	1,511,654
4.88%, 04/01/44		950		1,093,944
5.00%, 01/21/44		600		697,794
5.88%, 02/07/42		750		964,005
6.11%, 01/29/37		1,000		1,253,370
7.75%, 05/14/38		900		1,330,659
VRN, (3 mo. LIBOR US + 1.990%)
4.44%, 01/20/48 (Call 01/20/47)c		900		975,969
Series L
4.75%, 04/21/45a		8		8,853
Bank of America N.A.
6.00%, 10/15/36		250		320,063
Bank of New York Mellon Corp. (The)
3.00%, 10/30/28 (Call 07/30/28)		85		82,963
3.30%, 08/23/29 (Call 05/23/29)		250		249,130
Barclays PLC
4.34%, 01/10/28 (Call 01/10/27)		300		311,667
4.84%, 05/09/28 (Call 05/07/27)a		800		834,056
4.95%, 01/10/47		750		826,200
5.25%, 08/17/45		600		686,568
Citigroup Inc.
4.13%, 07/25/28		575		592,687
4.65%, 07/30/45		400		445,036
4.75%, 05/18/46		850		922,122
5.30%, 05/06/44a		515		604,528
5.88%, 01/30/42		600		769,566
6.00%, 10/31/33		200		243,210
6.13%, 08/25/36		282		350,777
6.63%, 01/15/28		11		13,496
6.63%, 06/15/32		525		671,517
6.68%, 09/13/43		400		546,800
8.13%, 07/15/39		950		1,494,853
VRN, (3 mo. LIBOR US + 1.839%)
4.28%, 04/24/48 (Call 04/24/47)c		250		263,293
Cooperatieve Rabobank UA
5.25%, 05/24/41		800		992,048
5.25%, 08/04/45a		291		346,811
5.75%, 12/01/43		600		760,242
Credit Suisse Group Funding Guernsey Ltd.
4.88%, 05/15/45a		786		884,148

SCHEDULE OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Fifth Third Bancorp.
8.25%, 03/01/38	$	444	$	670,191
First Republic Bank/CA
4.38%, 08/01/46 (Call 02/01/46)		250		247,728
Goldman Sachs Capital I
6.35%, 02/15/34		400		499,316
Goldman Sachs Group Inc. (The)
4.75%, 10/21/45 (Call 04/21/45)		1,000		1,116,790
4.80%, 07/08/44 (Call 01/08/44)		775		867,899
5.15%, 05/22/45		900		1,026,846
6.13%, 02/15/33		1,200		1,506,228
6.25%, 02/01/41		1,100		1,458,457
6.75%, 10/01/37		2,425		3,198,866
VRN, (3 mo. LIBOR US + 1.373%)
4.02%, 10/31/38 (Call 10/31/37)c		1,000		1,009,500
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35		600		734,460
HSBC Holdings PLC
5.25%, 03/14/44		1,000		1,164,470
6.10%, 01/14/42		416		560,631
6.50%, 05/02/36		900		1,172,880
6.50%, 09/15/37		900		1,184,733
6.80%, 06/01/38		600		816,720
7.63%, 05/17/32		300		405,777
JPMorgan Chase & Co.
4.85%, 02/01/44		500		578,535
4.95%, 06/01/45		725		824,687
5.40%, 01/06/42		875		1,084,545
5.50%, 10/15/40		787		977,005
5.60%, 07/15/41		746		937,461
5.63%, 08/16/43		375		460,530
6.40%, 05/15/38		1,000		1,346,550
VRN, (3 mo. LIBOR US + 1.360%)
3.88%, 07/24/38 (Call 07/24/37)c		750		756,855
VRN, (3 mo. LIBOR US + 1.460%)
4.03%, 07/24/48 (Call 07/24/47)c		750		762,623
VRN, (3 mo. LIBOR US + 1.580%)
4.26%, 02/22/48 (Call 02/22/47)c		750		789,210
KfW
0.00%, 04/18/36		700		404,152
0.00%, 06/29/37		800		446,752
Lloyds Banking Group PLC
5.30%, 12/01/45a		200		235,442
Morgan Stanley
4.30%, 01/27/45		1,200		1,264,356

Security	Principal (000s)		Value
4.38%, 01/22/47	$	1,150	$	1,228,315
6.38%, 07/24/42		950		1,289,938
7.25%, 04/01/32		700		959,238
Regions Financial Corp.
7.38%, 12/10/37		325		442,371
Wachovia Corp.
5.50%, 08/01/35		400		473,416
Wells Fargo & Co.
3.90%, 05/01/45		1,250		1,259,300
4.40%, 06/14/46		550		568,007
4.65%, 11/04/44		1,450		1,548,368
4.75%, 12/07/46a		1,000		1,091,010
4.90%, 11/17/45		900		997,227
5.38%, 02/07/35		300		360,195
5.38%, 11/02/43		975		1,145,635
5.61%, 01/15/44		1,250		1,513,762
Wells Fargo Capital X
5.95%, 12/01/86		200		225,296
				62,660,302
BEVERAGES — 2.54%
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		200		200,022
4.63%, 02/01/44a		245		266,950
4.70%, 02/01/36 (Call 08/01/35)		2,850		3,128,302
4.90%, 02/01/46 (Call 08/01/45)		4,300		4,816,946
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		700		673,463
4.44%, 10/06/48 (Call 04/06/48)		683		722,990
4.95%, 01/15/42		750		847,425
8.00%, 11/15/39		136		211,864
8.20%, 01/15/39		750		1,181,932
Brown-Forman Corp.
4.50%, 07/15/45 (Call 01/15/45)		118		129,519
Coca-Cola FEMSA SAB de CV
5.25%, 11/26/43		271		315,631
Constellation Brands Inc.
4.50%, 05/09/47 (Call 11/09/46)		200		212,290
Diageo Capital PLC
3.88%, 04/29/43 (Call 10/29/42)		136		138,252
5.88%, 09/30/36		350		456,484
Diageo Investment Corp.
4.25%, 05/11/42		450		478,580
7.45%, 04/15/35		11		16,005

38 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Dr Pepper Snapple Group Inc.
4.50%, 11/15/45 (Call 05/15/45)b	$	250	$	265,090
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43		364		370,963
Molson Coors Brewing Co.
4.20%, 07/15/46 (Call 01/15/46)		700		690,221
5.00%, 05/01/42		595		657,445
Pepsi-Cola Metropolitan Bottling Co. Inc.
Series B
7.00%, 03/01/29		501		681,470
PepsiCo Inc.
3.45%, 10/06/46 (Call 04/06/46)a		750		712,215
3.60%, 08/13/42		400		391,924
4.00%, 03/05/42a		207		214,541
4.00%, 05/02/47 (Call 11/02/46)a		250		260,998
4.25%, 10/22/44 (Call 04/22/44)		350		375,648
4.45%, 04/14/46 (Call 10/14/45)		750		835,605
4.60%, 07/17/45 (Call 01/17/45)a		250		283,218
4.88%, 11/01/40		200		232,344
5.50%, 01/15/40		246		307,935
				20,076,272
BIOTECHNOLOGY — 1.64%
Amgen Inc.
4.40%, 05/01/45 (Call 11/01/44)		900		948,141
4.56%, 06/15/48 (Call 12/15/47)		1,100		1,182,060
4.66%, 06/15/51 (Call 12/15/50)		2,150		2,325,848
4.95%, 10/01/41a		150		168,827
5.15%, 11/15/41 (Call 05/15/41)		175		201,464
Baxalta Inc.
5.25%, 06/23/45 (Call 12/23/44)		500		574,970
Biogen Inc.
5.20%, 09/15/45 (Call 03/15/45)		800		917,504
Celgene Corp.
4.35%, 11/15/47		250		249,333
4.63%, 05/15/44 (Call 11/15/43)		400		413,732
5.00%, 08/15/45 (Call 02/15/45)		600		660,966
5.25%, 08/15/43		500		568,100
Gilead Sciences Inc.
4.00%, 09/01/36 (Call 03/01/36)		50		52,027
4.15%, 03/01/47 (Call 09/01/46)a		750		771,532
4.50%, 02/01/45 (Call 08/01/44)		1,000		1,083,190
4.60%, 09/01/35 (Call 03/01/35)		620		689,595

Security	Principal (000s)		Value
4.75%, 03/01/46 (Call 09/01/45)	$	799	$	897,389
4.80%, 04/01/44 (Call 10/01/43)		593		664,219
5.65%, 12/01/41 (Call 06/01/41)		450		562,707
				12,931,604
BUILDING MATERIALS — 0.33%
Johnson Controls International PLC
4.50%, 02/15/47 (Call 08/15/46)a		250		264,853
4.63%, 07/02/44 (Call 01/02/44)e		250		269,397
4.95%, 07/02/64 (Call 01/02/64)e		107		115,632
5.13%, 09/14/45 (Call 03/14/45)		250		287,265
6.00%, 01/15/36		300		370,773
Masco Corp.
3.50%, 11/15/27 (Call 08/15/27)		200		198,598
4.50%, 05/15/47 (Call 11/15/46)		150		150,585
Owens Corning
4.30%, 07/15/47 (Call 01/15/47)		350		337,169
7.00%, 12/01/36		173		225,673
Vulcan Materials Co.
4.50%, 06/15/47 (Call 12/15/46)		400		404,316
				2,624,261
CHEMICALS — 1.49%
Agrium Inc.
4.13%, 03/15/35 (Call 09/15/34)		87		88,401
4.90%, 06/01/43 (Call 12/01/42)		350		386,120
5.25%, 01/15/45 (Call 07/15/44)		254		293,426
6.13%, 01/15/41 (Call 07/15/40)		225		282,292
7.13%, 05/23/36a		100		133,386
Albemarle Corp.
5.45%, 12/01/44 (Call 06/01/44)		150		174,651
Dow Chemical Co. (The)
4.25%, 10/01/34 (Call 04/01/34)		575		597,281
4.38%, 11/15/42 (Call 05/15/42)		86		89,419
4.63%, 10/01/44 (Call 04/01/44)		475		509,765
5.25%, 11/15/41 (Call 05/15/41)		400		459,752
7.38%, 11/01/29		285		381,655
9.40%, 05/15/39		435		731,405
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)		400		430,528
4.80%, 09/01/42 (Call 03/01/42)		280		304,324
EI du Pont de Nemours & Co.
4.15%, 02/15/43		298		305,688
4.90%, 01/15/41		445		503,731
5.60%, 12/15/36		11		13,258
6.50%, 01/15/28		25		31,169

SCHEDULE OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
International Flavors & Fragrances Inc.
4.38%, 06/01/47 (Call 12/01/46)	$	150	$	154,892
Lubrizol Corp. (The)
6.50%, 10/01/34		120		156,611
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		350		383,820
5.25%, 07/15/43		200		232,794
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		600		615,144
Methanex Corp.
5.65%, 12/01/44 (Call 06/01/44)		200		202,620
Monsanto Co.
3.95%, 04/15/45 (Call 10/15/44)		215		206,430
4.20%, 07/15/34 (Call 01/15/34)		250		258,340
4.40%, 07/15/44 (Call 01/15/44)		550		569,679
4.65%, 11/15/43 (Call 05/15/43)		24		25,550
4.70%, 07/15/64 (Call 01/15/64)		275		280,005
Mosaic Co. (The)
5.45%, 11/15/33 (Call 05/15/33)a		208		220,162
5.63%, 11/15/43 (Call 05/15/43)a		400		418,632
Potash Corp. of Saskatchewan Inc.
5.63%, 12/01/40		350		413,745
5.88%, 12/01/36		101		120,827
Praxair Inc.
3.55%, 11/07/42 (Call 05/07/42)		300		294,519
Rohm & Haas Co.
7.85%, 07/15/29		100		137,339
Sherwin-Williams Co. (The)
4.00%, 12/15/42 (Call 06/15/42)		350		342,283
4.50%, 06/01/47 (Call 12/01/46)		600		636,804
Westlake Chemical Corp.
5.00%, 08/15/46 (Call 02/15/46)		325		360,175
				11,746,622
COMMERCIAL SERVICES — 0.61%
California Institute of Technology
4.32%, 08/01/45		12		13,467
4.70%, 11/01/11		100		105,889
Cleveland Clinic Foundation (The)
4.86%, 01/01/14		247		269,482
Ecolab Inc.
5.50%, 12/08/41		300		369,855
George Washington University (The)
4.87%, 09/15/45		16		18,738

Security	Principal (000s)		Value
Johns Hopkins University
Series 2013
4.08%, 07/01/53	$	11	$	11,402
Massachusetts Institute of Technology
3.96%, 07/01/38		9		9,679
4.68%, 12/31/99		400		456,032
5.60%, 07/01/11		425		569,861
Moody’s Corp.
3.25%, 01/15/28 (Call 10/15/27)b		150		149,201
5.25%, 07/15/44		250		297,145
President and Fellows of Harvard College
3.15%, 07/15/46 (Call 01/15/46)		275		262,820
3.30%, 07/15/56 (Call 01/15/56)		250		239,303
Princeton University
5.70%, 03/01/39		350		470,628
S&P Global Inc.
6.55%, 11/15/37		161		209,949
University of Notre Dame du Lac
Series 2015
3.44%, 02/15/45		9		8,742
University of Southern California
3.03%, 10/01/39		275		255,505
5.25%, 10/01/11		250		307,205
Verisk Analytics Inc.
5.50%, 06/15/45 (Call 12/15/44)		111		126,413
Western Union Co. (The)
6.20%, 11/17/36a		175		191,595
William Marsh Rice University
3.57%, 05/15/45		501		495,905
				4,838,816
COMPUTERS — 1.72%
Apple Inc.
3.45%, 02/09/45		1,050		995,841
3.75%, 09/12/47 (Call 03/12/47)		250		248,678
3.85%, 05/04/43		975		993,037
3.85%, 08/04/46 (Call 02/04/46)		745		753,553
4.25%, 02/09/47 (Call 08/09/46)		350		375,603
4.38%, 05/13/45		1,100		1,202,685
4.45%, 05/06/44		600		665,160
4.50%, 02/23/36 (Call 08/23/35)		925		1,054,426
4.65%, 02/23/46 (Call 08/23/45)		1,350		1,536,205

40 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Dell International LLC/EMC Corp.
8.10%, 07/15/36 (Call 01/15/36)b	$	750	$	951,472
8.35%, 07/15/46 (Call 01/15/46)b		775		1,001,594
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)a		350		378,423
6.35%, 10/15/45 (Call 04/15/45)		575		612,381
HP Inc.
6.00%, 09/15/41		550		603,889
International Business Machines Corp.
4.00%, 06/20/42		500		513,280
4.70%, 02/19/46a		550		633,050
5.60%, 11/30/39a		300		380,049
5.88%, 11/29/32		316		403,690
6.50%, 01/15/28		155		197,782
Seagate HDD Cayman
5.75%, 12/01/34 (Call 06/01/34)		125		120,064
				13,620,862
COSMETICS & PERSONAL CARE — 0.43%
Colgate-Palmolive Co.
3.70%, 08/01/47 (Call 02/01/47)		250		249,970
4.00%, 08/15/45		317		331,458
Estee Lauder Companies Inc. (The)
4.15%, 03/15/47 (Call 09/15/46)		125		132,783
4.38%, 06/15/45 (Call 12/15/44)		250		271,975
6.00%, 05/15/37		150		190,652
Procter & Gamble Co. (The)
3.50%, 10/25/47		250		248,095
5.55%, 03/05/37		1,000		1,316,000
Unilever Capital Corp.
5.90%, 11/15/32		525		691,792
				3,432,725
DISTRIBUTION & WHOLESALE — 0.11%
WW Grainger Inc.
3.75%, 05/15/46 (Call 11/15/45)		250		237,947
4.20%, 05/15/47 (Call 11/15/46)		150		154,392
4.60%, 06/15/45 (Call 12/15/44)		400		435,352
				827,691
DIVERSIFIED FINANCIAL SERVICES — 1.44%
American Express Co.
4.05%, 12/03/42		525		541,674
AXA Financial Inc.
7.00%, 04/01/28		14		17,828

Security	Principal (000s)		Value
CME Group Inc.
5.30%, 09/15/43 (Call 03/15/43)	$	400	$	507,156
Credit Suisse USA Inc.
7.13%, 07/15/32		468		646,238
GE Capital International Funding Co. Unlimited Co.
4.42%, 11/15/35a		5,000		5,356,450
Invesco Finance PLC
5.38%, 11/30/43		41		49,657
Jefferies Group LLC
6.25%, 01/15/36a		200		223,880
6.50%, 01/20/43		150		173,114
Legg Mason Inc.
5.63%, 01/15/44		250		272,872
Mastercard Inc.
3.80%, 11/21/46 (Call 05/21/46)		215		220,773
National Rural Utilities Cooperative Finance Corp.
4.02%, 11/01/32 (Call 05/01/32)		150		158,516
Series C
8.00%, 03/01/32		271		396,598
Raymond James Financial Inc.
4.95%, 07/15/46		250		273,717
Visa Inc.
4.15%, 12/14/35 (Call 06/14/35)		1,000		1,091,480
4.30%, 12/14/45 (Call 06/14/45)		1,350		1,488,793
				11,418,746
ELECTRIC — 9.11%
AEP Transmission Co. LLC
3.75%, 12/01/47 (Call 06/01/47)b		250		252,728
4.00%, 12/01/46 (Call 06/01/46)		275		285,285
Alabama Power Co.
3.75%, 03/01/45 (Call 09/01/44)		300		304,821
3.85%, 12/01/42		50		50,292
4.15%, 08/15/44 (Call 02/15/44)		302		321,621
4.30%, 01/02/46 (Call 07/02/45)		450		491,787
6.00%, 03/01/39		126		162,793
6.13%, 05/15/38		273		351,520
Ameren Illinois Co.
4.15%, 03/15/46 (Call 09/15/45)		400		433,076
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)		11		11,899
4.45%, 06/01/45 (Call 12/01/44)		200		218,632
7.00%, 04/01/38		100		139,599

SCHEDULE OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Arizona Public Service Co.
3.75%, 05/15/46 (Call 11/15/45)	$	275	$	274,167
4.50%, 04/01/42 (Call 10/01/41)		251		276,740
5.05%, 09/01/41 (Call 03/01/41)		100		116,602
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)		650		714,759
5.15%, 11/15/43 (Call 05/15/43)		400		475,300
5.95%, 05/15/37		350		447,793
6.13%, 04/01/36		1,800		2,354,058
6.50%, 09/15/37		225		305,766
8.48%, 09/15/28		300		437,784
Black Hills Corp.
4.20%, 09/15/46 (Call 03/15/46)		150		150,734
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		425		421,370
4.50%, 04/01/44 (Call 10/01/43)		200		230,230
Cleco Corporate Holdings LLC
4.97%, 05/01/46 (Call 11/01/45)		150		161,582
CMS Energy Corp.
4.88%, 03/01/44 (Call 09/01/43)		150		172,502
Commonwealth Edison Co.
3.70%, 03/01/45 (Call 09/01/44)		200		200,762
3.80%, 10/01/42 (Call 04/01/42)a		311		314,915
4.35%, 11/15/45 (Call 05/15/45)		100		109,973
4.60%, 08/15/43 (Call 02/15/43)		233		266,079
4.70%, 01/15/44 (Call 07/15/43)		261		301,544
5.90%, 03/15/36		564		728,914
Consolidated Edison Co. of New York Inc.
3.85%, 06/15/46 (Call 12/15/45)		600		616,260
3.95%, 03/01/43 (Call 09/01/42)		477		495,417
4.30%, 12/01/56 (Call 06/01/56)a		130		139,695
4.45%, 03/15/44 (Call 09/15/43)		450		503,779
4.50%, 12/01/45 (Call 06/01/45)		207		232,627
5.50%, 12/01/39		200		250,114
5.70%, 06/15/40		335		429,899
6.30%, 08/15/37		8		10,762
Series 05-A
5.30%, 03/01/35		100		119,302
Series 06-A
5.85%, 03/15/36		325		412,964
Series 06-B
6.20%, 06/15/36		461		605,915

Security	Principal (000s)		Value
Series 08-B
6.75%, 04/01/38	$	200	$	285,696
Series 12-A
4.20%, 03/15/42		8		8,594
Series 2017
3.88%, 06/15/47 (Call 12/15/46)		150		154,680
Consumers Energy Co.
3.25%, 08/15/46 (Call 02/15/46)		200		186,866
3.95%, 05/15/43 (Call 11/15/42)a		75		78,944
3.95%, 07/15/47 (Call 01/15/47)		250		264,558
Delmarva Power & Light Co.
4.15%, 05/15/45 (Call 11/15/44)		250		268,000
Dominion Energy Inc.
4.70%, 12/01/44 (Call 06/01/44)		520		575,266
6.30%, 03/15/33		275		345,067
7.00%, 06/15/38		380		515,120
Series B
5.95%, 06/15/35		290		359,716
Series C
4.05%, 09/15/42 (Call 03/15/42)a		155		154,380
4.90%, 08/01/41 (Call 02/01/41)		37		41,180
Series F
5.25%, 08/01/33		600		687,060
DTE Electric Co.
3.70%, 03/15/45 (Call 09/15/44)		216		217,469
3.70%, 06/01/46 (Call 12/01/45)		135		136,003
4.30%, 07/01/44 (Call 01/01/44)		103		112,757
Series A
4.00%, 04/01/43 (Call 10/01/42)a		208		217,849
DTE Energy Co.
6.38%, 04/15/33		135		171,459
Duke Energy Carolinas LLC
3.75%, 06/01/45 (Call 12/01/44)		315		317,129
3.88%, 03/15/46 (Call 09/15/45)		250		259,645
4.00%, 09/30/42 (Call 03/30/42)		400		418,952
4.25%, 12/15/41 (Call 06/15/41)		300		326,820
5.30%, 02/15/40		500		615,080
6.00%, 01/15/38		57		74,818
6.05%, 04/15/38		750		990,262
6.10%, 06/01/37		500		648,830
6.45%, 10/15/32		86		114,618
Series A
6.00%, 12/01/28		16		19,998

42 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Duke Energy Corp.
3.75%, 09/01/46 (Call 03/01/46)	$	700	$	682,759
4.80%, 12/15/45 (Call 06/15/45)		100		112,943
Duke Energy Florida LLC
3.40%, 10/01/46 (Call 04/01/46)		230		218,650
3.85%, 11/15/42 (Call 05/15/42)		280		284,354
5.65%, 04/01/40		100		127,377
6.35%, 09/15/37a		100		136,991
6.40%, 06/15/38		200		275,336
Duke Energy Florida Project Finance LLC
Series 2026
2.54%, 09/01/31		400		389,028
Duke Energy Indiana LLC
3.75%, 05/15/46 (Call 11/15/45)		450		452,632
6.12%, 10/15/35		250		321,322
6.35%, 08/15/38		46		62,500
6.45%, 04/01/39		300		411,282
Duke Energy Progress LLC
3.70%, 10/15/46 (Call 04/15/46)		400		400,360
4.10%, 05/15/42 (Call 11/15/41)		300		314,694
4.10%, 03/15/43 (Call 09/15/42)		186		197,004
4.15%, 12/01/44 (Call 06/01/44)		300		321,993
4.20%, 08/15/45 (Call 02/15/45)		225		242,701
4.38%, 03/30/44 (Call 09/30/43)		300		330,846
6.30%, 04/01/38		250		339,412
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)		200		213,446
6.00%, 05/15/35		200		235,056
Emera U.S. Finance LP
4.75%, 06/15/46 (Call 12/15/45)		650		706,010
Entergy Louisiana LLC
3.05%, 06/01/31 (Call 03/01/31)		150		144,764
3.25%, 04/01/28 (Call 01/01/28)		400		402,284
4.95%, 01/15/45 (Call 01/15/25)		100		103,929
Entergy Mississippi Inc.
2.85%, 06/01/28 (Call 03/01/28)		250		241,893
Exelon Corp.
4.45%, 04/15/46 (Call 10/15/45)		730		778,180
4.95%, 06/15/35 (Call 12/15/34)		375		423,844
5.10%, 06/15/45 (Call 12/15/44)		15		17,348
5.63%, 06/15/35		371		446,090

Security	Principal (000s)		Value
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)	$	500	$	526,320
5.75%, 10/01/41 (Call 04/01/41)		20		21,467
6.25%, 10/01/39		525		594,447
FirstEnergy Corp.
Series C
4.85%, 07/15/47 (Call 01/15/47)		600		647,064
7.38%, 11/15/31		450		604,008
Florida Power & Light Co.
3.80%, 12/15/42 (Call 06/15/42)		200		206,468
4.05%, 06/01/42 (Call 12/01/41)		275		295,347
4.05%, 10/01/44 (Call 04/01/44)		250		269,908
4.13%, 02/01/42 (Call 08/01/41)a		356		385,893
4.95%, 06/01/35		200		235,238
5.25%, 02/01/41 (Call 08/01/40)		271		334,392
5.65%, 02/01/37		96		121,063
5.69%, 03/01/40		124		160,824
5.95%, 02/01/38		213		280,547
Georgia Power Co.
4.30%, 03/15/42		800		838,344
4.30%, 03/15/43		21		22,013
5.40%, 06/01/40		200		236,874
5.95%, 02/01/39		114		142,302
Series 10-C
4.75%, 09/01/40		200		219,916
Hydro-Quebec
9.50%, 11/15/30		200		320,412
Iberdrola International BV
6.75%, 07/15/36		250		325,250
Indiana Michigan Power Co.
6.05%, 03/15/37		105		133,375
Series K
4.55%, 03/15/46 (Call 09/15/45)		450		501,502
Interstate Power & Light Co.
3.70%, 09/15/46 (Call 03/15/46)		450		439,024
6.25%, 07/15/39a		5		6,533
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/42		231		251,389
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		250		294,680
Kentucky Utilities Co.
5.13%, 11/01/40 (Call 05/01/40)		314		384,333

SCHEDULE OF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
MidAmerican Energy Co.
4.25%, 05/01/46 (Call 11/01/45)	$	111	$	120,961
4.40%, 10/15/44 (Call 04/15/44)		225		252,254
4.80%, 09/15/43 (Call 03/15/43)		200		233,322
5.75%, 11/01/35		11		13,832
6.75%, 12/30/31		11		14,916
Mississippi Power Co.
Series 12-A
4.25%, 03/15/42		350		338,387
Nevada Power Co.
6.65%, 04/01/36		100		136,365
Northern States Power Co./MN
3.40%, 08/15/42 (Call 02/15/42)		350		338,915
3.60%, 05/15/46 (Call 11/15/45)		50		49,872
4.00%, 08/15/45 (Call 02/15/45)		90		95,895
4.13%, 05/15/44 (Call 11/15/43)		7		7,495
5.35%, 11/01/39		5		6,204
6.25%, 06/01/36		106		141,991
NorthWestern Corp.
4.18%, 11/15/44 (Call 05/15/44)		161		170,460
NSTAR Electric Co.
4.40%, 03/01/44 (Call 09/01/43)		100		111,148
5.50%, 03/15/40		241		303,409
Oglethorpe Power Corp.
5.25%, 09/01/50a		25		27,923
5.38%, 11/01/40		175		203,474
5.95%, 11/01/39a		5		6,218
Ohio Edison Co.
6.88%, 07/15/36		200		264,148
Oklahoma Gas & Electric Co.
4.15%, 04/01/47 (Call 10/01/46)		400		426,152
Oncor Electric Delivery Co. LLC
3.80%, 09/30/47 (Call 03/30/47)b		250		255,738
4.55%, 12/01/41 (Call 06/01/41)		150		168,686
5.25%, 09/30/40		305		370,499
5.30%, 06/01/42 (Call 12/01/41)		350		430,517
7.25%, 01/15/33		411		577,360
Pacific Gas & Electric Co.
4.00%, 12/01/46 (Call 06/01/46)a		350		351,207
4.25%, 03/15/46 (Call 09/15/45)		11		11,453
4.30%, 03/15/45 (Call 09/15/44)		107		112,360
4.45%, 04/15/42 (Call 10/15/41)		200		214,748
4.60%, 06/15/43 (Call 12/15/42)		13		14,175
4.75%, 02/15/44 (Call 08/15/43)		200		222,930

Security	Principal (000s)		Value
5.13%, 11/15/43 (Call 05/15/43)	$	300	$	350,160
5.40%, 01/15/40		250		296,463
5.80%, 03/01/37		16		19,641
6.05%, 03/01/34		2,200		2,738,186
6.25%, 03/01/39		400		521,428
6.35%, 02/15/38a		71		92,349
PacifiCorp
4.10%, 02/01/42 (Call 08/01/41)		245		259,404
6.00%, 01/15/39		300		400,272
6.10%, 08/01/36		105		137,255
6.25%, 10/15/37		50		66,996
6.35%, 07/15/38		150		203,307
PECO Energy Co.
4.15%, 10/01/44 (Call 04/01/44)		255		274,729
5.95%, 10/01/36		111		144,284
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)		66		70,095
6.50%, 11/15/37		175		239,682
PPL Capital Funding Inc.
4.00%, 09/15/47 (Call 03/15/47)		250		253,020
4.70%, 06/01/43 (Call 12/01/42)a		400		433,208
5.00%, 03/15/44 (Call 09/15/43)		300		342,951
PPL Electric Utilities Corp.
3.95%, 06/01/47 (Call 12/01/46)		250		262,623
6.25%, 05/15/39		61		82,522
Progress Energy Inc.
7.75%, 03/01/31		34		47,684
PSEG Power LLC
8.63%, 04/15/31a		300		397,044
Public Service Co. of Colorado
3.60%, 09/15/42 (Call 03/15/42)		200		198,388
3.80%, 06/15/47 (Call 12/15/46)		400		410,592
4.30%, 03/15/44 (Call 09/15/43)		411		449,527
6.25%, 09/01/37		60		81,016
6.50%, 08/01/38		100		138,791
Public Service Electric & Gas Co.
3.65%, 09/01/42 (Call 03/01/42)		75		74,278
3.80%, 03/01/46 (Call 09/01/45)		200		206,448
3.95%, 05/01/42 (Call 11/01/41)		200		209,782
5.50%, 03/01/40a		107		134,831
5.80%, 05/01/37		175		225,843
Puget Sound Energy Inc.
4.30%, 05/20/45 (Call 11/20/44)a		111		120,984
5.64%, 04/15/41 (Call 10/15/40)		235		296,276

44 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.76%, 10/01/39	$	200	$	258,220
5.80%, 03/15/40		56		72,567
6.27%, 03/15/37		5		6,590
San Diego Gas & Electric Co.
4.50%, 08/15/40a		100		115,314
6.00%, 06/01/39		150		197,870
Series RRR
3.75%, 06/01/47 (Call 12/01/46)		400		415,412
South Carolina Electric & Gas Co.
4.10%, 06/15/46 (Call 12/15/45)		300		294,474
4.35%, 02/01/42 (Call 08/01/41)		144		145,901
4.50%, 06/01/64 (Call 12/01/63)		250		249,608
4.60%, 06/15/43 (Call 12/15/42)		116		120,300
5.10%, 06/01/65 (Call 12/01/64)		150		163,401
5.30%, 05/15/33		5		5,573
5.45%, 02/01/41 (Call 08/01/40)		420		489,913
6.05%, 01/15/38		248		301,196
Southern California Edison Co.
4.00%, 04/01/47 (Call 10/01/46)		250		267,518
4.05%, 03/15/42 (Call 09/15/41)		50		53,014
4.50%, 09/01/40 (Call 03/01/40)a		48		53,980
4.65%, 10/01/43 (Call 04/01/43)		311		364,209
5.50%, 03/15/40a		217		276,191
5.63%, 02/01/36		75		94,071
5.75%, 04/01/35		105		132,359
6.00%, 01/15/34		266		341,682
6.05%, 03/15/39		150		200,918
6.65%, 04/01/29		321		414,793
Series 05-E
5.35%, 07/15/35		584		703,662
Series 06-E
5.55%, 01/15/37		130		161,047
Series 08-A
5.95%, 02/01/38		400		526,780
Series 13-A
3.90%, 03/15/43 (Call 09/15/42)		205		214,610
Series C
3.60%, 02/01/45 (Call 08/01/44)		200		199,466
Southern Co. (The)
4.25%, 07/01/36 (Call 01/01/36)		375		389,434
4.40%, 07/01/46 (Call 01/01/46)		550		578,264
Southern Power Co.
5.15%, 09/15/41		250		272,465

Security	Principal (000s)		Value
Southwestern Electric Power Co.
3.90%, 04/01/45 (Call 10/01/44)	$	450	$	452,452
6.20%, 03/15/40		100		131,882
Southwestern Public Service Co.
3.40%, 08/15/46 (Call 02/15/46)		500		473,050
3.70%, 08/15/47 (Call 02/15/47)		250		250,248
4.50%, 08/15/41 (Call 02/15/41)		100		111,574
Tampa Electric Co.
4.10%, 06/15/42 (Call 12/15/41)		200		203,094
4.35%, 05/15/44 (Call 11/15/43)		200		211,052
Toledo Edison Co. (The)
6.15%, 05/15/37		200		254,292
TransAlta Corp.
6.50%, 03/15/40		100		99,982
Union Electric Co.
3.90%, 09/15/42 (Call 03/15/42)		400		417,936
8.45%, 03/15/39		111		177,920
Virginia Electric & Power Co.
4.00%, 01/15/43 (Call 07/15/42)		116		120,708
4.20%, 05/15/45 (Call 11/15/44)		7		7,565
4.45%, 02/15/44 (Call 08/15/43)		200		223,024
8.88%, 11/15/38		400		678,656
Series A
6.00%, 05/15/37		250		325,425
Series B
6.00%, 01/15/36		250		321,415
Series D
4.65%, 08/15/43 (Call 02/15/43)		21		23,815
Westar Energy Inc.
4.10%, 04/01/43 (Call 10/01/42)		105		110,393
4.13%, 03/01/42 (Call 09/01/41)		300		317,511
4.25%, 12/01/45 (Call 06/01/45)		300		322,977
Wisconsin Power & Light Co.
6.38%, 08/15/37		140		187,090
Wisconsin Public Service Corp.
4.75%, 11/01/44 (Call 05/01/44)		205		237,616
Xcel Energy Inc.
6.50%, 07/01/36		50		66,971
				71,983,661
ELECTRONICS — 0.36%
Arrow Electronics Inc.
3.88%, 01/12/28 (Call 10/12/27)		240		241,553

SCHEDULE OF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Corning Inc.
4.75%, 03/15/42	$	200	$	218,678
5.75%, 08/15/40		200		243,694
Fortive Corp.
4.30%, 06/15/46 (Call 12/15/45)		225		236,232
Honeywell International Inc.
5.38%, 03/01/41		200		254,488
5.70%, 03/15/36a		11		13,906
5.70%, 03/15/37		550		716,380
Koninklijke Philips NV
5.00%, 03/15/42		519		597,011
Tyco Electronics Group SA
7.13%, 10/01/37		236		335,717
				2,857,659
ENGINEERING & CONSTRUCTION — 0.03%
ABB Finance USA Inc.
4.38%, 05/08/42		257		274,389
				274,389
ENVIRONMENTAL CONTROL — 0.10%
Waste Management Inc.
3.90%, 03/01/35 (Call 09/01/34)		575		599,443
4.10%, 03/01/45 (Call 09/01/44)		183		192,771
7.00%, 07/15/28		18		23,359
				815,573
FOOD — 1.47%
Ahold Finance USA LLC
6.88%, 05/01/29		11		13,684
Campbell Soup Co.
3.80%, 08/02/42		6		5,778
Conagra Brands Inc.
7.00%, 10/01/28		150		187,892
8.25%, 09/15/30		200		277,846
General Mills Inc.
4.15%, 02/15/43 (Call 08/15/42)		5		5,037
5.40%, 06/15/40		401		469,226
Hershey Co. (The)
3.38%, 08/15/46 (Call 02/15/46)		250		232,268
JM Smucker Co. (The)
4.25%, 03/15/35		500		524,330
4.38%, 03/15/45		100		103,946
Kellogg Co.
4.50%, 04/01/46a		300		310,881
Series B
7.45%, 04/01/31		350		472,633

Security	Principal (000s)		Value
Koninklijke Ahold Delhaize NV
5.70%, 10/01/40	$	500	$	574,820
Kraft Heinz Foods Co.
4.38%, 06/01/46 (Call 12/01/45)		1,700		1,661,461
5.00%, 07/15/35 (Call 01/15/35)		350		383,904
5.00%, 06/04/42a		950		1,015,246
5.20%, 07/15/45 (Call 01/15/45)		500		545,240
6.50%, 02/09/40		400		500,932
6.88%, 01/26/39a		300		388,248
Kroger Co. (The)
3.88%, 10/15/46 (Call 04/15/46)		300		262,605
4.45%, 02/01/47 (Call 08/01/46)		200		190,586
5.00%, 04/15/42 (Call 10/15/41)		100		101,850
5.15%, 08/01/43 (Call 02/01/43)		250		263,355
5.40%, 07/15/40 (Call 01/15/40)		200		213,716
6.90%, 04/15/38		350		439,197
7.50%, 04/01/31		250		327,132
McCormick & Co. Inc./MD
4.20%, 08/15/47 (Call 02/15/47)		250		259,283
Mondelez International Inc.
6.50%, 02/09/40a		222		285,792
Sysco Corp.
4.50%, 04/01/46 (Call 10/01/45)		200		212,946
4.85%, 10/01/45 (Call 04/01/45)		100		111,522
5.38%, 09/21/35		350		413,049
Tyson Foods Inc.
4.88%, 08/15/34 (Call 02/15/34)		300		332,661
5.15%, 08/15/44 (Call 02/15/44)		445		512,787
				11,599,853
FOREST PRODUCTS & PAPER — 0.43%
Celulosa Arauco y Constitucion SA
5.50%, 11/02/47 (Call 05/02/47)b		200		201,776
Georgia-Pacific LLC
7.75%, 11/15/29		500		697,485
8.88%, 05/15/31		14		21,649
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)		250		256,313
4.40%, 08/15/47 (Call 02/15/47)a		700		724,374
4.80%, 06/15/44 (Call 12/15/43)		200		218,160
5.00%, 09/15/35 (Call 03/15/35)		50		56,549
5.15%, 05/15/46 (Call 11/15/45)		150		172,434
6.00%, 11/15/41 (Call 05/15/41)a		325		401,908
7.30%, 11/15/39		490		676,425
				3,427,073

46 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
GAS — 0.71%
Atmos Energy Corp.
4.13%, 10/15/44 (Call 04/15/44)a	$	500	$	532,215
4.15%, 01/15/43 (Call 07/15/42)		100		105,848
5.50%, 06/15/41 (Call 12/15/40)		5		6,227
CenterPoint Energy Resources Corp.
4.10%, 09/01/47 (Call 03/01/47)		165		169,414
5.85%, 01/15/41 (Call 07/15/40)		100		124,200
Dominion Energy Gas Holdings LLC
4.60%, 12/15/44 (Call 06/15/44)		350		375,417
4.80%, 11/01/43 (Call 05/01/43)		115		125,918
KeySpan Corp.
5.80%, 04/01/35		180		217,231
NiSource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		615		684,446
5.25%, 02/15/43 (Call 08/15/42)		225		262,040
5.65%, 02/01/45 (Call 08/01/44)		156		193,521
5.95%, 06/15/41 (Call 12/15/40)		200		245,170
ONE Gas Inc.
4.66%, 02/01/44 (Call 08/01/43)a		354		397,861
Piedmont Natural Gas Co.Inc.
4.65%, 08/01/43 (Call 02/01/43)		153		169,184
Sempra Energy
6.00%, 10/15/39		500		637,440
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)		5		5,150
Southern Co. Gas Capital Corp.
3.95%, 10/01/46 (Call 04/01/46)		450		440,545
4.40%, 06/01/43 (Call 12/01/42)		6		6,238
4.40%, 05/30/47 (Call 11/30/46)		90		94,786
5.88%, 03/15/41 (Call 09/15/40)		450		552,312
Southwest Gas Corp.
3.80%, 09/29/46 (Call 03/29/46)		300		299,424
				5,644,587
HAND & MACHINE TOOLS — 0.03%
Stanley Black & Decker Inc.
5.20%, 09/01/40		200		232,096
				232,096
HEALTH CARE – PRODUCTS — 1.54%
Abbott Laboratories
4.75%, 11/30/36 (Call 05/30/36)		1,000		1,102,270
4.75%, 04/15/43 (Call 10/15/42)		420		458,426
4.90%, 11/30/46 (Call 05/30/46)		925		1,040,616
5.30%, 05/27/40		500		572,970
6.00%, 04/01/39		450		558,166

Security	Principal (000s)		Value
Baxter International Inc.
3.50%, 08/15/46 (Call 02/15/46)	$	200	$	181,346
Becton Dickinson and Co.
4.67%, 06/06/47 (Call 12/06/46)		500		523,175
4.69%, 12/15/44 (Call 06/15/44)		600		633,222
5.00%, 11/12/40a		100		107,945
Boston Scientific Corp.
7.00%, 11/15/35		150		192,251
7.38%, 01/15/40		200		270,702
Danaher Corp.
4.38%, 09/15/45 (Call 03/15/45)		250		274,307
Medtronic Inc.
4.38%, 03/15/35		1,550		1,711,944
4.50%, 03/15/42 (Call 09/15/41)		86		95,520
4.63%, 03/15/44 (Call 09/15/43)		350		393,298
4.63%, 03/15/45		1,800		2,043,936
5.55%, 03/15/40		291		363,276
6.50%, 03/15/39		100		136,415
Stryker Corp.
4.10%, 04/01/43 (Call 10/01/42)		250		251,845
4.38%, 05/15/44 (Call 11/15/43)		100		105,179
4.63%, 03/15/46 (Call 09/15/45)		500		550,840
Thermo Fisher Scientific Inc.
4.10%, 08/15/47 (Call 02/15/47)		250		252,562
5.30%, 02/01/44 (Call 08/01/43)		150		176,873
Zimmer Biomet Holdings Inc.
5.75%, 11/30/39		150		173,265
				12,170,349
HEALTH CARE – SERVICES — 2.02%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)		385		365,557
4.13%, 11/15/42 (Call 05/15/42)		200		197,824
4.50%, 05/15/42 (Call 11/15/41)		250		260,690
4.75%, 03/15/44 (Call 09/15/43)a		225		244,152
6.63%, 06/15/36		200		262,324
6.75%, 12/15/37		185		246,009
Anthem Inc.
4.63%, 05/15/42		500		535,645
4.65%, 01/15/43a		700		751,961
4.65%, 08/15/44 (Call 02/15/44)		200		215,146
5.10%, 01/15/44		225		256,592
5.85%, 01/15/36		21		25,948
5.95%, 12/15/34		300		365,454
6.38%, 06/15/37		300		390,999

SCHEDULE OF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Ascension Health
3.95%, 11/15/46	$	508	$	520,172
4.85%, 11/15/53		11		12,674
Baylor Scott & White Holdings
3.97%, 11/15/46 (Call 05/15/46)		250		252,223
4.19%, 11/15/45 (Call 05/15/45)		16		16,736
Catholic Health Initiatives
4.35%, 11/01/42		380		351,090
Cigna Corp.
3.88%, 10/15/47 (Call 04/15/47)		700		678,727
Dignity Health
4.50%, 11/01/42		100		95,180
5.27%, 11/01/64		196		203,283
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		350		375,564
4.80%, 03/15/47 (Call 09/15/46)a		250		276,225
4.95%, 10/01/44 (Call 04/01/44)		100		111,966
Johns Hopkins Health System Corp. (The)
3.84%, 05/15/46		60		59,986
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		700		746,809
4.88%, 04/01/42a		300		348,768
Laboratory Corp. of America Holdings
4.70%, 02/01/45 (Call 08/01/44)a		398		414,298
Mayo Clinic
Series 2013
4.00%, 11/15/47		11		11,184
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52		25		25,643
Series 2015
4.20%, 07/01/55		600		629,610
New York-Presbyterian Hospital (The)
4.02%, 08/01/45		21		21,500
4.06%, 08/01/56		350		352,667
Northwell Healthcare Inc.
3.98%, 11/01/46 (Call 11/01/45)		400		381,516
Providence St Joseph Health Obligated Group
Series I
3.74%, 10/01/47		250		238,468
Quest Diagnostics Inc.
4.70%, 03/30/45 (Call 09/30/44)		22		23,088

Security	Principal (000s)		Value
Texas Health Resources
4.33%, 11/15/55	$	9	$	9,476
UnitedHealth Group Inc.
3.75%, 10/15/47 (Call 04/15/47)		250		245,970
3.95%, 10/15/42 (Call 04/15/42)		7		7,188
4.20%, 01/15/47 (Call 07/15/46)		250		264,653
4.25%, 03/15/43 (Call 09/15/42)		300		322,449
4.25%, 04/15/47 (Call 10/15/46)		250		268,155
4.38%, 03/15/42 (Call 09/15/41)		500		542,180
4.63%, 07/15/35		200		227,740
4.63%, 11/15/41 (Call 05/15/41)		100		112,143
4.75%, 07/15/45		900		1,041,156
5.70%, 10/15/40 (Call 04/15/40)		350		440,184
5.80%, 03/15/36		625		795,687
5.95%, 02/15/41 (Call 08/15/40)		300		392,616
6.50%, 06/15/37a		100		138,232
6.63%, 11/15/37		111		155,631
6.88%, 02/15/38a		500		720,670
				15,949,808
HOME FURNISHINGS — 0.04%
Whirlpool Corp.
4.50%, 06/01/46 (Call 12/01/45)		300		311,811
				311,811
HOUSEHOLD PRODUCTS & WARES — 0.10%
Kimberly-Clark Corp.
3.20%, 07/30/46 (Call 01/30/46)a		150		137,822
3.90%, 05/04/47 (Call 11/04/46)a		250		259,222
5.30%, 03/01/41		6		7,342
6.63%, 08/01/37		275		386,358
				790,744
HOUSEWARES — 0.15%
Newell Brands Inc.
5.38%, 04/01/36 (Call 10/01/35)		350		405,748
5.50%, 04/01/46 (Call 10/01/45)		650		771,192
				1,176,940
INSURANCE — 3.46%
ACE Capital Trust II
9.70%, 04/01/30		100		150,960
Aflac Inc.
4.00%, 10/15/46 (Call 04/15/46)a		250		253,155
Alleghany Corp.
4.90%, 09/15/44 (Call 03/15/44)		150		157,932

48 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Allstate Corp. (The)
4.20%, 12/15/46 (Call 06/15/46)	$	45	$	47,887
4.50%, 06/15/43		700		775,838
5.35%, 06/01/33		68		79,353
5.55%, 05/09/35		326		398,688
5.95%, 04/01/36		50		63,992
American Financial Group Inc./OH
4.50%, 06/15/47 (Call 12/15/46)		200		209,580
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		850		839,783
4.38%, 01/15/55 (Call 07/15/54)		250		248,360
4.50%, 07/16/44 (Call 01/16/44)		900		943,407
4.70%, 07/10/35 (Call 01/10/35)a		600		651,648
4.80%, 07/10/45 (Call 01/10/45)		150		164,129
6.25%, 05/01/36		400		511,632
Aon PLC
4.60%, 06/14/44 (Call 03/14/44)		200		217,294
4.75%, 05/15/45 (Call 11/15/44)		246		273,481
Arch Capital Group U.S. Inc.
5.14%, 11/01/43		575		650,325
Assurant Inc.
6.75%, 02/15/34		200		243,784
AXA SA
8.60%, 12/15/30		650		936,260
Berkshire Hathaway Finance Corp.
4.30%, 05/15/43a		118		129,210
4.40%, 05/15/42		450		500,436
5.75%, 01/15/40		280		361,631
Berkshire Hathaway Inc.
4.50%, 02/11/43a		475		536,603
Brighthouse Financial Inc.
4.70%, 06/22/47 (Call 12/22/46)b		500		494,105
Chubb Corp. (The)
6.00%, 05/11/37		485		635,549
Chubb INA Holdings Inc.
4.15%, 03/13/43		400		428,984
4.35%, 11/03/45 (Call 05/03/45)		750		831,577
Cincinnati Financial Corp.
6.92%, 05/15/28		11		14,209
Endurance Specialty Holdings Ltd.
7.00%, 07/15/34		175		216,102
Everest Reinsurance Holdings Inc.
4.87%, 06/01/44		200		206,804

Security	Principal (000s)		Value
Hartford Financial Services Group Inc. (The)
4.30%, 04/15/43	$	14	$	14,637
5.95%, 10/15/36		200		250,150
6.10%, 10/01/41		250		326,022
Lincoln National Corp.
6.15%, 04/07/36		175		214,326
6.30%, 10/09/37		16		19,746
7.00%, 06/15/40		300		405,789
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		200		201,470
6.00%, 02/01/35		150		184,292
Manulife Financial Corp.
5.38%, 03/04/46a		350		427,752
Markel Corp.
4.30%, 11/01/47		135		134,885
Markel Corp.
5.00%, 04/05/46		250		276,890
Marsh & McLennan Companies Inc.
4.35%, 01/30/47 (Call 07/30/46)a		200		216,288
5.88%, 08/01/33		150		186,696
MetLife Inc.
4.05%, 03/01/45		700		714,721
4.13%, 08/13/42		400		413,196
4.60%, 05/13/46 (Call 11/13/45)a		500		554,140
4.72%, 12/15/44		500		562,780
4.88%, 11/13/43		400		458,036
5.70%, 06/15/35		400		498,256
6.40%, 12/15/66 (Call 12/15/31)		645		743,711
6.50%, 12/15/32		450		586,422
10.75%, 08/01/69 (Call 08/01/34)		16		26,738
Principal Financial Group Inc.
4.35%, 05/15/43		450		473,575
4.63%, 09/15/42		5		5,474
6.05%, 10/15/36		166		210,735
Progressive Corp. (The)
3.70%, 01/26/45		100		98,522
4.13%, 04/15/47 (Call 10/15/46)		500		527,690
4.35%, 04/25/44a		136		148,825
6.25%, 12/01/32		100		129,925
Prudential Financial Inc.
4.60%, 05/15/44a		400		444,704
5.10%, 08/15/43		11		12,873
5.40%, 06/13/35		400		473,172

SCHEDULE OF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.63%, 05/12/41a	$	13	$	16,047
5.70%, 12/14/36		300		372,216
5.80%, 11/16/41		150		189,309
6.20%, 11/15/40		150		197,172
6.63%, 06/21/40		5		6,848
Series B
5.75%, 07/15/33a		8		9,738
Series D
6.63%, 12/01/37		700		953,694
Transatlantic Holdings Inc.
8.00%, 11/30/39		150		203,444
Travelers Companies Inc. (The)
3.75%, 05/15/46 (Call 11/15/45)		550		546,815
4.00%, 05/30/47 (Call 11/30/46)a		325		338,504
4.30%, 08/25/45 (Call 02/25/45)		175		189,807
4.60%, 08/01/43		66		74,747
5.35%, 11/01/40		200		248,138
6.25%, 06/15/37		500		669,995
6.75%, 06/20/36a		50		69,151
Travelers Property Casualty Corp.
6.38%, 03/15/33		110		143,684
Unum Group
5.75%, 08/15/42		250		299,805
Voya Financial Inc.
4.80%, 06/15/46		100		106,827
5.70%, 07/15/43		200		237,418
WR Berkley Corp.
4.75%, 08/01/44		50		52,691
XLIT Ltd.
5.50%, 03/31/45		300		316,713
				27,357,899
INTERNET — 0.70%
Alibaba Group Holding Ltd.
4.50%, 11/28/34 (Call 05/28/34)		400		444,824
Amazon.com Inc.
4.05%, 08/22/47 (Call 02/22/47)b		1,950		2,014,642
4.25%, 08/22/57 (Call 02/22/57)b		1,000		1,048,420
4.80%, 12/05/34 (Call 06/05/34)		600		691,194
4.95%, 12/05/44 (Call 06/05/44)		685		805,327
eBay Inc.
4.00%, 07/15/42 (Call 01/15/42)		400		367,416
Priceline Group Inc. (The)
3.55%, 03/15/28 (Call 12/15/27)a		150		151,235
				5,523,058

Security	Principal (000s)		Value
IRON & STEEL — 0.50%
Nucor Corp.
5.20%, 08/01/43 (Call 02/01/43)a	$	199	$	233,337
6.40%, 12/01/37		286		373,170
Vale Overseas Ltd.
6.88%, 11/21/36a		900		1,075,059
6.88%, 11/10/39		1,000		1,195,130
8.25%, 01/17/34		255		330,062
Vale SA
5.63%, 09/11/42		705		749,295
				3,956,053
LEISURE TIME — 0.02%
Harley-Davidson Inc.
4.63%, 07/28/45 (Call 01/28/45)a		150		160,821
				160,821
MACHINERY — 0.46%
Caterpillar Inc.
3.80%, 08/15/42a		1,025		1,062,535
4.30%, 05/15/44 (Call 11/15/43)a		200		222,376
4.75%, 05/15/64 (Call 11/15/63)		150		170,091
5.20%, 05/27/41		425		521,921
5.30%, 09/15/35		11		13,248
6.05%, 08/15/36		111		145,363
Cummins Inc.
4.88%, 10/01/43 (Call 04/01/43)		150		172,449
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)a		650		682,520
5.38%, 10/16/29		200		243,790
7.13%, 03/03/31		111		154,579
Xylem Inc./NY
4.38%, 11/01/46 (Call 05/01/46)		200		210,794
				3,599,666
MANUFACTURING — 1.49%
3M Co.
3.13%, 09/19/46 (Call 03/19/46)		200		180,050
3.63%, 10/15/47 (Call 04/15/47)a		355		357,776
3.88%, 06/15/44		150		156,336
5.70%, 03/15/37		201		263,808
Dover Corp.
5.38%, 03/01/41 (Call 12/01/40)		350		426,619
Eaton Corp.
4.00%, 11/02/32		800		828,800
4.15%, 11/02/42		100		101,379

50 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
General Electric Co.
4.13%, 10/09/42	$	500	$	520,590
4.50%, 03/11/44		1,300		1,426,581
5.88%, 01/14/38		1,000		1,287,130
6.15%, 08/07/37		700		927,227
6.88%, 01/10/39		800		1,156,144
Series A
6.75%, 03/15/32		1,300		1,790,139
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		450		465,655
4.88%, 09/15/41 (Call 03/15/41)		350		407,953
Ingersoll-Rand Global Holding Co. Ltd.
5.75%, 06/15/43		236		293,782
Ingersoll-Rand Luxembourg Finance SA
4.65%, 11/01/44 (Call 05/01/44)		150		163,361
Parker-Hannifin Corp.
4.10%, 03/01/47 (Call 09/01/46)b		400		417,128
4.20%, 11/21/34 (Call 05/21/34)		250		266,490
4.45%, 11/21/44 (Call 05/21/44)		200		217,020
Series A
6.25%, 05/15/38		100		131,803
				11,785,771
MEDIA — 5.25%
21st Century Fox America Inc.
4.75%, 09/15/44 (Call 03/15/44)		350		376,075
4.95%, 10/15/45 (Call 04/15/45)		450		498,033
5.40%, 10/01/43		300		349,716
6.15%, 03/01/37		400		500,816
6.15%, 02/15/41		300		381,078
6.20%, 12/15/34		600		746,364
6.40%, 12/15/35		302		385,240
6.55%, 03/15/33		490		623,344
6.65%, 11/15/37		600		794,628
6.90%, 08/15/39		11		14,846
7.75%, 12/01/45		350		525,514
7.85%, 03/01/39		200		292,088
8.15%, 10/17/36		100		147,929
CBS Corp.
3.38%, 02/15/28 (Call 11/15/27)		200		194,342
4.60%, 01/15/45 (Call 07/15/44)		200		202,178
4.85%, 07/01/42 (Call 01/01/42)		250		259,870
4.90%, 08/15/44 (Call 02/15/44)		175		183,190

Security	Principal (000s)		Value
5.50%, 05/15/33	$	350	$	388,224
5.90%, 10/15/40 (Call 04/15/40)		150		177,491
7.88%, 07/30/30		350		480,053
Charter Communications Operating LLC/Charter Communications Operating Capital
5.38%, 05/01/47 (Call 11/01/46)b		700		708,939
6.38%, 10/23/35 (Call 04/23/35)		975		1,124,545
6.48%, 10/23/45 (Call 04/23/45)		1,800		2,067,534
6.83%, 10/23/55 (Call 04/23/55)		250		300,298
Comcast Corp.
3.15%, 02/15/28 (Call 11/15/27)a		250		248,038
3.20%, 07/15/36 (Call 01/15/36)a		665		626,842
3.40%, 07/15/46 (Call 01/15/46)		400		366,016
3.97%, 11/01/47 (Call 05/01/47)b		816		811,928
4.00%, 11/01/49 (Call 05/01/49)b		1,661		1,652,364
4.05%, 11/01/52 (Call 05/01/52)b		410		404,863
4.20%, 08/15/34 (Call 02/15/34)		900		960,138
4.25%, 01/15/33		900		976,302
4.40%, 08/15/35 (Call 02/15/35)		850		922,420
4.50%, 01/15/43		450		485,919
4.60%, 08/15/45 (Call 02/15/45)		800		877,280
4.65%, 07/15/42		850		932,926
4.75%, 03/01/44		800		894,568
5.65%, 06/15/35		111		137,280
6.40%, 05/15/38		47		63,163
6.50%, 11/15/35		475		637,103
7.05%, 03/15/33		161		223,223
Discovery Communications LLC
4.88%, 04/01/43		225		221,155
4.95%, 05/15/42a		175		173,177
5.00%, 09/20/37 (Call 03/20/37)		210		215,834
5.20%, 09/20/47 (Call 03/20/47)		750		764,130
6.35%, 06/01/40		600		698,820
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		450		450,594
6.13%, 01/31/46 (Call 07/31/45)		400		466,156
6.63%, 01/15/40		350		426,097
Historic TW Inc.
6.63%, 05/15/29		800		996,184
NBCUniversal Media LLC
4.45%, 01/15/43		500		533,460
5.95%, 04/01/41		525		671,029

SCHEDULE OF INVESTMENTS 51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
TCI Communications Inc.
7.13%, 02/15/28	$	400	$	526,588
Thomson Reuters Corp.
5.50%, 08/15/35		150		169,005
5.65%, 11/23/43 (Call 05/23/43)		125		146,286
5.85%, 04/15/40		350		412,440
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		625		580,087
5.50%, 09/01/41 (Call 03/01/41)		550		566,791
5.88%, 11/15/40 (Call 05/15/40)		600		653,292
6.55%, 05/01/37		250		295,395
6.75%, 06/15/39		750		892,792
7.30%, 07/01/38		700		882,882
Time Warner Companies Inc.
6.95%, 01/15/28		51		63,887
Time Warner Entertainment Co.LP
8.38%, 07/15/33		600		820,266
Time Warner Inc.
4.65%, 06/01/44 (Call 12/01/43)		300		297,165
4.85%, 07/15/45 (Call 01/15/45)		550		548,185
4.90%, 06/15/42		200		204,028
5.35%, 12/15/43		425		459,340
5.38%, 10/15/41		250		271,525
6.10%, 07/15/40		175		207,601
6.20%, 03/15/40		164		196,026
6.25%, 03/29/41		200		239,256
6.50%, 11/15/36		300		369,417
7.63%, 04/15/31		250		341,255
Viacom Inc.
4.38%, 03/15/43		500		425,535
4.85%, 12/15/34 (Call 06/15/34)		200		186,420
5.25%, 04/01/44 (Call 10/01/43)		200		190,656
5.85%, 09/01/43 (Call 03/01/43)		500		508,835
6.88%, 04/30/36		600		674,412
Walt Disney Co. (The)
3.00%, 07/30/46		125		109,424
3.70%, 12/01/42		275		275,096
4.13%, 06/01/44a		400		426,692
4.38%, 08/16/41		250		272,565
7.00%, 03/01/32		250		352,865
Series E
4.13%, 12/01/41a		340		360,628
				41,485,981

Security	Principal (000s)		Value
METAL FABRICATE & HARDWARE — 0.02%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)	$	166	$	168,801
4.38%, 06/15/45 (Call 12/15/44)		11		11,994
				180,795
MINING — 1.22%
Barrick Gold Corp.
5.25%, 04/01/42a		350		409,006
Barrick North America Finance LLC
5.70%, 05/30/41		550		670,923
5.75%, 05/01/43		230		286,258
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		400		500,000
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		600		631,386
5.00%, 09/30/43		800		950,688
Goldcorp Inc.
5.45%, 06/09/44 (Call 12/09/43)		161		184,366
Newmont Mining Corp.
4.88%, 03/15/42 (Call 09/15/41)		315		344,966
5.88%, 04/01/35a		251		301,346
6.25%, 10/01/39		500		634,960
Rio Tinto Alcan Inc.
5.75%, 06/01/35		11		13,378
6.13%, 12/15/33		11		13,830
7.25%, 03/15/31		275		364,444
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40		500		597,000
7.13%, 07/15/28		292		387,732
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)		600		630,492
4.75%, 03/22/42 (Call 09/22/41)a		255		288,963
Southern Copper Corp.
5.25%, 11/08/42		550		597,520
5.88%, 04/23/45		600		700,992
6.75%, 04/16/40		500		628,625
7.50%, 07/27/35		300		397,707
Vale Canada Ltd.
7.20%, 09/15/32		100		110,973
				9,645,555
OFFICE & BUSINESS EQUIPMENT — 0.02%
Xerox Corp.
6.75%, 12/15/39a		150		160,442
				160,442

52 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
OIL & GAS — 7.04%
Anadarko Finance Co.
7.50%, 05/01/31	$	475	$	603,335
Anadarko Petroleum Corp.
4.50%, 07/15/44 (Call 01/15/44)		325		317,340
6.20%, 03/15/40		500		594,860
6.45%, 09/15/36		800		969,600
6.60%, 03/15/46 (Call 09/15/45)a		500		630,665
Apache Corp.
4.25%, 01/15/44 (Call 07/15/43)		225		215,143
4.75%, 04/15/43 (Call 10/15/42)		800		816,472
5.10%, 09/01/40 (Call 03/01/40)		750		799,222
6.00%, 01/15/37		600		706,206
BP Capital Markets PLC
3.72%, 11/28/28 (Call 08/28/28)		450		468,063
Burlington Resources Finance Co.
7.20%, 08/15/31		300		406,152
7.40%, 12/01/31		300		413,670
Canadian Natural Resources Ltd.
4.95%, 06/01/47 (Call 12/01/46)a		400		433,380
5.85%, 02/01/35		150		171,893
6.25%, 03/15/38		650		803,556
6.45%, 06/30/33		200		240,384
7.20%, 01/15/32		300		379,425
Cenovus Energy Inc.
5.25%, 06/15/37 (Call 12/15/36)b		750		767,317
5.40%, 06/15/47 (Call 12/15/46)b		850		878,262
6.75%, 11/15/39		250		296,153
CNOOC Nexen Finance 2014 ULC
4.88%, 04/30/44		800		900,568
Concho Resources Inc.
4.88%, 10/01/47 (Call 04/01/47)		250		266,538
Conoco Funding Co.
7.25%, 10/15/31		300		409,161
ConocoPhillips
5.90%, 10/15/32		13		16,039
6.50%, 02/01/39		900		1,232,865
ConocoPhillips Canada Funding Co. I
5.95%, 10/15/36		350		442,729
ConocoPhillips Co.
4.15%, 11/15/34 (Call 05/15/34)		350		368,680
4.30%, 11/15/44 (Call 05/15/44)		600		637,926
5.95%, 03/15/46 (Call 09/15/45)a		175		232,958

Security	Principal (000s)		Value
ConocoPhillips Holding Co.
6.95%, 04/15/29	$	1,100	$	1,440,153
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		1,000		1,019,140
5.00%, 06/15/45 (Call 12/15/44)		350		370,790
5.60%, 07/15/41 (Call 01/15/41)		425		477,454
7.95%, 04/15/32		80		107,261
Devon Financing Co. LLC
7.88%, 09/30/31		50		66,504
Ecopetrol SA
5.88%, 05/28/45		750		744,157
7.38%, 09/18/43		450		522,473
Encana Corp.
6.50%, 08/15/34		700		860,902
6.50%, 02/01/38		550		683,457
Eni USA Inc.
7.30%, 11/15/27		205		259,411
EOG Resources Inc.
3.90%, 04/01/35 (Call 10/01/34)		300		303,318
Exxon Mobil Corp.
3.57%, 03/06/45 (Call 09/06/44)		250		249,655
4.11%, 03/01/46 (Call 09/01/45)		1,400		1,524,124
Hess Corp.
5.60%, 02/15/41		500		522,375
5.80%, 04/01/47 (Call 10/01/46)a		350		376,621
6.00%, 01/15/40		200		216,646
7.13%, 03/15/33		225		268,083
7.30%, 08/15/31		500		602,975
Kerr-McGee Corp.
7.88%, 09/15/31		14		18,042
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)		350		362,576
6.60%, 10/01/37a		430		507,112
6.80%, 03/15/32		26		30,743
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)		450		455,229
5.00%, 09/15/54 (Call 03/15/54)		200		196,472
6.50%, 03/01/41 (Call 09/01/40)		475		583,466
Nexen Energy ULC
6.40%, 05/15/37		550		718,140
7.50%, 07/30/39		400		591,980
7.88%, 03/15/32		160		228,915
Noble Energy Inc.
5.25%, 11/15/43 (Call 05/15/43)		500		533,575
6.00%, 03/01/41 (Call 09/01/40)		700		808,458

SCHEDULE OF INVESTMENTS 53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Occidental Petroleum Corp.
4.10%, 02/15/47 (Call 08/15/46)	$	400	$	416,208
4.40%, 04/15/46 (Call 10/15/45)		600		649,200
4.63%, 06/15/45 (Call 12/15/44)		200		221,830
Petro-Canada
5.35%, 07/15/33		125		143,214
5.95%, 05/15/35		11		13,557
6.80%, 05/15/38		750		1,017,570
Petroleos Mexicanos
5.50%, 06/27/44		1,150		1,038,059
5.63%, 01/23/46a		1,000		907,790
6.38%, 01/23/45		1,450		1,439,502
6.50%, 06/02/41		1,000		1,013,100
6.63%, 06/15/35		1,755		1,852,016
6.63%, 06/15/38		300		311,028
6.75%, 09/21/47		1,900		1,958,254
6.75%, 09/21/47b		250		257,353
Phillips 66
4.65%, 11/15/34 (Call 05/15/34)		550		594,693
4.88%, 11/15/44 (Call 05/15/44)		1,100		1,224,300
5.88%, 05/01/42		215		268,664
Shell International Finance BV
3.75%, 09/12/46		650		639,580
4.00%, 05/10/46		1,250		1,278,437
4.13%, 05/11/35		565		605,160
4.38%, 05/11/45		1,200		1,301,868
4.55%, 08/12/43		950		1,049,360
5.50%, 03/25/40		300		374,775
6.38%, 12/15/38		900		1,237,122
Statoil ASA
3.95%, 05/15/43		550		565,312
4.25%, 11/23/41		150		160,176
4.80%, 11/08/43a		450		524,263
5.10%, 08/17/40		230		272,044
6.50%, 12/01/28b		100		129,397
Suncor Energy Inc.
5.95%, 12/01/34		150		185,366
6.50%, 06/15/38		400		532,828
6.85%, 06/01/39		500		690,860
Tosco Corp.
8.13%, 02/15/30		61		86,238
Valero Energy Corp.
4.90%, 03/15/45		350		383,457

Security	Principal (000s)		Value
6.63%, 06/15/37	$	750	$	964,230
7.50%, 04/15/32		200		268,214
				55,643,794
OIL & GAS SERVICES — 0.54%
Baker Hughes a GE Co. LLC
5.13%, 09/15/40		490		570,331
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		350		362,785
4.75%, 08/01/43 (Call 02/01/43)		650		697,632
4.85%, 11/15/35 (Call 05/15/35)		600		661,986
5.00%, 11/15/45 (Call 05/15/45)		700		782,614
6.70%, 09/15/38		21		27,755
7.45%, 09/15/39		500		712,175
National Oilwell Varco Inc.
3.95%, 12/01/42 (Call 06/01/42)		550		475,090
				4,290,368
PACKAGING & CONTAINERS — 0.10%
Sonoco Products Co.
5.75%, 11/01/40 (Call 05/01/40)		278		325,455
WestRock MWV LLC
7.95%, 02/15/31		11		15,318
8.20%, 01/15/30		300		420,408
				761,181
PHARMACEUTICALS — 4.49%
AbbVie Inc.
4.30%, 05/14/36 (Call 11/14/35)		925		973,720
4.40%, 11/06/42		1,025		1,065,856
4.45%, 05/14/46 (Call 11/14/45)a		850		891,301
4.50%, 05/14/35 (Call 11/14/34)		1,000		1,076,280
4.70%, 05/14/45 (Call 11/14/44)a		1,000		1,085,240
Allergan Funding SCS
4.55%, 03/15/35 (Call 09/15/34)		1,430		1,505,089
4.75%, 03/15/45 (Call 09/15/44)		445		470,583
4.85%, 06/15/44 (Call 12/15/43)		625		669,056
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)a		336		333,813
AstraZeneca PLC
4.00%, 09/18/42		400		406,788
4.38%, 11/16/45a		500		537,285
6.45%, 09/15/37		1,100		1,480,842
Bristol-Myers Squibb Co.
3.25%, 08/01/42		49		45,366
4.50%, 03/01/44 (Call 09/01/43)a		330		373,194

54 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Cardinal Health Inc.
4.37%, 06/15/47 (Call 12/15/46)a	$	400	$	398,332
4.50%, 11/15/44 (Call 05/15/44)		200		199,880
4.60%, 03/15/43		250		258,303
Eli Lilly & Co.
3.70%, 03/01/45 (Call 09/01/44)		450		455,607
3.95%, 05/15/47 (Call 11/15/46)a		305		323,154
5.55%, 03/15/37		166		207,653
Express Scripts Holding Co.
4.80%, 07/15/46 (Call 01/15/46)a		550		571,087
6.13%, 11/15/41a		350		419,009
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43		430		466,339
5.38%, 04/15/34		200		242,312
6.38%, 05/15/38		1,150		1,580,146
Johnson & Johnson
3.55%, 03/01/36 (Call 09/01/35)		800		825,136
3.70%, 03/01/46 (Call 09/01/45)		1,000		1,038,570
3.75%, 03/03/47 (Call 09/03/46)a		450		475,623
4.38%, 12/05/33 (Call 06/05/33)		500		568,840
4.50%, 09/01/40		450		514,516
4.50%, 12/05/43 (Call 06/05/43)		300		347,538
4.85%, 05/15/41		11		13,218
4.95%, 05/15/33		261		313,576
5.85%, 07/15/38		213		284,679
5.95%, 08/15/37		200		272,058
McKesson Corp.
4.88%, 03/15/44 (Call 09/15/43)		550		596,706
6.00%, 03/01/41 (Call 09/01/40)		105		129,631
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		153		167,633
5.90%, 11/01/39		250		313,133
Merck & Co. Inc.
3.60%, 09/15/42 (Call 03/15/42)		11		10,967
3.70%, 02/10/45 (Call 08/10/44)		1,000		1,013,970
4.15%, 05/18/43		700		761,201
6.50%, 12/01/33		200		268,322
6.55%, 09/15/37		150		209,193
Merck Sharp & Dohme Corp.
5.75%, 11/15/36		500		636,645
5.85%, 06/30/39		11		14,501
5.95%, 12/01/28		350		438,956
Mylan Inc.
5.40%, 11/29/43 (Call 05/29/43)		200		217,468

Security	Principal (000s)		Value
Mylan NV
5.25%, 06/15/46 (Call 12/15/45)a	$	400	$	420,372
Novartis Capital Corp.
3.70%, 09/21/42		125		127,535
4.00%, 11/20/45 (Call 05/20/45)		900		963,666
4.40%, 05/06/44		600		680,388
Perrigo Finance Unlimited Co.
4.90%, 12/15/44 (Call 06/15/44)		162		167,838
Pfizer Inc.
4.00%, 12/15/36		210		227,361
4.13%, 12/15/46		530		569,464
4.30%, 06/15/43a		371		406,397
4.40%, 05/15/44		806		897,570
5.60%, 09/15/40a		100		127,758
7.20%, 03/15/39		1,250		1,908,500
Pharmacia LLC
6.60%, 12/01/28		500		659,410
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36a		400		411,040
Teva Pharmaceutical Finance Netherlands III BV
4.10%, 10/01/46a		650		518,713
Wyeth LLC
5.95%, 04/01/37		900		1,202,094
6.00%, 02/15/36		21		27,549
6.50%, 02/01/34		43		58,098
Zoetis Inc.
3.95%, 09/12/47 (Call 03/12/47)		120		118,248
4.70%, 02/01/43 (Call 08/01/42)		490		537,917
				35,498,233
PIPELINES — 3.88%
Buckeye Partners LP
5.60%, 10/15/44 (Call 04/15/44)		100		105,371
5.85%, 11/15/43 (Call 05/15/43)		250		270,058
Columbia Pipeline Group Inc.
5.80%, 06/01/45 (Call 12/01/44)		175		214,806
Enable Midstream Partners LP
5.00%, 05/15/44 (Call 11/15/43)		125		122,945
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		200		215,172
Series B
7.50%, 04/15/38		300		378,777

SCHEDULE OF INVESTMENTS 55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Enbridge Inc.
4.50%, 06/10/44 (Call 12/10/43)	$	200	$	205,092
5.50%, 12/01/46 (Call 05/29/46)		250		295,717
Energy Transfer LP
4.90%, 03/15/35 (Call 09/15/34)		170		168,370
5.15%, 02/01/43 (Call 08/01/42)		200		194,496
5.15%, 03/15/45 (Call 09/15/44)		550		538,147
5.30%, 04/15/47 (Call 10/15/46)		600		598,458
6.05%, 06/01/41 (Call 12/01/40)		50		54,365
6.13%, 12/15/45 (Call 06/15/45)		350		383,082
6.50%, 02/01/42 (Call 08/01/41)a		775		887,708
6.63%, 10/15/36		135		156,396
7.50%, 07/01/38		450		556,434
EnLink Midstream Partners LP
5.05%, 04/01/45 (Call 10/01/44)		220		216,104
5.45%, 06/01/47 (Call 12/01/46)a		250		259,743
5.60%, 04/01/44 (Call 10/01/43)		100		104,155
Enterprise Products Operating LLC
4.45%, 02/15/43 (Call 08/15/42)		625		644,456
4.85%, 08/15/42 (Call 02/15/42)		325		352,141
4.85%, 03/15/44 (Call 09/15/43)		650		706,218
4.90%, 05/15/46 (Call 11/15/45)		350		385,444
4.95%, 10/15/54 (Call 04/15/54)		350		380,292
5.10%, 02/15/45 (Call 08/15/44)		650		734,214
5.70%, 02/15/42		400		484,132
5.95%, 02/01/41		250		309,395
6.13%, 10/15/39		145		181,565
7.55%, 04/15/38		150		210,125
Series D 6.88%, 03/01/33		200		257,930
Series H 6.65%, 10/15/34		111		142,977
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		215		208,795
5.00%, 08/15/42 (Call 02/15/42)		250		253,658
5.00%, 03/01/43 (Call 09/01/42)		100		100,542
5.40%, 09/01/44 (Call 03/01/44)		210		221,010
5.50%, 03/01/44 (Call 09/01/43)		300		319,821
5.80%, 03/15/35		775		850,152
6.38%, 03/01/41		230		265,553
6.55%, 09/15/40		100		116,570
6.95%, 01/15/38		800		983,616
7.30%, 08/15/33		11		13,594
7.40%, 03/15/31		118		144,349

Security	Principal (000s)		Value
7.50%, 11/15/40	$	300	$	378,897
7.75%, 03/15/32		100		127,232
Kinder Morgan Inc./DE
5.05%, 02/15/46 (Call 08/15/45)		425		439,654
5.30%, 12/01/34 (Call 06/01/34)		850		911,064
5.55%, 06/01/45 (Call 12/01/44)		1,000		1,086,090
7.75%, 01/15/32		75		96,422
Magellan Midstream Partners LP
4.20%, 10/03/47 (Call 04/03/47)		130		129,108
4.25%, 09/15/46 (Call 03/15/46)		250		250,778
5.15%, 10/15/43 (Call 04/15/43)		250		280,297
MPLX LP
5.20%, 03/01/47 (Call 09/01/46)		500		536,925
ONEOK Inc.
4.95%, 07/13/47 (Call 01/06/47)		350		358,809
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		350		405,818
6.20%, 09/15/43 (Call 03/15/43)		25		29,579
6.65%, 10/01/36		400		487,004
6.85%, 10/15/37		300		373,668
Phillips 66 Partners LP
4.90%, 10/01/46 (Call 04/01/46)		450		469,642
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44 (Call 12/15/43)		250		231,200
4.90%, 02/15/45 (Call 08/15/44)		300		285,216
5.15%, 06/01/42 (Call 12/01/41)		250		240,415
6.65%, 01/15/37		275		311,028
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		605		616,453
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		335		345,000
5.95%, 09/25/43 (Call 03/25/43)		200		244,188
Sunoco Logistics Partners Operations LP
4.95%, 01/15/43 (Call 07/15/42)		250		236,485
5.30%, 04/01/44 (Call 10/01/43)		250		248,500
5.40%, 10/01/47 (Call 04/01/47)		500		506,910
6.10%, 02/15/42		175		188,316
Tennessee Gas Pipeline Co. LLC
7.00%, 10/15/28		275		331,765
Texas Eastern Transmission LP
7.00%, 07/15/32		200		256,442

56 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)a	$	700	$	775,516
5.00%, 10/16/43 (Call 04/16/43)		310		362,350
5.60%, 03/31/34		300		359,259
5.85%, 03/15/36		100		124,312
6.10%, 06/01/40		174		228,657
6.20%, 10/15/37		425		559,623
7.25%, 08/15/38		300		429,504
7.63%, 01/15/39		550		826,441
Transcontinental Gas Pipe Line Co. LLC
4.45%, 08/01/42 (Call 02/01/42)		350		361,294
5.40%, 08/15/41 (Call 02/15/41)		26		29,875
Western Gas Partners LP
5.45%, 04/01/44 (Call 10/01/43)		300		316,794
Williams Partners LP
4.90%, 01/15/45 (Call 07/15/44)		525		543,795
5.10%, 09/15/45 (Call 03/15/45)		200		214,204
5.40%, 03/04/44 (Call 09/04/43)		400		441,168
5.80%, 11/15/43 (Call 05/15/43)		50		58,088
6.30%, 04/15/40		335		407,665
				30,633,395
REAL ESTATE INVESTMENT TRUSTS — 0.65%
Alexandria Real Estate Equities Inc.
3.95%, 01/15/28 (Call 10/15/27)		400		409,960
AvalonBay Communities Inc.
3.90%, 10/15/46 (Call 04/15/46)		200		196,462
4.15%, 07/01/47 (Call 01/01/47)a		150		154,286
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		450		483,205
4.50%, 06/01/45 (Call 12/01/44)		75		79,671
Federal Realty Investment Trust
4.50%, 12/01/44 (Call 06/01/44)		267		282,021
HCP Inc.
6.75%, 02/01/41 (Call 08/01/40)		155		201,543
Kilroy Realty LP
4.25%, 08/15/29 (Call 05/15/29)a		14		14,430
Kimco Realty Corp.
4.25%, 04/01/45 (Call 10/01/44)		200		193,546
4.45%, 09/01/47 (Call 03/01/47)		250		250,147
Omega Healthcare Investors Inc.
4.75%, 01/15/28 (Call 10/15/27)a		150		150,551

Security	Principal (000s)		Value
Realty Income Corp.
4.65%, 03/15/47 (Call 09/15/46)	$	175	$	184,837
Regency Centers LP
4.40%, 02/01/47 (Call 08/01/46)		200		203,098
Simon Property Group LP
4.25%, 10/01/44 (Call 04/01/44)		14		14,427
4.25%, 11/30/46 (Call 05/30/46)		30		31,069
4.75%, 03/15/42 (Call 09/15/41)		200		221,078
6.75%, 02/01/40 (Call 11/01/39)a		600		832,722
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		297		297,101
5.70%, 09/30/43 (Call 03/30/43)		11		13,171
Welltower Inc.
6.50%, 03/15/41 (Call 09/15/40)		200		256,104
Weyerhaeuser Co.
7.38%, 03/15/32		490		680,561
				5,149,990
RETAIL — 3.31%
Bed Bath & Beyond Inc.
4.92%, 08/01/34 (Call 02/01/34)		200		179,316
5.17%, 08/01/44 (Call 02/01/44)a		200		171,238
CVS Health Corp.
4.88%, 07/20/35 (Call 01/20/35)		700		767,585
5.13%, 07/20/45 (Call 01/20/45)		1,725		1,928,257
5.30%, 12/05/43 (Call 06/05/43)		18		20,506
Darden Restaurants Inc.
6.80%, 10/15/37e		100		131,005
Home Depot Inc. (The)
3.50%, 09/15/56 (Call 03/15/56)a		640		593,664
4.20%, 04/01/43 (Call 10/01/42)		146		155,373
4.25%, 04/01/46 (Call 10/01/45)		700		754,040
4.40%, 03/15/45 (Call 09/15/44)		600		660,498
4.88%, 02/15/44 (Call 08/15/43)		650		762,814
5.40%, 09/15/40 (Call 03/15/40)		21		26,060
5.88%, 12/16/36		1,200		1,583,484
5.95%, 04/01/41 (Call 10/01/40)		700		928,872
Kohl’s Corp.
5.55%, 07/17/45 (Call 01/17/45)		100		97,210
Lowe’s Companies Inc.
3.70%, 04/15/46 (Call 10/15/45)		450		438,268
4.05%, 05/03/47 (Call 11/03/46)		750		773,737
4.25%, 09/15/44 (Call 03/15/44)		300		316,743
4.38%, 09/15/45 (Call 03/15/45)		450		485,532
4.65%, 04/15/42 (Call 10/15/41)		300		334,698

SCHEDULE OF INVESTMENTS 57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Macy’s Retail Holdings Inc.
4.50%, 12/15/34 (Call 06/15/34)	$	100	$	78,837
6.38%, 03/15/37		100		96,926
6.70%, 07/15/34a		200		204,214
6.90%, 04/01/29		500		522,125
McDonald’s Corp.
3.63%, 05/01/43		11		10,364
3.70%, 02/15/42		250		239,022
4.45%, 03/01/47 (Call 09/01/46)		75		80,660
4.60%, 05/26/45 (Call 11/26/44)		300		328,206
4.70%, 12/09/35 (Call 06/09/35)		1,150		1,279,168
4.88%, 07/15/40		6		6,722
4.88%, 12/09/45 (Call 06/09/45)		650		739,589
5.70%, 02/01/39		275		338,682
6.30%, 10/15/37		300		394,629
6.30%, 03/01/38		225		295,679
Nordstrom Inc.
5.00%, 01/15/44 (Call 07/15/43)		225		213,165
6.95%, 03/15/28		175		200,608
QVC Inc.
5.45%, 08/15/34 (Call 02/15/34)a		175		174,073
Starbucks Corp.
4.30%, 06/15/45 (Call 12/15/44)		100		108,450
Target Corp.
3.63%, 04/15/46		800		760,656
3.90%, 11/15/47 (Call 05/15/47)		250		246,767
4.00%, 07/01/42a		1,000		1,014,280
Wal-Mart Stores Inc.
3.63%, 12/15/47 (Call 06/15/47)		1,000		1,017,100
4.00%, 04/11/43 (Call 10/11/42)		500		536,400
4.30%, 04/22/44 (Call 10/22/43)a		900		1,023,993
5.63%, 04/15/41		1,500		1,995,825
6.20%, 04/15/38		700		972,146
7.55%, 02/15/30		533		776,245
Walgreen Co.
4.40%, 09/15/42		125		123,644
Walgreens Boots Alliance Inc.
4.50%, 11/18/34 (Call 05/18/34)		150		153,812
4.65%, 06/01/46 (Call 12/01/45)a		350		358,484
4.80%, 11/18/44 (Call 05/18/44)		750		782,602
				26,181,973
SEMICONDUCTORS — 0.86%
Analog Devices Inc.
5.30%, 12/15/45 (Call 06/15/45)		200		232,450

Security	Principal (000s)		Value
Applied Materials Inc.
4.35%, 04/01/47 (Call 10/01/46)	$	95	$	104,000
5.10%, 10/01/35 (Call 04/01/35)		350		416,276
5.85%, 06/15/41		250		321,658
Intel Corp.
4.00%, 12/15/32		386		422,975
4.10%, 05/19/46 (Call 11/19/45)		450		476,847
4.25%, 12/15/42		371		401,659
4.80%, 10/01/41		800		943,328
4.90%, 07/29/45 (Call 01/29/45)		1,175		1,398,227
QUALCOMM Inc.
4.30%, 05/20/47 (Call 11/20/46)		250		252,600
4.65%, 05/20/35 (Call 11/20/34)		350		382,403
4.80%, 05/20/45 (Call 11/20/44)		1,100		1,203,334
Texas Instruments Inc.
2.90%, 11/03/27 (Call 08/03/27)		250		249,175
				6,804,932
SOFTWARE — 2.87%
Fidelity National Information Services Inc.
4.50%, 08/15/46 (Call 02/15/46)a		250		259,683
Microsoft Corp.
3.45%, 08/08/36 (Call 02/08/36)		1,500		1,523,115
3.50%, 02/12/35 (Call 08/12/34)		950		970,890
3.50%, 11/15/42		350		342,213
3.70%, 08/08/46 (Call 02/08/46)		1,500		1,508,145
3.75%, 05/01/43 (Call 11/01/42)		400		406,696
3.75%, 02/12/45 (Call 08/12/44)		300		304,833
3.95%, 08/08/56 (Call 02/08/56)		650		665,678
4.00%, 02/12/55 (Call 08/12/54)		1,000		1,032,010
4.10%, 02/06/37 (Call 08/06/36)		430		471,117
4.20%, 11/03/35 (Call 05/03/35)		400		444,996
4.45%, 11/03/45 (Call 05/03/45)		1,000		1,134,720
4.50%, 10/01/40		350		399,094
4.50%, 02/06/57 (Call 08/06/56)		1,600		1,804,112
4.75%, 11/03/55 (Call 05/03/55)		750		879,945
4.88%, 12/15/43 (Call 06/15/43)a		200		238,650
5.20%, 06/01/39		322		399,103
5.30%, 02/08/41		850		1,068,229
Series 30Y
4.25%, 02/06/47 (Call 08/06/46)		650		717,054
Oracle Corp.
3.25%, 05/15/30 (Call 02/15/30)		300		305,358
3.85%, 07/15/36 (Call 01/15/36)		850		887,230

58 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.90%, 05/15/35 (Call 11/15/34)	$	900	$	945,909
4.00%, 07/15/46 (Call 01/15/46)		800		827,720
4.13%, 05/15/45 (Call 11/15/44)		950		999,742
4.30%, 07/08/34 (Call 01/08/34)		900		992,007
4.38%, 05/15/55 (Call 11/15/54)		354		384,384
4.50%, 07/08/44 (Call 01/08/44)		650		724,886
5.38%, 07/15/40		850		1,061,454
6.13%, 07/08/39		675		929,232
6.50%, 04/15/38		65		91,685
				22,719,890
TELECOMMUNICATIONS — 7.69%
America Movil SAB de CV
4.38%, 07/16/42a		643		664,373
6.13%, 11/15/37a		125		152,884
6.13%, 03/30/40		900		1,112,040
6.38%, 03/01/35		265		332,095
AT&T Corp.
8.25%, 11/15/31		501		701,911
AT&T Inc.
4.30%, 12/15/42 (Call 06/15/42)		750		683,985
4.35%, 06/15/45 (Call 12/15/44)		829		738,664
4.50%, 05/15/35 (Call 11/15/34)		1,000		977,850
4.50%, 03/09/48 (Call 09/09/47)		1,700		1,547,493
4.55%, 03/09/49 (Call 09/09/48)		1,131		1,025,783
4.75%, 05/15/46 (Call 11/15/45)		1,800		1,695,222
4.80%, 06/15/44 (Call 12/15/43)a		1,200		1,150,884
4.90%, 08/14/37 (Call 02/14/37)		2,300		2,296,366
5.15%, 03/15/42		866		868,182
5.15%, 02/14/50 (Call 08/14/49)		2,250		2,216,632
5.25%, 03/01/37 (Call 09/01/36)		750		780,180
5.30%, 08/14/58 (Call 02/14/58)		1,000		989,940
5.35%, 09/01/40		550		570,719
5.45%, 03/01/47 (Call 09/01/46)		1,000		1,043,240
5.65%, 02/15/47 (Call 08/15/46)		1,000		1,070,860
5.70%, 03/01/57 (Call 09/01/56)		500		526,245
6.00%, 08/15/40 (Call 05/15/40)		319		355,114
6.30%, 01/15/38		658		763,208
6.35%, 03/15/40		325		376,886
6.38%, 03/01/41		500		579,415
6.50%, 09/01/37		376		453,734
AT&T Mobility LLC
7.13%, 12/15/31		400		509,028
BellSouth Telecommunications LLC
6.38%, 06/01/28a		200		232,912

Security	Principal (000s)		Value
British Telecommunications PLC
9.13%, 12/15/30	$	1,000	$	1,512,530
Cisco Systems Inc.
5.50%, 01/15/40		1,075		1,378,429
5.90%, 02/15/39		700		930,762
Deutsche Telekom International Finance BV
8.75%, 06/15/30		1,500		2,208,510
9.25%, 06/01/32		219		341,587
Juniper Networks Inc.
5.95%, 03/15/41a		200		225,786
Koninklijke KPN NV
8.38%, 10/01/30		450		623,934
Motorola Solutions Inc.
5.50%, 09/01/44		200		202,980
New Cingular Wireless Services Inc.
8.75%, 03/01/31		500		714,950
Orange SA
5.38%, 01/13/42		350		414,197
5.50%, 02/06/44 (Call 08/06/43)a		450		545,513
9.00%, 03/01/31		1,150		1,744,837
Qwest Corp.
6.88%, 09/15/33 (Call 12/01/17)a		475		468,241
Rogers Communications Inc.
4.50%, 03/15/43 (Call 09/15/42)		150		157,700
5.00%, 03/15/44 (Call 09/15/43)		550		625,207
5.45%, 10/01/43 (Call 04/01/43)		21		25,197
7.50%, 08/15/38		200		281,784
Telefonica Emisiones SAU
5.21%, 03/08/47a		1,250		1,367,863
7.05%, 06/20/36		1,000		1,328,630
Telefonica Europe BV
8.25%, 09/15/30a		250		353,455
Verizon Communications Inc.
3.85%, 11/01/42 (Call 05/01/42)		725		638,065
4.13%, 08/15/46		245		223,516
4.27%, 01/15/36		1,150		1,129,473
4.40%, 11/01/34 (Call 05/01/34)		1,850		1,853,200
4.50%, 08/10/33		250		257,443
4.52%, 09/15/48		2,000		1,911,500
4.67%, 03/15/55		2,400		2,271,696
4.75%, 11/01/41		515		516,457
4.81%, 03/15/39		1,000		1,028,760
4.86%, 08/21/46		2,350		2,377,260

SCHEDULE OF INVESTMENTS 59

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.01%, 04/15/49	$	2,500	$	2,552,650
5.01%, 08/21/54		2,450		2,442,895
5.50%, 03/16/47a		600		662,256
6.55%, 09/15/43		800		998,376
Vodafone Group PLC
4.38%, 02/19/43		400		403,492
6.15%, 02/27/37		700		863,835
6.25%, 11/30/32		325		398,015
7.88%, 02/15/30		302		412,004
				60,808,830
TOYS, GAMES & HOBBIES — 0.06%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		151		162,192
6.35%, 03/15/40		250		304,308
				466,500
TRANSPORTATION — 2.82%
Burlington Northern Santa Fe LLC
3.90%, 08/01/46 (Call 02/01/46)		515		533,210
4.15%, 04/01/45 (Call 10/01/44)		700		746,487
4.38%, 09/01/42 (Call 03/01/42)a		250		272,145
4.40%, 03/15/42 (Call 09/15/41)a		500		546,315
4.45%, 03/15/43 (Call 09/15/42)		11		12,075
4.55%, 09/01/44 (Call 03/01/44)		250		281,150
4.70%, 09/01/45 (Call 03/01/45)a		275		315,472
4.90%, 04/01/44 (Call 10/01/43)		400		469,612
4.95%, 09/15/41 (Call 03/15/41)		114		132,775
5.05%, 03/01/41 (Call 09/01/40)		56		65,910
5.15%, 09/01/43 (Call 03/01/43)a		173		209,527
5.40%, 06/01/41 (Call 12/01/40)		450		549,670
5.75%, 05/01/40 (Call 11/01/39)		366		468,242
6.15%, 05/01/37		261		344,371
6.20%, 08/15/36		300		397,992
Canadian National Railway Co.
3.20%, 08/02/46 (Call 02/02/46)a		350		325,423
6.20%, 06/01/36		200		265,892
6.25%, 08/01/34		111		147,127
6.38%, 11/15/37		175		240,321
6.90%, 07/15/28a		350		467,379
Canadian Pacific Railway Co.
4.80%, 09/15/35 (Call 03/15/35)		197		224,917
4.80%, 08/01/45 (Call 02/01/45)		100		116,246
5.95%, 05/15/37		16		20,469
6.13%, 09/15/15 (Call 03/15/15)		200		259,084
7.13%, 10/15/31		650		889,557

Security	Principal (000s)		Value
CSX Corp.
3.80%, 11/01/46 (Call 05/01/46)	$	150	$	145,787
3.95%, 05/01/50 (Call 11/01/49)		250		241,478
4.10%, 03/15/44 (Call 09/15/43)		400		406,556
4.25%, 11/01/66 (Call 05/01/66)		350		344,589
4.40%, 03/01/43 (Call 09/01/42)		200		210,822
4.50%, 08/01/54 (Call 02/01/54)		400		414,976
4.75%, 05/30/42 (Call 11/30/41)		300		333,399
5.50%, 04/15/41 (Call 10/15/40)		70		84,361
6.00%, 10/01/36		450		567,220
6.15%, 05/01/37		105		135,659
6.22%, 04/30/40		105		136,677
FedEx Corp.
3.88%, 08/01/42		309		298,571
3.90%, 02/01/35		700		708,659
4.10%, 04/15/43		152		151,711
4.10%, 02/01/45		250		248,235
4.55%, 04/01/46 (Call 10/01/45)a		800		850,688
4.75%, 11/15/45 (Call 05/15/45)		450		490,054
4.90%, 01/15/34		200		225,388
5.10%, 01/15/44		275		312,414
Kansas City Southern
4.30%, 05/15/43 (Call 11/15/42)		100		102,275
4.95%, 08/15/45 (Call 02/15/45)a		350		391,521
Norfolk Southern Corp.
3.95%, 10/01/42 (Call 04/01/42)		40		40,544
4.05%, 08/15/52 (Call 02/15/52)b		400		406,512
4.45%, 06/15/45 (Call 12/15/44)		341		371,598
4.65%, 01/15/46 (Call 07/15/45)		400		451,264
4.80%, 08/15/43 (Call 02/15/43)		400		455,676
4.84%, 10/01/41		400		454,708
6.00%, 03/15/05		7		8,569
Union Pacific Corp.
3.35%, 08/15/46 (Call 02/15/46)		150		141,752
3.38%, 02/01/35 (Call 08/01/34)		450		446,000
3.60%, 09/15/37 (Call 03/15/37)		70		71,156
3.88%, 02/01/55 (Call 08/01/54)		400		398,316
4.00%, 04/15/47 (Call 10/15/46)a		250		262,290
4.05%, 11/15/45 (Call 05/15/45)a		300		315,420
4.05%, 03/01/46 (Call 09/01/45)		200		211,564
4.15%, 01/15/45 (Call 07/15/44)		75		79,878
4.30%, 06/15/42 (Call 12/15/41)		550		596,414
4.38%, 11/15/65 (Call 05/15/65)		6		6,416
4.75%, 09/15/41 (Call 03/15/41)		158		181,596

60 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.82%, 02/01/44 (Call 08/01/43)	$	370	$	429,344
6.63%, 02/01/29		250		326,745
United Parcel Service Inc.
3.40%, 11/15/46 (Call 05/15/46)a		110		106,632
3.63%, 10/01/42a		105		103,568
4.88%, 11/15/40 (Call 05/15/40)		330		387,420
6.20%, 01/15/38		700		948,108
				22,303,898
TRUCKING & LEASING — 0.02%
GATX Corp.
5.20%, 03/15/44 (Call 09/15/43)a		150		169,315
				169,315
WATER — 0.22%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		200		200,976
4.00%, 12/01/46 (Call 06/01/46)		95		98,535
4.30%, 12/01/42 (Call 06/01/42)		16		17,338
4.30%, 09/01/45 (Call 03/01/45)a		500		540,040
6.59%, 10/15/37		239		328,675
United Utilities PLC
6.88%, 08/15/28		200		245,432
Veolia Environnement SA
6.75%, 06/01/38		225		297,671
				1,728,667
TOTAL CORPORATE BONDS & NOTES
(Cost: $668,499,487)				684,541,578
FOREIGN GOVERNMENT OBLIGATIONSf — 5.19%
CANADA — 0.15%
Province of Quebec Canada
7.50%, 09/15/29		850		1,216,894
				1,216,894
CHILE — 0.10%
Chile Government International Bond
3.63%, 10/30/42a		250		247,488
3.86%, 06/21/47		500		507,525
				755,013
COLOMBIA — 0.72%
Colombia Government International Bond
5.00%, 06/15/45 (Call 12/15/44)a		1,200		1,235,880
5.63%, 02/26/44 (Call 08/26/43)		1,650		1,840,228

Security	Principal (000s)		Value
6.13%, 01/18/41a	$	900	$	1,059,327
7.38%, 09/18/37a		800		1,055,024
10.38%, 01/28/33		300		466,194
				5,656,653
HUNGARY — 0.11%
Hungary Government International Bond
7.63%, 03/29/41a		550		848,733
				848,733
ISRAEL — 0.11%
Israel Government International Bond
4.50%, 01/30/43		800		862,336
				862,336
ITALY — 0.13%
Republic of Italy Government International Bond
5.38%, 06/15/33		900		1,046,484
				1,046,484
MEXICO — 1.43%
Mexico Government International Bond
4.35%, 01/15/47		900		848,925
4.60%, 01/23/46		1,000		977,770
4.60%, 02/10/48		750		734,460
4.75%, 03/08/44		1,500		1,497,855
5.55%, 01/21/45		1,300		1,456,845
5.75%, 10/12/49		1,220		1,277,389
6.05%, 01/11/40a		1,300		1,521,403
6.75%, 09/27/34		875		1,138,305
7.50%, 04/08/33		477		654,172
8.30%, 08/15/31		800		1,204,560
				11,311,684
PANAMA — 0.38%
Panama Government International Bond
4.50%, 05/15/47a		400		423,324
6.70%, 01/26/36		1,300		1,719,965
9.38%, 04/01/29a		600		901,986
				3,045,275
PERU — 0.42%
Peruvian Government International Bond
5.63%, 11/18/50		1,175		1,485,999

SCHEDULE OF INVESTMENTS 61

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
6.55%, 03/14/37a	$	400	$	539,548
8.75%, 11/21/33a		815		1,279,305
				3,304,852
PHILIPPINES — 0.96%
Philippine Government International Bond
3.70%, 02/02/42		1,200		1,194,276
3.95%, 01/20/40a		1,200		1,239,660
5.00%, 01/13/37		1,000		1,180,490
6.38%, 01/15/32		700		915,005
6.38%, 10/23/34		600		803,994
7.75%, 01/14/31		1,100		1,581,437
9.50%, 02/02/30		450		713,335
				7,628,197
SOUTH KOREA — 0.07%
Korea International Bond
4.13%, 06/10/44a		500		571,880
				571,880
SUPRANATIONAL — 0.24%
Asian Development Bank
5.82%, 06/16/28		310		387,165
European Investment Bank
4.88%, 02/15/36		500		651,720
Inter-American Development Bank
3.20%, 08/07/42		200		199,652
3.88%, 10/28/41		250		278,908
4.38%, 01/24/44		100		119,920
International Bank for Reconstruction & Development
4.75%, 02/15/35		200		254,588
				1,891,953
URUGUAY — 0.37%
Uruguay Government International Bond
4.13%, 11/20/45		300		294,510
5.10%, 06/18/50a		1,650		1,770,516
7.63%, 03/21/36a		600		846,552
				2,911,578
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $41,071,774)				41,051,532

Security	Principal (000s)		Value
MUNICIPAL DEBT OBLIGATIONS — 6.28%
CALIFORNIA — 2.19%
Alameda County Joint Powers Authority RB BAB
7.05%, 12/01/44	$	135	$	199,886
Bay Area Toll Authority RB BAB
6.26%, 04/01/49		450		658,305
Series S-1
7.04%, 04/01/50		700		1,075,438
Series S-3
6.91%, 10/01/50		100		152,720
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB
6.95%, 11/01/50		220		327,107
East Bay Municipal Utility District Water System Revenue RB BAB
Series B
5.87%, 06/01/40		250		329,218
Los Angeles Community College District/CA GO BAB
6.75%, 08/01/49		300		455,064
Los Angeles County Metropolitan Transportation Authority RB BAB
Series A
5.74%, 06/01/39		300		375,189
Los Angeles County Public Works Financing Authority RB BAB
7.62%, 08/01/40		250		381,668
Los Angeles Department of Water & Power System Revenue RB BAB
Series A
6.60%, 07/01/50		450		661,392
Series D
6.57%, 07/01/45		200		297,916
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		800		1,024,376
Series RY
6.76%, 07/01/34		450		628,632

62 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Regents of the University of California Medical Center Pooled Revenue RB BAB
Series H
6.55%, 05/15/48	$	450	$	622,512
San Diego County Regional Transportation Commission RB BAB
5.91%, 04/01/48		200		270,686
San Diego County Water Authority Financing Corp. RB BAB
6.14%, 05/01/49		300		417,612
State of California GO BAB
7.30%, 10/01/39		845		1,248,758
7.35%, 11/01/39		550		814,786
7.50%, 04/01/34		1,000		1,461,960
7.55%, 04/01/39		1,500		2,311,470
7.60%, 11/01/40		550		864,506
7.63%, 03/01/40		300		459,567
7.95%, 03/01/36 (Call 03/01/20)		750		844,290
University of California RB
Series AD
4.86%, 05/15/12		600		654,930
University of California RB BAB
5.77%, 05/15/43		200		259,778
5.95%, 05/15/45		400		513,456
				17,311,222
CONNECTICUT — 0.03%
State of Connecticut GO
Series A
5.85%, 03/15/32a		200		240,738
				240,738
DISTRICT OF COLUMBIA — 0.03%
District of Columbia Water & Sewer Authority RB
4.81%, 10/01/14		200		224,004
				224,004
GEORGIA — 0.16%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010-A
6.64%, 04/01/57		350		442,925
Project P, Series 2010-A
7.06%, 04/01/57		700		852,390
				1,295,315

Security	Principal (000s)		Value
ILLINOIS — 0.78%
Chicago Transit Authority RB
Series A
6.90%, 12/01/40	$	600	$	782,850
Series B
6.90%, 12/01/40		225		292,329
Chicago Transit Authority RB BAB
Series B
6.20%, 12/01/40		120		149,278
County of Cook IL GO BAB
6.23%, 11/15/34		200		245,030
Illinois State Toll Highway Authority RB BAB
6.18%, 01/01/34		300		383,799
Metropolitan Water Reclamation District of Greater Chicago GOL BAB
5.72%, 12/01/38		400		512,132
State of Illinois GO
5.10%, 06/01/33a		3,400		3,434,646
State of Illinois GO BAB
Series 3
6.73%, 04/01/35		300		342,156
				6,142,220
KANSAS — 0.04%
State of Kansas Department of Transportation RB BAB
4.60%, 09/01/35		300		340,173
				340,173
KENTUCKY — 0.03%
Louisville & Jefferson County Metropolitan Sewer District RB BAB
6.25%, 05/15/43		145		193,288
				193,288
MARYLAND — 0.03%
Maryland State Transportation Authority RB BAB
5.89%, 07/01/43		200		264,946
				264,946
MASSACHUSETTS — 0.22%
Commonwealth of Massachusetts GOL BAB
4.91%, 05/01/29		240		280,913

SCHEDULE OF INVESTMENTS 63

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Series E
5.46%, 12/01/39	$	500	$	629,010
Commonwealth of Massachusetts Transportation Fund Revenue RB BAB
Series A
5.73%, 06/01/40		350		456,806
Massachusetts School Building Authority RB BAB
Series B
5.72%, 08/15/39		300		377,007
				1,743,736
NEVADA — 0.02%
County of Clark Department of Aviation RB BAB
Series C
6.82%, 07/01/45		120		176,852
				176,852
NEW JERSEY — 0.55%
New Jersey Economic Development Authority RB
Series A
7.43%, 02/15/29 (NPFGC)		675		839,228
New Jersey State Turnpike Authority RB BAB
7.10%, 01/01/41		875		1,293,687
Series F
7.41%, 01/01/40a		750		1,140,322
New Jersey Transportation Trust Fund Authority RB BAB
Series C
5.75%, 12/15/28		700		804,643
Rutgers The State University of New Jersey RB BAB
5.67%, 05/01/40		200		242,280
				4,320,160
NEW YORK — 0.93%
City of New York NY GO BAB
6.27%, 12/01/37		325		432,994
Series C-1
5.52%, 10/01/37		185		233,712

Security	Principal (000s)		Value
Metropolitan Transportation Authority RB BAB
Series 2010-A
6.67%, 11/15/39	$	225	$	316,359
Series 2009-A
5.87%, 11/15/39		300		385,770
Series 2010-E
6.81%, 11/15/40		200		281,620
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37		200		249,114
5.57%, 11/01/38		250		310,235
New York City Water & Sewer System RB BAB
5.44%, 06/15/43		350		452,480
5.75%, 06/15/41		275		368,132
5.88%, 06/15/44		300		410,028
6.01%, 06/15/42		200		275,404
New York State Dormitory Authority RB BAB
5.63%, 03/15/39		350		434,004
Port Authority of New York & New Jersey RB
4.93%, 10/01/51		900		1,098,360
Series 174
4.46%, 10/01/62		835		940,577
Series 182
5.31%, 08/01/46 (Call 08/01/24)		700		781,802
Series 192
4.81%, 10/15/65		300		353,856
				7,324,447
OHIO — 0.30%
American Municipal Power Inc. RB BAB
8.08%, 02/15/50		600		1,006,332
Ohio State University (The) RB
Series A
3.80%, 12/01/46		450		459,585
4.80%, 06/01/11		200		218,216
Ohio State University (The) RB BAB
4.91%, 06/01/40		200		237,738
Ohio Water Development Authority Water Pollution Control Loan Fund RB BAB
4.88%, 12/01/34		400		461,732
				2,383,603

64 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

Security	Principal (000s)		Value
OREGON — 0.13%
Oregon School Boards Association GOL
Series B
5.55%, 06/30/28 (NPFGC)	$	200	$	234,778
5.68%, 06/30/28 (NPFGC)		500		590,010
State of Oregon Department of Transportation RB BAB
Series 2010-A
5.83%, 11/15/34		175		223,713
				1,048,501
PENNSYLVANIA — 0.05%
Commonwealth Financing Authority RB
Series A
4.14%, 06/01/38a		350		362,768
				362,768
TEXAS — 0.71%
City of Houston TX GOL
Series A
6.29%, 03/01/32		390		461,343
City of San Antonio TX Electric & Gas Systems Revenue RB
4.43%, 02/01/42		200		221,908
5.81%, 02/01/41		350		449,354
Dallas Area Rapid Transit RB BAB
6.00%, 12/01/44		425		576,228
Dallas Convention Center Hotel Development Corp. RB BAB
7.09%, 01/01/42		250		331,258
Dallas County Hospital District GOL BAB
Series C
5.62%, 08/15/44		250		311,798
Dallas Independent School District GO BAB
6.45%, 02/15/35 (Call 02/15/21) (PSF)		550		620,961
North Texas Tollway Authority RB BAB
6.72%, 01/01/49a		200		299,522
State of Texas GO BAB
5.52%, 04/01/39		575		745,269

Security	Principal or Shares (000s)		Value
Series A
4.68%, 04/01/40	$	200	$	234,666
Texas Transportation Commission State Highway Fund RB BAB
Series B
5.18%, 04/01/30		825		990,272
University of Texas System (The) RB BAB
Series B
6.28%, 08/15/41 (Call 08/15/19)		370		396,695
				5,639,274
WASHINGTON — 0.08%
Central Puget Sound Regional Transit Authority RB BAB
5.49%, 11/01/39		150		188,018
State of Washington GO BAB
Series F
5.14%, 08/01/40		350		433,279
				621,297
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $48,123,788)				49,632,544
SHORT-TERM INVESTMENTS — 10.06%
MONEY MARKET FUNDS — 10.06%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.31%g,h,i		72,415		72,429,174
BlackRock Cash Funds: Treasury, SL Agency Shares
1.00%g,h		7,087		7,086,798
				79,515,972
TOTAL SHORT-TERM INVESTMENTS
(Cost: $79,504,632)				79,515,972

SCHEDULE OF INVESTMENTS 65

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 108.12%
(Cost: $837,199,681)j	$	854,741,626
Other Assets, Less Liabilities — (8.12)%		(64,191,401	)
NET ASSETS — 100.00%	$	790,550,225

BAB	—  Build America Bond
GO	—  General Obligation
GOL	—  General Obligation Limited
PSF	—  Permanent School Fund
RB	—  Revenue Bond
VRN	—  Variable Rate Note

Insured by:
NPFGC	—  National Public Finance Guarantee Corp.

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

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

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

^d  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

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

^g  Affiliated issuer.

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

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

^j  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $837,199,681. Net unrealized appreciation was $17,541,945, of which $24,397,925 represented gross unrealized appreciation on investments and $6,855,980 represented gross unrealized depreciation on investments.

Schedule 1 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	684,541,578	$	—	$	684,541,578
Foreign government obligations		—		41,051,532		—		41,051,532
Municipal debt obligations		—		49,632,544		—		49,632,544
Money market funds		79,515,972		—		—		79,515,972
Total	$	79,515,972	$	775,225,654	$	—	$	854,741,626

66 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2017

ASSETS
Investments in securities, at cost:
Unaffiliated	$	757,695,049
Affiliated		79,504,632
Total cost of investments in securities	$	837,199,681
Investments in securities, at fair value (including securities on loana):
Unaffiliated	$	775,225,654
Affiliated		79,515,972
Receivables:
Investment securities sold		8,276,947
Dividends and interest		9,420,742
Total Assets		872,439,315
LIABILITIES
Payables:
Investment securities purchased		9,015,820
Collateral for securities on loan		72,409,288
Capital shares redeemed		328,823
Investment advisory fees		135,159
Total Liabilities		81,889,090
NET ASSETS	$	790,550,225
Net assets consist of:
Paid-in capital	$	778,982,228
Undistributed net investment income		2,725,702
Accumulated net realized loss		(8,699,650	)
Net unrealized appreciation		17,541,945
NET ASSETS	$	790,550,225
Shares outstandingb		12,700,000
Net asset value per share	$	62.25

^a  Securities on loan with a value of $69,882,040.

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

FINANCIAL STATEMENTS 67

Schedule of Investments

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

68 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 69

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

70 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 71

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

72 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 73

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

74 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 75

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

76 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 77

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

78 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 79

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

80 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 81

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

82 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 83

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

84 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 85

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

86 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 87

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

88 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 89

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

90 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 91

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

92 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 93

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

94 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 95

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

96 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 97

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

98 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

SCHEDULE OF INVESTMENTS 99

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

BAB  —  Build America Bond

COP  —  Certificates of Participation

GO  —  General Obligation

GOL  —  General Obligation Limited

GTD  —  Guaranteed by the Commonwealth, County or State

PSF  —  Permanent School Fund

RB  —  Revenue Bond

VRN  —  Variable Rate Note

Insured by:

NPFGC  —  National Public Finance Guarantee Corp.

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

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

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

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

^e  Affiliated money market fund.

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

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

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

Schedule 1 — Fair Value Measurements

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

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

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

See notes to financial statements.

100 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

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

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

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

See notes to financial statements.

FINANCIAL STATEMENTS 101

Statement of Operations

iSHARES^® 10+ YEAR CREDIT BOND ETF

Year ended February 28, 2017

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

See notes to financial statements.

102 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® 10+ YEAR CREDIT BOND ETF

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

See notes to financial statements.

FINANCIAL STATEMENTS 103

Financial Highlights

iSHARES^® 10+ YEAR CREDIT BOND ETF

(For a share outstanding throughout each period)

	Year ended Feb. 28, 2017			Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013
Net asset value, beginning of year	$	56.51		$	62.53		$	57.87		$	61.05		$	59.51
Income from investment operations:
Net investment incomea		2.48			2.55			2.59			2.68			2.65
Net realized and unrealized gain (loss)b		3.25			(6.02	)		4.59			(3.03	)		1.59
Total from investment operations		5.73			(3.47	)		7.18			(0.35	)		4.24
Less distributions from:
Net investment income		(2.47	)		(2.55	)		(2.52	)		(2.74	)		(2.70	)
Net realized gain		—			—			—			(0.09	)		—
Total distributions		(2.47	)		(2.55	)		(2.52	)		(2.83	)		(2.70	)
Net asset value, end of year	$	59.77		$	56.51		$	62.53		$	57.87		$	61.05
Total return		10.21	%		(5.53	)%		12.64	%		(0.41	)%c		7.22	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	830,758		$	785,548		$	850,376		$	283,548		$	421,254
Ratio of expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of net investment income to average net assets		4.10	%		4.40	%		4.28	%		4.67	%		4.33	%
Portfolio turnover rated		10	%		11	%		23	%		12	%		10	%

^a  Based on average shares outstanding throughout each period.

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

^c  Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been -0.43%.

^d  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

104 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

iSHARES^® 10+ YEAR CREDIT BOND ETF

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

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

iShares ETF	Diversification Classification
10+ Year Credit Bond	Diversified

The investment objective of the Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve the Fund’s investment objective.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

• Fixed income investments are valued using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes.

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

NOTES TO FINANCIAL STATEMENTS 105

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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

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

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

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

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

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

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

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

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

106 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

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

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

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

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral

NOTES TO FINANCIAL STATEMENTS 107

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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

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

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

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

RECENT ACCOUNTING STANDARD

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

108 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.20% based on the average daily net assets of the Fund.

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

Pursuant to a securities lending agreement, the Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, the Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the year ended February 28, 2017, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $77,907.

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

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

For the year ended February 28, 2017, the purchases and sales transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were $2,717,770 and $1,755,962, respectively.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Dividends – affiliated” in the statement of operations.

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

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

NOTES TO FINANCIAL STATEMENTS 109

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended February 28, 2017 were as follows:

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

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

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

4. CAPITAL SHARE TRANSACTIONS

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

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

5. PRINCIPAL RISKS

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

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

MARKET RISK

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

110 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

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

6. INCOME TAX INFORMATION

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

NOTES TO FINANCIAL STATEMENTS 111

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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

Paid-in Capital	Undistributed Net Investment Income/Distributions in Excess of Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized Loss
$7,844,421	$	902	$	(7,845,323)

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

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

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

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

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

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

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

7. SUBSEQUENT EVENTS

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

112 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and the

Shareholders of the iShares 10+ Year Credit Bond ETF

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the iShares 10+ Year Credit Bond ETF (constituting a fund of the iShares Trust, hereafter referred to as the “Fund”) as of February 28, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of February 28, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

April 19, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 113

Notes:

114 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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

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

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

iS-AR-1018-1017

OCTOBER 31, 2017

2017 ANNUAL REPORT

iShares U.S. ETF Trust

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

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

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares Interest Rate Hedged High Yield Bond ETF	11
iShares Interest Rate Hedged Corporate Bond ETF	13
Financial Statements	15
Financial Highlights	18
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	30
Tax Information	31
Board Review and Approval of Investment Advisory Contract	32
Supplemental Information	36
Trustee and Officer Information	38
Additional Financial Information	42
Schedules of Investments (Unaudited) as of October 31, 2017	43
iShares iBoxx $ High Yield Corporate Bond ETF	43
iShares iBoxx $ Investment Grade Corporate Bond ETF	74
Statements of Assets and Liabilities (Unaudited) as of October 31, 2017	116
Audited Financial Statements as of February  28, 2017	117

Management’s Discussion of Fund Performance

iSHARES^® U.S. ETF TRUST

U.S. BOND MARKET OVERVIEW

The U.S. bond market posted a modestly positive gain for the 12 months ended October 31, 2017 (“reporting period”). The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned 0.90%.

Improving economic growth and rising interest rates contributed to the U.S. bond market performance. The U.S. economy expanded by 2.3% for the 12 months ended September 2017 (the most recent data available), its fastest year-over-year growth rate in two years. The job market mirrored this progress, with the unemployment rate declining to its lowest level in more than 16 years. The healthier economy and job market contributed to consumer confidence reaching its highest level since January 2004, while retail sales increased by 4.6% for the reporting period.

On the manufacturing side, industrial output increased by 0.90% for the reporting period, reflecting a recovery in 2017 after industrial production contracted for much of 2016. At the same time, inflation was modest, with the consumer price index rising by 2.2% for the 12 months ended September 2017, well below the long-term historical average of 3.3%.

In that environment, the U.S. Federal Reserve Bank (“Fed”) worked to normalize monetary policy by beginning to reverse some of the measures taken in response to the 2008 financial crisis. The Fed increased interest rates by a quarter percentage point three times during the reporting period, from 0.5% to 1.25%, which contributed to higher short-term bond yields. The Fed also started reducing the amount of U.S. Treasury bonds and mortgage-backed securities on its balance sheet in October 2017.

Another catalyst for rising bond yields was the outcome of the U.S. presidential election in November 2016. The new administration was expected to enact pro-growth fiscal policies, including lower taxes and significant infrastructure spending, which was expected to lead to a higher federal budget deficit. Expectations of an increase in the supply of U.S. Treasury bonds, based on the government’s need to fill the larger budget gap, led to an increase in U.S. bond yields during the reporting period.

Overall, short-term U.S. Treasury bond yields rose more than long-term bond yields. For example, the yield of the two-year U.S. Treasury note increased from 0.86% to 1.6% over the course of the reporting period, while the yield of the 30-year U.S. Treasury bond rose less than half that amount, increasing from 2.58% to 2.88%. The yield difference, or spread, between short-term and longer-term U.S. Treasury securities reached levels not seen since before the 2008 financial crisis, when the Fed was raising short-term interest rates aggressively.

Interest rate trends had important implications for returns across the U.S. bond market. U.S. Treasury bonds declined for the reporting period and were the weakest performers among the broad market segments.

In contrast, economically sensitive corporate bonds performed well, benefiting from improving economic growth, healthy corporate profits, strong investor demand for their comparatively higher yields, and expectations of the new administration’s corporate-friendly policies. As a result, the yield spread between U.S. Treasury securities and corporate bonds — both investment-grade and high-yield — declined for the reporting period.

Mortgage-backed securities, which have higher yields than U.S. Treasury securities but greater sensitivity to interest rate changes than corporate bonds, finished between these two sectors, managing modest gains for the reporting period.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

Performance as of October 31, 2017

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		10.26%		2.50%		10.26%		8.83%
Fund Market		10.26%		2.50%		10.26%		8.86%
Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Index		9.83%		3.27%		9.83%		11.65%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period  a,b		Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period  a,b		Annualized Expense Ratio  a
$	1,000.00	$	1,033.40	$	0.26	$	1,000.00	$	1,025.00	$	0.26		0.05%

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

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

6 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

The iShares Interest Rate Hedged High Yield Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps. For the 12-month reporting period ended October 31, 2017, the total return for the Fund was 10.26%, net of fees.

Despite an environment of rising interest rates and increasing yields, high-yield corporate bonds performed well during the reporting period, as investors continued to seek yield. The market for high-yield corporate bonds benefited from steady economic growth, strong earnings, and lower default risk. Decreasing default risk has driven the high-yield spread (the difference in yield between high-yield bonds and relatively safe Treasury bonds) to the lowest level since 2014.

From a sector perspective, the majority of the Fund’s return came from the industrial sector, which comprised approximately 88% of the Fund on average for the reporting period. Within the industrial sector, the largest contributor to the Fund’s return was debt from communications companies, in particular the cable and satellite and wireless industries. Bonds issued by energy companies also performed well, as oil prices stabilized in the $45–55 price range, which was sufficient for oil companies to remain solvent. Debt issued by companies in the consumer non cyclicals, most notably the healthcare industry, and consumer cyclicals industries also made significant contributions to the Fund’s return.

In terms of credit, higher-rated credit (B and Ba-rated) provided the majority of the contribution to the Fund’s performance for the reporting period, but lower-rated credit (Caa-rated) also provided a significant contribution, despite representing only 13% of the Fund on average.

Increasing interest rates reduce the value of existing bonds, meaning a rise in interest rates typically detracts from bond fund performance. Conversely, falling rates usually tend to increase bond prices. An interest rate hedged fund attempts to mitigate these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and Treasury futures contracts.

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

ALLOCATION BY CREDIT QUALITY ¹

As of 10/31/17

Moody’s Credit Rating ² Percentage of Total Investments  ³

Baa	0.57	%
Ba	44.16
B	41.52
Caa	12.56
Ca	0.36
C	0.01
Not Rated	0.82
TOTAL	100.00	%

ALLOCATION BY MATURITY ¹

As of 10/31/17

Maturity Percentage of
Total Investments  ³

0-1 Year	0.27	%
1-5 Years	38.00
5-10 Years	60.20
10-15 Years	0.86
More than 20 Years	0.67
TOTAL	100.00	%

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

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

³ Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

Performance as of October 31, 2017

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		7.11%		1.60%		7.11%		5.60%
Fund Market		7.05%		1.63%		7.05%		5.69%
Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Index		8.16%		2.59%		8.16%		9.17%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period  a,b		Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period  a,b		Annualized Expense Ratio a
$	1,000.00	$	1,035.60	$	0.51	$	1,000.00	$	1,024.70	$	0.51		0.10%

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

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

8 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

The iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps. For the 12-month reporting period ended October 31, 2017, the total return for the Fund was 7.11%, net of fees.

The market for corporate bonds benefited from economic growth, strong earnings, and lower default risk during the reporting period. Anticipated U.S. corporate tax cuts improved investor confidence in the future ability of corporations to pay their debts, strengthening demand for corporate bonds. The combination of stronger growth, policy proposals, and continued investor demand for yield created favorable conditions for the corporate bond market.

From a sector perspective, the majority of the Fund’s return came from the industrial sector, which comprised approximately 64% of the Fund on average for the reporting period. Within the industrial sector, the largest contributor to the Fund’s return was debt from energy companies, which performed well as oil prices stabilized in the $45-55 price range, which was sufficient for most oil companies to remain solvent. Bonds issued by pharmaceutical and technology companies also made significant contributions to the Fund’s performance, as did debt issued by the communications industry.

The financials sector also contributed to the Fund’s return for the reporting period. Among bonds issued by companies in the financials sector, debt issued by the banks industry was the most significant contributor. Increasing capital levels and reduced risk have made bank bonds more attractive for investors, sending the spread for U.S. banking bonds (the amount of yield investors require above Treasuries) to the lowest level since the financial crisis.

Increasing interest rates reduce the value of existing bonds, meaning a rise in interest rates typically detracts from bond fund performance. Conversely, falling rates usually tend to increase bond prices. An interest rate hedged fund attempts to mitigate these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and Treasury futures contracts.

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

ALLOCATION BY CREDIT QUALITY ¹

As of 10/31/17

Moody’s Credit Rating ² Percentage of Total Investments  ³

Aaa	3.40	%
Aa	8.77
A	40.23
Baa	44.59
Ba	2.61
Not Rated	0.40
TOTAL	100.00	%

ALLOCATION BY MATURITY ¹

As of 10/31/17

Maturity Percentage of Total Investments  ³

1-5 Years	24.44	%
5-10 Years	39.71
10-15 Years	2.74
15-20 Years	6.96
More than 20 Years	26.15
TOTAL	100.00	%

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

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

³ Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 9

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2017 and held through October 31, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

10 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

October 31, 2017

Security	Shares		Value
INVESTMENT COMPANIES — 98.12%
EXCHANGE-TRADED FUNDS — 98.12%
iShares iBoxx $ High Yield Corporate Bond ETFa,b		1,526,823	$	135,078,031
				135,078,031
TOTAL INVESTMENT COMPANIES
(Cost: $134,625,816)				135,078,031
SHORT-TERM INVESTMENTS — 34.07%
MONEY MARKET FUNDS — 34.07%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.31%b,c,d		45,737,039		45,746,186
BlackRock Cash Funds: Treasury, SL Agency Shares
1.00%b,c		1,161,712		1,161,712
				46,907,898
TOTAL SHORT-TERM INVESTMENTS
(Cost: $46,907,898)				46,907,898

	Value
TOTAL INVESTMENTS IN SECURITIES — 132.19%
(Cost: $181,533,714)e	$	181,985,929
Other Assets, Less Liabilities — (32.19)%		(44,315,842	)
NET ASSETS — 100.00%	$	137,670,087

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

^b  Affiliated issuer. See Schedule 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.

^e  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $181,564,980. Net unrealized appreciation was $932,252, of which $963,518 represented gross unrealized appreciation on investments and $31,266 represented gross unrealized depreciation on investments.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2017, for purposes of Section 2(a)(3) of the 1940 Act, and/or related parties of the Fund were as follows:

Affiliated issuer	Shares held at 10/31/16		Shares purchased		Shares sold			Shares held at 10/31/17		Value at 10/31/17		Net realized gain (loss) a			Change in unrealized appreciation (depreciation)		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		14,096,906		31,640,133b		—			45,737,039	$	45,746,186	$	(11,936	)	$	—	$	—	c
BlackRock Cash Funds: Treasury, SL Agency Shares		664,261		497,451b		—			1,161,712		1,161,712		186			—		11,969
iShares iBoxx $ High Yield Corporate Bond ETF		344,246		2,649,076		(1,466,499	)		1,526,823		135,078,031		2,539,901			3,205,892		8,377,488
										$	181,985,929	$	2,528,151		$	3,205,892	$	8,389,457

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

^b  Net of shares purchased and sold.

^c  Does not include income earned on the investment of securities lending cash collateral which is not direct income of the Fund and is reflected as a component of securities lending income in the statement of operations.

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Continued)

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

October 31, 2017

Schedule 2 — Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of October 31, 2017 were as follows:

Paid by the Fund			Received by the Fund				Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate		Frequency
1.33%		Semi-annual		3-month LIBOR		Quarterly		12/09/2018	$	(35,780	)	$	132,392	$	113,702	$	18,690
1.17%		Semi-annual		3-month LIBOR		Quarterly		12/08/2021		(7,220	)		245,239		179,807		65,432
1.82%		Semi-annual		3-month LIBOR		Quarterly		12/09/2021		(69,570	)		577,033		209,978		367,055
2.23%		Semi-annual		3-month LIBOR		Quarterly		12/09/2026		(17,615	)		151,930		91,804		60,126
												$	1,106,594	$	595,291	$	511,303

Schedule 3 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Investment companies	$	135,078,031	$	—	$	—	$	135,078,031
Money market funds		46,907,898		—		—		46,907,898
Total	$	181,985,929	$	—	$	—	$	181,985,929
Derivative financial instrumentsa:
Assets:
Centrally cleared interest rate swaps	$	—	$	511,303	$	—	$	511,303
Total	$	—	$	511,303	$	—	$	511,303

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

See notes to financial statements.

12 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

October 31, 2017

Security	Shares		Value
INVESTMENT COMPANIES — 96.82%
EXCHANGE-TRADED FUNDS — 96.82%
iShares iBoxx $ Investment Grade Corporate Bond ETFa,b		617,766	$	74,836,173
				74,836,173
TOTAL INVESTMENT COMPANIES
(Cost: $73,000,128)				74,836,173
SHORT-TERM INVESTMENTS — 41.79%
MONEY MARKET FUNDS — 41.79%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.31%b,c,d		32,012,834		32,019,237
BlackRock Cash Funds: Treasury, SL Agency Shares
1.00%b,c		282,604		282,604
				32,301,841
TOTAL SHORT-TERM INVESTMENTS
(Cost: $32,304,987)				32,301,841

	Value
TOTAL INVESTMENTS IN SECURITIES — 138.61%
(Cost: $105,305,115)e	$	107,138,014
Other Assets, Less Liabilities — (38.61)%		(29,843,505	)
NET ASSETS — 100.00%	$	77,294,509

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

^b  Affiliated issuer. See Schedule 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.

^e  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $105,305,624. Net unrealized appreciation was $3,820,229, of which $3,823,885 represented gross unrealized appreciation on investments and $3,656 represented gross unrealized depreciation on investments.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2017, for purposes of Section 2(a)(3) of the 1940 Act, and/or related parties of the Fund were as follows:

Affiliated issuer	Shares held at 10/31/16		Shares purchased			Shares sold			Shares held at 10/31/17		Value at 10/31/17		Net realized gain (loss) a			Change in unrealized appreciation (depreciation)			Income
BlackRock Cash Funds: Institutional, SL Agency Shares		—		32,012,834	b		—			32,012,834	$	32,019,237	$	704		$	(3,147	)	$	—	c
BlackRock Cash Funds: Treasury, SL Agency Shares		1,142,609		—			(860,005	)b		282,604		282,604		65			—			7,536
iShares iBoxx $ Investment Grade Corporate Bond ETF		251,108		367,958			(1,300	)		617,766		74,836,173		(455	)		1,207,331			1,806,268
											$	107,138,014	$	314		$	1,204,184		$	1,813,804

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

^b  Net of shares purchased and sold.

^c  Does not include income earned on the investment of securities lending cash collateral which is not direct income of the Fund and is reflected as a component of securities lending income in the statement of operations.

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Continued)

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

October 31, 2017

Schedule 2 — Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of October 31, 2017 were as follows:

Paid by the Fund			Received by the Fund				Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate		Frequency
1.01%		Semi-annual		3-month LIBOR		Quarterly		12/08/2018	$	(11,012	)	$	79,152	$	34,358	$	44,794
1.17%		Semi-annual		3-month LIBOR		Quarterly		12/08/2021		(36,074	)		1,225,313		799,038		426,275
1.44%		Semi-annual		3-month LIBOR		Quarterly		12/08/2026		(21,370	)		1,592,417		986,910		605,507
1.70%		Semi-annual		3-month LIBOR		Quarterly		12/08/2036		(13,400	)		1,847,135		1,206,775		640,360
1.77%		Semi-annual		3-month LIBOR		Quarterly		12/08/2046		(6,869	)		1,257,680		986,777		270,903
												$	6,001,697	$	4,013,858	$	1,987,839

Schedule 3 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Investment companies	$	74,836,173	$	—	$	—	$	74,836,173
Money market funds		32,301,841		—		—		32,301,841
Total	$	107,138,014	$	—	$	—	$	107,138,014
Derivative financial instruments:a
Assets:
Centrally cleared interest rate swaps	$	—	$	1,987,839	$	—	$	1,987,839
Total	$	—	$	1,987,839	$	—	$	1,987,839

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

See notes to financial statements.

14 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^® U.S. ETF TRUST

October 31, 2017

	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
ASSETS
Investments in securities, at cost:
Affiliated (Note 2)	$	181,533,714		$	105,305,115
Total cost of investments in securities	$	181,533,714		$	105,305,115
Investments in securities, at fair value (including securities on loana) (Note 1):
Affiliated (Note 2)	$	181,985,929		$	107,138,014
Cash pledged for centrally cleared swaps		1,394,000			2,188,000
Receivables:
Dividends		29,724			10,054
Variation margin on centrally cleared swaps		23,701			—
Total Assets		183,433,354			109,336,068
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		45,757,424			32,022,752
Investment advisory fees (Note 2)		5,843			6,554
Variation margin on centrally cleared swaps		—			12,253
Total Liabilities		45,763,267			32,041,559
NET ASSETS	$	137,670,087		$	77,294,509
Net assets consist of:
Paid-in capital	$	138,238,771		$	75,973,079
Accumulated net realized loss		(1,532,202	)		(2,499,308	)
Net unrealized appreciation		963,518			3,820,738
NET ASSETS	$	137,670,087		$	77,294,509
Shares outstandingb		1,500,000			800,000
Net asset value per share	$	91.78		$	96.62

^a  Securities on loan with values of $44,710,526 and $31,284,163, respectively. See Note 1.

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

See notes to financial statements.

FINANCIAL STATEMENTS 15

Statements of Operations

iSHARES^® U.S. ETF TRUST

Year ended October 31, 2017

	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	8,389,457		$	1,813,804
Securities lending income — affiliated — net (Note 2)		798,800			28,116
Total investment income		9,188,257			1,841,920
EXPENSES
Investment advisory fees (Note 2)		1,173,629			183,436
Proxy fees		4,703			1,424
Total expenses		1,178,332			184,860
Less investment advisory fees waived (Note 2)		(1,088,053	)		(123,715	)
Net expenses		90,279			61,145
Net investment income		9,097,978			1,780,775
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(11,936	)		249
In-kind redemptions — affiliated (Note 2)		2,539,901			—
Swap agreements		169,438			(208,501	)
Realized gain distributions from affiliated funds		186			65
Net realized gain (loss)		2,697,589			(208,187	)
Net change in unrealized appreciation/depreciation on:
Investments — affiliated (Note 2)		3,205,892			1,204,184
Swap agreements		303,167			1,249,034
Net change in unrealized appreciation/depreciation		3,509,059			2,453,218
Net realized and unrealized gain		6,206,648			2,245,031
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,304,626		$	4,025,806

See notes to financial statements.

16 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® U.S. ETF TRUST

	iShares Interest Rate Hedged High Yield Bond ETF						iShares Interest Rate Hedged Corporate Bond ETF
	Year ended October 31, 2017			Year ended October 31, 2016			Year ended October 31, 2017			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	9,097,978		$	2,032,552		$	1,780,775		$	983,951
Net realized gain (loss)		2,697,589			(3,408,398	)		(208,187	)		(1,443,885	)
Net change in unrealized appreciation/depreciation		3,509,059			1,994,566			2,453,218			1,997,305
Net increase in net assets resulting from operations		15,304,626			618,720			4,025,806			1,537,371
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(8,196,203	)		(1,756,097	)		(1,459,798	)		(731,888	)
Total distributions to shareholders		(8,196,203	)		(1,756,097	)		(1,459,798	)		(731,888	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		231,902,853			4,362,805			42,356,829			45,014,948
Cost of shares redeemed		(131,936,890	)		(20,844,250	)		—			(31,875,441	)
Net increase (decrease) in net assets from capital share transactions		99,965,963			(16,481,445	)		42,356,829			13,139,507
INCREASE (DECREASE) IN NET ASSETS		107,074,386			(17,618,822	)		44,922,837			13,944,990
NET ASSETS
Beginning of year		30,595,701			48,214,523			32,371,672			18,426,682
End of year	$	137,670,087		$	30,595,701		$	77,294,509		$	32,371,672
Undistributed net investment income included in net assets at end of year	$	—		$	5,770		$	—		$	—
SHARES ISSUED AND REDEEMED
Shares sold		2,600,000			50,000			450,000			500,000
Shares redeemed		(1,450,000	)		(250,000	)		—			(350,000	)
Net increase (decrease) in shares outstanding		1,150,000			(200,000	)		450,000			150,000

See notes to financial statements.

FINANCIAL STATEMENTS 17

Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

iShares Interest Rate Hedged High Yield  Bond ETF

	Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Period from May 27, 2014a to Oct. 31, 2014
Net asset value, beginning of period	$	87.42		$	87.66		$	96.93		$	100.10
Income from investment operations:
Net investment incomeb		4.57			4.86			4.80			1.86
Net realized and unrealized gain (loss)c		4.21			(0.94	)		(9.29	)		(2.87	)
Total from investment operations		8.78			3.92			(4.49	)		(1.01	)
Less distributions from:
Net investment income		(4.42	)		(4.16	)		(4.74	)		(2.15	)
Return of capital		—			—			(0.04	)		(0.01	)
Total distributions		(4.42	)		(4.16	)		(4.78	)		(2.16	)
Net asset value, end of period	$	91.78		$	87.42		$	87.66		$	96.93
Total return		10.26	%		4.73	%		(4.77	)%		(1.03	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	137,670		$	30,596		$	48,215		$	43,619
Ratio of expenses to average net assetse,f		0.05	%		0.05	%		0.06	%		0.06	%
Ratio of expenses to average net assets prior to waived feese,f		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assetse		5.04	%		5.78	%		5.21	%		4.41	%
Portfolio turnover rateg,h		0	%		0	%i		3	%		3	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. These ratios do not include these indirect fees and expenses.

^g  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

^h  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested.

ⁱ  Rounds to less than 1%.

See notes to financial statements.

18 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

iShares Interest Rate Hedged Corporate Bond  ETF

	Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Period from May 27, 2014a to Oct. 31, 2014
Net asset value, beginning of period	$	92.49		$	92.13		$	97.95		$	100.32
Income from investment operations:
Net investment incomeb		2.76			2.74			2.95			1.32
Net realized and unrealized gain (loss)c		3.73			(0.29	)		(5.82	)		(2.36	)
Total from investment operations		6.49			2.45			(2.87	)		(1.04	)
Less distributions from:
Net investment income		(2.36	)		(2.09	)		(2.81	)		(1.32	)
Return of capital		—			—			(0.14	)		(0.01	)
Total distributions		(2.36	)		(2.09	)		(2.95	)		(1.33	)
Net asset value, end of period	$	96.62		$	92.49		$	92.13		$	97.95
Total return		7.11	%		2.70	%		(2.97	)%		(1.05	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	77,295		$	32,372		$	18,427		$	9,795
Ratio of expenses to average net assetse,f		0.10	%		0.10	%		0.11	%		0.11	%
Ratio of expenses to average net assets prior to waived feese,f		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assetse		2.91	%		3.01	%		3.12	%		3.09	%
Portfolio turnover rateg,h		0	%i		2	%		8	%		4	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. These ratios do not include these indirect fees and expenses.

^g  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

^h  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested.

ⁱ  Rounds to less than 1%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 19

Notes to Financial Statements

iSHARES^® U.S. ETF TRUST

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

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

iShares ETF	Diversification Classification
Interest Rate Hedged High Yield Bond	Diversified
Interest Rate Hedged Coporate Bond	Diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

20 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 21

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of October 31, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of October 31, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

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

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

22 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of October 31, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Interest Rate Hedged High Yield Bond
BNP Paribas Prime Brokerage Inc.	$	20,613,510	$	20,613,510	$	—
Citigroup Global Markets Inc.		5,246,271		5,246,271		—
Jefferies LLC		226,837		226,837		—
JPMorgan Securities LLC		2,635,875		2,635,875		—
UBS AG		15,851,258		15,851,258		—
Wells Fargo Securities LLC		136,775		136,775		—
	$	44,710,526	$	44,710,526	$	—
Interest Rate Hedged Corporate Bond
UBS AG	$	31,284,163	$	31,284,163	$	—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares Interest Rate Hedged High Yield Bond ETF, BFA is entitled to an annual investment advisory fee of 0.65%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is the Fund’s total annual operating expenses. BFA has contractually agreed to reduce its investment advisory fee for the Fund through February 28, 2022 so that the total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, plus 0.05%.

For its investment advisory services to the iShares Interest Rate Hedged Corporate Bond ETF, BFA is entitled to an annual investment advisory fee of 0.30%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur acquired fund fees and expenses. BFA has contractually agreed to reduce its investment advisory fee for the Fund through February 28, 2022 so that the total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), after taking into account any fee waivers by LQD, plus 0.10%.

NOTES TO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the year ended October 31, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Interest Rate Hedged High Yield Bond	$	211,845
Interest Rate Hedged Corporate Bond		9,859

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

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Dividends – affiliated” in the statements of operations.

It is possible that, from time to time, BlackRock and/or funds managed by BFA or an affiliate (collectively, “Affiliates”) may purchase and hold shares of a Fund. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units through an authorized participant at any time some or all of the shares of a Fund acquired for their own accounts. A large sale or redemption of shares of a Fund by Affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund. As of October 31, 2017, the number of affiliated accounts that individually represent more than 10% ownership of a Fund’s total shares outstanding and the aggregate percentage of net assets represented by such holdings were as follows:

iShares ETF	Number of Affiliated Accounts		Aggregate Affiliated Ownership Percentage
Interest Rate Hedged High Yield Bond		1		54	%

24 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended October 31, 2017 were as follows:

iShares ETF	Purchases		Sales
Interest Rate Hedged High Yield Bond	$	2,970,319	$	—
Interest Rate Hedged Corporate Bond		3,462,757		157,902

In-kind transactions (see Note 4) for the year ended October 31, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged High Yield Bond	$	225,864,638	$	129,114,761
Interest Rate Hedged Corporate Bond		39,945,396		—

4. CAPITAL SHARE TRANSACTIONS

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

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

5. INTEREST RATE SWAPS

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

NOTES TO FINANCIAL STATEMENTS 25

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the statements of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

The following table shows the value of interest rate swaps held as of October 31, 2017 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares Interest Rate Hedged High Yield Bond ETF		iShares Interest Rate Hedged Corporate Bond ETF
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized appreciationa	$	511,303	$	1,987,839

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

The following table shows the realized and unrealized gains (losses) on interest rate swaps held during the year ended October 31, 2017 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares Interest Rate Hedged High Yield Bond ETF		iShares Interest Rate Hedged Corporate Bond ETF
Centrally cleared interest rate swaps:
Swap agreements	$	169,438	$	(208,501	)

26 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

	Net Change in Unrealized Appreciation/Depreciation
	iShares Interest Rate Hedged High Yield Bond ETF		iShares Interest Rate Hedged Corporate Bond ETF
Centrally cleared interest rate swaps:
Swap agreements	$	303,167	$	1,249,034

The following table shows the average quarter-end balances of open interest rate swaps for the year ended October 31, 2017:

	iShares Interest Rate Hedged High Yield Bond ETF		iShares Interest Rate Hedged Corporate Bond ETF
Average notional value – pays fixed rate	$	149,699,000	$	61,981,600

6. PRINCIPAL RISKS

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

MARKET RISK

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

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

CREDIT RISK

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring

NOTES TO FINANCIAL STATEMENTS 27

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

7. INCOME TAX INFORMATION

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

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2017, attributable to the accounting for swap agreements, distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of  Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized  Loss
Interest Rate Hedged High Yield Bond	$	2,524,910		$	(907,545	)	$	(1,617,365	)
Interest Rate Hedged Corporate Bond		(26,410	)		(320,977	)		347,387

The tax character of distributions paid during the years ended October 31, 2017 and October 31, 2016 was as follows:

iShares ETF	2017		2016
Interest Rate Hedged High Yield Bond
Ordinary income	$	8,196,203	$	1,756,097
Interest Rate Hedged Corporate Bond
Ordinary income	$	1,459,798	$	731,888

As of October 31, 2017, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Capital Loss Carryforwards			Net Unrealized Gains  (Losses) a		Total
Interest Rate Hedged High Yield Bond	$	(1,500,936	)	$	932,252	$	(568,684	)
Interest Rate Hedged Corporate Bond		(2,498,799	)		3,820,229		1,321,430

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

28 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

As of October 31, 2017, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Interest Rate Hedged High Yield Bond	$	1,500,936
Interest Rate Hedged Corporate Bond		2,498,799

For the year ended October 31, 2017, the Funds utilized their capital loss carryforwards as follows:

iShares ETF	Utilized
Interest Rate Hedged High Yield Bond	$	1,091,498
Interest Rate Hedged Corporate Bond		139,709

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. LEGAL PROCEEDINGS

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

9. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 29

Report of Independent Registered Public Accounting Firm

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

Shareholders of the iShares Interest Rate Hedged High Yield Bond ETF and

iShares Interest Rate Hedged Corporate Bond ETF

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares Interest Rate Hedged High Yield Bond ETF and iShares Interest Rate Hedged Corporate Bond ETF (constituting funds of the iShares U.S. ETF Trust, hereafter referred to as the “Funds”) as of October 31, 2017, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 21, 2017

30 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Tax Information (Unaudited)

iSHARES^® U.S. ETF TRUST

For the fiscal year ended October 31, 2017, the Funds hereby designate the following maximum amounts allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:

iShares ETF	Interest- Related Dividend
Interest Rate Hedged High Yield Bond	$	4,916,464
Interest Rate Hedged Corporate Bond		1,305,809

TAX INFORMATION 31

Board Review and Approval of Investment Advisory Contract

iSHARES^® U.S. ETF TRUST

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 5, 2017 and May 12, 2017. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 18, 2017, management presented information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its meetings. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 19-21, 2017, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential further enhancements to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, waivers/reimbursements (if any), and underlying fund fees and expenses (if any) of each Fund in comparison with the same information for other exchange traded funds (“ETFs”) (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Broadridge’s judgment, pure index institutional mutual funds, objectively selected by Broadridge as comprising such Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. The Board further noted that each Fund’s pricing reflects the use of interest rate hedging strategies, as compared to several of the funds in the Peer Group, which are not interest rate hedged. The Board noted that the Peer Group for the iShares Interest Rate Hedged Corporate Bond ETF contained only three comparison funds identified by Broadridge, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2016, to that of relevant comparison funds for the same periods.

32 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract(Continued)

iSHARES^® U.S. ETF TRUST

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

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, product design, compliance and risk management, and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 19-21, 2017 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

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

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability of the Funds to BlackRock, on a Fund-by-Fund basis and in the aggregate, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, including supplemental information that was responsive to requests of the 15(c) Committee. The Board noted that the 15(c) Committee had focused on the methodology and profitability presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BFA affiliate, from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on by the 15(c)

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 33

Board Review and Approval of Investment Advisory Contract(Continued)

iSHARES^® U.S. ETF TRUST

Committee during its meetings and addressed by management, including through supplemental information. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds did not provide for any breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds increase. However, the Board noted that to the extent that a Fund invests in an underlying iShares fund that has breakpoints, the shareholders of that Fund would benefit from breakpoints in such underlying iShares fund’s respective investment advisory fee rate as the assets of such underlying iShares fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that should material economies of scale be identified in the future that are not otherwise shared, a breakpoint structure for the Funds may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider the Advisory Contract at least annually, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with similar investment strategies or investment mandates as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different and generally more extensive services provided to the Funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded ETFs, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged BFA’s expressed business purpose for launching a suite of iShares “Core” ETFs that generally are subject to lower investment advisory fees than iShares non-Core ETFs that may provide a similar investment exposure. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an

34 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract(Continued)

iSHARES^® U.S. ETF TRUST

agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion — Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 35

Supplemental Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Proxy Results

A special meeting of the shareholders of each series of iShares U.S. ETF Trust (the “Trust”) was held on June 19, 2017, to elect five Trustees to the Board of Trustees of the Trust. The five nominees were Jane D. Carlin, Richard L. Fagnani, Drew E. Lawton, Madhav V. Rajan and Mark Wiedman, all of whom were elected as Trustees at the special meeting. The other Trustees whose terms of office as Trustees continued after the special meeting are Cecilia H. Herbert, Charles A. Hurty, John E. Kerrigan, John E. Martinez and Robert S. Kapito.

Trustee	Votes For		Votes Withheld
Jane D. Carlin		49,298,818		57,986
Richard L. Fagnani		49,294,053		62,752
Drew E. Lawton		49,296,485		60,320
Madhav V. Rajan		49,289,721		67,084
Mark Wiedman		49,289,957		66,848

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Interest Rate Hedged High Yield Bond	$	4.350495	$	—	$	0.065146	$	4.415641		99	%		—	%		1	%		100	%
Interest Rate Hedged Corporate Bond		2.264744		—		0.094639		2.359383		96			—			4			100

Premium/Discount Information

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

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

36 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)(Continued)

iSHARES^® U.S. ETF TRUST

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

The following information shows the frequency of distributions of premiums and discounts for the Funds for the immediately preceding five calendar years (or from the inception date of the Fund, if less than five years) through the date of the most recent calendar quarter-end. Each line in each table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Interest Rate Hedged High Yield Bond ETF

Period Covered: May 27, 2014 through September 30, 2017

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5%		4		0.47	%
Greater than 1.0% and Less than 1.5%		6		0.71
Greater than 0.5% and Less than 1.0%		15		1.78
Greater than 0.0% and Less than 0.5%		475		56.20
At NAV		48		5.68
Less than 0.0% and Greater than –0.5%		292		34.56
Less than –0.5% and Greater than –1.0%		3		0.36
Less than –1.0% and Greater than –1.5%		2		0.24
		845		100.00	%

iShares Interest Rate Hedged Corporate Bond ETF

Period Covered: May 27, 2014 through September 30, 2017

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0%		16		1.89	%
Greater than –1.5% and Less than –2.0%		1		0.12
Greater than –1.0% and Less than –1.5%		8		0.95
Greater than –0.5% and Less than –1.0%		9		1.07
Greater than 0.0% and Less than 0.5%		482		57.03
At NAV		39		4.62
Less than 0.0% and Greater than –0.5%		284		33.61
Less than –0.5% and Greater than –1.0%		4		0.47
Less than –1.0%		2		0.24
		845		100.00	%

SUPPLEMENTAL INFORMATION 37

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees a total of 346 funds (as of October 31, 2017) within the Exchange-Traded Fund Complex. Drew E. Lawton, from October 2016 to June 2017, and Richard L. Fagnani, from April 2017 to June 2017, served as a member of the advisory board (“Advisory Board,” members of which are “Advisory Board Members”) for iShares U.S. ETF Trust, iShares, Inc. and iShares Trust with respect to all funds within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (60)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Mark K. Wiedmanb (46)	Trustee (since 2013)	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

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

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

38 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (68)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998- 2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Director of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (61)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (62)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
Charles A. Hurty (74)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (62)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (58)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

TRUSTEE AND OFFICER INFORMATION 39

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (53)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011); Director, Cavium, Inc. (since 2013).

40 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (42)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (58)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Benjamin Archibald (42)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised mutual funds (since 2012).
Alan Mason (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Steve Messinger (55)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Charles Park (50)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (48)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

TRUSTEE AND OFFICER INFORMATION 41

Additional Financial Information

Schedules of Investments (Unaudited)

October 31, 2017

Statements of Assets and Liabilities (Unaudited)

October 31, 2017

Audited Financial Statements

February 28, 2017

iShares Trust

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

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

Schedule of Investments (Unaudited)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.14%
ADVERTISING — 0.40%
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)a	$	12,329	$	12,745,104
5.38%, 01/15/24 (Call 01/15/19)a		11,880		12,474,000
5.75%, 02/01/26 (Call 02/01/21)a		9,493		10,221,405
5.88%, 02/01/22 (Call 12/01/17)a		8,096		8,308,520
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 12/01/17)		11,770		12,181,950
5.63%, 02/15/24 (Call 02/15/19)		11,009		11,642,018
5.88%, 03/15/25 (Call 09/15/19)a		9,507		10,072,718
				77,645,715
AEROSPACE & DEFENSE — 1.24%
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)		28,795		30,849,941
5.40%, 04/15/21 (Call 01/15/21)		26,735		28,639,869
5.72%, 02/23/19		5,044		5,252,547
5.87%, 02/23/22a		13,600		14,844,778
6.15%, 08/15/20a		20,472		22,254,190
KLX Inc.
5.88%, 12/01/22 (Call 12/01/17)a,b		27,187		28,420,564
Leonardo U.S. Holdings Inc.
6.25%, 07/15/19a,b		7,025		7,468,615
TransDigm Inc.
5.50%, 10/15/20 (Call 12/01/17)a		10,547		10,705,205
6.00%, 07/15/22 (Call 12/01/17)a		24,440		25,404,234
6.38%, 06/15/26 (Call 06/15/21)a		20,736		21,135,375
6.50%, 07/15/24 (Call 07/15/19)a		26,427		27,285,877

Security	Principal (000s)		Value
6.50%, 05/15/25 (Call 05/15/20)a	$	16,180	$	16,656,541
Triumph Group Inc.
7.75%, 08/15/25 (Call 08/15/20)a,b		1,871		1,998,657
				240,916,393
AIRLINES — 0.24%
Air Canada
7.75%, 04/15/21a,b		8,098		9,243,867
American Airlines Group Inc.
4.63%, 03/01/20a,b		10,613		10,957,923
5.50%, 10/01/19b		16,216		16,886,937
6.13%, 06/01/18a		1,853		1,890,458
United Continental Holdings Inc.
4.25%, 10/01/22		7,195		7,221,981
				46,201,166
APPAREL — 0.21%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)a,b		19,668		20,202,724
4.88%, 05/15/26 (Call 02/15/26)a,b		19,776		20,344,560
				40,547,284
AUTO MANUFACTURERS — 0.92%
Fiat Chrysler Automobiles NV
4.50%, 04/15/20a		30,181		31,359,704
5.25%, 04/15/23a		31,617		33,544,299
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 (Call 12/15/19)a,b		8,975		9,046,628
4.13%, 12/15/18b		10,212		10,416,240
4.25%, 11/15/19a,b		9,715		9,966,335
4.50%, 10/01/27 (Call 07/01/27)b		10,400		10,288,200
5.63%, 02/01/23 (Call 02/01/18)b		8,067		8,316,002
Navistar International Corp.
8.25%, 11/01/21 (Call 12/01/17)		27,027		27,132,405
Tesla Inc.
5.30%, 08/15/25 (Call 08/15/20)a,b		39,870		38,474,550
				178,544,363

SCHEDULES OF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
AUTO PARTS & EQUIPMENT — 1.20%
Allison Transmission Inc.
4.75%, 10/01/27 (Call 10/01/22)b	$	8,500	$	8,585,000
5.00%, 10/01/24 (Call 10/01/19)a,b		21,109		21,962,673
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 12/01/17)a		8,147		8,365,128
6.25%, 04/01/25 (Call 04/01/20)a,b		15,785		16,146,393
6.50%, 04/01/27 (Call 04/01/22)a,b		11,465		11,708,631
6.63%, 10/15/22 (Call 12/01/17)a		9,634		9,963,062
Dana Financing Luxembourg Sarl
5.75%, 04/15/25 (Call 04/15/20)a,b		8,132		8,617,414
Dana Inc.
5.50%, 12/15/24 (Call 12/15/19)a		7,879		8,318,406
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)a		16,527		16,795,564
5.00%, 05/31/26 (Call 05/31/21)a		19,344		19,803,420
5.13%, 11/15/23 (Call 11/15/18)a		22,335		23,005,050
Schaeffler Finance BV
4.75%, 05/15/23 (Call 05/15/18)a,b		3,275		3,369,156
ZF North America Capital Inc.
4.00%, 04/29/20a,b		20,218		20,843,980
4.50%, 04/29/22a,b		21,322		22,308,142
4.75%, 04/29/25a,b		31,666		33,233,467
				233,025,486
BANKS — 1.59%
BPCE SA
VRN, (3 mo. LIBOR US + 12.980%)
12.50%, 08/29/49 (Call 09/30/19)b,c,d		8,975		10,592,295

Security	Principal (000s)		Value
CIT Group Inc.
3.88%, 02/19/19	$	16,752	$	17,003,280
5.00%, 08/15/22		28,232		30,382,062
5.00%, 08/01/23		17,310		18,707,350
5.38%, 05/15/20		16,458		17,585,747
Fifth Third Bancorp.
VRN, (3 mo. LIBOR US + 3.033%)
5.10%, 12/29/49 (Call 06/30/23)c,d		12,601		12,900,274
Royal Bank of Scotland Group PLC
5.13%, 05/28/24a		48,935		52,282,496
6.00%, 12/19/23a		42,874		47,743,200
6.10%, 06/10/23a		22,212		24,701,392
6.13%, 12/15/22		48,641		53,987,307
UniCredit SpA
VRN, (5 year USD ICE Swap + 3.703%)
5.86%, 06/19/32 (Call 06/19/27)a,b,d		21,775		23,208,376
				309,093,779
BEVERAGES — 0.15%
Cott Beverages Inc.
5.38%, 07/01/22 (Call 12/01/17)a		11,945		12,437,731
Cott Holdings Inc.
5.50%, 04/01/25 (Call 04/01/20)b		15,805		16,298,907
				28,736,638
BIOTECHNOLOGY — 0.01%
Concordia International Corp.
7.00%, 04/15/23 (Call 04/15/18)b		3,070		330,025
9.50%, 10/21/22 (Call 12/15/18)b		14,895		1,578,870
				1,908,895
BUILDING MATERIALS — 0.50%
Builders FirstSource Inc.
5.63%, 09/01/24 (Call 09/01/19)a,b		15,998		16,876,073

44 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Standard Industries Inc./NJ
5.00%, 02/15/27 (Call 02/15/22)b	$	9,729	$	10,129,618
5.13%, 02/15/21 (Call 02/15/18)a,b		9,913		10,222,781
5.38%, 11/15/24 (Call 11/15/19)b		22,230		23,435,551
5.50%, 02/15/23 (Call 02/15/19)a,b		9,530		10,057,815
6.00%, 10/15/25 (Call 10/15/20)a,b		24,791		26,828,356
				97,550,194
CHEMICALS — 1.92%
Ashland LLC
4.75%, 08/15/22 (Call 05/15/22)		21,922		23,116,289
Blue Cube Spinco Inc.
9.75%, 10/15/23 (Call 10/15/20)		16,030		19,180,182
10.00%, 10/15/25 (Call 10/15/20)		11,899		14,453,001
CF Industries Inc.
3.45%, 06/01/23a		16,928		16,689,950
7.13%, 05/01/20		15,414		16,955,400
Chemours Co. (The)
5.38%, 05/15/27 (Call 02/15/27)a		12,165		12,949,643
6.63%, 05/15/23 (Call 05/15/18)a		26,445		28,097,812
7.00%, 05/15/25 (Call 05/15/20)a		15,450		17,238,969
Hexion Inc.
6.63%, 04/15/20 (Call 12/01/17)a		36,088		32,118,320
10.38%, 02/01/22 (Call 02/01/19)a,b		13,255		12,441,387
Hexion Inc./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 12/01/17)		10,052		7,143,622
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)		14,016		14,693,440

Security	Principal (000s)		Value
5.13%, 11/15/22 (Call 08/15/22)	$	6,981	$	7,480,033
NOVA Chemicals Corp.
4.88%, 06/01/24 (Call 03/03/24)a,b		22,534		22,956,512
5.00%, 05/01/25 (Call 01/31/25)b		10,121		10,261,218
5.25%, 08/01/23 (Call 08/01/18)b		10,072		10,374,160
5.25%, 06/01/27 (Call 03/03/27)a,b		22,040		22,459,862
Olin Corp.
5.13%, 09/15/27 (Call 03/15/22)a		10,801		11,354,551
Platform Specialty Products Corp.
6.50%, 02/01/22 (Call 02/01/18)a,b		24,735		25,631,644
10.38%, 05/01/21 (Call 05/01/18)b		11,483		12,451,066
Tronox Finance LLC
7.50%, 03/15/22 (Call 03/15/18)a,b		13,159		13,849,848
Tronox Finance PLC
5.75%, 10/01/25 (Call 10/01/20)a,b		7,990		8,349,550
WR Grace & Co.-Conn
5.13%, 10/01/21 a,b		13,208		14,183,543
				374,430,002
COAL — 0.42%
CONSOL Energy Inc.
5.88%, 04/15/22 (Call 12/01/17)a		40,812		41,775,163
8.00%, 04/01/23 (Call 04/01/18)a		11,330		12,132,541
Murray Energy Corp.
11.25%, 04/15/21 (Call 04/15/18)a,b		19,355		10,645,250
Peabody Energy Corp.
6.00%, 03/31/22 (Call 03/31/19)b		8,090		8,330,861
6.38%, 03/31/25 (Call 03/31/20)a,b		9,274		9,543,719
				82,427,534

SCHEDULES OF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
COMMERCIAL SERVICES — 3.58%
ADT Corp. (The)
3.50%, 07/15/22	$	21,243	$	21,177,637
4.13%, 06/15/23		15,078		15,323,017
6.25%, 10/15/21		22,561		25,017,442
APX Group Inc.
6.38%, 12/01/19 (Call 12/01/17)a		4,155		4,227,713
7.63%, 09/01/23 (Call 09/01/19)		5,628		5,923,470
7.88%, 12/01/22 (Call 12/01/18)		22,297		24,080,760
8.75%, 12/01/20 (Call 12/01/17)a		19,376		19,805,355
Ashtead Capital Inc.
4.13%, 08/15/25 (Call 08/15/20)a,b		11,530		11,678,930
4.38%, 08/15/27 (Call 08/15/22)b		13,350		13,532,581
5.63%, 10/01/24 (Call 10/01/19)b		9,330		9,939,249
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 12/01/17)a,b		7,849		7,912,773
5.50%, 04/01/23 (Call 04/01/18)a		13,836		14,042,848
Herc Rentals Inc.
7.50%, 06/01/22 (Call 06/01/19)a,b		13,124		14,204,105
7.75%, 06/01/24 (Call 06/01/19)a,b		13,075		14,318,759
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/19)a,b		17,535		15,811,639
5.88%, 10/15/20 (Call 12/01/17)a		14,022		13,921,419
6.25%, 10/15/22 (Call 12/01/17)a		9,451		9,049,333
6.75%, 04/15/19 (Call 12/01/17)a		4,208		4,221,150
7.38%, 01/15/21 (Call 12/01/17)a		10,523		10,584,316

Security	Principal (000s)		Value
7.63%, 06/01/22 (Call 06/01/19)a,b	$	29,037	$	30,276,880
Jaguar Holding Co. II/Pharmaceutical Product Development LLC
6.38%, 08/01/23 (Call 08/01/18)a,b		25,287		26,445,987
Nielsen Co. Luxembourg Sarl (The)
5.00%, 02/01/25 (Call 02/01/20)a,b		10,915		11,310,669
5.50%, 10/01/21 (Call 12/01/17)a,b		11,689		12,039,670
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 12/01/17)		15,834		16,071,510
5.00%, 04/15/22 (Call 12/01/17)a,b		50,594		52,049,483
Prime Security Services Borrower LLC/Prime Finance Inc.
9.25%, 05/15/23 (Call 05/15/19)a,b		71,017		78,892,785
RR Donnelley & Sons Co.
6.00%, 04/01/24a		3,085		2,876,763
7.88%, 03/15/21		7,624		8,043,320
Service Corp. International/U.S.
5.38%, 01/15/22 (Call 12/01/17)		9,249		9,503,347
5.38%, 05/15/24 (Call 05/15/19)a		19,015		20,081,953
ServiceMaster Co. LLC (The)
5.13%, 11/15/24 (Call 11/15/19)a,b		16,033		16,513,990
United Rentals North America Inc.
4.63%, 07/15/23 (Call 07/15/18)a		19,177		19,996,374
4.63%, 10/15/25 (Call 10/15/20)a		13,265		13,563,462
4.88%, 01/15/28 (Call 01/15/23)		37,507		37,600,767

46 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.50%, 07/15/25 (Call 07/15/20)a	$	16,159	$	17,293,986
5.50%, 05/15/27 (Call 05/15/22)a		22,987		24,605,241
5.75%, 11/15/24 (Call 05/15/19)a		19,250		20,412,746
5.88%, 09/15/26 (Call 09/15/21)a		22,259		24,238,019
				696,589,448
COMPUTERS — 1.97%
Dell Inc.
4.63%, 04/01/21a		8,719		9,037,243
5.88%, 06/15/19		12,832		13,431,896
Dell International LLC/EMC Corp.
5.88%, 06/15/21 (Call 06/15/18)a,b		35,465		37,054,719
7.13%, 06/15/24 (Call 06/15/19)a,b		36,852		40,617,814
EMC Corp.
2.65%, 06/01/20		45,013		44,449,212
3.38%, 06/01/23 (Call 03/01/23)a		22,585		21,758,766
Exela Intermediate LLC/Exela Finance Inc.
10.00%, 07/15/23 (Call 07/15/20)a,b		22,250		21,312,320
Harland Clarke Holdings Corp.
8.38%, 08/15/22 (Call 02/15/19)b		17,715		18,622,894
9.25%, 03/01/21 (Call 12/01/17)b		16,690		17,024,109
Leidos Holdings Inc.
4.45%, 12/01/20 (Call 09/01/20)a		7,073		7,411,399
NCR Corp.
4.63%, 02/15/21 (Call 12/01/17)		10,221		10,371,392
5.00%, 07/15/22 (Call 12/01/17)a		12,357		12,617,998
5.88%, 12/15/21 (Call 12/15/17)		8,111		8,384,746
6.38%, 12/15/23 (Call 12/15/18)a		16,070		17,057,158

Security	Principal (000s)		Value
West Corp.
8.50%, 10/15/25 (Call 10/15/20)a,b	$	16,102	$	15,659,195
Western Digital Corp.
10.50%, 04/01/24 (Call 04/01/19)a		75,816		88,951,122
				383,761,983
COSMETICS & PERSONAL CARE — 0.36%
Avon International Operations Inc.
7.88%, 08/15/22 (Call 08/15/19)a,b		11,538		11,712,560
Avon Products Inc.
6.60%, 03/15/20a		8,178		8,053,449
7.00%, 03/15/23a		11,099		9,239,917
Edgewell Personal Care Co.
4.70%, 05/19/21		11,114		11,714,619
4.70%, 05/24/22a		8,925		9,476,119
First Quality Finance Co. Inc.
4.63%, 05/15/21 (Call 12/01/17)b		12,392		12,502,151
5.00%, 07/01/25 (Call 07/01/20)b		8,015		8,228,256
				70,927,071
DISTRIBUTION & WHOLESALE — 0.12%
HD Supply Inc.
5.75%, 04/15/24 (Call 04/15/19)b		22,430		24,196,363
				24,196,363
DIVERSIFIED FINANCIAL SERVICES — 4.37%
Aircastle Ltd.
4.13%, 05/01/24 (Call 02/01/24)a		10,650		10,876,313
4.63%, 12/15/18a		6,991		7,174,514
5.00%, 04/01/23a		10,538		11,178,663
5.13%, 03/15/21a		10,366		11,003,077
5.50%, 02/15/22		10,432		11,213,003
6.25%, 12/01/19a		9,685		10,387,163
Ally Financial Inc.
3.25%, 11/05/18		11,906		11,995,890
3.50%, 01/27/19		12,334		12,484,475
3.75%, 11/18/19a		19,526		19,917,170
4.13%, 03/30/20a		15,998		16,537,932

SCHEDULES OF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.13%, 02/13/22a	$	13,711	$	14,222,782
4.25%, 04/15/21a		13,002		13,566,807
4.63%, 05/19/22a		7,671		8,096,298
4.63%, 03/30/25a		9,871		10,494,951
4.75%, 09/10/18		4,425		4,513,544
5.13%, 09/30/24a		14,588		15,973,860
5.75%, 11/20/25 (Call 10/20/25)a		23,408		25,895,100
7.50%, 09/15/20a		10,180		11,462,044
8.00%, 12/31/18		7,600		8,060,750
8.00%, 03/15/20a		20,778		23,336,291
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.88%, 03/15/19 (Call 12/01/17)a		23,171		23,267,118
5.88%, 02/01/22 (Call 12/01/17)a		30,016		30,949,831
6.00%, 08/01/20 (Call 12/01/17)a		36,862		37,984,669
6.25%, 02/01/22 (Call 02/01/19)a		15,713		16,433,179
6.75%, 02/01/24 (Call 02/01/20)a		11,784		12,495,248
Intelsat Connect Finance SA
12.50%, 04/01/22 (Call 06/01/18)b		17,160		16,264,462
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 12/01/17)b		8,355		8,465,964
7.25%, 08/15/24 (Call 08/15/20)a,b		7,955		8,124,044
7.38%, 04/01/20 (Call 12/01/17)b		11,475		11,847,937
7.50%, 04/15/21 (Call 12/01/17)b		8,150		8,495,101
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 03/15/22 (Call 09/15/21)a,b		9,117		9,428,118
5.25%, 10/01/25 (Call 10/01/20)b		8,928		8,889,870

Security	Principal (000s)		Value
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 08/01/18 (Call 12/01/17)a	$	2,963	$	2,968,864
6.50%, 07/01/21 (Call 12/01/17)		11,372		11,546,292
7.88%, 10/01/20 (Call 12/01/17)		6,090		6,216,875
Navient Corp.
4.88%, 06/17/19		20,324		20,873,384
5.00%, 10/26/20		8,699		8,959,970
5.50%, 01/15/19a		20,854		21,490,047
5.50%, 01/25/23a		21,822		22,069,680
5.88%, 03/25/21		11,939		12,550,874
5.88%, 10/25/24a		11,010		11,202,675
6.13%, 03/25/24a		18,269		18,785,099
6.50%, 06/15/22		15,525		16,534,125
6.63%, 07/26/21a		16,633		17,818,101
6.75%, 06/25/25a		10,310		10,773,950
7.25%, 01/25/22a		16,989		18,518,010
7.25%, 09/25/23a		10,893		11,817,303
8.00%, 03/25/20a		32,385		35,744,944
8.45%, 06/15/18		12,522		12,984,618
OneMain Financial Holdings LLC
6.75%, 12/15/19 (Call 12/01/17)b		13,221		13,705,770
7.25%, 12/15/21 (Call 12/15/17)b		14,534		15,109,414
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)a,b		29,549		31,251,761
Springleaf Finance Corp.
5.25%, 12/15/19		15,258		15,746,734
6.13%, 05/15/22a		22,284		23,593,185
6.90%, 12/15/17		527		529,003
7.75%, 10/01/21a		13,725		15,440,625
8.25%, 12/15/20a		21,413		24,143,157
				851,410,628
ELECTRIC — 2.83%
AES Corp./VA
4.88%, 05/15/23 (Call 05/15/18)a		14,992		15,342,294

48 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.13%, 09/01/27 (Call 09/01/22)	$	9,830	$	10,084,924
5.50%, 03/15/24 (Call 03/15/19)		16,074		16,772,931
5.50%, 04/15/25 (Call 04/15/20)a		12,449		13,124,119
6.00%, 05/15/26 (Call 05/15/21)a		10,814		11,654,248
7.38%, 07/01/21 (Call 06/01/21)		16,183		18,408,163
8.00%, 06/01/20		2,083		2,374,620
Calpine Corp.
5.25%, 06/01/26 (Call 06/01/21)a,b		11,318		11,302,188
5.38%, 01/15/23 (Call 10/15/18)a		27,007		26,230,549
5.50%, 02/01/24 (Call 02/01/19)a		14,290		13,688,497
5.75%, 01/15/25 (Call 10/15/19)a		35,107		33,260,372
5.88%, 01/15/24 (Call 11/01/18)a,b		8,651		8,953,785
6.00%, 01/15/22 (Call 12/01/17)a,b		14,930		15,408,693
DPL Inc.
7.25%, 10/15/21 (Call 07/15/21)a		14,474		15,979,296
Dynegy Inc.
5.88%, 06/01/23 (Call 06/01/18)a		10,931		11,279,100
7.38%, 11/01/22 (Call 11/01/18)a		39,486		42,398,092
7.63%, 11/01/24 (Call 11/01/19)a		26,228		28,654,090
8.00%, 01/15/25 (Call 01/15/20)a,b		16,119		17,670,454
8.13%, 01/30/26 (Call 07/30/20)a,b		18,920		20,989,375
Enel SpA
VRN, (5 year USD Swap + 5.880%)
8.75%, 09/24/73 (Call 09/24/23)a,b,d		24,732		30,348,363

Security	Principal (000s)		Value
IPALCO Enterprises Inc.
3.45%, 07/15/20 (Call 06/15/20)a	$	7,725	$	7,833,633
3.70%, 09/01/24 (Call 07/01/24)a,b		5,465		5,468,989
NextEra Energy Operating Partners LP
4.25%, 09/15/24 (Call 07/15/24)a,b		11,969		12,088,690
4.50%, 09/15/27 (Call 06/15/27)a,b		11,275		11,329,207
NRG Energy Inc.
6.25%, 07/15/22 (Call 07/15/18)		22,377		23,551,792
6.25%, 05/01/24 (Call 05/01/19)a		15,465		16,374,535
6.63%, 03/15/23 (Call 12/01/17)a		20,928		21,660,480
6.63%, 01/15/27 (Call 07/15/21)a		26,240		27,949,683
7.25%, 05/15/26 (Call 05/15/21)a		22,345		24,237,197
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)		15,578		14,214,925
4.63%, 07/15/19 (Call 04/15/19)b		1,151		1,165,388
6.50%, 05/01/18a		642		652,254
6.50%, 06/01/25 (Call 06/01/20)		10,945		9,522,150
9.50%, 07/15/22 (Call 07/15/20)a,b		9,670		9,986,377
				549,959,453
ELECTRONICS — 0.07%
Ingram Micro Inc.
5.45%, 12/15/24 (Call 09/15/24)a		12,892		13,185,293
				13,185,293
ENERGY – ALTERNATE SOURCES — 0.12%
TerraForm Power Operating LLC
6.38%, 02/01/23 (Call 02/01/18)b,e		22,624		23,783,480
				23,783,480

SCHEDULES OF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
ENGINEERING & CONSTRUCTION — 0.40%
AECOM
5.13%, 03/15/27 (Call 12/15/26)	$	21,632	$	22,266,211
5.75%, 10/15/22 (Call 12/01/17)a		14,980		15,691,550
5.88%, 10/15/24 (Call 07/15/24)a		16,357		18,070,396
Brand Industrial Services Inc.
8.50%, 07/15/25 (Call 07/15/20)b		19,925		21,070,688
				77,098,845
ENTERTAINMENT — 2.05%
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)a		12,774		12,470,617
5.88%, 11/15/26 (Call 11/15/21)a		12,845		12,560,635
6.13%, 05/15/27 (Call 05/15/22)a		10,828		10,707,227
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)a		15,502		15,753,907
5.13%, 12/15/22 (Call 12/15/17)a		6,834		6,997,162
Eldorado Resorts Inc.
6.00%, 04/01/25 (Call 04/01/20)a		21,318		22,543,785
GLP Capital LP/GLP Financing II Inc.
4.38%, 11/01/18 (Call 08/01/18)		8,996		9,088,209
4.38%, 04/15/21		8,334		8,707,556
4.88%, 11/01/20 (Call 08/01/20)a		21,131		22,270,565
5.38%, 11/01/23 (Call 08/01/23)		10,945		11,902,688
5.38%, 04/15/26		21,928		23,709,650
International Game Technology PLC
5.63%, 02/15/20 (Call 11/15/19)a,b		12,865		13,632,886

Security	Principal (000s)		Value
6.25%, 02/15/22 (Call 08/15/21)b	$	33,426	$	36,723,809
6.50%, 02/15/25 (Call 08/15/24)a,b		23,628		26,581,500
Regal Entertainment Group
5.75%, 03/15/22 (Call 12/01/17)a		17,105		17,725,056
Scientific Games International Inc.
7.00%, 01/01/22 (Call 01/01/18)b		43,354		45,792,662
10.00%, 12/01/22 (Call 12/01/18)a		50,270		55,456,331
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/19)b		21,682		22,305,357
5.50%, 04/15/27 (Call 04/15/22)a,b		10,670		11,126,498
WMG Acquisition Corp.
6.75%, 04/15/22 (Call 12/01/17)a,b		11,866		12,473,803
				398,529,903
ENVIRONMENTAL CONTROL — 0.26%
Clean Harbors Inc.
5.13%, 06/01/21 (Call 12/01/17)		16,204		16,415,174
5.25%, 08/01/20 (Call 12/01/17)a		9,693		9,821,432
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)a		7,282		7,263,795
5.88%, 07/01/25 (Call 07/01/20)		8,873		8,784,270
6.38%, 10/01/22 (Call 12/01/17)a		7,772		7,984,273
				50,268,944
FOOD — 1.31%
Albertsons Companies LLC/Safeway Inc./New Albertson’s Inc./Albertson’s LLC
5.75%, 03/15/25 (Call 09/15/19)a		25,734		22,670,663

50 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
6.63%, 06/15/24 (Call 06/15/19)a	$	27,823	$	26,047,893
B&G Foods Inc.
4.63%, 06/01/21 (Call 12/01/17)		12,858		13,095,378
5.25%, 04/01/25 (Call 04/01/20)a		9,665		9,855,698
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)a,b		17,686		18,481,870
4.88%, 11/01/26 (Call 11/01/21)a,b		17,131		17,987,550
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 03/15/20)a,b		7,725		8,156,635
5.88%, 09/30/27 (Call 09/30/22)b		6,347		6,593,898
Post Holdings Inc.
5.00%, 08/15/26 (Call 08/15/21)a,b		37,670		37,868,159
5.50%, 03/01/25 (Call 03/01/20)a,b		22,049		22,879,284
5.75%, 03/01/27 (Call 03/01/22)a,b		32,918		34,267,638
6.00%, 12/15/22 (Call 06/15/18)b		14,298		14,982,119
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 12/01/17)		6,304		6,499,007
6.00%, 02/15/24 (Call 02/15/19)a,b		14,614		15,630,890
				255,016,682
FOOD SERVICE — 0.21%
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)		9,791		10,242,610
5.00%, 04/01/25 (Call 04/01/20)b		11,598		12,363,468
5.13%, 01/15/24 (Call 01/15/19)		17,881		18,931,509
				41,537,587

Security	Principal (000s)		Value
GAS — 0.43%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)	$	14,858	$	15,174,729
5.63%, 05/20/24 (Call 03/20/24)a		14,339		15,145,569
5.75%, 05/20/27 (Call 02/20/27)		11,725		12,003,469
5.88%, 08/20/26 (Call 05/20/26)a		14,347		14,885,013
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 03/01/20)a		11,500		10,879,338
7.50%, 11/01/23 (Call 11/01/19)a		15,279		15,240,802
				83,328,920
HEALTH CARE – PRODUCTS — 1.22%
Alere Inc.
6.50%, 06/15/20 (Call 11/02/17)		6,661		6,762,997
7.25%, 07/01/18 (Call 11/02/17)		6,625		6,625,000
Avantor Inc.
6.00%, 10/01/24 (Call 10/01/20)a,b		25,065		25,516,701
9.00%, 10/01/25 (Call 10/01/20)a,b		35,375		35,737,594
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)a,b		22,986		21,869,970
Hologic Inc.
5.25%, 07/15/22 (Call 07/15/18)b		17,870		18,663,071
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 02/15/18)b		10,509		11,008,178
12.50%, 11/01/21 (Call 05/01/19)a,b		9,137		10,161,369

SCHEDULES OF INVESTMENTS 51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Mallinckrodt International Finance SA
4.75%, 04/15/23a	$	12,635	$	10,676,575
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 12/01/17)a,b		13,595		13,545,808
5.50%, 04/15/25 (Call 04/15/20)a,b		14,607		13,076,148
5.63%, 10/15/23 (Call 10/15/18)a,b		16,432		15,332,392
5.75%, 08/01/22 (Call 12/01/17)a,b		17,833		17,384,389
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 12/01/17)b		29,984		30,133,920
				236,494,112
HEALTH CARE – SERVICES — 7.37%
Acadia Healthcare Co. Inc.
5.63%, 02/15/23 (Call 02/15/18)a		13,819		14,179,745
Centene Corp.
4.75%, 05/15/22 (Call 05/15/19)		21,079		22,018,145
4.75%, 01/15/25 (Call 01/15/20)a		24,950		25,734,777
5.63%, 02/15/21 (Call 02/15/18)a		29,116		30,207,850
6.13%, 02/15/24 (Call 02/15/19)a		20,772		22,322,405
CHS/Community Health Systems Inc.
5.13%, 08/01/21 (Call 12/01/17)a		22,156		21,503,437
6.25%, 03/31/23 (Call 03/31/20)		66,416		63,925,400
6.88%, 02/01/22 (Call 02/01/18)a		63,152		45,864,140
7.13%, 07/15/20 (Call 12/01/17)a		25,999		22,554,133
8.00%, 11/15/19 (Call 12/01/17)a		41,876		39,782,200

Security	Principal (000s)		Value
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)a	$	32,986	$	32,556,004
5.13%, 07/15/24 (Call 07/15/19)a		38,226		38,443,422
5.75%, 08/15/22 (Call 12/01/17)a		27,703		28,519,033
Envision Healthcare Corp.
5.13%, 07/01/22 (Call 12/01/17)b		15,315		15,539,939
5.63%, 07/15/22 (Call 12/01/17)a		26,010		26,546,456
6.25%, 12/01/24 (Call 12/01/19)a,b		12,891		13,453,232
HCA Healthcare Inc.
6.25%, 02/15/21a		22,057		23,707,680
HCA Inc.
3.75%, 03/15/19		25,965		26,367,754
4.25%, 10/15/19a		10,499		10,804,990
4.50%, 02/15/27 (Call 08/15/26)a		24,103		24,289,690
4.75%, 05/01/23a		26,956		28,217,541
5.00%, 03/15/24		43,743		46,064,878
5.25%, 04/15/25a		28,418		30,300,693
5.25%, 06/15/26 (Call 12/15/25)		31,059		32,939,849
5.38%, 02/01/25a		56,301		57,941,510
5.88%, 03/15/22		29,694		32,430,626
5.88%, 05/01/23a		27,307		29,173,212
5.88%, 02/15/26 (Call 08/15/25)a		32,538		34,196,390
6.50%, 02/15/20		59,784		64,405,375
7.50%, 02/15/22a		43,618		49,506,430
HealthSouth Corp.
5.75%, 11/01/24 (Call 12/01/17)		27,364		27,989,462
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 12/01/17)a		9,663		8,914,951
8.00%, 01/15/20a		17,495		17,655,429
8.75%, 01/15/23 (Call 01/15/18)a		13,749		13,400,958

52 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
LifePoint Health Inc.
5.38%, 05/01/24 (Call 05/01/19)a	$	12,465	$	12,527,325
5.50%, 12/01/21 (Call 12/01/17)a		21,357		21,810,836
5.88%, 12/01/23 (Call 12/01/18)a		10,052		10,330,440
Molina Healthcare Inc.
5.38%, 11/15/22 (Call 08/15/22)		15,138		15,739,736
MPH Acquisition Holdings LLC
7.13%, 06/01/24 (Call 06/01/19)a,b		35,427		38,100,127
Tenet Healthcare Corp.
4.38%, 10/01/21a		20,619		20,636,427
4.50%, 04/01/21a		16,036		16,236,450
4.63%, 07/15/24 (Call 07/15/20)b		40,000		39,400,000
4.75%, 06/01/20a		9,004		9,229,100
5.13%, 05/01/25 (Call 05/01/20)a,b		29,165		28,314,111
5.50%, 03/01/19a		6,501		6,593,098
6.00%, 10/01/20a		38,804		40,837,815
6.75%, 06/15/23a		41,327		38,795,721
7.00%, 08/01/25 (Call 08/01/20)a,b		10,975		10,014,092
7.50%, 01/01/22 (Call 01/01/19)a,b		15,630		16,489,650
8.13%, 04/01/22a		61,116		61,421,580
WellCare Health Plans Inc.
5.25%, 04/01/25 (Call 04/01/20)a		24,822		26,176,867
				1,434,111,111
HOLDING COMPANIES – DIVERSIFIED — 0.31%
HRG Group Inc.
7.75%, 01/15/22 (Call 12/01/17)		18,077		18,899,503
7.88%, 07/15/19 (Call 12/01/17)a		15,411		15,581,164
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)a		16,880		18,215,579

Security	Principal (000s)		Value
Noble Group Ltd.
6.75%, 01/29/20b	$	20,705	$	8,547,283
				61,243,529
HOME BUILDERS — 1.51%
Beazer Homes USA Inc.
5.88%, 10/15/27 (Call 10/15/22)b		1,587		1,580,387
8.75%, 03/15/22 (Call 03/15/19)		11,995		13,253,287
Brookfield Residential Properties Inc.
6.50%, 12/15/20 (Call 12/01/17)a,b		10,019		10,223,250
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 12/01/17)a,b		11,411		11,938,759
CalAtlantic Group Inc.
5.25%, 06/01/26 (Call 12/01/25)a		7,878		8,399,918
5.88%, 11/15/24 (Call 05/15/24)a		10,215		11,329,636
8.38%, 05/15/18		652		672,550
8.38%, 01/15/21a		7,988		9,296,035
K Hovnanian Enterprises Inc.
10.00%, 07/15/22 (Call 07/15/19)a,b		11,150		12,195,312
10.50%, 07/15/24 (Call 07/15/20)a,b		7,810		8,708,150
KB Home
4.75%, 05/15/19 (Call 02/15/19)		6,662		6,820,223
7.00%, 12/15/21 (Call 09/15/21)a		9,916		11,176,324
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)		12,944		13,397,040
4.50%, 06/15/19 (Call 04/16/19)		7,748		7,972,571
4.50%, 11/15/19 (Call 08/15/19)a		11,266		11,646,228

SCHEDULES OF INVESTMENTS 53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.50%, 04/30/24 (Call 01/31/24)a	$	13,756	$	14,164,476
4.75%, 04/01/21 (Call 02/01/21)a		9,752		10,226,334
4.75%, 11/15/22 (Call 08/15/22)		12,113		12,779,215
4.75%, 05/30/25 (Call 02/28/25)a		10,406		10,848,255
4.88%, 12/15/23 (Call 09/15/23)a		8,262		8,719,360
PulteGroup Inc.
4.25%, 03/01/21 (Call 02/01/21)		14,783		15,374,320
5.00%, 01/15/27 (Call 10/15/26)a		12,903		13,537,398
5.50%, 03/01/26 (Call 12/01/25)a		13,478		14,775,257
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.
5.25%, 04/15/21 (Call 12/01/17)b		11,294		11,537,360
Toll Brothers Finance Corp.
4.38%, 04/15/23 (Call 01/15/23)a		6,055		6,340,342
4.88%, 03/15/27 (Call 12/15/26)		10,135		10,635,416
5.88%, 02/15/22 (Call 11/15/21)a		6,707		7,431,691
TRI Pointe Group Inc./TRI Pointe Homes Inc.
4.38%, 06/15/19a		8,661		8,863,451
5.88%, 06/15/24a		9,438		10,216,635
				294,059,180
HOME FURNISHINGS — 0.12%
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)a		13,218		13,614,540
5.63%, 10/15/23 (Call 10/15/18)		9,109		9,609,739
				23,224,279

Security	Principal (000s)		Value
HOUSEHOLD PRODUCTS & WARES — 0.26%
Kronos Acquisition Holdings Inc.
9.00%, 08/15/23 (Call 08/15/18)a,b	$	17,387	$	16,644,947
Spectrum Brands Inc.
5.75%, 07/15/25 (Call 07/15/20)a		22,900		24,330,073
6.63%, 11/15/22 (Call 12/01/17)a		10,049		10,446,421
				51,421,441
INSURANCE — 0.51%
Genworth Holdings Inc.
4.80%, 02/15/24a		8,770		7,465,463
4.90%, 08/15/23		6,751		5,742,569
7.20%, 02/15/21		8,525		8,127,166
7.63%, 09/24/21		16,277		15,682,483
7.70%, 06/15/20a		7,897		7,755,574
HUB International Ltd.
7.88%, 10/01/21 (Call 12/01/17)a,b		24,383		25,358,320
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)		10,585		10,849,625
Voya Financial Inc.
VRN, (3 mo. LIBOR US + 3.580%)
5.65%, 05/15/53 (Call 05/15/23)a,d		17,080		18,062,098
				99,043,298
INTERNET — 1.43%
Netflix Inc.
4.38%, 11/15/26 a,b		21,673		21,224,690
4.88%, 04/15/28b		33,995		33,789,330
5.38%, 02/01/21a		9,155		9,767,241
5.50%, 02/15/22a		14,749		15,814,799
5.75%, 03/01/24		8,717		9,335,206
5.88%, 02/15/25		17,362		18,722,313
Symantec Corp.
3.95%, 06/15/22 (Call 03/15/22)a		8,583		8,822,490
5.00%, 04/15/25 (Call 04/15/20)a,b		26,147		27,323,615

54 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)a	$	15,658	$	16,142,963
4.75%, 07/15/27 (Call 07/15/22)		10,755		11,103,193
5.25%, 04/01/25 (Call 01/01/25)a		10,503		11,387,676
Zayo Group LLC/Zayo Capital Inc.
5.75%, 01/15/27 (Call 01/15/22)b		36,415		38,352,930
6.00%, 04/01/23 (Call 04/01/18)a		31,674		33,321,656
6.38%, 05/15/25 (Call 05/15/20)a		20,661		22,238,674
				277,346,776
IRON & STEEL — 1.12%
AK Steel Corp.
7.00%, 03/15/27 (Call 03/15/22)a		9,765		9,737,100
7.63%, 10/01/21 (Call 12/01/17)a		7,267		7,538,503
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)a		10,055		10,358,446
7.88%, 08/15/23 (Call 05/15/23)a		10,671		11,698,084
ArcelorMittal
5.75%, 08/05/20a		12,275		13,318,375
6.00%, 03/01/21		15,051		16,448,184
6.13%, 06/01/25a		9,762		11,267,789
6.75%, 02/25/22		24,717		28,383,354
Cleveland-Cliffs Inc.
5.75%, 03/01/25 (Call 03/01/20)b		24,537		23,800,890
Steel Dynamics Inc.
5.00%, 12/15/26 (Call 12/15/21)a		6,765		7,169,732
5.13%, 10/01/21 (Call 12/01/17)		12,465		12,807,787
5.25%, 04/15/23 (Call 04/15/18)		7,070		7,323,541
5.50%, 10/01/24 (Call 10/01/19)a		10,672		11,389,934

Security	Principal (000s)		Value
U.S. Steel Corp.
6.88%, 08/15/25 (Call 08/15/20)a	$	17,122	$	17,423,176
7.38%, 04/01/20a		7,608		8,274,753
8.38%, 07/01/21 (Call 07/01/18)b		19,895		21,778,460
				218,718,108
LEISURE TIME — 0.16%
NCL Corp. Ltd.
4.75%, 12/15/21 (Call 12/15/18)a,b		13,084		13,613,902
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/18)a,b		11,637		12,151,205
5.38%, 04/15/23 (Call 04/15/18)a,b		4,375		4,571,875
				30,336,982
LODGING — 2.17%
Boyd Gaming Corp.
6.38%, 04/01/26 (Call 04/01/21)a		17,529		19,190,604
6.88%, 05/15/23 (Call 05/15/18)		15,663		16,818,146
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties
8.00%, 10/01/20 (Call 12/01/17)		17,291		17,766,503
11.00%, 10/01/21 (Call 12/01/17)		20,438		21,672,797
CRC Escrow Issuer LLC/CRC Finco Inc.
5.25%, 10/15/25 (Call 10/15/20)b		30,035		30,222,719
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/19)a,b		11,249		12,166,106
10.75%, 09/01/24 (Call 09/01/19)a,b		13,481		14,448,262
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/19)		19,240		19,635,490

SCHEDULES OF INVESTMENTS 55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 04/01/20)	$	18,920	$	19,495,484
4.88%, 04/01/27 (Call 04/01/22)a		12,450		13,091,175
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.
6.75%, 11/15/21 (Call 11/15/18)a,b		16,210		17,169,705
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		10,433		10,433,000
5.25%, 03/31/20a		10,623		11,173,803
6.00%, 03/15/23		28,325		31,019,336
6.63%, 12/15/21a		28,167		31,476,622
6.75%, 10/01/20		22,567		24,828,213
7.75%, 03/15/22		21,755		25,250,593
8.63%, 02/01/19		14,658		15,722,292
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)a,b		7,565		7,842,012
5.25%, 05/15/27 (Call 02/15/27)b		19,875		20,261,320
5.50%, 03/01/25 (Call 12/01/24)b		40,586		42,581,480
				422,265,662
MACHINERY — 0.59%
BlueLine Rental Finance Corp./BlueLine Rental LLC
9.25%, 03/15/24 (Call 03/15/20)a,b		25,180		27,320,300
CNH Industrial Capital LLC
3.38%, 07/15/19		7,856		7,983,660
3.88%, 07/16/18		2,885		2,920,341
3.88%, 10/15/21a		7,008		7,244,520
4.38%, 11/06/20a		10,909		11,437,541
4.38%, 04/05/22		9,515		10,115,634
4.88%, 04/01/21		10,063		10,733,196
CNH Industrial NV
4.50%, 08/15/23		13,147		13,912,428

Security	Principal (000s)		Value
Vertiv Group Corp.
9.25%, 10/15/24 (Call 10/15/19)b	$	17,495	$	19,192,220
Zebra Technologies Corp.
7.25%, 10/15/22 (Call 12/01/17)a		4,448		4,698,200
				115,558,040
MANUFACTURING — 0.98%
Bombardier Inc.
4.75%, 04/15/19 a,b		12,434		12,646,721
5.75%, 03/15/22b		10,596		10,532,853
6.00%, 10/15/22 (Call 12/01/17)a,b		25,468		25,181,485
6.13%, 01/15/23b		26,557		26,515,279
7.50%, 03/15/25 (Call 03/15/20)a,b		33,278		34,356,207
7.75%, 03/15/20a,b		18,111		19,424,047
8.75%, 12/01/21b		30,188		33,488,370
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 11/16/17)a,b		28,624		29,446,940
				191,591,902
MEDIA — 12.42%
Altice Financing SA
6.50%, 01/15/22 (Call 12/01/17)b		18,705		19,382,716
6.63%, 02/15/23 (Call 02/15/18)b		42,524		44,796,342
7.50%, 05/15/26 (Call 05/15/21)a,b		58,573		64,271,134
Altice Finco SA
8.13%, 01/15/24 (Call 12/15/18)a,b		7,500		8,100,000
Altice Luxembourg SA
7.63%, 02/15/25 (Call 02/15/20)a,b		31,382		34,025,331
7.75%, 05/15/22 (Call 12/01/17)a,b		59,954		63,476,297
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 07/15/18)b		24,933		26,026,741

56 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.50%, 05/15/26 (Call 05/15/21)b	$	32,121	$	33,363,761
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)		12,747		13,081,609
4.75%, 08/01/25 (Call 08/01/21)a		19,160		19,136,050
5.00%, 04/01/24 (Call 04/01/20)		20,863		21,254,181
Cablevision Systems Corp.
5.88%, 09/15/22a		13,778		14,162,226
8.00%, 04/15/20a		11,998		13,244,742
CBS Radio Inc.
7.25%, 11/01/24 (Call 11/01/19)a,b		9,456		9,927,111
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 11/01/19)b		2,225		2,256,996
5.00%, 02/01/28 (Call 08/01/22)b		36,250		35,900,188
5.13%, 02/15/23 (Call 02/15/18)		21,558		22,328,699
5.13%, 05/01/23 (Call 05/01/18)b		24,796		25,849,830
5.13%, 05/01/27 (Call 05/01/22)b		70,997		71,618,224
5.25%, 03/15/21 (Call 12/01/17)a		8,155		8,351,900
5.25%, 09/30/22 (Call 12/01/17)a		21,564		22,210,920
5.38%, 05/01/25 (Call 05/01/20)b		16,894		17,468,866
5.50%, 05/01/26 (Call 05/01/21)a,b		33,217		34,030,328
5.75%, 09/01/23 (Call 03/01/18)		8,875		9,178,493
5.75%, 01/15/24 (Call 07/15/18)		21,587		22,438,486
5.75%, 02/15/26 (Call 02/15/21)b		51,982		54,347,181
5.88%, 04/01/24 (Call 04/01/19)a,b		37,056		39,402,215

Security	Principal (000s)		Value
5.88%, 05/01/27 (Call 05/01/21)b	$	18,050	$	18,842,640
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 12/01/17)b		15,957		16,280,927
5.13%, 12/15/21 (Call 12/01/17)a,b		9,907		10,108,112
6.38%, 09/15/20 (Call 12/01/17)b		21,666		22,067,475
7.75%, 07/15/25 (Call 07/15/20)b		13,984		15,266,282
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 12/01/17)a		53,440		55,188,006
Series B
7.63%, 03/15/20 (Call 12/01/17)a		38,748		38,748,000
CSC Holdings LLC
5.25%, 06/01/24		15,073		15,019,519
5.50%, 04/15/27 (Call 04/15/22)a,b		27,475		28,272,066
6.63%, 10/15/25 (Call 10/15/20)a,b		21,373		23,358,909
6.75%, 11/15/21a		23,093		25,406,692
8.63%, 02/15/19		9,751		10,445,759
10.13%, 01/15/23 (Call 01/15/19)a,b		38,831		44,325,373
10.88%, 10/15/25 (Call 10/15/20)b		35,658		43,700,355
DISH DBS Corp.
5.00%, 03/15/23a		31,615		30,630,382
5.13%, 05/01/20a		23,406		23,977,942
5.88%, 07/15/22a		42,462		42,801,378
5.88%, 11/15/24a		42,775		42,828,469
6.75%, 06/01/21a		43,863		46,056,150
7.75%, 07/01/26a		42,400		46,428,000
7.88%, 09/01/19a		30,770		33,246,985
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/19)a,b		11,330		11,298,276

SCHEDULES OF INVESTMENTS 57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.88%, 07/15/26 (Call 07/15/21)a,b	$	15,543	$	15,899,421
iHeartCommunications Inc.
9.00%, 12/15/19 (Call 12/01/17)		30,084		22,186,950
9.00%, 03/01/21 (Call 12/01/17)		30,440		21,930,577
9.00%, 09/15/22 (Call 12/01/17)		17,715		12,753,654
10.63%, 03/15/23 (Call 03/15/18)		19,578		14,052,368
11.25%, 03/01/21 (Call 12/01/17)b		11,032		7,805,140
11.25%, 03/01/21 (Call 12/01/17)		10,911		7,855,920
LIN Television Corp.
5.88%, 11/15/22 (Call 11/15/17)		7,179		7,474,328
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/19)a,b		19,734		20,227,350
Quebecor Media Inc.
5.75%, 01/15/23a		16,877		18,269,353
SFR Group SA
6.00%, 05/15/22 (Call 12/01/17)a,b		87,513		91,232,302
6.25%, 05/15/24 (Call 05/15/19)a,b		30,015		31,452,436
7.38%, 05/01/26 (Call 05/01/21)a,b		110,428		118,651,982
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)a,b		8,912		8,457,488
5.38%, 04/01/21 (Call 11/16/17)a		10,744		11,012,600
5.63%, 08/01/24 (Call 08/01/19)a,b		12,364		12,549,460
6.13%, 10/01/22 (Call 11/16/17)a		9,851		10,153,918
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)a,b		19,365		19,728,094

Security	Principal (000s)		Value
4.63%, 05/15/23 (Call 05/15/18)a,b	$	9,751	$	9,999,618
5.00%, 08/01/27 (Call 08/01/22)b		33,528		33,905,190
5.38%, 04/15/25 (Call 04/15/20)b		21,528		22,685,130
5.38%, 07/15/26 (Call 07/15/21)a,b		21,753		22,855,292
6.00%, 07/15/24 (Call 07/15/19)b		34,434		36,801,727
TEGNA Inc.
5.13%, 10/15/19 (Call 12/01/17)		5,143		5,229,402
5.13%, 07/15/20 (Call 12/01/17)a		13,107		13,441,501
6.38%, 10/15/23 (Call 10/15/18)a		13,778		14,656,348
Tribune Media Co.
5.88%, 07/15/22 (Call 07/15/18)a		26,040		27,081,600
Unitymedia GmbH
6.13%, 01/15/25 (Call 01/15/20)a,b		18,341		19,586,354
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.00%, 01/15/25 (Call 01/15/20)a,b		11,007		11,484,484
5.50%, 01/15/23 (Call 01/15/18)a,b		15,623		16,058,900
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)a,b		25,395		25,646,507
5.13%, 02/15/25 (Call 02/15/20)a,b		32,877		32,650,971
6.75%, 09/15/22 (Call 12/01/17)a,b		10,273		10,645,396
UPC Holding BV
5.50%, 01/15/28 (Call 10/15/22)b		11,700		11,637,990
UPCB Finance IV Ltd.
5.38%, 01/15/25 (Call 01/15/20)a,b		25,450		26,022,625

58 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Viacom Inc.
VRN, (3 mo. LIBOR US + 3.895%)
5.88%, 02/28/57 (Call 02/28/22)a,d	$	14,541	$	14,359,965
VRN, (3 mo. LIBOR US + 3.899%)
6.25%, 02/28/57 (Call 02/28/27)a,d		14,240		14,069,120
Videotron Ltd.
5.00%, 07/15/22		17,498		18,897,840
5.13%, 04/15/27 (Call 04/15/22)a,b		12,940		13,547,857
5.38%, 06/15/24 (Call 03/15/24)a,b		11,684		12,621,154
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 01/15/20)a,b		8,480		8,777,588
6.00%, 10/15/24 (Call 10/15/19)a,b		11,540		12,113,150
6.38%, 04/15/23 (Call 04/15/18)a,b		10,330		10,794,850
Virgin Media Secured Finance PLC
5.25%, 01/15/21		8,715		9,294,257
5.25%, 01/15/26 (Call 01/15/20)a,b		23,103		23,973,983
5.50%, 01/15/25 (Call 01/15/19)a,b		7,552		7,891,840
5.50%, 08/15/26 (Call 08/15/21)a,b		15,553		16,289,926
Ziggo Bond Finance BV
5.88%, 01/15/25 (Call 01/15/20)a,b		8,555		8,810,143
6.00%, 01/15/27 (Call 01/15/22)a,b		14,665		14,899,232
Ziggo Secured Finance BV
5.50%, 01/15/27 (Call 01/15/22)a,b		43,311		44,177,220
				2,416,528,765

Security	Principal (000s)		Value
METAL FABRICATE & HARDWARE — 0.31%
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)a,b	$	33,655	$	34,685,516
6.25%, 08/15/24 (Call 08/15/19)a,b		23,635		24,909,399
				59,594,915
MINING — 2.05%
Alcoa Nederland Holding BV
6.75%, 09/30/24 (Call 09/30/19)a,b		16,380		18,070,416
7.00%, 09/30/26 (Call 09/30/21)a,b		10,075		11,468,708
Aleris International Inc.
7.88%, 11/01/20 (Call 12/01/17)a		9,288		9,272,037
9.50%, 04/01/21 (Call 04/01/18)a,b		15,083		16,059,205
Anglo American Capital PLC
4.88%, 05/14/25b		6,472		6,912,646
Constellium NV
5.75%, 05/15/24 (Call 05/15/19)b		7,803		7,861,522
6.63%, 03/01/25 (Call 03/01/20)a,b		12,735		13,183,510
7.88%, 04/01/21 (Call 11/29/17)b		10,155		10,772,424
8.00%, 01/15/23 (Call 01/15/18)a,b		8,030		8,585,074
FMG Resources August 2006 Pty Ltd.
4.75%, 05/15/22 (Call 02/15/22)a,b		17,132		17,451,577
5.13%, 05/15/24 (Call 02/15/24)a,b		17,310		17,774,036
Freeport-McMoRan Inc.
3.10%, 03/15/20		21,398		21,478,242
3.55%, 03/01/22 (Call 12/01/21)a		40,296		39,793,980
3.88%, 03/15/23 (Call 12/15/22)a		42,251		41,670,049
4.00%, 11/14/21a		12,839		12,923,463

SCHEDULES OF INVESTMENTS 59

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.55%, 11/14/24 (Call 08/14/24)a	$	19,261	$	19,222,671
6.50%, 11/15/20 (Call 12/01/17)		10,100		10,294,786
6.75%, 02/01/22 (Call 02/01/18)		2,692		2,799,680
6.88%, 02/15/23 (Call 02/15/20)a		15,821		17,255,876
Kinross Gold Corp.
4.50%, 07/15/27 (Call 04/15/27)a,b		10,590		10,691,452
5.13%, 09/01/21 (Call 06/01/21)		9,354		9,979,834
5.95%, 03/15/24 (Call 12/15/23)a		11,502		12,738,724
Lundin Mining Corp.
7.50%, 11/01/20 (Call 11/20/17)a,b		8,909		9,256,896
7.88%, 11/01/22 (Call 11/01/18)b		9,422		10,198,474
Teck Resources Ltd.
3.75%, 02/01/23 (Call 11/01/22)a		12,296		12,404,497
4.75%, 01/15/22 (Call 10/15/21)		14,539		15,356,819
8.50%, 06/01/24 (Call 06/01/19)b		13,944		15,965,880
				399,442,478
OFFICE & BUSINESS EQUIPMENT — 0.18%
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 03/01/18)		11,037		11,515,270
5.00%, 09/01/25 (Call 03/01/20)a		12,114		12,659,130
5.50%, 12/01/24 (Call 06/01/24)		10,457		11,568,056
				35,742,456
OIL & GAS — 8.51%
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/20)a		13,825		14,057,448
5.13%, 12/01/22 (Call 12/01/17)a		24,419		25,014,665

Security	Principal (000s)		Value
5.38%, 11/01/21 (Call 12/01/17)a	$	22,879	$	23,450,499
5.63%, 06/01/23 (Call 06/01/18)a		15,481		16,216,347
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
10.00%, 04/01/22 (Call 04/01/20)a,b		33,964		36,850,940
California Resources Corp.
8.00%, 12/15/22 (Call 12/15/18)a,b		48,193		31,747,139
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 12/01/17)a		20,995		20,553,628
11.50%, 01/15/21 (Call 04/15/18)b		7,023		8,078,341
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 04/15/18)a		15,798		16,052,038
7.50%, 09/15/20 (Call 12/01/17)a		12,157		12,378,501
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 12/01/17)a		8,289		7,688,048
6.13%, 02/15/21a		10,155		10,256,550
6.63%, 08/15/20		8,751		9,031,200
8.00%, 12/15/22 (Call 12/15/18)a,b		38,704		41,703,560
8.00%, 01/15/25 (Call 01/15/20)a,b		22,247		22,186,419
8.00%, 06/15/27 (Call 06/15/22)a,b		27,393		26,502,727
Citgo Holding Inc.
10.75%, 02/15/20b		27,799		30,005,546
Concho Resources Inc.
4.38%, 01/15/25 (Call 01/15/20)		7,540		7,955,906
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)a		20,976		20,396,651

60 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.50%, 04/15/23 (Call 01/15/23)a	$	33,622	$	34,022,912
5.00%, 09/15/22 (Call 12/01/17)a		44,930		45,491,625
CrownRock LP/CrownRock Finance Inc.
5.63%, 10/15/25 (Call 10/15/20)b		20,000		20,300,000
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		12,119		6,907,830
5.50%, 05/01/22 (Call 12/01/17)		14,670		9,095,400
9.00%, 05/15/21 (Call 12/15/18)a,b		14,558		14,183,164
Diamond Offshore Drilling Inc.
7.88%, 08/15/25 (Call 05/15/25)a		11,705		12,452,550
Diamondback Energy Inc.
4.75%, 11/01/24 (Call 11/01/19)a		10,689		10,902,780
5.38%, 05/31/25 (Call 05/31/20)a		10,394		10,784,898
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)a		12,304		10,078,947
5.20%, 03/15/25 (Call 12/15/24)a		12,690		10,649,594
8.00%, 01/31/24 (Call 10/31/23)a		5,758		5,700,420
EP Energy LLC/Everest Acquisition Finance Inc.
6.38%, 06/15/23 (Call 06/15/18)		9,541		5,641,116
8.00%, 11/29/24 (Call 11/30/19)a,b		9,207		9,347,407
8.00%, 02/15/25 (Call 02/15/20)a,b		23,945		17,719,300
9.38%, 05/01/20 (Call 12/01/17)a		26,378		22,215,288
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)a		14,024		14,102,885

Security	Principal (000s)		Value
6.38%, 05/15/25 (Call 05/15/20)a	$	12,270	$	12,405,678
6.38%, 01/15/26 (Call 01/15/21)b		9,200		9,280,580
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)a,b		10,023		9,944,274
5.75%, 10/01/25 (Call 04/01/20)b		9,525		9,722,304
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 12/01/17)b		22,027		15,749,305
Laredo Petroleum Inc.
5.63%, 01/15/22 (Call 12/01/17)		10,610		10,822,200
7.38%, 05/01/22 (Call 11/29/17)a		10,288		10,712,380
MEG Energy Corp.
6.38%, 01/30/23 (Call 12/01/17)b		17,128		15,638,475
6.50%, 01/15/25 (Call 01/15/20)a,b		14,953		14,878,235
7.00%, 03/31/24 (Call 09/30/18)a,b		22,735		20,632,012
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)		8,216		8,171,155
4.70%, 12/01/22 (Call 09/01/22)a		13,630		13,662,644
5.75%, 08/15/25 (Call 08/15/20)		13,040		13,481,622
6.88%, 08/15/24 (Call 08/15/19)a		12,935		13,894,542
Nabors Industries Inc.
4.63%, 09/15/21		16,029		15,494,032
5.00%, 09/15/20a		12,974		13,103,740
5.50%, 01/15/23 (Call 11/15/22)a		14,584		14,037,100
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)a		15,910		16,904,375
5.63%, 07/01/24a		22,254		24,011,467

SCHEDULES OF INVESTMENTS 61

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.75%, 01/30/22a	$	16,288	$	17,501,966
Noble Holding International Ltd.
3.95%, 03/15/22		370		310,800
7.70%, 04/01/25 (Call 01/01/25)a		11,282		9,843,545
7.75%, 01/15/24 (Call 10/15/23)a		20,355		18,168,873
Oasis Petroleum Inc.
6.88%, 03/15/22 (Call 12/01/17)a		22,036		22,614,445
Pacific Drilling SA
5.38%, 06/01/20 (Call 12/01/17)a,b		10,169		3,514,358
Parsley Energy LLC/Parsley Finance Corp.
5.25%, 08/15/25 (Call 08/15/20)b		10,450		10,543,724
5.38%, 01/15/25 (Call 01/15/20)a,b		14,400		14,616,000
5.63%, 10/15/27 (Call 10/15/22)b		10,125		10,447,785
6.25%, 06/01/24 (Call 06/01/19)a,b		9,187		9,729,288
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 11/15/18)a		10,159		10,539,963
7.25%, 06/15/25 (Call 06/15/20)a,b		16,900		17,470,375
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)a		7,625		7,131,663
Pride International LLC
6.88%, 08/15/20		2,682		2,766,751
Puma International Financing SA
5.13%, 10/06/24 (Call 10/06/20)b		10,400		10,630,509
6.75%, 02/01/21 (Call 12/01/17)b		11,004		11,277,444
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)a		16,387		16,135,050

Security	Principal (000s)		Value
5.38%, 10/01/22 (Call 07/01/22)a	$	10,043	$	9,973,954
6.88%, 03/01/21a		13,306		14,136,647
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)		18,956		18,292,540
5.00%, 08/15/22 (Call 05/15/22)a		11,024		10,899,980
5.00%, 03/15/23 (Call 12/15/22)a		15,320		15,147,284
5.75%, 06/01/21 (Call 03/01/21)a		8,718		8,991,648
Rice Energy Inc.
6.25%, 05/01/22 (Call 11/11/17)a		2,803		2,933,059
7.25%, 05/01/23 (Call 11/11/17)a		5,477		5,895,547
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)a		13,377		12,599,462
7.38%, 06/15/25 (Call 03/15/25)a		11,753		11,870,295
RSP Permian Inc.
5.25%, 01/15/25 (Call 01/15/20)a,b		10,320		10,501,460
6.63%, 10/01/22 (Call 12/01/17)a		16,609		17,453,983
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)a		25,752		21,556,569
7.75%, 06/15/21 (Call 12/01/17)a		12,254		11,387,030
Seven Generations Energy Ltd.
5.38%, 09/30/25 (Call 09/30/20)a,b		14,795		14,961,444
6.75%, 05/01/23 (Call 05/01/18)b		7,200		7,619,786
6.88%, 06/30/23 (Call 06/30/18)a,b		11,040		11,743,800
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)a		10,205		9,731,518

62 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.63%, 06/01/25 (Call 06/01/20)a	$	11,598	$	11,279,055
6.13%, 11/15/22 (Call 11/15/18)a		11,126		11,251,168
6.75%, 09/15/26 (Call 09/15/21)a		11,834		12,144,643
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)a		20,942		20,533,518
6.70%, 01/23/25 (Call 10/23/24)a		21,506		21,954,994
7.50%, 04/01/26 (Call 04/01/21)a		15,395		15,965,977
7.75%, 10/01/27 (Call 10/01/22)a		9,975		10,346,355
Sunoco LP/Sunoco Finance Corp.
5.50%, 08/01/20 (Call 11/09/17)a		14,971		15,382,702
6.25%, 04/15/21 (Call 04/15/18)		17,926		18,781,966
6.38%, 04/01/23 (Call 04/01/18)a		18,063		19,191,937
Transocean Inc.
5.80%, 10/15/22 (Call 07/15/22)a		8,347		8,139,560
6.00%, 03/15/18		293		296,926
6.50%, 11/15/20a		2,805		2,910,188
7.50%, 01/15/26 (Call 01/15/21)b		6,880		7,082,927
8.13%, 12/15/21		5,230		5,635,325
9.00%, 07/15/23 (Call 07/15/20)a,b		27,439		29,839,912
Ultra Resources Inc.
6.88%, 04/15/22 (Call 04/15/19)a,b		16,647		16,822,779
7.13%, 04/15/25 (Call 04/15/20)a,b		10,969		10,943,962
Whiting Petroleum Corp.
5.00%, 03/15/19 (Call 12/15/18)a		19,397		19,553,233
5.75%, 03/15/21 (Call 12/15/20)a		20,356		20,416,433

Security	Principal (000s)		Value
6.25%, 04/01/23 (Call 01/01/23)a	$	9,293	$	9,267,589
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)		10,905		10,932,263
6.00%, 01/15/22 (Call 10/15/21)		26,151		27,181,723
7.50%, 08/01/20 (Call 07/01/20)		5,957		6,463,345
8.25%, 08/01/23 (Call 06/01/23)		10,922		12,300,902
				1,655,826,316
OIL & GAS SERVICES — 0.65%
CGG SA
6.50%, 06/01/21 (Call 12/01/17)a		6,202		2,821,910
6.88%, 01/15/22 (Call 12/01/17)a		5,118		2,328,690
SESI LLC
7.13%, 12/15/21 (Call 12/01/17)a		18,968		19,379,537
7.75%, 09/15/24 (Call 09/15/20)a,b		7,710		7,970,213
Transocean Phoenix 2 Ltd.
7.75%, 10/15/24 (Call 10/15/20)b		9,524		10,270,971
Transocean Proteus Ltd.
6.25%, 12/01/24 (Call 12/01/20)a,b		9,681		10,149,133
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)a		14,468		13,075,455
7.75%, 06/15/21 (Call 05/15/21)a		17,014		17,535,054
8.25%, 06/15/23 (Call 03/15/23)a		17,233		17,309,223
9.63%, 03/01/19		8,422		8,973,378
9.88%, 02/15/24 (Call 11/15/23)a		16,404		17,552,280
				127,365,844

SCHEDULES OF INVESTMENTS 63

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
PACKAGING & CONTAINERS — 2.71%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.25%, 09/15/22 (Call 03/15/19)a,b	$	13,975	$	14,359,313
4.63%, 05/15/23 (Call 05/15/19)a,b		21,408		22,018,413
6.00%, 06/30/21 (Call 11/13/17)b		9,500		9,785,000
6.00%, 02/15/25 (Call 02/15/20)a,b		35,580		37,709,242
7.25%, 05/15/24 (Call 05/15/19)a,b		34,930		38,360,234
Ball Corp.
4.00%, 11/15/23a		20,845		21,444,294
4.38%, 12/15/20a		18,306		19,183,773
5.00%, 03/15/22a		14,264		15,357,015
5.25%, 07/01/25		22,148		24,335,115
Berry Global Inc.
5.13%, 07/15/23 (Call 07/15/18)a		14,917		15,628,426
5.50%, 05/15/22 (Call 12/01/17)		10,399		10,814,978
6.00%, 10/15/22 (Call 10/15/18)		8,519		9,018,314
BWAY Holding Co.
5.50%, 04/15/24 (Call 04/15/20)a,b		32,131		33,496,567
7.25%, 04/15/25 (Call 04/15/20)a,b		30,174		31,267,406
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23a		20,481		21,297,168
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%, 09/30/26 (Call 03/31/26)a		8,425		8,435,531
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22a,b		10,548		11,154,510
5.88%, 08/15/23b		14,948		16,437,051

Security	Principal (000s)		Value
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.13%, 07/15/23 (Call 07/15/19)a,b	$	36,200	$	37,557,500
5.75%, 10/15/20 (Call 12/01/17)		61,408		62,482,640
6.88%, 02/15/21 (Call 12/01/17)a		6,791		6,951,291
7.00%, 07/15/24 (Call 07/15/19)a,b		17,798		19,043,860
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)a,b		9,459		10,039,274
5.13%, 12/01/24 (Call 09/01/24)a,b		8,571		9,202,940
5.25%, 04/01/23 (Call 01/01/23)a,b		7,430		7,982,129
5.50%, 09/15/25 (Call 06/15/25)a,b		8,377		9,211,654
6.50%, 12/01/20 (Call 09/01/20)b		5,150		5,695,057
				528,268,695
PHARMACEUTICALS — 2.30%
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/18)b		35,707		28,922,670
6.00%, 02/01/25 (Call 02/01/20)b		25,335		20,019,269
Endo Finance LLC
5.75%, 01/15/22 (Call 12/01/17)a,b		15,249		13,349,229
Endo Finance LLC/Endo Finco Inc.
5.38%, 01/15/23 (Call 12/01/17)a,b		15,581		12,534,737
Valeant Pharmaceuticals International Inc.
5.38%, 03/15/20 (Call 12/01/17)b		42,948		42,250,095
5.50%, 03/01/23 (Call 03/01/18)b		21,554		18,143,450

64 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.50%, 11/01/25 (Call 11/01/20)a,b	$	11,690	$	11,953,025
5.63%, 12/01/21 (Call 12/01/17)a,b		17,728		16,184,778
5.88%, 05/15/23 (Call 05/15/18)a,b		72,033		60,853,558
6.13%, 04/15/25 (Call 04/15/20)a,b		71,736		60,258,240
6.38%, 10/15/20 (Call 12/01/17)b		28,050		27,802,809
6.50%, 03/15/22 (Call 03/15/19)b		27,141		28,803,386
6.75%, 08/15/21 (Call 12/01/17)b		14,670		14,211,562
7.00%, 03/15/24 (Call 03/15/20)a,b		42,365		45,860,112
7.25%, 07/15/22 (Call 12/01/17)a,b		12,198		11,719,196
7.50%, 07/15/21 (Call 12/01/17)a,b		36,111		35,569,335
				448,435,451
PIPELINES — 3.45%
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
5.25%, 01/15/25 (Call 01/15/21)		16,048		17,223,046
5.50%, 10/15/19 (Call 09/15/19)a		11,056		11,617,092
5.88%, 10/01/20 (Call 12/01/17)a		6,929		7,044,587
6.13%, 10/15/21 (Call 11/16/17)a		14,173		14,633,622
6.25%, 10/15/22 (Call 10/15/18)a		17,795		18,929,431
6.38%, 05/01/24 (Call 05/01/19)		10,059		10,992,957
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27 (Call 01/01/27)a,b		32,911		33,908,704
5.88%, 03/31/25 (Call 10/02/24)a		32,811		35,558,921

Security	Principal (000s)		Value
7.00%, 06/30/24 (Call 01/01/24)a	$	27,389	$	31,257,696
Cheniere Energy Partners LP
5.25%, 10/01/25 (Call 10/01/20)b		29,200		30,076,000
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.75%, 04/01/25 (Call 04/01/20)a		10,815		11,085,375
6.25%, 04/01/23 (Call 04/01/18)a		15,585		16,228,459
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)a		9,835		9,723,239
4.75%, 09/30/21 (Call 06/30/21)b		10,201		10,467,617
5.35%, 03/15/20b		12,385		12,883,718
VRN, (3 mo. LIBOR US + 3.850%)
5.85%, 05/21/43 (Call 05/21/23)b,d		12,075		11,486,344
Enbridge Inc.
Series 16-A
VRN, (3 mo. LIBOR US + 3.890%)
6.00%, 01/15/77 (Call 01/15/27)a,d		1,620		1,733,627
Energy Transfer Equity LP
4.25%, 03/15/23 (Call 12/15/22)		15,280		15,547,553
5.50%, 06/01/27 (Call 03/01/27)a		21,364		22,597,647
5.88%, 01/15/24 (Call 10/15/23)a		25,692		27,923,992
7.50%, 10/15/20		25,840		29,070,000
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/15/18)		8,890		8,928,277
6.50%, 10/01/25 (Call 10/01/20)a		11,515		11,658,180

SCHEDULES OF INVESTMENTS 65

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
6.75%, 08/01/22 (Call 08/01/18)	$	16,382	$	16,955,370
NGPL PipeCo LLC
4.38%, 08/15/22 (Call 05/15/22)b		13,330		13,663,250
4.88%, 08/15/27 (Call 02/15/27)a,b		15,145		15,732,199
NuStar Logistics LP
4.80%, 09/01/20		10,255		10,662,123
5.63%, 04/28/27 (Call 01/28/27)a		12,360		12,989,578
ONEOK Inc.
7.50%, 09/01/23 (Call 06/01/23)		2,714		3,249,201
Rockies Express Pipeline LLC
5.63%, 04/15/20a,b		18,100		19,186,000
6.00%, 01/15/19a,b		8,270		8,543,599
6.85%, 07/15/18b		4,045		4,156,237
SemGroup Corp./Rose Rock Finance Corp.
5.63%, 07/15/22 (Call 11/16/17)		7,756		7,632,735
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 09/15/24 (Call 09/15/19)a,b		10,745		11,084,139
5.50%, 01/15/28 (Call 01/15/23)a,b		11,935		12,233,375
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 12/01/17)		17,105		17,278,075
4.25%, 11/15/23 (Call 05/15/18)		14,205		14,108,450
5.00%, 01/15/28 (Call 01/15/23)b		9,225		9,259,594
5.13%, 02/01/25 (Call 02/01/20)a		9,535		9,811,780
5.25%, 05/01/23 (Call 12/01/17)		11,876		12,217,435

Security	Principal (000s)		Value
5.38%, 02/01/27 (Call 02/01/22)a	$	10,965	$	11,389,894
6.75%, 03/15/24 (Call 09/15/19)		15,143		16,314,780
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)a		17,323		17,463,606
4.55%, 06/24/24 (Call 03/24/24)a		25,006		26,147,024
				670,654,528
REAL ESTATE — 0.27%
Howard Hughes Corp. (The)
5.38%, 03/15/25 (Call 03/15/20)b		19,220		19,748,550
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19a,b		9,697		9,959,627
4.88%, 06/01/23 (Call 03/01/23)a,b		10,528		10,840,681
5.25%, 12/01/21 (Call 12/01/17)a,b		11,914		12,382,050
				52,930,908
REAL ESTATE INVESTMENT TRUSTS — 2.23%
Equinix Inc.
5.38%, 01/01/22 (Call 01/01/18)		14,509		15,177,575
5.38%, 04/01/23 (Call 04/01/18)		21,845		22,602,748
5.38%, 05/15/27 (Call 05/15/22)a		27,765		29,812,669
5.75%, 01/01/25 (Call 01/01/20)a		9,998		10,709,316
5.88%, 01/15/26 (Call 01/15/21)a		24,048		26,062,020
ESH Hospitality Inc.
5.25%, 05/01/25 (Call 05/01/20)a,b		28,531		29,493,921
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)a		4,650		4,806,938
6.00%, 06/01/25 (Call 06/01/20)		8,327		8,972,342

66 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Iron Mountain Inc.
4.38%, 06/01/21 (Call 06/01/18)b	$	10,149	$	10,422,661
4.88%, 09/15/27 (Call 09/15/22)a,b		13,950		14,133,094
5.75%, 08/15/24 (Call 12/01/17)a		24,139		24,832,996
6.00%, 08/15/23 (Call 08/15/18)a		13,966		14,677,086
iStar Inc.
4.63%, 09/15/20 (Call 06/15/20)		6,930		7,070,175
5.00%, 07/01/19 (Call 12/01/17)		17,320		17,495,005
5.25%, 09/15/22 (Call 09/15/19)a		9,830		10,075,750
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)a		10,048		10,089,105
5.63%, 05/01/24 (Call 02/01/24)a		24,512		26,450,855
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27 (Call 10/15/22)		28,370		29,099,515
5.25%, 08/01/26 (Call 08/01/21)a		10,040		10,453,447
6.38%, 03/01/24 (Call 03/01/19)		11,335		12,264,986
SBA Communications Corp.
4.00%, 10/01/22 (Call 10/01/19)b		12,900		13,077,375
4.88%, 07/15/22 (Call 12/01/17)a		14,138		14,601,373
4.88%, 09/01/24 (Call 09/01/19)		25,252		26,009,560
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
7.13%, 12/15/24 (Call 12/15/19)b		12,978		11,874,870

Security	Principal (000s)		Value
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)a,b	$	10,310	$	10,310,000
8.25%, 10/15/23 (Call 04/15/19)a		25,103		24,161,637
				434,737,019
RETAIL — 3.54%
1011778 BC ULC/New Red Finance Inc.
4.25%, 05/15/24 (Call 05/15/20)a,b		34,747		35,042,350
4.63%, 01/15/22 (Call 12/01/17)b		25,518		26,112,569
5.00%, 10/15/25 (Call 10/15/20)a,b		22,125		22,512,188
Series OCT
5.00%, 10/15/25 (Call 10/15/20)b		14,375		14,626,563
Beacon Escrow Corp.
4.88%, 11/01/25 (Call 11/01/20)b		9,880		10,000,536
Claire’s Stores Inc.
9.00%, 03/15/19 (Call 12/01/17)b		17,996		11,070,351
Dollar Tree Inc.
5.25%, 03/01/20 (Call 12/01/17)a		12,272		12,534,752
5.75%, 03/01/23 (Call 03/01/18)a		56,372		59,205,093
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 12/01/17)a		9,915		9,419,250
6.75%, 01/15/22 (Call 12/01/17)a		11,899		11,274,303
6.75%, 06/15/23 (Call 06/15/19)a		10,984		10,242,580
Golden Nugget Inc.
6.75%, 10/15/24 (Call 10/15/19)b		28,366		28,813,652
8.75%, 10/01/25 (Call 10/01/20)b		14,075		14,463,661

SCHEDULES OF INVESTMENTS 67

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
JC Penney Corp. Inc.
5.65%, 06/01/20a	$	8,606	$	7,530,250
5.88%, 07/01/23 (Call 07/01/19)a,b		10,860		10,302,380
8.13%, 10/01/19		1,114		1,111,215
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)a,b		14,470		14,849,838
5.00%, 06/01/24 (Call 06/01/19)a,b		22,698		23,946,390
5.25%, 06/01/26 (Call 06/01/21)a,b		21,550		22,843,000
L Brands Inc.
5.63%, 02/15/22a		22,089		23,651,797
5.63%, 10/15/23a		11,431		12,198,306
6.63%, 04/01/21a		23,149		25,492,836
7.00%, 05/01/20a		9,118		10,063,993
8.50%, 06/15/19		10,528		11,498,550
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 12/01/17)a,b		17,368		10,247,120
Penske Automotive Group Inc.
5.50%, 05/15/26 (Call 05/15/21)a		11,801		12,155,030
5.75%, 10/01/22 (Call 12/01/17)a		9,936		10,243,519
PetSmart Inc.
5.88%, 06/01/25 (Call 06/01/20)a,b		26,765		23,330,542
7.13%, 03/15/23 (Call 03/15/18)a,b		43,176		33,137,580
8.88%, 06/01/25 (Call 06/01/20)a,b		13,300		10,470,425
QVC Inc.
3.13%, 04/01/19a		6,490		6,563,333
4.38%, 03/15/23a		15,264		15,846,500
4.45%, 02/15/25 (Call 11/15/24)a		12,823		13,121,723
4.85%, 04/01/24		12,978		13,657,503
5.13%, 07/02/22a		10,041		10,775,487

Security	Principal (000s)		Value
Rite Aid Corp.
6.13%, 04/01/23 (Call 04/01/18)a,b	$	38,865	$	36,146,145
6.75%, 06/15/21 (Call 12/01/17)a		18,211		18,041,771
9.25%, 03/15/20 (Call 12/01/17)a		13,779		14,012,477
Staples Inc.
8.50%, 09/15/25 (Call 09/15/20)a,b		21,960		19,281,420
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)a		12,394		12,374,634
				688,211,612
SEMICONDUCTORS — 1.15%
Micron Technology Inc.
5.25%, 08/01/23 (Call 02/01/18)b		23,901		25,014,787
5.25%, 01/15/24 (Call 05/01/18)b		10,306		10,834,182
5.50%, 02/01/25 (Call 08/01/19)		10,249		10,897,570
5.63%, 01/15/26 (Call 05/01/20)b		400		425,000
NXP BV/NXP Funding LLC
3.75%, 06/01/18b		2,216		2,231,265
3.88%, 09/01/22a,b		20,660		21,463,157
4.13%, 06/15/20b		11,204		11,680,170
4.13%, 06/01/21a,b		27,969		29,122,721
4.63%, 06/15/22a,b		8,010		8,580,713
4.63%, 06/01/23b		16,849		18,084,593
5.75%, 03/15/23 (Call 03/15/18)a,b		9,574		9,958,290
Qorvo Inc.
6.75%, 12/01/23 (Call 12/01/18)		9,842		10,661,655
7.00%, 12/01/25 (Call 12/01/20)		10,163		11,601,573
Sensata Technologies BV
4.88%, 10/15/23a,b		11,079		11,649,876
5.00%, 10/01/25a,b		15,891		16,881,311
5.63%, 11/01/24a,b		7,333		8,128,172

68 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Sensata Technologies UK Financing Co. PLC
6.25%, 02/15/26 (Call 02/15/21)a,b	$	14,773	$	16,184,643
				223,399,678
SHIPBUILDING — 0.08%
Huntington Ingalls Industries Inc.
5.00%, 12/15/21 (Call 12/15/17)b		4,608		4,735,955
5.00%, 11/15/25 (Call 11/15/20)a,b		9,608		10,407,193
				15,143,148
SOFTWARE — 3.04%
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 12/01/17)b		35,915		36,807,265
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)a,b		14,200		14,794,625
5.00%, 10/15/24 (Call 07/15/24)		10,169		10,870,153
Change Healthcare Holdings LLC/Change Healthcare Finance Inc.
5.75%, 03/01/25 (Call 03/01/20)a,b		23,559		24,089,077
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)a,b		42,069		43,751,760
5.38%, 08/15/23 (Call 08/15/18)b		28,092		29,257,380
5.75%, 01/15/24 (Call 01/15/19)a,b		49,769		51,997,307
7.00%, 12/01/23 (Call 12/01/18)a,b		75,426		80,710,851
Infor U.S. Inc.
5.75%, 08/15/20 (Call 11/16/17)a,b		8,740		8,987,080
6.50%, 05/15/22 (Call 05/15/18)a		34,065		35,481,934
MSCI Inc.
4.75%, 08/01/26 (Call 08/01/21)a,b		9,824		10,290,640

Security	Principal (000s)		Value
5.25%, 11/15/24 (Call 11/15/19)a,b	$	15,912	$	16,863,073
5.75%, 08/15/25 (Call 08/15/20)b		17,122		18,513,162
Nuance Communications Inc.
5.38%, 08/15/20 (Call 12/01/17)a,b		7,738		7,871,481
5.63%, 12/15/26 (Call 12/15/21)b		11,325		12,032,813
Open Text Corp.
5.63%, 01/15/23 (Call 01/15/18)a,b		18,236		19,066,303
5.88%, 06/01/26 (Call 06/01/21)a,b		18,610		20,168,587
Quintiles IMS Inc.
4.88%, 05/15/23 (Call 05/15/18)b		15,971		16,669,731
5.00%, 10/15/26 (Call 10/15/21)a,b		21,371		22,706,687
Rackspace Hosting Inc.
8.63%, 11/15/24 (Call 11/15/19)a,b		27,261		28,709,377
Solera LLC/Solera Finance Inc.
10.50%, 03/01/24 (Call 03/01/19)b		46,794		53,233,561
Veritas U.S. Inc./Veritas Bermuda Ltd.
7.50%, 02/01/23 (Call 02/01/19)a,b		10,100		10,737,714
10.50%, 02/01/24 (Call 02/01/19)a,b		17,771		18,978,872
				592,589,433
STORAGE & WAREHOUSING — 0.08%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 12/01/17)a,b		2,260		2,214,800
10.75%, 10/15/19 (Call 12/01/17)a,b		15,100		12,382,000
				14,596,800
TELECOMMUNICATIONS — 9.77%
Anixter Inc.
5.13%, 10/01/21		7,195		7,689,656

SCHEDULES OF INVESTMENTS 69

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
C&W Senior Financing Designated Activity Co.
6.88%, 09/15/27 (Call 09/15/22)b	$	15,067	$	15,728,378
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)a		10,646		10,332,669
5.80%, 03/15/22a		30,126		30,615,547
6.45%, 06/15/21a		26,152		27,459,600
Series V
5.63%, 04/01/20		20,672		21,542,610
Series W
6.75%, 12/01/23a		16,161		16,778,654
Series Y
7.50%, 04/01/24 (Call 01/01/24)a		22,279		23,643,829
CommScope Inc.
5.00%, 06/15/21 (Call 12/01/17)b		13,907		14,215,895
5.50%, 06/15/24 (Call 06/15/19)b		14,237		14,850,286
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)a,b		17,385		16,954,043
6.00%, 06/15/25 (Call 06/15/20)a,b		33,145		35,050,837
Frontier Communications Corp.
6.25%, 09/15/21 (Call 06/15/21)a		15,280		12,519,488
6.88%, 01/15/25 (Call 10/15/24)a		14,648		10,850,329
7.13%, 03/15/19		7,375		7,391,452
7.13%, 01/15/23		16,179		12,389,380
7.63%, 04/15/24a		15,730		12,003,956
8.13%, 10/01/18		9,000		9,166,500
8.50%, 04/15/20		12,371		12,200,899
8.75%, 04/15/22		9,890		8,159,250
8.88%, 09/15/20 (Call 06/15/20)a		6,369		6,202,578
9.25%, 07/01/21		9,885		8,802,652
10.50%, 09/15/22 (Call 06/15/22)a		47,671		41,671,090
11.00%, 09/15/25 (Call 06/15/25)a		77,351		65,458,284

Security	Principal (000s)		Value
Hughes Satellite Systems Corp.
5.25%, 08/01/26a	$	15,722	$	16,057,350
6.50%, 06/15/19		16,937		17,912,802
6.63%, 08/01/26a		17,634		18,647,955
7.63%, 06/15/21		20,306		22,793,485
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 12/01/17)a,b		20,678		21,095,696
6.50%, 10/01/24 (Call 10/01/19)a,b		7,525		8,127,000
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)		44,549		37,810,964
7.25%, 10/15/20 (Call 12/01/17)		47,850		45,932,411
7.50%, 04/01/21 (Call 12/01/17)		26,943		25,595,850
8.00%, 02/15/24 (Call 02/15/19)b		31,178		33,147,040
9.50%, 09/30/22b		11,622		13,638,165
9.75%, 07/15/25 (Call 07/15/21)a,b		33,082		33,288,762
Intelsat Luxembourg SA
7.75%, 06/01/21 (Call 12/01/17)		32,825		20,741,297
8.13%, 06/01/23 (Call 06/01/18)		19,210		11,704,246
Koninklijke KPN NV
VRN, (10 year USD Swap + 5.330%)
7.00%, 03/28/73 (Call 03/28/23)a,b,d		12,635		14,362,415
Level 3 Communications Inc.
5.75%, 12/01/22 (Call 12/01/17)		12,907		13,283,884
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/01/18)		14,804		15,142,641
5.25%, 03/15/26 (Call 03/15/21)a		17,059		17,595,226
5.38%, 08/15/22 (Call 12/01/17)a		21,252		21,895,511
5.38%, 01/15/24 (Call 01/15/19)a		19,825		20,518,875

70 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.38%, 05/01/25 (Call 05/01/20)a	$	16,987	$	17,683,183
5.63%, 02/01/23 (Call 02/01/18)a		9,856		10,164,633
6.13%, 01/15/21 (Call 12/01/17)		11,176		11,400,861
Nokia OYJ
3.38%, 06/12/22		8,775		8,731,125
4.38%, 06/12/27a		12,475		12,506,187
5.38%, 05/15/19		5,108		5,317,269
SoftBank Group Corp.
4.50%, 04/15/20b		55,937		57,644,080
Sprint Communications Inc.
6.00%, 11/15/22		48,982		51,431,100
7.00%, 03/01/20 a,b		21,728		23,574,880
7.00%, 08/15/20		33,517		36,118,935
9.00%, 11/15/18b		42,678		45,238,680
11.50%, 11/15/21		21,227		26,433,512
Sprint Corp.
7.13%, 06/15/24a		52,640		56,917,000
7.25%, 09/15/21a		47,053		51,205,634
7.63%, 02/15/25 (Call 11/15/24)a		31,547		34,752,399
7.88%, 09/15/23a		90,848		101,522,640
T-Mobile USA Inc.
4.00%, 04/15/22 (Call 03/16/22)		6,660		6,885,768
5.13%, 04/15/25 (Call 04/15/20)		10,300		10,776,375
5.38%, 04/15/27 (Call 04/15/22)a		11,263		12,140,235
6.00%, 03/01/23 (Call 09/01/18)a		29,050		30,580,499
6.00%, 04/15/24 (Call 04/15/19)		21,531		23,038,170
6.13%, 01/15/22 (Call 01/15/18)a		17,879		18,561,127
6.38%, 03/01/25 (Call 09/01/19)a		38,293		41,290,687
6.50%, 01/15/24 (Call 01/15/19)a		24,961		26,645,867
6.50%, 01/15/26 (Call 01/15/21)a		46,246		51,155,882

Security	Principal (000s)		Value
6.63%, 04/01/23 (Call 04/01/18)a	$	31,844	$	33,356,590
6.84%, 04/28/23 (Call 04/28/18)		10,963		11,555,999
Telecom Italia Capital SA
7.18%, 06/18/19a		14,103		15,175,504
Telecom Italia SpA/Milano
5.30%, 05/30/24 a,b		33,191		35,703,745
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22a		3,090		3,111,713
West Corp.
4.75%, 07/15/21 (Call 07/15/18)b		6,865		6,976,556
Wind Acquisition Finance SA
4.75%, 07/15/20 (Call 11/03/17)a,b		41,610		42,105,159
6.50%, 04/30/20 (Call 12/01/17)a,b		9,307		9,615,527
7.38%, 04/23/21 (Call 12/01/17)b		55,101		57,238,919
Wind Tre SpA
5.00%, 01/20/26 (Call 11/03/20)b		1,085		1,092,039
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)a		12,983		9,473,533
7.50%, 06/01/22 (Call 12/01/17)a		9,729		7,264,320
7.50%, 04/01/23 (Call 12/01/17)		423		314,078
7.75%, 10/15/20 (Call 12/01/17)a		14,500		13,031,875
7.75%, 10/01/21 (Call 12/01/17)a		16,545		12,489,622
				1,901,191,344
TRANSPORTATION — 0.31%
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 12/04/17)b		13,913		11,391,269

SCHEDULES OF INVESTMENTS 71

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Security	Principal or Shares (000s)		Value
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/19)a,b	$	11,974	$	12,587,734
6.50%, 06/15/22 (Call 06/15/18)b		34,427		36,095,656
				60,074,659
TRUCKING & LEASING — 0.46%
Park Aerospace Holdings Ltd.
4.50%, 03/15/23 (Call 02/15/23)a,b		20,390		20,401,934
5.25%, 08/15/22a,b		39,535		41,116,400
5.50%, 02/15/24a,b		26,845		27,885,244
				89,403,578
TOTAL CORPORATE BONDS & NOTES
(Cost: $19,326,024,340)				19,100,174,096
SHORT-TERM INVESTMENTS — 23.57%
MONEY MARKET FUNDS — 23.57%
BlackRock Cash Funds: Institutional,
SL Agency Shares 1.31%f,g,h		4,379,715		4,380,590,675
BlackRock Cash Funds: Treasury,
SL Agency Shares 1.00%f,g		206,282		206,282,336
				4,586,873,011
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,586,134,226)				4,586,873,011

	Value
TOTAL INVESTMENTS IN SECURITIES — 121.71%
(Cost: $23,912,158,566)i	$	23,687,047,107
Other Assets, Less Liabilities — (21.71)%		(4,225,420,311	)
NET ASSETS — 100.00%	$	19,461,626,796

VRN  —  Variable Rate Note

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

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

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

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

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

^f  Affiliated issuer.

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

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

ⁱ  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $23,912,158,566. Net unrealized depreciation was $225,111,459, of which $188,856,403 represented gross unrealized appreciation on investments and $413,967,862 represented gross unrealized depreciation on investments.

72 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2017

Schedule 1 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	19,100,174,096	$	—	$	19,100,174,096
Money market funds		4,586,873,011		—		—		4,586,873,011
Total	$	4,586,873,011	$	19,100,174,096	$	—	$	23,687,047,107

SCHEDULES OF INVESTMENTS 73

Schedule of Investments (Unaudited)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.75%
ADVERTISING — 0.16%
Omnicom Group Inc.
3.60%, 04/15/26 (Call 01/15/26)a	$	17,868	$	18,110,229
3.63%, 05/01/22a		13,684		14,268,405
3.65%, 11/01/24 (Call 08/01/24)		8,518		8,764,879
WPP Finance 2010
3.75%, 09/19/24		10,604		10,878,011
4.75%, 11/21/21a		7,735		8,298,274
				60,319,798
AEROSPACE & DEFENSE — 1.52%
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)		11,755		11,700,551
Lockheed Martin Corp.
2.50%, 11/23/20 (Call 10/23/20)a		17,188		17,408,183
2.90%, 03/01/25 (Call 12/01/24)a		2,172		2,171,871
3.35%, 09/15/21a		18,784		19,466,272
3.55%, 01/15/26 (Call 10/15/25)a		28,043		29,129,411
3.80%, 03/01/45 (Call 09/01/44)		14,791		14,602,212
4.07%, 12/15/42		14,654		15,067,464
4.09%, 09/15/52 (Call 03/15/52)		5,099		5,172,069
4.70%, 05/15/46 (Call 11/15/45)		27,295		30,895,366
Northrop Grumman Corp.
2.55%, 10/15/22 (Call 09/15/22)		20,150		20,172,707
2.93%, 01/15/25 (Call 11/15/24)		20,200		20,232,114
3.20%, 02/01/27 (Call 11/01/26)a		7,140		7,203,595
3.25%, 08/01/23		16,008		16,464,010
3.25%, 01/15/28 (Call 10/15/27)		24,875		25,035,817
4.03%, 10/15/47 (Call 04/15/47)		29,685		30,588,597
4.75%, 06/01/43		10,580		11,999,173

Security	Principal (000s)		Value
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)a	$	13,319	$	13,381,086
3.13%, 10/15/20		2,987		3,081,230
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 02/15/22)		15,530		15,702,482
3.20%, 03/15/24 (Call 01/15/24)		18,475		18,813,344
3.50%, 03/15/27 (Call 12/15/26)a		24,815		25,453,875
4.35%, 04/15/47 (Call 10/15/46)		8,625		9,230,136
United Technologies Corp.
1.95%, 11/01/21 (Call 10/01/21)		15,965		15,711,972
2.65%, 11/01/26 (Call 08/01/26)a		15,225		14,743,923
2.80%, 05/04/24 (Call 03/04/24)a		10,435		10,421,134
3.10%, 06/01/22		45,392		46,529,160
3.13%, 05/04/27 (Call 02/04/27)a		18,235		18,260,385
3.75%, 11/01/46 (Call 05/01/46)		22,863		22,261,189
4.15%, 05/15/45 (Call 11/16/44)		14,946		15,509,101
4.50%, 06/01/42a		44,979		48,996,880
5.70%, 04/15/40a		13,491		16,916,571
6.13%, 07/15/38		11,301		14,749,184
				587,071,064
AGRICULTURE — 1.66%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)a		235		226,254
2.85%, 08/09/22a		38,215		38,707,030
3.88%, 09/16/46 (Call 03/16/46)a		25,390		24,772,711
4.00%, 01/31/24a		25,782		27,506,519
4.25%, 08/09/42		17,046		17,610,690
4.75%, 05/05/21a		20,109		21,827,620
5.38%, 01/31/44a		23,814		28,619,782
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)		3,675		3,510,157

74 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
BAT Capital Corp.
2.76%, 08/15/22 (Call 07/15/22)b	$	31,836	$	31,833,001
3.22%, 08/15/24 (Call 06/15/24)a,b		28,606		28,693,506
3.56%, 08/15/27 (Call 05/15/27)a,b		44,949		45,057,125
4.39%, 08/15/37 (Call 02/15/37)a,b		31,296		32,383,489
4.54%, 08/15/47 (Call 02/15/47)b		32,662		33,565,486
Philip Morris International Inc.
1.88%, 02/25/21 (Call 01/25/21)a		7,588		7,490,596
2.38%, 08/17/22 (Call 07/17/22)		22,008		21,838,699
2.50%, 08/22/22		11,022		10,992,133
2.75%, 02/25/26 (Call 11/25/25)a		10,140		9,947,780
2.90%, 11/15/21		13,593		13,843,514
3.25%, 11/10/24		9,276		9,449,894
3.38%, 08/11/25 (Call 05/11/25)a		13,310		13,631,251
3.88%, 08/21/42a		9,861		9,723,057
4.13%, 03/04/43		16,803		17,160,119
4.25%, 11/10/44a		21,935		22,978,737
4.38%, 11/15/41		13,136		13,902,030
4.88%, 11/15/43a		7,072		8,011,445
6.38%, 05/16/38		17,420		23,240,963
Reynolds American Inc.
4.00%, 06/12/22		15,479		16,310,273
4.45%, 06/12/25 (Call 03/12/25)		53,689		57,731,664
5.70%, 08/15/35 (Call 02/15/35)		11,480		13,546,943
5.85%, 08/15/45 (Call 02/15/45)		31,370		38,408,860
				642,521,328
APPAREL — 0.09%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)a		24,500		23,296,842

Security	Principal (000s)		Value
3.88%, 11/01/45 (Call 05/01/45)	$	10,199	$	10,393,811
				33,690,653
AUTO MANUFACTURERS — 2.22%
American Honda Finance Corp.
1.70%, 09/09/21a		17,010		16,657,238
Daimler Finance North America LLC
8.50%, 01/18/31		23,023		34,534,514
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)a		25,765		26,810,855
4.75%, 01/15/43a		32,643		32,260,564
5.29%, 12/08/46 (Call 06/08/46)a		27,200		28,825,029
7.45%, 07/16/31		18,324		23,826,382
Ford Motor Credit Co. LLC
3.82%, 11/02/27		5,000		4,985,350
Ford Motor Credit Co. LLC
3.10%, 05/04/23a		8,105		8,082,467
3.20%, 01/15/21a		12,160		12,427,426
3.22%, 01/09/22		11,670		11,859,255
3.34%, 03/18/21a		22,862		23,423,838
3.34%, 03/28/22 (Call 02/28/22)		2,720		2,774,413
3.66%, 09/08/24a		13,637		13,823,877
3.81%, 01/09/24 (Call 11/09/23)a		16,175		16,566,319
4.13%, 08/04/25a		15,633		16,113,688
4.25%, 09/20/22a		9,135		9,653,541
4.38%, 08/06/23a		10,351		10,973,319
4.39%, 01/08/26a		21,840		22,847,176
5.75%, 02/01/21		17,385		19,106,162
5.88%, 08/02/21a		35,278		39,272,863
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)		550		559,552
4.88%, 10/02/23a		21,450		23,383,801
5.00%, 04/01/35a		10,662		11,022,130
5.15%, 04/01/38 (Call 10/01/37)		5,000		5,210,261
5.20%, 04/01/45a		17,583		18,004,357

SCHEDULES OF INVESTMENTS 75

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.40%, 04/01/48 (Call 10/01/47)	$	5,000	$	5,293,575
6.25%, 10/02/43a		25,365		29,303,974
6.60%, 04/01/36 (Call 10/01/35)		18,895		22,576,899
6.75%, 04/01/46 (Call 10/01/45)a		9,605		11,744,324
General Motors Financial Co. Inc.
3.15%, 06/30/22 (Call 05/30/22)a		19,230		19,430,607
3.20%, 07/13/20 (Call 06/13/20)a		3,535		3,613,004
3.20%, 07/06/21 (Call 06/06/21)a		31,248		31,855,027
3.45%, 01/14/22 (Call 12/14/21)a		19,730		20,207,908
3.45%, 04/10/22 (Call 02/10/22)a		17,919		18,312,353
3.70%, 11/24/20 (Call 10/24/20)a		15,660		16,233,264
3.70%, 05/09/23 (Call 03/09/23)a		20,987		21,510,399
3.95%, 04/13/24 (Call 02/13/24)a		18,975		19,569,413
4.00%, 01/15/25 (Call 10/15/24)a		15,874		16,260,976
4.00%, 10/06/26 (Call 07/06/26)a		7,860		7,935,777
4.20%, 03/01/21 (Call 02/01/21)a		21,658		22,740,521
4.30%, 07/13/25 (Call 04/13/25)a		11,339		11,754,141
4.35%, 01/17/27 (Call 10/17/26)		23,125		23,790,184
4.38%, 09/25/21a		20,072		21,311,067
5.25%, 03/01/26 (Call 12/01/25)		17,764		19,425,380
Toyota Motor Credit Corp.
1.90%, 04/08/21a		14,131		14,008,134
2.15%, 09/08/22		2,050		2,028,422
2.60%, 01/11/22		30,146		30,510,740
3.20%, 01/11/27		11,160		11,361,714

Security	Principal (000s)		Value
3.30%, 01/12/22	$	13,597	$	14,123,616
3.40%, 09/15/21a		9,852		10,258,325
				858,164,121
BANKS — 27.08%
Australia & New Zealand Banking Group Ltd./New York NY
2.30%, 06/01/21a		15,800		15,730,706
2.55%, 11/23/21		7,115		7,127,563
2.63%, 05/19/22a		650		651,181
2.70%, 11/16/20		12,075		12,233,391
3.70%, 11/16/25a		10,795		11,377,206
Banco Santander SA
3.50%, 04/11/22a		25,970		26,547,913
4.25%, 04/11/27a		32,155		33,326,883
Bank of America Corp.
2.15%, 11/09/20 (Call 11/09/19)		6,209		6,179,977
2.33%, 10/01/21 (Call 10/01/20)		6,030		6,014,051
2.50%, 10/21/22 (Call 10/21/21)		31,599		31,214,140
2.63%, 10/19/20a		23,225		23,429,698
2.63%, 04/19/21		37,185		37,397,010
3.09%, 10/01/25 (Call 10/01/24)		4,675		4,653,947
3.25%, 10/21/27 (Call 10/21/26)a		44,155		43,425,405
3.30%, 01/11/23		62,135		63,590,643
3.50%, 04/19/26a		37,345		37,930,338
3.88%, 08/01/25a		47,477		49,760,615
4.00%, 04/01/24		47,679		50,448,573
4.00%, 01/22/25a		34,910		36,140,525
4.10%, 07/24/23		29,456		31,284,726
4.13%, 01/22/24a		32,483		34,575,318
4.18%, 11/25/27 (Call 11/25/26)a		32,856		34,253,540
4.20%, 08/26/24a		37,196		39,216,955
4.25%, 10/22/26		31,623		33,190,296
4.45%, 03/03/26a		28,748		30,557,819
4.88%, 04/01/44a		18,797		21,619,005
5.00%, 05/13/21		35,430		38,423,987
5.00%, 01/21/44a		25,544		29,693,005

76 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.63%, 07/01/20a	$	13,830	$	15,000,252
5.70%, 01/24/22		32,297		36,230,229
5.88%, 01/05/21a		17,695		19,547,182
5.88%, 02/07/42a		15,930		20,461,304
6.11%, 01/29/37a		28,649		35,879,715
7.75%, 05/14/38		21,180		31,323,805
VRN, (3 mo. LIBOR US + 0.930%)
2.82%, 07/21/23 (Call 07/21/22)c		25,485		25,473,009
VRN, (3 mo. LIBOR US + 1.021%)
2.88%, 04/24/23 (Call 04/24/22)a,c		16,495		16,555,105
VRN, (3 mo. LIBOR US + 1.160%)
3.12%, 01/20/23 (Call 01/20/22)a,c		11,985		12,164,323
VRN, (3 mo. LIBOR US + 1.370%)
3.59%, 07/21/28 (Call 07/21/27)c		24,300		24,516,686
VRN, (3 mo. LIBOR US + 1.512%)
3.71%, 04/24/28 (Call 04/24/27)c		24,105		24,581,590
VRN, (3 mo. LIBOR US + 1.575%)
3.82%, 01/20/28 (Call 01/20/27)a,c		18,345		18,911,310
VRN, (3 mo. LIBOR US + 1.814%)
4.24%, 04/24/38 (Call 04/24/37)c		19,625		20,782,231
VRN, (3 mo. LIBOR US + 1.990%)
4.44%, 01/20/48 (Call 01/20/47)c		33,070		35,876,915
Series L
3.95%, 04/21/25		29,624		30,530,631
Bank of America N.A.
6.00%, 10/15/36		18,295		23,411,910

Security	Principal (000s)		Value
Bank of Montreal
1.90%, 08/27/21	$	25,091	$	24,676,720
2.35%, 09/11/22		15,348		15,201,706
2.55%, 11/06/22 (Call 10/06/22)a		15,223		15,202,925
Bank of New York Mellon Corp. (The)
2.05%, 05/03/21 (Call 04/03/21)a		12,223		12,154,981
2.20%, 08/16/23 (Call 06/16/23)		16,975		16,549,746
2.45%, 11/27/20 (Call 10/27/20)		11,440		11,546,193
2.45%, 08/17/26 (Call 05/17/26)a		14,070		13,403,984
2.50%, 04/15/21 (Call 03/15/21)		13,920		14,043,181
2.60%, 02/07/22 (Call 01/07/22)a		19,870		19,988,487
2.80%, 05/04/26 (Call 02/04/26)a		11,353		11,140,020
3.00%, 02/24/25 (Call 01/24/25)a		8,295		8,344,821
3.25%, 05/16/27 (Call 02/16/27)a		13,305		13,432,406
3.30%, 08/23/29 (Call 05/23/29)		9,836		9,788,129
3.55%, 09/23/21 (Call 08/23/21)a		14,862		15,516,356
3.65%, 02/04/24 (Call 01/05/24)a		16,944		17,823,600
VRN, (3 mo. LIBOR US + 0.634%)
2.66%, 05/16/23 (Call 05/16/22)c		250		250,590
VRN, (3 mo. LIBOR US + 1.069%)
3.44%, 02/07/28 (Call 02/07/27)c		765		783,605
Bank of Nova Scotia (The)
2.45%, 03/22/21		18,850		18,936,774
2.45%, 09/19/22		18,830		18,714,986
2.70%, 03/07/22a		33,764		33,993,707

SCHEDULES OF INVESTMENTS 77

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
2.80%, 07/21/21a	$	11,046	$	11,208,850
4.38%, 01/13/21a		4,599		4,898,588
4.50%, 12/16/25a		17,425		18,349,171
Barclays PLC
3.20%, 08/10/21a		11,975		12,131,414
3.25%, 01/12/21a		20,160		20,489,890
3.65%, 03/16/25a		26,723		26,830,108
3.68%, 01/10/23 (Call 01/10/22)a		34,035		34,748,779
4.34%, 01/10/28 (Call 01/10/27)		19,650		20,424,078
4.38%, 09/11/24		24,905		25,621,903
4.38%, 01/12/26a		41,955		43,936,627
4.84%, 05/09/28 (Call 05/07/27)a		28,200		29,467,390
4.95%, 01/10/47a		20,885		22,933,369
5.20%, 05/12/26		38,315		41,071,488
5.25%, 08/17/45a		13,729		15,693,201
BB&T Corp.
2.05%, 05/10/21 (Call 04/09/21)a		17,373		17,247,664
2.75%, 04/01/22 (Call 03/01/22)		15,960		16,166,443
2.85%, 10/26/24 (Call 09/26/24)		5,000		4,988,840
BNP Paribas SA
4.25%, 10/15/24a		11,990		12,607,707
5.00%, 01/15/21a		37,283		40,378,947
BNP Paribas/BNP Paribas U.S. Medium-Term Note Program LLC
3.25%, 03/03/23		17,373		17,850,968
BPCE SA
2.65%, 02/03/21a		8,920		9,003,184
2.75%, 12/02/21a		19,995		20,234,298
4.00%, 04/15/24a		23,315		24,731,274
Branch Banking & Trust Co.
2.63%, 01/15/22 (Call 12/15/21)a		14,355		14,510,317
3.63%, 09/16/25 (Call 08/16/25)a		16,395		17,037,979
3.80%, 10/30/26 (Call 09/30/26)a		13,180		13,847,064

Security	Principal (000s)		Value
Canadian Imperial Bank of Commerce
2.55%, 06/16/22	$	954	$	953,984
Capital One Financial Corp.
3.05%, 03/09/22 (Call 02/09/22)a		8,651		8,774,086
3.20%, 02/05/25 (Call 01/05/25)a		13,141		13,087,148
3.50%, 06/15/23a		13,891		14,259,691
3.75%, 04/24/24 (Call 03/24/24)		12,040		12,453,106
3.75%, 07/28/26 (Call 06/28/26)a		32,389		32,177,114
3.75%, 03/09/27 (Call 02/09/27)a		25,845		26,128,721
4.20%, 10/29/25 (Call 09/29/25)a		33,557		34,515,968
4.75%, 07/15/21		16,361		17,606,605
Capital One N.A./Mclean VA
2.25%, 09/13/21 (Call 08/13/21)a		11,485		11,320,133
2.65%, 08/08/22 (Call 07/08/22)		1,500		1,491,057
2.95%, 07/23/21 (Call 06/23/21)a		19,565		19,795,204
Citigroup Inc.
1.00%, 10/27/28 (Call 10/27/27)		8,000		7,970,712
2.35%, 08/02/21a		23,667		23,524,184
2.65%, 10/26/20		21,080		21,258,398
2.70%, 03/30/21		32,200		32,459,390
2.70%, 10/27/22 (Call 09/27/22)		5,000		4,973,829
2.75%, 04/25/22 (Call 03/25/22)a		38,131		38,186,507
2.90%, 12/08/21 (Call 11/08/21)		25,290		25,553,385
3.20%, 10/21/26 (Call 07/21/26)a		46,104		45,545,210
3.30%, 04/27/25a		25,062		25,335,662
3.40%, 05/01/26a		25,273		25,417,685
3.50%, 05/15/23		21,304		21,701,509
3.70%, 01/12/26		31,790		32,713,636

78 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.75%, 06/16/24a	$	676	$	703,510
3.88%, 10/25/23a		12,109		12,667,741
3.88%, 03/26/25		11,654		11,937,170
4.00%, 08/05/24a		13,868		14,418,261
4.05%, 07/30/22		13,811		14,459,914
4.13%, 07/25/28a		27,620		28,442,156
4.30%, 11/20/26		23,413		24,465,796
4.40%, 06/10/25		24,719		26,133,374
4.45%, 09/29/27a		58,852		62,061,202
4.50%, 01/14/22		35,339		37,803,620
4.60%, 03/09/26		31,760		33,823,482
4.65%, 07/30/45a		12,800		14,179,416
4.75%, 05/18/46		40,161		43,618,280
5.30%, 05/06/44		19,690		22,987,890
5.50%, 09/13/25a		20,544		23,234,142
5.88%, 01/30/42a		14,760		18,894,387
6.63%, 06/15/32		13,475		17,226,098
6.68%, 09/13/43a		15,998		21,834,762
8.13%, 07/15/39		24,768		38,914,882
VRN, (3 mo. LIBOR US + 0.950%)
2.88%, 07/24/23 (Call 07/24/22)c		12,635		12,616,495
VRN, (3 mo. LIBOR US + 1.390%)
3.67%, 07/24/28 (Call 07/24/27)c		10,345		10,445,285
VRN, (3 mo. LIBOR US + 1.563%)
3.89%, 01/10/28 (Call 01/10/27)c		13,791		14,192,823
VRN, (3 mo. LIBOR US + 1.839%)
4.28%, 04/24/48 (Call 04/24/47)a,c		13,760		14,447,422
Citizens Bank N.A./Providence RI
2.55%, 05/13/21 (Call 04/13/21)		21,675		21,769,601
Citizens Financial Group Inc.
4.30%, 12/03/25 (Call 11/03/25)a		9,958		10,407,756

Security	Principal (000s)		Value
Commonwealth Bank of Australia/New York NY
2.40%, 11/02/20a	$	15,320	$	15,426,207
2.55%, 03/15/21		2,195		2,207,379
Cooperatieve Rabobank UA
3.75%, 07/21/26a		16,815		17,077,982
3.88%, 02/08/22a		45,025		47,667,630
3.95%, 11/09/22a		16,610		17,492,652
4.38%, 08/04/25a		19,874		21,029,035
4.50%, 01/11/21		18,160		19,401,478
4.63%, 12/01/23a		24,794		26,868,784
5.25%, 05/24/41a		25,208		31,148,278
5.25%, 08/04/45a		18,166		21,670,518
5.75%, 12/01/43a		17,903		22,662,038
Cooperatieve Rabobank UA/NY
2.50%, 01/19/21a		33,450		33,739,761
2.75%, 01/10/22a		8,660		8,783,386
3.38%, 05/21/25a		15,372		15,791,842
Credit Suisse AG/New York NY
3.00%, 10/29/21		31,030		31,710,593
3.63%, 09/09/24a		47,345		49,261,256
Credit Suisse Group Funding Guernsey Ltd.
3.13%, 12/10/20a		23,815		24,251,267
3.13%, 12/10/20b		1,000		1,018,670
3.45%, 04/16/21a		18,157		18,658,807
3.75%, 03/26/25a		33,910		34,791,931
3.80%, 09/15/22a		27,658		28,740,861
3.80%, 06/09/23a		31,650		32,835,761
4.55%, 04/17/26a		34,985		37,553,868
4.88%, 05/15/45a		24,365		27,354,785
Deutsche Bank AG
3.13%, 01/13/21		8,330		8,412,341
3.38%, 05/12/21a		28,720		29,202,298
4.10%, 01/13/26		810		832,098
4.25%, 10/14/21a		18,500		19,357,806
Deutsche Bank AG/London
3.70%, 05/30/24a		33,538		33,962,303
Discover Bank
3.20%, 08/09/21 (Call 07/09/21)		16,769		17,103,194
3.45%, 07/27/26 (Call 04/27/26)a		22,235		21,888,763

SCHEDULES OF INVESTMENTS 79

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.20%, 08/08/23a	$	15,775	$	16,762,515
Fifth Third Bancorp.
2.88%, 07/27/20 (Call 06/27/20)a		14,553		14,818,148
4.30%, 01/16/24 (Call 12/16/23)		9,260		9,845,553
8.25%, 03/01/38a		14,390		21,731,935
Fifth Third Bank/Cincinnati OH
2.25%, 06/14/21 (Call 05/14/21)a		10,635		10,610,829
2.88%, 10/01/21 (Call 09/01/21)a		12,645		12,872,485
3.85%, 03/15/26 (Call 02/15/26)a		11,710		12,083,054
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)a		36,430		36,041,580
2.60%, 12/27/20 (Call 12/27/19)		9,435		9,510,903
2.63%, 04/25/21 (Call 03/25/21)		22,894		22,972,165
2.75%, 09/15/20 (Call 08/15/20)a		16,539		16,723,034
2.88%, 02/25/21 (Call 01/25/21)a		19,020		19,254,309
2.88%, 10/31/22 (Call 10/31/21)c		40,000		39,993,604
3.00%, 04/26/22 (Call 04/26/21)a		49,865		50,430,694
3.27%, 09/29/25 (Call 09/29/24)		25,000		24,907,495
3.50%, 01/23/25 (Call 10/23/24)		41,800		42,443,891
3.50%, 11/16/26 (Call 11/16/25)a		43,759		43,765,883
3.63%, 01/22/23a		26,408		27,286,103
3.75%, 05/22/25 (Call 02/22/25)a		40,638		41,805,083
3.75%, 02/25/26 (Call 11/25/25)a		26,895		27,544,261
3.85%, 07/08/24 (Call 04/08/24)a		29,263		30,472,814

Security	Principal (000s)		Value
3.85%, 01/26/27 (Call 01/26/26)a	$	43,877	$	44,964,764
4.00%, 03/03/24a		42,329		44,549,596
4.02%, 10/31/38 (Call 10/31/37)		25,000		25,246,905
4.25%, 10/21/25a		24,768		25,832,182
4.75%, 10/21/45 (Call 04/21/45)a		23,865		26,607,296
4.80%, 07/08/44 (Call 01/08/44)		29,326		32,808,014
5.15%, 05/22/45a		30,232		34,482,616
5.25%, 07/27/21		38,291		41,927,952
5.75%, 01/24/22		53,782		60,163,815
5.95%, 01/15/27		9,425		11,036,552
6.13%, 02/15/33		37,764		47,243,183
6.25%, 02/01/41a		38,570		51,147,588
6.45%, 05/01/36		1,962		2,505,602
6.75%, 10/01/37		85,302		112,791,909
VRN, (3 mo. LIBOR US + 0.990%)
2.91%, 07/24/23 (Call 07/24/22)c		15,130		15,085,695
VRN, (3 mo. LIBOR US + 1.053%)
2.91%, 06/05/23 (Call 06/05/22)c		4,425		4,421,496
VRN, (3 mo. LIBOR US + 1.510%)
3.69%, 06/05/28 (Call 06/05/27)a,c		26,690		26,950,583
HSBC Bank USA N.A.
4.88%, 08/24/20		13,960		14,950,962
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35a		11,538		14,093,876
5.88%, 11/01/34		14,170		17,670,075
HSBC Holdings PLC
2.65%, 01/05/22		35,852		35,867,298
2.95%, 05/25/21		40,670		41,344,760
3.40%, 03/08/21a		41,075		42,346,526
3.60%, 05/25/23a		25,530		26,565,778
3.90%, 05/25/26a		36,203		37,826,263
4.00%, 03/30/22a		26,325		27,789,268

80 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.25%, 03/14/24a	$	18,119	$	18,993,905
4.25%, 08/18/25		22,660		23,624,317
4.30%, 03/08/26		48,524		52,041,107
4.38%, 11/23/26a		23,760		24,926,186
4.88%, 01/14/22a		6,702		7,296,650
5.10%, 04/05/21a		32,107		34,871,743
5.25%, 03/14/44a		26,644		31,081,148
6.10%, 01/14/42		12,208		16,436,487
6.50%, 05/02/36a		34,989		45,509,961
6.50%, 09/15/37		38,044		49,875,802
6.80%, 06/01/38a		31,923		43,443,621
VRN, (3 mo. LIBOR US + 1.055%)
3.26%, 03/13/23 (Call 03/13/22)c		750		767,186
VRN, (3 mo. LIBOR US + 1.546%)
4.04%, 03/13/28 (Call 03/13/27)c		2,495		2,610,271
HSBC USA Inc.
3.50%, 06/23/24		9,435		9,730,486
Huntington Bancshares Inc./OH
2.30%, 01/14/22 (Call 12/14/21)a		5,676		5,603,656
3.15%, 03/14/21 (Call 02/14/21)a		23,408		23,951,405
ING Groep NV
3.15%, 03/29/22		26,619		27,127,878
3.95%, 03/29/27a		22,850		23,954,832
Intesa Sanpaolo SpA
5.25%, 01/12/24a		14,632		16,112,056
JPMorgan Chase & Co.
2.30%, 08/15/21 (Call 08/15/20)a		45,041		44,838,550
2.40%, 06/07/21 (Call 05/07/21)a		18,361		18,370,083
2.55%, 03/01/21 (Call 02/01/21)a		33,933		34,212,333
2.70%, 05/18/23 (Call 03/18/23)a		28,551		28,443,931
2.95%, 10/01/26 (Call 07/01/26)a		47,800		46,758,371

Security	Principal (000s)		Value
2.97%, 01/15/23 (Call 01/15/22)a	$	22,820	$	23,088,386
3.13%, 01/23/25 (Call 10/23/24)a		34,807		35,004,540
3.20%, 01/25/23a		43,198		44,178,854
3.20%, 06/15/26 (Call 03/15/26)a		22,230		22,212,576
3.25%, 09/23/22a		42,839		44,036,988
3.30%, 04/01/26 (Call 01/01/26)a		42,440		42,706,447
3.38%, 05/01/23a		26,948		27,576,077
3.63%, 05/13/24a		35,819		37,324,451
3.63%, 12/01/27 (Call 12/01/26)a		20,702		20,805,974
3.88%, 02/01/24a		18,854		19,929,321
3.88%, 09/10/24a		42,575		44,416,756
3.90%, 07/15/25 (Call 04/15/25)a		46,014		48,434,042
4.13%, 12/15/26a		26,195		27,416,871
4.25%, 10/15/20		29,260		30,927,820
4.25%, 10/01/27a		23,160		24,470,682
4.35%, 08/15/21		41,240		44,038,666
4.50%, 01/24/22a		51,126		55,111,144
4.63%, 05/10/21		23,792		25,574,035
4.85%, 02/01/44a		19,205		22,149,922
4.95%, 06/01/45a		21,563		24,483,499
5.40%, 01/06/42a		19,331		23,735,570
5.50%, 10/15/40		21,741		26,859,808
5.60%, 07/15/41		24,586		30,840,639
5.63%, 08/16/43		12,660		15,524,887
6.40%, 05/15/38		30,578		41,207,494
VRN, (3 mo. LIBOR US + 0.935%)
2.78%, 04/25/23 (Call 04/25/22)c		16,430		16,482,330
VRN, (3 mo. LIBOR US + 1.155%)
3.22%, 03/01/25 (Call 03/01/24)a,c		18,468		18,662,791
VRN, (3 mo. LIBOR US + 1.337%)
3.78%, 02/01/28 (Call 02/01/27)a,c		22,267		22,929,713

SCHEDULES OF INVESTMENTS 81

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
VRN, (3 mo. LIBOR US + 1.360%)
3.88%, 07/24/38 (Call 07/24/37)c	$	32,509	$	32,797,956
VRN, (3 mo. LIBOR US + 1.380%)
3.54%, 05/01/28 (Call 05/01/27)a,c		15,310		15,482,238
VRN, (3 mo. LIBOR US + 1.460%)
4.03%, 07/24/48 (Call 07/24/47)a,c		22,524		22,926,004
VRN, (3 mo. LIBOR US + 1.580%)
4.26%, 02/22/48 (Call 02/22/47)c		18,800		19,880,060
KeyBank N.A./Cleveland OH
3.30%, 06/01/25a		3,875		3,942,528
KeyCorp 2.90%, 09/15/20		11,855		12,071,963
5.10%, 03/24/21		12,345		13,410,374
Lloyds Bank PLC
6.38%, 01/21/21a		8,616		9,653,953
Lloyds Banking Group PLC
3.00%, 01/11/22		17,445		17,660,134
3.10%, 07/06/21		16,265		16,574,253
3.75%, 01/11/27a		17,795		18,130,101
4.50%, 11/04/24a		19,925		21,009,181
4.58%, 12/10/25a		17,721		18,672,304
4.65%, 03/24/26a		22,198		23,513,112
5.30%, 12/01/45a		10,700		12,609,778
Manufacturers & Traders Trust Co.
2.90%, 02/06/25 (Call 01/06/25)		1,155		1,146,348
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21a		17,630		17,397,284
2.67%, 07/25/22		33,050		32,953,064
2.76%, 09/13/26a		11,330		10,883,980
2.95%, 03/01/21a		43,305		43,997,651
3.00%, 02/22/22a		4,310		4,368,929
3.29%, 07/25/27		22,465		22,382,118
3.68%, 02/22/27a		18,710		19,263,174
3.85%, 03/01/26		36,625		38,190,506

Security	Principal (000s)		Value
Mizuho Financial Group Inc.
2.27%, 09/13/21	$	15,230	$	15,000,400
2.60%, 09/11/22		15,000		14,857,770
2.84%, 09/13/26a		9,095		8,777,805
2.95%, 02/28/22		19,200		19,389,421
3.17%, 09/11/27		18,700		18,427,724
Morgan Stanley
2.50%, 04/21/21a		33,706		33,745,729
2.63%, 11/17/21a		41,173		41,191,577
2.75%, 05/19/22a		37,945		38,008,338
3.13%, 07/27/26a		36,034		35,482,907
3.63%, 01/20/27a		43,975		44,748,081
3.70%, 10/23/24a		36,190		37,570,656
3.75%, 02/25/23		37,094		38,747,187
3.88%, 01/27/26a		48,013		49,998,827
3.95%, 04/23/27a		26,908		27,354,509
4.00%, 07/23/25a		49,340		51,920,097
4.10%, 05/22/23		25,814		27,078,403
4.30%, 01/27/45a		30,093		31,649,452
4.35%, 09/08/26		42,125		44,144,068
4.38%, 01/22/47a		46,114		49,238,984
4.88%, 11/01/22		27,063		29,342,987
5.00%, 11/24/25		27,304		29,817,082
5.50%, 07/28/21		40,093		44,294,482
5.75%, 01/25/21a		33,806		37,309,772
6.38%, 07/24/42		39,364		53,445,341
7.25%, 04/01/32		17,933		24,629,770
VRN, (3 mo. LIBOR US + 1.340%)
3.59%, 07/22/28 (Call 07/22/27)c		27,475		27,659,440
VRN, (3 mo. LIBOR US + 1.455%)
3.97%, 07/22/38 (Call 07/22/37)c		11,420		11,562,568
Series F
3.88%, 04/29/24a		48,421		50,748,428
National Australia Bank Ltd./New York
1.88%, 07/12/21a		13,990		13,675,057
2.50%, 05/22/22		18,480		18,446,769
2.50%, 07/12/26		30,675		29,159,667
2.63%, 01/14/21a		9,500		9,576,994

82 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
2.80%, 01/10/22a	$	8,940	$	9,034,372
3.00%, 01/20/23a		9,379		9,496,157
3.38%, 01/14/26		8,525		8,675,203
Northern Trust Corp.
3.95%, 10/30/25a		24,895		26,420,610
PNC Bank N.A.
2.15%, 04/29/21 (Call 03/30/21)d		14,445		14,372,113
2.45%, 11/05/20 (Call 10/06/20)d		9,291		9,365,378
2.45%, 07/28/22 (Call 06/28/22)a,d		1,125		1,123,518
2.55%, 12/09/21 (Call 11/09/21)d		14,590		14,691,803
2.60%, 07/21/20 (Call 06/21/20)d		7,980		8,079,511
2.63%, 02/17/22 (Call 01/18/22)a,d		18,781		18,934,240
2.70%, 11/01/22 (Call 10/01/22)a,d		10,677		10,726,733
2.95%, 01/30/23 (Call 12/30/22)d		11,303		11,441,231
2.95%, 02/23/25 (Call 01/24/25)a,d		12,760		12,769,021
3.25%, 06/01/25 (Call 05/02/25)d		12,325		12,549,875
3.80%, 07/25/23 (Call 06/25/23)d		10,558		11,102,870
PNC Financial Services Group Inc. (The)
3.15%, 05/19/27 (Call 04/19/27)d		11,135		11,117,771
3.30%, 03/08/22 (Call 02/06/22)a,d		10,714		11,093,946
3.90%, 04/29/24 (Call 03/29/24)d		6,394		6,721,117
4.38%, 08/11/20d		8,694		9,200,681
Regions Financial Corp.
2.75%, 08/14/22 (Call 07/14/22)		400		400,621
Royal Bank of Canada
2.35%, 10/30/20a		18,980		19,080,871
2.50%, 01/19/21		16,958		17,097,792

Security	Principal (000s)		Value
2.75%, 02/01/22a	$	6,200	$	6,291,542
4.65%, 01/27/26a		24,196		26,038,358
Royal Bank of Scotland Group PLC
3.88%, 09/12/23a		50,910		52,138,178
4.80%, 04/05/26a		18,315		19,681,429
Santander Holdings USA Inc.
3.70%, 03/28/22 (Call 02/28/22)b		20,425		20,864,861
4.40%, 07/13/27 (Call 04/13/27)b		12,106		12,464,765
4.50%, 07/17/25 (Call 04/17/25)		20,291		21,185,644
Santander Issuances SAU
5.18%, 11/19/25a		19,370		20,907,651
Santander UK Group Holdings PLC
2.88%, 08/05/21		20,250		20,356,580
3.13%, 01/08/21		11,420		11,626,651
3.57%, 01/10/23 (Call 01/10/22)		31,750		32,610,771
Santander UK PLC
4.00%, 03/13/24		8,653		9,130,546
Skandinaviska Enskilda Banken AB
1.88%, 09/13/21a		15,480		15,167,086
2.63%, 03/15/21a		15,072		15,233,010
State Street Corp.
1.95%, 05/19/21		13,476		13,363,543
2.65%, 05/19/26a		20,365		19,861,139
3.10%, 05/15/23a		17,523		17,846,478
3.30%, 12/16/24		15,902		16,502,627
3.55%, 08/18/25a		18,346		19,140,962
3.70%, 11/20/23		11,940		12,708,729
4.38%, 03/07/21		4,590		4,900,414
Sumitomo Mitsui Banking Corp.
2.65%, 07/23/20a		10,105		10,233,261
3.20%, 07/18/22a		8,644		8,796,069
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21a		19,040		18,709,709
2.44%, 10/19/21a		15,980		15,927,047
2.63%, 07/14/26		28,785		27,341,732
2.78%, 07/12/22		26,810		26,852,239

SCHEDULES OF INVESTMENTS 83

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
2.78%, 10/18/22	$	10,200	$	10,225,625
2.85%, 01/11/22		12,135		12,221,095
2.93%, 03/09/21		26,600		26,980,502
3.01%, 10/19/26a		19,715		19,268,260
3.35%, 10/18/27		10,000		10,011,073
3.36%, 07/12/27		27,310		27,597,009
3.45%, 01/11/27a		17,675		17,872,652
3.78%, 03/09/26a		20,715		21,452,479
SunTrust Bank/Atlanta GA
2.45%, 08/01/22 (Call 07/01/22)		656		652,402
3.30%, 05/15/26 (Call 04/15/26)a		10,065		9,950,691
SunTrust Banks Inc.
2.70%, 01/27/22 (Call 12/27/21)a		20,271		20,379,894
2.90%, 03/03/21 (Call 02/03/21)a		13,194		13,399,033
Svenska Handelsbanken AB
1.88%, 09/07/21a		8,740		8,582,803
2.40%, 10/01/20a		8,150		8,219,185
2.45%, 03/30/21		25,090		25,247,347
Synchrony Bank
3.00%, 06/15/22 (Call 05/15/22)a		17,675		17,637,962
Toronto-Dominion Bank (The)
1.80%, 07/13/21a		24,305		23,870,993
2.13%, 04/07/21a		25,485		25,372,863
2.50%, 12/14/20a		21,780		21,998,943
U.S. Bancorp.
2.35%, 01/29/21 (Call 12/29/20)a		11,290		11,370,183
2.63%, 01/24/22 (Call 12/23/21)a		22,122		22,387,603
2.95%, 07/15/22 (Call 06/15/22)a		23,222		23,769,675
3.00%, 03/15/22 (Call 02/15/22)		11,973		12,302,897
3.10%, 04/27/26 (Call 03/27/26)a		15,182		15,117,152
3.70%, 01/30/24 (Call 12/29/23)		12,740		13,435,356
4.13%, 05/24/21 (Call 04/23/21)a		11,674		12,411,012

Security	Principal (000s)		Value
Series F
3.60%, 09/11/24 (Call 08/11/24)a	$	11,881	$	12,352,997
Series V
2.38%, 07/22/26 (Call 06/22/26)		22,410		21,258,505
Series X
3.15%, 04/27/27 (Call 03/27/27)a		27,754		27,842,596
U.S. Bank N.A./Cincinnati OH
2.80%, 01/27/25 (Call 12/27/24)a		15,982		15,905,405
Wachovia Corp.
5.50%, 08/01/35a		9,317		10,927,511
Wells Fargo & Co.
2.10%, 07/26/21a		56,840		56,135,372
2.50%, 03/04/21		33,907		34,016,160
2.55%, 12/07/20a		33,062		33,323,835
2.60%, 07/22/20a		12,780		12,929,998
2.63%, 07/22/22a		43,857		43,741,503
3.00%, 01/22/21a		24,454		24,947,885
3.00%, 02/19/25a		43,364		43,038,549
3.00%, 04/22/26a		64,947		63,511,684
3.00%, 10/23/26		51,590		50,528,097
3.07%, 01/24/23 (Call 01/24/22)a		72,500		73,633,501
3.30%, 09/09/24		25,768		26,169,958
3.50%, 03/08/22a		39,291		40,778,648
3.55%, 09/29/25		35,688		36,577,434
3.90%, 05/01/45a		36,232		36,492,899
4.10%, 06/03/26		22,775		23,673,433
4.13%, 08/15/23		14,049		14,841,319
4.30%, 07/22/27a		34,130		36,037,993
4.40%, 06/14/46a		12,290		12,678,805
4.60%, 04/01/21a		34,824		37,328,427
4.65%, 11/04/44a		35,485		37,859,500
4.75%, 12/07/46a		32,345		35,258,702
4.90%, 11/17/45		21,658		23,962,866
5.38%, 02/07/35		10,841		12,957,870
5.38%, 11/02/43a		32,365		37,938,988
5.61%, 01/15/44a		37,730		45,529,565

84 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
VRN, (3 mo. LIBOR US + 1.310%)
3.58%, 05/22/28 (Call 05/22/27)c	$	7,819	$	7,902,038
Series M
3.45%, 02/13/23a		25,762		26,456,672
Wells Fargo Bank N.A.
5.85%, 02/01/37		11,255		14,085,475
6.60%, 01/15/38		15,069		20,520,514
Westpac Banking Corp.
2.00%, 08/19/21a		21,320		21,014,589
2.10%, 05/13/21		15,620		15,502,025
2.50%, 06/28/22		2,200		2,199,546
2.60%, 11/23/20		19,960		20,193,748
2.70%, 08/19/26a		15,372		14,837,892
2.80%, 01/11/22a		15,016		15,236,879
2.85%, 05/13/26a		22,285		21,805,665
3.35%, 03/08/27a		16,210		16,445,368
				10,480,153,017
BEVERAGES — 3.59%
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23a		16,448		16,439,525
2.65%, 02/01/21 (Call 01/01/21)a		103,905		105,225,508
3.30%, 02/01/23 (Call 12/01/22)a		86,177		88,830,390
3.65%, 02/01/26 (Call 11/01/25)a		166,674		171,607,534
3.70%, 02/01/24		15,874		16,646,418
4.00%, 01/17/43a		7,576		7,516,763
4.63%, 02/01/44a		14,922		16,282,000
4.70%, 02/01/36 (Call 08/01/35)a		86,942		95,560,734
4.90%, 02/01/46 (Call 08/01/45)a		158,803		177,709,164
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22a		42,908		42,970,109
3.75%, 01/15/22a		34,158		35,985,542
3.75%, 07/15/42		17,878		17,191,646
4.44%, 10/06/48 (Call 04/06/48)		11,025		11,668,415

Security	Principal (000s)		Value
4.95%, 01/15/42	$	14,295	$	16,165,702
8.20%, 01/15/39a		18,359		28,868,274
Coca-Cola Co. (The)
1.55%, 09/01/21a		1,765		1,731,680
1.88%, 10/27/20		21,680		21,630,127
2.25%, 09/01/26a		17,760		16,975,544
2.45%, 11/01/20a		8,304		8,417,465
2.50%, 04/01/23		14,554		14,620,833
2.88%, 10/27/25		22,347		22,694,679
3.15%, 11/15/20		13,021		13,469,635
3.20%, 11/01/23a		19,382		20,181,292
3.30%, 09/01/21a		16,246		16,954,618
Constellation Brands Inc.
4.25%, 05/01/23		20		21,366
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)		17,936		18,069,801
Diageo Investment Corp.
2.88%, 05/11/22a		11,594		11,849,481
Molson Coors Brewing Co.
2.10%, 07/15/21 (Call 06/15/21)		14,134		13,939,191
3.00%, 07/15/26 (Call 04/15/26)a		29,970		29,169,921
4.20%, 07/15/46 (Call 01/15/46)a		33,238		32,821,558
5.00%, 05/01/42		15,401		17,045,587
Pepsi-Cola Metropolitan Bottling Co. Inc.
Series B
7.00%, 03/01/29		12,620		17,163,574
PepsiCo Inc.
1.70%, 10/06/21 (Call 09/06/21)a		9,700		9,524,196
2.15%, 10/14/20 (Call 09/14/20)a		12,235		12,302,427
2.25%, 05/02/22 (Call 04/02/22)		11,495		11,468,837
2.38%, 10/06/26 (Call 07/06/26)a		12,620		12,053,726
2.75%, 03/05/22		16,262		16,591,958
2.75%, 03/01/23		19,191		19,497,428
2.75%, 04/30/25 (Call 01/30/25)		13,265		13,358,161

SCHEDULES OF INVESTMENTS 85

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
2.85%, 02/24/26 (Call 11/24/25)a	$	10,011	$	9,958,273
3.00%, 08/25/21a		7,916		8,162,804
3.00%, 10/15/27 (Call 07/15/27)		7,300		7,272,337
3.10%, 07/17/22 (Call 05/17/22)a		8,485		8,765,845
3.13%, 11/01/20		13,238		13,673,677
3.45%, 10/06/46 (Call 04/06/46)a		30,514		29,006,721
3.60%, 03/01/24 (Call 12/01/23)a		18,992		20,060,646
4.00%, 03/05/42a		5,684		5,893,780
4.00%, 05/02/47 (Call 11/02/46)a		10,560		10,980,204
4.45%, 04/14/46 (Call 10/14/45)a		25,310		28,149,618
4.88%, 11/01/40		8,666		10,073,145
5.50%, 01/15/40		12,864		16,094,000
				1,388,311,859
BIOTECHNOLOGY — 2.20%
Amgen Inc.
1.85%, 08/19/21 (Call 07/19/21)a		7,835		7,676,112
2.25%, 08/19/23 (Call 06/19/23)a		8,987		8,734,663
2.60%, 08/19/26 (Call 05/19/26)a		19,985		19,127,494
2.65%, 05/11/22 (Call 04/11/22)a		20,255		20,281,020
3.13%, 05/01/25 (Call 02/01/25)a		15,575		15,659,388
3.63%, 05/15/22 (Call 02/15/22)a		16,707		17,386,011
3.63%, 05/22/24 (Call 02/22/24)a		23,964		24,998,464
3.88%, 11/15/21 (Call 08/15/21)a		23,670		24,842,863
4.10%, 06/15/21 (Call 03/15/21)		23,626		24,896,623
4.40%, 05/01/45 (Call 11/01/44)a		31,097		32,749,662
4.56%, 06/15/48 (Call 12/15/47)a		15,355		16,472,967

Security	Principal (000s)		Value
4.66%, 06/15/51 (Call 12/15/50)a	$	49,543	$	53,582,588
5.15%, 11/15/41 (Call 05/15/41)		12,053		13,873,749
Baxalta Inc.
4.00%, 06/23/25 (Call 03/23/25)		27,640		28,834,849
5.25%, 06/23/45 (Call 12/23/44)		19,499		22,188,754
Biogen Inc.
3.63%, 09/15/22a		16,360		17,101,903
4.05%, 09/15/25 (Call 06/15/25)a		24,715		26,253,620
5.20%, 09/15/45 (Call 03/15/45)a		19,550		22,411,156
Celgene Corp.
3.25%, 08/15/22		20,581		21,033,558
3.55%, 08/15/22a		17,276		17,893,341
3.63%, 05/15/24 (Call 02/15/24)a		17,296		17,841,476
3.88%, 08/15/25 (Call 05/15/25)a		36,843		38,306,304
4.63%, 05/15/44 (Call 11/15/43)		14,171		14,696,255
5.00%, 08/15/45 (Call 02/15/45)		23,664		26,071,410
Gilead Sciences Inc.
2.50%, 09/01/23 (Call 07/01/23)a		5,074		5,048,004
2.95%, 03/01/27 (Call 12/01/26)a		23,719		23,331,415
3.25%, 09/01/22 (Call 07/01/22)a		15,917		16,462,377
3.50%, 02/01/25 (Call 11/01/24)a		26,267		27,237,135
3.65%, 03/01/26 (Call 12/01/25)		33,477		34,839,464
3.70%, 04/01/24 (Call 01/01/24)a		15,495		16,318,286
4.00%, 09/01/36 (Call 03/01/36)a		10,070		10,428,618
4.15%, 03/01/47 (Call 09/01/46)a		34,704		35,784,301

86 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.40%, 12/01/21 (Call 09/01/21)a	$	16,349	$	17,592,714
4.50%, 04/01/21 (Call 01/01/21)		20,319		21,743,313
4.50%, 02/01/45 (Call 08/01/44)a		22,813		24,647,975
4.60%, 09/01/35 (Call 03/01/35)a		14,828		16,530,621
4.75%, 03/01/46 (Call 09/01/45)a		24,381		27,557,269
4.80%, 04/01/44 (Call 10/01/43)		22,045		24,802,889
5.65%, 12/01/41 (Call 06/01/41)a		14,077		17,638,266
				852,876,877
CHEMICALS — 1.19%
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)		16,817		17,110,267
3.50%, 10/01/24 (Call 07/01/24)a		16,664		17,184,677
4.13%, 11/15/21 (Call 08/15/21)		11,671		12,367,252
4.25%, 11/15/20 (Call 08/15/20)a		19,629		20,665,392
4.38%, 11/15/42 (Call 05/15/42)a		30,157		31,354,004
5.25%, 11/15/41 (Call 05/15/41)		13,649		15,695,266
7.38%, 11/01/29		7,407		9,892,272
9.40%, 05/15/39a		10,271		17,329,039
Eastman Chemical Co.
3.60%, 08/15/22 (Call 05/15/22)a		6,582		6,835,713
3.80%, 03/15/25 (Call 12/15/24)		648		673,449
4.65%, 10/15/44 (Call 04/15/44)		14,160		15,176,032
EI du Pont de Nemours & Co.
2.80%, 02/15/23a		16,987		17,111,003
3.63%, 01/15/21a		11,248		11,732,270
4.15%, 02/15/43		10,974		11,213,588

Security	Principal (000s)		Value
LYB International Finance BV
4.00%, 07/15/23a	$	12,221	$	12,889,675
4.88%, 03/15/44 (Call 09/15/43)a		10,316		11,278,242
5.25%, 07/15/43a		14,123		16,146,262
LYB International Finance II BV
3.50%, 03/02/27 (Call 12/02/26)a		17,938		17,955,045
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		9,294		9,558,517
5.75%, 04/15/24 (Call 01/15/24)a		20,348		23,261,783
6.00%, 11/15/21 (Call 08/17/21)a		8,993		10,087,320
Monsanto Co.
3.38%, 07/15/24 (Call 04/15/24)		10,828		11,066,372
4.40%, 07/15/44 (Call 01/15/44)		10,270		10,633,877
4.70%, 07/15/64 (Call 01/15/64)		10,700		10,896,626
Mosaic Co. (The)
4.25%, 11/15/23 (Call 08/15/23)a		21,947		22,933,588
Potash Corp. of Saskatchewan Inc.
3.63%, 03/15/24 (Call 12/15/23)		7,717		7,914,564
Rohm & Haas Co.
7.85%, 07/15/29a		9,491		13,038,613
Sherwin-Williams Co. (The)
2.75%, 06/01/22 (Call 05/01/22)a		22,710		22,817,398
3.45%, 06/01/27 (Call 03/01/27)a		26,075		26,459,087
4.50%, 06/01/47 (Call 12/01/46)a		15,215		16,081,146
Westlake Chemical Corp.
3.60%, 08/15/26 (Call 05/15/26)		13,535		13,619,383
				460,977,722

SCHEDULES OF INVESTMENTS 87

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
COMMERCIAL SERVICES — 0.21%
Automatic Data Processing Inc.
3.38%, 09/15/25 (Call 06/15/25)	$	14,057	$	14,504,119
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)		13,624		13,136,792
4.35%, 12/08/21		18,881		20,325,353
5.50%, 12/08/41		10,398		12,829,895
S&P Global Inc.
4.40%, 02/15/26 (Call 11/15/25)a		10,220		11,040,511
Total System Services Inc.
3.80%, 04/01/21 (Call 03/01/21)		6,045		6,237,533
4.80%, 04/01/26 (Call 01/01/26)		4,805		5,210,981
				83,285,184
COMPUTERS — 3.77%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)a		22,850		22,349,928
2.10%, 09/12/22 (Call 08/12/22)		325		321,412
2.15%, 02/09/22a		12,875		12,817,417
2.25%, 02/23/21 (Call 01/23/21)a		37,100		37,306,888
2.30%, 05/11/22 (Call 04/11/22)a		27,720		27,712,277
2.40%, 05/03/23a		80,050		79,749,396
2.45%, 08/04/26 (Call 05/04/26)a		39,603		38,175,993
2.50%, 02/09/22 (Call 01/09/22)a		25,220		25,469,537
2.50%, 02/09/25a		22,623		22,281,133
2.70%, 05/13/22		19,051		19,353,530
2.85%, 05/06/21a		48,756		49,925,554
2.85%, 02/23/23 (Call 12/23/22)		20,174		20,575,666
2.85%, 05/11/24 (Call 03/11/24)		27,205		27,485,211
2.90%, 09/12/27 (Call 06/12/27)a		23,650		23,426,966

Security	Principal (000s)		Value
3.00%, 02/09/24 (Call 12/09/23)a	$	25,332	$	25,859,275
3.00%, 06/20/27 (Call 03/20/27)		10,720		10,713,210
3.20%, 05/13/25a		10,620		10,905,877
3.20%, 05/11/27 (Call 02/11/27)		29,284		29,749,045
3.25%, 02/23/26 (Call 11/23/25)a		47,671		48,816,949
3.35%, 02/09/27 (Call 11/09/26)a		42,471		43,663,938
3.45%, 05/06/24		36,439		38,068,530
3.45%, 02/09/45a		24,046		22,853,710
3.75%, 09/12/47 (Call 03/12/47)		11,410		11,341,783
3.85%, 05/04/43		41,026		41,654,588
3.85%, 08/04/46 (Call 02/04/46)a		34,120		34,510,759
4.25%, 02/09/47 (Call 08/09/46)a		22,179		23,953,406
4.38%, 05/13/45		26,640		29,148,654
4.45%, 05/06/44a		8,798		9,752,502
4.50%, 02/23/36 (Call 08/23/35)a		11,443		12,987,012
4.65%, 02/23/46 (Call 08/23/45)a		55,475		63,127,887
Dell International LLC/EMC Corp.
4.42%, 06/15/21 (Call 05/15/21)a,b		59,443		62,451,713
5.45%, 06/15/23 (Call 04/15/23)b		41,634		45,730,269
6.02%, 06/15/26 (Call 03/15/26)a,b		59,428		66,315,218
8.10%, 07/15/36 (Call 01/15/36)a,b		26,825		34,012,509
8.35%, 07/15/46 (Call 01/15/46)a,b		33,754		43,756,914
Hewlett Packard Enterprise Co.
4.40%, 10/15/22 (Call 08/15/22)		16,215		17,275,069
4.90%, 10/15/25 (Call 07/15/25)a		31,295		33,273,357

88 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
6.20%, 10/15/35 (Call 04/15/35)	$	8,322	$	8,969,127
6.35%, 10/15/45 (Call 04/15/45)a		27,664		29,466,744
HP Inc.
4.30%, 06/01/21a		13,535		14,308,570
4.38%, 09/15/21a		13,390		14,230,978
4.65%, 12/09/21a		28,858		31,046,507
6.00%, 09/15/41a		14,532		15,731,140
International Business Machines Corp.
1.88%, 08/01/22a		12,426		12,136,461
2.25%, 02/19/21a		10,695		10,736,112
2.50%, 01/27/22a		10,345		10,430,536
2.88%, 11/09/22a		17,057		17,391,118
3.30%, 01/27/27a		1,290		1,315,476
3.38%, 08/01/23a		13,679		14,236,507
3.45%, 02/19/26a		25,278		26,090,339
3.63%, 02/12/24a		20,983		22,089,507
4.00%, 06/20/42a		13,638		14,049,814
4.70%, 02/19/46a		1,380		1,591,556
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)a,b		18,325		18,622,781
4.75%, 06/01/23a		14,504		14,902,860
4.75%, 01/01/25a		16,716		16,582,272
				1,460,801,487
COSMETICS & PERSONAL CARE — 0.42%
Procter & Gamble Co. (The)
1.70%, 11/03/21a		11,254		11,069,319
2.15%, 08/11/22		12,283		12,231,574
2.30%, 02/06/22a		10,184		10,215,959
2.45%, 11/03/26a		14,290		13,815,589
2.85%, 08/11/27a		7,465		7,421,521
3.10%, 08/15/23a		28,548		29,643,196
5.55%, 03/05/37		15,938		21,002,162
Unilever Capital Corp.
2.20%, 05/05/22 (Call 04/05/22)a		18,895		18,826,012
2.90%, 05/05/27 (Call 02/05/27)a		16,000		15,856,728
4.25%, 02/10/21		8,038		8,550,990
5.90%, 11/15/32		11,444		14,921,917
				163,554,967

Security	Principal (000s)		Value
DIVERSIFIED FINANCIAL SERVICES — 2.82%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.65%, 07/21/27 (Call 04/21/27)	$	23,870	$	23,874,674
3.95%, 02/01/22 (Call 01/01/22)a		27,070		28,219,376
4.50%, 05/15/21		22,955		24,342,182
4.63%, 10/30/20a		5,200		5,520,381
5.00%, 10/01/21a		10,509		11,347,065
Air Lease Corp.
3.00%, 09/15/23 (Call 07/15/23)a		9,070		9,134,685
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)		14,785		14,706,409
2.65%, 12/02/22		24,457		24,502,089
3.00%, 10/30/24 (Call 09/29/24)		5,000		4,995,523
4.05%, 12/03/42a		21,004		21,547,968
American Express Credit Corp.
2.25%, 05/05/21 (Call 04/04/21)		20,299		20,288,047
2.38%, 05/26/20 (Call 04/25/20)a		3,995		4,023,221
2.70%, 03/03/22 (Call 01/31/22)a		28,524		28,821,979
3.30%, 05/03/27 (Call 04/03/27)a		22,765		23,002,020
Series F
2.60%, 09/14/20 (Call 08/14/20)		3,791		3,837,078
Ameriprise Financial Inc.
4.00%, 10/15/23a		14,078		15,031,521
Capital One Bank USA N.A.
3.38%, 02/15/23a		12,325		12,541,111
CME Group Inc.
3.00%, 09/15/22		12,443		12,714,941
3.00%, 03/15/25 (Call 12/15/24)		21,754		22,154,456
5.30%, 09/15/43 (Call 03/15/43)a		8,261		10,464,367

SCHEDULES OF INVESTMENTS 89

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Discover Financial Services
4.10%, 02/09/27 (Call 11/09/26)a	$	13,470	$	13,792,188
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/20b		200		201,180
2.34%, 11/15/20a		81,045		81,447,210
3.37%, 11/15/25a		34,304		35,136,730
4.42%, 11/15/35		167,894		179,771,795
HSBC Finance Corp.
6.68%, 01/15/21		29,683		33,384,310
Intercontinental Exchange Inc.
2.75%, 12/01/20 (Call 11/01/20)a		16,580		16,912,572
3.75%, 12/01/25 (Call 09/01/25)		24,124		25,308,105
4.00%, 10/15/23a		10,220		11,000,382
International Lease Finance Corp.
5.88%, 08/15/22a		11,425		12,873,738
8.25%, 12/15/20a		8,217		9,583,578
Jefferies Group LLC
4.85%, 01/15/27		8,045		8,511,669
6.88%, 04/15/21a		6,867		7,760,469
Mastercard Inc.
2.95%, 11/21/26 (Call 08/21/26)a		12,820		12,828,880
3.38%, 04/01/24a		16,760		17,490,796
Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)a		880		870,938
3.75%, 08/15/21 (Call 06/15/21)a		12,060		12,453,647
4.25%, 08/15/24 (Call 05/15/24)		19,323		20,090,911
4.50%, 07/23/25 (Call 04/24/25)a		12,417		12,998,959
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)a		5,220		5,281,521
3.30%, 04/01/27 (Call 01/01/27)a		22,165		22,438,844

Security	Principal (000s)		Value
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)	$	10,225	$	10,135,774
2.20%, 12/14/20 (Call 11/14/20)a		30,321		30,511,310
2.75%, 09/15/27 (Call 06/15/27)		5,300		5,205,014
2.80%, 12/14/22 (Call 10/14/22)a		32,613		33,236,019
3.15%, 12/14/25 (Call 09/14/25)		59,760		60,982,355
3.65%, 09/15/47 (Call 03/15/47)		5,000		4,974,440
4.15%, 12/14/35 (Call 06/14/35)a		23,779		26,011,111
4.30%, 12/14/45 (Call 06/14/45)a		53,172		58,858,963
				1,091,122,501
ELECTRIC — 1.87%
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)		10,466		11,549,677
5.15%, 11/15/43 (Call 05/15/43)a		12,694		15,086,069
6.13%, 04/01/36		24,113		31,512,677
6.50%, 09/15/37a		15,041		20,246,013
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)		10,621		11,883,501
4.63%, 12/01/54 (Call 06/01/54)		9,725		10,951,366
Dominion Energy Inc.
3.90%, 10/01/25 (Call 07/01/25)		4,645		4,871,525
Duke Energy Carolinas LLC
3.88%, 03/15/46 (Call 09/15/45)		600		623,130
5.30%, 02/15/40a		10,702		13,179,531
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)a		10,704		10,487,568

90 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
2.65%, 09/01/26 (Call 06/01/26)	$	25,975	$	24,969,705
3.15%, 08/15/27 (Call 05/15/27)		3,605		3,579,247
3.75%, 04/15/24 (Call 01/15/24)		15,183		15,905,492
3.75%, 09/01/46 (Call 03/01/46)a		29,096		28,379,939
Duke Energy Florida LLC
6.40%, 06/15/38		12,241		16,831,224
Emera U.S. Finance LP
2.70%, 06/15/21 (Call 05/15/21)		17,818		17,879,991
3.55%, 06/15/26 (Call 03/15/26)a		9,986		10,078,751
4.75%, 06/15/46 (Call 12/15/45)		14,669		15,893,042
Entergy Corp.
2.95%, 09/01/26 (Call 06/01/26)		1,000		970,325
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)a		9,305		9,417,868
3.50%, 06/01/22 (Call 05/01/22)		11,660		12,000,459
3.95%, 06/15/25 (Call 03/15/25)a		17,286		18,087,849
4.45%, 04/15/46 (Call 10/15/45)		12,541		13,391,314
5.10%, 06/15/45 (Call 12/15/44)a		1,799		2,077,398
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		13,479		14,172,703
6.25%, 10/01/39a		12,466		14,125,107
FirstEnergy Corp.
Series B
3.90%, 07/15/27 (Call 04/15/27)		8,375		8,547,226
4.25%, 03/15/23 (Call 12/15/22)		13,329		14,106,166
Series C
4.85%, 07/15/47 (Call 01/15/47)		8,350		8,951,488

Security	Principal (000s)		Value
7.38%, 11/15/31	$	18,536	$	24,845,975
Fortis Inc./Canada
3.06%, 10/04/26 (Call 07/04/26)		23,820		23,129,270
Georgia Power Co.
4.30%, 03/15/42a		14,986		15,671,701
NextEra Energy Capital Holdings Inc.
3.55%, 05/01/27 (Call 02/01/27)a		12,090		12,472,418
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22		9,898		11,819,179
Pacific Gas & Electric Co.
5.40%, 01/15/40		12,486		14,801,984
5.80%, 03/01/37a		11,922		14,631,346
6.05%, 03/01/34		46,023		57,345,500
Southern California Edison Co.
4.00%, 04/01/47 (Call 10/01/46)		15,472		16,578,684
4.65%, 10/01/43 (Call 04/01/43)		10,271		11,955,659
Southern Co. (The)
2.35%, 07/01/21 (Call 06/01/21)a		22,215		22,096,972
2.95%, 07/01/23 (Call 05/01/23)		22,873		22,966,235
3.25%, 07/01/26 (Call 04/01/26)a		33,493		33,341,257
4.40%, 07/01/46 (Call 01/01/46)a		25,870		27,276,112
Virginia Electric & Power Co.
Series A
3.15%, 01/15/26 (Call 10/15/25)a		14,791		14,981,681
3.50%, 03/15/27 (Call 12/15/26)		19,080		19,747,346
				723,417,670
ELECTRONICS — 0.26%
Fortive Corp.
2.35%, 06/15/21 (Call 05/15/21)		4,103		4,070,902
3.15%, 06/15/26 (Call 03/15/26)a		15,855		15,767,801

SCHEDULES OF INVESTMENTS 91

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)a	$	23,570	$	23,220,511
2.50%, 11/01/26 (Call 08/01/26)a		30,654		29,332,344
4.25%, 03/01/21		9,029		9,620,599
Koninklijke Philips NV
3.75%, 03/15/22		18,256		19,199,590
				101,211,747
ENGINEERING & CONSTRUCTION — 0.06%
ABB Finance USA Inc.
2.88%, 05/08/22a		19,380		19,749,259
4.38%, 05/08/42		4,377		4,676,150
				24,425,409
ENVIRONMENTAL CONTROL — 0.06%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)a		10,045		10,431,524
Waste Management Inc.
4.10%, 03/01/45 (Call 09/01/44)		12,274		12,897,593
				23,329,117
FOOD — 1.16%
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)		12,394		12,709,658
3.20%, 02/10/27 (Call 11/10/26)a		4,995		4,989,028
JM Smucker Co. (The)
3.50%, 10/15/21a		5,620		5,822,430
3.50%, 03/15/25a		20,040		20,460,802
Kellogg Co.
3.25%, 04/01/26a		7,457		7,468,048
4.00%, 12/15/20		7,747		8,149,196
Series B
7.45%, 04/01/31a		1,196		1,611,577
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)a		32,603		31,508,113
3.50%, 06/06/22		35,509		36,688,801
3.50%, 07/15/22 (Call 05/15/22)		16,170		16,694,739

Security	Principal (000s)		Value
3.95%, 07/15/25 (Call 04/15/25)	$	21,690	$	22,507,312
4.38%, 06/01/46 (Call 12/01/45)		39,697		38,780,448
5.00%, 07/15/35 (Call 01/15/35)a		16,236		17,707,482
5.00%, 06/04/42		24,480		25,966,054
5.20%, 07/15/45 (Call 01/15/45)a		27,123		29,565,022
6.50%, 02/09/40		12,934		16,228,956
6.88%, 01/26/39		10,501		13,514,450
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)a		15,665		14,452,023
4.45%, 02/01/47 (Call 08/01/46)a		20,413		19,484,294
McCormick & Co. Inc./MD
2.70%, 08/15/22 (Call 07/15/22)		4,226		4,242,404
Sysco Corp.
2.60%, 10/01/20 (Call 09/01/20)		11,005		11,151,944
3.25%, 07/15/27 (Call 04/15/27)		4,415		4,402,541
3.30%, 07/15/26 (Call 04/15/26)a		14,671		14,765,453
3.75%, 10/01/25 (Call 07/01/25)		7,678		7,992,700
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)a		17,175		17,507,999
3.95%, 08/15/24 (Call 05/15/24)a		16,568		17,462,266
4.50%, 06/15/22 (Call 03/15/22)		12,947		13,955,346
4.55%, 06/02/47 (Call 12/02/46)a		12,530		13,334,130
				449,123,216
FOREST PRODUCTS & PAPER — 0.19%
International Paper Co.
3.00%, 02/15/27 (Call 11/15/26)a		20,102		19,510,149

92 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.65%, 06/15/24 (Call 03/15/24)a	$	13,210	$	13,760,909
4.35%, 08/15/48 (Call 02/15/48)		6,240		6,386,084
4.40%, 08/15/47 (Call 02/15/47)a		13,620		14,109,871
4.75%, 02/15/22 (Call 11/15/21)a		6,855		7,479,620
4.80%, 06/15/44 (Call 12/15/43)		9,040		9,866,808
7.30%, 11/15/39		1,050		1,446,889
				72,560,330
GAS — 0.17%
NiSource Finance Corp.
3.49%, 05/15/27 (Call 02/15/27)a		7,603		7,711,025
3.95%, 03/30/48 (Call 09/30/47)		1,650		1,652,310
4.38%, 05/15/47 (Call 11/15/46)a		24,525		25,924,617
4.80%, 02/15/44 (Call 08/15/43)		7,521		8,345,158
Sempra Energy
3.25%, 06/15/27 (Call 03/15/27)a		11,435		11,337,705
6.00%, 10/15/39a		7,950		10,127,854
				65,098,669
HEALTH CARE – PRODUCTS — 2.21%
Abbott Laboratories
2.55%, 03/15/22a		7,359		7,341,494
2.90%, 11/30/21 (Call 10/30/21)a		43,016		43,687,235
2.95%, 03/15/25 (Call 12/15/24)a		14,542		14,290,442
3.25%, 04/15/23 (Call 01/15/23)a		11,626		11,888,617
3.40%, 11/30/23 (Call 09/30/23)		17,330		17,759,893
3.75%, 11/30/26 (Call 08/30/26)a		49,212		50,716,431
4.75%, 11/30/36 (Call 05/30/36)a		26,505		29,271,454

Security	Principal (000s)		Value
4.90%, 11/30/46 (Call 05/30/46)a	$	45,497	$	51,053,057
Becton Dickinson and Co.
2.89%, 06/06/22 (Call 05/06/22)		31,305		31,378,200
3.13%, 11/08/21a		2,813		2,864,677
3.36%, 06/06/24 (Call 04/06/24)a		43,562		43,929,537
3.70%, 06/06/27 (Call 03/06/27)		35,524		35,804,831
3.73%, 12/15/24 (Call 09/15/24)a		20,125		20,719,551
4.67%, 06/06/47 (Call 12/06/46)a		16,759		17,486,899
4.69%, 12/15/44 (Call 06/15/44)a		12,982		13,697,939
Boston Scientific Corp.
3.85%, 05/15/25a		10,552		10,959,570
Medtronic Global Holdings SCA
3.35%, 04/01/27 (Call 01/01/27)		18,075		18,494,477
Medtronic Inc.
3.15%, 03/15/22a		47,927		49,336,696
3.50%, 03/15/25a		55,986		58,135,650
3.63%, 03/15/24 (Call 12/15/23)		13,453		14,150,204
4.38%, 03/15/35		35,389		39,123,449
4.63%, 03/15/45a		57,613		65,324,039
Stryker Corp.
2.63%, 03/15/21 (Call 02/15/21)a		6,661		6,723,162
3.38%, 11/01/25 (Call 08/01/25)a		11,438		11,722,304
3.50%, 03/15/26 (Call 12/15/25)a		13,335		13,754,646
4.63%, 03/15/46 (Call 09/15/45)a		12,132		13,331,105
Thermo Fisher Scientific Inc.
2.95%, 09/19/26 (Call 06/19/26)a		20,857		20,380,862
3.00%, 04/15/23 (Call 02/15/23)a		18,240		18,438,570
3.15%, 01/15/23 (Call 10/15/22)		12,568		12,786,765

SCHEDULES OF INVESTMENTS 93

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.20%, 08/15/27 (Call 05/15/27)	$	5,000	$	4,947,323
3.30%, 02/15/22		9,957		10,271,941
3.60%, 08/15/21 (Call 05/15/21)a		13,091		13,603,769
4.10%, 08/15/47 (Call 02/15/47)		6,235		6,279,506
4.15%, 02/01/24 (Call 11/01/23)		19,861		21,151,461
4.50%, 03/01/21a		10,851		11,589,037
Zimmer Biomet Holdings Inc.
3.15%, 04/01/22 (Call 02/01/22)		9,850		9,974,319
3.55%, 04/01/25 (Call 01/01/25)a		31,217		31,688,395
				854,057,507
HEALTH CARE – SERVICES — 1.31%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		19,953		19,922,943
2.80%, 06/15/23 (Call 04/15/23)a		24,232		24,118,558
3.50%, 11/15/24 (Call 08/15/24)a		13,271		13,555,715
3.88%, 08/15/47 (Call 02/15/47)		4,185		3,969,023
6.63%, 06/15/36		9,028		11,834,346
Anthem Inc.
3.13%, 05/15/22		11,781		11,992,139
3.30%, 01/15/23a		10,601		10,847,995
3.50%, 08/15/24 (Call 05/15/24)a		19,225		19,679,077
4.63%, 05/15/42		18,491		19,911,597
4.65%, 01/15/43		18,503		19,879,351
4.65%, 08/15/44 (Call 02/15/44)a		9,823		10,584,854
5.85%, 01/15/36		8,407		10,374,699
6.38%, 06/15/37a		360		465,876
Cigna Corp.
3.05%, 10/15/27 (Call 07/15/27)		7,990		7,807,153
3.25%, 04/15/25 (Call 01/15/25)		16,865		16,993,388

Security	Principal (000s)		Value
3.88%, 10/15/47 (Call 04/15/47)	$	16,475	$	15,975,185
4.00%, 02/15/22 (Call 11/15/21)		9,174		9,665,169
Humana Inc.
4.95%, 10/01/44 (Call 04/01/44)		16,290		18,284,635
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		1,825		1,940,475
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)		14,441		14,759,711
4.70%, 02/01/45 (Call 08/01/44)		9,577		9,969,925
UnitedHealth Group Inc.
2.13%, 03/15/21a		9,789		9,776,817
2.38%, 10/15/22		3,370		3,354,356
2.88%, 12/15/21a		9,092		9,280,080
2.88%, 03/15/22 (Call 12/15/21)a		22,242		22,656,858
2.88%, 03/15/23		9,762		9,932,456
2.95%, 10/15/27		7,000		6,927,924
3.10%, 03/15/26a		22,096		22,290,036
3.35%, 07/15/22a		6,195		6,433,202
3.38%, 04/15/27a		1,635		1,676,920
3.45%, 01/15/27a		14,768		15,227,034
3.75%, 07/15/25		33,372		35,293,206
3.75%, 10/15/47 (Call 04/15/47)		4,885		4,807,131
4.20%, 01/15/47 (Call 07/15/46)a		10,875		11,536,137
4.25%, 03/15/43 (Call 09/15/42)		10,235		10,896,401
4.25%, 04/15/47 (Call 10/15/46)a		2,430		2,608,198
4.63%, 07/15/35		6,622		7,537,153
4.75%, 07/15/45a		28,241		32,681,533
5.80%, 03/15/36		5,385		6,853,347
6.88%, 02/15/38a		9,950		14,336,624
				506,637,227

94 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
HOUSEWARES — 0.26%
Newell Brands Inc.
3.15%, 04/01/21 (Call 03/01/21)	$	13,430	$	13,724,008
3.85%, 04/01/23 (Call 02/01/23)a		24,082		25,248,604
4.20%, 04/01/26 (Call 01/01/26)		30,096		31,701,026
5.50%, 04/01/46 (Call 10/01/45)a		25,639		30,435,662
				101,109,300
INSURANCE — 1.87%
Aflac Inc.
3.63%, 11/15/24		21,593		22,764,345
American International Group Inc.
3.30%, 03/01/21 (Call 02/01/21)a		20,173		20,753,674
3.75%, 07/10/25 (Call 04/10/25)a		19,406		20,029,594
3.88%, 01/15/35 (Call 07/15/34)a		26,541		26,177,749
3.90%, 04/01/26 (Call 01/01/26)a		22,096		22,870,127
4.13%, 02/15/24a		14,865		15,808,629
4.38%, 01/15/55 (Call 07/15/54)		11,421		11,355,908
4.50%, 07/16/44 (Call 01/16/44)a		32,885		34,405,800
4.80%, 07/10/45 (Call 01/10/45)a		13,572		14,836,833
4.88%, 06/01/22a		17,223		18,843,882
6.25%, 05/01/36a		10,108		12,830,519
Aon PLC
3.88%, 12/15/25 (Call 09/15/25)		11,660		12,248,908
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22a		13,227		13,629,683
4.25%, 01/15/21a		8,121		8,657,609
5.75%, 01/15/40a		11,813		15,222,936
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)a		14,913		14,966,418

Security	Principal (000s)		Value
2.75%, 03/15/23 (Call 01/15/23)a	$	43,438	$	43,995,218
3.13%, 03/15/26 (Call 12/15/25)a		37,735		38,145,753
4.50%, 02/11/43a		10,915		12,290,190
Chubb Corp. (The)
6.00%, 05/11/37		11,926		15,645,928
Chubb INA Holdings Inc.
2.30%, 11/03/20 (Call 10/03/20)a		15,360		15,463,123
2.88%, 11/03/22 (Call 09/03/22)		8,814		8,967,105
3.15%, 03/15/25		9,594		9,747,686
3.35%, 05/03/26 (Call 02/03/26)a		21,976		22,575,802
4.35%, 11/03/45 (Call 05/03/45)		27,043		30,028,869
Manulife Financial Corp.
4.15%, 03/04/26		19,135		20,347,887
5.38%, 03/04/46a		7,545		9,225,362
MetLife Inc.
3.60%, 04/10/24		32,472		34,016,553
4.05%, 03/01/45		12,445		12,706,411
4.13%, 08/13/42a		8,428		8,681,007
4.60%, 05/13/46 (Call 11/13/45)a		13,240		14,700,911
4.75%, 02/08/21a		13,424		14,456,818
4.88%, 11/13/43a		9,065		10,393,615
5.70%, 06/15/35		11,714		14,565,743
5.88%, 02/06/41a		11,725		15,136,726
6.38%, 06/15/34		10,818		14,211,739
Series D
4.37%, 09/15/23		15,900		17,284,017
Prudential Financial Inc.
4.60%, 05/15/44a		10,915		12,096,135
5.70%, 12/14/36		4,335		5,381,009
Series D
6.63%, 12/01/37a		11,030		14,963,280
Travelers Companies Inc. (The)
5.35%, 11/01/40a		7,855		9,698,387
6.25%, 06/15/37		9,650		12,936,627
				723,064,515

SCHEDULES OF INVESTMENTS 95

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
INTERNET — 1.19%
Alphabet Inc.
2.00%, 08/15/26 (Call 05/15/26)a	$	30,309	$	28,371,176
3.38%, 02/25/24		22,955		24,046,499
3.63%, 05/19/21		4,352		4,574,408
Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)a,b		27,106		26,951,151
2.50%, 11/29/22 (Call 08/29/22)a		26,872		27,003,955
2.80%, 08/22/24 (Call 06/22/24)b		32,742		32,771,435
3.15%, 08/22/27 (Call 05/22/27)b		36,550		36,757,820
3.30%, 12/05/21 (Call 10/05/21)a		14,352		14,926,209
3.80%, 12/05/24 (Call 09/05/24)a		17,505		18,613,301
3.88%, 08/22/37 (Call 02/22/37)b		34,363		35,710,040
4.05%, 08/22/47 (Call 02/22/47)a,b		47,405		48,888,625
4.25%, 08/22/57 (Call 02/22/57)b		26,860		28,084,792
4.80%, 12/05/34 (Call 06/05/34)		19,394		22,340,633
4.95%, 12/05/44 (Call 06/05/44)a		20,449		23,987,074
eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)a		13,650		13,632,849
2.75%, 01/30/23 (Call 12/30/22)a		14,576		14,536,352
2.88%, 08/01/21 (Call 06/01/21)a		11,717		11,881,146
3.45%, 08/01/24 (Call 05/01/24)		7,640		7,766,935
3.60%, 06/05/27 (Call 03/05/27)a		15,975		15,994,010
3.80%, 03/09/22 (Call 02/09/22)		11,805		12,356,860

Security	Principal (000s)		Value
4.00%, 07/15/42 (Call 01/15/42)a	$	11,272	$	10,277,965
				459,473,235
LODGING — 0.05%
Marriott International Inc./MD
2.30%, 01/15/22 (Call 12/15/21)		7,275		7,190,064
Series R
3.13%, 06/15/26 (Call 03/15/26)a		13,152		13,040,375
				20,230,439
MACHINERY — 0.36%
Caterpillar Financial Services Corp.
1.70%, 08/09/21		23,575		23,098,045
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)a		12,520		13,079,621
3.80%, 08/15/42a		25,088		25,920,008
3.90%, 05/27/21a		11,295		11,924,725
5.20%, 05/27/41		13,578		16,699,182
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)a		15,379		15,527,784
3.90%, 06/09/42 (Call 12/09/41)a		11,931		12,563,745
John Deere Capital Corp.
2.80%, 03/06/23		18,483		18,729,232
				137,542,342
MANUFACTURING — 1.21%
3M Co.
5.70%, 03/15/37a		3,406		4,413,384
Eaton Corp.
2.75%, 11/02/22		32,029		32,188,780
4.15%, 11/02/42		9,910		10,057,754
General Electric Co.
2.70%, 10/09/22		45,922		46,547,724
3.10%, 01/09/23a		28,210		29,222,860
3.15%, 09/07/22a		15,756		16,308,320
3.38%, 03/11/24a		5,823		6,059,928
3.45%, 05/15/24 (Call 02/13/24)		1,330		1,388,855
4.13%, 10/09/42a		31,456		32,696,307

96 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.50%, 03/11/44a	$	35,791	$	39,250,952
4.63%, 01/07/21a		16,088		17,302,732
4.65%, 10/17/21		16,260		17,746,125
5.30%, 02/11/21a		14,693		16,108,218
5.88%, 01/14/38a		36,027		46,404,848
6.15%, 08/07/37		18,666		24,666,193
6.88%, 01/10/39		30,206		43,668,600
Series A
6.75%, 03/15/32		40,451		55,645,294
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)		16,019		15,616,973
3.90%, 09/01/42 (Call 03/01/42)		12,577		13,026,799
				468,320,646
MEDIA — 4.31%
21st Century Fox America Inc.
3.00%, 09/15/22		12,122		12,337,435
4.50%, 02/15/21		18,193		19,401,723
6.15%, 03/01/37		14,989		18,604,279
6.15%, 02/15/41		21,141		26,935,649
6.20%, 12/15/34		11,444		14,289,886
6.40%, 12/15/35		14,395		18,243,877
6.65%, 11/15/37		15,146		20,158,020
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)		195		197,976
4.00%, 01/15/26 (Call 10/15/25)a		9,161		9,455,717
7.88%, 07/30/30		16,090		22,053,224
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%, 02/15/28 (Call 11/15/27)b		7,635		7,328,085
4.20%, 03/15/28 (Call 12/15/27)b		5,883		5,833,384
4.46%, 07/23/22 (Call 05/23/22)a		48,656		51,325,998
4.91%, 07/23/25 (Call 04/23/25)		66,273		70,490,494

Security	Principal (000s)		Value
5.38%, 05/01/47 (Call 11/01/46)a,b	$	20,410	$	20,660,331
6.38%, 10/23/35 (Call 04/23/35)a		30,815		35,453,835
6.48%, 10/23/45 (Call 04/23/45)a		49,864		57,355,976
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		13,478		17,884,788
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)a		29,323		27,455,207
2.75%, 03/01/23 (Call 02/01/23)a		12,198		12,313,586
2.85%, 01/15/23		4,960		5,035,093
3.00%, 02/01/24 (Call 01/01/24)		28,342		28,806,211
3.13%, 07/15/22a		17,076		17,662,643
3.15%, 03/01/26 (Call 12/01/25)		37,986		38,245,855
3.15%, 02/15/28 (Call 11/15/27)		13,440		13,320,248
3.20%, 07/15/36 (Call 01/15/36)a		13,040		12,271,823
3.30%, 02/01/27 (Call 11/01/26)a		15,100		15,269,851
3.38%, 02/15/25 (Call 11/15/24)		10,490		10,766,736
3.38%, 08/15/25 (Call 05/15/25)a		19,897		20,406,809
3.40%, 07/15/46 (Call 01/15/46)a		30,628		27,961,753
3.60%, 03/01/24a		15,530		16,268,270
3.97%, 11/01/47 (Call 05/01/47)b		36,529		36,354,128
4.00%, 08/15/47 (Call 02/15/47)		11,481		11,541,108
4.00%, 11/01/49 (Call 05/01/49)b		41,061		40,841,307
4.05%, 11/01/52 (Call 05/01/52)b		25,812		25,550,558
4.20%, 08/15/34 (Call 02/15/34)		16,856		17,942,678

SCHEDULES OF INVESTMENTS 97

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.25%, 01/15/33	$	24,241	$	26,287,721
4.40%, 08/15/35 (Call 02/15/35)		9,985		10,850,632
4.60%, 08/15/45 (Call 02/15/45)a		22,350		24,441,859
4.65%, 07/15/42a		15,435		16,987,965
4.75%, 03/01/44		11,337		12,638,031
5.65%, 06/15/35		482		596,468
6.40%, 05/15/38		387		520,205
6.45%, 03/15/37		9,486		12,628,436
6.50%, 11/15/35		3,595		4,810,830
6.95%, 08/15/37		12,263		17,313,130
7.05%, 03/15/33		11,290		15,634,082
Discovery Communications LLC
2.95%, 03/20/23 (Call 02/20/23)		18,405		18,313,234
3.95%, 03/20/28 (Call 12/20/27)		28,180		27,949,327
4.88%, 04/01/43a		8,200		8,039,954
5.00%, 09/20/37 (Call 03/20/37)		18,596		19,081,237
5.20%, 09/20/47 (Call 03/20/47)		28,019		28,538,181
6.35%, 06/01/40a		12,215		14,147,732
Historic TW Inc.
6.63%, 05/15/29		756		930,513
NBCUniversal Media LLC
2.88%, 01/15/23a		9,055		9,191,649
4.38%, 04/01/21a		27,404		29,345,108
4.45%, 01/15/43a		12,203		13,015,216
5.95%, 04/01/41a		4,854		6,217,973
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)a		15,103		15,645,995
4.50%, 09/15/42 (Call 03/15/42)		25,625		23,767,964
5.50%, 09/01/41 (Call 03/01/41)		17,378		18,190,943
5.88%, 11/15/40 (Call 05/15/40)		14,879		16,161,039
6.55%, 05/01/37a		21,361		25,024,501
6.75%, 06/15/39		23,549		28,066,664
7.30%, 07/01/38		23,570		29,574,790

Security	Principal (000s)		Value
Time Warner Entertainment Co. LP
8.38%, 03/15/23	$	11,915	$	14,742,895
8.38%, 07/15/33		10,465		14,221,154
Time Warner Inc.
2.95%, 07/15/26 (Call 04/15/26)a		10,180		9,618,250
3.55%, 06/01/24 (Call 03/01/24)a		16,843		17,126,505
3.60%, 07/15/25 (Call 04/15/25)a		23,086		23,111,847
3.80%, 02/15/27 (Call 11/15/26)a		32,894		32,873,885
4.70%, 01/15/21		12,158		12,971,151
4.75%, 03/29/21a		7,295		7,818,208
4.85%, 07/15/45 (Call 01/15/45)a		17,375		17,404,081
6.10%, 07/15/40a		21,381		24,854,119
6.25%, 03/29/41a		14,196		16,831,203
6.50%, 11/15/36		53		64,021
7.63%, 04/15/31		6,854		9,273,971
Viacom Inc.
4.25%, 09/01/23 (Call 06/01/23)		18,199		18,686,957
4.38%, 03/15/43		25,829		21,976,166
5.85%, 09/01/43 (Call 03/01/43)a		17,386		17,659,948
6.88%, 04/30/36a		20,031		22,534,368
Walt Disney Co. (The)
1.85%, 07/30/26a		21,717		19,880,615
2.15%, 09/17/20a		3,650		3,665,291
2.30%, 02/12/21a		9,270		9,329,060
2.35%, 12/01/22a		16,756		16,726,578
2.75%, 08/16/21a		6,168		6,286,082
2.95%, 06/15/27a		15,365		15,308,338
3.00%, 02/13/26a		17,145		17,324,592
3.15%, 09/17/25		13,600		13,939,123
4.13%, 06/01/44a		3,702		3,929,203
				1,668,093,531
METAL FABRICATE & HARDWARE — 0.06%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)		12,642		12,660,222

98 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.25%, 06/15/25 (Call 03/15/25)	$	8,537	$	8,730,810
				21,391,032
MINING — 0.60%
Barrick Gold Corp.
5.25%, 04/01/42a		7,321		8,511,789
Barrick North America Finance LLC
5.70%, 05/30/41a		12,165		14,845,386
5.75%, 05/01/43a		16,151		20,057,081
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39a		11,370		14,119,345
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22a		6,907		7,057,234
4.13%, 02/24/42		13,356		14,052,284
5.00%, 09/30/43a		31,775		37,823,171
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		10,062		10,417,542
4.88%, 03/15/42 (Call 09/15/41)a		19,676		21,575,948
6.25%, 10/01/39		13,769		17,436,461
Rio Tinto Alcan Inc.
6.13%, 12/15/33a		4,265		5,336,192
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25 (Call 03/15/25)		17,529		18,469,422
5.20%, 11/02/40a		19,350		23,080,295
7.13%, 07/15/28		5,163		6,845,387
Rio Tinto Finance USA PLC
2.88%, 08/21/22 (Call 05/21/22)a		35		35,564
4.13%, 08/21/42 (Call 02/21/42)		13,474		14,140,933
				233,804,034
OFFICE & BUSINESS EQUIPMENT — 0.02%
Xerox Corp.
3.63%, 03/15/23 (Call 02/15/23)		3,706		3,655,807
4.50%, 05/15/21		3,232		3,393,029
				7,048,836

Security	Principal (000s)		Value
OIL & GAS — 6.45%
Anadarko Finance Co.
7.50%, 05/01/31	$	9,725	$	12,332,004
Anadarko Petroleum Corp.
4.85%, 03/15/21 (Call 02/15/21)a		9,980		10,603,992
5.55%, 03/15/26 (Call 12/15/25)a		20,508		22,967,567
6.20%, 03/15/40a		8,451		9,990,841
6.45%, 09/15/36		18,369		22,278,505
6.60%, 03/15/46 (Call 09/15/45)a		25,951		32,703,878
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)		17,497		17,755,924
4.25%, 01/15/44 (Call 07/15/43)		13,404		12,841,848
4.75%, 04/15/43 (Call 10/15/42)		29,266		29,853,322
5.10%, 09/01/40 (Call 03/01/40)		14,530		15,350,223
6.00%, 01/15/37		7,064		8,284,841
BP Capital Markets PLC
2.11%, 09/16/21 (Call 08/16/21)		12,305		12,245,921
2.50%, 11/06/22a		15,021		14,971,635
2.75%, 05/10/23		24,496		24,620,445
3.02%, 01/16/27 (Call 10/16/26)a		23,894		23,622,265
3.06%, 03/17/22		15,650		16,043,130
3.12%, 05/04/26 (Call 02/04/26)a		21,722		21,896,949
3.22%, 11/28/23 (Call 09/28/23)a		24,971		25,637,086
3.22%, 04/14/24 (Call 02/14/24)a		7,765		7,952,100
3.25%, 05/06/22		19,956		20,636,589
3.28%, 09/19/27 (Call 06/19/27)		1,303		1,310,153
3.51%, 03/17/25a		14,419		14,918,340
3.54%, 11/04/24a		7,078		7,349,236
3.56%, 11/01/21a		13,388		14,030,783
3.59%, 04/14/27 (Call 01/14/27)a		5,028		5,191,804

SCHEDULES OF INVESTMENTS 99

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.72%, 11/28/28 (Call 08/28/28)a	$	6,145	$	6,377,484
3.81%, 02/10/24a		14,172		14,957,303
3.99%, 09/26/23a		12,266		13,115,795
4.50%, 10/01/20		18,077		19,275,478
4.74%, 03/11/21a		18,448		19,929,884
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (Call 12/15/22)		17,619		17,686,810
3.85%, 06/01/27 (Call 03/01/27)a		26,485		27,069,842
4.95%, 06/01/47 (Call 12/01/46)a		14,945		16,220,019
6.25%, 03/15/38a		16,083		19,894,700
Cenovus Energy Inc.
4.25%, 04/15/27 (Call 01/15/27)a,b		15,025		15,037,900
5.25%, 06/15/37 (Call 12/15/36)b		1,875		1,920,244
5.40%, 06/15/47 (Call 12/15/46)a,b		15,680		16,220,560
6.75%, 11/15/39		5,000		5,934,615
Chevron Corp.
2.10%, 05/16/21 (Call 04/15/21)		24,090		24,070,998
2.36%, 12/05/22 (Call 09/05/22)a		26,823		26,754,601
2.42%, 11/17/20 (Call 10/17/20)a		14,935		15,100,956
2.57%, 05/16/23 (Call 03/16/23)a		17,635		17,687,281
2.90%, 03/03/24 (Call 01/03/24)a		32,590		33,039,400
2.95%, 05/16/26 (Call 02/16/26)a		26,868		26,927,580
3.19%, 06/24/23 (Call 03/24/23)a		37,455		38,744,261
3.33%, 11/17/25 (Call 08/17/25)a		1,796		1,853,464
Concho Resources Inc.
3.75%, 10/01/27 (Call 07/01/27)		17,785		17,953,959

Security	Principal (000s)		Value
4.88%, 10/01/47 (Call 04/01/47)	$	11,800	$	12,537,869
ConocoPhillips
6.50%, 02/01/39a		36,643		49,955,395
ConocoPhillips Co.
2.40%, 12/15/22 (Call 09/15/22)		14,875		14,769,614
2.88%, 11/15/21 (Call 09/15/21)a		6,526		6,640,729
3.35%, 11/15/24 (Call 08/15/24)		18,056		18,643,187
4.20%, 03/15/21 (Call 02/15/21)a		14,534		15,410,711
4.30%, 11/15/44 (Call 05/15/44)a		6,965		7,421,631
4.95%, 03/15/26 (Call 12/15/25)a		22,291		25,292,583
ConocoPhillips Holding Co.
6.95%, 04/15/29		19,001		24,789,484
Devon Energy Corp.
3.25%, 05/15/22 (Call 02/15/22)a		15,962		16,197,575
4.75%, 05/15/42 (Call 11/15/41)		15,178		15,448,739
5.00%, 06/15/45 (Call 12/15/44)		15,580		16,541,697
5.60%, 07/15/41 (Call 01/15/41)		19,433		21,775,114
5.85%, 12/15/25 (Call 09/15/25)a		955		1,106,979
7.95%, 04/15/32		5,709		7,624,935
Devon Financing Co. LLC
7.88%, 09/30/31		1,815		2,413,772
Encana Corp.
6.50%, 08/15/34		11,245		13,744,163
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)a		15,015		14,910,969
4.10%, 02/01/21		4,831		5,103,469
4.15%, 01/15/26 (Call 10/15/25)a		4,710		5,008,557
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)		8,240		8,208,573

100 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.90%, 10/01/27 (Call 07/01/27)	$	15,000	$	14,926,494
4.88%, 11/15/21		5,250		5,645,332
Exxon Mobil Corp.
2.22%, 03/01/21 (Call 02/01/21)		36,368		36,567,300
2.40%, 03/06/22 (Call 01/06/22)		24,724		24,883,015
2.71%, 03/06/25 (Call 12/06/24)a		31,605		31,751,306
2.73%, 03/01/23 (Call 01/01/23)a		15,419		15,676,852
3.04%, 03/01/26 (Call 12/01/25)a		31,106		31,706,983
3.18%, 03/15/24 (Call 12/15/23)a		10,390		10,784,930
3.57%, 03/06/45 (Call 09/06/44)a		15,135		15,060,436
4.11%, 03/01/46 (Call 09/01/45)a		38,416		41,640,167
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)a		9,897		9,955,534
5.60%, 02/15/41		19,099		19,879,032
6.00%, 01/15/40		9,833		10,604,229
Husky Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)a		5,228		5,403,378
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)a		16,425		16,060,705
3.85%, 06/01/25 (Call 03/01/25)a		12,037		12,103,704
4.40%, 07/15/27 (Call 04/15/27)		7,935		8,136,496
6.60%, 10/01/37a		16,061		18,926,689
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		5,335		5,458,062
4.75%, 09/15/44 (Call 03/15/44)		14,337		14,506,373
5.13%, 03/01/21		11,270		12,185,032

Security	Principal (000s)		Value
6.50%, 03/01/41 (Call 09/01/40)	$	14,015	$	17,125,823
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		11,520		12,133,514
5.05%, 11/15/44 (Call 05/15/44)		21,344		22,362,068
5.25%, 11/15/43 (Call 05/15/43)		9,620		10,274,297
6.00%, 03/01/41 (Call 09/01/40)		12,481		14,357,350
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		21,086		21,209,528
3.00%, 02/15/27 (Call 11/15/26)a		12,896		12,817,800
3.13%, 02/15/22 (Call 11/15/21)		13,440		13,857,878
3.40%, 04/15/26 (Call 01/15/26)a		18,490		19,006,448
3.50%, 06/15/25 (Call 03/15/25)		13,057		13,500,158
4.10%, 02/15/47 (Call 08/15/46)a		13,240		13,716,416
4.40%, 04/15/46 (Call 10/15/45)a		12,933		14,009,516
4.63%, 06/15/45 (Call 12/15/44)a		14,060		15,590,472
Series 1
4.10%, 02/01/21 (Call 11/01/20)a		16,550		17,551,707
Petro-Canada
6.80%, 05/15/38		13,909		18,874,306
Phillips 66
4.30%, 04/01/22a		28,659		30,659,352
4.65%, 11/15/34 (Call 05/15/34)		13,108		14,132,195
4.88%, 11/15/44 (Call 05/15/44)a		27,318		30,341,403
5.88%, 05/01/42a		16,367		20,469,469
Shell International Finance BV
1.75%, 09/12/21a		18,142		17,849,170
1.88%, 05/10/21a		26,705		26,478,843

SCHEDULES OF INVESTMENTS 101

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
2.25%, 11/10/20	$	16,820	$	16,925,947
2.25%, 01/06/23a		13,577		13,469,519
2.38%, 08/21/22a		18,156		18,165,372
2.50%, 09/12/26		14,864		14,324,676
2.88%, 05/10/26		29,920		29,739,172
3.25%, 05/11/25a		38,835		39,919,246
3.40%, 08/12/23a		13,933		14,592,404
3.75%, 09/12/46a		20,510		20,216,369
4.00%, 05/10/46a		33,790		34,577,746
4.13%, 05/11/35		18,543		19,784,732
4.38%, 05/11/45		34,363		37,260,145
4.55%, 08/12/43		18,765		20,750,744
5.50%, 03/25/40a		12,136		15,027,618
6.38%, 12/15/38a		40,857		56,063,612
Statoil ASA
2.45%, 01/17/23a		32,582		32,478,819
2.65%, 01/15/24		16,081		16,005,321
2.75%, 11/10/21		930		944,686
2.90%, 11/08/20		7,827		7,989,205
3.15%, 01/23/22a		7,129		7,352,634
3.70%, 03/01/24a		11,290		11,902,527
3.95%, 05/15/43		4,957		5,092,392
4.80%, 11/08/43a		10,911		12,655,974
5.10%, 08/17/40		9,817		11,628,664
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)		13,984		14,451,724
6.50%, 06/15/38a		17,275		22,944,443
6.85%, 06/01/39		10,070		13,976,361
Total Capital Canada Ltd.
2.75%, 07/15/23		17,287		17,571,860
Total Capital International SA
2.70%, 01/25/23		12,557		12,688,091
2.75%, 06/19/21a		10,065		10,259,698
2.88%, 02/17/22a		7,352		7,506,342
3.70%, 01/15/24		15,745		16,629,819
3.75%, 04/10/24a		16,611		17,591,130
Valero Energy Corp.
3.40%, 09/15/26 (Call 06/15/26)a		27,928		27,814,219
6.63%, 06/15/37a		15,156		19,469,116
7.50%, 04/15/32		11,156		14,885,452
				2,495,543,801

Security	Principal (000s)		Value
OIL & GAS SERVICES — 0.56%
Baker Hughes a GE Co. LLC
3.20%, 08/15/21 (Call 05/15/21)	$	884	$	907,388
5.13%, 09/15/40a		9,647		11,255,901
Halliburton Co.
3.50%, 08/01/23 (Call 05/01/23)a		18,636		19,325,940
3.80%, 11/15/25 (Call 08/15/25)a		27,229		28,233,058
4.75%, 08/01/43 (Call 02/01/43)		15,131		16,186,555
4.85%, 11/15/35 (Call 05/15/35)		19,790		21,785,313
5.00%, 11/15/45 (Call 05/15/45)a		34,007		38,081,811
6.70%, 09/15/38		10,482		13,842,795
7.45%, 09/15/39		7,934		11,280,094
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)a		23,512		23,204,665
3.95%, 12/01/42 (Call 06/01/42)a		9,844		8,510,044
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)a		24,667		26,029,714
				218,643,278
PHARMACEUTICALS — 5.55%
AbbVie Inc.
2.30%, 05/14/21 (Call 04/14/21)a		32,395		32,340,874
2.85%, 05/14/23 (Call 03/14/23)a		19,110		19,180,130
2.90%, 11/06/22		40,704		41,126,320
3.20%, 11/06/22 (Call 09/06/22)a		9,455		9,684,339
3.20%, 05/14/26 (Call 02/14/26)a		24,295		24,122,593
3.60%, 05/14/25 (Call 02/14/25)a		61,028		62,733,305
4.30%, 05/14/36 (Call 11/14/35)a		16,281		17,132,695
4.40%, 11/06/42		25,843		26,836,291

102 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.45%, 05/14/46 (Call 11/14/45)a	$	31,899	$	33,486,703
4.50%, 05/14/35 (Call 11/14/34)		30,355		32,605,735
4.70%, 05/14/45 (Call 11/14/44)a		38,390		41,712,451
Actavis Inc.
3.25%, 10/01/22 (Call 07/01/22)		25,599		26,011,871
Allergan Funding SCS
3.45%, 03/15/22 (Call 01/15/22)a		54,719		56,156,260
3.80%, 03/15/25 (Call 12/15/24)a		65,228		66,826,386
3.85%, 06/15/24 (Call 03/15/24)a		15,385		15,975,052
4.55%, 03/15/35 (Call 09/15/34)		28,950		30,538,293
4.75%, 03/15/45 (Call 09/15/44)		11,066		11,720,993
4.85%, 06/15/44 (Call 12/15/43)		20,738		22,203,932
AstraZeneca PLC
2.38%, 11/16/20a		22,597		22,683,311
2.38%, 06/12/22 (Call 05/12/22)		15,738		15,575,938
3.13%, 06/12/27 (Call 03/12/27)a		11,245		11,120,573
3.38%, 11/16/25a		30,955		31,502,535
4.00%, 09/18/42		8,097		8,213,037
4.38%, 11/16/45a		11,833		12,749,734
6.45%, 09/15/37a		37,777		50,793,179
Bristol-Myers Squibb Co.
2.00%, 08/01/22		2,789		2,745,986
3.25%, 02/27/27a		17,490		17,839,744
Cardinal Health Inc.
2.62%, 06/15/22 (Call 05/15/22)		15,901		15,755,352
3.08%, 06/15/24 (Call 04/15/24)a		15,861		15,731,693
3.41%, 06/15/27 (Call 03/15/27)a		23,775		23,440,467

Security	Principal (000s)		Value
Eli Lilly & Co.
2.35%, 05/15/22	$	12,770	$	12,769,098
2.75%, 06/01/25 (Call 03/01/25)a		7,603		7,616,715
3.10%, 05/15/27 (Call 02/15/27)a		12,120		12,268,939
3.70%, 03/01/45 (Call 09/01/44)a		12,303		12,438,285
3.95%, 05/15/47 (Call 11/15/46)a		8,180		8,662,354
Express Scripts Holding Co.
3.00%, 07/15/23 (Call 05/15/23)a		20,168		20,086,221
3.40%, 03/01/27 (Call 12/01/26)a		19,995		19,644,882
3.50%, 06/15/24 (Call 03/15/24)		12,571		12,708,923
3.90%, 02/15/22		12,092		12,644,532
4.50%, 02/25/26 (Call 11/27/25)a		22,507		23,876,463
4.75%, 11/15/21		12,696		13,703,387
4.80%, 07/15/46 (Call 01/15/46)a		21,115		21,891,464
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23a		20,929		21,193,923
6.38%, 05/15/38		30,493		41,876,397
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		25,420		25,930,423
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)a		10,175		10,066,063
2.25%, 03/03/22 (Call 02/03/22)		14,105		14,181,058
2.45%, 03/01/26 (Call 12/01/25)a		32,894		32,169,533
2.95%, 03/03/27 (Call 12/03/26)a		13,450		13,635,501
3.38%, 12/05/23a		9,709		10,262,213
3.55%, 03/01/36 (Call 09/01/35)		13,649		14,092,897
3.63%, 03/03/37 (Call 09/03/36)a		26,345		27,462,610
3.70%, 03/01/46 (Call 09/01/45)a		27,974		29,090,465

SCHEDULES OF INVESTMENTS 103

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.75%, 03/03/47 (Call 09/03/46)a	$	11,995	$	12,697,783
4.38%, 12/05/33 (Call 06/05/33)		9,698		11,036,172
5.95%, 08/15/37		14,234		19,290,258
McKesson Corp.
3.80%, 03/15/24 (Call 12/15/23)a		3,956		4,114,348
4.88%, 03/15/44 (Call 09/15/43)a		18,549		20,080,311
Mead Johnson Nutrition Co.
3.00%, 11/15/20a		5,095		5,208,556
4.13%, 11/15/25 (Call 08/15/25)a		10,155		10,827,582
Merck & Co. Inc.
2.35%, 02/10/22		15,648		15,745,022
2.40%, 09/15/22 (Call 06/15/22)a		15,201		15,237,522
2.75%, 02/10/25 (Call 11/10/24)a		35,436		35,416,103
2.80%, 05/18/23		29,136		29,825,530
3.70%, 02/10/45 (Call 08/10/44)a		30,163		30,559,481
3.88%, 01/15/21 (Call 10/15/20)a		18,074		19,107,057
4.15%, 05/18/43a		17,583		19,135,282
Mylan NV
3.15%, 06/15/21 (Call 05/15/21)a		33,390		33,767,931
3.95%, 06/15/26 (Call 03/15/26)a		32,793		32,754,271
3.95%, 06/15/26 (Call 03/15/26)b		1,950		1,948,420
5.25%, 06/15/46 (Call 12/15/45)a		9,125		9,581,693
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)		4,895		4,919,708
2.40%, 09/21/22		15,245		15,283,050
3.00%, 11/20/25 (Call 08/20/25)		24,985		25,390,814
3.10%, 05/17/27 (Call 02/17/27)a		18,380		18,637,995
3.40%, 05/06/24		28,418		29,735,078

Security	Principal (000s)		Value
4.00%, 11/20/45 (Call 05/20/45)a	$	18,616	$	19,890,664
4.40%, 05/06/44a		23,119		26,159,313
Pfizer Inc.
1.95%, 06/03/21a		16,552		16,473,711
2.20%, 12/15/21a		17,778		17,819,652
2.75%, 06/03/26a		17,115		16,971,566
3.00%, 06/15/23a		17,808		18,380,629
3.00%, 12/15/26a		27,770		28,056,684
3.40%, 05/15/24a		14,510		15,243,274
4.00%, 12/15/36a		9,585		10,381,101
4.13%, 12/15/46		14,280		15,354,557
4.30%, 06/15/43a		10,350		11,349,878
4.40%, 05/15/44		8,676		9,657,379
7.20%, 03/15/39		45,203		68,697,824
Sanofi
4.00%, 03/29/21a		19,996		21,142,475
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 08/23/21)a		49,895		49,552,576
2.88%, 09/23/23 (Call 07/23/23)a		31,872		31,533,271
3.20%, 09/23/26 (Call 06/23/26)		39,637		38,646,547
Wyeth LLC
5.95%, 04/01/37a		23,085		30,851,657
6.50%, 02/01/34		8,801		11,891,793
Zoetis Inc.
3.00%, 09/12/27 (Call 06/12/27)		6,422		6,289,644
3.25%, 02/01/23 (Call 11/01/22)		17,969		18,483,584
3.95%, 09/12/47 (Call 03/12/47)		2,360		2,317,569
4.50%, 11/13/25 (Call 08/13/25)		9,820		10,876,214
4.70%, 02/01/43 (Call 08/01/42)		12,940		14,172,433
				2,147,312,080
PIPELINES — 2.96%
Columbia Pipeline Group Inc.
4.50%, 06/01/25 (Call 03/01/25)a		14,401		15,490,706

104 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Enbridge Inc.
4.25%, 12/01/26 (Call 09/01/26)a	$	15,270	$	16,130,993
5.50%, 12/01/46 (Call 05/29/46)a		6,344		7,487,095
Energy Transfer LP
3.60%, 02/01/23 (Call 11/01/22)		14,849		15,114,200
4.05%, 03/15/25 (Call 12/15/24)a		13,470		13,695,631
4.15%, 10/01/20 (Call 08/01/20)		9,832		10,252,890
4.65%, 06/01/21 (Call 03/01/21)		7,708		8,174,995
4.75%, 01/15/26 (Call 10/15/25)a		22,084		23,272,508
5.15%, 03/15/45 (Call 09/15/44)		16,250		15,834,917
5.20%, 02/01/22 (Call 11/01/21)		9,385		10,181,425
5.30%, 04/15/47 (Call 10/15/46)a		14,480		14,434,520
6.13%, 12/15/45 (Call 06/15/45)		12,831		14,071,751
6.50%, 02/01/42 (Call 08/01/41)a		14,099		16,063,005
Energy Transfer LP/Regency Energy Finance Corp.
5.88%, 03/01/22 (Call 12/01/21)		14,162		15,661,779
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)		350		355,819
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)a		2,522		2,592,205
3.70%, 02/15/26 (Call 11/15/25)a		7,270		7,501,845
3.75%, 02/15/25 (Call 11/15/24)a		19,472		20,263,477
3.90%, 02/15/24 (Call 11/15/23)		8,880		9,329,929

Security	Principal (000s)		Value
3.95%, 02/15/27 (Call 11/15/26)	$	10	$	10,514
4.45%, 02/15/43 (Call 08/15/42)		20,215		20,762,024
4.85%, 08/15/42 (Call 02/15/42)		6,787		7,352,713
4.85%, 03/15/44 (Call 09/15/43)		14,960		16,256,462
4.90%, 05/15/46 (Call 11/15/45)		17,355		19,081,088
5.10%, 02/15/45 (Call 08/15/44)		15,859		17,864,041
5.20%, 09/01/20a		12,058		13,032,408
5.95%, 02/01/41a		7,975		9,847,690
Kinder Morgan Energy Partners LP
3.50%, 03/01/21 (Call 01/01/21)		11,817		12,126,272
3.95%, 09/01/22 (Call 06/01/22)		13,774		14,379,424
5.50%, 03/01/44 (Call 09/01/43)		8,400		8,966,190
6.95%, 01/15/38		11,008		13,558,749
Kinder Morgan Inc./DE
3.15%, 01/15/23 (Call 12/15/22)		7,815		7,861,968
4.30%, 06/01/25 (Call 03/01/25)a		30,406		31,918,616
5.05%, 02/15/46 (Call 08/15/45)		20,219		20,869,823
5.30%, 12/01/34 (Call 06/01/34)		10,689		11,488,928
5.55%, 06/01/45 (Call 12/01/44)		26,115		28,393,045
7.75%, 01/15/32		10,724		13,774,169
MPLX LP
4.13%, 03/01/27 (Call 12/01/26)a		23,203		23,854,698
4.50%, 07/15/23 (Call 04/15/23)a		21,255		22,733,999
4.88%, 12/01/24 (Call 09/01/24)a		11,048		12,013,853
4.88%, 06/01/25 (Call 03/01/25)		9,583		10,399,198

SCHEDULES OF INVESTMENTS 105

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.20%, 03/01/47 (Call 09/01/46)	$	17,834	$	19,087,650
ONEOK Partners LP
3.38%, 10/01/22 (Call 07/01/22)		5,997		6,085,460
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		5,659		5,538,386
3.65%, 06/01/22 (Call 03/01/22)		14,442		14,565,287
4.50%, 12/15/26 (Call 09/15/26)a		10,625		10,855,125
4.65%, 10/15/25 (Call 07/15/25)a		17,661		18,261,352
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		15,387		15,666,368
5.00%, 03/15/27 (Call 09/15/26)		31,822		34,243,167
5.63%, 02/01/21 (Call 11/01/20)a		17,890		19,382,563
5.63%, 04/15/23 (Call 01/15/23)a		22,695		25,160,469
5.63%, 03/01/25 (Call 12/01/24)a		24,540		27,325,297
5.75%, 05/15/24 (Call 02/15/24)a		36,012		40,431,584
5.88%, 06/30/26 (Call 12/31/25)a		17,802		20,215,839
6.25%, 03/15/22 (Call 12/15/21)		16,621		18,801,349
Spectra Energy Partners LP
4.75%, 03/15/24 (Call 12/15/23)		12,259		13,382,190
Sunoco Logistics Partners Operations LP
4.00%, 10/01/27 (Call 07/01/27)		4,660		4,634,995
5.35%, 05/15/45 (Call 11/15/44)		8,265		8,254,088
5.40%, 10/01/47 (Call 04/01/47)		21,200		21,508,106

Security	Principal (000s)		Value
TransCanada PipeLines Ltd.
2.50%, 08/01/22a	$	11,359	$	11,348,944
3.80%, 10/01/20		11,773		12,275,388
4.63%, 03/01/34 (Call 12/01/33)a		19,374		21,375,642
4.88%, 01/15/26 (Call 10/15/25)a		6,665		7,555,621
6.10%, 06/01/40a		8,497		11,156,468
6.20%, 10/15/37a		12,815		16,753,963
7.63%, 01/15/39		14,825		22,176,283
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 (Call 11/01/25)a		16,172		20,945,446
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		10,666		10,881,146
3.60%, 03/15/22 (Call 01/15/22)		18,474		19,084,037
3.75%, 06/15/27 (Call 03/15/27)a		13,545		13,591,925
3.90%, 01/15/25 (Call 10/15/24)		5,601		5,748,867
4.00%, 09/15/25 (Call 06/15/25)a		14,120		14,562,872
4.30%, 03/04/24 (Call 12/04/23)		11,940		12,634,426
5.10%, 09/15/45 (Call 03/15/45)		16,177		17,319,611
6.30%, 04/15/40		16,809		20,366,396
Williams Partners LP/ACMP Finance Corp.
4.88%, 03/15/24 (Call 03/15/19)		10,120		10,612,743
				1,144,244,615
REAL ESTATE — 0.05%
Prologis LP
3.75%, 11/01/25 (Call 08/01/25)a		11,075		11,643,276
4.25%, 08/15/23 (Call 05/15/23)a		8,357		9,041,779
				20,685,055

106 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
REAL ESTATE INVESTMENT TRUSTS — 1.10%
American Tower Corp.
3.30%, 02/15/21 (Call 01/15/21)a	$	12,234	$	12,535,311
3.38%, 10/15/26 (Call 07/15/26)a		13,342		13,158,972
3.50%, 01/31/23a		14,225		14,669,978
3.55%, 07/15/27 (Call 04/15/27)		19,125		19,032,666
4.00%, 06/01/25 (Call 03/01/25)		17,361		18,025,305
4.70%, 03/15/22		375		404,623
5.00%, 02/15/24a		5,316		5,849,538
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)		22,531		21,320,997
3.65%, 02/01/26 (Call 11/03/25)		18,015		18,309,812
3.85%, 02/01/23 (Call 11/01/22)		6,308		6,627,672
4.13%, 05/15/21 (Call 02/15/21)		8,046		8,465,845
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		23,099		24,131,070
Crown Castle International Corp.
2.25%, 09/01/21 (Call 08/01/21)		1,560		1,542,725
3.20%, 09/01/24 (Call 07/01/24)		1,325		1,315,685
3.40%, 02/15/21 (Call 01/15/21)a		5,135		5,277,998
3.65%, 09/01/27 (Call 06/01/27)		13,220		13,160,125
3.70%, 06/15/26 (Call 03/15/26)a		13,640		13,696,474
4.45%, 02/15/26 (Call 11/15/25)a		9,123		9,631,073
4.88%, 04/15/22		31,860		34,482,040
5.25%, 01/15/23a		26,353		29,157,602
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)a		7,823		8,406,942

Security	Principal (000s)		Value
4.63%, 12/15/21 (Call 09/15/21)a	$	4,611	$	4,986,056
HCP Inc.
3.88%, 08/15/24 (Call 05/17/24)		11,840		12,176,674
4.00%, 06/01/25 (Call 03/01/25)a		12,695		13,113,428
4.25%, 11/15/23 (Call 08/15/23)		8,762		9,280,004
5.38%, 02/01/21 (Call 11/03/20)a		2,097		2,270,856
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)		10,385		10,374,859
3.30%, 01/15/26 (Call 10/15/25)a		18,893		18,997,371
3.38%, 10/01/24 (Call 07/01/24)a		18,589		19,122,551
4.38%, 03/01/21 (Call 12/01/20)a		11,054		11,727,357
Welltower Inc.
4.00%, 06/01/25 (Call 03/01/25)a		21,509		22,335,991
Weyerhaeuser Co.
7.38%, 03/15/32a		15,677		21,766,872
				425,354,472
RETAIL — 3.54%
Costco Wholesale Corp.
2.15%, 05/18/21 (Call 04/18/21)a		13,163		13,171,381
2.30%, 05/18/22 (Call 04/18/22)a		10,610		10,601,059
2.75%, 05/18/24 (Call 03/18/24)a		17,811		17,898,228
3.00%, 05/18/27 (Call 02/18/27)a		19,235		19,250,215
CVS Health Corp.
2.13%, 06/01/21 (Call 05/01/21)a		20,910		20,593,098
2.75%, 12/01/22 (Call 09/01/22)		19,314		19,217,550
2.88%, 06/01/26 (Call 03/01/26)		27,174		25,842,819

SCHEDULES OF INVESTMENTS 107

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.50%, 07/20/22 (Call 05/20/22)a	$	26,887	$	27,685,982
3.88%, 07/20/25 (Call 04/20/25)a		43,128		44,355,419
4.00%, 12/05/23 (Call 09/05/23)a		10,511		11,053,289
4.88%, 07/20/35 (Call 01/20/35)		128		140,059
5.13%, 07/20/45 (Call 01/20/45)a		47,346		52,890,572
5.30%, 12/05/43 (Call 06/05/43)		10,165		11,577,958
Home Depot Inc. (The)
2.00%, 04/01/21 (Call 03/01/21)a		17,272		17,236,789
2.13%, 09/15/26 (Call 06/15/26)a		14,247		13,363,378
2.63%, 06/01/22 (Call 05/01/22)a		17,245		17,526,730
2.70%, 04/01/23 (Call 01/01/23)a		22,214		22,430,058
2.80%, 09/14/27 (Call 06/14/27)		5,815		5,714,747
3.00%, 04/01/26 (Call 01/01/26)a		19,139		19,252,575
3.35%, 09/15/25 (Call 06/15/25)a		24,715		25,534,233
3.50%, 09/15/56 (Call 03/15/56)		17,907		16,610,342
3.75%, 02/15/24 (Call 11/15/23)a		8,456		8,962,254
3.90%, 06/15/47 (Call 12/15/46)a		13,615		13,922,920
4.20%, 04/01/43 (Call 10/01/42)		9,728		10,341,457
4.25%, 04/01/46 (Call 10/01/45)		24,994		26,935,314
4.40%, 04/01/21 (Call 01/01/21)		11,693		12,507,442
4.40%, 03/15/45 (Call 09/15/44)		13,260		14,543,022
4.88%, 02/15/44 (Call 08/15/43)		13,320		15,560,840

Security	Principal (000s)		Value
5.88%, 12/16/36a	$	39,917	$	52,712,031
5.95%, 04/01/41 (Call 10/01/40)a		13,802		18,221,462
Lowe’s Companies Inc.
2.50%, 04/15/26 (Call 01/15/26)a		24,218		23,201,294
3.10%, 05/03/27 (Call 02/03/27)a		19,520		19,520,792
3.12%, 04/15/22 (Call 01/15/22)a		11,309		11,633,899
3.38%, 09/15/25 (Call 06/15/25)a		9,030		9,321,722
3.70%, 04/15/46 (Call 10/15/45)		22,362		21,755,988
4.05%, 05/03/47 (Call 11/03/46)a		33,035		34,079,874
4.38%, 09/15/45 (Call 03/15/45)		6,650		7,149,331
4.65%, 04/15/42 (Call 10/15/41)		7,722		8,573,430
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)a		11,820		10,847,883
McDonald’s Corp.
2.63%, 01/15/22a		19,642		19,808,460
2.75%, 12/09/20 (Call 11/09/20)a		15,065		15,356,345
3.50%, 03/01/27 (Call 12/01/26)a		14,755		15,162,850
3.70%, 01/30/26 (Call 10/30/25)a		22,935		23,972,878
4.70%, 12/09/35 (Call 06/09/35)a		12,697		14,100,764
4.88%, 12/09/45 (Call 06/09/45)a		21,479		24,436,085
6.30%, 10/15/37a		10,651		13,911,150
6.30%, 03/01/38		9,905		12,943,400
Starbucks Corp.
2.10%, 02/04/21 (Call 01/04/21)		5,982		5,983,263
3.85%, 10/01/23 (Call 07/01/23)a		17,090		18,347,971
Target Corp.
2.50%, 04/15/26a		29,053		27,917,225

108 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
2.90%, 01/15/22a	$	9,069	$	9,266,759
3.50%, 07/01/24a		5,975		6,248,838
3.63%, 04/15/46a		13,066		12,387,686
3.90%, 11/15/47 (Call 05/15/47)		11,750		11,584,770
4.00%, 07/01/42a		15,155		15,333,990
TJX Companies Inc. (The)
2.25%, 09/15/26 (Call 06/15/26)		22,146		20,678,216
2.75%, 06/15/21 (Call 04/15/21)a		470		478,836
Wal-Mart Stores Inc.
2.35%, 12/15/22 (Call 11/15/22)		13,000		12,955,259
2.55%, 04/11/23 (Call 01/11/23)		34,524		34,756,388
2.65%, 12/15/24 (Call 10/15/24)		18,100		18,047,847
3.25%, 10/25/20		19,268		20,004,198
3.30%, 04/22/24 (Call 01/22/24)a		18,809		19,605,947
3.63%, 12/15/47 (Call 06/15/47)		12,755		12,992,466
4.00%, 04/11/43 (Call 10/11/42)a		13,507		14,481,255
4.25%, 04/15/21a		10,094		10,816,735
4.30%, 04/22/44 (Call 10/22/43)a		13,123		15,015,742
5.25%, 09/01/35a		16,000		19,948,342
5.63%, 04/01/40		5,000		6,544,942
5.63%, 04/15/41		17,000		22,449,418
5.88%, 04/05/27a		9,129		11,365,876
6.20%, 04/15/38a		5,000		6,921,189
6.50%, 08/15/37		5,723		8,110,787
7.55%, 02/15/30		11,452		16,633,589
Walgreen Co.
3.10%, 09/15/22a		20,963		21,219,254
Walgreens Boots Alliance Inc.
3.30%, 11/18/21 (Call 09/18/21)a		15,530		15,933,648
3.45%, 06/01/26 (Call 03/01/26)		29,250		28,766,307
3.80%, 11/18/24 (Call 08/18/24)		27,155		27,789,344

Security	Principal (000s)		Value
4.80%, 11/18/44 (Call 05/18/44)a	$	25,745	$	26,833,632
				1,370,849,087
SEMICONDUCTORS — 1.98%
Analog Devices Inc.
3.50%, 12/05/26 (Call 09/05/26)a		12,780		12,951,087
3.90%, 12/15/25 (Call 09/15/25)a		11,875		12,468,355
Applied Materials Inc.
3.30%, 04/01/27 (Call 01/01/27)a		10,284		10,514,509
4.30%, 06/15/21		8,719		9,348,599
4.35%, 04/01/47 (Call 10/01/46)a		12,660		13,811,399
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%, 01/15/23 (Call 12/15/22)b		8,475		8,388,403
3.00%, 01/15/22 (Call 12/15/21)a,b		61,355		62,210,577
3.13%, 01/15/25 (Call 11/15/24)b		7,590		7,535,777
3.50%, 01/15/28 (Call 10/15/27)b		13,685		13,634,738
3.63%, 01/15/24 (Call 11/15/23)b		33,282		34,371,084
3.88%, 01/15/27 (Call 10/15/26)a,b		71,322		73,385,082
Intel Corp.
2.35%, 05/11/22 (Call 04/11/22)a		9,595		9,633,239
2.60%, 05/19/26 (Call 02/19/26)a		11,718		11,468,245
2.70%, 12/15/22a		25,124		25,539,162
2.88%, 05/11/24 (Call 03/11/24)		25,213		25,494,632
3.10%, 07/29/22a		16,360		16,958,580
3.15%, 05/11/27 (Call 02/11/27)a		20,365		20,729,018
3.30%, 10/01/21a		25,464		26,557,727
3.70%, 07/29/25 (Call 04/29/25)		27,956		29,640,852

SCHEDULES OF INVESTMENTS 109

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
4.00%, 12/15/32a	$	10,514	$	11,452,411
4.10%, 05/19/46 (Call 11/19/45)		20,412		21,597,170
4.10%, 05/11/47 (Call 11/11/46)a		14,555		15,455,313
4.25%, 12/15/42		11,958		12,958,804
4.80%, 10/01/41a		17,853		20,910,726
4.90%, 07/29/45 (Call 01/29/45)a		20,755		24,703,769
NVIDIA Corp.
2.20%, 09/16/21 (Call 08/16/21)		18,857		18,763,134
3.20%, 09/16/26 (Call 06/16/26)a		7,616		7,658,832
QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)a		30,109		30,005,169
2.90%, 05/20/24 (Call 03/20/24)a		35,649		35,645,396
3.00%, 05/20/22a		26,537		27,070,919
3.25%, 05/20/27 (Call 02/20/27)a		26,025		26,014,434
3.45%, 05/20/25 (Call 02/20/25)a		23,865		24,511,185
4.30%, 05/20/47 (Call 11/20/46)a		25,935		26,190,322
4.65%, 05/20/35 (Call 11/20/34)		14,394		15,685,289
4.80%, 05/20/45 (Call 11/20/44)a		22,003		23,859,485
				767,123,423
SOFTWARE — 4.05%
Activision Blizzard Inc.
3.40%, 09/15/26 (Call 06/15/26)a		6,410		6,530,849
Fidelity National Information Services Inc.
2.25%, 08/15/21 (Call 07/15/21)		3,288		3,261,614
3.00%, 08/15/26 (Call 05/15/26)		16,543		16,017,480
3.50%, 04/15/23 (Call 01/15/23)		10,744		11,080,592

Security	Principal (000s)		Value
5.00%, 10/15/25 (Call 07/15/25)	$	23,289	$	25,928,806
Fiserv Inc.
3.85%, 06/01/25 (Call 03/01/25)		10,805		11,244,090
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)a		46,315		45,358,628
2.00%, 11/03/20 (Call 10/03/20)		26,938		26,983,595
2.00%, 08/08/23 (Call 06/08/23)a		18,250		17,807,410
2.13%, 11/15/22a		7,092		7,024,804
2.38%, 02/12/22 (Call 01/12/22)		25,322		25,484,590
2.38%, 05/01/23 (Call 02/01/23)a		7,600		7,587,745
2.40%, 02/06/22 (Call 01/06/22)a		22,345		22,525,563
2.40%, 08/08/26 (Call 05/08/26)a		58,739		56,670,894
2.65%, 11/03/22 (Call 09/03/22)		10,820		10,974,988
2.70%, 02/12/25 (Call 11/12/24)a		34,144		34,271,251
2.88%, 02/06/24 (Call 12/06/23)		28,301		28,804,393
3.00%, 10/01/20a		13,513		13,935,088
3.13%, 11/03/25 (Call 08/03/25)a		39,522		40,593,995
3.30%, 02/06/27 (Call 11/06/26)a		59,925		61,947,049
3.45%, 08/08/36 (Call 02/08/36)a		36,089		36,541,502
3.50%, 02/12/35 (Call 08/12/34)		22,662		23,174,676
3.50%, 11/15/42		11,527		11,286,437
3.63%, 12/15/23 (Call 09/15/23)a		23,967		25,437,443
3.70%, 08/08/46 (Call 02/08/46)a		61,397		61,777,158
3.75%, 02/12/45 (Call 08/12/44)a		26,268		26,697,999

110 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.95%, 08/08/56 (Call 02/08/56)	$	27,192	$	27,834,196
4.00%, 02/12/55 (Call 08/12/54)a		29,145		30,055,519
4.10%, 02/06/37 (Call 08/06/36)		34,125		37,368,110
4.20%, 11/03/35 (Call 05/03/35)		11,175		12,388,665
4.45%, 11/03/45 (Call 05/03/45)		43,359		49,278,670
4.50%, 10/01/40		10,193		11,538,941
4.50%, 02/06/57 (Call 08/06/56)		33,088		37,127,499
4.75%, 11/03/55 (Call 05/03/55)a		16,135		18,910,419
5.20%, 06/01/39		10,649		13,136,597
5.30%, 02/08/41		11,743		14,746,104
Series 30Y
4.25%, 02/06/47 (Call 08/06/46)a		41,074		45,730,177
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)a		75,820		75,047,303
2.40%, 09/15/23 (Call 07/15/23)		50,476		50,076,922
2.50%, 05/15/22 (Call 03/15/22)a		37,381		37,628,182
2.50%, 10/15/22a		45,987		46,191,109
2.65%, 07/15/26 (Call 04/15/26)a		44,741		43,890,451
2.80%, 07/08/21a		15,457		15,803,107
2.95%, 05/15/25 (Call 02/15/25)a		32,270		32,559,910
3.40%, 07/08/24 (Call 04/08/24)a		22,968		23,973,250
3.63%, 07/15/23		15,033		15,905,860
3.85%, 07/15/36 (Call 01/15/36)		15,436		16,148,371
3.90%, 05/15/35 (Call 11/15/34)		19,582		20,640,442
4.00%, 07/15/46 (Call 01/15/46)a		44,179		45,669,299
4.13%, 05/15/45 (Call 11/15/44)a		25,578		26,910,683

Security	Principal (000s)		Value
4.30%, 07/08/34 (Call 01/08/34)a	$	20,251	$	22,258,504
4.38%, 05/15/55 (Call 11/15/54)		12,539		13,604,760
4.50%, 07/08/44 (Call 01/08/44)		12,493		13,883,896
5.38%, 07/15/40		31,539		39,224,345
6.13%, 07/08/39		13,352		18,262,729
6.50%, 04/15/38a		17,164		24,151,924
VMware Inc.
2.95%, 08/21/22 (Call 07/21/22)		16,440		16,485,539
3.90%, 08/21/27 (Call 05/21/27)		11,300		11,339,776
				1,566,719,898
TELECOMMUNICATIONS — 7.48%
AT&T Corp.
8.25%, 11/15/31a		986		1,386,991
AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)		21,626		21,633,392
2.80%, 02/17/21 (Call 01/17/21)a		24,534		24,962,258
2.85%, 02/14/23 (Call 01/14/23)		430		427,171
3.00%, 02/15/22a		21,833		22,215,776
3.00%, 06/30/22 (Call 04/30/22)a		51,275		52,013,334
3.20%, 03/01/22 (Call 02/01/22)a		16,085		16,377,115
3.40%, 08/14/24 (Call 06/14/24)		3,280		3,276,418
3.40%, 05/15/25 (Call 02/15/25)		63,163		62,385,552
3.60%, 02/17/23 (Call 12/17/22)a		51,643		53,376,945
3.80%, 03/15/22		29,697		31,303,599
3.80%, 03/01/24 (Call 01/01/24)a		10,365		10,639,519
3.88%, 08/15/21a		19,466		20,473,391
3.90%, 03/11/24 (Call 12/11/23)		15,157		15,651,412
3.90%, 08/14/27 (Call 05/14/27)		19,387		19,307,126

SCHEDULES OF INVESTMENTS 111

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
3.95%, 01/15/25 (Call 10/15/24)	$	25,025	$	25,691,261
4.13%, 02/17/26 (Call 11/17/25)a		33,898		34,759,467
4.25%, 03/01/27 (Call 12/01/26)a		39,290		40,319,936
4.30%, 12/15/42 (Call 06/15/42)a		23,716		21,662,462
4.35%, 06/15/45 (Call 12/15/44)a		43,286		38,572,899
4.45%, 05/15/21		16,670		17,855,165
4.45%, 04/01/24 (Call 01/01/24)a		22,751		24,120,813
4.50%, 05/15/35 (Call 11/15/34)a		38,749		37,770,285
4.50%, 03/09/48 (Call 09/09/47)a		47,816		43,353,926
4.55%, 03/09/49 (Call 09/09/48)a		35,987		32,609,465
4.60%, 02/15/21 (Call 11/15/20)		11,435		12,222,488
4.75%, 05/15/46 (Call 11/15/45)		41,866		39,385,285
4.80%, 06/15/44 (Call 12/15/43)a		37,902		36,184,857
4.90%, 08/14/37 (Call 02/14/37)		25,256		25,202,962
5.00%, 03/01/21		24,124		26,197,793
5.15%, 03/15/42		27,730		27,770,868
5.15%, 02/14/50 (Call 08/14/49)		31,115		30,658,543
5.25%, 03/01/37 (Call 09/01/36)		43,553		45,401,237
5.30%, 08/14/58 (Call 02/14/58)		20,545		20,345,303
5.35%, 09/01/40		31,539		32,725,081
5.45%, 03/01/47 (Call 09/01/46)a		40,305		42,117,584
5.55%, 08/15/41a		18,943		20,189,203
5.65%, 02/15/47 (Call 08/15/46)		20,599		21,963,735
5.70%, 03/01/57 (Call 09/01/56)a		15,384		16,181,474

Security	Principal (000s)		Value
6.00%, 08/15/40 (Call 05/15/40)	$	17,170	$	19,148,942
6.30%, 01/15/38		15,878		18,709,135
6.38%, 03/01/41		14,037		16,253,680
6.50%, 09/01/37a		2,075		2,516,479
6.55%, 02/15/39		11,510		14,022,851
British Telecommunications PLC
9.13%, 12/15/30		30,931		46,733,258
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)a		28,700		28,316,290
2.20%, 02/28/21a		35,618		35,722,614
2.20%, 09/20/23 (Call 07/20/23)a		8,285		8,148,713
2.50%, 09/20/26 (Call 06/20/26)a		15,807		15,343,458
2.95%, 02/28/26a		14,819		14,908,839
3.63%, 03/04/24a		21,871		23,167,377
5.50%, 01/15/40a		28,013		35,702,647
5.90%, 02/15/39		28,399		37,704,855
Deutsche Telekom International Finance BV
8.75%, 06/15/30		45,575		67,095,916
New Cingular Wireless Services Inc.
8.75%, 03/01/31a		10,379		14,913,687
Orange SA
4.13%, 09/14/21a		11,429		12,172,259
5.38%, 01/13/42a		13,287		15,689,971
5.50%, 02/06/44 (Call 08/06/43)a		9,792		11,841,442
9.00%, 03/01/31		31,209		47,226,024
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)a		9,049		9,612,431
5.00%, 03/15/44 (Call 09/15/43)a		13,874		15,692,282
Telefonica Emisiones SAU
4.10%, 03/08/27a		16,970		17,462,819
4.57%, 04/27/23a		5,785		6,279,067
5.21%, 03/08/47a		31,369		34,450,741
5.46%, 02/16/21a		18,763		20,494,707
7.05%, 06/20/36a		21,530		28,611,790

112 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Telefonica Europe BV
8.25%, 09/15/30	$	17,779	$	25,148,785
Verizon Communications Inc.
1.75%, 08/15/21a		9,107		8,903,791
2.45%, 11/01/22 (Call 08/01/22)a		35,346		35,070,527
2.63%, 08/15/26a		36,651		34,345,890
2.95%, 03/15/22		37,741		38,268,004
3.00%, 11/01/21 (Call 09/01/21)a		22,321		22,750,818
3.13%, 03/16/22a		35,895		36,659,495
3.38%, 02/15/25a,b		66,943		67,328,458
3.45%, 03/15/21a		5,805		6,021,376
3.50%, 11/01/21		33,967		35,278,197
3.50%, 11/01/24 (Call 08/01/24)a		34,755		35,556,263
3.85%, 11/01/42 (Call 05/01/42)		20,931		18,443,279
4.13%, 03/16/27a		43,635		45,492,359
4.13%, 08/15/46a		28,170		25,526,268
4.15%, 03/15/24 (Call 12/15/23)a		22,274		23,633,126
4.27%, 01/15/36		37,868		37,118,437
4.40%, 11/01/34 (Call 05/01/34)a		38,354		38,501,651
4.50%, 08/10/33		9,090		9,358,017
4.52%, 09/15/48		67,894		64,901,748
4.60%, 04/01/21		18,944		20,371,752
4.67%, 03/15/55		72,782		68,823,198
4.75%, 11/01/41		7,918		7,952,020
4.81%, 03/15/39		21,567		22,232,862
4.86%, 08/21/46a		52,110		52,635,290
5.01%, 04/15/49		61,160		62,453,717
5.01%, 08/21/54a		73,359		73,029,398
5.05%, 03/15/34 (Call 12/15/33)		8,377		8,974,364
5.15%, 09/15/23		83,134		93,115,026
5.25%, 03/16/37a		37,255		40,783,469
5.50%, 03/16/47a		35,309		39,010,767
6.55%, 09/15/43		18,799		23,617,706
Vodafone Group PLC
2.50%, 09/26/22a		14,178		14,140,601
2.95%, 02/19/23		25,642		25,918,952

Security	Principal (000s)		Value
4.38%, 02/19/43a	$	23,422	$	23,657,874
6.15%, 02/27/37		18,423		22,705,793
				2,894,363,643
TRANSPORTATION — 0.84%
Burlington Northern Santa Fe LLC
3.85%, 09/01/23 (Call 06/01/23)a		4,376		4,675,030
3.90%, 08/01/46 (Call 02/01/46)a		9,717		10,027,928
4.13%, 06/15/47 (Call 12/15/46)a		8,695		9,265,114
4.15%, 04/01/45 (Call 10/01/44)a		17,278		18,413,502
4.45%, 03/15/43 (Call 09/15/42)		8,146		8,962,300
4.55%, 09/01/44 (Call 03/01/44)		15,870		17,871,821
4.90%, 04/01/44 (Call 10/01/43)		15,810		18,488,837
5.75%, 05/01/40 (Call 11/01/39)		7,352		9,422,007
Canadian Pacific Railway Co.
6.13%, 09/15/15 (Call 03/15/15)		10,908		14,054,093
CSX Corp.
2.60%, 11/01/26 (Call 08/01/26)		990		946,367
3.25%, 06/01/27 (Call 03/01/27)a		20,172		20,177,013
3.80%, 11/01/46 (Call 05/01/46)a		13,155		12,764,085
4.10%, 03/15/44 (Call 09/15/43)a		11,942		12,126,061
FedEx Corp.
3.25%, 04/01/26 (Call 01/01/26)a		6,921		7,014,159
4.00%, 01/15/24a		6,879		7,353,863
4.40%, 01/15/47 (Call 07/15/46)a		23,455		24,445,364
4.55%, 04/01/46 (Call 10/01/45)a		18,730		19,913,167
4.75%, 11/15/45 (Call 05/15/45)		17,800		19,380,175
5.10%, 01/15/44		6,834		7,756,725

SCHEDULES OF INVESTMENTS 113

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Security	Principal or Shares (000s)		Value
Union Pacific Corp.
3.80%, 10/01/51 (Call 04/01/51)a	$	12,921	$	12,818,411
4.16%, 07/15/22 (Call 04/15/22)a		9,393		10,131,434
United Parcel Service Inc.
2.45%, 10/01/22		16,544		16,625,818
3.13%, 01/15/21a		17,756		18,332,369
6.20%, 01/15/38		18,760		25,468,490
				326,434,133
WATER — 0.04%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		13,765		13,820,045
6.59%, 10/15/37		985		1,347,764
				15,167,809
TOTAL CORPORATE BONDS & NOTES
(Cost: $38,049,556,061)				38,215,230,674
U.S. GOVERNMENT OBLIGATIONS — 0.04%
U.S. Treasury Note/Bond
2.75%, 08/15/47		15,000		14,623,828
				14,623,828
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $14,618,585)				14,623,828
SHORT-TERM INVESTMENTS — 10.70%
MONEY MARKET FUNDS — 10.70%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.31%d,e,f		3,764,387		3,765,140,099
BlackRock Cash Funds: Treasury, SL Agency Shares
1.00%d,e		377,401		377,400,671
				4,142,540,770
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,142,218,410)				4,142,540,770

Security	Value
TOTAL INVESTMENTS IN SECURITIES — 109.49%
(Cost: $42,206,393,056)g	$	42,372,395,272
Other Assets, Less Liabilities — (9.49)%		(3,672,313,982	)
NET ASSETS — 100.00%	$	38,700,081,290

VRN  —  Variable Rate Note

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

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

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

^d  Affiliated issuer.

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

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

^g  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $42,206,393,056. Net unrealized appreciation was $166,002,216, of which $382,035,405 represented gross unrealized appreciation on investments and $216,033,189 represented gross unrealized depreciation on investments.

114 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2017

Schedule 1 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	38,215,230,674	$	—	$	38,215,230,674
U.S. government obligations		—		14,623,828		—		14,623,828
Money market funds		4,142,540,770		—		—		4,142,540,770
Total	$	4,142,540,770	$	38,229,854,502	$	—	$	42,372,395,272

SCHEDULES OF INVESTMENTS 115

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

October 31, 2017

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	19,326,024,340		$	37,900,899,690
Affiliated		4,586,134,226			4,305,493,366
Total cost of investments in securities	$	23,912,158,566		$	42,206,393,056
Investments in securities, at fair value (including securities on loana):
Unaffiliated	$	19,100,174,096		$	38,066,564,694
Affiliated		4,586,873,011			4,305,830,578
Cash		—			496,614
Receivables:
Investment securities sold		44,941,536			109,626,039
Due from custodian		802,634			9,942,377
Dividends and interest		295,047,776			372,311,032
Capital shares sold		44,651,799			—
Total Assets		24,072,490,852			42,864,771,334
LIABILITIES
Payables:
Investment securities purchased		210,431,948			392,624,648
Collateral for securities on loan		4,379,516,219			3,764,530,874
Capital shares redeemed		204,769			1,659,050
Securities related to in-kind transactions		12,425,716			1,126,917
Investment advisory fees		8,285,404			4,748,555
Total Liabilities		4,610,864,056			4,164,690,044
NET ASSETS	$	19,461,626,796		$	38,700,081,290
Net assets consist of:
Paid-in capital	$	20,164,811,253		$	38,339,125,518
Undistributed net investment income		75,038,988			83,137,340
Undistributed net realized gain (accumulated net realized loss)		(553,111,986	)		111,816,216
Net unrealized appreciation (depreciation)		(225,111,459	)		166,002,216
NET ASSETS	$	19,461,626,796		$	38,700,081,290
Shares outstandingb		220,500,000			319,500,000
Net asset value per share	$	88.26		$	121.13

^a  Securities on loan with values of $4,201,059,395 and $3,640,360,813, respectively.

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

116 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 117

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

118 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 119

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

120 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 121

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

122 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 123

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

124 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 125

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

126 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 127

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

128 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 129

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

130 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 131

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

132 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 133

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

134 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 135

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

136 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 137

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

138 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 139

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

140 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 141

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

142 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 143

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

144 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

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

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

VRN  —  Variable Rate Note

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

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

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

^d  Affiliated money market fund.

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

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

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

Schedule 1 — Fair Value Measurements

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

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 145

Schedule of Investments

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

146 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 147

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

148 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 149

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

150 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 151

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

152 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 153

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

154 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 155

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

156 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 157

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

158 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 159

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

160 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 161

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

162 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 163

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

164 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 165

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

166 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 167

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

168 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 169

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

170 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 171

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

172 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 173

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

174 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 175

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

176 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 177

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

178 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

SCHEDULES OF INVESTMENTS 179

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

180 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

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

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

VRN — Variable Rate Note

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

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

^c  Affiliated issuer. See Schedule 1.

^d  Affiliated money market fund.

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

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

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

SCHEDULES OF INVESTMENTS 181

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Schedule 1 — Affiliates (Note 2)

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

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

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

Schedule 2 — Fair Value Measurements

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

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

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

See notes to financial statements.

182 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^® TRUST

February 28, 2017

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

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

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

See notes to financial statements.

FINANCIAL STATEMENTS 183

Statements of Operations

iSHARES^® TRUST

Year ended February 28, 2017

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

See notes to financial statements.

184 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® TRUST

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

See notes to financial statements.

FINANCIAL STATEMENTS 185

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

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

^a Based on average shares outstanding throughout each period.

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

^c Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

186 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year ended Feb. 28, 2017			Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013
Net asset value, beginning of year	$	114.80		$	121.46		$	117.02		$	120.06		$	116.86
Income from investment operations:
Net investment incomea		3.88			4.00			4.06			4.25			4.60
Net realized and unrealized gain (loss)b		3.63			(6.70	)		4.42			(2.94	)		3.22
Total from investment operations		7.51			(2.70	)		8.48			1.31			7.82
Less distributions from:
Net investment income		(3.89	)		(3.96	)		(4.04	)		(4.35	)		(4.61	)
Net realized gain		—			—			—			—			(0.01	)
Total distributions		(3.89	)		(3.96	)		(4.04	)		(4.35	)		(4.62	)
Net asset value, end of year	$	118.42		$	114.80		$	121.46		$	117.02		$	120.06
Total return		6.57	%		(2.19	)%		7.35	%		1.19	%		6.81	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	31,238,193		$	25,071,298		$	22,044,157		$	16,898,301		$	24,037,003
Ratio of expenses to average net assets		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assets		3.24	%		3.44	%		3.42	%		3.66	%		3.87	%
Portfolio turnover ratec		11	%		13	%		9	%		6	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 187

Notes to Financial Statements

iSHARES^® TRUST

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

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

iShares ETF	Diversification Classification
iBoxx $ High Yield Corporate Bond	Diversified
iBoxx $ Investment Grade Corporate Bond	Diversified

The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve each Fund’s investment objective.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

• Fixed income investments are valued using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services

188 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes.

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 189

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

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

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

190 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 191

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

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

RECENT ACCOUNTING STANDARD

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

192 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

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

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

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

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.1500	%	First $121 billion
	0.1425	a	Over $121 billion, up to and including $181 billion
	0.1354	a	Over $181 billion, up to and including $231 billion
	0.1287	a	Over $231 billion, up to and including $281 billion
	0.1222	a	Over $281 billion

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

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

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

NOTES TO FINANCIAL STATEMENTS 193

Notes to Financial Statements (Continued)

iSHARES^® TRUST

For the year ended February 28, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
iBoxx $ High Yield Corporate Bond	$	7,084,213
iBoxx $ Investment Grade Corporate Bond		3,057,252

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

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

For the year ended February 28, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
iBoxx $ High Yield Corporate Bond	$	—	$	111,953,277
iBoxx $ Investment Grade Corporate Bond		282,963,210		788,507,981

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Dividends – affiliated” in the statements of operations.

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended February 28, 2017 were as follows:

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

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

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

194 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

4. CAPITAL SHARE TRANSACTIONS

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

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

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the statements of assets and liabilities.

5. PRINCIPAL RISKS

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

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

MARKET RISK

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

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

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate

NOTES TO FINANCIAL STATEMENTS 195

Notes to Financial Statements (Continued)

iSHARES^® TRUST

changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

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

High yield securities that are rated below investment-grade (including those bonds rated lower than “BBB-” by Standard & Poor’s Ratings Services and Fitch or “Baa3” by Moody’s) or are unrated, may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

6. INCOME TAX INFORMATION

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

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

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

196 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

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

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

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

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

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

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

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

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

7. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 197

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

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

iShares iBoxx $ Investment Grade Corporate Bond ETF

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF (constituting funds of the iShares Trust, hereafter referred to as the “Funds”) as of February 28, 2017, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of February 28, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

April 19, 2017

198 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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

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

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

iS-AR-1010-1017

OCTOBER 31, 2017

2017 ANNUAL REPORT

iShares U.S. ETF Trust

^Ø  iShares Interest Rate Hedged Emerging Markets Bond ETF  |  EMBH  |  NYSE Arca

Table of Contents

Management’s Discussion of Fund Performance	5
About Fund Performance	8
Shareholder Expenses	8
Schedule of Investments	9
Financial Statements	11
Financial Highlights	14
Notes to Financial Statements	15
Report of Independent Registered Public Accounting Firm	23
Tax Information	24
Board Review and Approval of Investment Advisory Contract	25
Supplemental Information	29
Trustee and Officer Information	31
Additional Financial Information — iShares J.P. Morgan USD Emerging Markets Bond ETF	35
Schedule of Investments	36
Financial Statements	46
Financial Highlights	49
Notes to Financial Statements	50
Report of Independent Registered Public Accounting Firm	58

Management’s Discussion of Fund Performance

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

GLOBAL BOND MARKET OVERVIEW

Global investment-grade bonds posted modestly positive returns for the 12 months ended October 31, 2017 (“reporting period”), reflecting improving economic growth and rising interest rates in virtually all major bond markets. The Bloomberg Barclays Global Aggregate Index, a broad measure of global bond market performance, returned 1.18% in U.S. dollar terms for the reporting period.

Regionally, European bond markets posted the strongest returns among developed markets for the reporting period. European corporate bonds performed particularly well, benefiting from better economic conditions and stronger corporate earnings throughout Europe. The Eurozone economy expanded for the 12 months ended September 2017, its fastest growth rate in more than six years, and the jobless rate in September 2017 was the lowest since February 2009. The European Central Bank (“ECB”) elected to keep interest rates at historically low levels throughout the reporting period, though the ECB announced late in the reporting period that it plans to taper its quantitative easing program beginning in 2018. Currency fluctuations also contributed meaningfully to European bond performance in U.S. dollar terms as the euro appreciated by approximately 6% against the U.S. dollar during the reporting period.

In the U.S. bond market, economically sensitive corporate bonds performed well during the reporting period, benefiting from improving growth, healthy corporate profits, and strong investor demand for their comparatively higher yields. In contrast, U.S. Treasury securities declined and were the weakest performers among the broad market segments. The poor performance of U.S. Treasury bonds reflected concerns about the expected effect of the new presidential administration’s proposed tax cuts and fiscal stimulus policies. In addition, the U.S. Federal Reserve Bank (“Fed”) increased short-term interest rates by a quarter percentage point three times during the reporting period, from 0.5% to 1.25%, which contributed to higher short-term U.S. Treasury yields. The Fed also started reducing the amount of U.S. Treasury bonds and mortgage-backed securities on its balance sheet in October 2017. These actions were made possible by improvement in the U.S. economy, led by strength in the job market, where the unemployment rate reached its lowest level in more than 16 years.

Bond markets in the Asia-Pacific region rose modestly in U.S. dollar terms for the reporting period, reflecting modest economic growth, low inflation, and accommodative monetary policies in many countries. In fundamental terms, however, conditions were generally supportive of Japanese bond performance, as Japanese economic growth was 1.4% for the year ended in June, while consumer prices rose just 0.7% for the 12 months ended in September 2017. In that environment, the Bank of Japan maintained its economic stimulus measures, targeting negative short-term interest rates and zero percent yields on longer-term bonds. However, Japanese bond market performance was hindered by a decline in the Japanese yen, which depreciated by approximately 8% against the U.S. dollar.

The performance of inflation-linked securities during the reporting period was also noteworthy. U.S. Treasury inflation-indexed bonds declined as interest rates rose and inflation was generally modest — the U.S. consumer price index rose 2.2% for the 12 months ended September 2017, well below the long-term historical average. In contrast, European government inflation-linked bonds were among the strongest performers in global bond markets for the reporting period. This reflected a surge in U.K. inflation, where consumer prices rose at their fastest rate in more than five years.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Performance as of October 31, 2017

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		9.57%		6.29%		9.57%		14.91%
Fund Market		9.61%		6.30%		9.61%		14.95%
J.P. Morgan EMBI Global Core Swap Hedged Index		10.05%		6.64%		10.05%		15.73%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

The J.P. Morgan EMBI Global Core Swap Hedged Index is an unmanaged index that consists of the J.P. Morgan EMBI^® Global Core Index plus interest rate swaps that intend to hedge the interest rate exposure of the J.P. Morgan EMBI^® Global Core Index.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a,b		Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,034.40	$	0.51	$	1,000.00	$	1,024.70	$	0.51		0.10%

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

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

The iShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, emerging market bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares J.P. Morgan USD Emerging Markets Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps. For the 12-month reporting period ended October 31, 2017, the total return for the Fund was 9.57%, net of fees.

6 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Latin American bonds made the most significant contribution to the Fund’s return for the reporting period, led by Argentina, Mexico, and Brazil. Argentina’s president, Mauricio Macri, made strides in his dual pledge to reduce inflation and stimulate economic growth during the reporting period. Having emerged from default in the previous reporting period, Argentina issued a 100-year bond yielding 7.9%, which was met with strong demand in an environment of low global bond yields. In Mexico, the U.S. presidential election and Donald Trump’s proposed trade policies initially drove Mexican bond yields up and the Mexican peso down, but slow progress and softer trade rhetoric alleviated concerns, helping Mexican bonds rebound for the reporting period. Brazilian bonds benefited from a declining inflation rate and the anticipation of future reductions in interest rates by the central bank, despite concerns surrounding political crises.

European bonds also contributed meaningfully to the Fund’s performance for the reporting period, led by Ukraine. The country’s first sovereign bond issue since restructuring its debt in 2015 attracted strong investor demand, benefiting from continued investor appetite for yield. Russian Federation bonds also contributed to the Fund’s return.

Bonds from the Middle East and Asia were noteworthy contributors to the Fund’s performance for the reporting period as well, driven by Kazakhstan and Indonesia. Africa’s contribution to the Fund’s return was led by Zambia.

Increasing interest rates reduce the value of existing bonds, meaning a rise in interest rates typically detracts from bond fund performance. Conversely, falling rates usually tend to increase bond prices. An interest rate hedged fund attempts to mitigate these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and Treasury futures contracts.

Rising interest rates during the reporting period meant that hedging activity contributed positively to the Fund’s return. The Fund’s interest rate hedge seeks near-zero interest rate sensitivity and was successful within its targeted range. As a result, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund’s return fluctuated based on direct exposure to the yield premium of emerging market bonds, independent of rising interest rates during the reporting period.

ALLOCATION BY CREDIT QUALITY ¹

As of 10/31/17

Moody’s Credit Rating ² Percentage of
Total Investments ³

Aa	0.66	%
A	16.29
Baa	33.73
Ba	21.74
B	15.38
Caa	4.31
Not Rated	7.89
TOTAL	100.00	%

TEN LARGEST COUNTRIES ¹

As of 10/31/17

Country Percentage of
Total Investments ³

Mexico	6.17	%
Indonesia	4.96
Russia	4.36
Turkey	4.34
China	4.00
Argentina	3.99
Philippines	3.98
Brazil	3.87
Colombia	3.54
Peru	3.28
TOTAL	42.49	%

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

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

³  Excludes money market funds.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 7

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2017 and held through October 31, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

8 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

October 31, 2017

Security	Shares		Value
INVESTMENT COMPANIES — 96.96%
EXCHANGE-TRADED FUNDS — 96.96%
iShares J.P. Morgan USD Emerging Markets Bond ETFa		22,057	$	2,564,126
				2,564,126
TOTAL INVESTMENT COMPANIES (Cost: $2,488,438)				2,564,126
SHORT-TERM INVESTMENTS — 0.63%
MONEY MARKET FUNDS — 0.63%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.00%a,b		16,670		16,670
				16,670
TOTAL SHORT-TERM INVESTMENTS (Cost: $16,670)				16,670

	Value
TOTAL INVESTMENTS IN SECURITIES — 97.59% (Cost: $2,505,108)c	$	2,580,796
Other Assets, Less Liabilities — 2.41%		63,608
NET ASSETS — 100.00%	$	2,644,404

^a  Affiliated issuer. See Schedule 1.

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

^c  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $2,505,246. Net unrealized appreciation was $110,304, of which $110,912 represented gross unrealized appreciation on investments and $608 represented gross unrealized depreciation on investments.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2017, for purposes of Section 2(a)(3) of the 1940 Act, and/or related parties of the Fund were as follows:

Affiliated issuer	Shares held at 10/31/16		Shares purchased			Shares sold			Shares held at 10/31/17		Value at 10/31/17		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)			Income
BlackRock Cash Funds: Institutional, SL Agency Shares		—		—	b		—			—	$	—	$	165	$	—		$	—	c
BlackRock Cash Funds: Treasury, SL Agency Shares		92,850		—			(76,180	)b		16,670		16,670		8		—			441
iShares J.P. Morgan USD Emerging Markets Bond ETF		20,552		23,487			(21,982	)		22,057		2,564,126		106,632		(24,177	)		127,693
											$	2,580,796	$	106,805	$	(24,177	)	$	128,134

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

^b  Net of shares purchased and sold.

^c  Does not include income earned on the investment of securities lending cash collateral which is not direct income of the Fund and is reflected as a component of securities lending income in the statement of operations.

SCHEDULE OF INVESTMENTS 9

Schedule of Investments (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

October 31, 2017

Schedule 2 — Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of October 31, 2017 were as follows:

Paid by the Fund			Received by the Fund				Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate		Frequency
1.01%		Semi-annual		3-month LIBOR		Quarterly		12/08/2018	$	(450	)	$	3,236	$	2,401	$	835
1.17%		Semi-annual		3-month LIBOR		Quarterly		12/08/2021		(1,167	)		39,640		25,689		13,951
1.44%		Semi-annual		3-month LIBOR		Quarterly		12/08/2026		(806	)		60,060		48,718		11,342
2.41%		Semi-annual		3-month LIBOR		Quarterly		06/19/2037		(332	)		9,440		344		9,096
1.77%		Semi-annual		3-month LIBOR		Quarterly		12/08/2046		(132	)		24,258		24,728		(470	)
												$	136,634	$	101,880	$	34,754

Schedule 3 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	2,564,126	$	—		$	—	$	2,564,126
Money market funds		16,670		—			—		16,670
Total	$	2,580,796	$	—		$	—	$	2,580,796
Derivative financial instrumentsa:
Assets:
Centrally cleared interest rate swaps	$	—	$	35,224		$	—	$	35,224
Liabilities:
Centrally cleared interest rate swaps		—		(470	)		—		(470	)
Total	$	—	$	34,754		$	—	$	34,754

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

See notes to financial statements.

10 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

October 31, 2017

ASSETS
Investments in securities, at cost:
Affiliated (Note 2)	$	2,505,108
Total cost of investments in securities	$	2,505,108
Investments in securities, at fair value (Note 1):
Affiliated (Note 2)	$	2,580,796
Cash pledged for centrally cleared swaps		64,000
Receivables:
Dividends		56
Total Assets		2,644,852
LIABILITIES
Payables:
Investment advisory fees (Note 2)		224
Variation margin on centrally cleared swaps		224
Total Liabilities		448
NET ASSETS	$	2,644,404
Net assets consist of:
Paid-in capital	$	2,563,166
Accumulated net realized loss		(29,204	)
Net unrealized appreciation		110,442
NET ASSETS	$	2,644,404
Shares outstandinga		100,000
Net asset value per share	$	26.44

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

See notes to financial statements.

FINANCIAL STATEMENTS 11

Statement of Operations

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Year ended October 31, 2017

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	128,134
Securities lending income — affiliated — net (Note 2)		2,434
Total investment income		130,568
EXPENSES
Investment advisory fees (Note 2)		22,147
Proxy fees		56
Total expenses		22,203
Less investment advisory fees waived (Note 2)		(19,250	)
Net expenses		2,953
Net investment income		127,615
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		123
In-kind redemptions — affiliated (Note 2)		106,674
Swap agreements		97,210
Realized gain distributions from affiliated funds		8
Net realized gain		204,015
Net change in unrealized appreciation/depreciation on:
Investments — affiliated (Note 2)		(24,177	)
Swap agreements		(10,892	)
Net change in unrealized appreciation/depreciation		(35,069	)
Net realized and unrealized gain		168,946
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	296,561

See notes to financial statements.

12 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

	Year ended October 31, 2017			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	127,615		$	117,337
Net realized gain (loss)		204,015			(149,146	)
Net change in unrealized appreciation/depreciation		(35,069	)		210,104
Net increase in net assets resulting from operations		296,561			178,295
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(114,001	)		(88,749	)
Return of capital		—			(2,962	)
Total distributions to shareholders		(114,001	)		(91,711	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,536,871			—
Cost of shares redeemed		(2,581,258	)		—
Net decrease in net assets from capital share transactions		(44,387	)		—
INCREASE IN NET ASSETS		138,173			86,584
NET ASSETS
Beginning of year		2,506,231			2,419,647
End of year	$	2,644,404		$	2,506,231
SHARES ISSUED AND REDEEMED
Shares sold		100,000			—
Shares redeemed		(100,000	)		—
Net increase (decrease) in shares outstanding		—			—

See notes to financial statements.

FINANCIAL STATEMENTS 13

Financial Highlights

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

(For a share outstanding throughout each period)

	Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Period from Jul. 22, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	25.06		$	24.20		$	25.05
Income from investment operations:
Net investment incomeb		1.11			1.17			0.33
Net realized and unrealized gain (loss)c		1.24			0.61			(0.95	)
Total from investment operations		2.35			1.78			(0.62	)
Less distributions from:
Net investment income		(0.97	)		(0.89	)		(0.23	)
Return of capital		—			(0.03	)		(0.00	)d
Total distributions		(0.97	)		(0.92	)		(0.23	)
Net asset value, end of period	$	26.44		$	25.06		$	24.20
Total return		9.57	%		7.49	%		(2.43	)%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,644		$	2,506		$	2,420
Ratio of expenses to average net assetsf,g		0.10	%		0.10	%		0.12	%
Ratio of expenses to average net assets prior to waived feesf,g		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assetsf		4.32	%		4.82	%		4.86	%
Portfolio turnover rateh,i		2	%		3	%		0	%e

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Rounds to less than $0.01.

^e  Not annualized.

^f  Annualized for periods of less than one year.

^g  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. These ratios do not include these indirect fees and expenses.

^h  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

ⁱ  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested. See page 49 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.

14 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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

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

iShares ETF	Diversification Classification
Interest Rate Hedged Emerging Markets Bond	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 15

Notes to Financial Statements (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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

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

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

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

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

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

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

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

16 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates. As of October 31, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of October 31, 2017 and the total value of the related cash collateral are disclosed in the statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the statement of operations.

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

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

NOTES TO FINANCIAL STATEMENTS 17

Notes to Financial Statements (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.75%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is the Fund’s total annual operating expenses. BFA has contractually agreed to reduce its investment advisory fee for the Fund through February 28, 2022 so that the total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares J.P. Morgan USD Emerging Markets Bond ETF (“EMB”), after taking into account any fee waivers by EMB, plus 0.10%.

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

Pursuant to a securities lending agreement, the Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, the Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the year ended October 31, 2017, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $813.

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

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Dividends – affiliated” in the statement of operations.

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

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

18 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended October 31, 2017, were $257,173 and $49,960, respectively.

In-kind purchases and sales (see Note 4) for the year ended October 31, 2017, were $2,381,820 and $2,464,471, respectively.

4. CAPITAL SHARE TRANSACTIONS

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

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

5. INTEREST RATE SWAPS

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

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

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

NOTES TO FINANCIAL STATEMENTS 19

Notes to Financial Statements (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

The following table shows the value of interest rate swaps held by the Fund as of October 31, 2017 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized appreciationa	$	35,224

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

Liabilities
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized appreciationb	$	470

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

The following table shows the realized and unrealized gains (losses) on interest rate swaps held by the Fund during the year ended October 31, 2017 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Centrally cleared interest rate swaps:
Swap agreements	$	97,210	$	(10,892	)

For the year ended October 31, 2017, the average quarter-end notional amount of open interest rate swaps for the Fund (where the Fund pays the fixed rate) was $2,933,338.

6. PRINCIPAL RISKS

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

MARKET RISK

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

20 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2017, attributable to the accounting for swap agreements, distributions paid in excess of taxable income, and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

Paid-in Capital	Undistributed Net Investment Income/ Distributions in Excess of Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized  Loss
$    105,541	$	(13,614)	$	(91,927)

The tax character of distributions paid during the years ended October 31, 2017 and October 31, 2016 was as follows:

	2017		2016
Ordinary income	$	114,001	$	88,749
Return of capital		—		2,962
	$	114,001	$	91,711

NOTES TO FINANCIAL STATEMENTS 21

Notes to Financial Statements (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

As of October 31, 2017, the tax components of accumulated net earnings (losses) were as follows:

Capital Loss Carryforwards		Net Unrealized Gains  (Losses) a		Total
$	(29,066)	$	110,304	$	81,238

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

As of October 31, 2017, the Fund had non-expiring capital loss carryforwards in the amount of $29,066 available to offset future realized capital gains.

For the year ended October 31, 2017, the Fund utilized $112,226 of its capital loss carryforwards.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

8. LEGAL PROCEEDINGS

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

9. SUBSEQUENT EVENTS

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

22 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

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

Shareholders of the iShares Interest Rate Hedged Emerging Markets Bond ETF

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the iShares Interest Rate Hedged Emerging Markets Bond ETF (constituting a fund of the iShares U.S. ETF Trust, hereafter referred to as the “Fund”) as of October 31, 2017, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the two years then ended and for the period July 22, 2015 (commencement of operations) through October 31, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 21, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 23

Tax Information (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

For the fiscal year ended October 31, 2017, the Fund intends to pass through to its shareholders foreign source income of $127,693 earned by the underlying fund.

24 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 5, 2017 and May 12, 2017. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 18, 2017, management presented information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its meetings. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 19-21, 2017, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential further enhancements to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, waivers/reimbursements (if any), and underlying fund fees and expenses (if any) of the Fund in comparison with the same information for other exchange traded funds (“ETFs”) (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Broadridge’s judgment, pure index institutional mutual funds, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2016, to that of relevant comparison funds for the same periods.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board further noted that during the prior year, the Board received periodic reports on the Fund’s short- and longer-term performance in

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 25

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

comparison with its benchmark index. Such periodic comparative performance information, including any additional detailed information requested by the Boards, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s strategy and benchmark index.

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, product design, compliance and risk management, and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 19-21, 2017 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

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

Costs of Services Provided to Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability of the Fund to BlackRock, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, including supplemental information that was responsive to requests of the 15(c) Committee. The Board noted that the 15(c) Committee had focused on the methodology and profitability presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BFA affiliate, from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee during its meetings and addressed by management, including through supplemental information. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in

26 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale be identified in the future that are not otherwise shared, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider the Advisory Contract at least annually, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged BFA’s expressed business purpose for launching a suite of iShares “Core” ETFs that generally are subject to lower investment advisory fees than iShares non-Core ETFs that may provide a similar investment exposure. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 27

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion — Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

28 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Proxy Results

A special meeting of the shareholders of each series of iShares U.S. ETF Trust (the “Trust”) was held on June 19, 2017, to elect five Trustees to the Board of Trustees of the Trust. The five nominees were Jane D. Carlin, Richard L. Fagnani, Drew E. Lawton, Madhav V. Rajan and Mark Wiedman, all of whom were elected as Trustees at the special meeting. The other Trustees whose terms of office as Trustees continued after the special meeting are Cecilia H. Herbert, Charles A. Hurty, John E. Kerrigan, John E. Martinez and Robert S. Kapito.

Trustee	Votes For		Votes Withheld
Jane D. Carlin		49,298,818		57,986
Richard L. Fagnani		49,294,053		62,752
Drew E. Lawton		49,296,485		60,320
Madhav V. Rajan		49,289,721		67,084
Mark Wiedman		49,289,957		66,848

Section 19(a) Notices

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

Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
$	0.954176	$	—	$	0.015696	$	0.969872		98	%		—	%		2	%		100	%

Premium/Discount Information

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

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

SUPPLEMENTAL INFORMATION 29

Supplemental Information (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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

The following information shows the frequency of distributions of premiums and discounts for the Fund for the immediately preceding five calendar years (or from the inception date of the Fund, if less than five years) through the date of the most recent calendar quarter-end. Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

Period Covered: July 22, 2015 through September 30, 2017

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5%		1		0.18	%
Greater than 1.0% and Less than 1.5%		3		0.54
Greater than 0.5% and Less than 1.0%		10		1.81
Greater than 0.0% and Less than 0.5%		236		42.60
At NAV		16		2.89
Less than 0.0% and Greater than –0.5%		286		51.62
Less than –0.5% and Greater than –1.0%		1		0.18
Less than –1.0%		1		0.18
		554		100.00	%

30 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees a total of 346 funds (as of October 31, 2017) within the Exchange-Traded Fund Complex. Drew E. Lawton, from October 2016 to June 2017, and Richard L. Fagnani, from April 2017 to June 2017, served as a member of the advisory board (“Advisory Board,” members of which are “Advisory Board Members”) for iShares U.S. ETF Trust, iShares, Inc. and iShares Trust with respect to all funds within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (60)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Mark K. Wiedmanb (46)	Trustee (since 2013)	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

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

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

TRUSTEE AND OFFICER INFORMATION 31

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (68)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Director of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (61)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (62)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
Charles A. Hurty (74)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (62)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (58)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

32 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (53)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011); Director, Cavium, Inc. (since 2013).

TRUSTEE AND OFFICER INFORMATION 33

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (42)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (58)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Benjamin Archibald (42)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised mutual funds (since 2012).
Alan Mason (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Steve Messinger (55)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Charles Park (50)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (48)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

34 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Additional Financial Information

Audited Financial Statements

October 31, 2017

iShares Trust

iShares J.P. Morgan USD Emerging Markets Bond ETF  |  EMB  |  NASDAQ

Schedule of Investments

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 16.22%
AZERBAIJAN — 0.52%
Southern Gas Corridor CJSC
6.88%, 03/24/26b	$	54,900	$	62,075,430
				62,075,430
CHILE — 1.05%
Corp. Nacional del Cobre de Chile
3.63%, 08/01/27 (Call 05/01/27)b		33,500		33,709,875
4.50%, 09/16/25b		44,034		47,369,576
4.50%, 08/01/47 (Call 02/01/47)b		41,700		43,972,163
				125,051,614
CHINA — 3.47%
Amber Circle Funding Ltd.
3.25%, 12/04/22b		10,659		10,838,807
China Development Bank
2.13%, 06/01/21b		9,644		9,468,543
2.50%, 10/09/20b		24,239		24,182,249
2.63%, 01/24/22b		13,850		13,804,295
China Development Bank Corp./Hong Kong
FRN, (3 mo. LIBOR US + 0.70%)
2.02%, 03/06/22b,c		13,800		13,801,670
China Great Wall International Holdings III Ltd.
3.13%, 08/31/22b		8,800		8,795,778
CNAC HK Finbridge Co. Ltd.
3.50%, 07/19/22b		18,000		18,088,551
4.13%, 07/19/27b		14,500		14,806,871
CNOOC Curtis Funding No. 1 Pty Ltd.
4.50%, 10/03/23b		13,671		14,797,860
Sinochem Overseas Capital Co. Ltd.
4.50%, 11/12/20b		15,293		16,172,347
Sinopec Group Overseas Development 2012 Ltd.
3.90%, 05/17/22b		16,002		16,761,023
4.88%, 05/17/42b		12,609		14,289,376
Sinopec Group Overseas Development 2013 Ltd.
4.38%, 10/17/23b		21,025		22,697,644

Security	Principal (000s)		Value
Sinopec Group Overseas Development 2014 Ltd.
4.38%, 04/10/24b	$	21,311	$	22,938,052
Sinopec Group Overseas Development 2015 Ltd.
2.50%, 04/28/20b		32,482		32,531,808
3.25%, 04/28/25b		23,447		23,511,737
Sinopec Group Overseas Development 2016 Ltd.
2.00%, 09/29/21b		15,650		15,274,068
Sinopec Group Overseas Development 2017 Ltd.
2.38%, 04/12/20b		6,300		6,292,821
3.00%, 04/12/22b		10,600		10,696,407
3.63%, 04/12/27b		18,700		19,175,167
State Grid Overseas Investment 2013 Ltd.
3.13%, 05/22/23b		10,885		11,009,274
State Grid Overseas Investment 2014 Ltd.
4.13%, 05/07/24b		18,984		20,251,448
State Grid Overseas Investment 2016 Ltd.
2.75%, 05/04/22b		9,700		9,730,064
3.50%, 05/04/27b		32,428		33,154,428
Three Gorges Finance I Cayman Islands Ltd.
3.15%, 06/02/26b		11,234		11,145,083
				414,215,371
INDONESIA — 1.10%
Majapahit Holding BV
7.75%, 01/20/20b		4,474		4,944,486
Pelabuhan Indonesia II PT
4.25%, 05/05/25b		9,900		10,257,737
Pertamina Persero PT
4.30%, 05/20/23b		12,642		13,353,112
4.88%, 05/03/22b		9,844		10,569,995
5.25%, 05/23/21b		7,927		8,549,190
5.63%, 05/20/43b		13,021		14,255,000
6.00%, 05/03/42b		13,630		15,597,354
6.45%, 05/30/44b		13,555		16,361,292
Perusahaan Listrik Negara PT
4.13%, 05/15/27b		16,050		16,175,342

36 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

Security	Principal (000s)		Value
5.25%, 10/24/42b	$	10,960	$	11,526,632
5.50%, 11/22/21b		8,880		9,701,400
				131,291,540
KAZAKHSTAN — 1.58%
Development Bank of Kazakhstan JSC
4.13%, 12/10/22b		29,637		30,118,601
Kazakhstan Temir Zholy Finance BV
6.95%, 07/10/42b		28,055		31,421,600
KazMunayGas National Co. JSC
4.75%, 04/19/27b		22,600		23,114,750
5.75%, 04/19/47b		34,976		35,217,921
6.38%, 04/09/21b		29,066		31,782,218
7.00%, 05/05/20b		33,137		36,119,330
				187,774,420
MALAYSIA — 1.31%
Petronas Capital Ltd.
3.50%, 03/18/25b		30,454		31,516,997
4.50%, 03/18/45b		41,711		46,510,143
7.88%, 05/22/22b		34,283		41,936,783
Petronas Global Sukuk Ltd.
2.71%, 03/18/20b		35,995		36,264,962
				156,228,885
MEXICO — 3.52%
Banco Nacional de Comercio Exterior SNC/Cayman Islands
4.38%, 10/14/25b		9,524		9,857,340
Comision Federal de Electricidad
4.75%, 02/23/27b		7,800		8,170,500
4.88%, 05/26/21b		6,786		7,193,160
4.88%, 01/15/24b		9,600		10,260,000
Mexico City Airport Trust
3.88%, 04/30/28b		200		195,868
3.88%, 04/30/28 (Call 01/30/28)d		4,805		4,705,716
4.25%, 10/31/26 (Call 07/31/26)b		8,600		8,772,000
5.50%, 10/31/46 (Call 04/30/46)b		8,250		8,167,500
5.50%, 07/31/47b		5,700		5,652,234
5.50%, 07/31/47 (Call 01/31/47)d		14,275		14,155,325

Security	Principal (000s)		Value
Petroleos Mexicanos
3.50%, 07/23/20	$	8,911	$	9,061,596
3.50%, 01/30/23		15,637		15,266,403
4.25%, 01/15/25		9,018		8,969,528
4.50%, 01/23/26		15,016		14,828,300
4.63%, 09/21/23		16,618		17,000,214
4.88%, 01/24/22		13,101		13,625,040
4.88%, 01/18/24		14,609		14,969,842
5.38%, 03/13/22b		5,568		5,907,091
5.50%, 01/21/21		15,691		16,671,688
5.50%, 06/27/44		18,770		16,909,893
5.63%, 01/23/46		22,016		19,960,806
6.00%, 03/05/20		5,100		5,439,150
6.38%, 02/04/21		8,529		9,279,381
6.38%, 01/23/45		19,519		19,418,282
6.50%, 03/13/27b		34,432		37,553,261
6.50%, 06/02/41		20,959		21,220,988
6.63%, 06/15/35		18,645		19,664,882
6.75%, 09/21/47		41,998		43,287,339
6.88%, 08/04/26		24,551		27,583,048
FRN, (3 mo. LIBOR US + 3.650%)
4.97%, 03/11/22b,c		5,540		6,038,600
				419,784,975
OMAN — 0.70%
Lamar Funding Ltd.
3.96%, 05/07/25b		26,871		25,157,974
Oman Sovereign Sukuk SAOC
4.40%, 06/01/24b		58,027		58,058,037
				83,216,011
PERU — 0.45%
Petroleos del Peru SA
4.75%, 06/19/32b		21,200		21,687,947
5.63%, 06/19/47b		30,770		32,380,723
				54,068,670
PHILIPPINES — 0.23%
Power Sector Assets & Liabilities Management Corp.
7.39%, 12/02/24b		21,567		27,703,027
				27,703,027
RUSSIA — 0.68%
Russian Railways via RZD Capital PLC
5.70%, 04/05/22b		16,699		18,118,415

SCHEDULE OF INVESTMENTS 37

Schedule of Investments (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Vnesheconombank Via VEB Finance PLC
5.94%, 11/21/23b	$	18,800	$	20,374,500
6.03%, 07/05/22b		9,700		10,561,360
6.80%, 11/22/25b		13,558		15,388,330
6.90%, 07/09/20b		14,878		16,105,435
				80,548,040
SOUTH AFRICA — 0.85%
Eskom Holdings SOC Ltd.
5.75%, 01/26/21b		37,469		37,843,690
6.75%, 08/06/23b		15,193		15,534,843
7.13%, 02/11/25b		26,982		27,622,822
Transnet SOC Ltd.
4.00%, 07/26/22b		21,291		20,780,016
				101,781,371
VENEZUELA — 0.76%
Petroleos de Venezuela SA
5.38%, 04/12/27b		34,276		9,820,131
5.50%, 04/12/37b		14,173		4,074,738
6.00%, 05/16/24b		35,646		10,069,932
6.00%, 11/15/26b		45,819		12,600,225
8.50%, 10/27/20b		23,804		19,674,213
9.00%, 11/17/21b		23,986		10,523,857
9.75%, 05/17/35b		28,988		10,435,764
12.75%, 02/17/22b		30,902		13,936,802
				91,135,662
TOTAL CORPORATE BONDS & NOTES
(Cost: $1,943,051,756)				1,934,875,016
FOREIGN GOVERNMENT OBLIGATIONSa — 81.83%
ANGOLA — 0.37%
Angolan Government International Bond
9.50%, 11/12/25b		41,022		44,611,425
				44,611,425
ARGENTINA — 3.91%
Argentine Republic Government International Bond
2.50%, 12/31/38e		61,497		44,124,417
5.63%, 01/26/22		36,816		38,656,800
6.63%, 07/06/28		12,508		13,277,242
6.88%, 04/22/21		58,486		63,837,469

Security	Principal (000s)		Value
6.88%, 01/26/27	$	41,647	$	45,416,053
7.13%, 07/06/36		17,497		18,818,023
7.13%, 06/28/17b		36,695		37,634,720
7.50%, 04/22/26		75,069		84,827,970
7.63%, 04/22/46		31,654		35,499,961
8.28%, 12/31/33		20,265		23,228,822
8.28%, 12/31/33		52,393		61,089,774
				466,411,251
AZERBAIJAN — 0.74%
Republic of Azerbaijan International Bond
3.50%, 09/01/32b		25,200		21,737,835
4.75%, 03/18/24b		37,944		38,987,460
State Oil Co. of the Azerbaijan Republic
4.75%, 03/13/23b		27,399		27,494,760
				88,220,055
BOLIVIA — 0.23%
Bolivian Government International Bond
4.50%, 03/20/28b		27,913		27,075,610
				27,075,610
BRAZIL — 3.80%
Banco Nacional de Desenvolvimento Economico e Social
4.75%, 05/09/24b		13,728		13,879,982
5.75%, 09/26/23b		15,847		17,134,569
Brazil Minas SPE via State of Minas Gerais
5.33%, 02/15/28b		17,681		17,946,215
Brazilian Government International Bond
2.63%, 01/05/23		32,159		31,113,833
4.25%, 01/07/25		58,230		59,249,025
4.63%, 01/13/28 (Call 10/13/27)		15,100		15,002,510
4.88%, 01/22/21		39,890		42,632,437
5.00%, 01/27/45		44,849		41,731,995
5.63%, 01/07/41		41,271		41,951,971
5.63%, 02/21/47		16,674		16,957,458
6.00%, 04/07/26		41,688		46,325,790
7.13%, 01/20/37		32,885		39,297,575

38 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

Security	Principal (000s)		Value
8.25%, 01/20/34	$	21,026	$	27,412,648
8.88%, 04/15/24		14,781		18,919,680
10.13%, 05/15/27		16,270		23,469,475
				453,025,163
CHILE — 0.65%
Chile Government International Bond
3.13%, 01/21/26		33,427		34,262,675
3.86%, 06/21/47		42,800		43,444,095
				77,706,770
CHINA — 0.45%
Export-Import Bank of China (The)
2.00%, 04/26/21b		10,402		10,188,338
2.63%, 03/14/22b		17,250		17,207,462
2.88%, 04/26/26b		11,778		11,541,560
3.63%, 07/31/24b		14,237		14,794,322
				53,731,682
COLOMBIA — 3.47%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		17,930		17,580,365
3.88%, 04/25/27 (Call 01/25/27)		49,061		49,478,019
4.00%, 02/26/24 (Call 11/26/23)		38,933		40,490,320
4.38%, 07/12/21		29,938		31,734,280
4.50%, 01/28/26 (Call 10/28/25)		26,940		28,664,160
5.00%, 06/15/45 (Call 12/15/44)		71,702		73,781,358
5.63%, 02/26/44 (Call 08/26/43)		44,811		49,964,265
6.13%, 01/18/41		44,689		52,576,608
7.38%, 09/18/37		31,843		41,992,956
8.13%, 05/21/24		21,560		27,435,100
				413,697,431
COSTA RICA — 0.66%
Costa Rica Government International Bond
4.25%, 01/26/23b		24,794		24,453,083
7.00%, 04/04/44b		27,430		28,561,487

Security	Principal (000s)		Value
7.16%, 03/12/45b	$	24,660	$	26,201,250
				79,215,820
CROATIA — 1.55%
Croatia Government International Bond
5.50%, 04/04/23b		40,767		44,996,576
6.00%, 01/26/24b		49,202		55,967,275
6.38%, 03/24/21b		42,719		47,097,697
6.63%, 07/14/20b		600		656,250
6.63%, 07/14/20b		33,502		36,642,813
				185,360,611
DOMINICAN REPUBLIC — 2.71%
Dominican Republic International Bond
5.50%, 01/27/25b		37,938		40,119,435
5.88%, 04/18/24b		28,678		31,187,325
5.95%, 01/25/27b		43,525		46,789,375
6.85%, 01/27/45b		57,575		64,052,187
6.88%, 01/29/26b		41,980		47,962,150
7.45%, 04/30/44b		41,268		48,954,165
7.50%, 05/06/21b		39,600		43,708,500
				322,773,137
ECUADOR — 2.32%
Ecuador Government International Bond
7.95%, 06/20/24b		49,884		50,320,485
8.75%, 06/02/23b		27,520		28,905,270
8.88%, 10/23/27d		10,130		10,342,988
9.63%, 06/02/27b		32,700		35,069,164
9.65%, 12/13/26b		46,787		50,412,993
10.50%, 03/24/20b		37,572		40,765,620
10.75%, 03/28/22b		53,414		60,424,587
				276,241,107
EGYPT — 2.31%
Egypt Government International Bond
5.75%, 04/29/20b		32,489		33,707,337
5.88%, 06/11/25b		39,263		40,097,339
6.13%, 01/31/22b		56,545		59,018,844
7.50%, 01/31/27b		56,905		62,951,156
8.50%, 01/31/47b		71,177		80,341,039
				276,115,715

SCHEDULE OF INVESTMENTS 39

Schedule of Investments (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

Security	Principal (000s)		Value
EL SALVADOR — 0.25%
El Salvador Government International Bond
7.65%, 06/15/35b	$	28,932	$	30,089,280
				30,089,280
ETHIOPIA — 0.22%
Ethiopia International Bond
6.63%, 12/11/24b		25,012		25,762,360
				25,762,360
GABON — 0.32%
Gabon Government International Bond
6.38%, 12/12/24b		39,341		38,505,004
				38,505,004
GHANA — 0.47%
Ghana Government International Bond
7.88%, 08/07/23b		26,638		28,769,132
8.13%, 01/18/26b		25,012		27,106,755
				55,875,887
HUNGARY — 3.12%
Hungary Government International Bond
5.38%, 02/21/23		55,506		62,097,337
5.38%, 03/25/24		44,050		50,051,813
5.75%, 11/22/23		59,620		68,563,000
6.25%, 01/29/20		50,665		54,908,194
6.38%, 03/29/21		73,322		81,937,335
7.63%, 03/29/41		35,476		54,633,040
				372,190,719
INDIA — 0.24%
Export-Import Bank of India
3.38%, 08/05/26b		28,630		28,319,814
				28,319,814
INDONESIA — 3.76%
Indonesia Government International Bond
3.38%, 04/15/23b		16,165		16,407,475
3.75%, 04/25/22b		17,423		18,073,401
3.85%, 07/18/27b		8,200		8,445,531
4.13%, 01/15/25b		21,444		22,432,783
4.35%, 01/08/27b		20,239		21,438,566

Security	Principal (000s)		Value
4.63%, 04/15/43b	$	10,812	$	11,194,419
4.75%, 01/08/26b		20,319		22,107,275
4.75%, 07/18/47b		12,300		13,004,203
4.88%, 05/05/21b		4,990		5,360,557
4.88%, 05/05/21b		16,097		17,292,363
5.13%, 01/15/45b		13,514		14,950,133
5.25%, 01/17/42b		20,400		22,794,348
5.25%, 01/08/47b		8,607		9,692,859
5.38%, 10/17/23b		10,290		11,589,113
5.88%, 03/13/20b		13,492		14,621,955
5.88%, 01/15/24b		19,486		22,358,042
5.95%, 01/08/46b		11,055		13,653,036
6.63%, 02/17/37b		16,211		20,807,953
6.75%, 01/15/44b		18,016		24,130,991
7.75%, 01/17/38b		17,756		25,291,824
8.50%, 10/12/35b		17,894		26,700,530
Perusahaan Penerbit SBSN Indonesia III
3.30%, 11/21/22b		6,671		6,771,065
3.40%, 03/29/22b		11,400		11,613,750
4.15%, 03/29/27b		21,800		22,424,570
4.33%, 05/28/25b		17,249		18,017,270
4.35%, 09/10/24b		9,360		9,867,686
4.55%, 03/29/26b		16,800		17,783,976
				448,825,674
IRAQ — 0.81%
Iraq International Bond
5.80%, 01/15/28 (Call 12/17/17)b		73,445		69,221,913
6.75%, 03/09/23b		27,500		27,603,456
				96,825,369
IVORY COAST — 0.93%
Ivory Coast Government International Bond
5.75%, 12/31/32 (Call 12/31/17)b,e		46,356		45,602,425
6.13%, 06/15/33b		37,066		36,630,899
6.38%, 03/03/28b		27,857		28,901,637
				111,134,961
JAMAICA — 1.10%
Jamaica Government International Bond
6.75%, 04/28/28		52,962		61,303,515

40 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

Security	Principal (000s)		Value
7.88%, 07/28/45	$	26,976	$	33,509,483
8.00%, 03/15/39		28,877		35,915,769
				130,728,767
JORDAN — 0.72%
Jordan Government International Bond
5.75%, 01/31/27b		24,261		24,230,674
6.13%, 01/29/26b		26,219		27,149,223
7.38%, 10/10/47d		32,650		34,201,801
				85,581,698
KAZAKHSTAN — 1.52%
Kazakhstan Government International Bond
3.88%, 10/14/24b		37,721		38,946,933
4.88%, 10/14/44b		23,430		24,279,338
5.13%, 07/21/25b		62,101		69,009,736
6.50%, 07/21/45b		39,501		49,475,002
				181,711,009
KENYA — 0.44%
Kenya Government International Bond
6.88%, 06/24/24b		50,415		52,368,581
				52,368,581
LEBANON — 2.75%
Lebanon Government International Bond
6.00%, 01/27/23b		34,640		33,687,400
6.10%, 10/04/22b		39,353		38,811,896
6.38%, 03/09/20		34,212		34,682,415
6.60%, 11/27/26b		40,375		38,860,937
6.60%, 11/27/26b		800		770,000
6.65%, 02/26/30b		36,289		34,066,299
6.75%, 11/29/27b		30,253		29,118,513
6.85%, 03/23/27b		29,327		28,630,813
7.00%, 03/23/32b		32,720		31,188,284
8.25%, 04/12/21b		54,646		57,924,760
				327,741,317
LITHUANIA — 1.23%
Lithuania Government International Bond
6.13%, 03/09/21b		37,175		41,589,531
6.63%, 02/01/22b		36,964		43,201,675

Security	Principal (000s)		Value
7.38%, 02/11/20b	$	55,662	$	62,132,708
				146,923,914
MALAYSIA — 1.12%
1MDB Global Investments Ltd.
4.40%, 03/09/23b		84,400		80,813,000
Malaysia Sovereign Sukuk Bhd
3.04%, 04/22/25b		24,568		24,838,813
Malaysia Sukuk Global Bhd
3.18%, 04/27/26b		27,906		28,475,534
				134,127,347
MEXICO — 2.54%
Mexico Government International Bond
3.50%, 01/21/21		7,078		7,382,354
3.60%, 01/30/25		18,931		19,167,638
3.63%, 03/15/22		18,688		19,463,552
4.00%, 10/02/23		25,170		26,365,575
4.13%, 01/21/26		15,645		16,302,090
4.15%, 03/28/27		25,305		26,304,547
4.35%, 01/15/47		14,120		13,290,450
4.60%, 01/23/46		15,792		15,397,200
4.60%, 02/10/48		8,400		8,215,436
4.75%, 03/08/44		29,504		29,415,488
5.13%, 01/15/20		14,210		15,222,463
5.55%, 01/21/45		17,969		20,080,357
5.75%, 10/12/10		21,852		22,835,340
6.05%, 01/11/40		25,296		29,583,672
6.75%, 09/27/34		15,940		20,682,150
8.30%, 08/15/31		8,517		12,743,561
				302,451,873
MONGOLIA — 0.22%
Mongolia Government International Bond
5.13%, 12/05/22b		26,184		25,987,620
				25,987,620
MOROCCO — 0.33%
Morocco Government International Bond
4.25%, 12/11/22b		37,280		39,144,000
				39,144,000

SCHEDULE OF INVESTMENTS 41

Schedule of Investments (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

Security	Principal (000s)		Value
NIGERIA — 0.40%
Nigeria Government International Bond
7.88%, 02/16/32b	$	43,171	$	47,326,209
				47,326,209
OMAN — 2.03%
Oman Government International Bond
3.63%, 06/15/21b		37,168		37,391,008
3.88%, 03/08/22b		26,972		27,214,748
4.75%, 06/15/26b		66,752		65,817,472
5.38%, 03/08/27b		56,309		57,773,034
6.50%, 03/08/47b		52,581		54,132,139
				242,328,401
PAKISTAN — 0.61%
Pakistan Government International Bond
8.25%, 04/15/24b		25,925		28,865,673
Second Pakistan International Sukuk Co.Ltd./The
6.75%, 12/03/19b		5,552		5,781,020
Third Pakistan International Sukuk Co. Ltd. (The)
5.50%, 10/13/21b		37,250		37,901,875
				72,548,568
PANAMA — 2.06%
Panama Government International Bond
3.75%, 03/16/25 (Call 12/16/24)		35,247		36,744,997
3.88%, 03/17/28 (Call 12/17/27)		36,233		37,818,194
4.00%, 09/22/24 (Call 06/22/24)		26,969		28,654,563
4.50%, 05/15/47		34,450		36,458,647
5.20%, 01/30/20		29,913		32,021,866
6.70%, 01/26/36		56,340		74,439,225
				246,137,492
PARAGUAY — 0.26%
Paraguay Government International Bond
6.10%, 08/11/44b		26,818		30,572,520
				30,572,520

Security	Principal (000s)		Value
PERU — 2.76%
Peruvian Government International Bond
4.13%, 08/25/27	$	41,210	$	45,073,438
5.63%, 11/18/50		65,500		82,595,500
6.55%, 03/14/37		36,091		48,506,304
7.35%, 07/21/25		43,627		56,998,675
8.75%, 11/21/33		60,897		96,156,363
				329,330,280
PHILIPPINES — 3.67%
Philippine Government International Bond
3.70%, 03/01/41		34,571		34,354,931
3.70%, 02/02/42		36,830		36,589,868
3.95%, 01/20/40		33,532		34,589,935
4.00%, 01/15/21		29,768		31,442,450
4.20%, 01/21/24		26,838		29,344,401
5.00%, 01/13/37		22,942		27,019,482
5.50%, 03/30/26		19,553		23,231,701
6.38%, 01/15/32		18,870		24,617,236
6.38%, 10/23/34		34,741		46,470,951
7.75%, 01/14/31		33,258		47,750,839
9.50%, 02/02/30		35,606		56,384,949
10.63%, 03/16/25		29,961		45,620,716
				437,417,459
POLAND — 2.63%
Republic of Poland Government International Bond
3.00%, 03/17/23		55,195		56,367,894
3.25%, 04/06/26		46,353		47,395,943
4.00%, 01/22/24		51,546		55,218,652
5.00%, 03/23/22		81,661		89,827,100
5.13%, 04/21/21		59,378		64,870,465
				313,680,054
ROMANIA — 1.53%
Romanian Government International Bond
4.38%, 08/22/23b		42,214		45,116,212
4.88%, 01/22/24b		31,106		34,177,718
6.13%, 01/22/44b		23,842		30,279,340
6.75%, 02/07/22b		63,283		73,091,865
				182,665,135

42 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

Security	Principal (000s)		Value
RUSSIA — 3.60%
Russian Foreign Bond-Eurobond
4.25%, 06/23/27b	$	26,800	$	27,315,684
4.50%, 04/04/22b		13,800		14,697,000
4.75%, 05/27/26b		41,600		43,846,400
4.88%, 09/16/23b		35,200		38,324,000
5.00%, 04/29/20b		35,600		37,602,500
5.25%, 06/23/47b		46,200		47,362,845
5.63%, 04/04/42b		42,800		47,229,800
5.88%, 09/16/43b		16,000		18,260,000
7.50%, 03/31/30b,e		84,520		99,416,317
12.75%, 06/24/28b		31,760		55,659,400
				429,713,946
SENEGAL — 0.26%
Senegal Government International Bond
6.25%, 05/23/33b		30,066		31,101,563
				31,101,563
SERBIA — 0.88%
Serbia International Bond
4.88%, 02/25/20b		37,161		38,736,998
7.25%, 09/28/21b		57,764		66,428,600
				105,165,598
SLOVAKIA — 0.35%
Slovakia Government International Bond
4.38%, 05/21/22b		39,039		42,259,717
				42,259,717
SOUTH AFRICA — 2.29%
Republic of South Africa Government International Bond
4.30%, 10/12/28		44,588		41,132,430
4.67%, 01/17/24		29,223		29,588,287
4.85%, 09/27/27		15,175		14,811,811
4.88%, 04/14/26		24,750		24,564,375
5.00%, 10/12/46		25,079		22,257,613
5.38%, 07/24/44		23,223		21,829,620
5.50%, 03/09/20		30,114		31,770,270
5.65%, 09/27/47		22,085		21,208,697
5.88%, 05/30/22		20,467		22,334,614
5.88%, 09/16/25		40,763		43,412,595
				272,910,312

Security	Principal (000s)		Value
SRI LANKA — 1.71%
Sri Lanka Government International Bond
5.88%, 07/25/22b	$	28,324	$	30,235,870
6.20%, 05/11/27b		36,900		39,168,063
6.25%, 10/04/20b		23,331		24,905,842
6.25%, 07/27/21b		25,347		27,343,076
6.83%, 07/18/26b		32,614		36,149,358
6.85%, 11/03/25b		41,361		45,918,155
				203,720,364
TRINIDAD AND TOBAGO — 0.26%
Trinidad & Tobago Government International Bond
4.50%, 08/04/26b		30,762		31,031,167
				31,031,167
TUNISIA — 0.20%
Banque Centrale de Tunisie International Bond
5.75%, 01/30/25b		24,618		24,494,910
				24,494,910
TURKEY — 4.26%
Hazine Mustesarligi Varlik Kiralama AS
4.25%, 06/08/21b		9,528		9,611,370
4.49%, 11/25/24b		10,200		9,996,000
5.00%, 04/06/23b		11,010		11,216,438
Turkey Government International Bond
3.25%, 03/23/23		18,326		17,295,163
4.25%, 04/14/26		11,511		10,863,506
4.88%, 10/09/26		31,917		31,158,971
4.88%, 04/16/43		32,172		27,748,350
5.13%, 03/25/22		16,326		16,938,225
5.63%, 03/30/21		25,374		26,769,570
5.75%, 03/22/24		29,363		30,977,965
5.75%, 05/11/47		28,280		26,975,519
6.00%, 03/25/27		32,924		34,693,665
6.00%, 01/14/41		28,306		28,306,000
6.25%, 09/26/22		23,284		25,321,350
6.63%, 02/17/45		31,485		33,610,237
6.75%, 05/30/40		22,618		24,597,075
6.88%, 03/17/36		29,326		32,258,600
7.00%, 06/05/20		10,532		11,400,890

SCHEDULE OF INVESTMENTS 43

Schedule of Investments (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

Security	Principal (000s)		Value
7.25%, 03/05/38	$	10,377	$	11,933,550
7.38%, 02/05/25		33,577		38,571,579
8.00%, 02/14/34		17,287		21,090,140
11.88%, 01/15/30		17,049		26,511,195
				507,845,358
UKRAINE — 3.02%
Ukraine Government International Bond
7.38%, 09/25/32d		66,040		65,202,150
7.75%, 09/01/20b		34,846		37,110,990
7.75%, 09/01/21b		35,259		37,594,909
7.75%, 09/01/22b		29,428		31,458,532
7.75%, 09/01/22b		250		267,250
7.75%, 09/01/23b		34,157		36,291,812
7.75%, 09/01/24b		37,106		38,868,535
7.75%, 09/01/25b		31,239		32,488,560
7.75%, 09/01/26b		38,131		39,274,930
7.75%, 09/01/27b		40,884		42,110,520
				360,668,188
URUGUAY — 2.21%
Uruguay Government International Bond
4.38%, 10/27/27		54,032		58,354,560
4.38%, 10/27/27		3,425		3,699,000
4.50%, 08/14/24		42,736		46,795,690
5.10%, 06/18/50		104,595		112,178,138
7.63%, 03/21/36		30,108		42,452,280
				263,479,668
VENEZUELA — 0.79%
Venezuela Government International Bond
6.00%, 12/09/20b		15,225		5,937,802
7.00%, 03/31/38b		14,668		4,693,760
7.65%, 04/21/25b		17,093		5,598,029
8.25%, 10/13/24b		25,594		8,509,864
9.00%, 05/07/23b		19,635		6,626,813
9.25%, 09/15/27		28,701		10,547,675
9.25%, 05/07/28b		23,502		7,755,660
9.38%, 01/13/34		19,224		6,488,213
11.75%, 10/21/26b		28,749		11,715,258
11.95%, 08/05/31b		34,433		13,738,568
12.75%, 08/23/22b		29,007		12,658,616
				94,270,258

Security	Principal or Shares (000s)		Value
VIETNAM — 0.24%
Vietnam Government International Bond
4.80%, 11/19/24b	$	26,812	$	28,729,058
				28,729,058
ZAMBIA — 0.55%
Zambia Government International Bond
8.50%, 04/14/24b		31,655		33,870,850
8.97%, 07/30/27b		28,849		31,373,287
				65,244,137
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $9,703,923,074)				9,761,121,333
SHORT-TERM INVESTMENTS — 0.32%
MONEY MARKET FUNDS — 0.32%
BlackRock Cash Funds: Treasury,
SL Agency Shares 1.00%f,g		37,553		37,553,049
				37,553,049
TOTAL SHORT-TERM INVESTMENTS
(Cost: $37,553,049)				37,553,049
TOTAL INVESTMENTS IN SECURITIES — 98.37%
(Cost: $11,684,527,879)h				11,733,549,398
Other Assets, Less Liabilities — 1.63%				194,660,374
NET ASSETS — 100.00%			$	11,928,209,772

FRN — Floating Rate Note

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

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

^c  Floating rate security. Rate shown is the rate in effect as of period end.

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

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

^f  Affiliated issuer. See Schedule 1.

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

^h  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $11,722,447,160. Net unrealized appreciation was $11,102,238, of which $207,982,724 represented gross unrealized appreciation on investments and $196,880,486 represented gross unrealized depreciation on investments.

44 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2017, for purposes of Section 2(a)(3) of the 1940 Act, and/or related parties of the Fund were as follows:

Affiliated issuer	Shares held at 10/31/16 (000s)		Shares purchased (000s)			Shares sold (000s)		Shares held at 10/31/17 (000s)		Value at 10/31/17		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)		Income
BlackRock Cash Funds: Treasury, SL Agency Shares
		27,984		9,569	b		—		37,553	$	37,553,049	$	2,882	$	—	$	289,838

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

^b  Net of shares purchased and sold.

Schedule 2 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	1,934,875,016	$	—	$	1,934,875,016
Foreign government obligations		—		9,761,121,333		—		9,761,121,333
Money market funds		37,553,049		—		—		37,553,049
Total	$	37,553,049	$	11,695,996,349	$	—	$	11,733,549,398

See notes to financial statements.

SCHEDULE OF INVESTMENTS 45

Statement of Assets and Liabilities

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2017

ASSETS
Investments in securities, at cost:
Unaffiliated	$	11,646,974,830
Affiliated (Note 2)		37,553,049
Total cost of investments in securities	$	11,684,527,879
Investments in securities, at fair value (Note 1):
Unaffiliated	$	11,695,996,349
Affiliated (Note 2)		37,553,049
Cash		1,281,399
Receivables:
Investment securities sold		98,819,189
Due from custodian (Note 4)		104,825,129
Dividends and interest		167,907,996
Capital shares sold		2,113,374
Total Assets		12,108,496,485
LIABILITIES
Payables:
Investment securities purchased		174,408,786
Capital shares redeemed		28
Securities related to in-kind transactions (Note 4)		1,975,700
Investment advisory fees (Note 2)		3,902,199
Total Liabilities		180,286,713
NET ASSETS	$	11,928,209,772
Net assets consist of:
Paid-in capital	$	12,021,058,331
Undistributed net investment income		37,564,496
Accumulated net realized loss		(179,434,574	)
Net unrealized appreciation		49,021,519
NET ASSETS	$	11,928,209,772
Shares outstandinga		102,900,000
Net asset value per share	$	115.92

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

See notes to financial statements.

46 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statement of Operations

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

Year ended October 31, 2017

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	289,838
Interest — unaffiliated		527,920,886
Total investment income		528,210,724
EXPENSES
Investment advisory fees (Note 2)		55,642,249
Proxy fees		234,693
Total expenses		55,876,942
Less investment advisory fees waived (Note 2)		(14,533,486	)
Net expenses		41,343,456
Net investment income		486,867,268
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(64,159,637	)
In-kind redemptions — unaffiliated		120,305,785
Realized gain distributions from affiliated funds		2,882
Net realized gain		56,149,030
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		11,132,447
Net change in unrealized appreciation/depreciation		11,132,447
Net realized and unrealized gain		67,281,477
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	554,148,745

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Changes in Net Assets

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

	Year ended October 31, 2017			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	486,867,268		$	316,108,337
Net realized gain		56,149,030			80,938,376
Net change in unrealized appreciation/depreciation		11,132,447			255,360,546
Net increase in net assets resulting from operations		554,148,745			652,407,259
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(472,368,085	)		(321,652,097	)
Total distributions to shareholders		(472,368,085	)		(321,652,097	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		9,694,660,077			9,405,191,061
Cost of shares redeemed		(7,497,526,529	)		(4,551,094,063	)
Net increase in net assets from capital share transactions		2,197,133,548			4,854,096,998
INCREASE IN NET ASSETS		2,278,914,208			5,184,852,160
NET ASSETS
Beginning of year		9,649,295,564			4,464,443,404
End of year	$	11,928,209,772		$	9,649,295,564
Undistributed net investment income included in net assets at end of year	$	37,564,496		$	23,062,495
SHARES ISSUED AND REDEEMED
Shares sold		85,200,000			84,000,000
Shares redeemed		(66,400,000	)		(41,100,000	)
Net increase in shares outstanding		18,800,000			42,900,000

See notes to financial statements.

48 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

(For a share outstanding throughout each period)

	Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013
Net asset value, beginning of year	$	114.74		$	108.36		$	114.15		$	110.96		$	120.81
Income from investment operations:
Net investment incomea		5.33			5.39			5.08			4.86			5.00
Net realized and unrealized gain (loss)b		1.02			6.57			(5.75	)		3.17			(9.77	)
Total from investment operations		6.35			11.96			(0.67	)		8.03			(4.77	)
Less distributions from:
Net investment income		(5.17	)		(5.58	)		(5.12	)		(4.84	)		(5.08	)
Total distributions		(5.17	)		(5.58	)		(5.12	)		(4.84	)		(5.08	)
Net asset value, end of year	$	115.92		$	114.74		$	108.36		$	114.15		$	110.96
Total return		5.74	%		11.35	%		(0.55	)%		7.45	%		(4.01	)%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	11,928,210		$	9,649,296		$	4,464,443		$	5,147,968		$	3,850,273
Ratio of expenses to average net assets		0.40	%		0.40	%		0.40	%		0.59	%		0.60	%
Ratio of expenses to average net assets prior to waived fees		0.54	%		0.59	%		0.60	%		0.60	%		n/a
Ratio of net investment income to average net assets		4.69	%		4.81	%		4.61	%		4.35	%		4.30	%
Portfolio turnover ratec		26	%		32	%		24	%		52	%		32	%

^a  Based on average shares outstanding throughout each period.

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

^c  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 49

Notes to Financial Statements

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

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

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

iShares ETF	Diversification Classification
J.P. Morgan USD Emerging Markets Bond		Non-diversified

The investment objective of the Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve the Fund’s investment objective.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

• Fixed income investments are valued using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

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

50 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 51

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

DISTRIBUTIONS TO SHAREHOLDERS

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

RECENT ACCOUNTING STANDARD

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Fund.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.4000	%	First $19 billion
	0.3800	a	Over $19 billion, up to and including $33  billion
	0.3610	a	Over $33 billion, up to and including $47  billion
	0.3430	a	Over $47 billion

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

52 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

Prior to August 4, 2017, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.6000	%	First $19 billion
	0.5700	a	Over $19 billion, up to and including $33  billion
	0.5415	a	Over $33 billion, up to and including $47  billion
	0.5145	a	Over $47 billion

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

The total of the investment advisory fee and any other fund expenses are the Fund’s total annual operating expenses. BFA contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2023 in order to limit total annual operating expenses to 0.40% of average daily net assets. The contractual waiver was terminated effective August 4, 2017, pursuant to a written agreement between the Trust and BFA, and in conjunction with the annual advisory fee reduction from 0.60% to 0.40%.

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

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

For the year ended October 31, 2017, the purchase and sales transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were $ 99,543,347 and $ 84,656,531, respectively.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Dividends – affiliated” in the statement of operations.

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended October 31, 2017, were $3,028,524,860 and $2,686,796,990, respectively.

In-kind purchases and sales (see Note 4) for the year ended October 31, 2017, were $9,401,000,260 and $7,460,398,396, respectively.

NOTES TO FINANCIAL STATEMENTS 53

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

4. CAPITAL SHARE TRANSACTIONS

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

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

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the statement of assets and liabilities.

5. PRINCIPAL RISKS

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

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

MARKET RISK

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

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

54 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

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

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia, Norway, Switzerland and Canada, have imposed economic sanctions, which consist of asset freezes and sectorial sanctions, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

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

High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

6. INCOME TAX INFORMATION

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

NOTES TO FINANCIAL STATEMENTS 55

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2017, attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

Paid-in Capital		Undistributed Net Investment Income/Distributions in Excess of Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized  Loss
$	80,798,328	$	2,818	$	(80,801,146)

The tax character of distributions paid during the years ended October 31, 2017 and October 31, 2016 was as follows:

	2017		2016
Ordinary income	$	472,368,085	$	321,652,097

As of October 31, 2017, the tax components of accumulated net earnings (losses) were as follows:

Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses) a		Total
$	37,564,496	$	(141,515,293	)	$	11,102,238	$	(92,848,559	)

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

As of October 31, 2017, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Non- Expiring a		Expiring 2018		Total
	$141,419,263	$	96,030	$	141,515,293

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

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

7. LEGAL PROCEEDINGS

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

56 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

8. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 57

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and the

Shareholders of the iShares J.P. Morgan USD Emerging Markets Bond ETF

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the iShares J.P. Morgan USD Emerging Markets Bond ETF (constituting a fund of the iShares Trust, hereafter referred to as the “Fund”) as of October 31, 2017, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 21, 2017

58 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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

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

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

iS-AR-1019-1017

OCTOBER 31, 2017

2017 ANNUAL REPORT

iShares U.S. ETF Trust

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

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

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

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	12
Shareholder Expenses	12
Schedules of Investments	13
iShares Short Maturity Bond ETF	13
iShares Short Maturity Municipal Bond ETF	28
iShares Ultra Short-Term Bond ETF	32
Financial Statements	38
Financial Highlights	42
Notes to Financial Statements	45
Report of Independent Registered Public Accounting Firm	56
Tax Information	57
Board Review and Approval of Investment Advisory Contract	58
Supplemental Information	65
Trustee and Officer Information	67

Management’s Discussion of Fund Performance

iSHARES^® U.S. ETF TRUST

U.S. BOND MARKET OVERVIEW

The U.S. bond market posted a modestly positive gain for the 12 months ended October 31, 2017 (“reporting period”). The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned 0.90%.

Improving economic growth and rising interest rates contributed to the U.S. bond market performance. The U.S. economy expanded by 2.3% for the 12 months ended September 2017 (the most recent data available), its fastest year-over-year growth rate in two years. The job market mirrored this progress, with the unemployment rate declining to its lowest level in more than 16 years. The healthier economy and job market contributed to consumer confidence reaching its highest level since January 2004, while retail sales increased by 4.6% for the reporting period.

On the manufacturing side, industrial output increased by 0.90% for the reporting period, reflecting a recovery in 2017 after industrial production contracted for much of 2016. At the same time, inflation was modest, with the consumer price index rising by 2.2% for the 12 months ended September 2017, well below the long-term historical average of 3.3%.

In that environment, the U.S. Federal Reserve Bank (“Fed”) worked to normalize monetary policy by beginning to reverse some of the measures taken in response to the 2008 financial crisis. The Fed increased interest rates by a quarter percentage point three times during the reporting period, from 0.5% to 1.25%, which contributed to higher short-term bond yields. The Fed also started reducing the amount of U.S. Treasury bonds and mortgage-backed securities on its balance sheet in October 2017.

Another catalyst for rising bond yields was the outcome of the U.S. presidential election in November 2016. The new administration was expected to enact pro-growth fiscal policies, including lower taxes and significant infrastructure spending, which was expected to lead to a higher federal budget deficit. Expectations of an increase in the supply of U.S. Treasury bonds, based on the government’s need to fill the larger budget gap, led to an increase in U.S. bond yields during the reporting period.

Overall, short-term U.S. Treasury bond yields rose more than long-term bond yields. For example, the yield of the two-year U.S. Treasury note increased from 0.86% to 1.6% over the course of the reporting period, while the yield of the 30-year U.S. Treasury bond rose less than half that amount, increasing from 2.58% to 2.88%. The yield difference, or spread, between short-term and longer-term U.S. Treasury securities reached levels not seen since before the 2008 financial crisis, when the Fed was raising short-term interest rates aggressively.

Interest rate trends had important implications for returns across the U.S. bond market. U.S. Treasury bonds declined for the reporting period and were the weakest performers among the broad market segments.

In contrast, economically sensitive corporate bonds performed well, benefiting from improving economic growth, healthy corporate profits, strong investor demand for their comparatively higher yields, and expectations of the new administration’s corporate-friendly policies. As a result, the yield spread between U.S. Treasury securities and corporate bonds — both investment-grade and high-yield — declined for the reporting period.

Mortgage-backed securities, which have higher yields than U.S. Treasury securities but greater sensitivity to interest rate changes than corporate bonds, finished between these two sectors, managing modest gains for the reporting period.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® SHORT MATURITY BOND ETF

Performance as of October 31, 2017

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		1.57%		1.11%		1.57%		4.65%
Fund Market		1.57%		1.12%		1.57%		4.67%
Bloomberg Barclays Short-Term Government/Corporate Index		0.91%		0.52%		0.91%		2.13%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a		Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,008.30	$	1.27	$	1,000.00	$	1,023.90	$	1.28		0.25%

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

6 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® SHORT MATURITY BOND ETF

The iShares Short Maturity Bond ETF (the “Fund”) seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended October 31, 2017, the total return for the Fund was 1.57%, net of fees.

The Fed raised interest rates three times during the reporting period. The moves by the Fed and investors’ outlook for additional interest rate increases drove short-term yields higher, generally limiting returns of short-term bonds.

Despite the rise in interest rates, the Fund performed well relative to the Bloomberg Barclays Short-Term Government/Corporate Index for the reporting period. The decision to overweight corporate bonds was an important driver of performance relative to the broader short-term bond market, as corporate bonds outperformed Treasuries for the reporting period. Corporate debt benefitted from the strengthening economic environment, solid corporate earnings growth, and a diminishing risk of default. Within corporate bonds, the Fund’s largest holdings were in the financials sector, which could benefit from tax reform and deregulation. Bank bonds were particular areas of strength, reflecting the fact that stronger economic growth and higher interest rates directly benefit their business.

The Fund’s performance was also helped by a relative overweight towards securitized products. In particular, the Fund was overweight in asset-backed securities and commercial mortgage-backed securities, both of which performed well for the reporting period. Demand from investors seeking higher yields helped support securitized bond prices.

To minimize the negative impact of the Fed’s interest rate increases, the Fund maintained similar or slightly short interest rate sensitivity (that is, less price sensitivity to interest rate changes) relative to the broader short-term bond market for most of the reporting period. By the end of the reporting period, the Fund shifted to a slightly longer interest rate sensitivity relative to the broader market in anticipation of continued low bond market volatility.

ALLOCATION BY INVESTMENT TYPE

As of 10/31/17

Investment Type Percentage of
Total Investments ¹

Corporate Bonds & Notes	61.61	%
Asset-backed Securities	32.38
Mortgage-Backed Securities	3.11
Repurchase Agreements	1.03
U.S. Government Agency Obligations	0.68
Commercial Paper	0.64
Certificates Of Deposit	0.55
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY

As of 10/31/17

Moody’s Credit Rating ² Percentage of
Total Investments ¹

Aaa	24.50	%
Aa	5.13
A	26.72
Baa	30.29
P-1	0.85
P-3	0.35
Not Rated	12.16
TOTAL	100.00	%

¹  Excludes money market funds.

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

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

Performance as of October 31, 2017

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		0.93%		0.79%		0.93%		2.13%
Fund Market		1.14%		0.81%		1.14%		2.17%
Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index		1.07%		0.75%		1.07%		2.01%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 3/3/15. The first day of secondary market trading was 3/5/15.

The Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a		Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,005.10	$	1.26	$	1,000.00	$	1,023.90	$	1.28		0.25%

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

8 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

The iShares Short Maturity Municipal Bond ETF (the “Fund”) seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended October 31, 2017, the total return for the Fund was 0.93%, net of fees.

The Fed raised interest rates three times during the reporting period. The moves by the Fed and investors’ outlook for additional interest rate increases drove short-term yields higher, limiting returns of short-term bonds.

Within the municipal bond market, the effect of these interest rate increases was offset to some degree by intense demand from foreign investors seeking yield, as global interest rates remained low. Even as demand increased, supply was constrained by reduced municipal bond issuance, particularly among shorter maturities. Due to strong demand and limited supply, municipal yields declined relative to those available on fully taxable securities.

The Fund performed generally in line with the Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index for the reporting period. The leading detractor from the Fund’s performance relative to the broader market was an underweight position in bonds maturing in one to two years, as these securities performed well during the reporting period. The Fund was also underweight in highly-rated, pre-refunded securities, which detracted from the Fund’s performance relative to the broader market.

On the upside, the Fund benefited from overweight positions in the tax-backed local, school district, health, education, and corporate sectors. Un-rated bonds, which had underlying equivalent ratings of AA and A and made up nearly 30% of Fund assets on average for the reporting period, were the leading contributors to relative performance. Bonds rated BBB were another source of strength relative to the broader market.

ALLOCATION BY CREDIT QUALITY

As of 10/31/17

S&P Credit Rating 1	Percentage of Total Investments 2
AA		11.35	%
A		32.80
BBB		15.46
Not Rated		40.39
TOTAL		100.00	%

TEN LARGEST STATES

As of 10/31/17

State	Percentage of Total Investments 2
New Jersey		29.03	%
New York		11.63
Louisiana		8.78
Illinois		6.33
Ohio		5.99
Pennsylvania		5.88
Connecticut		4.45
Georgia		4.19
Florida		4.08
Indiana		4.00
TOTAL		84.36	%

¹  Credit quality ratings shown reflect the ratings assigned by Standard & Poor’s Ratings Service (“S&P”), a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

² Excludes money market funds.

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 9

Management’s Discussion of Fund Performance

iSHARES^® ULTRA SHORT-TERM BOND ETF

Performance as of October 31, 2017

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		1.47%		0.81%		1.47%		3.18%
Fund Market		1.43%		0.81%		1.43%		3.18%
Bank of America Merrill Lynch 6-Month US Treasury Bill Index		0.84%		0.46%		0.84%		1.81%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

The Bank of America Merrill Lynch 6-Month US Treasury Bill Index is an unmanaged index that measures the performance of government securities with less than 6 months remaining to maturity.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a		Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,008.00	$	0.40	$	1,000.00	$	1,024.80	$	0.41		0.08%

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

10 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

The iShares Ultra Short-Term Bond ETF (the “Fund”) seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended October 31, 2017, the total return for the Fund was 1.47%, net of fees.

The Fed raised interest rates three times during the reporting period. The moves by the Fed and investors’ outlook for additional interest rate increases drove short-term yields higher, generally limiting returns of short-term bonds.

In that environment, the Fund performed well relative to the Bank of America Merrill Lynch 6-Month U.S. Treasury Bill Index for the reporting period. The decision to overweight corporate bonds was an important driver of the Fund’s performance relative to the broader market, as corporate bonds outperformed Treasuries for the reporting period. Corporate debt benefited from the strengthening economic environment, solid corporate earnings growth, and a diminishing risk of default. Within the corporate sector, bank debt contributed the most to the Fund’s return, followed by debt issued by auto manufacturers.

An increased position in floating-rate securities (“floaters”) also contributed to the Fund’s return for the reporting period, as floating-rate debt saw its yield rise along with interest rates. The allocation to floaters increased to approximately 53% by the end of the reporting period, and was a significant driver of relative performance.

This allocation to floaters also had the effect of limiting the Fund’s interest rate sensitivity, or stock price sensitivity to interest rate changes, which is desirable when interest rates rise. The Fund further managed its exposure to rising interest rates by adding securities with three- to six-month maturities and variable-rate securities with somewhat longer maturities. As interest rates rise, yields on floaters adjust higher, while those very short-term securities mature and the proceeds can be reinvested at the new, higher rate.

ALLOCATION BY INVESTMENT TYPE As of 10/31/17

Investment Type Percentage of
Total Investments ¹

Corporate Bonds & Notes	45.73	%
Commercial Paper	38.23
Certificates Of Deposit	12.71
Repurchase Agreements	3.05
U.S. Government Agency Obligations	0.27
Asset-backed Securities	0.01
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY As of 10/31/17

Moody’s Credit Rating ² Percentage of
Total Investments ¹

Aaa	0.46	%
Aa	11.62
A	29.67
Baa	4.58
P-1	29.70
P-2	20.00
Not Rated	3.97
TOTAL	100.00	%

¹  Excludes money market funds.

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

MANAGEMENT’S DISCUSSIONS OF FUND PERFORMANCE 11

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2017 and held through October 31, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

12 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
ASSET-BACKED SECURITIES — 32.26%
Adams Mill CLO Ltd. Series 2014-1A, Class A2R FRN, (3 mo. LIBOR US + 1.100%)
2.46%, 07/15/26 (Call 01/15/18)a,b	$	6,835	$	6,856,546
ALM XII Ltd. Series 2015-12A, Class A1R FRN, (3 mo. LIBOR US + 1.050%)
2.41%, 04/16/27 (Call 01/16/18)a,b		3,735		3,753,396
American Express Credit Account Master Trust
Series 2017-1, Class A
1.93%, 09/15/22		10,500		10,495,635
Series 2017-4, Class A
1.64%, 12/15/21		21,395		21,352,400
AmeriCredit Automobile Receivables Trust
Series 2016-4, Class A3
1.53%, 07/08/21 (Call 11/08/20)		16,383		16,310,669
Series 2017-1, Class A3
1.87%, 08/18/21 (Call 12/18/20)		820		819,854
Series 2017-3, Class A3
1.90%, 03/18/22 (Call 07/18/21)		19,200		19,160,661
AMMC CLO 15 Ltd. Series 2014-15A, Class AXR FRN, (3 mo. LIBOR US + 1.250%)
2.57%, 12/09/26 (Call 12/09/18)a,b		2,438		2,436,718
Apidos CLO XII Series 2013-12A, Class A FRN, (3 mo. LIBOR US + 1.100%)
2.46%, 04/15/25 (Call 01/15/18)a,b		5,641		5,656,464
Apidos CLO XVII Series 2014-17A, Class A1R FRN, (3 mo. LIBOR US + 1.310%)
2.66%, 04/17/26 (Call 01/17/18)a,b		12,310		12,361,524
Apidos CLO XX Series 2015-20A, Class A1R FRN, (3 mo. LIBOR US + 1.330%)
2.69%, 01/16/27 (Call 01/16/18)a,b		1,000		1,003,941
Arbor Realty Collateralized Loan Obligation Ltd. Series 2015-FL2A, Class A FRN, (1 mo. LIBOR US + 1.750%)
2.99%, 09/15/25 (Call 03/15/18)a,b		3,850		3,869,508

Security	Principal (000s)		Value
Arbor Realty Commercial Real Estate Notes Ltd. Series 2017-FL1, Class A FRN, (1 mo. LIBOR US + 1.300%)
2.54%, 04/15/27 (Call 11/15/19)a,b	$	12,170	$	12,335,271
Atlas Senior Loan Fund IV Ltd. Series 2013-2A, Class A1 FRN, (3 mo. LIBOR US + 0.980%)
2.30%, 02/17/26 (Call 11/15/17)a,b		5,815		5,816,201
Atrium X Series 10A, Class AR FRN, (3 mo. LIBOR US + 0.950%)
2.31%, 07/16/25 (Call 01/16/18)a,b		4,894		4,905,635
Avery Point IV CLO Ltd. FRN, (3 mo. LIBOR US + 1.100%)
2.47%, 04/25/26 (Call 01/25/18)a,b		7,920		7,942,454
Babson CLO Ltd.
Series 2013-IA, Class A
FRN, (3 mo. LIBOR US + 1.100%)
2.46%, 04/20/25 (Call 01/20/18)a,b		1,338		1,339,418
Series 2015-IA, Class A
FRN, (3 mo. LIBOR US + 1.430%)
2.79%, 04/20/27 (Call 01/20/18)a,b		4,320		4,320,476
Battalion CLO IV Ltd. Series 2013-4A, Class A1R FRN, (3 mo. LIBOR US + 1.140%)
2.50%, 10/22/25 (Call 01/22/18)a,b		10,490		10,519,171
Benefit Street Partners CLO V Ltd. Series 2014-VA, Class AR FRN, (3 mo. LIBOR US + 1.200%)
2.56%, 10/20/26 (Call 01/20/18)a,b		11,259		11,324,649
BlueMountain CLO Ltd.
Series 2013-4A, Class AR
FRN, (3 mo. LIBOR US + 1.010%)
2.37%, 04/15/25 (Call 01/15/18)a,b		6,100		6,118,205
Series 2014-1A, Class A1R
FRN, (3 mo. LIBOR US + 1.260%)
2.64%, 04/30/26 (Call 01/30/18)a,b		19,500		19,592,506
Cabela’s Credit Card Master Note Trust Series 2014-2, Class A FRN, (1 mo. LIBOR + 0.450%)
1.69%, 07/15/22a		3,500		3,513,132

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Capital One Multi-Asset Execution Trust
Series 2016-A1, Class A1
FRN, (1 mo. LIBOR + 0.450%)
1.69%, 02/15/22a	$	38,000	$	38,208,586
Series 2017-A1, Class A1
2.00%, 01/17/23		11,190		11,208,920
Series 2017-A4, Class A4
1.99%, 07/17/23		8,610		8,614,188
Carlyle Global Market Strategies CLO Ltd.
Series 2013-2A, Class A1
FRN, (3 mo. LIBOR US + 1.150%)
2.50%, 04/18/25 (Call 01/18/18)a,b		789		791,123
Series 2014-5A, Class A1R
FRN, (3 mo. LIBOR US + 1.140%)
2.50%, 10/16/25 (Call 01/16/18)a,b		8,750		8,784,541
CarMax Auto Owner Trust Series 2017-4, Class A3
2.11%, 10/17/22 (Call 11/15/21)		2,860		2,859,966
Catamaran CLO Ltd. Series 2012-1A, Class AR FRN, (3 mo. LIBOR US + 1.190%)
2.52%, 12/20/23 (Call 12/20/17)a,b		9,167		9,175,020
Chase Issuance Trust
Series 2013-A9, Class A
FRN, (1 mo. LIBOR + 0.420%)
1.66%, 11/16/20a		11,815		11,861,608
Series 2014-A5, Class A5
FRN, (1 mo. LIBOR + 0.370%)
1.61%, 04/15/21a		7,000		7,029,347
Series 2016-A1, Class A
FRN, (1 mo. LIBOR + 0.410%)
1.65%, 05/17/21a		36,750		36,955,234
Series 2016-A4, Class A4
1.49%, 07/15/22		6,316		6,230,627
Chesapeake Funding II LLC
Series 2016-1A, Class A2
FRN, (1 mo. LIBOR US + 1.150%)
2.39%, 03/15/28a,b		14,037		14,084,932
Series 2016-2A, Class A2
FRN, (1 mo. LIBOR US + 1.000%)
2.24%, 06/15/28a,b		11,299		11,363,326

Security	Principal (000s)		Value
Series 2017-3A, Class A1
1.91%, 08/15/29b	$	18,510	$	18,465,265
Series 2017-4A, Class A1
2.12%, 11/15/29b,c		22,790		22,787,721
CIFC Funding Ltd. Series 2012-2A, Class A1R FRN, (3 mo. LIBOR US + 1.350%)
2.67%, 12/05/24 (Call 12/05/17)a,b		973		974,045
Citibank Credit Card Issuance Trust
Series 2016-A1, Class A1
1.75%, 11/19/21		14,385		14,339,226
Series 2017-A8, Class A8
1.86%, 08/08/22		12,335		12,285,675
Series 2017-A9, Class A9
1.80%, 09/20/21		14,535		14,513,186
CNH Equipment Trust Series 2017-B, Class A3
1.86%, 09/15/22 (Call 06/15/21)		19,320		19,266,033
Credit Acceptance Auto Loan Trust Series 2015-1A, Class A
2.00%, 07/15/22 (Call 05/15/18)b		210		209,915
Discover Card Execution Note Trust
Series 2013-A6, Class A6
FRN, (1 mo. LIBOR + 0.450%)
1.69%, 04/15/21a		17,061		17,125,782
Series 2014-A1, Class A1
FRN, (1 mo. LIBOR + 0.430%)
1.67%, 07/15/21a		6,760		6,790,419
Drive Auto Receivables Trust
Series 2017-1, Class A2A
1.67%, 05/15/19 (Call 02/15/21)		9,513		9,512,593
Series 2017-2, Class B
2.25%, 06/15/21 (Call 04/15/21)		3,590		3,592,304
Dryden 31 Senior Loan Fund Series 2014-31A, Class AR FRN, (3 mo. LIBOR US + 1.080%)
2.43%, 04/18/26 (Call 01/18/18)a,b		7,742		7,768,063
Dryden Senior Loan Fund Series 2014-34A, Class A1R FRN, (3 mo. LIBOR US + 1.160%)
2.52%, 10/15/26a,b		3,625		3,642,838
Dryden XXVI Senior Loan Fund Series 2013-26A, Class A FRN, (3 mo. LIBOR US + 1.100%)
2.46%, 07/15/25 (Call 01/15/18)a,b		11,763		11,795,211

14 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Enterprise Fleet Financing LLC
2.13%, 07/20/22 (Call 03/20/20)b	$	3,300	$	3,307,789
2.13%, 05/22/23b		7,610		7,609,930
Series 2016-1, Class A2
1.83%, 09/20/21 (Call 02/20/19)b		11,244		11,245,274
Ford Credit Floorplan Master Owner Trust
Series 2014-2, Class A
FRN, (1 mo. LIBOR + 0.500%)
1.74%, 02/15/21a		11,000		11,039,811
Series 2015-1, Class A2
FRN, (1 mo. LIBOR + 0.400%)
1.64%, 01/15/20a		18,340		18,354,327
Series 2015-4, Class A2
FRN, (1 mo. LIBOR + 0.600%)
1.84%, 08/15/20a		5,485		5,504,042
Series 2016-1, Class A2
FRN, (1 mo. LIBOR + 0.900%)
2.14%, 02/15/21a		10,000		10,097,079
Series 2016-3, Class A2
FRN, (1 mo. LIBOR + 0.620%)
1.86%, 07/15/21a		10,000		10,067,994
Golden Credit Card Trust Series 2015-1A, Class A FRN, (1 mo. LIBOR + 0.440%)
1.68%, 02/15/20a,b		3,700		3,704,053
GoldenTree Loan Opportunities VII Ltd. Series 2013-7A, Class A FRN, (3 mo. LIBOR US + 1.150%)
2.52%, 04/25/25 (Call 01/25/18)a,b		19,546		19,580,657
Honda Auto Receivables Owner Trust
Series 2015-4, Class A4
1.44%, 01/21/22 (Call 02/21/19)		6,025		5,999,878
Series 2016-2, Class A3
1.39%, 04/15/20 (Call 07/15/19)		11,570		11,544,436
Series 2017-3, Class A3
1.79%, 09/20/21 (Call 11/18/20)		12,000		11,976,677
John Deere Owner Trust Series 2017-B, Class A3
1.82%, 10/15/21 (Call 01/15/21)		9,890		9,867,777

Security	Principal (000s)		Value
LCM Xxiv Ltd. Series 24A, Class A FRN, (3 mo. LIBOR US + 1.310%)
2.67%, 03/20/30 (Call 04/20/19)a,b	$	2,000	$	2,008,165
Mercedes-Benz Master Owner Trust
Series 2016-BA, Class A
FRN, (1 mo. LIBOR + 0.700%)
1.94%, 05/17/21a,b		11,375		11,457,167
Series 2017-BA, Class A
FRN, (1 mo. LIBOR + 0.420%)
1.66%, 05/16/22a,b		14,540		14,585,997
Navient Private Education Loan Trust
Series 2014-CT, Class A
FRN, (1 mo. LIBOR US + 0.700%)
1.94%, 09/16/24 (Call 09/15/21)a,b		1,694		1,696,571
Series 2016-AA, Class A1
FRN, (1 mo. LIBOR US + 1.100%)
2.34%, 12/15/25 (Call 07/15/29)a,b		91		90,890
Navient Student Loan Trust Series 2015-2, Class A2 FRN, (1 mo. LIBOR US + 0.420%)
1.66%, 08/27/29 (Call 02/25/26)a		4,465		4,475,065
Nissan Auto Receivables Owner Trust Series 2016-A, Class A2B FRN, (1 mo. LIBOR US + 0.350%)
1.59%, 02/15/19 (Call 04/15/20)a		327		327,015
Nissan Master Owner Trust Receivables Series 2016-A, Class A1 FRN, (1 mo. LIBOR + 0.640%)
1.88%, 06/15/21a		18,500		18,643,351
Oaktree EIF II Series B1 Ltd. Series 2015-B1A, Class A FRN, (3 mo. LIBOR US + 1.550%)
2.87%, 02/15/26 (Call 11/15/17)a,b		5,000		4,999,776
Octagon Investment Partners 24 Ltd. FRN, (3 mo. LIBOR US + 0.900%) Series 2015-1A, Class A1R
2.25%, 05/21/27a,b,c		18,600		18,600,000

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Octagon Investment Partners XVI Ltd. Series 2013-1A, Class A FRN, (3 mo. LIBOR US + 1.120%)
2.47%, 07/17/25 (Call 01/17/18)a,b	$	1,105	$	1,107,804
OHA Credit Partners IX Ltd. Series 2013-9A, Class A1R FRN, (3 mo. LIBOR US + 1.010%)
2.37%, 10/20/25 (Call 01/20/18)a,b		1,700		1,701,251
OHA Credit Partners VIII Ltd. Series 2013-8A, Class A FRN, (3 mo. LIBOR US + 1.120%)
2.48%, 04/20/25 (Call 01/20/18)a,b		3,129		3,137,268
OHA Loan Funding Ltd. Series 2013-2A, Class A FRN, (3 mo. LIBOR US + 1.270%)
2.58%, 08/23/24 (Call 11/23/17)a,b		2,100		2,100,263
OneMain Financial Issuance Trust Series 2014-2A, Class A
2.47%, 09/18/24 (Call 11/18/17)b		332		332,067
OZLM Funding V Ltd. Series 2013-5A, Class A1R FRN, (3 mo. LIBOR US + 1.130%)
2.48%, 01/17/26 (Call 01/17/18)a,b		15,000		15,037,425
OZLM VI Ltd. Series 2014-6A, Class A1R FRN, (3 mo. LIBOR US + 1.300%)
2.65%, 04/17/26 (Call 01/17/18)a,b		8,700		8,755,409
OZLM VII Ltd.
Series 2014-7A, Class A1AR
FRN, (3 mo. LIBOR US + 1.150%)
2.50%, 07/17/26 (Call 01/17/18)a,b		6,600		6,626,511
Series 2014-7A, Class A1BR
FRN, (3 mo. LIBOR US + 1.150%)
2.50%, 07/17/26 (Call 01/17/18)a,b		6,000		6,024,101
OZLM VIII Ltd. Series 2014-8A, Class A1AR FRN, (3 mo. LIBOR US + 1.130%)
2.48%, 10/17/26 (Call 01/17/18)a,b		2,500		2,506,944
Palmer Square CLO Ltd. Series 2014-1A, Class A1R FRN, (3 mo. LIBOR US + 1.370%)
2.72%, 01/17/27 (Call 01/17/18)a,b		2,500		2,498,825

Security	Principal (000s)		Value
PFS Financing Corp.
Series 2016-A, Class A
FRN, (1 mo. LIBOR + 1.200%)
2.44%, 02/18/20a,b	$	12,000	$	12,031,882
Series 2017-C, Class A
FRN, (1 mo. LIBOR US + 0.470%)
1.71%, 10/15/21a,b		14,850		14,850,000
Prestige Auto Receivables Trust Series 2016-2A, Class A2
1.46%, 07/15/20 (Call 06/15/21)b		9,743		9,724,684
Santander Drive Auto Receivables Trust
Series 2017-2, Class A3
1.87%, 12/15/20 (Call 03/15/21)		4,065		4,064,036
Series 2017-3, Class A3
1.87%, 06/15/21 (Call 08/15/21)		11,130		11,105,270
SLM Private Credit Student Loan Trust
Series 2005-A, Class A3
FRN, (3 mo. LIBOR US + 0.200%)
1.52%, 06/15/23 (Call 09/15/27)a		11,662		11,641,545
Series 2006-A, Class A4
FRN, (3 mo. LIBOR US + 0.190%)
1.51%, 12/15/23 (Call 03/15/28)a		119		118,932
SLM Private Education Loan Trust
Series 2011-C, Class A2A
FRN, (1 mo. LIBOR US + 3.250%)
4.49%, 10/17/44 (Call 08/15/21)a,b		1,131		1,172,204
Series 2012-B, Class A2
3.48%, 10/15/30 (Call 10/15/19)b		320		322,239
Series 2012-E, Class A2B
FRN, (1 mo. LIBOR US + 1.750%)
2.99%, 06/15/45 (Call 11/15/18)a,b		3,277		3,307,971
Series 2013-A, Class A2B
FRN, (1 mo. LIBOR US + 1.050%)
2.29%, 05/17/27 (Call 04/15/20)a,b		211		212,038
Series 2013-C, Class A2B
FRN, (1 mo. LIBOR US + 1.400%)
2.64%, 10/15/31 (Call 07/15/21)a,b		3,242		3,279,522
Series 2015-B, Class A1
FRN, (1 mo. LIBOR US + 0.700%)
1.94%, 02/15/23a,b		155		155,511
SLM Student Loan Trust Series 2011-2, Class A1 FRN, (1 mo. LIBOR US + 0.600%)
1.84%, 11/25/27 (Call 07/25/31)a		605		608,965

16 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
SMB Private Education Loan Trust
Series 2015-A, Class A1
FRN, (1 mo. LIBOR US + 0.600%)
1.84%, 07/17/23a,b	$	401	$	401,066
Series 2015-A, Class A2A
2.49%, 06/15/27b		14,000		14,038,172
Series 2016-A, Class A1
FRN, (1 mo. LIBOR US + 0.700%)
1.94%, 05/15/23a,b		2,121		2,122,549
Series 2016-B, Class A1
FRN, (1 mo. LIBOR US + 0.650%)
1.89%, 11/15/23a,b		5,496		5,503,252
Series 2016-C, Class A1
FRN, (1 mo. LIBOR US + 0.550%)
1.79%, 11/15/23a,b		5,889		5,901,257
Series 2017-B, Class A1
FRN, (1 mo. LIBOR US + 0.270%)
1.62%, 06/17/24a,b		5,420		5,420,000
SoFi Professional Loan Program LLC
Series 16-C, Class A1
FRN, (1 mo. LIBOR US + 1.100%)
2.34%, 10/27/36a,b		5,461		5,540,342
Series 16-C, Class A2A
1.48%, 05/26/31b		3,063		3,055,117
Series 2014-A, Class A1
FRN, (1 mo. LIBOR US + 1.600%)
2.84%, 06/25/25a,b		459		465,805
Series 2014-B, Class A1
FRN, (1 mo. LIBOR US + 1.250%)
2.49%, 08/25/32a,b		352		356,553
Series 2014-B, Class A2
2.55%, 08/27/29b		1,841		1,845,292
Series 2015-A, Class A1
FRN, (1 mo. LIBOR US + 1.200%)
2.44%, 03/25/33a,b		1,008		1,022,771
Series 2015-B, Class A1
FRN, (1 mo. LIBOR US + 1.050%)
2.29%, 04/25/35a,b		5,222		5,288,996
Wheels SPV 2 LLC
Series 2015-1A, Class B
1.88%, 04/20/26 (Call 11/20/20)b		1,770		1,767,103
Series 2016-1A, Class A2
1.59%, 05/20/25 (Call 01/20/20)b		1,160		1,159,273

Security	Principal (000s)		Value
World Financial Network Credit Card Master Trust Series 2015-A, Class A FRN, (1 mo. LIBOR + 0.480%)
1.72%, 02/15/22a	$	23,445	$	23,484,596
TOTAL ASSET-BACKED SECURITIES
(Cost: $936,861,854)				938,618,660
CERTIFICATES OF DEPOSIT — 0.55%
Barclays Bank PLC
1.93%, 02/21/18		6,000		6,009,526
Credit Suisse AG/New York NY
1.67%, 08/24/18		10,000		9,990,600
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $16,000,000)				16,000,126
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.10%
MORTGAGE-BACKED SECURITIES — 3.10%
Americold LLC Series 2010-ARTA, Class A1
3.85%, 01/14/29b		4,687		4,814,227
Aventura Mall Trust Series 2013-AVM, Class A
3.74%, 12/05/32b,d		4,650		4,830,131
BAMLL Commercial Mortgage Securities Trust
Series 2013-DSNY, Class A
FRN, (1 mo. LIBOR + 1.050%)
2.29%, 09/15/26a,b		525		526,154
Series 2014-FL1, Class A
FRN, (1 mo. LIBOR + 1.400%)
2.64%, 12/15/31a,b		2,560		2,562,281
Bancorp Commercial Mortgage Trust Series 2016-CRE1, Class A FRN, (1 mo. LIBOR + 1.430%)
2.66%, 11/15/33a,b		6,097		6,108,177
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PW10, Class AJ
5.59%, 12/11/40d		5,944		6,382,623

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Brunel Residential Mortgage Securitisation PLC Series 2007-1A, Class A4C FRN, (3 mo. LIBOR US + 0.200%)
1.56%, 01/13/39 (Call 01/13/18)a,b	$	244	$	243,656
Chicago Skyscraper Trust Series 2017-SKY, Class A FRN, (1 mo. LIBOR + 0.800%)
2.04%, 02/15/30a,b		4,600		4,607,197
COMM Mortgage Trust
Series 2014-FL5, Class A
FRN, (1 mo. LIBOR + 1.370%)
2.61%, 10/15/31a,b		679		681,692
Series 2014-PAT, Class A
FRN, (1 mo. LIBOR + 0.800%)
2.04%, 08/13/27a,b		3,570		3,571,121
Series 2014-TWC, Class A
FRN, (1 mo. LIBOR + 0.850%)
0.85%, 02/13/32a,b		11,305		11,315,525
Credit Suisse Commercial Mortgage Trust Series 2008-C1, Class A3
6.31%, 02/15/41d		513		512,403
FHLMC Multifamily Structured Pass Through Certificates Series K037, Class A1
2.59%, 04/25/23		1,454		1,472,655
Four Times Square Trust Commercial Mortgage Pass-Through Certificates Series 2006-4TS, Class A
5.40%, 12/13/28b		11,387		12,328,077
GS Mortgage Securities Corp. II Series 2013-KING, Class A
2.71%, 12/10/27b		1,902		1,919,786
Hospitality Mortgage Trust Series 2017-HIT, Class A FRN, (1 mo. LIBOR + 0.850%)
2.09%, 05/08/30a,b		4,990		4,999,362
LMREC Inc. Series 2016-CRE2, Class A FRN, (1 mo. LIBOR + 1.700%)
2.94%, 11/24/31a,b		3,410		3,430,801

Security	Principal (000s)		Value
Madison Avenue Trust Series 2013-650M, Class A
3.84%, 10/12/32b	$	2,060	$	2,141,042
RAIT Trust Series 2016-FL6, Class A FRN, (1 mo. LIBOR + 1.450%)
2.69%, 11/13/31a,b		2,192		2,199,301
Resource Capital Corp. Series 2017-CRE5, Class A FRN, (1 mo. LIBOR + 0.800%)
2.04%, 07/15/34a,b		4,548		4,557,570
VNDO Mortgage Trust Series 2013-PENN, Class A
3.81%, 12/13/29b		5,200		5,407,838
Wells Fargo Commercial Mortgage Trust Series 2014-TISH, Class A FRN, (1 mo. LIBOR + 1.030%)
2.27%, 02/15/27a,b		5,500		5,495,175
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $90,382,584)				90,106,794
COMMERCIAL PAPERe — 0.63%
Bank of Nova Scotia (The)
1.51%, 02/01/18		8,500		8,472,618
Enbridge Energy Partners LP
2.11%, 11/13/17		10,000		9,994,049
TOTAL COMMERCIAL PAPER
(Cost: $18,460,634)				18,466,667
CORPORATE BONDS & NOTES — 61.38%
AEROSPACE & DEFENSE — 0.21%
Harris Corp.
2.00%, 04/27/18		1,000		1,001,121
Northrop Grumman Corp.
1.75%, 06/01/18		5,000		5,003,222
				6,004,343
AGRICULTURE — 1.17%
BAT Capital Corp. FRN, (3 mo. LIBOR US + 0.590%)
1.91%, 08/14/20a,b,f		14,000		14,073,859
BAT International Finance PLC FRN, (3 mo. LIBOR US + 0.510%)
1.83%, 06/15/18a,b		2,000		2,003,339

18 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Philip Morris International Inc.
1.88%, 01/15/19	$	8,000	$	8,010,162
Reynolds American Inc.
2.30%, 06/12/18f		10,000		10,028,368
				34,115,728
AUTO MANUFACTURERS — 5.17%
American Honda Finance Corp.
1.50%, 11/19/18		10,000		9,984,648
BMW U.S. Capital LLC FRN, (3 mo. LIBOR US + 0.380%)
1.73%, 04/06/20a,b,f		4,415		4,436,411
Daimler Finance North America LLC
1.65%, 05/18/18b		1,585		1,584,672
FRN, (3 mo. LIBOR US + 0.530%)
1.84%, 05/05/20a,b		15,500		15,562,864
FRN, (3 mo. LIBOR US + 0.740%)
2.08%, 07/05/19a,b		3,500		3,526,859
Ford Motor Credit Co. LLC
1.72%, 12/06/17		15,000		15,000,488
FRN, (3 mo. LIBOR US + 0.450%)
1.81%, 11/02/20a		7,000		6,995,800
2.88%, 10/01/18		10,000		10,088,592
2.94%, 01/08/19		3,500		3,537,123
FRN, (3 mo. LIBOR US + 0.570%)
1.89%, 12/06/17a		1,000		1,000,350
FRN, (3 mo. LIBOR US + 0.900%)
2.22%, 06/15/18a		8,495		8,524,621
General Motors Co.
3.50%, 10/02/18		10,000		10,143,962
General Motors Financial Co. Inc.
3.25%, 05/15/18		10,000		10,076,972
FRN, (3 mo. LIBOR US + 1.360%)
2.71%, 04/10/18a		3,000		3,012,127
FRN, (3 mo. LIBOR US + 1.450%)
2.76%, 05/09/19a		8,000		8,115,613
Hyundai Capital America FRN, (3 mo. LIBOR US + 0.800%)
2.13%, 04/03/20a,b		6,890		6,876,937
Nissan Motor Acceptance Corp. FRN, (3 mo. LIBOR US + 0.580%)
1.94%, 01/13/20a,b		15,000		15,097,034
Toyota Motor Credit Corp.
FRN, (3 mo. LIBOR US + 0.260%)
1.61%, 01/09/19a		5,000		5,008,430

Security	Principal (000s)		Value
FRN, (3 mo. LIBOR US + 0.390%)
1.74%, 01/17/19a	$	3,840	$	3,850,110
Volkswagen Group of America Finance LLC
1.65%, 05/22/18b		8,000		7,989,493
				150,413,106
BANKS — 24.27%
ABN AMRO Bank NV
2.10%, 01/18/19b		7,000		7,019,831
FRN, (3 mo. LIBOR US + 0.640%)
1.99%, 01/18/19a,b		4,700		4,724,614
Australia & New Zealand Banking Group Ltd. FRN, (3 mo. LIBOR US + 0.500%)
1.82%, 08/19/20a,b,f		19,745		19,828,069
Bank of America Corp. FRN, (3 mo. LIBOR US + 0.650%)
1.97%, 10/01/21 (Call 10/01/20)a		7,500		7,518,316
2.60%, 01/15/19		7,000		7,046,174
2.65%, 04/01/19		19,000		19,155,773
FRN, (3 mo. LIBOR US + 0.660%)
2.02%, 07/21/21 (Call 07/21/20)a		25,500		25,586,162
Series L
2.25%, 04/21/20		5,000		5,003,584
Bank of Montreal FRN, (3 mo. LIBOR US + 0.250%)
1.57%, 09/11/19a		3,350		3,347,831
FRN, (3 mo. LIBOR US + 0.600%)
1.91%, 12/12/19a		10,185		10,258,069
FRN, (3 mo. LIBOR US + 0.650%)
2.00%, 07/18/19a		3,500		3,525,055
FRN, (3 mo. LIBOR US + 0.790%)
2.11%, 08/27/21a		7,000		7,072,128
Bank of Nova Scotia (The) FRN, (3 mo. LIBOR US + 0.620%)
1.94%, 09/19/22a		10,000		10,014,590
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) FRN, (3 mo. LIBOR US + 0.450%)
1.77%, 09/09/19a		6,000		5,998,887
Banque Federative du Credit Mutuel SA FRN, (3 mo. LIBOR US + 0.490%)
1.85%, 07/20/20a,b		3,215		3,224,254
Barclays PLC
2.75%, 11/08/19		15,000		15,142,950

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
BB&T Corp. FRN, (3 mo. LIBOR US + 0.570%)
1.89%, 06/15/20a	$	9,403	$	9,450,852
BNP Paribas SA
2.70%, 08/20/18		4,500		4,537,633
Branch Banking & Trust Co.
2.30%, 10/15/18 (Call 09/15/18)		1,473		1,481,060
Capital One Financial Corp.
FRN, (3 mo. LIBOR US + 0.450%)
1.83%, 10/30/20 (Call 09/30/20)a		5,000		5,002,747
FRN, (3 mo. LIBOR US + 0.760%)
2.07%, 05/12/20 (Call 04/12/20)a		15,505		15,631,474
Capital One N.A./Mclean VA
2.35%, 08/17/18 (Call 07/17/18)		2,465		2,472,378
FRN, (3 mo. LIBOR US + 1.150%)
2.46%, 08/17/18 (Call 07/18/18)a		6,250		6,288,922
Citibank N.A.
FRN, (3 mo. LIBOR US + 0.340%)
1.67%, 03/20/19a		10,650		10,669,663
FRN, (3 mo. LIBOR US + 0.500%)
1.81%, 06/12/20a		7,060		7,098,258
Citigroup Inc.
FRN, (3 mo. LIBOR US + 0.770%)
2.12%, 04/08/19a		8,232		8,278,075
FRN, (3 mo. LIBOR US + 0.790%)
2.14%, 01/10/20 (Call 12/10/19)a,f		8,286		8,361,636
FRN, (3 mo. LIBOR US + 0.930%)
2.25%, 06/07/19a		9,000		9,086,553
Citizens Bank N.A./Providence RI FRN, (3 mo. LIBOR US + 0.570%)
1.89%, 05/26/20a		8,710		8,735,085
Cooperatieve Rabobank UA/NY
2.25%, 01/14/20f		9,000		9,056,279
Credit Suisse AG/New York NY
1.70%, 04/27/18f		2,200		2,200,896
FRN, (3 mo. LIBOR US + 0.680%)
2.05%, 04/27/18a		14,035		14,073,842
FRN, (3 mo. LIBOR US + 0.690%)
2.07%, 01/29/18a		1,250		1,251,818
Credit Suisse Group Funding Guernsey Ltd.
2.75%, 03/26/20		4,000		4,041,562
Danske Bank A/S FRN, (3 mo. LIBOR US + 0.510%)
1.83%, 03/02/20a,b		2,500		2,509,423

Security	Principal (000s)		Value
Discover Bank
2.60%, 11/13/18 (Call 10/12/18)	$	2,300	$	2,315,104
Fifth Third Bank/Cincinnati OH
FRN, (3 mo. LIBOR US + 0.250%)
1.63%, 10/30/20 (Call 09/30/20)a		10,000		9,996,130
Goldman Sachs Group Inc. (The)
FRN, (3 mo. LIBOR US + 0.780%)
2.16%, 10/31/22 (Call 10/31/21)a		4,000		3,997,688
2.55%, 10/23/19		10,000		10,077,669
2.90%, 07/19/18		2,500		2,519,482
5.95%, 01/18/18		5,000		5,045,750
FRN, (3 mo. LIBOR US + 1.020%)
2.38%, 10/23/19a		6,000		6,071,239
FRN, (3 mo. LIBOR US + 1.040%)
2.41%, 04/25/19a		14,000		14,148,964
FRN, (3 mo. LIBOR US + 1.200%)
2.52%, 09/15/20 (Call 08/15/20)a		1,750		1,783,667
FRN, (3 mo. LIBOR US + 1.360%)
2.73%, 04/23/21 (Call 03/23/21)a		7,000		7,174,017
Horsepower Finance Ltd.
2.15%, 12/02/19g		10,000		9,923,450
HSBC Bank PLC FRN, (3 mo. LIBOR US + 0.640%)
1.96%, 05/15/18a,b		5,000		5,014,933
HSBC USA Inc.
1.63%, 01/16/18		4,000		4,000,328
FRN, (3 mo. LIBOR US + 0.770%)
2.08%, 08/07/18a,f		3,250		3,264,864
Huntington National Bank (The)
2.00%, 06/30/18		10,000		10,024,992
2.20%, 11/06/18 (Call 10/06/18)		5,000		5,014,067
FRN, (3 mo. LIBOR US + 0.510%)
1.83%, 03/10/20a		10,000		10,054,336
ING Bank NV FRN, (3 mo. LIBOR US + 0.610%)
1.93%, 08/15/19a,b		3,000		3,013,066
Intesa Sanpaolo SpA
3.88%, 01/16/18		3,308		3,321,361
JPMorgan Chase & Co.
2.20%, 10/22/19		10,000		10,048,300
2.35%, 01/28/19		4,000		4,024,622
FRN, (3 mo. LIBOR US + 0.550%)
1.87%, 03/09/21 (Call 03/09/20)a		10,000		10,030,473
FRN, (3 mo. LIBOR US + 0.680%)
2.00%, 06/01/21 (Call 06/01/20)a		19,985		20,098,449

20 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
FRN, (3 mo. LIBOR US + 0.955%)
2.32%, 01/23/20a	$	5,000	$	5,075,328
KeyBank N.A./Cleveland OH
1.65%, 02/01/18		4,000		4,000,297
Lloyds Bank PLC FRN, (3 mo. LIBOR US + 1.000%)
2.36%, 01/22/19a		1,020		1,030,129
Mizuho Financial Group Inc. FRN, (3 mo. LIBOR US + 1.140%)
2.46%, 09/13/21a,f		10,000		10,167,569
Morgan Stanley
2.38%, 07/23/19		3,000		3,012,683
FRN, (3 mo. LIBOR US + 1.140%)
2.51%, 01/27/20a		3,000		3,046,625
FRN, (3 mo. LIBOR US + 1.180%)
2.54%, 01/20/22 (Call 01/20/21)a		15,000		15,231,537
FRN, (3 mo. LIBOR US + 1.375%)
2.69%, 02/01/19a		15,000		15,196,732
Series 3NC2
FRN, (3 mo. LIBOR US + 0.800%)
2.11%, 02/14/20 (Call 02/14/19)a		26,740		26,861,110
MUFG Americas Holdings Corp. FRN, (3 mo. LIBOR US + 0.570%)
1.88%, 02/09/18 (Call 01/09/18)a		2,000		2,001,654
National Australia Bank Ltd. FRN, (3 mo. LIBOR US + 0.510%)
1.82%, 05/22/20a,b		10,000		10,046,205
National Australia Bank Ltd./New York
2.30%, 07/25/18f		5,000		5,023,316
Nordea Bank AB FRN, (3 mo. LIBOR US + 0.470%)
1.79%, 05/29/20a,b		15,000		15,076,689
Royal Bank of Canada
FRN, (3 mo. LIBOR US + 0.240%)
1.56%, 08/29/19a		15,195		15,198,054
FRN, (3 mo. LIBOR US + 0.380%)
1.70%, 03/02/20a		5,000		5,012,820
FRN, (3 mo. LIBOR US + 0.480%)
1.86%, 07/29/19a		5,000		5,023,789
FRN, (3 mo. LIBOR US + 0.540%)
1.92%, 07/30/18a		3,400		3,412,136
FRN, (3 mo. LIBOR US + 0.700%)
2.02%, 12/10/18a		2,300		2,313,178

Security	Principal (000s)		Value
Sumitomo Mitsui Banking Corp.
1.97%, 01/11/19	$	6,880	$	6,882,388
2.45%, 01/10/19		15,000		15,086,802
FRN, (3 mo. LIBOR US + 0.940%)
2.29%, 01/18/19a		5,500		5,550,613
Sumitomo Mitsui Trust Bank Ltd. FRN, (3 mo. LIBOR US + 0.910%)
2.26%, 10/18/19a,b		4,400		4,440,902
SunTrust Bank/Atlanta GA FRN, (3 mo. LIBOR US + 0.530%)
1.91%, 01/31/20 (Call 12/31/19)a		10,000		10,066,800
Toronto-Dominion Bank (The)
1.45%, 09/06/18		7,000		6,986,365
UBS AG/London FRN, (3 mo. LIBOR US + 0.580%)
1.90%, 06/08/20 (Call 05/08/20)a,b		5,300		5,325,376
UBS AG/Stamford CT
2.38%, 08/14/19		15,000		15,096,601
5.75%, 04/25/18		4,200		4,283,512
FRN, (3 mo. LIBOR US + 0.640%)
1.95%, 08/14/19a		7,000		7,051,167
Wells Fargo & Co.
FRN, (3 mo. LIBOR US + 0.460%)
1.82%, 04/22/19a		5,599		5,617,241
FRN, (3 mo. LIBOR US + 0.880%)
2.24%, 07/22/20a		5,000		5,078,736
FRN, (3 mo. LIBOR US + 1.340%)
2.66%, 03/04/21a		10,000		10,302,133
Wells Fargo Bank N.A.
2.15%, 12/06/19		12,000		12,043,233
				706,199,114
BEVERAGES — 0.63%
Anheuser-Busch InBev Finance Inc.
1.90%, 02/01/19		10,000		10,009,809
Anheuser-Busch InBev Worldwide Inc.
2.20%, 08/01/18		8,149		8,180,463
				18,190,272
BIOTECHNOLOGY — 1.80%
Amgen Inc.
5.70%, 02/01/19		4,000		4,184,423
6.15%, 06/01/18		4,000		4,101,600
FRN, (3 mo. LIBOR US + 0.320%)
1.63%, 05/10/19a,f		10,900		10,936,711

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
FRN, (3 mo. LIBOR US + 0.450%)
1.76%, 05/11/20a,f	$	8,100	$	8,136,207
Biogen Inc.
6.88%, 03/01/18		12,750		12,972,583
Celgene Corp.
2.13%, 08/15/18		8,000		8,022,843
2.30%, 08/15/18f		4,000		4,016,754
				52,371,121
CHEMICALS — 0.41%
Airgas Inc.
1.65%, 02/15/18 (Call 01/15/18)		6,000		6,001,602
EI du Pont de Nemours & Co. FRN, (3 mo. LIBOR US + 0.530%)
1.84%, 05/01/20a		6,015		6,069,072
				12,070,674
COMPUTERS — 1.11%
Hewlett Packard Enterprise Co. FRN, (3 mo. LIBOR US + 1.930%)
3.27%, 10/05/18a		31,765		32,272,094
				32,272,094
DIVERSIFIED FINANCIAL SERVICES — 2.14%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.75%, 05/15/19		7,771		7,948,851
AIG Global Funding FRN, (3 mo. LIBOR US + 0.480%)
1.82%, 07/02/20a,b		3,695		3,703,354
Air Lease Corp.
2.13%, 01/15/18		690		690,662
2.63%, 09/04/18		9,021		9,078,116
American Express Credit Corp.
2.13%, 07/27/18		10,000		10,033,425
FRN, (3 mo. LIBOR US + 0.430%)
1.75%, 03/03/20 (Call 02/03/20)a		10,000		10,036,055
International Lease Finance Corp.
3.88%, 04/15/18		14,579		14,712,967
7.13%, 09/01/18b		5,712		5,950,539
				62,153,969
ELECTRIC — 1.75%
Dominion Energy Inc.
1.88%, 12/15/18b		10,000		9,995,229
1.88%, 01/15/19		4,845		4,832,998

Security	Principal (000s)		Value
Duke Energy Corp.
6.25%, 06/15/18	$	1,000	$	1,028,574
Duke Energy Florida LLC
1.85%, 01/15/20		8,000		7,956,922
Duke Energy Progress LLC
FRN, (3 mo. LIBOR US + 0.180%)
1.50%, 09/08/20a		9,835		9,828,642
Southern Co. (The)
1.55%, 07/01/18		12,425		12,412,985
Southern Power Co.
1.50%, 06/01/18		4,000		3,995,250
Virginia Electric & Power Co.
5.40%, 04/30/18		800		814,938
				50,865,538
ELECTRICAL COMPONENTS & EQUIPMENT — 0.04%
Emerson Electric Co.
5.25%, 10/15/18f		1,000		1,034,103
ENVIRONMENTAL CONTROL — 0.52%
Republic Services Inc.
3.80%, 05/15/18f		15,000		15,169,396
FOOD — 1.62%
Conagra Brands Inc. FRN, (3 mo. LIBOR US + 0.500%)
1.86%, 10/09/20a		7,000		7,014,035
Kraft Heinz Foods Co. FRN, (3 mo. LIBOR US + 0.420%)
1.73%, 08/09/19a		12,000		12,023,088
2.00%, 07/02/18		10,000		10,012,705
Tyson Foods Inc.
FRN, (3 mo. LIBOR US + 0.450%)
1.77%, 05/30/19a		7,000		7,012,312
FRN, (3 mo. LIBOR US + 0.550%)
1.87%, 06/02/20a		5,475		5,503,328
Wm Wrigley Jr Co.
2.40%, 10/21/18 (Call 09/21/18)b		4,046		4,070,253
2.90%, 10/21/19 (Call 09/21/19)b		1,500		1,522,693
				47,158,414
GAS — 0.17%
Korea Gas Corp.
2.88%, 07/29/18b		4,800		4,815,761
HEALTH CARE – PRODUCTS — 0.82%
Abbott Laboratories
2.00%, 09/15/18f		18,478		18,503,240
Medtronic Inc. FRN, (3 mo. LIBOR US + 0.800%)
2.12%, 03/15/20a,f		5,312		5,394,317
				23,897,557

22 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
HEALTH CARE – SERVICES — 0.42%
Aetna Inc.
1.70%, 06/07/18	$	5,000	$	4,998,800
2.20%, 03/15/19 (Call 02/15/19)		3,000		3,009,088
UnitedHealth Group Inc.
1.90%, 07/16/18f		4,125		4,133,693
				12,141,581
HOUSEWARES — 0.93%
Newell Brands Inc.
2.05%, 12/01/17		15,000		15,005,348
2.15%, 10/15/18		4,940		4,954,393
2.60%, 03/29/19		7,000		7,054,074
				27,013,815
INSURANCE — 1.41%
American International Group Inc.
2.30%, 07/16/19 (Call 06/16/19)		5,000		5,024,404
5.85%, 01/16/18		16,656		16,801,618
Metropolitan Life Global Funding I FRN, (3 mo. LIBOR US + 0.220%)
1.54%, 09/19/19a,b		10,000		10,014,042
New York Life Global Funding
1.55%, 11/02/18b		4,750		4,747,350
Voya Financial Inc.
2.90%, 02/15/18		4,572		4,584,668
				41,172,082
INTERNET — 0.14%
eBay Inc.
2.50%, 03/09/18		4,000		4,012,220
				4,012,220
LEISURE TIME — 0.67%
Carnival Corp.
1.88%, 12/15/17		19,400		19,409,094
				19,409,094
LODGING — 0.35%
Marriott International Inc./MD
6.75%, 05/15/18		9,814		10,073,250
				10,073,250
MACHINERY — 0.41%
John Deere Capital Corp.
FRN, (3 mo. LIBOR US + 0.290%)
1.61%, 06/22/20a		6,000		6,007,590
FRN, (3 mo. LIBOR US + 0.300%)
1.62%, 03/13/20a		6,000		6,016,475
				12,024,065

Security	Principal (000s)		Value
MANUFACTURING — 0.41%
General Electric Co. FRN, (3 mo. LIBOR US + 0.510%)
1.87%, 01/14/19a	$	10,000	$	10,044,610
Siemens Financieringsmaatschappij NV FRN, (3 mo. LIBOR US + 0.340%)
1.66%, 03/16/20a,b		2,000		2,007,018
				12,051,628
MEDIA — 1.00%
Comcast Corp.
6.30%, 11/15/17		9,000		9,015,840
Discovery Communications LLC FRN, (3 mo. LIBOR US + 0.710%)
2.04%, 09/20/19a		20,000		20,126,233
				29,142,073
MINING — 0.39%
Anglo American Capital PLC
9.38%, 04/08/19b		10,265		11,294,477
				11,294,477
OIL & GAS — 3.13%
Apache Corp.
7.00%, 02/01/18		7,000		7,086,797
BP Capital Markets PLC
2.24%, 09/26/18		10,000		10,051,714
Canadian Natural Resources Ltd.
1.75%, 01/15/18		6,000		6,000,895
Chevron Corp. FRN, (3 mo. LIBOR US + 0.210%)
1.53%, 03/03/20a		6,500		6,524,172
CNOOC Finance 2013 Ltd.
1.75%, 05/09/18		15,000		14,973,900
Ecopetrol SA
7.63%, 07/23/19		8,000		8,684,000
Petroleos Mexicanos
3.50%, 07/18/18f		10,000		10,094,400
5.75%, 03/01/18		10,000		10,116,477
Phillips 66 FRN, (3 mo. LIBOR US + 0.750%)
2.11%, 04/15/20 (Call 04/15/18)a,b		5,625		5,635,882
Sinopec Group Overseas Development 2014 Ltd.
2.75%, 04/10/19g		12,000		12,054,220
				91,222,457

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal (000s)		Value
PHARMACEUTICALS — 3.40%
AbbVie Inc.
1.80%, 05/14/18f	$	27,000	$	27,016,760
Allergan Funding SCS
2.35%, 03/12/18f		20,000		20,045,912
3.00%, 03/12/20 (Call 02/12/20)		3,000		3,045,577
FRN, (3 mo. LIBOR US + 1.080%)
2.39%, 03/12/18a		8,000		8,024,947
FRN, (3 mo. LIBOR US + 1.255%)
2.57%, 03/12/20a		20,505		20,881,973
AstraZeneca PLC
1.75%, 11/16/18		20,000		19,992,381
				99,007,550
PIPELINES — 0.71%
Enterprise Products Operating LLC
6.65%, 04/15/18		1,500		1,533,410
Kinder Morgan Energy Partners LP
5.95%, 02/15/18		4,400		4,449,894
Kinder Morgan Inc./DE
2.00%, 12/01/17		4,000		4,000,520
TransCanada PipeLines Ltd.
1.63%, 11/09/17		3,000		3,000,120
1.88%, 01/12/18		7,800		7,805,017
				20,788,961
REAL ESTATE INVESTMENT TRUSTS — 0.38%
Realty Income Corp.
2.00%, 01/31/18 (Call 12/31/17)		1,000		1,000,319
Simon Property Group LP
2.20%, 02/01/19 (Call 11/01/18)f		10,000		10,045,811
				11,046,130
RETAIL — 1.57%
CVS Health Corp.
1.90%, 07/20/18		3,000		3,003,976
2.25%, 12/05/18 (Call 11/05/18)		18,500		18,556,240
McDonald’s Corp.
2.10%, 12/07/18		24,000		24,109,713
				45,669,929
SEMICONDUCTORS — 1.28%
Intel Corp. FRN, (3 mo. LIBOR US + 0.080%)
1.39%, 05/11/20a		13,700		13,711,393
QUALCOMM Inc. FRN, (3 mo. LIBOR US + 0.450%)
1.77%, 05/20/20a		8,395		8,463,790

Security	Principal (000s)		Value
Xilinx Inc.
2.13%, 03/15/19	$	15,000	$	15,028,172
				37,203,355
SOFTWARE — 0.24%
Fidelity National Information Services Inc.
2.85%, 10/15/18		7,000		7,064,813
				7,064,813
TELECOMMUNICATIONS — 1.78%
AT&T Inc.
5.88%, 10/01/19		2,000		2,141,603
FRN, (3 mo. LIBOR US + 0.650%)
2.01%, 01/15/20a		12,000		12,063,302
Deutsche Telekom International Finance BV
FRN, (3 mo. LIBOR US + 0.450%)
1.77%, 09/19/19a,b		10,000		10,023,178
FRN, (3 mo. LIBOR US + 0.580%)
1.93%, 01/17/20a,b		12,000		12,039,248
Verizon Communications Inc. FRN, (3 mo. LIBOR US + 0.550%)
1.86%, 05/22/20a,f		15,440		15,537,627
				51,804,958
TRANSPORTATION — 0.20%
FedEx Corp.
8.00%, 01/15/19		1,275		1,365,653
Ryder System Inc.
2.45%, 11/15/18 (Call 10/15/18)		4,473		4,490,070
				5,855,723
TRUCKING & LEASING — 0.73%
Aviation Capital Group LLC
4.63%, 01/31/18b		885		890,937
Penske Truck Leasing Co. LP/PTL Finance Corp.
2.50%, 06/15/19 (Call 05/15/19)b		4,000		4,024,149
2.88%, 07/17/18b		7,635		7,693,205
3.38%, 03/15/18b		8,479		8,534,898
				21,143,189
TOTAL CORPORATE BONDS & NOTES
(Cost: $1,783,425,127)				1,785,872,540

24 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Security	Principal or Shares (000s)		Value
REPURCHASE AGREEMENTS — 1.03%
Mizuho Securities USA Inc., 2.33%, 11/01/17a,h (Purchased on 10/31/17 to be repurchased at $30,001,942, collateralized by various non-agency asset-backed securities, 0.00% to 6.60%, due 02/01/22 to 10/25/36, par and fair value of $112,171,004 and $34,500,000, respectively)	$	30,000	$	30,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $30,000,000)				30,000,000
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.68%
Federal National Mortgage Association
5.00%, 01/01/20		2,963		3,011,054
FHLMC Multifamily Structured Pass Through Certificates
Series K010, Class A2
4.33%, 10/25/20d		1,250		1,324,345
Series K013, Class A2
3.97%, 01/25/21 (Call 01/11/21)d		8,500		8,962,864
Series K032, Class A1
3.02%, 02/25/23		1,161		1,189,157
Series K715, Class A2
2.86%, 01/25/21		2,500		2,553,988
Series K721, Class A1
2.61%, 01/25/22		2,675		2,704,783
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $19,825,642)				19,746,191
MONEY MARKET FUNDS — 1.15%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.31%i,j,k		27,343		27,348,519
BlackRock Cash Funds: Treasury, SL Agency Shares
1.00%i,j		6,185		6,184,789
TOTAL MONEY MARKET FUNDS
(Cost: $33,529,652)				33,533,308

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.78%
(Cost: $2,928,485,493)l	$	2,932,344,286
Other Assets, Less Liabilities — (0.78)%		(22,606,465	)
NET ASSETS — 100.00%	$	2,909,737,821

FRN  —  Floating Rate Note

^a  Floating rate security. Rate shown is the rate in effect as of period end.

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

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

^d  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

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

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

^h  Maturity date represents next reset date.

ⁱ  Affiliated issuer. See Schedule 1.

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

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

^l  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $2,928,489,658. Net unrealized appreciation was $3,854,628, of which $5,665,724 represented gross unrealized appreciation on investments and $1,811,096 represented gross unrealized depreciation on investments.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2017, for purposes of Section 2(a)(3) of the 1940 Act, and/or related parties of the Fund were as follows:

Affiliated issuer	Shares held at 10/31/16 (000s)		Shares purchased (000s)		Shares sold (000s)			Shares held at 10/31/17 (000s)		Value at 10/31/17		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		35,208		—		(7,865	)b		27,343	$	27,348,519	$	10,677	$	269	$	—	c
BlackRock Cash Funds: Treasury, SL Agency Shares		27,110		—		(20,925	)b		6,185		6,184,789		11,405		—		425,320
										$	33,533,308	$	22,082	$	269	$	425,320

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

^b  Net of shares purchased and sold.

^c  Does not include income earned on the investment of securities lending cash collateral which is not direct income of the Fund and is reflected as a component of securities lending income in the statement of operations.

Schedule 2 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Asset-backed securities	$	—	$	897,230,939	$	41,387,721	$	938,618,660
Certificates of deposit		—		16,000,126		—		16,000,126
Collateralized mortgage obligations		—		90,106,794		—		90,106,794
Commercial paper		—		18,466,667		—		18,466,667
Corporate bonds & notes		—		1,785,872,540		—		1,785,872,540
Repurchase agreements		—		30,000,000		—		30,000,000
U.S. government agency obligations		—		19,746,191		—		19,746,191
Money market funds		33,533,308		—		—		33,533,308
Total	$	33,533,308	$	2,857,423,257	$	41,387,721	$	2,932,344,286

26 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2017

The following table includes a rollforward for the year ended October 31, 2017 of investments whose values are classified as Level 3 as of the beginning or end of the year.

	Asset-Backed Securities			Collateralized Mortgage Obligations
Balance at beginning of period	$	35,871,580		$	3,410,000
Realized gain (loss) and change in unrealized appreciation/depreciation		9,213			—
Purchases		41,388,398			—
Sales		(9,100,000	)		—
Transfers ina		—			—
Transfers outa		(26,781,470	)		(3,410,000	)
Balance at end of period	$	41,387,721		$	—
Net change in unrealized appreciation/depreciation on investments still held at end of period	$	(677	)	$	—

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 27

Schedule of Investments

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

October 31, 2017

Security		Principal (000s)		Value
MUNICIPAL DEBT OBLIGATIONS — 104.79%
ALABAMA — 3.37%
Bessemer Governmental Utility Services Corp. RB
5.00%, 06/01/20	(BAM)	$	515	$	560,253
State of Alabama Docks Department RB Series B
5.00%, 10/01/18			500		515,770
5.00%, 10/01/19			500		532,010
Tuscaloosa City Board of Education RB
5.00%, 08/01/19			150		159,850
					1,767,883
ARKANSAS — 0.28%
City of Little Rock AR Water Reclamation System Revenue RB
1.15%, 12/01/18			145		144,968
					144,968
CALIFORNIA — 1.39%
Lancaster Redevelopment Agency Successor Agency RB
3.00%, 08/01/20			700		732,585
					732,585
COLORADO — 0.55%
State of Colorado Department of Transportation COP
5.00%, 06/15/19			270		286,492
					286,492
CONNECTICUT — 4.66%
State of Connecticut GO Series A
5.00%, 04/15/20			1,200		1,299,252
Series C VRDN
1.02%, 05/15/34	(Put 11/06/17)a		1,150		1,150,000
					2,449,252
FLORIDA — 4.27%
Florida Gulf Coast University Financing Corp. RB Series A
5.00%, 08/01/20			2,055		2,244,368
					2,244,368

Security		Principal (000s)		Value
GEORGIA — 4.39%
Burke County Development Authority RB
2.20%, 10/01/32		$	1,700	$	1,709,452
Cobb County Development Authority RB
5.00%, 07/15/20			545		596,241
					2,305,693
ILLINOIS — 6.63%
Chicago Transit Authority RB
5.00%, 06/01/20			750		814,995
Illinois Finance Authority RB
3.00%, 11/15/17			150		150,098
4.00%, 09/01/18			150		152,793
4.00%, 11/15/18			100		102,748
4.00%, 09/01/19			145		150,636
Series A
5.00%, 10/01/20			100		109,821
VRDN
0.96%, 05/01/38	(Put 11/06/17)a		1,000		1,000,000
0.96%, 08/15/42	(Put 11/06/17)a		1,000		1,000,000
					3,481,091
INDIANA — 4.19%
City of Indianapolis Department of Public Utilities Water System Revenue RB Series B
4.00%, 10/01/18			100		102,573
City of Rockport IN RB VRDN
0.93%, 07/01/25	(Put 11/06/17)a		2,100		2,100,000
					2,202,573
IOWA — 2.02%
Iowa Finance Authority RB VRDN
1.17%, 04/01/22	(Put 11/06/17)a		1,060		1,060,000
					1,060,000
KENTUCKY — 2.04%
Hardin County School District Finance Corp. RB
4.00%, 02/01/18			400		402,728

28 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

October 31, 2017

Security		Principal (000s)		Value
Kentucky State Property & Building Commission RB Series D
5.00%, 05/01/21		$	600	$	668,250
					1,070,978
LOUISIANA — 9.20%
City of Ruston LA RB
2.00%, 06/01/18	(AGM)		185		186,045
Louisiana Offshore Terminal Authority RB Series B VRDN
0.95%, 09/01/33	(Put 11/07/17)a		2,000		2,000,000
Louisiana Public Facilities Authority RB
5.00%, 05/15/21			400		446,212
VRDN
0.92%, 12/01/43	(Put 11/06/17)a		2,200		2,200,000
					4,832,257
MARYLAND — 0.45%
Maryland Health & Higher Educational Facilities Authority RB Series B
3.00%, 07/01/18			235		237,801
					237,801
MICHIGAN — 1.16%
County of Genesee MI GOL Series B
5.00%, 02/01/19	(BAM)		100		104,548
Macomb Township Building Authority RB
3.00%, 04/01/18			500		504,035
					608,583
NEW JERSEY — 30.42%
Borough of Oceanport NJ GO
2.00%, 06/29/18			1,000		1,003,940
Borough of Wanaque NJ GO
2.25%, 03/30/18			1,075		1,079,336
City of North Wildwood NJ GO
2.25%, 05/09/18			1,000		1,004,700
County of Passaic NJ GO Series A
2.00%, 12/11/17			1,000		1,001,110
Hasbrouck Heights Board of Education GO
2.00%, 07/13/18			1,100		1,103,894

Security		Principal (000s)		Value
New Jersey Building Authority RB Series A
5.00%, 06/15/18		$	510	$	519,996
New Jersey Economic Development Authority RB
Series A
4.00%, 07/01/22			2,000		2,116,760
Series DDD
5.00%, 06/15/19			645		675,457
Series NN
5.00%, 03/01/21			255		277,287
Series PP
5.00%, 06/15/20			1,475		1,582,646
New Jersey Educational Facilities Authority RB Series F
4.00%, 07/01/20			255		271,376
New Jersey Health Care Facilities Financing Authority RB
5.00%, 07/01/19			160		169,819
Series A
5.00%, 07/01/20			500		546,345
New Jersey Transportation Trust Fund Authority RB
5.00%, 12/15/17			2,350		2,360,152
Series A-1
5.00%, 06/15/19			495		518,374
Township of Lacey NJ GO Series A
2.00%, 05/25/18			334		334,916
Township of Vernon NJ GO
2.00%, 09/14/18			900		904,608
Township of Winslow NJ GO
1.75%, 06/06/18			500		501,425
					15,972,141
NEW YORK — 12.18%
Amherst Development Corp. RB Series A VRDN
0.97%, 02/01/35	(Put 11/06/17)a		1,610		1,610,000
City of Glens Falls NY GO
1.40%, 06/08/18	(Call 12/01/17)		1,000		999,800
Cooperstown Central School District GO
2.00%, 06/29/18	(SAW)		860		863,216

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

October 31, 2017

Security		Principal (000s)		Value
New York State Dormitory Authority RB Series K
4.00%, 10/01/18		$	225	$	230,769
Onondaga County Trust for Cultural Resources RB
4.00%, 05/01/19			400		415,900
Skaneateles Central School District/NY GO
2.25%, 07/06/18			1,263		1,272,092
Troy Capital Resource Corp. RB
5.00%, 09/01/18			975		1,005,761
					6,397,538
NORTH CAROLINA — 0.45%
Charlotte-Mecklenburg Hospital Authority (The) RB
5.00%, 01/15/19			225		234,954
					234,954
OHIO — 6.28%
City of Kirtland OH GOL
2.00%, 06/21/18			500		502,090
City of Willoughby OH GO
2.00%, 06/22/18			750		753,105
County of Union OH GOL
1.20%, 03/28/18	(Call 12/01/17)		1,350		1,350,175
Urbana City School District GO
5.00%, 12/01/17			690		692,167
					3,297,537
OKLAHOMA — 0.74%
Norman Regional Hospital Authority RB
4.00%, 09/01/18			380		388,155
					388,155
PENNSYLVANIA — 6.16%
Carlisle Area School District GOL
2.00%, 09/01/19			165		167,231
Commonwealth of Pennsylvania GO Third Series
5.38%, 07/01/18	(AGM)		1,000		1,028,180
Pennsylvania Economic Development Financing Authority RB
4.00%, 03/15/19			1,000		1,037,630
VRDN
0.97%, 11/01/28	(Put 11/07/17)a		1,000		1,000,000
					3,233,041

Security		Principal or Shares (000s)		Value
SOUTH CAROLINA — 1.90%
Tender Option Bond Trust Receipts/Certificates RB Series 2016 VRDN
1.12%, 06/01/37	(Put 12/01/23)a,b	$	1,000	$	1,000,000
					1,000,000
TENNESSEE — 0.49%
Knox County Health Educational & Housing Facility Board RB
4.00%, 09/01/18			250		254,927
					254,927
TEXAS — 0.62%
Harris County Hospital District RB
5.00%, 02/15/20			300		324,039
					324,039
WEST VIRGINIA — 0.64%
Berkeley County Public Service District RB
2.00%, 12/01/17			335		335,228
					335,228
WYOMING — 0.31%
Wyoming Municipal Power Agency Inc. RB Series A
4.00%, 01/01/18	(BAM)		160		160,712
					160,712
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $55,065,079)					55,022,796
SHORT-TERM INVESTMENTS — 0.05%
MONEY MARKET FUNDS — 0.05%
BlackRock Liquidity Funds: MuniCash
0.74%c,d			25		25,041
					25,041
TOTAL SHORT-TERM INVESTMENTS (Cost: $25,041)					25,041

30 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

October 31, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.84% (Cost: $55,090,120)e	$	55,047,837
Other Assets, Less Liabilities — (4.84)%		(2,541,274	)
NET ASSETS — 100.00%	$	52,506,563

COP  —  Certificates of Participation

GO  —  General Obligation

GOL  —  General Obligation Limited

RB  —  Revenue Bond

SAW  —  State Aid Withholding

VRDN  —  Variable Rate Demand Note

Insured by:

AGM  —  Assured Guaranty Municipal Corp.

BAM  —  Build America Mutual Assurance Co.

^a  Variable rate security that is payable on demand on each reset date. Rate shown is the rate in effect as of period end.

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

^c  Affiliated issuer. See Schedule 1.

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

^e  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $55,090,135. Net unrealized depreciation was $42,298, of which $30,340 represented gross unrealized appreciation on investments and $72,638 represented gross unrealized depreciation on investments.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2017, for purposes of Section 2(a)(3) of the 1940 Act, and/or related parties of the Fund were as follows:

Affiliated issuer	Shares held at 10/31/16 (000s)		Shares purchased (000s)		Shares sold (000s)			Shares held at 10/31/17 (000s)		Value at 10/31/17		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)			Income
BlackRock Liquidity Funds: MuniCash		98		—		(73	)b		25	$	25,041	$	26	$	(3	)	$	419

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

^b  Net of shares purchased and sold.

Schedule 2 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Municipal debt obligations	$	—	$	55,022,796	$	—	$	55,022,796
Money market funds		25,041		—		—		25,041
Total	$	25,041	$	55,022,796	$	—	$	55,047,837

See notes to financial statements.

SCHEDULES OF INVESTMENTS 31

Schedule of Investments

iSHARES^® ULTRA SHORT-TERM BOND ETF

October 31, 2017

Security	Principal (000s)		Value
ASSET-BACKED SECURITIES — 0.01%
Honda Auto Receivables Owner Trust Series 2016-2, Class A2
1.13%, 09/17/18 (Call 07/15/19)	$	18	$	18,050
TOTAL ASSET-BACKED SECURITIES
(Cost: $18,054)				18,050
CERTIFICATES OF DEPOSIT — 12.77%
Bank of Montreal FRN, (1 mo. LIBOR US + 0.240%)
1.48%, 10/17/18a		500		499,975
1.48%, 10/25/18a		500		499,965
Bank of Nova Scotia (The)
1.58%, 08/08/18		3,800		3,797,480
FRN, (3 mo. LIBOR US + 0.300%)
1.66%, 04/12/19a		1,000		999,569
BNP Paribas SA
1.76%, 10/26/18		2,000		1,999,893
Canadian Imperial Bank of Commerce FRN, (3 mo. LIBOR US + 0.360%)
1.67%, 08/08/18a		1,000		1,000,457
Credit Suisse AG/New York NY
1.66%, 06/29/18		600		599,785
1.86%, 11/09/18		1,000		1,000,230
KBC Bank NV
0.00%, 01/04/18j		1,000		997,330
Natixis SA
1.81%, 11/20/18		1,000		1,000,300
Norinchukin Bank FRN, (1 mo. LIBOR US + 0.190%)
1.43%, 05/29/18a		1,500		1,499,770
Royal Bank of Canada/New York NY FRN, (1 mo. LIBOR US + 0.210%)
1.45%, 08/09/18a		2,600		2,599,756
Societe Generale International
1.62%, 09/10/18		750		749,807
Standard Chartered Bank FRN, (1 mo. LIBOR US + 0.200%)
1.44%, 05/01/18a		3,000		2,999,280
Sumitomo Mitsui Banking Corp. FRN, (1 mo. LIBOR US + 0.190%)
1.43%, 01/23/18a		2,500		2,499,880
Toronto-Dominion Bank (The) FRN, (1 mo. LIBOR US + 0.520%)
1.76%, 11/22/17a		1,000		1,000,367

Security	Principal (000s)		Value
Wells Fargo Bank N.A. FRN, (3 mo. LIBOR US + 0.280%)
1.59%, 02/06/18a	$	250	$	250,242
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $23,997,157)				23,994,086
COMMERCIAL PAPERb — 38.39%
ABN AMRO Funding USA LLC
1.62%, 03/02/18		3,000		2,985,431
Albion Capital Corp.
1.29%, 11/20/17		4,528		4,524,964
Amgen Inc.
1.30%, 11/08/17		4,000		3,998,719
Antalis SA
1.46%, 01/10/18		1,000		997,326
ASB Finance Ltd. FRN, (1 mo. LIBOR US + 0.230%)
1.47%, 09/21/18a		500		499,954
FRN, (1 mo. LIBOR US + 0.470%)
1.71%, 02/12/18a		300		300,353
Atlantic Asset Securitization LLC
1.42%, 01/04/18		675		673,363
AXA Financial Inc.
1.54%, 02/06/18		2,500		2,489,206
Bank of Nova Scotia (The) FRN, (1 mo. LIBOR US + 0.520%)
1.76%, 11/20/17a,c		500		500,168
Barclays Bank PLC
1.67%, 02/16/18		4,000		3,983,224
Bell Canada Inc.
1.51%, 11/28/17		500		499,430
1.52%, 11/01/17		700		699,972
BPCE SA
1.65%, 07/09/18		3,000		2,965,634
Canadian Imperial Bank of Commerce
1.48%, 10/16/18d		250		250,000
Duke Energy Corp.
1.32%, 11/02/17		4,000		3,999,698
Eni Finance USA Inc.
1.57%, 01/24/18		4,000		3,985,286
1.63%, 02/05/18		350		348,506
Entergy Corp.
1.64%, 11/28/17		1,000		998,703

32 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Enterprise Products Operating LLC
1.38%, 11/02/17	$	5,000	$	4,999,623
Ford Motor Credit Co. LLC
1.56%, 01/03/18		350		349,030
HSBC Bank PLC FRN, (3 mo. LIBOR US + 0.300%)
1.61%, 02/09/18a		1,000		1,001,059
Hyundai Capital America
1.31%, 11/02/17		3,500		3,499,736
1.58%, 01/22/18		2,000		1,992,959
Liberty Funding LLC
1.32%, 12/13/17		250		249,613
Macquarie Bank Ltd. FRN, (1 mo. LIBOR US + 0.310%)
1.55%, 01/24/18a,c		5,400		5,403,499
Marriott International Inc.
1.37%, 11/02/17		1,700		1,699,872
Matchpoint Finance PLC
1.43%, 12/12/17		2,100		2,096,634
Mondelez International Inc.
1.49%, 11/20/17		500		499,612
1.49%, 01/09/18		3,000		2,991,349
1.50%, 11/13/17		1,500		1,499,250
Nationwide Building Society
1.53%, 03/27/18		500		496,854
Omnicom Capital Inc.
1.47%, 11/22/17		1,000		999,146
Oversea-Chinese Banking Corp. Ltd. FRN, (1 mo. LIBOR US + 0.220%)
1.45%, 10/04/18a		1,000		999,813
Sheffield Receivables Co. LLC
1.53%, 02/12/18		1,000		995,802
Suncor Energy Inc.
1.53%, 01/03/18		700		698,179
Telstra Corp. Ltd.
1.48%, 04/09/18		500		496,393
TransCanada PipeLines Ltd.
1.42%, 11/28/17		1,000		998,911
1.50%, 12/27/17		3,000		2,993,136
United Overseas Bank Ltd.
1.38%, 01/04/18		500		498,822
Victory Receivables Corp.
1.32%, 12/08/17		250		249,661
1.44%, 02/01/18		1,000		996,368

Security	Principal (000s)		Value
White Plains Capital
1.76%, 03/13/18c	$	750	$	745,151
TOTAL COMMERCIAL PAPER
(Cost: $72,143,173)				72,150,409
CORPORATE BONDS & NOTES — 45.92%
AEROSPACE & DEFENSE — 1.94%
Lockheed Martin Corp.
4.25%, 11/15/19		3,000		3,140,658
United Technologies Corp. FRN, (3 mo. LIBOR US + 0.350%)
1.66%, 11/01/19a		500		502,495
				3,643,153
AUTO MANUFACTURERS — 3.33%
American Honda Finance Corp.
1.55%, 12/11/17		2,500		2,500,288
Daimler Finance North America LLC FRN, (3 mo. LIBOR US + 0.620%)
2.00%, 10/30/19a,c		250		251,509
Ford Motor Credit Co. LLC
1.72%, 12/06/17		350		350,011
Harley-Davidson Financial Services Inc.
1.55%, 11/17/17c		1,300		1,300,059
Hyundai Capital America
2.00%, 03/19/18c		300		300,085
Nissan Motor Acceptance Corp.
1.72%, 09/28/20c,d		750		751,097
FRN, (3 mo. LIBOR US + 0.800%)
2.15%, 04/06/18a,c		300		300,672
FRN, (3 mo. LIBOR US + 1.010%)
2.33%, 03/08/19a,c		250		252,453
Toyota Motor Credit Corp. FRN, (3 mo. LIBOR US + 0.380%)
1.73%, 04/06/18a		250		250,414
				6,256,588
BANKS — 24.34%
Australia & New Zealand Banking Group Ltd. FRN, (3 mo. LIBOR US + 0.440%)
1.80%, 01/16/18a,c		400		400,349
Bank of America Corp.
2.60%, 01/15/19		500		503,298
Bank of America N.A.
2.05%, 12/07/18		545		546,979

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Bank of Montreal FRN, (3 mo. LIBOR US + 0.600%)
1.91%, 12/12/19a	$	510	$	513,659
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) FRN, (3 mo. LIBOR US + 0.450%)
1.77%, 09/09/19a		800		799,852
Banque Federative du Credit Mutuel SA
2.50%, 10/29/18c		2,000		2,013,464
Barclays PLC
2.00%, 03/16/18		2,000		2,002,480
Citigroup Inc.
1.70%, 04/27/18		1,550		1,549,316
FRN, (3 mo. LIBOR US + 0.860%)
2.18%, 12/07/18a		400		402,515
Commonwealth Bank of Australia FRN, (3 mo. LIBOR US + 0.400%)
1.71%, 03/12/18a,c		300		300,383
FRN, (3 mo. LIBOR US + 0.450%)
1.77%, 03/10/20a,c		1,615		1,619,253
Fifth Third Bank/Cincinnati OH
1.63%, 10/30/20 (Call 09/30/20)d		1,000		999,613
2.20%, 10/30/20 (Call 09/30/20)		490		490,173
Goldman Sachs Group Inc. (The)
2.90%, 07/19/18		1,000		1,007,793
HSBC USA Inc.
1.63%, 01/16/18		1,800		1,800,147
FRN, (3 mo. LIBOR US + 0.880%)
2.21%, 09/24/18a		2,000		2,013,937
JPMorgan Chase & Co.
6.00%, 01/15/18		2,500		2,522,400
FRN, (3 mo. LIBOR US + 0.550%)
1.92%, 04/25/18a		400		400,851
Series H
1.70%, 03/01/18 (Call 02/01/18)		2,500		2,501,036
JPMorgan Chase Bank N.A. FRN, (3 mo. LIBOR US + 0.450%)
1.78%, 09/21/18 (Call 08/21/18)a		250		250,527
Lloyds Bank PLC
2.70%, 08/17/20		1,000		1,015,086
Mizuho Bank Ltd./NY
1.77%, 10/25/19d		3,000		2,998,743
FRN, (3 mo. LIBOR US + 0.540%)
1.86%, 09/04/18a		1,500		1,500,246

Security	Principal (000s)		Value
Morgan Stanley
2.13%, 04/25/18	$	1,000	$	1,001,825
National Australia Bank Ltd. FRN, (3 mo. LIBOR US + 0.420%)
1.77%, 04/17/19a,c,e		1,000		1,001,900
National Australia Bank Ltd./New York FRN, (3 mo. LIBOR US + 0.190%)
1.51%, 03/14/19a		750		749,861
Royal Bank of Canada
2.00%, 12/10/18		390		390,988
FRN, (3 mo. LIBOR US + 0.380%)
1.70%, 03/02/20a		3,000		3,007,692
Santander UK PLC
1.00%, 11/03/20d		500		499,777
2.13%, 11/03/20		965		963,025
Sumitomo Mitsui Banking Corp./New York FRN, (3 mo. LIBOR US + 0.450%)
1.77%, 09/09/19a		800		799,803
Sumitomo Mitsui Trust Bank Ltd./New York FRN, (3 mo. LIBOR US + 0.370%)
1.72%, 01/17/19a		800		799,903
Sumitomo Mitsui Trust Bank Ltd.
2.05%, 03/06/19c		1,635		1,635,153
Svenska Handelsbanken AB
1.68%, 09/08/20d		745		746,866
UBS AG/London
FRN, (1 mo. LIBOR US + 0.310%)
1.55%, 08/29/18a		400		400,060
FRN, (3 mo. LIBOR US + 0.580%)
1.90%, 06/08/20 (Call 05/08/20)a,c		1,000		1,004,788
UBS AG/Stamford CT
1.80%, 03/26/18		325		325,361
2.38%, 08/14/19		1,000		1,006,440
Westpac Banking Corp. FRN, (3 mo. LIBOR US + 0.430%)
1.75%, 03/06/20a		3,000		3,010,104
FRN, (3 mo. LIBOR US + 0.710%)
2.02%, 05/13/19a		250		251,913
				45,747,559
BEVERAGES — 1.07%
PepsiCo Inc.
1.35%, 10/15/18d		2,000		1,999,932
				1,999,932

34 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

October 31, 2017

Security	Principal (000s)		Value
BIOTECHNOLOGY — 0.53%
Gilead Sciences Inc.
1.49%, 09/20/18d	$	1,000	$	1,000,936
				1,000,936
COMPUTERS — 0.93%
Apple Inc. FRN, (3 mo. LIBOR US + 0.200%)
1.51%, 02/07/20a		500		501,441
FRN, (3 mo. LIBOR US + 0.250%)
1.56%, 05/03/18a		250		250,317
IBM Credit LLC
1.47%, 09/06/19d		1,000		1,001,305
				1,753,063
DIVERSIFIED FINANCIAL SERVICES — 1.85%
American Express Credit Corp.
1.88%, 11/05/18 (Call 10/05/18)		460		460,446
FRN, (3 mo. LIBOR US + 0.430%)
1.75%, 03/03/20 (Call 02/03/20)a		3,000		3,010,816
				3,471,262
ELECTRIC — 0.27%
Electricite de France SA
2.15%, 01/22/19c		500		501,602
				501,602
ELECTRONICS — 0.56%
Honeywell International Inc.
1.42%, 10/30/19d		750		749,893
1.80%, 10/30/19		310		309,716
				1,059,609
HEALTH CARE – SERVICES – 0.12%
UnitedHealth Group Inc.
1.95%, 10/15/20		230		229,493
				229,493
INSURANCE — 1.51%
Berkshire Hathaway Finance Corp.
1.45%, 03/07/18		115		114,992
FRN, (3 mo. LIBOR US + 0.550%)
1.87%, 03/07/18a		100		100,195
Metropolitan Life Global Funding I
1.50%, 01/10/18c		1,770		1,770,284
1.75%, 09/19/19c		860		856,709
				2,842,180

Security	Principal (000s)		Value
INTERNET — 0.94%
Alibaba Group Holding Ltd.
2.50%, 11/28/19 (Call 10/28/19)	$	1,750	$	1,761,725
				1,761,725
MACHINERY — 1.05%
Caterpillar Financial Services Corp.
1.50%, 02/23/18		500		500,060
FRN, (3 mo. LIBOR US + 0.700%)
2.01%, 02/23/18a		300		300,671
John Deere Capital Corp.
1.46%, 07/05/19d		1,170		1,169,744
				1,970,475
MANUFACTURING — 1.60%
Siemens Financieringsmaatschappij NV FRN, (3 mo. LIBOR US + 0.340%)
1.66%, 03/16/20a,c		3,000		3,010,527
				3,010,527
MEDIA — 0.76%
Walt Disney Co. (The) FRN, (3 mo. LIBOR US + 0.130%)
1.45%, 03/04/20a		1,435		1,434,753
				1,434,753
OIL & GAS — 2.76%
BP Capital Markets PLC
1.77%, 09/19/19		825		824,342
Chevron Corp. FRN, (3 mo. LIBOR US + 0.090%)
1.41%, 02/28/19a		2,000		2,000,001
FRN, (3 mo. LIBOR US + 0.210%)
1.53%, 03/03/20a		2,000		2,007,437
Exxon Mobil Corp. FRN, (3 mo. LIBOR US + 0.600%)
1.92%, 02/28/18a		350		350,713
				5,182,493
RETAIL — 1.58%
CVS Health Corp.
1.90%, 07/20/18		390		390,517
Home Depot Inc. (The) FRN, (3 mo. LIBOR US + 0.150%)
1.47%, 06/05/20a		1,220		1,221,966

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

October 31, 2017

Security	Principal (000s)		Value
Lowe’s Companies Inc. FRN, (3 mo. LIBOR US + 0.600%)
1.92%, 09/14/18a	$	100	$	100,481
Wal-Mart Stores Inc.
1.75%, 10/09/19		1,250		1,249,671
				2,962,635
SEMICONDUCTORS — 0.78%
QUALCOMM Inc.
1.40%, 05/18/18		500		499,808
FRN, (3 mo. LIBOR US + 0.360%)
1.68%, 05/20/19a		970		973,501
				1,473,309
TOTAL CORPORATE BONDS & NOTES
(Cost: $86,202,368)				86,301,294
REPURCHASE AGREEMENTS — 3.06%
Citigroup Global Markets Inc., 1.88%, 11/01/17a,f (Purchased on 10/31/17 to be repurchased at $2,500,131, collateralized by non-agency mortgage-backed security, 3.25%, due 08/12/49, par and fair value of $3,689,217 and $2,875,000, respectively)		2,500		2,500,000
Credit Suisse Securities (USA) LLC, 1.69%, 11/01/17a,f (Purchased on 10/31/17 to be repurchased at $2,000,094, collateralized by various non-agency asset-backed securities, 0.00% to 1.59%, due 11/10/35 to 11/25/36, par and fair value of $11,039,500 and $2,300,862, respectively)		2,000		2,000,000
Deutsche Bank Securities Inc., 1.71%, 11/01/17a,f (Purchased on 10/31/17 to be repurchased at $1,250,060, collateralized by various non-agency mortgage-backed securities, 1.71% to 3.97%, due 02/11/28 to 03/12/48, par and fair value of $1,424,871 and $1,437,500, respectively)		1,250		1,250,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $5,750,000)				5,750,000

Security	Principal or Shares (000s)		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.27%
Federal Farm Credit Banks
1.18%, 08/23/19d	$	500	$	500,193
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $500,002)				500,193
MONEY MARKET FUNDS — 0.17%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.00%g,h		319		318,681
TOTAL MONEY MARKET FUNDS
(Cost: $318,681)				318,681
TOTAL INVESTMENTS IN SECURITIES — 100.59%
(Cost: $188,929,435)i				189,032,713
Other Assets, Less Liabilities — (0.59)%				(1,100,464	)
NET ASSETS — 100.00%			$	187,932,249

FRN  —  Floating Rate Note

^a  Floating rate security. Rate shown is the rate in effect as of period end.

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

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

^d  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

^f  Maturity date represents next reset date.

^g  Affiliated issuer. See Schedule 1.

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

ⁱ  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $188,929,435. Net unrealized appreciation was $103,278, of which $129,164 represented gross unrealized appreciation on investments and $25,886 represented gross unrealized depreciation on investments.

^j  Zero-coupon bond.

36 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

October 31, 2017

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2017, for purposes of Section 2(a)(3) of the 1940 Act, and/or related parties of the Fund were as follows:

Affiliated issuer	Shares held at 10/31/16 (000s)		Shares purchased (000s)		Shares sold (000s)		Shares held at 10/31/17 (000s)		Value at 10/31/17		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)		Income
BlackRock Cash Funds: Treasury, SL Agency Shares		—		319b		—		319	$	318,681	$	2	$	—	$	6,380

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

^b  Net of shares purchased and sold.

Schedule 2 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Asset-backed securities	$	—	$	18,050	$	—	$	18,050
Certificates of deposit		—		23,994,086		—		23,994,086
Commercial paper		—		72,150,409		—		72,150,409
Corporate bonds & notes		—		85,299,394		1,001,900		86,301,294
Repurchase agreements		—		5,750,000		—		5,750,000
U.S. government agency obligations		—		500,193		—		500,193
Money market funds		318,681		—		—		318,681
Total	$	318,681	$	187,712,132	$	1,001,900	$	189,032,713

See notes to financial statements.

SCHEDULES OF INVESTMENTS 37

Statements of Assets and Liabilities

iSHARES^® U.S. ETF TRUST

October 31, 2017

	iShares Short Maturity Bond ETF		iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	2,864,955,841	$	55,065,079		$	182,860,754
Repurchase agreements — unaffiliated		30,000,000		—			5,750,000
Affiliated (Note 2)		33,529,652		25,041			318,681
Total cost of investments in securities	$	2,928,485,493	$	55,090,120		$	188,929,435
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	2,868,810,978	$	55,022,796		$	182,964,032
Repurchase agreements — unaffiliated		30,000,000		—			5,750,000
Affiliated (Note 2)		33,533,308		25,041			318,681
Foreign currency, at valueb		27,311		—			—
Cash		499,423		—			754
Receivables:
Investment securities sold		4,267,484		—			—
Dividends and interest		10,446,002		377,133			370,343
Capital shares sold		2,513,840		—			—
Total Assets		2,950,098,346		55,424,970			189,403,810
LIABILITIES
Payables:
Investment securities purchased		12,420,000		2,907,564			1,461,709
Collateral for securities on loan (Note 1)		27,333,860		—			—
Investment advisory fees (Note 2)		606,665		10,843			9,852
Total Liabilities		40,360,525		2,918,407			1,471,561
NET ASSETS	$	2,909,737,821	$	52,506,563		$	187,932,249
Net assets consist of:
Paid-in capital	$	2,903,082,353	$	52,545,235		$	187,711,094
Undistributed net investment income		2,792,669		42,339			138,705
Undistributed net realized gain (accumulated net realized loss)		2,467		(38,728	)		(20,828	)
Net unrealized appreciation (depreciation)		3,860,332		(42,283	)		103,278
NET ASSETS	$	2,909,737,821	$	52,506,563		$	187,932,249
Shares outstandingc		57,900,000		1,050,000			3,750,000
Net asset value per share	$	50.25	$	50.01		$	50.12

^a  Securities on loan with values of $26,659,510, $  — and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $25,772, $  — and $  —, respectively.

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

See notes to financial statements.

38 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

iSHARES^® U.S. ETF TRUST

Year ended October 31, 2017

	iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	425,320		$	419		$	6,380
Interest — unaffiliated		41,595,490			474,658			1,392,250
Securities lending income — affiliated — net (Note 2)		106,388			—			—
Total investment income		42,127,198			475,077			1,398,630
EXPENSES
Investment advisory fees (Note 2)		6,109,671			95,727			77,115
Proxy fees		50,775			809			2,646
Total expenses		6,160,446			96,536			79,761
Net investment income		35,966,752			378,541			1,318,869
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(7,702,633	)		(29,166	)		(7,503	)
Investments — affiliated (Note 2)		10,677			26			—
Foreign currency transactions		761			—			—
Forward currency contracts		8,261,812			—			—
Realized gain distributions from affiliated funds		11,405			—			2
Net realized gain (loss)		582,022			(29,140	)		(7,501	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		5,066,732			(21,980	)		66,211
Investments — affiliated (Note 2)		269			(3	)		—
Forward currency contracts		(3,569,633	)		—			—
Translation of assets and liabilities in foreign currencies		1,575			—			—
Net change in unrealized appreciation/depreciation		1,498,943			(21,983	)		66,211
Net realized and unrealized gain (loss)		2,080,965			(51,123	)		58,710
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	38,047,717		$	327,418		$	1,377,579

See notes to financial statements.

FINANCIAL STATEMENTS 39

Statements of Changes in Net Assets

iSHARES^® U.S. ETF TRUST

	iShares Short Maturity Bond ETF						iShares Short Maturity Municipal Bond ETF
	Year ended October 31, 2017			Year ended October 31, 2016			Year ended October 31, 2017			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	35,966,752		$	21,386,747		$	378,541		$	244,959
Net realized gain (loss)		582,022			(436,902	)		(29,140	)		(486	)
Net change in unrealized appreciation/depreciation		1,498,943			5,981,582			(21,983	)		(49,031	)
Net increase in net assets resulting from operations		38,047,717			26,931,427			327,418			195,442
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(34,147,741	)		(21,492,109	)		(359,533	)		(245,082	)
Total distributions to shareholders		(34,147,741	)		(21,492,109	)		(359,533	)		(245,082	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,295,366,901			1,159,167,574			17,526,350			5,007,945
Cost of shares redeemed		(411,421,762	)		(924,020,501	)		—			(4,994,826	)
Net increase in net assets from capital share transactions		883,945,139			235,147,073			17,526,350			13,119
INCREASE (DECREASE) IN NET ASSETS		887,845,115			240,586,391			17,494,235			(36,521	)
NET ASSETS
Beginning of year		2,021,892,706			1,781,306,315			35,012,328			35,048,849
End of year	$	2,909,737,821		$	2,021,892,706		$	52,506,563		$	35,012,328
Undistributed net investment income included in net assets at end of year	$	2,792,669		$	1,190,183		$	42,339		$	23,331
SHARES ISSUED AND REDEEMED
Shares sold		25,800,000			23,150,000			350,000			100,000
Shares redeemed		(8,200,000	)		(18,450,000	)		—			(100,000	)
Net increase in shares outstanding		17,600,000			4,700,000			350,000			—

See notes to financial statements.

40 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® U.S. ETF TRUST

	iShares Ultra Short-Term Bond ETF
	Year ended October 31, 2017			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,318,869		$	127,279
Net realized loss		(7,501	)		(13,325	)
Net change in unrealized appreciation/depreciation		66,211			43,430
Net increase in net assets resulting from operations		1,377,579			157,384
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,210,368	)		(103,710	)
Total distributions to shareholders		(1,210,368	)		(103,710	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		167,741,625			22,457,685
Cost of shares redeemed		(4,994,630	)		(9,986,485	)
Net increase in net assets from capital share transactions		162,746,995			12,471,200
INCREASE IN NET ASSETS		162,914,206			12,524,874
NET ASSETS
Beginning of year		25,018,043			12,493,169
End of year	$	187,932,249		$	25,018,043
Undistributed net investment income included in net assets at end of year	$	138,705		$	30,202
SHARES ISSUED AND REDEEMED
Shares sold		3,350,000			450,000
Shares redeemed		(100,000	)		(200,000	)
Net increase in shares outstanding		3,250,000			250,000

See notes to financial statements.

FINANCIAL STATEMENTS 41

Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

	iShares Short Maturity Bond ETF
	Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Period from Sep. 25, 2013a to Oct. 31, 2013
Net asset value, beginning of period	$	50.17		$	50.04		$	50.15		$	50.07		$	50.00
Income from investment operations:
Net investment incomeb		0.74			0.50			0.44			0.44			0.02
Net realized and unrealized gain (loss)c		0.04			0.14			(0.13	)		0.04			0.05
Total from investment operations		0.78			0.64			0.31			0.48			0.07
Less distributions from:
Net investment income		(0.70	)		(0.51	)		(0.42	)		(0.40	)		—
Total distributions		(0.70	)		(0.51	)		(0.42	)		(0.40	)		—
Net asset value, end of period	$	50.25		$	50.17		$	50.04		$	50.15		$	50.07
Total return		1.57	%		1.28	%		0.62	%		0.96	%		0.14	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,909,738		$	2,021,893		$	1,781,306		$	418,732		$	102,634
Ratio of expenses to average net assetse		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assetse		1.47	%		1.01	%		0.87	%		0.87	%		0.42	%
Portfolio turnover ratef		56	%		79	%		23	%		35	%		2	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

42 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

	iShares Short Maturity Municipal Bond ETF
	Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Period from Mar. 3, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	50.02		$	50.07		$	50.00
Income from investment operations:
Net investment incomeb		0.49			0.39			0.20
Net realized and unrealized gain (loss)c		(0.03	)		(0.04	)		0.04
Total from investment operations		0.46			0.35			0.24
Less distributions from:
Net investment income		(0.47	)		(0.40	)		(0.17	)
Total distributions		(0.47	)		(0.40	)		(0.17	)
Net asset value, end of period	$	50.01		$	50.02		$	50.07
Total return		0.93	%		0.69	%		0.48	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	52,507		$	35,012		$	35,049
Ratio of expenses to average net assetse		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived feese		n/a			0.25	%		0.25	%
Ratio of net investment income to average net assetse		0.99	%		0.79	%		0.59	%
Portfolio turnover ratef		163	%		100	%		184	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 43

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

	iShares Ultra Short-Term Bond ETF
	Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Period from Dec. 11, 2013a to Oct. 31, 2014
Net asset value, beginning of period	$	50.04		$	49.97		$	50.08		$	49.99
Income from investment operations:
Net investment incomeb		0.71			0.47			0.24			0.16
Net realized and unrealized gain (loss)c		0.02			(0.02	)		(0.07	)		0.06
Total from investment operations		0.73			0.45			0.17			0.22
Less distributions from:
Net investment income		(0.65	)		(0.38	)		(0.24	)		(0.13	)
Net realized gain		—			—			(0.04	)		—
Total distributions		(0.65	)		(0.38	)		(0.28	)		(0.13	)
Net asset value, end of period	$	50.12		$	50.04		$	49.97		$	50.08
Total return		1.47	%		0.90	%		0.32	%		0.45	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	187,932		$	25,018		$	12,493		$	15,024
Ratio of expenses to average net assetse		0.09	%		0.18	%		0.18	%		0.18	%
Ratio of net investment income to average net assetse		1.43	%		0.93	%		0.47	%		0.35	%
Portfolio turnover ratef		11	%		139	%		41	%		71	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

44 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

iSHARES^® U.S. ETF TRUST

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

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

iShares ETF	Diversification Classification
Short Maturity Bond	Non-diversified
Short Maturity Municipal Bond	Diversified
Ultra Short-Term Bond	Diversified

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

• Fixed income investments are valued using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

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

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

• Forward currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated forward exchange rates are used for contracts with interim settlement dates for which quotations are not available.

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing

46 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

REPURCHASE AGREEMENTS

The Funds may enter into repurchase agreements. In a repurchase agreement, a Fund purchases a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed repurchase amount. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements. In the event the counterparty defaults and the fair value of the collateral declines, the Fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (each, an “MRA”). The MRA permits the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral. The liability reflects the Fund’s obligation under bankruptcy law to return the excess to the counterparty.

The following table summarizes the Fund’s open repurchase agreements as of October 31, 2017 which are subject to offset under an MRA:

iShares ETF	Market Value of Repurchase Agreements		Non-cash Collateral Received a		Net Amount
Short Maturity Bond	$	30,000,000	$	30,000,000	$	—
Ultra Short-Term Bond		5,750,000		5,750,000		—

^a  Collateral received in excess of the market value of repurchase agreements is not presented in this table. The total collateral received by each Fund is disclosed in each Fund’s schedule of investments.

FOREIGN CURRENCY TRANSLATION

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using 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.

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2017, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of October 31, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of October 31, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

48 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of October 31, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Short Maturity Bond
Citigroup Global Markets Inc.	$	380,559	$	380,559	$	—
Goldman Sachs & Co.		10,045,300		10,045,300		—
HSBC Securities (USA) Inc.		9,963,557		9,963,557		—
JPMorgan Securities LLC		125,036		125,036		—
Merrill Lynch, Pierce, Fenner & Smith		2,451,880		2,451,880		—
Mizuho Securities USA Inc.		2,267,046		2,267,046		—
Morgan Stanley & Co. LLC		201,997		201,997		—
MUFG Securities Americas Inc.		550,986		550,986		—
Wells Fargo Securities LLC		673,149		673,149		—
	$	26,659,510	$	26,659,510	$	—

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

RECENT ACCOUNTING STANDARD

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

NOTES TO FINANCIAL STATEMENTS 49

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Short Maturity Bond		0.25	%
Short Maturity Municipal Bond		0.25
Ultra Short-Term Bond		0.08

Prior to December 16, 2016, for its investment advisory services to the iShares Ultra Short-Term Bond ETF, BFA was entitled to an annual investment advisory fee of 0.18% based on the average daily net assets of the Fund.

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

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the year ended October 31, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Short Maturity Bond	$	37,965

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

50 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

For the year ended October 31, 2017, the purchase and sales transactions executed by the iShares Short Maturity Bond ETF pursuant to Rule 17a-7 under the 1940 Act were $5,158,009 and $ —, respectively.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Dividends – affiliated” in the statements of operations.

It is possible that, from time to time, BlackRock and/or funds managed by BFA or an affiliate (collectively, “Affiliates”) may purchase and hold shares of a Fund. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units through an authorized participant at any time some or all of the shares of a Fund acquired for their own accounts. A large sale or redemption of shares of a Fund by Affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund. As of October 31, 2017, the number of affiliated accounts that individually represent more than 10% ownership of a Fund’s total shares outstanding and the aggregate percentage of net assets represented by such holdings were as follows:

iShares ETF	Number of Affiliated Accounts		Aggregate Affiliated Ownership Percentage
Ultra Short-Term Bond		1		23	%

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended October 31, 2017 were as follows:

	U.S. Government Obligations				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Short Maturity Bond	$	18,368,962	$	28,892,679	$	2,202,192,432	$	1,090,362,703
Short Maturity Municipal Bond		—		—		77,844,038		56,767,280
Ultra Short-Term Bond		1,161,019		1,883,451		63,398,345		1,903,405

There were no in-kind transactions (see Note 4) for the year ended October 31, 2017.

4. CAPITAL SHARE TRANSACTIONS

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units

NOTES TO FINANCIAL STATEMENTS 51

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

5. FORWARD CURRENCY CONTRACTS

The iShares Short Maturity Bond ETF uses forward currency contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held in its portfolio. A forward currency contract is an obligation to purchase or sell a currency against another currency at a specified future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When the contract is closed, a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed is recorded. Non-deliverable forward currency contracts (“NDFs”) are settled with the counterparty in cash without the delivery of foreign currency. Losses may arise if there are unfavorable movements in the value of a foreign currency relative to the U.S. dollar or if the counterparties do not meet the terms of the agreement. A fund’s use of forward currency contracts also involves the risks of imperfect correlation between the value of its currency positions and its other investments or the fund failing to close out its position due to an illiquid market.

As of October 31, 2017, the iShares Short Maturity Bond ETF held no open forward currency contracts.

The following table shows the realized and unrealized gains (losses) on forward currency contracts held by the iShares Short Maturity Bond ETF during the year ended October 31, 2017 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Forward currency contracts	$	8,261,812	$	(3,569,633	)

For the year ended October 31, 2017, the average quarter-end amounts purchased and sold in U.S. dollars for the iShares Short Maturity Bond ETF were $5,624,923 and $67,508,879, respectively.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. In order to better define its contractual rights and to secure rights that will help the Fund to mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by the

52 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

parties. Except for NDFs, the forward currency contracts held by the Fund generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as “Cash pledged to broker for forward currency contracts” on the statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Fund’s investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as “Investments in securities – affiliated” and “Payable due to broker for collateral on forwards.” To the extent amounts due to the Fund from the counterparty are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to netting arrangements in the statements of assets and liabilities.

6. PRINCIPAL RISKS

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

MARKET RISK

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

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

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

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

NOTES TO FINANCIAL STATEMENTS 53

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes as well as uncertainties in the municipal market related to, government regulation, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues from the project or the assets.

7. INCOME TAX INFORMATION

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

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2017, attributable to distributions received from a regulated investment company, the treatment of straddles and foreign currency transactions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
Short Maturity Bond	$	1	$	(216,525	)	$	216,524
Ultra Short-Term Bond		—		2			(2	)

The tax character of distributions paid during the years ended October 31, 2017 and October 31, 2016 was as follows:

iShares ETF	2017		2016
Short Maturity Bond
Ordinary income	$	34,147,741	$	21,492,109
Short Maturity Municipal Bond
Tax-exempt income	$	359,506	$	245,046
Ordinary income		27		36
	$	359,533	$	245,082
Ultra Short-Term Bond
Ordinary income	$	1,210,368	$	103,710

54 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

As of October 31, 2017, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Capital Loss Carryforwards			Net Unrealized Gains  (Losses) a			Total
Short Maturity Bond	$	2,799,301	$	—	$	—		$	3,856,167		$	6,655,468
Short Maturity Municipal Bond		—		42,339		(38,713	)		(42,298	)		(38,672	)
Ultra Short-Term Bond		138,705		—		(20,828	)		103,278			221,155

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

As of October 31, 2017, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

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

For the year ended October 31, 2017, the iShares Short Maturity Bond ETF utilized $818,332 of its capital loss carryforwards.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. LEGAL PROCEEDINGS

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

9. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 55

Report of Independent Registered Public Accounting Firm

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

Shareholders of the iShares Short Maturity Bond ETF,

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

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares Short Maturity Bond ETF, iShares Short Maturity Municipal Bond ETF and iShares Ultra Short-Term Bond ETF (constituting funds of the iShares U.S. ETF Trust, hereafter referred to as the “Funds”) as of October 31, 2017, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 21, 2017

56 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Tax Information (Unaudited)

iSHARES^® U.S. ETF TRUST

For the fiscal year ended October 31, 2017, the following Funds hereby designate the following maximum amounts allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:

iShares ETF	Interest- Related Dividends
Short Maturity Bond	$	27,632,830
Short Maturity Municipal Bond		378,541
Ultra Short-Term Bond		1,052,685

The iShares Short Maturity Municipal Bond ETF designates 99.99% of its distributions from net investment income as exempt-interest dividends for the fiscal year ended October 31, 2017.

TAX INFORMATION 57

Board Review and Approval of Investment Advisory

Contract

iSHARES^® U.S. ETF TRUST

I. iShares Short Maturity Bond ETF and iShares Short Maturity Municipal Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 5, 2017 and May 12, 2017. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 18, 2017, management presented information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its meetings. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 19-21, 2017, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential further enhancements to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, waivers/reimbursements (if any), and underlying fund fees and expenses (if any) of each Fund in comparison with the same information for other exchange traded funds (“ETFs”) (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Broadridge’s judgment, pure index institutional mutual funds, objectively selected by Broadridge as comprising such Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2016, to that of relevant comparison funds for the same periods.

58 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

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

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, product design, compliance and risk management, and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 19-21, 2017 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

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

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability of the Funds to BlackRock, on a Fund-by-Fund basis and in the aggregate, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, including supplemental information that was responsive to requests of the 15(c) Committee. The Board noted that the 15(c) Committee had focused on the methodology and profitability presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BFA affiliate, from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on by the

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 59

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

15(c) Committee during its meetings and addressed by management, including through supplemental information. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds did not provide for any breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds increase. However, the Board noted that should material economies of scale be identified in the future that are not otherwise shared, a breakpoint structure for the Funds may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider the Advisory Contract at least annually, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with similar investment strategies or investment mandates as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different and generally more extensive services provided to the Funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded ETFs, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged BFA’s expressed business purpose for launching a suite of iShares “Core” ETFs that generally are subject to lower investment advisory fees than iShares non-Core ETFs that may provide a similar investment exposure. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for

60 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion — Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

II. iShares Ultra Short-Term Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 5, 2017 and May 12, 2017. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 18, 2017, management presented information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its meetings. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 19-21, 2017, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential further enhancements to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, waivers/reimbursements (if any), and underlying fund fees and expenses (if any) of the Fund in comparison with the same information for other exchange traded funds (“ETFs”) (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Broadridge’s judgment, pure index institutional mutual funds, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 61

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2016, to that of relevant comparison funds for the same periods.

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

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, product design, compliance and risk management, and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 19-21, 2017 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

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

Costs of Services Provided to Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability of the Fund to BlackRock, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, including supplemental information that was responsive to requests of the 15(c) Committee. The Board noted that the 15(c) Committee had focused on the methodology

62 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

and profitability presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BFA affiliate, from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

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

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider the Advisory Contract at least annually, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged BFA’s expressed business purpose for launching a suite of iShares “Core” ETFs that generally are subject to lower investment advisory fees than iShares non-Core ETFs that may provide a similar investment exposure. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 63

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion — Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

64 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Proxy Results

A special meeting of the shareholders of each series of iShares U.S. ETF Trust (the “Trust”) was held on June 19, 2017, to elect five Trustees to the Board of Trustees of the Trust. The five nominees were Jane D. Carlin, Richard L. Fagnani, Drew E. Lawton, Madhav V. Rajan and Mark Wiedman, all of whom were elected as Trustees at the special meeting. The other Trustees whose terms of office as Trustees continued after the special meeting are Cecilia H. Herbert, Charles A. Hurty, John E. Kerrigan, John E. Martinez and Robert S. Kapito.

Trustee	Votes For		Votes Withheld
Jane D. Carlin		49,298,818		57,986
Richard L. Fagnani		49,294,053		62,752
Drew E. Lawton		49,296,485		60,320
Madhav V. Rajan		49,289,721		67,084
Mark Wiedman		49,289,957		66,848

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Short Maturity Municipal Bond	$	0.470514	$	—	$	0.003574	$	0.474088		99	%		—	%		1	%		100	%
Ultra Short-Term Bond		0.629978		—		0.022753		0.652731		97			—			3			100

Premium/Discount Information

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

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

SUPPLEMENTAL INFORMATION 65

Supplemental Information (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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

The following information shows the frequency of distributions of premiums and discounts for the Funds for the immediately preceding five calendar years (or from the inception date of the Fund, if less than five years) through the date of the most recent calendar quarter-end. Each line in each table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Short Maturity Bond ETF

Period Covered: September 25, 2013 through September 30, 2017

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		823		81.33	%
AT NAV		57		5.63
Less than 0.0% and Greater than –0.5%		132		13.04
		1,012		100.00	%

iShares Short Maturity Municipal Bond ETF

Period Covered: March 3, 2015 through September 30, 2017

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		384		58.89	%
AT NAV		27		4.14
Less than 0.0% and Greater than –0.5%		239		36.66
Less than –0.5%		2		0.31
		652		100.00	%

iShares Ultra Short-Term Bond ETF

Period Covered: December 11, 2013 through September 30, 2017

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		568		59.29	%
AT NAV		51		5.32
Less than 0.0% and Greater than –0.5%		339		35.39
		958		100.00	%

66 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees a total of 346 funds (as of October 31, 2017) within the Exchange-Traded Fund Complex. Drew E. Lawton, from October 2016 to June 2017, and Richard L. Fagnani, from April 2017 to June 2017, served as a member of the advisory board (“Advisory Board,” members of which are “Advisory Board Members”) for iShares U.S. ETF Trust, iShares, Inc. and iShares Trust with respect to all funds within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (60)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Mark K. Wiedmanb (46)	Trustee (since 2013)	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

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

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

TRUSTEE AND OFFICER INFORMATION 67

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (68)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998- 2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Director of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (61)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (62)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
Charles A. Hurty (74)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (62)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (58)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

68 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (53)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011); Director, Cavium, Inc. (since 2013).

TRUSTEE AND OFFICER INFORMATION 69

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (42)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (58)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Benjamin Archibald (42)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised mutual funds (since 2012).
Alan Mason (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Steve Messinger (55)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Charles Park (50)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (48)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

70 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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

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

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

iS-AR-1008-1017

OCTOBER 31, 2017

2017 ANNUAL REPORT

iShares U.S. ETF Trust

^Ø  iShares Commodities Select Strategy ETF  |  COMT  |  NASDAQ

Table of Contents

Management’s Discussion of Fund Performance	5
About Fund Performance	8
Shareholder Expenses	8
Consolidated Schedule of Investments	9
Consolidated Financial Statements	15
Consolidated Financial Highlights	18
Notes to Consolidated Financial Statements	19
Report of Independent Registered Public Accounting Firm	29
Tax Information	30
Board Review and Approval of Investment Advisory Contract	31
Supplemental Information	35
Trustee and Officer Information	37

Management’s Discussion of Fund Performance

iSHARES^® COMMODITIES SELECT STRATEGY ETF

GLOBAL EQUITY MARKET OVERVIEW

Global equity markets posted strong returns for the 12 months ended October 31, 2017 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 23.2% in U.S. dollar terms for the reporting period.

The key factor behind the robust performance of global stocks during the reporting period was improving global economic growth, which was driven largely by the continuation of accommodative monetary policies from many of the world’s central banks. Stronger economic activity in Europe emerged during the reporting period as the European Central Bank (“ECB”) maintained policies such as quantitative easing and negative interest rates. Economic growth rates in China and Japan, the largest economies in Asia, also increased during the reporting period, reflecting efforts by the People’s Bank of China (“PBOC”) and the Bank of Japan to stimulate economic activity.

By the end of the reporting period, stronger economic growth led several central banks to reduce some of their economic stimulus measures. For example, the ECB announced plans to taper its quantitative easing program beginning in 2018, while the PBOC increased short-term interest rates during the first half of 2017.

On a regional basis, European equity markets posted the strongest returns among developed markets, advancing by approximately 27% in U.S. dollar terms for the reporting period. European stocks benefited from improving economic conditions and stronger corporate earnings. In addition, election outcomes in France and the Netherlands eased investor concerns about nationalist presidential candidates and their opposition to the European Union. Currency fluctuations also contributed meaningfully to European equity performance in U.S. dollar terms as the euro appreciated by approximately 6% against the U.S. dollar during the reporting period. The best-performing European stock markets included Austria, Italy, and France, while Belgium and Switzerland posted modest returns.

Equity markets in the Asia-Pacific region gained about 18% in U.S. dollar terms for the reporting period, led by Singapore and Hong Kong. Japanese stocks also posted strong returns, benefiting from improving consumer spending and employment trends that contributed to the ongoing recovery in the Japanese economy. However, equity market returns in Japan were hindered by a decline in the Japanese yen, which depreciated by approximately 8% against the U.S. dollar for the reporting period.

The U.S. stock market returned approximately 23% for the reporting period. U.S. stocks advanced initially in anticipation of pro-business fiscal policies from the new presidential administration. Although the administration struggled to implement its fiscal agenda, stocks continued to move higher as global economic growth led to a notable improvement in corporate earnings growth, particularly for multinational companies with significant operations outside of the U.S. U.S. stocks advanced despite three short-term interest rate increases by the U.S. Federal Reserve Bank (“Fed”) during the reporting period, which increased its short-term interest rate target to its highest levels since October 2008. The Fed also began to reduce the amount of U.S. Treasury bonds and mortgage-backed securities on its balance sheet in October 2017.

Emerging markets stocks outperformed those in developed markets, returning more than 26% in U.S. dollar terms for the reporting period. Emerging markets in Asia posted the best returns, led by China and South Korea. Equity markets in the Middle East trailed for the reporting period amid continued geopolitical conflict in the region.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Performance as of October 31, 2017

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		12.08%		(9.36)%		12.08%		(25.87)%
Fund Market		12.08%		(9.37)%		12.08%		(25.89)%
S&P GSCITM Commodity Total Return Index		7.28%		(16.33)%		7.28%		(41.87)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.

The S&P GSCI^TM Commodity Total Return Index is an unmanaged index that measures the performance of general commodity price movements and inflation in the world economy.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a		Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,088.30	$	2.53	$	1,000.00	$	1,022.80	$	2.45		0.48%

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

6 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The iShares Commodities Select Strategy ETF (the “Fund”) seeks total return by providing investors with broad commodity exposure. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended October 31, 2017, the total return for the Fund was 12.08%, net of fees.

Approximately 70% of the Fund’s exposure was in commodities futures, which were solid contributors to the Fund’s return for the reporting period. Some of the Fund’s largest exposures in the futures portion of the portfolio during the reporting period included West Texas Intermediate crude oil, Brent crude oil, heating oil, gas oil, and unleaded gasoline. These futures positions benefited from an overall increase in energy prices, despite some volatility. Oil prices initially declined during the first half of 2017 as inventories increased and supply reflected increased output by Libya, Nigeria, and U.S. shale oil producers. But these conditions reversed beginning in July 2017, when OPEC announced additional production cuts, U.S. oil inventories declined, hurricanes in the U.S. disrupted refinery activity, and political uncertainty in Venezuela all led to increased prices. Limited output from U.S. oil refiners and record demand during the summer driving season led to gasoline prices in the U.S. reaching a two-year high in August 2017. Demand for energy more broadly was supported by improving global economic growth during the reporting period. Agricultural commodities generally weakened during the reporting period due to excess supply, as wheat inventories reached near-record highs and international production surged.

Approximately 30% of the Fund’s exposure was in commodities stocks, which were strong contributors to the Fund’s return for the reporting period. The stocks of companies in the agricultural and farm machinery and fertilizers and agricultural chemicals industries were meaningful contributors to the Fund’s return despite weakening prices for agricultural commodities. Demand for both farming and industrial equipment and fertilizer reflected improved global growth, particularly in South America. Stocks in the metals and mining industry also contributed to the Fund’s return for the reporting period, largely reflecting positive pricing for industrial commodities such as aluminum and copper. Metals prices increased due to strong demand from China, which simultaneously constrained supply by closing factories to address environmental concerns.

ALLOCATION BY SECTOR

As of 10/31/17

Sector/Investment Type % of
Net Assets

Agriculture Equities	14.97	%
Base Metal Equities	5.71
Timber Equities	3.88
Precious Metals Equities	3.17
Energy Equities	1.98
Short-term	69.97
Cash	3.07
Other Assets, Less Liabilities	(2.75	)
TOTAL	100.00	%

COMMODITY-LINKED FUTURES

As of 10/31/17

Sector Exposure ¹ % of Net Assets

Energy Futures	51.17	%
Agriculture Futures	12.00
Livestock Futures	4.00
Base Metals Futures	2.24
Precious Metals Futures	0.83
TOTAL	70.24	%

¹  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 7

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2017 and held through October 31, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

8 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2017

Security	Shares		Value
COMMON STOCKS — 29.68%
AGRICULTURAL & FARM MACHINERY — 3.61%
AGCO Corp.		10,337	$	708,808
CNH Industrial NV		155,753		1,978,063
Deere & Co.		50,140		6,662,604
				9,349,475
AGRICULTURAL PRODUCTS — 3.39%
Archer-Daniels-Midland Co.		114,394		4,675,283
Bunge Ltd.		28,589		1,966,351
Fresh Del Monte Produce Inc.		7,031		312,950
Ingredion Inc.		14,576		1,827,102
				8,781,686
ALUMINUM — 0.06%
Aluminum Corp. of China Ltd.a		5,818		115,895
Constellium NVa		3,387		37,934
				153,829
COAL & CONSUMABLE FUELS — 0.00%
Cameco Corp.		922		7,505
				7,505
COPPER — 0.53%
Freeport-McMoRan Inc.a		95,101		1,329,512
Nevsun Resources Ltd.		21,343		50,583
				1,380,095
DIVERSIFIED METALS & MINING — 5.12%
BHP Billiton Ltd. ADR		113,572		4,654,181
BHP Billiton PLC		74,745		2,714,739
Ferroglobe PLC		4,971		79,486
HudBay Minerals Inc.b		18,493		137,773
Northern Dynasty Minerals Ltd.a,b		21,487		42,544
Rio Tinto PLC ADR		84,664		4,057,946
Teck Resources Ltd. Class B		35,903		733,857
Turquoise Hill Resources Ltd.a		69,791		214,258
Vedanta Ltd. ADR		29,599		609,739
				13,244,523
FERTILIZERS & AGRICULTURAL CHEMICALS — 7.97%
Agrium Inc.		23,473		2,556,679
CF Industries Holdings Inc.		39,623		1,504,882
FMC Corp.		22,785		2,115,815
Israel Chemicals Ltd.a,b		86,652		361,339
Monsanto Co.		74,631		9,037,814
Mosaic Co. (The)		59,630		1,332,134
Potash Corp. of Saskatchewan Inc.		142,712		2,778,603

Security	Shares		Value
Sociedad Quimica y Minera de Chile SA ADR		15,746	$	940,666
				20,627,932
FOREST PRODUCTS — 0.10%
Deltic Timber Corp.		1,128		104,464
Norbord Inc.		4,567		164,640
				269,104
GOLD — 2.77%
Agnico Eagle Mines Ltd.		13,937		622,008
Alamos Gold Inc. Class Ab		17,973		113,589
AngloGold Ashanti Ltd.b		24,543		228,250
Asanko Gold Inc.a		12,097		11,323
B2Gold Corp.a		58,767		148,681
Barrick Gold Corp.b		70,117		1,013,191
Cia. de Minas Buenaventura SAA ADR		12,070		166,445
Eldorado Gold Corp.		47,601		59,501
Franco-Nevada Corp.		10,944		869,391
Gold Fields Ltd.		45,953		182,433
Goldcorp Inc.b		52,142		680,975
Harmony Gold Mining Co. Ltd.		22,380		38,717
IAMGOLD Corp.a		27,860		152,951
Kinross Gold Corp.a		74,892		295,823
Klondex Mines Ltd.a		10,722		30,987
New Gold Inc.a		34,609		113,864
Newmont Mining Corp.		32,072		1,159,724
NovaGold Resources Inc.a		13,169		53,598
Osisko Gold Royalties Ltd.b		7,458		93,971
Pretium Resources Inc.a		9,137		102,974
Randgold Resources Ltd. ADR		5,630		553,260
Sandstorm Gold Ltd.a		11,108		47,875
Sibanye Gold Ltd.		26,054		133,657
SSR Mining Inc.a		7,175		68,880
Tahoe Resources Inc.		18,714		89,827
Yamana Gold Inc.b		56,868		148,426
				7,180,321
INTEGRATED OIL & GAS — 1.11%
BP PLC ADR		6,985		284,080
Cenovus Energy Inc.		2,203		21,413
Chevron Corp.		4,022		466,110
China Petroleum & Chemical Corp.		541		39,839
Ecopetrol SA ADRb		480		5,323
Eni SpA		2,700		88,155
Exxon Mobil Corp.		8,993		749,567
Imperial Oil Ltd.		552		17,874

CONSOLIDATED SCHEDULE OF INVESTMENTS 9

Consolidated Schedule of Investments (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2017

Security	Shares		Value
Occidental Petroleum Corp.		1,623	$	104,797
PetroChina Co. Ltd.		451		29,541
Petroleo Brasileiro SA ADRa		3,159		33,643
Royal Dutch Shell PLC Class A ADR		4,750		299,392
Royal Dutch Shell PLC Class B ADR		3,974		259,741
Statoil ASA		2,288		46,469
Suncor Energy Inc.		3,521		119,573
Total SA ADR		5,269		293,589
YPF SA ADR		409		10,045
				2,869,151
OIL & GAS DRILLING — 0.02%
Ensco PLC Class A		1,307		7,045
Helmerich & Payne Inc.		328		17,814
Nabors Industries Ltd.		916		5,157
Noble Corp. PLCa		784		3,261
Precision Drilling Corp.a		938		2,805
Rowan Companies PLC Class Aa		343		4,915
Transocean Ltd.a		1,181		12,400
				53,397
OIL & GAS EQUIPMENT & SERVICES — 0.18%
Baker Hughes a GE Co.		1,079		33,913
Core Laboratories NV		111		11,089
Frank’s International NVb		129		853
Halliburton Co.		2,187		93,472
McDermott International Inc.a		673		4,455
National Oilwell Varco Inc.		958		32,754
Schlumberger Ltd.		3,502		224,128
TechnipFMC PLCa		1,108		30,348
Tenaris SA ADR		595		16,214
Weatherford International PLCa		2,358		8,182
				455,408
OIL & GAS EXPLORATION & PRODUCTION — 0.41%
Advantage Oil & Gas Ltd.a		438		2,343
Anadarko Petroleum Corp.		1,393		68,773
Antero Resources Corp.a		533		10,340
Apache Corp.		947		39,177
Baytex Energy Corp.a		547		1,510
Cabot Oil & Gas Corp.		1,150		31,855
Canadian Natural Resources Ltd.		2,689		93,846
Cimarex Energy Co.		237		27,712
CNOOC Ltd.		400		54,680
Concho Resources Inc.a		372		49,926
ConocoPhillips		3,026		154,780

Security	Shares		Value
Continental Resources Inc./OKa,b		212	$	8,631
Crescent Point Energy Corp.		1,417		11,662
Devon Energy Corp.		1,307		48,228
Diamondback Energy Inc.a		243		26,040
Encana Corp.b		2,457		28,747
Enerplus Corp.b		636		5,832
EOG Resources Inc.		1,436		143,413
EQT Corp.b		437		27,330
Hess Corp.		672		29,676
Kosmos Energy Ltd.a		577		4,431
Marathon Oil Corp.		2,149		30,559
Murphy Oil Corp.		424		11,342
Newfield Exploration Co.a		510		15,703
Noble Energy Inc.		1,210		33,723
Obsidian Energy Ltd.a		1,069		1,144
Pengrowth Energy Corp.a		940		1,015
Pioneer Natural Resources Co.		423		63,310
Range Resources Corp.		561		10,160
Southwestern Energy Co.a		1,320		7,326
Vermilion Energy Inc.		307		10,478
				1,053,692
OIL & GAS REFINING & MARKETING — 0.09%
Andeavor		270		28,685
Cosan Ltd.		300		2,607
HollyFrontier Corp.		341		12,600
Marathon Petroleum Corp.		946		56,514
Phillips 66		803		73,137
Valero Energy Corp.		825		65,084
				238,627
OIL & GAS STORAGE & TRANSPORTATION — 0.15%
Cheniere Energy Inc.a		337		15,751
Enbridge Inc. New		2,747		105,650
Euronav SAa		208		1,737
Frontline Ltd./Bermuda		95		578
GasLog Ltd.		71		1,225
Golar LNG Ltd.b		167		3,529
Kinder Morgan Inc./DE		3,205		58,042
Navigator Holdings Ltd.a		61		619
Nordic American Tankers Ltd.b		165		733
ONEOK Inc.		634		34,407
Pembina Pipeline Corp.		839		27,746
Plains GP Holdings LP Class A		259		5,284
Scorpio Tankers Inc.		282		1,004
Ship Finance International Ltd.		96		1,430
Targa Resources Corp.		356		14,774

10 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2017

Security	Shares		Value
TransCanada Corp.		1,454	$	69,036
Ultrapar Participacoes SA ADR		724		17,296
Williams Companies Inc. (The)		1,380		39,330
				398,171
PAPER PACKAGING — 2.22%
International Paper Co.		42,943		2,459,346
Packaging Corp. of America		9,813		1,140,957
Sonoco Products Co.		10,338		535,405
WestRock Co.		26,417		1,620,155
				5,755,863
PAPER PRODUCTS — 0.22%
Fibria Celulose SA ADR		23,621		376,519
KapStone Paper and Packaging Corp.		9,073		203,779
				580,298
PRECIOUS METALS & MINERALS — 0.04%
Dominion Diamond Corp.		5,631		80,242
Mountain Province Diamondsa		8,450		23,237
				103,479
SILVER — 0.36%
First Majestic Silver Corp.a		10,814		72,994
Fortuna Silver Mines Inc.a		10,426		43,998
MAG Silver Corp.a		4,601		48,863
Pan American Silver Corp.b		10,029		163,774
Wheaton Precious Metals Corp.		28,929		599,987
				929,616
SPECIALIZED REITS — 1.33%
Potlatch Corp.		4,223		218,752
Rayonier Inc.		13,406		401,912
Weyerhaeuser Co.		78,308		2,812,040
				3,432,704
TOTAL COMMON STOCKS (Cost: $72,963,342)				76,864,876
PREFERRED STOCKS — 0.02%
INTEGRATED OIL & GAS — 0.02%
Petroleo Brasileiro SA Preference Shares ADRa,b		4,467		45,787
				45,787
TOTAL PREFERRED STOCKS (Cost: $41,411)				45,787

Security	Principal		Value
SHORT-TERM INVESTMENTS — 69.97%
CERTIFICATES OF DEPOSIT — 2.32%
Norinchukin Bank
1.43%, 05/29/18	$	6,000,000	$	5,999,082
				5,999,082
COMMERCIAL PAPERc — 51.08%
ABN AMRO Funding USA LLC
1.31%, 12/21/17		4,100,000		4,092,501
ASB Finance Ltd.
1.47%, 09/21/18		4,000,000		3,999,632
AutoZone Inc.
1.38%, 11/09/17		5,000,000		4,998,281
1.40%, 11/29/17		2,000,000		1,997,822
Barton Capital Corp.
1.29%, 12/11/17		7,300,000		7,288,851
Bell Canada Inc.
1.51%, 12/19/17		3,000,000		2,993,920
Berkshire Hathaway Energy Co.
1.32%, 11/07/17		2,000,000		1,999,467
Canadian Imperial Bank of Commerce
1.51%, 11/13/18		4,500,000		4,499,577
Caterpillar Financial Services Co.
1.30%, 11/20/17		5,000,000		4,996,269
Coca-Cola Co. (The)
1.37%, 04/11/18		3,000,000		2,981,370
Danske Corp.
1.33%, 12/27/17		5,550,000		5,538,778
Dominion Resources Inc.
1.39%, 11/07/17		2,000,000		1,999,467
1.44%, 11/15/17		4,000,000		3,997,683
Electricite de France SA
1.34%, 11/06/17		2,000,000		1,999,544
Ford Motor Credit Co. LLC
1.41%, 11/06/17		1,500,000		1,499,640
Hyundai Capital America
1.39%, 11/06/17		6,000,000		5,998,632
JPMorgan Securities LLC
1.41%, 12/18/17		4,000,000		3,993,237
Macquarie Bank Ltd.
1.41%, 01/05/18		3,500,000		3,491,030
1.43%, 01/17/18		4,000,000		3,987,659

CONSOLIDATED SCHEDULE OF INVESTMENTS 11

Consolidated Schedule of Investments (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2017

Security	Principal		Value
Medtronic Global Holdings SCA
1.25%, 11/07/17	$	7,000,000	$	6,998,040
Mondelez International Inc.
1.48%, 11/30/17		1,500,000		1,498,250
National Australia Bank Ltd.
1.30%, 04/05/18		4,000,000		4,002,412
Omnicom Capital Inc.
1.44%, 11/07/17		6,000,000		5,998,402
Sheffield Receivables Co. LLC
1.53%, 02/12/18		5,000,000		4,979,012
Suncor Energy Inc.
1.52%, 01/03/18		2,500,000		2,493,498
1.51%, 12/21/17		4,000,000		3,991,868
Svenska Handelsbanken AB
1.23%, 11/06/17		5,000,000		4,998,990
Telstra Corp. Ltd.
1.32%, 12/05/17		4,500,000		4,493,766
1.36%, 01/16/18		2,500,000		2,492,033
Thunder Bay Funding LLC
1.30%, 11/15/17		6,000,000		5,996,925
United Technologies Corp.
1.40%, 11/06/17		1,500,000		1,499,658
VF Corp.
1.30%, 11/14/17		7,000,000		6,996,056
White Plains Capital
1.76%, 03/13/18		3,500,000		3,477,372
				132,269,642
MONEY MARKET FUNDS — 8.24%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.31%d,e,f		1,078,969		1,079,185
BlackRock Cash Funds: Treasury, SL Agency Shares
1.00%d,e		20,267,041		20,267,041
				21,346,226

Security	Principal		Value
U.S. GOVERNMENT OBLIGATIONS — 8.33%
U.S. Treasury Bill c
0.98%, 11/02/17	$	6,000,000	$	5,999,847
1.03%, 11/24/17		4,000,000		3,997,515
1.03%, 11/30/17		6,500,000		6,494,712
1.04%, 12/07/17		2,700,000		2,697,340
1.14%, 01/25/18		2,400,000		2,393,823
				21,583,237
TOTAL SHORT-TERM INVESTMENTS
(Cost: $181,201,026)				181,198,187
TOTAL INVESTMENTS IN SECURITIES — 99.67%
(Cost: $254,205,779)g				258,108,850
Other Assets, Less Liabilities — 0.33%				846,981
NET ASSETS — 100.00%			$	258,955,831

ADR  —  American Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Schedule 1.

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

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

^g  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $255,549,279. Net unrealized appreciation was $2,605,466, of which $7,139,824 represented gross unrealized appreciation on investments and $4,534,358 represented gross unrealized depreciation on investments.

12 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2017

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2017, for purposes of Section 2(a)(3) of the 1940 Act, and/or related parties of the Fund were as follows:

Affiliated issuer	Shares held at 10/31/16		Shares purchased			Shares sold		Shares held at 10/31/17		Value at 10/31/17		Net realized gain (loss) a			Change in unrealized appreciation (depreciation)			Income
BlackRock Cash Funds: Institutional, SL Agency Shares		862,973		215,996	b		—		1,078,969	$	1,079,185	$	(71	)	$	(75	)	$	—	c
BlackRock Cash Funds: Treasury, SL Agency Shares		17,693,533		2,573,508	b		—		20,267,041		20,267,041		798			—			90,056
										$	21,346,226	$	727		$	(75	)	$	90,056

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of shares purchased and sold.

^c  Does not include income earned on investment of securities lending cash collateral which is not direct income of the Fund and is reflected as a component of securities lending income in the statement of operations.

Schedule 2 — Futures Contracts (Note 5)

Futures contracts outstanding as of October 31, 2017 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000s)		Value/ unrealized appreciation (depreciation)
Long Contracts:
Aluminum		34		Jun 2018	$	1,855	$	2,492
Brent Crude Oil		657		Nov 2017		40,038		3,220,087
Cattle Feeder		23		Jan 2018		1,835		132,045
Cocoa		31		Mar 2018		648		2,993
Coffee		35		Mar 2018		1,688		(50,719	)
Copper		14		Jun 2018		2,406		20,850
Corn		463		Mar 2018		8,322		(65,404	)
Cotton		80		Dec 2017		2,735		(15,210	)
Gasoline RBOB		141		Jun 2018		10,987		716,249
Gold		15		Dec 2017		1,906		(24,978	)
KC HRW Wheat		142		Mar 2018		3,085		(107,797	)
Lead		7		Jun 2018		425		(22,597	)
Lean Hogs		102		Dec 2017		2,774		415,584
Lean Hogs		8		Feb 2018		234		20,608
Live Cattle		116		Jun 2018		5,513		147,465
Low Sulphur Gasoil		221		Dec 2017		12,105		720,608
Natural Gas		253		Mar 2018		7,241		(6,789	)
Nickel		5		Jun 2018		372		39,032
NY Harbor ULSD		132		Mar 2018		10,272		688,897
Silver		3		May 2018		253		(6,880	)
Soybean		129		May 2018		6,477		42,006
Sugar		214		Apr 2018		3,552		65,995
Wheat		209		Mar 2018		4,556		(195,351	)
WTI Crude Oil		958		Jun 2018		51,866		2,743,917
Zinc		9		Mar 2018		731		6,118
Net unrealized appreciation								$8,489,221

CONSOLIDATED SCHEDULE OF INVESTMENTS 13

Consolidated Schedule of Investments (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2017

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the consolidated schedule of investments above.

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	76,864,876		$	—	$	—	$	76,864,876
Preferred stocks		45,787			—		—		45,787
Certificates of deposit		—			5,999,082		—		5,999,082
Commercial paper		—			132,269,642		—		132,269,642
Money market funds		21,346,226			—		—		21,346,226
U.S. government obligations		—			21,583,237		—		21,583,237
Total	$	98,256,889		$	159,851,961	$	—	$	258,108,850
Derivative financial instrumentsa:
Assets:
Futures contracts	$	8,984,946		$	—	$	—	$	8,984,946
Liabilities:
Futures contracts		(495,725	)		—		—		(495,725	)
Total	$	8,489,221		$	—	$	—	$	8,489,221

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to consolidated financial statements.

14 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statement of Assets and Liabilities

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2017

ASSETS
Investments in securities, at cost:
Unaffiliated	$	232,859,563
Affiliated (Note 2)		21,346,216
Total cost of investments in securities	$	254,205,779
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	236,762,624
Affiliated (Note 2)		21,346,226
Foreign currency, at valueb		431
Cash pledged to broker for futures contracts		7,958,593
Cash		1,634
Receivables:
Investment securities sold		78
Dividends and interest		113,230
Futures variation margin		425,595
Tax reclaims		19,705
Total Assets		266,628,116
LIABILITIES
Payables:
Investment securities purchased		6,494,843
Collateral for securities on loan (Note 1)		1,079,243
Foreign taxes		2
Deferred foreign capital gains taxes (Note 1)		133
Investment advisory fees (Note 2)		98,064
Total Liabilities		7,672,285
NET ASSETS	$	258,955,831
Net assets consist of:
Paid-in capital	$	256,693,721
Undistributed net investment income		11,803,090
Accumulated net realized loss		(21,933,365	)
Net unrealized appreciation		12,392,385
NET ASSETS	$	258,955,831
Shares outstandingc		7,200,000
Net asset value per share	$	35.97

^a  Securities on loan with a value of $1,028,064. See Note 1.

^b  Cost of foreign currency: $431.

^c  No par value, unlimited number of shares authorized.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 15

Consolidated Statement of Operations

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Year ended October 31, 2017

NET INVESTMENT INCOME
Dividends — unaffiliateda	$	1,331,448
Dividends — affiliated (Note 2)		90,056
Interest — unaffiliatedb		1,460,192
Securities lending income — affiliated — net (Note 2)		27,242
Total investment income		2,908,938
EXPENSES
Investment advisory fees (Note 2)		985,823
Proxy fees		4,754
Total expenses		990,577
Less investment advisory fees waived (Note 2)		(1,836	)
Net expenses		988,741
Net investment income		1,920,197
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedc		(4,441,429	)
Investments — affiliated (Note 2)		(71	)
In-kind redemptions — unaffiliated		12,660,908
Futures contracts		(1,870,857	)
Foreign currency transactions		63
Realized gain distributions from affiliated funds		798
Net realized gain		6,349,412
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliatedd		2,124,776
Investments — affiliated (Note 2)		(75	)
Futures contracts		12,767,241
Net change in unrealized appreciation/depreciation		14,891,942
Net realized and unrealized gain		21,241,354
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,161,551

^a  Net of foreign withholding tax of $44,241.

^b  Net of foreign withholding tax of $20,955.

^c  Net of foreign capital gains taxes of $2.

^d  Net of deferred foreign capital gains taxes of $132.

See notes to consolidated financial statements.

16 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^® COMMODITIES SELECT STRATEGY ETF

	Year ended October 31, 2017			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,920,197		$	1,365,409
Net realized gain (loss)		6,349,412			(22,811,655	)
Net change in unrealized appreciation/depreciation		14,891,942			27,060,888
Net increase in net assets resulting from operations		23,161,551			5,614,642
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,863,172	)		(1,347,562	)
Total distributions to shareholders		(1,863,172	)		(1,347,562	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		143,234,708			110,450,896
Cost of shares redeemed		(226,397,070	)		(47,754,983	)
Net increase (decrease) in net assets from capital share transactions		(83,162,362	)		62,695,913
INCREASE (DECREASE) IN NET ASSETS		(61,863,983	)		66,962,993
NET ASSETS
Beginning of year		320,819,814			253,856,821
End of year	$	258,955,831		$	320,819,814
Undistributed net investment income included in net assets at end of year	$	11,803,090		$	(852,987	)
SHARES ISSUED AND REDEEMED
Shares sold		4,200,000			3,800,000
Shares redeemed		(6,900,000	)		(1,600,000	)
Net increase (decrease) in shares outstanding		(2,700,000	)		2,200,000

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 17

Consolidated Financial Highlights

iSHARES^® COMMODITIES SELECT STRATEGY ETF

(For a share outstanding throughout each period)

	Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Period from Oct. 15, 2014a to Oct. 31, 2014
Net asset value, beginning of period	$	32.41		$	32.97		$	50.68		$	50.04
Income from investment operations:
Net investment income (loss)b		0.31			0.16			0.26			(0.01	)
Net realized and unrealized gain (loss)c		3.58			(0.57	)		(17.35	)		0.65
Total from investment operations		3.89			(0.41	)		(17.09	)		0.64
Less distributions from:
Net investment income		(0.33	)		(0.15	)		(0.61	)		—
Return of capital		—			—			(0.01	)		—
Total distributions		(0.33	)		(0.15	)		(0.62	)		—
Net asset value, end of period	$	35.97		$	32.41		$	32.97		$	50.68
Total return		12.08	%		(1.23	)%		(33.88	)%		1.28	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	258,956		$	320,820		$	253,857		$	20,273
Ratio of expenses to average net assetse		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of expenses to average net assets prior to waived feese		0.48	%		0.48	%		0.48	%		n/a
Ratio of net investment income (loss) to average net assetse		0.93	%		0.51	%		0.68	%		(0.23	)%
Portfolio turnover ratef		44	%		43	%		76	%		0	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

^c  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to consolidated financial statements.

18 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements

iSHARES^® COMMODITIES SELECT STRATEGY ETF

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated June 21, 2011.

These consolidated financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Commodities Select Strategy	Diversifieda

^a  The Fund’s classification changed from non-diversified to diversified during the reporting period.

The Fund carries out its investment strategies associated with investment in commodity futures contracts and other derivatives (“commodity-linked investments”) by investing up to 25% of its total assets in iShares Commodities Strategy Cayman Ltd., a wholly-owned subsidiary organized in the Cayman Islands (the “Subsidiary”). The investment adviser of the Fund also serves as the investment adviser to the Subsidiary. Investments in the Subsidiary enable the Fund to hold the commodity-linked investments and satisfy regulated investment company tax requirements. The accompanying consolidated schedule of investments and consolidated financial statements for the Fund include the positions and accounts, respectively, of its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

Pursuant to the Trust’s organizational documents, the Fund’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

The Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Fund. The investments of the Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Trustees of the Trust (the “Board”).

• 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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 19

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

• Fixed income investments are valued using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

• Open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

20 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its consolidated schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of October 31, 2017 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a reduction of cost of the related investment and/or realized gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Fund may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis.

FOREIGN CURRENCY TRANSLATION

The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Fund as a component of realized and unrealized gains and losses from investments for financial reporting purposes. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its consolidated statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2017, if any, are disclosed in the Fund’s consolidated statement of assets and liabilities.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 21

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

DISTRIBUTIONS TO SHAREHOLDERS

Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

LOANS OF PORTFOLIO SECURITIES

The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund. Any additional required collateral is delivered to the Fund and any excess collateral is returned by the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates. As of October 31, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund are also disclosed in its consolidated schedule of investments. The total value of any securities on loan as of October 31, 2017 and the total value of the related cash collateral are disclosed in the consolidated statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the consolidated statement of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

22 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of October 31, 2017:

Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Barclays Capital Inc.	$	30,545	$	30,545	$	—
BNP Paribas Prime Brokerage Inc.		44,351		44,351		—
BNP Paribas Prime Brokerage International Ltd.		632		632		—
Citigroup Global Markets Inc.		22,077		22,077		—
Credit Suisse Securities (USA) LLC		192,308		192,308		—
Deutsche Bank Securities Inc.		98,791		98,791		—
HSBC Bank PLC		560,905		560,905		—
JPMorgan Securities LLC		35,310		35,310		—
Merrill Lynch, Pierce, Fenner & Smith		19,599		19,599		—
State Street Bank & Trust Company		22,878		22,878		—
UBS AG		668		668		—
	$	1,028,064	$	1,028,064	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s consolidated statement of assets and liabilities.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Fund and the Subsidiary.

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.48%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 23

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, the Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, the Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the year ended October 31, 2017, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $7,323.

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Dividends – affiliated” in the consolidated statement of operations.

The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Fund for 1940 Act purposes.

Certain trustees and officers of the Trust are also officers of BTC and/or BFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended October 31, 2017, were $27,993,606 and $34,933,395, respectively.

In-kind purchases and sales (see Note 4) for the year ended October 31, 2017, were $44,472,451 and $70,242,420, respectively.

4. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the consolidated statements of changes in net assets.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for

24 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the consolidated statements of changes in net assets.

5. FUTURES CONTRACTS

The Fund invests in commodity futures contracts to gain exposure to the applicable commodities markets. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in notional value of the contract. Such receipts or payments are known as margin variation and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the difference between the notional value of the contract at the time it was opened and the notional value at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held as of October 31, 2017 and the related locations in the consolidated statement of assets and liabilities, presented by risk exposure category:

Assets
Commodity contracts:
Variation margin / Net assets consist of – net unrealized appreciationa	$	8,984,946

^a Represents cumulative appreciation of futures contracts as reported in the consolidated schedule of investments. Only current day’s variation margin is reported separately within the consolidated statement of assets and liabilities.

Liabilities
Commodity contracts:
Variation margin / Net assets consist of – net unrealized appreciationb	$	495,725

^b Represents cumulative depreciation of futures contracts as reported in the consolidated schedule of investments. Only current day’s variation margin is reported separately within the consolidated statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on forward currency contracts held during the year ended October 31, 2017 and the related locations in the consolidated statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/Depreciation
Commodity contracts:
Futures contracts	$	(1,870,857	)	$	12,767,241

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 25

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The following table shows the average quarter-end balances of open futures contracts for the year ended October 31, 2017:

Average notional value of contracts purchased $  164,173,930

6. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its consolidated schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

The Fund invests in instruments and companies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Fund cannot control could have an adverse impact on those companies.

26 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

CREDIT RISK

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes and any net income or net gains will pass through to the Fund as such. Accordingly, the net investment income (loss) and realized gains (losses) reported in the Fund’s financial statements for such investments held by the Subsidiary may differ significantly from distributions. In addition, if a net loss is realized by the Subsidiary in any taxable year, the loss will not be available to offset the Fund’s ordinary income and/or capital gains for that year.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2017, attributable to the characterization of corporate actions, passive foreign investment companies, the character of income (losses) from the Subsidiary and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

Paid-in Capital	Undistributed Net Investment Income/Distributions in Excess of Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized Loss
$(3,382,574)	$	12,599,052	$	(9,216,478)

The tax character of distributions paid during the years ended October 31, 2017 and October 31, 2016 was as follows:

	2017		2016
Ordinary income	$	1,863,172	$	1,347,562

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 27

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

As of October 31, 2017, the tax components of accumulated net earnings (losses) were as follows:

Undistributed Ordinary Income		Capital Loss Carryforwards		Net Unrealized Gains  (Losses) a		Total
$	11,824,645	$	(20,611,420)	$	11,048,885	$	2,262,110

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

As of October 31, 2017, the Fund had non-expiring capital loss carryforwards in the amount of $20,611,420 available to offset future realized capital gains.

The Fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s consolidated financial statements.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the Court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the Court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the Court’s decision.

9. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the consolidated financial statements.

28 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and the

Shareholders of the iShares Commodities Select Strategy ETF

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of the iShares Commodities Select Strategy ETF and its subsidiary (constituting a fund of the iShares U.S. ETF Trust, hereafter referred to as the “Fund”) as of October 31, 2017, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the three years then ended and for the period October 15, 2014 (commencement of operations) through October 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These consolidated financial statements and consolidated financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 21, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 29

Tax Information (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The Fund hereby designates the maximum amount of $208,145 as qualified dividend income for individuals for the fiscal year ended October 31, 2017.

For corporate shareholders, the percentage of income dividends paid by the Fund during the fiscal year ended October 31, 2017 that qualified for the dividends-received deduction was 4.96%.

The Fund hereby designates $91,377 as the amount of distributions from direct federal obligation interest for the fiscal year ended October 31, 2017. The law varies in each state as to whether and what percentage of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

30 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (“BIL”) (the “Sub-Advisory Agreement”), on behalf of the Fund. The Advisory Contract and the Sub-Advisory Agreement are referred to hereafter as the “Advisory Agreements”. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. A committee of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 5, 2017 and May 12, 2017. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 18, 2017, management presented information to the Board relating to the continuance of the Advisory Agreements, including information requested by the 15(c) Committee during its meetings. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 19-21, 2017, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential further enhancements to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Agreements for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, waivers/reimbursements (if any), and underlying fund fees and expenses (if any) of the Fund in comparison with the same information for other exchange traded funds (“ETFs”) (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Broadridge’s judgment, pure index institutional mutual funds, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also noted that BFA pays BIL for its sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2016, to that of relevant comparison funds for the same periods.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 31

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board further noted that during the prior year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its benchmark index. Such periodic comparative performance information, including any additional detailed information requested by the Boards, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s strategy and benchmark index.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Nature, Extent and Quality of Services Provided by BFA and BIL or their Affiliates — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, product design, compliance and risk management, and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA (and any services provided by BIL on BFA’s behalf or at BFA’s direction) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA and BIL during prior years. In reviewing the scope of these services, the Board considered the investment philosophy and experience of BFA and BIL, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board also considered the compliance program of BFA and BIL and their compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 19-21, 2017 meeting and throughout the previous year, and matters related to BFA’s and BIL’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA and BIL to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Costs of Services Provided to Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability of the Fund to BlackRock, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, including supplemental information that was responsive to requests of the 15(c) Committee. The Board noted that the 15(c) Committee had focused on the methodology and profitability presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BFA affiliate, from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

32 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee during its meetings and addressed by management, including through supplemental information. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale be identified in the future that are not otherwise shared, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider the Advisory Agreements at least annually, determined to approve the continuance of the Advisory Agreements for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged BFA’s expressed business purpose for launching a suite of iShares “Core” ETFs that generally are subject to lower investment advisory fees than iShares non-Core ETFs that may provide a similar investment exposure. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 33

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

Conclusion — Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

34 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Proxy Results

A special meeting of the shareholders of each series of iShares U.S. ETF Trust (the “Trust”) was held on June 19, 2017, to elect five Trustees to the Board of Trustees of the Trust. The five nominees were Jane D. Carlin, Richard L. Fagnani, Drew E. Lawton, Madhav V. Rajan and Mark Wiedman, all of whom were elected as Trustees at the special meeting. The other Trustees whose terms of office as Trustees continued after the special meeting are Cecilia H. Herbert, Charles A. Hurty, John E. Kerrigan, John E. Martinez and Robert S. Kapito.

Trustee	Votes For		Votes Withheld
Jane D. Carlin		49,298,818		57,986
Richard L. Fagnani		49,294,053		62,752
Drew E. Lawton		49,296,485		60,320
Madhav V. Rajan		49,289,721		67,084
Mark Wiedman		49,289,957		66,848

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
$	0.328438	$	—	$	—	$	0.328438		100	%		—	%		—	%		100	%

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest ask on the primary securities exchange on which shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

SUPPLEMENTAL INFORMATION 35

Supplemental Information (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Premium/discount information for the Fund covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or the life of the Fund, if shorter) is publicly accessible, free of charge, at www.iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Fund for the immediately preceding five calendar years (or from the inception date of the Fund, if less than five years) through the date of the most recent calendar quarter-end. Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

Period Covered: October 15, 2014 through September 30, 2017

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5%		1		0.13	%
Greater than 1.0% and Less than 1.5%		1		0.13
Greater than 0.5% and Less than 1.0%		3		0.40
Greater than 0.0% and Less than 0.5%		296		39.68
At NAV		27		3.62
Less than 0.0% and Greater than –0.5%		400		53.63
Less than –0.5% and Greater than –1.0%		17		2.28
Less than –1.0% and Greater than –1.5%		1		0.13
		746		100.00	%

36 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees a total of 346 funds (as of October 31, 2017) within the Exchange-Traded Fund Complex. Drew E. Lawton, from October 2016 to June 2017, and Richard L. Fagnani, from April 2017 to June 2017, served as a member of the advisory board (“Advisory Board,” members of which are “Advisory Board Members”) for iShares U.S. ETF Trust, iShares, Inc. and iShares Trust with respect to all funds within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (60)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Mark K. Wiedmanb (46)	Trustee (since 2013)	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^b  Mark K. Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

TRUSTEE AND OFFICER INFORMATION 37

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (68)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Director of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (61)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (62)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
Charles A. Hurty (74)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (62)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (58)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

38 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (53)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011); Director, Cavium, Inc. (since 2013).

TRUSTEE AND OFFICER INFORMATION 39

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (42)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (58)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Benjamin Archibald (42)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised mutual funds (since 2012).
Alan Mason (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Steve Messinger (55)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Charles Park (50)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (48)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

40 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 41

Notes:

42 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

A description of the policies that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily basis on the Fund’s website.

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1011-1017

OCTOBER 31, 2017

2017 ANNUAL REPORT

iShares U.S. ETF Trust

^Ø  iShares Edge U.S. Fixed Income Balanced Risk ETF  |  FIBR  |  Cboe BZX

Table of Contents

Management’s Discussion of Fund Performance	5
About Fund Performance	8
Shareholder Expenses	8
Schedule of Investments	9
Financial Statements	27
Financial Highlights	30
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	41
Tax Information	42
Board Review and Approval of Investment Advisory Contract	43
Supplemental Information	47
Trustee and Officer Information	49

Management’s Discussion of Fund Performance

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

U.S. BOND MARKET OVERVIEW

The U.S. bond market posted a modestly positive gain for the 12 months ended October 31, 2017 (“reporting period”). The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned 0.90%.

Improving economic growth and rising interest rates contributed to the U.S. bond market performance. The U.S. economy expanded by 2.3% for the 12 months ended September 2017 (the most recent data available), its fastest year-over-year growth rate in two years. The job market mirrored this progress, with the unemployment rate declining to its lowest level in more than 16 years. The healthier economy and job market contributed to consumer confidence reaching its highest level since January 2004, while retail sales increased by 4.6% for the reporting period.

On the manufacturing side, industrial output increased by 0.90% for the reporting period, reflecting a recovery in 2017 after industrial production contracted for much of 2016. At the same time, inflation was modest, with the consumer price index rising by 2.2% for the 12 months ended September 2017, well below the long-term historical average of 3.3%.

In that environment, the U.S. Federal Reserve Bank (“Fed”) worked to normalize monetary policy by beginning to reverse some of the measures taken in response to the 2008 financial crisis. The Fed increased interest rates by a quarter percentage point three times during the reporting period, from 0.5% to 1.25%, which contributed to higher short-term bond yields. The Fed also started reducing the amount of U.S. Treasury bonds and mortgage-backed securities on its balance sheet in October 2017.

Another catalyst for rising bond yields was the outcome of the U.S. presidential election in November 2016. The new administration was expected to enact pro-growth fiscal policies, including lower taxes and significant infrastructure spending, which was expected to lead to a higher federal budget deficit. Expectations of an increase in the supply of U.S. Treasury bonds, based on the government’s need to fill the larger budget gap, led to an increase in U.S. bond yields during the reporting period.

Overall, short-term U.S. Treasury bond yields rose more than long-term bond yields. For example, the yield of the two-year U.S. Treasury note increased from 0.86% to 1.6% over the course of the reporting period, while the yield of the 30-year U.S. Treasury bond rose less than half that amount, increasing from 2.58% to 2.88%. The yield difference, or spread, between short-term and longer-term U.S. Treasury securities reached levels not seen since before the 2008 financial crisis, when the Fed was raising short-term interest rates aggressively.

Interest rate trends had important implications for returns across the U.S. bond market. U.S. Treasury bonds declined for the reporting period and were the weakest performers among the broad market segments.

In contrast, economically sensitive corporate bonds performed well, benefiting from improving economic growth, healthy corporate profits, strong investor demand for their comparatively higher yields, and expectations of the new administration’s corporate-friendly policies. As a result, the yield spread between U.S. Treasury securities and corporate bonds — both investment-grade and high-yield — declined for the reporting period.

Mortgage-backed securities, which have higher yields than U.S. Treasury securities but greater sensitivity to interest rate changes than corporate bonds, finished between these two sectors, managing modest gains for the reporting period.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

Performance as of October 31, 2017

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		2.79%		3.18%		2.79%		8.76%
Fund Market		2.85%		3.24%		2.85%		8.95%
Bloomberg Barclays U.S. Aggregate Bond Index		0.90%		1.94%		0.90%		5.29%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 2/24/15. The first day of secondary market trading was 2/26/15.

The Bloomberg Barclays U.S. Aggregate Bond Index is a widely recognized unmanaged market-weighted index, comprised of investment-grade corporate bonds rated BBB or better, mortgages and U.S. Treasury and U.S. Government agency issues with at least one year to maturity.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a		Beginning Account Value (5/1/17)		Ending Account Value (10/31/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,019.90	$	1.22	$	1,000.00	$	1,024.00	$	1.22		0.24%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

The iShares Edge U.S. Fixed Income Balanced Risk ETF (the “Fund”) seeks total return and preservation of capital by investing, under normal circumstances, at least 80% of its net assets in U.S. dollar denominated investment-grade and high-yield fixed-income securities that in the aggregate has approximately equal exposure to credit spread risk and interest rate risk. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended October 31, 2017, the total return for the Fund was 2.79%, net of fees.

6 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

During the reporting period, the Fund outperformed the broader bond market. One contributing factor was less exposure to interest rate fluctuations than the broader market. This contributed to the Fund’s performance as interest rates rose 0.60%–0.80% across most maturity sectors. Bond prices generally decline as interest rates increase.

The Fund’s greater exposure to investment-grade corporate bonds during the reporting period, relative to the broader bond market, contributed to the Fund’s return as corporate bonds posted solid gains. Within the investment-grade corporate sector, security selection also contributed to the Fund’s return. However, a higher allocation to short-term investment-grade bonds detracted from the Fund’s performance as short-term bond yields increased more than intermediate- and long-term bond yields.

Exposure to high-yield corporate bonds, which were the best performers in the U.S. bond market, also contributed to the Fund’s performance during the reporting period. In addition, security selection within the high-yield corporate sector benefited the Fund’s return. Within the government agency mortgage-backed securities (“MBS”) sector, however, security selection detracted from the Fund’s return.

The strong performance of investment-grade and high-yield corporate bonds led to increased risk levels in these sectors, while risk levels moderated among agency MBS. Because the managers allocate risk equally among each credit sector, the Fund’s allocation to intermediate-term investment-grade corporate bonds declined, and the allocation to agency MBS increased during the reporting period. Allocations to short-term investment-grade corporate debt and high-yield corporate bonds were both relatively unchanged for the reporting period.

Subsequent Event: The Fund is expected to be converted from an actively managed exchange-traded fund (“ETF”) to a passively managed or index ETF through a reorganization to be completed during the first quarter of 2018. The Fund currently has an investment objective of seeking total return and preservation of capital. It seeks to achieve this objective by investing, under normal circumstances, at least 80% of its net assets in U.S. dollar-denominated investment-grade and high-yield fixed-income securities. Following its reorganization into an index ETF, the Fund will generally invest at least 90% if its assets in the component securities of the Bloomberg Barclays U.S. Fixed Income Balanced Risk Index, an index primarily composed of U.S. dollar-denominated investment-grade and high yield fixed-income securities. The change in investment objective is not expected to have a significant effect on the Fund’s investments or the risks related to such investments. For more information on the reorganization, please see Note 9 in the notes to financial statements.

ALLOCATION BY SECTOR

As of 10/31/17

Subsector/Investment Type Percentage of
Total Investments  ¹

Mortgage-Backed Securities	36.57	%
Financial	23.74
Consumer Non-Cyclical	9.21
Technology	5.69
Communications	5.65
Consumer Cyclical	5.45
Energy	5.10
Industrial	3.73
Utilities	2.86
Basic Materials	2.00
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY

As of 10/31/17

Moody’s Credit Rating ² Percentage of
Total Investments  ¹

Aaa	37.16	%
Aa	3.34
A	18.04
Baa	27.94
Ba	7.50
B	4.64
Caa	0.78
Not Rated	0.60
TOTAL	100.00	%

¹  Excludes money market funds.

²  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE 7

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2017 and held through October 31, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 81.02%
ADVERTISING — 0.08%
Omnicom Group Inc.
3.63%, 05/01/22	$	100	$	104,301
				104,301
AEROSPACE & DEFENSE — 1.94%
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)		100		107,257
General Dynamics Corp.
2.38%, 11/15/24 (Call 09/15/24)		200		196,290
Harris Corp.
2.00%, 04/27/18		45		45,044
L3 Technologies Inc.
3.85%, 12/15/26 (Call 09/15/26)		40		41,462
4.95%, 02/15/21 (Call 11/15/20)		200		214,274
5.20%, 10/15/19		100		105,885
Lockheed Martin Corp.
2.50%, 11/23/20 (Call 10/23/20)		540		546,712
3.35%, 09/15/21		200		207,420
3.55%, 01/15/26 (Call 10/15/25)		225		233,888
Northrop Grumman Corp.
1.75%, 06/01/18		200		200,118
2.55%, 10/15/22 (Call 09/15/22)		300		300,372
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 02/15/22)		200		202,010
StandardAero Aviation Holdings Inc.
10.00%, 07/15/23 (Call 07/15/18)a		35		38,698
TransDigm Inc.
6.50%, 05/15/25 (Call 05/15/20)		100		103,062
				2,542,492
AGRICULTURE — 2.09%
Alliance One International Inc.
9.88%, 07/15/21 (Call 12/01/17)b		50		43,873
Altria Group Inc.
2.63%, 01/14/20 (Call 12/14/19)		150		151,896
2.85%, 08/09/22b		150		152,015
9.25%, 08/06/19		650		730,931
BAT Capital Corp.
2.30%, 08/14/20a		190		190,125
2.76%, 08/15/22 (Call 07/15/22)a		255		255,258
Philip Morris International Inc.
2.00%, 02/21/20		300		300,237

Security	Principal (000s)		Value
2.13%, 05/10/23 (Call 03/10/23)b	$	70	$	67,920
2.63%, 02/18/22 (Call 01/18/22)		150		151,224
2.75%, 02/25/26 (Call 11/25/25)b		270		264,705
Reynolds American Inc.
2.30%, 06/12/18		140		140,410
4.00%, 06/12/22		100		105,352
8.13%, 06/23/19		100		109,641
Vector Group Ltd.
6.13%, 02/01/25 (Call 02/01/20)a		70		72,528
				2,736,115
AIRLINES — 0.08%
United Continental Holdings Inc.
5.00%, 02/01/24b		100		101,528
				101,528
AUTO MANUFACTURERS — 2.82%
Fiat Chrysler Automobiles NV
5.25%, 04/15/23b		200		212,474
Ford Motor Credit Co. LLC
1.72%, 12/06/17		250		249,993
2.46%, 03/27/20b		200		200,794
3.34%, 03/28/22 (Call 02/28/22)		300		306,069
5.00%, 05/15/18		950		966,064
General Motors Co.
4.00%, 04/01/25		100		102,338
General Motors Financial Co. Inc.
2.40%, 05/09/19		65		65,275
3.15%, 06/30/22 (Call 05/30/22)		300		303,177
3.20%, 07/06/21 (Call 06/06/21)		55		56,130
3.45%, 04/10/22 (Call 02/10/22)		100		102,256
3.50%, 07/10/19		650		664,319
4.00%, 01/15/25 (Call 10/15/24)		100		102,429
4.20%, 03/01/21 (Call 02/01/21)b		100		105,041
5.25%, 03/01/26 (Call 12/01/25)		60		65,660
Toyota Motor Credit Corp.
2.15%, 03/12/20		180		180,943
				3,682,962
AUTO PARTS & EQUIPMENT — 0.57%
Allison Transmission Inc.
5.00%, 10/01/24 (Call 10/01/19)a		100		104,278
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 04/01/20)a,b		65		66,628

SCHEDULE OF INVESTMENTS 9

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
IHO Verwaltungs GmbH
4.50% (5.25% PIK), 09/15/23 (Call 09/15/19)a,b,c	$	200	$	206,346
Lear Corp.
3.80%, 09/15/27 (Call 06/15/27)		100		100,576
5.25%, 01/15/25 (Call 01/15/20)		100		107,234
ZF North America Capital Inc.
4.75%, 04/29/25a		150		157,489
				742,551
BANKS — 20.23%
Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 09/23/19		250		250,308
Banco Santander SA
3.50%, 04/11/22		200		204,678
Bank of America Corp.
2.33%, 10/01/21 (Call 10/01/20)		155		154,585
3.30%, 01/11/23		200		204,880
4.25%, 10/22/26		100		104,923
5.65%, 05/01/18		250		254,835
5.88%, 01/05/21b		250		276,240
7.63%, 06/01/19		400		433,932
VRN, (3 mo. LIBOR US + 0.660%)
2.37%, 07/21/21 (Call 07/21/20)d		190		189,808
VRN, (3 mo. LIBOR US + 0.930%)
2.82%, 07/21/23 (Call 07/21/22)d		250		250,110
VRN, (3 mo. LIBOR US + 1.021%)
2.88%, 04/24/23 (Call 04/24/22)d		200		200,682
VRN, (3 mo. LIBOR US + 1.160%)
3.12%, 01/20/23 (Call 01/20/22)d		300		304,533
VRN, (3 mo. LIBOR US + 1.575%)
3.82%, 01/20/28 (Call 01/20/27)d		200		206,050
Bank of Montreal
1.50%, 07/18/19		140		139,014
1.90%, 08/27/21		100		98,384
2.10%, 12/12/19		100		100,213
Bank of New York Mellon Corp. (The)
2.30%, 09/11/19 (Call 08/11/19)		250		251,847
2.60%, 08/17/20 (Call 07/17/20)b		120		121,726
Bank of Nova Scotia (The)
2.45%, 03/22/21		100		100,496
2.70%, 03/07/22		300		302,493
BB&T Corp.
2.05%, 06/19/18 (Call 05/15/18)		200		200,482

Security	Principal (000s)		Value
BNP Paribas SA
2.40%, 12/12/18	$	100	$	100,602
Capital One Financial Corp.
2.40%, 10/30/20 (Call 09/30/20)		230		230,166
2.50%, 05/12/20 (Call 04/12/20)		85		85,350
3.30%, 10/30/24 (Call 09/30/24)		300		300,447
3.50%, 06/15/23		250		256,792
Capital One N.A./Mclean VA
2.35%, 01/31/20 (Call 12/31/19)		250		250,412
2.65%, 08/08/22 (Call 07/08/22)		250		248,713
CIT Group Inc.
3.88%, 02/19/19		100		101,579
Citibank N.A.
1.85%, 09/18/19 (Call 08/18/19)		300		299,355
Citigroup Inc.
1.70%, 04/27/18		100		99,988
2.05%, 12/07/18		100		100,073
2.05%, 06/07/19		100		99,933
2.50%, 09/26/18		250		251,370
2.75%, 04/25/22 (Call 03/25/22)		200		200,404
2.90%, 12/08/21 (Call 11/08/21)		500		505,390
4.50%, 01/14/22		350		375,011
VRN, (3 mo. LIBOR US + 0.950%)
2.88%, 07/24/23 (Call 07/24/22)d		800		799,088
Cooperatieve Rabobank UA/NY
2.75%, 01/10/22b		250		253,777
Credit Suisse AG/New York NY
2.30%, 05/28/19		250		251,330
Credit Suisse Group Funding Guernsey Ltd.
3.45%, 04/16/21		250		256,870
Discover Bank
2.00%, 02/21/18		250		250,220
Fifth Third Bank/Cincinnati OH
2.15%, 08/20/18 (Call 07/20/18)		200		200,754
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)		545		539,103
2.55%, 10/23/19		250		251,937
2.63%, 01/31/19		250		251,917
2.75%, 09/15/20 (Call 08/15/20)		130		131,398
3.27%, 09/29/25 (Call 09/29/24)		200		199,334
3.50%, 01/23/25 (Call 10/23/24)b		300		304,644
3.50%, 11/16/26 (Call 11/16/25)		75		75,146
3.75%, 02/25/26 (Call 11/25/25)		300		307,797

10 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
3.85%, 01/26/27 (Call 01/26/26)	$	200	$	204,698
5.25%, 07/27/21		700		767,018
5.95%, 01/18/18		250		252,392
HSBC Holdings PLC
2.65%, 01/05/22		700		701,022
3.40%, 03/08/21		1,200		1,236,972
3.90%, 05/25/26		200		209,104
HSBC USA Inc.
1.70%, 03/05/18		180		180,079
JPMorgan Chase & Co.
1.63%, 05/15/18		350		349,958
2.55%, 03/01/21 (Call 02/01/21)		400		402,636
2.97%, 01/15/23 (Call 01/15/22)b		300		303,774
3.13%, 01/23/25 (Call 10/23/24)		850		854,862
3.88%, 09/10/24		100		104,259
4.63%, 05/10/21		100		107,558
6.30%, 04/23/19		350		371,812
VRN, (3 mo. LIBOR US + 0.935%)
2.78%, 04/25/23 (Call 04/25/22)d		150		150,476
VRN, (3 mo. LIBOR US + 1.155%)
3.22%, 03/01/25 (Call 03/01/24)b,d		200		202,092
VRN, (3 mo. LIBOR US + 1.337%)
3.78%, 02/01/28 (Call 02/01/27)b,d		100		102,971
KeyBank N.A./Cleveland OH
2.50%, 11/22/21		250		250,730
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21		200		197,502
3.00%, 02/22/22		50		50,727
Mizuho Financial Group Inc.
2.95%, 02/28/22		200		201,852
Morgan Stanley
2.20%, 12/07/18		550		551,837
2.38%, 07/23/19		300		301,428
2.63%, 11/17/21		100		100,096
2.75%, 05/19/22b		300		300,669
3.13%, 07/27/26b		485		477,919
3.63%, 01/20/27		200		203,638
3.75%, 02/25/23		200		209,144
3.88%, 01/27/26		400		416,948
4.88%, 11/01/22		150		162,497
Regions Financial Corp.
2.75%, 08/14/22 (Call 07/14/22)		200		200,642
Royal Bank of Scotland Group PLC
3.88%, 09/12/23b		200		205,116

Security	Principal (000s)		Value
5.13%, 05/28/24	$	100	$	106,890
6.13%, 12/15/22		100		111,168
Skandinaviska Enskilda Banken AB
2.30%, 03/11/20		400		401,848
State Street Corp.
4.96%, 03/15/18		100		101,116
Sumitomo Mitsui Banking Corp.
1.97%, 01/11/19		250		250,075
Sumitomo Mitsui Financial Group Inc.
2.44%, 10/19/21		100		99,560
2.78%, 10/18/22		400		400,396
Svenska Handelsbanken AB
1.50%, 09/06/19		250		248,075
1.88%, 09/07/21		250		245,645
U.S. Bancorp.
2.63%, 01/24/22 (Call 12/23/21)		200		202,502
3.00%, 03/15/22 (Call 02/15/22)		100		102,828
Wells Fargo & Co.
2.15%, 01/15/19		250		250,817
2.50%, 03/04/21		100		100,428
3.00%, 01/22/21b		100		102,034
4.48%, 01/16/24		100		107,610
Wells Fargo Bank N.A.
1.75%, 05/24/19		500		498,900
2.15%, 12/06/19		300		300,930
Westpac Banking Corp.
1.60%, 08/19/19		100		99,390
1.65%, 05/13/19		60		59,759
2.15%, 03/06/20		200		200,266
2.80%, 01/11/22b		200		203,036
				26,454,820
BEVERAGES — 0.61%
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23 b		125		125,341
2.65%, 02/01/21 (Call 01/01/21)		65		65,828
3.30%, 02/01/23 (Call 12/01/22)		100		103,187
Constellation Brands Inc.
3.50%, 05/09/27 (Call 02/09/27)		200		202,730
PepsiCo Inc.
2.25%, 05/02/22 (Call 04/02/22)		300		299,463
				796,549

SCHEDULE OF INVESTMENTS 11

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
BIOTECHNOLOGY — 0.80%
AMAG Pharmaceuticals Inc.
7.88%, 09/01/23 (Call 09/01/18)a,b	$	50	$	51,055
Amgen Inc.
2.20%, 05/22/19 (Call 04/22/19)		100		100,387
2.65%, 05/11/22 (Call 04/11/22)		135		135,304
Baxalta Inc.
2.88%, 06/23/20 (Call 05/23/20)		45		45,657
Biogen Inc.
2.90%, 09/15/20		30		30,637
Celgene Corp.
2.25%, 08/15/21		300		297,387
2.88%, 08/15/20		200		203,096
Gilead Sciences Inc.
2.35%, 02/01/20		100		100,911
2.55%, 09/01/20b		75		76,055
				1,040,489
BUILDING MATERIALS — 0.50%
Eagle Materials Inc.
4.50%, 08/01/26 (Call 08/01/21)b		100		104,452
Louisiana-Pacific Corp.
4.88%, 09/15/24 (Call 09/15/19)		100		103,405
Masco Corp.
3.50%, 04/01/21 (Call 03/01/21)b		40		41,054
Owens Corning
3.40%, 08/15/26 (Call 05/15/26)		100		98,330
RSI Home Products Inc.
6.50%, 03/15/23 (Call 03/15/18)a		50		52,443
Standard Industries Inc./NJ
5.38%, 11/15/24 (Call 11/15/19)a		100		105,518
Summit Materials LLC/Summit Materials Finance Corp.
6.13%, 07/15/23 (Call 07/15/18)		15		15,580
Vulcan Materials Co.
4.50%, 04/01/25 (Call 01/01/25)		11		11,774
7.50%, 06/15/21		100		116,913
				649,469
CHEMICALS — 0.93%
Chemours Co. (The)
5.38%, 05/15/27 (Call 02/15/27)		25		26,642
7.00%, 05/15/25 (Call 05/15/20)b		100		111,556
EI du Pont de Nemours & Co.
2.20%, 05/01/20		40		40,156

Security	Principal (000s)		Value
Monsanto Co.
2.75%, 07/15/21	$	300	$	303,546
Olin Corp.
5.13%, 09/15/27 (Call 03/15/22)		100		105,075
PolyOne Corp.
5.25%, 03/15/23		100		107,526
RPM International Inc.
6.13%, 10/15/19		100		107,534
Sherwin-Williams Co. (The)
2.25%, 05/15/20		65		65,142
2.75%, 06/01/22 (Call 05/01/22)		25		25,131
3.13%, 06/01/24 (Call 04/01/24)		50		50,489
Tronox Finance LLC
7.50%, 03/15/22 (Call 03/15/18)a,b		25		26,306
Valvoline Inc.
4.38%, 08/15/25 (Call 08/15/20)a,b		40		40,338
Westlake Chemical Corp.
3.60%, 08/15/26 (Call 05/15/26)		200		201,510
				1,210,951
COAL — 0.08%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
7.50%, 06/15/25 (Call 06/15/20)a,b		100		105,014
				105,014
COMMERCIAL SERVICES — 0.40%
ADT Corp. (The)
5.25%, 03/15/20		100		105,033
IHS Markit Ltd.
4.75%, 02/15/25 (Call 11/15/24)a		25		26,386
Live Nation Entertainment Inc.
4.88%, 11/01/24 (Call 11/01/19)a		40		41,321
Moody’s Corp.
2.75%, 12/15/21 (Call 11/15/21)		25		25,172
Nielsen Finance LLC/Nielsen Finance Co.
5.00%, 04/15/22 (Call 12/01/17)a		50		51,487
S&P Global Inc.
2.95%, 01/22/27 (Call 10/22/26)		25		24,241
Service Corp. International/U.S.
5.38%, 05/15/24 (Call 05/15/19)		35		36,944
ServiceMaster Co. LLC (The)
5.13%, 11/15/24 (Call 11/15/19)a		50		51,487

12 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
Total System Services Inc.
3.80%, 04/01/21 (Call 03/01/21)	$	25	$	25,886
United Rentals North America Inc.
4.63%, 10/15/25 (Call 10/15/20)		30		30,681
4.88%, 01/15/28 (Call 01/15/23)		100		100,326
				518,964
COMPUTERS — 2.36%
Apple Inc.
2.25%, 02/23/21 (Call 01/23/21)		95		95,560
2.50%, 02/09/22 (Call 01/09/22)		300		303,135
2.85%, 02/23/23 (Call 12/23/22)		75		76,556
3.00%, 02/09/24 (Call 12/09/23)		60		61,232
3.35%, 02/09/27 (Call 11/09/26)		145		149,002
Conduent Finance Inc./Conduent Business Services LLC
10.50%, 12/15/24 (Call 12/15/20)a		100		118,297
Dell International LLC/EMC Corp.
3.48%, 06/01/19 a		50		50,902
6.02%, 06/15/26 (Call 03/15/26)a		25		27,910
7.13%, 06/15/24 (Call 06/15/19)a		50		55,220
DXC Technology Co.
4.25%, 04/15/24 (Call 02/15/24)		150		158,052
4.75%, 04/15/27 (Call 01/15/27)		100		107,458
Everi Payments Inc.
10.00%, 01/15/22 (Call 01/15/18)		65		70,783
Hewlett Packard Enterprise Co.
2.85%, 10/05/18		150		151,260
3.60%, 10/15/20 (Call 09/15/20)		600		620,010
4.90%, 10/15/25 (Call 07/15/25)		100		106,279
HP Inc.
2.75%, 01/14/19		200		201,306
International Business Machines Corp.
7.63%, 10/15/18		250		264,090
Riverbed Technology Inc.
8.88%, 03/01/23 (Call 03/01/18)a,b		100		89,520
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)a		150		152,493
Western Digital Corp.
10.50%, 04/01/24 (Call 04/01/19)		195		228,799
				3,087,864
COSMETICS & PERSONAL CARE — 0.04%
Avon International Operations Inc.
7.88%, 08/15/22 (Call 08/15/19)a		50		51,081
				51,081

Security	Principal (000s)		Value
DIVERSIFIED FINANCIAL SERVICES — 5.37%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
5.00%, 10/01/21b	$	150	$	162,139
Ally Financial Inc.
4.13%, 03/30/20		200		206,662
5.13%, 09/30/24b		150		164,248
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)		150		149,198
American Express Credit Corp.
1.80%, 07/31/18 (Call 06/30/18)		85		85,043
1.88%, 05/03/19 (Call 04/03/19)		50		49,962
2.20%, 03/03/20 (Call 02/01/20)b		300		300,924
2.25%, 08/15/19		200		201,144
Capital One Bank USA N.A.
2.25%, 02/13/19 (Call 01/13/19)b		250		250,512
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/20		200		201,180
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 02/01/22 (Call 02/01/19)		125		130,749
Intercontinental Exchange Inc.
2.35%, 09/15/22 (Call 08/15/22)		300		298,782
3.75%, 12/01/25 (Call 09/01/25)		35		36,763
4.00%, 10/15/23		150		161,524
International Lease Finance Corp.
3.88%, 04/15/18		1,000		1,009,090
Jefferies Group LLC
4.85%, 01/15/27		150		159,743
5.13%, 01/20/23		200		218,354
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 10/01/25 (Call 10/01/20)a		45		44,926
Mastercard Inc.
2.95%, 11/21/26 (Call 08/21/26)		585		585,778
Nasdaq Inc.
3.85%, 06/30/26 (Call 03/30/26)		40		41,266
4.25%, 06/01/24 (Call 03/01/24)		100		106,185
National Rural Utilities Cooperative Finance Corp.
10.38%, 11/01/18		200		216,806

SCHEDULE OF INVESTMENTS 13

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 07/01/21 (Call 12/01/17)	$	100	$	101,607
6.50%, 06/01/22 (Call 12/01/17)		50		51,301
Navient Corp.
5.00%, 10/26/20		100		102,981
6.13%, 03/25/24b		100		102,766
NFP Corp.
6.88%, 07/15/25 (Call 07/15/20)a,b		45		46,843
ORIX Corp.
2.90%, 07/18/22		55		55,142
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)a		40		42,398
Synchrony Financial
2.70%, 02/03/20 (Call 01/03/20)		650		655,531
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)		200		203,914
3.30%, 04/01/27 (Call 01/01/27)b		50		50,618
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.
6.75%, 06/01/25 (Call 06/01/20)a,b		35		35,551
Visa Inc.
2.80%, 12/14/22 (Call 10/14/22)		75		76,439
3.15%, 12/14/25 (Call 09/14/25)		705		719,586
				7,025,655
ELECTRIC — 3.38%
AES Corp./VA
5.50%, 04/15/25 (Call 04/15/20)		100		105,776
7.38%, 07/01/21 (Call 06/01/21)		200		227,480
Baltimore Gas & Electric Co.
2.80%, 08/15/22 (Call 05/15/22)		100		101,169
Berkshire Hathaway Energy Co.
3.75%, 11/15/23 (Call 08/15/23)		50		52,670
Black Hills Corp.
2.50%, 01/11/19		45		45,138
3.95%, 01/15/26 (Call 07/15/25)		50		51,676
Calpine Corp.
5.25%, 06/01/26 (Call 06/01/21)a		50		49,942
CenterPoint Energy Inc.
2.50%, 09/01/22 (Call 08/01/22)b		400		398,736
Consolidated Edison Inc.
2.00%, 05/15/21 (Call 04/15/21)		100		98,939

Security	Principal (000s)		Value
Dominion Energy Inc.
2.58%, 07/01/20	$	30	$	30,184
5.20%, 08/15/19		100		105,418
Series B
1.60%, 08/15/19		55		54,664
Duke Energy Carolinas LLC
2.95%, 12/01/26 (Call 09/01/26)		400		399,480
Duke Energy Corp.
2.10%, 06/15/18 (Call 05/15/18)		200		200,350
3.55%, 09/15/21 (Call 06/15/21)		100		104,169
Dynegy Inc.
7.38%, 11/01/22 (Call 11/01/18)b		100		107,361
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)		100		101,605
MidAmerican Energy Co.
2.40%, 03/15/19 (Call 02/15/19)		100		100,804
NextEra Energy Capital Holdings Inc.
1.65%, 09/01/18		90		89,877
NextEra Energy Operating Partners LP
4.25%, 09/15/24 (Call 07/15/24)a		35		35,420
NRG Energy Inc.
6.63%, 01/15/27 (Call 07/15/21)		300		320,544
Ohio Power Co. Series M
5.38%, 10/01/21		100		111,376
Pacific Gas & Electric Co.
2.45%, 08/15/22 (Call 05/15/22)		100		99,178
PPL Electric Utilities Corp.
2.50%, 09/01/22 (Call 06/01/22)		100		99,912
PSEG Power LLC
3.00%, 06/15/21 (Call 05/15/21)		150		152,259
4.15%, 09/15/21 (Call 06/15/21)		300		315,396
Public Service Electric & Gas Co.
2.00%, 08/15/19 (Call 07/15/19)		150		150,165
3.00%, 05/15/27 (Call 02/15/27)		200		199,748
Southern Co. (The)
2.45%, 09/01/18		150		150,796
Southern Power Co.
1.85%, 12/01/17		100		100,025
1.95%, 12/15/19		90		89,661
4.15%, 12/01/25 (Call 09/01/25)		50		52,797
Talen Energy Supply LLC
4.63%, 07/15/19 (Call 04/15/19)a		18		18,186
6.50%, 06/01/25 (Call 06/01/20)		45		39,140

14 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
Virginia Electric & Power Co.
2.75%, 03/15/23 (Call 12/15/22)	$	60	$	60,638
				4,420,679
ELECTRICAL COMPONENTS & EQUIPMENT — 0.18%
Energizer Holdings Inc.
5.50%, 06/15/25 (Call 06/15/20)a,b		50		52,609
General Cable Corp.
5.75%, 10/01/22 (Call 12/01/17)		100		102,640
Hubbell Inc.
3.15%, 08/15/27 (Call 05/15/27)		75		74,730
				229,979
ELECTRONICS — 0.52%
Allegion U.S. Holding Co. Inc.
3.20%, 10/01/24 (Call 08/01/24)		200		200,542
Amphenol Corp.
2.20%, 04/01/20		60		59,923
2.55%, 01/30/19 (Call 12/30/18)		100		100,738
Arrow Electronics Inc.
3.25%, 09/08/24 (Call 07/08/24)		85		84,509
Flex Ltd.
4.63%, 02/15/20		150		156,615
Fortive Corp.
1.80%, 06/15/19		35		34,817
Tyco Electronics Group SA
3.13%, 08/15/27 (Call 05/15/27)		40		39,728
				676,872
ENGINEERING & CONSTRUCTION — 0.08%
AECOM
5.13%, 03/15/27 (Call 12/15/26)		100		102,968
				102,968
ENTERTAINMENT — 0.32%
GLP Capital LP/GLP Financing II Inc.
4.88%, 11/01/20 (Call 08/01/20)		100		105,486
International Game Technology PLC
6.50%, 02/15/25 (Call 08/15/24)a		200		225,172
Scientific Games International Inc.
10.00%, 12/01/22 (Call 12/01/18)		75		82,907
				413,565
ENVIRONMENTAL CONTROL — 0.12%
Waste Management Inc.
6.10%, 03/15/18		150		152,444
				152,444

Security	Principal (000s)		Value
FOOD — 1.86%
Conagra Brands Inc.
3.20%, 01/25/23 (Call 10/25/22)	$	79	$	80,409
JM Smucker Co. (The)
1.75%, 03/15/18		125		125,101
Kellogg Co.
2.65%, 12/01/23		100		99,114
Kraft Heinz Foods Co.
2.00%, 07/02/18		450		450,576
2.80%, 07/02/20 (Call 06/02/20)		250		253,178
Lamb Weston Holdings Inc.
4.88%, 11/01/26 (Call 11/01/21)a		100		105,113
McCormick & Co. Inc./MD
2.70%, 08/15/22 (Call 07/15/22)b		135		135,531
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 03/15/20)a,b		100		105,704
Post Holdings Inc.
5.50%, 03/01/25 (Call 03/01/20)a		125		130,111
Simmons Foods Inc.
5.75%, 11/01/24 (Call 11/01/20)a		45		45,224
Sysco Corp.
2.50%, 07/15/21 (Call 06/15/21)		150		150,701
2.60%, 10/01/20 (Call 09/01/20)		690		698,466
3.75%, 10/01/25 (Call 07/01/25)		55		57,463
				2,436,691
FOOD SERVICE — 0.03%
Aramark Services Inc.
5.13%, 01/15/24 (Call 01/15/19)		35		36,950
				36,950
FOREST PRODUCTS & PAPER — 0.16%
Clearwater Paper Corp.
5.38%, 02/01/25a,b		100		100,495
International Paper Co.
4.75%, 02/15/22 (Call 11/15/21)		100		108,650
				209,145
GAS — 0.27%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)		100		102,250
5.63%, 05/20/24 (Call 03/20/24)		45		47,447
National Fuel Gas Co.
3.95%, 09/15/27 (Call 06/15/27)		160		159,014

SCHEDULE OF INVESTMENTS 15

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23 (Call 11/01/19)	$	50	$	49,937
				358,648
HAND & MACHINE TOOLS — 0.06%
Stanley Black & Decker Inc.
1.62%, 11/17/18		85		84,680
				84,680
HEALTH CARE – PRODUCTS — 2.63%
Abbott Laboratories
2.00%, 09/15/18		35		35,050
2.00%, 03/15/20		325		324,100
2.35%, 11/22/19		535		538,023
2.55%, 03/15/22		90		89,764
2.90%, 11/30/21 (Call 10/30/21)b		100		101,523
3.40%, 11/30/23 (Call 09/30/23)		100		102,524
Baxter International Inc.
2.60%, 08/15/26 (Call 05/15/26)		250		238,750
Becton Dickinson and Co.
2.40%, 06/05/20		75		75,125
2.89%, 06/06/22 (Call 05/06/22)		105		105,200
3.70%, 06/06/27 (Call 03/06/27)b		100		100,911
Boston Scientific Corp.
2.85%, 05/15/20		25		25,354
3.38%, 05/15/22		150		154,144
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)a		150		143,335
Greatbatch Ltd.
9.13%, 11/01/23 (Call 11/01/18)a		45		48,805
Hill-Rom Holdings Inc.
5.75%, 09/01/23 (Call 09/01/18)a		85		89,821
Medtronic Global Holdings SCA
1.70%, 03/28/19		125		124,874
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 12/01/17)a		50		50,206
Stryker Corp.
2.00%, 03/08/19		175		175,374
3.38%, 05/15/24 (Call 02/15/24)		200		206,070
Teleflex Inc.
4.88%, 06/01/26 (Call 06/01/21)b		100		104,617

Security	Principal (000s)		Value
Thermo Fisher Scientific Inc.
3.00%, 04/15/23 (Call 02/15/23)	$	165	$	166,950
Universal Hospital Services Inc.
7.63%, 08/15/20 (Call 12/01/17)		50		50,730
Zimmer Biomet Holdings Inc.
2.00%, 04/01/18		150		150,126
2.70%, 04/01/20 (Call 03/01/20)		230		231,953
				3,433,329
HEALTH CARE – SERVICES — 1.50%
Anthem Inc.
2.30%, 07/15/18		100		100,361
Centene Corp.
4.75%, 01/15/25 (Call 01/15/20)		25		25,798
5.63%, 02/15/21 (Call 02/15/18)		30		31,093
CHS/Community Health Systems Inc.
6.25%, 03/31/23 (Call 03/31/20)		150		144,288
Fresenius Medical Care U.S. Finance II Inc.
5.63%, 07/31/19a		100		105,670
HCA Inc.
3.75%, 03/15/19		100		101,633
4.50%, 02/15/27 (Call 08/15/26)		100		100,839
5.00%, 03/15/24		100		105,289
5.38%, 02/01/25		200		206,140
Humana Inc.
2.63%, 10/01/19		50		50,566
Kindred Healthcare Inc.
8.75%, 01/15/23 (Call 01/15/18)b		100		97,736
Laboratory Corp. of America Holdings
2.63%, 02/01/20		100		100,947
MPH Acquisition Holdings LLC
7.13%, 06/01/24 (Call 06/01/19)a		50		53,831
Quest Diagnostics Inc.
2.50%, 03/30/20 (Call 02/29/20)		145		145,554
UnitedHealth Group Inc.
2.13%, 03/15/21		75		74,865
2.88%, 03/15/22 (Call 12/15/21)		100		101,983
3.10%, 03/15/26		325		327,938
WellCare Health Plans Inc.
5.25%, 04/01/25 (Call 04/01/20)		80		84,433
				1,958,964

16 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
HOME BUILDERS — 0.42%
Beazer Homes USA Inc.
5.88%, 10/15/27 (Call 10/15/22)a	$	50	$	49,764
Brookfield Residential Properties Inc.
6.38%, 05/15/25 (Call 05/15/20)a,b		100		105,779
Lennar Corp.
4.50%, 06/15/19 (Call 04/16/19)		100		102,655
4.50%, 04/30/24 (Call 01/31/24)		50		51,607
PulteGroup Inc.
5.50%, 03/01/26 (Call 12/01/25)		150		164,049
Shea Homes LP/Shea Homes Funding Corp.
5.88%, 04/01/23 (Call 04/01/18)a		45		46,656
6.13%, 04/01/25 (Call 04/01/20)a		25		26,065
				546,575
HOUSEWARES — 0.11%
Newell Brands Inc.
2.15%, 10/15/18		150		150,426
				150,426
INSURANCE — 2.23%
Aflac Inc.
2.40%, 03/16/20		800		805,488
Allstate Corp. (The)
3.28%, 12/15/26 (Call 09/15/26)b		25		25,453
VRN, (3 mo. LIBOR US + 2.938%)
5.75%, 08/15/53 (Call 08/15/23)d		25		27,375
American Financial Group Inc./OH
3.50%, 08/15/26 (Call 05/15/26)		250		250,585
American International Group Inc.
3.30%, 03/01/21 (Call 02/01/21)		30		30,881
5.85%, 01/16/18		250		252,127
Aon PLC
2.80%, 03/15/21 (Call 02/15/21)		100		101,053
Berkshire Hathaway Finance Corp.
4.25%, 01/15/21		150		160,030
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)		25		25,108
Chubb INA Holdings Inc.
3.35%, 05/15/24		75		77,581
CNA Financial Corp.
3.45%, 08/15/27 (Call 05/10/27)		145		143,369
CNO Financial Group Inc.
4.50%, 05/30/20		25		25,918
5.25%, 05/30/25 (Call 02/28/25)b		100		106,447

Security	Principal (000s)		Value
Kemper Corp.
4.35%, 02/15/25 (Call 11/15/24)b	$	100	$	101,955
Marsh & McLennan Companies Inc.
2.35%, 09/10/19 (Call 08/10/19)		150		150,707
2.35%, 03/06/20 (Call 02/06/20)		200		200,898
MetLife Inc.
4.75%, 02/08/21		150		161,655
Radian Group Inc.
5.25%, 06/15/20b		117		125,023
Unum Group
3.00%, 05/15/21 (Call 04/15/21)		40		40,451
Willis Towers Watson PLC
5.75%, 03/15/21		100		109,634
				2,921,738
INTERNET — 1.29%
Alibaba Group Holding Ltd.
3.60%, 11/28/24 (Call 08/28/24)		400		413,684
Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)a		75		74,587
2.80%, 08/22/24 (Call 06/22/24)a		70		70,113
Baidu Inc.
2.75%, 06/09/19		250		251,628
eBay Inc.
2.20%, 08/01/19 (Call 07/01/19)		100		100,356
2.75%, 01/30/23 (Call 12/30/22)		200		199,824
Expedia Inc.
4.50%, 08/15/24 (Call 05/15/24)		100		106,041
Priceline Group Inc. (The)
3.60%, 06/01/26 (Call 03/01/26)		170		173,392
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)		100		103,116
5.25%, 04/01/25 (Call 01/01/25)		100		108,674
Zayo Group LLC/Zayo Capital Inc.
6.38%, 05/15/25 (Call 05/15/20)		80		86,202
				1,687,617
IRON & STEEL — 0.50%
ArcelorMittal
6.00%, 03/01/21		200		219,974
Big River Steel LLC/BRS Finance Corp.
7.25%, 09/01/25 (Call 09/01/20)a		60		64,478
Cleveland-Cliffs Inc.
5.75%, 03/01/25 (Call 03/01/20)a		125		121,393

SCHEDULE OF INVESTMENTS 17

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
U.S. Steel Corp.
8.38%, 07/01/21 (Call 07/01/18)a	$	125	$	137,211
Vale Overseas Ltd.
6.25%, 08/10/26		100		115,201
				658,257
LEISURE TIME — 0.04%
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)a		55		55,395
				55,395
LODGING — 0.27%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc.
6.13%, 12/01/24 (Call 12/01/21)a		100		109,547
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		35		35,061
6.63%, 12/15/21		100		111,758
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/27 (Call 02/15/27)a		100		101,825
				358,191
MACHINERY — 0.14%
Caterpillar Financial Services Corp.
2.00%, 03/05/20		150		150,079
Roper Technologies Inc.
3.85%, 12/15/25 (Call 09/15/25)		35		36,447
				186,526
MANUFACTURING — 0.63%
3M Co.
2.25%, 09/19/26 (Call 06/19/26)		150		142,723
Bombardier Inc.
7.50%, 03/15/25 (Call 03/15/20)a		50		51,577
8.75%, 12/01/21a		50		55,613
General Electric Co.
4.38%, 09/16/20		200		212,816
Ingersoll-Rand Global Holding Co. Ltd.
6.88%, 08/15/18		300		311,688
Textron Inc.
3.65%, 03/15/27 (Call 12/15/26)		45		45,835
				820,252

Security	Principal (000s)		Value
MEDIA — 2.22%
Altice U.S. Finance I Corp.
5.50%, 05/15/26 (Call 05/15/21)a	$	200	$	207,834
AMC Networks Inc.
4.75%, 08/01/25 (Call 08/01/21)		100		99,774
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58%, 07/23/20 (Call 06/23/20)		345		353,866
3.75%, 02/15/28 (Call 11/15/27)a		200		192,448
4.91%, 07/23/25 (Call 04/23/25)		300		319,032
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 12/01/17)		50		51,743
Comcast Corp.
1.63%, 01/15/22 (Call 12/15/21)b		25		24,355
CSC Holdings LLC
5.25%, 06/01/24		300		299,205
DISH DBS Corp.
5.00%, 03/15/23		100		96,733
6.75%, 06/01/21		100		104,980
7.75%, 07/01/26		100		109,482
Midcontinent Communications/Midcontinent Finance Corp.
6.88%, 08/15/23 (Call 08/15/18)a		70		75,042
SFR Group SA
6.00%, 05/15/22 (Call 12/01/17)a		200		208,522
Sirius XM Radio Inc.
5.00%, 08/01/27 (Call 08/01/22)a		100		101,087
5.38%, 07/15/26 (Call 07/15/21)a		150		157,563
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)		50		51,859
6.75%, 07/01/18		100		103,144
Time Warner Inc.
2.10%, 06/01/19		150		150,130
Univision Communications Inc.
5.13%, 02/15/25 (Call 02/15/20)a		50		49,591
Ziggo Secured Finance BV
5.50%, 01/15/27 (Call 01/15/22)a		150		152,949
				2,909,339
METAL FABRICATE & HARDWARE — 0.08%
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)a		100		103,185
				103,185

18 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
MINING — 0.97%
Alcoa Nederland Holding BV
7.00%, 09/30/26 (Call 09/30/21)a,b	$	200	$	228,116
Aleris International Inc.
7.88%, 11/01/20 (Call 12/01/17)b		42		41,894
FMG Resources August 2006 Pty Ltd.
9.75%, 03/01/22 (Call 03/01/18)a		100		111,934
Freeport-McMoRan Inc.
3.88%, 03/15/23 (Call 12/15/22)b		150		147,890
4.55%, 11/14/24 (Call 08/14/24)b		100		99,781
6.88%, 02/15/23 (Call 02/15/20)		200		218,612
Hudbay Minerals Inc.
7.63%, 01/15/25 (Call 01/15/20)a,b		100		110,245
Southern Copper Corp.
3.88%, 04/23/25		200		208,056
Teck Resources Ltd.
4.75%, 01/15/22 (Call 10/15/21)		100		105,781
				1,272,309
OFFICE & BUSINESS EQUIPMENT — 0.24%
CDW LLC/CDW Finance Corp.
5.50%, 12/01/24 (Call 06/01/24)		100		110,806
Xerox Corp.
3.63%, 03/15/23 (Call 02/15/23)		200		197,402
				308,208
OIL & GAS — 2.45%
Andeavor
5.13%, 12/15/26 (Call 09/15/26)a		200		221,630
Antero Resources Corp.
5.13%, 12/01/22 (Call 12/01/17)		100		102,681
BP Capital Markets PLC
2.52%, 01/15/20		150		151,888
2.52%, 09/19/22 (Call 08/19/22)		150		150,042
3.02%, 01/16/27 (Call 10/16/26)		200		198,000
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (Call 12/15/22)		85		85,399
Denbury Resources Inc.
9.00%, 05/15/21 (Call 12/15/18)a		50		48,571
Diamond Offshore Drilling Inc.
7.88%, 08/15/25 (Call 05/15/25)b		80		85,568
Diamondback Energy Inc.
5.38%, 05/31/25 (Call 05/31/20)		50		51,866
Eclipse Resources Corp.
8.88%, 07/15/23 (Call 07/15/18)		100		102,122

Security	Principal (000s)		Value
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)b	$	100	$	81,829
EP Energy LLC/Everest Acquisition Finance Inc.
8.00%, 11/29/24 (Call 11/30/19)a,b		50		50,945
Exxon Mobil Corp.
2.22%, 03/01/21 (Call 02/01/21)		55		55,356
2.73%, 03/01/23 (Call 01/01/23)		70		71,108
3.04%, 03/01/26 (Call 12/01/25)b		150		153,208
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)		25		25,118
Laredo Petroleum Inc.
7.38%, 05/01/22 (Call 11/29/17)		50		52,018
Marathon Petroleum Corp.
2.70%, 12/14/18		100		100,632
3.40%, 12/15/20 (Call 11/15/20)		95		97,838
Newfield Exploration Co.
5.63%, 07/01/24		50		54,048
5.75%, 01/30/22		50		53,812
Occidental Petroleum Corp.
2.60%, 04/15/22 (Call 03/15/22)		85		85,976
3.50%, 06/15/25 (Call 03/15/25)		60		62,092
Parsley Energy LLC/Parsley Finance Corp.
5.38%, 01/15/25 (Call 01/15/20)a		50		50,705
PBF Holding Co. LLC/PBF Finance Corp.
7.25%, 06/15/25 (Call 06/15/20)a		50		51,906
Precision Drilling Corp.
7.75%, 12/15/23 (Call 12/15/19)		50		51,438
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)		50		49,273
Rowan Companies Inc.
7.38%, 06/15/25 (Call 03/15/25)b		100		100,283
Shell International Finance BV
1.38%, 05/10/19		100		99,481
2.13%, 05/11/20		40		40,174
4.30%, 09/22/19b		250		260,722
Sunoco LP/Sunoco Finance Corp.
6.38%, 04/01/23 (Call 04/01/18)		100		106,275
Transocean Inc.
7.50%, 01/15/26 (Call 01/15/21)a		25		25,766
Ultra Resources Inc.
7.13%, 04/15/25 (Call 04/15/20)a		200		199,634

SCHEDULE OF INVESTMENTS 19

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
WPX Energy Inc.
7.50%, 08/01/20 (Call 07/01/20)	$	24	$	26,090
				3,203,494
OIL & GAS SERVICES — 0.28%
Halliburton Co.
3.25%, 11/15/21 (Call 08/15/21)		300		308,574
McDermott International Inc.
8.00%, 05/01/21 (Call 12/01/17)a		50		51,594
				360,168
PACKAGING & CONTAINERS — 0.41%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
7.25%, 05/15/24 (Call 05/15/19)a		200		220,112
Ball Corp.
4.00%, 11/15/23		50		51,437
BWAY Holding Co.
5.50%, 04/15/24 (Call 04/15/20)a		25		26,044
7.25%, 04/15/25 (Call 04/15/20)a		30		31,127
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
6.88%, 02/15/21 (Call 12/01/17)		97		99,648
Sealed Air Corp.
5.50%, 09/15/25 (Call 06/15/25)a		100		110,113
				538,481
PHARMACEUTICALS — 1.84%
AbbVie Inc.
1.80%, 05/14/18		50		50,029
2.30%, 05/14/21 (Call 04/14/21)		55		54,936
2.50%, 05/14/20 (Call 04/14/20)		30		30,246
Allergan Funding SCS
3.00%, 03/12/20 (Call 02/12/20)		185		187,897
AmerisourceBergen Corp.
4.88%, 11/15/19		100		105,413
Cardinal Health Inc.
1.95%, 06/15/18		75		75,081
Eli Lilly & Co.
2.35%, 05/15/22		55		55,216
3.10%, 05/15/27 (Call 02/15/27)		75		75,981
Endo Finance LLC
5.75%, 01/15/22 (Call 12/01/17)a		150		131,388
Express Scripts Holding Co.
3.30%, 02/25/21 (Call 01/25/21)		25		25,656

Security	Principal (000s)		Value
Johnson & Johnson
2.25%, 03/03/22 (Call 02/03/22)	$	195	$	196,098
2.95%, 03/03/27 (Call 12/03/26)		260		263,611
McKesson Corp.
1.40%, 03/15/18		150		149,865
Mead Johnson Nutrition Co.
3.00%, 11/15/20		55		56,253
Novartis Capital Corp.
3.00%, 11/20/25 (Call 08/20/25)		200		203,752
3.10%, 05/17/27 (Call 02/17/27)		50		50,822
3.40%, 05/06/24		150		157,253
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/19		200		199,222
2.40%, 09/23/21 (Call 08/23/21)		95		94,371
Valeant Pharmaceuticals International Inc.
7.00%, 03/15/24 (Call 03/15/20)a,b		100		108,228
Zoetis Inc.
3.45%, 11/13/20 (Call 10/13/20)		130		134,394
				2,405,712
PIPELINES — 3.70%
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
6.13%, 10/15/21 (Call 11/16/17)		100		103,267
Buckeye Partners LP
4.15%, 07/01/23 (Call 04/01/23)		50		52,253
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25 (Call 10/02/24)		100		108,191
Cheniere Energy Partners LP
5.25%, 10/01/25 (Call 10/01/20)a		25		25,737
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.75%, 04/01/25 (Call 04/01/20)		200		205,314
Enable Midstream Partners LP
4.40%, 03/15/27 (Call 12/15/26)		100		102,504
Enbridge Inc.
2.90%, 07/15/22 (Call 06/15/22)		40		40,210
Energy Transfer Equity LP
4.25%, 03/15/23 (Call 12/15/22)		85		86,467
5.50%, 06/01/27 (Call 03/01/27)		50		52,915
Energy Transfer LP
4.15%, 10/01/20 (Call 08/01/20)		100		104,374
9.00%, 04/15/19		100		109,447

20 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
Enterprise Products Operating LLC
5.25%, 01/31/20	$	200	$	213,406
Kinder Morgan Inc./DE
3.05%, 12/01/19 (Call 11/01/19)		100		101,745
Magellan Midstream Partners LP
5.00%, 03/01/26 (Call 12/01/25)		100		111,928
ONEOK Inc.
4.25%, 02/01/22 (Call 11/01/21)		400		417,336
7.50%, 09/01/23 (Call 06/01/23)		100		120,361
ONEOK Partners LP
3.20%, 09/15/18 (Call 08/15/18)		1,500		1,515,030
PBF Logistics LP/PBF Logistics Finance Corp.
6.88%, 05/15/23 (Call 05/15/18)		35		36,204
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (Call 11/01/20)b		100		108,469
5.63%, 03/01/25 (Call 12/01/24)		200		222,082
5.75%, 05/15/24 (Call 02/15/24)		200		223,932
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
5.75%, 04/15/25 (Call 04/15/20)		35		35,696
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/23)a		25		25,608
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%, 11/15/23 (Call 05/15/18)		150		149,023
TransCanada PipeLines Ltd.
3.13%, 01/15/19		60		60,797
Williams Partners LP
3.60%, 03/15/22 (Call 01/15/22)		250		258,045
3.75%, 06/15/27 (Call 03/15/27)b		200		200,900
4.00%, 09/15/25 (Call 06/15/25)		50		51,640
				4,842,881
REAL ESTATE — 0.05%
Howard Hughes Corp. (The)
5.38%, 03/15/25 (Call 03/15/20)a		65		66,661
				66,661
REAL ESTATE INVESTMENT TRUSTS — 2.43%
American Tower Corp.
2.25%, 01/15/22		200		196,100
2.80%, 06/01/20 (Call 05/01/20)		100		101,393
3.40%, 02/15/19		100		101,702

Security	Principal (000s)		Value
3.50%, 01/31/23	$	100	$	103,146
3.55%, 07/15/27 (Call 04/15/27)		290		288,979
5.90%, 11/01/21		100		112,008
Boston Properties LP
5.88%, 10/15/19 (Call 07/17/19)		100		106,670
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		100		104,447
Crown Castle International Corp.
3.20%, 09/01/24 (Call 07/01/24)		195		193,897
3.40%, 02/15/21 (Call 01/15/21)		100		102,878
4.88%, 04/15/22		100		108,346
Digital Realty Trust LP
3.40%, 10/01/20 (Call 09/01/20)		200		205,860
ERP Operating LP
2.85%, 11/01/26 (Call 08/01/26)		80		78,167
ESH Hospitality Inc.
5.25%, 05/01/25 (Call 05/01/20)a		100		103,437
HCP Inc.
2.63%, 02/01/20 (Call 11/01/19)		250		252,180
Hospitality Properties Trust
5.00%, 08/15/22 (Call 02/15/22)		200		215,132
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27 (Call 10/15/22)		85		87,169
Simon Property Group LP
2.50%, 09/01/20 (Call 06/01/20)		100		100,959
4.38%, 03/01/21 (Call 12/01/20)		150		159,627
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)a		45		45,012
Ventas Realty LP/Ventas Capital Corp.
4.00%, 04/30/19 (Call 01/30/19)		200		204,890
VEREIT Operating Partnership LP
4.88%, 06/01/26 (Call 03/01/26)		40		42,749
Welltower Inc.
5.25%, 01/15/22 (Call 10/15/21)		150		164,607
				3,179,355
RETAIL — 2.31%
1011778 BC ULC/New Red Finance Inc.
4.25%, 05/15/24 (Call 05/15/20)a,b		35		35,337
4.63%, 01/15/22 (Call 12/01/17)a		100		102,296

SCHEDULE OF INVESTMENTS 21

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
Advance Auto Parts Inc.
5.75%, 05/01/20	$	200	$	214,558
CVS Health Corp.
4.13%, 05/15/21 (Call 02/15/21)		200		209,994
Darden Restaurants Inc.
3.85%, 05/01/27 (Call 02/01/27)		145		148,110
Golden Nugget Inc.
6.75%, 10/15/24 (Call 10/15/19)a		100		101,730
Home Depot Inc. (The)
3.35%, 09/15/25 (Call 06/15/25)		35		36,180
L Brands Inc.
6.63%, 04/01/21		150		165,063
McDonald’s Corp.
2.10%, 12/07/18		500		501,920
2.63%, 01/15/22		200		202,020
3.25%, 06/10/24		200		205,718
3.38%, 05/26/25 (Call 02/26/25)b		300		308,208
3.63%, 05/20/21		100		104,658
3.70%, 01/30/26 (Call 10/30/25)		100		104,571
Party City Holdings Inc.
6.13%, 08/15/23 (Call 08/15/18)a		45		46,889
PetSmart Inc.
5.88%, 06/01/25 (Call 06/01/20)a,b		30		26,187
QVC Inc.
3.13%, 04/01/19		250		252,960
Rite Aid Corp.
6.75%, 06/15/21 (Call 12/01/17)		100		99,327
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)		50		50,055
Tapestry Inc.
3.00%, 07/15/22 (Call 06/15/22)		100		100,568
				3,016,349
SEMICONDUCTORS — 2.92%
Analog Devices Inc.
2.50%, 12/05/21 (Call 11/05/21)		60		60,034
Applied Materials Inc.
2.63%, 10/01/20 (Call 09/01/20)		50		50,814
3.30%, 04/01/27 (Call 01/01/27)		70		71,688
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.20%, 01/15/21a		300		298,614
2.38%, 01/15/20a		200		201,178

Security	Principal (000s)		Value
3.00%, 01/15/22 (Call 12/15/21)a	$	650	$	658,521
3.63%, 01/15/24 (Call 11/15/23)a		425		438,829
Intel Corp.
2.35%, 05/11/22 (Call 04/11/22)b		200		200,972
2.88%, 05/11/24 (Call 03/11/24)		450		455,346
Micron Technology Inc.
5.25%, 08/01/23 (Call 02/01/18)a		100		104,610
5.50%, 02/01/25 (Call 08/01/19)		150		159,617
NVIDIA Corp.
2.20%, 09/16/21 (Call 08/16/21)		1,035		1,031,098
QUALCOMM Inc.
3.00%, 05/20/22		85		86,678
				3,817,999
SOFTWARE — 1.75%
Activision Blizzard Inc.
2.30%, 09/15/21 (Call 08/15/21)		25		24,845
3.40%, 09/15/26 (Call 06/15/26)b		60		60,776
Autodesk Inc.
3.13%, 06/15/20 (Call 05/15/20)		30		30,606
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 12/01/17)a		50		51,306
CA Inc.
3.60%, 08/15/22 (Call 07/15/22)b		80		81,956
Electronic Arts Inc.
3.70%, 03/01/21 (Call 02/01/21)		30		31,156
Fidelity National Information Services Inc.
2.00%, 04/15/18		200		200,300
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)a		95		98,799
7.00%, 12/01/23 (Call 12/01/18)a		80		85,622
Fiserv Inc.
3.85%, 06/01/25 (Call 03/01/25)		50		52,009
Infor U.S. Inc.
6.50%, 05/15/22 (Call 05/15/18)		100		104,248
j2 Cloud Services LLC/j2 Global Co-Obligor Inc.
6.00%, 07/15/25 (Call 07/15/20)a		27		28,346
Microsoft Corp.
2.00%, 08/08/23 (Call 06/08/23)		175		170,620
2.88%, 02/06/24 (Call 12/06/23)		75		76,306
Open Text Corp.
5.63%, 01/15/23 (Call 01/15/18)a		250		261,620

22 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)	$	200	$	197,952
Solera LLC/Solera Finance Inc.
10.50%, 03/01/24 (Call 03/01/19)a		30		34,142
VMware Inc.
2.30%, 08/21/20		280		279,356
2.95%, 08/21/22 (Call 07/21/22)		415		416,340
				2,286,305
TELECOMMUNICATIONS — 3.62%
AT&T Inc.
2.80%, 02/17/21 (Call 01/17/21)		100		101,571
2.85%, 02/14/23 (Call 01/14/23)		135		134,087
3.00%, 06/30/22 (Call 04/30/22)		50		50,706
3.20%, 03/01/22 (Call 02/01/22)		165		167,826
3.40%, 08/14/24 (Call 06/14/24)		200		199,624
3.90%, 03/11/24 (Call 12/11/23)		150		154,928
3.90%, 08/14/27 (Call 05/14/27)		200		199,152
5.80%, 02/15/19		300		314,436
5.88%, 10/01/19		300		321,147
CenturyLink Inc.
6.45%, 06/15/21		150		158,396
7.60%, 09/15/39b		50		45,913
Cincinnati Bell Inc.
7.00%, 07/15/24 (Call 09/15/19)a,b		100		99,926
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)		100		98,730
Frontier Communications Corp.
6.88%, 01/15/25 (Call 10/15/24)b		100		74,444
11.00%, 09/15/25 (Call 06/15/25)		50		42,392
Gogo Intermediate Holdings LLC/Gogo Finance Co. Inc.
12.50%, 07/01/22 (Call 07/01/19)a		100		113,273
Hughes Satellite Systems Corp.
5.25%, 08/01/26		85		86,902
6.63%, 08/01/26		80		84,442
Intelsat Jackson Holdings SA
7.25%, 10/15/20 (Call 12/01/17)		100		96,062
Juniper Networks Inc.
3.30%, 06/15/20 (Call 05/15/20)		30		30,672
4.50%, 03/15/24		50		52,989
Level 3 Financing Inc.
5.38%, 01/15/24 (Call 01/15/19)		200		207,286
Motorola Solutions Inc.
3.50%, 03/01/23		150		152,063

Security	Principal (000s)		Value
Plantronics Inc.
5.50%, 05/31/23 (Call 05/15/18)a	$	50	$	52,074
Sprint Communications Inc.
9.00%, 11/15/18a		37		39,211
Sprint Corp.
7.63%, 02/15/25 (Call 11/15/24)b		100		109,508
7.88%, 09/15/23		175		195,762
T-Mobile USA Inc.
6.50%, 01/15/26 (Call 01/15/21)		45		49,799
6.63%, 04/01/23 (Call 04/01/18)		150		157,452
Verizon Communications Inc.
1.75%, 08/15/21		600		586,740
2.95%, 03/15/22		38		38,558
3.38%, 02/15/25a		268		269,471
4.13%, 03/16/27		200		208,404
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)b		50		36,434
				4,730,380
TRANSPORTATION — 0.04%
Kenan Advantage Group Inc. (The)
7.88%, 07/31/23 (Call 07/31/18)a,b		35		36,399
XPO Logistics Inc.
6.50%, 06/15/22 (Call 06/15/18)a		15		15,721
				52,120
TRUCKING & LEASING — 0.07%
Park Aerospace Holdings Ltd.
5.50%, 02/15/24a		85		87,969
				87,969
TOTAL CORPORATE BONDS & NOTES (Cost: $104,733,598)				105,931,611
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 46.71%
MORTGAGE-BACKED SECURITIES — 46.71%
Federal Home Loan Mortgage Corp.
2.50%, 11/01/32e		1,500		1,507,031
2.50%, 11/01/47e		25		24,133
3.00%, 11/01/32e		1,550		1,588,508
3.00%, 11/01/47e		3,975		3,978,105
3.50%, 11/01/32e		550		572,430
3.50%, 01/01/46		25		25,580

SCHEDULE OF INVESTMENTS 23

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Security	Principal (000s)		Value
3.50%, 03/01/46	$	32	$	32,650
3.50%, 09/01/46		27		27,384
3.50%, 12/01/46		254		261,043
3.50%, 09/01/47		1,197		1,230,923
3.50%, 11/01/47e		3,001		3,084,465
4.00%, 11/01/32e		25		25,809
4.00%, 04/01/46		282		298,342
4.00%, 03/01/47		344		361,313
4.00%, 11/01/47e		1,986		2,084,059
4.50%, 11/01/32e		25		25,453
4.50%, 11/01/47e		825		881,332
5.00%, 11/01/47e		225		242,789
Federal National Mortgage Association
2.50%, 11/01/32e		2,145		2,154,720
2.50%, 11/01/47e		150		144,656
3.00%, 02/01/31		877		899,523
3.00%, 11/01/32e		1,259		1,290,082
3.00%, 11/01/47e		5,850		5,852,742
3.50%, 11/01/32e		854		887,092
3.50%, 11/01/45		160		164,964
3.50%, 01/01/47		107		110,175
3.50%, 08/01/47		123		126,843
3.50%, 11/01/47		410		421,739
3.50%, 11/01/47e		5,989		6,155,569
4.00%, 11/01/32e		525		542,227
4.00%, 01/01/46		833		874,701
4.00%, 02/01/46		70		72,909
4.00%, 03/01/46		34		36,069
4.00%, 04/01/46		175		183,477
4.00%, 10/01/46		31		33,054
4.00%, 03/01/47		115		121,138
4.00%, 06/01/47		294		308,994
4.00%, 11/01/47e		2,963		3,109,761
4.50%, 11/01/32e		100		101,000
4.50%, 11/01/47e		1,625		1,737,480
5.00%, 11/01/32e		25		25,371
5.00%, 09/01/47		79		86,055
5.00%, 11/01/47e		596		645,542
5.50%, 11/01/47e		1,650		1,819,125
Government National Mortgage Association
2.50%, 11/01/47e		200		195,531
3.00%, 11/01/47e		4,625		4,678,477
3.50%, 12/20/46		220		228,149
3.50%, 11/01/47e		6,368		6,603,925

Security	Principal or Shares (000s)		Value
4.00%, 09/20/46	$	22	$	23,187
4.00%, 09/20/47		200		209,844
4.00%, 11/01/47e		2,819		2,960,278
4.50%, 10/20/46		28		29,475
4.50%, 11/01/47e		1,245		1,319,898
5.00%, 11/01/47e		625		669,141
				61,074,262
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost: $61,237,727)				61,074,262
SHORT-TERM INVESTMENTS — 20.39%
MONEY MARKET FUNDS — 20.39%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.31%f,g,h		26,546		26,551,096
BlackRock Cash Funds: Treasury, SL Agency Shares
1.00%f,g		100		100,000
				26,651,096
TOTAL SHORT-TERM INVESTMENTS
(Cost: $26,649,748)				26,651,096
TOTAL INVESTMENTS IN SECURITIES — 148.12%
(Cost:  $192,621,073)i				193,656,969
Other Assets, Less Liabilities — (48.12)%				(62,916,417	)
NET ASSETS — 100.00%			$	130,740,552

VRN  —  Variable Rate Note

^a  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^b  All or a portion of this security represents a security on loan. See Note 1.

^c  Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

^d  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^e  To-be-announced (TBA). See Note 1.

^f  Affiliated issuer. See Schedule 1.

^g  The rate quoted is the annualized seven-day yield of the fund at period end.

^h  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

ⁱ  The cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $192,624,059. Net unrealized appreciation was $1,032,910, of which $1,437,525 represented gross unrealized appreciation on investments and $404,615 represented gross unrealized depreciation on investments.

24 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2017, for purposes of Section 2(a)(3) of the 1940 Act, and/or related parties of the Fund were as follows:

Affiliated issuer	Shares held at 10/31/16 (000s)		Shares purchased (000s)			Shares sold (000s)		Shares held at 10/31/17 (000s)		Value at 10/31/17		Net realized gain (loss) a			Change in unrealized appreciation (depreciation)		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		12,559		13,987	b		—		26,546	$	26,551,096	$	(429	)	$	159	$	169,631	c
BlackRock Cash Funds: Treasury, SL Agency Shares		100		—			—		100		100,000		7			—		697
										$	26,651,096	$	(422	)	$	159	$	170,328

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of shares purchased and sold.

^c  Does not include income earned on investment of securities lending cash collateral which is not direct income of the Fund and is reflected as a component of securities lending income in the statement of operations.

Schedule 2 — Futures Contracts (Note 5)

Futures contracts outstanding as of October 31, 2017 were as follows:

Description	Number of contracts			Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts:
5-Year U.S. Treasury Note		19			Dec 2017	$	2,227	$	(8,786	)
Short Contracts:
10-Year U.S. Treasury Note		(24	)		Dec 2017		2,999		43,810
2-Year U.S. Treasury Note		(10	)		Dec 2017		2,154		8,408
Long U.S. Treasury Bond		(1	)		Dec 2017		152		2,850
Ultra Long U.S. Bond		(27	)		Dec 2017		4,449		88,127
									143,195
Total								$	134,409

SCHEDULE OF INVESTMENTS 25

Schedule of Investments (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—		$	105,931,611	$	—	$	105,931,611
U.S. government & agency obligations		—			61,074,262		—		61,074,262
Money market funds		26,651,096			—		—		26,651,096
Total	$	26,651,096		$	167,005,873	$	—	$	193,656,969
Derivative financial instrumentsa:
Assets:
Futures contracts	$	143,195		$	—	$	—	$	143,195
Liabilities:
Futures contracts		(8,786	)		—		—		(8,786	)
Total	$	134,409		$	—	$	—	$	134,409

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

26 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2017

ASSETS
Investments in securities, at cost:
Unaffiliated	$	165,971,325
Affiliated (Note 2)		26,649,748
Total cost of investments in securities	$	192,621,073
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	167,005,873
Affiliated (Note 2)		26,651,096
Cash pledged to broker for futures contracts		143,980
Receivables:
Investment securities sold		1,438,812
Dividends and interest		1,116,610
Total Assets		196,356,371
LIABILITIES
Payables:
Investment securities purchased		56,546,571
Collateral for securities on loan (Note 1)		9,038,330
Futures variation margin		4,598
Investment advisory fees (Note 2)		26,320
Total Liabilities		65,615,819
NET ASSETS	$	130,740,552
Net assets consist of:
Paid-in capital	$	129,707,642
Accumulated net realized loss		(137,395	)
Net unrealized appreciation		1,170,305
NET ASSETS	$	130,740,552
Shares outstandingb		1,300,000
Net asset value per share	$	100.57

^a  Securities on loan with a value of $8,748,922. See Note 1.

^b  No par value, unlimited number of shares authorized.

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statement of Operations

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

Year ended October 31, 2017

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	170,328
Interest — unaffiliated		2,975,334
Securities lending income — affiliated — net (Note 2)		28,397
Total investment income		3,174,059
EXPENSES
Investment advisory fees (Note 2)		273,179
Proxy fees		2,374
Total expenses		275,553
Less investment advisory fees waived (Note 2)		(13,214	)
Net expenses		262,339
Net investment income		2,911,720
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		279,459
Investments — affiliated (Note 2)		(429	)
Futures contracts		29,622
Realized gain distributions from affiliated funds		7
Net realized gain		308,659
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		347,105
Investments — affiliated (Note 2)		159
Futures contracts		6,145
Net change in unrealized appreciation/depreciation		353,409
Net realized and unrealized gain		662,068
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,573,788

See notes to financial statements.

28 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

	Year ended October 31, 2017			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,911,720		$	1,939,179
Net realized gain (loss)		308,659			(375,411	)
Net change in unrealized appreciation/depreciation		353,409			1,997,914
Net increase in net assets resulting from operations		3,573,788			3,561,682
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,911,727	)		(1,954,073	)
From net realized gain		(56,260	)		—
Return of capital		(28,701	)		(64,951	)
Total distributions to shareholders		(2,996,688	)		(2,019,024	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		59,745,799			10,007,595
Cost of shares redeemed		—			(14,882,946	)
Net increase (decrease) in net assets from capital share transactions		59,745,799			(4,875,351	)
INCREASE (DECREASE) IN NET ASSETS		60,322,899			(3,332,693	)
NET ASSETS
Beginning of year		70,417,653			73,750,346
End of year	$	130,740,552		$	70,417,653
SHARES ISSUED AND REDEEMED
Shares sold		600,000			100,000
Shares redeemed		—			(150,000	)
Net increase (decrease) in shares outstanding		600,000			(50,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 29

Financial Highlights

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

(For a share outstanding throughout each period)

	Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Period from Feb. 24, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	100.60		$	98.33		$	99.60
Income from investment operations:
Net investment incomeb		2.66			2.75			1.74
Net realized and unrealized gain (loss)c		0.09			2.40			(1.29	)
Total from investment operations		2.75			5.15			0.45
Less distributions from:
Net investment income		(2.70	)		(2.79	)		(1.72	)
Net realized gain		(0.05	)		—			—
Return of capital		(0.03	)		(0.09	)		—
Total distributions		(2.78	)		(2.88	)		(1.72	)
Net asset value, end of period	$	100.57		$	100.60		$	98.33
Total return		2.79	%		5.32	%		0.46	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	130,741		$	70,418		$	73,750
Ratio of expenses to average net assetse		0.24	%		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived feese		0.25	%		0.25	%		0.26	%
Ratio of net investment income to average net assetse		2.66	%		2.78	%		2.58	%
Portfolio turnover ratef,g		683	%		569	%		362	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

^c  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

^g  Portfolio turnover rates include to-be-announced (TBA) transactions. See Note 1.

See notes to financial statements.

30 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated June 21, 2011.

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Edge U.S. Fixed Income Balanced Risk	Non-diversified

Pursuant to the Trust’s organizational documents, the Fund’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

The Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Fund. The investments of the Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Trustees of the Trust (the “Board”).

• Fixed income investments are valued using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

• Open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

NOTES TO FINANCIAL STATEMENTS 31

Notes to Financial Statements (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

32 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

WHEN-ISSUED/TBA TRANSACTIONS

The Fund may purchase mortgage pass-through securities on a when-issued or to-be-announced (“TBA”) basis, with payment and delivery scheduled for a future date. The Fund may enter into a TBA agreement, sell the obligation to purchase the pools stipulated in the TBA agreement prior to the stipulated settlement date and enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities (a “TBA roll”). A TBA roll is treated by the Fund as a purchase transaction and a sale transaction in which the Fund realizes a gain or loss. The Fund’s use of TBA rolls may cause the Fund to experience higher portfolio turnover and higher transaction costs. The Fund could be exposed to possible risk if there are adverse market actions, expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, the Fund has entered into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Fund’s investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as “Investments in securities – affiliated” and “Payable due to broker for TBA collateral.” Securities pledged as collateral by the Fund, if any, are noted in the schedule of investments.

DISTRIBUTIONS TO SHAREHOLDERS

Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

LOANS OF PORTFOLIO SECURITIES

The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund. Any additional required collateral is delivered to the Fund and any excess collateral is returned by the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

NOTES TO FINANCIAL STATEMENTS 33

Notes to Financial Statements (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

(“BFA”), the Fund’s investment adviser, or its affiliates. As of October 31, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of October 31, 2017 and the total value of the related cash collateral are disclosed in the statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the statement of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of October 31, 2017:

Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Barclays Capital Inc.	$	995,503	$	995,503	$	—
BMO Capital Markets		757,175		757,175		—
BNP Paribas Prime Brokerage Inc.		109,508		109,508		—
Citigroup Global Markets Inc.		586,629		586,629		—
Credit Suisse Securities (USA) LLC		1,010,933		1,010,933		—
Deutsche Bank Securities Inc.		176,249		176,249		—
HSBC Securities (USA) Inc.		1,094,423		1,094,423		—
Jefferies LLC		458,305		458,305		—
JPMorgan Securities LLC		951,197		951,197		—
Merrill Lynch, Pierce, Fenner & Smith		1,530,057		1,530,057		—
Nomura Securities International Inc.		200,794		200,794		—
Wells Fargo Securities LLC		878,149		878,149		—
	$	8,748,922	$	8,748,922	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities.

34 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

RECENT ACCOUNTING STANDARD

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Fund.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, the Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, the Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the year ended October 31, 2017, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $9,653.

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

NOTES TO FINANCIAL STATEMENTS 35

Notes to Financial Statements (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Dividends – affiliated” in the statement of operations.

The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Fund for 1940 Act purposes.

Certain trustees and officers of the Trust are also officers of BTC and/or BFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended October 31, 2017 were as follows:

U.S. Government Obligations				Other Securities
Purchases		Sales		Purchases		Sales
$	960,796,811	$	931,652,487	$	64,277,765	$	16,484,773

There were no in-kind transactions (see Note 4) for the year ended October 31, 2017.

4. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the statements of changes in net assets.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statement of changes in net assets.

5. FUTURES CONTRACTS

The Fund uses futures contracts to balance its exposure to interest rate risk against its exposure to credit spread risk. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in notional value of the contract. Such receipts or payments are known as margin variation and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the difference between the notional value of the contract at the time it was opened and the notional value at the time it was closed.

36 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held by the Fund as of October 31, 2017 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Interest rate contracts:
Variation margin/Net assets consist of – net unrealized appreciationa	$	143,195

^a  Represents cumulative appreciation of futures contracts as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

Liabilities
Interest rate contracts:
Variation margin/Net assets consist of – net unrealized appreciation	$	(8,786	)b

^b  Represents cumulative depreciation of futures contracts as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the Fund during the year ended October 31, 2017 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Interest rate contracts:
Futures contracts	$	29,622	$	6,145

The following table shows the average quarter-end balances of open futures contracts for the Fund for the year ended October 31, 2017:

Average notional value of contracts purchased	$	1,107,741
Average notional value of contracts sold		7,927,850

6. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

NOTES TO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

38 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2017 were reclassified to the following accounts:

Undistributed Net Investment Income/Distributions in Excess of Net Investment Income	Undistributed Net Realized Gain/Accumulated Net Realized Loss
$                                7	$	(7)

The tax character of distributions paid during the years ended October 31, 2017 and October 31, 2016 was as follows:

	2017		2016
Ordinary income	$	2,967,987	$	1,954,073
Return of capital		28,701		64,951
	$	2,996,688	$	2,019,024

As of October 31, 2017, the tax components of accumulated net earnings (losses) were as follows:

Net Unrealized Gains (Losses) a		Total
$	1,032,910	$	1,032,910

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on certain futures contracts.

For the year ended October 31, 2017, the Fund utilized $260,711 of its capital loss carryforwards.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF,

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the Court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the Court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the Court’s decision.

9. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements, except as noted below.

On September 15, 2017, the Board approved a proposal to convert the Fund, a series of the Trust, from operating as an actively managed exchange-traded fund (“ETF”) to a passively managed or index ETF through a reorganization pursuant to which the Fund’s assets would be acquired, and its liabilities would be assumed, by a newly created series (the “New Fund”) of iShares Trust. The transaction is expected to be tax-free for U.S. federal income tax purposes. If the reorganization is completed, shareholders of the Fund would receive shares of the New Fund with equivalent value, both measured immediately prior to the time of the reorganization. Consummation of the reorganization will be subject to a number of conditions. Shareholders of the Fund are not required to vote with respect to the reorganization and no shareholder vote is being sought on this matter. BlackRock will bear all of the expenses of the reorganization. The reorganization is currently expected to be completed during the first quarter of 2018.

40 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and the

Shareholders of the iShares Edge U.S. Fixed Income Balanced Risk ETF

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the iShares Edge U.S. Fixed Income Balanced Risk ETF (constituting a fund of the iShares U.S. ETF Trust, hereafter referred to as the “Fund”) as of October 31, 2017, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the two years then ended and for the period February 24, 2015 (commencement of operations) through October 31, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 21, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 41

Tax Information (Unaudited)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

For the fiscal year ended October 31, 2017, the Fund hereby designates $2,360,239 as the maximum amount allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.

The Fund hereby designates $56,260 as short-term capital gain dividends for the fiscal year ended October 31, 2017.

42 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 5, 2017 and May 12, 2017. At these meetings, the 15(c) Committee reviewed and discussed information provided in response to the 15(c) Committee’s initial requests, and requested certain additional information, which management agreed to provide. At a meeting held on May 18, 2017, management presented information to the Board relating to the continuance of the Advisory Contract, including information requested by the 15(c) Committee during its meetings. The Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 19-21, 2017, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential further enhancements to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, waivers/reimbursements (if any), and underlying fund fees and expenses (if any) of the Fund in comparison with the same information for other exchange traded funds (“ETFs”) (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Broadridge’s judgment, pure index institutional mutual funds, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2016, to that of relevant comparison funds for the same periods.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board further noted that during the prior year, the Board received periodic reports on the Fund’s short- and longer-term performance in

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 43

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

comparison with its benchmark index. Such periodic comparative performance information, including any additional detailed information requested by the Boards, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s strategy and benchmark index.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, product design, compliance and risk management, and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 19-21, 2017 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability of the Fund to BlackRock, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, including supplemental information that was responsive to requests of the 15(c) Committee. The Board noted that the 15(c) Committee had focused on the methodology and profitability presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BFA affiliate, from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on by the 15(c) Committee during its meetings and addressed by management, including through supplemental information. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional

44 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished, among other things, between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale be identified in the future that are not otherwise shared, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider the Advisory Contract at least annually, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged BFA’s expressed business purpose for launching a suite of iShares “Core” ETFs that generally are subject to lower investment advisory fees than iShares non-Core ETFs that may provide a similar investment exposure. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 45

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion — Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

46 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

Proxy Results

A special meeting of the shareholders of each series of iShares U.S. ETF Trust (the “Trust”) was held on June 19, 2017, to elect five Trustees to the Board of Trustees of the Trust. The five nominees were Jane D. Carlin, Richard L. Fagnani, Drew E. Lawton, Madhav V. Rajan and Mark Wiedman, all of whom were elected as Trustees at the special meeting. The other Trustees whose terms of office as Trustees continued after the special meeting are Cecilia H. Herbert, Charles A. Hurty, John E. Kerrigan, John E. Martinez and Robert S. Kapito.

Trustee	Votes For		Votes Withheld
Jane D. Carlin		49,298,818		57,986
Richard L. Fagnani		49,294,053		62,752
Drew E. Lawton		49,296,485		60,320
Madhav V. Rajan		49,289,721		67,084
Mark Wiedman		49,289,957		66,848

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income		Net Realized Capital Gains			Return of Capital		Total Per Share
$	2.517811	$	—	$	0.261283	$	2.779094		91%		—	%		9%		100%

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest ask on the primary securities exchange on which shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

SUPPLEMENTAL INFORMATION 47

Supplemental Information (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

Premium/discount information for the Fund covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or the life of the Fund, if shorter) is publicly accessible, free of charge, at www.iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Fund for the immediately preceding five calendar years (or from the inception date of the Fund, if less than five years) through the date of the most recent calendar quarter-end. Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

Period Covered: February 24, 2015 through September 30, 2017

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		3		0.46	%
Greater than 0.5% and Less than 1.0%		37		5.63
Greater than 0.0% and Less than 0.5%		562		85.54
At NAV		6		0.91
Less than 0.0% and Greater than –0.5%		44		6.70
Less than –0.5% and Greater than –1.0%		3		0.46
Less than –1.0%		2		0.30
		657		100.00	%

48 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees a total of 346 funds (as of October 31, 2017) within the Exchange-Traded Fund Complex. Drew E. Lawton, from October 2016 to June 2017, and Richard L. Fagnani, from April 2017 to June 2017, served as a member of the advisory board (“Advisory Board,” members of which are “Advisory Board Members”) for iShares U.S. ETF Trust, iShares, Inc. and iShares Trust with respect to all funds within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito, Mark K. Wiedman, Charles Park, Martin Small and Benjamin Archibald, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, and Mr. Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (60)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Mark K. Wiedmanb (46)	Trustee (since 2013)	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Director of iShares, Inc. (since 2013); Trustee of iShares Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^b  Mark K. Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

TRUSTEE AND OFFICER INFORMATION 49

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (68)	Trustee (since 2011); Independent Board Chair (since 2016).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998- 2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Director of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).
Jane D. Carlin (61)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (62)	Trustee (since 2017); Equity Plus Committee Chair (since 2017).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
Charles A. Hurty (74)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).
John E. Kerrigan (62)	Trustee (since 2011); Securities Lending Committee Chair (since 2016).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (58)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

50 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2016).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (53)	Trustee (since 2011); Nominating and Governance Committee Chair (since 2017).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011); Director, Cavium, Inc. (since 2013).

TRUSTEE AND OFFICER INFORMATION 51

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Martin Small (42)	President (since 2016).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).
Jack Gee (58)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).
Benjamin Archibald (42)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised mutual funds (since 2012).
Alan Mason (56)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Steve Messinger (55)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).
Charles Park (50)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer, BFA (since 2006).
Scott Radell (48)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

52 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 53

Notes:

54 2017 iSHARES ANNUAL REPORT TO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

A description of the policies that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily basis on the Fund’s website.

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1013-1017

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Charles A. Hurty, Richard L. Fagnani (began

serving on the audit committee effective as of June 20, 2017 and was designated as an audit committee financial expert serving on the audit committee effective as of September 15, 2017), John E. Kerrigan, and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the nine series of the registrant for which the fiscal year-end is October 31, 2017 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $121,700 for the fiscal year ended October 31, 2016 and $119,550 for the fiscal year ended October 31, 2017.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2016 and October 31, 2017 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $34,029 for the fiscal year ended October 31, 2016 and $34,029 for the fiscal year ended October 31, 2017. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended October 31, 2016 and October 31, 2017 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended October 31, 2017 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $34,029 for the fiscal year ended October 31, 2016 and $34,029 for the fiscal year ended October 31, 2017. The aggregate non-audit fees for the fiscal year ended October 31, 2016 included in this report are different from those included in the previously filed report covering the 12-month period ended October 31, 2016 as this report excludes non-audit fees for services that were rendered to the registrant’s investment adviser or any Adviser Affiliate that provides ongoing services to the registrant but that were not related to the registrant.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Charles A. Hurty, Richard L. Fagnani (began serving on the audit committee effective as of June 20, 2017), John E. Kerrigan, and Madhav V. Rajan.

(b)     Not applicable.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a) (4) Not applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares U.S. ETF Trust
By:	/s/ Martin Small
	Martin Small, President (Principal Executive Officer)

Date:     May 4, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Martin Small
	Martin Small, President (Principal Executive Officer)

Date:     May 4, 2018

By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date:     May 4, 2018