-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jyr1PJesYYqA0BloDRweSF9bMDHS5SPzeRo3ccWyEmUT/oAbZ6375H+7BfeuKmcx lpMsWNNJuPMeElgG6qY59Q== 0001193125-09-013950.txt : 20090129 0001193125-09-013950.hdr.sgml : 20090129 20090129131322 ACCESSION NUMBER: 0001193125-09-013950 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081130 FILED AS OF DATE: 20090129 DATE AS OF CHANGE: 20090129 EFFECTIVENESS DATE: 20090129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iSHARES TRUST CENTRAL INDEX KEY: 0001100663 IRS NUMBER: 943351276 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09729 FILM NUMBER: 09553818 BUSINESS ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 617 937 5525 MAIL ADDRESS: STREET 1: 200 CLARENDON CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: ISHARES TRUST DATE OF NAME CHANGE: 19991213 0001100663 S000004357 iShares Barclays 1-3 Year Treasury Bond Fund C000012087 iShares Barclays 1-3 Year Treasury Bond Fund SHY 0001100663 S000004358 iShares Barclays 7-10 Year Treasury Bond Fund C000012088 iShares Barclays 7-10 Year Treasury Bond Fund IEF 0001100663 S000004360 iShares Barclays 20+ Year Treasury Bond Fund C000012090 iShares Barclays 20+ Year Treasury Bond Fund TLT 0001100663 S000004361 iShares iBoxx $ Investment Grade Corporate Bond Fund C000012091 iShares iBoxx $ Investment Grade Corporate Bond Fund LQD 0001100663 S000004362 iShares Barclays Aggregate Bond Fund C000012092 iShares Barclays Aggregate Bond Fund AGG 0001100663 S000004363 iShares Barclays TIPS Bond Fund C000012093 iShares Barclays TIPS Bond Fund TIP 0001100663 S000013694 iShares Barclays Short Treasury Bond Fund C000037536 iShares Barclays Short Treasury Bond Fund SHV 0001100663 S000013695 iShares Barclays 3-7 Year Treasury Bond Fund C000037537 iShares Barclays 3-7 Year Treasury Bond Fund IEI 0001100663 S000013696 iShares Barclays 10-20 Year Treasury Bond Fund C000037538 iShares Barclays 10-20 Year Treasury Bond Fund TLH 0001100663 S000013697 iShares Barclays 1-3 Year Credit Bond Fund C000037539 iShares Barclays 1-3 Year Credit Bond Fund CSJ 0001100663 S000013698 iShares Barclays Intermediate Credit Bond Fund C000037540 iShares Barclays Intermediate Credit Bond Fund CIU 0001100663 S000013699 iShares Barclays Credit Bond Fund C000037541 iShares Barclays Credit Bond Fund CFT 0001100663 S000013700 iShares Barclays Intermediate Government/Credit Bond Fund C000037542 iShares Barclays Intermediate Government/Credit Bond Fund GVI 0001100663 S000013701 iShares Barclays Government/Credit Bond Fund C000037543 iShares Barclays Government/Credit Bond Fund GBF 0001100663 S000013702 iShares Barclays MBS Bond Fund C000037544 iShares Barclays MBS Bond Fund MBB 0001100663 S000016772 iShares iBoxx $ High Yield Corporate Bond Fund C000046846 iShares iBoxx $ High Yield Corporate Bond Fund HYG 0001100663 S000018861 iShares S&P National Municipal Bond Fund C000052220 iShares S&P National Municipal Bond Fund MUB 0001100663 S000019341 iShares S&P California Municipal Bond Fund C000053739 iShares S&P California Municipal Bond Fund CMF 0001100663 S000019342 iShares S&P New York Municipal Bond Fund C000053740 iShares S&P New York Municipal Bond Fund NYF 0001100663 S000019798 iShares JPMorgan USD Emerging Markets Bond Fund C000055529 iShares JPMorgan USD Emerging Markets Bond Fund EMB 0001100663 S000023506 iShares Barclays Agency Bond Fund C000069125 iShares Barclays Agency Bond Fund AGZ 0001100663 S000023507 iShares S&P Short Term National Municipal Bond Fund C000069126 iShares S&P Short Term National Municipal Bond Fund SUB N-Q 1 dnq.htm FORM N-Q FOR ISHARES TRUST Form N-Q for iShares Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09729

 

 

iShares Trust

(Exact name of Registrant as specified in charter)

 

 

c/o: State Street Bank and Trust Company

200 Clarendon Street, Boston, MA 02116-5021

(Address of principal executive offices) (Zip code)

CT Corporation System

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-474-2737

Date of fiscal year end: February 28, 2009

Date of reporting period: November 30, 2008

 

 

 

Item 1. Schedules of Investments

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS 1-3 YEAR CREDIT BOND FUND

November 30, 2008

 

Security

      Principal    Value

CORPORATE BONDS & NOTES—88.93%

        

AEROSPACE & DEFENSE—0.59%

        

Northrop Grumman Corp.

        

7.13%, 02/15/11

      $ 3,960,000    $ 4,084,623
           
          4,084,623

AUTO MANUFACTURERS—1.31%

        

Daimler Finance North America LLC

        

5.88%, 03/15/11

        10,800,000      9,018,000
           
          9,018,000

BANKS—21.89%

        

Asia Development Bank

        

4.38%, 09/17/10

        7,200,000      7,478,064

Bank of America Corp.

        

4.50%, 08/01/10

        15,120,000      14,894,957

5.38%, 08/15/11

        3,600,000      3,554,538

Bank of Tokyo-Mitsubishi UFJ Ltd. (The)

        

8.40%, 04/15/10

        9,000,000      9,197,217

Bank One Corp.

        

7.88%, 08/01/10

        7,200,000      7,388,166

Citigroup Inc.

        

5.10%, 09/29/11

        2,520,000      2,360,098

Deutsche Bank AG London

        

5.00%, 10/12/10

        6,120,000      6,125,882

KfW

        

3.25%, 02/15/11

        19,800,000      20,187,882

KfW Series G

        

5.00%, 06/01/10

        21,960,000      22,822,591

Landwirtschaftliche Rentenbank

        

5.25%, 07/15/11

        6,480,000      6,967,102

Royal Bank of Canada

        

4.13%, 01/26/10

        7,200,000      7,075,377

State Street Capital Trust III

        

8.25%, 03/15/11

        1,800,000      1,350,000

UBS Preferred Funding Trust I

        

8.62%, 10/01/10

        3,600,000      2,556,000

US Bank N.A.

        

6.38%, 08/01/11

        7,200,000      7,308,564

USB Capital IX

        

6.19%, 04/15/11

        1,800,000      900,000

Wachovia Bank N.A.

        

7.80%, 08/18/10

        5,040,000      5,128,237

Wachovia Capital Trust III

        

5.80%, 03/15/11

        3,960,000      1,762,200

Wachovia Corp.

        

5.30%, 10/15/11

        2,520,000      2,417,415

Wells Fargo & Co.

        

4.20%, 01/15/10

        13,680,000      13,606,641

Wells Fargo Bank N.A.

        

6.45%, 02/01/11

        7,560,000      7,645,251
           
          150,726,182

BEVERAGES—0.57%

        

Diageo Capital PLC

        

4.38%, 05/03/10

      3,960,000    3,929,389
         
        3,929,389

CHEMICALS—0.57%

        

Dow Chemical Co. (The)

        

6.13%, 02/01/11

      3,960,000    3,939,213
         
        3,939,213

COMMERCIAL SERVICES—0.33%

        

R.R. Donnelley & Sons Co.

        

4.95%, 05/15/10

      2,520,000    2,242,800
         
        2,242,800

DIVERSIFIED FINANCIAL SERVICES—21.36%

        

American Express Credit Corp.

        

5.00%, 12/02/10

      5,400,000    5,063,969

Bear Stearns Companies Inc. (The)

        

4.50%, 10/28/10

      6,840,000    6,664,175

Boeing Capital Corp.

        

7.38%, 09/27/10

      5,400,000    5,587,640

Capital One Bank

        

5.75%, 09/15/10

      1,800,000    1,685,675

Caterpillar Financial Services Corp.

        

4.30%, 06/01/10

      5,040,000    4,958,161

CIT Group Inc.

        

5.60%, 04/27/11(a)

      6,840,000    4,582,800

Citigroup Inc.

        

4.63%, 08/03/10

      3,600,000    3,483,791

6.50%, 01/18/11

      11,520,000    11,157,266

Countrywide Home Loans Inc.

        

4.00%, 03/22/11

      2,880,000    2,678,400

Credit Suisse First Boston USA Inc.

        

4.88%, 08/15/10

      9,360,000    9,125,764

General Electric Capital Corp.

        

4.88%, 10/21/10

      15,120,000    15,001,904

Goldman Sachs Group Inc. (The)

        

6.60%, 01/15/12

      7,560,000    7,000,725

HSBC Finance Corp.

        

5.25%, 01/14/11

      12,240,000    11,286,418

International Lease Finance Corp.

        

5.45%, 03/24/11

      13,680,000    10,396,800

JPMorgan Chase & Co.

        

6.75%, 02/01/11

      6,480,000    6,462,115

Merrill Lynch & Co. Inc.

        

5.77%, 07/25/11

      5,400,000    5,193,203

Morgan Stanley

        

4.00%, 01/15/10

      5,760,000    5,414,400

5.05%, 01/21/11

      2,520,000    2,268,000

6.75%, 04/15/11

      6,120,000    5,691,600

SLM Corp.

        

5.45%, 04/25/11(a)

      3,240,000    2,689,200

Svensk Exportkredit AB

        

4.50%, 09/27/10

      15,840,000    16,284,470

Toyota Motor Credit Corp.

        

4.25%, 03/15/10

      4,320,000    4,396,076
         
        147,072,552

ELECTRIC—2.96%

        

DTE Energy Co.

        

7.05%, 06/01/11

      1,800,000    1,796,638

Exelon Generation Co. LLC

        

6.95%, 06/15/11

      3,960,000    3,573,861

FPL Group Capital Inc.

        

5.63%, 09/01/11

      4,320,000    4,318,722

Pacific Gas and Electric Co.

        

4.20%, 03/01/11

      4,320,000    4,168,528

PSEG Power LLC

        

7.75%, 04/15/11

      3,960,000    3,960,892

Wisconsin Energy Corp.

        

6.50%, 04/01/11

      2,520,000    2,542,276
         
        20,360,917

FOOD—1.95%

        

ConAgra Foods Inc.

        

6.75%, 09/15/11

      2,520,000    2,480,079

Safeway Inc.

        

6.50%, 03/01/11

      2,160,000    2,125,167

Sara Lee Corp.

        

6.25%, 09/15/11

      3,600,000    3,446,202

Unilever Capital Corp.

        

7.13%, 11/01/10

      5,040,000    5,357,125
         
        13,408,573

GAS—0.95%

        

KeySpan Corp.

        

7.63%, 11/15/10

      3,600,000    3,611,588

Sempra Energy

        

7.95%, 03/01/10

      2,880,000    2,920,574
         
        6,532,162

HAND & MACHINE TOOLS—0.10%

        

Stanley Works Capital Trust I (The)

        

5.90%, 12/01/10

      1,440,000    720,000
         
        720,000

HEALTH CARE - SERVICES—0.49%

        

WellPoint Inc.

        

5.00%, 01/15/11

      3,600,000    3,367,309
         
        3,367,309

INSURANCE—2.34%

        

Allstate Corp. (The)

        

7.20%, 12/01/09

      3,600,000    3,550,936

Berkshire Hathaway Finance Corp.

        

4.13%, 01/15/10

      10,800,000    10,832,872

ING Capital Funding Trust III

        

8.44%, 12/31/10

      2,520,000    1,713,600
         
        16,097,408

MANUFACTURING—0.44%

        

Honeywell International Inc.

        

7.50%, 03/01/10

      2,880,000    3,003,535
         
        3,003,535

MEDIA—3.57%

        

Comcast Cable Communications Inc.

        

6.75%, 01/30/11

      6,120,000    6,043,002

Cox Communications Inc.

        

4.63%, 01/15/10

      5,400,000    5,155,727

Time Warner Inc.

        

6.75%, 04/15/11

      2,160,000    2,026,058

Viacom Inc.

        

5.75%, 04/30/11

      5,760,000    5,024,470

7.70%, 07/30/10

      3,600,000    3,348,000

Walt Disney Co.

        

5.70%, 07/15/11

      2,880,000    2,965,649
         
        24,562,906

MINING—0.24%

        

Alcoa Inc.

        

6.50%, 06/01/11

      1,800,000    1,679,179
         
        1,679,179

MULTI-NATIONAL—8.69%

        

European Investment Bank

        

2.63%, 05/16/11

      19,800,000    19,938,204

3.25%, 10/14/11

      5,400,000    5,529,168

4.00%, 03/03/10

      24,120,000    24,618,563

4.63%, 09/15/10

      2,160,000    2,247,545

Nordic Investment Bank

        

4.50%, 09/13/10

      7,200,000    7,491,960
         
        59,825,440

OFFICE & BUSINESS EQUIPMENT—0.45%

        

Xerox Corp.

        

6.88%, 08/15/11

      3,600,000    3,069,996
         
        3,069,996

OIL & GAS—4.59%

        

Anadarko Finance Co.

        

6.75%, 05/01/11

      3,600,000    3,569,597

BP Capital Markets PLC

        

4.88%, 03/15/10(a)

      3,600,000    3,664,316

Conoco Funding Co.

        

6.35%, 10/15/11

      3,600,000    3,705,689

ConocoPhillips

        

8.75%, 05/25/10

      7,200,000    7,587,430

Devon Financing Corp. ULC

        

6.88%, 09/30/11

      3,240,000    3,222,562

Hess Corp.

        

6.65%, 08/15/11

      4,320,000    4,232,689

Shell International Finance BV

        

5.63%, 06/27/11

      5,400,000    5,641,471
         
        31,623,754

OIL & GAS SERVICES—0.69%

        

Halliburton Co.

        

5.50%, 10/15/10

      4,680,000    4,742,560
         
        4,742,560

PHARMACEUTICALS—0.92%

        

Abbott Laboratories

        

5.60%, 05/15/11

      3,240,000    3,376,759

Wyeth

        

6.95%, 03/15/11

      2,880,000    2,975,662
         
        6,352,421

PIPELINES—0.67%

        

CenterPoint Energy Resources Corp.

        

7.75%, 02/15/11

      2,520,000    2,502,890

Kinder Morgan Energy Partners LP

        

6.75%, 03/15/11

      2,160,000    2,120,301
         
        4,623,191

REAL ESTATE INVESTMENT TRUSTS—0.71%

        

ProLogis

        

5.25%, 11/15/10

      3,600,000    2,016,000

Simon Property Group LP

        

5.38%, 06/01/11

      3,600,000    2,884,937
         
        4,900,937

RETAIL—1.85%

        

CVS Caremark Corp.

        

5.75%, 08/15/11

      3,600,000    3,522,040

Home Depot Inc.

        

5.20%, 03/01/11

      2,880,000    2,681,276

Target Corp.

        

6.35%, 01/15/11

      3,600,000    3,647,088

Tricon Global Restaurants Inc.

        

8.88%, 04/15/11

      2,880,000    2,878,998
         
        12,729,402

SOFTWARE—0.68%

        

Oracle Corp.

        

5.00%, 01/15/11

      4,680,000    4,690,662
         
        4,690,662

TELECOMMUNICATIONS—9.76%

        

AT&T Wireless Services Inc.

        

7.88%, 03/01/11

      12,960,000    13,114,367

Cisco Systems Inc.

        

5.25%, 02/22/11

      5,040,000    5,104,669

Deutsche Telekom International Finance AG

        

8.50%, 06/15/10

      8,280,000    8,286,278

France Telecom SA

        

7.75%, 03/01/11

      5,400,000    5,495,198

Qwest Corp.

        

7.88%, 09/01/11

      2,160,000    1,857,600

Rogers Wireless Inc.

        

9.63%, 05/01/11

      1,800,000    1,800,000

Telecom Italia Capital SA

        

6.20%, 07/18/11

      5,400,000    4,536,000

Telefonica Emisones SAU

        

5.98%, 06/20/11

      5,400,000    5,166,718

Telefonos de Mexico SAB de CV

        

4.75%, 01/27/10

      3,600,000    3,537,000

TELUS Corp.

        

8.00%, 06/01/11

      3,600,000    3,530,121

Verizon Global Funding Corp.

        

7.25%, 12/01/10

      5,760,000    5,846,047

Verizon New England Inc.

        

6.50%, 09/15/11(a)

      1,800,000    1,727,673

Vodafone Group PLC

        

7.75%, 02/15/10

      7,200,000    7,162,808
         
        67,164,479

TRANSPORTATION—0.26%

        

Union Pacific Corp.

        

6.65%, 01/15/11

      1,800,000    1,791,665
         
        1,791,665
         

TOTAL CORPORATE BONDS & NOTES

        

(Cost: $635,813,530)

         612,259,255

Security

      Principal    Value

FOREIGN GOVERNMENT BONDS & NOTES(b)—6.72%

        

Brazil (Federative Republic of)

        

9.25%, 10/22/10

      8,970,000      9,597,900

Hydro-Quebec

        

6.30%, 05/11/11

      5,400,000      5,701,443

Italian (Republic of)

        

3.50%, 07/15/11

      6,120,000      6,269,144

Ontario (Province of)

        

2.75%, 02/22/11

      9,720,000      9,692,120

Quebec (Province of)

        

6.13%, 01/22/11

      4,680,000      4,957,673

United Mexican States

        

8.38%, 01/14/11

      9,360,000      10,038,600
           

TOTAL FOREIGN GOVERNMENT BONDS & NOTES

        

(Cost: $46,486,530)

           46,256,880

Security

     Shares    Value

SHORT-TERM INVESTMENTS—3.00%

        

MONEY MARKET FUNDS—3.00%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(c)(d)

      7,972,666      7,972,666

BGI Cash Premier Fund LLC

        

1.90%(c)(d)(e)

      12,649,930      12,649,930
           
          20,622,596
           

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $20,622,596)

           20,622,596
           

TOTAL INVESTMENTS IN SECURITIES—98.65%

        

(Cost: $702,922,656)

           679,138,731

Other Assets, Less Liabilities—1.35%

           9,303,257
           

NET ASSETS—100.00%

        $ 688,441,988
           

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Investments are denominated in U.S. dollars.
(c) Affiliated issuer. See Note 2.
(d) The rate quoted is the annualized seven-day yield of the fund at period end.
(e) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS 1-3 YEAR TREASURY BOND FUND

November 30, 2008

 

Security

      Principal    Value

U.S. GOVERNMENT OBLIGATIONS—98.80%

        

U.S. Treasury Notes

        

1.75%, 03/31/10(a)

      $ 15,674,000    $ 15,901,116

1.75%, 11/15/11

        260,004,000      263,446,445

2.00%, 02/28/10

        342,062,000      347,699,165

2.00%, 09/30/10(a)

        46,100,000      47,046,433

2.13%, 01/31/10(a)

        198,230,000      201,399,696

2.13%, 04/30/10(a)

        235,110,000      240,061,424

2.63%, 05/31/10

        92,200,000      94,695,855

2.88%, 06/30/10(a)

        138,300,000      142,702,088

3.13%, 11/30/09(a)

        75,604,000      77,287,699

3.25%, 12/31/09(a)

        189,010,000      194,050,897

3.50%, 12/15/09(a)

        92,200,000      94,817,548

3.50%, 02/15/10(a)

        278,444,000      288,025,264

3.63%, 01/15/10(a)

        170,570,000      176,239,741

3.88%, 05/15/10(a)

        187,166,000      195,706,377

3.88%, 07/15/10(a)

        356,814,000      374,793,861

3.88%, 09/15/10

        86,668,000      91,493,675

4.00%, 03/15/10(a)

        165,960,000      173,021,593

4.00%, 04/15/10(a)

        148,442,000      155,164,937

4.13%, 08/15/10(a)

        86,668,000      91,543,075

4.25%, 10/15/10(a)

        110,640,000      117,808,370

4.25%, 01/15/11(a)

        184,400,000      197,647,277

4.38%, 12/15/10(a)

        184,400,000      197,368,861

4.50%, 05/15/10(a)

        496,958,000      523,555,177

4.50%, 11/15/10(a)

        147,520,000      158,231,430

4.50%, 02/28/11(a)

        127,236,000      137,259,641

4.50%, 09/30/11(a)

        292,274,000      319,303,526

4.50%, 11/30/11

        138,300,000      151,319,563

4.63%, 11/15/09(a)

        177,024,000      183,212,763

4.63%, 08/31/11(a)

        186,244,000      203,989,343

4.63%, 10/31/11(a)

        202,840,000      223,075,298

4.75%, 02/15/10(a)

        368,800,000      386,723,654

4.75%, 03/31/11(a)

        130,924,000      142,286,885

4.88%, 04/30/11(a)

        276,600,000      301,471,842

4.88%, 05/31/11

        128,158,000      140,286,879

4.88%, 07/31/11(a)

        69,150,000      75,973,033

5.00%, 02/15/11(a)

        202,840,000      221,245,695

5.00%, 08/15/11(a)

        237,876,000      264,063,776

5.13%, 06/30/11

        192,698,000      212,480,359

5.75%, 08/15/10

        87,590,000      94,997,494

6.50%, 02/15/10

        183,478,000      195,967,333
           

TOTAL U.S. GOVERNMENT OBLIGATIONS

        

(Cost: $7,490,454,450)

           7,713,365,088

Security

      Shares    Value  

SHORT-TERM INVESTMENTS—45.24%

        

MONEY MARKET FUNDS—45.24%

        

Barclays Global Investors Funds Government Money Market Fund, Institutional Shares

        

0.33%(b)(c)(d)

      3,470,716,405      3,470,716,405  

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(b)(c)

      61,387,030      61,387,030  
             
          3,532,103,435  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $3,532,103,435)

           3,532,103,435  
             

TOTAL INVESTMENTS IN SECURITIES—144.04%

        

(Cost: $11,022,557,885)

           11,245,468,523  

Other Assets, Less Liabilities—(44.04)%

           (3,438,462,584 )
             

NET ASSETS—100.00%

        $ 7,807,005,939  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Affiliated issuer. See Note 2.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS 3-7 YEAR TREASURY BOND FUND

November 30, 2008

 

Security

      Principal    Value  

U.S. GOVERNMENT OBLIGATIONS—98.75%

        

U.S. Treasury Notes

        

4.00%, 02/15/15(a)

      $ 131,047,000    $ 145,088,681  

4.25%, 09/30/12(a)

        134,733,000      149,968,606  

4.25%, 08/15/13(a)

        53,350,000      59,445,776  

4.25%, 08/15/14(a)

        121,541,000      136,501,489  

4.25%, 11/15/14(a)

        52,671,000      59,511,905  

4.25%, 08/15/15(a)

        50,828,000      56,994,963  

4.50%, 11/15/15

        25,608,000      29,270,970  

4.63%, 07/31/12(a)

        122,802,000      137,431,405  

4.75%, 05/15/14(a)

        62,662,000      71,892,115  

4.88%, 02/15/12(a)

        221,257,000      247,035,653  
             

TOTAL U.S. GOVERNMENT OBLIGATIONS

        

(Cost: $1,041,271,243)

           1,093,141,563  

Security

     Shares    Value  

SHORT-TERM INVESTMENTS—42.94%

        

MONEY MARKET FUNDS—42.94%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(b)(c)

        5,929,074      5,929,074  

BGI Cash Premier Fund LLC

        

1.90%(b)(c)(d)

        469,457,837      469,457,837  
             
          475,386,911  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $475,386,911)

           475,386,911  
             

TOTAL INVESTMENTS IN SECURITIES—141.69%

        

(Cost: $1,516,658,154)

           1,568,528,474  

Other Assets, Less Liabilities—(41.69)%

           (461,482,087 )
             

NET ASSETS—100.00%

        $ 1,107,046,387  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Affiliated issuer. See Note 2.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS 7-10 YEAR TREASURY BOND FUND

November 30, 2008

 

Security

      Principal    Value  

U.S. GOVERNMENT OBLIGATIONS—98.93%

        

U.S. Treasury Bonds

        

7.25%, 05/15/16(a)

      $ 82,745,000    $ 105,972,349  

7.50%, 11/15/16(a)

        75,040,000      97,786,122  

9.25%, 02/15/16(a)

        87,770,000      123,084,260  

U.S. Treasury Notes

        

3.50%, 02/15/18(a)

        129,980,000      135,996,761  

3.75%, 11/15/18

        216,745,000      231,477,134  

3.88%, 05/15/18(a)

        161,135,000      173,980,682  

4.00%, 08/15/18(a)

        210,045,000      229,035,169  

4.25%, 11/15/17(a)

        124,285,000      137,400,797  

4.50%, 02/15/16(a)

        137,350,000      156,271,337  

4.50%, 05/15/17(a)

        295,135,000      330,970,309  

4.63%, 11/15/16(a)

        218,420,000      247,161,897  

4.63%, 02/15/17(a)

        273,695,000      309,606,507  

4.75%, 08/15/17(a)

        302,505,000      344,401,936  

4.88%, 08/15/16(a)

        285,755,000      328,423,934  

5.13%, 05/15/16(a)

        146,730,000      171,445,204  
             

TOTAL U.S. GOVERNMENT OBLIGATIONS

        

(Cost: $2,901,295,865)

           3,123,014,398  

Security

     Shares    Value  

SHORT-TERM INVESTMENTS—46.53%

        

MONEY MARKET FUNDS—46.53%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(b)(c)

        31,242,006      31,242,006  

BGI Cash Premier Fund LLC

        

1.90%(b)(c)(d)

        1,437,648,451      1,437,648,451  
             
          1,468,890,457  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $1,468,890,457)

           1,468,890,457  
             

TOTAL INVESTMENTS IN SECURITIES—145.46%

        

(Cost: $4,370,186,322)

           4,591,904,855  

Other Assets, Less Liabilities—(45.46)%

           (1,435,185,564 )
             

NET ASSETS—100.00%

        $ 3,156,719,291  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Affiliated issuer. See Note 2.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS 10-20 YEAR TREASURY BOND FUND

November 30, 2008

 

Security

      Principal    Value  

U.S. GOVERNMENT OBLIGATIONS—98.57%

        

U.S. Treasury Bonds

        

5.25%, 11/15/28

      $ 3,990,000    $ 4,815,491  

5.50%, 08/15/28

        12,180,000      15,102,103  

6.13%, 11/15/27(a)

        7,630,000      10,068,777  

6.25%, 08/15/23(a)

        9,590,000      12,237,799  

6.50%, 11/15/26(a)

        12,376,000      16,862,919  

7.50%, 11/15/24(a)

        7,000,000      10,382,610  

7.63%, 02/15/25(a)

        8,918,000      13,398,404  

7.88%, 02/15/21

        20,020,000      28,004,176  

8.00%, 11/15/21(a)

        11,970,000      17,104,651  

8.88%, 02/15/19(a)

        19,488,000      28,463,589  
             

TOTAL U.S. GOVERNMENT OBLIGATIONS

        

(Cost: $147,995,952)

           156,440,519  

Security

     Shares    Value  

SHORT-TERM INVESTMENTS—46.33%

        

MONEY MARKET FUNDS—46.33%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(b)(c)

        1,462,295      1,462,295  

BGI Cash Premier Fund LLC

        

1.90%(b)(c)(d)

        72,067,886      72,067,886  
             
          73,530,181  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $73,530,181)

           73,530,181  
             

TOTAL INVESTMENTS IN SECURITIES—144.90%

        

(Cost: $221,526,133)

           229,970,700  

Other Assets, Less Liabilities—(44.90)%

           (71,261,743 )
             

NET ASSETS—100.00%

        $ 158,708,957  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Affiliated issuer. See Note 2.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS 20+ YEAR TREASURY BOND FUND

November 30, 2008

 

Security

      Principal    Value  

U.S. GOVERNMENT OBLIGATIONS—98.95%

        

U.S. Treasury Bonds

        

4.38%, 02/15/38(a)

      $ 157,680,000    $ 182,506,732  

4.50%, 02/15/36(a)

        266,251,000      308,339,955  

4.50%, 05/15/38(a)

        210,125,000      248,964,493  

4.75%, 02/15/37(a)

        192,584,000      233,694,907  

5.00%, 05/15/37(a)

        170,321,000      214,630,006  

5.25%, 02/15/29(a)

        91,567,000      110,663,294  

5.38%, 02/15/31(a)

        174,484,000      216,764,980  

6.13%, 08/15/29(a)

        106,247,000      142,115,982  

6.25%, 05/15/30(a)

        171,226,000      233,803,961  
             

TOTAL U.S. GOVERNMENT OBLIGATIONS

        

(Cost: $1,742,963,769)

           1,891,484,310  

Security

     Shares    Value  

SHORT-TERM INVESTMENTS—41.65%

        

MONEY MARKET FUNDS—41.65%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(b)(c)

        15,767,207      15,767,207  

BGI Cash Premier Fund LLC

        

1.90%(b)(c)(d)

        780,481,427      780,481,427  
             
          796,248,634  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $796,248,634)

           796,248,634  
             

TOTAL INVESTMENTS IN SECURITIES—140.60%

        

(Cost: $2,539,212,403)

           2,687,732,944  

Other Assets, Less Liabilities—(40.60)%

           (776,110,709 )
             

NET ASSETS—100.00%

        $ 1,911,622,235  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Affiliated issuer. See Note 2.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS AGENCY BOND FUND

November 30, 2008

 

Security

      Principal    Value

U.S. GOVERNMENT AGENCY OBLIGATIONS—98.38%

        

Federal Home Loan Bank

        

3.63%, 10/18/13

      $ 1,400,000    $ 1,429,899

4.00%, 09/06/13

        1,200,000      1,243,425

4.75%, 12/16/16

        400,000      414,437

5.00%, 11/17/17

        800,000      843,954

5.38%, 08/19/11

        1,600,000      1,705,403

Federal Home Loan Mortgage Corp.

        

4.38%, 07/17/15

        800,000      831,713

4.50%, 07/15/13

        1,400,000      1,491,742

4.88%, 06/13/18

        600,000      639,575

5.25%, 07/18/11

        2,000,000      2,124,382

6.25%, 07/15/32

        132,000      163,189

7.00%, 03/15/10

        1,800,000      1,903,577

Federal National Mortgage Association

        

2.88%, 10/12/10

        2,000,000      2,016,218

3.63%, 08/15/11

        300,000      307,070

4.75%, 12/15/10

        2,000,000      2,085,265

5.00%, 02/13/17

        400,000      424,044

5.38%, 07/15/16

        380,000      411,887

6.63%, 11/15/30

        300,000      381,568

7.13%, 06/15/10

        2,000,000      2,136,961
           
          20,554,309
           

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

        

(Cost: $20,127,398)

           20,554,309

Security

     Shares    Value

SHORT-TERM INVESTMENTS—0.43%

        

MONEY MARKET FUNDS—0.43%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(a)(b)

        89,730      89,730
           
          89,730
           

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $89,730)

           89,730
           

TOTAL INVESTMENTS IN SECURITIES—98.81%

        

(Cost: $20,217,128)

           20,644,039

Other Assets, Less Liabilities—1.19%

           248,807
           

NET ASSETS—100.00%

        $ 20,892,846
           

 

(a) Affiliated issuer. See Note 2.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS AGGREGATE BOND FUND

November 30, 2008

 

Security

      Principal    Value

CORPORATE BONDS & NOTES—21.37%

        

AEROSPACE & DEFENSE—0.25%

        

United Technologies Corp.

        

4.38%, 05/01/10

      $ 23,400,000    $ 23,505,551
           
          23,505,551

AGRICULTURE—0.08%

        

Reynolds American Inc.

        

6.75%, 06/15/17

        9,360,000      7,032,601
           
          7,032,601

AUTO MANUFACTURERS—0.21%

        

DaimlerChrysler North America Holding Corp.

        

7.30%, 01/15/12

        23,400,000      19,071,000
           
          19,071,000

BANKS—4.28%

        

Bank of America Corp.

        

4.50%, 08/01/10

        46,800,000      46,103,438

4.88%, 01/15/13

        23,400,000      22,040,064

6.00%, 09/01/17

        18,720,000      17,433,000

Capital One Financial Corp.

        

6.15%, 09/01/16

        23,400,000      14,545,583

Deutsche Bank AG London

        

6.00%, 09/01/17

        14,040,000      13,168,741

HSBC Holdings PLC

        

6.50%, 09/15/37

        9,360,000      7,602,374

JPMorgan Chase Bank N.A.

        

5.88%, 06/13/16

        23,400,000      22,113,000

KfW

        

3.25%, 10/14/11

        56,160,000      57,424,718

4.25%, 06/15/10

        46,800,000      48,085,597

Landwirtschaftliche Rentenbank Series G

        

5.00%, 11/08/16

        18,720,000      20,784,254

Royal Bank of Scotland Group PLC

        

5.00%, 10/01/14

        23,400,000      18,983,837

US Bank N.A.

        

4.95%, 10/30/14

        23,400,000      22,238,900

Wachovia Corp.

        

5.25%, 08/01/14

        46,800,000      40,072,500

Wells Fargo & Co.

        

4.88%, 01/12/11

        23,400,000      23,049,782

5.00%, 11/15/14

        23,400,000      21,878,439
           
          395,524,227

BEVERAGES—0.32%

        

Coca-Cola Enterprises Inc.

        

8.50%, 02/01/22

        9,360,000      10,125,868

Diageo Finance BV

        

5.30%, 10/28/15

        14,040,000      12,744,292

Pepsi Bottling Group Inc.

        

7.00%, 03/01/29

        6,552,000      6,544,874
           
          29,415,034

BUILDING MATERIALS—0.07%

        

CRH America Inc.

        

6.00%, 09/30/16

      9,360,000    6,271,200
         
        6,271,200

CHEMICALS—0.09%

        

E.I. du Pont de Nemours and Co.

        

5.25%, 12/15/16

      9,360,000    8,659,956
         
        8,659,956

COMPUTERS—0.19%

        

International Business Machines Corp.

        

5.70%, 09/14/17

      18,720,000    17,899,964
         
        17,899,964

COSMETICS & PERSONAL CARE—0.10%

        

Procter & Gamble Co. (The)

        

5.55%, 03/05/37

      9,360,000    9,024,816
         
        9,024,816

DIVERSIFIED FINANCIAL SERVICES—5.92%

        

American Express Co.

        

4.88%, 07/15/13

      23,400,000    19,825,814

6.80%, 09/01/16

      10,296,000    5,662,800

American General Finance Corp.

        

5.38%, 10/01/12

      14,475,000    6,658,500

Ameriprise Financial Inc.

        

5.35%, 11/15/10

      23,400,000    19,890,000

Bear Stearns Companies Inc. (The)

        

6.95%, 08/10/12

      8,424,000    8,476,317

7.25%, 02/01/18

      7,488,000    7,633,978

Boeing Capital Corp.

        

5.80%, 01/15/13

      23,400,000    23,455,169

Caterpillar Financial Services Corp.

        

4.30%, 06/01/10

      4,680,000    4,604,007

CIT Group Funding Co. of Canada

        

4.65%, 07/01/10

      14,040,000    10,389,600

Citigroup Capital XXI

        

8.30%, 12/21/37

      4,680,000    2,854,800

Citigroup Inc.

        

6.00%, 02/21/12

      79,560,000    75,357,995

Countrywide Home Loans Inc.

        

4.00%, 03/22/11

      14,040,000    13,057,200

Credit Suisse First Boston USA Inc.

        

7.13%, 07/15/32

      23,400,000    20,399,145

General Electric Capital Corp.

        

5.88%, 02/15/12

      23,400,000    23,144,146

6.75%, 03/15/32

      23,400,000    21,219,410

7.38%, 01/19/10

      23,400,000    23,888,442

Goldman Sachs Group Inc. (The)

        

5.00%, 10/01/14

      46,800,000    38,989,389

6.75%, 10/01/37

      9,360,000    6,189,300

Household Finance Corp.

        

6.38%, 11/27/12

      46,800,000    42,203,483

HSBC Finance Corp.

        

5.50%, 01/19/16

      23,400,000    20,464,085

International Lease Finance Corp.

        

5.75%, 06/15/11

      23,400,000    17,784,000

John Deere Capital Corp.

        

7.00%, 03/15/12

      23,400,000    23,993,118

JPMorgan Chase & Co.

        

5.75%, 01/02/13

      23,400,000    22,669,458

Merrill Lynch & Co. Inc.

        

5.00%, 01/15/15

      25,272,000    21,980,513

6.88%, 04/25/18

      9,360,000    8,821,800

Morgan Stanley

        

5.05%, 01/21/11

      9,390,000    8,451,000

5.30%, 03/01/13

      32,790,000    27,871,500

National Rural Utilities Cooperative Finance Corp.

        

7.25%, 03/01/12

      14,040,000    13,944,859

SLM Corp.

        

5.38%, 05/15/14

      10,296,000    6,898,320
         
        546,778,148

ELECTRIC—1.38%

        

Constellation Energy Group Inc.

        

4.55%, 06/15/15

      14,040,000    11,026,816

Dominion Resources Inc.

        

5.15%, 07/15/15

      23,400,000    20,067,066

Duke Capital LLC

        

6.25%, 02/15/13

      23,400,000    22,251,032

Exelon Generation Co. LLC

        

5.35%, 01/15/14

      9,360,000    7,526,415

FirstEnergy Corp.

        

7.38%, 11/15/31

      9,360,000    7,886,503

MidAmerican Energy Holdings Co.

        

6.13%, 04/01/36

      14,040,000    11,121,859

Pacific Gas and Electric Co.

        

6.05%, 03/01/34

      18,720,000    16,115,307

Progress Energy Inc.

        

7.10%, 03/01/11

      23,400,000    23,380,625

TXU Electric Delivery Co.

        

7.00%, 09/01/22

      9,360,000    8,057,052
         
        127,432,675

FOOD—0.53%

        

Kraft Foods Inc.

        

6.50%, 08/11/17

      30,888,000    28,830,603

Kroger Co. (The)

        

5.50%, 02/01/13

      9,360,000    8,832,405

Unilever Capital Corp.

        

5.90%, 11/15/32

      12,168,000    10,936,049
         
        48,599,057

FOREST PRODUCTS & PAPER—0.11%

        

Weyerhaeuser Co.

        

7.38%, 03/15/32

      14,040,000    9,784,368
         
        9,784,368

HEALTH CARE - SERVICES—0.21%

        

UnitedHealth Group Inc.

        

4.88%, 03/15/15(a)

      14,040,000    11,534,066

WellPoint Inc.

        

5.25%, 01/15/16

      9,360,000    7,933,538
         
        19,467,604

HOLDING COMPANIES - DIVERSIFIED—0.01%

        

Capmark Financial Group Inc.

        

6.30%, 05/10/17(a)

      4,680,000    1,240,200
         
        1,240,200

INSURANCE—0.77%

        

Allstate Corp. (The)

        

5.55%, 05/09/35

      9,360,000    6,689,200

American International Group Inc.

        

6.25%, 03/15/37

      9,360,000    2,620,800

Genworth Financial Inc.

        

5.75%, 06/15/14

      23,400,000    7,254,000

Lincoln National Corp.

        

7.00%, 05/17/16

      14,040,000    7,020,000

Marsh & McLennan Companies Inc.

        

5.75%, 09/15/15

      23,400,000    20,730,060

MetLife Inc.

        

5.00%, 06/15/15

      23,400,000    20,009,825

Prudential Financial Inc.

        

5.10%, 09/20/14(a)

      4,680,000    3,249,716

Travelers Companies Inc. (The)

        

6.25%, 03/15/37

      6,552,000    3,603,600
         
        71,177,201

MANUFACTURING—0.46%

        

General Electric Co.

        

5.25%, 12/06/17

      46,800,000    42,538,119
         
        42,538,119

MEDIA—0.83%

        

Comcast Cable Communications Holdings Inc.

        

8.38%, 03/15/13

      23,400,000    23,305,839

Comcast Corp.

        

6.45%, 03/15/37

      9,360,000    7,267,718

News America Inc.

        

6.20%, 12/15/34

      14,040,000    10,434,232

Time Warner Cable Inc.

        

6.55%, 05/01/37

      9,360,000    7,205,296

Time Warner Inc.

        

7.70%, 05/01/32

      14,040,000    12,076,802

Viacom Inc.

        

6.25%, 04/30/16

      12,168,000    9,979,443

7.88%, 07/30/30

      9,360,000    6,264,694
         
        76,534,024

MINING—0.31%

        

Alcoa Inc.

        

6.00%, 01/15/12

      14,040,000    12,673,008

BHP Billiton Finance (USA) Ltd.

        

4.80%, 04/15/13

      9,360,000    8,650,448

Vale Overseas Ltd.

        

6.88%, 11/21/36

      9,360,000    7,581,600
         
        28,905,056

MULTI-NATIONAL—0.64%

        

European Investment Bank

        

4.63%, 05/15/14(a)

      46,800,000    49,828,428

Inter-American Development Bank

        

4.38%, 09/20/12

      9,360,000    9,823,882
         
        59,652,310

OIL & GAS—0.97%

        

Anadarko Petroleum Corp.

        

5.95%, 09/15/16

      23,400,000    20,462,280

Apache Corp.

        

5.25%, 04/15/13

      6,552,000    6,455,514

Canadian Natural Resources Ltd.

        

5.70%, 05/15/17

      9,360,000    8,129,368

ConocoPhillips

        

5.90%, 10/15/32

      23,400,000    19,932,874

Enterprise Products Operating LP

        

5.60%, 10/15/14

      14,040,000    11,921,994

Hess Corp.

        

6.65%, 08/15/11(a)

      23,400,000    22,927,065
         
        89,829,095

PHARMACEUTICALS—0.61%

        

Abbott Laboratories

        

5.88%, 05/15/16

      9,360,000    9,539,520

AmerisourceBergen Corp.

        

5.88%, 09/15/15

      14,040,000    11,745,885

AstraZeneca PLC

        

6.45%, 09/15/37

      9,360,000    8,994,309

Bristol-Myers Squibb Co.

        

5.88%, 11/15/36

      9,360,000    8,380,291

Eli Lilly and Co.

        

5.55%, 03/15/37

      9,360,000    8,260,136

Wyeth

        

5.50%, 02/01/14

      9,360,000    9,050,487
         
        55,970,628

PIPELINES—0.17%

        

Kinder Morgan Energy Partners LP

        

6.75%, 03/15/11

      9,360,000    9,187,972

6.95%, 01/15/38

      9,360,000    7,008,261
         
        16,196,233

REAL ESTATE INVESTMENT TRUSTS—0.27%

        

Boston Properties LP

        

6.25%, 01/15/13

      23,400,000    18,542,690

Simon Property Group LP

        

5.10%, 06/15/15

      9,360,000    6,103,651
         
        24,646,341

RETAIL—0.85%

        

CVS Caremark Corp.

        

6.30%, 06/01/12

      9,360,000    5,148,000

Federated Department Stores Inc.

        

6.63%, 04/01/11

      9,360,000    7,215,634

Home Depot Inc.

        

5.40%, 03/01/16

      23,400,000    18,082,722

Target Corp.

        

7.00%, 01/15/38

      18,720,000    14,707,307

Wal-Mart Stores Inc.

        

4.55%, 05/01/13

      23,400,000    23,931,899

6.50%, 08/15/37

      9,360,000    9,111,376
         
        78,196,938

SOFTWARE—0.14%

        

Oracle Corp.

        

5.25%, 01/15/16

      14,040,000    12,970,457
         
        12,970,457

TELECOMMUNICATIONS—1.45%

        

AT&T Wireless Services Inc.

        

7.88%, 03/01/11

      11,232,000    11,365,784

BellSouth Corp.

        

6.00%, 11/15/34(a)

      23,400,000    17,782,336

Cisco Systems Inc.

        

5.25%, 02/22/11

      9,360,000    9,480,100

Deutsche Telekom International Finance AG

        

8.75%, 06/15/30

      9,360,000    8,835,412

Embarq Corp.

        

7.08%, 06/01/16

      14,040,000    10,249,200

Qwest Corp.

        

8.88%, 03/15/12

      9,360,000    7,722,000

SBC Communications Inc.

        

5.88%, 02/01/12

      23,400,000    22,898,371

Telecom Italia Capital SA

        

4.00%, 01/15/10

      14,040,000    12,355,200

Verizon Global Funding Corp.

        

7.75%, 12/01/30

      23,400,000    21,431,272

Vodafone Group PLC

        

5.63%, 02/27/17

      14,040,000    11,823,455
         
        133,943,130

TRANSPORTATION—0.15%

        

Burlington Northern Santa Fe Corp.

        

6.15%, 05/01/37

      4,680,000    3,820,813

CSX Corp.

        

6.00%, 10/01/36

      14,040,000    10,078,212
         
        13,899,025
         

TOTAL CORPORATE BONDS & NOTES

        

(Cost: $2,265,710,883)

         1,974,164,958

Security

      Principal    Value

FOREIGN GOVERNMENT BONDS & NOTES(b)—1.66%

        

Brazil (Federative Republic of)

        

7.13%, 01/20/37

      14,040,000    13,232,700

8.00%, 01/15/18

      14,040,000    14,355,900

Italy (Republic of)

        

5.25%, 09/20/16

      23,400,000    25,504,125

6.00%, 02/22/11

      23,400,000    25,085,739

Quebec (Province of)

        

7.50%, 09/15/29

      23,400,000    31,806,390

United Mexican States

        

5.63%, 01/15/17(a)

      23,400,000    20,826,000

6.38%, 01/16/13

      14,040,000    14,040,000

6.75%, 09/27/34

      9,360,000    8,143,200
         

TOTAL FOREIGN GOVERNMENT BONDS & NOTES

        

(Cost: $157,369,535)

         152,994,054

Security

     Principal    Value

MUNICIPAL DEBT OBLIGATIONS—0.22%

        

ILLINOIS—0.22%

        

Illinois State

        

5.10%, 06/01/33

      23,375,000    20,378,559
         
        20,378,559
         

TOTAL MUNICIPAL DEBT OBLIGATIONS

        

(Cost: $22,285,673)

         20,378,559

Security

      Principal    Value

U.S. GOVERNMENT & AGENCY OBLIGATIONS—74.62%

        

MORTGAGE-BACKED SECURITIES—38.11%

        

Federal Home Loan Mortgage Corp.

        

4.50%, 12/01/23(c)

      160,890,000    160,311,802

5.00%, 12/01/23(c)

      142,290,000    143,557,270

5.00%, 12/01/38(c)

      526,380,000    529,094,147

5.50%, 12/01/23(c)

      186,000,000    188,644,687

5.50%, 12/01/38(c)

      354,330,000    359,478,858

6.00%, 12/01/38(c)

      244,590,000    249,825,755

Federal National Mortgage Association

        

4.50%, 12/01/23(c)

      149,730,000    149,683,209

5.00%, 12/01/23(c)

      176,700,000    178,687,875

5.50%, 12/01/23(c)

      98,580,000    100,258,941

5.50%, 12/01/38(c)

      498,480,000    506,658,187

5.53%, 02/01/36

      29,088,646    29,485,065

6.00%, 12/01/38(c)

      260,400,000    266,177,625

6.50%, 12/01/38(c)

      316,200,000    324,944,906

Government National Mortgage Association

        

5.00%, 12/01/38(c)

      134,850,000    135,798,164

5.50%, 12/01/38(c)

      121,830,000    123,942,989

6.00%, 12/01/38(c)

      72,540,000    74,070,141
         
        3,520,619,621

U.S. GOVERNMENT AGENCY OBLIGATIONS—11.94%

        

Federal Home Loan Mortgage Corp.

        

3.25%, 02/25/11(a)

      162,750,000    164,665,112

4.13%, 10/18/10(a)

      167,400,000    172,223,598

4.50%, 01/15/13(a)

      190,650,000    201,596,742

4.88%, 11/18/11(a)

      79,050,000    83,557,273

6.25%, 07/15/32(a)

      32,550,000    40,240,927

Federal National Mortgage Association

        

5.00%, 04/15/15(a)

      60,450,000    65,070,967

5.00%, 05/11/17(a)

      87,420,000    92,737,732

7.25%, 01/15/10(a)

      266,910,000    282,254,816
         
        1,102,347,167

U.S. GOVERNMENT OBLIGATIONS—24.57%

        

U.S. Treasury Bonds

        

4.38%, 02/15/38(a)

      33,480,000    38,751,429

4.50%, 05/15/38

      13,950,000    16,528,517

5.00%, 05/15/37(a)

      26,040,000    32,814,306

6.25%, 05/15/30(a)

      53,010,000    72,383,563

7.50%, 11/15/16(a)

      100,440,000    130,885,369

7.63%, 02/15/25(a)

      127,410,000    191,420,790

8.13%, 08/15/19(a)

      148,800,000    208,508,975

U.S. Treasury Notes

        

1.75%, 11/15/11

      116,250,000    117,789,146

2.00%, 09/30/10(a)

      158,100,000    161,345,795

2.75%, 07/30/10(a)

      172,050,000    177,655,394

3.38%, 07/31/13(a)

      186,000,000    199,579,851

3.50%, 02/15/10(a)

      289,230,000    299,182,410

4.50%, 05/15/10(a)

      257,610,000    271,397,280

4.75%, 05/15/14(a)

      180,420,000    206,995,871

5.00%, 08/15/11(a)

      130,200,000    144,533,722
         
        2,269,772,418
         

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS

        

(Cost: $6,674,011,560)

         6,892,739,206

Security

      Shares    Value  

SHORT-TERM INVESTMENTS—63.33%

        

MONEY MARKET FUNDS—63.33%

        

Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares

        

1.74%(d)(e)

      2,864,852,717      2,864,852,717  

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(d)(e)

      110,074,025      110,074,025  

BGI Cash Premier Fund LLC

        

1.90%(d)(e)(f)

      2,875,238,501      2,875,238,501  
             
          5,850,165,243  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $5,850,165,243)

           5,850,165,243  
             

TOTAL INVESTMENTS IN SECURITIES—161.20%

        

(Cost: $14,969,542,894)

           14,890,442,020  

Other Assets, Less Liabilities—(61.20)%

           (5,653,109,875 )
             

NET ASSETS—100.00%

        $ 9,237,332,145  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Investments are denominated in U.S. dollars.
(c) To-be-announced (TBA). See Note 1.
(d) Affiliated issuer. See Note 2.
(e) The rate quoted is the annualized seven-day yield of the fund at period end.
(f) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS CREDIT BOND FUND

November 30, 2008

 

Security

      Principal    Value

CORPORATE BONDS & NOTES—87.55%

        

AEROSPACE & DEFENSE—0.49%

        

Lockheed Martin Corp.

        

6.15%, 09/01/36

      $ 290,000    $ 271,405

United Technologies Corp.

        

6.05%, 06/01/36

        300,000      284,320
           
          555,725

AGRICULTURE—0.18%

        

Archer-Daniels-Midland Co.

        

5.38%, 09/15/35

        180,000      127,253

Reynolds American Inc.

        

7.25%, 06/15/37

        120,000      75,678
           
          202,931

AUTO MANUFACTURERS—0.93%

        

DaimlerChrysler North America Holding Corp.

        

6.50%, 11/15/13

        1,400,000      1,057,000
           
          1,057,000

BANKS—13.82%

        

BAC Capital Trust XI

        

6.63%, 05/23/36

        600,000      480,606

Bank of America Corp.

        

4.50%, 08/01/10(a)

        1,020,000      1,004,819

4.88%, 01/15/13(a)

        600,000      565,130

5.75%, 12/01/17

        600,000      559,760

Bank of America N.A.

        

6.00%, 10/15/36

        150,000      129,606

Bank of New York Mellon Corp. (The)

        

4.95%, 11/01/12

        200,000      198,708

BB&T Capital Trust II

        

6.75%, 06/07/36

        240,000      152,014

Capital One Financial Corp.

        

5.70%, 09/15/11

        600,000      539,999

Credit Suisse New York

        

5.00%, 05/15/13

        250,000      234,008

Deutsche Bank AG London

        

4.88%, 05/20/13

        200,000      192,174

5.38%, 10/12/12

        600,000      591,588

HSBC Holdings PLC

        

6.50%, 09/15/37

        420,000      341,132

KfW

        

3.25%, 03/15/13

        350,000      353,007

4.25%, 06/15/10

        300,000      308,241

5.13%, 03/14/16

        1,800,000      1,978,992

Landwirtschaftliche Rentenbank

        

3.25%, 03/15/13

        150,000      154,393

Landwirtschaftliche Rentenbank Series G

        

5.00%, 11/08/16

        600,000      666,162

National City Corp.

        

4.90%, 01/15/15(a)

        240,000      201,600

Royal Bank of Scotland Group PLC

        

5.00%, 10/01/14

      1,200,000    973,530

US Bank N.A.

        

4.80%, 04/15/15

      1,200,000    1,127,204

Wachovia Bank N.A.

        

4.88%, 02/01/15

      600,000    535,500

Wachovia Capital Trust III

        

5.80%, 03/15/11

      240,000    106,800

Wachovia Corp.

        

5.30%, 10/15/11

      900,000    863,363

5.50%, 05/01/13

      250,000    241,605

Wells Fargo & Co.

        

4.20%, 01/15/10

      600,000    596,782

4.38%, 01/31/13

      250,000    237,388

4.88%, 01/12/11

      2,400,000    2,364,079
         
        15,698,190

BEVERAGES—0.90%

        

Anheuser-Busch Companies Inc.

        

6.45%, 09/01/37

      240,000    192,530

Coca-Cola Enterprises Inc.

        

8.50%, 02/01/22

      180,000    194,728

Diageo Capital PLC

        

5.75%, 10/23/17

      150,000    136,278

5.88%, 09/30/36

      240,000    196,848

Pepsi Bottling Group Inc.

        

7.00%, 03/01/29

      300,000    299,674
         
        1,020,058

BIOTECHNOLOGY—0.11%

        

Genentech Inc.

        

5.25%, 07/15/35

      144,000    120,410
         
        120,410

BUILDING MATERIALS—0.43%

        

CRH America Inc.

        

5.30%, 10/15/13

      600,000    438,000

6.00%, 09/30/16

      75,000    50,250
         
        488,250

CHEMICALS—0.85%

        

Dow Chemical Co. (The)

        

6.00%, 10/01/12

      660,000    644,905

E.I. du Pont de Nemours and Co.

        

5.25%, 12/15/16

      240,000    222,050

6.00%, 07/15/18

      100,000    96,757
         
        963,712

COMMERCIAL SERVICES—0.38%

        

McKesson Corp.

        

5.70%, 03/01/17

      180,000    152,350

Western Union Co.

        

5.40%, 11/17/11

      300,000    275,114
         
        427,464

COMPUTERS—1.33%

        

International Business Machines Corp.

        

4.75%, 11/29/12

      780,000    772,103

5.70%, 09/14/17

      100,000    95,619

7.63%, 10/15/18

      600,000    643,725
         
        1,511,447

COSMETICS & PERSONAL CARE—0.16%

        

Procter & Gamble Co. (The)

        

5.55%, 03/05/37

      194,000    187,053
         
        187,053

DIVERSIFIED FINANCIAL SERVICES—19.56%

        

American Express Co.

        

6.80%, 09/01/16

      240,000    132,000

7.00%, 03/19/18

      100,000    87,521

American Express Credit Corp.

        

5.00%, 12/02/10

      840,000    787,729

American General Finance Corp.

        

5.38%, 10/01/12

      630,000    289,800

Associates Corp. of North America

        

6.95%, 11/01/18

      900,000    846,185

Bear Stearns Companies Inc. (The)

        

4.55%, 06/23/10

      240,000    235,080

5.70%, 11/15/14

      600,000    552,019

Boeing Capital Corp.

        

6.10%, 03/01/11

      420,000    426,261

CIT Group Inc.

        

5.85%, 09/15/16

      720,000    432,000

Citigroup Inc.

        

4.13%, 02/22/10

      900,000    873,180

5.50%, 04/11/13

      350,000    319,681

6.00%, 10/31/33

      900,000    659,155

Countrywide Financial Corp.

        

5.80%, 06/07/12

      360,000    338,400

Credit Suisse (USA) Inc.

        

5.38%, 03/02/16

      1,020,000    870,800

General Electric Capital Corp.

        

5.00%, 01/08/16

      1,800,000    1,640,869

6.75%, 03/15/32

      965,000    875,074

Goldman Sachs Group Inc. (The)

        

5.00%, 10/01/14

      912,000    759,793

5.25%, 10/15/13

      150,000    126,178

5.95%, 01/15/27

      600,000    398,057

6.15%, 04/01/18

      100,000    82,481

6.35%, 02/15/34

      600,000    354,000

6.75%, 10/01/37

      900,000    595,125

HSBC Finance Corp.

        

5.50%, 01/19/16

      1,500,000    1,311,800

7.00%, 05/15/12

      250,000    232,742

International Lease Finance Corp.

        

5.63%, 09/20/13

      540,000    383,400

John Deere Capital Corp.

        

7.00%, 03/15/12

      620,000    635,715

JPMorgan Chase & Co.

        

5.75%, 01/02/13

      1,620,000    1,569,424

6.00%, 01/15/18

      150,000    145,875

JPMorgan Chase Capital XV

        

5.88%, 03/15/35

      960,000    665,998

Merrill Lynch & Co. Inc.

        

5.45%, 07/15/14

      780,000    699,307

6.40%, 08/28/17

      1,080,000    992,250

6.88%, 04/25/18

      100,000    94,250

Morgan Stanley

        

4.00%, 01/15/10

      600,000    564,000

5.75%, 10/18/16

      1,320,000    1,062,600

6.63%, 04/01/18

      100,000    82,125

National Rural Utilities Cooperative Finance Corp.

        

7.25%, 03/01/12

      912,000    905,820

Rio Tinto Finance USA Ltd.

        

5.88%, 07/15/13

      480,000    375,532

6.50%, 07/15/18

      100,000    73,209

Svensk Exportkredit AB

        

4.50%, 09/27/10

      720,000    740,203
         
        22,215,638

ELECTRIC—6.65%

        

American Electric Power Co. Inc. Series C

        

5.38%, 03/15/10

      300,000    293,547

Consolidated Edison Co. of New York Inc.

        

6.30%, 08/15/37

      576,000    479,802

Constellation Energy Group Inc.

        

4.55%, 06/15/15

      456,000    358,136

Dominion Resources Inc.

        

5.15%, 07/15/15

      912,000    782,101

Duke Capital LLC

        

6.25%, 02/15/13

      456,000    433,610

Duke Energy Corp.

        

6.25%, 01/15/12

      300,000    305,209

Exelon Corp.

        

4.90%, 06/15/15

      480,000    375,095

Exelon Generation Co. LLC

        

5.35%, 01/15/14

      456,000    366,672

FirstEnergy Corp.

        

7.38%, 11/15/31

      600,000    505,545

FPL Group Capital Inc.

        

5.63%, 09/01/11

      300,000    299,911

MidAmerican Energy Holdings Co.

        

6.13%, 04/01/36

      800,000    633,724

Pacific Gas and Electric Co.

        

4.80%, 03/01/14

      1,092,000    993,076

Progress Energy Inc.

        

7.10%, 03/01/11

      912,000    911,245

Southern California Edison Co.

        

6.00%, 01/15/34

      480,000    449,946

TXU Electric Delivery Co.

        

7.00%, 09/01/22

      300,000    258,239

Virginia Electric and Power Co.

        

5.40%, 04/30/18

      125,000    111,714
         
        7,557,572

ENVIRONMENTAL CONTROL—0.08%

        

Waste Management Inc.

        

7.00%, 07/15/28

      120,000    90,868
         
        90,868

FOOD—1.68%

        

Kellogg Co. Series B

        

7.45%, 04/01/31

      360,000    379,848

Kraft Foods Inc.

        

6.00%, 02/11/13

      600,000    591,594

6.13%, 02/01/18

      150,000    135,501

Kroger Co. (The)

        

5.50%, 02/01/13

      300,000    283,090

Safeway Inc.

        

5.80%, 08/15/12

      200,000    189,873

Unilever Capital Corp.

        

5.90%, 11/15/32

      360,000    323,552
         
        1,903,458

FOREST PRODUCTS & PAPER—0.22%

        

International Paper Co.

        

7.95%, 06/15/18

      50,000    39,107

Weyerhaeuser Co.

        

7.38%, 03/15/32

      300,000    209,068
         
        248,175

HEALTH CARE - PRODUCTS—0.56%

        

Johnson & Johnson

        

5.15%, 08/15/12

      600,000    642,003
         
        642,003

HEALTH CARE - SERVICES—1.03%

        

UnitedHealth Group Inc.

        

5.80%, 03/15/36

      288,000    194,638

6.00%, 02/15/18

      100,000    83,083

WellPoint Inc.

        

5.00%, 01/15/11

      960,000    897,949
         
        1,175,670

HOUSEHOLD PRODUCTS & WARES—0.26%

        

Fortune Brands Inc.

        

5.13%, 01/15/11

      312,000    292,577
         
        292,577

INSURANCE—3.60%

        

Allstate Corp. (The)

        

5.55%, 05/09/35

      600,000    428,795

American International Group Inc.

        

5.85%, 01/16/18

      100,000    60,000

8.18%, 05/15/38(b)

      480,000    158,400

Berkshire Hathaway Finance Corp.

        

4.13%, 01/15/10

      1,020,000    1,023,105

5.40%, 05/15/18(b)

      100,000    92,604

Genworth Financial Inc.

        

6.15%, 11/15/16

      300,000    30,000

ING Capital Funding Trust III

        

8.44%, 12/31/10

      180,000    122,400

Lincoln National Corp.

        

7.00%, 05/17/16

      300,000    150,000

Marsh & McLennan Companies Inc.

        

5.15%, 09/15/10

      600,000    559,343

MetLife Inc.

        

5.00%, 06/15/15

      1,200,000    1,026,145

Prudential Financial Inc.

        

5.70%, 12/14/36

      300,000    173,357

Travelers Companies Inc. (The)

        

5.80%, 05/15/18

      300,000    268,566
         
        4,092,715

MACHINERY—1.01%

        

Caterpillar Inc.

        

5.70%, 08/15/16

      1,200,000    1,152,440
         
        1,152,440

MANUFACTURING—0.89%

        

General Electric Co.

        

5.25%, 12/06/17

      1,110,000    1,008,917
         
        1,008,917

MEDIA—5.11%

        

AOL Time Warner Inc.

        

6.88%, 05/01/12

      480,000    436,994

Comcast Cable Communications Holdings Inc.

        

8.38%, 03/15/13

      912,000    908,330

Comcast Corp.

        

6.45%, 03/15/37

      600,000    465,879

6.95%, 08/15/37

      100,000    81,980

Cox Communications Inc.

        

4.63%, 01/15/10

      480,000    458,287

News America Inc.

        

5.30%, 12/15/14

      912,000    787,688

6.65%, 11/15/37

      100,000    77,088

Time Warner Cable Inc.

        

6.55%, 05/01/37

      540,000    415,690

Time Warner Inc.

        

7.70%, 05/01/32

      675,000    580,615

Viacom Inc.

        

6.25%, 04/30/16(a)

      300,000    246,042

7.88%, 07/30/30

      600,000    401,583

Walt Disney Co. (The)

        

6.38%, 03/01/12

      912,000    949,575
         
        5,809,751

MINING—1.29%

        

Alcoa Inc.

        

5.55%, 02/01/17

      180,000    131,452

5.95%, 02/01/37

      180,000    111,640

BHP Billiton Finance (USA) Ltd.

        

4.80%, 04/15/13

      912,000    842,864

Vale Overseas Ltd.

        

6.25%, 01/23/17

      420,000    374,850
         
        1,460,806

MULTI-NATIONAL—3.03%

        

European Investment Bank

        

2.63%, 05/16/11

      250,000    251,745

5.13%, 05/30/17

      1,800,000    1,996,938

Inter-American Development Bank

        

4.38%, 09/20/12

      200,000    209,912

5.13%, 09/13/16

      900,000    986,769
         
        3,445,364

OFFICE & BUSINESS EQUIPMENT—0.45%

        

Xerox Corp.

        

6.88%, 08/15/11

      600,000    511,666
         
        511,666

OIL & GAS—4.37%

        

Amerada Hess Corp.

        

7.13%, 03/15/33

      144,000    117,404

Anadarko Petroleum Corp.

        

5.95%, 09/15/16

      600,000    524,674

6.45%, 09/15/36

      100,000    76,474

Apache Corp.

        

5.25%, 04/15/13

      300,000    295,582

Canadian Natural Resources Ltd.

        

6.25%, 03/15/38

      180,000    136,351

ConocoPhillips Holding Co.

        

6.95%, 04/15/29

      1,450,000    1,380,442

Devon Energy Corp.

        

7.95%, 04/15/32

      600,000    596,213

EnCana Corp.

        

6.50%, 02/01/38

      360,000    273,225

Enterprise Products Operating LP

        

5.60%, 10/15/14

      660,000    560,436

Nexen Inc.

        

6.40%, 05/15/37

      180,000    130,012

Pemex Project Funding Master Trust

        

6.63%, 06/15/35

      600,000    450,750

Transocean Inc.

        

6.00%, 03/15/18

      50,000    44,558

Valero Energy Corp.

        

6.63%, 06/15/37

      50,000    37,837

7.50%, 04/15/32

      300,000    243,803

XTO Energy Inc.

        

6.10%, 04/01/36

      120,000    90,504
         
        4,958,265

OIL & GAS SERVICES—0.14%

        

Weatherford International Inc.

        

6.35%, 06/15/17

      180,000    155,289
         
        155,289

PHARMACEUTICALS—3.02%

        

Abbott Laboratories

        

5.88%, 05/15/16

      300,000    305,754

AmerisourceBergen Corp.

        

5.88%, 09/15/15

      300,000    250,980

AstraZeneca PLC

        

5.90%, 09/15/17

      480,000    474,879

Bristol-Myers Squibb Co.

        

5.88%, 11/15/36

      300,000    268,599

Eli Lilly and Co.

        

5.55%, 03/15/37

      240,000    211,798

GlaxoSmithKline Capital Inc.

        

6.38%, 05/15/38

      720,000    684,861

Teva Pharmaceutical Finance LLC

        

6.15%, 02/01/36

      300,000    259,167

Wyeth

        

5.50%, 02/01/14

      912,000    881,842

5.95%, 04/01/37

      100,000    89,843
         
        3,427,723

PIPELINES—1.12%

        

Kinder Morgan Energy Partners LP

        

5.95%, 02/15/18

      150,000    122,099

6.50%, 02/01/37

      420,000    296,742

6.75%, 03/15/11

      180,000    176,692

ONEOK Partners LP

        

6.65%, 10/01/36

      180,000    129,931

Southern Natural Gas Co.

        

5.90%, 04/01/17(b)

      240,000    185,689

TransCanada PipeLines Ltd.

        

6.20%, 10/15/37

      480,000    361,446
         
        1,272,599

REAL ESTATE—0.28%

        

ERP Operating LP

        

5.75%, 06/15/17

      480,000    316,800
         
        316,800

REAL ESTATE INVESTMENT TRUSTS—0.32%

        

ProLogis

        

5.63%, 11/15/16

      300,000    105,000

Simon Property Group LP

        

5.10%, 06/15/15

      300,000    195,630

6.13%, 05/30/18

      100,000    62,489
         
        363,119

RETAIL—2.93%

        

Costco Wholesale Corp.

        

5.50%, 03/15/17

      240,000    232,887

CVS Caremark Corp.

        

6.13%, 08/15/16

      180,000    158,882

6.25%, 06/01/27

      225,000    173,750

Federated Retail Holdings Inc.

        

5.90%, 12/01/16

      600,000    324,000

Home Depot Inc.

        

5.40%, 03/01/16

      600,000    463,659

McDonald’s Corp.

        

5.35%, 03/01/18

      50,000    47,351

Target Corp.

        

6.35%, 11/01/32

      480,000    353,671

Wal-Mart Stores Inc.

        

4.55%, 05/01/13

      1,200,000    1,227,277

5.25%, 09/01/35(a)

      300,000    247,504

6.50%, 08/15/37

      100,000    97,344
         
        3,326,325

SOFTWARE—0.49%

        

Oracle Corp.

        

5.25%, 01/15/16

      600,000    554,293
         
        554,293

TELECOMMUNICATIONS—8.54%

        

AT&T Inc.

        

4.95%, 01/15/13

      200,000    186,992

6.30%, 01/15/38

      180,000    144,631

AT&T Wireless Services Inc.

        

7.88%, 03/01/11

      1,450,000    1,467,271

BellSouth Corp.

        

6.00%, 11/15/34(a)

      600,000    455,957

British Telecom PLC

        

9.13%, 12/15/30

      240,000    226,304

Cisco Systems Inc.

        

5.50%, 02/22/16

      312,000    302,811

Deutsche Telekom International Finance AG

        

8.50%, 06/15/10

      780,000    780,591

8.75%, 06/15/30

      180,000    169,912

France Telecom SA

        

8.50%, 03/01/31

      600,000    599,348

Qwest Corp.

        

6.88%, 09/15/33

      60,000    36,000

8.88%, 03/15/12

      240,000    198,000

Rogers Wireless Inc.

        

6.38%, 03/01/14

      180,000    167,218

SBC Communications Inc.

        

5.88%, 02/01/12

      1,200,000    1,174,275

Telecom Italia Capital SA

        

4.00%, 01/15/10

      1,040,000    915,200

Telefonica Europe BV

        

7.75%, 09/15/10

      200,000    198,519

8.25%, 09/15/30

      600,000    564,877

Verizon Communications Inc.

        

5.55%, 02/15/16

      600,000    520,385

6.10%, 04/15/18

      100,000    87,286

Verizon Global Funding Corp.

        

7.25%, 12/01/10

      900,000    913,445

Vodafone Group PLC

        

5.00%, 12/16/13

      200,000    177,526

5.75%, 03/15/16

      480,000    413,824
         
        9,700,372

TEXTILES—0.40%

        

Mohawk Industries Inc.

        

6.13%, 01/15/16

      600,000    455,167
         
        455,167

TRANSPORTATION—0.94%

        

Burlington Northern Santa Fe Corp.

        

6.15%, 05/01/37

      420,000    342,894

CSX Corp.

        

6.75%, 03/15/11

      600,000    585,919

Norfolk Southern Corp.

        

7.05%, 05/01/37

      144,000    133,894
         
        1,062,707
         

TOTAL CORPORATE BONDS & NOTES

        

(Cost: $108,447,761)

         99,432,519

Security

     Principal    Value

FOREIGN GOVERNMENT BONDS & NOTES(c)—6.76%

        

Brazil (Federative Republic of)

        

7.13%, 01/20/37

      125,000    117,813

8.00%, 01/15/18

      480,000    490,800

11.00%, 08/17/15

      744,000    870,480

Hydro-Quebec

        

8.05%, 07/07/24

      984,000    1,331,138

Italy (Republic of)

        

6.00%, 02/22/11

      1,500,000    1,608,060

Ontario (Province of)

        

2.75%, 02/22/11

      200,000    199,426

Quebec (Province of)

        

5.00%, 03/01/16

      600,000    639,083

5.13%, 11/14/16

      125,000    134,878

7.50%, 09/15/29

      600,000    815,548

United Mexican States

        

6.38%, 01/16/13

      912,000    912,000

7.50%, 04/08/33

      600,000    564,000
         

TOTAL FOREIGN GOVERNMENT BONDS & NOTES

        

(Cost: $7,745,811)

         7,683,226

Security

     Principal    Value

MUNICIPAL DEBT OBLIGATIONS—0.99%

        

ILLINOIS—0.99%

        

Illinois State

        

5.10%, 06/01/33

      1,285,000    1,120,276
         
        1,120,276
         

TOTAL MUNICIPAL DEBT OBLIGATIONS

        

(Cost: $1,181,393)

         1,120,276

Security

      Shares    Value

SHORT-TERM INVESTMENTS—3.10%

        

MONEY MARKET FUNDS—3.10%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(d)(e)

      2,702,524      2,702,524

BGI Cash Premier Fund LLC

        

1.90%(d)(e)(f)

      817,170      817,170
           
          3,519,694
           

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $3,519,694)

           3,519,694
           

TOTAL INVESTMENTS IN SECURITIES—98.40%

        

(Cost: $120,894,659)

           111,755,715

Other Assets, Less Liabilities—1.60%

           1,815,462
           

NET ASSETS—100.00%

        $ 113,571,177
           

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
(c) Investments are denominated in U.S. dollars.
(d) Affiliated issuer. See Note 2.
(e) The rate quoted is the annualized seven-day yield of the fund at period end.
(f) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS GOVERNMENT/CREDIT BOND FUND

November 30, 2008

 

Security

      Principal    Value

CORPORATE BONDS & NOTES—35.82%

        

AEROSPACE & DEFENSE—0.19%

        

Lockheed Martin Corp.

        

6.15%, 09/01/36

      $ 90,000    $ 84,229

United Technologies Corp.

        

6.05%, 06/01/36

        90,000      85,296
           
          169,525

AGRICULTURE—0.07%

        

Archer-Daniels-Midland Co.

        

5.38%, 09/15/35

        54,000      38,176

Reynolds American Inc.

        

7.25%, 06/15/37

        45,000      28,379
           
          66,555

AUTO MANUFACTURERS—0.30%

        

DaimlerChrysler North America Holding Corp.

        

6.50%, 11/15/13

        360,000      271,800
           
          271,800

BANKS—4.88%

        

BAC Capital Trust XI

        

6.63%, 05/23/36

        180,000      144,182

Bank of America Corp.

        

4.50%, 08/01/10

        711,000      700,418

4.88%, 01/15/13

        180,000      169,539

Capital One Financial Corp.

        

5.70%, 09/15/11

        180,000      162,000

Deutsche Bank AG London

        

6.00%, 09/01/17

        180,000      168,830

HSBC Holdings PLC

        

6.50%, 05/02/36

        180,000      146,643

KfW

        

4.25%, 06/15/10

        90,000      92,472

5.13%, 03/14/16

        540,000      593,698

Landwirtschaftliche Rentenbank Series G

        

5.00%, 11/08/16

        180,000      199,849

Royal Bank of Scotland Group PLC

        

5.00%, 10/01/14

        360,000      292,059

US Bank N.A.

        

4.80%, 04/15/15

        360,000      338,161

Wachovia Corp.

        

5.30%, 10/15/11

        270,000      259,009

5.75%, 06/15/17

        450,000      416,250

Wells Fargo & Co.

        

4.88%, 01/12/11

        711,000      700,359
           
          4,383,469

BEVERAGES—0.48%

        

Coca-Cola Co. (The)

        

5.35%, 11/15/17

        225,000      224,097

Coca-Cola Enterprises Inc.

        

8.50%, 02/01/22

      54,000    58,418

Diageo Capital PLC

        

5.88%, 09/30/36

      72,000    59,054

Pepsi Bottling Group Inc.

        

7.00%, 03/01/29

      90,000    89,902
         
        431,471

BUILDING MATERIALS—0.15%

        

CRH America Inc.

        

5.30%, 10/15/13

      180,000    131,400
         
        131,400

CHEMICALS—0.47%

        

Dow Chemical Co. (The)

        

6.00%, 10/01/12

      360,000    351,767

E.I. du Pont de Nemours and Co.

        

5.25%, 12/15/16

      72,000    66,615
         
        418,382

COMMERCIAL SERVICES—0.14%

        

McKesson Corp.

        

5.70%, 03/01/17

      54,000    45,705

Western Union Co.

        

5.40%, 11/17/11

      90,000    82,534
         
        128,239

COMPUTERS—0.20%

        

International Business Machines Corp.

        

4.75%, 11/29/12

      180,000    178,178
         
        178,178

COSMETICS & PERSONAL CARE—0.05%

        

Procter & Gamble Co. (The)

        

5.55%, 03/05/37

      45,000    43,389
         
        43,389

DIVERSIFIED FINANCIAL SERVICES—7.42%

        

American Express Co.

        

6.80%, 09/01/16

      72,000    39,600

8.15%, 03/19/38

      270,000    242,360

American General Finance Corp.

        

5.38%, 10/01/12

      360,000    165,600

Associates Corp. of North America

        

6.95%, 11/01/18

      270,000    253,856

Bear Stearns Companies Inc. (The)

        

5.70%, 11/15/14

      180,000    165,606

CIT Group Inc.

        

5.40%, 02/13/12

      270,000    172,800

Citigroup Inc.

        

4.13%, 02/22/10

      360,000    349,272

6.00%, 10/31/33

      180,000    131,831

Countrywide Financial Corp.

        

5.80%, 06/07/12

      90,000    84,600

Credit Suisse (USA) Inc.

        

5.38%, 03/02/16

      198,000    169,038

General Electric Capital Corp.

        

5.63%, 09/15/17

      270,000    245,791

5.88%, 01/14/38

      180,000    147,199

6.75%, 03/15/32

      252,000    228,517

Goldman Sachs Group Inc. (The)

        

5.00%, 10/01/14

      261,000    217,441

6.35%, 02/15/34

      180,000    106,200

6.75%, 10/01/37

      540,000    357,075

6.88%, 01/15/11

      540,000    519,366

HSBC Finance Corp.

        

5.50%, 01/19/16

      450,000    393,540

International Lease Finance Corp.

        

5.63%, 09/20/13

      153,000    108,630

John Deere Capital Corp.

        

7.00%, 03/15/12

      135,000    138,422

JPMorgan Chase & Co.

        

5.38%, 10/01/12

      270,000    265,331

5.75%, 01/02/13

      270,000    261,571

JPMorgan Chase Capital XV

        

5.88%, 03/15/35

      405,000    280,968

Merrill Lynch & Co. Inc.

        

6.05%, 08/15/12

      180,000    172,320

6.40%, 08/28/17

      270,000    248,062

Morgan Stanley

        

5.05%, 01/21/11

      180,000    162,000

5.75%, 10/18/16

      495,000    398,475

National Rural Utilities Cooperative Finance Corp.

        

7.25%, 03/01/12

      261,000    259,231

SLM Corp.

        

5.38%, 05/15/14

      180,000    120,600

Toyota Motor Credit Corp.

        

4.25%, 03/15/10

      261,000    265,596
         
        6,670,898

ELECTRIC—3.07%

        

Consolidated Edison Co. of New York Inc.

        

5.85%, 04/01/18

      1,035,000    957,202

Constellation Energy Group Inc.

        

4.55%, 06/15/15

      135,000    106,027

Dominion Resources Inc.

        

5.15%, 07/15/15

      261,000    223,825

Duke Capital LLC

        

6.25%, 02/15/13

      135,000    128,371

Duke Energy Corp.

        

6.25%, 01/15/12

      90,000    91,563

Exelon Corp.

        

4.90%, 06/15/15

      144,000    112,528

Exelon Generation Co. LLC

        

5.35%, 01/15/14

      135,000    108,554

FirstEnergy Corp.

        

7.38%, 11/15/31

      180,000    151,664

FPL Group Capital Inc.

        

5.63%, 09/01/11

      90,000    89,973

MidAmerican Energy Holdings Co.

        

6.13%, 04/01/36

      180,000    142,588

Pacific Gas and Electric Co.

        

4.80%, 03/01/14

      162,000    147,324

Progress Energy Inc.

        

7.10%, 03/01/11

      261,000    260,784

PSEG Power LLC

        

8.63%, 04/15/31

      54,000    47,363

Southern California Edison Co.

        

6.00%, 01/15/34

      126,000    118,111

TXU Electric Delivery Co.

        

7.00%, 09/01/22

      90,000    77,472
         
        2,763,349

ENVIRONMENTAL CONTROL—0.03%

        

Waste Management Inc.

        

7.00%, 07/15/28

      36,000    27,260
         
        27,260

FOOD—0.47%        

Kraft Foods Inc.

        

6.25%, 06/01/12

      180,000    179,260

Kroger Co. (The)

        

5.50%, 02/01/13

      90,000    84,927

Unilever Capital Corp.

        

5.90%, 11/15/32

      180,000    161,776
         
        425,963

FOREST PRODUCTS & PAPER—0.14%

        

Weyerhaeuser Co.

        

7.38%, 03/15/32

      180,000    125,441
         
        125,441

GAS—0.04%

        

ONEOK Inc.

        

6.00%, 06/15/35

      54,000    35,765
         
        35,765

HEALTH CARE - SERVICES—0.33%

        

UnitedHealth Group Inc.

        

5.80%, 03/15/36

      45,000    30,412

WellPoint Inc.

        

5.00%, 01/15/11

      288,000    269,385
         
        299,797

HOUSEHOLD PRODUCTS & WARES—0.34%

        

Fortune Brands Inc.

        

5.13%, 01/15/11

      90,000    84,397

Kimberly-Clark Corp.

        

6.13%, 08/01/17

      225,000    222,278
         
        306,675

INSURANCE—0.99%

        

Allstate Corp. (The)

        

5.55%, 05/09/35

      180,000    128,638

Berkshire Hathaway Finance Corp.

        

4.85%, 01/15/15

      180,000    167,705

Genworth Financial Inc.

        

6.15%, 11/15/16

      180,000    18,000

Lincoln National Corp.

        

7.00%, 05/17/16

      90,000    45,000

Marsh & McLennan Companies Inc.

        

5.15%, 09/15/10

      180,000    167,803

MetLife Inc.

        

5.00%, 06/15/15

      360,000    307,843

Prudential Financial Inc.

        

5.70%, 12/14/36

      90,000    52,007
         
        886,996

MACHINERY—0.38%

        

Caterpillar Inc.

        

5.70%, 08/15/16

      360,000    345,732
         
        345,732

MANUFACTURING—0.39%

        

General Electric Co.

        

5.00%, 02/01/13

      360,000    354,889
         
        354,889

MEDIA—1.75%

        

AOL Time Warner Inc.

        

6.88%, 05/01/12

      144,000    131,098

Comcast Cable Communications Holdings Inc.

        

8.38%, 03/15/13

      261,000    259,950

Comcast Corp.

        

6.45%, 03/15/37

      180,000    139,764

Cox Communications Inc.

        

4.63%, 01/15/10

      144,000    137,486

News America Inc.

        

5.30%, 12/15/14

      261,000    225,424

Time Warner Cable Inc.

        

6.55%, 05/01/37

      72,000    55,425

Time Warner Inc.

        

7.70%, 05/01/32

      180,000    154,831

Viacom Inc.

        

6.25%, 04/30/16

      90,000    73,812

7.88%, 07/30/30

      180,000    120,475

Walt Disney Co. (The)

        

6.38%, 03/01/12

      261,000    271,753
         
        1,570,018

MINING—0.91%

        

Alcoa Inc.

        

5.55%, 02/01/17

      54,000    39,436

5.95%, 02/01/37

      54,000    33,492

BHP Billiton Finance (USA) Ltd.

        

4.80%, 04/15/13

      261,000    241,214

Freeport-McMoRan Copper & Gold Inc.

        

8.38%, 04/01/17

      540,000    380,624

Vale Overseas Ltd.

        

6.25%, 01/23/17

      135,000    120,487
         
        815,253

MULTI-NATIONAL—2.99%

        

European Investment Bank

        

2.63%, 05/16/11

      1,800,000    1,812,564

4.63%, 05/15/14(a)

      540,000    574,943

Inter-American Development Bank

        

5.13%, 09/13/16

      270,000    296,031
         
        2,683,538

OFFICE & BUSINESS EQUIPMENT—0.17%

        

Xerox Corp.

        

6.88%, 08/15/11

      180,000    153,500
         
        153,500

OIL & GAS—1.52%

        

Amerada Hess Corp.

        

7.13%, 03/15/33

      45,000    36,689

Anadarko Petroleum Corp.

        

5.95%, 09/15/16

      180,000    157,402

Apache Corp.

        

5.25%, 04/15/13

      90,000    88,675

Canadian Natural Resources Ltd.

        

6.25%, 03/15/38

      54,000    40,905

ConocoPhillips Holding Co.

        

6.95%, 04/15/29

      360,000    342,730

Devon Energy Corp.

        

7.95%, 04/15/32

      180,000    178,864

Enterprise Products Operating LP

        

5.60%, 10/15/14

      198,000    168,131

Pemex Project Funding Master Trust

        

6.63%, 06/15/35

      180,000    135,225

Valero Energy Corp.

        

7.50%, 04/15/32

      90,000    73,141

XTO Energy Inc.

        

6.38%, 06/15/38

      180,000    140,278
         
        1,362,040

PHARMACEUTICALS—2.00%

        

Abbott Laboratories

        

5.60%, 05/15/11

      225,000    234,497

5.88%, 05/15/16

      90,000    91,726

AmerisourceBergen Corp.

        

5.88%, 09/15/15

      90,000    75,294

AstraZeneca PLC

        

5.40%, 09/15/12

      180,000    184,107

Bristol-Myers Squibb Co.

        

5.88%, 11/15/36

      90,000    80,580

Eli Lilly and Co.

        

5.55%, 03/15/37

      72,000    63,540

GlaxoSmithKline Capital Inc.

        

5.65%, 05/15/18

      765,000    740,154

Teva Pharmaceutical Finance LLC

        

6.15%, 02/01/36

      90,000    77,750

Wyeth

        

5.50%, 02/01/14

      261,000    252,369
         
        1,800,017

PIPELINES—0.15%

        

Kinder Morgan Energy Partners LP

        

6.50%, 02/01/37

      126,000    89,023

6.75%, 03/15/11

      45,000    44,173
         
        133,196

REAL ESTATE INVESTMENT TRUSTS—0.44%

        

ProLogis

        

5.63%, 11/15/16

      90,000    31,500

Simon Property Group LP

        

5.60%, 09/01/11

      450,000    360,747
         
        392,247

RETAIL—1.56%

        

Costco Wholesale Corp.

        

5.50%, 03/15/17

      72,000    69,866

CVS Caremark Corp.

        

6.13%, 08/15/16

      54,000    47,665

Federated Retail Holdings Inc.

        

5.90%, 12/01/16

      180,000    97,200

Home Depot Inc.

        

5.40%, 03/01/16

      180,000    139,098

5.88%, 12/16/36

      225,000    143,849

Target Corp.

        

7.00%, 01/15/38(a)

      270,000    212,125

Wal-Mart Stores Inc.

        

4.55%, 05/01/13

      675,000    690,343
         
        1,400,146

SOFTWARE—0.18%

        

Oracle Corp.

        

5.25%, 01/15/16

      180,000    166,288
         
        166,288

TELECOMMUNICATIONS—3.06%

        

AT&T Wireless Services Inc.

        

7.88%, 03/01/11

      360,000    364,288

BellSouth Corp.

        

6.00%, 11/15/34

      180,000    136,787

British Telecom PLC

        

9.13%, 12/15/30

      72,000    67,891

Cisco Systems Inc.

        

5.50%, 02/22/16

      90,000    87,349

Deutsche Telekom International Finance AG

        

8.50%, 06/15/10

      225,000    225,171

8.75%, 06/15/30

      54,000    50,974

Embarq Corp.

        

7.08%, 06/01/16

      180,000    131,400

France Telecom SA

        

8.50%, 03/01/31

      180,000    179,804

Qwest Corp.

        

6.88%, 09/15/33

      27,000    16,200

8.88%, 03/15/12

      72,000    59,400

Rogers Wireless Inc.

        

6.38%, 03/01/14

      54,000    50,165

SBC Communications Inc.

        

5.88%, 02/01/12

      360,000    352,283

Telecom Italia Capital SA

        

4.00%, 01/15/10

      360,000    316,800

Telefonica Europe BV

        

8.25%, 09/15/30

      180,000    169,463

Verizon Communications Inc.

        

5.55%, 02/15/16

      180,000    156,115

Verizon Global Funding Corp.

        

7.25%, 12/01/10

      261,000    264,899

Vodafone Group PLC

        

5.75%, 03/15/16

      144,000    124,147
         
        2,753,136

TEXTILES—0.15%

        

Mohawk Industries Inc.

        

6.13%, 01/15/16

      180,000    136,550
         
        136,550

TRANSPORTATION—0.41%

        

Burlington Northern Santa Fe Corp.

        

6.15%, 05/01/37

      180,000    146,954

CSX Corp.

        

6.75%, 03/15/11

      180,000    175,776

Norfolk Southern Corp.

        

7.05%, 05/01/37

      45,000    41,842
         
        364,572
         

TOTAL CORPORATE BONDS & NOTES

        

(Cost: $36,116,030)

         32,195,674

Security

     Principal    Value

FOREIGN GOVERNMENT BONDS & NOTES(b)—3.10%

        

Brazil (Federative Republic of)

        

8.00%, 01/15/18

      765,000    782,212

Italy (Republic of)

        

6.00%, 02/22/11

      900,000    964,836

Quebec (Province of)

        

5.00%, 03/01/16

      180,000    191,725

7.50%, 09/15/29

      180,000    244,665

United Mexican States

        

6.38%, 01/16/13

      261,000    261,000

7.50%, 04/08/33

      360,000    338,400
         

TOTAL FOREIGN GOVERNMENT BONDS & NOTES

        

(Cost: $2,871,545)

         2,782,838

Security

     Principal    Value

MUNICIPAL DEBT OBLIGATIONS—0.35%

        

ILLINOIS—0.35%

        

Illinois State

        

5.10%, 06/01/33

      360,000    313,852
         
        313,852
         

TOTAL MUNICIPAL DEBT OBLIGATIONS

        

(Cost: $340,250)

         313,852

Security

     Principal    Value

U.S. GOVERNMENT & AGENCY OBLIGATIONS—58.99%

        

U.S. GOVERNMENT AGENCY OBLIGATIONS—18.37%

        

Federal Home Loan Mortgage Corp.

        

4.50%, 01/15/13(a)

      900,000    951,676

4.50%, 01/15/15

      1,125,000    1,182,027

6.25%, 07/15/32(a)

      957,000    1,183,120

Federal National Mortgage Association

        

5.00%, 04/15/15(a)

      1,260,000    1,356,318

7.25%, 01/15/10(a)

      11,196,000    11,839,665
         
        16,512,806

U.S. GOVERNMENT OBLIGATIONS—40.62%

        

U.S. Treasury Bonds

        

4.38%, 02/15/38

      360,000    416,682

7.63%, 02/15/25

      6,309,000    9,478,642

8.13%, 08/15/19(a)

      1,350,000    1,891,714

U.S. Treasury Notes

        

1.25%, 11/30/10

      9,495,000    9,540,290

4.63%, 12/31/11

      4,206,000    4,627,946

4.63%, 11/15/16(a)

      6,066,000    6,864,225

4.75%, 05/15/14(a)

      3,222,000    3,696,601
         
        36,516,100
         

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS

        

(Cost: $50,147,486)

         53,028,906

Security

      Shares    Value  

SHORT-TERM INVESTMENTS—27.96%

        

MONEY MARKET FUNDS—27.96%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(c)(d)

      712,101      712,101  

BGI Cash Premier Fund LLC

        

1.90%(c)(d)(e)

      24,421,525      24,421,525  
             
          25,133,626  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $25,133,626)

           25,133,626  
             

TOTAL INVESTMENTS IN SECURITIES—126.22%

        

(Cost: $114,608,937)

           113,454,896  

Other Assets, Less Liabilities—(26.22)%

           (23,568,231 )
             

NET ASSETS—100.00%

        $ 89,886,665  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Investments are denominated in U.S. dollars.
(c) Affiliated issuer. See Note 2.
(d) The rate quoted is the annualized seven-day yield of the fund at period end.
(e) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS INTERMEDIATE CREDIT BOND FUND

November 30, 2008

 

Security

      Principal    Value

CORPORATE BONDS & NOTES—88.06%

        

AGRICULTURE—0.65%

        

Philip Morris International Inc.

        

5.65%, 05/16/18

      $ 1,750,000    $ 1,538,069

Reynolds American Inc.

        

6.75%, 06/15/17

        700,000      525,942
           
          2,064,011

AUTO MANUFACTURERS—0.42%

        

DaimlerChrysler North America Holding Corp.

        

6.50%, 11/15/13

        1,750,000      1,321,250
           
          1,321,250

BANKS—17.10%

        

American Express Bank FSB

        

5.55%, 10/17/12

        2,625,000      2,335,036

Bank of America Corp.

        

4.50%, 08/01/10

        4,165,000      4,103,009

4.88%, 01/15/13

        6,125,000      5,769,034

Bank of New York Mellon Corp. (The)

        

4.95%, 11/01/12

        1,750,000      1,738,698

Capital One Financial Corp.

        

5.70%, 09/15/11

        1,750,000      1,574,996

Deutsche Bank AG London

        

6.00%, 09/01/17

        2,625,000      2,462,104

JPMorgan Chase Bank N.A.

        

6.00%, 10/01/17

        875,000      813,793

KfW

        

4.25%, 06/15/10

        10,500,000      10,788,435

Landwirtschaftliche Rentenbank Series G

        

5.00%, 11/08/16

        3,150,000      3,497,350

National City Corp.

        

4.90%, 01/15/15(a)

        700,000      588,000

Oesterreichische Kontrollbank AG

        

4.75%, 10/16/12

        1,750,000      1,854,213

Royal Bank of Scotland Group PLC

        

5.00%, 10/01/14

        1,750,000      1,419,732

UBS AG Stamford

        

5.88%, 12/20/17

        1,750,000      1,517,975

US Bank N.A.

        

4.80%, 04/15/15

        3,500,000      3,287,679

Wachovia Bank N.A.

        

4.88%, 02/01/15

        3,500,000      3,123,750

Wachovia Corp.

        

5.30%, 10/15/11

        1,750,000      1,678,760

Wells Fargo & Co.

        

4.88%, 01/12/11

        7,525,000      7,412,377
           
          53,964,941

BEVERAGES—1.64%

        

Anheuser-Busch Companies Inc.

        

5.50%, 01/15/18

        1,400,000      1,179,740

Bottling Group LLC

        

5.50%, 04/01/16

      700,000    653,543

Diageo Finance BV

        

5.30%, 10/28/15

      1,750,000    1,588,498

PepsiCo Inc.

        

4.65%, 02/15/13(a)

      1,750,000    1,760,988
         
        5,182,769

BUILDING MATERIALS—0.40%

        

CRH America Inc.

        

5.30%, 10/15/13

      875,000    638,750

Masco Corp.

        

6.13%, 10/03/16

      875,000    626,864
         
        1,265,614

CHEMICALS—1.05%

        

Dow Chemical Co. (The)

        

6.00%, 10/01/12

      700,000    683,991

E.I. du Pont de Nemours and Co.

        

4.13%, 04/30/10

      875,000    871,212

5.00%, 01/15/13

      875,000    872,283

Praxair Inc.

        

5.25%, 11/15/14

      875,000    886,895
         
        3,314,381

COMMERCIAL SERVICES—0.63%

        

McKesson Corp.

        

5.70%, 03/01/17

      875,000    740,592

R.R. Donnelley & Sons Co.

        

6.13%, 01/15/17

      875,000    608,236

Western Union Co.

        

5.40%, 11/17/11

      700,000    641,932
         
        1,990,760

COMPUTERS—1.08%

        

International Business Machines Corp.

        

4.75%, 11/29/12

      1,750,000    1,732,282

7.63%, 10/15/18

      1,575,000    1,689,779
         
        3,422,061

DIVERSIFIED FINANCIAL SERVICES—20.88%

        

American Express Co.

        

4.88%, 07/15/13

      875,000    741,350

6.80%, 09/01/16

      700,000    385,000

Bear Stearns Companies Inc. (The)

        

4.55%, 06/23/10

      875,000    857,063

5.70%, 11/15/14

      1,750,000    1,610,056

7.25%, 02/01/18

      875,000    892,058

Boeing Capital Corp.

        

6.10%, 03/01/11

      1,225,000    1,243,260

CIT Group Inc.

        

5.85%, 09/15/16

      1,925,000    1,155,000

Citigroup Inc.

        

5.50%, 04/11/13

      4,550,000    4,155,851

6.13%, 11/21/17

      3,150,000    2,856,048

Countrywide Financial Corp.

        

5.80%, 06/07/12

      1,050,000    987,000

Credit Suisse (Guernsey) Ltd.

        

5.86%, 05/15/17(a)

      875,000    455,000

Credit Suisse (USA) Inc.

        

5.38%, 03/02/16

      2,625,000    2,241,030

General Electric Capital Corp.

        

5.00%, 01/08/16

      5,250,000    4,785,869

Goldman Sachs Group Inc. (The)

        

5.00%, 10/01/14

      3,500,000    2,915,873

6.15%, 04/01/18

      4,550,000    3,752,872

Household Finance Corp.

        

6.38%, 11/27/12

      1,750,000    1,578,122

HSBC Finance Corp.

        

5.50%, 01/19/16

      5,250,000    4,591,301

International Lease Finance Corp.

        

6.38%, 03/25/13(a)

      2,450,000    1,764,000

John Deere Capital Corp.

        

7.00%, 03/15/12

      700,000    717,743

JPMorgan Chase & Co.

        

5.75%, 01/02/13

      7,000,000    6,781,461

Merrill Lynch & Co. Inc.

        

5.45%, 07/15/14

      3,500,000    3,137,918

6.88%, 04/25/18

      2,275,000    2,144,187

Morgan Stanley

        

4.75%, 04/01/14

      2,800,000    2,002,000

5.75%, 10/18/16

      1,225,000    986,125

6.63%, 04/01/18

      1,750,000    1,437,187

6.75%, 04/15/11

      2,450,000    2,278,500

National Rural Utilities Cooperative Finance Corp.

        

7.25%, 03/01/12

      1,750,000    1,738,141

Rio Tinto Finance USA Ltd.

        

6.50%, 07/15/18

      2,800,000    2,049,845

SLM Corp.

        

5.00%, 10/01/13

      1,575,000    1,149,750

Svensk Exportkredit AB

        

4.50%, 09/27/10

      2,625,000    2,698,657

Toyota Motor Credit Corp.

        

4.25%, 03/15/10

      1,750,000    1,780,818
         
        65,869,085

ELECTRIC—5.41%

        

Constellation Energy Group Inc.

        

4.55%, 06/15/15

      1,750,000    1,374,425

Dominion Resources Inc.

        

5.15%, 07/15/15

      2,100,000    1,800,891

Duke Capital LLC

        

6.25%, 02/15/13

      1,750,000    1,664,073

Duke Energy Corp.

        

6.25%, 01/15/12

      700,000    712,155

Exelon Corp.

        

4.90%, 06/15/15

      1,750,000    1,367,533

Exelon Generation Co. LLC

        

5.35%, 01/15/14

      1,750,000    1,407,182

Florida Power Corp.

        

5.65%, 06/15/18

      1,750,000    1,711,314

MidAmerican Energy Holdings Co.

        

5.75%, 04/01/18

      1,750,000    1,578,750

National Grid PLC

        

6.30%, 08/01/16

      1,750,000    1,633,172

Pacific Gas and Electric Co.

        

4.80%, 03/01/14

      3,500,000    3,182,937

TXU Electric Delivery Co.

        

6.38%, 01/15/15

      700,000    647,071
         
        17,079,503

 

ELECTRONICS—0.34%

        

Koninklijke Philips Electronics NV

        

5.75%, 03/11/18

      1,225,000    1,086,612
         
        1,086,612

FOOD—1.60%

        

General Mills Inc.

        

6.00%, 02/15/12

      700,000    702,290

Kraft Foods Inc.

        

6.00%, 02/11/13

      2,450,000    2,415,677

Kroger Co. (The)

        

6.80%, 04/01/11

      875,000    873,349

Sara Lee Corp.

        

6.25%, 09/15/11

      525,000    502,571

Unilever Capital Corp.

        

7.13%, 11/01/10

      525,000    558,034
         
        5,051,921

FOREST PRODUCTS & PAPER—0.24%

        

Weyerhaeuser Co.

        

6.75%, 03/15/12

      875,000    745,904
         
        745,904

HEALTH CARE - PRODUCTS—0.42%

        

Johnson & Johnson

        

5.15%, 08/15/12

      1,225,000    1,310,757
         
        1,310,757

HEALTH CARE - SERVICES—0.70%

        

UnitedHealth Group Inc.

        

4.88%, 03/15/15

      700,000    575,060

WellPoint Inc.

        

5.00%, 01/15/11

      1,750,000    1,636,886
         
        2,211,946

HOLDING COMPANIES - DIVERSIFIED—0.04%

        

Capmark Financial Group Inc.

        

6.30%, 05/10/17

      420,000    111,300
         
        111,300

HOUSEHOLD PRODUCTS & WARES—0.52%

        

Fortune Brands Inc.

        

5.13%, 01/15/11

      1,750,000    1,641,056
         
        1,641,056

INSURANCE—3.01%

        

Allstate Corp. (The)

        

5.00%, 08/15/14

      875,000    776,470

American International Group Inc.

        

5.60%, 10/18/16

      2,975,000    1,725,500

Berkshire Hathaway Finance Corp.

        

4.85%, 01/15/15

      1,400,000    1,304,371

Genworth Financial Inc.

        

6.15%, 11/15/16

      1,750,000    175,000

ING Capital Funding Trust III

        

8.44%, 12/31/10

      1,225,000    833,000

Lincoln National Corp.

        

7.00%, 05/17/16

      875,000    437,500

Marsh & McLennan Companies Inc.

        

5.15%, 09/15/10

      1,750,000    1,631,417

MetLife Inc.

        

5.00%, 06/15/15

      1,750,000    1,496,461

Prudential Financial Inc.

        

5.10%, 12/14/11

      1,050,000    842,631

XL Capital Ltd. Series E

        

6.50%, 04/15/17

      875,000    262,500
         
        9,484,850

LODGING—0.13%

        

Marriott International Inc. Series J

        

5.63%, 02/15/13

      525,000    400,402
         
        400,402

MACHINERY—0.80%

        

Caterpillar Inc.

        

5.70%, 08/15/16

      2,625,000    2,520,962
         
        2,520,962

MANUFACTURING—0.44%

        

General Electric Co.

        

5.00%, 02/01/13

      1,400,000    1,380,126
         
        1,380,126

MEDIA—3.96%

        

AOL Time Warner Inc.

        

6.88%, 05/01/12

      1,750,000    1,593,209

Comcast Cable Communications Holdings Inc.

        

8.38%, 03/15/13

      3,500,000    3,485,916

Cox Communications Inc.

        

4.63%, 01/15/10

      1,750,000    1,670,837

News America Inc.

        

5.30%, 12/15/14

      1,750,000    1,511,463

Time Warner Cable Inc.

        

5.40%, 07/02/12

      700,000    637,413

5.85%, 05/01/17

      700,000    597,274

Viacom Inc.

        

6.25%, 04/30/16

      875,000    717,621

6.63%, 05/15/11

      525,000    447,600

Walt Disney Co. (The)

        

6.38%, 03/01/12

      1,750,000    1,822,101
         
        12,483,434

MINING—1.71%

        

Alcoa Inc.

        

5.55%, 02/01/17

      420,000    306,722

BHP Billiton Finance (USA) Ltd.

        

4.80%, 04/15/13

      3,500,000    3,234,676

Freeport-McMoRan Copper & Gold Inc.

        

8.38%, 04/01/17(a)

      1,750,000    1,233,505

Vale Overseas Ltd.

        

6.25%, 01/23/17

      700,000    624,750
         
        5,399,653

MULTI-NATIONAL—4.76%

        

European Investment Bank

        

4.63%, 05/15/14(a)

      10,500,000    11,179,455

Inter-American Development Bank

        

5.13%, 09/13/16

      3,500,000    3,837,435
         
        15,016,890

OFFICE & BUSINESS EQUIPMENT—0.47%

        

Xerox Corp.

        

6.88%, 08/15/11

      1,750,000    1,492,359
         
        1,492,359

OIL & GAS—3.04%

        

Anadarko Petroleum Corp.

        

5.95%, 09/15/16

      1,750,000    1,530,299

Apache Corp.

        

5.25%, 04/15/13

      700,000    689,692

Conoco Funding Co.

        

6.35%, 10/15/11

      3,500,000    3,602,753

Devon Financing Corp. ULC

        

6.88%, 09/30/11

      875,000    870,291

Enterprise Products Operating LP

        

5.60%, 10/15/14

      2,100,000    1,783,204

Valero Energy Corp.

        

6.13%, 06/15/17

      350,000    302,973

XTO Energy Inc.

        

6.25%, 04/15/13

      875,000    822,912
         
        9,602,124

OIL & GAS SERVICES—0.29%

        

Weatherford International Inc.

        

6.35%, 06/15/17

      1,050,000    905,852
         
        905,852

PHARMACEUTICALS—2.75%

        

Abbott Laboratories

        

5.60%, 11/30/17

      875,000    871,535

AmerisourceBergen Corp.

        

5.88%, 09/15/15

      420,000    351,373

AstraZeneca PLC

        

5.40%, 09/15/12

      1,750,000    1,789,929

Cardinal Health Inc.

        

5.80%, 10/15/16

      700,000    580,447

GlaxoSmithKline Capital Inc.

        

5.65%, 05/15/18

      1,750,000    1,693,163

Wyeth

        

5.50%, 02/01/14

      3,500,000    3,384,263
         
        8,670,710

PIPELINES—0.27%

        

Kinder Morgan Energy Partners LP

        

6.75%, 03/15/11

      875,000    858,918
         
        858,918

REAL ESTATE—0.34%

        

ERP Operating LP

        

5.13%, 03/15/16

      875,000    597,243

5.75%, 06/15/17

      700,000    462,000
         
        1,059,243

REAL ESTATE INVESTMENT TRUSTS—1.01%

        

Boston Properties LP

        

6.25%, 01/15/13

      1,225,000    970,718

ProLogis

        

5.63%, 11/15/16

      1,050,000    367,500

Simon Property Group LP

        

5.25%, 12/01/16

      700,000    449,306

5.60%, 09/01/11

      1,750,000    1,402,904
         
        3,190,428

RETAIL—2.08%

        

Costco Wholesale Corp.

        

5.30%, 03/15/12

      525,000    537,946

CVS Caremark Corp.

        

6.30%, 06/01/12

      875,000    481,250

Federated Retail Holdings Inc.

        

5.90%, 12/01/16

      1,225,000    661,500

Home Depot Inc.

        

5.40%, 03/01/16

      1,750,000    1,352,340

Target Corp.

        

5.88%, 03/01/12

      1,750,000    1,736,689

Wal-Mart Stores Inc.

        

4.55%, 05/01/13

      1,750,000    1,789,779
         
        6,559,504

SOFTWARE—0.77%

        

Oracle Corp.

        

5.25%, 01/15/16

      2,625,000    2,425,032
         
        2,425,032

TELECOMMUNICATIONS—8.00%

        

AT&T Inc.

        

5.50%, 02/01/18

      1,400,000    1,211,854

AT&T Wireless Services Inc.

        

7.88%, 03/01/11

      1,750,000    1,770,844

British Telecommunications PLC

        

5.95%, 01/15/18

      1,400,000    1,122,472

Cisco Systems Inc.

        

5.50%, 02/22/16

      3,500,000    3,396,916

Deutsche Telekom International Finance AG

        

8.50%, 06/15/10

      1,750,000    1,751,327

Embarq Corp.

        

7.08%, 06/01/16

      1,750,000    1,277,500

France Telecom SA

        

7.75%, 03/01/11

      1,750,000    1,780,851

Qwest Corp.

        

8.88%, 03/15/12

      1,050,000    866,250

Rogers Wireless Inc.

        

6.38%, 03/01/14

      875,000    812,863

SBC Communications Inc.

        

5.88%, 02/01/12

      3,500,000    3,424,970

Telecom Italia Capital SA

        

4.00%, 01/15/10

      1,750,000    1,540,000

Telefonica Europe BV

        

7.75%, 09/15/10

      1,750,000    1,737,037

Verizon Communications Inc.

        

6.10%, 04/15/18

      3,500,000    3,055,009

Vodafone Group PLC

        

5.75%, 03/15/16

      1,750,000    1,508,732
         
        25,256,625

TEXTILES—0.32%

        

Mohawk Industries Inc.

        

6.13%, 01/15/16

      1,330,000    1,008,954
         
        1,008,954

TRANSPORTATION—0.79%

        

Burlington Northern Santa Fe Corp.

        

5.75%, 03/15/18

      875,000    789,653

CSX Corp.

        

6.75%, 03/15/11

      1,750,000    1,708,931
         
        2,498,584
         

TOTAL CORPORATE BONDS & NOTES

        

(Cost: $301,740,852)

         277,848,521

Security

      Principal    Value  

FOREIGN GOVERNMENT BONDS & NOTES(b)—6.49%

       

Brazil (Federative Republic of)

        

8.00%, 01/15/18

      3,850,000      3,936,625  

Italy (Republic of)

        

4.50%, 01/21/15

      8,225,000      8,266,125  

Quebec (Province of)

        

5.00%, 03/01/16

      3,500,000      3,727,984  

United Mexican States

        

6.38%, 01/16/13

      4,550,000      4,550,000  
             

TOTAL FOREIGN GOVERNMENT BONDS & NOTES

        

(Cost: $20,863,085)

           20,480,734  

Security

     Shares    Value  

SHORT-TERM INVESTMENTS—6.99%

        

MONEY MARKET FUNDS—6.99%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(c)(d)

      12,449,023      12,449,023  

BGI Cash Premier Fund LLC

        

1.90%(c)(d)(e)

      9,611,250      9,611,250  
             
          22,060,273  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $22,060,273)

           22,060,273  
             

TOTAL INVESTMENTS IN SECURITIES—101.54%

        

(Cost: $344,664,210)

           320,389,528  

Other Assets, Less Liabilities—(1.54)%

           (4,866,882 )
             

NET ASSETS—100.00%

        $ 315,522,646  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Investments are denominated in U.S. dollars.
(c) Affiliated issuer. See Note 2.
(d) The rate quoted is the annualized seven-day yield of the fund at period end.
(e) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS INTERMEDIATE GOVERNMENT/CREDIT BOND FUND

November 30, 2008

 

Security

      Principal    Value

CORPORATE BONDS & NOTES—32.14%

        

AEROSPACE & DEFENSE—0.19%

        

United Technologies Corp.

        

5.38%, 12/15/17

      $ 480,000    $ 467,213
           
          467,213

AGRICULTURE—0.51%

        

Philip Morris International Inc.

        

5.65%, 05/16/18

        1,200,000      1,054,676

Reynolds American Inc.

        

6.75%, 06/15/17

        240,000      180,323
           
          1,234,999

AUTO MANUFACTURERS—0.14%

        

DaimlerChrysler North America Holding Corp.

        

6.50%, 11/15/13

        456,000      344,280
           
          344,280

BANKS—6.06%

        

Bank of America Corp.

        

4.50%, 08/01/10

        1,032,000      1,016,640

4.88%, 01/15/13

        1,800,000      1,695,390

5.65%, 05/01/18

        720,000      667,800

Bank of New York Mellon Corp. (The)

        

4.95%, 11/01/12

        720,000      715,350

Capital One Financial Corp.

        

5.70%, 09/15/11

        456,000      410,399

Deutsche Bank AG London

        

6.00%, 09/01/17

        480,000      450,213

KfW

        

4.25%, 06/15/10

        2,064,000      2,120,698

4.88%, 01/17/17

        600,000      651,174

KfW Series G

        

4.38%, 03/15/18(a)

        960,000      1,006,512

Landwirtschaftliche Rentenbank Series G

        

5.00%, 11/08/16

        600,000      666,162

Royal Bank of Scotland Group PLC

        

5.00%, 10/01/14

        480,000      389,412

UBS AG Stamford

        

5.88%, 12/20/17

        720,000      624,538

US Bank N.A.

        

4.80%, 04/15/15

        888,000      834,131

Wachovia Corp.

        

5.30%, 10/15/11

        480,000      460,460

5.75%, 06/15/17

        720,000      666,000

Wells Fargo & Co.

        

4.88%, 01/12/11

        2,400,000      2,364,080
           
          14,738,959

BEVERAGES—0.42%

        

Coca-Cola Co. (The)

        

5.35%, 11/15/17

        600,000      597,591

Diageo Finance BV

        

5.30%, 10/28/15

      480,000    435,702
         
        1,033,293

BUILDING MATERIALS—0.14%

        

CRH America Inc.

        

5.30%, 10/15/13

      264,000    192,720

Masco Corp.

        

6.13%, 10/03/16

      192,000    137,552
         
        330,272

CHEMICALS—0.18%

        

Dow Chemical Co. (The)

        

6.00%, 10/01/12

      192,000    187,609

E.I. du Pont de Nemours and Co.

        

4.13%, 04/30/10

      240,000    238,961
         
        426,570

COMMERCIAL SERVICES—0.19%

        

McKesson Corp.

        

5.70%, 03/01/17

      240,000    203,134

R.R. Donnelley & Sons Co.

        

6.13%, 01/15/17

      192,000    133,464

Western Union Co.

        

5.40%, 11/17/11

      144,000    132,055
         
        468,653

COMPUTERS—0.20%

        

International Business Machines Corp.

        

4.75%, 11/29/12

      480,000    475,140
         
        475,140

DIVERSIFIED FINANCIAL SERVICES—7.82%

        

American Express Co.

        

4.88%, 07/15/13

      288,000    244,010

6.80%, 09/01/16

      192,000    105,600

7.00%, 03/19/18

      600,000    525,125

American General Finance Corp.

        

5.38%, 10/01/12

      1,200,000    552,000

Bear Stearns Companies Inc. (The)

        

5.70%, 11/15/14

      888,000    816,988

Boeing Capital Corp.

        

6.10%, 03/01/11

      336,000    341,009

CIT Group Inc.

        

5.40%, 02/13/12

      720,000    460,800

Citigroup Inc.

        

6.00%, 02/21/12

      2,664,000    2,523,299

6.13%, 05/15/18

      720,000    655,731

Countrywide Financial Corp.

        

5.80%, 06/07/12

      120,000    112,800

Credit Suisse (USA) Inc.

        

5.38%, 03/02/16

      1,200,000    1,024,471

General Electric Capital Corp.

        

5.00%, 01/08/16

      456,000    415,687

5.88%, 02/15/12

      1,200,000    1,186,879

Goldman Sachs Group Inc. (The)

        

6.15%, 04/01/18

      1,200,000    989,768

HSBC Finance Corp.

        

5.50%, 01/19/16

      1,800,000    1,574,160

John Deere Capital Corp.

        

7.00%, 03/15/12

      384,000    393,733

JPMorgan Chase & Co.

        

5.75%, 01/02/13

      1,800,000    1,743,804

Merrill Lynch & Co. Inc.

        

5.45%, 07/15/14

      1,200,000    1,075,857

Morgan Stanley

        

5.75%, 10/18/16

      480,000    386,400

6.00%, 04/28/15

      240,000    199,800

6.63%, 04/01/18

      720,000    591,300

6.75%, 04/15/11

      720,000    669,600

National Rural Utilities Cooperative Finance Corp.

        

7.25%, 03/01/12

      456,000    452,910

SLM Corp.

        

5.38%, 05/15/14

      408,000    273,360

Svensk Exportkredit AB

        

4.50%, 09/27/10

      1,200,000    1,233,672

Toyota Motor Credit Corp.

        

4.25%, 03/15/10

      456,000    464,030
         
        19,012,793

ELECTRIC—2.16%

        

Consolidated Edison Co. of New York Inc.

        

5.85%, 04/01/18

      1,440,000    1,331,759

Constellation Energy Group Inc.

        

4.55%, 06/15/15

      432,000    339,287

Dominion Resources Inc.

        

5.15%, 07/15/15

      456,000    391,050

Duke Capital LLC

        

6.25%, 02/15/13

      456,000    433,610

Duke Energy Corp.

        

6.25%, 01/15/12

      168,000    170,917

Exelon Corp.

        

4.90%, 06/15/15

      456,000    356,340

Exelon Generation Co. LLC

        

5.35%, 01/15/14

      456,000    366,672

Pacific Gas and Electric Co.

        

4.80%, 03/01/14

      888,000    807,557

Progress Energy Inc.

        

7.10%, 03/01/11

      888,000    887,265

TXU Electric Delivery Co.

        

6.38%, 01/15/15

      192,000    177,482
         
        5,261,939

FOOD—0.65%

        

General Mills Inc.

        

6.00%, 02/15/12

      192,000    192,628

Kraft Foods Inc.

        

6.13%, 02/01/18

      360,000    325,201

6.25%, 06/01/12

      480,000    478,027

Kroger Co. (The)

        

6.80%, 04/01/11

      240,000    239,547

Sara Lee Corp.

        

6.25%, 09/15/11

      144,000    137,848

Unilever Capital Corp.

        

7.13%, 11/01/10

      192,000    204,081
         
        1,577,332

FOREST PRODUCTS & PAPER—0.10%

        

Weyerhaeuser Co.

        

6.75%, 03/15/12

      288,000    245,509
         
        245,509

HEALTH CARE - SERVICES—0.25%

        

UnitedHealth Group Inc.

        

4.88%, 03/15/15

      192,000    157,731

WellPoint Inc.

        

5.00%, 01/15/11

      480,000    448,975
         
        606,706

HOLDING COMPANIES - DIVERSIFIED—0.01%

        

Capmark Financial Group Inc.

        

6.30%, 05/10/17

      120,000    31,800
         
        31,800

HOUSEHOLD PRODUCTS & WARES—0.18%

        

Fortune Brands Inc.

        

5.13%, 01/15/11

      456,000    427,612
         
        427,612

INSURANCE—1.07%

        

Allstate Corp. (The)

        

5.00%, 08/15/14

      240,000    212,975

American International Group Inc.

        

5.60%, 10/18/16

      480,000    278,400

Berkshire Hathaway Finance Corp.

        

4.85%, 01/15/15

      840,000    782,623

Genworth Financial Inc.

        

6.15%, 11/15/16

      456,000    45,600

Lincoln National Corp.

        

7.00%, 05/17/16

      264,000    132,000

Marsh & McLennan Companies Inc.

        

5.15%, 09/15/10

      456,000    425,101

MetLife Inc.

        

5.00%, 06/15/15

      456,000    389,935

Prudential Financial Inc.

        

5.10%, 09/20/14

      480,000    333,304
         
        2,599,938

MACHINERY—0.27%

        

Caterpillar Inc.

        

5.70%, 08/15/16

      672,000    645,366
         
        645,366

MANUFACTURING—0.36%

        

General Electric Co.

        

5.00%, 02/01/13

      888,000    875,394
         
        875,394

MEDIA—1.30%

        

AOL Time Warner Inc.

        

6.88%, 05/01/12

      456,000    415,145

Comcast Cable Communications Holdings Inc.

        

8.38%, 03/15/13

      888,000    884,427

Cox Communications Inc.

        

4.63%, 01/15/10

      456,000    435,372

News America Inc.

        

5.30%, 12/15/14

      432,000    373,116

Time Warner Cable Inc.

        

5.85%, 05/01/17

      240,000    204,780

Viacom Inc.

        

6.25%, 04/30/16

      240,000    196,833

6.63%, 05/15/11

      192,000    163,694

Walt Disney Co. (The)

        

6.38%, 03/01/12

      480,000    499,776
         
        3,173,143

MINING—0.46%

        

Alcoa Inc.

        

5.55%, 02/01/17

      120,000    87,635

BHP Billiton Finance (USA) Ltd.

        

4.80%, 04/15/13

      888,000    820,684

Vale Overseas Ltd.

        

6.25%, 01/11/16

      240,000    218,400
         
        1,126,719

MULTI-NATIONAL—1.57%

        

European Investment Bank

        

4.63%, 05/15/14

      2,664,000    2,836,387

Inter-American Development Bank

        

5.13%, 09/13/16

      888,000    973,612
         
        3,809,999

OFFICE & BUSINESS EQUIPMENT—0.16%

        

Xerox Corp.

        

6.88%, 08/15/11

      456,000    388,866
         
        388,866

OIL & GAS—1.17%

        

Anadarko Petroleum Corp.

        

5.95%, 09/15/16

      432,000    377,765

Apache Corp.

        

5.25%, 04/15/13

      240,000    236,466

Conoco Funding Co.

        

6.35%, 10/15/11

      888,000    914,070

Devon Financing Corp. ULC

        

6.88%, 09/30/11

      240,000    238,708

Enterprise Products Operating LP

        

5.60%, 10/15/14

      504,000    427,969

Transocean Inc.

        

6.00%, 03/15/18

      480,000    427,755

XTO Energy Inc.

        

6.25%, 04/15/13

      240,000    225,713
         
        2,848,446

OIL & GAS SERVICES—0.07%

        

Weatherford International Inc.

        

6.35%, 06/15/17

      192,000    165,642
         
        165,642

PHARMACEUTICALS—1.78%

        

Abbott Laboratories

        

5.15%, 11/30/12

      480,000    498,715

AmerisourceBergen Corp.

        

5.88%, 09/15/15

      96,000    80,314

AstraZeneca PLC

        

5.40%, 09/15/12

      720,000    736,428

GlaxoSmithKline Capital Inc.

        

5.65%, 05/15/18

      1,680,000    1,625,436

Medco Health Solutions Inc.

        

7.13%, 03/15/18

      600,000    523,014

Wyeth

        

5.50%, 02/01/14

      888,000    858,636
         
        4,322,543

PIPELINES—0.10%

        

Kinder Morgan Energy Partners LP

        

6.75%, 03/15/11

      240,000    235,589
         
        235,589

REAL ESTATE—0.07%

        

ERP Operating LP

        

5.13%, 03/15/16

      240,000    163,815
         
        163,815

REAL ESTATE INVESTMENT TRUSTS—0.42%

        

Boston Properties LP

        

6.25%, 01/15/13

      240,000    190,182

ProLogis

        

5.63%, 11/15/16

      192,000    67,200

Simon Property Group LP

        

5.60%, 09/01/11

      960,000    769,593
         
        1,026,975

RETAIL—1.14%

        

Costco Wholesale Corp.

        

5.30%, 03/15/12

      144,000    147,551

CVS Caremark Corp.

        

6.30%, 06/01/12

      384,000    211,200

Federated Retail Holdings Inc.

        

5.90%, 12/01/16

      336,000    181,440

Home Depot Inc.

        

5.40%, 03/01/16

      456,000    352,381

McDonald’s Corp.

        

5.35%, 03/01/18

      480,000    454,569

Target Corp.

        

6.00%, 01/15/18

      480,000    406,003

Wal-Mart Stores Inc.

        

4.55%, 05/01/13

      720,000    736,366

Yum! Brands Inc.

        

6.25%, 03/15/18

      360,000    289,608
         
        2,779,118

SOFTWARE—0.26%

        

Oracle Corp.

        

5.25%, 01/15/16

      672,000    620,808
         
        620,808

TELECOMMUNICATIONS—2.46%

        

AT&T Wireless Services Inc.

        

7.88%, 03/01/11

      456,000    461,431

Cisco Systems Inc.

        

5.50%, 02/22/16

      888,000    861,846

Deutsche Telekom International Finance AG

        

8.50%, 06/15/10

      456,000    456,346

Embarq Corp.

        

7.08%, 06/01/16

      336,000    245,280

France Telecom SA

        

7.75%, 03/01/11

      456,000    464,039

Rogers Wireless Inc.

        

6.38%, 03/01/14

      240,000    222,957

SBC Communications Inc.

        

5.88%, 02/01/12

      888,000    868,964

Telecom Italia Capital SA

        

4.00%, 01/15/10

      888,000    781,440

Telefonica Europe BV

        

7.75%, 09/15/10

      456,000    452,622

Verizon Communications Inc.

        

5.55%, 02/15/16

      888,000    770,169

Vodafone Group PLC

        

5.75%, 03/15/16

      456,000    393,132
         
        5,978,226

TEXTILES—0.10%

        

Mohawk Industries Inc.

        

6.13%, 01/15/16

      336,000    254,894
         
        254,894

TRANSPORTATION—0.18%

        

CSX Corp.

        

6.75%, 03/15/11

      456,000    445,299
         
        445,299
         

TOTAL CORPORATE BONDS & NOTES

        

(Cost: $85,079,349)

         78,143,850

Security

     Principal    Value

FOREIGN GOVERNMENT BONDS & NOTES(b)—3.16%

        

Brazil (Federative Republic of)

        

8.00%, 01/15/18

      720,000    736,200

Italy (Republic of)

        

6.00%, 02/22/11

      2,664,000    2,855,915

Ontario (Province of)

        

2.75%, 02/22/11

      1,560,000    1,555,525

Quebec (Province of)

        

5.00%, 03/01/16

      888,000    945,843

United Mexican States

        

6.38%, 01/16/13

      1,608,000    1,608,000
         

TOTAL FOREIGN GOVERNMENT BONDS & NOTES

        

(Cost: $7,699,558)

         7,701,483

Security

     Principal    Value

U.S. GOVERNMENT & AGENCY OBLIGATIONS—62.95%

        

U.S. GOVERNMENT AGENCY OBLIGATIONS—25.70%

        

Federal Home Loan Bank

        

5.00%, 11/17/17

      3,240,000    3,418,012

Federal Home Loan Mortgage Corp.

        

3.25%, 02/25/11(a)

      3,312,000    3,350,973

4.50%, 01/15/13(a)

      8,160,000    8,628,531

7.00%, 03/15/10(a)

      18,360,000    19,416,484

Federal National Mortgage Association

        

5.00%, 04/15/15(a)

      4,800,000    5,166,926

5.38%, 06/12/17(a)

      1,680,000    1,827,523

7.25%, 01/15/10

      19,560,000    20,684,516
         
        62,492,965

U.S. GOVERNMENT OBLIGATIONS—37.25%

        

U.S. Treasury Notes

        

2.75%, 07/30/10

      18,648,000    19,255,553

4.00%, 08/15/18(a)

      6,048,000    6,594,800

4.75%, 05/15/14(a)

      19,656,000    22,551,329

4.88%, 07/31/11(a)

      18,720,000    20,567,103

4.88%, 08/15/16(a)

      18,792,000    21,598,021
         
        90,566,806
         

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS

        

(Cost: $146,274,561)

           153,059,771  

Security

     Shares    Value  

SHORT-TERM INVESTMENTS—37.79%

        

MONEY MARKET FUNDS—37.79%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(c)(d)

      1,514,016      1,514,016  

BGI Cash Premier Fund LLC

        

1.90%(c)(d)(e)

      90,369,403      90,369,403  
             
          91,883,419  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $91,883,419)

           91,883,419  
             

TOTAL INVESTMENTS IN SECURITIES—136.04%

        

(Cost: $330,936,887)

           330,788,523  

Other Assets, Less Liabilities—(36.04)%

           (87,640,992 )
             

NET ASSETS—100.00%

        $ 243,147,531  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Investments are denominated in U.S. dollars.
(c) Affiliated issuer. See Note 2.
(d) The rate quoted is the annualized seven-day yield of the fund at period end.
(e) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS MBS BOND FUND

November 30, 2008

 

Security

      Principal    Value

U.S. GOVERNMENT AGENCY OBLIGATIONS—95.47%

        

MORTGAGE-BACKED SECURITIES—95.47%

        

Federal Home Loan Mortgage Corp.

        

1.72%, 06/15/33

      $ 310,925    $ 304,214

4.50%, 12/01/23(a)

        34,125,000      34,002,363

4.98%, 12/01/33

        2,049,478      2,043,626

5.00%, 12/01/23(a)

        28,275,000      28,526,824

5.00%, 12/01/38(a)

        93,340,000      93,821,284

5.50%, 12/01/23(a)

        33,150,000      33,621,352

5.50%, 12/01/38(a)

        69,745,000      70,758,482

6.00%, 12/01/38(a)

        48,750,000      49,793,555

Federal National Mortgage Association

        

4.50%, 12/01/23(a)

        24,375,000      24,367,383

5.00%, 12/01/23(a)

        31,200,000      31,551,000

5.50%, 12/01/23(a)

        19,825,000      20,162,645

5.50%, 12/01/38(a)

        92,300,000      93,814,297

6.00%, 12/01/38(a)

        41,275,000      42,190,789

6.50%, 12/01/38(a)

        56,550,000      58,113,961

Government National Mortgage Association

        

1.72%, 05/16/29

        1,533,880      1,512,214

5.00%, 12/01/38(a)

        26,975,000      27,164,668

5.50%, 12/01/38(a)

        14,625,000      14,878,652

6.00%, 12/01/38(a)

        14,625,000      14,933,496
           
          641,560,805
           

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

        

(Cost: $631,116,703)

           641,560,805

Security

     Shares    Value

SHORT-TERM INVESTMENTS—80.10%

        

MONEY MARKET FUNDS—80.10%

        

Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares

        

1.74%(b)(c)

        409,263,644      409,263,644

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(b)(c)

        128,958,834      128,958,834
           
          538,222,478
           

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $538,222,478)

           538,222,478
           

TOTAL INVESTMENTS IN SECURITIES—175.57%

        

(Cost: $1,169,339,181)

           1,179,783,283  

Other Assets, Less Liabilities—(75.57)%

           (507,813,725 )
               

NET ASSETS—100.00%

        $ 671,969,558  
               

 

(a) To-be-announced (TBA). See Note 1.
(b) Affiliated issuer. See Note 2.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS SHORT TREASURY BOND FUND

November 30, 2008

 

Security

      Principal    Value  

U.S. GOVERNMENT OBLIGATIONS—98.82%

        

U.S. Treasury Notes

        

3.25%, 01/15/09(a)

      $ 263,835,000    $ 264,790,083  

3.38%, 09/15/09(a)

        99,000,000      100,920,602  

3.63%, 10/31/09

        34,650,000      35,496,153  

4.50%, 02/15/09

        165,000,000      166,433,855  

4.50%, 03/31/09

        132,825,000      134,632,748  

4.50%, 04/30/09(a)

        182,325,000      185,326,077  

4.63%, 11/15/09

        14,685,000      15,198,388  

4.75%, 02/28/09

        164,340,000      166,116,517  

4.88%, 01/31/09(a)

        195,030,000      196,502,470  

4.88%, 05/15/09(a)

        148,500,000      151,357,146  

4.88%, 05/31/09

        132,825,000      135,578,459  

4.88%, 06/30/09

        144,375,000      147,803,895  

6.00%, 08/15/09(a)

        97,350,000      100,814,678  
             

TOTAL U.S. GOVERNMENT OBLIGATIONS

       

(Cost: $1,795,924,522)

           1,800,971,071  

Security

     Shares    Value  

SHORT-TERM INVESTMENTS—46.26%

        

MONEY MARKET FUNDS—46.26%

        

Barclays Global Investors Funds Government Money Market Fund, Institutional Shares

        

0.33%(b)(c)(d)

        834,911,250      834,911,250  

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(b)(c)

        8,080,326      8,080,326  
             
          842,991,576  
             

TOTAL SHORT-TERM INVESTMENTS

       

(Cost: $842,991,576)

           842,991,576  
             

TOTAL INVESTMENTS IN SECURITIES—145.08%

       

(Cost: $2,638,916,098)

           2,643,962,647  

Other Assets, Less Liabilities—(45.08)%

           (821,543,915 )
             

NET ASSETS—100.00%

        $ 1,822,418,732  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Affiliated issuer. See Note 2.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® BARCLAYS TIPS BOND FUND

November 30, 2008

 

Security

      Principal    Value  

U.S. GOVERNMENT OBLIGATIONS—99.20%

        

U.S. Treasury Inflation-Indexed Bonds

        

0.63%, 04/15/13(a)

      $ 129,196,704    $ 119,628,396  

0.88%, 04/15/10(a)

        584,749,665      541,899,210  

1.38%, 07/15/18(a)

        172,944,818      154,055,785  

1.63%, 01/15/15(a)

        446,958,316      388,992,292  

1.63%, 01/15/18(a)

        188,850,621      167,132,799  

1.75%, 01/15/28(a)

        222,124,301      181,724,334  

1.88%, 07/15/13(a)

        516,987,863      465,449,343  

1.88%, 07/15/15(a)

        390,338,526      343,009,980  

2.00%, 04/15/12(a)

        139,265,028      131,605,451  

2.00%, 01/15/14(a)

        499,610,576      445,902,439  

2.00%, 07/15/14(a)

        470,752,551      416,616,007  

2.00%, 01/15/16(a)

        383,484,096      340,161,898  

2.00%, 01/15/26(a)

        383,484,096      319,910,103  

2.38%, 04/15/11(a)

        400,551,854      375,080,762  

2.38%, 01/15/17(a)

        309,226,635      283,764,914  

2.38%, 01/15/25(a)

        535,718,402      475,450,081  

2.38%, 01/15/27(a)

        222,344,227      198,233,219  

2.50%, 07/15/16(a)

        363,825,107      333,751,324  

2.63%, 07/15/17(a)

        170,893,760      162,082,477  

3.00%, 07/15/12(a)

        511,336,053      486,249,906  

3.38%, 01/15/12(a)

        138,992,349      133,475,743  

3.38%, 04/15/32(a)

        113,569,559      119,976,018  

3.50%, 01/15/11(a)

        255,462,075      244,484,870  

3.63%, 04/15/28(a)

        411,181,838      436,239,259  

3.88%, 04/15/29(a)

        401,154,159      442,461,003  

4.25%, 01/15/10(a)

        166,873,553      162,311,230  
             

TOTAL U.S. GOVERNMENT OBLIGATIONS

        

(Cost: $8,789,235,719)

           7,869,648,843  

Security

      Shares    Value  

SHORT-TERM INVESTMENTS—46.42%

        

MONEY MARKET FUNDS—46.42%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(b)(c)

        7,033,493      7,033,493  

BGI Cash Premier Fund LLC

        

1.90%(b)(c)(d)

        3,675,471,973      3,675,471,973  
             
          3,682,505,466  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $3,682,505,466)

           3,682,505,466  
             

TOTAL INVESTMENTS IN SECURITIES—145.62%

        

(Cost: $12,471,741,185)

           11,552,154,309  

Other Assets, Less Liabilities—(45.62)%

           (3,619,182,586 )
             

NET ASSETS—100.00%

         $ 7,932,971,723  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) Affiliated issuer. See Note 2.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® iBOXX $ HIGH YIELD CORPORATE BOND FUND

November 30, 2008

 

Security

      Principal    Value

CORPORATE BONDS & NOTES—94.79%

        

AEROSPACE & DEFENSE—2.54%

        

L-3 Communications Corp.

        

6.38%, 10/15/15

      $ 27,656,000    $ 22,954,480
           
          22,954,480

BEVERAGES—2.41%

        

Constellation Brands Inc.

        

7.25%, 05/15/17

        25,890,000      21,750,836
           
          21,750,836

BUILDING MATERIALS—2.15%

        

Nortek Inc.

        

10.00%, 12/01/13

        27,656,000      19,366,114
           
          19,366,114

COAL—3.24%

        

Massey Energy Co.

        

6.88%, 12/15/13

        8,204,000      5,558,210

Peabody Energy Corp.

        

7.38%, 11/01/16

        27,693,000      23,677,515
           
          29,235,725

COMMERCIAL SERVICES—4.10%

        

ARAMARK Corp.

        

8.50%, 02/01/15(a)

        27,666,000      22,755,285

Hertz Corp. (The)

        

8.88%, 01/01/14(a)

        27,656,000      14,277,410
           
          37,032,695

COMPUTERS—2.36%

        

SunGard Data Systems Inc.

        

9.13%, 08/15/13

        27,656,000      21,260,550
           
          21,260,550

DIVERSIFIED FINANCIAL SERVICES—1.54%

        

Ford Motor Credit Co. LLC

        

7.80%, 06/01/12

        27,693,000      11,819,511

Idearc Inc.

        

8.00%, 11/15/16

        25,890,000      2,066,022
           
          13,885,533

ELECTRIC—11.63%

        

AES Corp. (The)

        

8.00%, 10/15/17

        27,656,000      19,036,547

Edison Mission Energy

        

7.00%, 05/15/17

        28,788,000      21,878,880

Mirant North America LLC

        

7.38%, 12/31/13

        27,656,000      23,922,440

NRG Energy Inc.

        

7.38%, 02/01/16

        27,656,000      22,505,070

Texas Competitive Electric Holdings Co. LLC

        

10.25%, 11/01/15(b)

      27,656,000    17,630,700
         
        104,973,637

ELECTRONICS—0.88%

        

NXP BV/NXP Funding LLC

        

7.88%, 10/15/14(a)

      27,656,000    7,953,866
         
        7,953,866

ENVIRONMENTAL CONTROL—2.71%

        

Allied Waste North America Inc.

        

6.88%, 06/01/17

      27,656,000    24,469,697
         
        24,469,697

FOREST PRODUCTS & PAPER—2.24%

        

Georgia-Pacific Corp.

        

7.13%, 01/15/17(b)

      27,736,000    20,247,280
         
        20,247,280

HEALTH CARE - PRODUCTS—2.31%

        

Biomet Inc.

        

11.63%, 10/15/17

      27,794,000    20,814,158
         
        20,814,158

HEALTH CARE - SERVICES—9.81%

        

Community Health Systems Inc.

        

8.88%, 07/15/15(b)

      27,794,000    22,374,170

DaVita Inc.

        

7.25%, 03/15/15

      27,690,000    23,674,950

HCA Inc.

        

9.25%, 11/15/16

      27,693,000    22,535,179

Tenet Healthcare Corp.

        

9.88%, 07/01/14

      27,693,000    20,008,192
         
        88,592,491

HOME BUILDERS—2.41%

        

K. Hovnanian Enterprises Inc.

        

11.50%, 05/01/13

      27,569,000    21,774,272
         
        21,774,272

LODGING—2.18%

        

Harrah’s Operating Co. Inc.

        

10.75%, 02/01/16(b)

      27,656,000    6,049,750

MGM MIRAGE

        

7.50%, 06/01/16(a)

      23,751,000    11,816,122

13.00%, 11/15/13(b)

      2,042,000    1,790,221
         
        19,656,093

MACHINERY—2.22%

        

Terex Corp.

        

8.00%, 11/15/17

      27,656,000    20,050,600
         
        20,050,600

MANUFACTURING—2.16%

        

RBS Global Inc./Rexnord LLC

        

9.50%, 08/01/14

      27,693,000    19,475,268
         
        19,475,268

MEDIA—9.60%

        

CCH I LLC

        

11.00%, 10/01/15(a)

      27,656,000    7,052,280

DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.

        

7.63%, 05/15/16

      27,581,000    23,466,834

EchoStar DBS Corp.

        

7.13%, 02/01/16

      27,656,000    19,566,620

Nielsen Finance LLC/Nielsen Finance Co.

        

10.00%, 08/01/14

      27,690,000    19,484,567

R.H. Donnelley Corp.

        

8.88%, 10/15/17(a)

      25,890,000    4,142,400

Umbrella Acquisition Inc.

        

9.75%, 03/15/15(a)(b)

      27,666,000    4,979,880

XM Satellite Radio Holdings Inc.

        

13.00%, 08/01/13(b)

      27,481,000    7,969,490
         
        86,662,071

OIL & GAS—5.15%

        

Chesapeake Energy Corp.

        

7.25%, 12/15/18

      27,656,000    19,117,210

OPTI Canada Inc.

        

8.25%, 12/15/14(a)

      25,681,000    9,437,768

Sabine Pass LNG LP

        

7.50%, 11/30/16

      25,890,000    17,972,903
         
        46,527,881

PACKAGING & CONTAINERS—3.71%

        

Crown Americas LLC

        

7.75%, 11/15/15

      27,656,000    24,936,492

Smurfit-Stone Container Enterprises Inc.

        

8.00%, 03/15/17(a)

      27,666,000    8,521,128
         
        33,457,620

PIPELINES—4.22%

        

Dynegy Holdings Inc.

        

7.75%, 06/01/19

      27,656,000    18,252,960

El Paso Corp.

        

7.00%, 06/15/17

      27,666,000    19,850,355
         
        38,103,315

RETAIL—4.53%

        

Dollar General Corp.

        

10.63%, 07/15/15(a)

      27,794,000    24,806,145

Michaels Stores Inc.

        

10.00%, 11/01/14(a)

      27,656,000    8,365,940

Rite Aid Corp.

        

9.50%, 06/15/17

      27,690,000    7,753,200
         
        40,925,285

SEMICONDUCTORS—0.94%

        

Freescale Semiconductor Inc.

        

8.88%, 12/15/14

      27,666,000    8,472,713
         
        8,472,713

SOFTWARE—1.64%

        

First Data Corp.

        

9.88%, 09/24/15

      27,656,000    14,795,960
         
        14,795,960

TELECOMMUNICATIONS—8.11%

        

Intelsat (Bermuda) Ltd.

        

11.25%, 06/15/16

      27,644,000    22,368,447

Level 3 Financing Inc.

        

9.25%, 11/01/14

      27,656,000    14,450,260

West Corp.

        

9.50%, 10/15/14

      26,800,000    14,539,000

Windstream Corp.

        

8.63%, 08/01/16

      27,736,000    21,857,327
         
        73,215,034
         

TOTAL CORPORATE BONDS & NOTES

        

(Cost: $1,197,101,938)

           855,653,174  

Security

      Shares    Value  

SHORT-TERM INVESTMENTS—9.54%

        

MONEY MARKET FUNDS—9.54%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(c)(d)

      13,188,994      13,188,994  

BGI Cash Premier Fund LLC

        

1.90%(c)(d)(e)

      72,904,736      72,904,736  
             
          86,093,730  
             

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $86,093,730)

           86,093,730  
             

TOTAL INVESTMENTS IN SECURITIES—104.33%

        

(Cost: $1,283,195,668)

           941,746,904  

Other Assets, Less Liabilities—(4.33)%

           (39,074,352 )
             

NET ASSETS—100.00%

        $ 902,672,552  
             

 

(a) All or a portion of this security represents a security on loan. See Note 3.
(b) This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
(c) Affiliated issuer. See Note 2.
(d) The rate quoted is the annualized seven-day yield of the fund at period end.
(e) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® iBOXX $ INVESTMENT GRADE CORPORATE BOND FUND

November 30, 2008

 

Security

     Principal    Value

CORPORATE BONDS & NOTES—97.95%

        

AGRICULTURE—2.68%

        

Philip Morris International Inc.

        

4.88%, 05/16/13

      $ 54,277,000    $ 51,827,438

5.65%, 05/16/18

        54,277,000      49,600,643

6.38%, 05/16/38

        35,828,000      30,661,925
           
          132,090,006

BANKS—16.36%

        

Bank of America Corp.

        

4.90%, 05/01/13

        54,352,000      52,358,613

5.75%, 12/01/17

        54,277,000      50,301,861

Bank of New York Mellon Corp. (The)

        

4.95%, 11/01/12

        54,611,000      54,542,654

Barclays Bank PLC

        

5.45%, 09/12/12(a)

        54,277,000      54,087,030

Capital One Financial Corp.

        

6.75%, 09/15/17

        53,551,000      46,521,628

Credit Suisse New York

        

5.00%, 05/15/13

        54,611,000      51,155,762

6.00%, 02/15/18

        53,551,000      45,889,865

Deutsche Bank AG London

        

5.38%, 10/12/12

        54,277,000      54,149,923

6.00%, 09/01/17(b)

        54,611,000      52,541,038

HSBC Holdings PLC

        

6.50%, 09/15/37

        54,611,000      46,685,797

UBS AG Stamford Branch

        

5.75%, 04/25/18

        54,277,000      45,772,741

Wachovia Bank N.A.

        

6.60%, 01/15/38

        53,083,000      46,392,040

Wachovia Corp.

        

5.50%, 05/01/13

        54,611,000      51,921,954

5.75%, 06/15/17

        53,230,000      47,641,808

Wells Fargo & Co.

        

5.25%, 10/23/12

        54,611,000      54,189,471

5.63%, 12/11/17(b)

        54,017,000      51,496,891
           
          805,649,076

BEVERAGES—1.23%

        

PepsiCo Inc.

        

7.90%, 11/01/18

        54,216,000      60,733,522
           
          60,733,522

COMPUTERS—4.42%

        

Hewlett-Packard Co.

        

4.50%, 03/01/13

        54,321,000      52,686,729

IBM International Group Capital LLC

        

5.05%, 10/22/12

        54,611,000      54,947,854

International Business Machines Corp.

        

5.70%, 09/14/17

        54,611,000      52,713,473

8.00%, 10/15/38

        52,662,000      57,087,714
           
          217,435,770

DIVERSIFIED FINANCIAL SERVICES—28.27%

        

Allstate Life Global Funding Trusts

        

5.38%, 04/30/13

      54,611,000    52,100,642

American Express Co.

        

6.15%, 08/28/17

      54,611,000    44,935,411

8.15%, 03/19/38

      53,302,000    45,982,836

American Express Credit Corp. Series BE

        

7.30%, 08/20/13

      54,352,000    51,810,772

American General Finance Corp.

        

6.90%, 12/15/17

      53,551,000    22,089,787

CIT Group Inc.

        

7.63%, 11/30/12

      53,230,000    37,517,268

Citigroup Inc.

        

5.30%, 10/17/12(b)

      54,277,000    49,481,172

6.13%, 11/21/17

      53,230,000    48,505,396

6.88%, 03/05/38

      53,551,000    47,591,042

CME Group Inc.

        

5.40%, 08/01/13(b)

      54,090,000    52,427,324

Countrywide Financial Corp.

        

5.80%, 06/07/12

      54,277,000    50,966,830

General Electric Capital Corp.

        

5.25%, 10/19/12(b)

      54,277,000    52,795,363

5.63%, 05/01/18

      54,352,000    50,377,198

5.88%, 01/14/38

      54,611,000    43,973,880

Goldman Sachs Group Inc. (The)

        

5.45%, 11/01/12

      53,959,000    48,225,883

6.15%, 04/01/18

      54,352,000    44,701,836

6.75%, 10/01/37

      54,204,000    36,494,293

HSBC Finance Corp.

        

5.90%, 06/19/12(b)

      54,277,000    51,666,114

International Lease Finance Corp.

        

5.30%, 05/01/12

      54,277,000    38,252,495

JPMorgan Chase & Co.

        

5.38%, 10/01/12

      54,611,000    54,348,985

6.00%, 01/15/18

      54,277,000    52,681,538

6.40%, 05/15/38

      53,302,000    52,526,909

Merrill Lynch & Co. Inc.

        

6.05%, 08/15/12

      54,277,000    51,627,347

6.88%, 04/25/18

      54,352,000    51,262,795

7.75%, 05/14/38

      53,493,000    46,887,952

Morgan Stanley

        

5.95%, 12/28/17(b)

      54,277,000    44,579,052

6.00%, 04/28/15

      54,611,000    44,107,339

Rio Tinto Finance USA Ltd.

        

5.88%, 07/15/13

      54,277,000    45,049,910

6.50%, 07/15/18

      53,591,000    41,196,474

SLM Corp.

        

8.45%, 06/15/18

      53,274,000    37,791,935
         
        1,391,955,778

ELECTRIC—1.60%

        

MidAmerican Energy Holdings Co.

        

5.75%, 04/01/18

      41,705,000    36,325,055

6.13%, 04/01/36

      54,611,000    42,572,551
         
        78,897,606

FOREST PRODUCTS & PAPER—1.77%

        

International Paper Co.

        

7.40%, 06/15/14

      53,802,000    43,789,878

7.95%, 06/15/18(b)

      54,277,000    43,288,621
         
        87,078,499

HEALTH CARE - PRODUCTS—3.46%

        

Johnson & Johnson

        

5.15%, 08/15/12(b)

      52,702,000    56,801,716

5.55%, 08/15/17

      54,611,000    58,527,254

5.95%, 08/15/37

      54,277,000    55,113,137
         
        170,442,107

HEALTH CARE - SERVICES—3.62%

        

UnitedHealth Group Inc.

        

4.88%, 02/15/13

      54,277,000    49,622,992

6.00%, 02/15/18

      54,611,000    46,437,454

6.88%, 02/15/38

      54,277,000    41,679,308

WellPoint Inc.

        

6.38%, 06/15/37

      53,352,000    40,303,258
         
        178,043,012

INSURANCE—1.11%

        

Berkshire Hathaway Inc.

        

5.13%, 09/15/12(b)

      54,611,000    54,765,003
         
        54,765,003

MEDIA—4.70%

        

Comcast Corp.

        

6.30%, 11/15/17

      54,277,000    48,018,373

6.95%, 08/15/37

      54,611,000    45,883,668

Time Warner Cable Inc.

        

5.40%, 07/02/12

      54,277,000    49,756,730

5.85%, 05/01/17

      54,277,000    46,289,461

6.55%, 05/01/37

      54,611,000    41,502,449
         
        231,450,681

OIL & GAS—1.65%

        

Valero Energy Corp.

        

6.63%, 06/15/37

      54,611,000    41,231,305

XTO Energy Inc.

        

6.50%, 12/15/18

      43,198,000    39,925,320
         
        81,156,625

PHARMACEUTICALS—10.79%

        

Abbott Laboratories

        

5.15%, 11/30/12

      54,277,000    56,542,129

5.60%, 11/30/17

      54,611,000    55,023,026

6.15%, 11/30/37(b)

      54,277,000    50,920,158

AstraZeneca PLC

        

5.40%, 09/15/12(b)

      54,611,000    55,336,780

5.90%, 09/15/17

      54,277,000    53,462,167

6.45%, 09/15/37

      54,277,000    52,293,447

GlaxoSmithKline Capital Inc.

        

4.85%, 05/15/13

      54,611,000    54,008,600

5.65%, 05/15/18(b)

      54,611,000    53,346,496

6.38%, 05/15/38

      54,611,000    50,864,412

Wyeth

        

5.95%, 04/01/37

      54,611,000    49,350,787
         
        531,148,002

REAL ESTATE INVESTMENT TRUSTS—1.58%

        

Simon Property Group LP

        

5.30%, 05/30/13

      53,687,000    42,412,730

6.13%, 05/30/18(b)

      53,639,000    35,302,776
         
        77,715,506

RETAIL—6.86%

        

CVS Caremark Corp.

        

5.75%, 06/01/17(b)

      54,551,000      46,685,011

Federated Retail Holdings Inc.

        

5.35%, 03/15/12

      54,611,000      38,319,195

Home Depot Inc.

        

5.88%, 12/16/36

      54,611,000      35,557,342

Walgreen Co.

        

4.88%, 08/01/13

      53,616,000      53,781,727

Wal-Mart Stores Inc.

        

4.25%, 04/15/13

      54,611,000      54,941,392

5.38%, 04/05/17(b)

      54,277,000      55,879,800

6.50%, 08/15/37

      54,277,000      52,377,305
           
          337,541,772

SOFTWARE—2.10%

        

Fiserv Inc.

        

6.13%, 11/20/12

      54,277,000      49,404,554

Oracle Corp.

        

4.95%, 04/15/13

      54,277,000      53,862,093
           
          103,266,647

TELECOMMUNICATIONS—4.63%

        

AT&T Inc.

        

4.95%, 01/15/13

      54,277,000      51,059,256

5.50%, 02/01/18

      54,611,000      47,563,178

6.80%, 05/15/36

      54,277,000      45,472,547

Telecom Italia Capital SA

        

7.72%, 06/04/38

      54,611,000      41,326,465

Verizon Communications Inc.

        

6.40%, 02/15/38(b)

      54,277,000      42,657,407
           
          228,078,853

TRANSPORTATION—1.12%

        

United Parcel Service Inc.

        

4.50%, 01/15/13

      54,277,000      55,169,070
           
          55,169,070
           

TOTAL CORPORATE BONDS & NOTES

        

(Cost: $5,154,258,280)

           4,822,617,535

Security

     Shares    Value

SHORT-TERM INVESTMENTS—0.97%

        

MONEY MARKET FUNDS—0.97%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(a)(c)

      19,322,258      19,322,258

BGI Cash Premier Fund LLC

        

1.90%(a)(c)(d)

      28,345,900      28,345,900
           
          47,668,158
           

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $47,668,158)

           47,668,158
           

TOTAL INVESTMENTS IN SECURITIES—98.92%

        

(Cost: $5,201,926,438)

           4,870,285,693

Other Assets, Less Liabilities—1.08%

           52,934,947
           

NET ASSETS—100.00%

        $ 4,923,220,640
           

(a) Affiliated issuer. See Note 2.
(b) All or a portion of this security represents a security on loan. See Note 3.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® JPMORGAN USD EMERGING MARKETS BOND FUND

November 30, 2008

 

Security

      Principal    Value

SOVEREIGN BONDS & NOTES(a)—84.43%

        

ARGENTINA—1.53%

        

Argentina (Republic of)

        

1.33%, 12/31/38(b)

      $ 3,900,000    $ 692,250

8.28%, 12/31/33(c)

        2,834,997      864,674
           
          1,556,924

BRAZIL—11.88%

        

Brazil (Federative Republic of)

        

7.13%, 01/20/37

        4,030,000      3,808,350

8.00%, 01/15/18

        4,550,000      4,697,875

10.13%, 05/15/27

        1,820,000      2,202,200

11.00%, 08/17/40

        1,170,000      1,374,750
           
          12,083,175

BULGARIA—1.44%

        

Bulgaria (Republic of)

        

8.25%, 01/15/15

        1,560,000      1,466,400
           
          1,466,400

CHILE—1.74%

        

Chile (Republic of)

        

5.50%, 01/15/13

        1,690,000      1,766,286
           
          1,766,286

COLOMBIA—4.25%

        

Colombia (Republic of)

        

7.38%, 01/27/17

        4,680,000      4,317,300
           
          4,317,300

ECUADOR—0.62%

        

Ecuador (Republic of)

        

10.00%, 08/15/30(d)

        2,210,000      629,850
           
          629,850

EL SALVADOR—0.58%

        

El Salvador (Republic of)

        

7.65%, 06/15/35(d)

        1,040,000      592,800
           
          592,800

GABON—0.77%

        

Gabon (Republic of)

        

8.20%, 12/12/17(d)

        1,300,000      780,000
           
          780,000

INDONESIA—4.34%

        

Indonesia (Republic of)

        

6.63%, 02/17/37

        4,680,000      2,620,800

6.88%, 03/19/17

        2,600,000      1,794,000
           
          4,414,800

IRAQ—1.37%

        

Iraq (Republic of)

        

5.80%, 01/15/28(d)

        3,250,000      1,397,500
           
          1,397,500

MALAYSIA—3.41%

        

Malaysia Government

        

7.50%, 07/15/11

        3,250,000      3,465,326
           
          3,465,326

MEXICO—6.89%

        

United Mexican States

        

5.63%, 01/15/17

      4,030,000    3,637,075

6.05%, 01/11/40

      1,690,000    1,328,847

6.75%, 09/27/34

      2,340,000    2,035,800
         
        7,001,722

PANAMA—2.26%

        

Panama (Republic of)

        

6.70%, 01/26/36

      1,690,000    1,318,200

7.25%, 03/15/15

      1,040,000    982,800
         
        2,301,000

PERU—4.18%

        

Peru (Republic of)

        

8.38%, 05/03/16

      4,160,000    4,253,600
         
        4,253,600

PHILIPPINES—6.93%

        

Philippines (Republic of)

        

6.38%, 01/15/32

      4,550,000    3,867,500

8.00%, 01/15/16

      3,380,000    3,177,200
         
        7,044,700

RUSSIA—11.53%

        

Russian Federation

        

7.50%, 03/31/30(d)

      14,077,700    11,719,685
         
        11,719,685

SOUTH AFRICA—4.37%

        

South Africa (Republic of)

        

7.38%, 04/25/12

      4,680,000    4,446,000
         
        4,446,000

TURKEY—8.68%

        

Turkey (Republic of)

        

6.88%, 03/17/36

      6,500,000    4,615,000

7.25%, 03/15/15

      4,680,000    4,212,000
         
        8,827,000

UKRAINE—1.19%

        

Ukraine Government

        

7.65%, 06/11/13

      2,340,000    1,205,100
         
        1,205,100

URUGUAY—2.27%

        

Uruguay (Republic of)

        

7.63%, 03/21/36

      3,250,000    2,307,500
         
        2,307,500

VENEZUELA—4.20%

        

Venezuela (Republic of)

        

5.75%, 02/26/16

      2,340,000    1,070,550

9.25%, 09/15/27

      4,810,000    3,198,650
         
        4,269,200
         

TOTAL SOVEREIGN BONDS & NOTES

        

(Cost: $108,451,701)

         85,845,868

Security

     Principal    Value

QUASI-SOVEREIGN BONDS & NOTES(a)—12.13%

        

CHINA—3.53%

        

China Development Bank

        

5.00%, 10/15/15

      3,770,000    3,584,372
         
        3,584,372

MALAYSIA—3.39%

        

Petronas Capital Ltd.

        

7.00%, 05/22/12(d)

      3,380,000      3,451,096
           
          3,451,096

MEXICO—2.15%

        

Pemex Project Funding Master Trust

        

5.75%, 03/01/18(d)

      650,000      530,595

6.63%, 06/15/35

      2,210,000      1,660,373
           
          2,190,968

NETHERLANDS—1.93%

        

KazMunaiGaz Finance Sub

        

8.38%, 07/02/13(d)

      1,430,000      1,086,800

9.13%, 07/02/18(d)

      1,300,000      871,000
           
          1,957,800

VENEZUELA—1.13%

        

Petroleos de Venezuela SA

        

5.38%, 04/12/27

      3,380,000      1,149,200
           
          1,149,200
           

TOTAL QUASI-SOVEREIGN BONDS & NOTES

        

(Cost: $14,612,531)

           12,333,436

Security

     Shares    Value

SHORT-TERM INVESTMENTS—0.64%

        

MONEY MARKET FUNDS—0.64%

        

Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares

        

0.23%(e)(f)

      649,870      649,870
           
          649,870
           

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $649,870)

           649,870
           

TOTAL INVESTMENTS IN SECURITIES—97.20%

        

(Cost: $123,714,102)

           98,829,174

Other Assets, Less Liabilities—2.80%

           2,845,853
           

NET ASSETS—100.00%

        $ 101,675,027
           

 

(a) Investments are denominated in U.S. dollars.
(b) Step coupon security. Coupon rate increases in increments until maturity. Interest rate shown reflects the rate currently in effect. Maturity date shown reflects final maturity date.
(c) Payment-in-kind (PIK) security. Income may be paid in cash or additional securities at the issuer’s discretion.
(d) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(e) Affiliated issuer. See Note 2.
(f) The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® S&P CALIFORNIA MUNICIPAL BOND FUND

November 30, 2008

 

Security

      Principal    Value

MUNICIPAL BONDS & NOTES—97.18%

        

CALIFORNIA—97.18%

        

Bakersfield Wastewater Revenue, Series A (FSA Insured)

        

5.00%, 09/15/32

      $ 3,500,000    $ 3,124,205

Bay Area Governments Association Infrastructure Finance Authority (FGIC Insured)

        

5.00%, 08/01/17

        2,990,000      3,012,395

Bay Area Toll Authority Bridge Revenue, Series F

        

5.00%, 04/01/31

        2,050,000      1,894,159

Bay Area Toll Authority Bridge San Francisco Bay Area Revenue, Series F

        

5.00%, 04/01/31

        2,500,000      2,303,950

Bay Area Toll Authority Bridge San Francisco Bay Area Revenue, Series F-1

        

5.50%, 04/01/43

        1,550,000      1,480,281

California Educational Facilities Authority, Pepperdine University, Series A (AMBAC Insured)

        

5.00%, 12/01/35

        2,135,000      1,882,259

California Educational Facilities Authority, Stanford University, Series T-1

        

5.00%, 03/15/39

        300,000      284,658

California Infrastructure & Economic Development Bank Revenue, Prerefunded 01/01/28 (AMBAC Insured)

        

5.00%, 07/01/36

        500,000      506,130

California State Department of Water Resources Supply Revenue (MBIA Insured)

        

5.00%, 12/01/23

        1,000,000      990,630

California State Department of Water Resources Supply Revenue, Series A (AMBAC Insured)

        

5.50%, 05/01/14

        2,385,000      2,519,204

5.50%, 05/01/15

        1,000,000      1,049,380

California State Department of Water Resources Supply Revenue, Series A (FSA Insured)

        

5.25%, 05/01/11

        500,000      527,555

California State Department of Water Resources Supply Revenue, Series A, Prerefunded 05/01/12

        

5.38%, 05/01/17

        5,000,000      5,583,850

5.38%, 05/01/22

        1,100,000      1,228,447

5.88%, 05/01/16

        2,400,000      2,719,680

California State Department of Water Resources Supply Revenue, Series A, Prerefunded 05/01/12 (AMBAC Insured)

        

5.38%, 05/01/18

        5,000,000      5,583,850

California State Department of Water Resources Supply Revenue, Series AE

        

5.00%, 12/01/25

        500,000      489,905

California State Department of Water Resources Supply Revenue, Series H (FSA Insured)

        

5.00%, 05/01/21

        1,900,000      1,880,354

5.00%, 05/01/22

        500,000      488,655

California State Economic Recovery, General Obligations Unlimited, Series A

        

5.00%, 07/01/10

        1,125,000      1,168,594

5.00%, 01/01/11

        2,100,000      2,195,781

California State Economic Recovery, General Obligations Unlimited, Series A (FGIC Insured)

        

5.25%, 07/01/14

      2,150,000    2,323,634

California State Economic Recovery, General Obligations Unlimited, Series B

        

5.00%, 07/01/23

      1,000,000    1,039,710

California State Public Works Board Lease Revenue

        

5.13%, 06/01/29

      500,000    435,470

California State Public Works Board Lease Revenue (AMBAC Insured)

        

5.63%, 03/01/16

      1,000,000    1,002,010

California State Public Works Board Lease Revenue, Series A, Prerefunded 11/01/09 (MBIA Insured)

        

5.75%, 11/01/24

      810,000    853,432

California State Public Works Board Lease Revenue, Series C

        

5.25%, 06/01/28

      1,550,000    1,391,125

California State University Revenue, Series A (AMBAC Insured)

        

5.00%, 11/01/22

      775,000    777,077

5.00%, 11/01/30

      535,000    485,946

California State University Revenue, Series A (FSA Insured)

        

5.00%, 11/01/33

      1,385,000    1,229,852

California State, General Obligations Unlimited

        

5.00%, 03/01/16

      900,000    932,841

5.00%, 03/01/17

      900,000    915,750

5.00%, 08/01/19

      1,000,000    990,880

5.00%, 08/01/22

      500,000    474,675

5.00%, 09/01/35

      1,750,000    1,477,227

5.00%, 06/01/37

      1,000,000    840,390

5.00%, 11/01/37

      1,000,000    839,500

5.25%, 03/01/38

      310,000    272,313

California State, General Obligations Unlimited (AMBAC Insured)

        

5.00%, 03/01/22

      550,000    523,166

California State, General Obligations Unlimited, Prerefunded 02/01/14

        

5.00%, 02/01/33

      2,395,000    2,676,101

Chabot-Las Positas Community College District, Election of 2004, General Obligations Unlimited (AMBAC Insured)

        

5.00%, 08/01/31

      500,000    460,500

Desert Community College District, General Obligations Unlimited, Series C (FSA Insured)

        

5.00%, 08/01/37

      2,550,000    2,299,131

Eastern Bay Municipal Utility District Water System Revenue, Subseries A (MBIA Insured)

        

5.00%, 06/01/35

      1,400,000    1,304,772

Eastern Municipal Water District, California Water & Sewer Certificates of Participation, Series H

        

5.00%, 07/01/24

      500,000    481,625

Foothill-De Anza Community College District, General Obligations Unlimited, Series A (AMBAC Insured)

        

4.50%, 08/01/31

      1,500,000    1,250,175

Grossmont Union High School District, Election of 2004, General Obligations Unlimited

        

5.00%, 08/01/33

      550,000    499,967

Hayward, California Unified School District, General Obligations Unlimited

        

5.00%, 08/01/24

      1,000,000    977,620

Los Altos, California School District, General Obligations Unlimited, Series B, Prerefunded 08/01/11

        

5.00%, 08/01/17

      2,400,000    2,598,984

Los Angeles Community College District, Election of 2001, General Obligations Unlimited, Series A (FGIC Insured)

        

5.00%, 08/01/32

      3,300,000    2,989,668

Los Angeles Community College District, Election of 2001, General Obligations Unlimited, Series A (FSA Insured)

        

5.00%, 08/01/20

      1,000,000    1,014,720

Los Angeles Convention & Exhibit Center Authority Lease Revenue, Series A

        

5.00%, 08/15/20

      1,000,000    980,990

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series B (MBIA Insured)

        

4.50%, 07/01/21

      1,000,000    950,960

Los Angeles County Sanitation Districts Financing Authority, Subseries A (AMBAC Insured)

        

4.50%, 10/01/38

      600,000    447,108

Los Angeles Department of Water & Power Revenue, Prerefunded 10/15/09 (FGIC Insured)

        

6.10%, 10/15/39

      720,000    758,261

Los Angeles Department of Water & Power Revenue, Subseries A-1 (AMBAC Insured)

        

5.00%, 07/01/37

      2,200,000    1,950,036

5.00%, 07/01/39

      650,000    573,378

Los Angeles Unified School District, General Obligations Unlimited, Series A, Prerefunded 07/01/13 (FSA Insured)

        

5.25%, 07/01/20

      1,000,000    1,126,900

Los Angeles Unified School District, General Obligations Unlimited, Series A-1 (FGIC Insured)

        

5.00%, 07/01/21

      900,000    907,497

Los Angeles Unified School District, General Obligations Unlimited, Series A-1 (FSA Insured)

        

4.50%, 07/01/22

      500,000    471,760

Los Angeles Unified School District, General Obligations Unlimited, Series A-1 (MBIA Insured)

        

4.50%, 07/01/25

      1,200,000    1,066,848

4.50%, 01/01/28

      1,450,000    1,240,011

Los Angeles Unified School District, General Obligations Unlimited, Series B (FSA Insured)

        

4.75%, 07/01/19

      2,000,000    2,046,640

Los Angeles Unified School District, General Obligations Unlimited, Series C, Prerefunded 07/01/09 (MBIA Insured)

        

5.25%, 07/01/24

      670,000    693,778

Los Angeles, California Municipal Improvement Corp. Lease Revenue, Series A

        

5.00%, 09/01/23

      1,500,000    1,440,855

5.00%, 09/01/25

      500,000    470,725

Metropolitan Water District of Southern California Waterworks Revenue

        

5.75%, 08/10/18

      500,000    510,385

Poway, California Unified School District, Public Financing Authority Lease Revenue Capital Appreciation (FSA Insured)

        

0.00%, 12/01/42

      500,000    384,245

Riverside County Palm Desert Financing Authority Lease Revenue, Series A

        

6.00%, 05/01/22

      1,000,000    977,450

Sacramento Area Flood Control Agency (BHAC Insured)

        

5.63%, 10/01/37

      1,000,000    997,790

Sacramento County Sanitation District Financing Authority, Series A, Prerefunded 12/01/14 (AMBAC Insured)

        

5.00%, 12/01/35

      600,000    679,728

Sacramento Municipal Utility District Electric Revenue, Series R (MBIA Insured)

        

5.00%, 08/15/33

      1,000,000    867,290

Sacramento Municipal Utility District Electric Revenue, Series U (FSA Insured)

        

5.00%, 08/15/22

      1,000,000    976,460

San Diego County Water Authority Certificates of Participation, Series 2008 A (FSA Insured)

        

5.00%, 05/01/38

      650,000    562,263

San Diego Unified School District, General Obligations Unlimited, Series F-1 (FSA Insured)

        

4.50%, 07/01/29

      5,200,000      4,415,528

San Francisco City & County Public Utilities Commission Revenue, Series A (FSA Insured)

        

4.50%, 11/01/31

      1,000,000      801,710

4.75%, 11/01/36

      2,100,000      1,724,856

San Jose, California Redevelopment Agency Tax Allocation, Series D (AMBAC Insured)

        

5.00%, 08/01/21

      500,000      450,625

San Mateo County, California Joint Powers Financing Authority Lease Revenue, Series A

        

5.00%, 07/15/36

      500,000      434,715

San Mateo County, California Transportation District Sales Tax Revenue, Series A (MBIA Insured)

        

4.75%, 06/01/34

      495,000      422,720

University of California Regents Medical Center Pooled Revenue, Series A (MBIA Insured)

        

4.50%, 05/15/37

      3,000,000      2,359,710

University of California Revenue, Series J (FSA Insured)

        

4.50%, 05/15/35

      4,800,000      3,856,320

University of California, Series O, Prerefunded 09/01/10 (FGIC Insured)

        

5.13%, 09/01/31

      2,535,000      2,711,740

Vacaville Unified School District, Election of 2001, General Obligations Unlimited (AMBAC Insured)

        

5.00%, 08/01/25

      500,000      466,180

Yuba Community College District, Election of 2006, General Obligations Unlimited, Series A (AMBAC Insured)

        

5.00%, 08/01/22

      530,000      509,150
           
          113,506,795
           

TOTAL MUNICIPAL BONDS & NOTES

        

(Cost: $120,952,190)

           113,506,795

Security

     Shares    Value

SHORT-TERM INVESTMENTS—1.56%

        

MONEY MARKET FUNDS—1.56%

        

Fidelity California AMT Tax-Free Money Market Fund, Institutional Shares

        

0.68%(a)

      1,819,682      1,819,682
           
          1,819,682
           

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $1,819,682)

           1,819,682
           

TOTAL INVESTMENTS IN SECURITIES—98.74%

        

(Cost: $122,771,872)

           115,326,477

Other Assets, Less Liabilities—1.26%

           1,467,698
           

NET ASSETS—100.00%

        $ 116,794,175
           

 

AMBAC   -   American Municipal Bond Assurance Corp. Financial Group Inc.
BHAC   -   Berkshire Hathaway Assurance Corp.
FGIC   -   Financial Guaranty Insurance Co.
FSA   -   Financial Security Assurance Inc.
MBIA   -   Municipal Bond Insurance Association

 

(a) The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® S&P NATIONAL MUNICIPAL BOND FUND

November 30, 2008

 

Security

      Principal    Value

MUNICIPAL BONDS & NOTES—98.04%

        

ARIZONA—1.75%

        

Arizona School Facilities Board Certificates of Participation

        

5.13%, 09/01/21

      $ 1,000,000    $ 958,160

Arizona School Facilities Board Certificates of Participation, Series A, Prerefunded 03/01/13 (MBIA Insured)

        

5.25%, 09/01/17

        2,500,000      2,770,650

Salt River Project Agricultural Improvement & Power District Electric System Revenue, Series A

        

5.00%, 01/01/38

        10,330,000      9,321,689
           
          13,050,499

CALIFORNIA—17.39%

        

Bakersfield Wastewater Revenue, Series A (FSA Insured)

        

5.00%, 09/15/32

        3,550,000      3,168,836

Bay Area Governments Association Infrastructure Finance Authority (FGIC Insured)

        

5.00%, 08/01/17

        4,000,000      4,029,960

Bay Area Toll Authority Bridge San Francisco Bay Area Revenue, Series F

        

5.00%, 04/01/31

        2,400,000      2,211,792

Bay Area Toll Authority Toll Bridge Revenue, Series F

        

5.00%, 04/01/26

        1,200,000      1,158,096

California Educational Facilities Authority, Stanford University, Series T-1

        

5.00%, 03/15/39

        4,600,000      4,364,756

California Infrastructure & Economic Development Bank Revenue, Prerefunded 01/01/28 (AMBAC Insured)

        

5.00%, 07/01/36

        500,000      506,130

California State Department of Veterans Affairs Home Purchase Revenue, Series A

        

4.60%, 12/01/28

        800,000      654,312

California State Department of Water Resources Supply Revenue, Series A

        

5.50%, 05/01/10

        760,000      791,076

California State Department of Water Resources Supply Revenue, Series A (AMBAC Insured)

        

5.50%, 05/01/14

        2,000,000      2,112,540

5.50%, 05/01/15

        3,000,000      3,148,140

California State Department of Water Resources Supply Revenue, Series A, Prerefunded 05/01/12

        

5.75%, 05/01/17

        7,975,000      9,004,493

California State Department of Water Resources Supply Revenue, Series H

        

5.00%, 05/01/22

        5,000,000      4,858,400

California State Economic Recovery, General Obligations Unlimited, Series A

        

5.00%, 07/01/09

        1,000,000      1,020,890

5.00%, 01/01/11

        5,525,000      5,776,995

5.25%, 01/01/10

        3,295,000      3,408,546

5.25%, 07/01/12

        1,185,000      1,265,106

California State Economic Recovery, General Obligations Unlimited, Series A (MBIA Insured)

        

5.25%, 07/01/13

        4,000,000      4,299,680

California State Public Works Board Lease Revenue, Series C

        

5.25%, 06/01/28

        2,500,000      2,243,750

California State, General Obligations Unlimited

        

4.50%, 08/01/26

        1,650,000      1,380,241

5.00%, 02/01/10

        500,000      514,990

5.00%, 02/01/11

        2,000,000      2,076,840

5.00%, 03/01/16

      1,800,000    1,865,682

5.00%, 04/01/16

      600,000    621,774

5.00%, 03/01/17

      8,200,000    8,348,582

5.00%, 06/01/17

      7,250,000    7,373,540

5.00%, 04/01/18

      1,800,000    1,816,344

5.00%, 03/01/19

      6,125,000    6,085,249

5.00%, 06/01/37

      4,250,000    3,571,657

5.00%, 11/01/37

      6,600,000    5,540,700

5.00%, 12/01/37

      3,400,000    2,853,858

5.25%, 03/01/38

      1,000,000    878,430

Chabot-Las Positas Community College District, Election of 2004, General Obligations Unlimited (AMBAC Insured)

        

5.00%, 08/01/31

      2,550,000    2,348,550

Los Angeles, California Water & Power Revenue, Subseries A-1

        

5.25%, 07/01/38

      1,500,000    1,399,890

Los Angeles Convention & Exhibit Center Authority Lease Revenue, Series A

        

5.00%, 08/15/20

      2,000,000    1,961,980

Los Angeles Unified School District, General Obligations Unlimited, Series A-1 (FSA Insured)

        

4.50%, 07/01/22

      2,700,000    2,547,504

Los Angeles Unified School District, General Obligations Unlimited, Series A-1 (MBIA Insured)

        

4.50%, 07/01/25

      2,900,000    2,578,216

Los Angeles Unified School District, General Obligations Unlimited, Series E (FSA Insured)

        

4.75%, 07/01/32

      7,800,000    6,745,050

Los Angeles Wastewater System Revenue, Series A (MBIA Insured)

        

5.00%, 06/01/34

      4,000,000    3,592,240

Los Angeles, California Community College District, General Obligations Unlimited, Series
F-1

        

5.00%, 08/01/33

      1,000,000    909,030

Metropolitan Water District of Southern California Waterworks Revenue

        

5.75%, 08/10/18

      2,500,000    2,551,925

San Francisco Bay Area Rapid Transit District, General Obligations Unlimited, Series B

        

5.00%, 08/01/32

      1,400,000    1,320,928

San Francisco City & County Public Utilities Commission Revenue, Series A (FSA Insured)

        

4.75%, 11/01/36

      2,000,000    1,642,720

Southern California Public Power Authority Revenue, Series A, Prerefunded 07/01/13 (AMBAC Insured)

        

5.00%, 07/01/33

      1,500,000    1,674,105

University of California Revenue, Series M, Prerefunded 09/01/09 (FGIC Insured)

        

5.13%, 09/01/30

      3,600,000    3,749,004
         
        129,972,527

COLORADO—2.87%

        

Colorado Department of Transportation Revenue, Series B (FGIC Insured)

        

5.00%, 12/15/15

      7,670,000    8,270,638

Colorado State Higher Education Certificate of Participation

        

5.25%, 11/01/23

      1,000,000    971,950

Regional Transportation District Sales Tax Revenue, Series A (FSA Insured)

        

4.50%, 11/01/34

      15,175,000    12,182,945
         
        21,425,533

CONNECTICUT—0.20%

        

Connecticut State, General Obligations Unlimited, Series C

        

5.00%, 11/01/24

      1,500,000    1,505,760
         
        1,505,760

DISTRICT OF COLUMBIA—0.34%

        

District of Columbia Ballpark Revenue, Series B-1 (FGIC Insured)

        

5.00%, 02/01/31

      2,000,000    1,543,360

District of Columbia University Revenue, Georgetown University, Series C

        

5.25%, 04/01/34

      1,000,000    974,380
         
        2,517,740

FLORIDA—4.39%

        

Citizens Property Insurance Corp., Series A (MBIA Insured)

        

5.00%, 03/01/17

      9,830,000    9,556,628

Florida Hurricane Catastrophe Fund Finance Corp. Revenue, Series A

        

5.00%, 07/01/12

      6,000,000    6,232,260

Florida Hurricane Catastrophe Fund Finance Corp. Revenue, Series A (MBIA-IBC Insured)

        

5.00%, 07/01/12

      5,900,000    6,128,389

Miami-Dade County Educational Facilities Authority Revenue, Series A, Prerefunded 04/01/10 (AMBAC Insured)

        

5.75%, 04/01/29

      3,000,000    3,187,680

Miami-Dade County Water & Sewer Revenue, Series C

        

5.38%, 10/01/24

      2,500,000    2,351,175

Seminole County Water & Sewer Revenue

        

5.00%, 10/01/36

      5,950,000    5,394,686
         
        32,850,818

GEORGIA—2.11%

        

Georgia State Road & Toll Highway Authority Revenue, Series A

        

5.00%, 06/01/10

      1,000,000    1,042,270

Georgia State, General Obligations Unlimited, Series C

        

5.50%, 07/01/16

      5,000,000    5,481,100

Gwinnett County School District, General Obligations Unlimited

        

5.00%, 02/01/11

      2,850,000    3,016,554

5.00%, 02/01/13

      2,625,000    2,845,552

Metropolitan Atlanta Rapid Transit Authority Revenue, Series B (FSA Insured)

        

5.00%, 07/01/37

      2,000,000    1,795,760

Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue, Series B (FSA Insured)

        

5.00%, 07/01/27

      1,625,000    1,558,440
         
        15,739,676

HAWAII—0.87%

        

Hawaii State, General Obligations Unlimited, Series DG (AMBAC Insured)

        

5.00%, 07/01/13

      1,500,000    1,625,745

5.00%, 07/01/15

      2,200,000    2,402,158

Honolulu, Hawaii City & County Wastewater System Revenue, Series A (MBIA Insured)

        

5.00%, 07/01/36

      2,800,000    2,496,900
         
        6,524,803

ILLINOIS—7.40%

        

Chicago Board of Education, General Obligations Unlimited, Series C (FSA Insured)

        

5.00%, 12/01/27

      5,600,000    5,303,984

Chicago Skyway Toll Bridge, Prerefunded 01/01/11 (AMBAC Insured)

        

5.50%, 01/01/31

      5,500,000    5,933,235

Chicago, Illinois General Obligations Unlimited, Series A (MBIA-FGIC Insured)

        

5.00%, 01/01/29

      900,000    834,291

Chicago, Illinois General Obligations Unlimited, Series A, Prerefunded 01/01/11 (MBIA Insured)

       

5.50%, 01/01/38

      8,255,000    8,898,230

Illinois State Toll Highway Authority Revenue, Series A (FSA Insured)

        

5.00%, 01/01/23

      1,225,000    1,211,525

Illinois State Toll Highway Authority Revenue, Series A-1 (FSA Insured)

        

5.00%, 01/01/24

      2,700,000    2,646,648

Illinois State Toll Highway Authority Revenue, Series B

        

5.50%, 01/01/33

      1,000,000    958,760

Illinois State Toll Highway Authority, Series A-2 (FSA Insured)

        

5.00%, 01/01/31

      5,000,000    5,541,750

Illinois State, General Obligations Unlimited, Series A

        

5.00%, 03/01/34

      8,595,000    7,858,323

Illinois State, General Obligations Unlimited, Series B

        

5.00%, 03/01/13

      14,000,000    15,052,800

Metropolitan Pier & Exposition Authority Dedicated State Tax Revenue, Series B (MBIA-FGIC Insured)

        

5.00%, 06/15/21

      1,115,000    1,105,745
         
        55,345,291

INDIANA—0.63%

        

Indiana Finance Authority Highway Revenue, Series A (FGIC Insured)

        

4.50%, 12/01/23

      1,000,000    870,970

4.50%, 12/01/24

      4,450,000    3,806,174
         
        4,677,144

KENTUCKY—0.71%

        

Kentucky State Property & Buildings Revenue

        

5.00%, 11/01/20

      5,350,000    5,306,183
         
        5,306,183

MARYLAND—2.76%

        

Maryland State Department of Transportation Revenue

        

5.00%, 02/15/23

      2,500,000    2,536,525

Maryland State, General Obligations Unlimited

        

5.00%, 02/01/11

      5,500,000    5,821,420

Maryland State, General Obligations Unlimited, Series 2

        

5.00%, 07/15/13

      400,000    436,048

5.00%, 08/01/15

      2,500,000    2,749,800

Maryland State, General Obligations Unlimited, Series A

        

5.25%, 03/01/16

      400,000    443,800

Maryland State, General Obligations Unlimited, Series B

        

5.25%, 02/15/12

      8,000,000    8,652,640
         
        20,640,233

MASSACHUSETTS—6.05%

        

Massachusetts School Building Authority Sales Tax Revenue, Series A (AMBAC Insured)

        

4.50%, 08/15/35

      17,400,000    14,223,630

Massachusetts School Building Authority Sales Tax Revenue, Series A (FSA Insured)

        

5.00%, 08/15/17

      1,000,000    1,056,140

Massachusetts State, General Obligations Limited, Series C (FSA Insured)

        

5.50%, 11/01/10

      5,000,000    5,298,450

Massachusetts State, General Obligations Limited, Series D (MBIA Insured)

        

5.50%, 11/01/13

      3,330,000    3,677,952

Massachusetts State, General Obligations Limited, Series E

        

5.50%, 01/01/09

      225,000    225,886

Massachusetts State, General Obligations Unlimited, Series A

        

5.00%, 09/01/28

      3,000,000    2,890,350

Massachusetts State, General Obligations Unlimited, Series A (MBIA Insured)

        

5.50%, 02/01/10

      4,000,000    4,171,360

5.50%, 02/01/11

      5,390,000    5,733,936

Massachusetts State, General Obligations Unlimited, Series A, Prerefunded 03/01/15 (FSA Insured)

        

5.00%, 03/01/23

      4,000,000    4,445,960

Massachusetts State, General Obligations Unlimited, Series B

        

5.00%, 11/01/16

      1,100,000    1,190,035

Massachusetts State, General Obligations Unlimited, Series D

        

5.50%, 10/01/16

      1,100,000    1,223,750

Massachusetts State, General Obligations Unlimited, Series E (AMBAC Insured)

        

5.00%, 11/01/25

      1,115,000    1,099,925
         
        45,237,374

MICHIGAN—0.87%

        

Detroit City School District, General Obligations Unlimited, Series A (FSA Q-SBLF Insured)

        

5.25%, 05/01/30

      2,500,000    2,465,100

Detroit, Michigan Sewer Disposal System Revenue, Series A, Prerefunded 07/01/13 (FSA Insured)

        

5.00%, 07/01/32

      3,000,000    3,298,740

Michigan State, General Obligations Unlimited, Series A

        

5.00%, 11/01/20

      760,000    761,740
         
        6,525,580

MISSOURI—0.97%

        

Missouri Joint Municipal Electric Utility Commission Power Project Revenue (MBIA Insured)

        

5.00%, 01/01/34

      2,000,000    1,605,940

Missouri State Highways & Transit Commission State Road Revenue

        

5.00%, 02/01/14

      625,000    679,787

Missouri State Highways & Transit Commission State Road Revenue, Series B

        

5.00%, 05/01/26

      5,000,000    4,948,200
         
        7,233,927

NEVADA—1.33%

        

Clark County School District, General Obligations Limited, Series A

        

5.00%, 06/15/27

      6,000,000    5,714,040

Clark County School District, General Obligations Limited, Series A (MBIA-FGIC Insured)

        

5.00%, 06/15/25

      1,350,000    1,305,706

Nevada State Capitol Building, General Obligations Limited, Series C

        

5.00%, 06/01/27

      3,000,000    2,946,690
         
        9,966,436

NEW JERSEY—3.33%

        

New Jersey State Transit Corp. Certificates of Participation, Series B (AMBAC Insured)

        

5.50%, 09/15/09

      1,005,000    1,029,452

New Jersey Transportation Trust Fund Authority Revenue, Series A

        

5.25%, 12/15/20

      3,080,000    3,045,288

New Jersey Transportation Trust Fund Authority Revenue, Series A (AMBAC Insured)

        

5.00%, 12/15/34

      1,450,000    1,282,844

New Jersey Transportation Trust Fund Authority Revenue, Series B

        

5.25%, 12/15/19

      1,635,000    1,686,715

New Jersey Transportation Trust Fund Authority Revenue, Series C (FGIC Insured)

        

5.25%, 06/15/12

      400,000    439,524

New Jersey Transportation Trust Fund Authority Revenue, Series C (FSA Insured)

        

5.50%, 12/15/10

      4,945,000    5,236,458

New Jersey Transportation Trust Fund Authority, Series A (FSA Insured)

        

4.25%, 12/15/22

      8,500,000    7,525,985

New Jersey Transportation Trust Fund Authority, Series B (FGIC Insured)

        

5.25%, 12/15/12

      4,300,000    4,628,176
         
        24,874,442

NEW YORK—15.12%

        

Hudson Yards Infrastructure Corp. Revenue, Series A

        

5.00%, 02/15/47

      1,520,000    1,168,774

Hudson Yards Infrastructure Corp. Revenue, Series A (MBIA Insured)

        

4.50%, 02/15/47

      1,600,000    1,130,176

Long Island Power Authority Revenue, Series A (BHAC Insured)

        

5.50%, 05/01/33

      1,100,000    1,085,403

New York City Municipal Water Finance Authority Water & Sewer System Revenue,
Series A

        

4.75%, 06/15/30

      4,850,000    4,320,962

5.00%, 06/15/38

      6,250,000    5,727,937

5.00%, 06/15/39

      2,325,000    2,108,728

New York City Municipal Water Finance Authority Water & Sewer System Revenue,
Series AA

        

5.00%, 06/15/21

      1,000,000    1,006,920

5.00%, 06/15/22

      5,000,000    4,993,050

New York City Municipal Water Finance Authority Water & Sewer System Revenue,
Series C

        

5.00%, 06/15/35

      700,000    641,389

New York City Municipal Water Finance Authority Water & Sewer System Revenue,
Series CC

        

5.00%, 06/15/34

      2,900,000    2,668,667

New York City Municipal Water Finance Authority Water & Sewer System Revenue, Series D

        

5.00%, 06/15/38

      7,200,000    6,540,696

New York City Transitional Finance Authority Building Aid Revenue, Series S-1

        

5.50%, 07/15/28

      3,255,000    3,159,726

New York City Transitional Finance Authority Revenue, Series A-1

        

5.00%, 11/01/13

      4,570,000    4,946,294

5.00%, 11/01/14

      4,500,000    4,894,920

New York Liberty Development Corp. (Goldman Sachs Group Inc. Obligor)

        

5.25%, 10/01/35

      1,780,000    1,281,600

New York State Dormitory Authority (City University of New York), State Supported Debt Revenue

        

5.00%, 07/01/22

      4,000,000    3,815,640

New York State Dormitory Authority Revenue, Series A (MBIA-FGIC Insured)

        

5.50%, 07/01/18

      1,405,000    1,472,117

New York State Dormitory Authority Revenue, Series D (MBIA Insured)

        

5.25%, 10/01/23

      1,050,000    1,042,440

New York State Dormitory Authority State Personal Income Tax Revenue, Series B

        

5.00%, 03/15/28

      500,000    476,745

New York State Dormitory Authority State Personal Income Tax Revenue, Series B
(AMBAC Insured)

        

5.50%, 03/15/26

      3,885,000    4,003,104

New York State Dormitory Authority State Personal Income Tax Revenue, Series C

        

5.00%, 12/15/31

      3,500,000    3,272,850

New York State Dormitory Authority State Personal Income Tax Revenue, Series D

        

5.00%, 03/15/36

      4,200,000    3,832,920

New York State Dormitory Authority State Personal Income Tax Revenue, Series F

        

5.00%, 03/15/30

      2,000,000    1,884,840

New York State Thruway Authority Revenue

        

5.50%, 04/01/11

      1,160,000    1,233,590

New York State Thruway Authority Revenue, Series A

        

5.00%, 03/15/10

      1,000,000    1,037,750

New York State Thruway Authority Revenue, Series B (AMBAC Insured)

        

5.00%, 04/01/21

      840,000    847,207

New York State Thruway Authority Revenue, Series B (FSA Insured)

        

5.00%, 04/01/14

      8,855,000    9,516,734

New York State Thruway Authority Revenue, Series H (FGIC Insured)

        

5.00%, 01/01/22

      1,280,000    1,264,218

New York State Thruway Authority Revenue, Series H (MBIA Insured)

        

5.00%, 01/01/20

      3,400,000    3,436,992

5.00%, 01/01/21

      3,400,000    3,404,760

New York State Thruway Authority Revenue, Series H (MBIA-FGIC Insured)

        

5.00%, 01/01/23

      720,000    702,900

New York State Thruway Authority, Personal Income Tax Revenue, Series A

        

5.00%, 03/15/26

      1,700,000    1,659,489

New York State Urban Development Corp., Correctional & Youth Facilities Revenue, Series A

        

5.00%, 01/01/27

      710,000    712,627

5.25%, 01/01/09

      1,750,000    1,756,878

New York State Urban Development Corp., Correctional Facilities Revenue, Series D, Prerefunded 01/01/11 (FSA Insured)

        

5.25%, 01/01/30

      6,250,000    6,675,938

New York State, General Obligations Unlimited, Series A-1

        

5.25%, 08/15/23

      5,000,000    4,862,800

New York State, General Obligations Unlimited, Series J, Prerefunded 06/01/13

        

5.50%, 06/01/23

      1,000,000    1,127,610

Triborough Bridge & Tunnel Authority Revenue

        

5.00%, 11/15/37

      5,300,000    4,749,277

Triborough Bridge & Tunnel Authority Revenue, Series A

        

5.00%, 11/15/35

      3,000,000    2,708,640

Triborough Bridge & Tunnel Authority Revenue, Subseries D

        

5.00%, 11/15/31

      2,000,000    1,845,940
         
        113,019,248

NORTH CAROLINA—5.11%

        

North Carolina State, General Obligations Unlimited

        

5.00%, 03/01/12

      15,545,000    16,724,866

North Carolina State, General Obligations Unlimited, Series B

        

5.00%, 04/01/10

      750,000    781,658

5.00%, 04/01/13

      12,000,000    13,051,320

University of North Carolina Revenue

        

5.00%, 12/01/36

      8,100,000    7,623,720
         
        38,181,564

OHIO—2.39%

        

Cincinnati City School District, General Obligations Unlimited (FGIC Insured)

        

5.25%, 12/01/25

      4,820,000    4,809,251

Columbus Sewer Revenue, Series A

        

5.00%, 06/01/31

      8,400,000    7,965,300

Ohio State Major New Infrastructure Projects Revenue, Series 2008-1

        

5.75%, 06/15/19

      2,000,000    2,174,280

Ohio State, General Obligations Unlimited, Series A

        

5.38%, 09/01/28

      1,470,000    1,485,362

Ohio State, General Obligations Unlimited, Series A (MBIA Insured)

        

5.00%, 08/01/11

      1,365,000    1,452,715
         
        17,886,908

OREGON—4.23%

        

Oregon State Department of Administrative Services (FSA Insured)

        

5.00%, 09/01/09

      1,100,000    1,132,120

5.00%, 09/01/11

      10,000,000    10,656,500

Oregon State Department of Transportation Highway User Tax Revenue, Series A

        

4.50%, 11/15/32

      3,725,000    3,174,892

Oregon State, General Obligations Unlimited, Series A

        

4.50%, 08/01/32

      15,815,000    13,328,249

Portland, Oregon Sewer System Revenue, Series A (MBIA Insured)

        

5.00%, 06/01/14

      1,250,000    1,356,225

Tri-County Metropolitan Transportation District (MBIA Insured)

        

4.00%, 05/01/14

      2,000,000    1,997,440
         
        31,645,426

PENNSYLVANIA—1.29%

        

Pennsylvania State Public School Building Authority, Series A (FSA Insured)

        

5.00%, 06/01/31

      1,800,000    1,662,768

Pennsylvania State, General Obligations Unlimited

        

5.25%, 02/01/09

      3,000,000    3,021,600

Pennsylvania State, General Obligations Unlimited, Series 2

        

5.00%, 01/01/20

      3,500,000    3,590,125

Pennsylvania State, General Obligations Unlimited, Series 3 (FSA Insured)

        

5.00%, 09/01/14

      1,250,000    1,364,863
         
        9,639,356

PUERTO RICO—1.32%

        

Puerto Rico Commonwealth, General Obligations Unlimited, Series A

        

5.00%, 07/01/23

      1,000,000    838,270

Puerto Rico Highway & Transportation Authority Highway Revenue, Series CC (FSA Insured)

        

5.25%, 07/01/36

      3,035,000    2,670,527

Puerto Rico Infrastructure Financing Authority Special Tax Revenue, Series C
(AMBAC Insured)

        

5.50%, 07/01/25

      7,275,000    6,322,703
         
        9,831,500

SOUTH CAROLINA—3.11%

        

Greenville County School District Installment Purchase Revenue, Prerefunded 12/01/12

        

5.50%, 12/01/28

      11,775,000    13,195,065

South Carolina State Public Services Authority Revenue, Series A

        

5.50%, 01/01/38

      1,000,000    966,190

South Carolina State Public Services Authority Revenue, Series A (AMBAC Insured)

        

5.00%, 01/01/20

      6,900,000    6,986,250

South Carolina State Public Services Authority Revenue, Series A (MBIA Insured)

        

5.00%, 01/01/17

      1,500,000    1,594,245

South Carolina State Public Services Authority Revenue, Series D (FSA Insured)

        

5.00%, 01/01/10

      500,000    517,710
         
        23,259,460

TENNESSEE—0.94%

        

Tennessee Energy Acquisition Corp. Gas Revenue, Series C

        

5.00%, 02/01/19

      5,275,000    4,094,561

Tennessee State, General Obligations Unlimited, Series C

        

5.00%, 09/01/10

      2,815,000    2,957,101
         
        7,051,662

TEXAS—8.17%

        

Cypress-Fairbanks Independent School District, General Obligations Unlimited (PSF-GTD Insured)

        

5.00%, 02/15/30

      4,000,000    3,799,040

Harris County, Texas General Obligations Limited, Series A

        

5.25%, 10/01/24

      5,000,000    5,034,600

Harris County, Texas Health Facilities Development Corp. Revenue, Series A, Prerefunded 07/01/09 (MBIA Insured)

        

5.38%, 07/01/29

      225,000    232,904

Houston, Texas General Obligations Limited, Series A

        

5.25%, 03/01/28

      1,235,000    1,208,546

North Texas Tollway Authority Revenue, Series A (MBIA Insured)

        

5.13%, 01/01/28

      12,390,000    11,140,840

North Texas Tollway Authority Revenue, Series F

        

5.75%, 01/01/38

      1,000,000    829,490

San Antonio, Texas Electric & Gas Revenue

        

5.00%, 02/01/25

      2,750,000    2,675,475

5.00%, 02/01/32

      5,335,000    4,895,983

Texas State Transportation Commission Revenue

        

5.00%, 04/01/24

      6,250,000    6,177,063

5.00%, 04/01/27

      8,950,000    8,667,449

Texas State, General Obligations Unlimited

        

4.50%, 04/01/33

      5,000,000    4,174,700

Texas State, General Obligations Unlimited, Series A

        

4.75%, 04/01/35

      5,600,000    4,810,624

5.00%, 04/01/26

      2,850,000    2,775,672

5.00%, 04/01/33

      5,000,000    4,666,450
         
        61,088,836

UTAH—0.98%

        

Utah State, General Obligations Unlimited, Series B

        

5.38%, 07/01/10

      5,635,000    5,931,345

Utah Transportation Authority Sales Tax Revenue, Series A (FSA Insured)

        

5.00%, 06/15/32

      1,500,000    1,420,530
         
        7,351,875

WASHINGTON—0.99%

        

Central Puget Sound Washington Regional Transportation Authority Sales & Use Tax Revenue, Series A

        

5.00%, 11/01/36

      3,150,000    2,831,409

Washington State, General Obligations Unlimited, Series A

        

5.00%, 07/01/27

      4,750,000      4,582,563
           
          7,413,972

WISCONSIN—0.42%

        

Wisconsin State, General Obligation Unlimited, Series 1

        

5.00%, 05/01/18

      3,000,000      3,144,150
           
          3,144,150
           

TOTAL MUNICIPAL BONDS & NOTES

        

(Cost: $773,761,409)

           732,907,923

Security

     Shares    Value

SHORT-TERM INVESTMENTS—0.89%

        

MONEY MARKET FUNDS—0.89%

        

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio, Institutional Shares

        

0.96%(a)

      6,665,143      6,665,143
           
          6,665,143
           

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $6,665,143)

           6,665,143
           

TOTAL INVESTMENTS IN SECURITIES—98.93%

        

(Cost: $780,426,552)

           739,573,066

Other Assets, Less Liabilities—1.07%

           7,978,848
           

NET ASSETS—100.00%

        $ 747,551,914
           

 

AMBAC   -   American Municipal Bond Assurance Corp. Financial Group Inc.
BHAC   -   Berkshire Hathaway Assurance Corp.
FGIC   -   Financial Guaranty Insurance Co.
FSA   -   Financial Security Assurance Inc.
GTD   -   Guaranteed Bond
IBC   -   Insured Bond Certificates
MBIA   -   Municipal Bond Insurance Association
PSF   -   Permanent School Fund
Q-SBLF   -   Qualified Student Bond Loan Fund

 

(a) The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® S&P NEW YORK MUNICIPAL BOND FUND

November 30, 2008

 

Security

      Principal    Value

MUNICIPAL BONDS & NOTES—97.16%

        

NEW YORK—97.16%

        

Hudson Yards Infrastructure Corp. Revenue, Series A (FGIC Insured)

        

5.00%, 02/15/47

      $ 250,000    $ 191,132

Hudson Yards Infrastructure Corp. Revenue, Series A (MBIA Insured)

        

4.50%, 02/15/47

        450,000      317,862

Long Island Power Authority Revenue, Series A (BHAC Insured)

        

5.50%, 05/01/33

        400,000      394,692

Long Island Power Authority Revenue, Series C

        

5.00%, 09/01/35

        500,000      418,085

Long Island Power Authority Revenue, Series E (FGIC Insured)

        

5.00%, 12/01/21

        400,000      375,080

Long Island Power Authority Revenue, Series L, Prerefunded 05/01/11

        

5.38%, 05/01/33

        1,000,000      1,079,980

Long Island Power Authority, Series A (AMBAC Insured)

        

5.50%, 12/01/11

        300,000      316,779

Long Island Power Authority, Series A, Prerefunded 09/01/11

        

5.38%, 09/01/25

        1,500,000      1,634,310

Metropolitan Transportation Authority, Series A

        

5.00%, 11/15/31

        600,000      518,346

Metropolitan Transportation Authority, Series A, Prerefunded 10/01/15 (FGIC Insured)

        

4.75%, 04/01/28

        430,000      476,354

Metropolitan Transportation Authority, Series A, Prerefunded 11/15/11 (FGIC Insured)

        

5.00%, 11/15/31

        650,000      704,860

Metropolitan Transportation Authority, Series B (AMBAC Insured)

        

5.00%, 11/15/30

        1,600,000      1,390,272

New York City Industrial Development Agency Revenue (Yankee Stadium) (FGIC Insured)

        

4.50%, 03/01/39

        360,000      246,388

New York City Municipal Water Finance Authority Revenue, Series C (MBIA Insured)

        

5.00%, 06/15/25

        600,000      578,394

New York City Municipal Water Finance Authority Water & Sewer System Revenue, Series A

        

5.00%, 06/15/39

        2,500,000      2,267,450

New York City Municipal Water Finance Authority Water & Sewer System Revenue, Series D

        

5.00%, 06/15/37

        250,000      227,422

New York City Municipal Water Finance Authority Water & Sewer System Revenue, Series DD

        

4.75%, 06/15/36

        980,000      832,157

New York City Transitional Finance Authority Revenue, Series B

        

5.00%, 11/01/21

        250,000      252,852

New York City Transitional Finance Authority Revenue, Series S-1

        

5.00%, 01/15/26

        470,000      435,742

New York City Transitional Finance Authority Revenue, Subseries A-1

        

5.00%, 08/01/20

        1,000,000      1,019,140

New York Convention Center Development Corp. Revenue (AMBAC Insured)

        

5.00%, 11/15/30

        375,000      317,029

5.00%, 11/15/35

        500,000      421,295

New York Liberty Development Corp. (Goldman Sachs Group Inc. Obligor)

        

5.25%, 10/01/35

      100,000    72,000

New York State Dormitory Authority (City University of New York), State Supported Debt Revenue

        

5.00%, 07/01/22

      1,000,000    953,910

New York State Dormitory Authority Revenue (AMBAC Insured)

        

5.13%, 07/01/34

      300,000    282,243

New York State Dormitory Authority Revenue, Series A

        

5.25%, 05/15/15

      450,000    484,623

New York State Dormitory Authority Revenue, Series A (FSA/FHA Insured)

        

5.25%, 08/15/15

      1,635,000    1,745,085

New York State Dormitory Authority Revenue, Series D (MBIA Insured)

        

5.25%, 10/01/23

      1,200,000    1,191,360

5.50%, 10/01/17

      225,000    237,969

New York State Dormitory Authority State Personal Income Tax Revenue, Series A

        

5.00%, 03/15/28

      500,000    476,745

New York State Dormitory Authority State Personal Income Tax Revenue, Series B

        

5.00%, 03/15/28

      200,000    190,698

New York State Environmental Facilities Corp., Clean Water & Drinking Water Revenue

        

5.00%, 06/15/30

      750,000    716,640

New York State Environmental Facilities Corp., Clean Water & Drinking Water Revenue, Series B

        

4.50%, 06/15/36

      650,000    526,077

New York State Environmental Facilities Corp., Clean Water & Drinking Water, Series A

        

4.75%, 06/15/31

      1,000,000    889,530

New York State Local Government Assistance Corp., Series A-2

        

5.00%, 04/01/10

      700,000    728,700

New York State Thruway Authority, Highway & Bridge Trust Fund, Series B (FSA Insured)

        

5.00%, 04/01/15

      500,000    537,150

New York State Thruway Authority, Personal Income Tax Revenue, Series A

        

5.00%, 03/15/26

      300,000    292,851

New York State Urban Development Corp. Revenue, Series B

        

5.00%, 01/01/21

      750,000    729,412

New York State Urban Development Corp., Correctional & Youth Facilities Revenue, Series A

        

5.25%, 01/01/09

      2,075,000    2,083,155

New York State Urban Development Corp., Correctional Facilities Revenue, Series D, Prerefunded 01/01/11 (FSA Insured)

        

5.25%, 01/01/30

      1,500,000    1,602,225

New York State, General Obligations Unlimited, Series A

        

5.00%, 08/01/25

      400,000    374,588

New York State, General Obligations Unlimited, Series A-1

        

5.00%, 08/01/17

      1,000,000    1,030,670

New York State, General Obligations Unlimited, Series C

        

5.00%, 01/01/17

      375,000    387,071

New York State, General Obligations Unlimited, Series J, Prerefunded 06/01/13

        

5.25%, 06/01/28

      1,660,000    1,854,237

New York State, General Obligations Unlimited, Series M (FGIC Insured)

        

5.00%, 04/01/25

      200,000    186,436

New York State, General Obligations Unlimited, Subseries C-1 (FSA Insured)

        

5.00%, 10/01/24

      250,000    243,578

Port Authority of New York & New Jersey

        

5.00%, 10/01/27

      700,000    675,927

5.00%, 12/01/29

      925,000    879,962

Port Authority of New York & New Jersey Revenue

        

5.00%, 09/01/38

      700,000    641,326

Sales Tax Asset Receivable Corp., Series A (AMBAC Insured)

        

5.00%, 10/15/32

      700,000    659,946

Triborough Bridge & Tunnel Authority Revenue

        

5.00%, 11/15/37

      415,000      371,877

Triborough Bridge & Tunnel Authority Revenue, Series A

        

5.00%, 01/01/27

      500,000      485,490

Triborough Bridge & Tunnel Authority Revenue, Subseries D

        

5.00%, 11/15/23

      500,000      488,205

5.00%, 11/15/31

      650,000      599,931
           
          37,035,238
           

TOTAL MUNICIPAL BONDS & NOTES

        

(Cost: $38,892,217)

           37,035,238

Security

      Shares    Value

SHORT-TERM INVESTMENTS—1.28%

        

MONEY MARKET FUNDS—1.28%

        

Fidelity New York AMT Tax-Free Money Market Fund, Institutional Shares

        

0.83%(a)

      486,769      486,769
           
          486,769
           

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $486,769)

           486,769
           

TOTAL INVESTMENTS IN SECURITIES—98.44%

        

(Cost: $39,378,986)

           37,522,007

Other Assets, Less Liabilities—1.56%

           593,082
           

NET ASSETS—100.00%

        $ 38,115,089
           

 

AMBAC   -   American Municipal Bond Assurance Corp. Financial Group Inc.
BHAC   -   Berkshire Hathaway Assurance Corp.
FGIC   -   Financial Guaranty Insurance Co.
FHA   -   Federal Housing Administration
FSA   -   Financial Security Assurance Inc.
MBIA   -   Municipal Bond Insurance Association

 

(a) The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.

Schedule of Investments (Unaudited)

iSHARES® S&P SHORT TERM NATIONAL MUNICIPAL BOND FUND

November 30, 2008

 

Security

      Principal    Value

MUNICIPAL BONDS & NOTES—98.07%

        

CALIFORNIA—16.48%

        

California State Department of Water Resources Supply Revenue, Series A (MBIA Insured)

        

5.25%, 05/01/12

      $ 580,000    $ 613,379

California State Economic Recovery, General Obligations Unlimited, Series A (MBIA Insured)

        

5.00%, 07/01/10

        500,000      519,375

California State Economic Recovery, General Obligations Unlimited, Series B

        

5.00%, 07/01/11

        475,000      495,007

California State, General Obligations Unlimited

        

6.10%, 10/01/09

        450,000      466,465

California State, General Obligations Unlimited (MBIA Insured)

        

5.50%, 03/01/13

        200,000      208,058

6.00%, 10/01/10

        125,000      131,814

California State, General Obligations Unlimited, Prerefunded 10/01/10 (XLCA Insured)

        

5.25%, 10/01/17

        325,000      344,909

Southern California Public Power Authority Revenue, Series A, Prerefunded 07/01/13 (AMBAC Insured)

        

5.00%, 07/01/33

        500,000      558,035
           
          3,337,042

FLORIDA—7.91%

        

Florida State Department of Environmental Protection & Preservation, Series A (MBIA Insured)

        

5.75%, 07/01/10

        400,000      419,384

Florida State Turnpike Authority (FSA Insured)

        

5.25%, 07/01/11

        215,000      227,743

Jacksonville Electric Authority Revenue

        

5.25%, 10/01/11

        900,000      954,855
           
          1,601,982

HAWAII—2.54%

        

Hawaii State, General Obligations Unlimited, Series DG (AMBAC Insured)

        

5.00%, 07/01/13

        475,000      514,819
           
          514,819

ILLINOIS—2.59%

        

Metropolitan Pier & Exposition Authority Dedicated State Tax Revenue (MBIA Insured)

        

5.25%, 06/15/11

        495,000      524,156
           
          524,156

KENTUCKY—2.03%

        

Kentucky State Turnpike Authority (AMBAC Insured)

        

5.50%, 07/01/09

        400,000      409,960
           
          409,960

MARYLAND—2.69%

        

Maryland State, General Obligations Unlimited, Series 2

        

5.00%, 07/15/13

        500,000      545,060
           
          545,060

MASSACHUSETTS—4.21%

        

Massachusetts State, General Obligations Limited, Series C (FSA Insured)

        

5.50%, 11/01/11

        400,000      431,640

Massachusetts State, General Obligations Limited, Series C (MBIA Insured)

        

6.00%, 08/01/09

      200,000    206,390

Massachusetts State, General Obligations Unlimited, Series A

        

5.00%, 08/01/12

      200,000    214,714
         
        852,744

MICHIGAN—0.58%

        

Detroit, Michigan Water Supply System Revenue, Series A, Prerefunded 07/01/11 (FGIC Insured)

        

5.25%, 07/01/33

      110,000    117,772
         
        117,772

NEW JERSEY—7.36%

        

New Jersey Building Authority, Series B

        

5.00%, 06/15/13

      425,000    453,513

New Jersey Economic Development Authority Revenue, Series A

        

5.00%, 05/01/12

      500,000    527,250

New Jersey State, General Obligations Unlimited, Series L (AMBAC Insured)

        

5.25%, 07/15/13

      370,000    403,822

New Jersey Transportation Trust Fund Authority, Series C

        

5.00%, 06/15/10

      100,000    104,900
         
        1,489,485

NEW YORK—29.49%

        

Long Island Power Authority Electric System Revenue, Series A (AMBAC Insured)

        

5.50%, 12/01/10

      450,000    469,967

Metropolitan Transportation Authority Revenue, Series H

        

5.25%, 11/15/11

      500,000    524,785

New York City Transitional Finance Authority Revenue, Subseries D-1

        

5.00%, 11/01/10

      550,000    577,148

New York State Dormitory Authority Revenue (City University of New York) (MBIA Insured)

        

5.25%, 07/01/09

      1,000,000    1,022,110

New York State Dormitory Authority Revenue (City University of New York), Prerefunded 07/01/09 (FSA Insured)

        

5.50%, 07/01/29

      500,000    518,235

New York State Local Government Assistance Corp., Series A

        

5.00%, 04/01/12

      500,000    534,675

New York State Power Authority Revenue, Series A, Prerefunded 11/15/12

        

5.25%, 11/15/18

      400,000    444,860

New York State Urban Development Corp., Community Enhancement Facilities Revenue, Prerefunded 04/01/09 (AMBAC Insured)

        

5.13%, 04/01/18

      375,000    384,071

New York State Urban Development Corp., Correctional & Youth Facilities Revenue, Series A

        

5.25%, 01/01/09

      450,000    451,769

New York State, General Obligations Unlimited, Series G

        

5.00%, 08/01/11

      500,000    522,300

New York State, General Obligations Unlimited, Subseries J-1

        

5.00%, 08/01/11

      500,000    522,300
         
        5,972,220

OHIO—0.57%

        

Ohio State Major New Street Infrastructure Project Revenue, Series 2008-1

        

5.00%, 06/15/11

      110,000    116,281
         
        116,281

OREGON—5.18%

        

Oregon State Department of Administrative Services (FSA Insured)

        

5.00%, 09/01/10

      1,000,000    1,049,170
         
        1,049,170

PENNSYLVANIA—2.09%

        

Pennsylvania State, General Obligations Unlimited, Series 2 (MBIA Insured)

        

5.00%, 07/01/13

      275,000    298,053

Philadelphia, Pennsylvania Water & Wastewater Revenue, Series A, Prerefunded 11/01/12 (FGIC Insured)

        

5.00%, 11/01/31

      115,000      125,516
           
          423,569

SOUTH CAROLINA—3.60%

        

Greenville County School District Installment Purchase Revenue, Prerefunded 12/01/12

        

5.50%, 12/01/28

      650,000      728,390
           
          728,390

TEXAS—10.75%

        

Harris County, Texas Health Facilities Development Corp. Revenue, Series A, Prerefunded 07/01/09 (MBIA Insured)

        

5.38%, 07/01/24

      100,000      103,513

5.38%, 07/01/29

      1,095,000      1,133,466

San Antonio, Texas Electric & Gas Revenue, Prerefunded 02/01/12

        

5.38%, 02/01/19

      500,000      537,255

Texas State Transportation Commission Revenue, Series A

        

5.00%, 04/01/13

      375,000      403,245
           
          2,177,479
           

TOTAL MUNICIPAL BONDS & NOTES

        

(Cost: $19,803,364)

           19,860,129

Security

     Shares or Principal    Value

SHORT-TERM INVESTMENTS—0.47%

        

MONEY MARKET FUNDS—0.47%

        

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio, Institutional Shares

        

0.96%(a)

      94,364      94,364
           
          94,364
           

TOTAL SHORT-TERM INVESTMENTS

        

(Cost: $94,364)

           94,364
           

TOTAL INVESTMENTS IN SECURITIES—98.54%

        

(Cost: $19,897,728)

           19,954,493

Other Assets, Less Liabilities—1.46%

           296,612
           

NET ASSETS—100.00%

        $ 20,251,105
           

 

AMBAC

   -   American Municipal Bond Assurance Corp. Financial Group Inc.

FGIC

   -   Financial Guaranty Insurance Co.

FSA

   -   Financial Security Assurance Inc.

MBIA

   -   Municipal Bond Insurance Association

XLCA

   -   XL Capital Assurance Inc.

 

(a) The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.

Notes to Schedules of Investments (Unaudited)

iSHARES® TRUST

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

These notes relate only to the schedules of investments for the iShares Barclays 1-3 Year Credit Bond Fund (formerly iShares Lehman 1-3 Year Credit Bond Fund), iShares Barclays 1-3 Year Treasury Bond Fund (formerly iShares Lehman 1-3 Year Treasury Bond Fund), iShares Barclays 3-7 Year Treasury Bond Fund (formerly iShares Lehman 3-7 Year Treasury Bond Fund), iShares Barclays 7-10 Year Treasury Bond Fund (formerly iShares Lehman 7-10 Year Treasury Bond Fund), iShares Barclays 10-20 Year Treasury Bond Fund (formerly iShares Lehman 10-20 Year Treasury Bond Fund), iShares Barclays 20+ Year Treasury Bond Fund (formerly iShares Lehman 20+ Year Treasury Bond Fund), iShares Barclays Agency Bond Fund, iShares Barclays Aggregate Bond Fund (formerly iShares Lehman Aggregate Bond Fund), iShares Barclays Credit Bond Fund (formerly iShares Lehman Credit Bond Fund), iShares Barclays Government/Credit Bond Fund (formerly iShares Lehman Government/Credit Bond Fund), iShares Barclays Intermediate Credit Bond Fund (formerly Lehman Intermediate Credit Bond Fund), iShares Barclays Intermediate Government/Credit Bond Fund (formerly iShares Lehman Intermediate Government/Credit Bond Fund), iShares Barclays MBS Bond Fund (formerly iShares Lehman MBS Bond Fund), iShares Barclays Short Treasury Bond Fund (formerly iShares Lehman Short Treasury Bond Fund), iShares Barclays TIPS Bond Fund (formerly iShares Lehman TIPS Bond Fund), iShares iBoxx $ High Yield Corporate Bond Fund, iShares iBoxx $ Investment Grade Corporate Bond Fund, iShares JPMorgan USD Emerging Markets Bond Fund, iShares S&P California Municipal Bond Fund, iShares S&P National Municipal Bond Fund, iShares S&P New York Municipal Bond Fund and iShares S&P Short Term National Municipal Bond Fund (each, a “Fund,” collectively, the “Funds”). The new Fund names became effective December 8, 2008. The iShares Barclays Agency Bond Fund and iShares S&P Short Term National Municipal Bond Fund both commenced operations on November 5, 2008.

1. SIGNIFICANT ACCOUNTING POLICIES

SECURITY VALUATION

The securities and other assets of each Fund are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of funds that are not traded on an exchange, a market valuation means such fund’s published net asset value per share. The investment adviser may use various pricing services or discontinue the use of any pricing service. A price obtained from a pricing service based on such pricing service’s valuation matrix may be considered a market valuation. In the event that current market valuations are not readily available or such valuations do not reflect current market values, the affected investments will be valued pursuant to the pricing policy and procedures approved by the Board of Trustees of the Trust.

Effective March 1, 2008, the Funds adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” This standard defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below.

 

  •  

Level 1 – quoted prices in active markets for identical investments

 

  •  

Level 2 – other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

  •  

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g.,

an event that occurs after the close of the markets on which the security is traded but before the time as of which the Fund’s net asset value is computed and that may materially affect the value of the Fund’s investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations.

The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments.

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

The following table summarizes the inputs used in valuing the Funds’ investments as of November 30, 2008:

 

 

Investments in Securities

 

iShares Bond Fund    Level 1    Level 2    Level 3    Total

Barclays 1-3 Year Credit

    $ 20,622,596    $ 658,516,135    $ —      $ 679,138,731

Barclays 1-3 Year Treasury

      11,245,468,523      —        —        11,245,468,523

Barclays 3-7 Year Treasury

      1,568,528,474      —        —        1,568,528,474

Barclays 7-10 Year Treasury

      4,591,904,855      —        —        4,591,904,855

Barclays 10-20 Year Treasury

      229,970,700      —        —        229,970,700

Barclays 20+ Year Treasury

      2,687,732,944      —        —        2,687,732,944

Barclays Agency

      89,730      20,554,309      —        20,644,039

Barclays Aggregate

      8,119,937,661      6,770,504,359      —        14,890,442,020

Barclays Credit

      3,519,694      108,236,021      —        111,755,715

Barclays Government/Credit

      61,649,726      51,805,170      —        113,454,896

Barclays Intermediate Credit

      22,060,273      298,329,255      —        320,389,528

Barclays Intermediate Government/Credit

      182,450,225      148,338,298      —        330,788,523

Barclays MBS

      538,222,478      641,560,805      —        1,179,783,283

Barclays Short Treasury

      2,643,962,647      —        —        2,643,962,647

Barclays TIPS

      3,682,505,466      7,869,648,843      —        11,552,154,309

iBoxx $ High Yield Corporate

      86,093,730      855,653,174      —        941,746,904

iBoxx $ Investment Grade Corporate

      47,688,158      4,822,617,535      —        4,870,285,693

JPMorgan USD Emerging Markets

      649,870      98,179,304      —        98,829,174

S&P California Municipal

      1,819,682      113,506,795      —        115,326,477

S&P National Municipal

      6,665,143      732,907,923      —        739,573,066

S&P New York Municipal

      486,769      37,035,238      —        37,522,007

S&P Short Term National Municipal

      94,364      19,860,129      —        19,954,493

FEDERAL INCOME TAXES

As of November 30, 2008, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

iShares Bond Fund    Tax Cost    Gross
Unrealized
Appreciation		    Gross
Unrealized
Depreciation		     Net Unrealized
Appreciation
(Depreciation)		  

Barclays 1-3 Year Credit

    $ 703,196,738    $ 2,094,604    $ (26,152,611 )   $ (24,058,007 )

Barclays 1-3 Year Treasury

      11,016,783,451      229,445,766      (760,694 )     228,685,072  

Barclays 3-7 Year Treasury

      1,516,541,060      52,039,706      (52,292 )     51,987,414  

Barclays 7-10 Year Treasury

      4,368,709,518      223,736,953      (541,616 )     223,195,337  

Barclays 10-20 Year Treasury

      221,577,431      8,411,461      (18,192 )     8,393,269  

Barclays 20+ Year Treasury

    2,539,400,262    148,332,682    —       148,332,682  

Barclays Agency

    20,217,128    426,911    —       426,911  

Barclays Aggregate

    14,911,865,484    291,925,970    (313,349,434 )   (21,423,464 )

Barclays Credit

    120,965,803    618,537    (9,828,625 )   (9,210,088 )

Barclays Government/Credit

    114,602,860    3,109,398    (4,257,362 )   (1,147,964 )

Barclays Intermediate Credit

    344,739,337    1,454,083    (25,803,892 )   (24,349,809 )

Barclays Intermediate Government/Credit

    330,967,950    7,329,230    (7,508,657 )   (179,427 )

Barclays MBS

    1,164,236,708    15,581,863    (35,288 )   15,546,575  

Barclays Short Treasury

    2,638,622,498    5,508,642    (168,493 )   5,340,149  

Barclays TIPS

    12,514,268,446    —      (962,114,137 )   (962,114,137 )

iBoxx $ High Yield Corporate

    1,287,603,970    —      (345,857,066 )   (345,857,066 )

iBoxx $ Investment Grade Corporate

    5,201,698,973    37,485,476    (368,898,756 )   (331,413,280 )

JPMorgan USD Emerging Markets

    125,155,573    —      (26,326,399 )   (26,326,399 )

S&P California Municipal

    122,771,251    777,368    (8,222,142 )   (7,444,774 )

S&P National Municipal

    780,431,994    3,985,717    (44,844,645 )   (40,858,928 )

S&P New York Municipal

    39,378,986    222,731    (2,079,710 )   (1,856,979 )

S&P Short Term National Municipal

    19,897,728    64,251    (7,486 )   56,765  

WHEN-ISSUED/TBA TRANSACTIONS

The iShares Barclays Aggregate and iShares Barclays MBS Bond Funds 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 is adverse market action, expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

2. TRANSACTIONS WITH AFFILIATES

Each Fund may invest in the Institutional Shares of certain money market funds managed by Barclays Global Fund Advisors (“BGFA”), the Funds’ investment adviser, including the Government Money Market Fund (“GMMF”), Institutional Money Market Fund (“IMMF”), Prime Money Market Fund (“PMMF”) and Treasury Money Market Fund (“TMMF”) of Barclays Global Investors Funds. The GMMF, IMMF, PMMF and TMMF are feeder funds in a master/feeder fund structure that invest substantially all of their assets in the Government Money Market Master Portfolio, Money Market Master Portfolio, Prime Money Market Master Portfolio and Treasury Money Market Master Portfolio (collectively, the “Money Market Master Portfolios”), respectively, which are also managed by BGFA. While the GMMF, IMMF, PMMF and TMMF do not directly charge an investment advisory fee, the Money Market Master Portfolios in which they invest do charge an investment advisory fee.

Each Fund may invest its securities lending cash collateral, if any, in the BGI Cash Premier Fund LLC (“Premier Fund”), an affiliated private money market fund managed by BGFA. Although the Premier Fund is not registered as an investment company under the 1940 Act, it intends to operate as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 3 for additional information regarding the Premier Fund.

For the nine months ended November 30, 2008, the iShares iBoxx $ Investment Grade Corporate Bond Fund had direct investments (exclusive of short-term investments) in issuers of which BGFA is an affiliate as follows:

 

Name of Affiliated Issuer   

Principal

Amount Held
Beginning

of Period

(in 000s)

   

Gross
Additions

(in 000s)

   

Gross
Reductions

(in 000s)

   

Principal
Amount Held
End of

Period

(in 000s)

   

Value at

End of

Period

   

Interest

Income

   

Net
Realized

Gain

Barclays Bank PLC

    $ 31,900    $ 22,777    $ 400    $ 54,277    $ 54,087,030    $ 1,294,659    $ 2,793

3. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the market value of the loaned securities plus the interest accrued on such 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 market value of the securities on loan plus accrued interest, if any. The risks to the Funds of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of a Fund or through one or more joint accounts or money market funds, including those managed by BGFA; such reinvestments are subject to investment risk.

As of November 30, 2008, certain Funds had loaned securities which were collateralized by cash. The cash collateral received was invested in the Premier Fund, except for the iShares Barclays 1-3 Year Treasury and iShares Barclays Short Treasury Bond Funds, which were invested in the GMMF. The Premier Fund and the GMMF seek to achieve their investment objectives by investing in a portfolio of high-quality, short-term fixed-income instruments, and other instruments that, at the time of investment, have remaining maturities of 397 calendar days or less from the date of acquisition. In addition, the Premier Fund may invest in money market funds (which may be managed by BGFA or its affiliate).

Item 2.

Controls and Procedures.

 

 

(a)

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

 

 

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3.

Exhibits.

 

 

(a)

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

 

By:   /s/    Michael A. Latham        
 

Michael A. Latham, President

(Principal Executive Officer)

Date: 1/23/09

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

 

By:   /s/    Michael A. Latham        
 

Michael A. Latham, President

(Principal Executive Officer)

Date: 1/23/09
By:   /s/    Jack Gee        
 

Jack Gee, Treasurer and Chief Financial Officer

(Principal Financial Officer)

Date: 1/23/09
 EX-99.CERT 2 dex99cert.htm CERTIFICATIONS Certifications

Form N-Q Exhibit for Item 3(a)

   

EX-99.CERT

I, Michael A. Latham, certify that:

 

 

1.

I have reviewed this report on Form N-Q for the following twenty-two series of iShares Trust: iShares iBoxx $ High Yield Corporate Bond Fund, iShares iBoxx $ Investment Grade Corporate Bond Fund, iShares Barclays Aggregate Bond Fund (formerly iShares Lehman Aggregate Bond Fund), iShares Barclays Credit Bond Fund (formerly iShares Lehman Credit Bond Fund), iShares Barclays Government/Credit Bond Fund (formerly iShares Lehman Government/Credit Bond Fund), iShares Barclays Intermediate Credit Bond Fund (formerly iShares Lehman Intermediate Credit Bond Fund), iShares Barclays Intermediate Government/Credit Bond Fund (formerly iShares Lehman Intermediate Government/Credit Bond Fund), iShares Barclays MBS Bond Fund (formerly iShares Lehman MBS Bond Fund), iShares Barclays 1-3 Year Credit Bond Fund (formerly iShares Lehman 1-3 Year Credit Bond Fund), iShares Barclays 1-3 Year Treasury Bond Fund (formerly iShares Lehman 1-3 Year Treasury Bond Fund), iShares Barclays 7-10 Year Treasury Bond Fund (formerly iShares Lehman 7-10 Year Treasury Bond Fund), iShares Barclays Short Treasury Bond Fund (formerly iShares Lehman Short Treasury Bond Fund), iShares Barclays 10-20 Year Treasury Bond Fund (formerly iShares Lehman 10-20 Year Treasury Bond Fund), iShares Barclays 3-7 Year Treasury Bond Fund (formerly iShares Lehman 3-7 Year Treasury Bond Fund), iShares Barclays TIPS Bond Fund (formerly iShares Lehman TIPS Bond Fund), iShares Barclays 20+ Year Treasury Bond Fund (formerly iShares Lehman 20+ Year Treasury Bond Fund), iShares Barclays Agency Bond Fund, iShares S&P National Municipal Bond Fund, iShares S&P Short Term National Municipal Bond Fund, iShares S&P California Municipal Bond Fund, iShares S&P New York Municipal Bond Fund and iShares JPMorgan USD Emerging Markets Bond Fund;

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

 

 

4.

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

c.

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

 

d.

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

 

5.

The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

 

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

 

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: 1/23/09          

  

/s/    Michael A. Latham

  

President (Principal Executive Officer)

 

Michael A. Latham

  

[Title]

 

[Signature]

  

Form N-Q Exhibit for Item 3(a)

   

EX-99.CERT

I, Jack Gee, certify that:

 

 

1.

I have reviewed this report on Form N-Q for the following twenty-two series of iShares Trust: iShares iBoxx $ High Yield Corporate Bond Fund, iShares iBoxx $ Investment Grade Corporate Bond Fund, iShares Barclays Aggregate Bond Fund (formerly iShares Lehman Aggregate Bond Fund), iShares Barclays Credit Bond Fund (formerly iShares Lehman Credit Bond Fund), iShares Barclays Government/Credit Bond Fund (formerly iShares Lehman Government/Credit Bond Fund), iShares Barclays Intermediate Credit Bond Fund (formerly iShares Lehman Intermediate Credit Bond Fund), iShares Barclays Intermediate Government/Credit Bond Fund (formerly iShares Lehman Intermediate Government/Credit Bond Fund), iShares Barclays MBS Bond Fund (formerly iShares Lehman MBS Bond Fund), iShares Barclays 1-3 Year Credit Bond Fund (formerly iShares Lehman 1-3 Year Credit Bond Fund), iShares Barclays 1-3 Year Treasury Bond Fund (formerly iShares Lehman 1-3 Year Treasury Bond Fund), iShares Barclays 7-10 Year Treasury Bond Fund (formerly iShares Lehman 7-10 Year Treasury Bond Fund), iShares Barclays Short Treasury Bond Fund (formerly iShares Lehman Short Treasury Bond Fund), iShares Barclays 10-20 Year Treasury Bond Fund (formerly iShares Lehman 10-20 Year Treasury Bond Fund), iShares Barclays 3-7 Year Treasury Bond Fund (formerly iShares Lehman 3-7 Year Treasury Bond Fund), iShares Barclays TIPS Bond Fund (formerly iShares Lehman TIPS Bond Fund), iShares Barclays 20+ Year Treasury Bond Fund (formerly iShares Lehman 20+ Year Treasury Bond Fund), iShares Barclays Agency Bond Fund, iShares S&P National Municipal Bond Fund, iShares S&P Short Term National Municipal Bond Fund, iShares S&P California Municipal Bond Fund, iShares S&P New York Municipal Bond Fund and iShares JPMorgan USD Emerging Markets Bond Fund;

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

 

 

4.

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

c.

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

 

d.

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

 

5.

The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

 

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

 

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: 1/23/09          

  

/s/    Jack Gee

  

Treasurer and Chief Financial Officer

(Principal Financial Officer)

 

Jack Gee

  

[Title]

 

[Signature]

  
-----END PRIVACY-ENHANCED MESSAGE-----