UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

1 Iron Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: July 31, 2015

Date of reporting period: January 31, 2015

Item 1. Reports to Stockholders.

JANUARY 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

^Ø   iShares North American Tech ETF  |  IGM  |  NYSE Arca

^Ø   iShares North American Tech-Multimedia Networking ETF  |  IGN  |  NYSE Arca

^Ø   iShares North American Tech-Software ETF  |  IGV  |  NYSE Arca

^Ø   iShares North American Natural Resources ETF  |  IGE  |  NYSE Arca

^Ø   iShares PHLX Semiconductor ETF  |  SOXX  |  NASDAQ

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares North American Tech ETF	11
iShares North American Tech-Multimedia Networking ETF	15
iShares North American Tech-Software ETF	16
iShares North American Natural Resources ETF	18
iShares PHLX Semiconductor ETF	21
Financial Statements	22
Financial Highlights	29
Notes to Financial Statements	34
Supplemental Information	43

Fund Performance Overview

iSHARES^® NORTH AMERICAN TECH ETF

Performance as of January 31, 2015

The iShares North American Tech ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the technology sector, as represented by the S&P North American Technology Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 3.28%, net of fees, while the total return for the Index was 3.50%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		12.85%		12.89%		13.37%		12.85%		12.89%		13.37%
5 Years		15.44%		15.46%		15.97%		105.02%		105.20%		109.76%
10 Years		9.01%		9.00%		9.50%		136.87%		136.84%		147.74%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,032.80	$	2.41	$	1,000.00	$	1,022.80	$	2.40		0.47%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total Investments*

Software	19.38	%
IT Services	17.36
Internet Software & Services	17.25
Computers & Peripherals	14.48
Semiconductors & Semiconductor Equipment	13.33
Communications Equipment	8.16
Internet & Catalog Retail	5.95
Electronic Equipment, Instruments & Components	4.09
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total Investments*

Apple Inc.	9.17	%
Microsoft Corp.	7.48
Intel Corp.	4.04
Facebook Inc. Class A	4.01
Google Inc. Class A	3.87
Google Inc. Class C	3.85
International Business Machines Corp.	3.57
Oracle Corp.	3.43
Cisco Systems Inc.	3.41
Amazon.com Inc.	3.40
TOTAL	46.23	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® NORTH AMERICAN TECH-MULTIMEDIA NETWORKING ETF

Performance as of January 31, 2015

The iShares North American Tech-Multimedia Networking ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the multimedia and networking technology sectors, as represented by the S&P North American Technology Multimedia Networking Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 2.90%, net of fees, while the total return for the Index was 3.12%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		5.27%		5.27%		5.70%		5.27%		5.27%		5.70%
5 Years		7.55%		7.54%		7.86%		43.86%		43.86%		46.01%
10 Years		3.05%		3.06%		3.53%		35.07%		35.17%		41.43%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period  a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	1,029.00	$	2.40	$	1,000.00	$	1,022.80	$	2.40		0.47%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total Investments*

Communications Equipment	100.00	%
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total Investments*

Juniper Networks Inc.	9.31	%
Motorola Solutions Inc.	8.63
Cisco Systems Inc.	8.55
QUALCOMM Inc.	7.59
F5 Networks Inc.	7.38
Palo Alto Networks Inc.	4.93
Brocade Communications Systems Inc.	4.58
Harris Corp.	4.41
ARRIS Group Inc.	4.33
Riverbed Technology Inc.	4.30
TOTAL	64.01	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® NORTH AMERICAN TECH-SOFTWARE ETF

Performance as of January 31, 2015

The iShares North American Tech-Software ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the software sector, as represented by the S&P North American Technology Software Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 5.74%, net of fees, while the total return for the Index was 5.96%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		9.42%		9.44%		9.89%		9.42%		9.44%		9.89%
5 Years		15.57%		15.58%		16.06%		106.13%		106.25%		110.58%
10 Years		8.58%		8.60%		9.03%		127.84%		128.21%		137.40%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,057.40	$	2.44	$	1,000.00	$	1,022.80	$	2.40		0.47%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total Investments*

Application Software	57.40	%
Systems Software	34.69
Home Entertainment Software	7.91
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total Investments*

Oracle Corp.	8.77	%
Adobe Systems Inc.	8.32
Salesforce.com Inc.	8.30
Microsoft Corp.	7.31
Intuit Inc.	6.21
Symantec Corp.	4.28
Electronic Arts Inc.	4.27
Autodesk Inc.	3.08
Red Hat Inc.	3.00
Activision Blizzard Inc.	2.59
TOTAL	56.13	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® NORTH AMERICAN NATURAL RESOURCES ETF

Performance as of January 31, 2015

The iShares North American Natural Resources ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the natural resources sector, as represented by the S&P North American Natural Resources Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -22.56%, net of fees, while the total return for the Index was -22.42%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(9.43)%		(9.39)%		(8.99)%		(9.43)%		(9.39)%		(8.99)%
5 Years		4.35%		4.39%		4.88%		23.75%		23.95%		26.88%
10 Years		6.61%		6.60%		7.12%		89.59%		89.44%		99.02%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	774.40	$	2.10	$	1,000.00	$	1,022.80	$	2.40		0.47%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector	Percentage of Total Investments*
Oil, Gas & Consumable Fuels		67.33	%
Energy Equipment & Services		16.71
Metals & Mining		8.23
Containers & Packaging		4.77
Paper & Forest Products		1.82
Construction Materials		1.14
TOTAL		100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security	Percentage of Total Investments*
Exxon Mobil Corp.		7.23	%
Chevron Corp.		7.21
Schlumberger Ltd.		6.16
ConocoPhillips		4.50
Kinder Morgan Inc.		4.05
Occidental Petroleum Corp.		3.60
EOG Resources Inc.		2.83
Suncor Energy Inc.		2.51
Anadarko Petroleum Corp.		2.41
Phillips 66		2.26
TOTAL		42.76	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® PHLX SEMICONDUCTOR ETF

Performance as of January 31, 2015

The iShares PHLX Semiconductor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the semiconductor sector, as represented by the PHLX Semiconductor Sector Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 8.06%, net of fees, while the total return for the Index was 8.34%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		24.87%		24.91%		25.55%		24.87%		24.91%		25.55%
5 Years		16.86%		16.88%		17.33%		117.97%		118.09%		122.36%
10 Years		6.80%		6.81%		7.22%		93.07%		93.29%		100.72%

Index performance through October 14, 2010 reflects the performance of the S&P North American Technology-Semiconductors Index. Index performance beginning on October 15, 2010 reflects the performance of the PHLX Semiconductor Sector Index.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,080.60	$	2.46	$	1,000.00	$	1,022.80	$	2.40		0.47%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector	Percentage of Total Investments*
Semiconductors		73.15	%
Semiconductor Equipment		16.54
Communications Equipment		7.22
Computer Storage & Peripherals		3.09
TOTAL		100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security	Percentage of Total Investments*
Texas Instruments Inc.		8.28	%
Intel Corp.		7.47
QUALCOMM Inc.		7.22
Micron Technology Inc.		6.86
Applied Materials Inc.		6.35
Avago Technologies Ltd.		4.64
NXP Semiconductors NV		4.30
Broadcom Corp. Class A		4.14
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR		4.08
Skyworks Solutions Inc.		4.06
TOTAL		57.40	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

10 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® NORTH AMERICAN TECH ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.86%
COMMUNICATIONS EQUIPMENT — 8.15%
ADTRAN Inc.		9,845	$	217,673
ARRIS Group Inc.a		23,896		626,553
Aruba Networks Inc.a		19,729		327,107
Brocade Communications Systems Inc.		78,537		873,331
Ciena Corp.a,b		19,232		356,177
Cisco Systems Inc.		925,546		24,402,020
CommScope Holding Co. Inc.a		14,734		414,099
EchoStar Corp. Class Aa		7,786		406,196
F5 Networks Inc.a		13,384		1,493,922
Finisar Corp.a,b		18,198		330,112
Harris Corp.		18,916		1,269,831
Infinera Corp.a,b		22,808		367,665
InterDigital Inc.		6,724		336,066
Ixiaa		10,842		109,938
JDS Uniphase Corp.a		42,008		510,397
Juniper Networks Inc.		69,850		1,587,691
Motorola Solutions Inc.		38,289		2,389,616
NETGEAR Inc.a,b		6,275		211,907
Palo Alto Networks Inc.a,b		12,115		1,531,215
Plantronics Inc.		7,851		359,811
Polycom Inc.a		24,498		325,823
QUALCOMM Inc.		300,926		18,795,838
Riverbed Technology Inc.a		28,140		579,121
Ubiquiti Networks Inc.		4,755		125,033
ViaSat Inc.a		7,855		441,608
				58,388,750
COMPUTERS & PERIPHERALS — 14.45%
3D Systems Corp.a,b		18,987		552,142
Apple Inc.		560,032		65,613,349
BlackBerry Ltd.a,b		87,275		885,841
Diebold Inc.		11,774		367,349
Electronics For Imaging Inc.a		8,539		330,032
EMC Corp.		368,305		9,550,149
Hewlett-Packard Co.		337,785		12,204,172
Lexmark International Inc. Class A		11,279		450,145
NCR Corp.a		30,593		777,062
NetApp Inc.		56,325		2,129,085
Nimble Storage Inc.a,b		4,464		100,127
QLogic Corp.a		15,567		207,975
SanDisk Corp.		39,932		3,031,238
Seagate Technology PLC		59,224		3,342,603

Security	Shares		Value
Super Micro Computer Inc.a		6,287	$	229,916
Western Digital Corp.		39,507		3,841,266
				103,612,451
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.09%
Amphenol Corp. Class A		55,973		3,006,310
Anixter International Inc.a		4,932		371,675
Arrow Electronics Inc.a		17,584		967,823
Avnet Inc.		24,866		1,034,923
AVX Corp.		8,490		109,776
Belden Inc.		7,769		644,361
Benchmark Electronics Inc.a		9,621		233,117
CDW Corp./DE		21,556		738,508
Celestica Inc.a		28,121		314,674
Cognex Corp.a		15,736		578,298
Coherent Inc.a		4,553		281,740
Corning Inc.		232,001		5,514,664
Dolby Laboratories Inc. Class A		8,026		311,409
FEI Co.		7,480		615,006
FLIR Systems Inc.		25,562		771,972
Ingram Micro Inc. Class Aa		28,335		713,475
InvenSense Inc.a,b		13,382		197,652
IPG Photonics Corp.a,b		6,367		475,233
Itron Inc.a		7,156		266,275
Jabil Circuit Inc.		35,089		723,184
Keysight Technologies Inc.a		30,337		1,012,952
Knowles Corp.a		15,319		324,916
Littelfuse Inc.		4,096		404,439
Methode Electronics Inc.		6,872		248,560
National Instruments Corp.		18,241		548,689
OSI Systems Inc.a		3,312		231,774
Plexus Corp.a		6,013		227,833
Sanmina Corp.a		14,769		312,807
SYNNEX Corp.		5,061		375,476
TE Connectivity Ltd.		73,604		4,886,569
Tech Data Corp.a,b		6,966		397,759
Trimble Navigation Ltd.a		46,990		1,120,242
Universal Display Corp.a,b		7,396		235,637
Vishay Intertechnology Inc.		24,276		330,639
Zebra Technologies Corp. Class Aa		9,257		772,589
				29,300,956
INTERNET & CATALOG RETAIL — 5.94%
Amazon.com Inc.a		68,717		24,362,238
Expedia Inc.		17,906		1,538,663

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NORTH AMERICAN TECH ETF

January 31, 2015

Security	Shares		Value
Groupon Inc.a		76,507	$	547,790
Lands’ End Inc.a,b		2,349		81,487
Netflix Inc.a		10,900		4,815,620
Priceline Group Inc. (The)a		9,476		9,565,832
Shutterfly Inc.a		7,045		309,064
TripAdvisor Inc.a,b		20,209		1,354,205
				42,574,899
INTERNET SOFTWARE & SERVICES — 17.23%
Akamai Technologies Inc.a		32,176		1,871,195
AOL Inc.a		14,129		611,079
Bankrate Inc.a		10,218		127,521
comScore Inc.a		6,168		256,342
Cornerstone OnDemand Inc.a,b		8,716		287,192
CoStar Group Inc.a,b		5,861		1,081,413
Dealertrack Technologies Inc.a,b		8,055		323,811
Demandware Inc.a,b		5,765		308,773
eBay Inc.a		204,622		10,844,966
Endurance International Group Holdings Inc.a,b		7,941		133,488
Envestnet Inc.a		6,198		319,011
Equinix Inc.		9,914		2,149,950
Facebook Inc. Class Aa		378,446		28,727,836
Google Inc. Class Aa		51,595		27,734,892
Google Inc. Class Ca		51,545		27,551,834
HomeAway Inc.a		15,857		404,195
IAC/InterActiveCorp		14,014		854,153
j2 Global Inc.		8,229		472,674
LinkedIn Corp. Class Aa,b		19,100		4,292,534
NIC Inc.		11,234		184,462
Pandora Media Inc.a,b		32,967		547,252
Rackspace Hosting Inc.a		21,533		968,124
Shutterstock Inc.a,b		2,823		158,907
Trulia Inc.a		6,226		265,726
Twitter Inc.a		92,944		3,488,188
VeriSign Inc.a,b		19,775		1,077,342
Web.com Group Inc.a,b		9,447		142,744
WebMD Health Corp.a		6,366		246,683
Yahoo! Inc.a		159,462		7,014,733
Yelp Inc.a,b		11,199		587,612
Zillow Inc. Class Aa,b		4,597		445,541
				123,480,173
IT SERVICES — 17.34%
Accenture PLC Class A		113,575		9,543,707
Acxiom Corp.a		13,813		251,397

Security	Shares		Value
Alliance Data Systems Corp.a		11,559	$	3,338,586
Automatic Data Processing Inc.		87,247		7,200,495
Blackhawk Network Holdings Inc.a,b		2,255		75,227
Blackhawk Network Holdings Inc. Class Ba		6,826		226,009
Booz Allen Hamilton Holding Corp.		15,589		453,796
Broadridge Financial Solutions Inc.		21,753		1,043,926
CACI International Inc. Class Aa		4,308		364,414
Cardtronics Inc.a		8,006		269,082
CGI Group Inc. Class Aa,b		50,296		1,991,722
Cognizant Technology Solutions Corp. Class Aa		110,207		5,965,505
Computer Sciences Corp.		25,487		1,546,551
Convergys Corp.		18,356		351,701
CoreLogic Inc.a		16,278		540,430
DST Systems Inc.		5,319		514,347
EPAM Systems Inc.a		4,305		210,644
Euronet Worldwide Inc.a		9,044		410,507
EVERTEC Inc.		11,872		238,152
Fidelity National Information Services Inc.		51,326		3,204,282
Fiserv Inc.a		44,130		3,200,749
FleetCor Technologies Inc.a		13,828		1,942,834
Gartner Inc.a		15,973		1,345,246
Genpact Ltd.a,b		28,434		570,670
Global Payments Inc.		12,272		1,071,468
Heartland Payment Systems Inc.		6,580		327,487
iGATE Corp.a		6,370		225,498
International Business Machines Corp.		166,587		25,539,453
Jack Henry & Associates Inc.		14,834		910,363
Leidos Holdings Inc.		11,350		469,890
ManTech International Corp. Class A		4,177		135,878
MasterCard Inc. Class A		177,362		14,549,005
MAXIMUS Inc.		11,948		665,743
NeuStar Inc. Class Aa,b		10,366		272,522
Paychex Inc.		59,078		2,673,870
Sapient Corp.a		21,489		534,216
Science Applications International Corp.		7,325		357,313
Syntel Inc.a		5,696		246,352
TeleTech Holdings Inc.a		3,003		66,246
Teradata Corp.a,b		27,759		1,236,941
Total System Services Inc.		29,941		1,059,013
Unisys Corp.a,b		9,124		200,089
Vantiv Inc. Class Aa,b		27,112		932,382

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NORTH AMERICAN TECH ETF

January 31, 2015

Security	Shares		Value
VeriFone Systems Inc.a		20,514	$	643,934
Visa Inc. Class A		88,402		22,534,554
Western Union Co.		94,822		1,611,974
WEX Inc.a		6,971		641,681
Xerox Corp.		193,995		2,554,914
				124,260,765
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 13.31%
Advanced Micro Devices Inc.a,b		113,827		292,535
Altera Corp.		55,049		1,812,488
Amkor Technology Inc.a		21,046		133,642
Analog Devices Inc.		56,292		2,933,095
Applied Materials Inc.		220,519		5,036,654
Atmel Corp.a		75,659		630,239
Avago Technologies Ltd.		45,770		4,708,818
Broadcom Corp. Class A		97,432		4,134,527
Cabot Microelectronics Corp.a		4,202		207,621
Cavium Inc.a		9,724		571,868
Cirrus Logic Inc.a		11,249		298,098
Cree Inc.a,b		21,513		760,700
Cypress Semiconductor Corp.a		27,065		398,667
Diodes Inc.a		6,511		172,086
Entegris Inc.a		25,533		331,929
Fairchild Semiconductor International Inc.a		21,546		330,731
First Solar Inc.a		13,636		577,075
Freescale Semiconductor Ltd.a,b		17,996		577,492
Integrated Device Technology Inc.a,b		26,996		493,757
Intel Corp.		875,123		28,914,064
Intersil Corp. Class A		23,445		335,498
KLA-Tencor Corp.		29,710		1,826,274
Lam Research Corp.		28,720		2,195,357
Linear Technology Corp.		43,067		1,935,431
Marvell Technology Group Ltd.		77,337		1,197,950
Maxim Integrated Products Inc.		51,295		1,697,352
Microchip Technology Inc.		36,360		1,639,836
Micron Technology Inc.a		194,285		5,685,751
Microsemi Corp.a		17,227		479,944
MKS Instruments Inc.		9,634		337,286
Monolithic Power Systems Inc.		6,533		310,252
NVIDIA Corp.		93,511		1,795,879
OmniVision Technologies Inc.a		10,264		277,539
ON Semiconductor Corp.a		79,079		791,581
PMC-Sierra Inc.a		36,016		318,381
Power Integrations Inc.		5,355		276,211

Security	Shares		Value
Qorvo Inc.a		26,455	$	1,954,231
Rambus Inc.a		20,486		230,467
Semtech Corp.a		12,139		309,059
Silicon Laboratories Inc.a		7,151		312,928
Skyworks Solutions Inc.		34,564		2,870,540
Spansion Inc. Class Aa		11,107		393,854
SunEdison Inc.a,b		45,770		857,272
SunPower Corp.a,b		9,277		223,761
Synaptics Inc.a,b		6,665		511,939
Teradyne Inc.		39,166		708,905
Tessera Technologies Inc.		8,529		316,255
Texas Instruments Inc.		191,188		10,218,999
Veeco Instruments Inc.a,b		7,378		215,216
Xilinx Inc.		47,762		1,842,419
				95,382,453
SOFTWARE — 19.35%
ACI Worldwide Inc.a		20,595		380,390
Activision Blizzard Inc.		89,822		1,876,831
Adobe Systems Inc.a		85,756		6,014,068
Advent Software Inc.		7,981		334,005
ANSYS Inc.a		16,609		1,339,848
Aspen Technology Inc.a		16,326		577,042
Autodesk Inc.a		41,246		2,227,490
Barracuda Networks Inc.a		1,835		62,133
Blackbaud Inc.		8,447		369,218
CA Inc.		57,831		1,752,279
Cadence Design Systems Inc.a		53,050		954,369
CDK Global Inc.		29,129		1,315,466
Citrix Systems Inc.a		29,205		1,730,688
CommVault Systems Inc.a		7,786		339,314
Electronic Arts Inc.a		56,212		3,083,790
FactSet Research Systems Inc.		7,045		1,011,591
Fair Isaac Corp.		5,798		413,687
FireEye Inc.a,b		5,753		194,509
Fortinet Inc.a		25,106		750,544
Guidewire Software Inc.a,b		12,514		626,951
Informatica Corp.a		19,717		821,903
Intuit Inc.		51,677		4,486,597
Manhattan Associates Inc.a		13,539		604,381
Mentor Graphics Corp.		17,815		409,923
Microsoft Corp.		1,325,224		53,539,050
MicroStrategy Inc. Class Aa		1,631		263,570
NetScout Systems Inc.a		6,770		243,043
NetSuite Inc.a,b		6,376		627,590
Nuance Communications Inc.a		45,994		632,187

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NORTH AMERICAN TECH ETF

January 31, 2015

Security	Shares		Value
Open Text Corp.		22,022	$	1,247,987
Oracle Corp.		585,500		24,526,595
Pegasystems Inc.		6,532		127,831
Progress Software Corp.a		8,957		224,373
Proofpoint Inc.a,b		6,120		306,000
PTC Inc.a		21,046		703,147
QLIK Technologies Inc.a		16,339		464,028
RealPage Inc.a,b		9,485		170,825
Red Hat Inc.a,b		33,939		2,164,969
Rovi Corp.a		17,089		394,927
Salesforce.com Inc.a		106,214		5,995,780
ServiceNow Inc.a		23,919		1,743,695
SolarWinds Inc.a		11,884		572,215
Solera Holdings Inc.		12,411		640,408
Splunk Inc.a		21,725		1,122,096
SS&C Technologies Holdings Inc.		12,187		674,307
Symantec Corp.		124,843		3,092,361
Synchronoss Technologies Inc.a,b		6,453		274,059
Synopsys Inc.a		28,270		1,215,327
Tableau Software Inc. Class Aa		7,226		583,572
Take-Two Interactive Software Inc.a		15,143		450,050
TiVo Inc.a,b		18,552		194,054
Tyler Technologies Inc.a		5,959		632,131
Ultimate Software Group Inc. (The)a		5,110		756,331
Verint Systems Inc.a		10,987		586,486
VMware Inc. Class Aa		15,548		1,198,751
Workday Inc. Class Aa		17,187		1,365,679
Zynga Inc. Class Aa,b		119,887		306,911
				138,717,352
TOTAL COMMON STOCKS (Cost: $548,891,811)				715,717,799

Security	Shares		Value
SHORT-TERM INVESTMENTS — 3.13%
MONEY MARKET FUNDS — 3.13%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		20,026,476	$	20,026,476
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,204,691		1,204,691
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		1,169,902		1,169,902
				22,401,069
TOTAL SHORT-TERM INVESTMENTS (Cost: $22,401,069)				22,401,069
TOTAL INVESTMENTS IN SECURITIES — 102.99% (Cost: $571,292,880)				738,118,868
Other Assets, Less Liabilities — (2.99)%				(21,416,081	)
NET ASSETS — 100.00%			$	716,702,787

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® NORTH AMERICAN TECH-MULTIMEDIA NETWORKING ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.97%
COMMUNICATIONS EQUIPMENT — 99.97%
ADTRAN Inc.		166,258	$	3,675,964
ARRIS Group Inc.a		375,961		9,857,697
Aruba Networks Inc.a		334,795		5,550,901
Brocade Communications Systems Inc.		936,728		10,416,415
Ciena Corp.a,b		326,166		6,040,594
Cisco Systems Inc.		737,512		19,444,504
CommScope Holding Co. Inc.a		252,753		7,103,623
EchoStar Corp. Class Aa		131,551		6,863,016
F5 Networks Inc.a,b		150,367		16,783,965
Finisar Corp.a,b		304,714		5,527,512
Harris Corp.		149,245		10,018,817
Infinera Corp.a,b		383,463		6,181,424
InterDigital Inc.		113,748		5,685,125
Ixiaa,b		179,722		1,822,381
JDS Uniphase Corp.a		709,631		8,622,017
Juniper Networks Inc.		931,467		21,172,245
Motorola Solutions Inc.		314,512		19,628,694
NETGEAR Inc.a		105,866		3,575,095
Palo Alto Networks Inc.a		88,624		11,201,187
Plantronics Inc.		131,384		6,021,329
Polycom Inc.a		417,733		5,555,849
QUALCOMM Inc.		276,503		17,270,377
Riverbed Technology Inc.a,b		474,744		9,770,232
Ubiquiti Networks Inc.b		81,027		2,130,605
ViaSat Inc.a,b		131,911		7,416,036
				227,335,604
TOTAL COMMON STOCKS (Cost: $237,457,747)				227,335,604
SHORT-TERM INVESTMENTS — 13.75%
MONEY MARKET FUNDS — 13.75%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		29,342,551		29,342,551
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		1,765,099		1,765,099
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		165,144		165,144
				31,272,794

	Value
TOTAL SHORT-TERM INVESTMENTS (Cost: $31,272,794)	$	31,272,794
TOTAL INVESTMENTS IN SECURITIES — 113.72% (Cost: $268,730,541)		258,608,398
Other Assets, Less Liabilities — (13.72)%		(31,198,435	)
NET ASSETS — 100.00%	$	227,409,963

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments

iSHARES^® NORTH AMERICAN TECH-SOFTWARE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.86%
APPLICATION SOFTWARE — 57.32%
ACI Worldwide Inc.a,b		334,510	$	6,178,400
Adobe Systems Inc.a		1,379,288		96,729,467
Advent Software Inc.		129,394		5,415,139
ANSYS Inc.a,b		267,462		21,576,160
Aspen Technology Inc.a		263,225		9,303,688
Autodesk Inc.a,b		662,129		35,758,277
Blackbaud Inc.		134,717		5,888,480
Cadence Design Systems Inc.a,b		851,951		15,326,598
CDK Global Inc.		467,754		21,123,771
Citrix Systems Inc.a		468,325		27,752,940
FactSet Research Systems Inc.		112,975		16,222,080
Fair Isaac Corp.		93,430		6,666,231
Guidewire Software Inc.a,b		202,354		10,137,935
Informatica Corp.a,b		316,208		13,181,130
Intuit Inc.		830,976		72,145,336
Manhattan Associates Inc.a,b		217,174		9,694,647
Mentor Graphics Corp.		284,760		6,552,328
MicroStrategy Inc. Class Aa,b		26,309		4,251,534
NetScout Systems Inc.a		109,088		3,916,259
Nuance Communications Inc.a,b		738,538		10,151,205
Open Text Corp.		354,334		20,080,108
Pegasystems Inc.		104,430		2,043,695
PTC Inc.a		337,514		11,276,343
QLIK Technologies Inc.a,b		262,839		7,464,628
RealPage Inc.a,b		151,204		2,723,184
Salesforce.com Inc.a		1,709,230		96,486,033
SolarWinds Inc.a		191,508		9,221,110
Solera Holdings Inc.		198,537		10,244,509
Splunk Inc.a,b		349,022		18,026,986
SS&C Technologies Holdings Inc.		196,853		10,891,876
Synchronoss Technologies Inc.a,b		104,755		4,448,945
Synopsys Inc.a		453,477		19,494,976
TiVo Inc.a		298,663		3,124,015
Tyler Technologies Inc.a		96,140		10,198,531
Ultimate Software Group Inc. (The)a,b		82,567		12,220,742
Verint Systems Inc.a		176,291		9,410,414
Workday Inc. Class Aa,b		276,230		21,949,236
				667,276,936
HOME ENTERTAINMENT SOFTWARE — 7.90%
Activision Blizzard Inc.		1,443,847		30,169,183
Electronic Arts Inc.a,b		904,808		49,637,767

Security	Shares		Value
Take-Two Interactive Software Inc.a		244,837	$	7,276,556
Zynga Inc. Class Aa,b		1,903,166		4,872,105
				91,955,611
SYSTEMS SOFTWARE — 34.64%
Barracuda Networks Inc.a,b		30,607		1,036,353
CA Inc.		932,206		28,245,842
CommVault Systems Inc.a		125,204		5,456,390
FireEye Inc.a,b		91,965		3,109,337
Fortinet Inc.a,b		403,025		12,048,432
Microsoft Corp.		2,103,228		84,970,411
NetSuite Inc.a,b		102,733		10,112,009
Oracle Corp.		2,434,033		101,961,642
Progress Software Corp.a		146,032		3,658,102
Proofpoint Inc.a,b		99,975		4,998,750
Red Hat Inc.a,b		546,543		34,863,978
Rovi Corp.a,b		275,678		6,370,919
ServiceNow Inc.a,b		384,182		28,006,868
Symantec Corp.		2,008,415		49,748,439
Tableau Software Inc. Class Aa,b		115,958		9,364,768
VMware Inc. Class Aa		250,922		19,346,086
				403,298,326
TOTAL COMMON STOCKS (Cost: $1,101,683,043)				1,162,530,873
SHORT-TERM INVESTMENTS — 8.76%
MONEY MARKET FUNDS — 8.76%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		94,195,347		94,195,347
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		5,666,314		5,666,314
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		2,063,746		2,063,746
				101,925,407
TOTAL SHORT-TERM INVESTMENTS (Cost: $101,925,407)				101,925,407

16 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® NORTH AMERICAN TECH-SOFTWARE ETF

January 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 108.62% (Cost: $1,203,608,450)	$	1,264,456,280
Other Assets, Less Liabilities — (8.62)%		(100,339,344	)
NET ASSETS — 100.00%	$	1,164,116,936

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited)

iSHARES^® NORTH AMERICAN NATURAL RESOURCES ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.83%
CONSTRUCTION MATERIALS — 1.13%
Eagle Materials Inc.		62,000	$	4,415,640
Martin Marietta Materials Inc.		76,329		8,223,686
Vulcan Materials Co.		162,456		11,454,773
				24,094,099
CONTAINERS & PACKAGING — 4.76%
AptarGroup Inc.		79,641		5,026,144
Avery Dennison Corp.		112,168		5,863,021
Ball Corp.		168,899		10,696,374
Bemis Co. Inc.		123,458		5,469,189
Berry Plastics Group Inc.a		145,367		4,916,312
Crown Holdings Inc.a,b		171,370		7,593,405
Graphic Packaging Holding Co.a		404,256		5,853,627
Greif Inc. Class A		41,870		1,599,434
MeadWestvaco Corp.		205,629		10,339,026
Owens-Illinois Inc.a		203,480		4,751,258
Packaging Corp. of America		121,369		9,205,839
Rock-Tenn Co. Class A		172,754		11,211,735
Sealed Air Corp.		260,463		10,548,751
Silgan Holdings Inc.		53,566		2,753,828
Sonoco Products Co.		124,946		5,522,613
				101,350,556
ENERGY EQUIPMENT & SERVICES — 16.69%
Atwood Oceanics Inc.		73,961		2,113,805
Baker Hughes Inc.		533,641		30,945,842
Bristow Group Inc.		43,503		2,423,552
Cameron International Corp.a		243,552		10,906,259
Core Laboratories NV		53,950		5,003,862
Diamond Offshore Drilling Inc.b		83,042		2,618,314
Dresser-Rand Group Inc.a		94,561		7,572,445
Dril-Quip Inc.a		48,843		3,625,616
Ensco PLC Class Ab		289,043		8,104,766
Exterran Holdings Inc.		84,530		2,291,608
FMC Technologies Inc.a		288,442		10,810,806
Forum Energy Technologies Inc.a,b		80,089		1,237,375
Frank’s International NV		41,162		673,822
Halliburton Co.		1,045,159		41,795,908
Helix Energy Solutions Group Inc.a,b		121,361		2,277,946
Helmerich & Payne Inc.		133,368		7,943,398
Nabors Industries Ltd.b		357,687		4,116,977
National Oilwell Varco Inc.		531,031		28,904,017
Nobel Corp. PLC		310,127		5,030,260

Security	Shares		Value
Oceaneering International Inc.		129,458	$	6,778,421
Oil States International Inc.a		65,798		2,702,324
Patterson-UTI Energy Inc.		180,706		3,100,915
Precision Drilling Corp.		361,967		1,846,032
Rowan Companies PLC Class A		153,896		3,250,284
RPC Inc.		75,238		938,218
Schlumberger Ltd.		1,586,908		130,745,350
SEACOR Holdings Inc.a,b		21,784		1,567,359
Superior Energy Services Inc.		188,300		3,766,000
Tidewater Inc.		61,435		1,797,588
Transocean Ltd.b		420,072		6,847,174
Unit Corp.a		57,005		1,697,609
US Silica Holdings Inc.b		66,586		1,677,967
Weatherford International Ltd.a		954,543		9,860,429
				354,972,248
METALS & MINING — 8.22%
Agnico Eagle Mines Ltd.b		264,736		8,926,898
Alcoa Inc.		1,453,907		22,753,644
Barrick Gold Corp.		1,436,561		18,359,249
Century Aluminum Co.a		63,445		1,466,214
Compass Minerals International Inc.		41,502		3,627,275
Eldorado Gold Corp.		885,338		4,231,916
Franco-Nevada Corp.		192,533		11,089,901
Freeport-McMoRan Inc.		1,281,562		21,543,057
Goldcorp Inc.		1,003,416		24,112,086
Kinross Gold Corp.a		1,413,858		4,792,979
New Gold Inc.a		622,870		2,715,713
Newmont Mining Corp.		615,287		15,474,468
Pan American Silver Corp.		187,256		2,183,405
Royal Gold Inc.		80,545		5,836,291
Silver Wheaton Corp.		449,358		10,321,753
Stillwater Mining Co.a,b		148,407		2,028,724
Teck Resources Ltd. Class B		576,668		7,427,484
Turquoise Hill Resources Ltd.a,b		1,218,655		3,509,726
Yamana Gold Inc.		1,088,306		4,472,938
				174,873,721
OIL, GAS & CONSUMABLE FUELS — 67.22%
Anadarko Petroleum Corp.		624,590		51,060,232
Antero Resources Corp.a,b		67,624		2,343,172
Apache Corp.		464,329		29,053,066
Baytex Energy Corp.		206,918		3,236,197
Cabot Oil & Gas Corp.		509,437		13,500,080
California Resources Corp.a		391,723		2,005,622

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NORTH AMERICAN NATURAL RESOURCES ETF

January 31, 2015

Security	Shares		Value
Cameco Corp.		487,349	$	6,832,633
Canadian Natural Resources Ltd.		1,345,770		38,946,584
Carrizo Oil & Gas Inc.a		52,340		2,360,534
Cenovus Energy Inc.		933,681		17,637,234
Cheniere Energy Inc.a		272,886		19,478,603
Chesapeake Energy Corp.		639,919		12,273,646
Chevron Corp.		1,493,607		153,139,526
Cimarex Energy Co.		107,628		11,107,210
Cobalt International Energy Inc.a,b		367,194		3,348,809
Concho Resources Inc.a,b		139,391		15,451,492
ConocoPhillips		1,518,006		95,604,018
CONSOL Energy Inc.		283,945		8,220,208
Continental Resources Inc.a,b		105,889		4,807,361
CVR Energy Inc.		19,516		747,853
Denbury Resources Inc.		435,428		3,004,453
Devon Energy Corp.		474,277		28,584,675
Diamondback Energy Inc.a,b		69,978		4,827,782
Encana Corp.		914,047		11,187,935
Energen Corp.		90,466		5,737,354
Enerplus Corp.		253,756		2,486,809
EOG Resources Inc.		675,834		60,169,501
EQT Corp.		186,879		13,911,273
Exxon Mobil Corp.		1,756,672		153,568,266
Gulfport Energy Corp.a		105,743		4,070,048
Hess Corp.		313,425		21,153,053
HollyFrontier Corp.		241,399		8,671,052
Kinder Morgan Inc.		2,095,426		86,017,237
Kosmos Energy Ltd.a		133,601		1,171,681
Laredo Petroleum Inc.a,b		103,124		1,011,646
Marathon Oil Corp.		832,391		22,141,601
Marathon Petroleum Corp.		345,569		31,996,234
Memorial Resource Development Corp.a		89,945		1,722,447
Murphy Oil Corp.		205,779		9,241,535
Newfield Exploration Co.a		168,800		5,026,864
Noble Energy Inc.		444,463		21,218,664
Oasis Petroleum Inc.a,b		125,037		1,680,497
Occidental Petroleum Corp.		956,286		76,502,880
ONEOK Inc.		256,802		11,306,992
PBF Energy Inc.		102,702		2,885,926
Peabody Energy Corp.b		335,473		2,089,997
Pengrowth Energy Corp.		652,566		1,748,877
Penn West Petroleum Ltd.		611,791		911,569
Phillips 66		682,623		48,002,049
Pioneer Natural Resources Co.		183,645		27,644,082

Security	Shares		Value
QEP Resources Inc.		204,881	$	4,142,694
Range Resources Corp.		208,068		9,627,306
Rice Energy Inc.a,b		71,286		1,217,565
Rosetta Resources Inc.a,b		76,038		1,297,969
SandRidge Energy Inc.a,b		488,247		688,428
SemGroup Corp. Class A		52,758		3,552,196
SM Energy Co.		83,278		3,149,574
Southwestern Energy Co.a,b		467,467		11,588,507
Spectra Energy Corp.		827,553		27,673,372
Suncor Energy Inc.		1,789,923		53,357,605
Talisman Energy Inc.		1,174,547		8,832,593
Targa Resources Corp.		36,520		3,171,032
Tesoro Corp.		155,722		12,727,159
TransCanada Corp.		873,450		38,851,056
Ultra Petroleum Corp.a,b		189,395		2,414,786
Valero Energy Corp.		642,860		33,994,437
Western Refining Inc.		90,303		3,352,950
Whiting Petroleum Corp.a		205,153		6,158,693
Williams Companies Inc. (The)		829,654		36,388,624
World Fuel Services Corp.		88,710		4,344,129
WPX Energy Inc.a,b		250,850		2,674,061
				1,430,051,795
PAPER & FOREST PRODUCTS — 1.81%
Domtar Corp.		79,773		3,055,306
International Paper Co.		522,450		27,512,217
KapStone Paper and Packaging Corp.		104,314		3,115,859
Louisiana-Pacific Corp.a		176,299		2,886,015
Resolute Forest Products Inc.a,b		117,043		1,989,731
				38,559,128
TOTAL COMMON STOCKS (Cost: $2,397,959,075)				2,123,901,547
SHORT-TERM INVESTMENTS — 3.32%
MONEY MARKET FUNDS — 3.32%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		64,424,850		64,424,850
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		3,875,472		3,875,472
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		2,219,497		2,219,497
				70,519,819

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NORTH AMERICAN NATURAL RESOURCES ETF

January 31, 2015

	Value
TOTAL SHORT-TERM INVESTMENTS (Cost: $70,519,819)	$	70,519,819
TOTAL INVESTMENTS IN SECURITIES — 103.15% (Cost: $2,468,478,894)		2,194,421,366
Other Assets, Less Liabilities — (3.15)%		(66,958,943	)
NET ASSETS — 100.00%	$	2,127,462,423

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® PHLX SEMICONDUCTOR ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.93%
COMMUNICATIONS EQUIPMENT — 7.22%
QUALCOMM Inc.		617,191	$	38,549,750
				38,549,750
COMPUTER STORAGE & PERIPHERALS — 3.09%
SanDisk Corp.		217,382		16,501,468
				16,501,468
SEMICONDUCTOR EQUIPMENT — 16.53%
Applied Materials Inc.		1,483,502		33,883,186
ASML Holding NV NYSa		111,874		11,628,184
KLA-Tencor Corp.		225,258		13,846,609
Lam Research Corp.		217,724		16,642,822
SunEdison Inc.b,c		371,325		6,954,917
Teradyne Inc.		296,680		5,369,908
				88,325,626
SEMICONDUCTORS — 73.09%
Altera Corp.		417,720		13,753,431
Analog Devices Inc.		411,674		21,450,274
ARM Holdings PLC		169,199		7,925,281
Atmel Corp.b		571,940		4,764,260
Avago Technologies Ltd.		240,849		24,778,545
Broadcom Corp. Class A		521,533		22,131,253
Cavium Inc.b,c		73,872		4,344,412
Cree Inc.b,c		163,683		5,787,831
Freescale Semiconductor Ltd.b,c		416,561		13,367,442
Intel Corp.		1,207,879		39,908,322
Linear Technology Corp.		326,678		14,680,909
Marvell Technology Group Ltd.		704,925		10,919,288
Maxim Integrated Products Inc.		387,713		12,829,423
Microchip Technology Inc.c		275,401		12,420,585
Micron Technology Inc.b		1,251,556		36,626,786
NVIDIA Corp.		744,853		14,304,902
NXP Semiconductors NVb		289,090		22,936,401
ON Semiconductor Corp.b		597,318		5,979,153
Skyworks Solutions Inc.		261,150		21,688,508
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR		958,398		21,765,219
Texas Instruments Inc.		826,779		44,191,338
Xilinx Inc.		362,408		13,979,889
				390,533,452
TOTAL COMMON STOCKS (Cost: $552,690,618)				533,910,296

Security	Shares		Value
SHORT-TERM INVESTMENTS — 4.49%
MONEY MARKET FUNDS — 4.49%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%d,e,f		22,323,886	$	22,323,886
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%d,e,f		1,342,892		1,342,892
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		349,718		349,718
				24,016,496
TOTAL SHORT-TERM INVESTMENTS
(Cost: $24,016,496)				24,016,496
TOTAL INVESTMENTS IN SECURITIES — 104.42% (Cost: $576,707,114)				557,926,792
Other Assets, Less Liabilities — (4.42)%				(23,623,846	)
NET ASSETS — 100.00%			$	534,302,946

NYS — New York Registered Shares

SP ADR — Sponsored American Depositary Receipts

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

^b  Non-income earning security.

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 21

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2015

	iShares North American Tech ETF			iShares North American Tech-Multimedia Networking ETF			iShares North American Tech-Software ETF
ASSETS
Investments, at cost:
Unaffiliated	$	548,891,811		$	237,457,747		$	1,101,683,043
Affiliated (Note 2)		22,401,069			31,272,794			101,925,407
Total cost of investments	$	571,292,880		$	268,730,541		$	1,203,608,450
Investments in securities, at fair value (including securities on loana)  (Note 1):
Unaffiliated	$	715,717,799		$	227,335,604		$	1,162,530,873
Affiliated (Note 2)		22,401,069			31,272,794			101,925,407
Total fair value of investments		738,118,868			258,608,398			1,264,456,280
Receivables:
Dividends and interest		141,259			3,353			13,359
Capital shares sold		12,167			—			—
Total Assets		738,272,294			258,611,751			1,264,469,639
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		21,231,167			31,107,650			99,861,661
Capital shares redeemed		34,870			—			12,059
Investment advisory fees (Note 2)		303,470			94,138			478,983
Total Liabilities		21,569,507			31,201,788			100,352,703
NET ASSETS	$	716,702,787		$	227,409,963		$	1,164,116,936
Net assets consist of:
Paid-in capital	$	564,425,693		$	338,661,278		$	1,112,701,809
Undistributed (distributions in excess of) net investment income		45,758			44,155			(67,870	)
Accumulated net realized loss		(14,594,652	)		(101,173,327	)		(9,364,833	)
Net unrealized appreciation (depreciation)		166,825,988			(10,122,143	)		60,847,830
NET ASSETS	$	716,702,787		$	227,409,963		$	1,164,116,936
Shares outstandingb		7,300,000			6,500,000			13,000,000
Net asset value per share	$	98.18		$	34.99		$	89.55

^a  Securities on loan with values of $20,768,386, $30,416,002 and $97,206,045, respectively. See Note 1.

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

See notes to financial statements.

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2015

	iShares North American Natural Resources ETF			iShares PHLX Semiconductor ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,397,959,075		$	552,690,618
Affiliated (Note 2)		70,519,819			24,016,496
Total cost of investments	$	2,468,478,894		$	576,707,114
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	2,123,901,547		$	533,910,296
Affiliated (Note 2)		70,519,819			24,016,496
Total fair value of investments		2,194,421,366			557,926,792
Cash		285,023			—
Receivables:
Dividends and interest		1,957,264			296,160
Total Assets		2,196,663,653			558,222,952
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		68,300,322			23,666,778
Capital shares redeemed		18,156			13,490
Investment advisory fees (Note 2)		882,752			239,738
Total Liabilities		69,201,230			23,920,006
NET ASSETS	$	2,127,462,423		$	534,302,946
Net assets consist of:
Paid-in capital	$	2,629,986,620		$	558,638,736
Undistributed (distributions in excess of) net investment income		(3,098,822	)		9,987
Accumulated net realized loss		(225,366,101	)		(5,565,455	)
Net unrealized depreciation		(274,059,274	)		(18,780,322	)
NET ASSETS	$	2,127,462,423		$	534,302,946
Shares outstandingb		57,700,000			6,050,000
Net asset value per share	$	36.87		$	88.31

^a  Securities on loan with values of $66,523,015 and $23,120,170, respectively. See Note 1.

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

See notes to financial statements.

FINANCIAL STATEMENTS 23

Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares North American Tech ETF			iShares North  American Tech-Multimedia Networking ETF			iShares North American Tech-Software ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	5,360,414		$	1,348,622		$	3,829,783
Interest — affiliated (Note 2)		17			8			22
Securities lending income — affiliated (Note 2)		100,894			26,400			219,532
Total investment income		5,461,325			1,375,030			4,049,337
EXPENSES
Investment advisory fees (Note 2)		1,784,865			625,247			2,643,423
Total expenses		1,784,865			625,247			2,643,423
Net investment income		3,676,460			749,783			1,405,914
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		610,873			332,008			(3,974,258	)
In-kind redemptions — unaffiliated		25,944,239			18,868,051			42,805,783
Net realized gain		26,555,112			19,200,059			38,831,525
Net change in unrealized appreciation/depreciation		(7,262,654	)		(14,426,448	)		17,946,982
Net realized and unrealized gain		19,292,458			4,773,611			56,778,507
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,968,918		$	5,523,394		$	58,184,421

^a  Net of foreign withholding tax of $1,179, $  — and $15,116, respectively.

See notes to financial statements.

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares North American Natural Resources ETF			iShares PHLX Semiconductor ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	24,275,731		$	7,998,352	b
Interest — affiliated (Note 2)		63			21
Securities lending income — affiliated (Note 2)		663,669			38,956
Total investment income		24,939,463			8,037,329
EXPENSES
Investment advisory fees (Note 2)		5,317,326			1,337,456
Total expenses		5,317,326			1,337,456
Net investment income		19,622,137			6,699,873
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(35,979,926	)		351,155
In-kind redemptions — unaffiliated		41,988,543			53,937,475
Foreign currency transactions		(66,186	)		—
Net realized gain		5,942,431			54,288,630
Net change in unrealized appreciation/depreciation		(585,863,026	)		(17,766,442	)
Net realized and unrealized gain (loss)		(579,920,595	)		36,522,188
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(560,298,458	)	$	43,222,061

^a  Net of foreign withholding tax of $606,121 and $  —, respectively.

^b  Includes $3,804,851 related to a special distribution from KLA-Tencor Corp.

See notes to financial statements.

FINANCIAL STATEMENTS 25

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares North American Tech ETF						iShares North American Tech-Multimedia Networking ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	3,676,460		$	6,003,928		$	749,783		$	1,219,733
Net realized gain (loss)		26,555,112			29,250,942			19,200,059			(3,795,638	)
Net change in unrealized appreciation/depreciation		(7,262,654	)		106,605,088			(14,426,448	)		29,646,455
Net increase in net assets resulting from operations		22,968,918			141,859,958			5,523,394			27,070,550
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,630,702	)		(6,042,520	)		(810,178	)		(1,115,183	)
Total distributions to shareholders		(3,630,702	)		(6,042,520	)		(810,178	)		(1,115,183	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		39,386,924			75,493,668			24,860,509			152,661,376
Cost of shares redeemed		(58,362,675	)		(80,416,091	)		(126,196,647	)		(82,366,458	)
Net increase (decrease) in net assets from capital share transactions		(18,975,751	)		(4,922,423	)		(101,336,138	)		70,294,918
INCREASE (DECREASE) IN NET ASSETS		362,465			130,895,015			(96,622,922	)		96,250,285
NET ASSETS
Beginning of period		716,340,322			585,445,307			324,032,885			227,782,600
End of period	$	716,702,787		$	716,340,322		$	227,409,963		$	324,032,885
Undistributed net investment income included in net assets at end of period	$	45,758		$	—		$	44,155		$	104,550
SHARES ISSUED AND REDEEMED
Shares sold		400,000			850,000			700,000			4,500,000
Shares redeemed		(600,000	)		(900,000	)		(3,700,000	)		(2,600,000	)
Net increase (decrease) in shares outstanding		(200,000	)		(50,000	)		(3,000,000	)		1,900,000

See notes to financial statements.

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares North American Tech-Software ETF						iShares North American Natural Resources ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,405,914		$	3,013,153		$	19,622,137		$	33,198,912
Net realized gain		38,831,525			141,561,773			5,942,431			78,122,598
Net change in unrealized appreciation/depreciation		17,946,982			(16,921,834	)		(585,863,026	)		293,704,786
Net increase (decrease) in net assets resulting from operations		58,184,421			127,653,092			(560,298,458	)		405,026,296
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,473,784	)		(4,316,385	)		(21,141,896	)		(33,343,672	)
Total distributions to shareholders		(1,473,784	)		(4,316,385	)		(21,141,896	)		(33,343,672	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		330,227,079			770,650,397			446,370,330			452,217,620
Cost of shares redeemed		(198,009,481	)		(648,349,077	)		(159,650,857	)		(402,246,143	)
Net increase in net assets from capital share transactions		132,217,598			122,301,320			286,719,473			49,971,477
INCREASE (DECREASE) IN NET ASSETS		188,928,235			245,638,027			(294,720,881	)		421,654,101
NET ASSETS
Beginning of period		975,188,701			729,550,674			2,422,183,304			2,000,529,203
End of period	$	1,164,116,936		$	975,188,701		$	2,127,462,423		$	2,422,183,304
Distributions in excess of net investment income included in net assets at end of period	$	(67,870	)	$	—		$	(3,098,822	)	$	(1,579,063	)
SHARES ISSUED AND REDEEMED
Shares sold		3,750,000			9,550,000			11,250,000			10,450,000
Shares redeemed		(2,250,000	)		(8,000,000	)		(3,950,000	)		(9,400,000	)
Net increase in shares outstanding		1,500,000			1,550,000			7,300,000			1,050,000

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares PHLX Semiconductor ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	6,699,873		$	3,631,538
Net realized gain		54,288,630			47,748,923
Net change in unrealized appreciation/depreciation		(17,766,442	)		21,035,162
Net increase in net assets resulting from operations		43,222,061			72,415,623
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(6,762,577	)		(4,029,148	)
Total distributions to shareholders		(6,762,577	)		(4,029,148	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		619,116,552			773,391,762
Cost of shares redeemed		(604,591,356	)		(566,286,308	)
Net increase in net assets from capital share transactions		14,525,196			207,105,454
INCREASE IN NET ASSETS		50,984,680			275,491,929
NET ASSETS
Beginning of period		483,318,266			207,826,337
End of period	$	534,302,946		$	483,318,266
Undistributed net investment income included in net assets at end of period	$	9,987		$	72,691
SHARES ISSUED AND REDEEMED
Shares sold		7,150,000			10,100,000
Shares redeemed		(6,950,000	)		(7,450,000	)
Net increase in shares outstanding		200,000			2,650,000

See notes to financial statements.

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares North American Tech ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	95.51		$	77.54		$	65.74		$	61.97		$	52.01		$	45.93
Income from investment operations:
Net investment incomea		0.49			0.79			0.74			0.40			0.28			0.19
Net realized and unrealized gainb		2.66			17.98			11.78			3.80			9.98			6.10
Total from investment operations		3.15			18.77			12.52			4.20			10.26			6.29
Less distributions from:
Net investment income		(0.48	)		(0.80	)		(0.72	)		(0.43	)		(0.30	)		(0.21	)
Total distributions		(0.48	)		(0.80	)		(0.72	)		(0.43	)		(0.30	)		(0.21	)
Net asset value, end of period	$	98.18		$	95.51		$	77.54		$	65.74		$	61.97		$	52.01
Total return		3.28	%c		24.29	%		19.16	%		6.80	%		19.73	%		13.67	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	716,703		$	716,340		$	585,445		$	479,902		$	415,214		$	384,854
Ratio of expenses to average net assetsd		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assetsd		0.97	%		0.90	%		1.04	%		0.64	%		0.46	%		0.36	%
Portfolio turnover ratee		3	%		9	%		9	%		9	%		12	%		11	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 29

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares North American Tech-Multimedia Networking ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	34.11		$	29.97		$	24.52		$	29.06		$	27.42		$	24.70
Income from investment operations:
Net investment income (loss)a		0.10			0.14			0.33			0.15			(0.02	)		0.05
Net realized and unrealized gain (loss)b		0.89			4.13			5.81			(4.53	)		1.69			2.74
Total from investment operations		0.99			4.27			6.14			(4.38	)		1.67			2.79
Less distributions from:
Net investment income		(0.11	)		(0.13	)		(0.69	)		(0.14	)		(0.03	)		(0.05	)
Return of capital		—			—			—			(0.02	)		—			(0.02	)
Total distributions		(0.11	)		(0.13	)		(0.69	)		(0.16	)		(0.03	)		(0.07	)
Net asset value, end of period	$	34.99		$	34.11		$	29.97		$	24.52		$	29.06		$	27.42
Total return		2.90	%c		14.25	%		25.16	%		(15.12	)%		6.07	%		11.31	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	227,410		$	324,033		$	227,783		$	197,422		$	194,675		$	183,688
Ratio of expenses to average net assetsd		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assetsd		0.57	%		0.44	%		1.18	%		0.54	%		(0.05	)%		0.18	%
Portfolio turnover ratee		6	%		30	%		25	%		33	%		28	%		25	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares North American Tech-Software ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	84.80		$	73.32		$	59.36		$	59.10		$	47.24		$	40.70
Income from investment operations:
Net investment income (loss)a		0.11			0.23			0.25			0.09			(0.07	)		(0.05	)
Net realized and unrealized gainb		4.76			11.59			13.88			0.27			11.93			6.59
Total from investment operations		4.87			11.82			14.13			0.36			11.86			6.54
Less distributions from:
Net investment income		(0.12	)		(0.34	)		(0.17	)		(0.10	)		—			—
Total distributions		(0.12	)		(0.34	)		(0.17	)		(0.10	)		—			—
Net asset value, end of period	$	89.55		$	84.80		$	73.32		$	59.36		$	59.10		$	47.24
Total return		5.74	%c		16.14	%		23.84	%		0.61	%		25.11	%		16.07	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,164,117		$	975,189		$	729,551		$	599,532		$	585,114		$	264,542
Ratio of expenses to average net assetsd		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assetsd		0.25	%		0.29	%		0.38	%		0.16	%		(0.12	)%		(0.11	)%
Portfolio turnover ratee		11	%		13	%		15	%		10	%		18	%		14	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 31

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares North American Natural Resources ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	48.06		$	40.54		$	36.56		$	44.13		$	32.93		$	29.75
Income from investment operations:
Net investment incomea		0.37			0.66			0.64			0.51			0.41			0.49
Net realized and unrealized gain (loss)b		(11.17	)		7.52			4.02			(7.59	)		11.37			3.06
Total from investment operations		(10.80	)		8.18			4.66			(7.08	)		11.78			3.55
Less distributions from:
Net investment income		(0.39	)		(0.66	)		(0.68	)		(0.49	)		(0.58	)		(0.37	)
Total distributions		(0.39	)		(0.66	)		(0.68	)		(0.49	)		(0.58	)		(0.37	)
Net asset value, end of period	$	36.87		$	48.06		$	40.54		$	36.56		$	44.13		$	32.93
Total return		(22.56	)%c		20.33	%		12.84	%		(16.04	)%		35.89	%		11.88	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,127,462		$	2,422,183		$	2,000,529		$	1,692,521		$	2,224,242		$	1,582,047
Ratio of expenses to average net assetsd		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assetsd		1.74	%		1.50	%		1.62	%		1.34	%		1.00	%		1.46	%
Portfolio turnover ratee		6	%		7	%		7	%		8	%		11	%		7	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares PHLX Semiconductor ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	82.62		$	64.95		$	52.19		$	52.40		$	45.98		$	42.29
Income from investment operations:
Net investment incomea		1.05	b		0.87			0.75			0.55			0.44			0.40
Net realized and unrealized gain (loss)c		5.64			17.78			12.76			(0.32	)		6.49			3.73
Total from investment operations		6.69			18.65			13.51			0.23			6.93			4.13
Less distributions from:
Net investment income		(1.00	)		(0.98	)		(0.75	)		(0.44	)		(0.51	)		(0.44	)
Total distributions		(1.00	)		(0.98	)		(0.75	)		(0.44	)		(0.51	)		(0.44	)
Net asset value, end of period	$	88.31		$	82.62		$	64.95		$	52.19		$	52.40		$	45.98
Total return		8.06	%d		28.89	%e		26.15	%		0.45	%		15.02	%		9.72	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	534,303		$	483,318		$	207,826		$	208,750		$	165,054		$	280,466
Ratio of expenses to average net assetsf		0.47	%		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assetsf		2.37	%b		1.16	%		1.33	%		1.06	%		0.81	%		0.86	%
Portfolio turnover rateg		8	%		34	%		16	%		27	%		52	%		9	%

^a  Based on average shares outstanding throughout each period.

^b  Includes a special distribution from KLA-Tencor Corp., which represented $0.60 per share and 1.34% of average net assets, annualized.

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

^d Not annualized.

^e Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been 28.87%.

^f  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

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

iShares ETF	Diversification Classification
North American Tech		Non-diversified
North American Tech-Multimedia Networking		Non-diversified
North American Tech-Software		Non-diversified
North American Natural Resources		Non-diversified
PHLX Semiconductor		Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

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

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

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

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

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

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

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

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

As of January 31, 2015, the value of each of the Funds’ investments was classified as Level 1. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

NOTES TO FINANCIAL STATEMENTS 35

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

36 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
North American Tech	$	20,768,386	$	20,768,386	$	—
North American Tech-Multimedia Networking		30,416,002		30,416,002		—
North American Tech-Software		97,206,045		97,206,045		—
North American Natural Resources		66,523,015		66,523,015		—
PHLX Semiconductor		23,120,170		23,120,170		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

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

NOTES TO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to each of the Funds, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.48	%	First $10 billion
	0.43		Over $10 billion, up to and including $20 billion
	0.38		Over $20 billion

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

Pursuant to a securities lending agreement, each Fund retains 71.5% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2015, each Fund retained 70% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

38 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

For the six months ended January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
North American Tech	$	48,267
North American Tech-Multimedia Networking		14,191
North American Tech-Software		111,514
North American Natural Resources		285,655
PHLX Semiconductor		20,418

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

Cross trades for the six months ended January 31, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:

iShares ETF	Purchases		Sales
North American Tech	$	25,647,719	$	25,418,638
North American Tech-Multimedia Networking		16,154,771		16,282,991
North American Tech-Software		124,129,964		117,214,164
North American Natural Resources		131,755,020		132,648,676
PHLX Semiconductor		46,933,325		46,144,920

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
North American Tech	$	39,265,148	$	58,253,826
North American Tech-Multimedia Networking		24,838,722		126,082,475
North American Tech-Software		328,723,099		197,721,667
North American Natural Resources		443,643,663		158,926,111
PHLX Semiconductor		617,860,911		603,730,784

4. CAPITAL SHARE TRANSACTIONS

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

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

5. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

40 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

Each Fund invests all or substantially all of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions affecting those market sectors may have a significant impact on its investment performance.

CREDIT RISK

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

6. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

As of July 31, 2014, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
North American Tech	$	5,475,316	$	1,580,603	$	850,629	$	5,220,553	$	10,528,527	$	6,671,782	$	30,327,410
North American Tech- Multimedia Networking		34,275,521		8,142,402		20,065,788		1,494,613		14,891,975		14,653,934		93,524,233
North American Tech-Software		1,536,022		592,932		289,827		6,215,064		27,274,356		441,006		36,349,207
North American Natural Resources		42,780,071		785,924		2,497,939		17,704,391		84,798,764		13,660,242		162,227,331
PHLX Semiconductor		13,756,339		5,309,649		17,237,123		6,663,495		4,103,013		12,256,265		59,325,884

^a  Must be utilized prior to losses subject to expiration.

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
North American Tech	$	580,236,496	$	184,674,848	$	(26,792,476	)	$	157,882,372
North American Tech-Multimedia Networking		274,277,641		16,905,383		(32,574,626	)		(15,669,243	)
North American Tech-Software		1,211,025,590		96,838,526		(43,407,836	)		53,430,690
North American Natural Resources		2,520,067,175		132,313,388		(457,959,197	)		(325,645,809	)
PHLX Semiconductor		577,235,315		21,088,621		(40,397,144	)		(19,308,523	)

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. SUBSEQUENT EVENTS

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

42 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
North American Tech	$	0.469031	$	—	$	0.008693	$	0.477724		98	%		—	%		2	%		100	%
North American Natural Resources		0.333819		—		0.053385		0.387204		86			—			14			100
PHLX Semiconductor		1.001259		—		—		1.001259		100			—			—			100

SUPPLEMENTAL INFORMATION 43

Notes:

44 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 45

Notes:

46 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC or The NASDAQ OMX Group, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

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

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

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-71-0115

JANUARY 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

^Ø   iShares MSCI ACWI ETF  |  ACWI  |  NASDAQ

^Ø   iShares MSCI ACWI ex U.S. ETF  |  ACWX  |  NASDAQ

^Ø   iShares MSCI ACWI Low Carbon Target ETF  |  CRBN  |  NYSE Arca

^Ø   iShares MSCI Europe Financials ETF  |  EUFN  |  NASDAQ

^Ø   iShares MSCI Europe Small-Cap ETF  |  IEUS  |  NASDAQ

^Ø   iShares MSCI Kokusai ETF  |  TOK  |  NYSE Arca

^Ø   iShares MSCI Qatar Capped ETF  |  QAT  |  NASDAQ

^Ø   iShares MSCI UAE Capped ETF  |  UAE  |  NASDAQ

Table of Contents

Fund Performance Overviews	5
About Fund Performance	13
Shareholder Expenses	13
Schedules of Investments	14
iShares MSCI ACWI ETF	14
iShares MSCI ACWI ex U.S. ETF	32
iShares MSCI ACWI Low Carbon Target ETF	49
iShares MSCI Europe Financials ETF	62
iShares MSCI Europe Small-Cap ETF	65
iShares MSCI Kokusai ETF	76
iShares MSCI Qatar Capped ETF	93
iShares MSCI UAE Capped ETF	94
Financial Statements	95
Financial Highlights	105
Notes to Financial Statements	113
Board Review and Approval of Investment Advisory Contract	125
Supplemental Information	128

Fund Performance Overview

iSHARES^® MSCI ACWI ETF

Performance as of January 31, 2015

The iShares MSCI ACWI ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market equities, as represented by the MSCI ACWI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -1.96%, net of fees, while the total return for the Index was -2.25%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		7.44%		7.35%		6.80%		7.44%		7.35%		6.80%
5 Years		9.80%		9.92%		9.79%		59.60%		60.50%		59.54%
Since Inception		4.12%		4.08%		3.94%		31.91%		31.50%		30.32%

The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	980.40	$	1.65	$	1,000.00	$	1,023.50	$	1.68		0.33%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	20.78	%
Information Technology	13.82
Consumer Discretionary	12.19
Health Care	12.13
Industrials	10.71
Consumer Staples	9.99
Energy	7.79
Materials	5.26
Telecommunication Services	3.94
Utilities	3.39
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total  Investments*

United States	51.05	%
Japan	7.53
United Kingdom	7.24
Canada	3.37
France	3.35
Switzerland	3.28
Germany	3.21
Australia	2.50
China	2.34
South Korea	1.62
TOTAL	85.49	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI ACWI ex U.S. ETF

Performance as of January 31, 2015

The iShares MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -8.15%, net of fees, while the total return for the Index was -8.15%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		0.59%		0.70%		0.56%		0.59%		0.70%		0.56%
5 Years		5.01%		5.09%		5.45%		27.68%		28.15%		30.38%
Since Inception		0.28%		0.18%		0.75%		1.94%		1.23%		5.27%

The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	918.50	$	1.60	$	1,000.00	$	1,023.50	$	1.68		0.33%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	26.54	%
Consumer Discretionary	11.29
Industrials	10.90
Consumer Staples	10.30
Health Care	9.12
Materials	7.85
Information Technology	7.61
Energy	7.16
Telecommunication Services	5.67
Utilities	3.56
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total  Investments*

Japan	15.49	%
United Kingdom	14.76
France	6.93
Canada	6.88
Switzerland	6.62
Germany	6.55
Australia	5.21
China	4.82
South Korea	3.29
Taiwan	2.73
TOTAL	73.28	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

Performance as of January 31, 2015

The iShares MSCI ACWI Low Carbon Target ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization developed and emerging market equities with a lower carbon exposure than that of the broad market, as represented by the MSCI ACWI Low Carbon Target Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the period from December 8, 2014 (inception date of the Fund) through January 31, 2015, the total return for the Fund was -2.65%, net of fees, while the total return for the Index was -2.67%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		(2.65)%		(2.60)%		(2.67)%

The inception date of the Fund was 12/8/14. The first day of secondary market trading was 12/9/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account  Value (12/8/14) a		Ending Account Value (1/31/15)		Expenses Paid During  Period b		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period b		Annualized Expense Ratio
$	1,000.00	$	973.50	$	0.29	$	1,000.00	$	1,024.20	$	1.02		0.20%

^a  The beginning of the period (commencement of operations) is December 8, 2014.

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (54 days for actual and 184 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	23.23	%
Information Technology	13.57
Health Care	12.37
Industrials	11.64
Consumer Discretionary	11.58
Consumer Staples	10.55
Energy	6.05
Telecommunication Services	4.37
Materials	3.76
Utilities	2.88
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total  Investments*

United States	50.65	%
Japan	7.62
United Kingdom	7.20
Canada	3.70
Switzerland	3.29
Germany	3.26
France	3.17
Australia	2.68
China	2.43
Hong Kong	1.41
TOTAL	85.41	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI EUROPE FINANCIALS ETF

Performance as of January 31, 2015

The iShares MSCI Europe Financials ETF (the “Fund”) seeks to track the investment results of an index composed of developed market European equities in the financials sector, as represented by the MSCI Europe Financials Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -10.55%, net of fees, while the total return for the Index was -10.33%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(8.86)%		(8.62)%		(8.65)%		(8.86)%		(8.62)%		(8.65)%
5 Years		2.20%		2.19%		2.35%		11.47%		11.44%		12.33%
Since Inception		0.66%		0.65%		0.84%		3.36%		3.33%		4.31%

The inception date of the Fund was 1/20/10. The first day of secondary market trading was 1/22/10.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	894.50	$	2.29	$	1,000.00	$	1,022.80	$	2.45		0.48%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Commercial Banks	51.40	%
Insurance	28.39
Capital Markets	10.10
Real Estate Investment Trusts (REITs)	5.04
Diversified Financial Services	3.79
Real Estate Management & Development	1.28
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total  Investments*

United Kingdom	32.73	%
Switzerland	11.53
France	11.42
Germany	10.95
Spain	10.29
Sweden	7.14
Italy	6.16
Netherlands	3.79
Belgium	1.53
Finland	1.20
TOTAL	96.74	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EUROPE SMALL-CAP ETF

Performance as of January 31, 2015

The iShares MSCI Europe Small-Cap ETF (the “Fund”) (formerly the iShares Developed Small-Cap ex North America) seeks to track the investment results of an index composed of small-capitalization developed market equities in Europe, as represented by the MSCI Europe Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -7.26%, net of fees, while the total return for the Index was -7.48%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(2.57)%		(3.97)%		(2.34)%		(2.57)%		(3.97)%		(2.34)%
5 Years		8.24%		8.30%		8.72%		48.59%		49.01%		51.87%
Since Inception		0.59%		0.55%		1.03%		4.34%		4.04%		7.71%

The inception date of the Fund was 11/12/07. The first day of secondary market trading was 11/16/07.

Index performance through August 31, 2014 reflects the performance of the FTSE Developed Small Cap ex-North America Index. Index performance beginning on September 1, 2014 reflects the performance of the MSCI Europe Small Cap Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	927.40	$	2.04	$	1,000.00	$	1,023.10	$	2.14		0.42%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	23.14	%
Industrials	22.00
Consumer Discretionary	17.73
Information Technology	9.36
Materials	8.07
Health Care	8.06
Consumer Staples	4.97
Energy	3.15
Utilities	1.88
Telecommunication Services	1.64
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total  Investments*

United Kingdom	38.59	%
Germany	10.12
Switzerland	7.36
Sweden	7.22
France	7.18
Italy	6.33
Spain	4.31
Netherlands	3.24
Denmark	3.17
Norway	3.17
TOTAL	90.69	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI KOKUSAI ETF

Performance as of January 31, 2015

The iShares MSCI Kokusai ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding Japan, as represented by the MSCI Kokusai Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -1.17%, net of fees, while the total return for the Index was -1.24%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		7.66%		7.03%		7.46%		7.66%		7.03%		7.46%
5 Years		11.50%		11.50%		11.27%		72.34%		72.34%		70.58%
Since Inception		3.09%		3.10%		2.80%		24.31%		24.42%		21.83%

The inception date of the Fund was 12/10/07. The first day of secondary market trading was 12/12/07.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	988.30	$	1.25	$	1,000.00	$	1,023.90	$	1.28		0.25%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	20.46	%
Health Care	13.75
Information Technology	13.40
Consumer Discretionary	11.63
Consumer Staples	10.49
Industrials	10.07
Energy	8.30
Materials	5.11
Utilities	3.56
Telecommunication Services	3.23
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total  Investments*

United States	62.39	%
United Kingdom	8.68
France	4.07
Canada	4.04
Switzerland	3.95
Germany	3.92
Australia	3.09
Spain	1.41
Hong Kong	1.40
Sweden	1.32
TOTAL	94.27	%

* Excludes money market funds.

10 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI QATAR CAPPED ETF

Performance as of January 31, 2015

The iShares MSCI Qatar Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Qatar equities, as represented by the MSCI All Qatar Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -7.84%, net of fees, while the total return for the Index was -7.37%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		(6.06)%		(5.65)%		(5.99)%

The inception date of the Fund was 4/29/14. The first day of secondary market trading was 5/1/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	921.60	$	2.95	$	1,000.00	$	1,022.10	$	3.11		0.61%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	58.26	%
Industrials	15.74
Telecommunication Services	8.41
Energy	6.78
Utilities	4.35
Materials	3.12
Consumer Staples	2.04
Health Care	1.30
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total  Investments*

Qatar National Bank SAQ	21.14	%
Industries Qatar QSC	13.06
Masraf Al Rayan QSC	8.94
Ooredoo QSC	4.90
Qatar Islamic Bank SAQ	4.53
Qatar Electricity & Water Co. QSC	4.35
Gulf International Services QSC	3.83
Barwa Real Estate Co.	3.63
Vodafone Qatar QSC	3.51
Commercial Bank of Qatar QSC (The)	3.48
TOTAL	71.37	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI UAE CAPPED ETF

Performance as of January 31, 2015

The iShares MSCI UAE Capped ETF (the “Fund”) seeks to track the investment results of an index composed of UAE equities, as represented by the MSCI All UAE Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -21.80%, net of fees, while the total return for the Index was -21.91%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		(24.93)%		(24.65)%		(25.12)%

The inception date of the Fund was 4/29/14. The first day of secondary market trading was 5/1/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	782.00	$	2.74	$	1,000.00	$	1,022.10	$	3.11		0.61%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	71.11	%
Industrials	18.14
Health Care	5.36
Energy	3.77
Consumer Staples	1.62
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total  Investments*

Emaar Properties PJSC	17.32	%
First Gulf Bank PJSC	9.74
DP World Ltd.	9.31
Aldar Properties PJSC	5.70
National Bank of Abu Dhabi PJSC	5.40
Union National Bank PJSC	5.05
Dubai Islamic Bank	4.85
Abu Dhabi Commercial Bank PJSC	4.79
Air Arabia PJSC	4.21
Al Waha Capital PJSC	3.43
TOTAL	69.80	%

* Excludes money market funds.

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 (or commencement of operations, as applicable) and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 13

Schedule of Investments   (Unaudited)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.09%
AUSTRALIA — 2.49%
ALS Ltd.		216,333	$	825,500
Alumina Ltd.a		716,023		1,081,750
Amcor Ltd.		106,217		1,057,117
AMP Ltd.		816,855		3,670,446
APA Group		139,022		879,099
Asciano Ltd.		119,919		563,123
ASX Ltd.		149,594		4,443,170
Aurizon Holdings Ltd.		108,853		419,608
AusNet Services		632,468		689,548
Australia and New Zealand Banking Group Ltd.		421,901		10,842,330
Bendigo & Adelaide Bank Ltd.		57,467		598,788
BHP Billiton Ltd.		569,550		12,977,896
Boral Ltd.		149,331		651,233
Brambles Ltd.		646,270		5,334,798
Coca-Cola Amatil Ltd.		161,365		1,218,931
Commonwealth Bank of Australia		283,893		19,749,228
CSL Ltd.		112,682		7,717,711
Dexus Property Group		103,117		619,131
Federation Centres		385,635		909,949
Fortescue Metals Group Ltd.		457,292		840,434
Goodman Group		255,449		1,219,447
GPT Group (The)		187,667		660,579
Incitec Pivot Ltd.		469,326		1,319,410
James Hardie Industries SE		103,930		1,053,780
Lend Lease Group		54,700		710,528
Macquarie Group Ltd.		104,604		5,062,762
Mirvac Group		396,041		595,245
National Australia Bank Ltd.		305,773		8,484,242
Orica Ltd.		137,297		1,939,530
Origin Energy Ltd.		189,925		1,579,616
QBE Insurance Group Ltd.		236,304		1,952,471
Rio Tinto Ltd.		112,819		5,057,095
Santos Ltd.		286,254		1,756,612
Scentre Groupa		896,673		2,653,480
Stockland		306,867		1,046,700
Suncorp Group Ltd.		497,921		5,707,769
Sydney Airport		110,799		430,561
Telstra Corp. Ltd.		1,099,049		5,563,249
Transurban Group		153,757		1,102,790
Wesfarmers Ltd.		223,952		7,602,211
Westfield Corp.		351,354		2,697,863
Westpac Banking Corp.		548,641		14,723,181

Security	Shares		Value
Woodside Petroleum Ltd.		141,904	$	3,788,206
Woolworths Ltd.		242,471		6,000,837
				157,797,954
AUSTRIA — 0.08%
Erste Group Bank AG		69,374		1,505,031
IMMOFINANZ AGa		195,289		446,037
OMV AG		47,688		1,187,934
Voestalpine AG		56,036		1,995,028
				5,134,030
BELGIUM — 0.46%
Ageas		68,661		2,349,984
Anheuser-Busch InBev NV		160,417		19,568,546
Groupe Bruxelles Lambert SA		46,694		3,869,163
KBC Groep NVa		43,213		2,326,761
UCB SA		13,675		1,064,315
				29,178,769
BRAZIL — 0.47%
AMBEV SA		907,195		5,958,516
BM&F Bovespa SA		601,700		2,039,889
BR Malls Participacoes SA		274,100		1,555,228
BRF SA		185,372		4,446,110
CCR SA		218,800		1,245,535
Cielo SA		124,480		1,855,003
Companhia de Saneamento Basico do Estado de Sao Paulo		164,100		813,103
Embraer SA		345,264		3,053,635
Hypermarcas SAa		218,800		1,486,001
Klabin SA		273,500		1,394,909
Natura Cosmeticos SA		164,100		1,916,599
Souza Cruz SA		109,400		916,625
TIM Participacoes SA		164,100		723,845
Ultrapar Participacoes SA		109,400		2,160,122
				29,565,120
CANADA — 3.36%
Agnico Eagle Mines Ltd.		67,828		2,291,693
Agrium Inc.		23,680		2,531,880
Alimentation Couche-Tard Inc. Class B		65,640		2,577,559
ARC Resources Ltd.		42,119		764,018
Bank of Montreal		129,385		7,441,972
Bank of Nova Scotia (The)		212,236		10,220,537
Barrick Gold Corp.		200,202		2,565,781
Baytex Energy Corp.		12,265		190,753

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
BCE Inc.		48,683	$	2,240,735
Bombardier Inc. Class B		277,876		635,546
Brookfield Asset Management Inc. Class A		176,767		9,026,904
Cameco Corp.		136,437		1,923,967
Canadian Imperial Bank of Commerce/Canada		88,780		6,174,234
Canadian National Railway Co.		155,348		10,257,293
Canadian Natural Resources Ltd.		216,797		6,298,988
Canadian Oil Sands Ltd.		48,683		301,401
Canadian Pacific Railway Ltd.		46,495		8,121,178
Canadian Tire Corp. Ltd. Class A NVS		8,420		778,217
Canadian Utilities Ltd. Class A		13,873		460,956
Catamaran Corp.a,b		29,538		1,478,123
Cenovus Energy Inc.		109,594		2,080,467
Crescent Point Energy Corp.		33,367		794,734
Dollarama Inc.		36,102		1,718,329
Enbridge Inc.		213,330		10,355,662
Encana Corp.		110,581		1,355,281
Finning International Inc.		22,974		379,593
First Quantum Minerals Ltd.		100,873		922,054
Fortis Inc./Canada		17,140		566,535
Franco-Nevada Corp.		65,093		3,764,557
Gildan Activewear Inc.		25,162		1,472,075
Goldcorp Inc.		207,313		5,017,892
H&R Real Estate Investment Trust		15,863		305,512
Husky Energy Inc.		104,037		2,244,104
Imperial Oil Ltd.		89,867		3,348,174
Magna International Inc. Class A		34,461		3,318,225
Manulife Financial Corp.		320,560		5,152,421
National Bank of Canada		34,280		1,195,251
New Gold Inc.a,b		357,738		1,571,514
Open Text Corp.		25,162		1,430,004
Pacific Rubiales Energy Corp.		72,204		167,989
Pembina Pipeline Corp.		44,854		1,396,613
Potash Corp. of Saskatchewan Inc.		162,597		5,932,203
Power Corp. of Canada		163,687		3,955,495
Restaurant Brands International Inc.a		12,654		491,410
Rogers Communications Inc. Class B		119,246		4,249,012
Royal Bank of Canada		244,509		13,834,201
Saputo Inc.		21,880		630,542
Shaw Communications Inc. Class B		257,090		5,948,989

Security	Shares		Value
Silver Wheaton Corp.		122,528	$	2,820,768
SNC-Lavalin Group Inc.		75,486		2,503,400
Sun Life Financial Inc.		116,027		3,555,983
Suncor Energy Inc.		304,784		9,110,228
TELUS Corp. NVS		22,380		769,387
Thomson Reuters Corp.		61,905		2,380,605
Toronto-Dominion Bank (The)		326,424		13,026,582
Tourmaline Oil Corp.a,b		54,900		1,512,840
TransCanada Corp.		139,707		6,229,768
Valeant Pharmaceuticals International Inc.a,b		52,512		8,414,262
Yamana Gold Inc.		567,786		2,355,420
				212,559,816
CHILE — 0.15%
AES Gener SA		723,956		373,218
Aguas Andinas SA Series A		1,296,937		743,328
Banco de Chile		5,541,592		611,434
Banco de Credito e Inversiones		10,541		441,694
Banco Santander Chile		9,874,102		469,252
Cia. Cervecerias Unidas SA		20,862		191,045
Colbun SA		1,934,192		526,652
CorpBanca SA		37,668,608		417,165
Empresa Nacional de Electricidad SA/Chile		591,307		846,887
Empresas CMPC SA		462,762		1,150,254
Empresas COPEC SA		68,922		780,483
Enersis SA		4,269,335		1,322,755
LATAM Airlines Group SAa		127,451		1,345,547
SACI Falabella		86,981		571,003
				9,790,717
CHINA — 2.33%
Agricultural Bank of China Ltd. Class H		3,829,000		1,876,634
Bank of China Ltd. Class H		14,222,000		7,960,879
Brilliance China Automotive Holdings Ltd.		2,188,000		4,012,892
China Construction Bank Corp. Class H		12,378,260		9,946,225
China Gas Holdings Ltd.b		2,188,000		3,397,695
China Life Insurance Co. Ltd. Class H		2,188,000		8,635,338
China Mengniu Dairy Co. Ltd.		547,000		2,493,948
China Merchants Bank Co. Ltd. Class H		820,788		1,837,771
China Mobile Ltd.		1,094,000		14,462,781

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
China Overseas Land & Investment Ltd.b		1,094,000	$	3,167,702
China Pacific Insurance (Group) Co. Ltd. Class H		437,600		2,116,504
China Petroleum & Chemical Corp. Class H		5,625,200		4,447,429
China Shenhua Energy Co. Ltd. Class H		1,094,000		2,998,381
China Shipping Container Lines Co. Ltd. Class Ha		3,829,000		1,204,997
China Telecom Corp. Ltd. Class H		2,188,000		1,298,123
China Unicom Hong Kong Ltd.		1,094,000		1,653,696
Chongqing Changan Automobile Co. Ltd.		100		249
CNOOC Ltd.		3,829,000		5,027,404
Country Garden Holdings Co. Ltd.b		1,750,866		700,044
Evergrande Real Estate Group Ltd.b		2,735,000		1,139,385
Fosun International Ltd.b		2,188,000		3,070,343
GCL-Poly Energy Holdings Ltd.a,b		3,282,000		711,146
GOME Electrical Appliances Holdings Ltd.b		5,470,000		754,887
Great Wall Motor Co. Ltd. Class H		395,000		2,269,632
Guangdong Investment Ltd.		1,580,000		2,119,342
Haier Electronics Group Co. Ltd.		1,641,000		4,423,494
Hengan International Group Co. Ltd.b		273,500		3,254,126
Industrial and Commercial Bank of China Ltd. Class H		13,154,260		9,466,975
Inner Mongolia Yitai Coal Co. Ltd. Class B		100		141
Kunlun Energy Co. Ltd.b		1,094,000		1,138,679
Lee & Man Paper Manufacturing Ltd.b		1,880,000		989,301
Lenovo Group Ltd.b		1,094,000		1,416,647
PetroChina Co. Ltd. Class H		4,376,000		4,735,326
Ping An Insurance (Group) Co. of China Ltd. Class H		820,500		8,741,163
Shimao Property Holdings Ltd.		940,000		1,983,452
Sino-Ocean Land Holdings Ltd.b		2,461,500		1,577,854
Tencent Holdings Ltd.		1,094,000		18,625,239
Want Want China Holdings Ltd.b		3,282,000		3,945,164
				147,600,988

Security	Shares		Value
COLOMBIA — 0.05%
Almacenes Exito SA		68,922	$	707,327
Cemex Latam Holdings SAa		121,981		762,131
Ecopetrol SA		864,807		694,047
Grupo de Inversiones Suramericana SA		67,828		985,678
				3,149,183
CZECH REPUBLIC — 0.03%
CEZ AS		63,999		1,499,693
Komercni Banka AS		2,735		557,444
				2,057,137
DENMARK — 0.51%
Carlsberg A/S Class B		23,680		1,740,939
Danske Bank A/S		205,134		5,320,443
DSV A/S		46,567		1,466,844
Novo Nordisk A/S Class B		401,884		18,001,898
Novozymes A/S Class B		43,300		1,975,014
TDC A/S		225,364		1,668,136
Tryg A/S		19,145		2,243,339
				32,416,613
EGYPT — 0.01%
Global Telecom Holding SAE SP GDRa		315,619		908,983
				908,983
FINLAND — 0.31%
Fortum OYJ		123,082		2,625,058
Metso OYJ		76,580		2,326,338
Nokia OYJ		625,768		4,833,584
Sampo OYJ		114,323		5,537,016
UPM-Kymmene OYJ		228,099		4,012,841
				19,334,837
FRANCE — 3.35%
Accor SA		73,520		3,677,365
Airbus Group NV		101,195		5,389,935
ALSTOMa		47,657		1,566,032
ArcelorMittal		143,861		1,373,883
Arkema SA		13,015		932,611
AXA SA		258,184		6,076,059
BNP Paribas SA		186,454		9,841,651
Bouygues SA		72,442		2,587,708
Cap Gemini SA		71,859		5,235,937
Carrefour SA		95,317		2,995,022
Christian Dior SA		9,299		1,610,746

16 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
Cie de Saint-Gobain		107,448	$	4,599,002
Compagnie Generale des Etablissements Michelin Class B		48,136		4,711,094
Credit Agricole SA		277,329		3,306,338
Danone SA		100,811		6,776,696
Edenred SA		72,891		2,099,119
Essilor International SA		65,640		7,338,262
GDF Suez		251,620		5,600,730
Groupe Eurotunnel SE		103,797		1,394,430
Hermes International		3,056		1,036,115
Iliad SA		7,111		1,651,825
Kering		24,615		4,983,159
L’Air Liquide SA		54,202		6,850,398
L’Oreal SA		43,300		7,771,485
Lafarge SA		39,006		2,676,633
Legrand SA		23,521		1,266,067
LVMH Moet Hennessy Louis Vuitton SA		50,927		8,246,743
Orange SA		341,174		6,013,668
Pernod Ricard SA		59,695		7,180,879
Publicis Groupe SA		29,538		2,214,256
Renault SA		59,076		4,547,174
Safran SA		34,461		2,301,753
Sanofi		208,407		19,284,511
Schneider Electric SE		95,317		7,206,554
SES SA Class A FDR		165,194		6,020,215
Societe Generale		127,998		5,175,986
Suez Environnement SA		60,754		1,117,836
Technip SA		46,495		2,736,170
Total SA		375,789		19,294,695
Unibail-Rodamco SE		21,071		5,946,772
Veolia Environnement SA		68,070		1,248,605
Vinci SA		80,060		4,231,701
Vivendi SA		200,476		4,758,689
Wendel		9,299		1,043,575
				211,918,084
GERMANY — 3.02%
adidas AGb		36,649		2,530,609
Allianz SE Registered		76,790		12,686,102
BASF SE		160,271		14,378,201
Bayer AG Registered		145,548		21,031,405
Bayerische Motoren Werke AG		82,597		9,637,564
Beiersdorf AG		22,427		1,968,943
Commerzbank AGa		205,125		2,469,821
Continental AG		15,316		3,468,768

Security	Shares		Value
Daimler AG Registered		173,497	$	15,756,596
Deutsche Bank AG Registered		231,928		6,752,356
Deutsche Boerse AG		38,384		2,946,681
Deutsche Post AG Registered		189,844		6,163,384
Deutsche Telekom AG Registered		552,470		9,529,204
E.ON SE		350,627		5,430,504
Fresenius Medical Care AG & Co. KGaA		64,546		4,781,018
Fresenius SE & Co. KGaA		39,384		2,255,921
GEA Group AG		28,991		1,316,611
HeidelbergCement AG		31,310		2,305,752
Henkel AG & Co. KGaA		24,068		2,464,729
Infineon Technologies AG		190,934		2,149,640
Kabel Deutschland Holding AGa		7,658		1,041,322
Lanxess AG		17,983		863,464
Linde AG		43,300		8,301,637
MAN SE		30,632		3,263,787
Merck KGaA		55,794		5,585,249
METRO AGa,b		59,647		1,838,200
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		36,760		7,383,767
Osram Licht AGa		51,965		2,397,200
ProSiebenSat.1 Media AG Registered		34,461		1,529,835
SAP SE		164,777		10,758,643
Siemens AG Registered		149,042		15,641,345
ThyssenKrupp AGa		108,397		2,824,384
				191,452,642
HONG KONG — 1.17%
AIA Group Ltd.		2,078,600		12,131,098
Bank of East Asia Ltd. (The)		328,200		1,363,029
Cheung Kong Holdings Ltd.		547,500		10,486,274
CLP Holdings Ltd.		273,500		2,441,035
Galaxy Entertainment Group Ltd.b		547,000		2,885,501
Hang Lung Properties Ltd.		1,094,000		3,224,142
Hang Seng Bank Ltd.b		188,000		3,292,822
Henderson Land Development Co. Ltd.b		638,780		4,564,274
Hong Kong & China Gas Co. Ltd.b		1,278,040		2,934,101
Hong Kong Exchanges and Clearing Ltd.		149,200		3,436,852
Hutchison Whampoa Ltd.		547,000		7,259,610
Li & Fung Ltd.b		1,094,000		1,085,061
Link REIT (The)		547,000		3,703,883
New World Development Co. Ltd.		1,031,666		1,232,142

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
Sands China Ltd.b		437,600	$	2,147,547
Swire Pacific Ltd. Class Ab		547,000		7,344,271
Wharf Holdings Ltd. (The)b		547,200		4,446,284
				73,977,926
HUNGARY — 0.02%
OTP Bank PLC		103,093		1,365,899
				1,365,899
INDIA — 0.67%
Dr. Reddy’s Laboratories Ltd. SP ADR		94,827		4,785,919
ICICI Bank Ltd. SP ADR		626,315		7,522,043
Infosys Ltd. SP ADRb		209,358		7,134,921
Larsen & Toubro Ltd. SP GDRc		181,301		4,994,842
Reliance Industries Ltd. SP GDRb,d		166,963		4,975,497
Sesa Sterlite Ltd. SP ADR		214,424		2,785,368
Tata Motors Ltd. SP ADR		123,233		6,077,852
Wipro Ltd. SP ADR		303,385		3,901,531
				42,177,973
INDONESIA — 0.32%
PT Astra International Tbk		4,923,000		3,050,764
PT Bank Central Asia Tbk		4,649,500		4,909,182
PT Bank Danamon Indonesia Tbk		1,159,510		402,751
PT Bank Mandiri (Persero) Tbk		1,367,957		1,187,884
PT Bank Negara Indonesia (Persero) Tbk		1,751,288		864,066
PT Bank Rakyat Indonesia (Persero) Tbk		2,188,000		2,016,570
PT Charoen Pokphand Indonesia Tbk		2,483,945		775,528
PT Indocement Tunggal Prakarsa Tbk		411,200		746,604
PT Indofood Sukses Makmur Tbk		1,501,200		894,735
PT Kalbe Farma Tbk		5,798,200		853,652
PT Perusahaan Gas Negara (Persero) Tbk		1,914,500		763,231
PT Semen Gresik (Persero) Tbk		820,500		944,053
PT Telekomunikasi Indonesia (Persero) Tbk		6,564,000		1,466,439
PT Unilever Indonesia Tbk		273,500		773,486
PT United Tractors Tbk		567,606		802,064
				20,451,009
IRELAND — 0.52%
Bank of Irelanda		5,759,363		1,741,774
CRH PLC		84,420		2,030,548

Security	Shares		Value
Kerry Group PLC, Class A		16,050	$	1,163,129
Medtronic PLC		284,421		20,307,659
Pentair PLC		32,572		2,013,275
Tyco International PLC		136,437		5,567,994
				32,824,379
ISRAEL — 0.21%
Israel Chemicals Ltd.		193,091		1,390,903
NICE-Systems Ltd.		32,273		1,587,365
Teva Pharmaceutical Industries Ltd.		175,587		10,013,864
				12,992,132
ITALY — 0.78%
Assicurazioni Generali SpA		126,014		2,659,150
Atlantia SpA		160,304		4,129,835
CNH Industrial NV		351,174		2,668,962
Enel SpA		911,447		4,120,262
Eni SpA		449,151		7,551,985
Finmeccanica SpAa		224,270		2,452,322
Intesa Sanpaolo SpA		2,015,695		5,909,441
Luxottica Group SpA		15,863		944,257
Mediobanca SpA		327,653		2,843,302
Snam SpA		882,311		4,317,113
Telecom Italia SpAa		2,209,333		2,575,396
Telecom Italia SpA RNC		752,125		709,967
Tenaris SA		39,931		562,351
UniCredit SpA		790,829		4,671,773
Unione di Banche Italiane SpA		435,412		3,002,093
				49,118,209
JAPAN — 7.51%
Aeon Co. Ltd.		328,200		3,491,133
AEON Financial Service Co. Ltd.		109,400		1,988,414
Aisin Seiki Co. Ltd.		109,400		3,860,409
Asahi Group Holdings Ltd.		164,100		5,432,979
ASICS Corp.		79,000		1,957,094
Astellas Pharma Inc.		547,000		8,519,444
Bandai Namco Holdings Inc.		79,000		1,613,425
Bank of Yokohama Ltd. (The)		1,094,000		5,958,721
Bridgestone Corp.		220,200		8,881,859
Canon Inc.		218,800		6,967,364
Casio Computer Co. Ltd.b		218,800		3,462,727
Central Japan Railway Co.		54,700		9,462,427
Chugoku Electric Power Co. Inc. (The)		109,400		1,523,674
Dai-ichi Life Insurance Co. Ltd. (The)		218,800		2,969,116

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
Daiichi Sankyo Co. Ltd.		218,800	$	3,190,775
Daikin Industries Ltd.		109,400		7,706,849
Daiwa Securities Group Inc.		547,000		4,016,409
Denso Corp.		164,100		7,335,709
East Japan Railway Co.		109,400		8,503,146
Eisai Co. Ltd.		109,400		5,483,737
Fast Retailing Co. Ltd.		9,000		3,372,749
Fuji Heavy Industries Ltd.		100,300		3,668,658
FUJIFILM Holdings Corp.		109,400		3,723,502
Fujitsu Ltd.		547,000		2,913,235
Hitachi Ltd.		1,094,000		8,356,925
Honda Motor Co. Ltd.		328,200		10,005,399
Hoya Corp.		164,100		6,424,858
ITOCHU Corp.		273,500		2,794,024
Japan Prime Realty Investment Corp.		1,094		3,837,126
Japan Tobacco Inc.		218,800		6,021,121
JFE Holdings Inc.		109,400		2,432,198
JTEKT Corp.		79,000		1,320,870
JX Holdings Inc.		624,080		2,315,363
Kao Corp.		164,100		7,237,919
KDDI Corp.		109,400		7,788,807
Keikyu Corp.		547,000		4,293,483
Keyence Corp.		10,000		4,723,960
Kintetsu Corp.		1,094,000		3,874,380
Kobe Steel Ltd.		1,094,000		1,937,190
Komatsu Ltd.		218,800		4,343,776
Kyocera Corp.		109,400		4,865,327
Kyushu Electric Power Co. Inc.a		218,800		2,129,046
Marubeni Corp.		547,000		3,043,158
Mazda Motor Corp.		109,400		2,279,458
Mitsubishi Chemical Holdings Corp.		820,500		4,289,525
Mitsubishi Corp.		273,500		4,815,034
Mitsubishi Electric Corp.		547,000		6,409,956
Mitsubishi Heavy Industries Ltd.		1,094,000		6,101,217
Mitsubishi Motors Corp.		188,000		1,606,879
Mitsubishi UFJ Financial Group Inc.		2,297,400		12,366,629
Mitsubishi UFJ Lease & Finance Co. Ltd.		765,800		3,350,966
Mitsui & Co. Ltd.		382,900		4,912,359
Mizuho Financial Group Inc.		4,211,900		6,956,188
MS&AD Insurance Group Holdings Inc.		109,400		2,691,111

Security	Shares		Value
Murata Manufacturing Co. Ltd.		54,700	$	5,969,897
NEC Corp.		592,000		1,683,293
Nidec Corp.		55,000		3,780,445
Nippon Steel & Sumitomo Metal Corp.		1,641,346		3,877,525
Nippon Telegraph and Telephone Corp.		109,400		6,538,016
Nissan Motor Co. Ltd.		624,000		5,399,872
Nitto Denko Corp.		54,700		3,299,276
Nomura Holdings Inc.		702,000		3,791,929
NTT DOCOMO Inc.		297,320		5,074,930
NTT Urban Development Corp.		109,400		1,062,660
Olympus Corp.a		54,700		1,918,563
ORIX Corp.		406,000		4,724,829
Panasonic Corp.		437,600		5,036,693
Rakuten Inc.		164,100		2,293,893
Resona Holdings Inc.		547,000		2,740,006
SBI Holdings Inc.		134,130		1,453,603
Secom Co. Ltd.		109,400		6,402,040
Seven & I Holdings Co. Ltd.		218,800		8,079,385
Seven Bank Ltd.		656,400		2,961,665
Shin-Etsu Chemical Co. Ltd.		109,400		7,309,166
SoftBank Corp.		164,100		9,727,394
Sony Corp.		218,800		5,167,081
Sumitomo Chemical Co. Ltd.		1,094,000		4,358,677
Sumitomo Corp.		406,000		4,037,015
Sumitomo Electric Industries Ltd.		406,000		5,288,213
Sumitomo Mitsui Financial Group Inc.		218,800		7,433,034
Sumitomo Mitsui Trust Holdings Inc.		1,094,080		3,879,320
Suzuki Motor Corp.		109,400		3,498,118
T&D Holdings Inc.		188,000		2,143,839
Takeda Pharmaceutical Co. Ltd.		164,100		8,246,561
TDK Corp.		54,700		3,450,619
Terumo Corp.		219,300		5,490,668
Tohoku Electric Power Co. Inc.		164,100		2,084,342
Tokio Marine Holdings Inc.		218,800		7,711,506
Tokyo Electron Ltd.		54,700		3,947,024
Tokyo Gas Co. Ltd.		547,000		3,289,032
Toray Industries Inc.		1,094,000		9,401,890
Toshiba Corp.		1,094,000		4,420,146
Toyota Motor Corp.		547,000		35,600,519
USS Co. Ltd.		218,800		3,460,864
				475,561,355

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
MALAYSIA — 0.40%
AirAsia Bhd		1,422,200	$	1,097,619
Alliance Financial Group Bhd		1,039,300		1,369,309
Axiata Group Bhd		219,600		435,810
Berjaya Sports Toto Bhd		111,744		104,414
Bumi Armada Bhda		2,188,000		723,705
CIMB Group Holdings Bhd		829,400		1,257,359
DiGi.Com Bhd		875,200		1,546,315
Gamuda Bhd		285,200		398,557
Genting Bhd		109,800		267,236
Genting Plantations Bhd		218,800		612,737
Hong Leong Bank Bhd		133,700		516,669
Hong Leong Financial Group Bhd		273,500		1,275,529
IHH Healthcare Bhd		1,531,600		2,195,237
IJM Corp. Bhd		164,110		312,117
IOI Corp. Bhd		109,400		142,027
IOI Properties Group Bhd		388,815		220,771
Kuala Lumpur Kepong Bhd		54,900		342,898
Lafarge Malaysia Bhd		328,200		896,489
Malayan Banking Bhd		248,100		596,315
Malaysia Airports Holdings Bhd		273,500		539,763
Maxis Bhd		656,400		1,284,576
Petronas Chemicals Group Bhd		109,800		154,350
Petronas Gas Bhd		164,100		1,004,140
PPB Group Bhd		218,800		878,095
Public Bank Bhd		417,270		2,086,350
RHB Capital Bhd		164,100		369,089
Sapurakencana Petroleum Bhd		1,641,000		1,207,682
Telekom Malaysia Bhd		711,100		1,370,063
Tenaga Nasional Bhd		218,800		874,476
UEM Sunrise Bhd		820,500		287,220
YTL Corp. Bhd		569,133		276,095
YTL Power International Bhd		1,085,090		478,540
				25,121,552
MEXICO — 0.50%
Alfa SAB de CV Series A		944,700		1,733,180
America Movil SAB de CV Series L		5,579,400		5,973,271
Cemex SAB de CV CPOa		3,365,340		2,991,563
Compartamos SAB de CV		492,300		931,139
Fomento Economico Mexicano SAB de CV BD Units		656,400		5,488,193
Grupo Financiero Banorte SAB de CV Series O		492,300		2,501,119

Security	Shares		Value
Grupo Mexico SAB de CV Series B		711,128	$	1,880,288
Grupo Televisa SAB de CV CPO		984,600		6,415,386
Mexichem SAB de CVa,b		218,847		607,446
Minera Frisco SAB de CV Series A1a,b		273,500		358,748
Wal-Mart de Mexico SAB de CV Series V		1,312,800		2,538,273
				31,418,606
NETHERLANDS — 0.96%
AEGON NV		233,144		1,668,263
Akzo Nobel NV		71,340		5,161,894
ASML Holding NV		59,671		6,281,080
Fiat Chrysler Automobiles NVa,b		156,274		2,063,265
Gemalto NVb		14,706		1,069,049
Heineken NV		52,512		3,927,566
ING Groep NV CVAa		623,070		7,818,512
Koninklijke Ahold NV		212,149		3,838,773
Koninklijke DSM NV		27,515		1,466,149
Koninklijke KPN NV		755,407		2,341,651
Koninklijke Philips NV		215,089		5,957,495
Reed Elsevier NV		283,346		6,951,189
TNT Express NV		117,294		770,867
Unilever NV CVA		231,469		10,079,758
Wolters Kluwer NV		55,247		1,654,908
				61,050,419
NEW ZEALAND — 0.02%
Auckland International Airport Ltd.		312,079		1,007,956
Contact Energy Ltd.		42,666		218,936
				1,226,892
NORWAY — 0.28%
DNB ASA		356,238		5,161,670
Orkla ASA		515,510		3,797,900
Seadrill Ltd.b		22,427		238,289
Statoil ASA		117,119		1,940,272
Subsea 7 SA		54,197		460,820
Telenor ASA		235,324		5,049,272
Yara International ASA		16,879		876,998
				17,525,221
PERU — 0.06%
Credicorp Ltd.		18,230		2,627,308
Southern Copper Corp.		40,515		1,105,249
				3,732,557

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
PHILIPPINES — 0.19%
Aboitiz Equity Ventures Inc.		417,750	$	536,245
Aboitiz Power Corp.		1,387,000		1,399,803
Alliance Global Group Inc.		733,000		416,430
Ayala Land Inc.		951,800		779,261
Bank of the Philippine Islands		768,049		1,724,465
BDO Unibank Inc.		825,972		2,144,871
International Container Terminal Services Inc.		143,060		369,874
Jollibee Foods Corp.		433,000		2,278,275
Metropolitan Bank & Trust Co.		147,693		319,215
Philippine Long Distance Telephone Co.		13,675		921,116
SM Prime Holdings Inc.		2,693,425		1,136,183
				12,025,738
POLAND — 0.13%
Bank Handlowy w Warszawie SA		19,320		563,626
Bank Millennium SA		627,008		1,265,642
Bank Pekao SA		20,239		976,060
Cyfrowy Polsat SA		110,494		709,310
KGHM Polska Miedz SA		31,310		888,942
mBank SA		8,752		1,106,206
Powszechna Kasa Oszczednosci Bank Polski SA		188,564		1,745,078
Synthos SA		883,045		1,023,310
				8,278,174
PORTUGAL — 0.08%
Banco Espirito Santo SA Registereda		1		—
Energias de Portugal SA		941,034		3,586,071
Jeronimo Martins SGPS SAb		147,690		1,592,944
				5,179,015
QATAR — 0.05%
Masraf Al Rayan QSC		116,755		1,436,195
Ooredoo QSC		31,179		984,510
Qatar National Bank SAQ		13,321		724,206
				3,144,911
RUSSIA — 0.31%
Gazprom OAO SP ADR		870,391		3,525,084
LUKOIL OAO SP ADR		82,212		3,323,009
Magnit PJSC SP GDRc		97,913		3,740,277
MMC Norilsk Nickel OJSC SP ADR		57,547		949,525

Security	Shares		Value
Mobile TeleSystems OJSC SP ADR		201,296	$	1,582,187
NovaTek OAO SP GDRc		27,897		1,952,790
RusHydro OJSC SP ADR		308,181		232,985
Sberbank of Russia SP ADR		342,759		1,269,922
Surgutneftegas OJSC SP ADR		244,744		1,094,006
Tatneft OAO SP ADR		43,283		1,017,150
Uralkali PJSC SP GDRc		64,443		802,315
				19,489,250
SINGAPORE — 0.48%
Ascendas REIT		1,641,000		2,983,416
CapitaLand Ltd.b		2,188,000		5,627,256
CapitaMall Trust Management Ltd.b		1,641,000		2,534,691
Genting Singapore PLC		1,641,000		1,309,792
Global Logistic Properties Ltd.b		547,000		1,022,770
Hutchison Port Holdings Trustb		1,641,000		1,173,315
Keppel Corp. Ltd.b		550,400		3,538,896
Noble Group Ltd.		778,000		612,349
Oversea-Chinese Banking Corp. Ltd.b		547,000		4,204,272
Singapore Press Holdings Ltd.b		236,000		720,331
Singapore Telecommunications Ltd.		2,188,000		6,597,472
				30,324,560
SOUTH AFRICA — 0.79%
African Rainbow Minerals Ltd.		19,145		193,968
Barclays Africa Group Ltd.		7,330		125,356
Barloworld Ltd.		62,917		477,328
FirstRand Ltd.		1,432,046		6,412,257
Growthpoint Properties Ltd.		667,887		1,682,494
MMI Holdings Ltd.		276,793		745,587
Mr. Price Group Ltd.		68,922		1,570,315
MTN Group Ltd.		294,295		5,112,904
Naspers Ltd. Class N		89,708		13,095,239
PPC Ltd.		80,409		147,945
Redefine Properties Ltd.		647,346		634,489
Sanlam Ltd.		1,262,476		7,623,050
Sappi Ltd.a		122,567		505,822
Sasol Ltd.		109,487		3,965,009
Standard Bank Group Ltd.		458,961		6,101,328
Woolworths Holdings Ltd.		178,178		1,331,241
				49,724,332

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
SOUTH KOREA — 1.57%
AmorePacific Corp.		454	$	1,100,543
AmorePacific Group		2,188		2,506,917
BS Financial Group Inc.		33,367		422,579
Celltrion Inc.a,b		20,761		772,652
CJ CheilJedang Corp.		2,188		704,257
Coway Co. Ltd.		20,146		1,617,428
Daelim Industrial Co. Ltd.		4,154		208,916
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b		86,426		1,541,063
DGB Financial Group Inc.		27,119		262,858
Doosan Heavy Industries & Construction Co. Ltd.		32,273		687,601
GS Engineering & Construction Corp.a		28,878		661,479
Hana Financial Group Inc.		42,412		1,252,659
Hankook Tire Co. Ltd.		12,581		606,272
Hanwha Corp.		60,717		1,521,256
Hyundai Department Store Co. Ltd.		4,376		478,175
Hyundai Development Co. Engineering & Construction		9,299		366,909
Hyundai Engineering & Construction Co. Ltd.		14,676		585,779
Hyundai Glovis Co. Ltd.		2,642		590,681
Hyundai Heavy Industries Co. Ltd.b		13,675		1,413,017
Hyundai Marine & Fire Insurance Co. Ltd.		7,000		167,063
Hyundai Merchant Marine Co. Ltd.a,b		101,746		953,636
Hyundai Mobis Co. Ltd.		9,846		2,232,816
Hyundai Motor Co.		26,710		4,139,855
Hyundai Steel Co.		8,205		494,431
Hyundai Wia Corp.		3,282		462,169
KB Financial Group Inc.		61,620		2,073,533
KCC Corp.		3,282		1,653,605
Kia Motors Corp.		37,743		1,587,580
Korea Aerospace Industries Ltd.		38,290		1,640,350
Korea Electric Power Corp.		43,213		1,707,024
Korea Zinc Co. Ltd.		2,188		859,314
KT Corp.		49,230		1,348,243
KT&G Corp.		18,051		1,323,784
LG Chem Ltd.		7,658		1,390,008
LG Corp.		13,582		768,769
LG Display Co. Ltd.		86,770		2,860,331
LG Electronics Inc.		19,692		1,094,800
LG Household & Health Care Ltd.		2,188		1,376,503

Security	Shares		Value
Lotte Chemical Corp.		4,376	$	698,255
Lotte Confectionery Co. Ltd.		454		775,902
Lotte Shopping Co. Ltd.		2,188		475,174
NAVER Corp.		4,376		2,865,048
NCsoft Corp.		2,735		505,185
OCI Co. Ltd.a,b		20,239		1,447,229
ORION Corp.		547		525,192
POSCO		15,716		3,628,648
S1 Corp.		3,282		240,088
Samsung C&T Corp.		20,786		1,060,588
Samsung Electronics Co. Ltd.		19,145		23,896,237
Samsung Engineering Co. Ltd.a,b		13,128		456,167
Samsung Fire & Marine Insurance Co. Ltd.		6,017		1,623,093
Samsung Heavy Industries Co. Ltd.		27,920		456,993
Samsung SDI Co. Ltd.		8,869		1,046,179
Samsung Securities Co. Ltd.		9,299		404,748
Shinhan Financial Group Co. Ltd.		61,600		2,534,748
SK Holdings Co. Ltd.		4,830		755,240
SK Hynix Inc.b		104,890		4,570,235
SK Innovation Co. Ltd.		26,256		2,249,623
SK Telecom Co. Ltd.		13,128		3,469,268
Woori Banka		73,644		592,600
				99,711,295
SPAIN — 1.10%
ACS Actividades de Construccion y Servicios SA		91,540		3,187,787
Amadeus IT Holding SA Class A		77,674		3,119,508
Banco Bilbao Vizcaya Argentaria SA		971,605		8,332,701
Banco de Sabadell SA		1,076,496		2,725,949
Banco Popular Espanol SA		488,303		2,068,550
Banco Popular Espanol SA New		2,318		9,820
Banco Santander SA		1,900,800		12,783,953
Bankia SAa		932,635		1,220,821
Distribuidora Internacional de Alimentacion SA		164,647		1,067,955
Ferrovial SA		98,641		1,957,412
Grifols SA		26,256		1,103,665
Iberdrola SA		877,356		6,067,043
Inditex SA		273,500		8,066,076
International Consolidated Airlines Group SAa		336,952		2,756,694
Red Electrica Corporacion SA		12,804		1,091,742

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
Repsol SA		271,443	$	4,804,472
Telefonica SA		620,302		9,313,234
				69,677,382
SWEDEN — 1.09%
Atlas Copco AB Class A		327,106		9,699,557
Boliden AB		40,030		628,096
Hennes & Mauritz AB Class B		201,537		8,307,589
Hexagon AB Class B		33,259		1,055,369
Investor AB Class B		80,635		2,941,770
Lundin Petroleum ABa,b		48,747		632,875
Millicom International Cellular SA SDR		7,404		472,570
Nordea Bank AB		603,342		7,679,939
Sandvik AB		336,952		3,535,523
Skandinaviska Enskilda Banken AB Class A		267,323		3,228,254
SKF AB Class B		69,848		1,650,694
Svenska Handelsbanken AB Class A		193,114		9,169,615
Swedbank AB Class A		159,177		3,859,909
Telefonaktiebolaget LM Ericsson Class B		635,733		7,754,107
TeliaSonera AB		556,846		3,436,344
Volvo AB Class B		401,240		4,699,957
				68,752,168
SWITZERLAND — 3.27%
ABB Ltd. Registereda		398,336		7,667,551
Actelion Ltd. Registereda		14,222		1,576,701
Adecco SA Registereda		26,803		2,007,203
Aryzta AGa		16,410		1,233,359
Barry Callebaut AG Registereda		1,641		1,635,560
Compagnie Financiere Richemont SA Class A Bearer		102,994		8,569,307
Credit Suisse Group AG Registered		239,586		5,064,885
Geberit AG Registered		6,564		2,248,761
Givaudan SA Registereda		2,735		4,997,049
Holcim Ltd. Registereda		88,844		6,223,570
Julius Baer Group Ltd.a		64,811		2,648,653
Kuehne & Nagel International AG Registered		4,376		602,143
Lonza Group AG Registereda		12,034		1,428,306
Nestle SA Registered		595,136		45,570,709
Novartis AG Registered		374,148		36,660,445
Roche Holding AG Genusschein		123,237		33,298,971

Security	Shares		Value
Schindler Holding AG Participation Certificates		3,829	$	568,492
Schindler Holding AG Registered		4,376		637,339
SGS SA Registered		1,094		2,080,865
Sonova Holding AG Registered		4,923		647,981
Sulzer AG Registered		7,111		755,503
Swatch Group AG (The) Bearer		6,564		2,617,610
Swiss Prime Site AG Registered		30,632		2,656,849
Swiss Re AGa		75,023		6,776,166
Swisscom AG Registered		3,829		2,245,254
Syngenta AG Registered		18,294		5,949,204
Transocean Ltd.		95,587		1,504,375
UBS Group AG		564,110		9,436,066
Weatherford International Ltd.a		164,777		1,702,146
Zurich Insurance Group AGa		24,094		7,997,726
				207,008,749
TAIWAN — 1.36%
Advanced Semiconductor Engineering Inc.		3,282,524		4,156,083
Chang Hwa Commercial Bank Ltd.		2,366,726		1,340,570
China Airlines Ltd.a		2,188,000		1,103,946
China Development Financial Holding Corp.		4,376,000		1,444,156
China Steel Corp.		1,682,305		1,425,343
Chunghwa Telecom Co. Ltd.		1,641,140		4,973,388
CTBC Financial Holding Co. Ltd.		1,395,466		890,059
E.Sun Financial Holding Co. Ltd.		2,708,172		1,667,175
EVA Airways Corp.a		1,835,581		1,409,588
Far EasTone Telecommunications Co. Ltd.		547,000		1,340,010
First Financial Holding Co. Ltd.		1,885,540		1,103,915
Formosa Plastics Corp.		565,160		1,371,943
Formosa Taffeta Co. Ltd.		547,000		554,577
Hon Hai Precision Industry Co. Ltd.		2,449,801		6,739,897
Hua Nan Financial Holdings Co. Ltd.		2,390,921		1,331,514
MediaTek Inc.		547,000		8,383,740
Mega Financial Holding Co. Ltd.		1,169,287		897,924
Nan Ya Plastics Corp.		552,830		1,113,958
Phison Electronics Corp.		547,000		3,922,827
Siliconware Precision Industries Co. Ltd.		2,766,805		4,670,824
SinoPac Financial Holdings Co. Ltd.		3,287,723		1,340,608

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
Taishin Financial Holdings Co. Ltd.		3,829,043	$	1,573,488
Taiwan Business Bank Ltd.a		6,406,505		1,864,206
Taiwan Cooperative Financial Holding Co. Ltd.		3,282,024		1,697,590
Taiwan Mobile Co. Ltd.		547,000		1,805,195
Taiwan Semiconductor Manufacturing Co. Ltd.		4,923,000		22,026,846
U-Ming Marine Transport Corp.		296,000		457,429
Uni-President Enterprises Co.		1,248,962		2,001,446
United Microelectronics Corp.		6,017,000		2,940,384
Yang Ming Marine Transport Corp.a		1,094,000		586,688
				86,135,317
THAILAND — 0.24%
Bangkok Bank PCL NVDR		774,380		4,507,161
Bangkok Dusit Medical Services PCL NVDR		2,537,800		1,442,196
BEC World PCL NVDR		984,600		1,549,249
Central Pattana PCL NVDR		1,338,300		1,829,787
Charoen Pokphand Foods PCL NVDR		1,605,000		1,238,199
Glow Energy PCL NVDR		624,000		1,739,688
Indorama Ventures PCL NVDR		1,914,533		1,275,186
Kasikornbank PCL NVDR		273,523		1,855,243
				15,436,709
TURKEY — 0.19%
Akbank TAS		283,346		1,040,846
Anadolu Efes Biracilik ve Malt Sanayii ASa		74,610		657,653
Arcelik AS		108,397		693,272
BIM Birlesik Magazalar AS		45,180		916,881
Coca-Cola Icecek ASb		45,477		921,044
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		843,651		1,110,272
TAV Havalimanlari Holding AS		113,039		848,088
Turk Hava Yollari AOa		421,277		1,620,064
Turkiye Garanti Bankasi AS		437,600		1,856,860
Turkiye Halk Bankasi AS		113,776		737,003
Turkiye Is Bankasi AS Class C		169,570		495,678
Turkiye Sise ve Cam Fabrikalari AS		300,208		471,392
Turkiye Vakiflar Bankasi TAO Class D		323,148		757,808
				12,126,861

Security	Shares		Value
UNITED ARAB EMIRATES — 0.04%
Aldar Properties PJSC		1,041,648	$	672,113
DP World Ltd.		59,335		1,165,933
Emaar Properties PJSC		557,008		1,016,037
				2,854,083
UNITED KINGDOM — 7.22%
3i Group PLC		535,095		3,691,208
Aggreko PLC		39,509		922,122
Amec Foster Wheeler PLC		36,102		432,417
Anglo American PLC		188,920		3,158,016
Antofagasta PLC		19,320		188,609
ARM Holdings PLC		236,851		3,703,115
AstraZeneca PLC		236,851		16,872,116
Aviva PLC		506,621		4,017,523
BAE Systems PLC		662,696		5,051,166
Barclays PLC		2,620,990		9,217,237
BG Group PLC		557,551		7,426,778
BHP Billiton PLC		373,167		8,087,434
BP PLC		3,126,652		19,931,835
British American Tobacco PLC		316,166		17,816,369
British Land Co. PLC (The)		462,231		5,758,597
BT Group PLC		1,410,728		8,854,354
Burberry Group PLC		60,170		1,562,486
Capita PLC		62,905		1,056,254
Carnival PLC		72,151		3,247,658
Centrica PLC		1,286,544		5,676,984
Compass Group PLC		566,692		9,796,335
Diageo PLC		370,974		10,976,172
Experian PLC		422,831		7,449,138
Fresnillo PLC		101,742		1,373,729
GlaxoSmithKline PLC		845,195		18,622,082
Glencore PLCa		1,513,011		5,655,984
HSBC Holdings PLC		3,273,248		29,968,505
Imperial Tobacco Group PLC		164,777		7,731,234
Inmarsat PLC		74,939		938,675
Intertek Group PLC		10,393		357,920
J Sainsbury PLCb		592,428		2,272,467
Johnson Matthey PLC		104,477		5,116,968
Kingfisher PLC		195,279		1,005,397
Land Securities Group PLC		302,633		5,790,645
Legal & General Group PLC		1,938,840		7,801,101
Lloyds Banking Group PLCa		7,910,066		8,761,598
Marks & Spencer Group PLC		594,608		4,325,896
National Grid PLC		671,723		9,437,897

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
Next PLC		18,051	$	1,961,467
Nobel Corp. PLC		89,161		1,446,191
Old Mutual PLC		1,746,804		5,462,181
Pearson PLC		261,702		5,310,111
Petrofac Ltd.		20,239		214,603
Prudential PLC		471,741		11,477,832
Randgold Resources Ltd.		35,555		3,035,794
Reckitt Benckiser Group PLC		99,677		8,428,389
Reed Elsevier PLC		450,241		7,817,071
Rio Tinto PLC		235,210		10,332,915
Rolls-Royce Holdings PLCa		491,064		6,575,074
Royal Bank of Scotland Group PLCa		334,506		1,820,679
Royal Dutch Shell PLC Class A		630,691		19,115,207
Royal Dutch Shell PLC Class B		428,441		13,541,949
SABMiller PLC		204,578		11,139,560
Severn Trent PLC		22,974		742,540
Shire PLC		138,938		10,128,894
Sky PLC		222,678		3,103,605
Smith & Nephew PLC		293,884		5,256,890
SSE PLC		227,622		5,500,618
Standard Chartered PLC		380,940		5,078,834
Standard Life PLC		1,025,232		6,205,380
Tate & Lyle PLC		34,461		350,912
Tesco PLC		1,324,863		4,472,104
Unilever PLC		242,954		10,691,358
United Utilities Group PLC		16,957		261,554
Vodafone Group PLC		4,727,524		16,650,136
Weir Group PLC (The)		26,256		662,490
Wm Morrison Supermarkets PLC		752,672		2,033,659
Wolseley PLC		94,325		5,471,171
WPP PLC		403,374		8,881,434
				457,224,623
UNITED STATES — 50.94%
3M Co.		122,567		19,892,624
Abbott Laboratories		250,584		11,216,140
AbbVie Inc.		260,919		15,746,462
Accenture PLC Class A		132,374		11,123,387
ACE Ltd.		89,708		9,684,876
Actavis PLCa		39,951		10,648,540
Activision Blizzard Inc.		53,606		1,120,097
Adobe Systems Inc.a		124,716		8,746,333
ADT Corp. (The)b		68,108		2,342,915
Advance Auto Parts Inc.		9,299		1,478,541
AES Corp. (The)		290,614		3,551,303

Security	Shares		Value
Aetna Inc.		87,520	$	8,036,086
Aflac Inc.		87,690		5,005,345
AGCO Corp.		27,529		1,193,107
Agilent Technologies Inc.		32,820		1,239,611
Air Products and Chemicals Inc.		58,557		8,526,485
Akamai Technologies Inc.a		41,120		2,391,334
Alcoa Inc.		180,037		2,817,579
Alexion Pharmaceuticals Inc.a		29,538		5,412,543
Alleghany Corp.a		1,387		613,179
Allergan Inc.		61,811		13,552,680
Alliant Energy Corp.		17,504		1,200,949
Allstate Corp. (The)		119,297		8,325,738
Altera Corp.		24,615		810,449
Altria Group Inc.		350,080		18,589,248
Amazon.com Inc.a		67,828		24,047,061
Ameren Corp.		33,249		1,505,515
American Electric Power Co. Inc.		129,107		8,109,211
American Express Co.		163,687		13,207,904
American International Group Inc.		248,568		12,147,518
American Tower Corp.		112,682		10,924,520
American Water Works Co. Inc.		20,786		1,166,926
Ameriprise Financial Inc.		38,290		4,783,953
AmerisourceBergen Corp.		8,420		800,321
AMETEK Inc.		18,051		864,643
Amgen Inc.		138,938		21,154,700
Amphenol Corp. Class A		33,914		1,821,521
Anadarko Petroleum Corp.		94,227		7,703,057
Annaly Capital Management Inc.		224,817		2,374,068
Anthem Inc.		59,165		7,984,908
Apache Corp.		64,007		4,004,918
Apple Inc.		1,047,505		122,725,686
Applied Materials Inc.		308,054		7,035,953
Archer-Daniels-Midland Co.		124,747		5,816,953
AT&T Inc.		846,756		27,875,208
Autodesk Inc.a		28,991		1,565,659
Automatic Data Processing Inc.		134,562		11,105,402
AutoZone Inc.a		3,045		1,817,743
Avago Technologies Ltd.		37,743		3,883,000
AvalonBay Communities Inc.		14,769		2,554,889
Baker Hughes Inc.		80,060		4,642,679
Bank of America Corp.		1,800,177		27,272,682
Bank of New York Mellon Corp. (The)		188,754		6,795,144
Baxter International Inc.		99,554		6,999,642
BB&T Corp.		166,957		5,891,913

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
Becton, Dickinson and Co.		45,477	$	6,279,464
Bed Bath & Beyond Inc.a		60,717		4,539,810
Berkshire Hathaway Inc. Class Ba		201,296		28,968,507
Best Buy Co. Inc.		70,016		2,464,563
Biogen Idec Inc.a		45,401		17,668,253
BlackRock Inc.e		16,050		5,465,185
Boeing Co. (The)		126,357		18,368,517
BorgWarner Inc.		8,220		443,962
Boston Properties Inc.		34,684		4,814,139
Boston Scientific Corp.a		358,984		5,316,553
Bristol-Myers Squibb Co.		305,390		18,405,855
Broadcom Corp. Class A		55,247		2,344,406
Brown-Forman Corp. Class B NVS		7,111		631,955
Bunge Ltd.		8,420		753,843
C.H. Robinson Worldwide Inc.		58,529		4,168,435
C.R. Bard Inc.		34,461		5,893,865
CA Inc.		158,630		4,806,489
Cablevision NY Group Class A		26,803		507,113
Cabot Oil & Gas Corp.		84,238		2,232,307
Calpine Corp.a		60,717		1,267,771
Cameron International Corp.a		33,914		1,518,669
Capital One Financial Corp.		94,227		6,898,359
Cardinal Health Inc.		86,038		7,157,501
CareFusion Corp.a		44,462		2,636,597
CarMax Inc.a,b		30,085		1,868,279
Carnival Corp.		107,759		4,737,086
Caterpillar Inc.		96,407		7,709,668
CBRE Group Inc. Class Aa		51,965		1,680,548
CBS Corp. Class B NVS		169,570		9,294,132
Celanese Corp. Series A		16,957		911,608
Celgene Corp.a		160,818		19,163,073
CenturyLink Inc.		106,886		3,972,953
Cerner Corp.a		32,273		2,141,314
CF Industries Holdings Inc.		7,658		2,338,600
Charles Schwab Corp. (The)		274,267		7,125,457
Cheniere Energy Inc.a		49,230		3,514,037
Chesapeake Energy Corp.		131,013		2,512,829
Chevron Corp.		318,354		32,640,836
Chipotle Mexican Grill Inc.a		5,470		3,882,825
Chubb Corp. (The)		41,025		4,016,347
Church & Dwight Co. Inc.		34,580		2,798,214
Cigna Corp.		66,187		7,070,757
Cisco Systems Inc.		905,966		23,885,794
CIT Group Inc.		31,031		1,359,778
Citigroup Inc.		508,801		23,888,207

Security	Shares		Value
Citrix Systems Inc.a		31,179	$	1,847,668
Clorox Co. (The)		24,770		2,643,207
CME Group Inc./IL		53,729		4,583,084
CMS Energy Corp.		23,233		876,581
Coach Inc.		66,734		2,481,837
Cobalt International Energy Inc.a		143,314		1,307,024
Coca-Cola Co. (The)		652,571		26,866,348
Coca-Cola Enterprises Inc.		21,500		905,150
Cognizant Technology Solutions Corp. Class Aa		153,500		8,308,955
Colgate-Palmolive Co.		175,040		11,818,701
Comcast Corp. Class A		390,479		20,752,006
Comcast Corp. Class A Special NVS		78,768		4,166,827
Comerica Inc.		21,920		909,680
ConAgra Foods Inc.		170,117		6,027,245
Concho Resources Inc.a		19,328		2,142,509
ConocoPhillips		208,954		13,159,923
CONSOL Energy Inc.		56,462		1,634,575
Consolidated Edison Inc.		42,210		2,924,309
Constellation Brands Inc.a		27,897		3,081,224
Core Laboratories NV		8,205		761,014
Corning Inc.		300,424		7,141,078
Costco Wholesale Corp.		84,420		12,071,216
Cree Inc.a,b		24,615		870,386
Crown Castle International Corp.		42,119		3,643,715
CSX Corp.		275,141		9,162,195
Cummins Inc.		31,310		4,366,493
CVS Health Corp.		188,168		18,470,571
D.R. Horton Inc.		53,606		1,314,419
Danaher Corp.		142,977		11,778,445
Deere & Co.		66,980		5,706,026
Delphi Automotive PLC		49,777		3,421,173
Delta Air Lines Inc.		99,677		4,715,719
Denbury Resources Inc.		19,985		137,897
Devon Energy Corp.		78,970		4,759,522
DIRECTVa		115,417		9,842,762
Discover Financial Services		53,059		2,885,348
Dollar General Corp.a		34,461		2,310,955
Dollar Tree Inc.a		32,347		2,299,872
Dominion Resources Inc.		129,092		9,925,884
Dover Corp.		76,215		5,338,099
Dow Chemical Co. (The)		174,587		7,884,349
Dr Pepper Snapple Group Inc.		71,340		5,512,442
DTE Energy Co.		12,581		1,128,012
Duke Energy Corp.		141,126		12,297,720

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
Duke Realty Corp.		50,324	$	1,098,573
E.I. du Pont de Nemours and Co.		150,607		10,724,724
Eaton Corp. PLC		122,528		7,730,292
eBay Inc.a		204,807		10,854,771
Ecolab Inc.		54,700		5,676,219
Edison International		104,037		7,090,122
Edwards Lifesciences Corp.a		13,675		1,714,161
Electronic Arts Inc.a		108,853		5,971,676
Eli Lilly and Co.		174,587		12,570,264
EMC Corp.		384,541		9,971,148
Emerson Electric Co.		102,947		5,861,802
Energizer Holdings Inc.		8,752		1,120,344
Ensco PLC Class A		36,431		1,021,525
Entergy Corp.		49,837		4,361,236
EOG Resources Inc.		110,574		9,844,403
EQT Corp.		26,256		1,954,497
Equinix Inc.		10,083		2,186,599
Equity Residential		59,076		4,584,888
Estee Lauder Companies Inc. (The) Class A		26,803		1,892,024
Exelon Corp.		159,177		5,736,739
Expedia Inc.		15,248		1,310,261
Expeditors International of Washington Inc.		93,537		4,085,696
Express Scripts Holding Co.a		147,690		11,920,060
Exxon Mobil Corp.		714,929		62,499,093
F5 Networks Inc.a		19,320		2,156,498
Facebook Inc. Class Aa		331,482		25,162,799
Family Dollar Stores Inc.		14,960		1,138,456
Fastenal Co.		31,179		1,384,348
Federal Realty Investment Trust		10,393		1,494,202
FedEx Corp.		61,827		10,455,564
Fifth Third Bancorp		201,537		3,486,590
First Republic Bank		16,410		835,597
FirstEnergy Corp.		93,537		3,772,347
Fluor Corp.		63,135		3,383,405
FMC Technologies Inc.a		35,555		1,332,601
FNF Group		44,219		1,552,087
Ford Motor Co.		551,011		8,105,372
Fossil Group Inc.a		9,291		908,660
Franklin Resources Inc.		149,511		7,704,302
Freeport-McMoRan Inc.		172,435		2,898,632
Frontier Communications Corp.		163,687		1,099,158
Gap Inc. (The)		104,477		4,303,408
General Dynamics Corp.		59,727		7,956,234

Security	Shares		Value
General Electric Co.		1,715,392	$	40,980,715
General Growth Properties Inc.		64,655		1,951,288
General Mills Inc.		124,716		6,545,096
General Motors Co.		175,434		5,722,657
Gilead Sciences Inc.a		264,748		27,753,533
Goldman Sachs Group Inc. (The)		88,292		15,222,424
Google Inc. Class Aa		48,136		25,875,507
Google Inc. Class Ca		48,136		25,729,655
Halliburton Co.		176,767		7,068,912
Harley-Davidson Inc.		31,310		1,931,827
Harris Corp.		11,698		785,287
Hartford Financial Services Group Inc. (The)		73,913		2,875,216
HCA Holdings Inc.a		49,777		3,524,212
HCP Inc.		67,828		3,207,586
Helmerich & Payne Inc.		13,128		781,904
Herbalife Ltd.b		20,637		629,016
Hershey Co. (The)		18,281		1,868,501
Hertz Global Holdings Inc.a		84,238		1,728,564
Hess Corp.		59,647		4,025,576
Hewlett-Packard Co.		346,994		12,536,893
HollyFrontier Corp.		30,220		1,085,502
Home Depot Inc. (The)		251,620		26,274,160
Honeywell International Inc.		113,847		11,129,683
Hormel Foods Corp.		21,880		1,120,694
Hospira Inc.a		22,427		1,422,545
Host Hotels & Resorts Inc.		83,691		1,915,687
Hudson City Bancorp Inc.		85,888		770,415
Humana Inc.		33,367		4,886,263
Illinois Tool Works Inc.		111,667		10,395,081
Illumina Inc.a		22,974		4,484,295
Ingersoll-Rand PLC		99,649		6,616,694
Intel Corp.		886,687		29,296,138
International Business Machines Corp.		169,023		25,912,916
International Paper Co.		148,427		7,816,166
Intuit Inc.		96,272		8,358,335
Intuitive Surgical Inc.a		6,017		2,975,286
J.M. Smucker Co. (The)		18,230		1,880,424
Jacobs Engineering Group Inc.a		70,250		2,676,525
Johnson & Johnson		485,736		48,641,603
Johnson Controls Inc.		154,801		7,193,602
Joy Global Inc.		13,870		581,708
JPMorgan Chase & Co.		660,229		35,903,253
Juniper Networks Inc.		124,747		2,835,499

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
Kansas City Southern		17,207	$	1,894,319
Kellogg Co.		79,315		5,201,478
Keurig Green Mountain Inc.		24,068		2,949,774
KeyCorp		115,710		1,503,073
Kimberly-Clark Corp.		73,468		7,931,605
Kimco Realty Corp.		39,931		1,104,092
Kinder Morgan Inc.		314,525		12,911,251
KLA-Tencor Corp.		15,316		941,475
Kohl’s Corp.		56,341		3,364,685
Kraft Foods Group Inc.		86,000		5,619,240
Kroger Co. (The)		135,109		9,329,276
L Brands Inc.		28,991		2,453,508
L-3 Communications Holdings Inc.		49,320		6,072,278
Laboratory Corp. of America Holdingsa		37,743		4,332,142
Las Vegas Sands Corp.		59,647		3,243,007
Legg Mason Inc.		77,880		4,317,667
Level 3 Communications Inc.a		21,333		1,061,103
Liberty Global PLC Series Aa		32,820		1,533,350
Liberty Global PLC Series C NVSa		64,546		2,942,652
Liberty Interactive Corp. Series Aa		71,340		1,951,862
Lincoln National Corp.		71,340		3,565,573
LinkedIn Corp. Class Aa		19,145		4,302,647
LKQ Corp.a		44,307		1,143,564
Lockheed Martin Corp.		59,647		11,235,705
Lorillard Inc.		81,039		5,316,969
Lowe’s Companies Inc.		218,800		14,825,888
LyondellBasell Industries NV Class A		63,999		5,061,681
M&T Bank Corp.		7,404		837,837
Macerich Co. (The)		24,615		2,117,136
Macy’s Inc.		116,511		7,442,723
Marathon Oil Corp.		144,067		3,832,182
Marathon Petroleum Corp.		59,184		5,479,847
Marriott International Inc./MD Class A		41,087		3,060,981
Marsh & McLennan Companies Inc.		102,836		5,529,492
Marvell Technology Group Ltd.		57,982		898,141
Masco Corp.		68,922		1,712,022
MasterCard Inc. Class A		154,803		12,698,490
Mattel Inc.		41,921		1,127,675
McCormick & Co. Inc. NVS		20,529		1,465,565
McDonald’s Corp.		172,852		15,978,439
McGraw Hill Financial Inc.		75,488		6,751,647
McKesson Corp.		50,324		10,701,399

Security	Shares		Value
MDU Resources Group Inc.		32,820	$	742,060
Mead Johnson Nutrition Co. Class A		55,794		5,495,151
Merck & Co. Inc.		507,616		30,599,092
MetLife Inc.		119,297		5,547,310
MGM Resorts Internationala		89,867		1,750,609
Michael Kors Holdings Ltd.a		37,743		2,671,827
Micron Technology Inc.a		190,903		5,586,776
Microsoft Corp.		1,368,047		55,269,099
Mondelez International Inc. Class A		258,222		9,099,743
Monsanto Co.		88,780		10,474,264
Monster Beverage Corp.a		26,803		3,134,611
Moody’s Corp.		63,999		5,845,029
Morgan Stanley		215,518		7,286,664
Mosaic Co. (The)		39,000		1,898,910
Motorola Solutions Inc.		82,723		5,162,742
Murphy Oil Corp.		58,557		2,629,795
Mylan Inc./PAa		58,993		3,135,478
Nabors Industries Ltd.		113,229		1,303,266
National Oilwell Varco Inc.		90,957		4,950,790
Navient Corp.		167,929		3,314,918
NetApp Inc.		61,136		2,310,941
Netflix Inc.a		10,940		4,833,292
New York Community Bancorp Inc.		32,019		494,694
Newell Rubbermaid Inc.		32,273		1,189,906
News Corp. Class A NVSa		71,989		1,071,916
NextEra Energy Inc.		83,330		9,102,969
Nike Inc. Class B		156,442		14,431,774
NiSource Inc.		33,914		1,467,120
Noble Energy Inc.		110,574		5,278,803
Nordstrom Inc.		14,367		1,094,765
Norfolk Southern Corp.		81,503		8,310,861
Northeast Utilities		39,607		2,201,357
Northern Trust Corp.		75,009		4,904,088
Northrop Grumman Corp.		66,980		10,512,511
NRG Energy Inc.		135,700		3,346,362
Nuance Communications Inc.a,b		47,042		646,592
Nucor Corp.		87,690		3,827,668
NVIDIA Corp.		152,787		2,934,274
O’Reilly Automotive Inc.a		15,316		2,869,606
Occidental Petroleum Corp.		135,552		10,844,160
OGE Energy Corp.		48,136		1,693,424
Omnicom Group Inc.		45,401		3,305,193

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
ONEOK Inc.		28,616	$	1,259,962
Oracle Corp.		624,674		26,167,594
Owens-Illinois Inc.a		93,137		2,174,749
PACCAR Inc.		118,699		7,134,997
Parker-Hannifin Corp.		58,529		6,816,287
Paychex Inc.		157,536		7,130,079
People’s United Financial Inc.		61,870		870,511
PepsiCo Inc.		249,432		23,391,733
Perrigo Co. PLC		28,444		4,316,093
PetSmart Inc.		21,333		1,743,013
Pfizer Inc.		1,069,932		33,435,375
PG&E Corp.		117,268		6,896,531
Philip Morris International Inc.		274,594		22,033,423
Phillips 66		117,117		8,235,667
Pinnacle West Capital Corp.		14,222		998,100
Pioneer Natural Resources Co.		25,709		3,869,976
Plum Creek Timber Co. Inc.		25,162		1,120,212
PNC Financial Services Group Inc. (The)e		107,332		9,073,847
PPL Corp.		112,757		4,002,873
Praxair Inc.		66,187		7,981,490
Precision Castparts Corp.		37,196		7,442,920
Priceline Group Inc. (The)a		7,877		7,951,674
Principal Financial Group Inc.		96,407		4,524,381
Procter & Gamble Co. (The)		445,805		37,576,903
Progressive Corp. (The)		98,464		2,555,141
Prologis Inc.		62,905		2,839,532
Prudential Financial Inc.		74,610		5,661,407
Public Service Enterprise Group Inc.		116,027		4,952,032
Public Storage		25,709		5,163,396
PulteGroup Inc.		50,216		1,033,947
QEP Resources Inc.		73,520		1,486,574
QUALCOMM Inc.		304,679		19,030,250
Quest Diagnostics Inc.		52,005		3,695,995
Rackspace Hosting Inc.a		26,256		1,180,470
Ralph Lauren Corp.		6,017		1,004,177
Range Resources Corp.		28,973		1,340,581
Rayonier Inc.		20,786		610,069
Raytheon Co.		84,420		8,446,221
Realty Income Corp.b		39,384		2,138,945
Red Hat Inc.a		26,725		1,704,788
Regeneron Pharmaceuticals Inc.a		13,675		5,697,825
Regions Financial Corp.		175,330		1,525,371
Republic Services Inc.		16,050		636,864

Security	Shares		Value
Reynolds American Inc.		98,460	$	6,690,357
Rockwell Automation Inc.		12,581		1,370,323
Ross Stores Inc.		27,350		2,508,268
Royal Caribbean Cruises Ltd.		17,504		1,322,427
Salesforce.com Inc.a		93,263		5,264,696
SanDisk Corp.		59,647		4,527,804
SBA Communications Corp. Class Aa		32,400		3,781,080
SCANA Corp.		25,561		1,630,025
Schlumberger Ltd.		259,278		21,361,914
Seagate Technology PLC		72,751		4,106,066
Sempra Energy		40,675		4,552,346
Simon Property Group Inc.		66,737		13,257,972
Sirius XM Holdings Inc.a		370,866		1,316,574
SL Green Realty Corp.		14,769		1,860,894
Southern Co. (The)		154,967		7,859,926
Southwest Airlines Co.		35,555		1,606,375
Southwestern Energy Co.a,b		95,725		2,373,023
Spectra Energy Corp.		200,202		6,694,755
Sprint Corp.a,b		184,051		791,419
St. Jude Medical Inc.		68,375		4,503,861
Starbucks Corp.		168,476		14,746,704
Starwood Hotels & Resorts Worldwide Inc.		68,070		4,898,998
State Street Corp.		78,970		5,647,145
Stryker Corp.		70,250		6,396,262
SunTrust Banks Inc.		120,387		4,625,269
Symantec Corp.		199,108		4,931,905
Sysco Corp.		106,217		4,160,520
T. Rowe Price Group Inc.		92,047		7,245,940
Target Corp.		127,451		9,381,668
TE Connectivity Ltd.		112,682		7,480,958
Teradata Corp.a,b		87,520		3,899,891
Tesla Motors Inc.a,b		19,692		4,009,291
Texas Instruments Inc.		259,304		13,859,799
Textron Inc.		84,990		3,617,174
Thermo Fisher Scientific Inc.		95,317		11,934,642
Tiffany & Co.		14,769		1,279,586
Time Warner Cable Inc.		52,038		7,083,933
Time Warner Inc.		181,604		14,152,400
TJX Companies Inc. (The)		177,228		11,686,414
Toll Brothers Inc.a		28,444		984,731
Tractor Supply Co.		22,974		1,864,800
Travelers Companies Inc. (The)		58,529		6,017,952
Trimble Navigation Ltd.a		29,538		704,186

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
TripAdvisor Inc.a		22,427	$	1,502,833
TRW Automotive Holdings Corp.a		12,780		1,318,513
Twenty-First Century Fox Inc. Class A		288,434		9,564,471
Tyson Foods Inc. Class A		41,572		1,622,971
U.S. Bancorp		303,694		12,727,816
UDR Inc.		43,815		1,457,287
Ulta Salon, Cosmetics & Fragrance Inc.a		12,034		1,587,766
Union Pacific Corp.		159,177		18,657,136
United Continental Holdings Inc.a		15,863		1,100,416
United Parcel Service Inc.		99,018		9,786,939
United Technologies Corp. Class B		131,827		15,131,103
UnitedHealth Group Inc.		181,604		19,295,425
Valero Energy Corp.		132,377		7,000,096
Varian Medical Systems Inc.a		40,478		3,746,644
Ventas Inc.		43,046		3,435,501
VeriSign Inc.a,b		67,828		3,695,269
Verisk Analytics Inc. Class Aa,b		25,162		1,619,175
Verizon Communications Inc.		692,502		31,654,266
Vertex Pharmaceuticals Inc.a		39,384		4,337,754
VF Corp.		39,384		2,732,068
Viacom Inc. Class B NVS		111,588		7,188,499
Visa Inc. Class A		88,077		22,451,708
Vornado Realty Trust		59,667		6,589,623
Vulcan Materials Co.		19,692		1,388,483
Wal-Mart Stores Inc.		268,577		22,823,673
Walgreens Boots Alliance Inc.		167,428		12,347,815
Walt Disney Co. (The)		288,816		26,270,703
Waste Management Inc.		159,724		8,214,605
Waters Corp.a		5,470		651,204
Wells Fargo & Co.		841,286		43,679,569
Western Digital Corp.		32,820		3,191,089
Western Union Co.		165,741		2,817,597
Weyerhaeuser Co.		72,751		2,608,123
Whirlpool Corp.		28,444		5,662,632
Whole Foods Market Inc.		47,589		2,479,149
Williams Companies Inc. (The)		156,018		6,842,949
Willis Group Holdings PLC		16,410		710,553
Windstream Holdings Inc.		41,025		326,149
Wisconsin Energy Corp.		40,857		2,278,595
Wynn Resorts Ltd.		12,241		1,811,056
Xcel Energy Inc.		49,837		1,870,383
Xerox Corp.		320,542		4,221,538
XL Group PLC		40,030		1,380,635

Security	Shares		Value
Xylem Inc.		94,227	$	3,213,141
Yahoo! Inc.a		222,629		9,793,450
Yum! Brands Inc.		103,383		7,472,523
Zimmer Holdings Inc.		58,557		6,564,240
Zoetis Inc.		63,263		2,703,228
				3,224,606,152
TOTAL COMMON STOCKS
(Cost: $5,856,804,122)				6,273,108,321
PREFERRED STOCKS — 0.67%
BRAZIL — 0.43%
Banco Bradesco SA		492,383		6,187,348
Companhia Brasileira de Distribuicao		77,771		2,581,550
Companhia Energetica de Minas Gerais		273,586		1,213,922
Itau Unibanco Holding SA		484,564		5,939,258
Itausa — Investimentos Itau SA		601,756		2,049,046
Lojas Americanas SA		218,800		1,267,543
Petroleo Brasileiro SA		1,148,770		3,500,834
Telefonica Brasil SA		54,700		1,014,850
Vale SA Class A		547,000		3,372,643
				27,126,994
COLOMBIA — 0.02%
Bancolombia SA		131,280		1,556,390
				1,556,390
GERMANY — 0.18%
Henkel AG & Co. KGaA		26,256		3,010,265
Porsche Automobil Holding SE		13,870		1,165,419
Volkswagen AG		31,294		7,002,712
				11,178,396
SOUTH KOREA — 0.04%
Samsung Electronics Co. Ltd.		2,952		2,877,498
				2,877,498
TOTAL PREFERRED STOCKS
(Cost: $50,998,514)				42,739,278
RIGHTS — 0.01%
SOUTH KOREA — 0.00%
Hyundai Merchant Marine Co. Ltd.a		16,029		43,679
				43,679

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ETF

January 31, 2015

Security	Shares		Value
SPAIN — 0.01%
ACS Actividades de Construccion y Servicios SAa		91,540	$	46,484
Banco Santander SAa		2,081,448		317,090
				363,574
TOTAL RIGHTS
(Cost: $404,917)				407,253
SHORT-TERM INVESTMENTS — 1.64%
MONEY MARKET FUNDS — 1.64%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%e,f,g		91,086,729		91,086,729
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,f,g		5,479,315		5,479,315
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		7,010,045		7,010,045
				103,576,089
TOTAL SHORT-TERM INVESTMENTS
(Cost: $103,576,089)				103,576,089
TOTAL INVESTMENTS IN SECURITIES — 101.41%
(Cost: $6,011,783,642)				6,419,830,941
Other Assets, Less Liabilities — (1.41)%				(89,172,124	)
NET ASSETS — 100.00%			$	6,330,658,817

CPO — Certificates of Participation (Ordinary)

FDR — Fiduciary Depositary Receipts

NVDR — Non-Voting Depositary Receipts

NVS — Non-Voting Shares

SDR — Swedish Depositary Receipts

SP ADR — Sponsored American Depositary Receipts

SP GDR — Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

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

^d  This security may be resold to qualified institutional buyers under Rule 144A 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.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 31

Schedule of Investments   (Unaudited)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.35%
AUSTRALIA — 5.20%
Alumina Ltd.a		483,823	$	730,948
Amcor Ltd.		128,921		1,283,077
AMP Ltd.		428,365		1,924,810
Asciano Ltd.		144,776		679,848
ASX Ltd.		42,530		1,263,206
Aurizon Holdings Ltd.		240,194		925,903
Australia and New Zealand Banking Group Ltd.		279,822		7,191,076
BHP Billiton Ltd.		342,664		7,808,020
Boral Ltd.		238,731		1,041,106
Brambles Ltd.		245,001		2,022,422
Commonwealth Bank of Australia		170,910		11,889,482
Computershare Ltd.		139,049		1,259,348
Crown Resorts Ltd.		101,328		1,073,954
CSL Ltd.		56,126		3,844,130
Fortescue Metals Group Ltd.		218,385		401,359
Goodman Group		265,863		1,269,160
Iluka Resources Ltd.		75,960		418,218
Insurance Australia Group Ltd.		412,083		2,053,822
Macquarie Group Ltd.		44,735		2,165,143
Mirvac Group		538,977		810,076
National Australia Bank Ltd.		234,021		6,493,349
Newcrest Mining Ltd.a		73,006		770,932
Orica Ltd.		57,392		810,750
Origin Energy Ltd.		176,607		1,468,849
Qantas Airways Ltd.a		333,050		676,937
QBE Insurance Group Ltd.		154,138		1,273,571
Rio Tinto Ltd.		52,625		2,358,908
Santos Ltd.		135,104		829,072
Scentre Groupa		618,230		1,829,497
Sonic Healthcare Ltd.		83,134		1,219,713
Stockland		224,293		765,047
Suncorp Group Ltd.		196,863		2,256,680
Sydney Airport		146,745		570,246
Tabcorp Holdings Ltd.		146,918		522,865
Telstra Corp. Ltd.		366,087		1,853,087
Transurban Group		174,087		1,248,602
Wesfarmers Ltd.		123,819		4,203,125
Westfield Corp.		213,110		1,636,360
Westpac Banking Corp.		298,776		8,017,871
Woodside Petroleum Ltd.		73,307		1,956,971
Woolworths Ltd.		154,874		3,832,927
				94,650,467

Security	Shares		Value
AUSTRIA — 0.13%
Erste Group Bank AG		23,210	$	503,528
IMMOEAST AG Escrowa		54,189		1
IMMOFINANZ AGa		207,921		474,888
OMV AG		10,156		252,991
Raiffeisen International Bank Holding AGb		3,165		37,144
Vienna Insurance Group AG		12,973		550,661
Voestalpine AG		16,259		578,863
				2,398,076
BELGIUM — 0.98%
Ageas		37,797		1,293,636
Anheuser-Busch InBev NV		76,804		9,368,973
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA		10,353		860,208
Groupe Bruxelles Lambert SA		22,243		1,843,102
KBC Groep NVa		27,348		1,472,526
Solvay SA		10,145		1,386,369
UCB SA		17,790		1,384,582
Umicore SA		5,486		229,581
				17,838,977
BRAZIL — 1.03%
AMBEV SA		445,800		2,928,043
Banco Bradesco SA		21,190		264,461
Banco do Brasil SA		105,500		812,022
BB Seguridade Participacoes SA		63,900		699,896
BM&F Bovespa SA		232,100		786,868
BR Malls Participacoes SA		63,300		359,161
BRF SA		89,359		2,143,258
CCR SA		84,400		480,453
Centrais Eletricas Brasileiras SA		84,400		161,304
CETIP SA — Mercados Organizados		21,129		271,177
Cielo SA		76,484		1,139,766
Companhia de Saneamento Basico do Estado de Sao Paulo		63,300		313,647
Companhia Siderurgica Nacional SA		105,500		163,505
CPFL Energia SA		42,200		264,752
Cyrela Brazil Realty SA Empreendimentos e Participacoes		63,300		254,926
EDP Energias do Brasil SA		63,300		204,224
Embraer SA		84,400		746,463
Fibria Celulose SAa		21,100		253,904
Hypermarcas SAa		63,300		429,908
JBS SA		105,500		449,639
Klabin SA		42,200		215,229

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
Kroton Educacional SA		218,444	$	1,000,991
Lojas Renner SA		21,700		569,946
Natura Cosmeticos SA		21,100		246,437
Petroleo Brasileiro SA		274,300		821,612
Souza Cruz SA		42,200		353,580
TIM Participacoes SA		89,060		392,843
Tractebel Energia SA		21,100		244,786
Ultrapar Participacoes SA		42,200		833,246
Vale SA		126,600		877,739
				18,683,786
CANADA — 6.87%
Agnico Eagle Mines Ltd.		21,522		727,160
Agrium Inc.		18,186		1,944,458
Alimentation Couche-Tard Inc. Class B		43,255		1,698,542
ARC Resources Ltd.		46,842		849,691
Bank of Montreal		69,642		4,005,671
Bank of Nova Scotia (The)		129,451		6,233,904
Barrick Gold Corp.		111,707		1,431,633
Baytex Energy Corp.		15,192		236,276
BCE Inc.		27,548		1,267,953
BlackBerry Ltd.a,b		61,190		623,024
Bombardier Inc. Class B		227,124		519,468
Brookfield Asset Management Inc. Class A		67,343		3,438,984
Cameco Corp.		50,093		706,387
Canadian Imperial Bank of Commerce/Canada		41,412		2,880,011
Canadian National Railway Co.		96,454		6,368,649
Canadian Natural Resources Ltd.		128,921		3,745,770
Canadian Oil Sands Ltd.		53,437		330,834
Canadian Pacific Railway Ltd.		18,990		3,316,941
Canadian Tire Corp. Ltd. Class A NVS		15,481		1,430,828
Canadian Utilities Ltd. Class A		9,838		326,886
Catamaran Corp.a		18,779		939,728
Cenovus Energy Inc.		56,759		1,077,479
CGI Group Inc. Class Aa		19,412		770,846
Crescent Point Energy Corp.		27,009		643,300
Dollarama Inc.		19,412		923,943
Eldorado Gold Corp.		93,051		447,660
Empire Co. Ltd. Class A		4,292		313,112
Enbridge Inc.		97,271		4,721,819
Encana Corp.		78,703		964,584
Enerplus Corp.		39,671		385,775

Security	Shares		Value
Finning International Inc.		39,740	$	656,613
First Quantum Minerals Ltd.		66,298		606,013
Fortis Inc./Canada		26,043		860,808
Franco-Nevada Corp.		18,568		1,073,853
George Weston Ltd.		5,954		472,958
Gildan Activewear Inc.		13,293		777,692
Goldcorp Inc.		83,451		2,019,883
Great-West Lifeco Inc.		32,742		831,752
H&R Real Estate Investment Trust		14,645		282,054
Husky Energy Inc.		50,302		1,085,027
Imperial Oil Ltd.		40,301		1,501,494
Kinross Gold Corp.a		133,774		454,723
Loblaw Companies Ltd.		27,698		1,379,057
Magna International Inc. Class A		25,597		2,464,717
Manulife Financial Corp.		197,946		3,181,623
MEG Energy Corp.a,b		21,100		322,503
Metro Inc. Class A		4,220		334,684
National Bank of Canada		29,771		1,038,035
New Gold Inc.a		29,387		129,095
Onex Corp.		2,620		144,126
Open Text Corp.		16,880		959,322
Pacific Rubiales Energy Corp.		42,666		99,266
Pembina Pipeline Corp.		39,457		1,228,568
Penn West Petroleum Ltd.		92,840		140,583
Peyto Exploration & Development Corp.		18,568		470,076
Potash Corp. of Saskatchewan Inc.		93,895		3,425,673
Power Corp. of Canada		51,088		1,234,541
Power Financial Corp.		32,727		885,058
Restaurant Brands International Inc.a		13,372		519,293
RioCan REIT		15,633		362,976
Rogers Communications Inc. Class B		47,545		1,694,139
Royal Bank of Canada		157,426		8,907,087
Saputo Inc.		24,478		705,411
Shaw Communications Inc. Class B		40,389		934,590
Silver Wheaton Corp.		47,686		1,097,799
SNC-Lavalin Group Inc.		23,846		790,823
Sun Life Financial Inc.		82,079		2,515,549
Suncor Energy Inc.		174,075		5,203,236
Talisman Energy Inc.		124,701		942,179
Teck Resources Ltd. Class B		46,269		600,280
TELUS Corp. NVS		35,784		1,230,194
Thomson Reuters Corp.		33,593		1,291,845

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
Toronto-Dominion Bank (The)		160,360	$	6,399,476
Tourmaline Oil Corp.a		21,564		594,224
TransAlta Corp.		18,198		159,598
TransCanada Corp.		87,597		3,906,096
Turquoise Hill Resources Ltd.a,b		112,363		327,000
Valeant Pharmaceuticals International Inc.a,b		32,494		5,206,677
Yamana Gold Inc.		72,182		299,442
				125,019,027
CHILE — 0.28%
Aguas Andinas SA Series A		620,340		355,542
Banco de Chile		2,541,642		280,433
Banco de Credito e Inversiones		5,813		243,579
Banco Santander Chile		7,034,035		334,282
Cencosud SA		100,014		245,012
Colbun SA		1,337,529		364,189
CorpBanca SA		24,965,520		276,484
Empresa Nacional de Electricidad SA/Chile		292,868		419,454
Empresas CMPC SA		132,413		329,130
Empresas COPEC SA		48,481		549,006
Enersis SA		2,642,087		818,590
LATAM Airlines Group SAa		34,891		368,357
SACI Falabella		77,476		508,606
				5,092,664
CHINA — 4.80%
AAC Technologies Holdings Inc.		105,500		676,269
Air China Ltd. Class H		874,000		838,678
Anhui Conch Cement Co. Ltd. Class Hb		203,500		686,352
Anta Sports Products Ltd.		423,000		745,249
AviChina Industry & Technology Co. Ltd. Class H		856,000		555,332
Bank of China Ltd. Class H		7,596,000		4,251,922
Bank of Communications Co. Ltd. Class H		880,800		740,688
Beijing Capital International Airport Co. Ltd. Class H		428,000		406,838
Belle International Holdings Ltd.		633,000		717,634
Brilliance China Automotive Holdings Ltd.		428,000		784,972
BYD Co. Ltd. Class Hb		105,500		385,759
China Communications Construction Co. Ltd. Class H		422,000		459,917

Security	Shares		Value
China Construction Bank Corp. Class H		6,752,050	$	5,425,432
China COSCO Holdings Co. Ltd. Class Ha,b		738,500		366,709
China Everbright International Ltd.		422,000		624,834
China Gas Holdings Ltd.		422,000		655,314
China Life Insurance Co. Ltd. Class H		844,000		3,330,999
China Longyuan Power Group Corp. Ltd.		422,000		456,107
China Mengniu Dairy Co. Ltd.		214,000		975,694
China Merchants Bank Co. Ltd. Class H		477,593		1,069,346
China Merchants Holdings International Co. Ltd.		422,000		1,553,922
China Minsheng Banking Corp. Ltd. Class H		738,700		900,348
China Mobile Ltd.		738,500		9,763,038
China National Building Material Co. Ltd. Class H		428,000		413,463
China Overseas Land & Investment Ltd.		422,000		1,221,911
China Pacific Insurance (Group) Co. Ltd. Class H		295,400		1,428,737
China Petroleum & Chemical Corp. Class H		2,955,000		2,336,300
China Resources Cement Holdings Ltd.		428,000		255,033
China Resources Enterprise Ltd.		422,000		925,277
China Resources Land Ltd.		523,333		1,341,854
China Shenhua Energy Co. Ltd. Class H		422,000		1,156,597
China State Construction International Holdings Ltd.		428,000		658,007
China Telecom Corp. Ltd. Class H		1,266,000		751,108
China Unicom Hong Kong Ltd.		844,000		1,275,794
China Vanke Co. Ltd.a,b		168,800		367,498
Chongqing Changan Automobile Co. Ltd.		63,300		157,814
CITIC Ltd.		211,000		362,491
CNOOC Ltd.		1,899,000		2,493,351
Country Garden Holdings Co. Ltd.		675,828		270,214
Dongfeng Motor Group Co. Ltd. Class H		422,000		615,037

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
Evergrande Real Estate Group Ltd.b		950,000	$	395,764
Fosun International Ltd.		527,500		740,222
Franshion Properties (China) Ltd.		1,060,000		311,710
GCL-Poly Energy Holdings Ltd.a,b		2,064,000		447,229
Geely Automobile Holdings Ltd.		1,070,000		440,236
GOME Electrical Appliances Holdings Ltd.b		2,426,320		334,844
Great Wall Motor Co. Ltd. Class H		231,500		1,330,177
Guangdong Investment Ltd.		422,000		566,052
Guangzhou Automobile Group Co. Ltd.		483,449		440,216
Guangzhou R&F Properties Co. Ltd. Class H		169,200		192,259
Huaneng Power International Inc. Class H		422,000		598,709
Industrial and Commercial Bank of China Ltd. Class H		6,541,285		4,707,690
Inner Mongolia Yitai Coal Co. Ltd. Class B		168,800		238,177
Jiangxi Copper Co. Ltd. Class H		422,000		689,060
Kingboard Chemical Holdings Co. Ltd.		243,600		395,247
Lenovo Group Ltd.		844,000		1,092,916
Longfor Properties Co. Ltd.		316,500		416,375
PetroChina Co. Ltd. Class H		2,114,000		2,287,587
PICC Property and Casualty Co. Ltd. Class H		474,190		929,622
Ping An Insurance (Group) Co. of China Ltd. Class H		211,000		2,247,880
Shimao Property Holdings Ltd.		211,500		446,277
Shui On Land Ltd.		1,316,333		297,108
Sino-Ocean Land Holdings Ltd.		578,500		370,826
Sinopec Shanghai Petrochemical Co. Ltd. Class H		1,482,000		430,072
SOHO China Ltd.		475,000		330,212
Tencent Holdings Ltd.		590,800		10,058,310
Tingyi Cayman Islands Holding Corp.		422,000		1,041,754
Tsingtao Brewery Co. Ltd. Class H		18,000		120,838
Want Want China Holdings Ltd.		844,000		1,014,540
Yanzhou Coal Mining Co. Ltd. Class Hb		422,000		336,366
Yuexiu Property Co. Ltd.b		2,651,680		516,427

Security	Shares		Value
Zhuzhou CSR Times Electric Co. Ltd. Class H		181,500	$	1,015,961
Zijin Mining Group Co. Ltd. Class H		889,000		269,451
				87,451,953
COLOMBIA — 0.06%
Cementos Argos SA		77,437		292,455
Cemex Latam Holdings SAa		64,988		406,041
Grupo Argos SA/Colombia		16,036		121,916
Isagen SA ESP		303,207		359,094
				1,179,506
CZECH REPUBLIC — 0.09%
CEZ AS		27,430		642,769
Komercni Banka AS		4,853		989,133
				1,631,902
DENMARK — 1.05%
Carlsberg A/S Class B		8,229		604,991
Coloplast A/S Class B		26,586		2,097,654
Danske Bank A/S		74,979		1,944,687
Novo Nordisk A/S Class B		223,871		10,028,025
Novozymes A/S Class B		44,049		2,009,178
Tryg A/S		13,577		1,590,902
William Demant Holding A/Sa		10,550		799,458
				19,074,895
EGYPT — 0.02%
Global Telecom Holding SAE SP GDRa		99,223		285,762
				285,762
FINLAND — 0.64%
Fortum OYJ		39,531		843,106
Kone OYJ Class B		45,579		2,054,774
Metso OYJ		9,917		301,258
Neste Oil OYJb		32,705		904,196
Nokia OYJ		396,891		3,065,682
Nokian Renkaat OYJ		18,779		463,875
Sampo OYJ		57,882		2,803,404
UPM-Kymmene OYJ		41,567		731,269
Wartsila OYJ Abp		11,394		528,832
				11,696,396
FRANCE — 6.91%
Accor SA		10,761		538,250
Aeroports de Paris		8,472		1,017,209
Airbus Group NV		60,979		3,247,916
Alcatel-Lucenta		377,385		1,317,612
ALSTOMa		22,155		728,024

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
ArcelorMittal		100,492	$	959,706
Arkema SA		5,341		382,718
AXA SA		198,573		4,673,184
BNP Paribas SA		112,517		5,939,015
Bouygues SA		26,252		937,750
Bureau Veritas SA		12,027		255,490
Cap Gemini SA		19,243		1,402,123
Carrefour SA		81,024		2,545,912
Casino Guichard-Perrachon SA		8,890		809,777
Cie de Saint-Gobain		59,766		2,558,112
CNP Assurances SA		28,342		498,608
Compagnie Generale des Etablissements Michelin Class B		20,678		2,023,766
Credit Agricole SA		120,270		1,433,868
Danone SA		54,095		3,636,363
Dassault Systemes		8,862		549,218
Edenred SA		19,201		552,951
Electricite de France SA		15,192		413,071
Essilor International SA		25,979		2,904,337
Eutelsat Communications SA		9,706		333,456
Fonciere des Regions		2,158		221,578
GDF Suez		152,394		3,392,090
Gecina SA		7,218		946,060
Groupe Eurotunnel SE		71,740		963,770
Hermes International		1,826		619,092
Iliad SA		3,165		735,203
Kering		11,624		2,353,209
L’Air Liquide SA		41,145		5,200,170
L’Oreal SA		27,852		4,998,878
Lafarge SA		14,981		1,028,012
Lagardere SCA		19,623		537,646
Legrand SA		46,699		2,513,671
LVMH Moet Hennessy Louis Vuitton SA		24,476		3,963,463
Natixis SA		113,729		725,364
Orange SA		224,295		3,953,512
Pernod Ricard SA		16,458		1,979,779
Publicis Groupe SA		28,551		2,140,267
Remy Cointreau SA		2,954		218,640
Renault SA		21,944		1,689,065
Safran SA		21,100		1,409,332
Sanofi		119,944		11,098,770
Schneider Electric SE		60,214		4,552,550
SCOR SE		37,845		1,181,467
SES SA Class A FDR		33,760		1,230,326

Security	Shares		Value
Societe Generale		76,804	$	3,105,802
Sodexo SA		17,981		1,788,216
STMicroelectronics NV		74,905		625,497
Suez Environnement SA		22,169		407,896
Technip SA		15,481		911,036
Total SA		217,963		11,191,200
Unibail-Rodamco SE		9,284		2,620,181
Vallourec SA		12,238		267,499
Veolia Environnement SA		50,511		926,521
Vinci SA		60,446		3,194,971
Vivendi SA		135,531		3,217,093
Wendel		1,899		213,114
				125,779,376
GERMANY — 6.16%
adidas AGb		21,733		1,500,661
Allianz SE Registered		51,295		8,474,197
BASF SE		104,867		9,407,808
Bayer AG Registered		80,813		11,677,323
Bayerische Motoren Werke AG		27,297		3,185,062
Brenntag AG		13,715		747,834
Celesio AG		20,129		596,258
Commerzbank AGa		112,996		1,360,536
Continental AG		9,859		2,232,866
Daimler AG Registered		101,159		9,187,026
Deutsche Bank AG Registered		145,293		4,230,063
Deutsche Boerse AG		30,850		2,368,308
Deutsche Post AG Registered		89,464		2,904,495
Deutsche Telekom AG Registered		351,948		6,070,527
Deutsche Wohnen AG Bearer		38,191		992,947
E.ON SE		207,672		3,216,420
Fresenius Medical Care AG & Co. KGaA		31,756		2,352,214
Fresenius SE & Co. KGaA		35,448		2,030,467
GEA Group AG		39,457		1,791,919
HeidelbergCement AG		10,972		808,007
Infineon Technologies AG		111,619		1,256,668
K+S AG Registered		24,898		786,692
Kabel Deutschland Holding AGa		4,374		594,769
Lanxess AG		5,064		243,151
Linde AG		22,788		4,369,000
MAN SE		4,083		435,037
Merck KGaA		20,680		2,070,168
METRO AGa,b		25,953		799,819
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		22,366		4,492,528

36 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
Osram Licht AGa		14,290	$	659,213
ProSiebenSat.1 Media AG Registered		27,008		1,198,973
RWE AG		54,536		1,514,528
SAP SE		101,618		6,634,857
Siemens AG Registered		89,898		9,434,425
ThyssenKrupp AGa		58,662		1,528,492
Volkswagen AG		4,686		1,042,513
				112,195,771
GREECE — 0.08%
Alpha Bank AEa		287,606		105,154
FF Groupa		7,240		216,423
Hellenic Telecommunications Organization SAa		29,070		240,125
Jumbo SA		15,640		148,781
National Bank of Greece SAa		201,773		210,614
OPAP SA		28,611		242,145
Piraeus Bank SAa		232,628		135,980
Public Power Corp. SAa		13,090		70,903
Titan Cement Co. SA		7,480		166,706
				1,536,831
HONG KONG — 2.52%
AIA Group Ltd.		1,055,000		6,157,177
Bank of East Asia Ltd. (The)		255,000		1,059,026
BOC Hong Kong (Holdings) Ltd.b		527,500		1,853,957
Cathay Pacific Airways Ltd.		211,000		492,574
Cheung Kong Holdings Ltd.		211,000		4,041,285
Cheung Kong Infrastructure Holdings Ltd.		211,000		1,737,617
CLP Holdings Ltd.		211,500		1,887,674
Galaxy Entertainment Group Ltd.b		422,000		2,226,109
Hanergy Thin Film Power Group Ltd.a,b		2,110,000		982,427
Hang Seng Bank Ltd.		84,400		1,478,267
Henderson Land Development Co. Ltd.		246,770		1,763,245
Hong Kong & China Gas Co. Ltd.		633,784		1,455,030
Hong Kong Exchanges and Clearing Ltd.		102,500		2,361,108
Hutchison Whampoa Ltd.		211,000		2,800,325
Li & Fung Ltd.b		846,000		839,088
Link REIT (The)		316,500		2,143,106
MTR Corp. Ltd.		211,000		937,524
New World Development Co. Ltd.		536,000		640,157
Power Assets Holdings Ltd.		224,000		2,348,817

Security	Shares		Value
Sands China Ltd.		253,200	$	1,242,593
Shangri-La Asia Ltd.		10,666		13,894
SJM Holdings Ltd.b		211,000		311,329
Sun Hung Kai Properties Ltd.		212,000		3,461,626
Swire Pacific Ltd. Class A		107,000		1,436,630
Wharf Holdings Ltd. (The)b		211,000		1,714,485
Wynn Macau Ltd.b		169,200		472,464
				45,857,534
HUNGARY — 0.04%
MOL Hungarian Oil and Gas PLC		10,551		423,398
OTP Bank PLC		28,696		380,199
				803,597
INDIA — 1.49%
Dr. Reddy’s Laboratories Ltd. SP ADR		37,425		1,888,840
ICICI Bank Ltd. SP ADR		238,600		2,865,586
Infosys Ltd. SP ADR		135,468		4,616,749
Larsen & Toubro Ltd. SP GDRc		107,043		2,949,035
Mahindra & Mahindra Ltd. SP GDRb		96,033		1,968,676
Reliance Industries Ltd. SP GDRd		131,727		3,925,465
Sesa Sterlite Ltd. SP ADR		74,313		965,326
State Bank of India SP GDRc		64,152		3,188,354
Tata Motors Ltd. SP ADR		57,885		2,854,888
Wipro Ltd. SP ADR		153,244		1,970,718
				27,193,637
INDONESIA — 0.64%
PT Astra International Tbk		1,266,000		784,535
PT Bank Central Asia Tbk		2,004,500		2,116,454
PT Bank Mandiri (Persero) Tbk		1,477,242		1,282,784
PT Bank Rakyat Indonesia (Persero) Tbk		1,709,100		1,575,192
PT Bumi Serpong Damai Tbk		316,500		50,470
PT Charoen Pokphand Indonesia Tbk		633,000		197,633
PT Global Mediacom Tbk		527,500		77,246
PT Gudang Garam Tbk		107,000		488,226
PT Kalbe Farma Tbk		3,503,000		515,737
PT Lippo Karawaci Tbk		1,793,500		160,696
PT Matahari Department Store Tbk		211,000		258,597
PT Media Nusantara Citra Tbk		611,900		138,151
PT Perusahaan Gas Negara (Persero) Tbk		1,688,000		672,935
PT Semen Gresik (Persero) Tbk		654,100		752,596

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
PT Telekomunikasi Indonesia (Persero) Tbk		6,548,000	$	1,462,865
PT Unilever Indonesia Tbk		211,000		596,730
PT United Tractors Tbk		316,545		447,298
				11,578,145
IRELAND — 0.26%
Bank of Irelanda		3,013,924		911,485
CRH PLC		71,557		1,721,155
Irish Bank Resolution Corp. Ltd.a		64,486		1
Kerry Group PLC, Class A		28,290		2,050,150
				4,682,791
ISRAEL — 0.43%
Bank Hapoalim BM		88,620		395,026
Bank Leumi le-Israel BMa		88,620		296,382
Bezeq The Israel Telecommunication Corp. Ltd.		291,666		466,553
Delek Group Ltd. (The)		1,693		414,846
Israel Chemicals Ltd.		33,338		240,145
Israel Corp. Ltd. (The)		211		68,579
NICE-Systems Ltd.		12,660		622,689
Teva Pharmaceutical Industries Ltd.		92,629		5,282,704
				7,786,924
ITALY — 1.50%
Assicurazioni Generali SpA		138,702		2,926,893
Banca Monte dei Paschi di Siena SpAa,b		492,572		222,337
CNH Industrial NV		127,907		972,108
Enel Green Power SpA		55,704		110,129
Enel SpA		676,466		3,058,013
Eni SpA		253,200		4,257,282
Exor SpA		27,641		1,129,756
Finmeccanica SpAa		51,544		563,617
Intesa Sanpaolo SpA		1,353,143		3,967,028
Luxottica Group SpA		24,581		1,463,203
Mediobanca SpA		93,895		814,801
Prysmian SpA		23,421		433,443
Saipem SpAa		29,393		266,343
Snam SpA		102,335		500,721
Telecom Italia SpAa		1,317,544		1,535,847
Telecom Italia SpA RNC		483,202		456,118
Tenaris SA		43,335		610,290
Terna Rete Elettrica Nazionale SpA		50,852		222,765
UniCredit SpA		479,241		2,831,086

Security	Shares		Value
Unione di Banche Italiane SpA		151,091	$	1,041,747
				27,383,527
JAPAN — 15.45%
Advantest Corp.		21,100		271,597
Aeon Co. Ltd.		84,400		897,781
AEON Financial Service Co. Ltd.		21,100		383,506
Aeon Mall Co. Ltd.		23,300		389,375
Aisin Seiki Co. Ltd.		21,200		748,087
Ajinomoto Co. Inc.		12,000		249,112
ANA Holdings Inc.		211,000		585,946
Asahi Glass Co. Ltd.		211,000		1,131,656
Asahi Group Holdings Ltd.		63,300		2,095,720
Asahi Kasei Corp.		211,000		2,105,240
Astellas Pharma Inc.		274,300		4,272,182
Bandai Namco Holdings Inc.		21,400		437,054
Bridgestone Corp.		84,400		3,404,309
Canon Inc.		105,500		3,359,492
Casio Computer Co. Ltd.b		64,900		1,027,107
Chubu Electric Power Co. Inc.a		63,300		841,737
Chugai Pharmaceutical Co. Ltd.		42,200		1,266,377
Chugoku Electric Power Co. Inc. (The)		21,100		293,871
Citizen Holdings Co. Ltd.		84,400		679,712
Credit Saison Co. Ltd.		42,200		719,230
Dai-ichi Life Insurance Co. Ltd. (The)		105,500		1,431,635
Daiichi Sankyo Co. Ltd.		94,800		1,382,475
Daikin Industries Ltd.		42,300		2,979,888
Daito Trust Construction Co. Ltd.		2,600		291,619
Daiwa Securities Group Inc.		211,000		1,549,291
Denso Corp.		63,300		2,829,679
Dentsu Inc.		21,100		874,788
East Japan Railway Co.		42,200		3,280,007
Eisai Co. Ltd.		42,300		2,120,312
Electric Power Development Co. Ltd.		21,100		774,197
FANUC Corp.		21,100		3,572,800
Fast Retailing Co. Ltd.		1,300		487,175
Fuji Heavy Industries Ltd.		63,300		2,315,315
FUJIFILM Holdings Corp.		63,300		2,154,458
Fujitsu Ltd.		211,000		1,123,753
GungHo Online Entertainment Inc.b		105,500		365,543
Gunma Bank Ltd. (The)		211,000		1,399,302
Hachijuni Bank Ltd. (The)		211,000		1,404,691
Hino Motors Ltd.		42,200		605,346

38 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
Hitachi Construction Machinery Co. Ltd.		21,100	$	395,541
Hitachi High-Technologies Corp.		21,100		663,725
Hitachi Ltd.		422,000		3,223,604
Hokuriku Electric Power Co.		21,100		300,158
Honda Motor Co. Ltd.		168,800		5,145,982
Hoya Corp.		84,400		3,304,436
Hulic Co. Ltd.		42,200		387,637
IBIDEN Co. Ltd.		21,100		320,456
Idemitsu Kosan Co. Ltd.		4,800		80,664
IHI Corp.		211,000		1,113,693
INPEX Corp.		84,400		936,939
Isetan Mitsukoshi Holdings Ltd.		42,200		603,550
Isuzu Motors Ltd.		105,500		1,420,408
ITOCHU Corp.		189,900		1,939,982
Japan Exchange Group Inc.		42,200		995,498
Japan Prime Realty Investment Corp.		211		740,067
Japan Retail Fund Investment Corp.		422		916,821
Japan Tobacco Inc.		126,600		3,483,885
JFE Holdings Inc.		42,300		940,420
JSR Corp.		42,200		751,923
JTEKT Corp.		63,300		1,058,368
JX Holdings Inc.		211,000		782,819
Kansai Electric Power Co. Inc. (The)a		84,400		821,259
Kao Corp.		63,300		2,791,958
Kawasaki Heavy Industries Ltd.		211,000		1,022,083
KDDI Corp.		63,300		4,506,686
Keikyu Corp.		211,000		1,656,170
Keio Corp.		211,000		1,731,614
Kintetsu Corp.		211,000		747,252
Kirin Holdings Co. Ltd.		63,300		856,825
Kobe Steel Ltd.		211,000		373,626
Komatsu Ltd.		105,500		2,094,462
Konica Minolta Holdings Inc.		107,000		1,189,648
Kubota Corp.		211,000		3,167,739
Kuraray Co. Ltd.		84,400		1,069,146
Kurita Water Industries Ltd.		42,300		909,271
Kyocera Corp.		42,800		1,903,437
Kyushu Electric Power Co. Inc.a		42,200		410,630
Mabuchi Motor Co. Ltd.		42,800		1,774,452
Marubeni Corp.		211,000		1,173,869
Mazda Motor Corp.		84,400		1,758,558
MEIJI Holdings Co. Ltd.		21,495		2,380,709

Security	Shares		Value
Mitsubishi Chemical Holdings Corp.		211,500	$	1,105,709
Mitsubishi Corp.		168,800		2,971,765
Mitsubishi Electric Corp.		211,000		2,472,579
Mitsubishi Estate Co. Ltd.		211,000		4,281,433
Mitsubishi Heavy Industries Ltd.		423,000		2,359,063
Mitsubishi Motors Corp.		84,400		721,386
Mitsubishi UFJ Financial Group Inc.		1,443,600		7,770,726
Mitsui & Co. Ltd.		147,700		1,894,895
Mitsui Chemicals Inc.		211,000		623,309
Mitsui Fudosan Co. Ltd.		51,000		1,302,733
Mitsui O.S.K. Lines Ltd.		211,000		718,512
Mizuho Financial Group Inc.		2,342,100		3,868,109
MS&AD Insurance Group Holdings Inc.		42,200		1,038,070
Murata Manufacturing Co. Ltd.		21,100		2,302,831
Nabtesco Corp.		21,400		558,388
NEC Corp.		342,000		972,443
Nidec Corp.		42,200		2,900,633
Nikon Corp.		42,200		540,321
Nintendo Co. Ltd.		21,100		2,053,148
Nippon Building Fund Inc.		229		1,130,720
Nippon Steel & Sumitomo Metal Corp.		844,860		1,995,902
Nippon Telegraph and Telephone Corp.		42,200		2,521,977
Nissan Motor Co. Ltd.		232,100		2,008,510
Nisshin Seifun Group Inc.		36,225		447,165
Nissin Foods Holdings Co. Ltd.		21,100		1,146,026
Nitto Denko Corp.		21,400		1,290,759
Nomura Holdings Inc.		404,500		2,184,951
Nomura Real Estate Holdings Inc.		21,400		363,635
NTT DOCOMO Inc.		147,700		2,521,079
NTT Urban Development Corp.		42,200		409,911
Olympus Corp.a		42,200		1,480,134
Omron Corp.		42,200		1,708,262
Ono Pharmaceutical Co. Ltd.		21,400		2,277,274
ORIX Corp.		147,700		1,718,860
Osaka Gas Co. Ltd.		211,000		838,144
Otsuka Holdings Co. Ltd.		42,200		1,313,979
Panasonic Corp.		232,100		2,671,427
Rakuten Inc.		105,500		1,474,746
Resona Holdings Inc.		232,100		1,162,624
Sanrio Co. Ltd.b		21,100		525,771

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
Santen Pharmaceutical Co. Ltd.		21,100	$	1,322,062
SBI Holdings Inc.		37,900		410,733
Secom Co. Ltd.		21,400		1,252,319
Seven & I Holdings Co. Ltd.		105,500		3,895,682
Sharp Corp./Japana,b		211,000		416,737
Shikoku Electric Power Co. Inc.a		21,100		267,286
Shin-Etsu Chemical Co. Ltd.		42,200		2,819,441
Shiseido Co. Ltd.		42,200		681,868
Showa Shell Sekiyu K.K.		84,400		829,881
SMC Corp.		3,200		868,208
SoftBank Corp.		105,500		6,253,748
Sony Corp.		126,600		2,989,728
Stanley Electric Co. Ltd.		42,200		950,591
Sumitomo Chemical Co. Ltd.		211,000		840,659
Sumitomo Corp.		115,100		1,144,484
Sumitomo Dainippon Pharma Co. Ltd.		42,200		446,914
Sumitomo Electric Industries Ltd.		84,400		1,099,323
Sumitomo Heavy Industries Ltd.		211,000		1,155,008
Sumitomo Mitsui Financial Group Inc.		147,700		5,017,638
Sumitomo Mitsui Trust Holdings Inc.		422,000		1,496,301
Sumitomo Rubber Industries Inc.		21,100		331,234
Suzuki Motor Corp.		42,200		1,349,365
T&D Holdings Inc.		63,300		721,835
Taiyo Nippon Sanso Corp.		94,000		1,134,738
Takeda Pharmaceutical Co. Ltd.		84,400		4,241,376
TDK Corp.		21,400		1,349,968
Terumo Corp.		42,800		1,071,594
THK Co. Ltd.		21,100		519,125
Toho Gas Co. Ltd.		211,000		1,156,804
Tohoku Electric Power Co. Inc.		63,300		804,015
Tokio Marine Holdings Inc.		63,300		2,230,979
Tokyo Electric Power Co. Inc.a		168,800		721,386
Tokyo Electron Ltd.		21,400		1,544,174
Tokyo Gas Co. Ltd.		211,000		1,268,712
Tokyu Corp.		68,000		453,275
Tokyu Fudosan Holdings Corp.		126,600		793,237
TonenGeneral Sekiyu K.K.		14,000		124,548
Toray Industries Inc.		211,000		1,813,344
Toshiba Corp.		423,000		1,709,069
Toyo Seikan Group Holdings Ltd.		84,400		1,096,449
Toyo Suisan Kaisha Ltd.		21,100		749,947
Toyota Industries Corp.		42,300		2,301,085
Toyota Motor Corp.		295,400		19,225,582

Security	Shares		Value
Toyota Tsusho Corp.		42,200	$	1,010,228
Unicharm Corp.		63,300		1,762,420
United Urban Investment Corp.		422		677,916
USS Co. Ltd.		63,300		1,001,246
West Japan Railway Co.		21,100		1,091,779
Yahoo! Japan Corp.		199,300		676,974
Yakult Honsha Co. Ltd.		21,100		1,289,729
Yamada Denki Co. Ltd.		124,000		464,479
Yamaha Motor Co. Ltd.		42,200		938,377
Yamato Holdings Co. Ltd.		63,300		1,443,131
Yamazaki Baking Co. Ltd.		7,000		103,750
Yokogawa Electric Corp.		42,200		446,914
				281,372,639
MALAYSIA — 0.77%
Alliance Financial Group Bhd		358,700		472,598
Axiata Group Bhd		274,300		544,366
Berjaya Sports Toto Bhd		92,562		86,490
British American Tobacco Malaysia Bhd		21,100		383,848
Bumi Armada Bhda		696,300		230,309
CIMB Group Holdings Bhd		485,300		735,708
DiGi.Com Bhd		443,100		782,875
Genting Bhd		232,100		564,896
Genting Malaysia Bhd		211,000		236,125
Hong Leong Bank Bhd		84,400		326,154
Hong Leong Financial Group Bhd		63,300		295,214
IHH Healthcare Bhd		168,800		241,941
IOI Corp. Bhd		350,300		454,772
IOI Properties Group Bhd		422,015		239,623
Kuala Lumpur Kepong Bhd		63,300		395,363
Lafarge Malaysia Bhd		105,500		288,177
Malayan Banking Bhd		379,800		912,860
Malaysia Airports Holdings Bhd		211,000		416,417
Maxis Bhd		316,500		619,391
Petronas Chemicals Group Bhd		232,100		326,271
Petronas Dagangan Bhd		42,200		205,184
Petronas Gas Bhd		126,600		774,675
PPB Group Bhd		42,200		169,358
Public Bank Bhd		254,240		1,271,200
RHB Capital Bhd		84,400		189,830
Sapurakencana Petroleum Bhd		506,400		372,681
Sime Darby Bhd		211,000		546,692
Tenaga Nasional Bhd		316,500		1,264,953
UEM Sunrise Bhd		654,100		228,971
UMW Holdings Bhd		63,300		190,179

40 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
YTL Corp. Bhd		337,653	$	163,801
				13,930,922
MEXICO — 1.03%
Alfa SAB de CV Series A		422,000		774,216
America Movil SAB de CV Series L		3,755,800		4,020,936
Cemex SAB de CV CPOa		1,606,637		1,428,193
Compartamos SAB de CV		189,900		359,178
Fibra Uno Administracion SAB de CV		270,100		815,369
Fomento Economico Mexicano SAB de CV BD Units		316,500		2,646,272
Grupo Aeroportuario del Sureste SAB de CV Series B		42,200		552,351
Grupo Financiero Banorte SAB de CV Series O		282,900		1,437,267
Grupo Financiero Inbursa SAB de CV Series O		253,200		653,589
Grupo Financiero Santander Mexico SAB de CV Series B		253,200		536,737
Grupo Mexico SAB de CV Series B		494,529		1,307,581
Grupo Televisa SAB de CV CPO		253,200		1,649,782
Industrias Penoles SAB de CV		11,605		229,325
Kimberly-Clark de Mexico SAB de CV Series A		400,900		779,149
Minera Frisco SAB de CV Series A1a		105,500		138,384
OHL Mexico SAB de CVa		84,400		160,424
Wal-Mart de Mexico SAB de CV Series V		696,300		1,346,282
				18,835,035
NETHERLANDS — 1.98%
AEGON NV		252,989		1,810,264
Akzo Nobel NV		33,127		2,396,945
ASML Holding NV		39,956		4,205,842
Fiat Chrysler Automobiles NVa,b		120,692		1,593,481
Gemalto NVb		8,229		598,205
Heineken NV		25,109		1,877,995
ING Groep NV CVAa		444,788		5,581,364
Koninklijke Ahold NV		129,830		2,349,235
Koninklijke DSM NV		24,691		1,315,670
Koninklijke KPN NV		342,875		1,062,862
Koninklijke Philips NV		117,142		3,244,577
OCI NVa		10,761		379,902

Security	Shares		Value
Reed Elsevier NV		67,309	$	1,651,259
TNT Express NV		66,843		439,299
Unilever NV CVA		172,131		7,495,771
				36,002,671
NEW ZEALAND — 0.11%
Auckland International Airport Ltd.		344,645		1,113,138
Fletcher Building Ltd.		70,687		429,933
Spark New Zealand Ltd.		229,458		549,584
				2,092,655
NORWAY — 0.48%
DNB ASA		102,335		1,482,771
Gjensidige Forsikring ASA		25,149		423,449
Norsk Hydro ASA		159,305		937,270
Orkla ASA		87,776		646,669
Seadrill Ltd.b		43,466		461,832
Statoil ASA		118,850		1,968,949
Subsea 7 SA		42,200		358,813
Telenor ASA		57,814		1,240,497
Yara International ASA		21,751		1,130,137
				8,650,387
PERU — 0.10%
Cia. de Minas Buenaventura SAA SP ADR		19,663		224,551
Credicorp Ltd.		10,353		1,492,074
Southern Copper Corp.		4,527		123,497
				1,840,122
PHILIPPINES — 0.27%
Ayala Land Inc.		1,287,100		1,053,780
Bank of the Philippine Islands		535,285		1,201,851
Jollibee Foods Corp.		251,260		1,322,031
Metropolitan Bank & Trust Co.		644,193		1,392,321
				4,969,983
POLAND — 0.30%
Alior Bank SAa		17,724		410,309
Bank Handlowy w Warszawie SA		8,862		258,533
Bank Millennium SA		157,828		318,582
Bank Pekao SA		10,550		508,792
Cyfrowy Polsat SA		105,351		676,295
Eurocash SA		14,770		146,561
KGHM Polska Miedz SA		15,614		443,307
mBank SA		2,620		331,154
Orange Polska SA		80,813		194,922
Polski Koncern Naftowy Orlen SA		28,696		424,183

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
Powszechna Kasa Oszczednosci Bank Polski SA		75,327	$	697,119
Powszechny Zaklad Ubezpieczen SA		4,009		545,125
Synthos SA		157,691		182,739
Tauron Polska Energia SA		274,597		370,017
				5,507,638
PORTUGAL — 0.11%
Banco Espirito Santo SA Registereda		1		—
Energias de Portugal SA		305,950		1,165,907
Galp Energia SGPS SA Class B		35,659		376,802
Jeronimo Martins SGPS SAb		38,868		419,220
				1,961,929
QATAR — 0.15%
Masraf Al Rayan QSC		75,547		929,299
Ooredoo QSC		13,030		411,436
Qatar National Bank SAQ		26,028		1,415,031
				2,755,766
RUSSIA — 0.64%
Gazprom OAO SP ADR		558,127		2,260,414
LUKOIL OAO SP ADR		49,876		2,015,988
Magnit PJSC SP GDRc		34,604		1,321,873
MegaFon OAO SP GDRc		11,816		162,352
MMC Norilsk Nickel OJSC SP ADR		69,063		1,139,540
Mobile TeleSystems OJSC SP ADR		70,474		553,926
NovaTek OAO SP GDRc		17,312		1,211,840
Rosneft Oil Co. OJSC SP GDRc		94,528		307,027
RusHydro OJSC SP ADR		176,278		133,266
Sberbank of Russia SP ADR		204,419		757,372
Sistema JSFC SP GDRc		36,605		162,892
Surgutneftegas OJSC SP ADR		172,611		771,571
Tatneft OAO SP ADR		19,022		447,017
Uralkali PJSC SP GDRc		30,641		381,480
				11,626,558
SINGAPORE — 1.06%
Ascendas REIT		211,000		383,608
CapitaLand Ltd.b		231,500		595,388
DBS Group Holdings Ltd.		211,500		3,093,330
Genting Singapore PLC		1,417,100		1,131,083
Global Logistic Properties Ltd.b		422,000		789,047
Hutchison Port Holdings Trustb		423,000		302,445

Security	Shares		Value
Kenon Holdings Ltd.a,b		1,596	$	27,099
Keppel Corp. Ltd.		231,200		1,486,542
Noble Group Ltd.		844,199		664,453
Oversea-Chinese Banking Corp. Ltd.		232,675		1,788,353
SembCorp Marine Ltd.b		423,000		937,846
Singapore Airlines Ltd.		211,000		1,972,619
Singapore Telecommunications Ltd.		844,000		2,544,912
United Overseas Bank Ltd.		211,000		3,614,648
				19,331,373
SOUTH AFRICA — 1.76%
African Bank Investments Ltd.b		334,618		288
Anglo American Platinum Ltd.a		12,663		388,676
AngloGold Ashanti Ltd.a		49,257		579,302
Aspen Pharmacare Holdings Ltd.		52,982		1,997,974
Bidvest Group Ltd. (The)		26,164		726,748
FirstRand Ltd.		324,307		1,452,146
Foschini Group Ltd. (The)		33,549		483,577
Gold Fields Ltd.		128,931		723,415
Growthpoint Properties Ltd.		635,662		1,601,315
Impala Platinum Holdings Ltd.a		68,844		448,365
Imperial Holdings Ltd.		16,247		288,007
Investec Ltd.		50,851		429,114
Kumba Iron Ore Ltd.		14,137		273,114
MMI Holdings Ltd.		129,003		347,491
Mr. Price Group Ltd.		47,475		1,081,668
MTN Group Ltd.		158,039		2,745,675
Nampak Ltd.		98,959		362,535
Naspers Ltd. Class N		45,093		6,582,508
PPC Ltd.		74,061		136,266
Rand Merchant Insurance Holdings Ltd.		175,974		644,829
Redefine Properties Ltd.		1,592,035		1,560,416
Remgro Ltd.		51,906		1,208,284
RMB Holdings Ltd.		122,591		698,487
Sappi Ltd.a		91,785		378,788
Sasol Ltd.		67,731		2,452,839
Shoprite Holdings Ltd.		32,283		513,208
Standard Bank Group Ltd.		68,153		906,011
Steinhoff International Holdings Ltd.		228,821		1,175,484
Tiger Brands Ltd.		19,834		672,183
Truworths International Ltd.		61,612		429,075
Woolworths Holdings Ltd.		100,651		752,005
				32,039,793

42 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
SOUTH KOREA — 3.19%
AmorePacific Corp.		634	$	1,536,882
AmorePacific Group		844		967,019
BS Financial Group Inc.		20,120		254,812
Celltrion Inc.a,b		7,764		288,949
Cheil Worldwide Inc.a		8,229		148,613
CJ CheilJedang Corp.		1,492		480,234
Coway Co. Ltd.		5,697		457,385
Daelim Industrial Co. Ltd.		2,370		119,194
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		14,770		263,364
DGB Financial Group Inc.		19,690		190,850
Dongbu Insurance Co. Ltd.		5,697		277,140
Doosan Heavy Industries & Construction Co. Ltd.		3,296		70,224
E-Mart Co. Ltd.		2,140		407,023
GS Engineering & Construction Corp.a		6,844		156,769
GS Holdings Corp.		4,599		175,364
Hana Financial Group Inc.		28,188		832,546
Hankook Tire Co. Ltd.		4,879		235,116
Hyundai Department Store Co. Ltd.		1,688		184,451
Hyundai Development Co. Engineering & Construction		5,704		225,062
Hyundai Engineering & Construction Co. Ltd.		7,385		294,765
Hyundai Glovis Co. Ltd.		1,688		377,392
Hyundai Heavy Industries Co. Ltd.		4,431		457,848
Hyundai Marine & Fire Insurance Co. Ltd.		5,430		129,593
Hyundai Mobis Co. Ltd.		6,752		1,531,178
Hyundai Motor Co.		15,825		2,452,759
Hyundai Steel Co.		5,697		343,300
Hyundai Wia Corp.		1,477		207,990
Industrial Bank of Korea		27,219		322,317
Kangwon Land Inc.		12,027		356,323
KB Financial Group Inc.		42,610		1,433,841
Kia Motors Corp.		24,476		1,029,532
Korea Aerospace Industries Ltd.		12,027		515,239
Korea Electric Power Corp.		43,677		1,725,353
Korea Gas Corp.a		4,924		203,516
Korea Investment Holdings Co. Ltd.		10,339		491,613
Korea Zinc Co. Ltd.		1,055		414,340
KT Corp.		18,990		520,072
KT&G Corp.		11,183		820,114

Security	Shares		Value
LG Chem Ltd.		4,435	$	805,000
LG Corp.		10,550		597,152
LG Display Co. Ltd.		44,310		1,460,658
LG Electronics Inc.		11,394		633,463
LG Household & Health Care Ltd.		1,477		929,203
LG Uplus Corp.		37,980		420,225
Lotte Chemical Corp.		1,899		303,013
Lotte Confectionery Co. Ltd.		211		360,606
Lotte Shopping Co. Ltd.		1,266		274,941
Mirae Asset Securities Co. Ltd.		7,986		338,835
NAVER Corp.		2,954		1,934,038
NCsoft Corp.		1,688		311,792
OCI Co. Ltd.a,b		2,532		181,056
ORION Corp.		220		211,229
POSCO		6,200		1,431,511
S-Oil Corp.		4,220		233,458
S1 Corp.		4,009		293,270
Samsung C&T Corp.		11,816		602,901
Samsung Electro-Mechanics Co. Ltd.		6,122		375,068
Samsung Electronics Co. Ltd.		12,449		15,538,483
Samsung Engineering Co. Ltd.a		4,853		168,630
Samsung Fire & Marine Insurance Co. Ltd.		3,376		910,680
Samsung Heavy Industries Co. Ltd.		16,606		271,806
Samsung Life Insurance Co. Ltd.		4,853		499,234
Samsung SDI Co. Ltd.		5,872		692,656
Samsung Securities Co. Ltd.		5,908		257,151
Shinhan Financial Group Co. Ltd.		41,829		1,721,201
Shinsegae Co. Ltd.		633		93,190
SK C&C Co. Ltd.		3,798		816,139
SK Holdings Co. Ltd.		2,954		461,900
SK Hynix Inc.		57,855		2,520,840
SK Innovation Co. Ltd.		5,908		506,199
SK Telecom Co. Ltd.		2,532		669,119
Woori Banka		36,946		297,298
Yuhan Corp.		522		81,622
				58,101,649
SPAIN — 2.39%
Abertis Infraestructuras SAb		51,123		1,002,071
ACS Actividades de Construccion y Servicios SA		32,820		1,142,923
Amadeus IT Holding SA Class A		40,723		1,635,499
Banco Bilbao Vizcaya Argentaria SA		570,332		4,891,294

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
Banco de Sabadell SA		413,349	$	1,046,700
Banco Popular Espanol SA		210,421		891,386
Banco Popular Espanol SA New		963		4,080
Banco Santander SA		1,424,980		9,583,795
Bankia SAa		534,508		699,672
CaixaBank SA		251,501		1,096,628
Distribuidora Internacional de Alimentacion SA		84,287		546,714
Ferrovial SA		83,289		1,652,770
Gas Natural SDG SA		25,531		599,258
Grifols SA		11,816		496,683
Iberdrola SA		556,408		3,847,641
Inditex SA		111,830		3,298,096
International Consolidated Airlines Group SAa		102,546		838,956
Red Electrica Corporacion SA		8,183		697,729
Repsol SA		113,141		2,002,567
Telefonica SA		450,696		6,766,764
Zardoya Otis SA		76,135		866,878
				43,608,104
SWEDEN — 2.23%
Alfa Laval AB		81,024		1,506,385
Assa Abloy AB Class B		35,026		1,915,063
Atlas Copco AB Class A		87,776		2,602,790
Electrolux AB Class B		50,429		1,562,409
Getinge AB Class B		47,517		1,173,500
Hennes & Mauritz AB Class B		111,830		4,609,763
Hexagon AB Class B		24,898		790,059
Husqvarna AB Class B		157,273		1,093,170
Investor AB Class B		47,686		1,739,706
Lundin Petroleum ABa,b		22,577		293,114
Millicom International Cellular SA SDR		9,129		582,670
Nordea Bank AB		374,736		4,770,014
Sandvik AB		165,635		1,737,952
Securitas AB Class B		84,288		1,028,070
Skandinaviska Enskilda Banken AB Class A		119,637		1,444,764
Skanska AB Class B		92,647		2,055,101
Svenska Cellulosa AB Class B		27,430		663,828
Svenska Handelsbanken AB Class A		38,695		1,837,351
Swedbank AB Class A		68,997		1,673,120
Tele2 AB Class B		51,974		588,383

Security	Shares		Value
Telefonaktiebolaget LM Ericsson Class B		286,116	$	3,489,789
TeliaSonera AB		297,602		1,836,528
Volvo AB Class B		133,985		1,569,444
				40,562,973
SWITZERLAND — 6.60%
ABB Ltd. Registereda		276,832		5,328,726
Actelion Ltd. Registereda		10,972		1,216,395
Adecco SA Registereda		15,403		1,153,488
Aryzta AGa		9,706		729,493
Barry Callebaut AG Registereda		211		210,301
Chocoladefabriken Lindt & Sprugli AG Participation Certificates		211		1,099,892
Compagnie Financiere Richemont SA Class A Bearer		54,520		4,536,173
Credit Suisse Group AG Registered		148,122		3,131,322
Geberit AG Registered		4,431		1,518,017
Givaudan SA Registereda		798		1,458,006
Holcim Ltd. Registereda		19,412		1,359,821
Julius Baer Group Ltd.a		26,375		1,077,876
Kuehne & Nagel International AG Registered		5,697		783,914
Nestle SA Registered		346,462		26,529,263
Novartis AG Registered		245,863		24,090,592
Roche Holding AG Genusschein		73,669		19,905,563
SGS SA Registered		422		802,674
Sonova Holding AG Registered		5,275		694,313
Sulzer AG Registered		2,634		279,847
Swatch Group AG (The) Bearer		3,667		1,462,336
Swiss Life Holding AG Registereda		3,665		819,003
Swiss Prime Site AG Registered		9,284		805,242
Swiss Re AGa		45,801		4,136,800
Swisscom AG Registered		2,532		1,484,717
Syngenta AG Registered		11,395		3,705,651
Transocean Ltd.b		40,090		630,948
UBS Group AG		409,220		6,845,167
Zurich Insurance Group AGa		13,083		4,342,751
				120,138,291
TAIWAN — 2.72%
Acer Inc.a		690,792		452,659
Advanced Semiconductor Engineering Inc.		1,266,218		1,603,189
Asia Cement Corp.		438,440		530,076

44 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
AU Optronics Corp.		1,989,000	$	1,091,903
Cathay Financial Holding Co. Ltd.		926,318		1,337,442
Chailease Holding Co. Ltd.		41,470		98,301
Chang Hwa Commercial Bank Ltd.		859,482		486,831
China Development Financial Holding Corp.		1,899,000		626,703
China Steel Corp.		1,519,288		1,287,226
Chunghwa Telecom Co. Ltd.		633,000		1,918,273
Compal Electronics Inc.		633,000		465,005
CTBC Financial Holding Co. Ltd.		1,357,627		865,924
Delta Electronics Inc.		211,000		1,295,588
E.Sun Financial Holding Co. Ltd.		1,099,367		676,780
Epistar Corp.		211,000		376,289
Far EasTone Telecommunications Co. Ltd.		422,000		1,033,792
First Financial Holding Co. Ltd.		1,214,436		711,008
Formosa Chemicals & Fibre Corp.		216,340		465,447
Formosa Petrochemical Corp.		211,000		449,940
Formosa Plastics Corp.		217,960		529,105
Highwealth Construction Corp.		171,600		350,132
Hon Hai Precision Industry Co. Ltd.		1,570,038		4,319,491
HTC Corp.a		43,000		214,226
Hua Nan Financial Holdings Co. Ltd.		1,589,523		885,212
Innolux Corp.		1,123,688		549,123
MediaTek Inc.		60,000		919,606
Mega Financial Holding Co. Ltd.		917,195		704,337
Nan Ya Plastics Corp.		425,840		858,072
Pegatron Corp.		422,000		1,138,242
Quanta Computer Inc.		422,000		1,031,114
Shin Kong Financial Holding Co. Ltd.		908,467		253,685
Siliconware Precision Industries Co. Ltd.		844,000		1,424,812
SinoPac Financial Holdings Co. Ltd.		1,345,794		548,763
Synnex Technology International Corp.		211,000		304,647
Taishin Financial Holdings Co. Ltd.		1,370,141		563,039
Taiwan Business Bank Ltd.a		1,815,410		528,260
Taiwan Cement Corp.		422,000		570,460
Taiwan Cooperative Financial Holding Co. Ltd.		1,865,670		964,997
Taiwan Mobile Co. Ltd.		422,000		1,392,673

Security	Shares		Value
Taiwan Semiconductor Manufacturing Co. Ltd.		2,743,000	$	12,272,931
U-Ming Marine Transport Corp.		422,000		652,146
Uni-President Enterprises Co.		490,897		786,656
United Microelectronics Corp.		2,110,000		1,031,114
Vanguard International Semiconductor Corp.		220,000		376,283
Yuanta Financial Holding Co. Ltd.		1,210,050		583,647
				49,525,149
THAILAND — 0.57%
Advanced Information Service PCL NVDR		84,400		631,775
Airports of Thailand PCL NVDR		63,300		626,618
Bangkok Bank PCL NVDR		190,740		1,110,173
Banpu PCL NVDR		211,500		157,026
BEC World PCL NVDR		275,700		433,808
BTS Group Holdings PCL NVDR		506,400		152,400
Central Pattana PCL NVDR		105,500		144,244
Charoen Pokphand Foods PCL NVDR		663,500		511,866
CP All PCL NVDR		722,600		916,221
Glow Energy PCL NVDR		241,100		672,178
Home Product Center PCL NVDRb		107,143		26,679
Indorama Ventures PCL NVDR		387,688		258,222
Minor International PCL NVDR		253,200		280,431
PTT Exploration & Production PCL NVDR		134,999		449,584
PTT Global Chemical PCL NVDR		211,601		365,275
PTT PCL NVDR		63,400		670,223
Siam Cement (The) PCL NVDR		63,600		963,813
Siam Commercial Bank PCL NVDR		211,000		1,157,180
Thai Oil PCL NVDR		136,600		213,894
TMB Bank PCL NVDR		2,489,800		235,820
True Corp. PCL NVDRa		892,360		370,794
				10,348,224
TURKEY — 0.41%
Akbank TAS		118,160		434,050
Anadolu Efes Biracilik ve Malt Sanayii ASa		53,855		474,707
Arcelik AS		122,400		782,830
BIM Birlesik Magazalar AS		37,403		759,055
Coca-Cola Icecek AS		17,935		363,237
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		406,438		534,885

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
Enka Insaat ve Sanayi AS		48,410	$	98,441
Haci Omer Sabanci Holding AS		52,117		221,147
KOC Holding AS		40,831		213,433
TAV Havalimanlari Holding AS		15,192		113,980
Tupras Turkiye Petrol Rafinerileri AS		28,093		612,157
Turk Hava Yollari AOa		144,153		554,355
Turk Telekomunikasyon AS		89,094		268,106
Turkiye Garanti Bankasi AS		193,909		822,810
Turkiye Halk Bankasi AS		51,695		334,863
Turkiye Is Bankasi AS Class C		82,113		240,029
Turkiye Sise ve Cam Fabrikalari AS		50,482		79,268
Turkiye Vakiflar Bankasi TAO Class D		52,752		123,708
Ulker Biskuvi Sanayi AS		21,944		174,534
Yapi ve Kredi Bankasi AS		84,924		177,219
				7,382,814
UNITED ARAB EMIRATES — 0.13%
Abu Dhabi Commercial Bank PJSC		223,587		421,236
Aldar Properties PJSC		551,370		355,766
DP World Ltd.		29,009		570,027
Emaar Properties PJSC		530,824		968,275
				2,315,304
UNITED KINGDOM — 14.72%
3i Group PLC		242,861		1,675,311
Aggreko PLC		22,366		522,012
Amec Foster Wheeler PLC		77,278		925,609
Anglo American PLC		151,920		2,539,518
ARM Holdings PLC		140,315		2,193,795
AstraZeneca PLC		135,673		9,664,686
Aviva PLC		397,529		3,152,419
BAE Systems PLC		245,865		1,874,019
Barclays PLC		1,643,901		5,781,107
BG Group PLC		374,525		4,988,807
BHP Billiton PLC		239,063		5,181,075
BP PLC		1,879,588		11,982,030
British American Tobacco PLC		206,376		11,629,559
British Land Co. PLC (The)		89,944		1,120,546
BT Group PLC		938,528		5,890,617
Bunzl PLC		63,331		1,804,367
Burberry Group PLC		43,255		1,123,240
Capita PLC		131,290		2,204,523
Carnival PLC		28,409		1,278,745

Security	Shares		Value
Centrica PLC		575,249	$	2,538,335
Coca-Cola HBC AG		25,953		417,463
Compass Group PLC		250,267		4,326,335
Diageo PLC		284,639		8,421,740
Experian PLC		141,159		2,486,840
Fresnillo PLC		15,825		213,671
G4S PLC		244,792		1,048,547
GlaxoSmithKline PLC		499,015		10,994,739
Glencore PLCa		1,074,051		4,015,051
HSBC Holdings PLC		1,950,530		17,858,246
ICAP PLC		124,912		877,243
Imperial Tobacco Group PLC		121,114		5,682,593
InterContinental Hotels Group PLC		53,653		2,145,079
ITV PLC		458,714		1,515,674
J Sainsbury PLCb		226,288		868,008
Johnson Matthey PLC		36,081		1,767,139
Kingfisher PLC		339,499		1,747,916
Land Securities Group PLC		85,127		1,628,838
Legal & General Group PLC		936,840		3,769,462
Lloyds Banking Group PLCa		5,500,981		6,093,171
London Stock Exchange Group PLC		32,072		1,139,196
Marks & Spencer Group PLC		228,565		1,662,858
Melrose Industries PLC		111,552		443,981
National Grid PLC		473,906		6,658,512
Next PLC		24,177		2,627,134
Old Mutual PLC		663,451		2,074,583
Pearson PLC		85,033		1,725,377
Persimmon PLCa		43,044		1,029,193
Petrofac Ltd.		27,219		288,615
Prudential PLC		301,097		7,325,928
Randgold Resources Ltd.		6,119		522,459
Reckitt Benckiser Group PLC		74,109		6,266,435
Reed Elsevier PLC		106,133		1,842,678
Rexam PLC		165,513		1,056,482
Rio Tinto PLC		134,618		5,913,849
Rolls-Royce Holdings PLCa		178,295		2,387,271
Royal Bank of Scotland Group PLCa		246,659		1,342,537
Royal Dutch Shell PLC Class A		373,758		11,327,990
Royal Dutch Shell PLC Class B		258,475		8,169,748
SABMiller PLC		100,283		5,460,551
Sage Group PLC (The)		223,513		1,612,004
Shire PLC		66,925		4,878,984
Sky PLC		102,124		1,423,367

46 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

Security	Shares		Value
Smith & Nephew PLC		149,219	$	2,669,175
SSE PLC		119,883		2,897,042
Standard Chartered PLC		240,644		3,208,355
Standard Life PLC		288,503		1,746,211
Tesco PLC		886,005		2,990,729
Tullow Oil PLC		108,032		592,225
Unilever PLC		107,399		4,726,167
United Utilities Group PLC		57,199		882,267
Vodafone Group PLC		2,737,185		9,640,248
Weir Group PLC (The)		23,421		590,957
Wm Morrison Supermarkets PLC		264,244		713,966
Wolseley PLC		46,842		2,716,995
WPP PLC		164,170		3,614,673
				268,116,817
TOTAL COMMON STOCKS
(Cost: $1,822,520,415)				1,790,818,340
PREFERRED STOCKS — 1.36%
BRAZIL — 0.78%
Banco Bradesco SA		295,430		3,712,411
Bradespar SA		21,100		91,264
Centrais Eletricas Brasileiras SA Class B		21,100		48,265
Companhia Brasileira de Distribuicao		21,100		700,399
Companhia Energetica de Minas Gerais		100,800		447,257
Companhia Paranaense de Energia Class B		32,000		371,954
Gerdau SA		63,300		214,836
Itau Unibanco Holding SA		304,294		3,729,705
Itausa-Investimentos Itau SA		343,679		1,170,265
Lojas Americanas SA		50,750		294,003
Metalurgica Gerdau SA		21,100		77,350
Oi SA		25,203		46,853
Petroleo Brasileiro SA		379,800		1,157,426
Telefonica Brasil SA		48,300		896,111
Usinas Siderurgicas de Minas Gerais SA Class A		63,300		79,001
Vale SA Class A		189,900		1,170,869
				14,207,969
CHILE — 0.01%
Sociedad Quimica y Minera de Chile SA Series B		8,717		208,357
				208,357

Security	Shares		Value
COLOMBIA — 0.11%
Banco Davivienda SA		39,035	$	410,540
Bancolombia SA		134,536		1,594,992
Grupo Argos SA/Colombia		12,027		91,437
				2,096,969
GERMANY — 0.37%
Henkel AG & Co. KGaA		20,045		2,298,170
Porsche Automobil Holding SE		15,284		1,284,229
Volkswagen AG		13,809		3,090,064
				6,672,463
SOUTH KOREA — 0.09%
Hyundai Motor Co. Ltd.		1,688		177,506
Hyundai Motor Co. Ltd. Series 2		3,798		416,752
Samsung Electronics Co. Ltd.		1,055		1,028,374
				1,622,632
TOTAL PREFERRED STOCKS
(Cost: $29,176,741)				24,808,390
RIGHTS — 0.01%
SPAIN — 0.01%
ACS Actividades de Construccion y Servicios SAa		32,820		16,666
Banco Santander SAa		1,341,649		204,388
				221,054
TOTAL RIGHTS
(Cost: $247,640)				221,054
SHORT-TERM INVESTMENTS — 1.49%
MONEY MARKET FUNDS — 1.49%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%e,f,g		25,328,046		25,328,046
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,f,g		1,523,606		1,523,606
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		238,064		238,064
				27,089,716
TOTAL SHORT-TERM INVESTMENTS
(Cost: $27,089,716)				27,089,716

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI ex U.S. ETF

January 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.21%
(Cost: $1,879,034,512)	$	1,842,937,500
Other Assets, Less Liabilities — (1.21)%		(21,952,591	)
NET ASSETS — 100.00%	$	1,820,984,909

CPO — Certificates of Participation (Ordinary)

FDR — Fiduciary Depositary Receipts

NVDR — Non-Voting Depositary Receipts

NVS — Non-Voting Shares

SDR — Swedish Depositary Receipts

SP ADR — Sponsored American Depositary Receipts

SP GDR — Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

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

^d  This security may be resold to qualified institutional buyers under Rule 144A 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.

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

See notes to financial statements.

48 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments   (Unaudited)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.81%
AUSTRALIA — 2.67%
AMP Ltd.		13,110	$	58,908
APA Group		28,680		181,357
ASX Ltd.		1,830		54,354
Australia and New Zealand Banking Group Ltd.		11,340		291,424
Brambles Ltd.		10,770		88,904
Caltex Australia Ltd.		3,420		89,008
Commonwealth Bank of Australia		6,600		459,134
Crown Resorts Ltd.		5,220		55,326
CSL Ltd.		1,980		135,612
Dexus Property Group		7,560		45,391
Fortescue Metals Group Ltd.		35,040		64,398
Goodman Group		18,090		86,357
GPT Group (The)		15,990		56,284
Iluka Resources Ltd.		13,560		74,658
Insurance Australia Group Ltd.		11,580		57,715
Lend Lease Group		4,380		56,894
Macquarie Group Ltd.		1,620		78,407
Mirvac Group		33,420		50,230
National Australia Bank Ltd.		9,780		271,364
Novion Property Group		25,800		46,613
QBE Insurance Group Ltd.		6,150		50,815
Scentre Groupa		48,900		144,707
Stockland		18,450		62,932
Suncorp Group Ltd.		4,740		54,336
Sydney Airport		16,260		63,186
Tatts Group Ltd.		24,840		74,668
Telstra Corp. Ltd.		22,560		114,196
Transurban Group		17,730		127,165
Wesfarmers Ltd.		3,990		135,443
Westfield Corp.a		11,310		86,843
Westpac Banking Corp.		12,690		340,545
Woolworths Ltd.		6,180		152,947
WorleyParsons Ltd.		4,860		36,409
				3,746,530
AUSTRIA — 0.04%
IMMOFINANZ AGa		24,630		56,254
				56,254
BELGIUM — 0.48%
Ageas		1,560		53,392
Anheuser-Busch InBev NV		3,600		439,148
Colruyt SA		1,260		58,104

Security	Shares		Value
KBC Groep NVa		1,290	$	69,459
UCB SA		630		49,032
				669,135
BRAZIL — 0.64%
AMBEV SA		21,000		137,929
Banco do Brasil SA		6,000		46,181
BRF SA		3,000		71,954
CCR SA		6,000		34,156
Cielo SA		3,000		44,706
Cosan SA Industria e Comercio		12,000		109,664
CPFL Energia SA		12,000		75,285
EDP Energias do Brasil SA		12,000		38,716
Kroton Educacional SA		9,000		41,241
Ultrapar Participacoes SA		15,000		296,178
				896,010
CANADA — 3.70%
Agnico Eagle Mines Ltd.		2,550		86,156
AltaGas Ltd.		3,810		129,028
ARC Resources Ltd.		13,890		251,958
Bank of Montreal		2,160		124,239
Bank of Nova Scotia (The)		4,440		213,815
BCE Inc.		660		30,378
Brookfield Asset Management Inc. Class A		1,620		82,728
Cameco Corp.		7,050		99,416
Canadian Imperial Bank of Commerce/Canada		1,350		93,886
Canadian National Railway Co.		2,520		166,390
Canadian Pacific Railway Ltd.		510		89,081
Crescent Point Energy Corp.		4,950		117,899
Eldorado Gold Corp.		9,870		47,484
Enbridge Inc.		12,690		616,010
Fairfax Financial Holdings Ltd.		90		47,912
First Quantum Minerals Ltd.		10,260		93,784
Franco-Nevada Corp.		2,340		135,330
George Weston Ltd.		600		47,661
Goldcorp Inc.		7,650		185,164
Inter Pipeline Ltd.		9,600		250,155
Keyera Corp.		780		46,137
Loblaw Companies Ltd.		960		47,797
Magna International Inc. Class A		600		57,774
Manulife Financial Corp.		5,730		92,099
Paramount Resources Ltd.a,b		4,440		99,834
Pembina Pipeline Corp.		4,860		151,325
Potash Corp. of Saskatchewan Inc.		1,710		62,388

SCHEDULES OF INVESTMENTS 49

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
PrairieSky Royalty Ltd.		4,080	$	88,071
Rogers Communications Inc. Class B		1,320		47,035
Royal Bank of Canada		5,250		297,042
Silver Wheaton Corp.		5,280		121,553
Sun Life Financial Inc.		1,230		37,697
Thomson Reuters Corp.		960		36,918
Toronto-Dominion Bank (The)		6,690		266,977
Tourmaline Oil Corp.a,b		2,460		67,789
TransCanada Corp.		6,840		305,007
Valeant Pharmaceuticals International Inc.a		1,260		201,896
Vermilion Energy Inc.		4,380		193,343
Yamana Gold Inc.		12,750		52,892
				5,182,048
CHILE — 0.16%
Aguas Andinas SA Series A		175,200		100,414
Banco de Chile		557,490		61,511
SACI Falabella		9,030		59,279
				221,204
CHINA — 2.43%
Agricultural Bank of China Ltd. Class H		270,000		132,330
Bank of China Ltd. Class H		540,000		302,269
Bank of Communications Co. Ltd. Class H		150,000		126,139
Beijing Enterprises Water Group Ltd.		120,000		79,398
China CITIC Bank Corp. Ltd. Class H		120,000		88,994
China Construction Bank Corp. Class H		420,000		337,480
China Life Insurance Co. Ltd. Class H		30,000		118,400
China Longyuan Power Group Corp. Ltd.		60,000		64,849
China Merchants Bank Co. Ltd. Class H		45,000		100,757
China Minsheng Banking Corp. Ltd. Class H		60,000		73,130
China Mobile Ltd.		30,000		396,603
China Overseas Land & Investment Ltd.		60,000		173,731
China Telecom Corp. Ltd. Class H		120,000		71,195
China Unicom Hong Kong Ltd.		60,000		90,696
Guangdong Investment Ltd.		120,000		160,963
Industrial and Commercial Bank of China Ltd. Class H		420,000		302,269

Security	Shares		Value
Kunlun Energy Co. Ltd.b		60,000	$	62,450
Lenovo Group Ltd.b		60,000		77,695
Ping An Insurance (Group) Co. of China Ltd. Class H		15,000		159,802
Tencent Holdings Ltd.		24,000		408,598
Want Want China Holdings Ltd.b		60,000		72,124
				3,399,872
COLOMBIA — 0.08%
Ecopetrol SA		61,620		49,453
Isagen SA ESP		54,360		64,379
				113,832
DENMARK — 0.56%
Carlsberg A/S Class B		690		50,728
Coloplast A/S Class B		390		30,771
Danske Bank A/S		3,180		82,478
Novo Nordisk A/S Class B		8,280		370,892
Novozymes A/S Class B		2,040		93,049
Pandora A/S		450		32,245
TDC A/S		4,290		31,755
Vestas Wind Systems A/Sa		2,220		86,991
				778,909
FINLAND — 0.34%
Elisa OYJ		1,590		42,290
Kone OYJ Class B		2,550		114,958
Nokia OYJ		16,680		128,841
Sampo OYJ		2,610		126,410
Wartsila OYJ Abp		1,350		62,658
				475,157
FRANCE — 3.16%
Aeroports de Paris		540		64,836
Airbus Group NV		2,790		148,603
ALSTOMa		1,290		42,390
AXA SA		9,570		225,219
BNP Paribas SA		5,220		275,529
Cap Gemini SA		1,050		76,507
Carrefour SA		2,370		74,469
Christian Dior SA		330		57,162
CNP Assurances SA		2,250		39,583
Credit Agricole SA		7,230		86,197
Danone SA		2,820		189,566
Essilor International SA		960		107,324
Fonciere des Regions		570		58,526
Gecina SA		390		51,117
Kering		420		85,027

50 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
L’Oreal SA		1,170	$	209,992
Legrand SA		2,010		108,192
LVMH Moet Hennessy Louis Vuitton SA		1,230		199,177
Natixis SA		7,590		48,409
Orange SA		8,640		152,292
Pernod Ricard SA		1,350		162,395
Publicis Groupe SA		1,230		92,204
Renault SA		960		73,893
Rexel SA		3,540		66,312
Safran SA		1,710		114,216
Sanofi		5,100		471,918
Schneider Electric SE		2,880		217,746
SCOR SE		1,620		50,574
SES SA Class A FDR		1,920		69,971
Societe Generale		3,780		152,856
Sodexo SA		690		68,621
Technip SA		1,020		60,026
Thales SA		1,170		61,789
Unibail-Rodamco SE		450		127,001
Vinci SA		2,820		149,056
Vivendi SA		5,700		135,301
Zodiac Aerospace		1,770		58,862
				4,432,858
GERMANY — 2.94%
adidas AG		1,200		82,860
Allianz SE Registered		2,400		396,492
BASF SE		2,490		223,382
Bayer AG Registered		3,120		450,834
Bayerische Motoren Werke AG		1,140		133,017
Beiersdorf AG		840		73,747
Brenntag AG		1,440		78,518
Commerzbank AGa		4,890		58,878
Continental AG		390		88,327
Daimler AG Registered		4,110		373,261
Deutsche Bank AG Registered		7,620		221,849
Deutsche Boerse AG		1,170		89,819
Deutsche Post AG Registered		3,750		121,746
Deutsche Telekom AG Registered		12,090		208,533
Deutsche Wohnen AG Bearer		2,550		66,299
Fresenius Medical Care AG & Co. KGaA		960		71,109
Fresenius SE & Co. KGaA		1,740		99,667
GEA Group AG		1,320		59,947
Hannover Rueck SE Registered		720		64,544

Security	Shares		Value
Henkel AG & Co. KGaA		690	$	70,661
Infineon Technologies AG		8,070		90,857
MAN SE		420		44,750
Merck KGaA		900		90,094
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		960		192,830
SAP SE		4,290		280,103
Siemens AG Registered		3,660		384,102
				4,116,226
HONG KONG — 1.40%
AIA Group Ltd.		42,000		245,120
BOC Hong Kong (Holdings) Ltd.		15,000		52,719
Cheung Kong Infrastructure Holdings Ltd.		30,000		247,054
Hang Lung Properties Ltd.		30,000		88,413
Henderson Land Development Co. Ltd.		30,000		214,359
Hong Kong & China Gas Co. Ltd.		120,000		275,494
Link REIT (The)		15,000		101,569
Michael Kors Holdings Ltd.a		930		65,835
MTR Corp. Ltd.		30,000		133,297
New World Development Co. Ltd.		60,000		71,659
Sands China Ltd.		12,000		58,891
Wharf Holdings Ltd. (The)		30,000		243,766
Wheelock and Co. Ltd.		30,000		170,249
				1,968,425
INDIA — 0.52%
Dr. Reddy’s Laboratories Ltd. SP ADRb		1,230		62,078
ICICI Bank Ltd. SP ADR		8,550		102,686
Infosys Ltd. SP ADR		3,780		128,822
Larsen & Toubro Ltd. SP GDRc		6,360		175,218
Mahindra & Mahindra Ltd. SP GDR		5,040		103,320
State Bank of India SP GDRc		1,560		77,532
Wipro Ltd. SP ADR		6,600		84,876
				734,532
INDONESIA — 0.29%
PT Astra International Tbk		102,000		63,209
PT Bank Central Asia Tbk		66,000		69,686
PT Bank Mandiri (Persero) Tbk		54,000		46,892
PT Bank Rakyat Indonesia (Persero) Tbk		69,000		63,594
PT Perusahaan Gas Negara (Persero) Tbk		219,000		87,306

SCHEDULES OF INVESTMENTS 51

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
PT Telekomunikasi Indonesia (Persero) Tbk		318,000	$	71,043
				401,730
IRELAND — 0.44%
Bank of Irelanda		125,670		38,006
Endo International PLCa		630		50,154
Medtronic PLC		6,806		485,949
Pentair PLC		720		44,503
				618,612
ISRAEL — 0.21%
Bank Hapoalim BM		16,440		73,282
Teva Pharmaceutical Industries Ltd.		3,840		218,998
				292,280
ITALY — 0.83%
Assicurazioni Generali SpA		7,080		149,402
Atlantia SpA		4,650		119,796
CNH Industrial NV		7,020		53,353
Enel Green Power SpA		64,080		126,689
Intesa Sanpaolo SpA		53,520		156,905
Intesa Sanpaolo SpA RNC		15,240		38,935
Luxottica Group SpA		930		55,359
Snam SpA		25,680		125,651
Telecom Italia SpA RNC		92,970		87,759
Tenaris SA		3,030		42,672
Terna Rete Elettrica Nazionale SpA		17,760		77,800
UniCredit SpA		20,820		122,993
				1,157,314
JAPAN — 7.61%
Asahi Group Holdings Ltd.		3,000		99,323
Astellas Pharma Inc.		15,000		233,623
Bank of Yokohama Ltd. (The)		30,000		163,402
Bridgestone Corp.		3,000		121,006
Canon Inc.		9,000		286,592
Chugai Pharmaceutical Co. Ltd.		3,000		90,027
Dai-ichi Life Insurance Co. Ltd. (The)		6,000		81,420
Daiichi Sankyo Co. Ltd.		6,000		87,498
Daiwa House Industry Co. Ltd.		6,000		111,684
Denso Corp.		3,000		134,108
Dentsu Inc.		3,000		124,377
East Japan Railway Co.		3,000		233,176
Eisai Co. Ltd.		3,000		150,377
Fuji Heavy Industries Ltd.		3,000		109,731
FUJIFILM Holdings Corp.		3,000		102,107
Honda Motor Co. Ltd.		9,000		274,371

Security	Shares		Value
Hoya Corp.		3,000	$	117,456
Isuzu Motors Ltd.		6,000		80,782
ITOCHU Corp.		21,000		214,532
Japan Tobacco Inc.		6,000		165,113
Kao Corp.		3,000		132,320
KDDI Corp.		3,000		213,587
Kirin Holdings Co. Ltd.		6,000		81,216
Komatsu Ltd.		6,000		119,116
Kyocera Corp.		3,000		133,418
Marubeni Corp.		30,000		166,901
Mazda Motor Corp.		3,000		62,508
Mitsubishi Corp.		12,000		211,263
Mitsubishi Heavy Industries Ltd.		30,000		167,309
Mitsubishi UFJ Financial Group Inc.		84,000		452,162
Mitsui & Co. Ltd.		12,000		153,952
Mizuho Financial Group Inc.		147,000		242,779
MS&AD Insurance Group Holdings Inc.		6,000		147,593
Nippon Telegraph and Telephone Corp.		3,000		179,287
Nissan Motor Co. Ltd.		18,000		155,766
Nomura Holdings Inc.		30,000		162,048
NTT DOCOMO Inc.		15,000		256,034
Olympus Corp.a		3,000		105,223
ORIX Corp.		9,000		104,738
Otsuka Holdings Co. Ltd.		3,000		93,411
Panasonic Corp.		9,000		103,588
Rakuten Inc.a		6,000		83,872
Resona Holdings Inc.		24,000		120,220
Ricoh Co. Ltd.		6,000		59,098
Secom Co. Ltd.		3,000		175,559
Sekisui House Ltd.		6,000		77,947
Seven & I Holdings Co. Ltd.		6,000		221,555
Shin-Etsu Chemical Co. Ltd.		3,000		200,434
Shionogi & Co. Ltd.		3,000		90,793
SoftBank Corp.		3,000		177,832
Sony Corp.		6,000		141,693
Sumitomo Corp.		18,000		178,981
Sumitomo Electric Industries Ltd.		9,000		117,226
Sumitomo Mitsui Financial Group Inc.		6,000		203,831
Sumitomo Mitsui Trust Holdings Inc.		30,000		106,372
Suntory Beverage & Food Ltd.		3,000		105,861
Suzuki Motor Corp.		3,000		95,926
T&D Holdings Inc.		6,000		68,420
Takeda Pharmaceutical Co. Ltd.		3,000		150,760

52 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
Toho Gas Co. Ltd.		30,000	$	164,475
Tokio Marine Holdings Inc.		6,000		211,467
Tokyu Corp.		30,000		199,974
Toshiba Corp.		30,000		121,211
Toyota Industries Corp.		3,000		163,198
Toyota Motor Corp.		12,000		780,999
Toyota Tsusho Corp.		3,000		71,817
Unicharm Corp.		3,000		83,527
Yamato Holdings Co. Ltd.		3,000		68,395
				10,666,367
MALAYSIA — 0.44%
Bumi Armada Bhda		171,000		56,560
CIMB Group Holdings Bhd		30,000		45,480
Genting Bhd		24,000		58,412
Genting Malaysia Bhd		42,000		47,001
Malayan Banking Bhd		12,000		28,842
Petronas Chemicals Group Bhd		24,000		33,738
Petronas Dagangan Bhd		12,000		58,346
Petronas Gas Bhd		21,000		128,500
PPB Group Bhd		12,000		48,159
Public Bank Bhd		9,000		45,000
Sapurakencana Petroleum Bhd		90,000		66,235
				616,273
MEXICO — 0.51%
America Movil SAB de CV Series L		150,000		160,589
Fibra Uno Administracion SAB de CV		12,000		36,225
Fomento Economico Mexicano SAB de CV BD Units		9,000		75,249
Grupo Financiero Banorte SAB de CV Series O		12,000		60,966
Grupo Mexico SAB de CV Series B		54,000		142,781
Grupo Televisa SAB de CV CPO		12,000		78,189
Minera Frisco SAB de CV Series A1a		36,000		47,221
OHL Mexico SAB de CVa		21,000		39,916
Wal-Mart de Mexico SAB de CV Series V		39,000		75,406
				716,542
NETHERLANDS — 1.06%
AEGON NV		10,320		73,845
ASML Holding NV		1,530		161,051
Delta Lloyd NV		1,620		30,675
Heineken NV		1,260		94,240
ING Groep NV CVAa		20,460		256,740
Koninklijke Ahold NV		3,210		58,084
Koninklijke KPN NV		15,960		49,474

Security	Shares		Value
Koninklijke Philips NV		5,220	$	144,582
Koninklijke Vopak NV		3,240		181,292
Reed Elsevier NV		3,570		87,581
Unilever NV CVA		6,930		301,780
Wolters Kluwer NV		1,740		52,121
				1,491,465
NEW ZEALAND — 0.09%
Auckland International Airport Ltd.		20,490		66,179
Spark New Zealand Ltd.		25,110		60,142
				126,321
NORWAY — 0.24%
DNB ASA		5,910		85,632
Orkla ASA		7,980		58,791
Seadrill Ltd.		4,170		44,307
Subsea 7 SA		7,020		59,689
Telenor ASA		3,900		83,681
				332,100
PERU — 0.07%
Credicorp Ltd.		420		60,531
Southern Copper Corp.		1,530		41,738
				102,269
PHILIPPINES — 0.13%
Aboitiz Power Corp.		108,000		108,997
Philippine Long Distance Telephone Co.		1,050		70,725
				179,722
POLAND — 0.19%
Bank Pekao SA		1,200		57,872
KGHM Polska Miedz SA		2,520		71,547
Powszechna Kasa Oszczednosci Bank Polski SA		7,440		68,854
Powszechny Zaklad Ubezpieczen SA		540		73,427
				271,700
PORTUGAL — 0.04%
Galp Energia SGPS SA Class B		5,880		62,133
				62,133
QATAR — 0.08%
Qatar National Bank SAQ		2,070		112,537
				112,537
RUSSIA — 0.19%
Magnit PJSC SP GDRc		2,730		104,286
MegaFon OAO SP GDRc		5,160		70,898
Mobile TeleSystems OJSC SP ADR		10,950		86,067
				261,251

SCHEDULES OF INVESTMENTS 53

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
SINGAPORE — 0.71%
Ascendas REIT		60,000	$	109,083
Global Logistic Properties Ltd.		30,000		56,093
Keppel Corp. Ltd.		30,000		192,890
Keppel Land Ltd.		30,000		100,658
Singapore Telecommunications Ltd.		60,000		180,918
UOL Group Ltd.		30,000		160,077
Wilmar International Ltd.		60,000		142,783
Yangzijiang Shipbuilding Holdings Ltd.		60,000		54,985
				997,487
SOUTH AFRICA — 0.81%
Aspen Pharmacare Holdings Ltd.		1,650		62,222
Barclays Africa Group Ltd.		3,060		52,331
Bidvest Group Ltd. (The)		2,460		68,331
FirstRand Ltd.		26,340		117,942
Kumba Iron Ore Ltd.		4,050		78,242
MTN Group Ltd.		8,310		144,373
Naspers Ltd. Class N		1,680		245,240
Nedbank Group Ltd.		2,790		61,524
RMB Holdings Ltd.		12,930		73,671
Sanlam Ltd.		9,450		57,061
Standard Bank Group Ltd.		8,940		118,846
Steinhoff International Holdings Ltd.		11,010		56,560
				1,136,343
SOUTH KOREA — 1.11%
Hana Financial Group Inc.		1,380		40,759
Hyundai Mobis Co. Ltd.		540		122,458
Hyundai Motor Co.		690		106,945
Industrial Bank of Korea		5,100		60,392
Kangwon Land Inc.		2,430		71,993
Kia Motors Corp.		1,440		60,571
Korea Gas Corp.a		1,530		63,237
Korea Zinc Co. Ltd.		180		70,693
KT&G Corp.		780		57,202
NAVER Corp.		90		58,925
Samsung C&T Corp.		810		41,329
Samsung Electronics Co. Ltd.		420		524,232
Samsung Fire & Marine Insurance Co. Ltd.		330		89,018
Samsung Life Insurance Co. Ltd.		750		77,153
SK C&C Co. Ltd.		240		51,573
SK Telecom Co. Ltd.		240		63,424
				1,559,904
SPAIN — 0.93%
Abertis Infraestructuras SA		4,950		97,026

Security	Shares		Value
Amadeus IT Holding SA Class A		1,620	$	65,062
Banco Bilbao Vizcaya Argentaria SA		24,242		207,905
Banco de Sabadell SA		10,920		27,652
Banco Popular Espanol SA		6,270		26,561
Banco Popular Espanol SA New		26		110
Banco Santander SA		53,520		359,952
CaixaBank SA		7,200		31,394
Inditex SA		3,870		114,134
Mapfre SA		17,460		58,813
Telefonica SA		20,760		311,691
				1,300,300
SWEDEN — 1.10%
Assa Abloy AB Class B		1,440		78,733
Atlas Copco AB Class A		3,510		104,081
Atlas Copco AB Class B		2,160		59,193
Boliden AB		15,750		247,128
Hennes & Mauritz AB Class B		3,330		137,266
Investor AB Class B		2,190		79,897
Lundin Petroleum ABa		7,410		96,203
Nordea Bank AB		12,600		160,385
Sandvik AB		5,160		54,142
Skandinaviska Enskilda Banken AB Class A		5,610		67,748
Svenska Handelsbanken AB Class A		1,560		74,073
Swedbank AB Class A		3,060		74,202
Telefonaktiebolaget LM Ericsson Class B		12,090		147,463
TeliaSonera AB		10,410		64,241
Volvo AB Class B		8,520		99,800
				1,544,555
SWITZERLAND — 3.28%
ABB Ltd. Registered		9,600		184,790
Adecco SA Registered		960		71,892
Compagnie Financiere Richemont SA Class A Bearer		2,250		187,205
Credit Suisse Group AG Registered		7,590		160,454
EMS-Chemie Holding AG Registered		180		69,648
Geberit AG Registered		210		71,944
Givaudan SA Registered		60		109,624
Kuehne & Nagel International AG Registered		420		57,793
Nestle SA Registered		13,230		1,013,047
Novartis AG Registered		9,210		902,431
Roche Holding AG Genusschein		2,730		737,653
Swatch Group AG (The) Bearer		210		83,744

54 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
Swiss Life Holding AG Registered		240	$	53,632
Swiss Re AG		1,830		165,288
Swisscom AG Registered		90		52,774
Syngenta AG Registered		660		214,632
UBS Group AG		15,810		264,459
Zurich Insurance Group AG		600		199,163
				4,600,173
TAIWAN — 1.29%
Cathay Financial Holding Co. Ltd.		90,000		129,944
Chunghwa Telecom Co. Ltd.		30,000		90,913
Delta Electronics Inc.		30,000		184,207
Formosa Petrochemical Corp.		90,000		191,918
Formosa Plastics Corp.		60,000		145,652
Fubon Financial Holding Co. Ltd.		90,000		143,653
Hon Hai Precision Industry Co. Ltd.		60,000		165,072
Mega Financial Holding Co. Ltd.		60,000		46,075
Quanta Computer Inc.		30,000		73,302
Taiwan Mobile Co. Ltd.		30,000		99,005
Taiwan Semiconductor Manufacturing Co. Ltd.		120,000		536,913
				1,806,654
THAILAND — 0.19%
Advanced Information Service PCL NVDR		9,000		67,369
Airports of Thailand PCL NVDR		9,000		89,093
Siam Commercial Bank PCL NVDR		21,000		115,170
				271,632
TURKEY — 0.14%
KOC Holding AS		22,260		116,358
Turkiye Garanti Bankasi AS		19,740		83,763
				200,121
UNITED KINGDOM — 7.18%
3i Group PLC		8,550		58,980
Amec Foster Wheeler PLC		7,890		94,504
Antofagasta PLC		15,240		148,778
ARM Holdings PLC		6,630		103,659
Associated British Foods PLC		1,560		72,702
AstraZeneca PLC		5,430		386,807
Aviva PLC		13,350		105,866
BAE Systems PLC		18,000		137,199
Barclays PLC		73,500		258,477
British American Tobacco PLC		8,670		488,566
British Land Co. PLC (The)		6,270		78,113
BT Group PLC		35,040		219,927
Bunzl PLC		3,270		93,166

Security	Shares		Value
Burberry Group PLC		2,520	$	65,439
Capita PLC		4,650		78,079
Cobham PLC		10,800		52,992
Compass Group PLC		3,240		56,009
Croda International PLC		1,890		75,421
Diageo PLC		12,030		355,937
Direct Line Insurance Group PLC		10,530		49,422
Experian PLC		5,610		98,833
Fresnillo PLC		4,020		54,278
Friends Life Group Ltd.		8,640		51,698
GlaxoSmithKline PLC		19,740		434,929
Hammerson PLC		7,380		76,313
HSBC Holdings PLC		78,390		717,706
IMI PLC		3,150		60,367
Imperial Tobacco Group PLC		5,220		244,919
Intertek Group PLC		1,260		43,393
Intu Properties PLC		8,940		49,008
Investec PLC		6,000		50,464
ITV PLC		23,790		78,606
Johnson Matthey PLC		2,400		117,545
Kingfisher PLC		13,560		69,814
Land Securities Group PLC		4,260		81,512
Legal & General Group PLC		26,310		105,861
Lloyds Banking Group PLCa		243,780		270,023
London Stock Exchange Group PLC		1,560		55,411
Marks & Spencer Group PLC		7,170		52,163
Meggitt PLC		9,930		80,386
Melrose Industries PLC		11,880		47,283
National Grid PLC		16,770		235,623
Next PLC		810		88,017
Old Mutual PLC		17,310		54,128
Pearson PLC		4,560		92,525
Persimmon PLC		2,040		48,777
Petrofac Ltd.		3,630		38,490
Prudential PLC		10,260		249,634
Randgold Resources Ltd.		1,380		117,829
Reckitt Benckiser Group PLC		3,030		256,208
Reed Elsevier PLC		6,480		112,506
Rolls-Royce Holdings PLC		9,510		127,334
Royal Bank of Scotland Group PLCa		10,890		59,273
Royal Dutch Shell PLC Class B		6,210		196,283
Royal Mail PLC		5,700		37,240
SABMiller PLC		4,680		254,833
SEGRO PLC		6,120		37,906
Severn Trent PLC		3,630		117,325

SCHEDULES OF INVESTMENTS 55

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
Shire PLC		2,730	$	199,023
Sky PLC		5,700		79,444
Smith & Nephew PLC		5,460		97,666
Smiths Group PLC		3,900		66,013
Standard Chartered PLC		11,250		149,989
Standard Life PLC		10,080		61,011
Tesco PLC		37,560		126,785
Travis Perkins PLC		2,310		66,682
Unilever PLC		5,760		253,473
United Utilities Group PLC		13,290		204,992
Vodafone Group PLC		112,170		395,058
Weir Group PLC (The)		1,710		43,147
Whitbread PLC		1,230		92,459
William Hill PLC		7,080		40,099
Wolseley PLC		1,560		90,485
WPP PLC		7,200		158,529
				10,069,341
UNITED STATES — 50.53%
3M Co.		2,430		394,389
Abbott Laboratories		6,060		271,246
AbbVie Inc.		6,300		380,205
Accenture PLC Class A		2,580		216,797
ACE Ltd.		1,530		165,179
Actavis PLCa		1,140		303,856
Activision Blizzard Inc.		2,580		53,909
Adobe Systems Inc.a		2,010		140,961
ADT Corp. (The)		1,110		38,184
Advance Auto Parts Inc.		300		47,700
Aetna Inc.		1,860		170,785
Affiliated Managers Group Inc.a		240		49,325
Aflac Inc.		2,040		116,443
AGCO Corp.		1,230		53,308
Agilent Technologies Inc.		1,350		50,990
Akamai Technologies Inc.a		840		48,850
Alexion Pharmaceuticals Inc.a		750		137,430
Alleghany Corp.a		90		39,788
Allergan Inc.		1,260		276,268
Alliance Data Systems Corp.a		210		60,654
Allstate Corp. (The)		2,250		157,027
Altera Corp.		2,130		70,130
Altria Group Inc.		10,050		533,655
Amazon.com Inc.a		1,530		542,431
American Capital Agency Corp.		3,390		73,055
American Express Co.		3,990		321,953
American International Group Inc.		6,330		309,347

Security	Shares		Value
American Tower Corp.		1,530	$	148,333
American Water Works Co. Inc.		5,250		294,735
Ameriprise Financial Inc.		960		119,942
AmerisourceBergen Corp.		1,020		96,951
AMETEK Inc.		2,040		97,716
Amgen Inc.		3,060		465,916
Amphenol Corp. Class A		1,170		62,841
Analog Devices Inc.		2,070		107,857
Annaly Capital Management Inc.		7,710		81,418
Antero Resources Corp.a		1,560		54,054
Anthem Inc.		1,350		182,196
Aon PLC		1,020		91,851
Apple Inc.		23,190		2,716,940
Applied Materials Inc.		6,360		145,262
Ashland Inc.		480		56,890
Assurant Inc.		750		47,633
AT&T Inc.		20,640		679,469
Autodesk Inc.a		990		53,465
Autoliv Inc.		390		41,363
Automatic Data Processing Inc.		2,130		175,789
AutoZone Inc.a		150		89,544
Avago Technologies Ltd.		1,290		132,715
AvalonBay Communities Inc.		570		98,604
Avnet Inc.		960		39,955
Axis Capital Holdings Ltd.		900		45,810
B/E Aerospace Inc.a		750		43,748
Baker Hughes Inc.		3,540		205,285
Bank of America Corp.		43,110		653,116
Bank of New York Mellon Corp. (The)		6,810		245,160
Baxter International Inc.		2,280		160,307
BB&T Corp.		3,210		113,281
Becton, Dickinson and Co.		870		120,130
Berkshire Hathaway Inc. Class Ba		4,770		686,451
Best Buy Co. Inc.		1,230		43,296
Biogen Idec Inc.a		930		361,919
BlackRock Inc.d		600		204,306
Boeing Co. (The)		3,000		436,110
BorgWarner Inc.		990		53,470
Boston Properties Inc.		690		95,772
Boston Scientific Corp.a		6,420		95,080
Bristol-Myers Squibb Co.		6,450		388,741
Broadcom Corp. Class A		3,090		131,124
Brown-Forman Corp. Class B NVS		960		85,315
C.R. Bard Inc.		420		71,833
CA Inc.		2,460		74,538

56 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
Cabot Oil & Gas Corp.		1,110	$	29,415
Cameron International Corp.a		2,190		98,068
Campbell Soup Co.		840		38,422
Capital One Financial Corp.		3,030		221,826
Cardinal Health Inc.		1,590		132,272
CareFusion Corp.a		1,320		78,276
Caterpillar Inc.		2,760		220,717
CBRE Group Inc. Class Aa		1,710		55,301
CBS Corp. Class B NVS		2,520		138,121
Celanese Corp. Series A		1,500		80,640
Celgene Corp.a		3,180		378,929
CenturyLink Inc.		1,560		57,985
Cerner Corp.a		1,230		81,611
Charles Schwab Corp. (The)		5,100		132,498
Charter Communications Inc. Class Aa		330		49,868
Cheniere Energy Inc.a		2,460		175,595
Chipotle Mexican Grill Inc.a		90		63,886
Chubb Corp. (The)		1,320		129,228
Cigna Corp.		1,380		147,425
Cimarex Energy Co.		540		55,728
Cintas Corp.		810		63,747
Cisco Systems Inc.		21,360		563,156
CIT Group Inc.		810		35,494
Citigroup Inc.		12,900		605,655
Citrix Systems Inc.a		870		51,556
CME Group Inc./IL		1,530		130,509
Coach Inc.		1,530		56,901
Cobalt International Energy Inc.a		11,340		103,421
Coca-Cola Co. (The)		16,800		691,656
Coca-Cola Enterprises Inc.		1,980		83,358
Cognizant Technology Solutions Corp. Class Aa		2,760		149,399
Colgate-Palmolive Co.		3,840		259,277
Comcast Corp. Class A		8,760		465,550
Comcast Corp. Class A Special NVS		2,190		115,851
Concho Resources Inc.a		600		66,510
Consolidated Edison Inc.		1,140		78,979
Constellation Brands Inc.a		960		106,032
Core Laboratories NV		480		44,520
Corning Inc.		5,280		125,506
Costco Wholesale Corp.		2,340		334,597
Crown Castle International Corp.		1,290		111,598
CSX Corp.		1,710		56,943
Cummins Inc.		990		138,065
CVS Health Corp.		5,880		577,181

Security	Shares		Value
D.R. Horton Inc.		1,710	$	41,929
Danaher Corp.		3,270		269,383
DaVita HealthCare Partners Inc.a		690		51,791
Deere & Co.		1,890		161,009
Delphi Automotive PLC		1,050		72,167
Digital Realty Trust Inc.		570		41,576
DIRECTVa		2,190		186,763
Discover Financial Services		2,550		138,669
Discovery Communications Inc. Series C NVSa		2,160		60,221
DISH Network Corp. Class Aa		1,080		75,978
Dollar General Corp.a		1,110		74,437
Dover Corp.		1,140		79,846
Dr Pepper Snapple Group Inc.		1,470		113,587
E.I. du Pont de Nemours and Co.		2,490		177,313
Eaton Corp. PLC		2,460		155,201
eBay Inc.a		4,920		260,760
Ecolab Inc.		2,760		286,405
Edwards Lifesciences Corp.a		480		60,168
Electronic Arts Inc.a		1,380		75,707
Eli Lilly and Co.		3,960		285,120
EMC Corp.		9,270		240,371
Emerson Electric Co.		3,840		218,650
Ensco PLC Class A		2,310		64,772
EOG Resources Inc.		2,190		194,976
Equifax Inc.		840		70,946
Equinix Inc.		240		52,046
Equity Residential		1,410		109,430
Estee Lauder Companies Inc. (The) Class A		1,140		80,473
Everest Re Group Ltd.		510		87,404
Expedia Inc.		480		41,246
Expeditors International of Washington Inc.		1,770		77,314
Express Scripts Holding Co.a		3,630		292,977
Exxon Mobil Corp.		2,100		183,582
F5 Networks Inc.a		420		46,880
Facebook Inc. Class Aa		7,980		605,762
Fastenal Co.		1,530		67,932
Fidelity National Information Services Inc.		1,410		88,026
Fifth Third Bancorp		4,290		74,217
Fiserv Inc.a		1,410		102,267
FleetCor Technologies Inc.a		360		50,580
Flowserve Corp.		1,170		63,753

SCHEDULES OF INVESTMENTS 57

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
Fluor Corp.		1,350	$	72,347
FMC Technologies Inc.a		2,670		100,072
Ford Motor Co.		13,230		194,613
Franklin Resources Inc.		1,890		97,392
Freeport-McMoRan Inc.		5,700		95,817
Gap Inc. (The)		1,080		44,485
Garmin Ltd.		810		42,412
General Dynamics Corp.		1,680		223,793
General Electric Co.		41,580		993,346
General Growth Properties Inc.		1,710		51,608
General Mills Inc.		3,450		181,056
General Motors Co.		4,050		132,111
Gilead Sciences Inc.a		6,270		657,284
Goldman Sachs Group Inc. (The)		2,160		372,406
Google Inc. Class Aa		1,230		661,186
Google Inc. Class Ca		1,020		545,210
H&R Block Inc.		1,470		50,392
Halliburton Co.		5,190		207,548
Harley-Davidson Inc.		870		53,679
Hartford Financial Services Group Inc. (The)		2,760		107,364
Hasbro Inc.		750		41,190
HCA Holdings Inc.a		870		61,596
HCP Inc.		2,340		110,659
Health Care REIT Inc.		1,740		142,593
Helmerich & Payne Inc.		1,230		73,259
Henry Schein Inc.a		420		57,989
Hershey Co. (The)		990		101,188
Hertz Global Holdings Inc.a		3,480		71,410
Hewlett-Packard Co.		8,130		293,737
HollyFrontier Corp.		1,050		37,716
Home Depot Inc. (The)		5,400		563,868
Honeywell International Inc.		2,370		231,691
Host Hotels & Resorts Inc.		1,620		37,082
Humana Inc.		750		109,830
IHS Inc. Class Aa		420		48,355
Illinois Tool Works Inc.		2,370		220,623
Illumina Inc.a		510		99,547
Ingersoll-Rand PLC		1,500		99,600
Intel Corp.		20,370		673,025
Intercontinental Exchange Inc.		540		111,094
International Business Machines Corp.		3,990		611,707
International Flavors & Fragrances Inc.		1,830		194,181
Intuit Inc.		1,260		109,393
Intuitive Surgical Inc.a		150		74,172

Security	Shares		Value
Invesco Ltd.		2,280	$	83,744
J.M. Smucker Co. (The)		690		71,174
Jacobs Engineering Group Inc.a		1,440		54,864
Johnson & Johnson		11,520		1,153,613
Johnson Controls Inc.		1,950		90,617
Joy Global Inc.		1,050		44,037
JPMorgan Chase & Co.		15,450		840,171
Juniper Networks Inc.		2,490		56,598
Kansas City Southern		570		62,751
Kellogg Co.		1,530		100,337
Keurig Green Mountain Inc.		540		66,182
KeyCorp		4,080		52,999
Kimberly-Clark Corp.		420		45,343
Kimco Realty Corp.		1,260		34,839
Kinder Morgan Inc.		12,960		532,008
KLA-Tencor Corp.		1,200		73,764
Kohl’s Corp.		750		44,790
Kraft Foods Group Inc.		3,000		196,020
L Brands Inc.		960		81,245
L-3 Communications Holdings Inc.		840		103,421
Lam Research Corp.		1,260		96,314
Las Vegas Sands Corp.		1,920		104,390
Legg Mason Inc.		1,050		58,212
Lennar Corp. Class A		1,050		47,156
Liberty Global PLC Series Aa		1,140		53,261
Liberty Global PLC Series C NVSa		2,040		93,004
Liberty Interactive Corp. Series Aa		2,190		59,918
Lincoln National Corp.		1,830		91,463
LinkedIn Corp. Class Aa		390		87,649
Lockheed Martin Corp.		1,380		259,951
Loews Corp.		2,010		76,903
Lorillard Inc.		1,980		129,908
Lowe’s Companies Inc.		3,480		235,805
LyondellBasell Industries NV Class A		600		47,454
M&T Bank Corp.		540		61,106
Macy’s Inc.		1,470		93,904
Manpowergroup Inc.		750		54,660
Marathon Petroleum Corp.		1,320		122,219
Marsh & McLennan Companies Inc.		1,320		70,976
MasterCard Inc. Class A		4,110		337,143
Mattel Inc.		1,710		45,999
McCormick & Co. Inc. NVS		990		70,676
McDonald’s Corp.		4,410		407,660
McGraw Hill Financial Inc.		1,140		101,962
McKesson Corp.		1,020		216,903

58 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
Mead Johnson Nutrition Co. Class A		1,080	$	106,369
Merck & Co. Inc.		11,820		712,510
MetLife Inc.		4,590		213,435
Micron Technology Inc.a		5,160		151,007
Microsoft Corp.		30,810		1,244,724
Molson Coors Brewing Co. Class B NVS		990		75,171
Mondelez International Inc. Class A		7,590		267,472
Monsanto Co.		3,000		353,940
Monster Beverage Corp.a		750		87,713
Moody’s Corp.		840		76,717
Morgan Stanley		6,780		229,232
Mosaic Co. (The)		960		46,742
Motorola Solutions Inc.		1,020		63,658
Mylan Inc./PAa		1,680		89,292
NASDAQ OMX Group Inc. (The)		1,470		67,032
National Oilwell Varco Inc.		3,390		184,518
NetApp Inc.		1,590		60,102
Netflix Inc.a		210		92,778
News Corp. Class A NVSa		2,730		40,650
Nielsen NV		1,860		81,022
Nike Inc. Class B		3,060		282,285
Norfolk Southern Corp.		720		73,418
Northeast Utilities		4,440		246,775
Northern Trust Corp.		1,470		96,109
Northrop Grumman Corp.		1,350		211,882
NVIDIA Corp.		4,290		82,389
O’Reilly Automotive Inc.a		480		89,933
Oceaneering International Inc.		2,160		113,098
Omnicom Group Inc.		1,200		87,360
Oracle Corp.		14,730		617,040
PACCAR Inc.		2,250		135,247
Pall Corp.		780		75,473
Parker-Hannifin Corp.		840		97,826
PartnerRe Ltd.		600		68,640
Paychex Inc.		1,140		51,596
Pepco Holdings Inc.		2,190		60,116
PepsiCo Inc.		6,360		596,441
Perrigo Co. PLC		570		86,492
Pfizer Inc.		25,350		792,187
PG&E Corp.		3,780		222,302
Philip Morris International Inc.		6,990		560,878
Pioneer Natural Resources Co.		480		72,254
PNC Financial Services Group Inc. (The)d		2,550		215,577

Security	Shares		Value
PPG Industries Inc.		330	$	73,550
Precision Castparts Corp.		750		150,075
Priceline Group Inc. (The)a		210		211,991
Principal Financial Group Inc.		1,350		63,356
Procter & Gamble Co. (The)		10,920		920,447
Prologis Inc.		2,250		101,565
Prudential Financial Inc.		2,250		170,730
Public Storage		660		132,554
PulteGroup Inc.		2,190		45,092
PVH Corp.		420		46,309
QUALCOMM Inc.		6,990		436,595
Quanta Services Inc.a		1,980		52,430
Quest Diagnostics Inc.		660		46,906
Ralph Lauren Corp.		390		65,087
Raytheon Co.		1,710		171,085
Realty Income Corp.		1,170		63,543
Red Hat Inc.a		810		51,670
Regeneron Pharmaceuticals Inc.a		300		124,998
Regions Financial Corp.		8,010		69,687
RenaissanceRe Holdings Ltd.		450		43,034
Reynolds American Inc.		2,160		146,772
Robert Half International Inc.		870		50,512
Rockwell Automation Inc.		1,050		114,366
Rockwell Collins Inc.		960		82,195
Roper Industries Inc.		660		101,864
Ross Stores Inc.		960		88,042
Salesforce.com Inc.a		2,250		127,012
SanDisk Corp.		1,110		84,260
SBA Communications Corp. Class Aa		450		52,515
Schlumberger Ltd.		7,680		632,755
Seagate Technology PLC		1,230		69,421
Sealed Air Corp.		1,260		51,030
Sempra Energy		1,470		164,522
Sensata Technologies Holding NVa		1,380		68,062
Sherwin-Williams Co. (The)		750		203,452
Sigma-Aldrich Corp.		1,530		210,406
Simon Property Group Inc.		1,230		244,352
Spectra Energy Corp.		9,180		306,979
St. Jude Medical Inc.		1,350		88,925
Stanley Black & Decker Inc.		1,050		98,332
Staples Inc.		4,110		70,076
Starbucks Corp.		3,270		286,223
State Street Corp.		2,280		163,043
Stryker Corp.		1,590		144,769
SunTrust Banks Inc.		2,700		103,734

SCHEDULES OF INVESTMENTS 59

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
Superior Energy Services Inc.		3,120	$	62,400
Symantec Corp.		3,480		86,200
Sysco Corp.		2,730		106,934
T. Rowe Price Group Inc.		1,230		96,826
Target Corp.		1,950		143,539
TD Ameritrade Holding Corp.		1,260		40,811
TE Connectivity Ltd.		1,680		111,535
Tesla Motors Inc.a		330		67,188
Tesoro Corp.		2,790		228,027
Texas Instruments Inc.		4,410		235,714
Textron Inc.		1,410		60,010
Thermo Fisher Scientific Inc.		1,770		221,622
Tiffany & Co.		600		51,984
Time Warner Cable Inc.		1,230		167,440
Time Warner Inc.		4,530		353,023
TJX Companies Inc. (The)		3,240		213,646
Towers Watson & Co. Class A		420		49,770
TransDigm Group Inc.		330		67,825
Travelers Companies Inc. (The)		2,040		209,753
TripAdvisor Inc.a		480		32,165
Twenty-First Century Fox Inc. Class A		4,260		141,262
Twenty-First Century Fox Inc. Class B		3,600		114,660
Twitter Inc.a		1,110		41,658
U.S. Bancorp		7,290		305,524
Under Armour Inc. Class Aa		630		45,410
Union Pacific Corp.		3,330		390,309
United Parcel Service Inc.		1,920		189,773
United Rentals Inc.a		960		79,536
United Technologies Corp. Class B		4,170		478,633
UnitedHealth Group Inc.		4,290		455,812
Unum Group		1,860		57,772
Varian Medical Systems Inc.a		600		55,536
Verisk Analytics Inc. Class Aa		810		52,124
Verizon Communications Inc.		16,230		741,873
Vertex Pharmaceuticals Inc.a		600		66,084
VF Corp.		1,530		106,136
Viacom Inc. Class B NVS		1,920		123,686
Visa Inc. Class A		2,040		520,016
VMware Inc. Class Aa		510		39,321
Vornado Realty Trust		600		66,264
Voya Financial Inc.		900		35,109
W.W. Grainger Inc.		360		84,902
Wal-Mart Stores Inc.		6,570		558,319
Walgreens Boots Alliance Inc.		3,990		294,262
Walt Disney Co. (The)		6,900		627,624

Security	Shares		Value
Waters Corp.a		360	$	42,858
Wells Fargo & Co.		20,370		1,057,610
Western Digital Corp.		1,140		110,842
Western Union Co.		2,820		47,940
Whirlpool Corp.		270		53,752
Whole Foods Market Inc.		1,770		92,208
Williams Companies Inc. (The)		4,800		210,528
Wynn Resorts Ltd.		420		62,139
Xerox Corp.		7,350		96,799
Xilinx Inc.		1,770		68,278
XL Group PLC		2,040		70,360
Xylem Inc.		1,290		43,989
Yahoo! Inc.a		4,230		186,078
Yum! Brands Inc.		1,560		112,757
Zimmer Holdings Inc.		960		107,616
Zoetis Inc.		1,740		74,350
				70,845,587
TOTAL COMMON STOCKS
(Cost: $141,472,190)				138,531,705
PREFERRED STOCKS — 0.96%
BRAZIL — 0.49%
AES Tiete SA		9,000		55,525
Banco Bradesco SA		12,000		150,793
Companhia Energetica de Minas Gerais		15,000		66,556
Companhia Energetica de Sao Paulo Class B		9,000		78,996
Companhia Paranaense de Energia Class B		3,000		34,871
Itau Unibanco Holding SA		12,000		147,083
Vale SA Class A		24,000		147,977
				681,801
GERMANY — 0.32%
Bayerische Motoren Werke AG		1,110		94,131
Henkel AG & Co. KGaA		930		106,625
Porsche Automobil Holding SE		810		68,060
Volkswagen AG		810		181,255
				450,071
SOUTH KOREA — 0.15%
Hyundai Motor Co. Ltd.		420		44,166
Hyundai Motor Co. Ltd. Series 2		480		52,670
Samsung Electronics Co. Ltd.		120		116,972
				213,808
TOTAL PREFERRED STOCKS
(Cost: $1,418,155)				1,345,680

60 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI ACWI LOW CARBON TARGET ETF

January 31, 2015

Security	Shares		Value
RIGHTS — 0.01%
SPAIN — 0.01%
Banco Santander SAa		53,520	$	8,153
				8,153
TOTAL RIGHTS
(Cost: $9,211)				8,153
SHORT-TERM INVESTMENTS — 0.45%
MONEY MARKET FUNDS — 0.45%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%d,e,f		329,879		329,879
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%d,e,f		19,844		19,844
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		287,804		287,804
				637,527
TOTAL SHORT-TERM INVESTMENTS
(Cost: $637,527)				637,527
TOTAL INVESTMENTS IN SECURITIES — 100.23%
(Cost: $143,537,083)				140,523,065
Other Assets, Less Liabilities — (0.23)%				(317,999	)
NET ASSETS — 100.00%			$	140,205,066

CPO  —  Certificates of Participation (Ordinary)

FDR  —  Fiduciary Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

NVS  —  Non-Voting Shares

SP ADR  —  Sponsored American Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 61

Schedule of Investments   (Unaudited)

iSHARES^® MSCI EUROPE FINANCIALS ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.83%
AUSTRIA — 0.62%
Erste Group Bank AG		55,275	$	1,199,161
IMMOEAST AG Escrowa		740		—
IMMOFINANZ AGa		190,280		434,596
IMMOFINANZ AG Escrowa		328		—
Raiffeisen International Bank Holding AGb		23,115		271,275
Vienna Insurance Group AG		7,705		327,052
				2,232,084
BELGIUM — 1.53%
Ageas		43,550		1,490,538
Groupe Bruxelles Lambert SA		16,080		1,332,423
KBC Groep NVa		49,580		2,669,586
				5,492,547
DENMARK — 1.07%
Danske Bank A/S		129,980		3,371,216
Tryg A/S		4,020		471,049
				3,842,265
FINLAND — 1.20%
Sampo OYJ		88,775		4,299,648
				4,299,648
FRANCE — 11.41%
AXA SA		360,125		8,475,122
BNP Paribas SA		210,045		11,086,861
CNP Assurances SA		34,170		601,137
Credit Agricole SA		204,350		2,436,277
Eurazeo		7,705		542,202
Fonciere des Regions		5,695		584,750
Gecina SA		5,695		746,441
Icade		7,370		643,378
Klepierre		36,740		1,733,412
Natixis SA		185,255		1,181,557
SCOR SE		30,485		951,698
Societe Generale		143,715		5,811,550
Unibail-Rodamco SE		19,430		5,483,640
Wendel		6,365		714,308
				40,992,333
GERMANY — 10.94%
Allianz SE Registered		90,785		14,998,148
Commerzbank AGa		191,955		2,311,247
Deutsche Annington Immobilien SE		48,575		1,688,286
Deutsche Bank AG Registered		273,360		7,958,608

Security	Shares		Value
Deutsche Boerse AG		38,190	$	2,931,788
Deutsche Wohnen AG Bearer		56,615		1,471,962
Hannover Rueck SE Registered		11,725		1,051,077
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		34,170		6,863,529
				39,274,645
IRELAND — 0.46%
Bank of Irelanda		5,454,805		1,649,668
				1,649,668
ITALY — 6.16%
Assicurazioni Generali SpA		231,485		4,884,802
Banca Monte dei Paschi di Siena SpAa		945,615		426,832
Banco Popolare SCa		71,690		907,682
Exor SpA		19,430		794,152
Intesa Sanpaolo SpA		2,307,145		6,763,889
Intesa Sanpaolo SpA RNC		184,920		472,436
Mediobanca SpA		119,595		1,037,819
UniCredit SpA		871,670		5,149,336
Unione di Banche Italiane SpA		169,845		1,171,053
UnipolSai SpA		180,565		500,839
				22,108,840
NETHERLANDS — 3.79%
AEGON NV		361,800		2,588,861
Delta Lloyd NV		39,530		748,516
ING Groep NV CVAa		764,805		9,597,055
NN Group NVa		24,455		665,622
				13,600,054
NORWAY — 0.97%
DNB ASA		193,630		2,805,580
Gjensidige Forsikring ASA		39,530		665,591
				3,471,171
PORTUGAL — 0.14%
Banco Comercial Portugues SA Registereda		6,989,440		496,896
				496,896
SPAIN — 10.18%
Banco Bilbao Vizcaya Argentaria SA		1,189,421		10,200,740
Banco de Sabadell SA		676,365		1,712,720
Banco Popular Espanol SA		354,095		1,500,018
Banco Popular Espanol SA New		1,594		6,752
Banco Santander SA		2,735,338		18,396,691
Bankia SAa		913,545		1,195,833
Bankinter SA		133,665		930,497

62 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE FINANCIALS ETF

January 31, 2015

Security	Shares		Value
CaixaBank SA		454,260	$	1,980,725
Mapfre SA		183,245		617,247
				36,541,223
SWEDEN — 7.13%
Industrivarden AB Class C		32,495		579,787
Investment AB Kinnevik		46,565		1,394,848
Investor AB Class B		90,450		3,299,846
Nordea Bank AB		602,330		7,667,057
Skandinaviska Enskilda Banken AB Class A		301,165		3,636,937
Svenska Handelsbanken AB Class A		98,825		4,692,499
Swedbank AB Class A		179,560		4,354,180
				25,625,154
SWITZERLAND — 11.52%
Baloise Holding AG Registered		9,380		1,223,412
Credit Suisse Group AG Registered		302,840		6,402,085
Julius Baer Group Ltd.a		44,220		1,807,154
Pargesa Holding SA Bearer		6,030		435,840
Partners Group Holding AG		3,350		897,897
Swiss Life Holding AG Registereda		6,365		1,422,362
Swiss Prime Site AG Registereda		11,390		987,905
Swiss Re AGa		69,680		6,293,580
UBS Group AG		723,935		12,109,515
Zurich Insurance Group AGa		29,480		9,785,546
				41,365,296
UNITED KINGDOM — 32.71%
3i Group PLC		192,960		1,331,082
Aberdeen Asset Management PLC		182,575		1,200,215
Admiral Group PLC		38,525		837,823
Aviva PLC		584,240		4,633,044
Barclays PLC		3,255,530		11,448,724
British Land Co. PLC (The)		191,620		2,387,253
Direct Line Insurance Group PLC		297,480		1,396,204
Friends Life Group Ltd.		281,065		1,681,773
Hammerson PLC		155,775		1,610,805
Hargreaves Lansdown PLC		46,900		712,140
HSBC Holdings PLC		3,796,220		34,756,620
ICAP PLC		109,210		766,970
Intu Properties PLC		182,240		999,028
Investec PLC		109,545		921,344
Land Securities Group PLC		156,780		2,999,862
Legal & General Group PLC		1,177,190		4,736,532

Security	Shares		Value
Lloyds Banking Group PLCa		11,319,315	$	12,537,859
London Stock Exchange Group PLC		44,555		1,582,591
Old Mutual PLC		972,505		3,040,981
Prudential PLC		508,865		12,381,088
Royal Bank of Scotland Group PLCa		501,160		2,727,758
RSA Insurance Group PLCa		201,000		1,371,450
Schroders PLC		24,790		1,078,987
SEGRO PLC		147,400		912,972
Standard Chartered PLC		489,770		6,529,796
Standard Life PLC		474,025		2,869,112
				117,452,013
TOTAL COMMON STOCKS
(Cost: $405,948,649)				358,443,837
RIGHTS — 0.11%
SPAIN — 0.11%
Banco Santander SAa		2,603,670		396,645
				396,645
TOTAL RIGHTS
(Cost: $448,085)				396,645
SHORT-TERM INVESTMENTS — 0.08%
MONEY MARKET FUNDS — 0.08%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		260,079		260,079
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		15,645		15,645
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		7,388		7,388
				283,112
TOTAL SHORT-TERM INVESTMENTS
(Cost: $283,112)				283,112

SCHEDULES OF INVESTMENTS 63

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE FINANCIALS ETF

January 31, 2015

Security	Value
TOTAL INVESTMENTS IN SECURITIES — 100.02%
(Cost: $406,679,846)	$	359,123,594
Other Assets, Less Liabilities — (0.02)%		(56,310	)
NET ASSETS — 100.00%	$	359,067,284

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

64 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments   (Unaudited)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.03%
AUSTRALIA — 0.00%
AED Oil Ltd.a		11,395	$	—
				—
AUSTRIA — 1.67%
AMAG Austria Metall AGb		259		8,102
ams AG		2,362		92,934
Austria Technologie & Systemtechnik AG		1,020		13,214
BUWOG AG		1,664		32,522
CA Immobilien Anlagen AGc		2,821		57,157
conwert Immobilien Invest SE		2,074		24,106
DO & Co. AG		153		11,481
EVN AG		1,355		14,948
FACC AGa		663		6,060
Flughafen Wien AG		186		16,118
Lenzing AG		273		17,671
Mayr-Melnhof Karton AG		306		31,568
Oesterreichische Post AG		1,173		58,109
Palfinger AG		493		12,879
RHI AG		799		21,008
S IMMO AG		1,980		15,305
Schoeller-Bleckmann Oilfield Equipment AG		383		22,600
Semperit AG Holding		379		16,765
UNIQA Insurance Group AG		4,358		36,883
Wienerberger AG		4,054		57,299
Zumtobel Group AG		986		22,665
				589,394
BELGIUM — 2.61%
Ablynx NVa		1,858		21,931
Ackermans & van Haaren NV		803		95,372
Agfa-Gevaert NVa		6,222		14,527
Barco NV		391		25,145
Befimmo SA		683		52,094
bpost SA		2,008		52,841
Cofinimmo SA		578		70,606
Compagnie d’Entreprises CFE SA		262		24,953
Compagnie Maritime Belge SA		486		7,609
Econocom Group SA/NVc		2,040		16,685
Elia System Operator SA		999		43,836
Euronav SAa		2,708		31,750
EVS Broadcast Equipment SA		493		16,618
Exmar NV		1,071		9,427

Security	Shares		Value
Fagron		1,088	$	44,408
Galapagos NVa		897		18,402
GIMV NV		714		32,269
Ion Beam Applications SAa		646		12,666
KBC Ancora SCAa		1,090		32,737
Kinepolis Group NV		544		23,880
Melexis NV		697		34,922
Mobistar SAa		1,037		23,006
NV Bekaert SA		1,343		40,547
Nyrstar NVa		10,095		37,923
Ontex Group NVa		1,153		29,906
RHJ International SAa		2,686		14,094
SA D’Ieteren NV		768		24,804
Tessenderlo Chemie NVa,c		1,116		28,858
ThromboGenics NVa,c		1,156		9,060
Warehouses De Pauw SCA		425		32,612
				923,488
DENMARK — 3.16%
ALK-Abello A/S		209		23,793
Alm. Brand A/Sa		2,771		14,366
Ambu AS		864		18,336
Auriga Industries A/S Class Ba		459		21,708
Bang & Olufsen A/S Class Ba,c		1,567		10,855
Bavarian Nordic A/Sa		850		26,221
Christian Hansen Holding A/S		3,400		141,269
D/S Norden A/Sc		935		19,389
DFDS A/S		238		22,945
FLSmidth & Co. A/Sc		1,663		70,383
Genmab A/Sa		1,445		96,992
GN Store Nord A/S		5,423		121,664
Jyske Bank A/S Registereda		2,438		110,464
Matas A/S		1,088		23,584
NKT Holding A/S		833		42,793
PER Aarsleff A/S Class B		75		16,906
Rockwool International A/S Class B		238		25,507
Royal Unibrew A/Sa		289		49,284
Schouw & Co. A/S		374		17,348
SimCorp A/S		1,343		38,986
Solar Holdings A/S Class B		238		10,535
Spar Nord Bank AS		3,247		29,286
Sydbank A/Sa		2,426		68,401
Topdanmark A/Sa		2,856		95,591
				1,116,606
FINLAND — 2.45%
Amer Sports OYJ Class A		4,011		76,402

SCHEDULES OF INVESTMENTS 65

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Cargotec Corp. OYJ Class B		1,293	$	41,409
Caverion Corp.		3,482		32,534
Citycon OYJ		9,367		31,774
Cramo OYJ		1,207		18,605
Elektrobit OYJ		2,079		9,619
F-Secure OYJ		3,213		8,303
Huhtamaki OYJ		2,948		80,805
Kemira OYJ		3,415		39,076
Kesko OYJ Class B		2,189		79,960
Konecranes OYJc		1,606		48,950
Metsa Board OYJ Class B		5,635		33,702
Oriola-KD OYJ Class Ba		3,111		12,673
Outokumpu OYJa,c		6,494		35,190
Outotec OYJc		5,729		33,133
PKC Group OYJ		765		16,661
Ramirent OYJ		2,244		18,511
Sanitec OYJa		2,074		23,818
Sanoma OYJ		2,839		17,860
Sponda OYJ		7,378		33,969
Stockmann OYJ Abp Class B		1,071		7,427
Technopolis OYJ		3,519		15,963
Tieto OYJ		1,761		43,261
Uponor OYJ		1,972		30,042
Valmet OYJ		4,403		56,642
YIT OYJc		3,536		20,609
				866,898
FRANCE — 7.15%
AB Science SAa		391		6,508
Air France-KLMa,c		4,733		41,910
Akka Technologies SA		306		11,084
Albioma SA		708		13,167
ALTEN		901		37,772
Altran Technologies SA		5,021		44,517
APERAM SAa		1,632		42,800
Belvedere SAa,c		898		10,174
Beneteau SAa		1,326		19,377
Boiron SA		278		28,422
Bonduelle SCA		527		11,894
BOURBON SA		671		13,891
CGGa,c		5,614		31,473
Club Mediterranee SAa		748		20,756
Coface SAa		3,407		41,618
Compagnie Plastic Omnium SA		2,176		62,873
DBV Technologies SAa		323		15,633
Derichebourg		3,519		13,732

Security	Shares		Value
Eiffage SA		1,441	$	70,296
Elior Participations SCAa,b		2,618		41,330
Erameta		187		15,052
Etablissements Maurel et Proma		3,230		26,119
Euler Hermes Group		484		47,495
Eurofins Scientific SE		313		80,707
Faiveley Transport SA		255		15,478
Faurecia		2,131		86,137
FFPa		255		16,877
GameLoft SAa		2,839		9,451
Gaztransport Et Technigaz SA		579		32,721
Genfita		612		39,710
Groupe Fnaca		385		19,338
Guerbet		187		6,943
Havas SA		9,247		71,478
Ingenico SA		1,594		166,708
Innate Pharma SAa		1,433		14,909
Interparfums SA		357		10,555
Ipsen SA		1,156		58,832
Ipsos SA		1,241		32,328
Jacquet Metal Service SA		515		8,979
Korian-Medica		1,234		46,635
LISI		595		14,771
M6-Metropole Television		2,037		37,238
Mercialys		1,768		42,745
Mersen		544		12,830
Montupet		208		16,564
MPI		3,162		10,847
Naturex		221		11,564
Neopost SA		1,209		62,758
Nexans SAa		1,059		33,467
Nexity		969		38,195
NextRadioTV		307		8,869
Norbert Dentressangle SA		106		15,640
Orpea SA		1,275		83,003
Rallye SA		786		29,536
Rubis SCA		1,225		71,039
Saft Groupe SA		935		29,944
Sartorius Stedim Biotech SA		153		29,791
SEB SA		799		54,702
Societe Television Francaise 1		4,097		64,911
Soitec SAa,c		6,640		6,669
Solocal Groupa		31,991		26,967
Sopra Steria Group		459		35,791
Stallergenes SA		153		9,102

66 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Tarkett SA		697	$	14,299
Technicolor SA Registereda		9,901		59,328
Teleperformance		1,984		142,368
Trigano SA		238		7,088
Ubisoft Entertainment SAa		3,366		67,953
Valneva SEa		1,710		7,854
Vicat SA		629		44,234
Vilmorin & Cie SA		236		20,773
Virbac SA		153		34,047
				2,530,566
GERMANY — 9.62%
Aareal Bank AG		1,641		62,285
AIXTRON SEa		3,704		29,371
Alstria Office REIT AG		2,635		33,734
Amadeus Fire AG		187		13,927
Aurelius AG		731		29,276
Aurubis AG		1,139		61,913
BayWa AG Registeredc		510		20,062
Bechtle AG		510		43,198
Bertrandt AG		162		21,316
Bijou Brigitte modische Accessoires AG		168		10,108
Bilfinger Berger SE		1,583		82,922
Borussia Dortmund GmbH & Co. KGaA		2,581		11,612
BRAAS Monier Building Group SAa		795		16,242
CANCOM SEc		493		21,174
Carl Zeiss Meditec AG Bearerc		1,156		30,466
Cewe Stiftung & Co. KGAA		204		11,952
Comdirect Bank AG		1,193		11,847
CompuGroup Medical AG		867		22,414
CTS Eventim AG & Co. KGaA		1,496		42,879
Deutsche Beteiligungs AG		425		13,189
Deutsche EuroShop AG		1,472		68,212
DEUTZ AG		3,145		14,519
Dialog Semiconductor PLCa		2,422		93,172
DIC Asset AG		1,632		17,066
DMG MORI SEIKI AG		2,163		70,784
DO Deutsche Office AGa		2,686		10,812
Drillisch AG		1,467		57,113
Duerr AG		889		81,058
ElringKlinger AG		1,099		38,358
Evotec AGa,c		3,655		15,133
Freenet AG		4,396		131,259
GAGFAH SAa		7,418		165,659
Gerresheimer AG		1,086		59,308
Gerry Weber International AG		884		34,171

Security	Shares		Value
Gesco AG		136	$	10,658
Grammer AG		391		15,611
Grand City Properties SAa,c		2,574		42,117
Hamborner REIT AG		1,649		17,067
Hamburger Hafen und Logistik AG		897		18,458
Heidelberger Druckmaschinen AGa,c		9,062		21,301
Homag Group AG		221		8,616
Indus Holding AG		816		35,645
Jenoptik AG		1,558		20,913
KION Group AG		1,712		66,458
Kloeckner & Co. SEa		3,383		34,999
Kontron AGa		1,883		11,134
Krones AG		496		47,066
KUKA AG		922		62,447
KWS Saat AG		81		24,743
LEG Immobilien AG		1,863		142,809
LEONI AG		1,116		69,856
LPKF Laser & Electronics AG		850		9,411
Manz Automation AGa,c		102		7,379
MLP AG		2,363		9,386
MorphoSys AGa		772		66,208
MTU Aero Engines Holding AG		1,785		163,419
Nemetschek AG		170		17,755
Nordex SEa		2,244		43,846
NORMA Group SE		1,105		54,928
PATRIZIA Immobilien AGa		1,190		20,875
Pfeiffer Vacuum Technology AG		357		32,096
Rational AG		119		39,205
Rheinmetall AG		1,377		59,840
Rhoen Klinikum AG		1,717		45,494
RIB Software AGc		952		12,156
SAF-Holland SA		1,547		22,886
Salzgitter AG		1,345		36,798
SGL Carbon SEa		1,290		20,547
Sixt SE		408		15,845
SLM Solutions Group AGa		425		9,016
SMA Solar Technology AGa,c		374		4,638
Software AG		2,121		56,246
Stada Arzneimittel AG		2,091		64,995
Stoeer Media SE		765		22,315
STRATEC Biomedical AG		170		9,159
Suedzucker AGc		2,822		35,427
TAG Immobilien AG		3,636		47,247
Takkt AG		1,174		20,005
Tom Tailor Holding AGa		773		9,499

SCHEDULES OF INVESTMENTS 67

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Vossloh AGc		327	$	20,971
Wacker Chemie AGc		535		57,354
Wacker Neuson SE		1,017		20,600
Wincor Nixdorf AG		1,024		47,001
Wirecard AG		4,030		180,633
XING AG		85		10,388
zooplus AGa,c		135		12,629
				3,402,606
HONG KONG — 0.00%
Boshiwa International Holding Ltd.a		20,000		387
China Hongxing Sports Ltd.a		198,000		1
Peace Mark Holdings Ltd.a		30,000		—
Real Gold Mining Ltd.a		27,000		35
Titan Petrochemicals Group Ltd.a		400,000		1
				424
IRELAND — 1.80%
Aer Lingus Group PLC		7,667		18,601
C&C Group PLC		11,883		46,531
FBD Holdings PLC		765		9,496
Glanbia PLC		6,222		100,403
Hibernia REIT PLCa		23,276		29,260
Irish Continental Group PLC		5,270		19,625
Kingspan Group PLC		4,981		90,242
Origin Enterprises PLCa		932		8,267
Paddy Power PLC		1,530		119,562
Smurfit Kappa Group PLC		7,961		196,381
				638,368
ISRAEL — 0.04%
Africa Israel Investments Ltd.a		1		—
Plus500 Ltd.		1,615		13,826
				13,826
ITALY — 6.11%
A2A SpA		44,098		41,999
ACEA SpA		1,992		22,389
Amplifon SpA		3,383		20,233
Anima Holding SpAa,b		6,889		34,454
Ansaldo STS SpA		4,152		41,723
Astaldi SpA		1,870		11,880
Autogrill SpAa		4,471		38,269
Autostrada Torino-Milano SpA		1,378		17,292
Azimut Holding SpA		3,473		81,086
Banca Carige SpAa		202,844		13,619
Banca Generali SpA		2,023		56,478
Banca IFIS SpA		731		12,580

Security	Shares		Value
Banca Popolare dell’Emilia Romagna SCa		16,537	$	111,874
Banca Popolare di Milano Scarla		143,608		115,383
Banca Popolare di Sondrio Scarl		16,082		62,610
Beni Stabili SpA SIIQ		38,624		28,832
Brembo SpA		927		32,637
Brunello Cucinelli SpA		731		15,021
Buzzi Unicem SpA		2,618		32,143
Cementir Holding SpA		1,788		11,965
Cerved Information Solutions SPAa		3,348		18,097
CIR SpAa		13,651		15,066
Credito Emiliano SpA		3,060		23,861
Credito Valtellinese SCa		38,655		43,620
Danieli & C. Officine Meccaniche SpA		428		10,490
Danieli & C. Officine Meccaniche SpA RNC		1,329		21,776
Davide Campari-Milano SpA		10,166		68,831
De’Longhi SpA		1,855		33,450
DiaSorin SpA		791		31,536
Ei Towers SpAa		608		30,126
ERG SpA		1,904		22,667
Esprinet SpA		1,122		7,666
Fincantieri SpAa		18,581		15,243
FinecoBank Banca Fineco SpAa		7,477		40,263
Geox SpAa,c		2,922		9,879
GTECH SpA		2,231		43,806
Hera SpA		21,100		51,668
Immobiliare Grande Distribuzione SIIQ SpA		13,276		10,921
Industria Macchine Automatiche SpA		408		18,016
Interpump Group SpA		2,510		35,717
Iren SpA		17,562		20,393
Italcementi SpA		6,783		46,691
Maire Tecnimont SpAa,c		3,961		8,761
MARR SpA		1,258		21,989
Mediaset SpAa		24,414		111,137
Mediolanum SpA		7,837		55,759
Moncler SpA		3,443		51,208
Piaggio & C. SpAa,c		6,273		19,113
RCS MediaGroup SpAa		8,450		10,346
Recordati SpA		3,315		54,803
Reply SpA		170		13,170
Safilo Group SpAa,c		1,340		19,128
Salini Impregilo SpAa		6,795		24,767
Salvatore Ferragamo SpA		1,743		50,470

68 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Saras SpAa		9,231	$	10,323
SAVE SpA		629		9,426
Societa Cattolica di Assicurazioni Scrl		4,639		35,807
Societa Iniziative Autostradali e Servizi SpA		2,501		25,005
Sorin SpAa		12,512		29,057
Tod’s SpAc		429		44,053
Trevi Finanziaria Industriale SpA		3,201		9,681
Unipol Gruppo Finanziario SpA		7,123		35,930
Vittoria Assicurazioni SpA		1,029		10,735
World Duty Free SpAa		4,435		48,896
Yoox SpAa,c		1,768		38,326
				2,160,140
NETHERLANDS — 3.23%
Aalberts Industries NV		3,394		98,085
Accell Group NV		799		12,172
Amsterdam Commodities NV		578		13,792
Arcadis NV		2,074		63,086
ASM International NVc		1,703		69,884
BE Semiconductor Industries NV		969		19,792
BinckBank NV		1,886		15,536
Brunel International NV		731		11,899
Corbion NV		1,937		32,219
Eurocommercial Properties NV		1,380		61,512
Euronext NVa,b		2,090		67,829
Exact Holding NV		468		16,826
Fugro NV CVA		2,536		55,031
Grontmij NVa		2,635		10,630
IMCD Group NVa		1,043		33,073
Kendrion NV		442		12,138
Koninklijke BAM Groep NVc		8,042		24,312
Koninklijke Ten Cate NV		1,003		22,297
NSI NV		4,641		20,734
Nutreco NV		2,400		122,008
PostNL NVa		15,042		54,742
Royal Imtech NVa,c		3,197		14,900
SBM Offshore NVa		6,397		69,927
TKH Group NV		1,224		38,149
TomTom NVa		3,502		23,166
USG People NV		2,278		26,452
VastNed Retail NV		663		32,878
Wereldhave NV		1,142		82,205
Wessanen		2,724		17,423
				1,142,697

Security	Shares		Value
NORWAY — 3.16%
Akastor ASAc		5,253	$	12,878
Aker ASA Class A		884		18,819
Aker Solutions ASAa		5,186		25,319
American Shipping ASA		1,422		5,504
Archer Ltd.a,c		9,078		3,596
Atea ASA		2,749		30,414
Austevoll Seafood ASA		3,179		18,581
Avance Gas Holding Ltd.b		743		9,515
Bakkafrost P/F		1,253		26,028
Borregaard ASA		3,247		22,832
BW LPG Ltd.b,c		2,601		16,105
BW Offshore Ltd.		10,697		10,227
Deep Sea Supply PLC		7,718		4,073
Det norske oljeselskap ASAa,c		3,502		14,549
DNO ASAa,c		21,039		46,147
Fred Olsen Energy ASA		1,207		10,076
Golden Ocean Group Ltd.c		9,990		6,202
Hexagon Composites ASA		2,295		5,597
Hoegh LNG Holdings Ltd.a		1,324		13,068
Kongsberg Automotive ASAa		13,379		10,513
Kvaerner ASA		6,375		7,436
Leroey Seafood Group ASA		748		26,251
Marine Harvest ASA		10,452		136,879
Nordic Semiconductor ASAa		3,349		23,117
Norwegian Air Shuttle ASAa,c		956		37,497
Norwegian Property ASAa		10,149		13,618
Ocean Yield ASA		1,479		8,969
Opera Software ASAc		4,138		54,725
Petroleum Geo-Services ASAc		7,415		40,201
Prosafe SE		8,330		22,248
REC Silicon ASAa,c		68,306		14,656
REC Solar ASAa		1,165		15,332
Salmar ASA		1,701		26,227
Schibsted ASA		2,586		166,828
SpareBank 1 Nord-Norge		3,434		16,615
SpareBank 1 SMN		4,097		29,074
Stolt-Nielsen Ltd.		1,037		16,323
Storebrand ASAa		15,270		46,103
TGS-NOPEC Geophysical Co. ASAc		3,501		81,083
Thin Film Electronics ASAa		12,563		9,855
Wilh Wilhelmsen ASA		2,373		13,257
				1,116,337
PORTUGAL — 0.70%
Altri SGPS SA		3,587		12,427

SCHEDULES OF INVESTMENTS 69

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Banco BPI SAa,c,d		12,598	$	11,856
BANIF — Banco Internacional do Funchal SAa		1,398,437		9,468
CTT-Correios de Portugal SA		5,143		54,264
Mota-Engil SGPS SAc		2,937		9,071
NOS SGPS		6,239		39,694
Portucel SA		5,365		21,746
Portugal Telecom SGPS SA Registered		19,755		14,067
Redes Energeticas Nacionais SA		5,882		16,727
Semapa — Sociedade de Investimento e Gestao SGPS SA		2,034		23,894
Sonae SGPS SA		26,715		35,090
				248,304
SINGAPORE — 0.00%
Jurong Technologies Industrial Corp. Ltd.a		60,000		—
				—
SOUTH KOREA — 0.01%
CNK International Co. Ltd.a		2,232		3,521
				3,521
SPAIN — 4.30%
Abengoa SA Class Bc		15,321		45,124
Acciona SAa		886		63,438
Acerinox SA		4,027		59,984
Almirall SAa		2,079		36,293
Applus Services SAa		2,976		31,165
Atresmedia Corporacion de Medios de Comunicacion SA		2,380		34,968
Axia Real Estate SOCIMI SAa		1,452		18,204
Bolsas y Mercados Espanoles		2,076		85,402
Carbures Europe SAa,c		1,836		4,454
Cia. de Distribucion Integral Logista Holdings SAUa		1,369		25,088
CIE Automotive SA		1,615		23,236
Construcciones y Auxiliar de Ferrocarriles SAc		63		21,146
Corporacion Financiera Alba SA		527		25,185
Duro Felguera SA		3,167		12,723
Ebro Foods SA		2,646		44,997
Ence Energia y Celulosa SA		5,029		15,039
Faes Farma SA		8,959		18,248
Faes Farma SA New		331		674
Fomento de Construcciones y Contratas SAa		4,523		56,093

Security	Shares		Value
Gamesa Corporacion Tecnologica SAa		8,137	$	80,969
Grupo Catalana Occidente SA		1,474		42,166
Hispania Activos Inmobiliarios SAUa		1,902		25,477
Indra Sistemas SAc		3,486		35,652
Inmobiliaria Colonial SAa		71,434		48,366
Jazztel PLCa		7,494		106,130
Lar Espana Real Estate SOCIMI SAa		1,634		16,484
Liberbank SAa		50,269		35,454
Mediaset Espana Comunicacion SAa		6,357		77,439
Melia Hotels International SAc		1,662		19,102
Merlin Properties SOCIMI SAa		4,474		53,617
Miquel y Costas & Miquel SA		281		9,719
NH Hotel Group SAa		6,903		34,197
Obrascon Huarte Lain SAc		1,366		31,592
Papeles y Cartones de Europa SA		1,934		9,308
Promotora de Informaciones SAa		52,940		14,039
Prosegur Compania de Seguridad SA		9,792		54,475
Sacyr SAa		11,407		42,272
Tecnicas Reunidas SA		1,040		40,448
Tubacex SA		3,009		8,811
Tubos Reunidos SA		3,043		5,460
Viscofan SA		1,518		87,791
Zeltia SAa,c		6,285		21,419
				1,521,848
SWEDEN — 7.20%
AAK AB		935		50,850
AF AB		2,261		34,711
Arcam ABa,c		476		10,271
Avanza Bank Holding AB		735		24,256
Axfood AB		626		38,026
Axis Communications ABc		1,445		38,778
B & B Tools AB Class B		880		15,079
Betsson AB		1,247		46,775
Bilia AB		595		18,089
Billerud AB		6,069		92,439
BioGaia AB Class B		493		10,727
Byggmax Group AB		2,030		13,497
Castellum AB		5,259		82,771
Clas Ohlson AB Class B		1,251		19,357
Cloetta ABa		7,820		23,727
Com Hem Holding ABa		4,074		31,543
Concentric AB		1,427		18,285
Dios Fastigheter AB		1,445		10,874
Duni AB		1,214		17,977
Fabege AB		4,565		62,467

70 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Fastighets AB Balder Class Ba		2,601	$	37,699
Fingerprint Cards ABa,c		1,955		7,468
Haldex AB		1,360		18,413
Hemfosa Fastigheter ABa		2,129		45,810
Hexpol AB		848		85,236
HIQ International AB		2,312		11,990
Holmen AB Class B		1,686		60,878
Hufvudstaden AB Class A		3,842		50,391
Industrial & Financial Systems Class B		595		18,341
Indutrade AB		1,088		44,375
Intrum Justitia AB		2,651		70,662
Investment AB Oresunda		578		11,564
JM AB		2,627		86,662
KappAhl AB		1,955		9,878
Klovern AB Class A		1,672		1,748
Klovern AB Class Ba		16,720		16,675
Kungsleden AB		5,331		40,921
LE Lundbergfortagen AB		1,333		58,428
Lindab International ABa		2,125		17,635
Loomis AB Class B		2,006		59,411
Meda AB Class A		8,550		120,615
Medivir ABa		1,003		11,912
Mekonomen AB		850		19,985
Modern Times Group MTG AB		1,921		54,432
NCC AB Class B		2,951		95,567
Net Entertainment NE AB		935		29,669
Nibe Industrier AB Class B		2,830		71,978
Nobia AB		3,927		34,108
Nolato AB		680		16,358
Nordnet AB		2,992		10,055
Opus Group ABc		6,052		5,414
Orexo ABa		547		9,241
Oriflame Cosmetics SA SDR		1,513		20,320
Peab AB		5,767		41,479
Qliro Group ABa		4,069		7,870
Ratos AB Class B		6,642		41,550
Recipharm ABa		724		12,231
Rezidor Hotel Group ABa		3,230		12,104
Saab AB Class B		2,227		54,326
SAS ABa		5,304		10,579
Scandi Standard ABa,c		1,453		9,221
SkiStar AB		1,020		10,419
SSAB AB Class Aa,c		6,904		33,600
SSAB AB Class Ba		6,630		28,604
Swedish Orphan Biovitrum ABa		5,168		54,257

Security	Shares		Value
Tethys Oil ABa		1,156	$	7,791
Trelleborg AB Class B		8,231		149,049
Unibet Group PLC SDR		866		51,557
Vostok Nafta Investment Ltd.a		2,842		11,509
Wallenstam AB Class B		2,947		48,841
Wihlborgs Fastigheter AB		2,391		46,823
				2,546,148
SWITZERLAND — 7.34%
AFG Arbonia-Forster Holding AG Registered		544		9,726
Allreal Holding AG Registered		460		72,246
Ascom Holding AG Registered		1,349		20,747
Autoneum Holding AGa		100		16,738
Banque Cantonale Vaudoise Registered		102		59,478
Basilea Pharmaceutica Registereda		334		38,662
BKW AG		510		15,244
Bossard Holding AG		204		21,108
Bucher Industries AG Registered		226		55,514
Burckhardt Compression Holding AG		102		31,541
Burkhalter Holding AG		148		15,684
Cembra Money Bank AG		748		45,528
Clariant AG Registered		10,118		162,759
Comet Holding AG Registered		28		17,651
Cosmo Pharmaceuticals SpA		153		22,949
Daetwyler Holding AG Bearer		238		28,377
Dufry AG Registereda,c		976		143,846
EFG International AG		1,930		20,851
Emmi AG		73		23,882
Evolva Holding SAa		8,279		12,958
Flughafen Zurich AG Registered		134		91,173
Forbo Holding AG Registereda		45		43,701
Galenica Holding AG Registered		154		123,947
GAM Holding AG		5,405		95,757
Gategroup Holding AGa		863		23,919
Georg Fischer AG Registereda		139		83,320
Helvetia Holding AG Registered		218		111,245
Huber & Suhner AG Registered		476		21,186
Implenia AG Registered		527		28,783
Inficon Holding AG Registered		64		21,425
Intershop Holdings AG Bearer		39		15,684
Kaba Holding AG Class B Registered		105		52,725
Komax Holding AG Registered		119		17,914
Kudelski SA Bearer		1,309		15,010
Kuoni Reisen Holding AG Class B Registereda		115		38,498

SCHEDULES OF INVESTMENTS 71

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Leonteq AG		136	$	29,978
Logitech International SA Registered		5,351		78,807
Meyer Burger Technology AGa,c		3,111		19,341
Mobilezone Holding AG Bearera		731		8,740
Mobimo Holding AG Registered		221		51,019
Myriad Group AGa		2,702		11,630
OC Oerlikon Corp. AG Registereda		6,254		71,373
Orascom Development Holding AGa		408		6,984
Panalpina Welttransport Holding AG Registered		451		55,147
PSP Swiss Property AG Registered		1,393		143,759
Rieter Holding AG Registereda		119		17,241
Santhera Pharmaceutical Holding AGa,c		131		15,022
Schmolz + Bickenbach AG Registereda		19,601		17,470
Schweiter Technologies AG Bearer		32		24,520
SFS Group AGa		356		23,255
Siegfried Holding AG Registered		136		22,646
St Galler Kantonalbank AG Registered		89		33,736
Straumann Holding AG Registered		346		78,259
Swissquote Group Holding SA Registered		357		9,313
Tecan AG Registered		340		34,275
Temenos Group AG Registereda		2,096		63,902
U-Blox AG		196		28,078
Valiant Holding AG Registered		561		45,731
Valora Holding AG Registered		102		24,634
Vetropack Holding AG Bearer		9		13,069
Vontobel Holding AG Registered		908		30,347
Zehnder Group AG Bearer		391		16,999
				2,595,051
UNITED KINGDOM — 38.48%
888 Holdings PLC		5,236		11,108
Abcam PLC		5,899		38,274
Acacia Mining PLC		5,321		22,528
Advanced Computer Software Group PLC		14,348		29,900
Advanced Medical Solutions Group PLC		7,701		15,238
Afren PLCa,c		36,210		2,882
Al Noor Hospitals Group PLC		1,411		19,242
Alent PLC		7,382		40,523
Allied Minds PLCa		3,189		20,835
Amerisur Resources PLCa		29,325		14,975
Amlin PLC		17,258		126,333
Anglo Pacific Group PLC		4,335		5,534
Anite PLC		11,186		13,734

Security	Shares		Value
AO World PLCa,c		5,797	$	26,746
Arrow Global Group PLC		5,695		19,288
Ashmore Group PLCc		12,325		51,942
ASOS PLCa		1,870		77,151
Avanti Communications Group PLCa,c		3,182		10,371
AVEVA Group PLC		2,227		43,916
Awilco Drilling PLCc		527		5,576
Balfour Beatty PLC		23,902		79,695
Bank of Georgia Holdings PLC		1,369		41,759
Barratt Developments PLC		33,694		231,974
BBA Aviation PLC		15,469		78,876
Beazley PLC		17,221		74,773
Bellway PLC		4,188		114,729
Berendsen PLC		5,984		100,119
Berkeley Group Holdings PLC (The)		4,397		160,011
Betfair Group PLC		2,350		56,895
Big Yellow Group PLC		4,658		42,745
Bodycote PLC		6,630		67,712
boohoo.com PLCa		23,040		8,218
Booker Group PLC		50,892		114,270
Bovis Homes Group PLC		4,641		57,923
Brewin Dolphin Holdings PLC		9,605		42,325
Brit PLCb		3,573		14,682
Britvic PLC		8,470		89,620
BTG PLCa		12,615		149,867
Bwin.Party Digital Entertainment PLCa		25,481		40,834
Cable & Wireless Communications PLC		93,582		70,275
Cairn Energy PLCa		19,887		57,347
Cape PLC		4,352		13,726
Capital & Counties Properties PLC		25,774		148,917
Card Factory PLCa		4,358		18,000
Carillion PLC		14,691		75,571
Catlin Group Ltd.		12,469		130,529
Centamin PLC		37,428		37,607
Chemring Group PLC		6,936		22,553
Chesnara PLC		4,012		21,165
Cineworld Group PLC		6,851		43,730
Clinigen Healthcare Ltd.a		1,819		14,070
Close Brothers Group PLC		5,131		117,212
COLT Group SAa		12,903		25,638
Costain Group PLC		2,788		12,049
Crest Nicholson Holdings PLC		7,803		48,166
CSR PLC		5,639		72,412
Daily Mail & General Trust PLC Class A NVS		9,656		124,938

72 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Dairy Crest Group PLC		4,709	$	34,556
Dart Group PLC		3,264		14,131
DCC PLC		2,883		152,762
De La Rue PLC		3,570		27,801
Debenhams PLC		40,409		45,669
Derwent London PLC		3,343		163,429
Devro PLC		5,853		24,746
Dialight PLC		1,122		11,796
Dignity PLC		1,683		47,015
Diploma PLC		3,723		42,300
Domino Printing Sciences PLC		3,910		40,079
Domino’s Pizza Group PLC		5,746		58,166
Drax Group PLC		13,915		75,341
DS Smith PLC		32,221		153,357
Dunelm Group PLC		3,145		41,543
DX Group PLC		7,939		10,821
Electrocomponents PLC		15,232		46,852
Elementis PLC		15,963		66,266
EnQuest PLCa		24,922		12,726
Enterprise Inns PLCa		17,884		27,773
Entertainment One Ltd.		7,038		29,174
Essentra PLC		8,160		101,721
esure Group PLC		10,098		34,973
Evraz PLC		12,971		33,196
Faroe Petroleum PLCa,c		8,041		7,820
Fenner PLC		7,046		19,683
Fidessa Group PLC		1,343		48,409
FirstGroup PLCa		41,563		62,174
Flybe Group PLCa		7,089		6,894
Foxtons Group PLC		7,803		22,472
Galliford Try PLC		2,844		56,212
GAME Digital PLCa		2,687		11,118
Gem Diamonds Ltd.a		3,490		7,391
Genus PLC		2,159		39,689
Globo PLCa		11,492		7,249
Go-Ahead Group PLC		1,428		53,125
Grafton Group PLC Units		7,616		76,581
Grainger PLC		14,331		41,735
Great Portland Estates PLC		11,791		139,103
Greencore Group PLC		13,951		64,577
Greene King PLC		7,477		94,386
Greggs PLC		3,502		43,182
Gulf Keystone Petroleum Ltd.a,c		30,672		21,075
GVC Holdings PLC		1,438		9,881
GW Pharmaceuticals PLCa		6,928		42,115

Security	Shares		Value
Halfords Group PLC		6,919	$	46,139
Halma PLC		12,994		135,927
Hansteen Holdings PLC		23,749		40,234
Hargreaves Services PLC		1,258		10,958
Hays PLC		48,277		112,531
Helical Bar PLC		3,791		21,721
HellermannTyton Group PLC		7,194		34,143
Henderson Group PLC		37,281		133,206
Hikma Pharmaceuticals PLC		5,120		181,478
Hiscox Ltd.		11,033		121,710
Hochschild Mining PLCa		6,664		9,058
Home Retail Group PLC		27,885		80,494
Homeserve PLC		10,319		52,291
Howden Joinery Group PLC		22,187		141,588
Hunting PLC		4,624		27,619
IG Group Holdings PLC		12,647		137,141
IGAS Energy PLCa		6,902		2,721
Imagination Technologies Group PLCa		7,360		27,082
Inchcape PLC		14,822		155,049
Indivior PLCa		22,321		58,332
Infinis Energy PLC		3,842		11,206
Informa PLC		21,148		162,622
Innovation Group PLC		44,285		19,455
Intermediate Capital Group PLC		13,690		101,366
International Personal Finance PLC		8,180		53,504
Interserve PLC		5,085		40,897
ITE Group PLC		8,891		17,460
JD Wetherspoon PLC		3,319		39,430
John Menzies PLC		1,751		9,763
John Wood Group PLC		12,769		109,505
Jupiter Fund Management PLC		12,672		72,208
Just Eat PLCa		6,752		36,152
Just Retirement Group PLC		6,035		12,626
KAZ Minerals PLCa,c		9,170		27,655
Kcom Group PLC		17,969		22,400
Keller Group PLC		2,465		33,061
Kier Group PLC		1,921		45,181
Ladbrokes PLC		31,926		55,718
Laird PLC		9,299		44,524
Lancashire Holdings Ltd.		6,460		59,232
LondonMetric Property PLC		20,587		49,317
Lonmin PLCa		15,696		38,520
Lookers PLC		11,373		25,579
Majestic Wine PLCc		2,414		12,218
Man Group PLC		57,278		154,158

SCHEDULES OF INVESTMENTS 73

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Marston’s PLC		19,839	$	43,651
Michael Page International PLC		10,030		70,199
Micro Focus International PLC		4,479		70,768
Mitchells & Butlers PLCa		7,235		46,345
Mitie Group PLC		13,090		53,062
Mondi PLC		12,558		224,256
Moneysupermarket.com Group PLC		15,147		59,831
Monitise PLCa,c		61,359		11,980
Morgan Advanced Materials PLC		9,877		45,170
Mothercare PLCa,c		5,361		14,453
N Brown Group PLC		5,406		35,148
Nanoco Group PLCa,c		6,185		8,825
National Express Group PLC		15,139		58,094
NewRiver Retail Ltd.		3,655		16,112
Northgate PLC		4,590		42,465
Ocado Group PLCa,c		16,041		99,018
Ophir Energy PLCa		18,683		37,685
Optimal Payments PLCa		5,593		28,938
Oxford Instruments PLC		1,881		21,033
Pace PLC		10,390		52,182
Paragon Group of Companies PLC (The)		10,642		65,883
Partnership Assurance Group PLC		5,933		11,829
Pennon Group PLC		12,486		166,618
Petra Diamonds Ltd.a		13,089		30,156
Pets at Home Group PLC		8,436		27,431
Phoenix Group Holdingsc		6,583		82,952
Playtech Ltd.		6,613		67,439
Poundland Group PLC		5,507		29,213
Premier Farnell PLC		12,886		32,707
Premier Foods PLCa		25,432		16,615
Premier Oil PLC		17,887		38,846
Primary Health Properties PLC		3,774		21,284
Provident Financial PLC		4,970		196,837
QinetiQ Group PLC		22,443		63,066
Quindell PLCc		13,653		17,327
Quintain Estates and Development PLCa		16,915		24,452
Redefine International PLC		30,685		25,048
Redrow PLC		7,860		33,408
Regus PLC		22,897		69,466
Renishaw PLC		1,139		39,687
Rentokil Initial PLC		63,172		114,708
Restaurant Group PLC (The)		6,953		75,135
Rightmove PLC		3,234		112,977
Rockhopper Exploration PLCa,c		10,829		8,417

Security	Shares		Value
Rotork PLC		2,989	$	103,476
RPC Group PLC		8,658		70,544
RPS Group PLC		8,034		22,009
Safestore Holdings PLC		6,613		26,717
Salamander Energy PLCa		9,350		9,760
Savills PLC		4,403		48,340
Schroder REIT Ltd.		15,072		13,582
SDL PLCa		3,026		19,304
Senior PLC		14,399		66,954
Serco Group PLC		18,859		43,733
Shaftesbury PLC		9,571		111,835
Shanks Group PLC		14,467		21,402
SIG PLC		20,383		56,481
SOCO International PLCa		6,833		27,011
Spectris PLC		4,080		128,070
Speedy Hire PLC		18,853		20,599
Spirax-Sarco Engineering PLC		2,618		119,925
Spire Healthcare Group PLCa,b		6,003		28,941
Spirent Communications PLC		21,709		29,100
Spirit Pub Co. PLC		22,786		39,253
SSP Group PLCa		8,621		36,150
St James’s Place PLC		17,800		229,376
St. Modwen Properties PLC		6,477		40,682
Stagecoach Group PLC		14,960		76,887
Stobart Group Ltd.		9,503		15,165
Stock Spirits Group PLC		7,038		20,903
SuperGroup PLCa		1,442		20,791
SVG Capital PLCa		8,840		57,794
Synergy Health PLC		2,006		65,227
Synthomer PLC		9,588		35,036
TalkTalk Telecom Group PLC		18,026		86,201
Taylor Wimpey PLC		111,252		226,239
Ted Baker PLC		951		33,894
Telecity Group PLC		6,955		90,042
Telecom plus PLC		2,227		36,424
Telit Communications PLCa		2,913		8,925
Thomas Cook Group PLCa		49,980		96,308
Trinity Mirror PLCa		9,146		23,661
TSB Banking Group PLCa,b		8,000		32,117
TT electronics PLC		5,831		9,677
Tullett Prebon PLC		7,803		39,236
Tungsten Corp. PLCa,c		3,094		10,595
UBM PLC		15,189		120,791
UDG Healthcare PLC		8,194		48,106
Ultra Electronics Holdings PLC		2,397		62,965

74 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EUROPE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
UNITE Group PLC (The)		7,081	$	52,101
Vectura Group PLCa		13,583		30,957
Vedanta Resources PLC		3,213		18,019
Vesuvius PLC		7,667		50,666
Victrex PLC		2,805		86,742
W.S. Atkins PLC		3,468		65,472
WH Smith PLC		4,122		83,576
Workspace Group PLC		3,791		44,980
Xaar PLC		2,771		12,808
Xchanging PLC		8,653		20,404
Zeal Network SE		236		9,922
Zoopla Property Group PLCb,c		7,076		19,129
				13,606,991
TOTAL COMMON STOCKS
(Cost: $38,292,166)				35,023,213
PREFERRED STOCKS — 0.68%
GERMANY — 0.47%
Biotest AG		290		35,523
Draegerwerk AG & Co. KGaA		289		29,136
Jungheinrich AG		561		34,033
Sartorius AG		304		38,936
Sixt SE		544		16,848
STO SE & Co. KGaA		85		12,469
				166,945
ITALY — 0.21%
Buzzi Unicem SpA		1,411		10,748
Italmobiliare SpA		871		15,814
Unipol Gruppo Finanziario SpA		9,189		46,932
				73,494
TOTAL PREFERRED STOCKS
(Cost: $231,679)				240,439
RIGHTS — 0.00%
SWITZERLAND — 0.00%
Cosmo Pharmaceuticals SpAa		153		—
				—
TOTAL RIGHTS
(Cost: $0)				—

Security	Shares		Value
WARRANTS — 0.00%
ISRAEL — 0.00%
Tower Semiconductor Ltd. (Expires 06/27/17)a		1	$	4
				4
TOTAL WARRANTS
(Cost: $0)				4
SHORT-TERM INVESTMENTS — 5.92%
MONEY MARKET FUNDS — 5.92%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%e,f,g		1,968,789		1,968,789
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,f,g		118,432		118,432
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		4,943		4,943
				2,092,164
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,092,164)				2,092,164
TOTAL INVESTMENTS IN SECURITIES — 105.63%
(Cost: $40,616,009)				37,355,820
Other Assets, Less Liabilities — (5.63)%				(1,991,679	)
NET ASSETS — 100.00%			$	35,364,141

NVS  —  Non-Voting Shares

SDR  —  Swedish Depositary Receipts

^a  Non-income earning security.

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

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

^d  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.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 75

Schedule of Investments   (Unaudited)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.55%
AUSTRALIA — 3.08%
AGL Energy Ltd.		11,044	$	122,127
ALS Ltd.		5,910		22,552
Alumina Ltd.a		39,990		60,416
Amcor Ltd.		18,017		179,313
AMP Ltd.		45,838		205,968
APA Group		17,717		112,033
Asciano Ltd.		14,819		69,588
ASX Ltd.		3,235		96,084
Aurizon Holdings Ltd.		29,713		114,538
AusNet Services		22,360		24,378
Australia and New Zealand Banking Group Ltd.		42,097		1,081,841
Bank of Queensland Ltd.		5,952		57,985
Bendigo & Adelaide Bank Ltd.		6,752		70,354
BHP Billiton Ltd.		48,719		1,110,122
Boral Ltd.		13,502		58,882
Brambles Ltd.		24,381		201,259
Caltex Australia Ltd.		2,279		59,313
Coca-Cola Amatil Ltd.		9,632		72,759
Cochlear Ltd.		903		58,366
Commonwealth Bank of Australia		24,811		1,725,996
Computershare Ltd.		7,396		66,985
Crown Resorts Ltd.		6,192		65,628
CSL Ltd.		7,310		500,670
Dexus Property Group		14,098		84,647
Federation Centres		24,166		57,022
Flight Centre Travel Group Ltd.		989		29,121
Fortescue Metals Group Ltd.		23,564		43,307
Goodman Group		24,811		118,441
GPT Group (The)		24,940		87,788
Harvey Norman Holdings Ltd.		10,879		33,464
Healthscope Ltd.a		17,329		36,436
Iluka Resources Ltd.		6,579		36,222
Incitec Pivot Ltd.		27,735		77,971
Insurance Australia Group Ltd.		34,572		172,307
James Hardie Industries SE		6,751		68,451
Leighton Holdings Ltd.		1,726		27,729
Lend Lease Group		7,740		100,539
Macquarie Group Ltd.		4,326		209,375
Medibank Pvt Ltd.a		42,398		78,581
Metcash Ltd.b		12,642		14,374
Mirvac Group		53,498		80,407
National Australia Bank Ltd.		36,120		1,002,217

Security	Shares		Value
Newcrest Mining Ltd.a		11,137	$	117,605
Novion Property Group		31,347		56,635
Orica Ltd.		6,020		85,042
Origin Energy Ltd.		17,243		143,411
Qantas Airways Ltd.a		8,815		17,917
QBE Insurance Group Ltd.		20,511		169,473
Ramsay Health Care Ltd.		1,935		89,584
REA Group Ltd.		688		26,548
Rio Tinto Ltd.		6,750		302,568
Santos Ltd.		15,136		92,883
Scentre Groupa		81,552		241,333
Seek Ltd.		4,773		66,348
Sonic Healthcare Ltd.		6,496		95,307
Stockland		35,313		120,450
Suncorp Group Ltd.		19,436		222,799
Sydney Airport		16,383		63,664
Tabcorp Holdings Ltd.		14,018		49,888
Tatts Group Ltd.		24,510		73,676
Telstra Corp. Ltd.		65,448		331,290
Toll Holdings Ltd.		9,245		44,565
TPG Telecom Ltd.		4,300		22,436
Transurban Group		27,555		197,632
Treasury Wine Estates Ltd.		11,051		42,341
Wesfarmers Ltd.		17,029		578,062
Westfield Corp.		29,584		227,160
Westpac Banking Corp.		47,343		1,270,484
Woodside Petroleum Ltd.		11,180		298,456
Woolworths Ltd.		18,963		469,309
WorleyParsons Ltd.		3,225		24,160
				14,036,582
AUSTRIA — 0.08%
Andritz AG		989		53,570
Erste Group Bank AG		4,371		94,827
IMMOEAST AG Escrowa		5,270		—
IMMOFINANZ AGa		12,702		29,011
OMV AG		2,322		57,842
Raiffeisen International Bank Holding AGb		1,806		21,195
Vienna Insurance Group AG		516		21,903
Voestalpine AG		1,806		64,298
				342,646
BELGIUM — 0.57%
Ageas		3,221		110,242
Anheuser-Busch InBev NV		12,341		1,505,423
Belgacom SA		2,196		81,764

76 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Colruyt SA		1,290	$	59,487
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA		1,548		128,620
Groupe Bruxelles Lambert SA		1,290		106,892
KBC Groep NVa		3,827		206,061
Solvay SA		946		129,276
Telenet Group Holding NVa		900		49,973
UCB SA		1,919		149,354
Umicore SA		1,704		71,310
				2,598,402
CANADA — 4.03%
Agnico Eagle Mines Ltd.		3,526		119,132
Agrium Inc.		2,193		234,477
Alimentation Couche-Tard Inc. Class B		6,321		248,214
AltaGas Ltd.		1,720		58,249
ARC Resources Ltd.		4,601		83,460
ATCO Ltd. Class I NVS		1,247		48,377
Bank of Montreal		9,804		563,907
Bank of Nova Scotia (The)		18,533		892,484
Barrick Gold Corp.		18,103		232,007
Baytex Energy Corp.		2,537		39,457
BCE Inc.		4,274		196,720
BlackBerry Ltd.a,b		7,353		74,867
Bombardier Inc. Class B		23,994		54,878
Brookfield Asset Management Inc. Class A		8,429		430,441
CAE Inc.		4,300		53,074
Cameco Corp.		6,235		87,923
Canadian Imperial Bank of Commerce/Canada		5,977		415,672
Canadian National Railway Co.		12,427		820,528
Canadian Natural Resources Ltd.		16,512		479,752
Canadian Oil Sands Ltd.		7,267		44,991
Canadian Pacific Railway Ltd.		2,623		458,154
Canadian Tire Corp. Ltd. Class A NVS		1,075		99,357
Canadian Utilities Ltd. Class A		2,064		68,580
Catamaran Corp.a,b		3,182		159,232
Cenovus Energy Inc.		11,825		224,479
CGI Group Inc. Class Aa,b		3,483		138,309
CI Financial Corp.		3,225		82,409
Constellation Software Inc./Canada		258		71,643
Crescent Point Energy Corp.		6,020		143,384
Dollarama Inc.		2,064		98,239
Eldorado Gold Corp.		10,277		49,442
Empire Co. Ltd. Class A		731		53,328

Security	Shares		Value
Enbridge Inc.		12,685	$	615,767
Encana Corp.		11,696		143,346
Enerplus Corp.		3,417		33,228
Fairfax Financial Holdings Ltd.		301		160,239
Finning International Inc.		2,279		37,655
First Capital Realty Inc.		1,462		22,507
First Quantum Minerals Ltd.		9,288		84,899
Fortis Inc./Canada		4,042		133,602
Franco-Nevada Corp.		2,408		139,263
George Weston Ltd.		774		61,483
Gildan Activewear Inc.		1,806		105,658
Goldcorp Inc.		12,814		310,156
Great-West Lifeco Inc.		4,300		109,234
H&R Real Estate Investment Trust		1,204		23,188
Husky Energy Inc.		5,031		108,520
IGM Financial Inc.		1,806		62,116
Imperial Oil Ltd.		4,644		173,021
Industrial Alliance Insurance and Financial Services Inc.		1,247		39,792
Intact Financial Corp.		1,935		129,595
Inter Pipeline Ltd.		4,730		123,253
Keyera Corp.		1,204		71,217
Kinross Gold Corp.a		17,716		60,220
Loblaw Companies Ltd.		3,440		171,274
Magna International Inc. Class A		3,311		318,814
Manulife Financial Corp.		28,299		454,855
MEG Energy Corp.a,b		2,193		33,519
Methanex Corp.		1,462		64,755
Metro Inc. Class A		1,247		98,898
National Bank of Canada		5,074		176,917
New Gold Inc.a		8,213		36,079
Onex Corp.		1,505		82,790
Open Text Corp.		1,978		112,414
Pacific Rubiales Energy Corp.		4,515		10,505
Paramount Resources Ltd.a,b		903		20,304
Pembina Pipeline Corp.		5,074		157,989
Penn West Petroleum Ltd.		6,880		10,418
Peyto Exploration & Development Corp.		2,279		57,696
Potash Corp. of Saskatchewan Inc.		12,479		455,285
Power Corp. of Canada		5,203		125,730
Power Financial Corp.		3,483		94,193
PrairieSky Royalty Ltd.		1,978		42,697
Restaurant Brands International Inc.a		2,638		102,445
RioCan REIT		2,236		51,917

SCHEDULES OF INVESTMENTS 77

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Rogers Communications Inc. Class B		5,719	$	203,781
Royal Bank of Canada		21,930		1,240,789
Saputo Inc.		3,784		109,048
Shaw Communications Inc. Class B		5,934		137,311
Silver Wheaton Corp.		5,375		123,740
SNC-Lavalin Group Inc.		2,279		75,580
Sun Life Financial Inc.		9,503		291,247
Suncor Energy Inc.		22,532		673,499
Talisman Energy Inc.		16,813		127,031
Teck Resources Ltd. Class B		9,073		117,710
TELUS Corp. NVS		4,436		152,502
Thomson Reuters Corp.		5,461		210,007
Toronto-Dominion Bank (The)		28,165		1,123,979
Tourmaline Oil Corp.a,b		2,533		69,800
TransAlta Corp.		3,827		33,563
TransCanada Corp.		11,008		490,865
Turquoise Hill Resources Ltd.a,b		13,163		38,307
Valeant Pharmaceuticals International Inc.a,b		4,902		785,472
Vermilion Energy Inc.		1,462		64,536
Yamana Gold Inc.		11,911		49,412
				18,370,798
DENMARK — 0.65%
A.P. Moeller-Maersk A/S Class A		63		123,672
A.P. Moeller-Maersk A/S Class B		101		204,851
Carlsberg A/S Class B		1,677		123,292
Coloplast A/S Class B		1,720		135,709
Danske Bank A/S		10,320		267,664
DSV A/S		2,881		90,750
ISS A/Sa		1,419		41,902
Novo Nordisk A/S Class B		30,573		1,369,480
Novozymes A/S Class B		3,569		162,790
Pandora A/S		1,849		132,490
TDC A/S		11,739		86,892
Tryg A/S		387		45,347
Vestas Wind Systems A/Sa		3,483		136,481
William Demant Holding A/Sa		433		32,812
				2,954,132
FINLAND — 0.39%
Elisa OYJ		2,365		62,903
Fortum OYJ		7,095		151,320
Kone OYJ Class B		4,902		220,990
Metso OYJ		1,634		49,637
Neste Oil OYJb		2,064		57,064
Nokia OYJ		58,050		448,392

Security	Shares		Value
Nokian Renkaat OYJ		1,720	$	42,487
Orion OYJ Class B		1,462		48,191
Sampo OYJ		6,923		335,302
Stora Enso OYJ Class R		8,127		78,962
UPM-Kymmene OYJ		8,385		147,514
Wartsila OYJ Abp		2,365		109,767
				1,752,529
FRANCE — 4.06%
Accor SA		2,451		122,596
Aeroports de Paris		430		51,629
Airbus Group NV		9,030		480,964
Alcatel-Lucenta		43,301		151,182
ALSTOMa		3,311		108,801
ArcelorMittal		15,222		145,371
Arkema SA		1,182		84,698
Atos SA		1,032		76,372
AXA SA		27,821		654,735
BNP Paribas SA		16,125		851,130
Bolloreb		8,600		37,062
Bouygues SA		2,709		96,768
Bureau Veritas SA		3,096		65,769
Cap Gemini SA		2,322		169,190
Carrefour SA		9,245		290,494
Casino Guichard-Perrachon SA		817		74,419
Christian Dior SA		860		148,967
Cie de Saint-Gobain		6,751		288,957
CNP Assurances SA		2,752		48,415
Compagnie Generale des Etablissements Michelin Class B		2,838		277,757
Credit Agricole SA		15,609		186,092
Danone SA		8,901		598,341
Dassault Systemes		1,806		111,926
Edenred SA		2,709		78,014
Electricite de France SA		3,784		102,887
Essilor International SA		3,139		350,926
Eurazeo		494		34,763
Eutelsat Communications SA		2,279		78,297
Fonciere des Regions		516		52,982
GDF Suez		22,059		491,004
Gecina SA		344		45,088
Groupe Eurotunnel SE		7,009		94,160
Hermes International		344		116,631
Icade		559		48,799
Iliad SA		387		89,897
Imerys SA		258		18,662

78 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
JCDecaux SA		1,032	$	37,248
Kering		1,204		243,743
Klepierre		2,733		128,944
L’Air Liquide SA		5,263		665,172
L’Oreal SA		3,784		679,152
Lafarge SA		2,838		194,747
Lagardere SCA		1,978		54,195
Legrand SA		3,741		201,367
LVMH Moet Hennessy Louis Vuitton SA		4,257		689,347
Natixis SA		15,675		99,975
Numericable-SFRa		1,502		78,306
Orange SA		28,165		496,447
Pernod Ricard SA		3,314		398,650
Peugeot SAa		6,086		88,285
Publicis Groupe SA		2,666		199,851
Remy Cointreau SA		301		22,279
Renault SA		3,053		234,994
Rexel SA		3,956		74,105
Safran SA		4,128		275,721
Sanofi		18,232		1,687,060
Schneider Electric SE		7,974		602,884
SCOR SE		2,557		79,826
SES SA Class A FDR		4,730		172,377
Societe BIC SA		430		61,139
Societe Generale		11,071		447,689
Sodexo SA		1,419		141,120
STMicroelectronics NV		10,062		84,023
Suez Environnement SA		4,988		91,776
Technip SA		1,591		93,628
Thales SA		1,591		84,023
Total SA		32,594		1,673,522
Unibail-Rodamco SE		1,462		412,614
Valeo SA		1,161		164,618
Vallourec SA		1,634		35,716
Veolia Environnement SA		6,450		118,312
Vinci SA		7,095		375,018
Vivendi SA		18,319		434,837
Wendel		516		57,908
Zodiac Aerospace		2,795		92,949
				18,497,312
GERMANY — 3.63%
adidas AGb		3,225		222,686
Allianz SE Registered		7,009		1,157,923
Axel Springer SE		774		47,662

Security	Shares		Value
BASF SE		14,104	$	1,265,295
Bayer AG Registered		12,642		1,826,745
Bayerische Motoren Werke AG		5,031		587,026
Beiersdorf AG		1,505		132,129
Brenntag AG		2,322		126,611
Celesio AG		817		24,201
Commerzbank AGa		14,992		180,512
Continental AG		1,677		379,807
Daimler AG Registered		14,663		1,331,660
Deutsche Annington Immobilien SE		3,741		130,023
Deutsche Bank AG Registered		20,918		609,007
Deutsche Boerse AG		2,881		221,170
Deutsche Lufthansa AG Registered		3,526		59,903
Deutsche Post AG Registered		14,792		480,230
Deutsche Telekom AG Registered		48,117		829,939
Deutsche Wohnen AG Bearer		4,647		120,820
E.ON SE		30,960		479,508
Fraport AG Frankfurt Airport Services Worldwide		645		39,464
Fresenius Medical Care AG & Co. KGaA		3,268		242,066
Fresenius SE & Co. KGaA		5,676		325,122
GEA Group AG		2,709		123,028
Hannover Rueck SE Registered		946		84,803
HeidelbergCement AG		2,107		155,165
Henkel AG & Co. KGaA		1,806		184,947
HUGO BOSS AG		516		66,613
Infineon Technologies AG		17,458		196,552
K+S AG Registered		2,604		82,278
Kabel Deutschland Holding AGa		364		49,496
Lanxess AG		1,376		66,069
Linde AG		2,838		544,112
MAN SE		602		64,142
Merck KGaA		2,021		202,312
METRO AGa,b		2,494		76,860
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,623		526,867
Osram Licht AGa		1,242		57,295
ProSiebenSat.1 Media AG Registered		3,354		148,895
QIAGEN NVa		3,741		85,845
RTL Group SAb		602		57,009
RWE AG		7,568		210,172
SAP SE		14,190		926,495
Siemens AG Registered		12,040		1,263,548
Symrise AG		1,892		124,088

SCHEDULES OF INVESTMENTS 79

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Telefonica Deutschland Holding AG		9,546	$	53,107
ThyssenKrupp AGa		7,224		188,228
United Internet AG Registeredc		1,892		82,134
Volkswagen AG		430		95,664
				16,535,233
HONG KONG — 1.40%
AIA Group Ltd.		180,600		1,054,015
ASM Pacific Technology Ltd.b		4,300		39,016
Bank of East Asia Ltd. (The)		17,280		71,765
BOC Hong Kong (Holdings) Ltd.b		64,500		226,692
Cheung Kong Holdings Ltd.		23,000		440,519
Cheung Kong Infrastructure Holdings Ltd.		10,000		82,352
CLP Holdings Ltd.		21,500		191,891
Galaxy Entertainment Group Ltd.		43,000		226,831
Hang Lung Properties Ltd.		43,000		126,726
Hang Seng Bank Ltd.b		12,900		225,944
Henderson Land Development Co. Ltd.b		18,700		133,617
HKT Trust & HKT Ltd.b		50,740		66,490
Hong Kong & China Gas Co. Ltd.b		94,622		217,231
Hong Kong Exchanges and Clearing Ltd.b		18,700		430,758
Hutchison Whampoa Ltd.		33,000		437,966
Li & Fung Ltd.b		86,000		85,297
Link REIT (The)		43,000		291,164
MGM China Holdings Ltd.		17,200		41,972
MTR Corp. Ltd.		21,500		95,530
New World Development Co. Ltd.		79,333		94,749
PCCW Ltd.		43,000		28,617
Power Assets Holdings Ltd.		21,500		225,444
Sands China Ltd.b		34,400		168,820
Sino Land Co. Ltd.b		46,000		77,128
SJM Holdings Ltd.		43,000		63,446
Sun Hung Kai Properties Ltd.		27,000		440,868
Swire Pacific Ltd. Class A		11,000		147,691
Swire Properties Ltd.		17,200		55,349
Techtronic Industries Co. Ltd.b		21,893		71,722
WH Group Ltd.a,b,d		64,500		36,604
Wharf Holdings Ltd. (The)b		23,000		186,887
Wheelock and Co. Ltd.		17,000		96,474
Wynn Macau Ltd.b		34,400		96,057
Yue Yuen Industrial Holdings Ltd.b		21,500		80,001
				6,355,633

Security	Shares		Value
IRELAND — 0.64%
Bank of Irelanda		394,224	$	119,223
CRH PLC		11,356		273,145
Endo International PLCa		2,193		174,585
Irish Bank Resolution Corp. Ltd.a		6,552		—
Jazz Pharmaceuticals PLCa		946		160,196
Kerry Group PLC, Class A		2,451		177,622
Medtronic PLC		21,666		1,546,952
Pentair PLC		2,880		178,013
Tyco International PLC		6,794		277,263
				2,906,999
ISRAEL — 0.24%
Bank Hapoalim BM		16,727		74,561
Bank Leumi le-Israel BMa		19,049		63,708
Bezeq The Israel Telecommunication Corp. Ltd.		23,908		38,244
Delek Group Ltd. (The)		86		21,073
Israel Chemicals Ltd.		7,052		50,798
Israel Corp. Ltd. (The)		43		13,976
Mizrahi Tefahot Bank Ltd.a		1,935		21,184
NICE-Systems Ltd.		946		46,529
Teva Pharmaceutical Industries Ltd.		13,202		752,920
				1,082,993
ITALY — 0.91%
Assicurazioni Generali SpA		18,189		383,825
Atlantia SpA		6,321		162,845
Banca Monte dei Paschi di Siena SpAa,b		69,212		31,241
Banco Popolare SCa		5,332		67,510
CNH Industrial NV		14,964		113,728
Enel Green Power SpA		28,208		55,769
Enel SpA		101,007		456,609
Eni SpA		38,657		649,975
Exor SpA		1,204		49,210
Finmeccanica SpAa		6,278		68,648
Intesa Sanpaolo SpA		177,719		521,021
Intesa Sanpaolo SpA RNC		14,491		37,022
Luxottica Group SpA		2,709		161,255
Mediobanca SpA		8,471		73,510
Pirelli & C. SpA		3,655		51,886
Prysmian SpA		2,795		51,726
Saipem SpAa		4,085		37,016
Snam SpA		31,089		152,117
Telecom Italia SpAa		156,090		181,952
Telecom Italia SpA RNC		100,534		94,899

80 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Tenaris SA		7,224	$	101,736
Terna Rete Elettrica Nazionale SpA		23,134		101,342
UniCredit SpA		67,403		398,179
Unione di Banche Italiane SpA		14,190		97,838
UnipolSai SpA		13,889		38,524
				4,139,383
NETHERLANDS — 1.19%
AEGON NV		27,993		200,304
Akzo Nobel NV		3,784		273,796
Altice SAa,b		1,204		100,676
ASML Holding NV		5,504		579,361
Boskalis Westminster NV		1,320		58,577
Chicago Bridge & Iron Co. NV		1,505		51,938
Delta Lloyd NV		2,923		55,348
Fiat Chrysler Automobiles NVa		13,463		177,750
Gemalto NVb		1,247		90,650
Heineken Holding NV		1,591		104,401
Heineken NV		3,569		266,939
ING Groep NV CVAa		58,609		735,447
Koninklijke Ahold NV		14,053		254,285
Koninklijke DSM NV		2,580		137,476
Koninklijke KPN NV		47,644		147,690
Koninklijke Philips NV		14,643		405,579
Koninklijke Vopak NV		1,118		62,557
NN Group NVa		1,892		51,497
OCI NVa		1,419		50,096
Randstad Holding NV		1,806		95,632
Reed Elsevier NV		10,664		261,615
TNT Express NV		6,795		44,657
Unilever NV CVA		24,811		1,080,442
Wolters Kluwer NV		4,386		131,381
				5,418,094
NEW ZEALAND — 0.06%
Auckland International Airport Ltd.		15,179		49,025
Contact Energy Ltd.		6,794		34,863
Fletcher Building Ltd.		9,159		55,707
Meridian Energy Ltd.		19,307		26,835
Mighty River Power Ltd.		10,750		26,216
Ryman Healthcare Ltd.		5,590		33,472
Spark New Zealand Ltd.		27,004		64,678
				290,796
NORWAY — 0.28%
DNB ASA		15,050		218,065
Gjensidige Forsikring ASA		3,139		52,853
Norsk Hydro ASA		22,102		130,037

Security	Shares		Value
Orkla ASA		12,427	$	91,553
Seadrill Ltd.b		5,934		63,049
Statoil ASA		16,727		277,111
Subsea 7 SA		4,687		39,852
Telenor ASA		11,309		242,654
Yara International ASA		2,928		152,133
				1,267,307
PORTUGAL — 0.06%
Banco Comercial Portugues SA Registereda,b		540,553		38,429
Energias de Portugal SA		37,496		142,889
Galp Energia SGPS SA Class B		5,977		63,158
Jeronimo Martins SGPS SA		4,042		43,596
				288,072
SINGAPORE — 0.66%
Ascendas REIT		43,000		78,176
CapitaCommercial Trustb		43,000		56,249
CapitaLand Ltd.b		43,000		110,590
CapitaMall Trust Management Ltd.b		43,200		66,727
City Developments Ltd.b		4,000		29,710
DBS Group Holdings Ltd.b		29,000		424,145
Genting Singapore PLC		86,800		69,281
Global Logistic Properties Ltd.b		43,000		80,401
Golden Agri-Resources Ltd.		129,000		40,041
Hutchison Port Holdings Trustb		86,000		61,490
Jardine Cycle & Carriage Ltd.		1,000		31,262
Keppel Corp. Ltd.		23,200		149,169
Noble Group Ltd.		86,163		67,817
Oversea-Chinese Banking Corp. Ltd.b		45,625		350,676
SembCorp Industries Ltd.		15,000		47,779
Singapore Airlines Ltd.b		9,000		84,140
Singapore Exchange Ltd.b		14,000		80,393
Singapore Press Holdings Ltd.b		33,000		100,724
Singapore Technologies Engineering Ltd.		43,000		106,777
Singapore Telecommunications Ltd.		129,000		388,973
Suntec REITb		43,000		59,744
United Overseas Bank Ltd.		21,000		359,752
Wilmar International Ltd.		43,000		102,328
Yangzijiang Shipbuilding Holdings Ltd.		43,000		39,406
				2,985,750
SPAIN — 1.40%
Abertis Infraestructuras SAb		6,360		124,663
ACS Actividades de Construccion y Servicios SA		2,457		85,562

SCHEDULES OF INVESTMENTS 81

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Amadeus IT Holding SA Class A		6,278	$	252,134
Banco Bilbao Vizcaya Argentaria SA		91,591		785,505
Banco de Sabadell SA		50,802		128,643
Banco Popular Espanol SA		29,050		123,062
Banco Popular Espanol SA New		123		521
Banco Santander SA		210,414		1,415,153
Bankia SAa		71,724		93,887
Bankinter SA		10,363		72,141
CaixaBank SA		35,395		154,334
Distribuidora Internacional de Alimentacion SA		9,245		59,966
Enagas SA		3,329		105,561
Ferrovial SA		6,191		122,853
Gas Natural SDG SA		5,504		129,189
Grifols SA		2,365		99,412
Iberdrola SA		79,348		548,703
Inditex SA		16,770		494,582
International Consolidated Airlines Group SAa		15,891		130,008
Mapfre SA		14,276		48,088
Red Electrica Corporacion SA		1,609		137,193
Repsol SA		15,944		282,205
Telefonica SA		64,070		961,949
Zardoya Otis SA		2,690		30,628
				6,385,942
SWEDEN — 1.32%
Alfa Laval AB		5,074		94,335
Assa Abloy AB Class B		4,945		270,370
Atlas Copco AB Class A		10,363		307,290
Atlas Copco AB Class B		5,977		163,795
Boliden AB		4,730		74,217
Electrolux AB Class B		3,827		118,569
Elekta AB Class Bb		5,676		60,929
Getinge AB Class B		3,397		83,894
Hennes & Mauritz AB Class B		14,706		606,198
Hexagon AB Class B		3,698		117,344
Husqvarna AB Class B		5,207		36,193
ICA Gruppen AB		1,204		46,326
Industrivarden AB Class C		2,236		39,896
Investment AB Kinnevik		3,741		112,061
Investor AB Class B		6,880		251,000
Lundin Petroleum ABa,b		3,526		45,778
Millicom International Cellular SA SDR		1,032		65,869
Nordea Bank AB		46,096		586,756
Sandvik AB		16,641		174,608

Security	Shares		Value
Securitas AB Class B		5,375	$	65,559
Skandinaviska Enskilda Banken AB Class A		23,134		279,371
Skanska AB Class B		5,633		124,952
SKF AB Class B		6,107		144,325
Svenska Cellulosa AB Class B		8,858		214,371
Svenska Handelsbanken AB Class A		7,611		361,392
Swedbank AB Class A		13,846		335,754
Swedish Match AB		2,967		96,659
Tele2 AB Class B		4,558		51,600
Telefonaktiebolaget LM Ericsson Class B		46,999		573,252
TeliaSonera AB		35,733		220,511
Volvo AB Class B		23,263		272,493
				5,995,667
SWITZERLAND — 3.94%
ABB Ltd. Registered		33,583		646,438
Actelion Ltd. Registered		1,573		174,388
Adecco SA Registered		2,580		193,209
Aryzta AG		1,333		100,187
Baloise Holding AG Registered		724		94,430
Barry Callebaut AG Registered		43		42,857
Chocoladefabriken Lindt & Sprugli AG Participation Certificates		15		78,191
Chocoladefabriken Lindt & Sprugli AG Registered		2		125,830
Compagnie Financiere Richemont SA Class A Bearer		7,955		661,872
Credit Suisse Group AG Registered		23,266		491,847
EMS-Chemie Holding AG Registered		129		49,915
Geberit AG Registered		602		206,239
Givaudan SA Registered		133		243,001
Holcim Ltd. Registered		3,483		243,986
Julius Baer Group Ltd.		3,311		135,312
Kuehne & Nagel International AG Registered		731		100,587
Lonza Group AG Registered		730		86,643
Nestle SA Registered		49,192		3,766,726
Novartis AG Registered		35,088		3,438,056
Pargesa Holding SA Bearer		542		39,175
Partners Group Holding AG		215		57,626
Roche Holding AG Genusschein		10,707		2,893,060
Schindler Holding AG Participation Certificates		731		108,532
Schindler Holding AG Registered		258		37,576

82 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
SGS SA Registered		86	$	163,578
Sika AG Bearer		43		147,314
Sonova Holding AG Registered		774		101,876
Sulzer AG Registered		387		41,117
Swatch Group AG (The) Bearer		473		188,624
Swatch Group AG (The) Registered		690		50,547
Swiss Life Holding AG Registered		473		105,700
Swiss Prime Site AG Registered		946		82,051
Swiss Re AG		5,375		485,476
Swisscom AG Registered		344		201,715
Syngenta AG Registered		1,419		461,458
Transocean Ltd.		5,590		87,977
UBS Group AG		56,115		938,655
Weatherford International Ltd.a,b		11,524		119,043
Zurich Insurance Group AG		2,279		756,488
				17,947,302
UNITED KINGDOM — 8.69%
3i Group PLC		14,104		97,293
Aberdeen Asset Management PLC		14,749		96,957
Admiral Group PLC		3,010		65,460
Aggreko PLC		3,847		89,787
Amec Foster Wheeler PLC		5,289		63,350
Anglo American PLC		21,070		352,209
Antofagasta PLC		5,375		52,473
ARM Holdings PLC		21,543		336,820
Ashtead Group PLC		7,740		126,477
Associated British Foods PLC		5,289		246,488
AstraZeneca PLC		19,264		1,372,274
Aviva PLC		45,021		357,018
Babcock International Group PLC		3,998		60,406
BAE Systems PLC		49,352		376,168
Barclays PLC		250,518		880,997
BG Group PLC		52,116		694,204
BHP Billiton PLC		32,379		701,732
BP PLC		280,919		1,790,807
British American Tobacco PLC		28,466		1,604,096
British Land Co. PLC (The)		13,115		163,390
BT Group PLC		123,152		772,957
Bunzl PLC		4,773		135,988
Burberry Group PLC		6,966		180,892
Capita PLC		8,944		150,181
Carnival PLC		3,010		135,486
Centrica PLC		78,305		345,527
Cobham PLC		18,275		89,670
Coca-Cola HBC AG		2,895		46,567

Security	Shares		Value
Compass Group PLC		25,762	$	445,345
Croda International PLC		1,978		78,933
Diageo PLC		38,356		1,134,856
Direct Line Insurance Group PLC		21,113		99,093
Dixons Carphone PLC		15,007		98,045
easyJet PLC		2,709		75,758
Experian PLC		14,964		263,625
Fresnillo PLC		3,569		48,189
Friends Life Group Ltd.		23,263		139,196
G4S PLC		22,403		95,962
GKN PLC		24,252		134,259
GlaxoSmithKline PLC		73,960		1,629,552
Glencore PLC		162,970		609,219
Hammerson PLC		12,690		131,222
Hargreaves Lansdown PLC		3,311		50,275
HSBC Holdings PLC		292,142		2,674,731
ICAP PLC		8,901		62,511
IMI PLC		3,574		68,493
Imperial Tobacco Group PLC		14,448		677,891
Inmarsat PLC		6,364		79,715
InterContinental Hotels Group PLC		3,691		147,568
Intertek Group PLC		2,537		87,371
Intu Properties PLC		13,976		76,616
Investec PLC		8,170		68,715
ITV PLC		56,674		187,261
J Sainsbury PLCb		19,135		73,399
Johnson Matthey PLC		3,176		155,551
Kingfisher PLC		35,346		181,979
Land Securities Group PLC		12,470		238,604
Legal & General Group PLC		92,880		373,711
Lloyds Banking Group PLCa		873,072		967,060
London Stock Exchange Group PLC		3,448		122,473
Marks & Spencer Group PLC		26,101		189,890
Meggitt PLC		12,255		99,207
Melrose Industries PLC		15,866		63,147
Merlin Entertainments PLCd		7,783		47,166
National Grid PLC		56,631		795,681
Next PLC		2,279		247,642
Nobel Corp. PLC		3,913		63,469
Old Mutual PLC		74,313		232,374
Pearson PLC		12,513		253,897
Persimmon PLCa		4,687		112,067
Petrofac Ltd.		4,257		45,139
Prudential PLC		39,173		953,110
Randgold Resources Ltd.		1,419		121,159

SCHEDULES OF INVESTMENTS 83

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Reckitt Benckiser Group PLC		10,019	$	847,177
Reed Elsevier PLC		18,017		312,811
Rexam PLC		10,202		65,120
Rio Tinto PLC		19,608		861,391
Rolls-Royce Holdings PLC		29,253		391,681
Royal Bank of Scotland Group PLCa		37,152		202,214
Royal Dutch Shell PLC Class A		60,157		1,823,260
Royal Dutch Shell PLC Class B		37,195		1,175,641
Royal Mail PLC		10,062		65,738
RSA Insurance Group PLCa		14,402		98,267
SABMiller PLC		14,534		791,397
Sage Group PLC (The)		16,456		118,683
Schroders PLC		1,806		78,606
SEGRO PLC		9,632		59,659
Severn Trent PLC		3,526		113,964
Shire PLC		9,030		658,307
Sky PLC		15,437		215,155
Smith & Nephew PLC		13,975		249,980
Smiths Group PLC		5,031		85,157
Sports Direct International PLCa		4,171		44,571
SSE PLC		14,648		353,977
Standard Chartered PLC		37,453		499,337
Standard Life PLC		35,733		216,280
Tate & Lyle PLC		7,353		74,875
Tesco PLC		126,377		426,588
Travis Perkins PLC		3,440		99,301
TUI AGa		2,881		50,929
TUI AG Newa		3,654		63,002
Tullow Oil PLC		14,233		78,024
Unilever PLC		19,608		862,864
United Utilities Group PLC		10,151		156,574
Vodafone Group PLC		404,241		1,423,719
Weir Group PLC (The)		2,967		74,863
Whitbread PLC		2,795		210,101
William Hill PLC		12,900		73,061
Wm Morrison Supermarkets PLC		34,271		92,597
Wolseley PLC		4,126		239,322
WPP PLC		20,081		442,141
				39,583,134
UNITED STATES — 62.27%
3M Co.		9,417		1,528,379
Abbott Laboratories		22,833		1,022,005
AbbVie Inc.		24,252		1,463,608
Accenture PLC Class A		9,718		816,604
ACE Ltd.		5,160		557,074

Security	Shares		Value
Actavis PLCa		4,042	$	1,077,355
Activision Blizzard Inc.		7,310		152,742
Adobe Systems Inc.a		7,267		509,635
ADT Corp. (The)		2,838		97,627
Advance Auto Parts Inc.		1,118		177,762
AES Corp. (The)		11,008		134,518
Aetna Inc.		5,418		497,481
Affiliated Managers Group Inc.a		817		167,910
Aflac Inc.		6,880		392,710
AGCO Corp.		1,548		67,090
Agilent Technologies Inc.		5,031		190,021
Air Products and Chemicals Inc.		3,311		482,115
Airgas Inc.		1,075		121,088
Akamai Technologies Inc.a		2,623		152,541
Albemarle Corp.		1,290		62,255
Alcoa Inc.		17,243		269,853
Alexion Pharmaceuticals Inc.a		3,010		551,552
Alleghany Corp.a		258		114,059
Allergan Inc.		4,515		989,959
Alliance Data Systems Corp.a		903		260,813
Alliant Energy Corp.		1,677		115,059
Allstate Corp. (The)		6,708		468,151
Ally Financial Inc.a		6,321		118,266
Altera Corp.		4,859		159,983
Altria Group Inc.		30,143		1,600,593
Amazon.com Inc.a		5,934		2,103,781
Ameren Corp.		3,784		171,340
American Airlines Group Inc.		2,795		137,179
American Capital Agency Corp.		5,203		112,125
American Electric Power Co. Inc.		7,568		475,346
American Express Co.		14,405		1,162,339
American International Group Inc.		21,930		1,071,719
American Realty Capital Properties Inc.		13,502		125,096
American Tower Corp.		6,106		591,977
American Water Works Co. Inc.		2,666		149,669
Ameriprise Financial Inc.		2,838		354,580
AmerisourceBergen Corp.		3,397		322,885
AMETEK Inc.		3,692		176,847
Amgen Inc.		11,696		1,780,833
Amphenol Corp. Class A		4,988		267,905
Anadarko Petroleum Corp.		7,654		625,714
Analog Devices Inc.		4,644		241,976
Annaly Capital Management Inc.		14,534		153,479
ANSYS Inc.a		1,419		114,471
Antero Resources Corp.a,b		817		28,309

84 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Anthem Inc.		4,214	$	568,721
Aon PLC		4,214		379,471
Apache Corp.		5,762		360,528
Apple Inc.		91,289		10,695,419
Applied Materials Inc.		18,490		422,312
Arch Capital Group Ltd.a		2,021		117,157
Archer-Daniels-Midland Co.		9,847		459,166
Arrow Electronics Inc.a		1,419		78,102
Ashland Inc.		1,075		127,409
Assurant Inc.		1,041		66,114
AT&T Inc.		79,120		2,604,630
Autodesk Inc.a,b		3,569		192,744
Autoliv Inc.		1,419		150,499
Automatic Data Processing Inc.		7,439		613,941
AutoNation Inc.a		1,204		71,782
AutoZone Inc.a		473		282,362
Avago Technologies Ltd.		3,871		398,248
AvalonBay Communities Inc.		2,021		349,613
Avery Dennison Corp.		1,333		69,676
Avnet Inc.		2,279		94,852
Avon Products Inc.		7,052		54,582
Axis Capital Holdings Ltd.		1,634		83,171
B/E Aerospace Inc.a		1,591		92,803
Baker Hughes Inc.		6,708		388,997
Ball Corp.		1,935		122,544
Bank of America Corp.		160,433		2,430,560
Bank of New York Mellon Corp. (The)		17,286		622,296
Baxter International Inc.		8,299		583,503
BB&T Corp.		11,008		388,472
Becton, Dickinson and Co.		2,838		391,871
Bed Bath & Beyond Inc.a		3,053		228,273
Berkshire Hathaway Inc. Class Ba		17,544		2,524,757
Best Buy Co. Inc.		4,601		161,955
Biogen Idec Inc.a		3,612		1,405,646
BioMarin Pharmaceutical Inc.a		2,279		221,428
BlackRock Inc.e		2,021		688,171
Boeing Co. (The)		10,492		1,525,222
BorgWarner Inc.		3,526		190,439
Boston Properties Inc.		2,279		316,325
Boston Scientific Corp.a		20,640		305,678
Bristol-Myers Squibb Co.		25,241		1,521,275
Broadcom Corp. Class A		8,428		357,642
Brown-Forman Corp. Class B NVS		1,806		160,499
Bunge Ltd.		2,150		192,490
C.H. Robinson Worldwide Inc.		2,193		156,185

Security	Shares		Value
C.R. Bard Inc.		1,161	$	198,566
CA Inc.		5,074		153,742
Cablevision NY Group Class A		3,428		64,858
Cabot Oil & Gas Corp.		6,192		164,088
Calpine Corp.a		5,203		108,639
Camden Property Trust		1,376		106,021
Cameron International Corp.a		3,053		136,713
Campbell Soup Co.		3,096		141,611
Capital One Financial Corp.		8,471		620,162
Cardinal Health Inc.		5,160		429,260
CareFusion Corp.a		2,974		176,358
CarMax Inc.a		3,268		202,943
Carnival Corp.		6,063		266,529
Caterpillar Inc.		9,116		729,007
CBRE Group Inc. Class Aa		4,859		157,140
CBS Corp. Class B NVS		7,482		410,088
Celanese Corp. Series A		2,408		129,454
Celgene Corp.a		12,212		1,455,182
CenterPoint Energy Inc.		6,407		147,938
CenturyLink Inc.		8,772		326,055
Cerner Corp.a		4,644		308,129
CF Industries Holdings Inc.		774		236,364
Charles Schwab Corp. (The)		18,146		471,433
Charter Communications Inc. Class Aa		1,161		175,445
Cheniere Energy Inc.a		3,483		248,617
Chesapeake Energy Corp.		7,998		153,402
Chevron Corp.		28,939		2,967,116
Chipotle Mexican Grill Inc.a		473		335,754
Chubb Corp. (The)		3,741		366,244
Church & Dwight Co. Inc.		2,150		173,978
Cigna Corp.		4,042		431,807
Cimarex Energy Co.		1,376		142,003
Cincinnati Financial Corp.		2,408		121,628
Cintas Corp.		1,548		121,828
Cisco Systems Inc.		78,174		2,061,058
CIT Group Inc.		3,010		131,898
Citigroup Inc.		46,268		2,172,283
Citrix Systems Inc.a		2,451		145,246
Clorox Co. (The)		1,849		197,307
CME Group Inc./IL		4,950		422,235
CMS Energy Corp.		3,999		150,882
Coach Inc.		4,429		164,715
Cobalt International Energy Inc.a		4,899		44,679
Coca-Cola Co. (The)		60,243		2,480,204
Coca-Cola Enterprises Inc.		3,440		144,824

SCHEDULES OF INVESTMENTS 85

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Cognizant Technology Solutions Corp. Class Aa		9,288	$	502,759
Colgate-Palmolive Co.		13,889		937,785
Comcast Corp. Class A		32,551		1,729,923
Comcast Corp. Class A Special NVS		6,579		348,029
Comerica Inc.		2,924		121,346
Computer Sciences Corp.		2,107		127,853
ConAgra Foods Inc.		6,450		228,524
Concho Resources Inc.a		1,720		190,662
ConocoPhillips		18,920		1,191,582
CONSOL Energy Inc.		3,655		105,812
Consolidated Edison Inc.		4,386		303,862
Constellation Brands Inc.a		2,666		294,460
Continental Resources Inc.a,b		1,462		66,375
Cooper Companies Inc. (The)		731		115,242
Core Laboratories NV		731		67,800
Corning Inc.		19,694		468,126
Costco Wholesale Corp.		6,751		965,325
Cree Inc.a,b		1,849		65,381
Crown Castle International Corp.		5,160		446,392
Crown Holdings Inc.a		2,193		97,172
CSX Corp.		15,480		515,484
Cummins Inc.		2,666		371,800
CVS Health Corp.		17,630		1,730,561
D.R. Horton Inc.		5,117		125,469
Danaher Corp.		9,632		793,484
Darden Restaurants Inc.		2,064		126,688
DaVita HealthCare Partners Inc.a		2,666		200,110
Deere & Co.		5,203		443,244
Delphi Automotive PLC		4,644		319,182
Delta Air Lines Inc.		3,354		158,678
Denbury Resources Inc.		6,149		42,428
DENTSPLY International Inc.		2,279		114,007
Devon Energy Corp.		5,934		357,642
Diamond Offshore Drilling Inc.b		989		31,183
Dick’s Sporting Goods Inc.		1,462		75,512
Digital Realty Trust Inc.		2,064		150,548
DIRECTVa		7,267		619,730
Discover Financial Services		7,095		385,826
Discovery Communications Inc. Series Aa		2,236		64,810
Discovery Communications Inc. Series C NVSa		4,128		115,089
DISH Network Corp. Class Aa		3,441		242,074
Dollar General Corp.a		4,688		314,377

Security	Shares		Value
Dollar Tree Inc.a		3,182	$	226,240
Dominion Resources Inc.		8,944		687,704
Dover Corp.		2,451		171,668
Dow Chemical Co. (The)		18,103		817,531
Dr Pepper Snapple Group Inc.		3,010		232,583
DTE Energy Co.		2,623		235,178
Duke Energy Corp.		10,836		944,249
Duke Realty Corp.		5,031		109,827
Dun & Bradstreet Corp. (The)		559		64,346
E.I. du Pont de Nemours and Co.		13,932		992,098
Eastman Chemical Co.		2,279		161,558
Eaton Corp. PLC		7,396		466,614
Eaton Vance Corp. NVS		1,634		65,769
eBay Inc.a		16,942		897,926
Ecolab Inc.		4,042		419,438
Edison International		4,730		322,349
Edwards Lifesciences Corp.a		1,591		199,432
Electronic Arts Inc.a		4,601		252,411
Eli Lilly and Co.		15,265		1,099,080
EMC Corp.		30,745		797,218
Emerson Electric Co.		10,664		607,208
Energen Corp.		1,119		70,967
Energizer Holdings Inc.		946		121,097
Ensco PLC Class A		3,612		101,280
Entergy Corp.		2,795		244,590
EOG Resources Inc.		8,428		750,345
EQT Corp.		2,322		172,850
Equifax Inc.		1,806		152,535
Equinix Inc.		793		171,970
Equity Residential		5,246		407,142
Essex Property Trust Inc.		946		213,843
Estee Lauder Companies Inc. (The) Class A		3,655		258,006
Everest Re Group Ltd.		688		117,909
Exelon Corp.		13,138		473,494
Expedia Inc.		1,677		144,105
Expeditors International of Washington Inc.		2,967		129,599
Express Scripts Holding Co.a		11,438		923,161
Exxon Mobil Corp.		65,016		5,683,699
F5 Networks Inc.a		1,075		119,992
Facebook Inc. Class Aa		30,100		2,284,891
Family Dollar Stores Inc.		1,591		121,075
Fastenal Co.		4,429		196,648
Federal Realty Investment Trust		957		137,588

86 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
FedEx Corp.		4,128	$	698,086
Fidelity National Information Services Inc.		4,429		276,502
Fifth Third Bancorp		12,771		220,938
FireEye Inc.a,b		989		33,438
First Republic Bank		1,849		94,151
FirstEnergy Corp.		6,536		263,597
Fiserv Inc.a		3,913		283,810
FleetCor Technologies Inc.a		1,161		163,121
Flextronics International Ltd.a		9,159		101,848
FLIR Systems Inc.		2,193		66,229
Flowserve Corp.		2,107		114,810
Fluor Corp.		2,408		129,045
FMC Corp.		2,068		118,910
FMC Technologies Inc.a		3,698		138,601
FNF Group		3,825		134,258
Foot Locker Inc.		2,193		116,711
Ford Motor Co.		55,728		819,759
Fossil Group Inc.a		817		79,903
Franklin Resources Inc.		6,149		316,858
Freeport-McMoRan Inc.		15,803		265,648
Frontier Communications Corp.		15,824		106,258
GameStop Corp. Class Ab		1,763		62,146
Gap Inc. (The)		3,612		148,778
Garmin Ltd.		1,849		96,814
General Dynamics Corp.		4,343		578,531
General Electric Co.		153,037		3,656,054
General Growth Properties Inc.		7,826		236,189
General Mills Inc.		9,460		496,461
General Motors Co.		19,694		642,418
Genuine Parts Co.		2,365		219,803
Genworth Financial Inc. Class Aa		7,638		53,313
Gilead Sciences Inc.a		23,048		2,416,122
Goldman Sachs Group Inc. (The)		6,022		1,038,253
Google Inc. Class Aa		4,300		2,311,465
Google Inc. Class Ca		4,386		2,344,405
H&R Block Inc.		4,300		147,404
Halliburton Co.		13,072		522,749
Hanesbrands Inc.		1,548		172,416
Harley-Davidson Inc.		3,440		212,248
Harris Corp.		1,763		118,350
Hartford Financial Services Group Inc. (The)		6,794		264,287
Hasbro Inc.		1,806		99,186
HCA Holdings Inc.a		4,601		325,751

Security	Shares		Value
HCP Inc.		6,880	$	325,355
Health Care REIT Inc.		4,859		398,195
Helmerich & Payne Inc.		1,505		89,638
Henry Schein Inc.a		1,290		178,110
Herbalife Ltd.b		1,054		32,126
Hershey Co. (The)		2,365		241,727
Hertz Global Holdings Inc.a		6,966		142,942
Hess Corp.		4,343		293,109
Hewlett-Packard Co.		28,509		1,030,030
Hilton Worldwide Holdings Inc.a		6,064		157,482
HollyFrontier Corp.		2,967		106,575
Hologic Inc.a		3,225		97,927
Home Depot Inc. (The)		20,468		2,137,269
Honeywell International Inc.		11,309		1,105,568
Hormel Foods Corp.		2,107		107,921
Hospira Inc.a		2,537		160,922
Host Hotels & Resorts Inc.		11,266		257,879
Hudson City Bancorp Inc.		6,751		60,556
Humana Inc.		2,408		352,628
Huntington Bancshares Inc.		12,556		125,811
IHS Inc. Class Aa		1,032		118,814
Illinois Tool Works Inc.		5,719		532,382
Illumina Inc.a		2,107		411,265
Incyte Corp.a,b		2,322		185,087
Ingersoll-Rand PLC		4,171		276,954
Integrys Energy Group Inc.		1,161		94,157
Intel Corp.		75,551		2,496,205
Intercontinental Exchange Inc.		1,764		362,908
International Business Machines Corp.		14,448		2,215,023
International Flavors & Fragrances Inc.		1,204		127,756
International Paper Co.		6,192		326,071
Interpublic Group of Companies Inc. (The)		6,579		131,185
Intuit Inc.		4,085		354,660
Intuitive Surgical Inc.a		559		276,414
Invesco Ltd.		6,837		251,123
Iron Mountain Inc.		2,675		106,572
J.B. Hunt Transport Services Inc.		1,419		112,967
J.M. Smucker Co. (The)		1,531		157,923
Jacobs Engineering Group Inc.a		1,892		72,085
Jarden Corp.a		2,860		137,337
Johnson & Johnson		43,000		4,306,020
Johnson Controls Inc.		10,234		475,574
Joy Global Inc.		1,680		70,459
JPMorgan Chase & Co.		57,362		3,119,346

SCHEDULES OF INVESTMENTS 87

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Juniper Networks Inc.		5,977	$	135,857
Kansas City Southern		1,720		189,355
Kellogg Co.		4,042		265,074
Keurig Green Mountain Inc.		1,849		226,613
KeyCorp		13,642		177,210
Kimberly-Clark Corp.		5,633		608,139
Kimco Realty Corp.		6,321		174,776
Kinder Morgan Inc.		27,667		1,135,730
KLA-Tencor Corp.		2,494		153,306
Kohl’s Corp.		3,225		192,597
Kraft Foods Group Inc.		9,116		595,639
Kroger Co. (The)		7,181		495,848
L Brands Inc.		3,827		323,879
L-3 Communications Holdings Inc.		1,376		169,413
Laboratory Corp. of America Holdingsa		1,204		138,195
Lam Research Corp.		2,494		190,641
Las Vegas Sands Corp.		6,321		343,673
Legg Mason Inc.		1,548		85,821
Leggett & Platt Inc.		2,322		98,987
Lennar Corp. Class A		2,666		119,730
Leucadia National Corp.		4,730		107,229
Level 3 Communications Inc.a		4,395		218,607
Liberty Global PLC Series Aa		3,783		176,742
Liberty Global PLC Series C NVSa		9,899		451,295
Liberty Interactive Corp. Series Aa		6,837		187,060
Liberty Media Corp. Class Aa		1,462		49,781
Liberty Media Corp. Class Ca		3,060		104,407
Liberty Property Trust		2,236		90,111
Lincoln National Corp.		3,999		199,870
Linear Technology Corp.		3,483		156,526
LinkedIn Corp. Class Aa		1,677		376,889
LKQ Corp.a		4,300		110,983
Lockheed Martin Corp.		4,128		777,591
Loews Corp.		5,246		200,712
Lorillard Inc.		5,547		363,939
Lowe’s Companies Inc.		15,137		1,025,683
Lululemon Athletica Inc.a		1,591		105,388
LyondellBasell Industries NV Class A		6,622		523,734
M&T Bank Corp.		1,892		214,099
Macerich Co. (The)		2,050		176,321
Macy’s Inc.		5,375		343,355
Mallinckrodt PLCa		1,763		186,860
Manpowergroup Inc.		1,161		84,614
Marathon Oil Corp.		10,191		271,081
Marathon Petroleum Corp.		4,343		402,118

Security	Shares		Value
Marriott International Inc./MD Class A		3,569	$	265,890
Marsh & McLennan Companies Inc.		8,342		448,549
Martin Marietta Materials Inc.		817		88,024
Marvell Technology Group Ltd.		5,590		86,589
Masco Corp.		5,848		145,264
MasterCard Inc. Class A		15,308		1,255,715
Mattel Inc.		5,289		142,274
Maxim Integrated Products Inc.		4,429		146,556
McCormick & Co. Inc. NVS		1,763		125,861
McDonald’s Corp.		15,050		1,391,222
McGraw Hill Financial Inc.		4,128		369,208
McKesson Corp.		3,483		740,660
MDU Resources Group Inc.		3,182		71,945
Mead Johnson Nutrition Co. Class A		3,182		313,395
MeadWestvaco Corp.		2,451		123,236
Medivation Inc.a		1,161		126,340
Merck & Co. Inc.		44,032		2,654,249
MetLife Inc.		14,749		685,828
Mettler-Toledo International Inc.a		473		143,768
MGM Resorts Internationala		5,633		109,731
Michael Kors Holdings Ltd.a		3,139		222,210
Microchip Technology Inc.		2,967		133,812
Micron Technology Inc.a		16,297		476,932
Microsoft Corp.		119,368		4,822,467
Mohawk Industries Inc.a		989		163,225
Molson Coors Brewing Co. Class B NVS		2,279		173,044
Mondelez International Inc. Class A		25,843		910,707
Monsanto Co.		7,955		938,531
Monster Beverage Corp.a		2,150		251,442
Moody’s Corp.		2,967		270,976
Morgan Stanley		22,532		761,807
Mosaic Co. (The)		4,988		242,866
Motorola Solutions Inc.		3,397		212,007
Murphy Oil Corp.		2,494		112,006
Mylan Inc./PAa		5,805		308,536
Nabors Industries Ltd.		4,343		49,988
NASDAQ OMX Group Inc. (The)		1,849		84,314
National Oilwell Varco Inc.		6,536		355,754
Navient Corp.		6,235		123,079
NetApp Inc.		4,902		185,296
Netflix Inc.a		860		379,948
NetSuite Inc.a,b		516		50,790
New York Community Bancorp Inc.		6,751		104,303
Newell Rubbermaid Inc.		4,171		153,785

88 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Newmont Mining Corp.		7,525	$	189,254
News Corp. Class A NVSa		5,894		87,762
NextEra Energy Inc.		6,665		728,085
Nielsen NV		5,160		224,770
Nike Inc. Class B		10,578		975,820
NiSource Inc.		4,816		208,340
Noble Energy Inc.		5,590		266,867
Nordstrom Inc.		2,236		170,383
Norfolk Southern Corp.		4,730		482,318
Northeast Utilities		4,859		270,063
Northern Trust Corp.		3,526		230,530
Northrop Grumman Corp.		3,010		472,419
Norwegian Cruise Line Holdings Ltd.a		1,419		62,095
NRG Energy Inc.		5,032		124,089
Nuance Communications Inc.a		3,870		53,193
Nucor Corp.		4,730		206,465
NVIDIA Corp.		8,557		164,337
O’Reilly Automotive Inc.a		1,634		306,146
Occidental Petroleum Corp.		11,911		952,880
Oceaneering International Inc.		1,591		83,305
OGE Energy Corp.		3,010		105,892
Omnicare Inc.		1,505		112,845
Omnicom Group Inc.		3,956		287,997
ONEOK Inc.		3,241		142,701
Oracle Corp.		54,395		2,278,607
Owens-Illinois Inc.a		2,838		66,267
PACCAR Inc.		5,289		317,922
Pall Corp.		1,591		153,945
Palo Alto Networks Inc.a		1,032		130,434
Parker-Hannifin Corp.		2,236		260,405
PartnerRe Ltd.		649		74,246
Patterson Companies Inc.		1,333		66,770
Paychex Inc.		5,074		229,649
People’s United Financial Inc.		4,386		61,711
Pepco Holdings Inc.		3,827		105,051
PepsiCo Inc.		22,962		2,153,376
Perrigo Co. PLC		2,008		304,694
PetSmart Inc.		1,376		112,426
Pfizer Inc.		96,707		3,022,094
PG&E Corp.		7,181		422,315
Pharmacyclics Inc.a,b		946		159,638
Philip Morris International Inc.		23,779		1,908,027
Phillips 66		8,557		601,728
Pinnacle West Capital Corp.		1,634		114,674
Pioneer Natural Resources Co.		2,193		330,112

Security	Shares		Value
Plum Creek Timber Co. Inc.		2,623	$	116,776
PNC Financial Services Group Inc. (The)e		8,299		701,597
Polaris Industries Inc.		946		136,782
PPG Industries Inc.		2,107		469,608
PPL Corp.		10,062		357,201
Praxair Inc.		4,429		534,093
Precision Castparts Corp.		2,193		438,819
Priceline Group Inc. (The)a		817		824,745
Principal Financial Group Inc.		4,558		213,907
Procter & Gamble Co. (The)		41,323		3,483,116
Progressive Corp. (The)		8,600		223,170
Prologis Inc.		7,611		343,561
Prudential Financial Inc.		7,009		531,843
Public Service Enterprise Group Inc.		7,740		330,343
Public Storage		2,236		449,078
PulteGroup Inc.		4,945		101,818
PVH Corp.		1,247		137,494
QEP Resources Inc.		2,752		55,645
Qorvo Inc.a		2,236		165,173
QUALCOMM Inc.		25,585		1,598,039
Quanta Services Inc.a		3,096		81,982
Quest Diagnostics Inc.		2,365		168,081
Quintiles Transnational Holdings Inc.a		903		54,632
Rackspace Hosting Inc.a		1,892		85,064
Ralph Lauren Corp.		946		157,878
Range Resources Corp.		2,494		115,397
Raymond James Financial Inc.		1,720		90,506
Rayonier Inc.		1,849		54,268
Raytheon Co.		4,730		473,236
Realogy Holdings Corp.a		2,236		103,974
Realty Income Corp.b		3,292		178,789
Red Hat Inc.a		2,924		186,522
Regency Centers Corp.		1,505		103,183
Regeneron Pharmaceuticals Inc.a		1,204		501,659
Regions Financial Corp.		21,586		187,798
RenaissanceRe Holdings Ltd.		602		57,569
Republic Services Inc.		4,558		180,861
ResMed Inc.		2,322		145,055
Reynolds American Inc.		4,859		330,169
Robert Half International Inc.		2,021		117,339
Rock-Tenn Co. Class A		2,150		139,535
Rockwell Automation Inc.		2,064		224,811
Rockwell Collins Inc.		1,935		165,675
Roper Industries Inc.		1,462		225,645

SCHEDULES OF INVESTMENTS 89

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Ross Stores Inc.		3,225	$	295,765
Royal Caribbean Cruises Ltd.		2,451		185,173
Salesforce.com Inc.a		8,901		502,461
Salix Pharmaceuticals Ltd.a		989		133,189
SanDisk Corp.		3,483		264,395
SBA Communications Corp. Class Aa		1,978		230,833
SCANA Corp.		1,935		123,395
Schlumberger Ltd.		19,780		1,629,674
Scripps Networks Interactive Inc. Class A		1,204		85,592
Seagate Technology PLC		5,074		286,377
Sealed Air Corp.		3,311		134,096
SEI Investments Co.		2,279		91,547
Sempra Energy		3,612		404,255
Sensata Technologies Holding NVa		2,193		108,159
ServiceNow Inc.a		1,935		141,062
Sherwin-Williams Co. (The)		1,290		349,938
Sigma-Aldrich Corp.		1,720		236,534
Signet Jewelers Ltd.		1,161		140,609
Simon Property Group Inc.		4,730		939,662
Sirius XM Holdings Inc.a		41,323		146,697
Skyworks Solutions Inc.		2,924		242,838
SL Green Realty Corp.		1,451		182,826
Snap-on Inc.		903		119,837
Southern Co. (The)		13,760		697,907
Southwest Airlines Co.		2,666		120,450
Southwestern Energy Co.a,b		5,418		134,312
Spectra Energy Corp.		10,535		352,290
Sprint Corp.a		12,900		55,470
SPX Corp.		559		46,716
St. Jude Medical Inc.		4,343		286,073
Stanley Black & Decker Inc.		2,236		209,401
Staples Inc.		9,718		165,692
Starbucks Corp.		11,567		1,012,460
Starwood Hotels & Resorts Worldwide Inc.		2,838		204,251
State Street Corp.		6,493		464,314
Stericycle Inc.a,b		1,247		163,719
Stryker Corp.		5,117		465,903
SunTrust Banks Inc.		7,998		307,283
Superior Energy Services Inc.		2,408		48,160
Symantec Corp.		10,922		270,538
Synchrony Financiala		2,580		79,619
Synopsys Inc.a		2,408		103,520
Sysco Corp.		8,858		346,968

Security	Shares		Value
T-Mobile US Inc.a		3,644	$	109,976
T. Rowe Price Group Inc.		3,999		314,801
Target Corp.		9,202		677,359
TD Ameritrade Holding Corp.		4,128		133,706
TE Connectivity Ltd.		6,235		413,942
Teradata Corp.a,b		2,580		114,965
Tesla Motors Inc.a,b		1,333		271,399
Tesoro Corp.		2,021		165,176
Texas Instruments Inc.		16,211		866,478
Textron Inc.		4,386		186,668
Thermo Fisher Scientific Inc.		6,106		764,532
Tiffany & Co.		1,978		171,374
Time Warner Cable Inc.		4,214		573,652
Time Warner Inc.		13,115		1,022,052
TJX Companies Inc. (The)		10,578		697,513
Toll Brothers Inc.a		2,637		91,293
Torchmark Corp.		1,956		97,937
Total System Services Inc.		2,752		97,338
Towers Watson & Co. Class A		1,032		122,292
Tractor Supply Co.		2,150		174,516
TransDigm Group Inc.		731		150,242
Travelers Companies Inc. (The)		5,246		539,394
Trimble Navigation Ltd.a		3,956		94,311
TripAdvisor Inc.a,b		1,720		115,257
TRW Automotive Holdings Corp.a		1,677		173,016
Twenty-First Century Fox Inc. Class A		21,156		701,533
Twenty-First Century Fox Inc. Class B		6,579		209,541
Twitter Inc.a		5,590		209,793
Tyson Foods Inc. Class A		4,601		179,623
U.S. Bancorp		27,520		1,153,363
UDR Inc.		4,042		134,437
Ulta Salon, Cosmetics & Fragrance Inc.a		989		130,489
Under Armour Inc. Class Aa		2,580		185,966
Union Pacific Corp.		13,631		1,597,690
United Continental Holdings Inc.a		1,548		107,385
United Parcel Service Inc.		10,707		1,058,280
United Rentals Inc.a		1,505		124,689
United Technologies Corp. Class B		13,244		1,520,146
UnitedHealth Group Inc.		14,878		1,580,787
Universal Health Services Inc. Class B		1,419		145,490
Unum Group		3,956		122,873
Urban Outfitters Inc.a		1,806		62,957
Valero Energy Corp.		8,213		434,303
Vantiv Inc. Class Aa		2,365		81,332

90 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Shares		Value
Varian Medical Systems Inc.a		1,548	$	143,283
Ventas Inc.		4,515		360,342
VeriSign Inc.a,b		1,720		93,706
Verisk Analytics Inc. Class Aa		2,236		143,887
Verizon Communications Inc.		63,253		2,891,295
Vertex Pharmaceuticals Inc.a		3,612		397,826
VF Corp.		5,246		363,915
Viacom Inc. Class B NVS		5,633		362,878
Visa Inc. Class A		7,568		1,929,159
VMware Inc. Class Aa		1,247		96,144
Vornado Realty Trust		2,580		284,935
Voya Financial Inc.		2,838		110,710
Vulcan Materials Co.		2,064		145,533
W.W. Grainger Inc.		903		212,964
Wabtec Corp./DE		1,462		122,004
Wal-Mart Stores Inc.		24,682		2,097,476
Walgreens Boots Alliance Inc.		13,846		1,021,142
Walt Disney Co. (The)		24,811		2,256,809
Waste Management Inc.		6,708		344,992
Waters Corp.a		1,333		158,694
Wells Fargo & Co.		75,637		3,927,073
Western Digital Corp.		3,440		334,471
Western Union Co.		7,955		135,235
Westlake Chemical Corp.		731		41,894
Weyerhaeuser Co.		8,256		295,978
Whirlpool Corp.		1,204		239,692
Whiting Petroleum Corp.a		2,408		72,288
Whole Foods Market Inc.		5,418		282,251
Williams Companies Inc. (The)		10,707		469,609
Willis Group Holdings PLC		2,666		115,438
Windstream Holdings Inc.		8,643		68,712
Wisconsin Energy Corp.		3,526		196,645
Workday Inc. Class Aa		1,419		112,754
WR Berkley Corp.		1,634		80,050
Wyndham Worldwide Corp.		1,935		162,134
Wynn Resorts Ltd.		1,247		184,494
Xcel Energy Inc.		7,912		296,937
Xerox Corp.		17,200		226,524
Xilinx Inc.		4,171		160,896
XL Group PLC		4,214		145,341
Xylem Inc.		2,924		99,708
Yahoo! Inc.a		14,276		628,001
Yum! Brands Inc.		6,837		494,178
Zimmer Holdings Inc.		2,580		289,218

Security	Shares		Value
Zoetis Inc.		7,690	$	328,594
				283,550,896
TOTAL COMMON STOCKS
(Cost: $380,235,897)				453,285,602
PREFERRED STOCKS — 0.26%
GERMANY — 0.26%
Bayerische Motoren Werke AG		903		76,577
Fuchs Petrolub SE		946		38,964
Henkel AG & Co. KGaA		2,752		315,518
Porsche Automobil Holding SE		2,365		198,718
Volkswagen AG		2,408		538,842
				1,168,619
TOTAL PREFERRED STOCKS
(Cost: $913,130)				1,168,619
RIGHTS — 0.01%
SPAIN — 0.01%
ACS Actividades de Construccion y Servicios SAa		2,457		1,248
Banco Santander SAa		188,710		28,748
				29,996
TOTAL RIGHTS
(Cost: $33,730)				29,996
SHORT-TERM INVESTMENTS — 1.74%
MONEY MARKET FUNDS — 1.74%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%e,f,g		6,879,073		6,879,073
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,f,g		413,810		413,810
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		636,869		636,869
				7,929,752
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,929,752)				7,929,752

SCHEDULES OF INVESTMENTS 91

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI ETF

January 31, 2015

Security	Value
TOTAL INVESTMENTS IN SECURITIES — 101.56%
(Cost: $389,112,509)	$	462,413,969
Other Assets, Less Liabilities — (1.56)%		(7,088,456	)
NET ASSETS — 100.00%	$	455,325,513

FDR  —  Fiduciary Depositary Receipts

NVS  —  Non-Voting Shares

SDR  —  Swedish Depositary Receipts

^a  Non-income earning security.

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

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

^d  This security may be resold to qualified institutional buyers under Rule 144A 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.

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

See notes to financial statements.

92 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments   (Unaudited)

iSHARES^® MSCI QATAR CAPPED ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.96%
COMMERCIAL BANKS — 45.44%
Al Khalij Commercial Bank		133,790	$	798,258
Commercial Bank of Qatar QSC (The)		72,692		1,347,257
Doha Bank QSC		62,696		1,007,061
Masraf Al Rayan QSC		281,622		3,464,214
Qatar International Islamic Bank QSC		49,164		1,046,186
Qatar Islamic Bank SAQ		61,982		1,752,923
Qatar National Bank SAQ		150,620		8,188,567
				17,604,466
CONSTRUCTION MATERIALS — 3.12%
Qatar National Cement Co. QSC		18,530		676,686
Qatari Investors Group QSC		50,592		533,425
				1,210,111
DIVERSIFIED FINANCIAL SERVICES — 2.43%
Qatar Industrial Manufacturing Co.a		30,770		386,103
Salam International Investment Co.		123,251		555,002
				941,105
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.89%
Ooredoo QSC		60,044		1,895,953
				1,895,953
ENERGY EQUIPMENT & SERVICES — 3.83%
Gulf International Services QSC		54,060		1,484,349
				1,484,349
FOOD & STAPLES RETAILING — 1.26%
Al Meera Consumer Goods Co. QSC		8,908		489,182
				489,182
FOOD PRODUCTS — 0.77%
Widam Food Co.		18,394		298,991
				298,991
HEALTH CARE PROVIDERS & SERVICES — 1.30%
Medicare Group		14,824		504,716
				504,716
INDUSTRIAL CONGLOMERATES — 13.05%
Industries Qatar QSC		123,420		5,056,086
				5,056,086
INSURANCE — 3.12%
Qatar Insurance Co. SAQ		50,014		1,208,466
				1,208,466
MARINE — 2.69%
Qatar Navigation QSC		37,910		1,040,912
				1,040,912

Security	Shares		Value
MULTI-UTILITIES — 4.35%
Qatar Electricity & Water Co. QSC		32,538	$	1,684,078
				1,684,078
OIL, GAS & CONSUMABLE FUELS — 2.95%
Qatar Gas Transport Co. Ltd.		177,548		1,140,753
				1,140,753
REAL ESTATE MANAGEMENT & DEVELOPMENT — 7.25%
Barwa Real Estate Co.		116,178		1,405,173
Mazaya Qatar Real Estate Development Q.S.C		65,688		362,889
National Leasing		38,488		217,697
United Development Co. PSC		124,202		822,216
				2,807,975
WIRELESS TELECOMMUNICATION SERVICES — 3.51%
Vodafone Qatar QSC		332,622		1,360,809
				1,360,809
TOTAL COMMON STOCKS
(Cost: $41,502,845)				38,727,952
SHORT-TERM INVESTMENTS — 0.10%
MONEY MARKET FUNDS — 0.10%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		38,340		38,340
				38,340
TOTAL SHORT-TERM INVESTMENTS
(Cost: $38,340)				38,340
TOTAL INVESTMENTS IN SECURITIES — 100.06%
(Cost: $41,541,185)				38,766,292
Other Assets, Less Liabilities — (0.06)%				(21,574	)
NET ASSETS — 100.00%			$	38,744,718

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 93

Schedule of Investments   (Unaudited)

iSHARES^® MSCI UAE CAPPED ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.88%
AIRLINES — 4.21%
Air Arabia PJSC		3,839,970	$	1,735,438
				1,735,438
BUILDING PRODUCTS — 0.92%
National Central Cooling Co. PJSC		1,348,605		378,177
				378,177
CAPITAL MARKETS — 3.10%
Dubai Investments PJSC		2,155,878		1,279,540
				1,279,540
COMMERCIAL BANKS — 31.62%
Abu Dhabi Commercial Bank PJSC		1,046,540		1,971,674
Ajman Bank PJSCa		1,146,777		755,558
Dubai Islamic Bank PJSC		1,125,386		1,997,663
First Gulf Bank PJSC		866,745		4,011,561
National Bank of Abu Dhabi PJSC		636,086		2,225,318
Union National Bank PJSC		1,318,711		2,082,336
				13,044,110
CONSTRUCTION & ENGINEERING — 3.69%
Arabtec Holding PJSCa		1,733,182		1,368,407
Drake & Scull International PJSCa		749,160		155,622
				1,524,029
DIVERSIFIED FINANCIAL SERVICES — 8.91%
Al Waha Capital PJSC		1,634,182		1,414,818
Dubai Financial Market PJSC		2,663,488		1,377,772
Gulf General Investment Co.a		2,505,107		510,836
SHUAA Capital PSCa		1,955,250		371,562
				3,674,988
ENERGY EQUIPMENT & SERVICES — 1.83%
Lamprell PLCa		460,501		753,873
				753,873
FOOD PRODUCTS — 1.61%
Agthia Group PJSC		388,295		666,002
				666,002
HEALTH CARE PROVIDERS & SERVICES — 5.35%
Al Noor Hospitals Group PLC		75,437		1,028,754
NMC Health PLC		154,610		1,178,460
				2,207,214
OIL, GAS & CONSUMABLE FUELS — 1.94%
Dana Gas PJSCa		6,404,651		802,096
				802,096

Security	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 27.40%
Aldar Properties PJSC		3,641,853	$	2,349,871
Deyaar Development PJSCa		1,917,443		396,743
Emaar Properties PJSC		3,913,232		7,138,115
Eshraq Properties Co. PJSCa		2,581,636		527,144
RAK Properties PJSC		2,811,904		551,196
Union Properties PJSCa		1,175,224		342,356
				11,305,425
TRANSPORTATION INFRASTRUCTURE — 9.30%
DP World Ltd.		195,201		3,835,700
				3,835,700
TOTAL COMMON STOCKS
(Cost: $51,721,182)				41,206,592
SHORT-TERM INVESTMENTS — 0.17%
MONEY MARKET FUNDS — 0.17%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		70,812		70,812
				70,812
TOTAL SHORT-TERM INVESTMENTS
(Cost: $70,812)				70,812
TOTAL INVESTMENTS IN SECURITIES — 100.05%
(Cost: $51,791,994)				41,277,404
Other Assets, Less Liabilities — (0.05)%				(18,620	)
NET ASSETS — 100.00%			$	41,258,784

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

94 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2015

	iShares MSCI ACWI ETF			iShares MSCI ACWI ex U.S. ETF			iShares MSCI ACWI Low Carbon Target ETF
ASSETS
Investments, at cost:
Unaffiliated	$	5,895,937,232		$	1,851,944,796		$	142,455,000
Affiliated (Note 2)		115,846,410			27,089,716			1,082,083
Total cost of investments	$	6,011,783,642		$	1,879,034,512		$	143,537,083
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	6,301,715,820		$	1,815,847,784		$	139,465,655
Affiliated (Note 2)		118,115,121			27,089,716			1,057,410
Total fair value of investments		6,419,830,941			1,842,937,500			140,523,065
Foreign currency, at valueb		8,128,756			1,619,792			96,697
Receivables:
Investment securities sold		5,195,639			4,048,193			—
Due from custodian (Note 4)		167,662			—			—
Dividends and interest		8,292,670			2,848,159			158,605
Total Assets		6,441,615,668			1,851,453,644			140,778,367
LIABILITIES
Payables:
Investment securities purchased		8,097,935			—			199,607
Collateral for securities on loan (Note 1)		96,566,044			26,851,652			349,723
Capital shares redeemed		4,347,670			3,077,015			—
Due to custodian		1,176			911			—
Foreign taxes (Note 1)		229			483			—
Investment advisory fees (Note 2)		1,943,797			538,674			23,971
Total Liabilities		110,956,851			30,468,735			573,301
NET ASSETS	$	6,330,658,817		$	1,820,984,909		$	140,205,066
Net assets consist of:
Paid-in capital	$	5,708,459,598		$	1,906,479,583		$	142,911,930
Undistributed (distributions in excess of) net investment income		(331,950	)		(2,242,709	)		292,381
Undistributed net realized gain (accumulated net realized loss)		214,837,803			(47,036,715	)		18,575
Net unrealized appreciation (depreciation)		407,693,366			(36,215,250	)		(3,017,820	)
NET ASSETS	$	6,330,658,817		$	1,820,984,909		$	140,205,066
Shares outstandingc		109,400,000			42,200,000			1,500,000
Net asset value per share	$	57.87		$	43.15		$	93.47

^a  Securities on loan with values of $91,887,293, $25,317,625 and $327,868, respectively. See Note 1.

^b  Cost of foreign currency: $8,330,897, $1,645,802 and $99,841, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 95

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2015

	iShares MSCI Europe Financials ETF			iShares MSCI Europe Small-Cap ETF			iShares MSCI Kokusai ETF
ASSETS
Investments, at cost:
Unaffiliated	$	406,396,734		$	38,523,845		$	380,198,037
Affiliated (Note 2)		283,112			2,092,164			8,914,472
Total cost of investments	$	406,679,846		$	40,616,009		$	389,112,509
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	358,840,482		$	35,263,656		$	453,094,449
Affiliated (Note 2)		283,112			2,092,164			9,319,520
Total fair value of investments		359,123,594			37,355,820			462,413,969
Foreign currency, at valueb		104,315			111,473			248,550
Receivables:
Investment securities sold		—			—			129,262
Dividends and interest		267,719			36,862			482,524
Total Assets		359,495,628			37,504,155			463,274,305
LIABILITIES
Payables:
Investment securities purchased		—			40,881			558,375
Collateral for securities on loan (Note 1)		275,724			2,087,221			7,292,883
Investment advisory fees (Note 2)		152,620			11,912			97,534
Total Liabilities		428,344			2,140,014			7,948,792
NET ASSETS	$	359,067,284		$	35,364,141		$	455,325,513
Net assets consist of:
Paid-in capital	$	404,742,519		$	41,242,567		$	387,493,859
Undistributed (distributions in excess of) net investment income		(174,657	)		(377,634	)		159,407
Undistributed net realized gain (accumulated net realized loss)		2,100,668			(2,236,352	)		(5,610,458	)
Net unrealized appreciation (depreciation)		(47,601,246	)		(3,264,440	)		73,282,705
NET ASSETS	$	359,067,284		$	35,364,141		$	455,325,513
Shares outstandingc		16,750,000			850,000			8,600,000
Net asset value per share	$	21.44		$	41.60		$	52.94

^a  Securities on loan with values of $261,816, $1,978,495 and $6,971,162, respectively. See Note 1.

^b  Cost of foreign currency: $107,880, $113,937 and $251,821, respectively.

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

See notes to financial statements.

96 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2015

	iShares MSCI Qatar Capped ETF			iShares MSCI UAE Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	41,502,845		$	51,721,182
Affiliated (Note 2)		38,340			70,812
Total cost of investments	$	41,541,185		$	51,791,994
Investments in securities, at fair value (Note 1):
Unaffiliated	$	38,727,952		$	41,206,592
Affiliated (Note 2)		38,340			70,812
Total fair value of investments		38,766,292			41,277,404
Foreign currency, at valuea		—			4,302
Receivables:
Investment securities sold		—			130,814
Dividends and interest		—			1
Total Assets		38,766,292			41,412,521
LIABILITIES
Payables:
Investment securities purchased		—			130,250
Investment advisory fees (Note 2)		21,574			23,487
Total Liabilities		21,574			153,737
NET ASSETS	$	38,744,718		$	41,258,784
Net assets consist of:
Paid-in capital	$	43,747,487		$	58,055,210
Net investment loss/distributions in excess of net investment income		(121,033	)		(26,542	)
Accumulated net realized loss		(2,106,843	)		(6,255,260	)
Net unrealized depreciation		(2,774,893	)		(10,514,624	)
NET ASSETS	$	38,744,718		$	41,258,784
Shares outstandingb		1,700,000			2,250,000
Net asset value per share	$	22.79		$	18.34

^a  Cost of foreign currency: $  — and $4,345, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 97

Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares MSCI ACWI ETF			iShares MSCI ACWI ex U.S. ETF			iShares MSCI ACWI Low Carbon Target ETFa
NET INVESTMENT INCOME
Dividends — unaffiliatedb	$	65,459,959		$	17,531,479		$	331,833
Dividends — affiliated (Note 2)		172,242			—			1,224
Interest — affiliated (Note 2)		284			71			16
Securities lending income — affiliated (Note 2)		341,386			177,903			16
		65,973,871			17,709,453			333,089
Less: Other foreign taxes (Note 1)		(100,588	)		(57,417	)		—
Total investment income		65,873,283			17,652,036			333,089
EXPENSES
Investment advisory fees (Note 2)		11,138,334			2,962,897			67,168
Total expenses		11,138,334			2,962,897			67,168
Less investment advisory fees waived (Note 2)		—			—			(26,460	)
Net expenses		11,138,334			2,962,897			40,708
Net investment income		54,734,949			14,689,139			292,381
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(26,224,596	)		(8,326,284	)		21,580
In-kind redemptions — unaffiliated		350,491,116			30,961,214			—
In-kind redemptions — affiliated (Note 2)		1,029,649			—			—
Foreign currency transactions		(1,467,493	)		(706,157	)		(3,005	)
Net realized gain		323,828,676			21,928,773			18,575
Net change in unrealized appreciation/depreciation on:
Investments		(541,121,992	)		(183,395,023	)		(3,014,018	)
Translation of assets and liabilities in foreign currencies		(230,333	)		(84,105	)		(3,802	)
Net change in unrealized appreciation/depreciation		(541,352,325	)		(183,479,128	)		(3,017,820	)
Net realized and unrealized loss		(217,523,649	)		(161,550,355	)		(2,999,245	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(162,788,700	)	$	(146,861,216	)	$	(2,706,864	)

^a  For the period from December 8, 2014 (commencement of operations) to January 31, 2015.

^b  Net of foreign withholding tax of $2,476,404, $1,407,616 and $30,921, respectively.

See notes to financial statements.

98 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares MSCI Europe Financials ETF			iShares MSCI Europe Small-Cap ETF			iShares MSCI Kokusai ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	3,286,823		$	272,806		$	4,975,354
Dividends — affiliated (Note 2)		—			—			16,561
Interest — affiliated (Note 2)		8			1			16
Securities lending income — affiliated (Note 2)		1,021			28,410			19,567
		3,287,852			301,217			5,011,498
Less: Other foreign taxes (Note 1)		—			6			—
Total investment income		3,287,852			301,223			5,011,498
EXPENSES
Investment advisory fees (Note 2)		1,010,136			79,675			603,501
Total expenses		1,010,136			79,675			603,501
Net investment income		2,277,716			221,548			4,407,997
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,699,481	)		(887,265	)		493,505
Investments — affiliated (Note 2)		—			—			1,916
In-kind redemptions — unaffiliated		7,913,234			1,303,253			6,128,610
In-kind redemptions — affiliated (Note 2)		—			—			24,238
Foreign currency transactions		(96,517	)		(16,512	)		(75,673	)
Net realized gain		5,117,236			399,476			6,572,596
Net change in unrealized appreciation/depreciation on:
Investments		(58,813,768	)		(3,431,721	)		(16,013,186	)
Translation of assets and liabilities in foreign currencies		(28,718	)		(3,387	)		(13,985	)
Net change in unrealized appreciation/depreciation		(58,842,486	)		(3,435,108	)		(16,027,171	)
Net realized and unrealized loss		(53,725,250	)		(3,035,632	)		(9,454,575	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(51,447,534	)	$	(2,814,084	)	$	(5,046,578	)

^a  Net of foreign withholding tax of $45,488, $8,622 and $122,977, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 99

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares MSCI Qatar Capped ETF			iShares MSCI UAE Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	1,244,313
Interest — affiliated (Note 2)		—			5
Total investment income		—			1,244,318
EXPENSES
Investment advisory fees (Note 2)		119,923			152,668
Total expenses		119,923			152,668
Net investment income (loss)		(119,923	)		1,091,650
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,759,140	)		(4,755,031	)
In-kind redemptions — unaffiliated		—			13,074
Foreign currency transactions		(4,651	)		(5,547	)
Net realized loss		(1,763,791	)		(4,747,504	)
Net change in unrealized appreciation/depreciation on:
Investments		(1,794,925	)		(8,173,370	)
Translation of assets and liabilities in foreign currencies		4			69
Net change in unrealized appreciation/depreciation		(1,794,921	)		(8,173,301	)
Net realized and unrealized loss		(3,558,712	)		(12,920,805	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,678,635	)	$	(11,829,155	)

See notes to financial statements.

100 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares MSCI ACWI ETF						iShares MSCI ACWI ex U.S. ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	54,734,949		$	126,744,692		$	14,689,139		$	51,253,091
Net realized gain		323,828,676			110,504,293			21,928,773			111,090,010
Net change in unrealized appreciation/depreciation		(541,352,325	)		507,178,549			(183,479,128	)		85,748,041
Net increase (decrease) in net assets resulting from operations		(162,788,700	)		744,427,534			(146,861,216	)		248,091,142
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(62,600,701	)		(123,492,808	)		(19,298,454	)		(51,636,094	)
Total distributions to shareholders		(62,600,701	)		(123,492,808	)		(19,298,454	)		(51,636,094	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,868,839,241			1,646,675,678			358,683,094			494,379,387
Cost of shares redeemed		(1,135,267,516	)		(495,095,279	)		(147,805,517	)		(519,437,560	)
Net increase (decrease) in net assets from capital share transactions		733,571,725			1,151,580,399			210,877,577			(25,058,173	)
INCREASE IN NET ASSETS		508,182,324			1,772,515,125			44,717,907			171,396,875
NET ASSETS
Beginning of period		5,822,476,493			4,049,961,368			1,776,267,002			1,604,870,127
End of period	$	6,330,658,817		$	5,822,476,493		$	1,820,984,909		$	1,776,267,002
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(331,950	)	$	7,533,802		$	(2,242,709	)	$	2,366,606
SHARES ISSUED AND REDEEMED
Shares sold		31,200,000			29,400,000			8,200,000			11,000,000
Shares redeemed		(19,600,000	)		(9,000,000	)		(3,400,000	)		(11,400,000	)
Net increase (decrease) in shares outstanding		11,600,000			20,400,000			4,800,000			(400,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 101

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares MSCI ACWI Low Carbon Target ETF			iShares MSCI Europe Financials ETF
	Period from December 8, 2014a to January 31, 2015 (unaudited)			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	292,381		$	2,277,716		$	13,707,168
Net realized gain		18,575			5,117,236			12,896,663
Net change in unrealized appreciation/depreciation		(3,017,820	)		(58,842,486	)		2,634,949
Net increase (decrease) in net assets resulting from operations		(2,706,864	)		(51,447,534	)		29,238,780
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(3,079,453	)		(13,474,465	)
Total distributions to shareholders		—			(3,079,453	)		(13,474,465	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		142,911,930			75,615,573			406,678,525
Cost of shares redeemed		—			(124,408,601	)		(54,095,014	)
Net increase (decrease) in net assets from capital share transactions		142,911,930			(48,793,028	)		352,583,511
INCREASE (DECREASE) IN NET ASSETS		140,205,066			(103,320,015	)		368,347,826
NET ASSETS
Beginning of period		—			462,387,299			94,039,473
End of period	$	140,205,066		$	359,067,284		$	462,387,299
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	292,381		$	(174,657	)	$	627,080
SHARES ISSUED AND REDEEMED
Shares sold		1,500,000			3,200,000			17,050,000
Shares redeemed		—			(5,600,000	)		(2,250,000	)
Net increase (decrease) in shares outstanding		1,500,000			(2,400,000	)		14,800,000

^a  Commencement of operations.

See notes to financial statements.

102 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares MSCI Europe Small-Cap ETF						iShares MSCI Kokusai ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	221,548		$	909,426		$	4,407,997		$	12,709,955
Net realized gain		399,476			6,819,157			6,572,596			39,304,162
Net change in unrealized appreciation/depreciation		(3,435,108	)		133,670			(16,027,171	)		26,181,132
Net increase (decrease) in net assets resulting from operations		(2,814,084	)		7,862,253			(5,046,578	)		78,195,249
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(478,557	)		(1,091,494	)		(4,699,934	)		(12,848,015	)
Total distributions to shareholders		(478,557	)		(1,091,494	)		(4,699,934	)		(12,848,015	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			18,010,549			—			32,518,102
Cost of shares redeemed		(6,799,164	)		(18,454,964	)		(22,069,646	)		(172,782,440	)
Net decrease in net assets from capital share transactions		(6,799,164	)		(444,415	)		(22,069,646	)		(140,264,338	)
INCREASE (DECREASE) IN NET ASSETS		(10,091,805	)		6,326,344			(31,816,158	)		(74,917,104	)
NET ASSETS
Beginning of period		45,455,946			39,129,602			487,141,671			562,058,775
End of period	$	35,364,141		$	45,455,946		$	455,325,513		$	487,141,671
Undistributed (distributed in excess of) net investment income included in net assets at end of period	$	(377,634	)	$	(120,625	)	$	159,407		$	451,344
SHARES ISSUED AND REDEEMED
Shares sold		—			400,000			—			600,000
Shares redeemed		(150,000	)		(400,000	)		(400,000	)		(3,400,000	)
Net increase (decrease) in shares outstanding		(150,000	)		—			(400,000	)		(2,800,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 103

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares MSCI Qatar Capped ETF						iShares MSCI UAE Capped ETF
	Six months ended January 31, 2015 (Unaudited)			Period from April 29, 2014a to July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Period from April 29, 2014a to July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(119,923	)	$	(20,438	)	$	1,091,650		$	19,876
Net realized loss		(1,763,791	)		(349,031	)		(4,747,504	)		(1,382,124	)
Net change in unrealized appreciation/depreciation		(1,794,921	)		(979,972	)		(8,173,301	)		(2,341,323	)
Net decrease in net assets resulting from operations		(3,678,635	)		(1,349,441	)		(11,829,155	)		(3,703,571	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			—			(1,118,192	)		(62,169	)
Total distributions to shareholders		—			—			(1,118,192	)		(62,169	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		18,050,541			39,578,859			15,513,117			64,623,887
Cost of shares redeemed		(11,480,076	)		(2,376,530	)		(12,917,194	)		(9,247,939	)
Net increase in net assets from capital share transactions		6,570,465			37,202,329			2,595,923			55,375,948
INCREASE (DECREASE) IN NET ASSETS		2,891,830			35,852,888			(10,351,424	)		51,610,208
NET ASSETS
Beginning of period		35,852,888			—			51,610,208			—
End of period	$	38,744,718		$	35,852,888		$	41,258,784		$	51,610,208
Net investment loss/distributions in excess of net investment income included in net assets at end of period	$	(121,033	)	$	(1,110	)	$	(26,542	)	$	—
SHARES ISSUED AND REDEEMED
Shares sold		700,000			1,550,000			700,000			2,550,000
Shares redeemed		(450,000	)		(100,000	)		(600,000	)		(400,000	)
Net increase in shares outstanding		250,000			1,450,000			100,000			2,150,000

^a  Commencement of operations.

See notes to financial statements.

104 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI ACWI ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	59.53		$	52.33		$	44.40		$	47.15		$	40.94		$	37.62
Income from investment operations:
Net investment incomea		0.48			1.40			1.16			1.10			1.02			0.85
Net realized and unrealized gain (loss)b		(1.65	)		7.09			7.88			(2.80	)		6.20			3.11
Total from investment operations		(1.17	)		8.49			9.04			(1.70	)		7.22			3.96
Less distributions from:
Net investment income		(0.49	)		(1.29	)		(1.11	)		(1.05	)		(1.01	)		(0.64	)
Total distributions		(0.49	)		(1.29	)		(1.11	)		(1.05	)		(1.01	)		(0.64	)
Net asset value, end of period	$	57.87		$	59.53		$	52.33		$	44.40		$	47.15		$	40.94
Total return		(1.96	)%c		16.29	%		20.54	%		(3.47	)%		17.68	%		10.55	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	6,330,659		$	5,822,476		$	4,049,961		$	2,699,465		$	2,032,099		$	1,215,853
Ratio of expenses to average net assetsd		0.33	%		0.33	%		0.34	%		0.34	%		0.34	%		0.35	%
Ratio of net investment income to average net assetsd		1.63	%		2.46	%		2.34	%		2.53	%		2.20	%		2.06	%
Portfolio turnover ratee		2	%		5	%		6	%		6	%		5	%		7	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended January 31, 2015, the years ended July 31, 2014 and July 31, 2013 were 2%, 5% and 5%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 105

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI ACWI ex U.S. ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	47.49		$	42.46		$	37.35		$	43.97		$	38.84		$	36.57
Income from investment operations:
Net investment incomea		0.37			1.38			1.15			1.16			1.17			0.94
Net realized and unrealized gain (loss)b		(4.25	)		5.12			5.05			(6.59	)		5.08			2.12
Total from investment operations		(3.88	)		6.50			6.20			(5.43	)		6.25			3.06
Less distributions from:
Net investment income		(0.46	)		(1.47	)		(1.09	)		(1.19	)		(1.12	)		(0.79	)
Total distributions		(0.46	)		(1.47	)		(1.09	)		(1.19	)		(1.12	)		(0.79	)
Net asset value, end of period	$	43.15		$	47.49		$	42.46		$	37.35		$	43.97		$	38.84
Total return		(8.15	)%c		15.42	%		16.74	%		(12.24	)%		16.16	%		8.42	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,820,985		$	1,776,267		$	1,604,870		$	986,147		$	984,995		$	675,865
Ratio of expenses to average net assetsd		0.33	%		0.33	%		0.34	%		0.34	%		0.34	%		0.35	%
Ratio of net investment income to average net assetsd		1.64	%		3.00	%		2.76	%		3.04	%		2.68	%		2.40	%
Portfolio turnover ratee		3	%		8	%		7	%		9	%		7	%		10	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended January 31, 2015, the years ended July 31, 2014 and July 31, 2013 were 2%, 6% and 6%, respectively. See Note 4.

See notes to financial statements.

106 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)

iShares MSCI ACWI Low Carbon Target  ETF

	Period from Dec. 8, 2014a to Jan. 31, 2015
Net asset value, beginning of period	$	96.01
Income from investment operations:
Net investment incomeb		0.20
Net realized and unrealized lossc		(2.74	)
Total from investment operations		(2.54	)
Net asset value, end of period	$	93.47
Total return		(2.65	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	140,205
Ratio of expenses to average net assetse		0.20	%
Ratio of expenses to average net assets prior to waived feese		0.33	%
Ratio of net investment income to average net assetse		1.44	%
Portfolio turnover ratef		0	%g

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rate for the period ended January 31, 2015 was 0%. See Note 4.

^g  Rounds to less than 1%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 107

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI Europe Financials ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Period from Jan. 20, 2010a to Jul. 31, 2010
Net asset value, beginning of period	$	24.15		$	21.62		$	15.01		$	20.72		$	22.05		$	23.65
Income from investment operations:
Net investment incomeb		0.13			0.87			0.64			0.72			0.48			0.28
Net realized and unrealized gain (loss)c		(2.67	)		2.36			6.41			(5.96	)		(1.10	)		(1.68	)
Total from investment operations		(2.54	)		3.23			7.05			(5.24	)		(0.62	)		(1.40	)
Less distributions from:
Net investment income		(0.17	)		(0.70	)		(0.44	)		(0.47	)		(0.71	)		(0.20	)
Total distributions		(0.17	)		(0.70	)		(0.44	)		(0.47	)		(0.71	)		(0.20	)
Net asset value, end of period	$	21.44		$	24.15		$	21.62		$	15.01		$	20.72		$	22.05
Total return		(10.55	)%d		14.89	%		47.30	%		(25.30	)%		(2.95	)%		(5.82	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	359,067		$	462,387		$	94,039		$	21,767		$	7,253		$	12,126
Ratio of expenses to average net assetse		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assetse		1.08	%		3.53	%		3.26	%		4.51	%		2.13	%		2.55	%
Portfolio turnover ratef		2	%		8	%		7	%		8	%		10	%		2	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

108 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI Europe Small-Cap ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	45.46		$	39.13		$	31.67		$	38.67		$	32.68		$	29.16
Income from investment operations:
Net investment incomea		0.25			0.88			1.02			0.89			0.85			0.63
Net realized and unrealized gain (loss)b		(3.55	)		6.46			7.59			(6.71	)		6.24			3.60
Total from investment operations		(3.30	)		7.34			8.61			(5.82	)		7.09			4.23
Less distributions from:
Net investment income		(0.56	)		(1.01	)		(1.15	)		(1.18	)		(1.10	)		(0.71	)
Total distributions		(0.56	)		(1.01	)		(1.15	)		(1.18	)		(1.10	)		(0.71	)
Net asset value, end of period	$	41.60		$	45.46		$	39.13		$	31.67		$	38.67		$	32.68
Total return		(7.26	)%c		18.86	%		27.59	%		(14.93	)%		21.80	%		14.57	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	35,364		$	45,456		$	39,130		$	25,335		$	38,668		$	32,684
Ratio of expenses to average net assetsd		0.42	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assetsd		1.17	%		1.98	%		2.77	%		2.70	%		2.23	%		1.96	%
Portfolio turnover ratee		58	%		18	%		24	%		25	%		25	%		17	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended January 31, 2015 and year ended July 31, 2014 were 58% and 17%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 109

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI Kokusai ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	54.13		$	47.63		$	39.67		$	41.01		$	35.12		$	32.24
Income from investment operations:
Net investment incomea		0.50			1.33			1.10			1.01			1.01			0.82
Net realized and unrealized gain (loss)b		(1.14	)		6.64			8.03			(1.33	)		5.80			2.68
Total from investment operations		(0.64	)		7.97			9.13			(0.32	)		6.81			3.50
Less distributions from:
Net investment income		(0.55	)		(1.47	)		(1.17	)		(1.02	)		(0.92	)		(0.62	)
Total distributions		(0.55	)		(1.47	)		(1.17	)		(1.02	)		(0.92	)		(0.62	)
Net asset value, end of period	$	52.94		$	54.13		$	47.63		$	39.67		$	41.01		$	35.12
Total return		(1.17	)%c		16.80	%		23.26	%		(0.62	)%		19.45	%		10.88	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	455,326		$	487,142		$	562,059		$	595,070		$	639,698		$	245,857
Ratio of expenses to average net assetsd		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assetsd		1.83	%		2.56	%		2.50	%		2.62	%		2.49	%		2.29	%
Portfolio turnover ratee		2	%		5	%		4	%		5	%		4	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

110 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI Qatar Capped ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Period from Apr. 29, 2014a to Jul. 31, 2014
Net asset value, beginning of period	$	24.73		$	24.26
Income from investment operations:
Net investment income (loss)b		(0.08	)		(0.02	)
Net realized and unrealized gain (loss)c		(1.86	)		0.49
Total from investment operations		(1.94	)		0.47
Net asset value, end of period	$	22.79		$	24.73
Total return		(7.84	)%d		1.94	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	38,745		$	35,853
Ratio of expenses to average net assetse		0.61	%		0.61	%
Ratio of net investment loss to average net assetse		(0.61	)%		(0.34	)%
Portfolio turnover ratef		52	%		11	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended January 31, 2015 and the period ended July 31, 2014 were 23% and 0%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 111

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI UAE Capped  ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Period from Apr. 29, 2014a to Jul. 31, 2014
Net asset value, beginning of period	$	24.00		$	25.04
Income from investment operations:
Net investment incomeb		0.49			0.01
Net realized and unrealized (loss)c		(5.69	)		(1.01	)
Total from investment operations		(5.20	)		(1.00	)
Less distributions from:
Net investment income		(0.46	)		(0.04	)
Total distributions		(0.46	)		(0.04	)
Net asset value, end of period	$	18.34		$	24.00
Total return		(21.80	)%d		(4.00	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	41,259		$	51,610
Ratio of expenses to average net assetse		0.61	%		0.62	%
Ratio of net investment income to average net assetse		4.39	%		0.19	%
Portfolio turnover ratef		44	%		22	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended January 31, 2015 and the period ended July 31, 2014 were 20% and 1%, respectively. See Note 4.

See notes to financial statements.

112 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

iShares ETF	Diversification Classification
MSCI ACWI	Diversified
MSCI ACWI ex U.S.	Diversified
MSCI ACWI Low Carbon Target a	Non-diversified
MSCI Europe Financials	Diversified

iShares ETF	Diversification Classification
MSCI Europe Small-Capb	Diversified
MSCI Kokusai	Diversified
MSCI Qatar Capped	Non-diversified
MSCI UAE Capped	Non-diversified

^a  The fund commenced operations on December 08, 2014.

^b  Formerly the iShares Developed Small-Cap ex North America ETF.

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

NOTES TO FINANCIAL STATEMENTS 113

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

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

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

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

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

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

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

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

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of January 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

114 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

iShares ETF and Investment Type	Investments
	Level 1		Level 2			Level 3			Total
MSCI ACWI
Assets:
Common Stocks	$	6,273,098,501	$	9,820		$	0	a	$	6,273,108,321
Preferred Stocks		42,739,278		—			—			42,739,278
Rights		46,484		360,769			—			407,253
Money Market Funds		103,576,089		—			—			103,576,089
	$	6,419,460,352	$	370,589		$	0	a	$	6,419,830,941
MSCI ACWI ex U.S.
Assets:
Common Stocks	$	1,790,813,970	$	4,080		$	290		$	1,790,818,340
Preferred Stocks		24,808,390		—			—			24,808,390
Rights		16,666		204,388			—			221,054
Money Market Funds		27,089,716		—			—			27,089,716
	$	1,842,728,742	$	208,468		$	290		$	1,842,937,500
MSCI ACWI Low Carbon Target
Assets:
Common Stocks	$	138,531,595	$	110		$	—		$	138,531,705
Preferred Stocks		1,345,680		—			—			1,345,680
Rights		—		8,153			—			8,153
Money Market Funds		637,527		—			—			637,527
	$	140,514,802	$	8,263		$	—		$	140,523,065
MSCI Europe Financials
Assets:
Common Stocks	$	358,437,085	$	6,752		$	0	a	$	358,443,837
Rights		—		396,645			—			396,645
Money Market Funds		283,112		—			—			283,112
	$	358,720,197	$	403,397		$	0	a	$	359,123,594
MSCI Europe Small-Cap
Assets:
Common Stocks	$	35,018,594	$	4,195		$	424		$	35,023,213
Preferred Stocks		240,439		—			—			240,439
Rights		—		0	a		—			0	a
Warrants		4		—			—			4
Money Market Funds		2,092,164		—			—			2,092,164
	$	37,351,201	$	4,195		$	424		$	37,355,820

NOTES TO FINANCIAL STATEMENTS 115

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3			Total
MSCI Kokusai
Assets:
Common Stocks	$	453,285,081	$	521	$	0	a	$	453,285,602
Preferred Stocks		1,168,619		—		—			1,168,619
Rights		1,248		28,748		—			29,996
Money Market Funds		7,929,752		—		—			7,929,752
	$	462,384,700	$	29,269	$	0	a	$	462,413,969
MSCI Qatar Capped
Assets:
Common Stocks	$	38,727,952	$	—	$	—		$	38,727,952
Money Market Funds		38,340		—		—			38,340
	$	38,766,292	$	—	$	—		$	38,766,292
MSCI UAE Capped
Assets:
Common Stocks	$	41,206,592	$	—	$	—		$	41,206,592
Money Market Funds		70,812		—		—			70,812
	$	41,277,404	$	—	$	—		$	41,277,404

^a  Rounds to less than $1.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

116 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 117

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

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

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
MSCI ACWI	$	91,887,293	$	91,887,293	$	—
MSCI ACWI ex U.S.		25,317,625		25,317,625		—
MSCI ACWI Low Carbon Target		327,868		327,868		—
MSCI Europe Financials		261,816		261,816		—
MSCI Europe Small-Cap		1,978,495		1,978,495		—
MSCI Kokusai		6,971,162		6,971,162		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA, manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to each of the iShares MSCI ACWI and iShares MSCI ACWI ex U.S. ETFs, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.350	%	First $30 billion
	0.320		Over $30 billion, up to and including $60 billion
	0.280		Over $60 billion, up to and including $90 billion
	0.252		Over $90 billion

In addition, each of the iShares MSCI ACWI and iShares MSCI ACWI ex U.S. ETFs indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for each Fund through November 30, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any.

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iSHARES^® TRUST

For its investment advisory services to the iShares MSCI ACWI Low Carbon Target ETF, BFA is entitled to an annual investment advisory fee of 0.33% based on the average daily net assets of the Fund. The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expense. BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2016 in order to limit total annual operating expenses to 0.20% of average daily net assets.

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
MSCI Europe Financials		0.48	%
MSCI Kokusai		0.25

Effective August 29, 2014, for its investment advisory services to the iShares MSCI Europe Small-Cap ETF, BFA is entitled to an annual investment advisory fee of 0.40% based on the average daily net assets of the Fund. Prior to August 29, 2014, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee of 0.50% based on the Fund’s average daily net assets.

For its investment advisory services to each of the iShares MSCI Qatar Capped and iShares MSCI UAE Capped ETFs, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.74	%	First $2 billion
	0.69		Over $2 billion, up to and including $4 billion
	0.64		Over $4 billion, up to and including $8 billion
	0.57		Over $8 billion, up to and including $16 billion
	0.51		Over $16 billion, up to and including $32 billion
	0.45		Over $32 billion

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

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

NOTES TO FINANCIAL STATEMENTS 119

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

Prior to January 1, 2015 each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI ACWI	$	124,525
MSCI ACWI ex U.S.		59,634
MSCI ACWI Low Carbon Target		6
MSCI Europe Financials		359
MSCI Europe Small-Cap		—
MSCI Kokusai		7,113

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

Cross trades for the six months ended January 31, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended January 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
MSCI ACWI
BlackRock Inc.		14,368		4,524		(2,842	)		16,050	$	5,465,185	$	63,464	$	507,895
PNC Financial Services Group Inc. (The)		95,964		30,576		(19,208	)		107,332		9,073,847		108,778		521,754
										$	14,539,032	$	172,242	$	1,029,649

120 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
MSCI ACWI Low Carbon Target
BlackRock Inc.		—		600		—			600	$	204,306	$	—	$	—
PNC Financial Services Group Inc. (The)		—		2,550		—			2,550		215,577		1,224		—
										$	419,883	$	1,224	$	—
MSCI Kokusai
BlackRock Inc.		2,205		—		(184	)		2,021	$	688,171	$	8,322	$	17,435
PNC Financial Services Group Inc. (The)		8,865		—		(566	)		8,299		701,597		8,239		8,719
										$	1,389,768	$	16,561	$	26,154

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI ACWI	$	234,617,706	$	156,901,690
MSCI ACWI ex U.S.		81,596,011		55,123,866
MSCI ACWI Low Carbon Target		52,495,692		86,989
MSCI Europe Financials		8,900,120		10,688,324
MSCI Europe Small-Cap		22,524,882		22,718,201
MSCI Kokusai		9,873,657		9,852,584
MSCI Qatar Capped		26,380,593		19,883,481
MSCI UAE Capped		24,136,915		21,684,119

In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI ACWI	$	1,728,955,534	$	1,074,138,093
MSCI ACWI ex U.S.		312,442,780		131,701,043
MSCI ACWI Low Carbon Target		90,532,532		—
MSCI Europe Financials		75,184,232		123,656,632
MSCI Europe Small-Cap		—		6,730,087
MSCI Kokusai		—		21,750,456
MSCI UAE Capped		1,161,689		1,033,194

NOTES TO FINANCIAL STATEMENTS 121

Notes to Financial Statements  (Unaudited) (Continued)

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4. CAPITAL SHARE TRANSACTIONS

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

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

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the statements of assets and liabilities.

5. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available

122 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

The iShares MSCI Qatar Capped ETF and iShares MSCI UAE Capped ETF invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

The iShares MSCI Europe Financials ETF invests substantially all of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions affecting those market sectors may have a significant impact on its investment performance.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI ACWI ETF, iShares MSCI ACWI ex U.S. ETF and iShares MSCI ACWI Low Carbon Target ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.

CREDIT RISK

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

6. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the

NOTES TO FINANCIAL STATEMENTS 123

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

As of July 31, 2014, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI ACWI	$	35,689,643	$	568,319	$	5,090,715	$	6,821,554	$	48,170,231
MSCI ACWI ex U.S.		31,887,565		450,894		7,365,062		7,522,978		47,226,499
MSCI Europe Financials		418,057		—		—		6,313		424,370
MSCI Europe Small-Cap		609,633		373,813		1,478,690		—		2,462,136
MSCI Kokusai		9,165,055		124,763		1,478,401		530,548		11,298,767
MSCI Qatar Capped		4,140		—		—		—		4,140
MSCI UAE Capped		500,753		—		—		—		500,753

^a  Must be utilized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI ACWI	$	6,037,067,393	$	798,441,572	$	(415,678,024	)	$	382,763,548
MSCI ACWI ex U.S.		1,897,735,115		178,789,402		(233,587,017	)		(54,797,615	)
MSCI ACWI Low Carbon Target		143,537,083		2,880,139		(5,894,157	)		(3,014,018	)
MSCI Europe Financials		410,104,420		10,016,434		(60,997,260	)		(50,980,826	)
MSCI Europe Small-Cap		41,150,338		2,543,477		(6,337,995	)		(3,794,518	)
MSCI Kokusai		390,302,577		113,215,905		(41,104,513	)		72,111,392
MSCI Qatar Capped		41,881,207		684,614		(3,799,529	)		(3,114,915	)
MSCI UAE Capped		52,798,997		472,452		(11,994,045	)		(11,521,593	)

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. SUBSEQUENT EVENTS

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

124 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (Unaudited)

iSHARES^® TRUST

iShares MSCI ACWI Low Carbon Target ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.

At a meeting held on December 3-4, 2014, the Board, including all of the Independent Trustees, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on its review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review.

In selecting BFA and approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and made the following conclusions:

Expenses of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including a fund sponsored by an “at cost” service provider) (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the proposed investment advisory fee rate and overall expenses for the Fund were lower than the median of the investment advisory fee rates and overall expenses of the funds in the Lipper Group.

Based on this review, the other factors considered at the meeting, and their general knowledge of fund pricing, the Board concluded that the proposed investment advisory fee and expense levels of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services to be Provided by BFA — The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years, including in such areas as investor education, product management, customized portfolio consulting support, capital markets support, and proprietary risk and performance analytics tools. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACTS 125

Board Review and Approval of Investment Advisory Contract  (Unaudited) (Continued)

iSHARES^® TRUST

resources that will be available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and its Affiliates — The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and will thus be in a position to evaluate whether, following the expiration of the Advisory Contract’s initial two-year term, any adjustments in the Fund’s fees would be appropriate.

Economies of Scale — The Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue at least annually following an initial two-year period, concluded that the investment advisory fee rate incorporates potential economies of scale and supported the Board’s approval of the Advisory Contract. The Board noted that there are various ways to share potential economies of scale with iShares fund shareholders, including through fee reductions (that may take the form of breakpoints, price cuts, and/or waivers), continued investment in services to iShares fund shareholders, and fee levels that anticipate scale.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts that track the same underlying index that serves as the underlying index for the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares Funds, including in terms of the different, generally more extensive services to be provided to the iShares funds, as well as other significant differences in the approach of BFA and its affiliates to the iShares funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure and the Fund expenses to be borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for

126 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (Unaudited) (Continued)

iSHARES^® TRUST

the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that the existence of any such ancillary benefits would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Based on the considerations described above, the Board determined that the investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining and concluded that it is in the best interest of the Fund and its shareholders to approve the Advisory Contract.

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACTS 127

Supplemental Information  (Unaudited)

iSHARES^® TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI ACWI	$	0.445898	$	—	$	0.042407	$	0.488305		91	%		—	%		9	%		100	%
MSCI ACWI ex U.S.		0.450367		—		0.009120		0.459487		98			—			2			100
MSCI Europe Small-Cap		0.506431		—		0.056577		0.563008		90			—			10			100
MSCI Kokusai		0.513829		—		0.032675		0.546504		94			—			6			100

128 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 129

Notes:

130 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI, Inc. nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

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

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

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-75-0115

JANUARY 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

^Ø   iShares MSCI All Country Asia ex Japan ETF  |  AAXJ  |  NASDAQ

^Ø   iShares MSCI All Country Asia ex Japan Small-Cap ETF  |  AXJS  |  NASDAQ

^Ø   iShares MSCI All Country Asia Information Technology ETF  |  AAIT  |  NASDAQ

Table of Contents

Fund Performance Overviews	5
About Fund Performance	8
Shareholder Expenses	8
Consolidated Schedules of Investments	9
iShares MSCI All Country Asia ex Japan ETF	9
iShares MSCI All Country Asia ex Japan Small-Cap ETF	19
iShares MSCI All Country Asia Information Technology ETF	29
Consolidated Financial Statements	31
Consolidated Financial Highlights	35
Notes to Consolidated Financial Statements	38
Supplemental Information	49

Fund Performance Overview

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

Performance as of January 31, 2015

The iShares MSCI All Country Asia ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Asian equities, excluding Japan, as represented by the MSCI AC Asia ex Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -3.07%, net of fees, while the total return for the Index was -2.74%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		12.19%		12.64%		13.09%		12.19%		12.64%		13.09%
5 Years		5.48%		5.43%		7.36%		30.58%		30.26%		42.63%
Since Inception		5.31%		5.14%		6.01%		39.74%		38.33%		45.85%

The inception date of the Fund was 8/13/08. The first day of secondary market trading was 8/15/08.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	969.30	$	3.38	$	1,000.00	$	1,021.80	$	3.47		0.68%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	33.01	%
Information Technology	22.19
Industrials	8.49
Consumer Discretionary	8.44
Telecommunication Services	6.83
Consumer Staples	5.30
Energy	4.92
Materials	4.64
Utilities	4.24
Health Care	1.94
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total Investments*

China	26.51	%
South Korea	17.95
Taiwan	15.19
Hong Kong	13.05
India	9.22
Singapore	6.00
Malaysia	4.19
Indonesia	3.28
Thailand	2.97
Philippines	1.64
TOTAL	100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

Performance as of January 31, 2015

The iShares MSCI All Country Asia ex Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of Asian small-capitalization equities, excluding Japan, as represented by the MSCI AC Asia ex Japan Small Cap Index (the “Index”).The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -4.89%, net of fees, while the total return for the Index was -4.92%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		5.56%		4.61%		6.48%		5.56%		4.61%		6.48%
Since Inception		5.24%		4.65%		6.56%		16.53%		14.58%		20.95%

The inception date of the Fund was 2/2/12. The first day of secondary market trading was 2/3/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	951.10	$	3.69	$	1,000.00	$	1,021.40	$	3.82		0.75%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total Investments*

Financials	20.83	%
Consumer Discretionary	18.53
Information Technology	17.69
Industrials	15.45
Materials	9.24
Health Care	5.95
Consumer Staples	5.92
Utilities	2.98
Energy	1.97
Telecommunication Services	1.44
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total Investments*

China	20.35	%
Taiwan	20.20
South Korea	17.56
India	10.03
Hong Kong	9.70
Singapore	8.17
Thailand	4.26
Malaysia	4.21
Indonesia	3.68
Philippines	1.84
TOTAL	100.00	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI ALL COUNTRY ASIA INFORMATION TECHNOLOGY ETF

Performance as of January 31, 2015

The iShares MSCI All Country Asia Information Technology ETF (the “Fund”) seeks to track the investment results of an index composed of Asian equities in the information technology sector, as represented by the MSCI AC Asia Information Technology Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -0.40%, net of fees, while the total return for the Index was -0.41%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		12.54%		10.99%		13.19%		12.54%		10.99%		13.19%
Since Inception		10.65%		9.94%		11.35%		35.22%		32.64%		37.73%

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	996.00	$	3.47	$	1,000.00	$	1,021.70	$	3.52		0.69%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total Investments*

Computers & Peripherals	29.24	%
Electronic Equipment, Instruments & Components	24.21
Semiconductors & Semiconductor Equipment	22.26
Internet Software & Services	11.99
IT Services	9.51
Software	2.61
Communications Equipment	0.18
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country	Percentage of Total Investments*
Japan		30.15	%
Taiwan		27.71
South Korea		23.60
China		11.14
India		6.70
Hong Kong		0.70
TOTAL		100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

8 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 98.77%
CHINA — 26.42%
AAC Technologies Holdings Inc.		802,000	$	5,140,926
Agricultural Bank of China Ltd. Class H		22,386,000		10,971,619
Air China Ltd. Class H		2,132,000		2,045,836
Alibaba Pictures Group Ltd.a		4,250,000		844,151
Aluminum Corp. of China Ltd. Class Ha,b		4,266,000		1,958,761
Anhui Conch Cement Co. Ltd. Class Hb		1,352,000		4,559,939
Anta Sports Products Ltd.		1,066,000		1,878,099
AviChina Industry & Technology Co. Ltd. Class H		2,144,000		1,390,924
Bank of China Ltd. Class H		83,148,000		46,542,762
Bank of Communications Co. Ltd. Class H		9,061,100		7,619,722
BBMG Corp. Class H		1,334,500		1,170,410
Beijing Capital International Airport Co. Ltd. Class H		2,132,000		2,026,587
Beijing Enterprises Holdings Ltd.b		533,000		4,079,985
Beijing Enterprises Water Group Ltd.		4,274,000		2,827,890
Belle International Holdings Ltd.		4,797,000		5,438,376
Brilliance China Automotive Holdings Ltd.		3,208,000		5,883,619
BYD Co. Ltd. Class Hb		533,000		1,948,906
CGN Power Co. Ltd.a,c		5,330,000		2,261,693
China Agri-Industries Holdings Ltd.b		2,132,100		863,471
China Cinda Asset Management Co. Ltd.a		5,330,000		2,529,797
China CITIC Bank Corp. Ltd. Class H		8,545,200		6,337,248
China CNR Corp. Ltd.a,c		1,865,500		2,398,839
China Coal Energy Co. Class Hb		4,267,000		2,349,964
China Communications Construction Co. Ltd. Class H		4,806,000		5,237,826
China Communications Services Corp. Ltd. Class H		2,132,000		962,423
China Construction Bank Corp. Class H		75,686,390		60,815,803
China COSCO Holdings Co. Ltd. Class Ha,b		2,665,000		1,323,331
China Everbright Bank Co. Ltd.		2,665,000		1,423,011

Security	Shares		Value
China Everbright International Ltd.		2,665,000	$	3,945,933
China Everbright Ltd.		1,066,000		2,309,814
China Galaxy Securities Co. Ltd. Class Hb		1,599,000		1,707,613
China Gas Holdings Ltd.		2,132,000		3,310,734
China Huishan Dairy Holdings Co. Ltd.b		5,863,000		937,675
China International Marine Containers (Group) Co. Ltd. Class H		586,783		1,129,164
China Life Insurance Co. Ltd. Class H		7,462,000		29,450,134
China Longyuan Power Group Corp. Ltd.		3,198,000		3,456,472
China Medical System Holdings Ltd.		1,066,000		1,839,602
China Mengniu Dairy Co. Ltd.		1,066,000		4,860,235
China Merchants Bank Co. Ltd. Class H		4,908,946		10,991,288
China Merchants Holdings International Co. Ltd.		1,066,000		3,925,310
China Minsheng Banking Corp. Ltd. Class H		6,703,600		8,170,535
China Mobile Ltd.		6,396,000		84,555,708
China National Building Material Co. Ltd. Class H		3,208,000		3,099,037
China Oilfield Services Ltd. Class H		2,132,000		3,508,718
China Overseas Land & Investment Ltd.		4,265,760		12,351,604
China Pacific Insurance (Group) Co. Ltd. Class H		2,771,600		13,405,173
China Petroleum & Chemical Corp. Class H		26,650,000		21,070,183
China Railway Construction Corp. Ltd. Class H		2,071,500		2,380,528
China Railway Group Ltd. Class H		4,267,000		3,131,450
China Resources Cement Holdings Ltd.		2,132,000		1,270,398
China Resources Enterprise Ltd.		1,066,000		2,337,312
China Resources Gas Group Ltd.		1,066,000		2,604,041
China Resources Land Ltd.		2,559,555		6,562,835

CONSOLIDATED SCHEDULES OF INVESTMENTS 9

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

January 31, 2015

Security	Shares		Value
China Resources Power Holdings Co. Ltd.		2,132,000	$	6,022,016
China Shenhua Energy Co. Ltd. Class H		3,464,500		9,495,331
China Shipping Container Lines Co. Ltd. Class Ha		3,991,000		1,255,978
China South City Holdings Ltd.		2,132,000		701,194
China State Construction International Holdings Ltd.		2,132,000		3,277,737
China Taiping Insurance Holdings Co. Ltd.a		1,123,790		3,478,620
China Telecom Corp. Ltd. Class H		14,942,000		8,864,968
China Unicom Hong Kong Ltd.		5,338,000		8,068,946
China Vanke Co. Ltd.a,b		1,370,084		2,982,842
Chongqing Changan Automobile Co. Ltd.		897,963		2,238,726
Chongqing Rural Commercial Bank Co. Ltd.		2,669,000		1,638,574
CITIC Ltd.		2,132,000		3,662,706
CITIC Securities Co. Ltd. Class H		1,067,000		3,433,567
CNOOC Ltd.		18,655,000		24,493,658
COSCO Pacific Ltd.		2,132,000		3,096,251
Country Garden Holdings Co. Ltd.		5,063,838		2,024,660
CSPC Pharmaceutical Group Ltd.		3,198,000		2,701,658
CSR Corp Ltd. Class Hb		1,905,000		2,316,953
Datang International Power Generation Co. Ltd. Class H		3,028,000		1,648,082
Dongfeng Motor Group Co. Ltd. Class H		3,198,000		4,660,876
ENN Energy Holdings Ltd.		1,066,000		6,317,618
Evergrande Real Estate Group Ltd.b		6,396,000		2,664,536
Far East Horizon Ltd.		1,599,000		1,365,265
Fosun International Ltd.		1,724,000		2,419,228
Franshion Properties (China) Ltd.b		3,208,000		943,365
GCL-Poly Energy Holdings Ltd.a,b		10,661,000		2,310,031
Geely Automobile Holdings Ltd.		5,330,000		2,192,949
GOME Electrical Appliances Holdings Ltd.		10,922,160		1,507,311
Great Wall Motor Co. Ltd. Class H		1,066,000		6,125,133

Security	Shares		Value
Guangdong Investment Ltd.		3,198,000	$	4,289,655
Guangzhou Automobile Group Co. Ltd.		2,132,855		1,942,123
Guangzhou R&F Properties Co. Ltd. Class H		1,066,000		1,211,278
Haier Electronics Group Co. Ltd.		1,077,000		2,903,171
Haitian International Holdings Ltd.		533,000		1,035,292
Haitong Securities Co. Ltd. Class Hb		1,251,200		2,724,017
Hengan International Group Co. Ltd.		799,500		9,512,517
Huadian Power International Corp. Ltd. Class H		2,132,000		1,946,844
Huaneng Power International Inc. Class H		3,208,000		4,551,323
Industrial and Commercial Bank of China Ltd. Class H		77,285,350		55,621,409
Inner Mongolia Yitai Coal Co. Ltd. Class B		1,172,770		1,654,778
Intime Retail Group Co. Ltd.		1,332,500		821,497
Jiangsu Expressway Co. Ltd. Class H		1,072,000		1,331,471
Jiangxi Copper Co. Ltd. Class H		1,066,000		1,740,610
Kingboard Chemical Holdings Co. Ltd.		802,000		1,301,265
Kingsoft Corp. Ltd.b		533,000		1,280,022
Kunlun Energy Co. Ltd.		3,198,000		3,328,608
Lee & Man Paper Manufacturing Ltd.		1,604,000		844,064
Lenovo Group Ltd.		6,396,000		8,282,335
Longfor Properties Co. Ltd.		1,599,500		2,104,239
New China Life Insurance Co. Ltd. Class H		738,000		4,249,995
New World China Land Ltd.		2,138,000		1,331,881
Nine Dragons Paper (Holdings) Ltd.b		1,604,000		1,181,275
People’s Insurance Co. Group of China Ltd.		6,396,000		3,126,499
PetroChina Co. Ltd. Class H		22,388,000		24,226,343
PICC Property and Casualty Co. Ltd. Class H		3,433,876		6,731,918
Ping An Insurance (Group) Co. of China Ltd. Class H		2,665,000		28,391,470

10 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

January 31, 2015

Security	Shares		Value
Semiconductor Manufacturing International Corp.a		25,584,000	$	2,243,820
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		2,132,000		1,674,615
Shanghai Electric Group Co. Ltd. Class H		3,208,000		1,969,482
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.		533,000		1,928,283
Shanghai Industrial Holdings Ltd.		533,000		1,577,686
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		746,800		1,618,170
Shenzhou International Group Holdings Ltd.		533,000		1,938,594
Shimao Property Holdings Ltd.		1,333,000		2,812,704
Shui On Land Ltd.		3,471,233		783,488
Sihuan Pharmaceutical Holdings Group Ltd.		4,268,000		2,757,863
Sino Biopharmaceutical Ltd.		2,132,000		2,136,578
Sino-Ocean Land Holdings Ltd.		3,464,500		2,220,790
Sinopec Engineering Group Co. Ltd.		1,067,000		763,780
Sinopec Shanghai Petrochemical Co. Ltd. Class H		3,198,000		928,050
Sinopharm Group Co. Ltd. Class H		1,279,200		4,677,374
Sinotrans Ltd. Class H		2,132,000		1,512,379
SOHO China Ltd.		1,868,500		1,298,950
Sun Art Retail Group Ltd.b		2,665,000		2,409,494
Tencent Holdings Ltd.		5,383,300		91,650,138
Tingyi Cayman Islands Holding Corp.		2,132,000		5,263,077
Tsingtao Brewery Co. Ltd. Class H		326,000		2,188,512
Uni-President China Holdings Ltd.		1,220,800		1,054,945
Want Want China Holdings Ltd.		6,397,000		7,689,585
Weichai Power Co. Ltd. Class H		533,400		2,118,919
Yanzhou Coal Mining Co. Ltd. Class Hb		2,132,000		1,699,364
Yuexiu Property Co. Ltd.		6,996,540		1,362,608
Zhejiang Expressway Co. Ltd. Class H		1,072,000		1,367,419
Zhuzhou CSR Times Electric Co. Ltd. Class H		464,000		2,597,277

Security	Shares		Value
Zijin Mining Group Co. Ltd. Class H		6,396,000	$	1,938,594
ZTE Corp. Class H		639,600		1,404,037
				880,304,667
HONG KONG — 13.01%
AIA Group Ltd.		12,792,000		74,656,503
Alibaba Health Information Technology Ltd.a		2,824,000		1,864,856
ASM Pacific Technology Ltd.b		213,200		1,934,470
Bank of East Asia Ltd. (The)		1,385,800		5,755,288
BOC Hong Kong (Holdings) Ltd.b		3,731,000		13,113,009
Cathay Pacific Airways Ltd.b		1,066,000		2,488,550
Cheung Kong Holdings Ltd.		1,402,000		26,852,522
Cheung Kong Infrastructure Holdings Ltd.		533,000		4,389,335
CLP Holdings Ltd.		2,132,000		19,028,472
First Pacific Co. Ltd./Hong Kongb		2,133,000		2,173,345
Galaxy Entertainment Group Ltd.b		2,665,000		14,058,246
Hanergy Thin Film Power Group Ltd.b		12,792,000		5,956,022
Hang Lung Properties Ltd.		2,665,000		7,854,057
Hang Seng Bank Ltd.		799,500		14,003,250
Henderson Land Development Co. Ltd.		1,066,400		7,619,746
HKT Trust & HKT Ltd.		2,665,640		3,493,058
Hong Kong & China Gas Co. Ltd.b		6,434,964		14,773,274
Hong Kong Exchanges and Clearing Ltd.		1,042,200		24,007,290
Hutchison Whampoa Ltd.		2,132,000		28,295,227
Hysan Development Co. Ltd.b		533,000		2,581,355
Kerry Properties Ltd.		799,500		2,835,710
Li & Fung Ltd.b		6,092,000		6,042,224
Link REIT (The)		2,398,500		16,240,883
MGM China Holdings Ltd.b		1,066,000		2,601,291
MTR Corp. Ltd.		1,599,000		7,104,742
New World Development Co. Ltd.		5,330,666		6,366,534
NWS Holdings Ltd.		1,604,500		2,984,115
PCCW Ltd.		4,268,000		2,840,434
Power Assets Holdings Ltd.		1,333,500		13,982,801
Sands China Ltd.		2,558,400		12,555,492
Shangri-La Asia Ltd.		1,066,333		1,389,072
Sino Land Co. Ltd.b		3,209,200		5,380,848
SJM Holdings Ltd.b		2,134,000		3,148,698

CONSOLIDATED SCHEDULES OF INVESTMENTS 11

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

January 31, 2015

Security	Shares		Value
Sun Hung Kai Properties Ltd.		1,683,000	$	27,480,741
Swire Pacific Ltd. Class A		799,500		10,734,450
Swire Properties Ltd.		1,279,200		4,116,419
Techtronic Industries Co. Ltd.		1,332,500		4,365,274
WH Group Ltd.a,b,c		3,731,000		2,117,330
Wharf Holdings Ltd. (The)b		1,599,000		12,992,706
Wheelock and Co. Ltd.		1,066,000		6,049,514
Wynn Macau Ltd.b		1,492,400		4,167,290
Yue Yuen Industrial Holdings Ltd.		802,500		2,986,080
				433,380,523
INDIA — 9.19%
Adani Ports & Special Economic Zone Ltd.		515,944		2,841,087
ACC Ltd.		23,452		590,872
Adani Enterprises Ltd.		135,915		1,376,596
Aditya Birla Nuvo Ltd.		36,780		1,067,472
Ambuja Cements Ltd.		700,964		2,815,287
Apollo Hospitals Enterprise Ltd.		82,615		1,752,142
Asian Paints Ltd.		310,206		4,296,104
Aurobindo Pharma Ltd.		139,646		2,813,325
Bajaj Auto Ltd.		87,945		3,396,110
Bharat Heavy Electricals Ltd.		619,346		2,917,481
Bharat Petroleum Corp. Ltd.		174,374		2,108,339
Bharti Airtel Ltd.		636,402		3,839,887
Cairn India Ltd.		438,126		1,647,173
Cipla Ltd.		369,902		4,155,313
Coal India Ltd.		522,873		3,046,399
Dabur India Ltd.		450,385		1,863,424
Divi’s Laboratories Ltd.		43,906		1,235,160
DLF Ltd.		430,664		1,181,397
Dr. Reddy’s Laboratories Ltd.		123,656		6,455,328
GAIL (India) Ltd.		333,658		2,278,798
GlaxoSmithKline Consumer Healthcare Ltd.		10,800		980,684
Godrej Consumer Products Ltd.		125,255		2,146,131
HCL Technologies Ltd.		257,972		7,463,007
Hero Motocorp Ltd.		43,173		1,997,453
Hindalco Industries Ltd.		1,162,473		2,622,063
Hindustan Unilever Ltd.		791,505		11,917,623
Housing Development Finance Corp. Ltd.		1,558,492		31,768,728
ICICI Bank Ltd.		1,151,280		6,704,879
Idea Cellular Ltd.		1,080,924		2,702,528
Infosys Ltd.		961,532		33,252,691
ITC Ltd.		2,333,474		13,885,555

Security	Shares		Value
Jindal Steel & Power Ltd.		357,643	$	916,123
JSW Steel Ltd.		87,412		1,379,525
Larsen & Toubro Ltd.		330,993		9,088,079
LIC Housing Finance Ltd.		287,454		2,220,824
Mahindra & Mahindra Financial Services Ltd.		284,938		1,174,302
Mahindra & Mahindra Ltd.		353,912		7,229,096
Motherson Sumi Systems Ltd.		219,423		1,598,155
Nestle India Ltd.		23,452		2,693,392
NTPC Ltd.		1,686,412		3,911,408
Oil & Natural Gas Corp. Ltd.		801,632		4,547,564
Oil India Ltd.		123,656		1,067,153
Piramal Enterprises Ltd.		68,224		918,521
Power Finance Corp. Ltd.		270,231		1,302,179
Ranbaxy Laboratories Ltd.a		133,538		1,514,875
Reliance Communications Ltd.a		848,003		1,089,869
Reliance Industries Ltd.		1,347,957		19,919,555
Reliance Infrastructure Ltd.		99,671		817,918
Rural Electrification Corp. Ltd.		304,876		1,639,690
Sesa Sterlite Ltd.		1,222,169		3,985,098
Shriram Transport Finance Co. Ltd.		149,773		2,762,464
Siemens Ltd.		68,757		1,156,940
State Bank of India		1,572,350		7,843,344
Sun Pharmaceuticals Industries Ltd.		763,256		11,309,892
Tata Consultancy Services Ltd.		491,959		19,715,296
Tata Motors Ltd.		796,302		7,523,308
Tata Power Co. Ltd.		1,161,940		1,697,838
Tata Steel Ltd.		318,201		2,005,999
Tech Mahindra Ltd.		61,295		2,838,859
Ultratech Cement Ltd.		37,310		1,891,765
United Breweries Ltd.		70,356		1,107,623
United Spirits Ltd.a		46,371		2,584,040
Wipro Ltd.		647,062		6,336,893
Zee Entertainment Enterprises Ltd.		547,314		3,329,306
				306,235,929
INDONESIA — 3.26%
PT Adaro Energy Tbk		14,657,500		1,157,095
PT Astra Agro Lestari Tbk		426,400		782,617
PT Astra International Tbk		21,106,800		13,079,801
PT Bank Central Asia Tbk		12,792,000		13,506,453
PT Bank Danamon Indonesia Tbk		3,411,246		1,184,881

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

January 31, 2015

Security	Shares		Value
PT Bank Mandiri (Persero) Tbk		9,753,951	$	8,469,979
PT Bank Negara Indonesia (Persero) Tbk		7,888,415		3,892,054
PT Bank Rakyat Indonesia (Persero) Tbk		11,672,700		10,758,143
PT Bukit Asam (Persero) Tbk		799,500		717,925
PT Bumi Serpong Damai Tbk		7,675,400		1,223,944
PT Charoen Pokphand Indonesia Tbk		7,781,800		2,429,605
PT Global Mediacom Tbk		6,502,600		952,226
PT Gudang Garam Tbk		533,000		2,432,003
PT Indo Tambangraya Megah Tbk		373,100		493,343
PT Indocement Tunggal Prakarsa Tbk		1,545,700		2,806,481
PT Indofood CBP Sukses Makmur Tbk		1,279,200		1,464,251
PT Indofood Sukses Makmur Tbk		4,477,200		2,668,471
PT Jasa Marga (Persero) Tbk		2,110,000		1,199,290
PT Kalbe Farma Tbk		21,746,400		3,201,661
PT Lippo Karawaci Tbk		20,413,900		1,829,073
PT Matahari Department Store Tbk		2,078,700		2,547,607
PT Media Nusantara Citra Tbk		4,956,900		1,119,142
PT Perusahaan Gas Negara (Persero) Tbk		11,352,900		4,525,924
PT Semen Gresik (Persero) Tbk		3,144,700		3,618,236
PT Surya Citra Media Tbk		4,760,000		1,283,237
PT Telekomunikasi Indonesia (Persero) Tbk		53,140,100		11,871,836
PT Tower Bersama Infrastructure Tbk		1,972,100		1,478,978
PT Unilever Indonesia Tbk		1,599,000		4,522,137
PT United Tractors Tbk		1,705,643		2,410,184
PT XL Axiata Tbk		2,984,800		1,131,008
				108,757,585
MALAYSIA — 4.17%
AirAsia Bhd		1,332,500		1,028,390
Alliance Financial Group Bhd		1,172,600		1,544,936
AMMB Holdings Bhd		1,972,100		3,413,668
Astro Malaysia Holdings Bhd		1,762,200		1,418,309
Axiata Group Bhd		2,611,700		5,183,087
Berjaya Sports Toto Bhd		639,690		597,726
British American Tobacco Malaysia Bhd		106,600		1,939,250

Security	Shares		Value
Bumi Armada Bhda		1,812,200	$	599,405
CIMB Group Holdings Bhdb		5,170,100		7,837,803
Dialog Group Bhd		3,837,662		1,713,620
DiGi.Com Bhd		3,304,600		5,838,612
Felda Global Ventures Holdings Bhd		1,172,700		788,696
Gamuda Bhd		1,812,200		2,532,484
Genting Bhd		2,185,300		5,318,688
Genting Malaysia Bhd		3,144,700		3,519,152
Genting Plantations Bhd		213,400		597,614
Hong Leong Bank Bhd		588,300		2,273,419
Hong Leong Financial Group Bhd		213,400		995,239
IHH Healthcare Bhd		2,505,100		3,590,551
IJM Corp. Bhdb		1,177,100		2,238,696
IOI Corp. Bhd		3,144,700		4,082,563
IOI Properties Group Bhd		1,808,933		1,027,123
Kuala Lumpur Kepong Bhd		533,700		3,333,418
Lafarge Malaysia Bhd		456,100		1,245,852
Malayan Banking Bhd		4,690,400		11,273,508
Malaysia Airports Holdings Bhd		639,600		1,262,276
Maxis Bhd		1,972,100		3,859,402
MISC Bhd		1,172,700		2,505,079
Petronas Chemicals Group Bhd		2,959,600		4,160,408
Petronas Dagangan Bhdb		266,900		1,297,717
Petronas Gas Bhd		692,900		4,239,906
PPB Group Bhd		533,700		2,141,861
Public Bank Bhd		2,858,130		14,290,650
RHB Capital Bhdb		586,300		1,318,690
Sapurakencana Petroleum Bhd		3,731,000		2,745,802
Sime Darby Bhd		3,038,100		7,871,593
Telekom Malaysia Bhd		1,173,000		2,259,997
Tenaga Nasional Bhd		2,959,600		11,828,611
UEM Sunrise Bhd		1,553,800		543,916
UMW Holdings Bhd		586,300		1,761,486
YTL Corp. Bhd		4,530,500		2,197,817
YTL Power International Bhd		1,705,620		752,203
				138,969,223
PHILIPPINES — 1.64%
Aboitiz Equity Ventures Inc.		1,972,520		2,532,026
Aboitiz Power Corp.		1,652,300		1,667,552
Alliance Global Group Inc.		2,132,000		1,211,226
Ayala Corp.		205,868		3,391,992
Ayala Land Inc.		7,462,000		6,109,319
Bank of the Philippine Islands		900,779		2,022,478
BDO Unibank Inc.		1,705,609		4,429,098

CONSOLIDATED SCHEDULES OF INVESTMENTS 13

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

January 31, 2015

Security	Shares		Value
DMCI Holdings Inc.		3,731,000	$	1,303,096
Energy Development Corp.		9,540,700		1,850,021
Globe Telecom Inc.		34,705		1,374,253
International Container Terminal Services Inc.		538,330		1,391,822
JG Summit Holdings Inc.		2,553,077		3,792,587
Jollibee Foods Corp.		479,700		2,523,992
Megaworld Corp.		12,792,000		1,508,593
Metro Pacific Investments Corp.		10,660,000		1,249,908
Metropolitan Bank & Trust Co.		357,112		771,841
Philippine Long Distance Telephone Co.		101,270		6,821,307
SM Investments Corp.		159,900		3,368,950
SM Prime Holdings Inc.		6,994,725		2,950,625
Universal Robina Corp.		914,060		4,291,167
				54,561,853
SINGAPORE — 5.98%
Ascendas REIT		2,132,535		3,877,050
CapitaCommercial Trustb		2,132,000		2,788,885
CapitaLand Ltd.b		2,665,500		6,855,325
CapitaMall Trust Management Ltd.b		2,665,800		4,117,598
City Developments Ltd.b		533,000		3,958,798
ComfortDelGro Corp. Ltd.		2,132,000		4,522,090
DBS Group Holdings Ltd.b		1,820,900		26,631,890
Genting Singapore PLC		6,396,600		5,105,556
Global Logistic Properties Ltd.b		3,198,000		5,979,558
Golden Agri-Resources Ltd.		6,929,707		2,150,970
Hutchison Port Holdings Trustb		6,396,371		4,573,405
Jardine Cycle & Carriage Ltd.b		75,100		2,347,742
Keppel Corp. Ltd.		1,599,600		10,284,916
Keppel Land Ltd.b		533,000		1,788,353
Noble Group Ltd.		4,797,364		3,775,916
Oversea-Chinese Banking Corp. Ltd.b		3,013,175		23,159,426
SembCorp Industries Ltd.		1,066,000		3,395,507
SembCorp Marine Ltd.b		1,066,000		2,363,462
Singapore Airlines Ltd.		533,000		4,982,965
Singapore Exchange Ltd.b		1,066,000		6,121,366
Singapore Press Holdings Ltd.b		1,161,000		3,543,663
Singapore Technologies Engineering Ltd.		1,599,000		3,970,616
Singapore Telecommunications Ltd.		8,208,200		24,750,171
StarHub Ltd.		533,000		1,646,545
Suntec REITb		2,665,000		3,702,757

Security	Shares		Value
United Overseas Bank Ltd.		1,348,500	$	23,101,197
UOL Group Ltd.		533,000		2,844,032
Wilmar International Ltd.		2,132,000		5,073,564
Yangzijiang Shipbuilding Holdings Ltd.b		2,132,000		1,953,795
				199,367,118
SOUTH KOREA — 17.01%
AmorePacific Corp.		3,393		8,224,984
AmorePacific Group		3,198		3,664,131
BS Financial Group Inc.		207,353		2,626,041
Celltrion Inc.a,b		69,943		2,603,036
Cheil Industries Inc.a		15,566		1,935,786
Cheil Worldwide Inc.a		89,011		1,607,505
CJ CheilJedang Corp.		8,531		2,745,896
CJ Corp.		15,990		2,522,197
CJ Korea Express Co. Ltd.a		7,814		1,368,307
Coway Co. Ltd.		55,965		4,493,167
Daelim Industrial Co. Ltd.		28,782		1,447,522
Daewoo Engineering & Construction Co. Ltd.a,b		118,859		736,891
Daewoo International Corp.		50,990		1,282,210
Daewoo Securities Co. Ltd.a		221,195		2,042,858
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b		113,529		2,024,337
Daum Kakao Corp.b		27,183		3,795,578
DGB Financial Group Inc.		168,174		1,630,070
Dongbu Insurance Co. Ltd.		47,437		2,307,652
Doosan Corp.		8,528		811,002
Doosan Heavy Industries & Construction Co. Ltd.		63,427		1,351,362
Doosan Infracore Co. Ltd.a		143,377		1,337,276
E-Mart Co. Ltd.		21,966		4,177,878
GS Engineering & Construction Corp.a		53,300		1,220,890
GS Holdings Corp.		54,899		2,093,351
Halla Visteon Climate Control Corp.		41,041		1,743,192
Hana Financial Group Inc.		303,810		8,973,174
Hankook Tire Co. Ltd.		77,285		3,724,323
Hanwha Chemical Corp.		111,397		1,252,911
Hanwha Corp.		47,970		1,201,882
Hanwha Life Insurance Co. Ltd.		256,906		1,827,660
Hite Jinro Co. Ltd.		32,040		681,172
Hotel Shilla Co. Ltd.		35,711		3,330,763
Hyosung Corp.		23,452		1,556,890

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

January 31, 2015

Security	Shares		Value
Hyundai Department Store Co. Ltd.		16,884	$	1,844,951
Hyundai Development Co. Engineering & Construction		58,097		2,292,324
Hyundai Engineering & Construction Co. Ltd.		75,686		3,020,934
Hyundai Glovis Co. Ltd.		14,226		3,180,557
Hyundai Heavy Industries Co. Ltd.b		44,239		4,571,148
Hyundai Marine & Fire Insurance Co. Ltd.		43,830		1,046,052
Hyundai Merchant Marine Co. Ltd.a,b		69,823		654,431
Hyundai Mipo Dockyard Co. Ltd.b		11,726		827,768
Hyundai Mobis Co. Ltd.		71,955		16,317,520
Hyundai Motor Co.		160,433		24,865,941
Hyundai Steel Co.		75,727		4,563,286
Hyundai Wia Corp.		16,981		2,391,253
Industrial Bank of Korea		274,495		3,250,467
Kangwon Land Inc.		127,920		3,789,876
KB Financial Group Inc.		341,110		11,478,464
KCC Corp.		6,396		3,222,564
KEPCO Plant Service & Engineering Co. Ltd.		21,997		1,776,093
Kia Motors Corp.		278,226		11,702,996
Korea Aerospace Industries Ltd.		49,036		2,100,710
Korea Electric Power Corp.		271,297		10,716,926
Korea Gas Corp.a		30,455		1,258,747
Korea Investment Holdings Co. Ltd.		45,305		2,154,225
Korea Zinc Co. Ltd.		9,082		3,566,861
Korean Air Lines Co. Ltd.a		30,381		1,319,584
KT Corp.		72,488		1,985,201
KT&G Corp.		116,194		8,521,177
Kumho Petrochemical Co. Ltd.		15,459		1,267,989
LG Chem Ltd.		49,036		8,900,554
LG Corp.		102,336		5,792,427
LG Display Co. Ltd.		249,977		8,240,372
LG Electronics Inc.		114,595		6,371,046
LG Household & Health Care Ltd.		10,128		6,371,675
LG Innotek Co. Ltd.b		13,858		1,240,580
LG Uplus Corp.		229,723		2,541,741
Lotte Chemical Corp.		16,523		2,636,488
Lotte Confectionery Co. Ltd.		533		910,915
Lotte Shopping Co. Ltd.		12,259		2,662,319
LS Corp.		19,188		844,826
LS Industrial Systems Co. Ltd.		17,589		974,665
Mirae Asset Securities Co. Ltd.		29,064		1,233,147
NAVER Corp.		29,155		19,088,314

Security	Shares		Value
NCsoft Corp.		15,990	$	2,953,530
NH Investment & Securities Co. Ltd.		160,433		1,628,389
OCI Co. Ltd.a,b		18,122		1,295,849
ORION Corp.		3,731		3,582,251
Paradise Co. Ltd.		46,371		1,115,177
POSCO		68,066		15,715,678
S-Oil Corp.		47,437		2,624,304
S1 Corp.		21,320		1,559,620
Samsung C&T Corp.		131,118		6,690,183
Samsung Card Co. Ltd.		43,173		1,508,055
Samsung Electro-Mechanics Co. Ltd.		61,828		3,787,926
Samsung Electronics Co. Ltd.		115,128		143,699,451
Samsung Engineering Co. Ltd.a,b		29,848		1,037,147
Samsung Fire & Marine Insurance Co. Ltd.		34,645		9,345,533
Samsung Heavy Industries Co. Ltd.		168,428		2,756,823
Samsung Life Insurance Co. Ltd.		65,026		6,689,306
Samsung SDI Co. Ltd.		57,099		6,735,343
Samsung SDS Co. Ltd.		29,848		7,219,089
Samsung Securities Co. Ltd.		62,904		2,737,958
Shinhan Financial Group Co. Ltd.		341,700		14,060,442
Shinsegae Co. Ltd.		7,696		1,133,007
SK C&C Co. Ltd.		21,320		4,581,383
SK Holdings Co. Ltd.		27,716		4,333,793
SK Hynix Inc.		530,712		23,124,019
SK Innovation Co. Ltd.		62,894		5,388,778
SK Networks Co. Ltd.a		124,722		1,073,184
SK Telecom Co. Ltd.		10,660		2,817,063
Woori Banka		328,861		2,646,284
Yuhan Corp.		5,811		908,633
				566,587,206
TAIWAN — 15.14%
Acer Inc.a		2,871,830		1,881,838
Advanced Semiconductor Engineering Inc.		6,929,863		8,774,066
Advantech Co. Ltd.		235,278		1,776,894
Asia Cement Corp.		2,188,448		2,645,846
Asia Pacific Telecom Co. Ltd.		2,132,000		1,021,569
ASUSTeK Computer Inc.		688,100		7,260,166
AU Optronics Corp.		9,595,580		5,267,696
Catcher Technology Co. Ltd.		533,000		4,710,378
Cathay Financial Holding Co. Ltd.		8,528,722		12,313,988

CONSOLIDATED SCHEDULES OF INVESTMENTS 15

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

January 31, 2015

Security	Shares		Value
Chailease Holding Co. Ltd.		1,066,280	$	2,527,524
Chang Hwa Commercial Bank Ltd.		5,411,386		3,065,138
Cheng Shin Rubber Industry Co. Ltd.		1,599,303		3,856,983
Chicony Electronics Co. Ltd.		537,112		1,491,339
China Airlines Ltd.a		3,199,330		1,614,208
China Development Financial Holding Corp.		14,223,734		4,694,078
China Life Insurance Co. Ltd.		2,965,459		2,498,388
China Motor Co. Ltd.		538,000		463,506
China Steel Corp.		12,454,484		10,552,135
Chunghwa Telecom Co. Ltd.		4,264,110		12,922,160
Clevo Co.		533,228		812,190
Compal Electronics Inc.		4,797,000		3,523,904
CTBC Financial Holding Co. Ltd.		11,762,823		7,502,586
CTCI Corp.		536,000		850,429
Delta Electronics Inc.		2,132,000		13,090,961
E.Sun Financial Holding Co. Ltd.		6,426,918		3,956,470
Eclat Textile Co. Ltd.		140,400		1,459,089
Epistar Corp.		1,066,000		1,901,065
EVA Airways Corp.a		2,419,962		1,858,349
Evergreen Marine Corp. Ltd.a		1,599,095		1,136,647
Far Eastern Department Stores Ltd.		1,084,298		929,000
Far Eastern New Century Corp.		3,251,922		3,281,486
Far EasTone Telecommunications Co. Ltd.		1,599,000		3,917,140
Farglory Land Development Co. Ltd.		533,468		626,345
First Financial Holding Co. Ltd.		7,706,937		4,512,129
Formosa Chemicals & Fibre Corp.		3,397,740		7,310,098
Formosa International Hotels Corp.		29,681		301,392
Formosa Petrochemical Corp.		1,066,000		2,273,159
Formosa Plastics Corp.		4,264,400		10,351,963
Formosa Taffeta Co. Ltd.		1,066,000		1,080,765
Foxconn Technology Co. Ltd.		1,066,301		2,906,540
Fubon Financial Holding Co. Ltd.		6,929,111		11,059,840
Giant Manufacturing Co. Ltd.		214,000		1,867,454
Hermes Microvision Inc.		40,000		1,916,639
Highwealth Construction Corp.		533,600		1,088,755
Hiwin Technologies Corp.		126,554		1,052,157

Security	Shares		Value
Hon Hai Precision Industry Co. Ltd.		13,075,556	$	35,973,494
Hotai Motor Co. Ltd.		209,000		3,010,964
HTC Corp.a		732,450		3,649,060
Hua Nan Financial Holdings Co. Ltd.		6,396,497		3,562,236
Innolux Corp.		8,536,981		4,171,847
Inotera Memories Inc.a		2,132,000		3,135,742
Inventec Corp.		2,362,460		1,761,715
Kinsus Interconnect Technology Corp.		533,000		1,733,622
Largan Precision Co. Ltd.		87,000		7,288,305
Lite-On Technology Corp.		2,143,193		2,652,340
MediaTek Inc.		1,599,391		24,513,490
Mega Financial Holding Co. Ltd.		10,364,827		7,959,408
Merida Industry Co. Ltd.		147,000		1,016,898
Nan Ya Plastics Corp.		4,797,000		9,666,000
Novatek Microelectronics Corp.		536,000		2,985,006
Pegatron Corp.		1,604,000		4,326,400
Phison Electronics Corp.		86,000		616,752
Pou Chen Corp.		2,134,000		2,928,761
Powertech Technology Inc.		536,200		896,687
President Chain Store Corp.		533,000		4,109,953
Quanta Computer Inc.		2,665,000		6,511,654
Radiant Opto-Electronics Corp.		533,167		1,700,328
Realtek Semiconductor Corp.		533,642		1,644,268
Ruentex Development Co. Ltd.		580,237		874,586
Ruentex Industries Ltd.		533,195		1,152,223
ScinoPharm Taiwan Ltd.		533,992		898,078
Shin Kong Financial Holding Co. Ltd.		7,798,740		2,177,762
Siliconware Precision Industries Co. Ltd.		3,199,575		5,401,412
Simplo Technology Co. Ltd.		250,550		1,240,287
SinoPac Financial Holdings Co. Ltd.		8,426,658		3,436,069
Standard Foods Corp.		262,683		564,318
Synnex Technology International Corp.		1,285,000		1,855,316
Taishin Financial Holdings Co. Ltd.		8,277,008		3,401,312
Taiwan Business Bank Ltd.a		4,264,311		1,240,856
Taiwan Cement Corp.		3,737,000		5,051,683
Taiwan Cooperative Financial Holding Co. Ltd.		6,451,149		3,336,784

16 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

January 31, 2015

Security	Shares		Value
Taiwan Fertilizer Co. Ltd.		1,066,000	$	1,860,472
Taiwan Glass Industry Corp.		1,066,780		778,585
Taiwan Mobile Co. Ltd.		1,599,000		5,276,977
Taiwan Semiconductor Manufacturing Co. Ltd.		25,584,670		114,472,796
Teco Electric and Machinery Co. Ltd.		2,134,000		2,004,423
TPK Holding Co. Ltd.		212,974		1,388,807
Transcend Information Inc.		137,000		436,908
TSRC Corp.		555,815		662,283
U-Ming Marine Transport Corp.		536,000		828,318
Uni-President Enterprises Co.		5,015,475		8,037,238
Unimicron Technology Corp.		1,295,000		899,948
United Microelectronics Corp.		13,163,000		6,432,488
Vanguard International Semiconductor Corp.		1,066,000		1,823,263
Walsin Lihwa Corp.a		3,737,000		1,156,195
Wistron Corp.		2,665,521		2,452,920
WPG Holdings Co. Ltd.		1,604,240		2,000,623
Yang Ming Marine Transport Corp.a		1,621,300		869,468
Yuanta Financial Holding Co. Ltd.		7,472,304		3,604,139
Yulon Motor Co. Ltd.		1,066,000		1,562,797
Zhen Ding Technology Holding Ltd.		533,097		1,510,640
				504,409,356
THAILAND — 2.95%
Advanced Information Service PCL NVDR		1,066,000		7,979,529
Airports of Thailand PCL NVDR		426,400		4,221,008
Bangkok Bank PCL Foreign		266,500		1,563,336
Bangkok Bank PCL NVDR		324,425		1,888,267
Bangkok Dusit Medical Services PCL NVDR		3,199,000		1,817,947
Banpu PCL NVDR		1,066,000		791,439
BEC World PCL NVDR		1,088,300		1,712,418
BTS Group Holdings PCL NVDR		6,022,900		1,812,575
Bumrungrad Hospital PCL NVDR		373,100		1,778,295
Central Pattana PCL NVDR		1,422,600		1,945,046
Charoen Pokphand Foods PCL NVDR		2,908,100		2,243,493
CP All PCL NVDR		4,637,100		5,879,610
Delta Electronics Thailand PCL NVDR		533,000		1,209,143

Security	Shares		Value
Energy Absolute PCL NVDR		1,172,600	$	895,661
Glow Energy PCL NVDR		560,100		1,561,538
Home Product Center PCL NVDRb		4,122,091		1,026,430
Indorama Ventures PCL NVDR		1,187,700		791,074
IRPC PCL NVDR		10,660,000		1,113,877
Kasikornbank PCL Foreign		1,210,300		8,283,141
Kasikornbank PCL NVDR		640,575		4,344,872
Krung Thai Bank PCL NVDR		3,731,075		2,587,699
Minor International PCL NVDR		1,687,600		1,869,096
PTT Exploration & Production PCL NVDR		1,385,884		4,615,379
PTT Global Chemical PCL NVDR		1,713,676		2,958,225
PTT PCL NVDR		1,066,000		11,269,050
Siam Cement (The) PCL Foreign		319,900		4,867,406
Siam Cement (The) PCL NVDR		53,300		807,724
Siam Commercial Bank PCL NVDR		1,652,300		9,061,651
Thai Oil PCL NVDR		800,300		1,253,143
Thai Union Frozen Products PCL NVDR		1,918,800		1,278,028
TMB Bank PCL NVDR		14,028,200		1,328,672
True Corp. PCL NVDRa		8,901,911		3,698,930
				98,453,702
TOTAL COMMON STOCKS
(Cost: $3,018,659,872)				3,291,027,162
PREFERRED STOCKS — 0.88%
SOUTH KOREA — 0.88%
Hyundai Motor Co. Ltd.		25,584		2,690,344
Hyundai Motor Co. Ltd. Series 2		39,975		4,386,430
LG Chem Ltd.		8,004		1,068,566
Samsung Electronics Co. Ltd.		21,853		21,301,479
				29,446,819
TOTAL PREFERRED STOCKS (Cost: $21,032,445)				29,446,819
RIGHTS — 0.00%
SOUTH KOREA — 0.00%
Hyundai Merchant Marine Co. Ltd.a		10,605		28,898
				28,898
TOTAL RIGHTS (Cost: $0)				28,898

CONSOLIDATED SCHEDULES OF INVESTMENTS 17

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN ETF

January 31, 2015

Security	Shares		Value
SHORT-TERM INVESTMENTS — 3.24%
MONEY MARKET FUNDS — 3.24%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%d,e,f		97,752,436	$	97,752,436
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%d,e,f		5,880,290		5,880,290
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		4,165,620		4,165,620
				107,798,346
TOTAL SHORT-TERM INVESTMENTS (Cost: $107,798,346)				107,798,346
TOTAL INVESTMENTS IN SECURITIES — 102.89% (Cost: $3,147,490,663)				3,428,301,225
Other Assets, Less Liabilities — (2.89)%				(96,434,728	)
NET ASSETS — 100.00%			$	3,331,866,497

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.69%
CHINA — 20.29%
Agile Property Holdings Ltd.		16,000	$	9,761
Ajisen (China) Holdings Ltd.a		10,000		5,804
Anton Oilfield Services Groupa		8,000		1,558
Anxin-China Holdings Ltd.		32,000		2,187
APT Satellite Holdings Ltd.		5,000		6,823
Asian Citrus Holdings Ltd.b		14,000		1,499
Baoye Group Co. Ltd. Class H		8,000		4,643
Beijing Capital Land Ltd. Class H		16,000		7,347
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		4,000		5,231
Biostime International Holdings Ltd.a		2,000		5,443
Bosideng International Holdings Ltd.		32,000		4,127
BYD Electronic International Co. Ltd.		14,000		14,680
C C Land Holdings Ltd.		8,000		1,383
Capital Environment Holdings Ltd.b		40,000		2,322
Carnival Group International Holdings Ltd.b		100,000		16,122
Changshouhua Food Co. Ltd.		8,000		5,469
Chaowei Power Holdings Ltd.a		12,000		5,077
China Aerospace International Holdings Ltd.a		48,000		6,129
China Animal Healthcare Ltd.a		8,000		5,396
China Aoyuan Property Group Ltd.		22,000		3,547
China Datang Corp. Renewable Power Co. Ltd. Class H		18,000		2,577
China Dongxiang Group Co. Ltd.		44,000		7,491
China Foods Ltd.b		16,000		5,283
China High Speed Transmission Equipment Group Co. Ltd.b		18,000		12,745
China Lilang Ltd.		10,000		6,294
China LotSynergy Holdings Ltd.		80,000		5,778
China Lumena New Materials Corp.a,b		40,000		645
China Metal Recycling Holdings Ltd.b		4,200		—
China Modern Dairy Holdings Ltd.a,b		30,000		9,712
China New Town Development Co. Ltd.b		55,000		3,086
China Oil and Gas Group Ltd.		40,000		5,159
China Power International Development Ltd.		36,000		20,476
China Power New Energy Development Co. Ltd.b		80,000		4,901
China Precious Metal Resources Holdings Co. Ltd.a,b		72,000		6,315
China Rare Earth Holdings Ltd.a,b		52,000		8,652

Security	Shares		Value
China Resources and Transportation Group Ltd.b		200,000	$	4,308
China Rongsheng Heavy Industries Group Holdings Ltd.a,b		39,000		3,571
China Ruifeng Renewable Energy Ltd.b		32,000		4,499
China Sanjiang Fine Chemicals Co. Ltd.a		14,000		4,135
China SCE Property Holdings Ltd.b		36,000		6,918
China Shanshui Cement Group Ltd.a		26,000		11,435
China Shineway Pharmaceutical Group Ltd.a		6,000		9,410
China Singyes Solar Technologies Holdings Ltd.		8,000		11,226
China Suntien Green Energy Corp. Ltd. Class H		30,000		6,733
China Traditional Chinese Medicine Co. Ltd.a,b		16,000		10,483
China Travel International Investment Hong Kong Ltd.		52,000		17,102
China Vanadium Titano-Magnetite Mining Co. Ltd.		46,000		4,212
China Water Affairs Group Ltd.a		20,000		9,389
China Yurun Food Group Ltd.a,b		16,000		6,170
China ZhengTong Auto Services Holdings Ltd.a		13,000		6,522
CIMC Enric Holdings Ltd.a		8,000		6,170
CITIC Resources Holdings Ltd.a,b		40,000		5,262
Comba Telecom Systems Holdings Ltd.		27,500		6,633
Coolpad Group Ltd.		40,000		8,100
Cosco International Holdings Ltd.		16,000		6,562
CT Environmental Group Ltd.a		8,000		8,038
Dah Chong Hong Holdings Ltd.		12,000		7,042
Daphne International Holdings Ltd.		16,000		5,097
Digital China Holdings Ltd.		10,000		9,441
Dongyue Group Ltd.		20,000		7,016
EverChina International Holdings Co. Ltd.b		100,000		3,869
Fantasia Holdings Group Co. Ltd.a		36,000		3,668
FDG Electric Vehicles Ltd.b		120,000		6,810
First Tractor Co. Ltd. Class Ha		8,000		5,892
Freetech Road Recycling Technology Holdings Ltd.		20,000		2,760
Fufeng Group Ltd.		13,600		6,876
Glorious Property Holdings Ltd.b		20,000		2,296
Golden Eagle Retail Group Ltd.a		6,000		7,158
Golden Meditech Holdings Ltd.		26,000		3,655

CONSOLIDATED SCHEDULES OF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Goldin Properties Holdings Ltd.b		16,000	$	9,142
Goldlion Holdings Ltd.		8,000		3,436
Greatview Aseptic Packaging Co. Ltd.a		18,000		8,242
Greenland Hong Kong Holdings Ltd.a		6,000		2,345
Guangdong Land Holdings Ltd.b		16,000		4,107
Guangzhou Shipyard International Co. Ltd. Class Ha		4,000		12,279
Harbin Electric Co. Ltd. Class H		16,000		11,494
HC International Inc.a,b		4,000		2,972
Henderson Investment Ltd.		102,000		9,077
Hengdeli Holdings Ltd.		26,400		4,937
Hi Sun Technology (China) Ltd.b		18,000		4,945
Hisense Kelon Electrical Holdings Co. Ltd. Class Hb		6,000		4,891
HKC (Holdings) Ltd.a,b		158,000		5,196
Honghua Group Ltd.a		18,000		2,206
Hopewell Highway Infrastructure Ltd.		11,300		5,465
Hopson Development Holdings Ltd.a,b		8,000		7,120
Hosa International Ltd.		12,000		4,922
Hua Han Bio-Pharmaceutical Holdings Ltd. Class H		50,688		12,160
Huabao International Holdings Ltd.		26,000		20,489
Hunan Nonferrous Metal Corp. Ltd. Class Ha,b		20,000		10,370
Ju Teng International Holdings Ltd.		12,000		6,315
Kaisa Group Holdings Ltd.a		20,000		2,051
Kingboard Laminates Holdings Ltd.		16,000		6,789
Kingdee International Software Group Co. Ltd.b		28,000		9,101
KWG Property Holdings Ltd.		15,000		9,615
Landing International Development Ltd.b		90,000		3,250
Li Ning Co. Ltd.a,b		13,000		5,701
Lianhua Supermarket Holdings Co. Ltd. Class Hb		8,000		3,880
Lijun International Pharmaceutical (Holding) Co. Ltd.		32,000		14,982
Lonking Holdings Ltd.		22,000		4,171
Maoye International Holdings Ltd.		14,000		2,113
Mingfa Group International Co. Ltd.b		36,000		11,794
Minth Group Ltd.		8,000		16,715
MMG Ltd.		16,000		4,581
NetDragon Websoft Inc.		3,000		5,239
New World Department Store China Ltd.		12,000		3,312
Nexteer Automotive Group Ltd.		8,000		7,904
North Mining Shares Co. Ltd.a,b		200,000		8,641

Security	Shares		Value
NVC Lighting Holdings Ltd.		22,000	$	4,994
Pacific Online Ltd.		10,000		3,689
Parkson Retail Group Ltd.		6,000		1,439
PAX Global Technology Ltd.b		6,000		5,626
Phoenix Satellite Television Holdings Ltd.		20,000		6,268
Poly Property Group Co. Ltd.		20,000		9,235
Qingling Motors Co. Ltd. Class H		28,000		9,389
Real Nutriceutical Group Ltd.		16,000		4,540
Renhe Commercial Holdings Co. Ltd.b		148,000		6,681
REXLot Holdings Ltd.a		100,000		7,868
Sany Heavy Equipment International Holdings Co. Ltd.a,b		18,000		3,877
Shanghai Industrial Urban Development Group Ltd.b		32,000		5,118
Shanghai Youngsun Investment Co. Ltd. Class B		7,400		8,525
Shenguan Holdings Group Ltd.		20,000		5,572
Shenzhen Expressway Co. Ltd. Class H		20,000		15,529
Shenzhen International Holdings Ltd.		12,500		18,024
Shenzhen Investment Ltd.		20,000		5,778
Shunfeng International Clean Energy Ltd.b		12,000		9,271
Sino Oil And Gas Holdings Ltd.b		80,000		1,682
Sinofert Holdings Ltd.a,b		32,000		5,861
Sinolink Worldwide Holdings Ltd.b		68,000		5,262
Sinopec Kantons Holdings Ltd.		16,000		12,691
Sinotrans Shipping Ltd.b		30,000		6,810
Sinotruk (Hong Kong) Ltd.		14,000		7,692
Skyworth Digital Holdings Ltd.		28,000		15,818
Sound Global Ltd.a,b		6,000		6,098
Springland International Holdings		20,000		6,165
Sunac China Holdings Ltd.		18,000		16,112
Sunny Optical Technology Group Co. Ltd.a		8,000		12,237
TCC International Holdings Ltd.		16,000		5,819
TCL Communication Technology Holdings Ltd.a		10,000		8,848
Tech Pro Technology Development Ltd.a,b		19,600		14,788
Texhong Textile Group Ltd.		4,000		3,018
Tianjin Port Development Holdings Ltd.a		48,000		9,720
Tianneng Power International Ltd.a		12,000		2,941
Tibet 5100 Water Resources Holdings Ltd.a		24,000		8,048

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Tong Ren Tang Technologies Co. Ltd. Class H		8,000	$	10,009
Towngas China Co. Ltd.		16,000		13,991
Travelsky Technology Ltd. Class H		16,000		16,922
Trony Solar Holdings Co. Ltd.b		94,000		6,062
V1 Group Ltd.b		52,000		4,024
Vinda International Holdings Ltd.		4,000		6,624
Wasion Group Holdings Ltd.		8,000		7,450
West China Cement Ltd.		68,000		7,630
Wisdom Holdings Group		16,000		9,699
Wumart Stores Inc. Class H		6,000		4,248
Xiamen International Port Co. Ltd. Class H		28,000		7,150
Xinchen China Power Holdings Ltd.a,b		12,000		4,597
Xingda International Holdings Ltd.		8,000		2,507
Xinhua Winshare Publishing and Media Co. Ltd. Class H		14,000		12,694
Xinyi Solar Holdings Ltd.		32,000		8,874
XTEP International Holdings Ltd.		15,000		5,262
Yanchang Petroleum International Ltd.b		65,000		2,557
Yashili International Holdings Ltd.a		16,000		4,973
Yingde Gases Group Co. Ltd.a		7,000		4,731
Yuexiu Real Estate Investment Trust		18,000		9,495
Yuexiu Transport Infrastructure Ltd.		8,000		5,417
Zhongsheng Group Holdings Ltd.		5,000		4,359
				1,154,377
HONG KONG — 9.67%
Brightoil Petroleum (Holdings) Ltd.a,b		34,000		8,376
Cafe de Coral Holdings Ltd.a		4,000		14,755
Champion REITa		14,000		6,862
China LNG Group Ltd.a		40,000		6,913
China Merchants Land Ltd.		20,000		2,863
Chow Sang Sang Holdings International Ltd.		4,000		10,602
CIFI Holdings Group Co. Ltd.		40,000		8,048
CSI Properties Ltd.a		146,000		5,649
Dah Sing Banking Group Ltd.		5,600		9,361
Dah Sing Financial Holdings Ltd.		1,600		9,266
Emperor Watch & Jewellery Ltd.a		40,000		1,728
Esprit Holdings Ltd.a		21,200		23,925
EVA Precision Industrial Holdings Ltd.		36,000		8,590
FIH Mobile Ltd.a,b		32,000		14,280
G-Resources Group Ltd.b		248,400		7,080
Giordano International Ltd.		16,000		7,573
Global Brands Group Holding Ltd.b		72,000		13,651

Security	Shares		Value
Great Eagle Holdings Ltd.		2,000	$	6,668
Hilong Holding Ltd.a		8,000		2,487
Hopewell Holdings Ltd.		6,000		22,558
Hutchison Telecommunications Hong Kong Holdings Ltd.a		20,000		9,132
Johnson Electric Holdings Ltd.a		5,750		20,988
K. Wah International Holdings Ltd.a		16,000		8,647
Kerry Logistics Network Ltd.		6,000		9,178
Kowloon Development Co. Ltd.		2,000		2,334
Luk Fook Holdings International Ltd.a		4,000		14,884
Lung Cheong International Holdings Ltd.a,b		40,000		4,488
Macau Legend Development Ltd.a,b		20,000		7,352
Man Wah Holdings Ltd.		11,200		9,592
Melco International Development Ltd.a		10,000		20,094
Midland Holdings Ltd.b		20,000		10,086
Newocean Energy Holdings Ltd.a		12,000		4,380
Orient Overseas International Ltd.		3,000		19,695
Pacific Basin Shipping Ltd.		26,000		9,624
Pacific Textiles Holdings Ltd.		8,000		11,040
Playmates Toys Ltd.		8,000		1,692
Prosperity REIT		26,000		9,658
Regal Hotels International Holdings Ltd.		12,000		7,460
Regal REITa		6,000		1,695
Road King Infrastructure Ltd.		6,000		5,131
Sa Sa International Holdings Ltd.a		12,000		7,770
Shun Tak Holdings Ltd.		20,000		9,157
Singamas Container Holdings Ltd.		28,000		4,550
SITC International Holdings Co. Ltd.		18,000		9,936
SmarTone Telecommunications Holding Ltd.a		5,000		8,770
SOCAM Development Ltd.b		4,000		3,627
SPT Energy Group Inc.a		8,000		1,279
Stella International Holdings Ltd.a		5,000		13,220
Sunlight REITa		18,000		9,101
Television Broadcasts Ltd.		3,808		23,624
Texwinca Holdings Ltd.		8,000		6,542
Trinity Ltd.		12,000		2,352
Truly International Holdings Ltd.		20,000		7,223
Tsui Wah Holdings Ltd.a		12,000		3,916
Value Partners Group Ltd.		18,000		15,369
VTech Holdings Ltd.a		2,000		28,194
Xinyi Glass Holdings Co. Ltd.a		24,000		12,660
Yip’s Chemical Holdings Ltd.		8,000		4,643
				550,318

CONSOLIDATED SCHEDULES OF INVESTMENTS 21

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
INDIA — 10.00%
AIA Engineering Ltd.		642	$	11,791
Amtek Auto Ltd.		2,038		5,719
Arvind Ltd.		2,920		13,708
Ashok Leyland Ltd.b		18,280		19,391
Bajaj Finance Ltd.		350		22,890
Bata India Ltd.		378		8,685
Berger Paints India Ltd.		4,348		16,073
Bharat Forge Ltd.		1,428		23,851
Biocon Ltd.		1,272		8,518
Britannia Industries Ltd.		414		12,627
Century Textiles & Industries Ltd.		1,068		9,902
CESC Ltd.		1,144		13,508
Cyient Ltd.		1,412		12,140
eClerx Services Ltd.		322		6,665
Federal Bank Ltd.		7,808		17,883
Gateway Distriparks Ltd.		1,455		9,014
GMR Infrastructure Ltd.		20,610		6,422
Godrej Industries Ltd.		1,550		7,777
Gujarat Gas Co. Ltd.b		732		7,771
Gujarat Pipavav Port Ltd.b		4,520		15,048
Hathway Cable & Datacom Ltd.b		7,880		8,117
Havells India Ltd.		3,680		15,356
Hexaware Technologies Ltd.		2,850		10,383
Housing Development & Infrastructure Ltd.b		4,994		8,874
IFCI Ltd.		13,038		7,915
Indiabulls Housing Finance Ltd.		2,210		21,006
Indiabulls Real Estate Ltd.		4,430		5,969
Indian Hotels Co. Ltd.b		6,606		12,906
Indraprastha Gas Ltd.		1,344		10,082
Jain Irrigation Systems Ltd.		5,334		6,003
Jaiprakash Associates Ltd.b		12,000		5,532
Jammu & Kashmir Bank Ltd. (The)		4,940		12,160
Jindal Saw Ltd.		2,842		3,696
Just Dial Ltd.		370		9,292
Karnataka Bank Ltd. (The)		2,492		5,750
Maharashtra Seamless Ltd.		946		3,154
Manappuram Finance Ltd.		9,732		5,013
MAX India Ltd.		2,424		18,573
McLeod Russel India Ltd.		1,451		4,823
MindTree Ltd.		944		20,136
Page Industries Ltd.		102		19,425
Rajesh Exports Ltd.		1,836		5,036
Raymond Ltd.		978		8,053

Security	Shares		Value
Redington India Ltd.		4,453	$	8,754
Reliance Capital Ltd.		1,178		9,246
Shree Renuka Sugars Ltd.b		20,470		5,387
Tata Global Beverages Ltd.		5,458		13,985
Thermax Ltd.		626		11,575
Torrent Pharmaceuticals Ltd.		952		16,903
TV18 Broadcast Ltd.b		12,512		7,081
Unitech Ltd.b		20,088		6,049
Voltas Ltd.		3,030		13,140
				568,757
INDONESIA — 3.67%
PT ACE Hardware Indonesia Tbk		97,200		5,678
PT Alam Sutera Realty Tbk		132,000		6,200
PT Aneka Tambang (Persero) Tbk		22,800		1,917
PT Arwana Citramulia Tbk		80,000		6,315
PT Bank Bukopin Tbk		90,000		5,471
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		59,000		3,842
PT Bank Tabungan Negara (Persero) Tbk		51,263		4,027
PT Benakat Integra Tbk		331,000		3,005
PT Bumi Resources Tbkb		405,000		3,229
PT BW Plantation Tbk		40,000		1,121
PT Ciputra Development Tbk		140,000		15,915
PT Ciputra Property Tbk		47,000		3,042
PT Energi Mega Persada Tbkb		622,000		5,107
PT Erajaya Swasembada Tbkb		21,000		1,998
PT Gajah Tunggal Tbk		24,000		2,766
PT Garuda Indonesia (Persero) Tbkb		42,173		1,981
PT Indika Energy Tbkb		38,000		1,476
PT Japfa Comfeed Indonesia Tbk		65,000		4,567
PT Kawasan Industri Jababeka Tbk		317,565		7,621
PT Lippo Cikarang Tbkb		6,000		5,447
PT Medco Energi Internasional Tbk		22,400		5,526
PT Mitra Adiperkasa Tbk		6,200		2,875
PT MNC Investama Tbk		322,000		7,143
PT MNC Sky Vision Tbk		21,000		2,818
PT Modernland Realty Tbk		216,312		9,050
PT Nippon Indosari Corpindo Tbk		35,000		3,799
PT Pakuwon Jati Tbk		349,400		13,764
PT Pembangunan Perumahan (Persero) Tbk		28,200		8,715
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		38,000		5,520
PT Ramayana Lestari Sentosa Tbk		56,000		3,625

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
PT Salim Ivomas Pratama Tbk		17,800	$	970
PT Sentul City Tbkb		300,000		2,724
PT Sigmagold Inti Perkasa Tbkb		94,000		3,473
PT Sugih Energy Tbkb		272,600		8,952
PT Summarecon Agung Tbk		142,800		18,600
PT Surya Semesta Internusa Tbk		30,292		2,630
PT Timah (Persero) Tbk		66,590		6,177
PT Wijaya Karya (Persero) Tbk		39,000		11,530
				208,616
MALAYSIA — 4.19%
AEON Credit Service (M) Bhd		1,660		5,719
Bursa Malaysia Bhd		4,200		9,493
CapitaMalls Malaysia Trust Bhd		11,600		4,604
Carlsberg Brewery Malaysia Bhd		1,600		5,195
DRB-Hicom Bhd		5,400		2,664
Eastern & Oriental Bhd		16,060		10,137
Hartalega Holdings Bhd		4,200		8,787
IGB Real Estate Investment Trust		18,000		6,599
IJM Land Bhd		11,000		10,824
Kian Joo Can Factory Bhd		7,200		5,855
KNM Group Bhdb		28,200		4,625
Kossan Rubber Industries Bhd		8,200		11,798
KPJ Healthcare Bhd		9,000		9,749
Magnum Bhd		3,400		2,615
Mah Sing Group Bhd		11,000		5,791
Malaysia Building Society Bhd		12,300		7,154
Malaysian Resources Corp. Bhd		25,200		9,377
Media Prima Bhd		10,200		5,258
Naim Holdings Bhd		3,600		2,977
OSK Holdings Bhd		13,000		6,952
Pavilion Real Estate Investment Trust Bhd		15,400		6,579
Perisai Petroleum Teknologi Bhdb		13,200		1,728
POS Malaysia Bhd		6,000		7,773
QL Resources Bhd		11,700		11,287
Sarawak Oil Palms Bhd		2,800		4,322
Sunway Bhd		11,733		10,769
Sunway Real Estate Investment Trust Bhd		20,000		8,545
Supermax Corp. Bhd		9,400		5,830
TA Enterprise Bhd		35,800		7,351
TIME dotCom Bhdb		8,000		11,907
Top Glove Corp. Bhd		4,200		5,765
TSH Resources Bhd		15,600		9,675
Wah Seong Corp. Bhd		10,563		3,785

Security	Shares		Value
WCT Holdings Bhd		15,023	$	6,625
				238,114
PHILIPPINES — 1.84%
Belle Corp.		56,000		5,829
Cebu Air Inc.		4,300		9,235
Cosco Capital Inc.		33,600		6,843
Filinvest Land Inc.		198,000		7,544
First Gen Corp.		15,400		10,862
First Philippine Holdings Corp.		2,340		5,248
Lopez Holdings Corp.		17,400		2,940
Manila Water Co. Inc.		13,000		9,523
Melco Crown Philippines Resorts Corp.b		16,600		4,488
Nickel Asia Corp.		20,475		12,654
Philippine National Bankb		2,139		4,085
Security Bank Corp.		4,600		15,857
Vista Land & Lifescapes Inc.		60,000		9,376
				104,484
SINGAPORE — 8.14%
AIMS AMP Capital Industrial REIT		9,400		10,212
ARA Asset Management Ltd.		6,600		8,292
Ascendas India Trust		10,000		6,319
Ascott Residence Trusta		7,200		6,731
Asian Pay Television Trust		16,000		10,760
Biosensors International Group Ltd.a,b		12,000		5,720
Boustead Singapore Ltd.		6,000		7,982
Cache Logistics Trust		10,000		8,758
Cambridge Industrial Trusta		20,000		10,051
CapitaRetail China Trust		6,360		8,061
CDL Hospitality Trustsa		8,000		10,642
COSCO Corp. (Singapore) Ltd.a		4,000		1,596
Ezion Holdings Ltd.a		14,400		13,516
Ezra Holdings Ltd.a		8,320		3,259
First REITa		10,000		9,718
First Resources Ltd.a		8,000		11,027
Frasers Centrepoint Trusta		6,000		9,179
Frasers Commercial Trust		10,000		10,975
GMG Global Ltd.		62,000		2,933
Hyflux Ltd.		6,000		4,235
Indofood Agri Resources Ltd.a		6,000		3,148
Keppel REITa		18,000		16,429
KrisEnergy Ltd.a,b		6,000		2,749
Lippo Malls Indonesia Retail Trust		22,000		5,772
M1 Ltd./Singapore		4,000		11,086
Mapletree Commercial Trust		12,000		13,436

CONSOLIDATED SCHEDULES OF INVESTMENTS 23

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Mapletree Greater China Commercial Trusta		18,000	$	13,569
Mapletree Industrial Trust		12,000		13,569
Mapletree Logistics Trust		16,000		14,190
Midas Holdings Ltd.a		22,000		5,528
Neptune Orient Lines Ltd.a,b		10,000		7,464
OSIM International Ltd.a		4,000		5,735
OUE Hospitality Trusta		8,666		5,988
OUE Ltd.		4,000		6,504
Parkway Life REIT		6,000		10,775
Perennial Real Estate Holdings Ltd.a,b		8,387		6,477
Raffles Education Corp. Ltd.		26,200		6,390
Raffles Medical Group Ltd.a		4,000		11,736
Sabana Shari’ah Compliant Industrial REITa		10,000		6,762
SATS Ltd.		8,000		17,501
Silverlake Axis Ltd.a		10,000		9,681
Singapore Post Ltd.		16,000		25,305
SMRT Corp. Ltd.		8,000		10,347
Starhill Global REIT		16,000		9,814
Super Group Ltd.a		6,000		4,922
Tat Hong Holdings Ltd.		4,000		2,188
Tiger Airways Holdings Ltd.b		26,640		6,595
United Engineers Ltd.		6,000		13,480
United Envirotech Ltd.		4,000		4,789
Vard Holdings Ltd.a,b		2,000		746
Venture Corp. Ltd.a		2,000		12,017
Wheelock Properties (Singapore) Ltd.		2,000		2,771
Wing Tai Holdings Ltd.		4,000		5,410
Yanlord Land Group Ltd.a		8,000		5,971
Yoma Strategic Holdings Ltd.a,b		10,000		3,991
				462,801
SOUTH KOREA — 17.51%
Able C&C Co. Ltd.		135		2,722
Ahnlab Inc.		102		4,216
Asiana Airlines Inc.b		1,280		10,101
Binggrae Co. Ltd.		80		5,443
Chabiotech Co. Ltd.b		560		7,271
Chong Kun Dang Pharmaceutical Corp.		129		6,606
CJ CGV Co. Ltd.		260		14,503
CJ E&M Corp.b		302		10,521
CJ O Shopping Co. Ltd.		40		8,113
Com2uS Corp.b		100		16,231
Cosmax Inc.b		119		11,861
CTCBIO Inc.a,b		236		3,830

Security	Shares		Value
Daeduck Electronics Co.		140	$	1,191
Daesang Corp.		280		9,742
Daewoong Pharmaceutical Co. Ltd.		122		6,917
Daishin Securities Co. Ltd.		840		7,067
Daou Technology Inc.		520		6,966
Dong-A Socio Holdings Co. Ltd.		44		5,049
Dong-A ST Co. Ltd.		66		5,347
Dongsuh Companies Inc.		496		10,522
Dongwon Industries Co. Ltd.		10		2,972
Doosan Engine Co. Ltd.b		680		4,881
Duksan Hi-Metal Co. Ltd.b		344		3,507
DY Corp.		351		2,125
EO Technics Co. Ltd.		124		14,514
Eugene Technology Co. Ltd.		364		4,743
Fila Korea Ltd.		128		12,816
Gamevil Inc.a,b		90		15,101
GemVax & Kael Co. Ltd.b		204		3,190
Grand Korea Leisure Co. Ltd.		400		14,667
Green Cross Corp.		122		15,507
Green Cross Holdings Corp.		462		9,252
GS Home Shopping Inc.		42		8,096
Halla Holdings Corp.		72		4,187
Hana Tour Service Inc.		160		12,495
Hancom Inc.		370		6,902
Handsome Co. Ltd.		260		7,275
Hanjin Heavy Industries & Construction Co. Ltd.b		563		2,003
Hanjin Kal Corp.b		360		10,748
Hanjin Shipping Co. Ltd.b		1,140		6,202
Hankook Tire Worldwide Co. Ltd.		320		7,374
Hanmi Pharm Co. Ltd.a,b		104		9,301
Hansae Co. Ltd.		310		10,814
Hansol Holdings Co. Ltd.		347		2,513
Hanssem Co. Ltd.		156		22,110
Huchems Fine Chemical Corp.		340		8,239
Hyundai Corp.		220		5,522
Hyundai Greenfood Co. Ltd.		580		9,175
Hyundai Home Shopping Network Corp.		60		6,584
Hyundai Hysco Co. Ltd.		92		6,478
Hyundai Securities Co. Ltd.b		1,064		7,307
Ilyang Pharmaceutical Co. Ltd.		280		7,220
iMarketKorea Inc.		280		7,015
JB Financial Group Co. Ltd.		1,660		8,849
JoyCity Corp.b		186		4,269
KIWOOM Securities Co. Ltd.		172		9,201

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Koh Young Technology Inc.a		330	$	14,333
Kolao Holdings		360		5,596
Kolon Industries Inc.		208		8,835
Komipharm International Co. Ltd.b		726		5,975
Korea Kolmar Co. Ltd.		220		11,608
Korea Petrochemical Industrial Co. Ltd.		53		3,984
Korean Reinsurance Co.		999		9,318
KT Skylife Co. Ltd.		280		4,148
Kumho Tire Co. Inc.b		1,020		9,057
Kyobo Securities Co. Ltd.b		580		5,187
LF Corp.		260		7,489
LG Hausys Ltd.		106		17,398
LG International Corp.		240		8,065
LG Life Sciences Ltd.b		180		7,687
LIG Insurance Co. Ltd.		500		10,516
Lock&Lock Co. Ltd.a		280		2,663
Lotte Chilsung Beverage Co. Ltd.		8		12,187
Lotte Food Co. Ltd.		12		6,814
Lumens Co. Ltd.b		384		2,303
Mando Corp.		79		11,955
Medipost Co. Ltd.a,b		100		4,311
Medy-Tox Inc.		62		20,988
MegaStudy Co. Ltd.		20		1,090
Meritz Fire & Marine Insurance Co. Ltd.		620		6,917
Meritz Securities Co. Ltd.		2,730		9,598
Namhae Chemical Corp.		1,040		8,416
Namyang Dairy Products Co. Ltd.		10		6,611
Naturalendo Tech Co. Ltd.b		114		5,421
Neowiz Games Corp.b		430		8,808
Nexen Tire Corp.		460		6,562
NHN Entertainment Corp.b		150		10,219
NongShim Co. Ltd.		42		8,891
OCI Materials Co. Ltd.		148		8,743
Osstem Implant Co. Ltd.b		270		10,937
Ottogi Corp.		22		11,447
Partron Co. Ltd.		599		6,819
Poongsan Corp.		260		5,409
POSCO Chemtech Co. Ltd.		46		5,700
POSCO ICT Co. Ltd.		1,074		5,401
S&T Dynamics Co. Ltd.		560		5,146
S.M. Entertainment Co.b		262		8,768
Samchully Co. Ltd.		56		7,067
Samsung Fine Chemicals Co. Ltd.		234		7,307
Samsung Techwin Co. Ltd.		310		6,506
SeAH Besteel Corp.		224		6,524

Security	Shares		Value
Seegene Inc.b		270	$	8,098
Seoul Semiconductor Co. Ltd.a		412		7,346
Seoyeon Co. Ltd.		467		6,021
SFA Engineering Corp.		142		5,992
Silicon Works Co. Ltd.		232		6,152
SK Broadband Co. Ltd.b		2,154		8,361
SK Chemicals Co. Ltd.		222		12,403
SK Securities Co. Ltd.b		10,620		9,109
SKC Co. Ltd.		260		7,192
SL Corp.		320		5,179
Soulbrain Co. Ltd.		190		6,341
Sung Kwang Bend Co. Ltd.		168		2,035
Sungwoo Hitech Co. Ltd.		604		6,711
Suprema Inc.b		392		9,660
Taewoong Co. Ltd.b		178		2,441
Tera Resource Co. Ltd.b		1,634		—
TK Corp.b		260		2,508
TONGYANG Life Insurance Co.		680		6,840
Toray Chemical Korea Inc.b		472		6,086
ViroMed Co. Ltd.b		218		10,465
WeMade Entertainment Co. Ltd.b		184		7,958
Wonik IPS Co. Ltd.b		816		9,999
Woongjin Thinkbig Co. Ltd.b		860		5,929
YG Entertainment Inc.		157		6,819
Youngone Corp.		280		14,440
Youngone Holdings Co. Ltd.		112		9,217
Yuanta Securities Koreab		1,760		6,389
				995,788
TAIWAN — 20.14%
A-DATA Technology Co. Ltd.		2,014		3,496
Ability Enterprise Co. Ltd.		8,000		4,760
AcBel Polytech Inc.		10,000		11,535
Airtac International Group		2,000		17,453
ALI Corp.		6,000		4,788
Alpha Networks Inc.		10,000		5,553
Altek Corp.b		5,600		6,628
Ambassador Hotel Ltd. (The)		6,000		5,360
AmTRAN Technology Co. Ltd.		10,000		5,664
Ardentec Corp.		14,240		12,155
Asia Polymer Corp.		8,600		6,386
BES Engineering Corp.		26,000		6,237
Career Technology (MFG.) Co. Ltd.		6,000		6,407
Center Laboratories Inc.b		2,300		6,496
CHC Resources Corp.		4,000		9,063
Cheng Loong Corp.		18,000		7,311

CONSOLIDATED SCHEDULES OF INVESTMENTS 25

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Cheng Uei Precision Industry Co. Ltd.		4,000	$	7,108
Chin-Poon Industrial Co. Ltd.		6,000		10,205
China Bills Finance Corp.		18,000		6,483
China Man-Made Fibers Corp.b		18,000		6,540
China Metal Products Co. Ltd.		4,243		4,295
China Petrochemical Development Corp.b		28,000		10,529
China Steel Chemical Corp.		2,000		9,710
China Synthetic Rubber Corp.		8,000		8,174
Chipbond Technology Corp.		8,000		16,450
Chong Hong Construction Co.		2,100		4,312
Chroma ATE Inc.		4,000		10,015
Chung Hsin Electric & Machinery Manufacturing Corp.		10,500		6,830
Chung Hung Steel Corp.b		26,000		5,982
CMC Magnetics Corp.b		38,000		5,354
Compeq Manufacturing Co. Ltd.		16,000		9,215
Coretronic Corp.b		9,000		12,737
CSBC Corp. Taiwan		10,000		5,252
CyberTAN Technology Inc.		6,000		4,569
D-Link Corp.		10,200		5,745
Darwin Precisions Corp.b		12,000		5,693
Depo Auto Parts Industrial Co. Ltd.		2,000		7,679
Dynapack International Technology Corp.		2,000		4,569
E Ink Holdings Inc.b		12,000		5,445
Elan Microelectronics Corp.		6,000		9,482
Eternal Materials Co. Ltd.		8,000		7,895
Evergreen International Storage & Transport Corp.		12,000		7,007
Everlight Electronics Co. Ltd.		6,000		14,470
Far Eastern International Bank Ltd.		19,992		6,693
Faraday Technology Corp.		6,000		7,368
Feng TAY Enterprise Co. Ltd.		4,326		16,267
Firich Enterprises Co. Ltd.		2,285		7,867
FLEXium Interconnect Inc.		2,590		6,197
Formosan Rubber Group Inc.		10,000		10,250
Gemtek Technology Corp.		6,000		4,427
Gigabyte Technology Co. Ltd.		10,000		12,407
Gigastorage Corp.b		8,000		6,499
Gintech Energy Corp.b		8,000		5,407
Global Unichip Corp.		2,000		5,604
Gloria Material Technology Corp.		12,400		8,775
Goldsun Development & Construction Co. Ltd.b		14,000		4,776
Grand Pacific Petrochemical Corp.		14,000		7,708
Great Wall Enterprise Co. Ltd.		10,400		9,224

Security	Shares		Value
HannStar Display Corp.		31,777	$	7,875
HannsTouch Solution Inc.b		16,000		3,823
Ho Tung Chemical Corp.b		10,023		3,419
Holy Stone Enterprise Co. Ltd.		5,600		7,588
Huaku Development Co. Ltd.		4,000		7,375
Ichia Technologies Inc.		6,000		6,388
IEI Integration Corp.		5,119		8,106
ITEQ Corp.		6,000		4,988
Jih Sun Financial Holdings Co. Ltd.		26,199		6,917
Kenda Rubber Industrial Co. Ltd.		6,676		13,558
Kerry TJ Logistics Co. Ltd.		4,000		5,026
Kindom Construction Corp.		6,000		5,379
King Yuan Electronics Co. Ltd.		14,000		11,817
King’s Town Bank Co. Ltd.		10,000		10,630
Kinpo Electronics Inc.b		20,000		9,456
Lien Hwa Industrial Corp.		8,000		5,255
Macronix International Co. Ltd.b		38,000		8,320
Makalot Industrial Co. Ltd.		2,176		12,256
Masterlink Securities Corp.		22,264		7,277
Medigen Biotechnology Corp.b		346		1,795
Mercuries & Associates Holding Ltd.		8,640		5,620
Merry Electronics Co. Ltd.		2,100		7,030
Micro-Star International Co. Ltd.		12,000		13,480
Microbio Co. Ltd.b		7,378		6,321
MIN AIK Technology Co. Ltd.		2,000		9,456
Mitac Holdings Corp.		6,000		4,579
Motech Industries Inc.		2,000		2,704
National Petroleum Co. Ltd.		6,000		6,883
Neo Solar Power Corp.		10,630		9,226
Nien Hsing Textile Co. Ltd.		5,235		4,303
Pan-International Industrial Corp.		8,120		4,818
Pixart Imaging Inc.		4,000		11,348
President Securities Corp.		12,000		6,150
Prince Housing & Development Corp.		14,068		5,379
Qisda Corp.b		30,000		13,708
Radium Life Tech Co. Ltd.		10,321		5,355
Rechi Precision Co. Ltd.		8,487		8,551
Richtek Technology Corp.		2,000		10,218
Ritek Corp.b		46,000		5,415
Sanyang Motor Co. Ltd.b		8,000		7,019
Senao International Co. Ltd.		2,000		3,243
Sheng Yu Steel Co. Ltd.		10,000		6,410
Shih Wei Navigation Co. Ltd.		8,323		4,807
Shihlin Electric & Engineering Corp.		6,000		7,559
Shin Zu Shing Co. Ltd.		2,000		4,481

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Shinkong Synthetic Fibers Corp.		20,000	$	6,886
Sincere Navigation Corp.		2,000		1,644
Sino-American Silicon Products Inc.b		6,000		9,453
Solar Applied Materials Technology Corp.		10,000		8,377
Ta Chen Stainless Pipe Co. Ltd.		15,400		10,311
Ta Chong Bank Ltd.b		23,004		7,738
Taichung Commercial Bank Co. Ltd.		15,197		5,015
Tainan Spinning Co. Ltd.		14,636		7,942
Taiwan Cogeneration Corp.		10,000		7,838
Taiwan Hon Chuan Enterprise Co. Ltd.		4,000		7,298
Taiwan Land Development Corp.		21,496		7,810
Taiwan Paiho Ltd.		6,000		10,186
Taiwan Secom Co. Ltd.		4,060		10,564
Taiwan Surface Mounting Technology Co. Ltd.		4,368		5,690
Taiwan TEA Corp.		12,000		6,740
Taiwan-Sogo Shinkong Security Corp.		8,080		9,871
Tatung Co. Ltd.b		32,000		8,977
Test-Rite International Co. Ltd.		4,000		2,647
Ton Yi Industrial Corp.		12,000		7,749
Tong Hsing Electronic Industries Ltd.		2,000		7,298
Tong Yang Industry Co. Ltd.		6,200		7,348
Tripod Technology Corp.		6,000		13,042
TTY Biopharm Co. Ltd.		4,457		9,221
Tung Ho Steel Enterprise Corp.		8,000		6,017
TXC Corp.		6,000		7,340
Union Bank of Taiwanb		17,811		5,934
Unitech Printed Circuit Board Corp.b		20,000		8,790
Unity Opto Technology Co. Ltd.b		8,000		7,502
Universal Cement Corp.		10,200		8,739
UPC Technology Corp.		12,239		4,563
USI Corp.		6,000		3,399
Visual Photonics Epitaxy Co. Ltd.		6,000		6,131
Wah Lee Industrial Corp.		6,000		10,281
Waterland Financial Holdings Co. Ltd.		27,395		7,276
Wei Chuan Foods Corp.		6,000		4,931
Win Semiconductors Corp.		6,000		6,340
Winbond Electronics Corp.b		36,000		11,481
Wisdom Marine Lines Co. Ltd.		2,798		3,290
Wistron NeWeb Corp.		4,201		9,065
WT Microelectronics Co. Ltd.		6,300		9,236
Yageo Corp.		8,927		16,118
YC INOX Co. Ltd.		12,000		9,272
Yem Chio Co. Ltd.		17,415		8,731
YFY Inc.		16,000		6,626

Security	Shares		Value
Yieh Phui Enterprise Co. Ltd.		14,604	$	4,259
YungShin Global Holding Corp.		4,000		6,829
Yungtay Engineering Co. Ltd.		6,000		13,956
Zinwell Corp.		8,000		8,073
				1,145,641
THAILAND — 4.24%
Amata Corp. PCL NVDR		11,000		5,579
AP (Thailand) PCL NVDR		25,740		5,033
Bangkok Chain Hospital PCL NVDR		26,000		6,792
Bangkok Expressway PCL NVDR		4,600		5,481
Bangkok Land PCL NVDR		120,000		6,453
Cal-Comp Electronics (Thailand) PCL NVDR		28,152		3,183
CH. Karnchang PCL NVDRa		9,910		8,856
Country Group Development PCL NVDRb		20,000		1,039
Dynasty Ceramic PCL NVDR		14,000		2,545
E for L Aim PCLb		79,600		3,599
Esso (Thailand) PCL NVDRb		18,000		2,832
Hana Microelectronics PCL NVDR		9,400		11,560
Hemaraj Land and Development PCL NVDR		63,200		8,573
Italian-Thai Development PCL NVDRb		30,365		8,257
Jasmine International PCL NVDR		52,000		13,187
Khon Kaen Sugar Industry PCL NVDR		11,000		4,403
Kiatnakin Bank PCL NVDRa		4,600		5,692
LPN Development PCL NVDR		11,200		7,186
Major Cineplex Group PCL NVDR		11,000		9,074
Natural Park PCL NVDRa,b		1,302,200		1,989
Quality Houses PCL NVDR		56,200		6,731
Samart Corp. PCL NVDR		8,000		9,960
Samart Telcoms PCL NVDR		7,000		5,454
Siam Global House PCL NVDR		18,700		6,742
Sino-Thai Engineering & Construction PCL NVDR		14,400		11,549
Sri Trang Agro-Industry PCL NVDR		1,200		499
STP & I PCL NVDRa		5,000		3,040
Supalai PCL NVDR		10,400		7,753
Superblock PCLb		10,300		6,042
Thai Airways International PCL NVDRa,b		5,600		2,618
Thai Tap Water Supply PCL NVDR		17,200		6,464
Thai Vegetable Oil PCL NVDR		7,400		5,042
Thaicom PCL NVDR		6,000		7,149
Thanachart Capital PCL NVDR		7,000		7,111

CONSOLIDATED SCHEDULES OF INVESTMENTS 27

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Thoresen Thai Agencies PCL NVDRb		14,872	$	7,815
Ticon Industrial Connection PCL NVDRa		3,680		2,001
TISCO Financial Group PCL NVDR		5,280		7,501
Univentures PCL NVDR		12,200		3,523
VGI Global Media PCL NVDRa		26,136		9,982
WHA Corp. PCL NVDRa		2,810		3,177
				241,466
TOTAL COMMON STOCKS
(Cost: $5,536,901)				5,670,362
RIGHTS — 0.01%
MALAYSIA — 0.01%
Mah Sing Group Bhdb		3,300		409
				409
SINGAPORE — 0.00%
Yoma Strategic Holdings Ltd.b		3,333		394
				394
THAILAND — 0.00%
Superblock PCL NVDRb		515		35
				35
TOTAL RIGHTS (Cost: $0)				838
WARRANTS — 0.00%
MALAYSIA — 0.00%
Eastern & Oriental Bhd (Expires 7/21/19)b		2,920		246
				246
THAILAND — 0.00%
Thoresen Thai Agencies PCL NVDR (Expires 2/28/17)b		1		—
VGI Global Media PCL NVDR (Expires 8/1/18)b		1		—
				—
TOTAL WARRANTS (Cost: $0)				246

Security	Shares		Value
SHORT-TERM INVESTMENTS — 14.90%
MONEY MARKET FUNDS — 14.90%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		792,877	$	792,877
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		47,696		47,696
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		6,717		6,717
				847,290
TOTAL SHORT-TERM INVESTMENTS (Cost: $847,290)				847,290
TOTAL INVESTMENTS IN SECURITIES — 114.60% (Cost: $6,384,191)				6,518,736
Other Assets, Less Liabilities — (14.60)%				(830,534	)
NET ASSETS — 100.00%			$	5,688,202

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI ALL COUNTRY ASIA INFORMATION TECHNOLOGY ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 97.66%
CHINA — 11.10%
AAC Technologies Holdings Inc.a		6,000	$	38,461
GCL-Poly Energy Holdings Ltd.a,b		60,000		13,001
Kingboard Chemical Holdings Co. Ltd.		2,400		3,894
Kingsoft Corp. Ltd.		4,000		9,606
Lenovo Group Ltd.a		48,000		62,156
Semiconductor Manufacturing International Corp.a,b		128,000		11,226
Tencent Holdings Ltd.		36,000		612,896
ZTE Corp. Class H		5,600		12,293
				763,533
HONG KONG — 0.70%
ASM Pacific Technology Ltd.a		2,000		18,147
Hanergy Thin Film Power Group Ltd.a,b		64,000		29,799
				47,946
INDIA — 6.68%
HCL Technologies Ltd.		1,544		44,667
Infosys Ltd.		6,396		221,193
Tata Consultancy Services Ltd.		3,252		130,324
Tech Mahindra Ltd.		420		19,452
Wipro Ltd.		4,444		43,522
				459,158
JAPAN — 30.04%
Advantest Corp.		1,200		15,446
Brother Industries Ltd.		1,600		27,705
Canon Inc.		8,000		254,748
Citizen Holdings Co. Ltd.		2,400		19,328
COLOPL Inc.a		400		9,218
FUJIFILM Holdings Corp.		3,200		108,914
Fujitsu Ltd.		12,000		63,910
GungHo Online Entertainment Inc.a,b		1,600		5,544
Hamamatsu Photonics K.K.		400		19,035
Hitachi High-Technologies Corp.		400		12,583
Hitachi Ltd.		32,000		244,444
Hoya Corp.		3,200		125,287
IBIDEN Co. Ltd.		800		12,150
Japan Display Inc.b		2,400		8,459
Kakaku.com Inc.		800		11,435
Keyence Corp.		400		188,958
Konami Corp.		400		7,522
Konica Minolta Holdings Inc.		2,000		22,236
Kyocera Corp.		2,400		106,735
Mixi Inc.a		400		14,285

Security	Shares		Value
Murata Manufacturing Co. Ltd.		1,200	$	130,967
NEC Corp.		20,000		56,868
Nexon Co. Ltd.		800		7,928
Nintendo Co. Ltd.		800		77,844
Nippon Electric Glass Co. Ltd.		4,000		20,840
Nomura Research Institute Ltd.		800		27,412
NTT Data Corp.		800		30,750
Omron Corp.		1,600		64,768
Oracle Corp. Japan		400		16,720
Ricoh Co. Ltd.		4,800		47,279
Rohm Co. Ltd.		800		52,101
Seiko Epson Corp.		800		32,861
TDK Corp.		800		50,466
Tokyo Electron Ltd.		1,200		86,589
Trend Micro Inc.		800		22,781
Yahoo! Japan Corp.		10,000		33,968
Yaskawa Electric Corp.		800		10,359
Yokogawa Electric Corp.		1,600		16,945
				2,065,388
SOUTH KOREA — 21.53%
Daum Kakao Corp.		160		22,341
LG Display Co. Ltd.		1,600		52,743
LG Innotek Co. Ltd.		84		7,520
NAVER Corp.		193		126,361
NCsoft Corp.		116		21,427
Samsung Electro-Mechanics Co. Ltd.		440		26,957
Samsung Electronics Co. Ltd.		756		943,617
Samsung SDI Co. Ltd.		344		40,578
Samsung SDS Co. Ltd.		152		36,763
SK C&C Co. Ltd.		156		33,522
SK Hynix Inc.		3,868		168,535
				1,480,364
TAIWAN — 27.61%
Acer Inc.b		26,064		17,079
Advanced Semiconductor Engineering Inc.		48,000		60,774
ASUSTeK Computer Inc.		4,000		42,204
AU Optronics Corp.		64,000		35,134
Catcher Technology Co. Ltd.		4,000		35,350
Chicony Electronics Co. Ltd.		4,050		11,245
Clevo Co.		4,000		6,093
Compal Electronics Inc.		32,000		23,507
Delta Electronics Inc.		12,000		73,683
Epistar Corp.		8,000		14,267
Foxconn Technology Co. Ltd.		8,715		23,756

CONSOLIDATED SCHEDULES OF INVESTMENTS 29

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA INFORMATION TECHNOLOGY ETF

January 31, 2015

Security	Shares		Value
Hon Hai Precision Industry Co. Ltd.		87,808	$	241,578
HTC Corp.b		4,000		19,928
Innolux Corp.		60,667		29,647
Inotera Memories Inc.b		16,000		23,533
Inventec Corp.		20,000		14,914
Lite-On Technology Corp.		16,139		19,973
MediaTek Inc.		8,000		122,614
Novatek Microelectronics Corp.		4,000		22,276
Pegatron Corp.		12,000		32,367
Powertech Technology Inc.		8,000		13,378
Quanta Computer Inc.		20,000		48,868
Radiant Opto-Electronics Corp.		4,090		13,043
Realtek Semiconductor Corp.		4,060		12,510
Siliconware Precision Industries Co. Ltd.		20,000		33,763
Simplo Technology Co. Ltd.		4,000		19,801
Synnex Technology International Corp.		12,000		17,326
Taiwan Semiconductor Manufacturing Co. Ltd.		168,000		751,678
Unimicron Technology Corp.		12,000		8,339
United Microelectronics Corp.		100,000		48,868
Vanguard International Semiconductor Corp.		8,000		13,683
Wistron Corp.		16,932		15,582
WPG Holdings Co. Ltd.		16,000		19,953
Zhen Ding Technology Holding Ltd.		4,150		11,760
				1,898,474
TOTAL COMMON STOCKS (Cost: $5,400,328)				6,714,863
PREFERRED STOCKS — 1.98%
SOUTH KOREA — 1.98%
Samsung Electronics Co. Ltd.		140		136,467
				136,467
TOTAL PREFERRED STOCKS (Cost: $108,483)				136,467
SHORT-TERM INVESTMENTS — 3.04%
MONEY MARKET FUNDS — 3.04%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		195,138		195,138
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		11,738		11,738

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		2,229	$	2,229
				209,105
TOTAL SHORT-TERM INVESTMENTS (Cost: $209,105)				209,105
TOTAL INVESTMENTS IN SECURITIES — 102.68% (Cost: $5,717,916)				7,060,435
Other Assets, Less Liabilities — (2.68)%				(184,521	)
NET ASSETS — 100.00%			$	6,875,914

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

See notes to consolidated financial statements.

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2015

	iShares MSCI All Country Asia ex Japan ETF			iShares MSCI All Country Asia ex Japan Small-Cap ETF			iShares MSCI All Country Asia Information Technology ETF
ASSETS
Investments, at cost:
Unaffiliated	$	3,039,692,317		$	5,536,901		$	5,508,811
Affiliated (Note 2)		107,798,346			847,290			209,105
Total cost of investments	$	3,147,490,663		$	6,384,191		$	5,717,916
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	3,320,502,879		$	5,671,446		$	6,851,330
Affiliated (Note 2)		107,798,346			847,290			209,105
Total fair value of investments		3,428,301,225			6,518,736			7,060,435
Foreign currency, at valueb		806,472			10,624			3,959
Receivables:
Investment securities sold		—			68			—
Due from custodian (Note 4)		62,804			—			—
Dividends and interest		6,387,662			10,826			22,354
Capital shares sold		3,462,511			—			—
Total Assets		3,439,020,674			6,540,254			7,086,748
LIABILITIES
Payables:
Investment securities purchased		1,726,446			7,900			—
Collateral for securities on loan (Note 1)		103,632,726			840,573			206,876
Foreign taxes (Note 1)		1,809			—			—
Investment advisory fees (Note 2)		1,793,196			3,579			3,958
Total Liabilities		107,154,177			852,052			210,834
NET ASSETS	$	3,331,866,497		$	5,688,202		$	6,875,914
Net assets consist of:
Paid-in capital	$	3,371,342,054		$	5,924,131		$	5,705,312
Distributions in excess of net investment income		(6,913,026	)		(46,422	)		(16,738	)
Accumulated net realized loss		(313,395,705	)		(324,012	)		(155,410	)
Net unrealized appreciation		280,833,174			134,505			1,342,750
NET ASSETS	$	3,331,866,497		$	5,688,202		$	6,875,914
Shares outstandingc		53,300,000			100,000			200,000
Net asset value per share	$	62.51		$	56.88		$	34.38

^a  Securities on loan with values of $97,493,331, $734,895 and $193,167, respectively. See Note 1.

^b  Cost of foreign currency: $807,298, $10,667 and $3,931, respectively.

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

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 31

Consolidated Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares MSCI All Country Asia ex Japan ETF			iShares MSCI All Country Asia ex Japan Small-Cap ETF			iShares MSCI All Country Asia Information Technology ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	23,605,041		$	61,102		$	49,511
Interest — unaffiliated		53			—			—
Interest — affiliated (Note 2)		149			—			—
Securities lending income — affiliated (Note 2)		824,580			6,852			1,938
		24,429,823			67,954			51,449
Less: Other foreign taxes (Note 1)		(341,102	)		(1,012	)		(657	)
Total investment income		24,088,721			66,942			50,792
EXPENSES
Investment advisory fees (Note 2)		9,703,172			22,086			23,495
Mauritius income taxes (Note 1)		83,030			—			—
Commitment fees (Note 7)		6,136			11			11
Interest expense (Note 7)		902			15			—
Total expenses		9,793,240			22,112			23,506
Net investment income		14,295,481			44,830			27,286
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(26,321,813	)		(4,422	)		12,548
In-kind redemptions — unaffiliated		9,512,285			—			—
Foreign currency transactions		(403,700	)		(839	)		(1,019	)
Net realized gain (loss)		(17,213,228	)		(5,261	)		11,529
Net change in unrealized appreciation/depreciation on:
Investments		(87,108,294	)		(341,778	)		(71,061	)
Translation of assets and liabilities in foreign currencies		20,242			(42	)		360
Net change in unrealized appreciation/depreciation		(87,088,052	)		(341,820	)		(70,701	)
Net realized and unrealized loss		(104,301,280	)		(347,081	)		(59,172	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(90,005,799	)	$	(302,251	)	$	(31,886	)

^a  Net of foreign withholding tax of $2,898,070, $5,698 and $9,496, respectively.

See notes to consolidated financial statements.

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares MSCI All Country Asia ex Japan ETF						iShares MSCI All Country Asia ex Japan Small-Cap ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	14,295,481		$	46,505,590		$	44,830		$	115,907
Net realized gain (loss)		(17,213,228	)		(23,596,562	)		(5,261	)		20,285
Net change in unrealized appreciation/depreciation		(87,088,052	)		356,823,193			(341,820	)		636,341
Net increase (decrease) in net assets resulting from operations		(90,005,799	)		379,732,221			(302,251	)		772,533
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(28,587,723	)		(43,871,556	)		(87,040	)		(130,893	)
Total distributions to shareholders		(28,587,723	)		(43,871,556	)		(87,040	)		(130,893	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		903,629,440			457,607,309			—			—
Cost of shares redeemed		(84,542,130	)		(523,693,678	)		—			—
Net increase (decrease) in net assets from capital share transactions		819,087,310			(66,086,369	)		—			—
INCREASE (DECREASE) IN NET ASSETS		700,493,788			269,774,296			(389,291	)		641,640
NET ASSETS
Beginning of period		2,631,372,709			2,361,598,413			6,077,493			5,435,853
End of period	$	3,331,866,497		$	2,631,372,709		$	5,688,202		$	6,077,493
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(6,913,026	)	$	7,379,216		$	(46,422	)	$	(4,212	)
SHARES ISSUED AND REDEEMED
Shares sold		14,300,000			7,500,000			—			—
Shares redeemed		(1,400,000	)		(9,100,000	)		—			—
Net increase (decrease) in shares outstanding		12,900,000			(1,600,000	)		—			—

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 33

Consolidated Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares MSCI All Country Asia Information Technology ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	27,286		$	55,900
Net realized gain (loss)		11,529			(49,563	)
Net change in unrealized appreciation/depreciation		(70,701	)		1,391,494
Net increase (decrease) in net assets resulting from operations		(31,886	)		1,397,831
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(67,306	)		(55,429	)
Total distributions to shareholders		(67,306	)		(55,429	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			1,532,030
Net increase in net assets from capital share transactions		—			1,532,030
INCREASE (DECREASE) IN NET ASSETS		(99,192	)		2,874,432
NET ASSETS
Beginning of period		6,975,106			4,100,674
End of period	$	6,875,914		$	6,975,106
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(16,738	)	$	23,282
SHARES ISSUED
Shares sold		—			50,000
Net increase in shares outstanding		—			50,000

See notes to consolidated financial statements.

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI All Country Asia ex Japan ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	65.13		$	56.23		$	53.40		$	62.22		$	55.95		$	50.02
Income from investment operations:
Net investment incomea		0.31			1.11			1.04			0.97			1.09			0.84
Net realized and unrealized gain (loss)b		(2.34	)		8.84			2.85			(8.89	)		6.45			5.95
Total from investment operations		(2.03	)		9.95			3.89			(7.92	)		7.54			6.79
Less distributions from:
Net investment income		(0.59	)		(1.05	)		(1.06	)		(0.90	)		(1.27	)		(0.86	)
Total distributions		(0.59	)		(1.05	)		(1.06	)		(0.90	)		(1.27	)		(0.86	)
Net asset value, end of period	$	62.51		$	65.13		$	56.23		$	53.40		$	62.22		$	55.95
Total return		(3.07	)%c		17.85	%		7.28	%		(12.63	)%		13.53	%		13.63	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,331,866		$	2,631,373		$	2,361,598		$	1,826,440		$	1,860,281		$	2,025,439
Ratio of expenses to average net assetsd		0.68	%		0.68	%		0.67	%		0.69	%		0.66	%		0.68	%
Ratio of expenses to average net assets prior to waived feesd		n/a			n/a			n/a			n/a			0.67	%		0.69	%
Ratio of net investment income to average net assetsd		1.00	%		1.87	%		1.80	%		1.82	%		1.77	%		1.55	%
Portfolio turnover ratee		4	%		14	%		13	%		26	%		41	%		3	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended January 31, 2015, the years ended July 31, 2014 and July 31, 2013 were 3%, 6% and 7%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 35

Consolidated Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI All Country Asia ex Japan Small-Cap  ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Period from Feb. 2, 2012a to Jul. 31, 2012
Net asset value, beginning of period	$	60.77		$	54.36		$	52.38		$	56.14
Income from investment operations:
Net investment incomeb		0.45			1.16			1.35			0.71
Net realized and unrealized gain (loss)c		(3.47	)		6.56			5.86			(4.08	)
Total from investment operations		(3.02	)		7.72			7.21			(3.37	)
Less distributions from:
Net investment income		(0.87	)		(1.31	)		(5.23	)		(0.39	)
Total distributions		(0.87	)		(1.31	)		(5.23	)		(0.39	)
Net asset value, end of period	$	56.88		$	60.77		$	54.36		$	52.38
Total return		(4.89	)%d		14.41	%		13.93	%		(6.00	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,688		$	6,077		$	5,436		$	10,476
Ratio of expenses to average net assetse		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assetse		1.52	%		2.03	%		2.42	%		2.65	%
Portfolio turnover ratef		9	%		20	%		45	%		5	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended January 31, 2015, the years ended July 31, 2014, July 31, 2013 and the period ended July 31, 2012 were 9%, 20%, 19% and 5%, respectively. See Note 4.

See notes to consolidated financial statements.

36 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI All Country Asia Information Technology  ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Period from Feb. 8, 2012a to Jul. 31, 2012
Net asset value, beginning of period	$	34.88		$	27.34		$	25.15		$	26.93
Income from investment operations:
Net investment incomeb		0.14			0.30			0.37			0.20
Net realized and unrealized gain (loss)c		(0.30	)		7.52			2.85			(1.96	)
Total from investment operations		(0.16	)		7.82			3.22			(1.76	)
Less distributions from:
Net investment income		(0.34	)		(0.28	)		(1.03	)		(0.02	)
Total distributions		(0.34	)		(0.28	)		(1.03	)		(0.02	)
Net asset value, end of period	$	34.38		$	34.88		$	27.34		$	25.15
Total return		(0.40	)%d		28.72	%		12.84	%		(6.52	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	6,876		$	6,975		$	4,101		$	5,030
Ratio of expenses to average net assetse		0.69	%		0.69	%		0.69	%		0.69	%
Ratio of net investment income to average net assetse		0.80	%		0.96	%		1.35	%		1.56	%
Portfolio turnover ratef		3	%		3	%		58	%		1	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended January 31, 2015, the years ended July 31, 2014, July 31, 2013 and the period ended July 31, 2012 were 3%, 3%, 7% and 1%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 37

Notes to Consolidated Financial Statements (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 consolidated financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
MSCI All Country Asia ex Japan	Diversified
MSCI All Country Asia ex Japan Small-Cap	Diversified
MSCI All Country Asia Information Technology	Non-diversified

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

Each Fund carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (each, a “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of each Fund also serves as the investment adviser to each Subsidiary. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for each Fund include the accounts of its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

38 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

to policies and procedures developed by the Global Valuation Committee and approved by the Board of Trustees of the Trust (the “Board”).

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

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

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

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

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

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

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

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 39

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of January 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective consolidated schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI All Country Asia ex Japan
Assets:
Common Stocks	$	3,286,777,167	$	4,249,995	$	—	$	3,291,027,162
Preferred Stocks		29,446,819		—		—		29,446,819
Rights		—		28,898		—		28,898
Money Market Funds		107,798,346		—		—		107,798,346
	$	3,424,022,332	$	4,278,893	$	—	$	3,428,301,225
MSCI All Country Asia ex Japan Small-Cap
Assets:
Common Stocks	$	5,616,187	$	45,417	$	8,758	$	5,670,362
Rights		409		429		—		838
Warrants		246		—		—		246
Money Market Funds		847,290		—		—		847,290
	$	6,464,132	$	45,846	$	8,758	$	6,518,736
MSCI All Country Asia Information Technology
Assets:
Common Stocks	$	6,714,863	$	—	$	—	$	6,714,863
Preferred Stocks		136,467		—		—		136,467
Money Market Funds		209,105		—		—		209,105
	$	7,060,435	$	—	$	—	$	7,060,435

The iShares MSCI All Country Asia ex Japan Small-Cap ETF had transfers from Level 2 to Level 1 during the period ended January 31, 2015 in the amount of $73,945 resulting from the resumption of trading after a temporary suspension.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

40 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

FOREIGN CURRENCY TRANSLATION

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their consolidated statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2015, if any, are disclosed in the Funds’ consolidated statements of assets and liabilities.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a tax residence certificate from the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. These income taxes, if any, are paid by the Funds and are disclosed in the consolidated statements of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Further, each Subsidiary is also exempt from tax in Mauritius on any gains from the sale of securities.

However, there can be no assurance that any future changes to the India-Mauritius treaty will not adversely affect the tax position of the Funds’ investments in India. If the DTAA is interpreted, amended, terminated, renegotiated, or possibly overridden by the General Anti-Avoidance Rules provisions (which are due to take effect April 1, 2017, the details of which are pending further authoritative guidance), in a manner that would adversely affect the tax position in India of each Fund, such an interpretation, amendment, or override renegotiation may cause the Funds to incur capital gains tax in India.

DISTRIBUTIONS TO SHAREHOLDERS

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 41

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

LOANS OF PORTFOLIO SECURITIES

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

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

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

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

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
MSCI All Country Asia ex Japan	$	97,493,331	$	97,493,331	$	—
MSCI All Country Asia ex Japan Small-Cap		734,895		734,895		—
MSCI All Country Asia Information Technology		193,167		193,167		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Funds’ consolidated statement of assets and liabilities.

42 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

RECENT ACCOUNTING STANDARD

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

For its investment advisory services to the iShares MSCI All Country Asia ex Japan ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.75	%	First $14 billion
	0.68		Over $14 billion, up to and including $28 billion
	0.61		Over $28 billion, up to and including $42 billion
	0.54		Over $42 billion, up to and including $56 billion
	0.47		Over $56 billion, up to and including $70 billion
	0.41		Over $70 billion, up to and including $84 billion
	0.35		Over $84 billion

In addition, the iShares MSCI All Country Asia ex Japan ETF indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any.

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
MSCI All Country Asia ex Japan Small-Cap		0.75	%
MSCI All Country Asia Information Technology		0.69

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 43

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

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

Prior to January 1, 2015 each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI All Country Asia ex Japan	$	266,153
MSCI All Country Asia ex Japan Small-Cap		2,256
MSCI All Country Asia Information Technology		583

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

Cross trades for the six months ended January 31, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

44 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

The iShares MSCI All Country Asia ex Japan ETF in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the Fund’s underlying index.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI All Country Asia ex Japan	$	518,577,970	$	123,505,171
MSCI All Country Asia ex Japan Small-Cap		509,685		528,015
MSCI All Country Asia Information Technology		172,520		195,808

In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI All Country Asia ex Japan	$	455,860,526	$	42,529,739

4. CAPITAL SHARE TRANSACTIONS

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

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

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the consolidated statements of assets and liabilities.

5. MARKET AND CREDIT RISK

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 45

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

MARKET RISK

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

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

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

The iShares MSCI All Country Asia Information Technology ETF invests all or substantially all of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions affecting those market sectors may have a significant impact on its investment performance.

CREDIT RISK

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

46 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

6. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

As of July 31, 2014, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI All Country Asia ex Japan	$	183,364,603	$	114,780	$	5,230,616	$	2,799,079	$	191,509,078
MSCI All Country Asia ex Japan Small-Cap		313,187		—		—		—		313,187
MSCI All Country Asia Information Technology		89,747		—		—		—		89,747

^a  Must be utilized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI All Country Asia ex Japan	$	3,213,488,659	$	488,408,556	$	(273,595,990	)	$	214,812,566
MSCI All Country Asia ex Japan Small-Cap		6,440,028		892,556		(813,848	)		78,708
MSCI All Country Asia Information Technology		5,750,853		1,561,426		(251,844	)		1,309,582

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 47

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

7. LINE OF CREDIT

The Funds, along with certain other iShares funds, are parties to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended January 31, 2015, the maximum amounts borrowed, the average borrowings and the weighted average interest rates under the credit agreement, if any, were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowings		Weighted Average Interest Rates
MSCI All Country Asia ex Japan	$	4,000,000	$	152,174		1.16	%
MSCI All Country Asia ex Japan Small-Cap		90,700		3,451		1.16

8. SUBSEQUENT EVENTS

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

48 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI All Country Asia ex Japan	$	0.454743	$	—	$	0.131071	$	0.585814		78	%		—	%		22	%		100	%
MSCI All Country Asia Information Technology		0.274816		—		0.061714		0.336530		82			—			18			100

SUPPLEMENTAL INFORMATION 49

Notes:

50 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI, Inc. nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

IS-SAR-77-0115

JANUARY 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

^Ø   iShares Currency Hedged MSCI EAFE ETF  |  HEFA  |  NYSE Arca

^Ø   iShares MSCI EAFE ETF  |  EFA  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	7
Shareholder Expenses	7
Schedules of Investments	8
iShares Currency Hedged MSCI EAFE ETF	8
iShares MSCI EAFE ETF	9
Financial Statements	23
Financial Highlights	26
Notes to Financial Statements	28
Supplemental Information	41

Fund Performance Overview

iSHARES^® CURRENCY HEDGED MSCI EAFE ETF

Performance as of January 31, 2015

The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE^® 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 5.02%, net of fees, while the total return for the Index was 5.58%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
1 Year		12.23%		12.48%		12.42%
Since Inception		12.23%		12.48%		12.42%

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Annualized Expense Ratio  a
$	1,000.00	$	1,050.20	$	0.31	$	1,000.00	$	1,024.90	$	0.31		0.06%

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

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

PORTFOLIO ALLOCATION¹ As of 1/31/15

Sector	Percentage of Total  Investments2
Financials		25.33	%
Consumer Discretionary		12.64
Industrials		12.62
Consumer Staples		11.58
Health Care		11.32
Materials		7.43
Energy		5.37
Telecommunication Services		5.14
Information Technology		4.72
Utilities		3.85
TOTAL		100.00	%

TEN LARGEST COUNTRY ALLOCATIONS¹ As of 1/31/15

Country	Percentage of Total  Investments2
Japan		21.58	%
United Kingdom		20.72
France		9.75
Switzerland		9.32
Germany		9.27
Australia		7.32
Spain		3.35
Hong Kong		3.29
Sweden		3.13
Netherlands		2.80
TOTAL		90.53	%

1 Reflects the allocation of the iShares MSCI EAFE ETF, the underlying fund in which the Fund invests.

2 Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI EAFE ETF

Performance as of January 31, 2015

The iShares MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -7.09%, net of fees, while the total return for the Index was -6.97%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(0.54)%		(0.47)%		(0.43)%		(0.54)%		(0.47)%		(0.43)%
5 Years		6.27%		6.35%		6.39%		35.53%		36.07%		36.31%
10 Years		4.57%		4.46%		4.68%		56.28%		54.76%		57.94%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	929.10	$	1.60	$	1,000.00	$	1,023.50	$	1.68		0.33%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

PORTFOLIO ALLOCATION As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	25.33	%
Consumer Discretionary	12.64
Industrials	12.62
Consumer Staples	11.58
Health Care	11.32
Materials	7.43
Energy	5.37
Telecommunication Services	5.14
Information Technology	4.72
Utilities	3.85
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS As of 1/31/15

Country Percentage of
Total Investments*

Japan	21.58	%
United Kingdom	20.72
France	9.75
Switzerland	9.32
Germany	9.27
Australia	7.32
Spain	3.35
Hong Kong	3.29
Sweden	3.13
Netherlands	2.80
TOTAL	90.55	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 7

Schedule of Investments  (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 99.58%
EXCHANGE-TRADED FUNDS — 99.58%
iShares MSCI EAFE ETFa		4,445,006	$	272,078,817
				272,078,817
TOTAL INVESTMENT COMPANIES
(Cost: $274,131,928)				272,078,817
SHORT-TERM INVESTMENTS — 1.04%
MONEY MARKET FUNDS — 1.04%
BlackRock Cash Funds: Treasury, SL Agency Shares     0.00%a,b		2,836,077		2,836,077
				2,836,077
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,836,077)				2,836,077
TOTAL INVESTMENTS IN SECURITIES — 100.62%
(Cost: $276,968,005)				274,914,894
Other Assets, Less Liabilities — (0.62)%				(1,680,407	)
NET ASSETS — 100.00%			$	273,234,487

^a  Affiliated issuer. See Note 2.

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

Forward currency contracts as of January 31, 2015 were as follows:

Currency Purchased		Currency Sold	Settlement Date	Counter- party		Unrealized Appreciation (Depreciation)
	CHF            59,000	USD            58,967	02/04/15		CITI	$	5,293
	HKD          170,000	USD            21,918	02/04/15		CITI		11
	ILS              14,000	USD              3,558	02/04/15		CITI		3
	JPY 5,341,591,000	USD     45,285,995	02/04/15		CITI		201,929
	NOK     10,546,000	USD       1,352,599	02/04/15		CITI		12,380
	USD     15,585,150	AUD     19,462,000	02/04/15		CITI		434,971
	USD     11,792,836	CHF     10,496,000	02/04/15		CITI		361,161
	USD       1,774,664	DKK     11,088,000	02/04/15		CITI		90,745
	USD     35,050,837	EUR     29,429,000	02/04/15		CITI		1,795,782
	USD     30,608,564	GBP     19,982,000	02/04/15		CITI		511,855
	USD       1,776,021	HKD     13,767,000	02/04/15		CITI		164
	USD          369,283	ILS       1,449,000	02/04/15		CITI		717
	USD       1,905,219	JPY   223,698,000	02/04/15		CITI		251
	USD          679,678	NOK       5,107,000	02/04/15		CITI		18,675
	USD          331,132	NZD          438,000	02/04/15		CITI		12,497
	USD       3,538,895	SEK     28,225,000	02/04/15		CITI		127,660
	USD       3,056,091	SGD       4,085,000	02/04/15		CITI		36,504
	CHF            80,000	USD            87,114	03/04/15		CITI		149
	USD          564,276	AUD          726,000	03/04/15		CITI		145
	USD     19,929,494	CHF     18,260,000	03/04/15		CITI		11,894
	USD       3,395,528	DKK     22,274,000	03/04/15		CITI		9,830
	USD     67,262,029	EUR     59,302,000	03/04/15		CITI		233,607

Currency Purchased		Currency Sold	Settlement Date	Counter- party		Unrealized Appreciation (Depreciation)
	USD     47,382,917	GBP     31,409,000	03/04/15		CITI	$	83,766
	USD       1,239,777	ILS         4,868,000	03/04/15		CITI		1,567
	USD          317,315	NZD          437,000	03/04/15		CITI		289
	USD       6,676,079	SEK     55,001,000	03/04/15		CITI		27,134
	USD       3,144,280	SGD       4,253,000	03/04/15		CITI		2,665
							3,981,644
	AUD     19,462,000	USD     15,154,214	02/04/15		CITI		(4,034)
	CHF     18,260,000	USD     19,908,417	02/04/15		CITI		(20,614)
	DKK     20,609,000	USD       3,141,608	02/04/15		CITI		(11,750)
	EUR     54,844,000	USD     62,213,784	02/04/15		CITI		(239,533)
	GBP     29,097,000	USD     43,912,902	02/04/15		CITI		(87,262)
	HKD     51,839,000	USD       6,687,005	02/04/15		CITI		(99)
	ILS         4,768,000	USD       1,214,477	02/04/15		CITI		(1,693)
	NOK            51,000	USD              6,726	02/04/15		CITI		(125)
	NZD          438,000	USD          318,976	02/04/15		CITI		(341)
	SEK     52,151,000	USD       6,331,428	02/04/15		CITI		(28,529)
	SGD       4,261,000	USD       3,153,864	02/04/15		CITI		(4,179)
	USD       7,887,308	CHF       7,823,000	02/04/15		CITI		(633,080)
	USD       1,436,848	DKK       9,521,000	02/04/15		CITI		(9,092)
	USD     28,561,278	EUR     25,415,000	02/04/15		CITI		(157,918)
	USD     13,661,874	GBP       9,115,000	02/04/15		CITI		(67,057)
	USD       4,930,911	HKD     38,242,000	02/04/15		CITI		(2,068)
	USD          837,069	ILS         3,333,000	02/04/15		CITI		(10,710)
	USD     43,002,924	JPY 5,117,893,000	02/04/15		CITI		(580,032)
	USD          704,659	NOK       5,490,000	02/04/15		CITI		(5,917)
	USD       2,878,604	SEK     23,926,000	02/04/15		CITI		(13,060)
	USD          130,068	SGD          176,000	02/04/15		CITI		(29)
	USD     19,103,411	AUD     24,592,000	03/04/15		CITI		(5,561)
	USD       5,187,187	CHF       4,768,000	03/04/15		CITI		(13,640)
	USD          792,932	DKK       5,221,000	03/04/15		CITI		(672)
	USD     14,830,746	EUR     13,128,000	03/04/15		CITI		(7,693)
	USD       9,492,363	GBP       6,308,000	03/04/15		CITI		(6,922)
	USD       8,877,233	HKD     68,824,000	03/04/15		CITI		(194)
	USD          315,577	ILS         1,243,000	03/04/15		CITI		(588)
	USD     58,726,773	JPY 6,921,145,000	03/04/15		CITI		(229,783)
	USD       1,757,136	NOK     13,698,000	03/04/15		CITI		(14,353)
	USD          106,509	NZD          147,000	03/04/15		CITI		(134)
	USD       1,732,158	SEK     14,339,000	03/04/15		CITI		(1,251)
	USD          909,161	SGD       1,232,000	03/04/15		CITI		(895)
							(2,158,808)
		Net Unrealized Appreciation				$	1,822,836

Counterparties:

CITI — Citibank N.A.

Currency abbreviations:

AUD — Australian Dollar

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

ILS — Israeli Shekel

JPY — Japanese Yen

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krona

SGD — Singapore Dollar

USD — United States Dollar

See notes to financial statements.

8 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.03%
AUSTRALIA — 7.30%
AGL Energy Ltd.		2,881,956	$	31,869,394
ALS Ltd.		1,686,800		6,436,619
Alumina Ltd.a		10,704,612		16,172,262
Amcor Ltd.		5,051,694		50,276,612
AMP Ltd.		12,540,798		56,350,672
APA Group		4,776,675		30,205,069
Asciano Ltd.		4,068,232		19,103,860
ASX Ltd.		803,445		23,863,545
Aurizon Holdings Ltd.		8,875,336		34,212,760
AusNet Services		7,476,375		8,151,119
Australia and New Zealand Banking Group Ltd.		11,653,552		299,481,754
Bank of Queensland Ltd.		1,504,919		14,661,167
Bendigo & Adelaide Bank Ltd.		1,810,478		18,864,595
BHP Billiton Ltd.		13,574,720		309,316,660
Boral Ltd.		3,234,062		14,103,746
Brambles Ltd.		6,565,908		54,199,935
Caltex Australia Ltd.		565,606		14,720,364
Coca-Cola Amatil Ltd.		2,441,724		18,444,480
Cochlear Ltd.		243,972		15,769,437
Commonwealth Bank of Australia		6,857,822		477,069,501
Computershare Ltd.		2,037,674		18,454,935
Crown Resorts Ltd.		1,528,594		16,201,245
CSL Ltd.		2,007,448		137,492,262
Dexus Property Group		3,786,254		22,733,287
Federation Centres		5,888,838		13,895,377
Flight Centre Travel Group Ltd.		225,784		6,648,106
Fortescue Metals Group Ltd.		6,735,592		12,379,009
Goodman Group		7,190,000		34,323,177
GPT Group (The)		7,001,622		24,645,362
Harvey Norman Holdings Ltd.		2,339,626		7,196,837
Healthscope Ltd.a		4,736,772		9,959,656
Iluka Resources Ltd.		1,829,136		10,070,790
Incitec Pivot Ltd.		7,134,348		20,056,706
Insurance Australia Group Ltd.		9,877,622		49,230,074
James Hardie Industries SE		1,870,868		18,969,341
Leighton Holdings Ltd.		430,623		6,918,223
Lend Lease Group		2,292,172		29,774,286
Macquarie Group Ltd.		1,232,366		59,645,674
Medibank Pvt Ltd.a		11,537,074		21,383,104
Metcash Ltd.b		3,899,856		4,434,039
Mirvac Group		15,293,130		22,985,386

Security	Shares		Value
National Australia Bank Ltd.		10,011,356	$	277,783,751
Newcrest Mining Ltd.a		3,262,822		34,454,915
Novion Property Group		8,766,048		15,837,621
Orica Ltd.		1,600,508		22,609,619
Origin Energy Ltd.		4,680,690		38,929,537
Qantas Airways Ltd.a		2,569,706		5,223,024
QBE Insurance Group Ltd.		5,665,720		46,813,229
Ramsay Health Care Ltd.		559,382		25,897,537
REA Group Ltd.		222,894		8,600,826
Rio Tinto Ltd.		1,844,954		82,699,796
Santos Ltd.		4,158,696		25,520,049
Scentre Groupa		22,490,320		66,554,487
Seek Ltd.		1,363,224		18,949,753
Sonic Healthcare Ltd.		1,625,839		23,853,744
Stockland		9,738,136		33,216,055
Suncorp Group Ltd.		5,458,648		62,573,581
Sydney Airport		4,493,750		17,462,546
Tabcorp Holdings Ltd.		3,113,390		11,080,206
Tatts Group Ltd.		5,977,766		17,969,017
Telstra Corp. Ltd.		18,436,598		93,323,765
Toll Holdings Ltd.		2,871,730		13,843,068
TPG Telecom Ltd.		1,163,342		6,069,883
Transurban Group		7,563,880		54,250,328
Treasury Wine Estates Ltd.		2,741,461		10,503,772
Wesfarmers Ltd.		4,789,416		162,580,157
Westfield Corp.		8,382,102		64,361,768
Westpac Banking Corp.		13,150,510		352,903,511
Woodside Petroleum Ltd.		3,144,906		83,955,005
Woolworths Ltd.		5,323,476		131,748,993
WorleyParsons Ltd.		877,180		6,571,461
				3,876,811,431
AUSTRIA — 0.18%
Andritz AG		301,980		16,356,933
Erste Group Bank AG		1,180,512		25,610,569
IMMOEAST AG Escrowa		1,571,072		18
IMMOFINANZ AGa		3,985,872		9,103,666
IMMOFINANZ AG Escrowa,b		1,157,632		13
OMV AG		624,092		15,546,470
Raiffeisen International Bank Holding AGb		500,424		5,872,918
Vienna Insurance Group AG		168,246		7,141,481
Voestalpine AG		487,482		17,355,631
				96,987,699

SCHEDULES OF INVESTMENTS 9

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
BELGIUM — 1.34%
Ageas		937,576	$	32,089,382
Anheuser-Busch InBev NV		3,392,242		413,804,289
Belgacom SA		641,348		23,879,451
Colruyt SA		301,980		13,925,543
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA		432,838		35,963,558
Groupe Bruxelles Lambert SA		341,332		28,283,490
KBC Groep NVa		1,052,616		56,677,066
Solvay SA		253,088		34,585,827
Telenet Group Holding NVa		227,204		12,615,593
UCB SA		536,374		41,745,572
Umicore SA		463,036		19,377,400
				712,947,171
DENMARK — 1.53%
A.P. Moeller-Maersk A/S Class A		15,818		31,051,418
A.P. Moeller-Maersk A/S Class B		30,198		61,248,350
Carlsberg A/S Class B		451,532		33,196,353
Coloplast A/S Class B		470,226		37,101,159
Danske Bank A/S		2,756,646		71,497,541
DSV A/S		730,114		22,998,331
ISS A/Sa		389,698		11,507,400
Novo Nordisk A/S Class B		8,488,514		380,232,516
Novozymes A/S Class B		1,012,352		46,175,737
Pandora A/S		486,044		34,827,419
TDC A/S		3,477,084		25,737,242
Tryg A/S		92,032		10,783,965
Vestas Wind Systems A/Sa		941,890		36,908,027
William Demant Holding A/Sa		93,470		7,082,971
				810,348,429
FINLAND — 0.89%
Elisa OYJ		611,150		16,255,108
Fortum OYJ		1,892,408		40,360,733
Kone OYJ Class B		1,305,704		58,863,216
Metso OYJ		471,664		14,328,154
Neste Oil OYJb		535,891		14,815,797
Nokia OYJ		15,829,504		122,270,933
Nokian Renkaat OYJ		491,796		12,148,236
Orion OYJ Class B		428,524		14,125,023
Sampo OYJ Class A		1,892,408		91,655,167

Security	Shares		Value
Stora Enso OYJ Class R		2,289,296	$	22,242,703
UPM-Kymmene OYJ		2,228,900		39,212,016
Wartsila OYJ Abp		616,902		28,632,374
				474,909,460
FRANCE — 9.72%
Accor SA		719,000		35,963,347
Aeroports de Paris		125,110		15,021,597
Airbus Group NV		2,469,046		131,508,446
Alcatel-Lucenta		11,958,408		41,751,890
ALSTOMa		913,130		30,005,886
ArcelorMittal		4,240,662		40,498,643
Arkema SA		281,929		20,202,073
Atos SA		337,930		25,008,096
AXA SA		7,700,490		181,222,043
BNP Paribas SA		4,483,684		236,663,487
Bolloreb		2,157,000		9,295,704
Bouygues SA		719,775		25,711,152
Bureau Veritas SA		939,014		19,947,548
Cap Gemini SA		615,464		44,845,194
Carrefour SA		2,651,672		83,320,044
Casino Guichard-Perrachon SA		244,460		22,267,498
Christian Dior SA		234,394		40,601,057
Cie de Saint-Gobain		1,903,912		81,491,475
CNP Assurances SA		740,578		13,028,649
Compagnie Generale des Etablissements Michelin Class B		802,404		78,531,682
Credit Agricole SA		4,335,570		51,689,005
Danone SA		2,451,790		164,813,710
Dassault Systemes		540,688		33,508,866
Edenred SA		872,866		25,136,842
Electricite de France SA		1,030,371		28,015,800
Essilor International SA		868,552		97,100,274
Eurazeo		159,618		11,232,345
Eutelsat Communications SA		652,852		22,429,169
Fonciere des Regions		119,354		12,254,994
GDF Suez		6,147,450		136,834,145
Gecina SA		120,792		15,832,148
Groupe Eurotunnel SE		2,005,612		26,943,796
Hermes International		111,426		37,778,196
Icade		155,306		13,557,736
Iliad SA		110,726		25,720,710
Imerys SA		145,238		10,505,597
JCDecaux SA		286,166		10,328,728

10 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Kering		323,550	$	65,500,756
Klepierre		763,917		36,041,994
L’Air Liquide SA		1,467,028		185,412,450
L’Oreal SA		1,062,682		190,730,200
Lafarge SA		790,300		54,231,230
Lagardere SCA		506,736		13,883,946
Legrand SA		1,111,584		59,833,324
LVMH Moet Hennessy Louis Vuitton SA		1,190,664		192,807,352
Natixis SA		3,955,027		25,225,168
Numericable-SFRa		415,144		21,643,286
Orange SA		7,860,108		138,545,368
Pernod Ricard SA		900,188		108,286,144
Peugeot SAa		1,672,394		24,260,131
Publicis Groupe SA		783,710		58,749,220
Remy Cointreau SA		106,412		7,876,091
Renault SA		821,098		63,201,227
Rexel SA		1,138,896		21,334,115
Safran SA		1,141,826		76,265,959
Sanofi		5,030,124		465,452,117
Schneider Electric SE		2,213,082		167,322,666
SCOR SE		677,298		21,144,282
SES SA Class A FDR		1,297,076		47,269,736
Societe BIC SA		125,106		17,788,165
Societe Generale		3,060,064		123,742,927
Sodexo SA		398,326		39,613,653
STMicroelectronics NV		2,755,208		23,007,455
Suez Environnement SA		1,229,490		22,621,858
Technip SA		435,714		25,641,197
Thales SA		387,953		20,488,371
Total SA		9,040,706		464,190,459
Unibail-Rodamco SE		414,144		116,881,972
Valeo SA		324,988		46,079,980
Vallourec SA		461,602		10,089,735
Veolia Environnement SA		1,807,566		33,156,112
Vinci SA		2,060,654		108,919,197
Vivendi SA		5,148,040		122,198,787
Wendel		139,486		15,653,731
Zodiac Aerospace		777,958		25,871,330
				5,161,529,263
GERMANY — 8.62%
adidas AGb		888,684		61,363,522
Allianz SE Registered		1,932,672		319,287,339
Axel Springer SE		169,684		10,449,062
BASF SE		3,889,790		348,960,082

Security	Shares		Value
Bayer AG Registered		3,495,778	$	505,133,177
Bayerische Motoren Werke AG		1,409,240		164,432,616
Beiersdorf AG		419,896		36,864,114
Brenntag AG		638,472		34,813,786
Celesio AG		217,138		6,432,023
Commerzbank AGa		4,073,854		49,051,506
Continental AG		465,912		105,519,746
Daimler AG Registered		4,085,358		371,022,762
Deutsche Annington Immobilien SE		1,032,484		35,885,294
Deutsche Bank AG Registered		5,841,156		170,059,531
Deutsche Boerse AG		813,908		62,482,479
Deutsche Lufthansa AG Registered		976,402		16,587,918
Deutsche Post AG Registered		4,058,036		131,746,238
Deutsche Telekom AG Registered		13,420,854		231,487,775
Deutsche Wohnen AG Bearer		1,197,854		31,143,601
E.ON SE		8,456,878		130,979,970
Fraport AG Frankfurt Airport Services Worldwide		150,990		9,238,260
Fresenius Medical Care AG & Co. KGaA		920,320		68,169,467
Fresenius SE & Co. KGaA		1,601,932		91,758,891
GEA Group AG		760,706		34,547,072
Hannover Rueck SE Registered		255,964		22,945,662
HeidelbergCement AG		588,142		43,312,348
Henkel AG & Co. KGaA		506,176		51,835,901
HUGO BOSS AG		182,626		23,576,053
Infineon Technologies AG		4,788,540		53,912,014
K+S AG Registered		724,752		22,899,707
Kabel Deutschland Holding AGa		97,784		13,296,499
Lanxess AG		391,136		18,780,616
Linde AG		789,462		151,358,591
MAN SE		143,800		15,321,643
Merck KGaA		546,440		54,701,285
METRO AGa,b		680,174		20,961,589
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		734,818		147,598,606
Osram Licht AGa		369,566		17,048,468

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
ProSiebenSat.1 Media AG Registered		930,386	$	41,302,847
QIAGEN NVa		997,972		22,900,502
RTL Group SAb		163,932		15,524,288
RWE AG		2,072,158		57,546,239
SAP SE		3,895,542		254,348,269
Siemens AG Registered		3,347,664		351,323,562
Symrise AG		520,556		34,140,944
Telefonica Deutschland Holding AG		2,503,558		13,927,945
ThyssenKrupp AGa		1,922,606		50,095,267
United Internet AG Registeredc		521,994		22,660,535
Volkswagen AG		123,668		27,512,914
				4,576,248,525
HONG KONG — 3.28%
AIA Group Ltd.		50,330,400		293,737,623
ASM Pacific Technology Ltd.b		1,006,600		9,133,382
Bank of East Asia Ltd. (The)		5,464,440		22,694,057
BOC Hong Kong (Holdings) Ltd.		15,099,000		53,067,094
Cathay Pacific Airways Ltd.		4,314,000		10,070,924
Cheung Kong Holdings Ltd.		5,752,000		110,168,121
Cheung Kong Infrastructure Holdings Ltd.		2,876,792		23,690,814
CLP Holdings Ltd.		7,909,000		70,589,203
First Pacific Co. Ltd./Hong Kong		9,368,250		9,545,445
Galaxy Entertainment Group Ltd.		10,066,000		53,099,551
Hang Lung Properties Ltd.		9,653,000		28,448,484
Hang Seng Bank Ltd.		3,163,600		55,410,484
Henderson Land Development Co. Ltd.		4,908,750		35,074,484
HKT Trust & HKT Ltd.		10,148,440		13,298,529
Hong Kong & China Gas Co. Ltd.		27,613,402		63,394,346
Hong Kong Exchanges and Clearing Ltd.		4,513,300		103,964,787
Hutchison Whampoa Ltd.		10,066,000		133,592,757
Hysan Development Co. Ltd.		2,876,797		13,932,523
Kerry Properties Ltd.		2,701,000		9,580,052
Li & Fung Ltd.		24,974,400		24,770,343
Link REIT (The)		10,066,258		68,161,317
MGM China Holdings Ltd.b		3,451,200		8,421,741
MTR Corp. Ltd.		6,471,000		28,752,210

Security	Shares		Value
New World Development Co. Ltd.		20,925,132	$	24,991,355
NWS Holdings Ltd.		6,224,000		11,575,652
PCCW Ltd.		15,818,000		10,527,176
Power Assets Holdings Ltd.		6,113,500		64,104,877
Sands China Ltd.		9,778,400		47,988,046
Shangri-La Asia Ltd.		6,098,666		7,944,505
Sino Land Co. Ltd.		11,504,000		19,288,695
SJM Holdings Ltd.b		8,236,000		12,152,146
Sun Hung Kai Properties Ltd.		7,180,000		117,238,097
Swire Pacific Ltd. Class A		2,690,500		36,123,875
Swire Properties Ltd.		4,889,255		15,733,446
Techtronic Industries Co. Ltd.		5,752,033		18,843,679
WH Group Ltd.a,d		13,661,000		7,752,571
Wharf Holdings Ltd. (The)b		6,584,912		53,505,834
Wheelock and Co. Ltd.		4,315,000		24,487,480
Wynn Macau Ltd.b		6,328,000		17,669,936
Yue Yuen Industrial Holdings Ltd.		2,876,000		10,701,516
				1,743,227,157
IRELAND — 0.32%
Bank of Irelanda		112,155,372		33,918,555
CRH PLC		3,228,310		77,650,282
Irish Bank Resolution Corp. Ltd.a		3,570,811		40
Kerry Group PLC Class A		681,612		49,395,797
Ryanair Holdings PLCa		177,504		2,083,166
Ryanair Holdings PLC SP ADRa		79,689		5,257,880
				168,305,720
ISRAEL—0.56%
Bank Hapoalim BM		4,277,227		19,065,824
Bank Leumi le-Israel BMa		5,261,642		17,597,106
Bezeq The Israel Telecommunication Corp. Ltd.		8,035,574		12,853,807
Delek Group Ltd. (The)b		20,298		4,973,746
Israel Chemicals Ltd.		1,880,635		13,546,876
Israel Corp. Ltd. (The)a		11,834		3,846,250
Mizrahi Tefahot Bank Ltd.a		530,288		5,805,417
NICE-Systems Ltd.		255,066		12,545,561
Teva Pharmaceutical Industries Ltd.		3,639,578		207,567,981
				297,802,568

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  ((Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
ITALY — 2.15%
Assicurazioni Generali SpA		4,939,530	$	104,234,071
Atlantia SpA		1,729,914		44,566,948
Banca Monte dei Paschi di Siena SpAa,b		17,950,054		8,102,298
Banco Popolare SCa		1,535,784		19,444,889
CNH Industrial NV		4,019,210		30,546,451
Enel Green Power SpA		7,450,278		14,729,535
Enel SpA		27,832,490		125,818,781
Eni SpA		10,747,612		180,709,388
Exor SpA		412,716		16,868,723
Finmeccanica SpAa		1,710,467		18,703,416
Intesa Sanpaolo SpA		48,994,098		143,636,687
Intesa Sanpaolo SpA RNC		3,968,880		10,139,741
Luxottica Group SpA		717,562		42,713,422
Mediobanca SpA		2,566,830		22,274,395
Pirelli & C. SpA		1,038,236		14,738,700
Prysmian SpA		863,760		15,985,249
Saipem SpAa		1,121,640		10,163,692
Snam SpA		8,679,768		42,469,765
Telecom Italia SpAa		42,376,422		49,397,739
Telecom Italia SpA RNC		25,789,092		24,343,581
Tenaris SA		2,006,010		28,250,761
Terna Rete Elettrica Nazionale SpA		6,486,818		28,416,443
UniCredit SpA		18,540,134		109,524,687
Unione di Banche Italiane SpA		3,638,410		25,086,225
UnipolSai SpA		3,816,452		10,585,811
				1,141,451,398
JAPAN — 21.50%
ABC-MART Inc.		36,500		1,830,205
Acom Co. Ltd.ab		1,581,870		4,349,755
Advantest Corp.		581,200		7,481,159
Aeon Co. Ltd.		2,444,600		26,003,726
AEON Financial Service Co. Ltd.		431,490		7,842,601
Aeon Mall Co. Ltd.		460,110		7,689,064
Air Water Inc.		252,000		4,374,307
Aisin Seiki Co. Ltd.		823,600		29,062,461
Ajinomoto Co. Inc.		2,876,000		59,703,963
Alfresa Holdings Corp.		575,200		6,879,973
Amada Co. Ltd.		1,438,000		13,221,300
ANA Holdings Inc.		4,316,000		11,985,521
Aozora Bank Ltd.		4,314,000		15,792,108

Security	Shares		Value
Asahi Glass Co. Ltd.		4,314,000	$	23,137,275
Asahi Group Holdings Ltd.		1,582,000		52,376,436
Asahi Kasei Corp.		5,402,000		53,898,131
ASICS Corp.		719,000		17,812,029
Astellas Pharma Inc.		8,923,050		138,975,184
Bandai Namco Holdings Inc.		719,000		14,684,212
Bank of Kyoto Ltd. (The)		1,839,000		15,561,793
Bank of Yokohama Ltd. (The)		5,116,000		27,865,465
Benesse Holdings Inc.		287,600		8,630,571
Bridgestone Corp.		2,732,400		110,212,499
Brother Industries Ltd.		1,006,600		17,430,080
Calbee Inc.		287,600		11,323,799
Canon Inc.		4,745,400		151,110,277
Casio Computer Co. Ltd.b		862,800		13,654,665
Central Japan Railway Co.		609,300		105,401,405
Chiba Bank Ltd. (The)		2,876,000		19,587,111
Chiyoda Corp.		483,000		3,758,243
Chubu Electric Power Co. Inc.a		2,663,600		35,419,429
Chugai Pharmaceutical Co. Ltd.		1,006,600		30,206,998
Chugoku Bank Ltd. (The)		719,000		10,313,838
Chugoku Electric Power Co. Inc. (The)		1,248,700		17,391,335
Citizen Holdings Co. Ltd.		1,150,600		9,266,314
COLOPL Inc.b		143,800		3,313,894
Credit Saison Co. Ltd.		575,200		9,803,349
Dai Nippon Printing Co. Ltd.		2,876,000		26,087,584
Dai-ichi Life Insurance Co. Ltd. (The)		4,376,652		59,391,166
Daicel Corp.		1,151,000		14,453,029
Daihatsu Motor Co. Ltd.		723,600		10,164,219
Daiichi Sankyo Co. Ltd.		2,588,495		37,748,197
Daikin Industries Ltd.		1,006,600		70,911,463
Daito Trust Construction Co. Ltd.		287,600		32,257,524
Daiwa House Industry Co. Ltd.		2,732,200		50,857,322
Daiwa Securities Group Inc.		7,190,000		52,793,385
Denso Corp.		2,013,200		89,995,430
Dentsu Inc.		876,100		36,322,368
Don Quijote Holdings Co. Ltd.		208,600		15,307,811
East Japan Railway Co.		1,438,000		111,768,952
Eisai Co. Ltd.		1,107,000		55,489,005
Electric Power Development Co. Ltd.		540,200		19,820,900
FamilyMart Co. Ltd.		256,800		11,193,258

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
FANUC Corp.		802,200	$	135,834,146
Fast Retailing Co. Ltd.		218,800		81,995,284
Fuji Electric Co. Ltd.		2,568,000		11,105,810
Fuji Heavy Industries Ltd.		2,452,500		89,704,731
FUJIFILM Holdings Corp.		1,878,700		63,942,814
Fujitsu Ltd.		8,236,000		43,863,633
Fukuoka Financial Group Inc.		3,785,000		19,075,640
GungHo Online Entertainment Inc.b		1,581,800		5,480,719
Gunma Bank Ltd. (The)		1,828,000		12,122,862
Hachijuni Bank Ltd. (The)		1,438,000		9,573,201
Hakuhodo DY Holdings Inc.		1,006,620		10,112,047
Hamamatsu Photonics K.K.		287,600		13,686,494
Hankyu Hanshin Holdings Inc.		5,284,000		29,554,233
Hikari Tsushin Inc.		143,800		8,300,038
Hino Motors Ltd.		1,006,600		14,439,373
Hirose Electric Co. Ltd.		143,800		17,408,045
Hiroshima Bank Ltd. (The)		1,438,000		7,222,747
Hisamitsu Pharmaceutical Co. Inc.		169,900		5,814,481
Hitachi Chemical Co. Ltd.		431,400		8,773,802
Hitachi Construction Machinery Co. Ltd.		431,400		8,087,028
Hitachi High-Technologies Corp.		256,800		8,077,947
Hitachi Ltd.		20,132,000		153,785,754
Hitachi Metals Ltd.		660,000		10,877,793
Hokuhoku Financial Group Inc.		5,402,000		11,221,113
Hokuriku Electric Power Co.		719,000		10,228,145
Honda Motor Co. Ltd.		6,758,600		206,040,494
Hoya Corp.		1,869,400		73,190,913
Hulic Co. Ltd.		890,500		8,179,879
IBIDEN Co. Ltd.		431,400		6,551,889
Idemitsu Kosan Co. Ltd.		495,500		8,326,880
IHI Corp.		5,752,000		30,360,022
Iida Group Holdings Co. Ltd.		719,080		9,041,682
INPEX Corp.		3,595,043		39,909,216
Isetan Mitsukoshi Holdings Ltd.		1,294,200		18,509,820
Isuzu Motors Ltd.		2,571,000		34,614,877
ITOCHU Corp.		6,058,900		61,896,565
ITOCHU Techno-Solutions Corp.		115,100		4,130,137
Iyo Bank Ltd. (The)		719,000		8,373,490
J. Front Retailing Co. Ltd.		1,139,800		14,661,710
Japan Airlines Co. Ltd.		518,200		17,690,223

Security	Shares		Value
Japan Display Inc.a		1,438,000	$	5,068,165
Japan Exchange Group Inc.		1,150,600		27,142,660
Japan Prime Realty Investment Corp.		2,876		10,087,362
Japan Real Estate Investment Corp.		4,550		22,195,122
Japan Retail Fund Investment Corp.		10,066		21,869,009
Japan Tobacco Inc.		4,612,900		126,941,636
JFE Holdings Inc.		2,098,975		46,664,736
JGC Corp.		1,438,000		29,545,933
Joyo Bank Ltd. (The)		2,876,000		14,592,398
JSR Corp.		739,800		13,181,811
JTEKT Corp.		862,800		14,425,907
JX Holdings Inc.		9,203,200		34,144,252
Kajima Corp.		3,985,000		15,910,825
Kakaku.com Inc.		575,200		8,221,690
Kamigumi Co. Ltd.		1,151,000		11,591,819
Kaneka Corp.		1,151,000		7,084,434
Kansai Electric Power Co. Inc. (The)a		2,905,100		28,268,244
Kansai Paint Co. Ltd.		660,000		11,619,461
Kao Corp.		2,157,000		95,138,271
Kawasaki Heavy Industries Ltd.		5,752,000		27,862,665
KDDI Corp.		2,454,700		174,764,024
Keihan Electric Railway Co. Ltd.		1,438,000		8,777,474
Keikyu Corp.		2,453,000		19,253,956
Keio Corp.		2,568,000		21,074,805
Keisei Electric Railway Co. Ltd.		661,000		8,575,865
Keyence Corp.		186,923		88,301,684
Kikkoman Corp.		599,000		17,822,373
Kintetsu Corp.		7,190,000		25,463,244
Kirin Holdings Co. Ltd.		3,307,400		44,768,791
Kobe Steel Ltd.		12,942,000		22,916,920
Koito Manufacturing Co. Ltd.		305,000		10,035,543
Komatsu Ltd.		3,738,800		74,225,357
Konami Corp.		431,400		8,112,737
Konica Minolta Holdings Inc.		2,032,100		22,593,305
Kubota Corp.		4,666,000		70,050,577
Kuraray Co. Ltd.		1,438,200		18,218,547
Kurita Water Industries Ltd.		500,000		10,747,882
Kyocera Corp.		1,305,200		58,045,927
Kyowa Hakko Kirin Co. Ltd.		1,438,000		16,502,141

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  ((Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Kyushu Electric Power Co. Inc.a		1,815,500	$	17,665,828
Lawson Inc.		256,800		16,877,334
LIXIL Group Corp.		1,150,480		22,634,481
M3 Inc.		726,100		14,724,132
Mabuchi Motor Co. Ltd.		287,600		11,923,654
Makita Corp.		575,200		25,806,019
Marubeni Corp.		6,902,400		38,400,531
Marui Group Co. Ltd.		1,006,600		10,566,022
Maruichi Steel Tube Ltd.		143,800		3,426,520
Mazda Motor Corp.		2,157,000		44,943,238
McDonald’s Holdings Co. (Japan) Ltd.b		287,600		6,319,292
Medipal Holdings Corp.		575,200		6,767,347
MEIJI Holdings Co. Ltd.		256,852		28,448,002
Minebea Co. Ltd.		1,438,000		22,488,452
Miraca Holdings Inc.		256,800		11,586,771
Mitsubishi Chemical Holdings Corp.		5,464,600		28,568,602
Mitsubishi Corp.		5,623,800		99,008,372
Mitsubishi Electric Corp.		8,628,000		101,106,219
Mitsubishi Estate Co. Ltd.		5,346,000		108,476,491
Mitsubishi Gas Chemical Co. Inc.		1,438,000		6,561,682
Mitsubishi Heavy Industries Ltd.		12,942,000		72,177,280
Mitsubishi Logistics Corp.		477,000		7,175,405
Mitsubishi Materials Corp.		5,402,000		17,199,574
Mitsubishi Motors Corp.		2,732,200		23,352,733
Mitsubishi Tanabe Pharma Corp.		965,300		15,367,224
Mitsubishi UFJ Financial Group Inc.		53,349,880		287,176,002
Mitsubishi UFJ Lease & Finance Co. Ltd.		2,013,200		8,809,303
Mitsui & Co. Ltd.		7,077,700		90,802,315
Mitsui Chemicals Inc.		3,457,000		10,212,225
Mitsui Fudosan Co. Ltd.		3,980,000		101,664,240
Mitsui O.S.K. Lines Ltd.		4,324,000		14,724,386
Mixi Inc.b		143,800		5,135,496
Mizuho Financial Group Inc.		96,489,860		159,358,386
MS&AD Insurance Group Holdings Inc.		2,025,388		49,822,148
Murata Manufacturing Co. Ltd.		862,800		94,165,036
Nabtesco Corp.		431,400		11,256,468

Security	Shares		Value
Nagoya Railroad Co. Ltd.		4,314,000	$	17,040,787
NEC Corp.		10,784,000		30,663,227
Nexon Co. Ltd.		575,200		5,699,849
NGK Insulators Ltd.		1,438,000		29,282,731
NGK Spark Plug Co. Ltd.		719,000		21,545,822
NH Foods Ltd.		1,438,000		35,758,720
NHK Spring Co. Ltd.		575,200		5,244,449
Nidec Corp.		862,800		59,304,875
Nikon Corp.		1,294,200		16,570,696
Nintendo Co. Ltd.		445,800		43,378,828
Nippon Building Fund Inc.		5,752		28,401,311
Nippon Electric Glass Co. Ltd.		1,552,500		8,088,622
Nippon Express Co. Ltd.		3,985,000		23,442,174
Nippon Paint Holdings Co. Ltd.		646,000		20,458,179
Nippon Prologis REIT Inc.		5,752		13,583,662
Nippon Steel & Sumitomo Metal Corp.		31,685,350		74,853,655
Nippon Telegraph and Telephone Corp.		1,581,800		94,532,295
Nippon Yusen K.K.		6,819,000		20,434,070
Nissan Motor Co. Ltd.		10,353,600		89,596,343
Nisshin Seifun Group Inc.		946,397		11,682,422
Nissin Foods Holdings Co. Ltd.		256,800		13,947,848
Nitori Holdings Co. Ltd.		287,600		16,355,238
Nitto Denko Corp.		719,000		43,367,088
NOK Corp.		431,400		12,560,235
Nomura Holdings Inc.		15,242,800		82,335,646
Nomura Real Estate Holdings Inc.		540,200		9,179,238
Nomura Research Institute Ltd.		431,400		14,782,148
NSK Ltd.		2,119,000		25,201,064
NTT Data Corp.		540,291		20,767,155
NTT DOCOMO Inc.		6,198,117		105,795,127
NTT Urban Development Corp.		431,400		4,190,418
Obayashi Corp.		2,568,000		16,418,235
Odakyu Electric Railway Co. Ltd.		2,876,000		28,205,440
Oji Holdings Corp.		3,985,000		15,164,475
Olympus Corp.a		1,006,600		35,305,768
Omron Corp.		862,800		34,926,267
Ono Pharmaceutical Co. Ltd.		333,000		35,436,087
Oracle Corp. Japan		143,800		6,010,795
Oriental Land Co. Ltd.		287,600		69,815,809
ORIX Corp.		5,608,200		65,265,478
Osaka Gas Co. Ltd.		8,236,000		32,715,427

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Otsuka Corp.		149,000	$	5,168,987
Otsuka Holdings Co. Ltd.		1,581,800		49,252,403
Panasonic Corp.		9,203,468		105,930,181
Park24 Co. Ltd.		431,400		7,418,618
Rakuten Inc.		3,315,300		46,343,358
Recruit Holdings Co. Ltd.a		575,200		16,844,916
Resona Holdings Inc.		8,915,600		44,659,593
Ricoh Co. Ltd.		3,019,800		29,744,252
Rinnai Corp.		143,800		9,707,862
Rohm Co. Ltd.		398,500		25,952,624
Sankyo Co. Ltd.		256,800		9,280,347
Sanrio Co. Ltd.b		166,600		4,151,349
Santen Pharmaceutical Co. Ltd.		287,600		18,020,142
SBI Holdings Inc.		862,880		9,351,264
Secom Co. Ltd.		907,300		53,094,796
Sega Sammy Holdings Inc.		726,638		9,538,806
Seibu Holdings Inc.b		431,400		10,312,614
Seiko Epson Corp.		575,200		23,626,953
Sekisui Chemical Co. Ltd.		1,554,000		17,118,938
Sekisui House Ltd.		2,219,400		28,832,456
Seven & I Holdings Co. Ltd.		3,163,680		116,821,709
Seven Bank Ltd.		2,444,600		11,029,992
Sharp Corp./Japana,b		6,197,000		12,239,425
Shikoku Electric Power Co. Inc.a		719,000		9,108,007
Shimadzu Corp.		654,000		6,859,303
Shimamura Co. Ltd.		143,800		12,866,284
Shimano Inc.		344,500		45,927,468
Shimizu Corp.		2,568,000		17,882,978
Shin-Etsu Chemical Co. Ltd.		1,725,600		115,289,736
Shinsei Bank Ltd.		7,190,000		13,160,090
Shionogi & Co. Ltd.		1,294,200		39,168,101
Shiseido Co. Ltd.		1,438,200		23,238,442
Shizuoka Bank Ltd. (The)		2,876,000		26,540,535
Showa Shell Sekiyu K.K.		719,200		7,071,689
SMC Corp.		287,600		78,030,154
SoftBank Corp.		4,078,600		241,768,116
Sompo Japan Nipponkoa Holdings Inc.		1,438,050		40,399,821
Sony Corp.		4,457,800		105,273,377
Sony Financial Holdings Inc.		823,600		11,561,881
Stanley Electric Co. Ltd.		681,900		15,360,383
Sumitomo Chemical Co. Ltd.		5,776,000		23,012,540
Sumitomo Corp.		4,601,800		45,757,480

Security	Shares		Value
Sumitomo Dainippon Pharma Co. Ltd.		582,600	$	6,169,960
Sumitomo Electric Industries Ltd.		3,020,000		39,335,972
Sumitomo Heavy Industries Ltd.		2,568,000		14,057,157
Sumitomo Metal Mining Co. Ltd.		1,965,000		28,404,801
Sumitomo Mitsui Financial Group Inc.		5,464,400		185,635,621
Sumitomo Mitsui Trust Holdings Inc.		14,380,600		50,989,826
Sumitomo Realty & Development Co. Ltd.		1,535,000		49,461,329
Sumitomo Rubber Industries Inc.		719,000		11,287,073
Suntory Beverage & Food Ltd.		575,200		20,297,144
Suruga Bank Ltd.		1,294,200		24,536,529
Suzuken Co. Ltd.		287,640		8,166,513
Suzuki Motor Corp.		1,472,300		47,077,502
Sysmex Corp.		575,200		25,952,922
T&D Holdings Inc.		2,300,800		26,236,935
Taiheiyo Cement Corp.		5,752,000		16,991,819
Taisei Corp.		4,314,000		25,230,647
Taisho Pharmaceutical Holdings Co. Ltd.		115,100		7,358,796
Taiyo Nippon Sanso Corp.b		636,000		7,677,589
Takashimaya Co. Ltd.		1,438,000		12,694,896
Takeda Pharmaceutical Co. Ltd.		3,311,900		166,433,795
TDK Corp.		540,200		34,077,232
Teijin Ltd.		3,985,000		11,975,525
Terumo Corp.		1,294,200		32,403,203
THK Co. Ltd.		431,400		10,613,766
Tobu Railway Co. Ltd.		4,314,000		20,860,273
Toho Co. Ltd.		431,400		9,824,160
Toho Gas Co. Ltd.		1,438,000		7,883,812
Tohoku Electric Power Co. Inc.		1,957,200		24,859,681
Tokio Marine Holdings Inc.		2,876,000		101,363,300
Tokyo Electric Power Co. Inc.a		5,921,600		25,306,629
Tokyo Electron Ltd.		719,000		51,881,360
Tokyo Gas Co. Ltd.		10,066,000		60,525,397
Tokyo Tatemono Co. Ltd.		1,606,000		10,937,726
Tokyu Corp.		5,202,000		34,675,571

16 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  ((Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Tokyu Fudosan Holdings Corp.		1,869,400	$	11,713,092
TonenGeneral Sekiyu K.K.		1,438,000		12,792,832
Toppan Printing Co. Ltd.		2,568,000		17,314,570
Toray Industries Inc.		6,166,000		52,990,908
Toshiba Corp.		17,256,000		69,720,322
TOTO Ltd.		1,438,000		16,024,705
Toyo Seikan Group Holdings Ltd.		681,900		8,858,634
Toyo Suisan Kaisha Ltd.		287,600		10,222,024
Toyoda Gosei Co. Ltd.		256,800		5,705,938
Toyota Industries Corp.		719,000		39,113,012
Toyota Motor Corp.		11,504,000		748,717,320
Toyota Tsusho Corp.		965,300		23,108,361
Trend Micro Inc.		431,400		12,284,791
Unicharm Corp.		1,725,600		48,044,735
United Urban Investment Corp.		10,066		16,170,384
USS Co. Ltd.		965,380		15,269,876
West Japan Railway Co.		719,000		37,203,269
Yahoo! Japan Corp.		5,778,522		19,628,232
Yakult Honsha Co. Ltd.		318,300		19,455,957
Yamada Denki Co. Ltd.		3,558,550		13,329,605
Yamaguchi Financial Group Inc.		1,438,000		15,094,317
Yamaha Corp.		681,900		10,048,686
Yamaha Motor Co. Ltd.		1,019,200		22,663,350
Yamato Holdings Co. Ltd.		1,438,000		32,783,927
Yamato Kogyo Co. Ltd.		143,800		3,739,914
Yamazaki Baking Co. Ltd.		159,000		2,356,608
Yaskawa Electric Corp.		870,000		11,265,228
Yokogawa Electric Corp.		862,800		9,137,387
Yokohama Rubber Co. Ltd. (The)		1,438,000		13,662,010
				11,419,812,655
NETHERLANDS — 2.80%
AEGON NV		7,730,688		55,316,968
Akzo Nobel NV		1,031,046		74,602,610
Altice SAa,b		366,690		30,661,948
ASML Holding NV		1,512,776		159,237,602
Boskalis Westminster NV		358,062		15,889,471
Delta Lloyd NV		854,172		16,174,086
Fiat Chrysler Automobiles NVa,b		3,712,916		49,021,145
Gemalto NVb		335,054		24,356,674

Security	Shares		Value
Heineken Holding NV		427,086	$	28,025,122
Heineken NV		972,088		72,706,049
ING Groep NV CVAa		16,260,904		204,047,811
Koninklijke Ahold NV		3,767,560		68,172,875
Koninklijke DSM NV		734,818		39,155,091
Koninklijke KPN NV		13,525,828		41,928,081
Koninklijke Philips NV		4,027,838		111,562,310
Koninklijke Vopak NV		297,923		16,670,047
NN Group NVa		516,242		14,051,190
OCI NVa		355,186		12,539,334
Randstad Holding NV		524,870		27,793,196
Reed Elsevier NV		2,940,710		72,143,001
TNT Express NV		1,827,698		12,011,805
Unilever NV CVA		6,877,954		299,513,576
Wolters Kluwer NV		1,281,258		38,379,719
				1,483,959,711
NEW ZEALAND — 0.15%
Auckland International Airport Ltd.		3,970,765		12,824,817
Contact Energy Ltd.		1,383,356		7,098,561
Fletcher Building Ltd.		2,902,610		17,654,266
Meridian Energy Ltd.		5,346,484		7,431,116
Mighty River Power Ltd.		2,937,834		7,164,461
Ryman Healthcare Ltd.		1,597,692		9,566,740
Spark New Zealand Ltd.		7,756,788		18,578,594
				80,318,555
NORWAY — 0.65%
DNB ASA		4,124,184		59,756,901
Gjensidige Forsikring ASA		851,296		14,333,802
Norsk Hydro ASA		5,603,886		32,970,415
Orkla ASA		3,412,374		25,139,869
Seadrill Ltd.b		1,699,716		18,059,688
Statoil ASA		4,719,516		78,186,679
Subsea 7 SA		1,199,292		10,197,193
Telenor ASA		3,169,352		68,003,772
Yara International ASA		765,016		39,748,654
				346,396,973
PORTUGAL — 0.15%
Banco Comercial Portugues SA Registereda,b		148,206,487		10,536,351
Energias de Portugal SA		9,854,614		37,553,736
Galp Energia SGPS SA Class B		1,632,130		17,246,406

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Jeronimo Martins SGPS SAb		1,077,062	$	11,616,899
				76,953,392
SINGAPORE — 1.52%
Ascendas REIT		8,628,000		15,686,113
CapitaCommercial Trust		8,628,000		11,286,350
CapitaLand Ltd.		11,504,000		29,586,816
CapitaMall Trust Management Ltd.b		8,987,800		13,882,567
City Developments Ltd.		2,321,400		17,241,941
ComfortDelGro Corp. Ltd.		9,178,200		19,467,470
DBS Group Holdings Ltd.		7,337,400		107,314,423
Genting Singapore PLC		24,446,000		19,511,995
Global Logistic Properties Ltd.		12,942,000		24,198,699
Golden Agri-Resources Ltd.		28,762,194		8,927,737
Hutchison Port Holdings Trust		22,403,000		16,018,145
Jardine Cycle & Carriage Ltd.		296,800		9,278,427
Keppel Corp. Ltd.		6,118,800		39,341,926
Keppel Land Ltd.		2,876,000		9,649,723
Noble Group Ltd.		17,256,727		13,582,451
Oversea-Chinese Banking Corp. Ltd.		12,458,498		95,756,691
SembCorp Industries Ltd.		3,168,800		10,093,510
SembCorp Marine Ltd.b		2,876,000		6,376,469
Singapore Airlines Ltd.		2,486,000		23,241,372
Singapore Exchange Ltd.		3,861,400		22,173,585
Singapore Press Holdings Ltd.b		6,519,750		19,899,910
Singapore Technologies Engineering Ltd.		6,814,800		16,922,421
Singapore Telecommunications Ltd.		33,074,285		99,728,832
StarHub Ltd.		1,689,400		5,218,899
Suntec REITb		10,066,000		13,985,722
United Overseas Bank Ltd.		5,752,000		98,537,699
UOL Group Ltd.		2,255,000		12,032,444
Wilmar International Ltd.		8,231,800		19,589,384
Yangzijiang Shipbuilding Holdings Ltd.		7,190,000		6,589,018
				805,120,739
SPAIN — 3.32%
Abertis Infraestructuras SA		1,721,286		33,739,242
ACS Actividades de Construccion y Servicios SA		749,198		26,090,055

Security	Shares		Value
Amadeus IT Holding SA Class A		1,804,690	$	72,479,146
Banco Bilbao Vizcaya Argentaria SA		25,453,056		218,291,081
Banco de Sabadell SA		14,427,564		36,534,093
Banco Popular Espanol SA		7,555,252		32,005,579
Banco Popular Espanol SA New		32,236		136,558
Banco Santander SA		58,280,702		391,970,606
Bankia SAa		19,496,404		25,520,840
Bankinter SA		2,851,554		19,850,838
CaixaBank SA		9,705,063		42,317,299
Distribuidora Internacional de Alimentacion SA		2,670,366		17,320,883
Enagas SA		661,825		20,986,111
Ferrovial SA		1,771,616		35,155,593
Gas Natural SDG SA		1,505,586		35,338,765
Grifols SA		635,596		26,717,136
Iberdrola SA		21,946,756		151,764,976
Inditex SA		4,624,608		136,389,173
International Consolidated Airlines Group SAa		4,358,578		35,658,683
Mapfre SA		4,055,160		13,659,500
Red Electrica Corporacion SA		383,283		32,680,897
Repsol SA		4,434,378		78,487,356
Telefonica SA		18,074,222		271,366,953
Zardoya Otis SA		755,548		8,602,718
				1,763,064,081
SWEDEN — 3.12%
Alfa Laval AB		1,308,580		24,328,899
Assa Abloy AB Class B		1,393,422		76,185,987
Atlas Copco AB Class A		2,783,968		82,552,007
Atlas Copco AB Class B		1,673,832		45,870,052
Boliden AB		1,157,590		18,163,323
Electrolux AB Class B		1,025,294		31,766,025
Elekta AB Class Bb		1,570,306		16,856,333
Getinge AB Class B		855,069		21,117,154
Hennes & Mauritz AB Class B		4,012,020		165,380,126
Hexagon AB Class B		1,100,070		34,907,237
Husqvarna AB Class B		1,783,120		12,394,079
ICA Gruppen AB		324,988		12,504,600
Industrivarden AB Class C		601,084		10,724,755
Investment AB Kinnevik Class B		995,096		29,807,952
Investor AB Class B		1,924,044		70,194,015

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  ((Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Lundin Petroleum ABa,b		934,700	$	12,135,073
Millicom International Cellular SA SDR		281,848		17,989,319
Nordea Bank AB		12,877,290		163,914,999
Sandvik AB		4,495,188		47,166,477
Securitas AB Class B		1,319,225		16,090,735
Skandinaviska Enskilda Banken AB Class A		6,423,546		77,572,212
Skanska AB Class B		1,574,704		34,930,182
SKF AB Class B		1,659,452		39,217,265
Svenska Cellulosa AB Class B		2,499,244		60,483,732
Svenska Handelsbanken AB Class A		2,115,298		100,440,505
Swedbank AB Class A		3,861,030		93,626,751
Swedish Match AB		857,048		27,920,923
Tele2 AB Class B		1,366,196		15,466,308
Telefonaktiebolaget LM Ericsson Class B		12,885,918		157,170,986
TeliaSonera AB		10,176,726		62,801,451
Volvo AB Class B		6,486,818		75,983,858
				1,655,663,320
SWITZERLAND — 9.28%
ABB Ltd. Registereda		9,269,348		178,425,252
Actelion Ltd. Registereda		432,838		47,985,953
Adecco SA Registereda		714,686		53,520,858
Aryzta AGa		369,568		27,776,346
Baloise Holding AG Registered		204,196		26,632,813
Barry Callebaut AG Registereda		8,628		8,599,398
Chocoladefabriken Lindt & Sprugli AG Participation Certificates		3,985		20,772,849
Chocoladefabriken Lindt & Sprugli AG Registered		340		21,391,120
Compagnie Financiere Richemont SA Class A Bearer		2,211,644		184,013,204
Credit Suisse Group AG Registered		6,469,562		136,767,546
EMS-Chemie Holding AG Registered		33,074		12,797,504
Geberit AG Registered		156,742		53,698,254
Givaudan SA Registereda		38,826		70,937,999
Holcim Ltd. Registereda		964,898		67,591,627
Julius Baer Group Ltd.a		946,539		38,682,535

Security	Shares		Value
Kuehne & Nagel International AG Registered		222,896	$	30,670,761
Lonza Group AG Registereda		225,766		26,795,986
Nestle SA Registered		13,639,430		1,044,397,417
Novartis AG Registered		9,730,946		953,475,118
Pargesa Holding SA Bearer		126,544		9,146,433
Partners Group Holding AG		74,780		20,043,202
Roche Holding AG Genusschein		2,976,660		804,301,588
Schindler Holding AG Participation Certificates		211,386		31,384,520
Schindler Holding AG Registered		57,520		8,377,458
SGS SA Registered		21,570		41,027,662
Sika AG Bearer		8,628		29,558,672
Sonova Holding AG Registered		227,204		29,905,336
Sulzer AG Registered		100,012		10,625,697
Swatch Group AG (The) Bearer		130,858		52,183,903
Swatch Group AG (The) Registered		217,146		15,907,440
Swiss Life Holding AG Registereda		136,612		30,528,153
Swiss Prime Site AG Registered		245,898		21,327,820
Swiss Re AGa		1,511,338		136,505,829
Swisscom AG Registered		102,098		59,868,345
Syngenta AG Registered		398,326		129,535,503
Transocean Ltd.b		1,557,354		24,510,066
UBS Group AG		15,462,814		258,651,929
Zurich Insurance Group AGa		638,472		211,933,426
				4,930,255,522
UNITED KINGDOM — 20.65%
3i Group PLC		4,122,054		28,434,875
Aberdeen Asset Management PLC		3,896,980		25,618,042
Admiral Group PLC		832,602		18,107,030
Aggreko PLC		1,079,288		25,190,081
Amec Foster Wheeler PLC		1,476,879		17,689,551
Anglo American PLC		5,911,618		98,819,519
Antofagasta PLC		1,705,468		16,649,383
ARM Holdings PLC		5,964,824		93,258,746
Ashtead Group PLC		2,116,736		34,588,904
Associated British Foods PLC		1,505,586		70,166,296

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
AstraZeneca PLC		5,334,980	$	380,038,090
Aviva PLC		12,466,022		98,855,997
Babcock International Group PLC		1,052,315		15,899,554
BAE Systems PLC		13,329,269		101,597,632
Barclays PLC		69,361,930		243,925,126
BG Group PLC		14,400,132		191,814,898
BHP Billiton PLC		8,942,922		193,814,819
BP PLC		77,824,872		496,119,343
British American Tobacco PLC		7,881,678		444,142,901
British Land Co. PLC (The)		3,999,078		49,821,577
BT Group PLC		34,444,749		216,190,498
Bunzl PLC		1,386,996		39,516,980
Burberry Group PLC		1,890,970		49,104,449
Capita PLC		2,768,162		46,480,898
Carnival PLC		774,932		34,881,210
Centrica PLC		21,326,978		94,107,085
Cobham PLC		4,765,532		23,383,081
Coca-Cola HBC AG		826,051		13,287,324
Compass Group PLC		7,059,946		122,044,415
Croda International PLC		580,952		23,183,180
Diageo PLC		10,616,754		314,122,603
Direct Line Insurance Group PLC		6,297,002		29,554,598
Dixons Carphone PLC		4,152,944		27,132,296
easyJet PLC		676,202		18,910,253
Experian PLC		4,186,018		73,746,313
Fresnillo PLC		951,956		12,853,393
Friends Life Group Ltd.		6,045,943		36,176,337
G4S PLC		6,581,726		28,192,301
GKN PLC		7,118,100		39,405,843
GlaxoSmithKline PLC		20,515,946		452,025,430
Glencore PLCa		44,921,682		167,927,612
Hammerson PLC		3,223,996		33,338,008
Hargreaves Lansdown PLC		1,006,600		15,284,431
HSBC Holdings PLC		80,884,624		740,546,163
ICAP PLC		2,363,539		16,598,868
IMI PLC		1,140,675		21,860,184
Imperial Tobacco Group PLC		4,047,970		189,928,228
Inmarsat PLC		1,826,260		22,875,462
InterContinental Hotels Group PLC		995,725		39,809,678
Intertek Group PLC		675,971		23,279,483
Intu Properties PLC		3,684,156		20,196,313
Investec PLC		2,343,575		19,710,974

Security	Shares		Value
ITV PLC		16,227,282	$	53,617,884
J Sainsbury PLCb		5,316,286		20,392,498
Johnson Matthey PLC		874,304		42,820,770
Kingfisher PLC		10,051,620		51,750,921
Land Securities Group PLC		3,290,144		62,954,321
Legal & General Group PLC		25,120,752		101,075,653
Lloyds Banking Group PLCa		241,044,750		266,993,635
London Stock Exchange Group PLC		935,556		33,230,903
Marks & Spencer Group PLC		6,939,788		50,488,393
Meggitt PLC		3,370,728		27,286,867
Melrose Industries PLC		4,526,301		18,014,844
Merlin Entertainments PLCd		2,135,430		12,941,067
National Grid PLC		15,930,164		223,823,275
Next PLC		652,852		70,940,539
Old Mutual PLC		20,866,818		65,249,646
Pearson PLC		3,478,522		70,581,569
Persimmon PLCa		1,315,780		31,460,640
Petrofac Ltd.		1,108,187		11,750,571
Prudential PLC		10,851,148		264,017,010
Randgold Resources Ltd.		373,880		31,923,016
Reckitt Benckiser Group PLC		2,745,142		232,120,991
Reed Elsevier PLC		4,851,812		84,237,022
Rexam PLC		2,951,836		18,841,799
Rio Tinto PLC		5,380,996		236,390,351
Rolls-Royce Holdings PLCa		7,955,072		106,513,994
Royal Bank of Scotland Group PLCa		10,636,886		57,895,379
Royal Dutch Shell PLC Class A		16,662,106		505,001,027
Royal Dutch Shell PLC Class B		10,301,832		325,615,148
Royal Mail PLC		2,740,828		17,906,563
RSA Insurance Group PLCa		4,284,326		29,232,533
SABMiller PLC		4,082,482		222,296,894
Sage Group PLC (The)		4,660,558		33,612,536
Schroders PLC		520,556		22,657,242
SEGRO PLC		3,084,510		19,104,956
Severn Trent PLC		1,021,638		33,020,262
Shire PLC		2,489,178		181,466,696
Sky PLC		4,387,338		61,149,129
Smith & Nephew PLC		3,776,188		67,547,079
Smiths Group PLC		1,661,579		28,124,585
Sports Direct International PLCa		1,144,648		12,231,735

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  ((Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
SSE PLC		4,134,250	$	99,906,555
Standard Chartered PLC		10,441,318		139,207,537
Standard Life PLC		10,137,900		61,361,258
Tate & Lyle PLC		1,993,258		20,297,120
Tesco PLC		34,373,952		116,030,022
Travis Perkins PLC		1,037,435		29,947,149
TUI AGa		1,053,506		18,623,216
TUI AG Newa		840,772		14,496,439
Tullow Oil PLC		3,888,352		21,315,702
Unilever PLC		5,422,698		238,629,563
United Utilities Group PLC		2,911,950		44,915,430
Vodafone Group PLC		111,928,168		394,206,199
Weir Group PLC (The)		893,391		22,541,980
Whitbread PLC		759,276		57,074,874
William Hill PLC		3,694,954		20,926,990
Wm Morrison Supermarkets PLC		9,006,194		24,334,009
Wolseley PLC		1,110,458		64,410,343
WPP PLC		5,586,630		123,005,657
				10,967,716,241
TOTAL COMMON STOCKS
(Cost: $50,098,497,424)				52,589,830,010
PREFERRED STOCKS — 0.62%
GERMANY—0.62%
Bayerische Motoren Werke AG		231,518		19,633,432
Fuchs Petrolub SE		303,422		12,497,478
Henkel AG & Co. KGaA		743,446		85,236,499
Porsche Automobil Holding SE		652,852		54,855,508
Volkswagen AG		694,554		155,421,536
				327,644,453
TOTAL PREFERRED STOCKS
(Cost: $229,878,314)				327,644,453

Security	Shares		Value
RIGHTS—0.02%
SPAIN—0.02%
ACS Actividades de Construccion y Servicios SAa		752,324	$	382,032
Banco Santander SAa		52,720,232		8,031,442
				8,413,474
TOTAL RIGHTS
(Cost: $9,456,866)				8,413,474
SHORT-TERM INVESTMENTS — 0.65%
MONEY MARKET FUNDS — 0.65%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%e,f,g		325,945,930		325,945,930
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,f,g		19,607,252		19,607,252
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		2,295,165		2,295,165
				347,848,347
TOTAL SHORT-TERM INVESTMENTS
(Cost: $347,848,347)				347,848,347
TOTAL INVESTMENTS IN SECURITIES — 100.32%
(Cost: $50,685,680,951)				53,273,736,284
Other Assets, Less Liabilities — (0.32)%				(168,244,746	)
NET ASSETS — 100.00%			$	53,105,491,538

FDR — Fiduciary Depositary Receipts

SDR — Swedish Depositary Receipts

SP ADR — Sponsored American Depositary Receipts

^a  Non-income earning security.

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

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

^d  This security may be resold to qualified institutional buyers under Rule 144A 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.

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

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® MSCI EAFE ETF

January 31, 2015

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

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
ASX SPI 200 Index		225		Mar. 2015	Sydney Futures		$	24,276,561	$	1,212,845
Euro STOXX 50		1,563		Mar. 2015	NYSE LIFFE – London			59,068,588		3,939,822
FTSE 100 Index		508		Mar. 2015	Eurex			51,164,469		2,841,087
TOPIX Index		325		Mar. 2015	Tokyo Stock			39,136,126		(798,283)
						Net unrealized appreciation			$	7,195,471

See notes to financial statements.

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2015

	iShares Currency Hedged MSCI EAFE ETF			iShares MSCI EAFE ETF
ASSETS
Investments, at cost:
Unaffiliated	$	—		$	50,337,832,604
Affiliated (Note 2)		276,968,005			347,848,347
Total cost of investments	$	276,968,005		$	50,685,680,951
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	—		$	52,925,887,937
Affiliated (Note 2)		274,914,894			347,848,347
Total fair value of investments		274,914,894			53,273,736,284
Foreign currency, at valueb		—			134,707,595
Foreign currency pledged to broker, at valueb		—			564,458
Receivables:
Due from custodian (Note 4)		—			36,869
Dividends and interest		—			54,038,577
Capital shares sold		1,487,125			—
Futures variation margin		—			7,993,754
Unrealized appreciation on forward currency contracts (Note 1)		3,981,644			—
Total Assets		280,383,663			53,471,077,537
LIABILITIES
Payables:
Investment securities purchased		4,984,805			36,869
Collateral for securities on loan (Note 1)		—			345,553,182
Capital shares redeemed		—			4,388,647
Futures variation margin		—			798,283
Unrealized depreciation on forward currency contracts (Note 1)		2,158,808			—
Investment advisory fees (Note 2)		5,563			14,809,018
Total Liabilities		7,149,176			365,585,999
NET ASSETS	$	273,234,487		$	53,105,491,538
Net assets consist of:
Paid-in capital	$	272,731,057		$	56,925,283,116
Distributions in excess of net investment income		(6,230	)		(95,534,417	)
Undistributed net realized gain (accumulated net realized loss)		739,935			(6,314,637,503	)
Net unrealized appreciation (depreciation)		(230,275	)		2,590,380,342
NET ASSETS	$	273,234,487		$	53,105,491,538
Shares outstandingc		10,600,000			862,800,000
Net asset value per share	$	25.78		$	61.55

^a  Securities on loan with values of $  — and $325,327,315, respectively. See Note 1.

^b  Cost of foreign currency including currency broker, if any: $  — and $136,309,806, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 23

Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares Currency Hedged MSCI EAFE ETF			iShares MSCI EAFE ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	—		$	547,270,256
Dividends — affiliated (Note 2)		402,980			—
Interest — affiliated (Note 2)		2			737
Securities lending income — affiliated (Note 2)		—			3,005,820
Total investment income		402,982			550,276,813
EXPENSES
Investment advisory fees (Note 2)		52,021			89,012,541
Total expenses		52,021			89,012,541
Less investment advisory fees waived (Note 2)		(43,449	)		—
Net expenses		8,572			89,012,541
Net investment income		394,410			461,264,272
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			(359,947,695	)
In-kind redemptions — unaffiliated		—			402,668,843
Futures contracts		—			(7,193,605	)
Foreign currency transactions		952,928			(39,995,219	)
Net realized gain (loss)		952,928			(4,467,676	)
Net change in unrealized appreciation/depreciation on:
Investments		(2,162,354	)		(4,446,877,568	)
Forward currency contracts		1,787,911			—
Futures contracts		—			7,824,607
Translation of assets and liabilities in foreign currencies		—			(2,569,374	)
Net change in unrealized appreciation/depreciation		(374,443	)		(4,441,622,335	)
Net realized and unrealized gain (loss)		578,485			(4,446,090,011	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	972,895		$	(3,984,825,739	)

^a  Net of foreign withholding tax of $  — and $28,803,280, respectively.

See notes to financial statements.

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares Currency Hedged MSCI EAFE ETF						iShares MSCI EAFE ETF
	Six months ended January 31, 2015 (Unaudited)			Period from January 31, 2014a to July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	394,410		$	61,019		$	461,264,272		$	1,779,549,629
Net realized gain (loss)		952,928			(41,666	)		(4,467,676	)		256,828,368
Net change in unrealized appreciation/depreciation		(374,443	)		144,168			(4,441,622,335	)		4,598,700,178
Net increase (decrease) in net assets resulting from operations		972,895			163,521			(3,984,825,739	)		6,635,078,175
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(400,640	)		(61,019	)		(502,786,656	)		(1,783,006,729	)
From net realized gain		(171,327	)		—			—			—
Return of capital		—			(125	)		—			—
Total distributions to shareholders		(571,967	)		(61,144	)		(502,786,656	)		(1,783,006,729	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		270,356,346			2,374,836			3,624,677,268			10,330,345,313
Cost of shares redeemed		—			—			(1,133,781,029	)		(2,139,046,440	)
Net increase in net assets from capital share transactions		270,356,346			2,374,836			2,490,896,239			8,191,298,873
INCREASE (DECREASE) IN NET ASSETS		270,757,274			2,477,213			(1,996,716,156	)		13,043,370,319
NET ASSETS
Beginning of period		2,477,213			—			55,102,207,694			42,058,837,375
End of period	$	273,234,487		$	2,477,213		$	53,105,491,538		$	55,102,207,694
Distributions in excess of net investment income included in net assets at end of period	$	(6,230	)	$	—		$	(95,534,417	)	$	(54,012,033	)
SHARES ISSUED AND REDEEMED
Shares sold		10,500,000			100,000			57,000,000			157,800,000
Shares redeemed		—			—			(18,000,000	)		(33,000,000	)
Net increase in shares outstanding		10,500,000			100,000			39,000,000			124,800,000

^a  Commencement of operations.

See notes to financial statements.

FINANCIAL STATEMENTS 25

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares Currency Hedged MSCI EAFE ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Period from Jan. 31, 2014a to Jul. 31, 2014
Net asset value, beginning of period	$	24.77		$	23.74
Income from investment operations:
Net investment incomeb		0.38			0.62
Net realized and unrealized gainc		0.87			1.02
Total from investment operations		1.25			1.64
Less distributions from:
Net investment income		(0.17	)		(0.61	)
Net realized gain		(0.07	)		—
Return of capital		—			(0.00	)d
Total distributions		(0.24	)		(0.61	)
Net asset value, end of period	$	25.78		$	24.77
Total return		5.02	%e		6.86	%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	273,234		$	2,477
Ratio of expenses to average net assetsf,g		0.06	%		0.06	%
Ratio of expenses to average net assets prior to waived feesf,g		0.39	%		0.39	%
Ratio of net investment income to average net assetsg		2.96	%		4.94	%
Portfolio turnover rateh,i		0	%		4	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Rounds to less than $0.01.

^e  Not annualized.

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

^g  Annualized for periods of less than one year.

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

ⁱ  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested. See page 27 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI EAFE ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	66.89		$	60.17		$	50.29		$	58.87		$	51.76		$	50.11
Income from investment operations:
Net investment incomea		0.55			2.29			1.68			1.70			1.66			1.33
Net realized and unrealized gain (loss)b		(5.30	)		6.66			9.96			(8.56	)		7.13			1.67
Total from investment operations		(4.75	)		8.95			11.64			(6.86	)		8.79			3.00
Less distributions from:
Net investment income		(0.59	)		(2.23	)		(1.76	)		(1.72	)		(1.68	)		(1.35	)
Total distributions		(0.59	)		(2.23	)		(1.76	)		(1.72	)		(1.68	)		(1.35	)
Net asset value, end of period	$	61.55		$	66.89		$	60.17		$	50.29		$	58.87		$	51.76
Total return		(7.09	)%c		14.89	%		23.39	%		(11.54	)%		17.04	%		6.05	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	53,105,492		$	55,102,208		$	42,058,837		$	34,426,719		$	38,957,382		$	33,386,001
Ratio of expenses to average net assetsd		0.33	%		0.33	%		0.34	%		0.34	%		0.34	%		0.35	%
Ratio of net investment income to average net assetsd		1.72	%		3.47	%		2.95	%		3.32	%		2.86	%		2.50	%
Portfolio turnover ratee		2	%		5	%		3	%		5	%		6	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 27

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

iShares ETF	Diversification Classification
Currency Hedged MSCI EAFE	Non-diversified
MSCI EAFE	Diversified

The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve each Fund’s investment objective. Currently the iShares Currency Hedged MSCI EAFE ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI EAFE ETF. The financial statements and schedule of investments for the iShares MSCI EAFE ETF are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI EAFE ETF.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

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

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

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

• Forward currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 29

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of January 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

	Investments
iShares ETF and Investment Type	Level 1			Level 2			Level 3		Total
Currency Hedged MSCI EAFE
Assets:
Exchange-Traded Funds	$	272,078,817		$	—		$	—	$	272,078,817
Money Market Funds		2,836,077			—			—		2,836,077
Forward Currency Contractsa		—			3,981,644			—		3,981,644
	$	274,914,894		$	3,981,644		$	—	$	278,896,538
Liabilities:
Forward Currency Contractsa	$	—		$	(2,158,808	)	$	—	$	(2,158,808	)
MSCI EAFE
Assets:
Common Stocks	$	52,589,693,381		$	136,558		$	71	$	52,589,830,010
Preferred Stocks		327,644,453			—			—		327,644,453
Rights		382,032			8,031,442			—		8,413,474
Money Market Funds		347,848,347			—			—		347,848,347
Futures Contractsa		7,993,754			—			—		7,993,754
	$	53,273,561,967		$	8,168,000		$	71	$	53,281,730,038
Liabilities:
Futures Contractsa	$	(798,283	)	$	—		$	—	$	(798,283	)

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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FOREIGN CURRENCY TRANSLATION

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for federal income tax purposes. The iShares Currency Hedged MSCI EAFE ETF has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

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

NOTES TO FINANCIAL STATEMENTS 31

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of January 31, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

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

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

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Receiveda		Net Amount
MSCI EAFE	$	325,327,315	$	325,327,315	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to the iShares Currency Hedged MSCI EAFE ETF, BFA is entitled to an annual investment advisory fee of 0.39% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2020 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any.

For its investment advisory services to the iShares MSCI EAFE ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.350	%	First $30 billion
	0.320		Over $30 billion, up to and including $60 billion
	0.280		Over $60 billion, up to and including $90 billion
	0.252		Over $90 billion

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

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

Prior to January 1, 2015 the iShares MSCI EAFE ETF retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, the iShares MSCI EAFE ETF retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended January 31, 2015, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $1,000,771.

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

NOTES TO FINANCIAL STATEMENTS 33

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

Cross trades for the period ended January 31, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended January 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Number of Shares Held at Beginning of Period		Shares Purchased		Shares Sold		Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
Currency Hedged MSCI EAFE
iShares MSCI EAFE ETF		37,156		4,407,850		—		4,445,006	$	272,078,817	$	402,980	$	—

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI EAFE	$	6,552,268	$	—
MSCI EAFE		980,220,339		875,078,112

In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI EAFE	$	265,214,686	$	—
MSCI EAFE		3,449,481,871		1,104,344,827

4. CAPITAL SHARE TRANSACTIONS

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

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

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the statements of assets and liabilities.

5. FUTURES CONTRACTS

Each Fund may purchase or sell futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held by the iShares MSCI EAFE ETF as of January 31, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Equity contracts:
Variation margin/Net assets consist of — net unrealized appreciationa	$	7,993,754

^a  Represents cumulative appreciation of futures contracts as reported in the schedule of investments.

Liabilities
Equity contracts:
Variation margin/Net assets consist of — net unrealized depreciationb	$	798,283

^b  Represents cumulative depreciation of futures contracts as reported in the schedule of investments.

NOTES TO FINANCIAL STATEMENTS 35

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI EAFE ETF during the six months ended January 31, 2015 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation
Equity contracts:
Futures contracts	$	(7,193,605	)	$	7,824,607

The following table shows the average quarter-end balances of open futures contracts held by the iShares MSCI EAFE ETF for the six months ended January 31, 2015:

Average value of contracts purchased $ 221,381,098

6. FORWARD CURRENCY CONTRACTS

The iShares Currency Hedged MSCI EAFE ETF may enter into forward currency contracts for the purpose of hedging against the effects of foreign currencies on the value of the Fund’s assets that are denominated in a non-U.S. currency. A forward currency contract is an obligation to purchase or sell a currency against another currency at a specified future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter (“OTC”) and not on an organized exchange. The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When the contract is closed, a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed is recorded. Losses may arise if there are unfavorable movements in the value of a foreign currency relative to the U.S. dollar or if the counterparties do not meet the terms of the agreement. The Fund’s use of forward currency contracts also involves the risks of imperfect correlation between the value of its currency positions and its other investments or the Fund failing to close out its position due to an illiquid market.

The following table shows the value of forward currency contracts held by the iShares Currency Hedged MSCI EAFE ETF as of January 31, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Forward currency contracts:
Unrealized appreciation on forward currency contracts/Net assets consist of — net unrealized appreciation	$	3,981,644
Liabilities
Forward currency contracts:
Unrealized depreciation on forward currency contracts/Net assets consist of — net unrealized depreciation	$	2,158,808

36 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

The following table shows the realized and unrealized gains (losses) on forward currency contracts held by the iShares Currency Hedged MSCI EAFE ETF during the six months ended January 31, 2015 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation
Forward currency contracts:
Foreign currency transactions/Forward currency contracts	$	952,928	$	1,787,911

The following table shows the average quarter-end balances of outstanding forward currency contracts for the six months ended January 31, 2015:

	iShares Currency Hedged MSCI EAFE ETF
Average amounts purchased in U.S. dollars	$	71,872,195
Average amounts sold in U.S. dollars	$	165,068,658

The iShares Currency Hedged MSCI EAFE ETF’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. In order to better define its contractual rights and to secure rights that will help the Fund to mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by the parties. Forward currency contracts held by the Fund generally do not require collateral. To the extent amounts due to the Fund from the counterparty are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to netting arrangements in the statements of assets and liabilities.

NOTES TO FINANCIAL STATEMENTS 37

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

The following table presents the exposure of the open forward currency contracts held by the iShares Currency Hedged MSCI EAFE ETF that are subject to potential offset on the statement of assets and liabilities as of January 31, 2015:

	Derivative Assets Subject to Offsetting		Derivatives Available for Offset			Net Amount of Derivative Assets
Forward currency contracts	$	3,981,644	$	(2,158,808	)	$	1,822,836
	Derivative Liabilities Subject to Offsetting		Derivatives Available for Offset			Net Amount of Derivative Liabilities
Forward currency contracts	$	2,158,808	$	(2,158,808	)	$	—

7. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets indirectly in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of

38 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

CREDIT RISK

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

8. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

As of July 31, 2014, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiringa		Expiring 2017		Expiring 2018		Expiring 2019		Total
Currency Hedged MSCI EAFE	$	6,428	$	—	$	—	$	—	$	6,428
MSCI EAFE		1,461,846,177		587,985,426		1,597,347,728		896,354,758		4,543,534,089

^a  Must be utilized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements  (Unaudited) (Continued)

iSHARES^® TRUST

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI EAFE	$	276,968,916	$	—	$	(2,054,022	)	$	(2,054,022	)
MSCI EAFE		52,408,762,910		9,248,518,174		(8,383,544,800	)		864,973,374

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

9. LEGAL PROCEEDINGS

On January 18, 2013, a lawsuit was filed in the United States District Court for the Middle District of Tennessee by Laborers’ Local 265 Pension Fund and Plumbers and Pipefitters Local No. 572 Pension Fund (the “Plaintiffs”) against BFA, BTC, and the current members of the iShares Trust Board of Trustees and the Board of Directors of iShares, Inc. (collectively, “Defendants”) for alleged violations of, among other things, Sections 36(a) and 36(b) of the 1940 Act. The complaint purports to be brought derivatively on behalf of iShares Trust and iShares, Inc., as well as the following eight funds: iShares Russell Mid-Cap ETF; iShares MSCI EAFE ETF; iShares MSCI Emerging Markets ETF; iShares Russell 2000 Growth ETF; iShares Russell 2000 Value ETF; iShares Core S&P Mid-Cap ETF; iShares Core S&P Small-Cap ETF; and iShares U.S. Real Estate ETF. The complaint alleges, among other things, that BFA and BTC breached their fiduciary duties under the 1940 Act by charging allegedly excessive fees in connection with the provision of securities lending services to the above eight funds, that the individual defendants breached their fiduciary duties under the 1940 Act by approving those fee arrangements, and that the securities lending contracts are unenforceable under Section 47(b) of the 1940 Act. Plaintiffs seek injunctive relief, rescission of the securities lending contracts, and monetary damages of an unspecified amount. Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit. The Court dismissed the complaint with prejudice on October 24, 2013. The Plaintiffs filed a notice of appeal on November 8, 2013. On February 13, 2014, the Plaintiffs filed an appeal brief with the United States Court of Appeals for the Sixth Circuit (the “Sixth Circuit”). Oral argument of the Plaintiff’s appeal was heard by the Sixth Circuit on July 30, 2014. On September 30, 2014, the Sixth Circuit affirmed the dismissal of the lawsuit. On December 29, 2014, the Plaintiffs filed a petition for a writ of certiorari asking the U.S. Supreme Court to hear their appeal of the Sixth Circuit’s ruling.

10. SUBSEQUENT EVENTS

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

40 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI EAFE	$	0.170485	$	0.072905	$	—	$	0.243390		70	%		30	%		—	%		100	%
MSCI EAFE		0.570352		—		0.014828		0.585180		97			—			3			100

SUPPLEMENTAL INFORMATION 41

Notes:

42 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-73-0115

JANUARY 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

^Ø   iShares MSCI EAFE Growth ETF  |  EFG  |  NYSE Arca

^Ø   iShares MSCI EAFE Value ETF  |  EFV  |  NYSE Arca

^Ø   iShares MSCI EAFE Small-Cap ETF  |  SCZ  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	8
Shareholder Expenses	8
Schedules of Investments	9
iShares MSCI EAFE Growth ETF	9
iShares MSCI EAFE Value ETF	17
iShares MSCI EAFE Small-Cap ETF	25
Financial Statements	45
Financial Highlights	49
Notes to Financial Statements	52
Supplemental Information	62

Fund Performance Overview

iSHARES^® MSCI EAFE GROWTH ETF

Performance as of January 31, 2015

The iShares MSCI EAFE Growth ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding the U.S. and Canada, that exhibit growth characteristics, as represented by the MSCI EAFE Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -4.56%, net of fees, while the total return for the Index was -4.38%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		1.05%		1.09%		1.29%		1.05%		1.09%		1.29%
5 Years		7.09%		7.20%		7.37%		40.84%		41.59%		42.71%
Since Inception		4.91%		4.85%		5.11%		57.66%		56.82%		60.60%

The inception date of the Fund was 8/1/05. The first day of secondary market trading was 8/5/05.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period  a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	954.40	$	1.97	$	1,000.00	$	1,023.20	$	2.04		0.40%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector	Percentage of Total Investments*
Consumer Staples		17.92	%
Health Care		17.16
Consumer Discretionary		15.93
Industrials		15.59
Financials		13.27
Materials		7.92
Information Technology		7.31
Telecommunication Services		2.40
Energy		1.58
Utilities		0.92
TOTAL		100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country	Percentage of Total Investments*
Japan		21.41	%
United Kingdom		17.30
Switzerland		14.35
Germany		9.04
France		8.23
Australia		7.22
Sweden		3.50
Netherlands		3.39
Hong Kong		3.11
Denmark		2.71
TOTAL		90.26	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI EAFE VALUE ETF

Performance as of January 31, 2015

The iShares MSCI EAFE Value ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding the U.S. and Canada, that exhibit value characteristics, as represented by the MSCI EAFE Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -9.71%, net of fees, while the total return for the Index was -9.52%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(2.44)%		(2.17)%		(2.17)%		(2.44)%		(2.17)%		(2.17)%
5 Years		5.17%		5.34%		5.35%		28.67%		29.73%		29.75%
Since Inception		3.58%		3.54%		3.74%		39.72%		39.17%		41.77%

The inception date of the Fund was 8/1/05. The first day of secondary market trading was 8/5/05.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period  a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	902.90	$	1.92	$	1,000.00	$	1,023.20	$	2.04		0.40%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector	Percentage of Total Investments*
Financials		37.81	%
Industrials		9.45
Energy		9.31
Consumer Discretionary		9.25
Telecommunication Services		7.99
Materials		7.01
Utilities		6.90
Health Care		5.24
Consumer Staples		4.94
Information Technology		2.10
TOTAL		100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country	Percentage of Total Investments*
United Kingdom		24.31	%
Japan		21.79
France		11.31
Germany		9.49
Australia		7.43
Spain		4.34
Switzerland		4.06
Hong Kong		3.44
Italy		2.95
Sweden		2.74
TOTAL		91.86	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EAFE SMALL-CAP ETF

Performance as of January 31, 2015

The iShares MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -7.33%, net of fees, while the total return for the Index was -7.58%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(3.19)%		(3.03)%		(3.31)%		(3.19)%		(3.03)%		(3.31)%
5 Years		9.14%		9.17%		8.89%		54.86%		55.08%		53.06%
Since Inception		1.67%		1.61%		1.79%		12.53%		12.11%		13.52%

The inception date of the Fund was 12/10/07. The first day of secondary market trading was 12/12/07.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period  a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	926.70	$	1.94	$	1,000.00	$	1,023.20	$	2.04		0.40%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector	Percentage of Total Investments*
Financials		22.91	%
Industrials		21.78
Consumer Discretionary		18.07
Information Technology		9.33
Materials		8.91
Health Care		7.33
Consumer Staples		5.98
Energy		2.56
Utilities		1.72
Telecommunication Services		1.41
TOTAL		100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country	Percentage of Total Investments*
Japan		30.01	%
United Kingdom		22.07
Australia		6.24
Germany		5.70
Switzerland		4.36
Sweden		4.04
France		3.88
Italy		3.60
Hong Kong		2.74
Spain		2.32
TOTAL		84.96	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

8 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EAFE GROWTH ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.20%
AUSTRALIA — 7.21%
Alumina Ltd.a		680,000	$	1,027,327
Amcor Ltd.		325,824		3,242,739
AMP Ltd.		789,376		3,546,973
APA Group		298,716		1,888,916
Asciano Ltd.		263,360		1,236,702
Aurizon Holdings Ltd.		574,080		2,212,971
BHP Billiton Ltd.		858,816		19,569,177
Boral Ltd.		208,704		910,158
Brambles Ltd.		418,432		3,454,052
Caltex Australia Ltd.		36,352		946,091
Cochlear Ltd.		15,296		988,676
Commonwealth Bank of Australia		281,856		19,607,522
Computershare Ltd.		125,888		1,140,150
Crown Resorts Ltd.		95,744		1,014,770
CSL Ltd.		127,232		8,714,256
Flight Centre Travel Group Ltd.		15,104		444,730
Goodman Group		467,520		2,231,818
Harvey Norman Holdings Ltd.		50,112		154,148
Healthscope Ltd.a		299,712		630,182
Iluka Resources Ltd.		111,808		615,588
James Hardie Industries SE		118,784		1,204,390
Macquarie Group Ltd.		77,248		3,738,751
Medibank Pvt Ltd.a		483,264		895,694
Newcrest Mining Ltd.a		206,080		2,176,174
Origin Energy Ltd.		296,512		2,466,105
Qantas Airways Ltd.a		151,936		308,816
Ramsay Health Care Ltd.		35,328		1,635,570
REA Group Ltd.		14,080		543,306
Santos Ltd.		264,256		1,621,620
Seek Ltd.		86,848		1,207,247
Sonic Healthcare Ltd.		101,376		1,487,353
Suncorp Group Ltd.		223,104		2,557,486
Sydney Airport		288,128		1,119,655
Telstra Corp. Ltd.		1,164,864		5,896,397
TPG Telecom Ltd.		75,008		391,364
Transurban Group		483,648		3,468,863
Treasury Wine Estates Ltd.		174,208		667,469
Wesfarmers Ltd.		304,021		10,320,211
Woolworths Ltd.		336,448		8,326,643
				123,610,060

Security	Shares		Value
AUSTRIA — 0.17%
Andritz AG		19,520	$	1,057,313
Erste Group Bank AG		74,816		1,623,093
Vienna Insurance Group AG		4,736		201,027
				2,881,433
BELGIUM — 2.17%
Anheuser-Busch InBev NV		215,040		26,231,759
Colruyt SA		11,584		534,186
KBC Groep NVa		66,880		3,601,087
Solvay SA		15,744		2,151,502
Telenet Group Holding NVa		14,144		785,351
UCB SA		33,984		2,644,948
Umicore SA		29,120		1,218,631
				37,167,464
DENMARK — 2.71%
A.P. Moeller-Maersk A/S Class A		512		1,005,078
A.P. Moeller-Maersk A/S Class B		1,024		2,076,903
Carlsberg A/S Class B		28,864		2,122,063
Coloplast A/S Class B		29,696		2,343,035
Danske Bank A/S		175,232		4,544,892
DSV A/S		47,808		1,505,935
ISS A/Sa		25,088		740,824
Novo Nordisk A/S Class B		537,792		24,089,729
Novozymes A/S Class B		64,512		2,942,543
Pandora A/S		31,040		2,224,167
Vestas Wind Systems A/Sa		60,288		2,362,390
William Demant Holding A/Sa		5,824		441,331
				46,398,890
FINLAND — 0.82%
Kone OYJ Class B		84,288		3,799,837
Metso OYJ		10,816		328,567
Neste Oil OYJ		23,040		636,988
Nokia OYJ		1,004,032		7,755,387
Orion OYJ Class B		13,312		438,791
Wartsila OYJ Abp		25,536		1,185,206
				14,144,776
FRANCE — 8.21%
Accor SA		46,272		2,314,459
Aeroports de Paris		7,936		952,853
Airbus Group NV		157,632		8,395,931
Alcatel-Lucenta		752,832		2,628,457
ALSTOMa		29,184		959,000
Atos SA		21,504		1,591,377

SCHEDULES OF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH ETF

January 31, 2015

Security	Shares		Value
Bolloreb		147,200	$	634,366
Bureau Veritas SA		59,392		1,261,669
Cap Gemini SA		19,520		1,422,306
Carrefour SA		166,656		5,236,615
Casino Guichard-Perrachon SA		15,424		1,404,949
Christian Dior SA		14,656		2,538,670
Cie de Saint-Gobain		61,248		2,621,544
Danone SA		155,584		10,458,635
Dassault Systemes		34,560		2,141,839
Edenred SA		54,912		1,581,359
Essilor International SA		54,784		6,124,609
Eurazeo		10,368		729,598
Groupe Eurotunnel SE		126,208		1,695,504
Hermes International		7,068		2,396,355
Iliad SA		7,040		1,635,332
JCDecaux SA		17,600		635,245
Kering		7,168		1,451,119
L’Air Liquide SA		92,017		11,629,701
L’Oreal SA		67,200		12,061,058
Lafarge SA		49,920		3,425,564
Legrand SA		71,168		3,830,766
LVMH Moet Hennessy Louis Vuitton SA		74,752		12,104,788
Natixis SA		127,936		815,976
Numericable-SFRa		26,251		1,368,580
Pernod Ricard SA		57,088		6,867,276
Peugeot SAa		52,992		768,714
Publicis Groupe SA		49,856		3,737,353
Remy Cointreau SA		6,400		473,696
Renault SA		25,792		1,985,252
Safran SA		72,704		4,856,117
SES SA Class A FDR		52,480		1,912,545
Societe BIC SA		7,616		1,082,879
Societe Generale		97,024		3,923,458
Sodexo SA		24,960		2,482,280
Technip SA		17,536		1,031,971
Thales SA		12,224		645,567
Valeo SA		20,480		2,903,855
Wendel		3,008		337,571
Zodiac Aerospace		50,176		1,668,625
				140,725,383
GERMANY — 8.45%
adidas AGb		55,936		3,862,374

Security	Shares		Value
Bayer AG Registered		221,504	$	32,006,901
Bayerische Motoren Werke AG		31,040		3,621,802
Beiersdorf AG		26,688		2,343,031
Brenntag AG		41,664		2,271,801
Celesio AG		9,536		282,474
Commerzbank AGa		259,200		3,120,915
Continental AG		29,440		6,667,571
Daimler AG Registered		129,024		11,717,661
Deutsche Boerse AG		25,536		1,960,360
Deutsche Lufthansa AG Registered		41,216		700,211
Deutsche Post AG Registered		258,496		8,392,206
Deutsche Wohnen AG Bearer		76,800		1,996,761
Fraport AG Frankfurt Airport Services Worldwide		9,600		587,372
Fresenius Medical Care AG & Co. KGaA		58,560		4,337,626
Fresenius SE & Co. KGaA		101,952		5,839,825
GEA Group AG		49,280		2,238,026
HeidelbergCement AG		24,832		1,828,695
Henkel AG & Co. KGaA		30,976		3,172,155
HUGO BOSS AG		11,328		1,462,385
Infineon Technologies AG		305,344		3,437,731
Kabel Deutschland Holding AGa		6,016		818,045
Lanxess AG		24,704		1,186,177
Linde AG		49,792		9,546,307
MAN SE		9,920		1,056,959
Merck KGaA		34,816		3,485,250
METRO AGa,b		42,688		1,315,558
Osram Licht AGa		8,576		395,620
QIAGEN NVa		62,720		1,439,238
RTL Group SAb		3,648		345,464
SAP SE		247,104		16,133,949
Symrise AG		32,960		2,161,699
ThyssenKrupp AGa		120,256		3,133,381
United Internet AG Registered		32,896		1,428,064
Volkswagen AG		2,560		569,533
				144,863,127
HONG KONG — 3.10%
AIA Group Ltd.		3,264,000		19,049,314
ASM Pacific Technology Ltd.		64,000		580,704
Cathay Pacific Airways Ltd.		320,000		747,032
Galaxy Entertainment Group Ltd.		640,000		3,376,089

10 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH ETF

January 31, 2015

Security	Shares		Value
Henderson Land Development Co. Ltd.		128,000	$	914,598
Hong Kong & China Gas Co. Ltd.		1,689,131		3,877,876
Hong Kong Exchanges and Clearing Ltd.		273,700		6,304,736
Hutchison Whampoa Ltd.		576,000		7,644,489
Li & Fung Ltd.		1,920,400		1,904,709
MGM China Holdings Ltd.		256,000		624,700
MTR Corp. Ltd.		384,000		1,706,205
Sands China Ltd.		640,000		3,140,836
Shangri-La Asia Ltd.		256,666		334,349
SJM Holdings Ltd.		192,000		283,294
Techtronic Industries Co. Ltd.		416,000		1,362,818
WH Group Ltd.a,c		992,000		562,957
Wynn Macau Ltd.b		281,600		786,323
				53,201,029
IRELAND — 0.34%
Bank of Irelanda		7,399,680		2,237,846
Kerry Group PLC Class A		42,624		3,088,922
Ryanair Holdings PLC SP ADRa		7,296		481,390
				5,808,158
ISRAEL — 0.53%
Bank Leumi le-Israel BMa		172,544		577,059
Delek Group Ltd. (The)		384		94,094
Israel Chemicals Ltd.		119,488		860,714
Mizrahi Tefahot Bank Ltd.a		18,496		202,488
NICE-Systems Ltd.		15,488		761,786
Teva Pharmaceutical Industries Ltd.		114,944		6,555,346
				9,051,487
ITALY — 1.39%
Banca Monte dei Paschi di Siena SpAa,b		1,107,360		499,840
CNH Industrial NV		89,536		680,484
Finmeccanica SpAa		108,480		1,186,195
Intesa Sanpaolo SpA		3,128,384		9,171,528
Intesa Sanpaolo SpA RNC		80,384		205,366
Luxottica Group SpA		45,440		2,704,850
Pirelli & C. SpA		64,320		913,081
Prysmian SpA		54,912		1,016,234
Saipem SpAa		71,616		648,945
Tenaris SA		126,912		1,787,309

Security	Shares		Value
UniCredit SpA		592,192	$	3,498,337
Unione di Banche Italiane SpA		231,360		1,595,188
				23,907,357
JAPAN — 21.36%
ABC-MART Inc.		6,400		320,913
Acom Co. Ltd.a,b		115,200		316,772
Advantest Corp.		44,800		576,662
AEON Financial Service Co. Ltd.		12,800		232,648
Aeon Mall Co. Ltd.		30,710		513,206
Ajinomoto Co. Inc.		143,000		2,968,591
Amada Co. Ltd.		96,000		882,646
ANA Holdings Inc.		320,000		888,639
Asahi Group Holdings Ltd.		102,400		3,390,232
Asahi Kasei Corp.		128,000		1,277,112
ASICS Corp.		44,800		1,109,845
Astellas Pharma Inc.		576,000		8,971,115
Bandai Namco Holdings Inc.		44,800		914,955
Benesse Holdings Inc.		12,800		384,114
Bridgestone Corp.		115,200		4,646,640
Brother Industries Ltd.		64,000		1,108,211
Calbee Inc.		19,200		755,970
Casio Computer Co. Ltd.b		51,200		810,291
Chiyoda Corp.		21,000		163,402
Chubu Electric Power Co. Inc.a		89,600		1,191,463
Chugai Pharmaceutical Co. Ltd.		57,600		1,728,515
COLOPL Inc.b		12,800		294,978
Dai-ichi Life Insurance Co. Ltd. (The)		288,000		3,908,160
Daicel Corp.		64,000		803,644
Daikin Industries Ltd.		64,000		4,508,577
Daito Trust Construction Co. Ltd.		19,200		2,153,493
Denso Corp.		128,000		5,721,943
Dentsu Inc.		57,600		2,388,047
Don Quijote Holdings Co. Ltd.		12,800		939,310
East Japan Railway Co.		44,800		3,482,093
FANUC Corp.		51,200		8,669,544
Fast Retailing Co. Ltd.		14,000		5,246,499
Fuji Electric Co. Ltd.		128,000		553,561
Fuji Heavy Industries Ltd.		160,000		5,852,296
Fujitsu Ltd.		512,000		2,726,831
GungHo Online Entertainment Inc.b		115,200		399,152
Hakuhodo DY Holdings Inc.		64,000		642,915
Hamamatsu Photonics K.K.		19,200		913,702

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH ETF

January 31, 2015

Security	Shares		Value
Hankyu Hanshin Holdings Inc.		128,000	$	715,924
Hikari Tsushin Inc.		6,400		369,404
Hino Motors Ltd.		70,400		1,009,867
Hirose Electric Co. Ltd.		7,000		847,401
Hitachi High-Technologies Corp.		19,200		603,959
Hitachi Ltd.		832,000		6,355,541
Hitachi Metals Ltd.		64,000		1,054,816
Hoya Corp.		115,200		4,510,321
Hulic Co. Ltd.		64,000		587,886
IHI Corp.		384,000		2,026,816
Isetan Mitsukoshi Holdings Ltd.		57,600		823,803
Isuzu Motors Ltd.		160,000		2,154,174
Japan Exchange Group Inc.		70,400		1,660,736
JGC Corp.		64,000		1,314,979
JTEKT Corp.		57,600		963,065
Kajima Corp.		192,000		766,594
Kakaku.com Inc.		38,400		548,875
Kansai Electric Power Co. Inc. (The)a		192,000		1,868,267
Kansai Paint Co. Ltd.		64,000		1,126,736
Kao Corp.		140,800		6,210,231
Kawasaki Heavy Industries Ltd.		384,000		1,860,095
KDDI Corp.		76,800		5,467,828
Keihan Electric Railway Co. Ltd.		128,000		781,305
Keikyu Corp.		128,000		1,004,691
Keio Corp.		128,059		1,050,942
Keisei Electric Railway Co. Ltd.		64,000		830,341
Keyence Corp.		12,887		6,087,768
Kikkoman Corp.		38,000		1,130,635
Kintetsu Corp.		512,000		1,813,238
Koito Manufacturing Co. Ltd.		25,600		842,328
Komatsu Ltd.		249,600		4,955,239
Konami Corp.		19,200		361,068
Konica Minolta Holdings Inc.		121,600		1,351,974
Kubota Corp.		320,000		4,804,154
Kurita Water Industries Ltd.		6,400		137,573
Kyushu Electric Power Co. Inc.a		115,200		1,120,960
Lawson Inc.		19,200		1,261,857
LIXIL Group Corp.		25,600		503,653
M3 Inc.		51,200		1,038,253
Mabuchi Motor Co. Ltd.		12,800		530,677
Makita Corp.		32,000		1,435,662
Mazda Motor Corp.		147,200		3,067,058

Security	Shares		Value
McDonald’s Holdings Co. (Japan) Ltd.b		12,800	$	281,248
MEIJI Holdings Co. Ltd.		12,800		1,417,682
Minebea Co. Ltd.		64,000		1,000,877
Miraca Holdings Inc.		6,400		288,767
Mitsubishi Chemical Holdings Corp.		230,400		1,204,517
Mitsubishi Electric Corp.		512,000		5,999,813
Mitsubishi Estate Co. Ltd.		217,000		4,403,180
Mitsubishi Gas Chemical Co. Inc.		64,000		292,036
Mitsubishi Heavy Industries Ltd.		384,000		2,141,560
Mitsubishi Logistics Corp.		30,000		451,283
Mitsui Chemicals Inc.		192,000		567,182
Mitsui Fudosan Co. Ltd.		162,500		4,150,864
Mixi Inc.b		12,800		457,123
Murata Manufacturing Co. Ltd.		52,900		5,773,447
Nabtesco Corp.		32,000		834,972
Nagoya Railroad Co. Ltd.		128,000		505,614
NEC Corp.		413,000		1,174,324
Nexon Co. Ltd.		32,000		317,099
NGK Insulators Ltd.		64,000		1,303,265
NGK Spark Plug Co. Ltd.		48,800		1,462,359
NH Foods Ltd.		64,000		1,591,487
Nidec Corp.		57,600		3,959,157
Nintendo Co. Ltd.		12,800		1,245,511
Nippon Paint Holdings Co. Ltd.		64,000		2,026,817
Nippon Yusen K.K.		192,000		575,354
Nissin Foods Holdings Co. Ltd.		6,400		347,610
Nitori Holdings Co. Ltd.		19,200		1,091,866
Nitto Denko Corp.		38,400		2,316,128
NOK Corp.		25,600		745,345
Nomura Research Institute Ltd.		32,000		1,096,497
NSK Ltd.		128,000		1,522,292
NTT Data Corp.		32,000		1,229,983
NTT Urban Development Corp.		12,800		124,333
Obayashi Corp.		192,000		1,227,532
Odakyu Electric Railway Co. Ltd.		192,000		1,882,978
Olympus Corp.a		64,000		2,244,754
Omron Corp.		57,600		2,331,656
Ono Pharmaceutical Co. Ltd.		19,200		2,043,162
Oracle Corp. Japan		12,800		535,036
Oriental Land Co. Ltd.		13,700		3,325,718
Otsuka Corp.		12,800		444,047
Panasonic Corp.		595,200		6,850,640
Park24 Co. Ltd.		25,600		440,233

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH ETF

January 31, 2015

Security	Shares		Value
Rakuten Inc.		217,600	$	3,041,750
Recruit Holdings Co. Ltd.a		38,400		1,124,556
Rinnai Corp.		9,800		661,593
Rohm Co. Ltd.		12,800		833,610
Sanrio Co. Ltd.b		12,800		318,951
Santen Pharmaceutical Co. Ltd.		19,200		1,203,014
Secom Co. Ltd.		57,600		3,370,727
Seibu Holdings Inc.b		32,000		764,960
Seiko Epson Corp.		32,000		1,314,434
Sekisui Chemical Co. Ltd.		64,000		705,027
Seven & I Holdings Co. Ltd.		134,400		4,962,840
Seven Bank Ltd.		160,000		721,917
Sharp Corp./Japana,b		384,000		758,422
Shikoku Electric Power Co. Inc.a		44,800		567,509
Shimadzu Corp.		64,000		671,247
Shimano Inc.		19,200		2,559,673
Shimizu Corp.		128,000		891,363
Shin-Etsu Chemical Co. Ltd.		108,800		7,269,079
Shinsei Bank Ltd.		448,000		819,989
Shionogi & Co. Ltd.		38,400		1,162,150
Shiseido Co. Ltd.		64,000		1,034,112
Showa Shell Sekiyu K.K.		19,200		188,788
SMC Corp.		14,900		4,042,591
SoftBank Corp.		256,000		15,174,971
Sompo Japan Nipponkoa Holdings Inc.		89,600		2,517,175
Sony Corp.		281,600		6,650,137
Sony Financial Holdings Inc.		44,849		629,600
Stanley Electric Co. Ltd.		12,800		288,331
Sumitomo Chemical Co. Ltd.		192,000		764,960
Sumitomo Dainippon Pharma Co. Ltd.		44,800		474,449
Sumitomo Electric Industries Ltd.		134,400		1,750,581
Sumitomo Heavy Industries Ltd.		64,000		350,334
Sumitomo Realty & Development Co. Ltd.		94,000		3,028,903
Suntory Beverage & Food Ltd.		25,600		903,350
Suruga Bank Ltd.		51,200		970,693
Suzuki Motor Corp.		96,000		3,069,646
Sysmex Corp.		38,400		1,732,601
Taiheiyo Cement Corp.		320,000		945,303
Taisei Corp.		192,000		1,122,922
Taiyo Nippon Sanso Corp.		15,000		181,075
TDK Corp.		19,200		1,211,186

Security	Shares		Value
Teijin Ltd.		256,000	$	769,319
Terumo Corp.		83,200		2,083,099
THK Co. Ltd.		32,000		787,298
Tobu Railway Co. Ltd.		128,000		618,942
Toho Co. Ltd.		32,000		728,728
Toho Gas Co. Ltd.		128,000		701,758
Tokyo Electron Ltd.		44,800		3,232,663
Tokyo Gas Co. Ltd.		640,000		3,848,227
Tokyu Corp.		128,000		853,224
Toray Industries Inc.		384,000		3,300,115
Toshiba Corp.		1,088,000		4,395,903
TOTO Ltd.		64,000		713,200
Toyo Suisan Kaisha Ltd.		6,400		227,472
Toyota Industries Corp.		19,200		1,044,464
Toyota Motor Corp.		256,000		16,661,303
Trend Micro Inc.		19,200		546,750
Unicharm Corp.		102,400		2,851,055
USS Co. Ltd.		57,600		911,087
Yahoo! Japan Corp.		390,400		1,326,094
Yakult Honsha Co. Ltd.		25,600		1,564,790
Yamaha Motor Co. Ltd.		70,400		1,565,443
Yamato Holdings Co. Ltd.		96,000		2,188,635
Yamato Kogyo Co. Ltd.		12,800		332,899
Yamazaki Baking Co. Ltd.		15,000		222,322
Yaskawa Electric Corp.		64,000		828,706
Yokogawa Electric Corp.		57,600		610,006
				366,206,750
NETHERLANDS — 3.39%
Altice SAa,b		11,712		979,336
ASML Holding NV		96,000		10,105,138
Fiat Chrysler Automobiles NVa,b		234,304		3,093,485
Gemalto NVb		21,184		1,539,966
Heineken Holding NV		26,624		1,747,051
Heineken NV		61,440		4,595,324
ING Groep NV CVAa		516,224		6,477,769
Koninklijke KPN NV		433,920		1,345,088
Koninklijke Vopak NV		11,840		662,498
NN Group NVa		21,440		583,559
OCI NVa		22,400		790,800
Randstad Holding NV		34,048		1,802,928
Reed Elsevier NV		186,624		4,578,355

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH ETF

January 31, 2015

Security	Shares		Value
TNT Express NV		116,445	$	765,287
Unilever NV CVA		436,544		19,010,138
				58,076,722
NEW ZEALAND — 0.15%
Auckland International Airport Ltd.		254,272		821,250
Fletcher Building Ltd.		185,472		1,128,079
Ryman Healthcare Ltd.		101,568		608,174
				2,557,503
NORWAY — 0.12%
Norsk Hydro ASA		361,920		2,129,353
				2,129,353
PORTUGAL — 0.15%
Banco Comercial Portugues SA Registereda		9,515,904		676,508
Galp Energia SGPS SA Class B		103,744		1,096,243
Jeronimo Martins SGPS SAb		66,880		721,350
				2,494,101
SINGAPORE — 1.49%
CapitaLand Ltd.		704,000		1,810,598
City Developments Ltd.		128,000		950,706
ComfortDelGro Corp. Ltd.		512,000		1,085,980
DBS Group Holdings Ltd.		320,000		4,680,216
Genting Singapore PLC		1,664,000		1,328,150
Global Logistic Properties Ltd.		832,000		1,555,657
Golden Agri-Resources Ltd.		704,000		218,521
Jardine Cycle & Carriage Ltd.		28,000		875,323
Keppel Corp. Ltd.		128,000		822,999
Noble Group Ltd.		1,152,181		906,860
SembCorp Industries Ltd.		256,000		815,431
SembCorp Marine Ltd.b		128,000		283,793
Singapore Airlines Ltd.		128,000		1,196,660
Singapore Exchange Ltd.		215,000		1,234,610
Singapore Press Holdings Ltd.b		141,000		430,367
Singapore Technologies Engineering Ltd.		448,000		1,112,468
StarHub Ltd.		128,000		395,418
United Overseas Bank Ltd.		345,000		5,910,206
				25,613,963
SPAIN — 2.38%
Abertis Infraestructuras SAb		52,800		1,034,942
Amadeus IT Holding SA Class A		56,960		2,287,602

Security	Shares		Value
Banco Bilbao Vizcaya Argentaria SA		1,609,347	$	13,802,119
Banco de Sabadell SA		916,992		2,322,046
Banco Popular Espanol SA		480,640		2,036,088
Banco Popular Espanol SA New		2,036		8,625
Bankia SAa		1,236,864		1,619,058
Bankinter SA		180,672		1,257,732
CaixaBank SA		612,224		2,669,500
Distribuidora Internacional de Alimentacion SA		165,760		1,075,175
Grifols SA		40,192		1,689,462
Inditex SA		291,904		8,608,848
International Consolidated Airlines Group SAa		275,648		2,255,149
Zardoya Otis SA		16,000		182,177
				40,848,523
SWEDEN — 3.49%
Alfa Laval AB		84,480		1,570,638
Assa Abloy AB Class B		89,536		4,895,422
Atlas Copco AB Class A		179,776		5,330,833
Atlas Copco AB Class B		104,512		2,864,069
Boliden AB		73,536		1,153,827
Electrolux AB Class B		42,112		1,304,729
Elekta AB Class Bb		99,264		1,065,542
Getinge AB Class B		54,016		1,334,003
Hennes & Mauritz AB Class B		254,080		10,473,473
Hexagon AB Class B		69,248		2,197,366
Husqvarna AB Class B		109,184		758,914
ICA Gruppen AB		20,672		795,399
Investor AB Class B		121,920		4,447,951
Lundin Petroleum ABa		56,768		737,011
Millicom International Cellular SA SDR		17,536		1,119,258
SKF AB Class B		106,432		2,515,271
Svenska Cellulosa AB Class B		55,552		1,344,403
Swedish Match AB		35,200		1,146,746
Telefonaktiebolaget LM Ericsson Class B		816,832		9,962,992
Volvo AB Class B		411,904		4,824,870
				59,842,717
SWITZERLAND — 14.31%
ABB Ltd. Registereda		589,632		11,349,799
Actelion Ltd. Registereda		27,456		3,043,869

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH ETF

January 31, 2015

Security	Shares		Value
Aryzta AGa		15,040	$	1,130,391
Barry Callebaut AG Registereda		576		574,091
Chocoladefabriken Lindt & Sprugli AG Participation Certificates		256		1,334,467
Chocoladefabriken Lindt & Sprugli AG Registered		26		1,635,792
Compagnie Financiere Richemont SA Class A Bearer		139,712		11,624,318
EMS-Chemie Holding AG Registered		2,176		841,972
Geberit AG Registered		10,240		3,508,122
Givaudan SA Registereda		2,496		4,560,378
Holcim Ltd. Registereda		61,184		4,285,972
Julius Baer Group Ltd.a		59,776		2,442,886
Kuehne & Nagel International AG Registered		14,208		1,955,038
Lonza Group AG Registered		14,400		1,709,124
Nestle SA Registered		561,408		42,988,092
Novartis AG Registered		616,256		60,383,108
Partners Group Holding AG		4,736		1,269,385
Roche Holding AG Genusschein		188,416		50,910,513
Schindler Holding AG Participation Certificates		12,160		1,805,398
Schindler Holding AG Registered		5,312		773,662
SGS SA Registered		1,472		2,799,848
Sika AG Bearer		576		1,973,319
Sonova Holding AG Registered		14,272		1,878,527
Swatch Group AG (The) Bearer		8,448		3,368,916
Swatch Group AG (The) Registered		13,056		956,442
Swiss Prime Site AG Registered		7,680		666,120
Swisscom AG Registered		2,176		1,275,965
Syngenta AG Registered		24,768		8,054,547
UBS Group AG		978,236		16,363,298
				245,463,359
UNITED KINGDOM — 17.26%
Aberdeen Asset Management PLC		246,272		1,618,948
Aggreko PLC		69,010		1,610,661
Amec Foster Wheeler PLC		103,872		1,244,143
ARM Holdings PLC		377,920		5,908,698
Ashtead Group PLC		134,976		2,205,600
Associated British Foods PLC		95,808		4,465,034
Babcock International Group PLC		67,630		1,021,830

Security	Shares		Value
BG Group PLC		912,960	$	12,160,953
British American Tobacco PLC		498,944		28,116,149
BT Group PLC		1,091,328		6,849,658
Bunzl PLC		90,048		2,565,563
Burberry Group PLC		119,552		3,104,510
Capita PLC		176,576		2,964,932
Carnival PLC		49,536		2,229,713
Cobham PLC		104,832		514,380
Coca-Cola HBC AG		25,252		406,187
Compass Group PLC		448,839		7,759,024
Croda International PLC		36,928		1,473,630
Diageo PLC		672,576		19,899,804
Dixons Carphone PLC		261,888		1,710,984
easyJet PLC		42,816		1,197,366
Experian PLC		265,600		4,679,153
Fresnillo PLC		58,240		786,362
G4S PLC		268,800		1,151,383
GlaxoSmithKline PLC		1,301,440		28,674,475
Glencore PLCa		2,840,000		10,616,575
Hargreaves Lansdown PLC		64,256		975,677
IMI PLC		72,679		1,392,839
Inmarsat PLC		114,496		1,434,160
InterContinental Hotels Group PLC		63,053		2,520,897
Intertek Group PLC		42,624		1,467,910
ITV PLC		1,025,152		3,387,288
Johnson Matthey PLC		55,168		2,701,962
London Stock Exchange Group PLC		60,480		2,148,247
Meggitt PLC		215,424		1,743,910
Melrose Industries PLC		148,480		590,956
Merlin Entertainments PLCc		135,168		819,141
Next PLC		41,024		4,457,771
Persimmon PLCa		54,400		1,300,718
Petrofac Ltd.		35,200		373,240
Prudential PLC		687,104		16,717,784
Randgold Resources Ltd.		23,360		1,994,548
Reckitt Benckiser Group PLC		173,888		14,703,449
Reed Elsevier PLC		305,280		5,300,263
Royal Bank of Scotland Group PLCa		677,824		3,689,320
Royal Mail PLC		172,416		1,126,440
RSA Insurance Group PLCa		177,024		1,207,859
SABMiller PLC		258,880		14,096,381

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH ETF

January 31, 2015

Security	Shares		Value
Sage Group PLC (The)		289,664	$	2,089,094
Schroders PLC		33,536		1,459,657
Severn Trent PLC		22,144		715,714
Shire PLC		157,952		11,515,057
Sky PLC		276,352		3,851,694
Smith & Nephew PLC		240,192		4,296,467
Smiths Group PLC		105,408		1,784,180
Sports Direct International PLCa		72,256		772,129
Travis Perkins PLC		66,560		1,921,356
TUI AGa		121,600		2,149,568
Tullow Oil PLC		240,192		1,316,718
Unilever PLC		343,360		15,109,793
Weir Group PLC (The)		57,600		1,453,359
Whitbread PLC		48,768		3,665,897
William Hill PLC		119,296		675,653
Wolseley PLC		71,744		4,161,396
				296,024,207
TOTAL COMMON STOCKS
(Cost: $1,356,380,472)				1,701,016,362
PREFERRED STOCKS — 0.57%
GERMANY — 0.57%
Fuchs Petrolub SE		18,816		775,002
Henkel AG & Co. KGaA		47,936		5,495,889
Volkswagen AG		15,616		3,494,419
				9,765,310
TOTAL PREFERRED STOCKS (Cost: $7,090,303)				9,765,310
SHORT-TERM INVESTMENTS — 1.20%
MONEY MARKET FUNDS — 1.20%
BlackRock Cash Funds: Institutional, SL Agency Shares 0.15%d,e,f		19,342,759		19,342,759
BlackRock Cash Funds: Prime, SL Agency Shares 0.14%d,e,f		1,163,730		1,163,730
BlackRock Cash Funds: Treasury, SL Agency Shares 0.00%d,e		126,661		126,661
				20,633,150

	Value
TOTAL SHORT-TERM INVESTMENTS (Cost: $20,633,150)	$	20,633,150
TOTAL INVESTMENTS IN SECURITIES — 100.97% (Cost: $1,384,103,925)		1,731,414,822
Other Assets, Less Liabilities — (0.97)%		(16,627,785	)
NET ASSETS — 100.00%	$	1,714,787,037

FDR — Fiduciary Depositary Receipts

SDR — Swedish Depositary Receipts

SP ADR — Sponsored American Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

16 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EAFE VALUE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.01%
AUSTRALIA — 7.41%
AGL Energy Ltd.		284,430	$	3,145,299
ALS Ltd.		167,328		638,503
ASX Ltd.		80,514		2,391,389
AusNet Services		760,662		829,312
Australia and New Zealand Banking Group Ltd.		1,155,546		29,696,091
Bank of Queensland Ltd.		146,538		1,427,597
Bendigo & Adelaide Bank Ltd.		185,472		1,932,558
Coca-Cola Amatil Ltd.		240,660		1,817,916
Commonwealth Bank of Australia		237,006		16,487,499
Dexus Property Group		380,394		2,283,948
Federation Centres		604,296		1,425,905
Fortescue Metals Group Ltd.		656,208		1,206,012
GPT Group (The)		690,354		2,430,012
Harvey Norman Holdings Ltd.		136,332		419,366
Incitec Pivot Ltd.		700,308		1,968,767
Insurance Australia Group Ltd.		979,902		4,883,832
Leighton Holdings Ltd.		43,062		691,817
Lend Lease Group		233,100		3,027,864
Medibank Pvt Ltd.a		408,240		756,642
Metcash Ltd.b		382,662		435,077
Mirvac Group		1,558,242		2,342,018
National Australia Bank Ltd.		991,998		27,524,835
Novion Property Group		889,308		1,606,713
Orica Ltd.		156,114		2,205,349
QBE Insurance Group Ltd.		561,708		4,641,134
Rio Tinto Ltd.		181,314		8,127,374
Scentre Groupa		2,200,716		6,512,470
Stockland		983,808		3,355,696
Suncorp Group Ltd.		186,606		2,139,102
Tabcorp Holdings Ltd.		329,994		1,174,412
Tatts Group Ltd.		598,248		1,798,319
Toll Holdings Ltd.		286,398		1,380,571
Westfield Corp.		827,946		6,357,363
Westpac Banking Corp.		1,301,202		34,918,703
Woodside Petroleum Ltd.		311,346		8,311,554
WorleyParsons Ltd.		87,822		657,925
				190,948,944
AUSTRIA — 0.20%
IMMOFINANZ AGa		406,728		928,960
IMMOFINANZ AG Escrowa		269,008		3

Security	Shares		Value
OMV AG		62,748	$	1,563,087
Raiffeisen International Bank Holding AG		48,258		566,350
Vienna Insurance Group AG		8,064		342,290
Voestalpine AG		46,746		1,664,280
				5,064,970
BELGIUM — 0.48%
Ageas		91,602		3,135,161
Belgacom SA		63,750		2,373,618
Colruyt SA		10,458		482,262
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA		42,840		3,559,481
Groupe Bruxelles Lambert SA		33,264		2,756,325
				12,306,847
DENMARK — 0.32%
A.P. Moeller-Maersk A/S Class A		756		1,484,061
A.P. Moeller-Maersk A/S Class B		1,638		3,322,233
TDC A/S		339,822		2,515,349
Tryg A/S		8,820		1,033,495
				8,355,138
FINLAND — 0.97%
Elisa OYJ		58,842		1,565,055
Fortum OYJ		187,614		4,001,377
Metso OYJ		29,988		910,972
Neste Oil OYJb		19,908		550,397
Nokian Renkaat OYJ		48,510		1,198,283
Orion OYJ Class B		21,168		697,740
Sampo OYJ Class A		184,338		8,928,059
Stora Enso OYJ Class R		231,588		2,250,099
UPM-Kymmene OYJ		221,508		3,896,889
Wartsila OYJ Abp		21,042		976,626
				24,975,497
FRANCE — 11.28%
ALSTOMa		45,738		1,502,972
ArcelorMittal		418,068		3,992,581
Arkema SA		27,597		1,977,507
AXA SA		758,898		17,859,779
BNP Paribas SA		444,528		23,463,640
Bouygues SA		71,064		2,538,484
Cap Gemini SA		30,366		2,212,589
Cie de Saint-Gobain		95,004		4,066,373
CNP Assurances SA		70,686		1,243,546

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE ETF

January 31, 2015

Security	Shares		Value
Compagnie Generale des Etablissements Michelin Class B		78,498	$	7,682,639
Credit Agricole SA		429,786		5,123,942
Electricite de France SA		101,430		2,757,883
Eutelsat Communications SA		65,142		2,237,997
Fonciere des Regions		11,970		1,229,052
GDF Suez		606,564		13,501,316
Gecina SA		12,096		1,585,417
Icade		15,750		1,374,927
Imerys SA		14,868		1,075,457
Kering		20,412		4,132,287
Klepierre		75,397		3,557,269
Lagardere SCA		49,896		1,367,089
Natixis SA		197,820		1,261,696
Orange SA		776,664		13,689,786
Peugeot SAa		82,782		1,200,855
Renault SA		40,572		3,122,892
Rexel SA		116,550		2,183,247
Sanofi		498,834		46,158,572
Schneider Electric SE		219,996		16,633,056
SCOR SE		64,512		2,013,973
SES SA Class A FDR		43,596		1,588,782
Societe Generale		151,059		6,108,527
STMicroelectronics NV		269,766		2,252,690
Suez Environnement SA		125,118		2,302,094
Technip SA		15,120		889,792
Thales SA		20,034		1,058,025
Total SA		896,868		46,049,232
Unibail-Rodamco SE		41,076		11,592,692
Vallourec SA		46,242		1,010,762
Veolia Environnement SA		179,550		3,293,479
Vinci SA		204,624		10,815,732
Vivendi SA		507,528		12,047,169
Wendel		8,442		947,398
				290,703,197
GERMANY — 8.79%
Allianz SE Registered		191,016		31,556,824
Axel Springer SE		16,884		1,039,709
BASF SE		384,048		34,453,639
Bayerische Motoren Werke AG		90,972		10,614,774
Celesio AG		7,560		223,941
Daimler AG Registered		202,230		18,366,061

Security	Shares		Value
Deutsche Annington Immobilien SE		102,312	$	3,555,984
Deutsche Bank AG Registered		577,206		16,804,787
Deutsche Boerse AG		40,194		3,085,632
Deutsche Lufthansa AG Registered		34,146		580,100
Deutsche Telekom AG Registered		1,326,528		22,880,438
E.ON SE		837,018		12,963,719
Hannover Rueck SE Registered		24,948		2,236,441
HeidelbergCement AG		20,286		1,493,915
K+S AG Registered		72,198		2,281,212
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		72,450		14,552,609
Osram Licht AGa		24,318		1,121,815
ProSiebenSat.1 Media AG Registered		91,728		4,072,103
RTL Group SAb		10,584		1,002,300
RWE AG		206,136		5,724,637
Siemens AG Registered		331,884		34,829,860
Telefonica Deutschland Holding AG		246,708		1,372,501
Volkswagen AG		7,434		1,653,872
				226,466,873
HONG KONG — 3.43%
Bank of East Asia Ltd. (The)		554,400		2,302,447
BOC Hong Kong (Holdings) Ltd.		1,512,000		5,314,090
Cheung Kong Holdings Ltd.		586,000		11,223,665
Cheung Kong Infrastructure Holdings Ltd.		252,000		2,075,258
CLP Holdings Ltd.		819,000		7,309,718
First Pacific Co. Ltd./Hong Kong		1,008,000		1,027,066
Hang Lung Properties Ltd.		914,088		2,693,921
Hang Seng Bank Ltd.		315,000		5,517,228
Henderson Land Development Co. Ltd.		252,920		1,807,189
HKT Trust & HKT Ltd.		1,057,920		1,386,300
Hysan Development Co. Ltd.		252,000		1,220,453
Kerry Properties Ltd.		252,000		893,807
Link REIT (The)		955,000		6,466,560
New World Development Co. Ltd.		2,178,000		2,601,234
NWS Holdings Ltd.		630,000		1,171,700
PCCW Ltd.		1,764,000		1,173,975
Power Assets Holdings Ltd.		567,000		5,945,443

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE ETF

January 31, 2015

Security	Shares		Value
Sino Land Co. Ltd.		1,260,000	$	2,112,635
SJM Holdings Ltd.		504,000		743,647
Sun Hung Kai Properties Ltd.		693,000		11,315,599
Swire Pacific Ltd. Class A		255,000		3,423,746
Swire Properties Ltd.		504,000		1,621,854
Wharf Holdings Ltd. (The)b		630,419		5,122,482
Wheelock and Co. Ltd.		378,000		2,145,137
Wynn Macau Ltd.b		252,000		703,670
Yue Yuen Industrial Holdings Ltd.		315,000		1,172,106
				88,490,930
IRELAND — 0.29%
CRH PLC		312,858		7,525,148
Irish Bank Resolution Corp. Ltd.a		246,432		3
				7,525,151
ISRAEL — 0.60%
Bank Hapoalim BM		447,048		1,992,725
Bank Leumi le-Israel BMa		280,602		938,449
Bezeq The Israel Telecommunication Corp. Ltd.		812,826		1,300,207
Delek Group Ltd. (The)		1,260		308,746
Israel Corp. Ltd. (The)a		1,134		368,569
Mizrahi Tefahot Bank Ltd.a		23,436		256,570
Teva Pharmaceutical Industries Ltd.		179,424		10,232,691
				15,397,957
ITALY — 2.94%
Assicurazioni Generali SpA		487,494		10,287,109
Atlantia SpA		172,368		4,440,634
Banco Popolare SCa		151,326		1,915,971
CNH Industrial NV		258,552		1,965,024
Enel Green Power SpA		740,502		1,464,006
Enel SpA		2,758,266		12,468,941
Eni SpA		1,068,480		17,965,327
Exor SpA		41,706		1,704,627
Intesa Sanpaolo SpA RNC		256,536		655,401
Mediobanca SpA		253,890		2,203,202
Snam SpA		853,524		4,176,260
Telecom Italia SpAa		4,263,084		4,969,431
Telecom Italia SpA RNC		2,480,052		2,341,042
Terna Rete Elettrica Nazionale SpA		647,256		2,835,398

Security	Shares		Value
UniCredit SpA		918,792	$	5,427,707
UnipolSai SpA		387,828		1,075,731
				75,895,811
JAPAN — 21.73%
Aeon Co. Ltd.		264,600		2,814,606
AEON Financial Service Co. Ltd.		25,200		458,026
Air Water Inc.		50,000		867,918
Aisin Seiki Co. Ltd.		75,600		2,667,705
Alfresa Holdings Corp.		75,600		904,252
Aozora Bank Ltd.		504,000		1,844,975
Asahi Glass Co. Ltd.		378,000		2,027,327
Asahi Kasei Corp.		378,000		3,771,472
Bank of Kyoto Ltd. (The)		126,000		1,066,224
Bank of Yokohama Ltd. (The)		504,000		2,745,151
Benesse Holdings Inc.		12,600		378,113
Bridgestone Corp.		100,800		4,065,810
Canon Inc.		480,400		15,297,631
Central Japan Railway Co.		63,000		10,898,225
Chiba Bank Ltd. (The)		252,000		1,716,256
Chubu Electric Power Co. Inc.a		126,000		1,675,495
Chugoku Bank Ltd. (The)		64,000		918,061
Chugoku Electric Power Co. Inc. (The)		126,000		1,754,872
Citizen Holdings Co. Ltd.		113,400		913,263
Credit Saison Co. Ltd.		63,000		1,073,733
Dai Nippon Printing Co. Ltd.		252,000		2,285,838
Daihatsu Motor Co. Ltd.		75,600		1,061,933
Daiichi Sankyo Co. Ltd.		264,600		3,858,680
Daiwa House Industry Co. Ltd.		252,000		4,690,742
Daiwa Securities Group Inc.		756,000		5,551,015
East Japan Railway Co.		75,600		5,876,031
Eisai Co. Ltd.		100,800		5,052,657
Electric Power Development Co. Ltd.		50,420		1,850,000
FamilyMart Co. Ltd.		25,200		1,098,404
FUJIFILM Holdings Corp.		189,000		6,432,742
Fukuoka Financial Group Inc.		378,000		1,905,044
Gunma Bank Ltd. (The)		131,000		868,761
Hachijuni Bank Ltd. (The)		142,000		945,337
Hankyu Hanshin Holdings Inc.		252,000		1,409,475
Hiroshima Bank Ltd. (The)		252,000		1,265,739
Hisamitsu Pharmaceutical Co. Inc.		25,200		862,419
Hitachi Chemical Co. Ltd.		37,800		768,775

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE ETF

January 31, 2015

Security	Shares		Value
Hitachi Construction Machinery Co. Ltd.		37,800	$	708,599
Hitachi Ltd.		756,000		5,774,987
Hokuhoku Financial Group Inc.		504,000		1,046,916
Hokuriku Electric Power Co.		75,600		1,075,449
Honda Motor Co. Ltd.		667,800		20,358,335
IBIDEN Co. Ltd.		50,400		765,450
Idemitsu Kosan Co. Ltd.		25,200		423,486
Iida Group Holdings Co. Ltd.		63,000		792,159
INPEX Corp.		365,400		4,056,371
Isetan Mitsukoshi Holdings Ltd.		50,400		720,827
ITOCHU Corp.		630,000		6,435,960
ITOCHU Techno-Solutions Corp.		12,600		452,126
Iyo Bank Ltd. (The)		100,800		1,173,919
J. Front Retailing Co. Ltd.		100,800		1,296,631
Japan Airlines Co. Ltd.		50,400		1,720,547
Japan Display Inc.a		151,200		532,897
Japan Prime Realty Investment Corp.		378		1,325,808
Japan Real Estate Investment Corp.		504		2,458,537
Japan Retail Fund Investment Corp.		1,008		2,189,943
Japan Tobacco Inc.		453,600		12,482,544
JFE Holdings Inc.		201,600		4,482,002
Joyo Bank Ltd. (The)		252,000		1,278,611
JSR Corp.		75,600		1,347,046
JX Holdings Inc.		945,000		3,505,989
Kamigumi Co. Ltd.		126,000		1,268,957
Kaneka Corp.		126,000		775,533
KDDI Corp.		126,000		8,970,655
Kirin Holdings Co. Ltd.		340,200		4,604,929
Kobe Steel Ltd.		1,260,000		2,231,133
Konami Corp.		12,600		236,951
Kuraray Co. Ltd.		151,200		1,915,342
Kurita Water Industries Ltd.		25,200		541,693
Kyocera Corp.		139,300		6,195,064
Kyowa Hakko Kirin Co. Ltd.		126,000		1,445,946
LIXIL Group Corp.		75,600		1,487,350
Marubeni Corp.		693,000		3,855,408
Marui Group Co. Ltd.		100,800		1,058,072
Maruichi Steel Tube Ltd.		12,600		300,238
McDonald’s Holdings Co. (Japan) Ltd.b		12,600		276,854

Security	Shares		Value
Medipal Holdings Corp.		63,000	$	741,208
Miraca Holdings Inc.		7,800		351,935
Mitsubishi Chemical Holdings Corp.		201,600		1,053,953
Mitsubishi Corp.		579,600		10,204,000
Mitsubishi Estate Co. Ltd.		182,000		3,692,989
Mitsubishi Gas Chemical Co. Inc.		126,000		574,946
Mitsubishi Heavy Industries Ltd.		630,000		3,513,498
Mitsubishi Materials Corp.		504,000		1,604,699
Mitsubishi Motors Corp.		264,600		2,261,596
Mitsubishi Tanabe Pharma Corp.		100,800		1,604,699
Mitsubishi UFJ Financial Group Inc.		5,342,400		28,757,498
Mitsubishi UFJ Lease & Finance Co. Ltd.		214,200		937,290
Mitsui & Co. Ltd.		705,600		9,052,392
Mitsui Fudosan Co. Ltd.		126,000		3,218,516
Mitsui O.S.K. Lines Ltd.		378,000		1,287,192
Mizuho Financial Group Inc.		9,664,200		15,960,965
MS&AD Insurance Group Holdings Inc.		214,208		5,269,263
Nagoya Railroad Co. Ltd.		126,000		497,714
NEC Corp.		363,000		1,032,154
NHK Spring Co. Ltd.		63,000		574,409
Nikon Corp.		138,600		1,774,609
Nintendo Co. Ltd.		25,200		2,452,101
Nippon Building Fund Inc.		574		2,834,206
Nippon Electric Glass Co. Ltd.		147,000		765,879
Nippon Express Co. Ltd.		378,000		2,223,624
Nippon Prologis REIT Inc.		630		1,487,779
Nippon Steel & Sumitomo Metal Corp.		3,276,000		7,739,241
Nippon Telegraph and Telephone Corp.		163,800		9,789,095
Nippon Yusen K.K.		252,000		755,153
Nissan Motor Co. Ltd.		1,045,800		9,049,978
Nisshin Seifun Group Inc.		96,530		1,191,576
Nissin Foods Holdings Co. Ltd.		12,600		684,357
Nomura Holdings Inc.		1,474,800		7,966,293
Nomura Real Estate Holdings Inc.		50,400		856,412
NTT DOCOMO Inc.		642,600		10,968,484
NTT Urban Development Corp.		25,200		244,781
Oji Holdings Corp.		378,000		1,438,437
ORIX Corp.		554,400		6,451,835

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE ETF

January 31, 2015

Security	Shares		Value
Osaka Gas Co. Ltd.		773,000	$	3,070,547
Otsuka Holdings Co. Ltd.		163,800		5,100,230
Resona Holdings Inc.		932,400		4,670,533
Ricoh Co. Ltd.		302,400		2,978,562
Rohm Co. Ltd.		14,800		963,862
Sankyo Co. Ltd.		25,200		910,688
SBI Holdings Inc.		88,200		955,847
Sega Sammy Holdings Inc.		75,600		992,425
Sekisui Chemical Co. Ltd.		126,000		1,388,022
Sekisui House Ltd.		226,800		2,946,382
Seven & I Holdings Co. Ltd.		113,400		4,187,396
Shimamura Co. Ltd.		12,600		1,127,366
Shionogi & Co. Ltd.		63,000		1,906,653
Shiseido Co. Ltd.		50,400		814,363
Shizuoka Bank Ltd. (The)		252,000		2,325,527
Showa Shell Sekiyu K.K.		37,800		371,677
Stanley Electric Co. Ltd.		37,800		851,477
Sumitomo Chemical Co. Ltd.		378,000		1,506,015
Sumitomo Corp.		466,200		4,635,607
Sumitomo Electric Industries Ltd.		113,400		1,477,053
Sumitomo Heavy Industries Ltd.		126,000		689,720
Sumitomo Metal Mining Co. Ltd.		252,000		3,642,753
Sumitomo Mitsui Financial Group Inc.		530,100		18,008,463
Sumitomo Mitsui Trust Holdings Inc.		1,430,050		5,070,581
Sumitomo Rubber Industries Inc.		75,600		1,186,791
Suntory Beverage & Food Ltd.		25,200		889,235
Suzuken Co. Ltd.		25,200		715,464
T&D Holdings Inc.		239,400		2,729,973
Taisei Corp.		126,000		736,917
Taisho Pharmaceutical Holdings Co. Ltd.		12,600		805,568
Taiyo Nippon Sanso Corp.		12,000		144,860
Takashimaya Co. Ltd.		126,000		1,112,348
Takeda Pharmaceutical Co. Ltd.		327,600		16,462,970
TDK Corp.		12,600		794,841
Tobu Railway Co. Ltd.		252,000		1,218,542
Tohoku Electric Power Co. Inc.		189,000		2,400,613
Tokio Marine Holdings Inc.		289,800		10,213,868
Tokyo Electric Power Co. Inc.a		604,800		2,584,681
Tokyo Tatemono Co. Ltd.		172,000		1,171,413
Tokyu Corp.		252,000		1,679,785
Tokyu Fudosan Holdings Corp.		201,600		1,263,164

Security	Shares		Value
TonenGeneral Sekiyu K.K.		126,000	$	1,120,930
Toppan Printing Co. Ltd.		252,000		1,699,093
Toyo Seikan Group Holdings Ltd.		63,000		818,440
Toyo Suisan Kaisha Ltd.		17,700		629,102
Toyoda Gosei Co. Ltd.		25,200		559,929
Toyota Industries Corp.		37,800		2,056,289
Toyota Motor Corp.		743,400		48,382,863
Toyota Tsusho Corp.		88,200		2,111,424
Trend Micro Inc.		12,600		358,805
United Urban Investment Corp.		1,008		1,619,287
West Japan Railway Co.		75,600		3,911,776
Yamada Denki Co. Ltd.		353,500		1,324,139
Yamaguchi Financial Group Inc.		126,000		1,322,590
Yamaha Corp.		63,000		928,387
Yamazaki Baking Co. Ltd.		3,000		44,464
Yokohama Rubber Co. Ltd. (The)		48,000		456,034
				560,123,061
NETHERLANDS — 2.18%
AEGON NV		758,394		5,426,691
Akzo Nobel NV		101,052		7,311,743
Altice SAa		18,396		1,538,240
Boskalis Westminster NV		36,414		1,615,919
Delta Lloyd NV		82,942		1,570,540
ING Groep NV CVAa		810,684		10,172,761
Koninklijke Ahold NV		372,330		6,737,200
Koninklijke DSM NV		71,568		3,813,531
Koninklijke KPN NV		666,036		2,064,614
Koninklijke Philips NV		401,184		11,111,920
Koninklijke Vopak NV		11,214		627,471
NN Group NVa		18,144		493,847
Wolters Kluwer NV		125,874		3,770,520
				56,254,997
NEW ZEALAND — 0.16%
Contact Energy Ltd.		157,374		807,550
Meridian Energy Ltd.		531,216		738,341
Mighty River Power Ltd.		296,226		722,403
Spark New Zealand Ltd.		789,516		1,891,001
				4,159,295
NORWAY — 1.20%
DNB ASA		410,382		5,946,184
Gjensidige Forsikring ASA		82,404		1,387,488
Orkla ASA		329,616		2,428,369

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE ETF

January 31, 2015

Security	Shares		Value
Seadrill Ltd.b		163,170	$	1,733,701
Statoil ASA		469,350		7,775,568
Subsea 7 SA		115,038		978,131
Telenor ASA		312,228		6,699,376
Yara International ASA		75,096		3,901,833
				30,850,650
PORTUGAL — 0.14%
Energias de Portugal SA		974,484		3,713,541
				3,713,541
SINGAPORE — 1.57%
Ascendas REIT		882,546		1,604,510
CapitaCommercial Trust		882,000		1,153,751
CapitaMall Trust Management Ltd.b		1,008,800		1,558,194
DBS Group Holdings Ltd.		252,000		3,685,670
Golden Agri-Resources Ltd.		1,890,000		586,653
Hutchison Port Holdings Trust		2,394,000		1,711,710
Kenon Holdings Ltd.a,b		7,812		132,643
Keppel Corp. Ltd.		378,000		2,430,419
Keppel Land Ltd.		252,000		845,525
Oversea-Chinese Banking Corp. Ltd.		1,260,000		9,684,428
SembCorp Marine Ltd.b		126,000		279,358
Singapore Press Holdings Ltd.b		472,000		1,440,662
Singapore Telecommunications Ltd.		3,276,000		9,878,117
Suntec REITb		1,008,000		1,400,517
UOL Group Ltd.		252,000		1,344,646
Wilmar International Ltd.		882,000		2,098,914
Yangzijiang Shipbuilding Holdings Ltd.		756,000		692,809
				40,528,526
SPAIN — 4.30%
Abertis Infraestructuras SA		89,208		1,748,582
ACS Actividades de Construccion y Servicios SA		75,726		2,637,081
Amadeus IT Holding SA Class A		90,342		3,628,275
Banco Santander SA		5,779,620		38,871,206
Enagas SA		63,923		2,026,963
Ferrovial SA		180,432		3,580,456
Gas Natural SDG SA		151,830		3,563,718
Iberdrola SA		2,215,458		15,320,211

Security	Shares		Value
Mapfre SA		416,430	$	1,402,713
Red Electrica Corporacion SA		35,696		3,043,645
Repsol SA		441,277		7,810,490
Telefonica SA		1,770,678		26,585,017
Zardoya Otis SA		50,400		573,858
				110,792,215
SWEDEN — 2.73%
Electrolux AB Class B		35,658		1,104,769
Industrivarden AB Class C		69,300		1,236,475
Investment AB Kinnevik Class B		98,532		2,951,511
Nordea Bank AB		1,270,710		16,174,865
Sandvik AB		443,898		4,657,671
Securitas AB Class B		130,410		1,590,625
Skandinaviska Enskilda Banken AB Class A		628,488		7,589,765
Skanska AB Class B		160,524		3,560,753
Svenska Cellulosa AB Class B		160,146		3,875,663
Svenska Handelsbanken AB Class A		208,404		9,895,628
Swedbank AB Class A		380,646		9,230,348
Swedish Match AB		30,870		1,005,683
Tele2 AB Class B		125,118		1,416,425
TeliaSonera AB		977,004		6,029,176
				70,319,357
SWITZERLAND — 4.05%
Adecco SA Registered		71,442		5,350,094
Aryzta AG		12,978		975,413
Baloise Holding AG Registered		20,034		2,612,988
Credit Suisse Group AG Registered		640,332		13,536,718
Nestle SA Registered		472,122		36,151,291
Pargesa Holding SA Bearer		12,096		874,283
Sulzer AG Registered		10,206		1,084,329
Swiss Life Holding AG Registereda		13,608		3,040,927
Swiss Prime Site AG Registered		11,970		1,038,211
Swiss Re AGa		142,884		12,905,451
Swisscom AG Registered		6,300		3,694,201
Transocean Ltd.b		154,098		2,425,237
Zurich Insurance Group AGa		62,496		20,744,827
				104,433,970

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE ETF

January 31, 2015

Security	Shares		Value
UNITED KINGDOM — 24.24%
3i Group PLC		411,390	$	2,837,863
Admiral Group PLC		80,892		1,759,201
Anglo American PLC		584,514		9,770,826
Antofagasta PLC		156,996		1,532,651
AstraZeneca PLC		529,074		37,688,665
Aviva PLC		1,235,052		9,794,006
BAE Systems PLC		1,324,134		10,092,742
Barclays PLC		6,885,144		24,212,989
BHP Billiton PLC		883,260		19,142,387
BP PLC		7,723,926		49,238,617
British Land Co. PLC (The)		408,618		5,090,672
BT Group PLC		1,695,456		10,641,433
Centrica PLC		2,104,704		9,287,183
Cobham PLC		306,054		1,501,718
Coca-Cola HBC AG		42,336		680,990
Direct Line Insurance Group PLC		629,496		2,954,501
Friends Life Group Ltd.		596,232		3,567,597
G4S PLC		229,824		984,433
GKN PLC		687,456		3,805,760
Hammerson PLC		333,284		3,446,352
HSBC Holdings PLC		8,022,294		73,448,806
ICAP PLC		233,604		1,640,575
Imperial Tobacco Group PLC		401,184		18,823,303
Intu Properties PLC		382,117		2,094,742
Investec PLC		234,864		1,975,357
J Sainsbury PLCb		518,238		1,987,885
Kingfisher PLC		989,352		5,093,694
Land Securities Group PLC		333,774		6,386,503
Legal & General Group PLC		2,493,162		10,031,466
Lloyds Banking Group PLCa		23,901,318		26,474,336
Marks & Spencer Group PLC		683,424		4,972,051
Melrose Industries PLC		226,800		902,672
National Grid PLC		1,584,324		22,260,197
Old Mutual PLC		2,053,548		6,421,357
Pearson PLC		343,602		6,971,918
Persimmon PLCa		45,360		1,084,569
Petrofac Ltd.		54,936		582,509
Rexam PLC		289,170		1,845,795
Rio Tinto PLC		532,350		23,386,452
Rolls-Royce Holdings PLC		790,020		10,577,929
Royal Dutch Shell PLC Class A		1,650,726		50,030,790
Royal Dutch Shell PLC Class B		1,024,380		32,378,090
RSA Insurance Group PLCa		150,192		1,024,780

Security	Shares		Value
SEGRO PLC		316,134	$	1,958,083
Severn Trent PLC		65,898		2,129,883
SSE PLC		410,634		9,923,209
Standard Chartered PLC		1,030,050		13,733,010
Standard Life PLC		1,003,968		6,076,677
Tate & Lyle PLC		197,820		2,014,379
Tesco PLC		3,406,536		11,498,836
United Utilities Group PLC		291,438		4,495,291
Vodafone Group PLC		11,100,474		39,095,393
William Hill PLC		182,952		1,036,179
Wm Morrison Supermarkets PLC		878,724		2,374,241
WPP PLC		551,376		12,140,121
				624,901,664
TOTAL COMMON STOCKS
(Cost: $2,539,486,460)				2,552,208,591
PREFERRED STOCKS — 0.68%
GERMANY — 0.68%
Bayerische Motoren Werke AG		22,680		1,923,333
Porsche Automobil Holding SE		64,260		5,399,409
Volkswagen AG		45,108		10,093,894
				17,416,636
TOTAL PREFERRED STOCKS
(Cost: $16,152,088)				17,416,636
RIGHTS — 0.03%
SPAIN — 0.03%
ACS Actividades de Construccion y Servicios SAa		75,726		38,454
Banco Santander SAa		5,118,472		779,752
				818,206
TOTAL RIGHTS
(Cost: $919,513)				818,206
SHORT-TERM INVESTMENTS — 0.73%
MONEY MARKET FUNDS — 0.73%
BlackRock Cash Funds: Institutional, SL Agency Shares 0.15%c,d,e		17,314,681		17,314,681

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE ETF

January 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares 0.14%c,d,e		1,041,563	$	1,041,563
BlackRock Cash Funds: Treasury, SL Agency Shares 0.00%c,d		437,958		437,958
				18,794,202
TOTAL SHORT-TERM INVESTMENTS
(Cost: $18,794,202)				18,794,202
TOTAL INVESTMENTS IN SECURITIES — 100.45%
(Cost: $2,575,352,263)				2,589,237,635
Other Assets, Less Liabilities — (0.45)%				(11,575,390	)
NET ASSETS — 100.00%			$	2,577,662,245

FDR — Fiduciary Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.38%
AUSTRALIA — 6.16%
Abacus Property Group		532,620	$	1,265,072
Adelaide Brighton Ltd.		1,127,016		3,142,036
AET&D Holdings No. 1 Pty Ltd.a		169,200		1
Ainsworth Game Technology Ltd.		289,476		665,017
Amcom Telecommunications Ltd.		507,672		1,130,700
Ansell Ltd.		347,292		6,131,185
APN News & Media Ltd.a		2,028,567		1,279,595
ARB Corp. Ltd.b		138,600		1,249,885
Ardent Leisure Group		996,732		2,157,850
Aristocrat Leisure Ltd.		1,150,380		6,288,927
Arrium Ltd.		6,005,340		958,715
Asaleo Care Ltd.a		168,867		216,984
Astro Japan Property Trust		405,599		1,579,301
Atlas Iron Ltd.b		2,061,180		272,874
Australian Agricultural Co. Ltd.a		1,283,890		1,599,727
Automotive Holdings Group		420,552		1,237,969
Aveo Group		910,404		1,616,468
AWE Ltd.a,b		1,032,372		1,081,326
Beach Energy Ltd.		2,374,812		1,775,410
Billabong International Ltd.a		1,256,770		626,374
BlueScope Steel Ltd.a		1,147,212		4,493,759
Bradken Ltd.		404,641		860,262
Breville Group Ltd.		188,496		1,065,705
BT Investment Management Ltd.		120,384		674,993
BWP Trust		1,078,704		2,394,116
Cabcharge Australia Ltd.		287,496		973,911
Cardno Ltd.		327,492		754,902
carsales.com Ltd.		487,476		3,910,106
Challenger Ltd.		1,155,924		5,680,110
Charter Hall Group		298,980		1,126,901
Charter Hall Retail REIT		720,324		2,462,581
Cover-More Group Ltd.		588,852		868,987
Credit Corp. Group Ltd.		131,472		1,197,891
Cromwell Group		2,949,408		2,434,663
CSR Ltd.		1,096,524		3,415,673
Cudeco Ltd.a,b		380,086		417,349
Decmil Group Ltd.		380,512		371,886
Domino’s Pizza Enterprises Ltd.		144,936		2,961,681
Downer EDI Ltd.		866,052		2,839,384
Drillsearch Energy Ltd.a		1,075,932		653,548
DUET Group		3,211,429		6,252,252

Security	Shares		Value
DuluxGroup Ltd.		797,544	$	3,714,103
Echo Entertainment Group Ltd.		1,636,668		5,161,949
Energy Resources of Australia Ltd.a,b		850,797		864,638
Energy World Corp. Ltd.a,b		2,222,904		510,671
Evolution Mining Ltd.		1,422,934		997,299
Fairfax Media Ltd.		4,195,128		2,940,261
FlexiGroup Ltd.		539,748		1,235,767
G.U.D Holdings Ltd.		213,840		1,307,244
G8 Education Ltd.		646,272		2,113,794
GDI Property Group		983,231		647,009
Genworth Mortgage Insurance Australia Ltd.		138,996		383,181
Goodman Fielder Ltd.		3,922,776		1,955,112
GrainCorp Ltd. Class A		445,104		3,088,427
Greencross Ltd.		156,024		1,081,383
GWA Group Ltd.		530,640		1,095,075
Hills Ltd.		616,429		518,448
Horizon Oil Ltd.a,b		3,240,502		315,443
iiNET Ltd.		365,112		2,132,483
IMF Bentham Ltd.		448,316		750,621
Independence Group NL		565,092		2,178,324
Investa Office Fund		1,468,368		4,413,878
Invocare Ltd.		241,164		2,450,875
IOOF Holdings Ltd.		602,316		4,427,866
Iress Ltd.		241,956		1,946,412
Jacana Minerals Ltd.b		52,407		9,523
JB Hi-Fi Ltd.b		224,928		2,933,975
Karoon Gas Australia Ltd.a,b		510,622		843,011
Liquefied Natural Gas Ltd.a,b		514,008		1,192,846
M2 Group Ltd.		365,904		2,564,530
MACA Ltd.		555,984		355,038
Macquarie Atlas Roads Group		782,496		1,797,638
Magellan Financial Group Ltd.		236,412		3,521,945
Mayne Pharma Group Ltd.a,b		831,206		404,564
McMillan Shakespeare Ltd.		130,680		1,170,321
Mesoblast Ltd.a,b		365,508		1,144,250
Metals X Ltd.		872,867		747,720
Mineral Resources Ltd.		311,256		1,633,713
MMA Offshore Ltd.		908,424		565,948
Monadelphous Group Ltd.b		180,180		1,144,972
Mount Gibson Iron Ltd.		1,813,614		303,656
Myer Holdings Ltd.b		1,246,213		1,509,110
Navitas Ltd.		438,768		1,834,879

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
NEXTDC Ltd.a		531,828	$	807,614
Nine Entertainment Co. Holdings Ltd.		701,316		966,685
Northern Star Resources Ltd.		1,020,852		1,427,004
Nufarm Ltd.		409,860		1,816,126
Orora Ltd.		2,208,492		3,663,309
OZ Minerals Ltd.		622,512		1,876,104
OzForex Group Ltd.		468,864		927,425
Pacific Brands Ltd.		2,807,869		1,071,448
Pact Group Holdings Ltd.		324,720		1,196,102
Paladin Energy Ltd.a,b		3,209,003		949,624
PanAust Ltd.		1,088,823		1,025,984
Perpetual Ltd.		88,308		3,382,102
Platinum Asset Management Ltd.		371,052		2,513,924
Premier Investments Ltd.		201,564		1,612,061
Primary Health Care Ltd.		996,055		3,591,389
Programmed Maintenance Services Ltd.		390,703		660,244
Qube Logistics Holdings Ltd.		960,300		1,749,931
RCR Tomlinson Ltd.		289,208		461,703
Recall Holdings Ltd.		684,070		3,808,945
Regis Resources Ltd.a,b		768,636		1,134,300
Retail Food Group Ltd.		328,284		1,577,368
SAI Global Ltd.		482,894		1,477,891
Sandfire Resources NL		246,312		819,052
Senex Energy Ltd.a,b		2,301,156		492,807
Seven West Media Ltd.		1,406,988		1,435,357
Shopping Centres Australasia Property Group		748,440		1,124,896
Sigma Pharmaceuticals Ltd.		3,405,479		2,121,614
Sims Metal Management Ltd.b		335,016		2,835,915
Sirius Resources NLa,b		599,940		1,172,680
Sirtex Medical Ltd.		131,472		2,759,244
Skilled Group Ltd.		525,096		535,683
Slater & Gordon Ltd.		392,040		2,027,200
Southern Cross Media Group Ltd.		1,437,480		1,181,007
Spark Infrastructure Group		2,884,068		4,806,372
Spotless Group Holdings Ltd.a		254,628		369,814
Steadfast Group Ltd.		1,551,132		1,769,638
STW Communications Group Ltd.		1,382,675		990,618
Sundance Energy Australia Ltd.a,b		1,227,204		444,394
Super Retail Group Ltd.b		321,156		2,183,375
Syrah Resources Ltd.a,b		229,680		643,908
Tassal Group Ltd.		689,040		2,022,944

Security	Shares		Value
Technology One Ltd.		86,505	$	223,654
Ten Network Holdings Ltd.a,b		3,998,018		622,691
Tox Free Solutions Ltd.		285,120		646,128
Transfield Services Ltd.a		1,042,272		1,152,571
Transpacific Industries Group Ltd.		3,431,736		2,204,783
UGL Ltd.		396,000		553,551
UXC Ltd.		920,141		533,837
Veda Group Ltd.		618,948		1,108,613
Village Roadshow Ltd.		135,036		641,472
Virtus Health Ltd.		224,136		1,401,604
Vocation Ltd.		1		—
Western Areas Ltd.		441,540		1,382,274
Western Desert Resources Ltd.a		1,071,750		8
Whitehaven Coal Ltd.a,b		1,543,637		1,490,613
				229,389,578
AUSTRIA — 0.96%
ams AG		145,332		5,718,187
Austria Technologie & Systemtechnik AG		33,025		427,826
BUWOG AGa		64,944		1,269,315
CA Immobilien Anlagen AGa,b		135,036		2,736,008
conwert Immobilien Invest SE		224,158		2,605,397
EVN AG		53,087		585,642
Kapsch TrafficCom AGa		5,284		121,401
Lenzing AGb		17,424		1,127,819
Oesterreichische Post AG		99,143		4,911,442
RHI AG		85,815		2,256,325
S IMMO AG		574,104		4,437,758
Schoeller-Bleckmann Oilfield Equipment AG		33,100		1,953,121
UNIQA Insurance Group AG		223,344		1,890,245
Wienerberger AG		280,764		3,968,274
Zumtobel Group AG		85,031		1,954,568
				35,963,328
BELGIUM — 1.53%
Ackermans & van Haaren NV		79,596		9,453,569
Agfa-Gevaert NVa		485,153		1,132,718
Barco NV		41,580		2,674,026
Befimmo SA		42,768		3,261,999
bpost SA		108,504		2,855,333
Cofinimmo SA		45,058		5,504,049
Compagnie d’Entreprises CFE SA		6,336		603,448
Compagnie Maritime Belge SA		44,860		702,384

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Econocom Group SA/NVb		131,076	$	1,072,072
Elia System Operator SA		83,160		3,649,044
Euronav SAa		109,296		1,281,452
EVS Broadcast Equipment SA		33,264		1,121,223
Fagron		66,132		2,699,247
Galapagos NVa		86,783		1,780,373
Intervest Offices & Warehouses NV		60,738		1,583,270
KBC Ancora SCAa		68,508		2,057,549
Melexis NV		25,344		1,269,815
Mobistar SAa		59,004		1,309,023
NV Bekaert SA		79,200		2,391,182
Nyrstar NVa		709,632		2,665,812
Ontex Group NVa		13,624		353,372
RHJ International SAa		249,876		1,311,173
SA D’Ieteren NV		42,768		1,381,246
Tessenderlo Chemie NVa,b		118,048		3,052,537
ThromboGenics NVa,b		70,146		549,740
Warehouses De Pauw SCA		14,652		1,124,316
				56,839,972
DENMARK — 1.91%
ALK-Abello A/S		29,730		3,384,503
Alm. Brand A/Sa		183,348		950,523
Amagerbanken A/Sa		130,550		—
Ambu AS		4,752		100,847
Auriga Industries A/S Class Ba		40,788		1,929,066
Bang & Olufsen A/S Class Ba,b		153,648		1,064,396
Bavarian Nordic A/Sa		64,548		1,991,165
Christian Hansen Holding A/S		213,048		8,852,106
D/S Norden A/Sb		48,708		1,010,058
FLSmidth & Co. A/Sb		107,712		4,558,685
Genmab A/Sa		90,684		6,086,931
GN Store Nord A/S		371,052		8,324,470
IC Group A/S		20,373		436,990
Jyske Bank A/S Registereda		136,620		6,190,138
Matas A/S		47,520		1,030,084
NKT Holding A/S		66,924		3,438,061
Rockwool International A/S Class B		13,860		1,485,398
Royal Unibrew A/Sa		23,364		3,984,371
Schouw & Co. A/S		33,660		1,561,333
SimCorp A/S		106,920		3,103,758
Solar Holdings A/S Class B		16,260		719,720
Spar Nord Bank AS		104,148		939,351
Sydbank A/Sa		158,004		4,454,933

Security	Shares		Value
Topdanmark A/Sa		163,548	$	5,473,995
				71,070,882
FINLAND — 1.39%
Amer Sports OYJ Class A		259,380		4,940,733
Cargotec Corp. OYJ Class Bb		74,052		2,371,546
Caverion Corp.		265,320		2,479,036
Citycon OYJ		988,740		3,353,926
Cramo OYJ		61,776		952,254
HKScan OYJ Class A		62,486		272,178
Huhtamaki OYJ		207,504		5,687,697
Kemira OYJ		133,848		1,531,554
Kesko OYJ Class B		115,236		4,209,333
Konecranes OYJ		109,296		3,331,281
Metsa Board OYJ Class B		242,352		1,449,456
Outokumpu OYJa,b		362,736		1,965,601
Outotec OYJb		358,178		2,071,454
Ramirent OYJ		126,324		1,042,043
Sanitec OYJa		127,635		1,465,748
Sanoma OYJ		156,816		986,547
Sponda OYJ		283,536		1,305,422
Stockmann OYJ Abp Class Bb		42,900		297,483
Technopolis OYJ		245,046		1,111,619
Tieto OYJ		170,280		4,183,161
Uponor OYJ		175,032		2,666,451
Valmet OYJ		241,956		3,112,603
YIT OYJb		188,496		1,098,639
				51,885,765
FRANCE — 3.87%
Air France-KLMa,b		298,584		2,643,946
Albioma SA		78,367		1,457,380
ALTEN		41,976		1,759,715
Altran Technologies SA		382,471		3,391,078
APERAM SAa		100,711		2,641,165
Belvedere SAa,b		76,428		865,902
Beneteau SAa		130,100		1,901,208
Boiron SA		7,920		809,722
BOURBON SAb		125,197		2,591,756
CGGa,b		336,996		1,889,247
Club Mediterranee SAa		109,727		3,044,770
Coface SAa		37,784		461,550
Compagnie Plastic Omnium SA		129,492		3,741,538
DBV Technologies SAa		5,940		287,492
Derichebourg		416,199		1,624,084

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Eiffage SA		78,804	$	3,844,289
Elior Participations SCAa,c		29,604		467,359
Etablissements Maurel et Proma		226,908		1,834,886
Euler Hermes Group		22,572		2,214,991
Eurofins Scientific SE		21,149		5,453,289
Faurecia		131,472		5,314,242
GameLoft SAa		160,776		535,212
Gaztransport Et Technigaz SA		6,666		376,714
Genfita		37,620		2,441,008
Groupe Fnaca		22,176		1,113,841
Haulotte Group		128,924		1,930,577
Havas SA		709,758		5,486,348
Ingenico SA		102,168		10,685,218
Innate Pharma SAa		96,624		1,005,306
Ipsen SA		55,836		2,841,668
Ipsos SA		73,260		1,908,443
Jacquet Metal Service SA		110,903		1,933,545
Korian-Medica		65,340		2,469,316
M6-Metropole Television		89,892		1,643,306
Mercialys		43,956		1,062,726
Montupet		16,236		1,292,950
MPI		281,501		965,686
Neopost SA		68,904		3,576,718
Nexans SAa		79,596		2,515,413
Nexity		75,242		2,965,797
Orpea SA		110,119		7,168,780
Parrot SAa		25,244		542,385
Rubis SCA		63,756		3,697,278
Saft Groupe SA		90,911		2,911,463
Sartorius Stedim Biotech SA		6,336		1,233,709
SEB SA		62,306		4,265,661
Societe Television Francaise 1		242,748		3,845,964
Soitec SAa,b		442,978		444,892
Solocal Groupa		2,274,228		1,917,066
Sopra Steria Group		20,988		1,636,559
Tarkett SA		33,660		690,543
Technicolor SA Registereda		744,480		4,460,977
Teleperformance		129,096		9,263,691
Ubisoft Entertainment SAa		196,020		3,957,247
Vicat SA		21,780		1,531,679
Virbac SAb		7,128		1,586,197
				144,143,492

Security	Shares		Value
GERMANY — 5.53%
Aareal Bank AG		99,792	$	3,787,648
AIXTRON SEa,b		247,896		1,965,721
Alstria Office REIT AG		122,760		1,571,607
Aurelius AG		36,432		1,459,054
Aurubis AG		84,348		4,584,943
Bechtle AG		24,156		2,046,049
Bertrandt AG		17,629		2,319,576
Bilfinger Berger SE		98,604		5,165,140
Borussia Dortmund GmbH & Co. KGaA		263,739		1,186,596
CANCOM SEb		36,432		1,564,711
Carl Zeiss Meditec AG Bearerb		61,776		1,628,104
CENTROTEC Sustainable AG		38,016		568,414
CompuGroup Medical AG		46,626		1,205,413
CTS Eventim AG & Co. KGaA		90,684		2,599,243
Delticom AGb		19,008		365,715
Deutsche EuroShop AG		67,320		3,119,596
DEUTZ AG		268,824		1,241,023
Dialog Semiconductor PLCa		153,252		5,895,432
DMG MORI SEIKI AG		152,460		4,989,263
DO Deutsche Office AGa		197,179		793,681
Draegerwerk AG & Co. KGaA		8,048		644,806
Drillisch AGb		98,208		3,823,389
Duerr AG		58,212		5,307,700
ElringKlinger AGb		91,476		3,192,784
Evotec AGa,b		202,356		837,811
Freenet AG		280,368		8,371,451
GAGFAH SAa		452,232		10,099,260
Gerresheimer AG		77,616		4,238,715
Gerry Weber International AG		51,084		1,974,655
Gesco AG		10,196		799,069
Grammer AG		8,316		332,013
Grand City Properties SAa,b		30,035		491,449
Heidelberger Druckmaschinen AGa,b		642,708		1,510,725
Indus Holding AG		33,660		1,470,347
Jenoptik AG		81,972		1,100,303
KION Group AG		56,232		2,182,853
Kloeckner & Co. SEa		248,843		2,574,438
Kontron AGa		277,056		1,638,254
Krones AG		25,344		2,404,927
KUKA AGb		78,804		5,337,363
KWS Saat AG		3,517		1,074,343

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
LEG Immobilien AG		113,652	$	8,712,066
LEONI AG		74,052		4,635,296
LPKF Laser & Electronics AGb		64,548		714,626
MLP AG		230,972		917,454
MorphoSys AGa		50,688		4,347,116
MTU Aero Engines Holding AG		116,424		10,658,755
Nordex SEa		142,956		2,793,234
NORMA Group SE		66,924		3,326,674
PATRIZIA Immobilien AGa		104,544		1,833,886
Pfeiffer Vacuum Technology AG		20,196		1,815,694
QSC AGb		406,692		810,015
R Stahl AGb		12,782		613,158
Rational AG		5,940		1,956,939
Rheinmetall AG		97,416		4,233,371
Rhoen Klinikum AG		216,278		5,730,505
SAF-Holland SA		108,504		1,605,207
Salzgitter AG		83,160		2,275,198
SGL Carbon SEa,b		97,416		1,551,650
SMA Solar Technology AGa,b		24,948		309,397
Software AG		154,001		4,083,888
Stada Arzneimittel AG		131,076		4,074,257
Stoeer Media SE		56,628		1,651,864
Suedzucker AGb		166,716		2,092,954
TAG Immobilien AG		223,740		2,907,301
Takkt AG		48,194		821,207
Tom Tailor Holding AGa		50,688		622,896
Vossloh AGb		30,173		1,934,990
Wacker Chemie AGb		35,244		3,778,255
Wacker Neuson SE		55,836		1,130,996
Wincor Nixdorf AG		76,428		3,508,024
Wirecard AG		255,899		11,469,918
XING AG		11,357		1,387,952
				205,768,327
HONG KONG — 2.73%
Bonjour Holdings Ltd.		4,306,000		394,315
Brightoil Petroleum (Holdings) Ltd.a,b		6,653,512		1,639,060
Cafe de Coral Holdings Ltd.b		1,584,000		5,842,945
Champion REIT		8,629,000		4,229,165
China LNG Group Ltd.b		7,920,000		1,368,802
China Public Procurement Ltd.a,b		20,592,000		491,339
Chow Sang Sang Holdings International Ltd.		792,000		2,099,170

Security	Shares		Value
Citic Telecom International Holdings Ltd.		2,733,000	$	849,508
CK Life Sciences International (Holdings) Inc.		10,570,000		1,090,625
CSI Properties Ltd.b		23,410,000		905,802
Dah Sing Banking Group Ltd.		792,000		1,323,856
Dah Sing Financial Holdings Ltd.		158,400		917,302
Dickson Concepts International Ltd.		1,366,500		643,299
Emperor Watch & Jewellery Ltd.b		11,880,000		513,301
Esprit Holdings Ltd.b		4,164,300		4,699,598
FIH Mobile Ltd.a		5,477,000		2,444,159
G-Resources Group Ltd.a,b		65,777,400		1,874,906
GCL New Energy Holdings Ltd.a		792,000		92,956
Giordano International Ltd.		3,960,000		1,874,441
Global Brands Group Holding Ltd.a		12,270,000		2,326,336
Great Eagle Holdings Ltd.		396,000		1,320,281
Guotai Junan International Holdings Ltd.b		396,000		280,400
Hilong Holding Ltd.b		1,584,000		492,360
Hong Kong Television Network Ltd.a		1,584,000		688,487
Hopewell Holdings Ltd.b		1,188,000		4,466,482
Hutchison Telecommunications Hong Kong Holdings Ltd.b		5,544,000		2,531,262
I.T Ltd.		792,000		203,277
IGG Inc.b		1,188,000		436,689
IRC Ltd.a		3,168,000		194,084
Johnson Electric Holdings Ltd.		1,076,250		3,928,350
K. Wah International Holdings Ltd.b		2,772,000		1,498,021
Kerry Logistics Network Ltd.		794,000		1,214,551
Lai Sun Development Co. Ltd.		52,898,665		1,187,147
Luk Fook Holdings International Ltd.		792,000		2,947,010
Macau Legend Development Ltd.a,b		3,168,000		1,164,503
Man Wah Holdings Ltd.		1,267,200		1,085,235
Melco International Development Ltd.b		1,980,000		3,978,719
Midland Holdings Ltd.a,b		3,168,000		1,597,617
Newocean Energy Holdings Ltd.b		2,376,000		867,248

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Orient Overseas International Ltd.		396,000	$	2,599,702
Pacific Basin Shipping Ltd.		4,752,000		1,759,013
Pacific Textiles Holdings Ltd.b		792,000		1,092,999
Paradise Entertainment Ltd.b		1,584,000		543,435
Playmates Toys Ltd.b		1,584,000		335,050
Prosperity REIT		5,085,000		1,888,835
Sa Sa International Holdings Ltd.b		1,584,000		1,025,580
Samson Holding Ltd.		3,517,000		458,146
Shun Tak Holdings Ltd.		3,168,000		1,450,521
Singamas Container Holdings Ltd.		3,898,000		633,466
SITC International Holdings Co. Ltd.		2,341,000		1,292,278
SmarTone Telecommunications Holding Ltd.b		785,000		1,376,953
SPT Energy Group Inc.b		1,584,000		253,331
Stella International Holdings Ltd.		792,000		2,094,063
Summit Ascent Holdings Ltd.a,b		1,584,000		882,571
Television Broadcasts Ltd.		518,500		3,216,655
Texwinca Holdings Ltd.		1,584,000		1,295,254
Town Health International Medical Group Ltd.b		7,128,000		1,498,532
Trinity Ltd.b		3,168,000		621,068
Truly International Holdings Ltd.		2,376,000		858,055
United Photovoltaics Group Ltd.a,b		7,128,000		974,505
Value Partners Group Ltd.b		1,584,000		1,352,458
VST Holdings Ltd.		2,640,000		841,030
VTech Holdings Ltd.b		396,000		5,582,464
Xinyi Glass Holdings Co. Ltd.		3,960,000		2,088,955
Yunbo Digital Synergy Group Ltd.a		51,084		23,126
				101,740,653
IRELAND — 0.94%
C&C Group PLC		852,192		3,336,948
FBD Holdings PLC		133,164		1,652,959
Glanbia PLC		338,976		5,470,002
Hibernia REIT PLC		594,396		747,211
Kingspan Group PLC		239,976		4,347,710
Paddy Power PLC		99,792		7,798,265
Smurfit Kappa Group PLC		470,844		11,614,744
				34,967,839
ISRAEL — 0.98%
Africa Israel Investments Ltd.a		76,032		67,686
Africa Israel Properties Ltd.		49,370		616,064
Airport City Ltd.a		134,412		1,111,669

Security	Shares		Value
AL-ROV (Israel) Ltd.a		19,627	$	529,426
Alony Hetz Properties & Investments Ltd.		152,856		1,080,051
Alrov Properties and Lodgings Ltd.a		21,346		392,563
Amot Investments Ltd.		241,561		716,817
Bayside Land Corp. Ltd.		2,341		632,066
Cellcom Israel Ltd.a		106,128		562,004
Clal Insurance Enterprises Holdings Ltd.a		14,885		214,861
Delek Automotive Systems Ltd.		45,144		433,508
Discount Investment Corp. Ltd. Registeredb		130,769		209,746
Elbit Systems Ltd.		28,512		1,757,512
Electra (Israel) Ltd.		5,676		608,378
Energix-Renewable Energies Ltd.a		3		2
EZchip Semiconductor Ltd.a		51,639		973,998
Frutaromb		109,692		3,439,444
Gazit Globe Ltd.b		125,532		1,593,951
Harel Insurance Investments & Financial Services Ltd.		156,816		700,209
Israel Discount Bank Ltd. Class Aa,b		1,202,256		1,883,334
Ituran Location and Control Ltd.		85,031		1,784,244
Jerusalem Economy Ltd.		46,826		163,046
Jerusalem Oil Exploration Ltd.a		52,507		1,559,441
MATRIX IT Ltd.		184,730		838,495
Melisron Ltd.b		55,642		1,622,802
Menorah Mivtachim Holdings Ltd.		55,441		489,034
Migdal Insurance & Financial Holdings Ltd.		75,636		90,606
Naphtha Israel Petroleum Corp. Ltd.a		267,649		1,357,348
Nitsba Holdings (1995) Ltd.a		65,862		897,855
Norstar Holdings Inc.		36,628		895,373
Oil Refineries Ltd.a		1,981,188		574,784
Ormat Industries Ltd.		99,902		701,817
Osem Investment Ltd.		71,280		1,265,118
Partner Communications Co. Ltd.a		159,984		544,425
Paz Oil Co. Ltd.		7,920		1,017,549
Plasson Industries Ltd.		26,044		874,999
Plus500 Ltd.b		106,920		915,324
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		29,781		1,181,090

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Shikun & Binui Ltd.		347,202	$	660,364
Shufersal Ltd.b		255,816		527,798
Strauss Group Ltd.a		68,904		1,015,320
				36,500,121
ITALY — 3.52%
A2A SpA		2,938,320		2,798,492
ACEA SpA		63,360		712,126
Anima Holding SpAa,c		80,784		404,024
Ansaldo STS SpA		257,796		2,590,553
Autogrill SpAa		352,440		3,016,638
Azimut Holding SpA		217,800		5,085,116
Banca Carige SpAa,b		10,944,171		734,822
Banca Generali SpA		139,392		3,891,527
Banca Popolare dell’Emilia Romagna SCa		1,022,594		6,917,910
Banca Popolare di Milano Scarla		8,718,732		7,005,123
Banca Popolare di Sondrio Scarl		1,018,512		3,965,224
Beni Stabili SpA SIIQ		3,338,861		2,492,359
Brembo SpA		56,628		1,993,739
Buzzi Unicem SpA		215,028		2,640,015
CIR SpAa		2,068,806		2,283,185
Credito Valtellinese SCa		2,453,616		2,768,784
Danieli & C. Officine Meccaniche SpA RNC		191,664		3,140,434
Davide Campari-Milano SpA		851,400		5,764,576
De’Longhi SpA		100,584		1,813,795
DiaSorin SpAb		56,628		2,257,654
Ei Towers SpAa		24,629		1,220,373
ERG SpA		175,169		2,085,413
FinecoBank Banca Fineco SpAa		84,973		457,577
Gruppo Editoriale L’Espresso SpAa,b		731,644		925,524
GTECH SpAb		173,448		3,405,658
Hera SpA		1,847,349		4,523,672
Interpump Group SpA		164,340		2,338,519
Iren SpA		788,040		915,053
Italcementi SpA		292,644		2,014,429
Juventus Football Club SpAa		3,627,327		949,636
Maire Tecnimont SpAa,b		329,868		729,590
MARR SpA		216,612		3,786,312
Mediaset SpAa		1,550,290		7,057,182
Mediolanum SpA		545,292		3,879,687
Moncler SpA		240,372		3,575,047

Security	Shares		Value
Piaggio & C. SpAa,b		282,348	$	860,262
Recordati SpA		304,920		5,040,876
Reply SpA		24,685		1,912,301
Safilo Group SpAa,b		53,026		756,941
Salini Impregilo SpAa		225,720		822,726
Salvatore Ferragamo SpA		117,216		3,394,111
Saras SpAa		725,076		810,848
Societa Cattolica di Assicurazioni Scrl		400,135		3,088,482
Sogefi SpAa,b		262,152		755,538
Sorin SpAa		785,268		1,823,668
Tod’s SpAb		29,304		3,009,198
Unipol Gruppo Finanziario SpA		544,316		2,745,624
World Duty Free SpAa		300,168		3,309,340
Yoox SpAa,b		118,404		2,566,706
				131,036,389
JAPAN — 29.91%
3-D Matrix Ltd.a,b		39,600		647,948
77 Bank Ltd. (The)		792,000		4,416,294
Accordia Golf Co. Ltd.		198,000		2,024,416
Achilles Corp.		792,000		1,024,850
Activia Properties Inc.		396		3,549,891
Adastria Holdings Co. Ltd.		55,040		1,459,580
Adeka Corp.		237,600		2,943,072
Aderans Co. Ltd.		39,600		353,304
Advance Residence Investment Corp.		2,772		7,114,953
Adways Inc.a,b		39,600		380,948
AEON Delight Co. Ltd.		39,600		892,361
AEON REIT Investment Corp.		1,188		1,630,321
Ai Holdings Corp.		198,000		3,480,782
Aica Kogyo Co. Ltd.		118,800		2,664,947
Aida Engineering Ltd.		158,400		1,580,427
AIFUL Corp.a,b		633,600		2,103,639
Airport Facilities Co. Ltd.		118,800		704,921
Akebono Brake Industry Co. Ltd.		234,100		833,046
Alps Electric Co. Ltd.		356,400		7,515,454
Anritsu Corp.		277,200		1,826,525
Aoyama Trading Co. Ltd.		118,800		4,010,063
Arcs Co. Ltd.		39,600		820,554
Ardepro Co. Ltd.a,b		158,400		204,970
Asahi Diamond Industrial Co. Ltd.		158,400		1,630,321
Asahi Holdings Inc.		79,200		1,184,646

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Asahi Intecc Co. Ltd.		39,600	$	2,117,124
Ashikaga Holdings Co. Ltd.		79,200		327,008
Askul Corp.b		39,600		619,293
Asukanet Co. Ltd.b		39,600		841,119
Autobacs Seven Co. Ltd.		158,400		2,332,882
Avex Group Holdings Inc.		79,200		1,344,441
Awa Bank Ltd. (The)		792,000		4,301,673
Azbil Corp.		198,000		4,959,060
Bank of Iwate Ltd. (The)		39,600		1,621,555
Bank of Nagoya Ltd. (The)		792,000		2,879,019
Benefit One Inc.		118,800		1,265,218
BIC Camera Inc.b		79,200		902,812
Broadleaf Co. Ltd.		79,200		1,231,168
Calsonic Kansei Corp.		396,000		2,278,943
Canon Marketing Japan Inc.		158,400		2,895,201
Capcom Co. Ltd.		158,400		2,674,049
Century Tokyo Leasing Corp.		118,800		2,834,856
Chiome Bioscience Inc.a,b		39,600		449,720
Clarion Co. Ltd.a,b		396,000		1,179,926
Coca-Cola East Japan Co. Ltd.		158,400		2,656,519
Coca-Cola West Co. Ltd.		39,600		569,061
Colowide Co. Ltd.		79,200		1,342,419
COMSYS Holdings Corp.		316,800		4,352,915
COOKPAD Inc.		39,600		1,599,642
Cosmo Oil Co. Ltd.		1,188,000		1,608,070
Cosmos Pharmaceutical Corp.		18,000		2,911,506
CROOZ Inc.b		39,600		684,020
CyberAgent Inc.		118,800		5,279,326
Daifuku Co. Ltd.		277,200		3,207,039
Daihen Corp.		396,000		1,928,336
Daiichikosho Co. Ltd.		79,200		2,302,541
Daikokutenbussan Co. Ltd.		42,200		1,641,800
Daikyo Inc.		792,000		1,179,926
Daio Paper Corp.		396,000		3,438,641
Daiseki Co. Ltd.		79,200		1,356,578
Daishi Bank Ltd. (The)		1,188,000		3,984,778
Daiwa House REIT Investment Corp.		792		3,849,930
Daiwa Office Investment Corp.		792		4,605,082
Daiwabo Holdings Co. Ltd.		792,000		1,328,259
Daiwahouse Residential Investment Corp.		792		3,728,566
DCM Holdings Co. Ltd.		237,600		1,595,934
Dena Co. Ltd.		79,200		1,047,100

Security	Shares		Value
Denki Kagaku Kogyo K.K.		792,000	$	3,148,717
DIC Corp.		1,584,000		3,964,551
Digital Garage Inc.		79,200		1,144,191
DISCO Corp.		79,200		7,329,026
DMG Mori Seiki Co Ltd.		237,600		3,125,118
Dowa Holdings Co. Ltd.		396,000		3,195,914
Dr. Ci:Labo Co. Ltd.b		39,600		1,365,343
Duskin Co. Ltd.		237,600		3,766,324
Ebara Corp.		792,000		3,081,292
EDION Corp.		237,600		1,773,934
Euglena Co. Ltd.a,b		118,800		1,793,150
Exedy Corp.		118,800		2,630,561
Ezaki Glico Co. Ltd.		87,600		3,624,365
F@N Communications Inc.		79,400		907,796
Frontier Real Estate Investment Corp.		792		3,620,687
Fudo Tetra Corp.b		547,700		1,128,365
Fuji Machine Manufacturing Co. Ltd.		237,600		2,320,072
Fuji Oil Co. Ltd. New		158,400		2,045,654
Fuji Seal International Inc.		39,600		1,276,006
Fuji Soft Inc.		79,200		1,597,957
Fujikura Ltd.		792,000		3,324,020
Fujimi Inc.		39,600		620,304
Fujitec Co. Ltd.		39,600		409,603
Fukuoka REIT Corp.		792		1,602,002
Funai Electric Co. Ltd.		39,600		483,095
Furukawa Electric Co. Ltd.		1,584,000		2,656,519
Fuso Pharmaceutical Industries Ltd.		396,000		1,021,479
Futaba Industrial Co. Ltd.		312,500		1,574,937
Fuyo General Lease Co. Ltd.		39,600		1,286,119
Gakken Holdings Co. Ltd.		396,000		836,062
Global One Real Estate Investment Corp. Ltd.		792		3,293,679
Glory Ltd.		237,600		6,290,691
GLP J-REIT		4,356		4,961,757
GMO Internet Inc.		158,400		1,321,517
GNI Group Ltd.a,b		396,000		1,007,994
GS Yuasa Corp.		792,000		3,607,202
Gulliver International Co. Ltd.		158,400		1,271,623
Gunze Ltd.		396,000		1,031,592
Gurunavi Inc.		79,200		1,276,343
H.I.S. Co. Ltd.		118,800		4,116,256

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
H2O Retailing Corp.		198,000	$	3,521,236
Hanwa Co. Ltd.		792,000		2,986,898
Happinet Corp.		39,600		445,001
Haseko Corp.		554,400		4,554,514
Hazama Ando Corp.		356,400		2,354,458
Heiwa Corp.		79,200		1,600,654
Heiwa Real Estate Co. Ltd.		158,400		2,277,594
Heiwa Real Estate REIT Inc.		1,980		1,650,211
Higo Bank Ltd. (The)		1,188,000		6,503,078
Hitachi Capital Corp.		118,800		2,362,549
Hitachi Zosen Corp.		396,000		2,191,291
Hogy Medical Co. Ltd.		79,200		4,139,854
Hokkaido Electric Power Co. Inc.a		396,000		3,216,141
Hokkoku Bank Ltd. (The)		1,188,000		3,822,960
Honeys Co. Ltd.		128,880		1,154,231
HORIBA Ltd.		79,200		2,605,951
Hoshizaki Electric Co. Ltd.		79,200		4,052,203
Hosiden Corp.		277,200		1,498,506
House Foods Group Inc.		237,600		4,785,780
Hulic Reit Inc.		1,584		2,378,731
Hyakugo Bank Ltd. (The)		1,188,000		5,066,939
Hyakujushi Bank Ltd. (The)		1,188,000		4,025,233
IBJ Leasing Co. Ltd.		39,600		752,119
Ichigo Group Holdings Co. Ltd.b		435,600		908,543
Iino Kaiun Kaisha Ltd.		351,700		2,074,900
Inabata & Co. Ltd.		237,600		2,186,571
Industrial & Infrastructure Fund Investment Corp.		792		4,005,006
Infomart Corp.		79,200		682,334
Internet Initiative Japan Inc.b		79,200		1,676,843
Iriso Electronics Co. Ltd.		39,600		2,319,397
Iseki & Co. Ltd.		792,000		1,523,790
Ishihara Sangyo Kaisha Ltd.a		1,188,000		1,041,706
IT Holdings Corp.		198,000		3,313,906
Ito EN Ltd.b		119,400		2,301,295
IwaiCosmo Holdings Inc.		118,800		1,369,388
Iwatani Corp.b		396,000		2,582,352
Izumi Co. Ltd.		118,800		4,298,302
J Trust Co. Ltd.		158,400		1,298,593
Jaccs Co. Ltd.		396,000		1,860,912
JAFCO Co. Ltd.		79,200		2,632,920
Japan Airport Terminal Co. Ltd.		158,400		7,214,404
Japan Aviation Electronics Industry Ltd.		105,000		2,409,909

Security	Shares		Value
Japan Communications Inc.a,b		237,600	$	1,035,638
Japan Digital Laboratory Co. Ltd.		237,600		3,290,982
Japan Excellent Inc.		3,960		5,100,651
Japan Hotel REIT Investment Corp.		5,940		3,924,097
Japan Logistics Fund Inc.		3,564		7,655,022
Japan Petroleum Exploration Co. Ltd.		79,200		2,420,534
Japan Rental Housing Investments Inc.		2,772		2,208,821
Japan Securities Finance Co. Ltd.		435,600		2,176,795
Japan Steel Works Ltd. (The)		792,000		3,189,171
Jin Co. Ltd.b		39,600		1,218,695
Juki Corp.b		396,000		1,314,775
Juroku Bank Ltd. (The)		1,188,000		3,954,438
JVC Kenwood Corp.a		554,480		1,321,708
K’s Holdings Corp.		118,860		3,511,209
kabu.com Securities Co. Ltd.		312,500		1,707,956
Kadokawa Dwangoa		85,967		1,280,009
Kagome Co. Ltd.b		237,600		3,774,415
Kagoshima Bank Ltd. (The)		792,000		4,996,144
Kaken Pharmaceutical Co. Ltd.		396,000		8,498,838
Kanematsu Corp.		1,584,000		2,278,943
Kasumi Co. Ltd.		198,000		1,667,067
Kawasaki Kisen Kaisha Ltd.		1,584,000		4,584,855
Kayaba Industry Co. Ltd.		396,000		1,587,843
Keihin Corp.		118,800		1,909,457
Keiyo Bank Ltd. (The)		1,188,000		6,543,532
Kenedix Inc.		475,200		2,168,367
Kenedix Realty Investment Corp.		792		4,712,961
Kenedix Residential Investment Corp.		792		2,299,170
Kewpie Corp.		277,200		6,465,994
Kinden Corp.		396,000		4,726,446
Kitz Corp.		435,600		2,087,795
Kiyo Bank Ltd. (The)		356,400		4,444,950
Koa Corp.		79,200		732,228
Kobayashi Pharmaceutical Co. Ltd.		118,800		7,999,898
Komeri Co. Ltd.		118,800		2,561,788
Komori Corp.		118,800		1,296,570
Konishi Co. Ltd.		39,600		684,020
Kose Corp.		39,600		1,786,745
Kumagai Gumi Co. Ltd.a,b		396,000		1,264,206

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Kyodo Printing Co. Ltd.		433,000	$	1,459,737
KYORIN Holdings Inc.		198,000		4,033,661
Kyowa Exeo Corp.		118,800		1,264,206
Laox Co. Ltd.a,b		396,000		893,372
Leopalace21 Corp.a		514,800		3,361,440
Lintec Corp.		79,200		1,759,101
Lion Corp.		396,000		2,160,950
Macnica Inc.		39,600		1,173,184
Maeda Kosen Co. Ltd.b		79,200		766,615
Maruha Nichiro Corp.		198,000		2,964,985
Marusan Securities Co. Ltd.		237,600		1,660,661
Marvelous Inc.b		79,200		1,200,153
Matsui Securities Co. Ltd.		277,200		2,371,651
Matsumotokiyoshi Co. Ltd.		79,200		2,629,549
Matsuya Co. Ltd.		118,800		1,981,264
MEGMILK SNOW BRAND Co. Ltd.		79,200		1,094,297
Meidensha Corp.		396,000		1,193,411
Meitec Corp.		158,400		4,659,022
Message Co. Ltd.		39,600		1,061,933
Micronics Japan Co. Ltd.b		39,600		1,080,475
MID REIT Inc.		1,188		3,044,209
Ministop Co. Ltd.		79,200		1,072,047
Misumi Group Inc.		237,600		8,970,808
Mitsubishi Steel Manufacturing Co. Ltd.		1,188,000		2,427,276
Mitsui Engineering & Shipbuilding Co. Ltd.		1,584,000		2,602,580
Mitsui Mining & Smelting Co. Ltd.		1,188,000		2,508,185
Mitsumi Electric Co. Ltd.		198,000		1,528,847
Miura Co. Ltd.		118,800		1,353,206
Mizuno Corp.		792,000		3,917,354
Modec Inc.b		39,600		644,577
Monex Group Inc.		449,970		934,684
MonotaRO Co. Ltd.		39,700		1,018,989
Mori Hills REIT Investment Corp.		2,376		3,369,868
MORI TRUST Sogo REIT Inc.		2,772		5,786,357
Morinaga Milk Industry Co. Ltd.		396,000		1,719,321
MOS Food Services Inc.		39,600		824,263
Moshi Moshi Hotline Inc.		118,800		1,319,831
Musashino Bank Ltd. (The)		118,800		3,934,210
Nachi-Fujikoshi Corp.		396,000		2,150,836
Nagase & Co. Ltd.		396,000		4,969,174
Nakanishi Inc.		39,600		1,459,737

Security	Shares		Value
Namura Shipbuilding Co. Ltd.		118,800	$	1,218,695
Nankai Electric Railway Co. Ltd.		792,000		3,182,429
NanoCarrier Co. Ltd.a,b		79,200		914,948
Nanto Bank Ltd. (The)		792,000		2,676,746
Net One Systems Co. Ltd.b		275,000		1,652,833
Next Co. Ltd.		39,600		333,750
Nichi-Iko Pharmaceutical Co. Ltd.		158,400		2,872,277
Nichicon Corp.		158,400		1,217,684
Nichirei Corp.		396,000		2,113,753
Nifco Inc.		198,000		6,877,283
Nihon Kohden Corp.		118,800		5,926,599
Nihon M&A Center Inc.		79,200		2,771,140
Nihon Nohyaku Co. Ltd.		79,200		940,570
Nihon Parkerizing Co. Ltd.		277,200		6,671,301
Nihon Unisys Ltd.		158,400		1,399,729
Nikkiso Co. Ltd.		79,200		703,236
Nippon Accommodations Fund Inc.		792		3,280,194
Nippon Chemi-Con Corp.a		396,000		1,132,729
Nippon Coke & Engineering Co. Ltd.		1,096,500		1,026,817
Nippon Denko Co. Ltd.		390,900		991,684
Nippon Kayaku Co. Ltd.		396,000		5,589,478
Nippon Konpo Unyu Soko Co. Ltd.		237,600		3,731,937
Nippon Light Metal Holdings Co. Ltd.		1,346,400		2,028,798
Nippon Paper Industries Co. Ltd.		198,000		3,145,345
Nippon Seiki Co. Ltd.		396,000		9,018,005
Nippon Sharyo Ltd.b		792,000		2,400,306
Nippon Sheet Glass Co. Ltd.a		1,980,000		1,837,313
Nippon Shinyaku Co. Ltd.		396,000		13,164,602
Nippon Shokubai Co. Ltd.		396,000		5,380,462
Nippon Steel & Sumikin Bussan Corp.		396,000		1,459,737
Nippon Suisan Kaisha Ltd.a		673,200		2,344,007
Nippon Yakin Kogyo Co. Ltd.a,b		390,900		788,689
Nipro Corp.b		237,600		2,095,548
Nishi-Nippon City Bank Ltd. (The)		1,584,000		5,205,159
Nishi-Nippon Railroad Co. Ltd.		396,000		1,722,692
Nishimatsu Construction Co. Ltd.		397,000		1,612,131
Nishimatsuya Chain Co. Ltd.		316,800		2,535,155
Nishio Rent All Co. Ltd.		79,200		2,450,875
Nissan Chemical Industries Ltd.		277,200		5,163,356
Nissan Shatai Co. Ltd.		118,800		1,319,831

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Nissha Printing Co. Ltd.		79,200	$	1,280,388
Nisshin OilliO Group Ltd. (The)		792,000		2,892,504
Nisshin Steel Co. Ltd.		198,000		2,078,355
Nisshinbo Holdings Inc.		396,000		4,490,461
Nitto Boseki Co. Ltd.		792,000		2,804,853
Nitto Kogyo Corp.		39,600		769,649
Noevir Holdings Co. Ltd.		39,600		724,812
Nomura Co. Ltd.		118,800		1,129,695
Nomura Real Estate Master Fund Inc.		3,960		4,979,287
Nomura Real Estate Office Fund Inc.		792		4,052,203
Nomura Real Estate Residential Fund Inc.		396		2,302,541
North Pacific Bank Ltd.		704,500		2,650,909
NSD Co. Ltd.		277,200		4,304,370
NTN Corp.		1,188,000		5,157,962
Obara Group Inc.		39,600		1,992,389
OBIC Co. Ltd.		158,400		5,360,235
Ogaki Kyoritsu Bank Ltd. (The)		1,188,000		3,671,255
Okasan Securities Group Inc.		396,000		2,818,337
Oki Electric Industry Co. Ltd.		1,584,000		3,263,338
Okinawa Electric Power Co. Inc. (The)		79,200		2,754,284
Okuma Corp.		396,000		3,415,043
Onoken Co. Ltd.		118,800		979,001
Orient Corp.a,b		910,800		1,372,422
Orix JREIT Inc.		5,148		7,739,640
OSG Corp.		198,000		3,676,312
Pacific Metals Co. Ltd.a		396,000		1,078,789
Paramount Bed Holdings Co. Ltd.		39,600		1,102,388
Penta-Ocean Construction Co. Ltd.		673,200		2,590,443
Pigeon Corp.		79,200		4,982,659
Pilot Corp.		39,600		2,369,966
Pioneer Corp.a		704,500		1,337,449
Pola Orbis Holdings Inc.		39,600		1,699,093
Premier Investment Corp.		792		4,240,991
Press Kogyo Co. Ltd.		396,000		1,348,487
Prima Meat Packers Ltd.		396,000		1,034,964
Pronexus Inc.		158,400		1,010,017
Proto Corp.		125,600		1,975,983
Raito Kogyo Co. Ltd.		118,800		1,188,354
Rengo Co. Ltd.		396,000		1,675,495

Security	Shares		Value
Resorttrust Inc.		198,000	$	4,778,700
Ricoh Leasing Co. Ltd.		39,600		1,043,392
Ringer Hut Co. Ltd.		118,800		2,339,287
Riso Kagaku Corp.		79,200		1,386,244
Rohto Pharmaceutical Co. Ltd.		237,600		3,214,118
Round One Corp.		158,400		993,835
Ryobi Ltd.		396,000		1,075,418
Ryohin Keikaku Co. Ltd.		79,200		8,812,361
Ryosan Co. Ltd.		79,200		1,696,396
S Foods Inc.		24,000		433,559
Saizeriya Co. Ltd.		198,000		3,211,084
San-in Godo Bank Ltd. (The)		792,000		6,506,449
Sanix Inc.a,b		158,400		515,122
Sanken Electric Co. Ltd.		396,000		3,273,452
Sankyo Tateyama Inc.		39,600		613,899
Sankyu Inc.		792,000		3,195,914
Sanwa Holdings Corp.		673,200		4,699,476
Sanyo Shokai Ltd.		396,000		940,570
Sanyo Special Steel Co. Ltd.		396,000		1,341,744
Sapporo Holdings Ltd.		792,000		3,364,475
Sato Holdings Corp.		39,600		924,388
Sawada Holdings Co. Ltd.		79,200		579,175
Sawai Pharmaceutical Co. Ltd.		79,200		4,827,583
SCREEN Holdings Co. Ltd.		396,000		2,373,337
SCSK Corp.		81,880		2,058,414
Seino Holdings Co. Ltd.		792,000		8,690,997
Sekisui House SI Residential Investment Corp.		1,188		1,345,116
Senshu Ikeda Holdings Inc.		586,980		2,623,458
Seria Co. Ltd.		39,600		1,147,899
Shibuya Kogyo Co. Ltd.		39,600		830,331
Shiga Bank Ltd. (The)		792,000		4,456,749
Shima Seiki Manufacturing Ltd.		118,800		2,108,696
Shimachu Co. Ltd.		198,000		4,991,087
Shinko Electric Industries Co. Ltd.		158,400		1,123,289
Shinko Plantech Co. Ltd.		277,200		2,081,389
Ship Healthcare Holdings Inc.		79,200		1,976,207
SHO-BOND Holdings Co. Ltd.		39,600		1,685,608
Showa Corp.		158,400		1,626,275
Showa Denko K.K.		1,980,000		2,545,269
Sinanen Co. Ltd.		396,000		1,557,502
SKY Perfect JSAT Holdings Inc.		547,700		3,343,131
SMS Co. Ltd.		79,200		719,418
Sodick Co. Ltd.		79,200		689,077

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Sohgo Security Services Co. Ltd.		118,800	$	3,064,436
Sojitz Corp.		2,376,000		3,094,777
Sosei Group Corp.a,b		39,600		1,343,430
Sotetsu Holdings Inc.		1,188,000		5,461,371
Square Enix Holdings Co. Ltd.		158,400		3,512,808
Star Micronics Co. Ltd.		198,000		2,496,386
Start Today Co. Ltd.		118,800		2,424,242
Sugi Holdings Co. Ltd.		79,200		3,742,051
Sumco Corp.		237,600		4,061,642
Sumitomo Bakelite Co. Ltd.		792,000		3,303,793
Sumitomo Forestry Co. Ltd.		356,400		3,343,573
Sumitomo Mitsui Construction Co. Ltd.a,b		1,584,000		2,238,488
Sumitomo Osaka Cement Co. Ltd.		792,000		2,319,397
Sumitomo Warehouse Co. Ltd. (The)		396,000		2,235,117
Sundrug Co. Ltd.		79,200		3,384,702
Tadano Ltd.		396,000		4,824,211
Taikisha Ltd.		39,600		948,323
Taiyo Yuden Co. Ltd.		198,000		2,493,015
Takara Bio Inc.		118,800		1,367,366
Takara Holdings Inc.		396,000		2,545,269
Takara Leben Co. Ltd.		79,200		418,031
Takata Corp.b		79,200		934,501
Takiron Co. Ltd.		28,000		125,144
Teikoku Sen-I Co. Ltd.		39,600		829,994
Tekken Corp.b		396,000		1,506,934
Temp Holdings Co. Ltd.		79,200		2,703,716
Toagosei Co. Ltd.		1,188,000		4,793,871
TOC Co. Ltd.		356,400		2,184,549
Toda Corp.		792,000		2,858,792
Toho Holdings Co. Ltd.		118,800		1,662,684
Toho Zinc Co. Ltd.		792,000		2,514,928
Tohokushinsha Film Corp.		79,300		574,506
Tokai Carbon Co. Ltd.		792,000		2,305,912
Tokai Rika Co. Ltd.		118,800		2,471,776
Tokai Tokyo Financial Holdings Inc.		475,200		3,195,914
Tokuyama Corp.		796,000		1,788,992
Tokyo Broadcasting System Holdings Inc.		79,200		912,251
Tokyo Dome Corp.		396,000		1,847,427
Tokyo Ohka Kogyo Co. Ltd.		79,200		2,737,428
Tokyo Seimitsu Co. Ltd.		118,800		2,437,390

Security	Shares		Value
Tokyo Steel Manufacturing Co. Ltd.		237,600	$	1,810,344
Tokyo TY Financial Group Inc.a		57,744		1,664,014
Tokyotokeiba Co. Ltd.b		396,000		994,509
Tokyu Construction Co. Ltd.		198,040		1,009,883
TOKYU REIT Inc.		3,564		4,733,189
TOMONY Holdings Inc.		312,500		1,362,108
Tomy Co. Ltd.		316,800		1,763,821
Top REIT Inc.		396		1,702,465
Topcon Corp.		198,000		3,971,294
Topre Corp.		118,800		1,648,525
Toshiba Machine Co. Ltd.		396,000		1,533,904
Toshiba Plant Systems & Services Corp.		39,600		612,213
Tosoh Corp.		1,188,000		6,482,850
Totetsu Kogyo Co. Ltd.		39,600		952,369
Toyo Construction Co. Ltd.		312,500		1,511,088
Toyo Corp.		79,200		747,062
Toyo Ink SC Holdings Co. Ltd.		396,000		1,871,025
Toyo Kanetsu K.K.		396,000		815,835
Toyo Tire & Rubber Co. Ltd.		198,000		4,515,745
Toyobo Co. Ltd.		1,980,000		2,680,117
Toyota Boshoku Corp.		39,600		527,933
TPR Co. Ltd.		118,800		3,044,209
TS Tech Co. Ltd.		158,400		4,029,279
TSI Holdings Co. Ltd.		237,600		1,363,320
Tsubakimoto Chain Co.		396,000		3,222,883
Tsukuba Bank Ltd. (The)		390,900		1,151,419
Tsumura & Co.		118,800		2,721,583
Tsuruha Holdings Inc.		39,600		2,680,117
UACJ Corp.		402,944		1,001,657
Ube Industries Ltd.		1,584,000		2,386,822
ULVAC Inc.a		118,800		1,719,321
Unipres Corp.		79,200		1,388,267
United Arrows Ltd.		39,600		1,131,043
Universal Entertainment Corp.		39,600		672,558
UNY Group Holdings Co. Ltd.		475,200		2,746,868
USEN Corp.a		356,940		945,033
Ushio Inc.		237,600		2,775,186
Valor Co. Ltd.		118,800		2,260,401
ValueCommerce Co. Ltd.b		79,200		356,001
VT Holdings Co. Ltd.		234,100		944,651
Wacoal Holdings Corp.		396,000		3,957,809
Wacom Co. Ltd.b		316,800		1,351,184

36 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Xebio Co. Ltd.		118,800	$	1,848,775
Yahagi Construction Co. Ltd.		79,200		595,357
YAMABIKO Corp.		39,600		1,719,321
Yodogawa Steel Works Ltd.		792,000		2,872,277
Yokogawa Bridge Holdings Corp.		39,600		446,686
Yokohama Reito Co. Ltd.		158,400		1,103,062
Yondoshi Holdings Inc.		39,600		609,179
Yoshinoya Holdings Co. Ltd.		277,200		3,145,683
Yumeshin Holdings Co. Ltd.b		79,200		508,380
Zenkoku Hosho Co. Ltd.		118,800		3,822,960
Zensho Holdings Co. Ltd.b		237,600		2,150,162
Zeon Corp.		396,000		4,082,544
ZERIA Pharmaceutical Co. Ltd.		39,600		647,274
				1,113,692,804
NETHERLANDS — 1.75%
Aalberts Industries NV		268,824		7,768,910
Arcadis NV		153,217		4,660,460
ASM International NVb		113,652		4,663,835
BinckBank NV		190,838		1,572,064
Corbion NV		176,576		2,937,052
Eurocommercial Properties NV		63,360		2,824,195
Euronext NVa,c		41,976		1,362,299
Fugro NV CVA		50,292		1,091,341
IMCD Group NVa		12,007		380,735
Koninklijke BAM Groep NVb		562,825		1,701,487
Mota-Engil Africa NVa		22,814		158,843
NSI NV		157,921		705,518
Nutreco NV		159,588		8,112,926
PostNL NVa		970,596		3,532,244
Royal Imtech NVa,b		180,972		843,420
SBM Offshore NVa,b		376,992		4,121,012
SNS REAAL NVa,b		291,555		3
TKH Group NV		66,132		2,061,189
TomTom NVa,b		261,756		1,731,510
USG People NV		162,360		1,885,284
VastNed Retail NV		74,052		3,672,220
Wereldhave NV		91,700		6,600,919
Wessanen		440,564		2,817,872
				65,205,338
NEW ZEALAND — 1.06%
Air New Zealand Ltd.		819,324		1,552,077
Argosy Property Ltd.		1,119,096		921,892
Chorus Ltd.a		867,243		1,668,029

Security	Shares		Value
Fisher & Paykel Healthcare Corp. Ltd.		1,513,116	$	6,819,944
Freightways Ltd.		1,386,698		6,008,599
Genesis Energy Ltd.		199,873		324,952
Goodman Property Trust		1,359,072		1,163,969
Infratil Ltd.		925,056		2,121,642
Kathmandu Holdings Ltd.		418,176		610,059
Kiwi Property Group Ltd.		5,608,403		5,373,164
Nuplex Industries Ltd.		363,666		789,207
Precinct Properties New Zealand Ltd.		1,094,148		984,724
Sky Network Television Ltd.		790,433		3,476,599
SKYCITY Entertainment Group Ltd.		1,191,168		3,397,681
Synlait Milk Ltd.a		399,719		986,395
Trade Me Group Ltd.		778,140		2,050,130
Xero Ltd.a		17,424		197,789
Z Energy Ltd.		339,372		1,219,265
				39,666,117
NORWAY — 1.78%
Akastor ASAb		316,404		775,650
Aker ASA Class A		36,432		775,599
American Shipping ASA		86,991		336,718
Archer Ltd.a,b		713,196		282,500
Atea ASA		93,852		1,038,360
Austevoll Seafood ASA		227,700		1,330,857
Bakkafrost P/F		66,528		1,381,976
Borregaard ASA		185,724		1,305,975
BW LPG Ltd.b,c		177,408		1,098,485
BW Offshore Ltd.		816,948		781,057
Deep Sea Supply PLC		166,645		87,940
Det norske oljeselskap ASAa,b		214,632		891,704
DNO ASAa,b		1,065,636		2,337,373
Fred Olsen Energy ASAb		85,140		710,736
Golden Ocean Group Ltd.b		830,016		515,326
Hexagon Composites ASAb		183,348		447,104
Hoegh LNG Holdings Ltd.a,b		89,100		879,447
Kongsberg Automotive ASAa		843,480		662,769
Kvaerner ASA		470,844		549,181
Leroey Seafood Group ASA		39,996		1,403,640
Marine Harvest ASA		646,602		8,467,854
Nordic Semiconductor ASAa,b		211,068		1,456,956
Norwegian Air Shuttle ASAa,b		65,736		2,578,381

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Norwegian Property ASAa		597,147	$	801,281
Odfjell Drilling Ltd.b		131,276		152,101
Opera Software ASAb		287,100		3,796,884
Petroleum Geo-Services ASAb		433,224		2,348,761
Prosafe SE		529,454		1,414,063
REC Silicon ASAa,b		4,196,016		900,326
REC Solar ASAa		79,596		1,047,519
Salmar ASA		80,388		1,239,451
Schibsted ASA		159,588		10,295,336
SpareBank 1 Nord-Norge		161,449		781,155
SpareBank 1 SMN		465,085		3,300,390
Stolt-Nielsen Ltd.b		104,951		1,652,025
Storebrand ASAa		982,476		2,966,252
TGS-NOPEC Geophysical Co. ASAb		215,424		4,989,176
Wilh Wilhelmsen ASA		80,327		448,766
				66,229,074
PORTUGAL — 0.47%
Banco BPI SAa,b,d		427,412		402,249
BANIF - Banco Internacional do Funchal SAa,b		80,697,100		546,376
CTT-Correios de Portugal SA		205,524		2,168,486
Mota-Engil SGPS SAb		153,426		473,867
NOS SGPS		264,528		1,682,981
Portucel SA		1,201,860		4,871,612
Portugal Telecom SGPS SA Registeredb		1,006,236		716,492
Redes Energeticas Nacionais SA		584,496		1,662,128
Semapa - Sociedade de Investimento e Gestao SGPS SA		269,536		3,166,285
Sonae SGPS SA		1,418,472		1,863,186
				17,553,662
SINGAPORE — 2.21%
ARA Asset Management Ltd.		806,600		1,013,391
Ascendas India Trust		2,772,000		1,751,578
Asian Pay Television Trust		3,168,000		2,130,574
Biosensors International Group Ltd.a,b		2,772,000		1,321,366
Boustead Singapore Ltd.		1,188,000		1,580,371
Cambridge Industrial Trustb		3,909,000		1,964,467
CapitaRetail China Trust		1,228,380		1,556,922
CDL Hospitality Trusts		2,376,000		3,160,742

Security	Shares		Value
COSCO Corp. (Singapore) Ltd.b		1,980,000	$	790,185
Ezion Holdings Ltd.b		2,772,480		2,602,209
Ezra Holdings Ltd.b		2,056,200		805,399
First REIT		1,980,000		1,924,248
First Resources Ltd.b		792,000		1,091,627
Frasers Centrepoint Trustb		1,188,000		1,817,427
Frasers Commercial Trust		1,980,000		2,173,010
GMG Global Ltd.		10,965,000		518,631
Hong Leong Asia Ltd.		792,000		845,791
Hyflux Ltd.b		1,188,500		838,827
Indofood Agri Resources Ltd.		976,000		512,128
Kenon Holdings Ltd.a,b		28,648		486,424
Keppel REIT		1,584,000		1,445,747
KrisEnergy Ltd.a,b		1,188,000		544,350
Lippo Malls Indonesia Retail Trust		4,102,000		1,076,203
M1 Ltd./Singapore		792,000		2,194,960
Mapletree Commercial Trust		1,188,000		1,330,146
Mapletree Greater China Commercial Trust		3,960,000		2,985,145
Mapletree Industrial Trust		3,564,960		4,031,031
Mapletree Logistics Trust		3,960,000		3,511,936
Midas Holdings Ltd.b		3,125,000		785,234
Neptune Orient Lines Ltd.a,b		1,188,000		886,764
OSIM International Ltd.b		792,000		1,135,526
OUE Hospitality Trust		61,833		42,727
OUE Ltd.b		396,000		643,855
Perennial Real Estate Holdings Ltd.a,b		1,816,809		1,403,123
Raffles Education Corp. Ltd.		4,301,397		1,049,044
Raffles Medical Group Ltd.b		396,000		1,161,865
Rex International Holding Ltd.a,b		1,188,000		338,024
Rowsley Ltd.a,b		3,125,000		461,902
SATS Ltd.		792,000		1,732,555
Singapore Post Ltd.		3,564,000		5,636,657
SMRT Corp. Ltd.b		3,168,000		4,097,258
Soilbuild Business Space REIT		3,564,000		2,054,482
Super Group Ltd.b		792,000		649,708
Tat Hong Holdings Ltd.		792,000		433,139
Tiger Airways Holdings Ltd.a,b		5,033,549		1,246,204
United Engineers Ltd.		792,000		1,779,381
Vard Holdings Ltd.a,b		1,584,000		591,176
Venture Corp. Ltd.		792,000		4,758,673
Wing Tai Holdings Ltd.		2,145,900		2,902,222

38 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Yanlord Land Group Ltd.b		1,584,000	$	1,182,352
Ying Li International Real Estate Ltd.a,b		3,517,000		649,804
Yoma Strategic Holdings Ltd.a,b		1,584,000		632,148
				82,258,658
SPAIN — 2.31%
Abengoa SAb		249,480		792,495
Abengoa SA Class Bb		706,068		2,079,551
Acciona SAa,b		55,044		3,941,160
Acerinox SAb		246,312		3,668,952
Almirall SAa		146,956		2,565,430
Applus Services SAa		78,804		825,237
Atresmedia Corporacion de Medios de Comunicacion SA		158,004		2,321,462
Axia Real Estate SOCIMI SAa		792		9,929
Bolsas y Mercados Espanoles		88,326		3,633,525
Carbures Europe SAa,b		100,793		244,541
Construcciones y Auxiliar de Ferrocarriles SAb		6,653		2,233,130
Deoleo SAa		22,493		10,153
Ebro Foods SA		225,726		3,838,639
Faes Farma SA		766,373		1,560,989
Faes Farma SA New		27,309		55,624
Fomento de Construcciones y Contratas SAa		271,502		3,367,078
Gamesa Corporacion Tecnologica SAa		511,632		5,091,084
Grupo Catalana Occidente SA		102,960		2,945,296
Hispania Activos Inmobiliarios SAUa		20,988		281,128
Indra Sistemas SAb		265,716		2,717,516
Inmobiliaria Colonial SAa		4,428,468		2,998,384
Jazztel PLCa		491,436		6,959,742
Let’s GOWEX SAa		51,450		1
Liberbank SAa		2,899,512		2,044,972
Mediaset Espana Comunicacion SAa		335,061		4,081,586
Melia Hotels International SAb		55,044		632,635
Merlin Properties SOCIMI SAa,b		51,778		620,515
NH Hotel Group SAa,b		485,892		2,407,059
Obrascon Huarte Lain SAb		101,887		2,356,401
Papeles y Cartones de Europa SA		359,652		1,730,948
Promotora de Informaciones SAa		2,996,532		794,638

Security	Shares		Value
Prosegur Compania de Seguridad SA		438,768	$	2,440,981
Sacyr SAa,b		691,812		2,563,738
Tecnicas Reunidas SA		70,884		2,756,824
Tubacex SA		584,496		1,711,596
Tubos Reunidos SA		616,429		1,106,019
Viscofan SA		112,860		6,527,042
Zeltia SAa,b		592,416		2,018,906
				85,934,906
SWEDEN — 4.02%
AAK AB		44,352		2,412,099
Active Biotech ABa,b		101,103		223,656
AF AB		106,920		1,641,453
Arcam ABa,b		36,432		786,117
Avanza Bank Holding AB		32,868		1,084,680
Axfood AB		28,116		1,707,873
Axis Communications ABb		87,120		2,337,958
B & B Tools AB Class B		59,400		1,017,830
Betsson AB		61,776		2,317,221
Billerud AB		306,504		4,668,448
BioGaia AB Class B		31,399		683,210
Castellum AB		470,448		7,404,376
Clas Ohlson AB Class B		39,600		612,733
Cloetta ABa,b		329,076		998,472
Com Hem Holding ABa		45,745		354,184
Concentric AB		104,148		1,334,513
Fabege AB		457,776		6,264,195
Fastighets AB Balder Class Ba		114,840		1,664,479
Fingerprint Cards ABa,b		137,412		524,901
Gunnebo AB		112,497		548,039
Haldex AB		68,904		932,885
Hemfosa Fastigheter ABa		25,039		538,769
Hexpol AB		67,716		6,806,430
HIQ International AB		134,575		697,891
Holmen AB Class B		116,772		4,216,380
Hufvudstaden AB Class A		117,612		1,542,578
Industrial & Financial Systems Class B		29,913		922,074
Indutrade AB		38,412		1,566,671
Intrum Justitia AB		234,828		6,259,279
JM AB		181,368		5,983,152
Kungsleden AB		449,460		3,450,092
LE Lundbergfortagen AB		46,728		2,048,193

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Lindab International ABa		172,817	$	1,434,144
Loomis AB Class B		243,144		7,201,044
Meda AB Class A		491,869		6,938,829
Medivir ABa,b		74,448		884,202
Mekonomen AB		38,808		912,445
Modern Times Group MTG AB Class B		110,088		3,119,345
NCC AB Class B		196,416		6,360,854
Net Entertainment NE AB		63,360		2,010,529
Nibe Industrier AB Class B		220,968		5,620,060
Nobia AB		375,408		3,260,590
Nolato AB		34,093		820,133
Nordnet AB		120,300		404,274
Opus Group ABb		369,864		330,856
Orexo ABa,b		35,640		602,082
Oriflame Cosmetics SA SDRb		103,623		1,391,669
Peab AB		538,443		3,872,778
Qliro Group ABa		282,594		546,574
Ratos AB Class Bb		401,544		2,511,940
Rezidor Hotel Group ABa		140,184		525,323
Saab AB Class B		126,324		3,081,576
SAS ABa		507,094		1,011,436
SSAB AB Class Aa,b		347,688		1,692,113
SSAB AB Class Ba		405,757		1,750,566
Swedish Orphan Biovitrum ABa		321,156		3,371,722
Trelleborg AB Class B		540,540		9,788,260
Unibet Group PLC SDR		47,124		2,805,526
Vostok Nafta Investment Ltd.a		174,385		706,187
Wallenstam AB Class B		87,516		1,450,410
Wihlborgs Fastigheter AB		95,040		1,861,175
				149,817,473
SWITZERLAND — 4.35%
AFG Arbonia-Forster Holding AG Registereda,b		45,144		807,150
Allreal Holding AG Registereda		23,760		3,731,667
Ascom Holding AG Registered		127,138		1,955,331
Autoneum Holding AGa		9,504		1,590,800
Banque Cantonale Vaudoise Registered		5,865		3,420,002
Basilea Pharmaceutica Registereda		22,572		2,612,812
BKW AG		15,669		468,341
Bossard Holding AG		11,880		1,229,255
Bucher Industries AG Registered		19,800		4,863,649

Security	Shares		Value
Burckhardt Compression Holding AG		10,692	$	3,306,205
Cembra Money Bank AG		26,928		1,639,007
Clariant AG Registereda		584,892		9,408,621
Cosmo Pharmaceuticals SpA		8,316		1,247,332
Dufry AG Registereda,b		58,608		8,637,840
EFG International AG		91,695		990,651
Evolva Holding SAa,b		485,100		759,246
Flughafen Zurich AG Registered		10,965		7,460,562
Forbo Holding AG Registereda		3,960		3,845,726
Galenica Holding AG Registered		9,108		7,330,552
GAM Holding AG		371,844		6,587,748
Gategroup Holding AGa		77,191		2,139,417
Georg Fischer AG Registereda		9,900		5,934,297
Helvetia Holding AG Registered		13,800		7,042,117
Huber & Suhner AG Registered		24,087		1,072,075
Implenia AG Registered		22,968		1,254,434
Inficon Holding AG Registereda		3,125		1,046,139
Intershop Holdings AG Bearer		1,584		637,009
Kaba Holding AG Class B Registered		11,088		5,567,802
Komax Holding AG Registereda		11,088		1,669,135
Kudelski SA Bearer		114,048		1,307,762
Kuoni Reisen Holding AG Class B Registereda		9,504		3,181,601
Leonteq AG		8,712		1,920,323
Logitech International SA Registered		327,096		4,817,293
Meyer Burger Technology AGa,b		203,544		1,265,444
Mobilezone Holding AG Bearera		206,518		2,469,103
Mobimo Holding AG Registereda		13,860		3,199,678
Myriad Group AGa,b		53,064		228,394
OC Oerlikon Corp. AG Registereda		338,184		3,859,499
Orascom Development Holding AGa		46,036		788,073
Panalpina Welttransport Holding AG Registered		31,680		3,873,703
PSP Swiss Property AG Registereda		97,812		10,094,288
Rieter Holding AG Registereda		10,573		1,531,853
Santhera Pharmaceutical Holding AGa,b		3,564		408,676
Schmolz + Bickenbach AG Registereda		1,178,496		1,050,342

40 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Schweiter Technologies AG Bearer		805	$	616,841
SFS Group AGa		4,495		293,625
Straumann Holding AG Registered		19,404		4,388,862
Swissquote Group Holding SA Registered		23,901		623,470
Tecan AG Registered		30,096		3,033,970
Temenos Group AG Registereda		144,540		4,406,659
U-Blox AGa		18,805		2,693,874
Valiant Holding AG Registered		33,264		2,711,592
Valora Holding AG Registered		12,141		2,932,156
Vetropack Holding AG Bearer		396		575,030
Von Roll Holding AG Bearera		254,469		359,556
Zehnder Group AG Bearer		22,592		982,207
				161,868,796
UNITED KINGDOM — 22.00%
Abcam PLC		361,944		2,348,369
Acacia Mining PLC		325,116		1,376,495
Advanced Computer Software Group PLC		830,412		1,730,485
Advanced Medical Solutions Group PLC		658,944		1,303,888
Afren PLCa,b		2,101,176		167,255
African Minerals Ltd.a,b		490,220		73,626
Al Noor Hospitals Group PLC		76,428		1,042,268
Alent PLC		614,592		3,373,770
Amerisur Resources PLCa,b		1,808,136		923,318
Amlin PLC		1,158,696		8,481,960
Anglo Pacific Group PLC		249,480		318,490
Anite PLC		624,269		766,480
AO World PLCa		361,152		1,666,297
Arrow Global Group PLC		306,900		1,039,405
Ashmore Group PLCb		661,320		2,787,023
ASOS PLCa,b		54,252		2,238,286
Avanti Communications Group PLCa,b		238,392		776,949
AVEVA Group PLC		156,024		3,076,786
Balfour Beatty PLC		1,351,944		4,507,678
Bank of Georgia Holdings PLC		59,004		1,799,835
Barratt Developments PLC		1,965,744		13,533,582
BBA Aviation PLC		1,108,246		5,650,894
Beazley PLC		735,372		3,192,981
Bellway PLC		262,944		7,203,264

Security	Shares		Value
Berendsen PLC		488,268	$	8,169,297
Berkeley Group Holdings PLC (The)		243,540		8,862,677
Betfair Group PLC		143,796		3,481,393
Big Yellow Group PLC		192,060		1,762,460
Bodycote PLC		503,316		5,140,328
Booker Group PLC		3,091,968		6,942,524
Bovis Homes Group PLC		332,640		4,151,611
Brewin Dolphin Holdings PLC		474,804		2,092,260
Britvic PLC		550,487		5,824,642
BTG PLCa		782,593		9,297,232
Bwin.Party Digital Entertainment PLC		1,564,992		2,507,943
Cable & Wireless Communications PLC		5,546,794		4,165,367
Cairn Energy PLCa		1,162,433		3,352,049
Cape PLC		260,172		820,580
Capital & Counties Properties PLC		1,476,684		8,532,002
Card Factory PLCa		97,020		400,715
Carillion PLC		949,138		4,882,375
Catlin Group Ltd.		858,528		8,987,284
Centamin PLC		2,254,032		2,264,787
Chemring Group PLC		561,571		1,826,013
Chesnara PLC		146,956		775,256
Cineworld Group PLC		413,820		2,641,445
Clinigen Healthcare Ltd.a		100,584		777,996
Close Brothers Group PLC		352,044		8,042,061
COLT Group SAa		1,114,518		2,214,564
Costain Group PLC		129,708		560,562
Crest Nicholson Holdings PLC		351,648		2,170,657
CSR PLC		342,144		4,393,557
Daily Mail & General Trust PLC Class A NVS		619,740		8,018,738
Dairy Crest Group PLC		456,192		3,347,668
Dart Group PLC		325,116		1,407,502
DCC PLC		190,476		10,092,762
De La Rue PLC		288,165		2,244,043
Debenhams PLC		2,739,528		3,096,160
Derwent London PLC		194,436		9,505,367
Devro PLC		573,903		2,426,376
Dialight PLC		63,482		667,406
Dignity PLC		85,140		2,378,416
Diploma PLC		201,564		2,290,146
Domino Printing Sciences PLC		167,112		1,712,977

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Domino’s Pizza Group PLC		316,404	$	3,202,898
Drax Group PLC		841,500		4,556,177
DS Smith PLC		1,949,904		9,280,613
Dunelm Group PLC		153,648		2,029,570
DX Group PLC		422,928		576,440
Electrocomponents PLC		1,116,720		3,434,911
Elementis PLC		1,005,048		4,172,209
EnQuest PLCa		1,510,740		771,454
Enterprise Inns PLCa		1,242,689		1,929,853
Entertainment One Ltd.		295,416		1,224,572
Essentra PLC		545,688		6,802,424
esure Group PLC		567,864		1,966,730
Evraz PLC		774,972		1,983,338
Faroe Petroleum PLCa,b		388,080		377,400
Fenner PLC		360,756		1,007,785
Ferrexpo PLC		390,816		293,483
Fidessa Group PLC		67,716		2,440,865
FirstGroup PLCa		2,720,069		4,068,932
Flybe Group PLCa		465,696		452,880
Foxtons Group PLC		513,216		1,478,008
Galliford Try PLC		106,128		2,097,621
Gem Diamonds Ltd.a		288,949		611,902
Genus PLC		126,720		2,329,527
Globo PLCa,b		593,208		374,195
Go-Ahead Group PLC		108,159		4,023,740
Grafton Group PLC Units		544,896		5,479,052
Grainger PLC		728,640		2,121,935
Great Portland Estates PLC		655,776		7,736,471
Greencore Group PLC		1,064,448		4,927,178
Greene King PLC		502,920		6,348,598
Greggs PLC		262,309		3,234,429
Gulf Keystone Petroleum Ltd.a,b		1,794,440		1,232,995
GVC Holdings PLC		59,400		408,149
GW Pharmaceuticals PLCa,b		168,696		1,025,493
Halfords Group PLC		475,745		3,172,476
Halma PLC		891,792		9,328,803
Hansteen Holdings PLC		823,284		1,394,762
Hays PLC		3,079,692		7,178,607
HellermannTyton Group PLC		86,359		409,860
Henderson Group PLC		2,220,031		7,932,219
Hikma Pharmaceuticals PLC		291,060		10,316,580
Hiscox Ltd.		751,212		8,286,965
Hochschild Mining PLCa		490,644		666,893
Home Retail Group PLC		1,709,928		4,935,969

Security	Shares		Value
Homeserve PLC		681,516	$	3,453,523
Howden Joinery Group PLC		1,379,041		8,800,455
Hunting PLC		300,813		1,796,774
IG Group Holdings PLC		861,755		9,344,632
Imagination Technologies Group PLCa,b		484,308		1,782,087
Inchcape PLC		968,616		10,132,438
Indivior PLCa		1,336,500		3,492,685
Infinis Energy PLC		245,916		717,261
Informa PLC		1,325,808		10,195,107
Innovation Group PLC		2,029,500		891,571
Intermediate Capital Group PLC		877,140		6,494,669
International Personal Finance PLC		563,508		3,685,780
Interserve PLC		460,548		3,704,039
ITE Group PLC		508,464		998,489
JD Wetherspoon PLC		316,800		3,763,595
John Menzies PLC		93,060		518,885
John Wood Group PLC		739,919		6,345,436
Jupiter Fund Management PLC		693,396		3,951,117
Just Eat PLCa		126,324		676,374
Just Retirement Group PLC		294,624		616,397
KAZ Minerals PLCa,b		548,064		1,652,860
Kcom Group PLC		910,404		1,134,889
Keller Group PLC		142,956		1,917,322
Kier Group PLC		85,536		2,011,787
Ladbrokes PLC		1,871,892		3,266,842
Laird PLC		590,249		2,826,147
Lancashire Holdings Ltd.b		346,896		3,180,725
LondonMetric Property PLC		1,359,864		3,257,597
Lonmin PLCa		868,032		2,130,242
Majestic Wine PLCb		160,380		811,748
Man Group PLC		3,531,924		9,505,841
Marston’s PLC		1,911,492		4,205,826
Michael Page International PLC		703,039		4,920,469
Micro Focus International PLC		326,484		5,158,446
Mitchells & Butlers PLCa		537,372		3,442,193
Mitie Group PLC		571,824		2,317,963
Mondi PLC		760,846		13,586,883
Moneysupermarket.com Group PLC		803,088		3,172,197
Monitise PLCa,b		3,759,228		733,978
Morgan Advanced Materials PLC		786,905		3,598,743
Mothercare PLCa,b		365,303		984,825

42 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
N Brown Group PLC		276,012	$	1,794,555
National Express Group PLC		1,028,412		3,946,383
Northgate PLC		213,048		1,971,058
Ocado Group PLCa,b		961,682		5,936,282
Ophir Energy PLCa,b		1,064,844		2,147,846
Optimal Payments PLCa		355,212		1,837,884
Oxford Instruments PLC		118,800		1,328,380
Pace PLC		672,082		3,375,435
Paragon Group of Companies PLC (The)		744,084		4,606,501
Partnership Assurance Group PLC		325,512		648,997
Pennon Group PLC		822,492		10,975,652
Petra Diamonds Ltd.a		798,732		1,840,211
Pets at Home Group PLC		101,772		330,923
Phoenix Group Holdingsb		348,084		4,386,188
Playtech Ltd.		419,819		4,281,274
Poundland Group PLC		65,185		345,788
Premier Farnell PLC		1,012,176		2,569,117
Premier Foods PLCa		1,673,892		1,093,598
Premier Oil PLC		1,056,924		2,295,373
Primary Health Properties PLC		319,572		1,802,270
Provident Financial PLC		304,524		12,060,710
QinetiQ Group PLC		1,623,639		4,562,517
Quindell PLCb		866,448		1,099,614
Quintain Estates and Development PLCa		1,005,048		1,452,877
Redefine International PLC		1,130,976		923,197
Redrow PLC		670,428		2,849,573
Regus PLC		1,529,133		4,639,144
Renishaw PLC		68,508		2,387,099
Rentokil Initial PLC		3,946,140		7,165,393
Restaurant Group PLC (The)		590,040		6,376,076
Rightmove PLC		198,396		6,930,807
Rotork PLC		163,152		5,648,128
RPC Group PLC		341,335		2,781,133
RPS Group PLC		382,932		1,049,030
SafeCharge International Group Ltd.		15,444		61,468
Safestore Holdings PLC		244,332		987,129
Salamander Energy PLCa		622,512		649,791
Savills PLC		207,504		2,278,164
SDL PLCa		353,474		2,254,925
Senior PLC		719,532		3,345,741
Serco Group PLC		1,118,304		2,593,274

Security	Shares		Value
Shaftesbury PLC		744,876	$	8,703,717
Shanks Group PLC		755,172		1,117,180
SIG PLC		1,506,097		4,173,405
SOCO International PLCa		471,240		1,862,813
Spectris PLC		253,836		7,967,842
Speedy Hire PLC		1,170,576		1,279,010
Spirax-Sarco Engineering PLC		108,504		4,970,348
Spire Healthcare Group PLCa,c		118,404		570,838
Spirent Communications PLC		1,561,032		2,092,480
Spirit Pub Co. PLC		1,521,432		2,620,941
SSP Group PLCa		127,908		536,357
St James’s Place PLC		1,065,636		13,732,113
St. Modwen Properties PLC		367,488		2,308,173
Stagecoach Group PLC		1,004,652		5,163,413
Stobart Group Ltd.		433,812		692,264
Stock Spirits Group PLC		382,536		1,136,135
SuperGroup PLCa		102,168		1,473,083
SVG Capital PLCa		341,748		2,234,271
Synergy Health PLC		127,116		4,133,323
Synthomer PLC		484,704		1,771,169
TalkTalk Telecom Group PLC		1,083,852		5,183,036
Taylor Wimpey PLC		6,706,260		13,637,673
Telecity Group PLC		443,124		5,736,853
Telecom plus PLC		120,384		1,968,964
Telit Communications PLCa		119,196		365,202
Thomas Cook Group PLCa		3,065,714		5,907,442
Trinity Mirror PLCa		578,808		1,497,390
TSB Banking Group PLCa,c		195,228		783,759
TT electronics PLC		373,032		619,084
Tullett Prebon PLC		621,525		3,125,254
UBM PLC		820,881		6,528,109
UDG Healthcare PLC		678,354		3,982,569
Ultra Electronics Holdings PLC		213,840		5,617,201
UNITE Group PLC (The)		546,926		4,024,178
Vectura Group PLCa		1,126,671		2,567,834
Vedanta Resources PLC		153,648		861,673
Vesuvius PLC		632,808		4,181,825
Victrex PLC		156,816		4,849,399
W.S. Atkins PLC		241,395		4,557,270
WH Smith PLC		294,228		5,965,667
Workspace Group PLC		171,864		2,039,169
Xaar PLC		205,524		949,952
Xchanging PLC		471,636		1,112,110

SCHEDULES OF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL-CAP ETF

January 31, 2015

Security	Shares		Value
Zoopla Property Group PLCb,c		161,568	$	436,786
				819,057,159
TOTAL COMMON STOCKS
(Cost: $3,533,505,614)				3,700,590,333
PREFERRED STOCKS — 0.29%
AUSTRALIA — 0.06%
Gunns Ltd.a		4,914		—
Multiplex SITES Trust		34,093		2,353,651
				2,353,651
GERMANY — 0.16%
Biotest AG		16,236		1,988,801
Draegerwerk AG & Co. KGaA		14,256		1,437,229
Sartorius AG		18,612		2,383,809
				5,809,839
ITALY — 0.07%
Unipol Gruppo Finanziario SpA		493,812		2,522,079
				2,522,079
TOTAL PREFERRED STOCKS
(Cost: $9,808,028)				10,685,569
RIGHTS — 0.00%
SINGAPORE — 0.00%
Yoma Strategic Holdings Ltd.a,b		516,000		61,015
				61,015
SWITZERLAND — 0.00%
Cosmo Pharmaceuticals SpAa		8,316		—
				—
TOTAL RIGHTS
(Cost: $0)				61,015
SHORT-TERM INVESTMENTS — 6.28%
MONEY MARKET FUNDS — 6.28%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%e,f,g		220,136,795		220,136,795
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,f,g		13,242,312		13,242,312

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		338,891	$	338,891
				233,717,998
TOTAL SHORT-TERM INVESTMENTS
(Cost: $233,717,998)				233,717,998
TOTAL INVESTMENTS IN SECURITIES — 105.95%
(Cost: $3,777,031,640)				3,945,054,915
Other Assets, Less Liabilities — (5.95)%				(221,441,982	)
NET ASSETS — 100.00%			$	3,723,612,933

NVS — Non-Voting Shares

SDR — Swedish Depositary Receipts

^a  Non-income earning security.

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

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

^d  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.

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

See notes to financial statements.

44 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2015

	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF			iShares MSCI EAFE Small-Cap ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,363,470,775		$	2,556,558,061		$	3,543,313,642
Affiliated (Note 2)		20,633,150			18,794,202			233,717,998
Total cost of investments	$	1,384,103,925		$	2,575,352,263		$	3,777,031,640
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,710,781,672		$	2,570,443,433		$	3,711,336,917
Affiliated (Note 2)		20,633,150			18,794,202			233,717,998
Total fair value of investments		1,731,414,822			2,589,237,635			3,945,054,915
Foreign currency, at valueb		2,545,486			3,472,551			7,951,298
Receivables:
Investment securities sold		—			—			42,683
Due from custodian (Note 4)		—			441,053			—
Dividends and interest		1,898,478			4,161,010			5,181,010
Total Assets		1,735,858,786			2,597,312,249			3,958,229,906
LIABILITIES
Payables:
Investment securities purchased		—			441,053			—
Collateral for securities on loan (Note 1)		20,506,489			18,356,244			233,379,107
Investment advisory fees (Note 2)		565,260			852,707			1,237,866
Total Liabilities		21,071,749			19,650,004			234,616,973
NET ASSETS	$	1,714,787,037		$	2,577,662,245		$	3,723,612,933
Net assets consist of:
Paid-in capital	$	1,828,528,466		$	2,849,773,785		$	3,579,500,820
Distributions in excess of net investment income		(3,752,536	)		(5,520,354	)		(42,734,308	)
Undistributed net realized gain (accumulated net realized loss)		(457,260,131	)		(280,193,799	)		19,101,479
Net unrealized appreciation		347,271,238			13,602,613			167,744,942
NET ASSETS	$	1,714,787,037		$	2,577,662,245		$	3,723,612,933
Shares outstandingc		25,600,000			50,400,000			79,200,000
Net asset value per share	$	66.98		$	51.14		$	47.02

^a  Securities on loan with values of $19,433,254, $17,344,020 and $218,933,147, respectively. See Note 1.

^b  Cost of foreign currency: $2,487,290, $3,547,388 and $8,058,849, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF			iShares MSCI EAFE Small-Cap ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	12,459,076		$	33,623,338		$	33,873,720
Interest — affiliated (Note 2)		24			34			98
Securities lending income — affiliated (Note 2)		144,556			69,917			2,572,448
Total investment income		12,603,656			33,693,289			36,446,266
EXPENSES
Investment advisory fees (Note 2)		3,306,038			5,209,190			7,372,051
Total expenses		3,306,038			5,209,190			7,372,051
Net investment income		9,297,618			28,484,099			29,074,215
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		5,764,304			12,572,332			(7,814,069	)
In-kind redemptions — unaffiliated		9,203,288			6,159,035			75,346,234
Foreign currency transactions		(734,873	)		(1,519,786	)		(1,964,215	)
Net realized gain		14,232,719			17,211,581			65,567,950
Net change in unrealized appreciation/depreciation on:
Investments		(98,892,389	)		(310,015,094	)		(386,000,193	)
Translation of assets and liabilities in foreign currencies		(20,650	)		(221,717	)		(215,878	)
Net change in unrealized appreciation/depreciation		(98,913,039	)		(310,236,811	)		(386,216,071	)
Net realized and unrealized loss		(84,680,320	)		(293,025,230	)		(320,648,121	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(75,382,702	)	$	(264,541,131	)	$	(291,573,906	)

^a  Net of foreign withholding tax of $701,757, $1,795,457 and $1,798,033, respectively.

See notes to financial statements.

46 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares MSCI EAFE Growth ETF						iShares MSCI EAFE Value ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	9,297,618		$	35,498,881		$	28,484,099		$	115,584,018
Net realized gain		14,232,719			65,401,252			17,211,581			47,100,608
Net change in unrealized appreciation/depreciation		(98,913,039	)		86,484,653			(310,236,811	)		209,441,674
Net increase (decrease) in net assets resulting from operations		(75,382,702	)		187,384,786			(264,541,131	)		372,126,300
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(11,047,248	)		(37,133,581	)		(33,179,120	)		(115,432,438	)
Total distributions to shareholders		(11,047,248	)		(37,133,581	)		(33,179,120	)		(115,432,438	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		131,951,495			111,384,961			142,301,284			481,707,807
Cost of shares redeemed		(27,005,041	)		(87,370,899	)		(22,445,110	)		(23,056,574	)
Net increase in net assets from capital share transactions		104,946,454			24,014,062			119,856,174			458,651,233
INCREASE (DECREASE) IN NET ASSETS		18,516,504			174,265,267			(177,864,077	)		715,345,095
NET ASSETS
Beginning of period		1,696,270,533			1,522,005,266			2,755,526,322			2,040,181,227
End of period	$	1,714,787,037		$	1,696,270,533		$	2,577,662,245		$	2,755,526,322
Distributions in excess of net investment income included in net assets at end of period	$	(3,752,536	)	$	(2,002,906	)	$	(5,520,354	)	$	(825,333	)
SHARES ISSUED AND REDEEMED
Shares sold		2,000,000			1,600,000			2,800,000			8,400,000
Shares redeemed		(400,000	)		(1,200,000	)		(400,000	)		(400,000	)
Net increase in shares outstanding		1,600,000			400,000			2,400,000			8,000,000

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares MSCI EAFE Small-Cap ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	29,074,215		$	72,185,024
Net realized gain		65,567,950			84,280,777
Net change in unrealized appreciation/depreciation		(386,216,071	)		304,191,752
Net increase (decrease) in net assets resulting from operations		(291,573,906	)		460,657,553
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(48,693,553	)		(84,218,882	)
Total distributions to shareholders		(48,693,553	)		(84,218,882	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		253,852,038			1,684,591,078
Cost of shares redeemed		(233,587,140	)		(197,161,401	)
Net increase in net assets from capital share transactions		20,264,898			1,487,429,677
INCREASE (DECREASE) IN NET ASSETS		(320,002,561	)		1,863,868,348
NET ASSETS
Beginning of period		4,043,615,494			2,179,747,146
End of period	$	3,723,612,933		$	4,043,615,494
Distributions in excess of net investment income included in net assets at end of period	$	(42,734,308	)	$	(23,114,970	)
SHARES ISSUED AND REDEEMED
Shares sold		5,400,000			33,600,000
Shares redeemed		(4,800,000	)		(3,800,000	)
Net increase in shares outstanding		600,000			29,800,000

See notes to financial statements.

48 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI EAFE Growth ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	70.68		$	64.49		$	54.16		$	62.20		$	52.90		$	49.95
Income from investment operations:
Net investment incomea		0.38			1.45			1.31			1.24			1.20			1.02
Net realized and unrealized gain (loss)b		(3.62	)		6.28			10.37			(7.90	)		9.32			2.99
Total from investment operations		(3.24	)		7.73			11.68			(6.66	)		10.52			4.01
Less distributions from:
Net investment income		(0.46	)		(1.54	)		(1.35	)		(1.38	)		(1.22	)		(1.06	)
Total distributions		(0.46	)		(1.54	)		(1.35	)		(1.38	)		(1.22	)		(1.06	)
Net asset value, end of period	$	66.98		$	70.68		$	64.49		$	54.16		$	62.20		$	52.90
Total return		(4.56	)%c		11.99	%		21.74	%		(10.59	)%		19.95	%		8.06	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,714,787		$	1,696,271		$	1,522,005		$	1,213,111		$	1,418,227		$	1,290,640
Ratio of expenses to average net assetsd		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assetsd		1.12	%		2.08	%		2.16	%		2.29	%		2.00	%		1.92	%
Portfolio turnover ratee		10	%		27	%		26	%		26	%		27	%		28	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 49

Financial Highlights  (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI EAFE Value ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	57.41		$	51.00		$	42.45		$	50.84		$	46.39		$	46.06
Income from investment operations:
Net investment incomea		0.59			2.66			1.80			1.90			1.86			1.46
Net realized and unrealized gain (loss)b		(6.17	)		6.26			8.44			(8.33	)		4.50			0.42
Total from investment operations		(5.58	)		8.92			10.24			(6.43	)		6.36			1.88
Less distributions from:
Net investment income		(0.69	)		(2.51	)		(1.69	)		(1.96	)		(1.91	)		(1.55	)
Total distributions		(0.69	)		(2.51	)		(1.69	)		(1.96	)		(1.91	)		(1.55	)
Net asset value, end of period	$	51.14		$	57.41		$	51.00		$	42.45		$	50.84		$	46.39
Total return		(9.71	)%c		17.56	%		24.39	%		(12.52	)%		13.77	%		4.15	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,577,662		$	2,755,526		$	2,040,181		$	1,222,465		$	1,403,312		$	1,224,728
Ratio of expenses to average net assetsd		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assetsd		2.19	%		4.72	%		3.69	%		4.33	%		3.63	%		2.99	%
Portfolio turnover ratee		10	%		29	%		27	%		27	%		29	%		30	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

50 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI EAFE Small-Cap ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	51.45		$	44.67		$	35.98		$	42.77		$	35.67		$	32.03
Income from investment operations:
Net investment incomea		0.38			1.09			1.05			1.04			1.02			0.75
Net realized and unrealized gain (loss)b		(4.17	)		6.93			8.96			(6.67	)		7.56			3.63
Total from investment operations		(3.79	)		8.02			10.01			(5.63	)		8.58			4.38
Less distributions from:
Net investment income		(0.64	)		(1.24	)		(1.32	)		(1.16	)		(1.48	)		(0.74	)
Total distributions		(0.64	)		(1.24	)		(1.32	)		(1.16	)		(1.48	)		(0.74	)
Net asset value, end of period	$	47.02		$	51.45		$	44.67		$	35.98		$	42.77		$	35.67
Total return		(7.33	)%c		18.03	%		28.21	%		(13.06	)%		24.21	%		13.77	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,723,613		$	4,043,615		$	2,179,747		$	1,388,891		$	1,548,384		$	1,062,919
Ratio of expenses to average net assetsd		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assetsd		1.58	%		2.15	%		2.53	%		2.81	%		2.46	%		2.13	%
Portfolio turnover ratee		7	%		17	%		12	%		16	%		12	%		15	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 51

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

iShares ETF	Diversification Classification
MSCI EAFE Growth	Diversified
MSCI EAFE Value	Diversified
MSCI EAFE Small-Cap	Diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

52 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 53

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of January 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3			Total
MSCI EAFE Growth
Assets:
Common Stocks	$	1,701,007,737	$	8,625	$	—		$	1,701,016,362
Preferred Stocks		9,765,310		—		—			9,765,310
Money Market Funds		20,633,150		—		—			20,633,150
	$	1,731,406,197	$	8,625	$	—		$	1,731,414,822
MSCI EAFE Value
Assets:
Common Stocks	$	2,552,208,585	$	—	$	6		$	2,552,208,591
Preferred Stocks		17,416,636		—		—			17,416,636
Rights		38,454		779,752		—			818,206
Money Market Funds		18,794,202		—		—			18,794,202
	$	2,588,457,877	$	779,752	$	6		$	2,589,237,635
MSCI EAFE Small-Cap
Assets:
Common Stocks	$	3,700,034,198	$	556,122	$	13		$	3,700,590,333
Preferred Stocks		10,685,569		—		0	a		10,685,569
Rights		—		61,015		—			61,015
Money Market Funds		233,717,998		—		—			233,717,998
	$	3,944,437,765	$	617,137	$	13		$	3,945,054,915

^a  Rounds to less than $1.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

54 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

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

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

NOTES TO FINANCIAL STATEMENTS 55

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
MSCI EAFE Growth	$	19,433,254	$	19,433,254	$	—
MSCI EAFE Value		17,344,020		17,344,020		—
MSCI EAFE Small-Cap		218,933,147		218,933,147		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to each of the iShares MSCI EAFE Growth and iShares MSCI EAFE Value ETFs, BFA is entitled to an annual investment advisory fee of 0.40% based on the average daily net assets of each Fund.

56 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

For its investment advisory services to the iShares MSCI EAFE Small-Cap ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.4000	%	First $12 billion
	0.3800	a	Over $12 billion, up to and including $21 billion
	0.3610	a	Over $21 billion

^a  Investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

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

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

Prior to January 1, 2015 each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI EAFE Growth	$	47,699
MSCI EAFE Value		24,790
MSCI EAFE Small-Cap		842,483

NOTES TO FINANCIAL STATEMENTS 57

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

Cross trades for the six months ended January 31, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI EAFE Growth	$	159,212,292	$	159,206,506
MSCI EAFE Value		251,836,850		257,848,538
MSCI EAFE Small-Cap		243,836,461		261,199,401

In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI EAFE Growth	$	129,949,509	$	26,313,359
MSCI EAFE Value		140,432,887		22,154,412
MSCI EAFE Small-Cap		250,362,308		224,845,066

4. CAPITAL SHARE TRANSACTIONS

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

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

58 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the statements of assets and liabilities.

5. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

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

CREDIT RISK

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

NOTES TO FINANCIAL STATEMENTS 59

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

6. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

As of July 31, 2014, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI EAFE Growth	$	95,247,466	$	2,756,980	$	19,510,202	$	255,395,852	$	90,854,597	$	463,765,097
MSCI EAFE Value		4,109,667		3,201,806		26,442,709		117,568,907		84,394,874		235,717,963
MSCI EAFE Small-Cap		12,319,099		—		—		7,305,376		—		19,624,475

^a  Must be utilized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI EAFE Growth	$	1,395,675,951	$	416,497,460	$	(80,758,589	)	$	335,738,871
MSCI EAFE Value		2,648,905,272		224,766,244		(284,433,881	)		(59,667,637	)
MSCI EAFE Small-Cap		3,836,971,495		554,340,012		(446,256,592	)		108,083,420

60 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 61

Supplemental Information (Unaudited)

iSHARES^® TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI EAFE Growth	$	0.404501	$	—	$	0.055801	$	0.460302		88	%		—	%		12	%		100	%
MSCI EAFE Small-Cap		0.624140		—		0.014883		0.639023		98			—			2			100

62 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-72-0115

JANUARY 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

^Ø   iShares China Large-Cap ETF  |  FXI  |  NYSE Arca

^Ø   iShares FTSE China ETF  |  FCHI  |  NASDAQ

Table of Contents

Fund Performance Overviews	5
About Fund Performance	7
Shareholder Expenses	7
Schedules of Investments	8
iShares China Large-Cap ETF	8
iShares FTSE China ETF	11
Financial Statements	16
Financial Highlights	19
Notes to Financial Statements	21
Supplemental Information	31

Fund Performance Overview

iSHARES^® CHINA LARGE-CAP ETF

Performance as of January 31, 2015

The iShares China Large-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange, as represented by the FTSE China 50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 3.46%, net of fees, while the total return for the Index was 3.85%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		23.09%		22.63%		24.06%		23.09%		22.63%		24.06%
5 Years		3.99%		3.90%		4.85%		21.60%		21.07%		26.70%
10 Years		11.04%		10.77%		11.72%		185.02%		178.14%		202.80%

Index performance beginning on February 10, 2012 reflects net returns where dividends are reinvested into the Index net of withholding tax. Performance before this date reflects dividends being reinvested at gross.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,034.60	$	3.79	$	1,000.00	$	1,021.50	$	3.77		0.74%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total Investments*

Financials	48.28	%
Energy	14.56
Telecommunication Services	12.27
Information Technology	11.41
Consumer Discretionary	4.47
Utilities	3.08
Industrials	3.04
Consumer Staples	2.13
Materials	0.76
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total Investments*

Tencent Holdings Ltd.	9.84	%
China Mobile Ltd.	8.83
China Construction Bank Corp. Class H	7.56
Industrial and Commercial Bank of China Ltd. Class H	6.95
Bank of China Ltd. Class H	5.93
China Life Insurance Co. Ltd. Class H	4.85
Ping An Insurance (Group) Co. of China Ltd. Class H	4.48
PetroChina Co. Ltd. Class H	3.94
CNOOC Ltd.	3.71
China Petroleum & Chemical Corp. Class H	3.60
TOTAL	59.69	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® FTSE CHINA ETF

Performance as of January 31, 2015

The iShares FTSE China ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that trade on the Hong Kong Stock Exchange, as represented by the FTSE China (HK Listed) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 3.15%, net of fees, while the total return for the Index was 3.15%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		17.70%		17.41%		18.57%		17.70%		17.41%		18.57%
5 Years		5.29%		5.16%		6.24%		29.43%		28.59%		35.37%
Since Inception		2.93%		2.67%		4.03%		21.06%		19.01%		29.81%

The inception date of the Fund was 6/24/08. The first day of secondary market trading was 6/25/08.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,031.50	$	3.79	$	1,000.00	$	1,021.50	$	3.77		0.74%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total Investments*

Financials	41.34	%
Information Technology	12.15
Telecommunication Services	10.77
Energy	10.12
Industrials	9.25
Consumer Discretionary	4.69
Utilities	4.40
Materials	3.07
Health Care	2.13
Consumer Staples	2.08
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total Investments*

Tencent Holdings Ltd.	9.55	%
China Mobile Ltd.	8.41
China Construction Bank Corp. Class H	7.08
Industrial and Commercial Bank of China Ltd. Class H	6.33
Bank of China Ltd. Class H	5.15
China Life Insurance Co. Ltd. Class H	3.58
Ping An Insurance (Group) Co. of China Ltd. Class H	3.29
PetroChina Co. Ltd. Class H	2.80
CNOOC Ltd.	2.58
China Petroleum & Chemical Corp. Class H	2.47
TOTAL	51.24	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

ABOUT FUND PERFORMANCE/SHAREHOLDER EXPENSES 7

Schedule of Investments (Unaudited)

iSHARES^® CHINA LARGE-CAP ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.92%
AUTOMOBILES — 3.35%
Brilliance China Automotive Holdings Ltd.		31,506,000	$	57,783,451
BYD Co. Ltd. Class Ha		7,895,000		28,867,941
Dongfeng Motor Group Co. Ltd. Class H		33,668,000		49,068,906
Great Wall Motor Co. Ltd. Class H		11,876,500		68,241,221
				203,961,519
BEVERAGES — 0.48%
Tsingtao Brewery Co. Ltd. Class H		4,366,000		29,309,950
				29,309,950
CAPITAL MARKETS — 1.62%
China Cinda Asset Management Co. Ltd.b		36,714,000		17,425,696
CITIC Securities Co. Ltd. Class H		13,545,500		43,588,929
Haitong Securities Co. Ltd. Class Ha		17,153,200		37,344,634
				98,359,259
COMMERCIAL BANKS — 28.84%
Agricultural Bank of China Ltd. Class H		296,844,000		145,486,428
Bank of China Ltd. Class H		644,977,000		361,031,061
Bank of Communications Co. Ltd. Class H		92,578,200		77,851,492
China CITIC Bank Corp. Ltd. Class H		87,261,000		64,714,059
China Construction Bank Corp. Class H		572,725,320		460,198,333
China Everbright Bank Co. Ltd.		37,937,000		20,256,944
China Merchants Bank Co. Ltd. Class H		52,779,938		118,175,979
China Minsheng Banking Corp. Ltd. Class H		70,146,500		85,496,518
Industrial and Commercial Bank of China Ltd. Class H		587,440,995		422,774,769
				1,755,985,583

Security	Shares		Value
COMPUTERS & PERIPHERALS — 1.58%
Lenovo Group Ltd.a		74,072,000	$	95,917,620
				95,917,620
CONSTRUCTION & ENGINEERING — 1.85%
China Communications Construction Co. Ltd. Class H		50,901,000		55,474,530
China Railway Construction Corp. Ltd. Class H		21,581,000		24,800,468
China Railway Group Ltd. Class H		43,988,000		32,281,752
				112,556,750
CONSTRUCTION MATERIALS — 0.76%
Anhui Conch Cement Co. Ltd. Class Ha		13,745,500		46,359,938
				46,359,938
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.43%
China Telecom Corp. Ltd. Class H		186,090,000		110,405,696
China Unicom Hong Kong Ltd.		65,334,000		98,759,179
				209,164,875
ENERGY EQUIPMENT & SERVICES — 0.56%
China Oilfield Services Ltd. Class H		20,824,000		34,270,895
				34,270,895
GAS UTILITIES — 0.47%
China Gas Holdings Ltd.		18,456,000		28,659,901
				28,659,901
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 2.61%
China Longyuan Power Group Corp. Ltd.		38,793,000		41,928,372
China Resources Power Holdings Co. Ltd.		21,860,000		61,745,439
Huaneng Power International Inc. Class H		38,758,000		54,987,586
				158,661,397
INDUSTRIAL CONGLOMERATES — 0.75%
Beijing Enterprises Holdings Ltd.		5,984,500		45,809,885
				45,809,885

8 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CHINA LARGE-CAP ETF

January 31, 2015

Security	Shares		Value
INSURANCE — 14.01%
China Life Insurance Co. Ltd. Class H		74,714,000	$	294,872,333
China Pacific Insurance (Group) Co. Ltd. Class H		29,672,600		143,515,061
New China Life Insurance Co. Ltd. Class H		8,144,300		46,901,403
People’s Insurance Co. Group of China Ltd.		43,933,000		21,475,371
PICC Property and Casualty Co. Ltd. Class H		37,503,700		73,523,863
Ping An Insurance (Group) Co. of China Ltd. Class H		25,596,500		272,691,275
				852,979,306
INTERNET SOFTWARE & SERVICES — 9.83%
Tencent Holdings Ltd.		35,155,600		598,520,536
				598,520,536
MACHINERY — 0.43%
CSR Corp Ltd. Class Ha		21,572,000		26,236,912
				26,236,912
OIL, GAS & CONSUMABLE FUELS — 13.98%
China Coal Energy Co. Class Ha		47,246,000		26,019,775
China Petroleum & Chemical Corp. Class H		277,222,600		219,179,392
China Shenhua Energy Co. Ltd. Class H		39,071,000		107,083,874
CNOOC Ltd.		171,868,000		225,659,391
Kunlun Energy Co. Ltd.a		32,318,000		33,637,880
PetroChina Co. Ltd. Class H		221,690,000		239,893,607
				851,473,919
PERSONAL PRODUCTS — 1.64%
Hengan International Group Co. Ltd.		8,410,000		100,062,876
				100,062,876
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.78%
China Overseas Land & Investment Ltd.a		46,932,000		135,892,666
China Resources Land Ltd.a		23,991,333		61,515,048
China Vanke Co. Ltd.a,b		15,109,500		32,895,247
				230,302,961

Security	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 1.12%
Belle International Holdings Ltd.		60,170,000	$	68,214,939
				68,214,939
WIRELESS TELECOMMUNICATION SERVICES — 8.83%
China Mobile Ltd.		40,650,500		537,403,348
				537,403,348
TOTAL COMMON STOCKS
(Cost: $5,617,041,759)				6,084,212,369
SHORT-TERM INVESTMENTS — 3.29%
MONEY MARKET FUNDS — 3.29%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		188,218,575		188,218,575
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		11,322,273		11,322,273
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		930,355		930,355
				200,471,203
TOTAL SHORT-TERM INVESTMENTS (Cost: $200,471,203)				200,471,203
TOTAL INVESTMENTS IN SECURITIES — 103.21%
(Cost: $5,817,512,962)				6,284,683,572
Other Assets, Less Liabilities — (3.21)%				(195,377,180	)
NET ASSETS — 100.00%			$	6,089,306,392

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

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

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

SCHEDULES OF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CHINA LARGE-CAP ETF

January 31, 2015

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

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
H-Shares Index		59		Feb. 2015		Hong Kong Futures	$	4,477,497	$	(196,709)

See notes to financial statements.

10 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® FTSE CHINA ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.89%
AEROSPACE & DEFENSE — 0.20%
AviChina Industry & Technology Co. Ltd. Class H		80,000	$	51,901
				51,901
AIR FREIGHT & LOGISTICS — 0.16%
Sinotrans Ltd. Class H		60,000		42,562
				42,562
AIRLINES — 0.43%
Air China Ltd. Class H		60,000		57,575
China Eastern Airlines Corp. Ltd. Class Ha		50,000		25,344
China Southern Airlines Co. Ltd. Class H		51,000		27,495
				110,414
AUTOMOBILES — 2.74%
BAIC Motor Corp. Ltd.a,b		17,500		19,592
Brilliance China Automotive Holdings Ltd.		90,000		165,064
BYD Co. Ltd. Class Hc		22,500		82,271
Dongfeng Motor Group Co. Ltd. Class H		90,000		131,169
Geely Automobile Holdings Ltd.		150,000		61,715
Great Wall Motor Co. Ltd. Class H		32,500		186,742
Guangzhou Automobile Group Co. Ltd.		70,415		64,118
				710,671
BEVERAGES — 0.26%
Tsingtao Brewery Co. Ltd. Class H		10,000		67,132
				67,132
CAPITAL MARKETS — 1.44%
China Cinda Asset Management Co. Ltd.a		105,000		49,836
China Everbright Ltd.		30,000		65,004
China Galaxy Securities Co. Ltd. Class H		35,000		37,377
CITIC Securities Co. Ltd. Class H		37,500		120,674
Haitong Securities Co. Ltd. Class Hc		46,000		100,148
				373,039
CHEMICALS — 0.30%
China BlueChemical Ltd. Class H		60,000		20,894

Security	Shares		Value
Sinofert Holdings Ltd.a,c		60,000	$	10,989
Sinopec Shanghai Petrochemical Co. Ltd. Class H		110,000		31,922
Tianhe Chemicals Group Ltd.a,b,c		100,000		14,445
				78,250
COMMERCIAL BANKS — 24.34%
Agricultural Bank of China Ltd. Class H		820,000		401,891
Bank of China Ltd. Class H		2,385,000		1,335,023
Bank of Communications Co. Ltd. Class H		255,500		214,857
China CITIC Bank Corp. Ltd. Class H		240,200		178,136
China Construction Bank Corp. Class H		2,285,680		1,836,598
China Everbright Bank Co. Ltd.		105,000		56,066
China Merchants Bank Co. Ltd. Class H		145,383		325,517
China Minsheng Banking Corp. Ltd. Class H		192,900		235,112
Chongqing Rural Commercial Bank Co. Ltd.		90,000		55,253
Huishang Bank		40,000		17,438
Industrial and Commercial Bank of China Ltd. Class H		2,280,795		1,641,463
Shengjing Bank Co. Ltd.a,b		20,000		19,527
				6,316,881
COMMERCIAL SERVICES & SUPPLIES — 0.51%
China Everbright International Ltd.		85,000		125,855
Tianjin Capital Environmental Protection Group Co. Ltd. Class H		10,000		6,694
				132,549
COMMUNICATIONS EQUIPMENT — 0.16%
ZTE Corp. Class H		19,032		41,779
				41,779
COMPUTERS & PERIPHERALS — 1.00%
Lenovo Group Ltd.		200,000		258,985
				258,985
CONSTRUCTION & ENGINEERING — 1.75%
China Communications Construction Co. Ltd. Class H		140,000		152,579
China Machinery Engineering Corp. Class H		15,000		12,769

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE CHINA ETF

January 31, 2015

Security	Shares		Value
China Railway Construction Corp. Ltd. Class H		60,000	$	68,951
China Railway Group Ltd. Class H		120,000		88,065
China State Construction International Holdings Ltd.		50,000		76,870
Metallurgical Corp. of China Ltd. Class H		95,000		29,406
Sinopec Engineering Group Co. Ltd.		35,000		25,054
				453,694
CONSTRUCTION MATERIALS — 1.11%
Anhui Conch Cement Co. Ltd. Class Hc		37,500		126,478
BBMG Corp. Class H		37,500		32,889
China National Building Material Co. Ltd. Class H		90,000		86,943
China National Materials Co. Ltd. Class H		25,000		6,610
China Resources Cement Holdings Ltd.c		60,000		35,752
				288,672
DIVERSIFIED FINANCIAL SERVICES — 0.16%
Far East Horizon Ltd.		50,000		42,691
				42,691
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.36%
China Communications Services Corp. Ltd. Class H		81,200		36,655
China Telecom Corp. Ltd. Class H		510,000		302,579
China Unicom Hong Kong Ltd.		180,128		272,282
				611,516
ELECTRICAL EQUIPMENT — 0.89%
Dongfang Electric Corp. Ltd.		10,000		21,952
Harbin Electric Co. Ltd. Class H		20,000		14,368
Shanghai Electric Group Co. Ltd. Class H		90,000		55,254
Xinjiang Goldwind Science & Technology Co. Ltd. Class H		14,000		22,426
Zhuzhou CSR Times Electric Co. Ltd. Class H		21,000		117,549
				231,549

Security	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.19%
Kingboard Chemical Holdings Co. Ltd.		22,600	$	36,669
Kingboard Laminates Holdings Ltd.		27,500		11,669
				48,338
ENERGY EQUIPMENT & SERVICES — 0.32%
China Oilfield Services Ltd. Class H		50,000		82,287
				82,287
FOOD & STAPLES RETAILING — 0.41%
China Resources Enterprise Ltd.		40,000		87,704
Lianhua Supermarket Holdings Co. Ltd. Class Ha,c		15,600		7,565
Wumart Stores Inc. Class H		15,000		10,621
				105,890
FOOD PRODUCTS — 0.38%
Biostime International Holdings Ltd.c		3,500		9,525
China Agri-Industries Holdings Ltd.c		70,300		28,470
China Foods Ltd.a,c		20,000		6,604
China Huishan Dairy Holdings Co. Ltd.c		235,000		37,584
China Yurun Food Group Ltd.a,c		45,000		17,354
				99,537
GAS UTILITIES — 0.94%
China Gas Holdings Ltd.		50,000		77,644
China Resources Gas Group Ltd.c		20,000		48,856
ENN Energy Holdings Ltd.		20,000		118,530
				245,030
HEALTH CARE EQUIPMENT & SUPPLIES — 0.18%
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		60,000		47,128
				47,128
HEALTH CARE PROVIDERS & SERVICES — 0.63%
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		17,500		37,919
Sinopharm Group Co. Ltd. Class H		34,000		124,321
				162,240
HOUSEHOLD DURABLES — 0.26%
Haier Electronics Group Co. Ltd.		25,000		67,390
				67,390

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE CHINA ETF

January 31, 2015

Security	Shares		Value
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 2.78%
Beijing Jingneng Clean Energy Co. Ltd.		60,000	$	23,990
CGN Power Co. Ltd.a,b		195,000		82,745
China Longyuan Power Group Corp. Ltd.		105,000		113,486
China Resources Power Holdings Co. Ltd.		61,600		173,994
Datang International Power Generation Co. Ltd. Class H		90,000		48,985
Huadian Fuxin Energy Corp. Ltd.		80,000		37,867
Huadian Power International Corp. Ltd. Class H		50,000		45,658
Huaneng Power International Inc. Class H		110,000		156,062
Huaneng Renewables Corp. Class H		110,000		39,583
				722,370
INDUSTRIAL CONGLOMERATES — 1.85%
Beijing Enterprises Holdings Ltd.		17,500		133,958
CITIC Ltd.		175,000		300,645
Shanghai Industrial Holdings Ltd.		15,000		44,400
				479,003
INSURANCE — 10.24%
China Life Insurance Co. Ltd. Class H		235,000		927,470
China Pacific Insurance (Group) Co. Ltd. Class H		82,000		396,603
China Taiping Insurance Holdings Co. Ltd.a		30,804		95,352
New China Life Insurance Co. Ltd. Class H		22,500		129,573
People’s Insurance Co. Group of China Ltd.		125,000		61,102
PICC Property and Casualty Co. Ltd. Class H		100,108		196,256
Ping An Insurance (Group) Co. of China Ltd. Class H		80,000		852,277
				2,658,633
INTERNET SOFTWARE & SERVICES — 9.54%
Tencent Holdings Ltd.		145,500		2,477,123
				2,477,123

Security	Shares		Value
IT SERVICES — 0.12%
Travelsky Technology Ltd. Class H		30,000	$	31,728
				31,728
MACHINERY — 1.15%
China Conch Venture Holdings Ltd.		7,500		15,941
China International Marine Containers (Group) Co. Ltd. Class H		17,000		32,714
CIMC Enric Holdings Ltd.		20,000		15,426
CSR Corp Ltd. Class Hc		72,000		87,570
Haitian International Holdings Ltd.c		20,000		38,848
Sany Heavy Equipment International Holdings Co. Ltd.a,c		35,000		7,539
Sinotruk (Hong Kong) Ltd.		17,500		9,615
Weichai Power Co. Ltd. Class H		15,680		62,288
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H		45,100		27,746
				297,687
MARINE — 0.41%
China COSCO Holdings Co. Ltd. Class Hac		85,000		42,208
China Shipping Container Lines Co. Ltd. Class Ha		115,000		36,191
China Shipping Development Co. Ltd. Class Ha		40,000		28,581
				106,980
METALS & MINING — 1.39%
Aluminum Corp. of China Ltd. Class Hac		120,000		55,099
Angang Steel Co. Ltd. Class H		30,000		22,365
China Hongqiao Group Ltd.c		30,000		18,998
China Molybdenum Co. Ltd. Class H		40,000		25,279
China Zhongwang Holdings Ltd.		46,000		20,231
Fosun International Ltd.c		47,500		66,655
Jiangxi Copper Co. Ltd. Class H		40,000		65,314
Maanshan Iron & Steel Co. Ltd. Class Ha		50,000		13,607
Zhaojin Mining Industry Co. Ltd. Class Hc		27,500		16,564
Zijin Mining Group Co. Ltd. Class H		191,000		57,891
				362,003

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE CHINA ETF

January 31, 2015

Security	Shares		Value
MULTILINE RETAIL — 0.07%
Golden Eagle Retail Group Ltd.c		15,000	$	17,895
				17,895
OIL, GAS & CONSUMABLE FUELS — 9.80%
China Coal Energy Co. Class Hc		130,000		71,595
China Petroleum & Chemical Corp. Class H		810,000		640,407
China Shenhua Energy Co. Ltd. Class H		107,500		294,631
CNOOC Ltd.		510,000		669,620
Kunlun Energy Co. Ltd.c		90,000		93,676
PetroChina Co. Ltd. Class H		670,000		725,016
Yanzhou Coal Mining Co. Ltd. Class Hc		60,000		47,824
				2,542,769
PAPER & FOREST PRODUCTS — 0.26%
Lee & Man Paper Manufacturing Ltd.		45,000		23,680
Nine Dragons Paper (Holdings) Ltd.c		50,000		36,823
Shandong Chenming Paper Holdings Ltd. Class H		12,500		6,175
				66,678
PERSONAL PRODUCTS — 1.03%
Hengan International Group Co. Ltd.		22,500		267,707
				267,707
PHARMACEUTICALS — 1.32%
CSPC Pharmaceutical Group Ltd.c		90,000		76,032
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H		12,000		42,717
Luye Pharma Group Ltd.a		20,000		23,912
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.		12,500		45,222
Sihuan Pharmaceutical Holdings Group Ltd.		115,000		74,310
Sino Biopharmaceutical Ltd.		80,000		80,172
				342,365
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.11%
Agile Property Holdings Ltd.		41,500		25,317
Beijing North Star Co. Ltd. Class H		20,000		6,320
China Overseas Land & Investment Ltd.		121,040		350,474
China Resources Land Ltd.		61,111		156,692

Security	Shares		Value
China South City Holdings Ltd.c		70,000	$	23,022
China Vanke Co. Ltd.a,c		41,513		90,379
Country Garden Holdings Co. Ltd.		180,600		72,209
Dalian Wanda Commercial Properties Co. Ltd.a,b		8,500		52,513
Evergrande Real Estate Group Ltd.c		185,000		77,070
Franshion Properties (China) Ltd.		120,000		35,288
Greentown China Holdings Ltd.		25,000		21,862
Guangzhou R&F Properties Co. Ltd. Class H		26,000		29,543
Hopson Development Holdings Ltd.a,c		20,000		17,799
KWG Property Holdings Ltd.		35,000		22,435
Longfor Properties Co. Ltd.		42,500		55,911
Poly Property Group Co. Ltd.		60,000		27,704
Renhe Commercial Holdings Co. Ltd.a,c		280,000		12,640
Shenzhen Investment Ltd.		70,000		20,224
Shimao Property Holdings Ltd.		40,000		84,402
Sino-Ocean Land Holdings Ltd.		110,000		70,511
SOHO China Ltd.		47,500		33,021
Yuexiu Property Co. Ltd.		211,794		41,248
				1,326,584
ROAD & RAIL — 0.08%
Guangshen Railway Co. Ltd. Class H		40,000		20,739
				20,739
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.89%
GCL-Poly Energy Holdings Ltd.a,c		320,000		69,338
Hanergy Thin Film Power Group Ltd.c		350,000		162,962
				232,300
SOFTWARE — 0.23%
Kingsoft Corp. Ltd.c		25,000		60,039
				60,039
SPECIALTY RETAIL — 0.25%
GOME Electrical Appliances Holdings Ltd.c		350,000		48,302
Zhongsheng Group Holdings Ltd.		20,000		17,437
				65,739
TEXTILES, APPAREL & LUXURY GOODS — 1.36%
Anta Sports Products Ltd.		30,000		52,854
Belle International Holdings Ltd.		165,000		187,061
Bosideng International Holdings Ltd.		100,000		12,898

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE CHINA ETF

January 31, 2015

Security	Shares		Value
China Dongxiang Group Co. Ltd.		80,000	$	13,620
Li Ning Co. Ltd.a,c		32,500		14,252
Shenzhou International Group Holdings Ltd.		20,000		72,743
				353,428
TRADING COMPANIES & DISTRIBUTORS — 0.04%
CITIC Resources Holdings Ltd.a		70,800		9,314
				9,314
TRANSPORTATION INFRASTRUCTURE — 1.78%
Anhui Expressway Co. Ltd. Class H		10,000		7,274
Beijing Capital International Airport Co. Ltd. Class H		50,000		47,528
China Merchants Holdings International Co. Ltd.		40,000		147,291
COSCO Pacific Ltd.		50,000		72,614
Jiangsu Expressway Co. Ltd. Class H		40,000		49,682
Shenzhen Expressway Co. Ltd. Class H		20,000		15,529
Shenzhen International Holdings Ltd.		32,500		46,864
Sichuan Expressway Co. Ltd. Class H		30,000		12,652
Zhejiang Expressway Co. Ltd. Class H		50,000		63,779
				463,213
WATER UTILITIES — 0.67%
Beijing Enterprises Water Group Ltd.		120,000		79,398
Guangdong Investment Ltd.		70,000		93,895
				173,293
WIRELESS TELECOMMUNICATION SERVICES — 8.40%
China Mobile Ltd.		165,000		2,181,315
				2,181,315
TOTAL COMMON STOCKS
(Cost: $22,761,389)				25,929,029

Security	Shares		Value
SHORT-TERM INVESTMENTS — 6.54%
MONEY MARKET FUNDS — 6.54%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%d,e,f		1,592,258	$	1,592,258
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%d,e,f		95,782		95,782
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		9,570		9,570
				1,697,610
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,697,610)				1,697,610
TOTAL INVESTMENTS IN SECURITIES — 106.43%
(Cost: $24,458,999)				27,626,639
Other Assets, Less Liabilities — (6.43)%				(1,668,622	)
NET ASSETS — 100.00%			$	25,958,017

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2015

	iShares China Large-Cap ETF			iShares FTSE China ETF
ASSETS
Investments, at cost:
Unaffiliated	$	5,617,041,759		$	22,761,389
Affiliated (Note 2)		200,471,203			1,697,610
Total cost of investments	$	5,817,512,962		$	24,458,999
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	6,084,212,369		$	25,929,029
Affiliated (Note 2)		200,471,203			1,697,610
Total fair value of investments		6,284,683,572			27,626,639
Foreign currency, at valueb		6,624,432			29,010
Foreign currency pledged to broker, at valueb		400,730			—
Receivables:
Dividends and interest		981,120			6,810
Futures variation margin		7,559			—
Total Assets		6,292,697,413			27,662,459
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		199,540,848			1,688,040
Investment advisory fees (Note 2)		3,850,173			16,402
Total Liabilities		203,391,021			1,704,442
NET ASSETS	$	6,089,306,392		$	25,958,017
Net assets consist of:
Paid-in capital	$	7,362,191,538		$	24,818,314
Distributions in excess of net investment income		(4,636,245	)		(73,036	)
Accumulated net realized loss		(1,735,223,740	)		(1,954,906	)
Net unrealized appreciation		466,974,839			3,167,645
NET ASSETS	$	6,089,306,392		$	25,958,017
Shares outstandingc		145,200,000			500,000
Net asset value per share	$	41.94		$	51.92

^a  Securities on loan with values of $188,569,779 and $1,573,858, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker: $7,024,756 and $29,007, respectively.

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

See notes to financial statements.

16 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares China Large-Cap ETF			iShares FTSE China ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	27,607,889		$	154,189
Interest — affiliated (Note 2)		222			1
Securities lending income — affiliated (Note 2)		1,531,584			22,993
Total investment income		29,139,695			177,183
EXPENSES
Investment advisory fees (Note 2)		21,538,795			107,350
Total expenses		21,538,795			107,350
Net investment income		7,600,900			69,833
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(194,752,103	)		(64,209	)
In-kind redemptions — unaffiliated		22,330,711			961,033
Futures contracts		564,682			—
Foreign currency transactions		(15,611	)		(186	)
Net realized gain (loss)		(171,872,321	)		896,638
Net change in unrealized appreciation/depreciation on:
Investments		362,450,397			(139,670	)
Futures contracts		(2,540,148	)		—
Translation of assets and liabilities in foreign currencies		(46,674	)		(149	)
Net change in unrealized appreciation/depreciation		359,863,575			(139,819	)
Net realized and unrealized gain		187,991,254			756,819
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	195,592,154		$	826,652

^a  Net of foreign withholding tax of $2,635,623 and $11,661, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 17

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares China Large-Cap ETF						iShares FTSE China ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	7,600,900		$	142,523,891		$	69,833		$	744,342
Net realized gain (loss)		(171,872,321	)		(110,295,287	)		896,638			(308,461	)
Net change in unrealized appreciation/depreciation		359,863,575			872,271,812			(139,819	)		4,435,845
Net increase in net assets resulting from operations		195,592,154			904,500,416			826,652			4,871,726
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(71,755,283	)		(94,470,686	)		(364,662	)		(578,797	)
Total distributions to shareholders		(71,755,283	)		(94,470,686	)		(364,662	)		(578,797	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		731,299,298			1,429,863,424			—			—
Cost of shares redeemed		(191,141,584	)		(1,952,323,946	)		(5,152,611	)		—
Net increase (decrease) in net assets from capital share transactions		540,157,714			(522,460,522	)		(5,152,611	)		—
INCREASE (DECREASE) IN NET ASSETS		663,994,585			287,569,208			(4,690,621	)		4,292,929
NET ASSETS
Beginning of period		5,425,311,807			5,137,742,599			30,648,638			26,355,709
End of period	$	6,089,306,392		$	5,425,311,807		$	25,958,017		$	30,648,638
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(4,636,245	)	$	59,518,138		$	(73,036	)	$	221,793
SHARES ISSUED AND REDEEMED
Shares sold		17,850,000			37,350,000			—			—
Shares redeemed		(4,800,000	)		(54,300,000	)		(100,000	)		—
Net increase (decrease) in shares outstanding		13,050,000			(16,950,000	)		(100,000	)		—

See notes to financial statements.

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares China Large-Cap ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	41.05		$	34.46		$	34.43		$	42.12		$	40.98		$	42.14
Income from investment operations:
Net investment incomea		0.05			0.98			0.88			0.89			0.66			0.58
Net realized and unrealized gain (loss)b		1.35			6.32			0.08			(7.65	)		1.33			(1.06	)
Total from investment operations		1.40			7.30			0.96			(6.76	)		1.99			(0.48	)
Less distributions from:
Net investment income		(0.51	)		(0.71	)		(0.93	)		(0.93	)		(0.85	)		(0.68	)
Total distributions		(0.51	)		(0.71	)		(0.93	)		(0.93	)		(0.85	)		(0.68	)
Net asset value, end of period	$	41.94		$	41.05		$	34.46		$	34.43		$	42.12		$	40.98
Total return		3.46	%c		21.42	%		3.01	%		(16.02	)%		4.93	%		(1.16	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	6,089,306		$	5,425,312		$	5,137,743		$	4,668,277		$	6,767,313		$	8,199,691
Ratio of expenses to average net assetsd		0.74	%		0.74	%		0.73	%		0.74	%		0.72	%		0.72	%
Ratio of net investment income to average net assetsd		0.26	%		2.68	%		2.38	%		2.46	%		1.53	%		1.39	%
Portfolio turnover ratee		25	%		17	%		31	%		21	%		23	%		23	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 19

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares FTSE China ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	51.08		$	43.93		$	42.33		$	49.95		$	47.93		$	47.46
Income from investment operations:
Net investment incomea		0.12			1.24			1.12			0.97			0.85			0.79
Net realized and unrealized gain (loss)b		1.45			6.87			1.58			(7.57	)		2.27			0.35
Total from investment operations		1.57			8.11			2.70			(6.60	)		3.12			1.14
Less distributions from:
Net investment income		(0.73	)		(0.96	)		(1.10	)		(1.02	)		(1.10	)		(0.67	)
Total distributions		(0.73	)		(0.96	)		(1.10	)		(1.02	)		(1.10	)		(0.67	)
Net asset value, end of period	$	51.92		$	51.08		$	43.93		$	42.33		$	49.95		$	47.93
Total return		3.15	%c		18.66	%		6.55	%		(13.18	)%		6.55	%		2.41	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	25,958		$	30,649		$	26,356		$	29,628		$	54,940		$	57,515
Ratio of expenses to average net assetsd		0.74	%		0.74	%		0.73	%		0.74	%		0.72	%		0.72	%
Ratio of net investment income to average net assetsd		0.48	%		2.64	%		2.46	%		2.24	%		1.65	%		1.65	%
Portfolio turnover ratee		5	%		8	%		19	%		6	%		8	%		18	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

iShares ETF	Diversification Classification
China Large-Cap	Non-diversified
FTSE China	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 21

Notes to Financial Statements (Unaudited)(Continued)

iSHARES^® TRUST

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

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

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

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

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

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

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

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

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)(Continued)

iSHARES^® TRUST

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of January 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1			Level 2		Level 3		Total
China Large-Cap
Assets:
Common Stocks	$	6,037,310,966		$	46,901,403	$	—	$	6,084,212,369
Money Market Funds		200,471,203			—		—		200,471,203
	$	6,237,782,169		$	46,901,403	$	—	$	6,284,683,572
Liabilities:
Futures Contractsa	$	(196,709	)	$	—	$	—	$	(196,709	)
FTSE China
Assets:
Common Stocks	$	25,775,466		$	153,563	$	—	$	25,929,029
Money Market Funds		1,697,610			—		—		1,697,610
	$	27,473,076		$	153,563	$	—	$	27,626,639

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

NOTES TO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Unaudited)(Continued)

iSHARES^® TRUST

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

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

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

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

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)(Continued)

iSHARES^® TRUST

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

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
China Large-Cap	$	188,569,779	$	188,569,779	$	—
FTSE China		1,573,858		1,573,858		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.74	%	First $6 billion
	0.67		Over $6 billion, up to and including $12 billion
	0.60		Over $12 billion

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

NOTES TO FINANCIAL STATEMENTS 25

Notes to Financial Statements (Unaudited)(Continued)

iSHARES^® TRUST

securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

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

Prior to January 1, 2015 each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
China Large-Cap	$	503,016
FTSE China		7,402

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

Cross trades for the six months ended January 31, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

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

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)(Continued)

iSHARES^® TRUST

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:

iShares ETF	Purchases		Sales
China Large-Cap	$	1,816,541,220	$	1,418,376,734
FTSE China		1,450,088		1,562,765

In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
China Large-Cap	$	334,265,286	$	188,339,222
FTSE China		—		5,074,173

4. CAPITAL SHARE TRANSACTIONS

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

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

5. FUTURES CONTRACTS

Each Fund may purchase or sell futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

NOTES TO FINANCIAL STATEMENTS 27

Notes to Financial Statements (Unaudited)(Continued)

iSHARES^® TRUST

The following table shows the value of futures contracts held by the iShares China Large-Cap ETF as of January 31, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Liabilities
Equity contracts:
Variation margin / Net assets consist of – net unrealized depreciationa	$	196,709

^a  Represents cumulative depreciation of futures contracts as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares China Large-Cap ETF during the six months ended January 31, 2015 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Equity contracts:
Futures contracts	$	564,682	$	(2,540,148	)

For the six months ended January 31, 2015, the average quarter-end notional value of open futures contracts for the iShares China Large-Cap ETF was $26,883,504.

6. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited)(Continued)

iSHARES^® SERIES

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

Each Fund invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTES TO FINANCIAL STATEMENTS 29

Notes to Financial Statements (Unaudited)(Continued)

iSHARES^® SERIES

As of July 31, 2014, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
China Large-Cap	$	955,400,820	$	451,243	$	58,367,595	$	185,123,529	$	160,211,209	$	1,359,554,396
FTSE China		947,494		—		50,180		361,254		510,679		1,869,607

^a  Must be utilized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
China Large-Cap	$	5,941,323,458	$	754,680,448	$	(411,320,334	)	$	343,360,114
FTSE China		25,189,601		4,964,532		(2,527,494	)		2,437,038

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. SUBSEQUENT EVENTS

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

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
China Large-Cap	$	0.503649	$	—	$	0.002026	$	0.505675		100	%		—	%		0	%a		100	%
FTSE China		0.624820		—		0.104504		0.729324		86			—			14			100

^a  Rounds to less than 1%.

SUPPLEMENTAL INFORMATION 31

Notes:

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 33

Notes:

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-78-0115

JANUARY 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

^Ø   iShares Core Conservative Allocation ETF  |  AOK  |  NYSE Arca

^Ø   iShares Core Moderate Allocation ETF  |  AOM  |  NYSE Arca

^Ø   iShares Core Growth Allocation ETF  |  AOR  |  NYSE Arca

^Ø   iShares Core Aggressive Allocation ETF  |  AOA  |  NYSE Arca

^Ø   iShares Morningstar Multi-Asset Income ETF  |  IYLD  |  BATS

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares Core Conservative Allocation ETF	11
iShares Core Moderate Allocation ETF	12
iShares Core Growth Allocation ETF	13
iShares Core Aggressive Allocation ETF	14
iShares Morningstar Multi-Asset Income ETF	15
Financial Statements	16
Financial Highlights	23
Notes to Financial Statements	28
Supplemental Information	37

Fund Performance Overview

iSHARES^® CORE CONSERVATIVE ALLOCATION ETF

Performance as of January 31, 2015

The iShares Core Conservative Allocation ETF (the “Fund”) (formerly the iShares Conservative Allocation ETF) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent a conservative target risk allocation strategy, as represented by the S&P Target Risk Conservative Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 1.51%, net of fees, while the total return for the Index was 1.51%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		5.15%		5.05%		5.17%		5.15%		5.05%		5.17%
5 Years		5.87%		5.85%		5.93%		32.99%		32.89%		33.38%
Since Inception		6.31%		6.31%		6.38%		46.56%		46.49%		47.10%

The inception date of the Fund was 11/4/08. The first day of secondary market trading was 11/7/08.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,015.10	$	0.56	$	1,000.00	$	1,024.70	$	0.56		0.11%

^a  Annualized expense ratios and expenses paid during the period do not include fees and expenses of the Underlying Funds in which the Fund invests.

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

PORTFOLIO ALLOCATION

As of 1/31/15

Asset Class Percentage of Total Investments*

Domestic Fixed Income	70.22	%
Domestic Equity	15.13
International Equity	14.65
TOTAL	100.00	%

FIVE LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of Total Investments*

iShares Core Total USD Bond Market ETF	42.10	%
iShares Core U.S. Treasury Bond ETF	16.20
iShares Core S&P 500 ETF	13.45
iShares Core U.S. Credit Bond ETF	11.92
iShares Core MSCI Europe ETF	7.15
TOTAL	90.82	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® CORE MODERATE ALLOCATION ETF

Performance as of January 31, 2015

The iShares Core Moderate Allocation ETF (the “Fund”) (formerly the iShares Moderate Allocation ETF) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent a moderate target risk allocation strategy, as represented by the S&P Target Risk Moderate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 1.43%, net of fees, while the total return for the Index was 1.42%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		6.02%		5.96%		6.07%		6.02%		5.96%		6.07%
5 Years		7.01%		6.99%		7.09%		40.29%		40.20%		40.85%
Since Inception		7.42%		7.41%		7.51%		56.33%		56.27%		57.12%

The inception date of the Fund was 11/4/08. The first day of secondary market trading was 11/7/08.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,014.30	$	0.56	$	1,000.00	$	1,024.70	$	0.56		0.11%

^a  Annualized expense ratios and expenses paid during the period do not include fees and expenses of the Underlying Funds in which the Fund invests.

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

PORTFOLIO ALLOCATION

As of 1/31/15

Asset Class Percentage of Total Investments*

Domestic Fixed Income	60.25	%
Domestic Equity	20.20
International Equity	19.55
TOTAL	100.00	%

FIVE LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of Total Investments*

iShares Core Total USD Bond Market ETF	36.12	%
iShares Core S&P 500 ETF	17.95
iShares Core U.S. Treasury Bond ETF	13.90
iShares Core U.S. Credit Bond ETF	10.23
iShares Core MSCI Europe ETF	9.54
TOTAL	87.74	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® CORE GROWTH ALLOCATION ETF

Performance as of January 31, 2015

The iShares Core Growth Allocation ETF (the “Fund”) (formerly the iShares Growth Allocation ETF) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent a growth allocation target risk strategy, as represented by the S&P Target Risk Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 2.07%, net of fees, while the total return for the Index was 2.08%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		8.20%		8.18%		8.28%		8.20%		8.18%		8.28%
5 Years		9.45%		9.45%		9.56%		57.06%		57.03%		57.83%
Since Inception		9.60%		9.59%		9.71%		77.26%		77.17%		78.25%

The inception date of the Fund was 11/4/08. The first day of secondary market trading was 11/7/08.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,020.70	$	0.56	$	1,000.00	$	1,024.70	$	0.56		0.11%

^a  Annualized expense ratios and expenses paid during the period do not include fees and expenses of the Underlying Funds in which the Fund invests.

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

PORTFOLIO ALLOCATION

As of 1/31/15

Asset Class Percentage of Total Investments*

Domestic Fixed Income	40.25	%
Domestic Equity	30.36
International Equity	29.39
TOTAL	100.00	%

FIVE LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of Total Investments*

iShares Core S&P 500 ETF	26.98	%
iShares Core Total USD Bond Market ETF	24.13
iShares Core MSCI Europe ETF	14.34
iShares Core U.S. Treasury Bond ETF	9.29
iShares Core MSCI Pacific ETF	9.09
TOTAL	83.83	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® CORE AGGRESSIVE ALLOCATION ETF

Performance as of January 31, 2015

The iShares Core Aggressive Allocation ETF (the “Fund”) (formerly the iShares Aggressive Allocation ETF) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent an aggressive target risk allocation strategy, as represented the S&P Target Risk Aggressive Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 1.29%, net of fees, while the total return for the Index was 1.32%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		8.67%		8.59%		8.76%		8.67%		8.59%		8.76%
5 Years		11.97%		11.98%		12.10%		76.02%		76.10%		77.05%
Since Inception		11.95%		11.94%		12.08%		102.35%		102.28%		103.75%

The inception date of the Fund was 11/4/08. The first day of secondary market trading was 11/7/08.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,012.90	$	0.56	$	1,000.00	$	1,024.70	$	0.56		0.11%

^a  Annualized expense ratios and expenses paid during the period do not include fees and expenses of the Underlying Funds in which the Fund invests.

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

PORTFOLIO ALLOCATION

As of 1/31/15

Asset Class Percentage of Total Investments*

Domestic Equity	40.57	%
International Equity	39.26
Domestic Fixed Income	20.17
TOTAL	100.00	%

FIVE LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of Total Investments*

iShares Core S&P 500 ETF	36.05	%
iShares Core MSCI Europe ETF	19.16
iShares Core MSCI Pacific ETF	12.15
iShares Core Total USD Bond Market ETF	12.09
iShares Core MSCI Emerging Markets ETF	7.95
TOTAL	87.40	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MORNINGSTAR MULTI-ASSET INCOME ETF

Performance as of January 31, 2015

The iShares Morningstar Multi-Asset Income ETF (the “Fund”) seeks to track the investment results of an index composed of underlying equity, fixed income and other income funds that collectively seek to deliver high current income while providing an opportunity for capital appreciation, as represented by the Morningstar^® Multi-Asset High Income Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 2.54%, net of fees, while the total return for the Index was 2.50%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		10.35%		10.31%		10.17%		10.35%		10.31%		10.17%
Since Inception		7.42%		7.44%		7.37%		22.49%		22.53%		22.25%

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,025.40	$	1.23	$	1,000.00	$	1,024.00	$	1.22		0.24%

^a  Annualized expense ratios and expenses paid during the period do not include fees and expenses of the Underlying Funds in which the Fund invests.

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

PORTFOLIO ALLOCATION

As of 1/31/15

Asset Class Percentage of Total Investments*

Domestic Fixed Income	52.22	%
Domestic Real Estate	14.02
International Fixed Income	9.58
Domestic Equity	9.57
International Equity	9.54
International Real Estate	5.07
TOTAL	100.00	%

FIVE LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of Total Investments*

iShares iBoxx $ High Yield Corporate Bond ETF	19.82	%
iShares iBoxx $ Investment Grade Corporate Bond ETF	15.76
iShares Mortgage Real Estate Capped ETF	14.02
iShares 10+ Year Credit Bond ETF	10.83
iShares Emerging Markets Local Currency Bond ETF	9.58
TOTAL	70.01	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

10 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® CORE CONSERVATIVE ALLOCATION ETF

January 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 100.31%
DOMESTIC EQUITY — 15.18%
iShares Core S&P 500 ETF		139,461	$	28,013,531
iShares Core S&P Mid-Cap ETF		17,388		2,489,440
iShares Core S&P Small-Cap ETFa		9,299		1,022,611
				31,525,582
DOMESTIC FIXED INCOME — 70.44%
iShares Core Total USD Bond Market ETF		852,608		87,707,785
iShares Core U.S. Credit Bond ETF		216,281		24,846,361
iShares Core U.S. Treasury Bond ETF		1,303,561		33,749,194
				146,303,340
INTERNATIONAL EQUITY — 14.69%
iShares Core MSCI Emerging Markets ETF		131,384		6,177,676
iShares Core MSCI Europe ETF		338,293		14,891,658
iShares Core MSCI Pacific ETF		196,266		9,444,320
				30,513,654
TOTAL INVESTMENT COMPANIES
(Cost: $201,601,674)				208,342,576
SHORT-TERM INVESTMENTS — 9.33%
MONEY MARKET FUNDS — 9.33%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%b,c		18,175,642		18,175,642
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c		1,093,354		1,093,354
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b		96,811		96,811
				19,365,807
TOTAL SHORT-TERM INVESTMENTS
(Cost: $19,365,807)				19,365,807
TOTAL INVESTMENTS IN SECURITIES — 109.64%
(Cost: $220,967,481)				227,708,383
Other Assets, Less Liabilities — (9.64)%				(20,017,328	)
NET ASSETS — 100.00%			$	207,691,055

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

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited)

iSHARES^® CORE MODERATE ALLOCATION ETF

January 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 100.40%
DOMESTIC EQUITY — 20.28%
iShares Core S&P 500 ETF		290,025	$	58,257,322
iShares Core S&P Mid-Cap ETF		36,159		5,176,884
iShares Core S&P Small-Cap ETFa		19,338		2,126,600
				65,560,806
DOMESTIC FIXED INCOME — 60.50%
iShares Core Total USD Bond Market ETF		1,139,842		117,255,547
iShares Core U.S. Credit Bond ETF		289,143		33,216,748
iShares Core U.S. Treasury Bond ETF		1,742,716		45,118,917
				195,591,212
INTERNATIONAL EQUITY — 19.62%
iShares Core MSCI Emerging Markets ETF		273,226		12,847,086
iShares Core MSCI Europe ETF		703,515		30,968,730
iShares Core MSCI Pacific ETF		408,157		19,640,515
				63,456,331
TOTAL INVESTMENT COMPANIES
(Cost: $313,827,218)				324,608,349
SHORT-TERM INVESTMENTS — 4.36%
MONEY MARKET FUNDS — 4.36%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%b,c		12,959,478		12,959,478
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c		779,576		779,576
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b		343,460		343,460
				14,082,514
TOTAL SHORT-TERM INVESTMENTS
(Cost: $14,082,514)				14,082,514
TOTAL INVESTMENTS IN SECURITIES — 104.76%
(Cost: $327,909,732)				338,690,863
Other Assets, Less Liabilities — (4.76)%				(15,386,201	)
NET ASSETS — 100.00%			$	323,304,662

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

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

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

See notes to financial statements.

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® CORE GROWTH ALLOCATION ETF

January 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 100.33%
DOMESTIC EQUITY — 30.46%
iShares Core S&P 500 ETF		607,574	$	122,043,389
iShares Core S&P Mid-Cap ETF		75,751		10,845,271
iShares Core S&P Small-Cap ETFa		40,512		4,455,105
				137,343,765
DOMESTIC FIXED INCOME — 40.39%
iShares Core Total USD Bond Market ETF		1,061,271		109,172,948
iShares Core U.S. Credit Bond ETF		269,212		30,927,075
iShares Core U.S. Treasury Bond ETF		1,622,587		42,008,777
				182,108,800
INTERNATIONAL EQUITY — 29.48%
iShares Core MSCI Emerging Markets ETF		572,382		26,913,401
iShares Core MSCI Europe ETF		1,473,797		64,876,544
iShares Core MSCI Pacific ETF		855,049		41,144,958
				132,934,903
TOTAL INVESTMENT COMPANIES
(Cost: $435,092,520)				452,387,468
SHORT-TERM INVESTMENTS — 3.80%
MONEY MARKET FUNDS — 3.80%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%b,c		15,464,299		15,464,299
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c		930,254		930,254
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b		727,024		727,024
				17,121,577
TOTAL SHORT-TERM INVESTMENTS
(Cost: $17,121,577)				17,121,577
TOTAL INVESTMENTS IN SECURITIES — 104.13%
(Cost: $452,214,097)				469,509,045
Other Assets, Less Liabilities — (4.13)%				(18,625,710	)
NET ASSETS — 100.00%			$	450,883,335

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

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited)

iSHARES^® CORE AGGRESSIVE ALLOCATION ETF

January 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 100.37%
DOMESTIC EQUITY — 40.72%
iShares Core S&P 500 ETF		574,517	$	115,403,230
iShares Core S&P Mid-Cap ETF		71,629		10,255,124
iShares Core S&P Small-Cap ETFa		38,308		4,212,730
				129,871,084
DOMESTIC FIXED INCOME — 20.24%
iShares Core Total USD Bond Market ETF		376,324		38,712,450
iShares Core U.S. Credit Bond ETF		95,462		10,966,675
iShares Core U.S. Treasury Bond ETF		575,365		14,896,200
				64,575,325
INTERNATIONAL EQUITY — 39.41%
iShares Core MSCI Emerging Markets ETF		541,241		25,449,152
iShares Core MSCI Europe ETF		1,393,612		61,346,800
iShares Core MSCI Pacific ETF		808,528		38,906,367
				125,702,319
TOTAL INVESTMENT COMPANIES
(Cost: $303,747,403)				320,148,728
SHORT-TERM INVESTMENTS — 1.72%
MONEY MARKET FUNDS — 1.72%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%b,c		4,951,146		4,951,146
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c		297,836		297,836
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b		226,636		226,636
				5,475,618
TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,475,618)				5,475,618
TOTAL INVESTMENTS IN SECURITIES — 102.09%
(Cost: $309,223,021)				325,624,346
Other Assets, Less Liabilities — (2.09)%				(6,657,006	)
NET ASSETS — 100.00%			$	318,967,340

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

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

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

See notes to financial statements.

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MORNINGSTAR MULTI-ASSET INCOME ETF

January 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 100.01%
DOMESTIC EQUITY — 9.57%
iShares Core High Dividend ETF		325,387	$	24,433,310
				24,433,310
DOMESTIC FIXED INCOME — 52.23%
iShares 10+ Year Credit Bond ETF		426,742		27,648,614
iShares 20+ Year Treasury Bond ETFa		107,142		14,839,167
iShares iBoxx $ High Yield Corporate Bond ETFa		560,511		50,574,908
iShares iBoxx $ Investment Grade Corporate Bond ETF		324,671		40,223,490
				133,286,179
DOMESTIC REAL ESTATE — 14.02%
iShares Mortgage Real Estate Capped ETF		3,065,137		35,770,149
				35,770,149
INTERNATIONAL EQUITY — 9.54%
iShares International Select Dividend ETF		721,679		24,342,232
				24,342,232
INTERNATIONAL FIXED INCOME — 9.58%
iShares Emerging Markets Local Currency Bond ETF		534,928		24,456,908
				24,456,908
INTERNATIONAL REAL ESTATE — 5.07%
iShares International Developed Real Estate ETF		418,391		12,932,466
				12,932,466
TOTAL INVESTMENT COMPANIES
(Cost: $258,734,150)				255,221,244
SHORT-TERM INVESTMENTS — 12.62%
MONEY MARKET FUNDS — 12.62%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%b,c		30,358,648		30,358,648
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%b,c		1,826,222		1,826,222

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b		18,740	$	18,740
				32,203,610
TOTAL SHORT-TERM INVESTMENTS
(Cost: $32,203,610)				32,203,610
TOTAL INVESTMENTS IN SECURITIES — 112.63%
(Cost: $290,937,760)				287,424,854
Other Assets, Less Liabilities — (12.63)%				(32,230,498	)
NET ASSETS — 100.00%			$	255,194,356

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

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2015

	iShares Core Conservative Allocation ETF			iShares Core Moderate Allocation ETF			iShares Core Growth Allocation ETF
ASSETS
Investments in affiliates, at cost:	$	220,967,481		$	327,909,732		$	452,214,097
Investments in affiliated securities, at fair value (including securities on loana) (Note 1):	$	227,708,383		$	338,690,863		$	469,509,045
Receivables:
Investment securities sold		176,398,310			257,766,065			313,157,767
Securities lending income (Note 1)		3,710			7,045			16,837
Capital shares sold		15,325			62,693			199,824
Total Assets		404,125,728			596,526,666			782,883,473
LIABILITIES
Payables:
Investment securities purchased		176,718,282			258,988,663			315,227,052
Collateral for securities on loan (Note 1)		19,268,996			13,739,054			16,394,553
Capital shares redeemed		427,728			462,183			332,343
Investment advisory fees (Note 2)		19,667			32,104			46,190
Total Liabilities		196,434,673			273,222,004			332,000,138
NET ASSETS	$	207,691,055		$	323,304,662		$	450,883,335
Net assets consist of:
Paid-in capital	$	198,064,072		$	305,308,596		$	418,718,785
Undistributed (distributions in excess of) net investment income		(34,156	)		(35,321	)		143,146
Undistributed net realized gain		2,920,237			7,250,256			14,726,456
Net unrealized appreciation		6,740,902			10,781,131			17,294,948
NET ASSETS	$	207,691,055		$	323,304,662		$	450,883,335
Shares outstandingb		6,350,000			9,200,000			11,300,000
Net asset value per share	$	32.71		$	35.14		$	39.90

^a  Securities on loan with values of $18,867,425, $13,455,944 and $16,009,738, respectively. See Note 1.

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

See notes to financial statements.

16 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2015

	iShares Core Aggressive Allocation ETF			iShares Morningstar Multi-Asset Income ETF
ASSETS
Investments in affiliates, at cost:	$	309,223,021		$	290,937,760
Investments in affiliated securities, at fair value (including securities on loana) (Note 1):	$	325,624,346		$	287,424,854
Receivables:
Investment securities sold		189,581,633			—
Securities lending income (Note 1)		7,199			5,541
Capital shares sold		59,276			150
Total Assets		515,272,454			287,430,545
LIABILITIES
Payables:
Investment securities purchased		190,596,022			—
Collateral for securities on loan (Note 1)		5,248,982			32,184,870
Capital shares redeemed		428,201			—
Investment advisory fees (Note 2)		31,909			51,319
Total Liabilities		196,305,114			32,236,189
NET ASSETS	$	318,967,340		$	255,194,356
Net assets consist of:
Paid-in capital	$	285,483,367		$	258,860,650
Distributions in excess of net investment income		(14,940	)		(3,977	)
Undistributed net realized gain (accumulated net realized loss)		17,097,588			(149,411	)
Net unrealized appreciation (depreciation)		16,401,325			(3,512,906	)
NET ASSETS	$	318,967,340		$	255,194,356
Shares outstandingb		6,950,000			9,800,000
Net asset value per share	$	45.89		$	26.04

^a  Securities on loan with values of $5,132,063 and $31,547,203, respectively. See Note 1.

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

See notes to financial statements.

FINANCIAL STATEMENTS 17

Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares Core Conservative Allocation ETF			iShares Core Moderate Allocation ETF			iShares Core Growth Allocation ETF
NET INVESTMENT INCOME
Dividends from Underlying Funds — affiliated	$	1,896,400		$	2,921,274		$	4,256,668
Interest — affiliated		5			19			20
Securities lending income — affiliated		91,054			122,439			107,247
Total investment income		1,987,459			3,043,732			4,363,935
EXPENSES
Investment advisory fees (Note 2)		245,762			355,608			460,949
Total expenses		245,762			355,608			460,949
Less investment advisory fees waived (Note 2)		(137,627	)		(199,140	)		(258,131	)
Net expenses		108,135			156,468			202,818
Net investment income		1,879,324			2,887,264			4,161,117
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(218,735	)		(799,585	)		(2,387,585	)
In-kind redemptions — affiliated		3,280,949			8,691,603			17,911,647
Net realized gain		3,062,214			7,892,018			15,524,062
Net change in unrealized appreciation/depreciation		(1,989,124	)		(7,227,973	)		(13,575,107	)
Net realized and unrealized gain		1,073,090			664,045			1,948,955
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,952,414		$	3,551,309		$	6,110,072

See notes to financial statements.

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares Core Aggressive Allocation ETF			iShares Morningstar Multi-Asset Income ETF
NET INVESTMENT INCOME
Dividends from Underlying Funds — affiliated	$	3,224,719		$	5,638,553
Interest — affiliated		11			10
Securities lending income — affiliated		60,063			245,237
Total investment income		3,284,793			5,883,800
EXPENSES
Investment advisory fees (Note 2)		374,890			263,950
Total expenses		374,890			263,950
Less investment advisory fees waived (Note 2)		(209,938	)		(6,366	)
Net expenses		164,952			257,584
Net investment income		3,119,841			5,626,216
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(1,502,767	)		552,492
In-kind redemptions — affiliated		19,328,139			96,854
Net realized gain		17,825,372			649,346
Net change in unrealized appreciation/depreciation		(18,407,957	)		(849,529	)
Net realized and unrealized loss		(582,585	)		(200,183	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,537,256		$	5,426,033

See notes to financial statements.

FINANCIAL STATEMENTS 19

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares Core Conservative Allocation ETF						iShares Core Moderate Allocation ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,879,324		$	3,003,802		$	2,887,264		$	4,427,858
Net realized gain		3,062,214			921,996			7,892,018			4,910,347
Net change in unrealized appreciation/depreciation		(1,989,124	)		5,158,162			(7,227,973	)		7,017,898
Net increase in net assets resulting from operations		2,952,414			9,083,960			3,551,309			16,356,103
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,913,480	)		(3,006,528	)		(2,922,585	)		(4,431,179	)
Total distributions to shareholders		(1,913,480	)		(3,006,528	)		(2,922,585	)		(4,431,179	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		60,402,770			48,404,124			174,418,716			73,693,435
Cost of shares redeemed		(34,341,768	)		(9,515,731	)		(98,443,464	)		(25,332,335	)
Net increase in net assets from capital share transactions		26,061,002			38,888,393			75,975,252			48,361,100
INCREASE IN NET ASSETS		27,099,936			44,965,825			76,603,976			60,286,024
NET ASSETS
Beginning of period		180,591,119			135,625,294			246,700,686			186,414,662
End of period	$	207,691,055		$	180,591,119		$	323,304,662		$	246,700,686
Distributions in excess of net investment income included in net assets at end of period	$	(34,156	)	$	—		$	(35,321	)	$	—
SHARES ISSUED AND REDEEMED
Shares sold		1,850,000			1,500,000			4,950,000			2,150,000
Shares redeemed		(1,050,000	)		(300,000	)		(2,800,000	)		(750,000	)
Net increase in shares outstanding		800,000			1,200,000			2,150,000			1,400,000

See notes to financial statements.

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares Core Growth Allocation ETF						iShares Core Aggressive Allocation ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	4,161,117		$	5,518,834		$	3,119,841		$	4,797,474
Net realized gain		15,524,062			4,001,479			17,825,372			3,739,339
Net change in unrealized appreciation/depreciation		(13,575,107	)		15,402,814			(18,407,957	)		17,159,158
Net increase in net assets resulting from operations		6,110,072			24,923,127			2,537,256			25,695,971
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(4,017,971	)		(5,528,624	)		(3,134,781	)		(4,813,619	)
Total distributions to shareholders		(4,017,971	)		(5,528,624	)		(3,134,781	)		(4,813,619	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		316,803,360			105,444,900			168,816,642			101,726,002
Cost of shares redeemed		(174,175,568	)		(20,715,881	)		(117,237,216	)		(23,886,381	)
Net increase in net assets from capital share transactions		142,627,792			84,729,019			51,579,426			77,839,621
INCREASE IN NET ASSETS		144,719,893			104,123,522			50,981,901			98,721,973
NET ASSETS
Beginning of period		306,163,442			202,039,920			267,985,439			169,263,466
End of period	$	450,883,335		$	306,163,442		$	318,967,340		$	267,985,439
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	143,146		$	—		$	(14,940	)	$	—
SHARES ISSUED AND REDEEMED
Shares sold		7,900,000			2,750,000			3,650,000			2,300,000
Shares redeemed		(4,350,000	)		(550,000	)		(2,550,000	)		(550,000	)
Net increase in shares outstanding		3,550,000			2,200,000			1,100,000			1,750,000

See notes to financial statements.

FINANCIAL STATEMENTS 21

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares Morningstar Multi-Asset Income ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	5,626,216		$	6,933,064
Net realized gain		649,346			1,100,889
Net change in unrealized appreciation/depreciation		(849,529	)		3,161,429
Net increase in net assets resulting from operations		5,426,033			11,195,382
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(5,642,149	)		(6,936,847	)
From net realized gain		(1,739,531	)		(177,134	)
Total distributions to shareholders		(7,381,680	)		(7,113,981	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		87,661,581			66,961,257
Cost of shares redeemed		(1,313,879	)		(12,374,272	)
Net increase in net assets from capital share transactions		86,347,702			54,586,985
INCREASE IN NET ASSETS		84,392,055			58,668,386
NET ASSETS
Beginning of period		170,802,301			112,133,915
End of period	$	255,194,356		$	170,802,301
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(3,977	)	$	11,956
SHARES ISSUED AND REDEEMED
Shares sold		3,350,000			2,550,000
Shares redeemed		(50,000	)		(500,000	)
Net increase in shares outstanding		3,300,000			2,050,000

See notes to financial statements.

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares Core Conservative Allocation ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	32.54		$	31.18		$	30.08		$	29.44		$	27.87		$	26.27
Income from investment operations:
Net investment incomea		0.31			0.64			0.63			0.61			0.65			0.54
Net realized and unrealized gainb		0.18			1.35			1.09			0.65			1.56			1.64
Total from investment operations		0.49			1.99			1.72			1.26			2.21			2.18
Less distributions from:
Net investment income		(0.32	)		(0.63	)		(0.62	)		(0.62	)		(0.64	)		(0.58	)
Total distributions		(0.32	)		(0.63	)		(0.62	)		(0.62	)		(0.64	)		(0.58	)
Net asset value, end of period	$	32.71		$	32.54		$	31.18		$	30.08		$	29.44		$	27.87
Total return		1.51	%c		6.42	%		5.77	%		4.34	%		7.99	%		8.38	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	207,691		$	180,591		$	135,625		$	87,229		$	61,822		$	40,409
Ratio of expenses to average net assetsd,e		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%
Ratio of expenses to average net assets prior to waived feesd,e		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assetsd		1.91	%		2.00	%		2.03	%		2.07	%		2.26	%		1.98	%
Portfolio turnover ratef		90	%		6	%		8	%		12	%		7	%		8	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 23

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares Core Moderate Allocation ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	34.99		$	32.99		$	30.95		$	30.58		$	28.42		$	26.56
Income from investment operations:
Net investment incomea		0.36			0.71			0.67			0.64			0.69			0.58
Net realized and unrealized gainb		0.13			1.98			2.09			0.37			2.09			1.82
Total from investment operations		0.49			2.69			2.76			1.01			2.78			2.40
Less distributions from:
Net investment income		(0.34	)		(0.69	)		(0.72	)		(0.64	)		(0.62	)		(0.54	)
Total distributions		(0.34	)		(0.69	)		(0.72	)		(0.64	)		(0.62	)		(0.54	)
Net asset value, end of period	$	35.14		$	34.99		$	32.99		$	30.95		$	30.58		$	28.42
Total return		1.43	%c		8.19	%		9.01	%		3.40	%		9.84	%		9.08	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	323,305		$	246,701		$	186,415		$	153,216		$	97,859		$	58,263
Ratio of expenses to average net assetsd,e		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%
Ratio of expenses to average net assets prior to waived feesd,e		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assetsd		2.03	%		2.07	%		2.09	%		2.12	%		2.30	%		2.06	%
Portfolio turnover ratef		92	%		9	%		7	%		9	%		9	%		6	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

See notes to financial statements.

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares Core Growth Allocation ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	39.50		$	36.40		$	32.75		$	32.28		$	29.06		$	26.80
Income from investment operations:
Net investment incomea		0.45			0.83			0.78			0.69			0.73			0.63
Net realized and unrealized gainb		0.34			3.07			3.65			0.48			3.17			2.22
Total from investment operations		0.79			3.90			4.43			1.17			3.90			2.85
Less distributions from:
Net investment income		(0.39	)		(0.80	)		(0.78	)		(0.70	)		(0.68	)		(0.59	)
Total distributions		(0.39	)		(0.80	)		(0.78	)		(0.70	)		(0.68	)		(0.59	)
Net asset value, end of period	$	39.90		$	39.50		$	36.40		$	32.75		$	32.28		$	29.06
Total return		2.07	%c		10.77	%		13.68	%		3.75	%		13.49	%		10.68	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	450,883		$	306,163		$	202,040		$	135,916		$	108,129		$	61,030
Ratio of expenses to average net assetsd,e		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%
Ratio of expenses to average net assets prior to waived feesd,e		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assetsd		2.26	%		2.17	%		2.24	%		2.17	%		2.29	%		2.18	%
Portfolio turnover ratef		85	%		12	%		9	%		5	%		10	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

^e  The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 25

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares Core Aggressive Allocation ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Year ended Jul. 31, 2012			Year ended Jul. 31, 2011			Year ended Jul. 31, 2010
Net asset value, beginning of period	$	45.81		$	41.28		$	35.25		$	35.09		$	30.11		$	26.97
Income from investment operations:
Net investment incomea		0.48			0.97			0.90			0.76			0.69			0.56
Net realized and unrealized gainb		0.05			4.48			6.01			0.16			4.93			3.15
Total from investment operations		0.53			5.45			6.91			0.92			5.62			3.71
Less distributions from:
Net investment income		(0.45	)		(0.92	)		(0.88	)		(0.76	)		(0.64	)		(0.57	)
Total distributions		(0.45	)		(0.92	)		(0.88	)		(0.76	)		(0.64	)		(0.57	)
Net asset value, end of period	$	45.89		$	45.81		$	41.28		$	35.25		$	35.09		$	30.11
Total return		1.29	%c,d		13.24	%		19.81	%		2.76	%		18.75	%		13.78	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	318,967		$	267,985		$	169,263		$	89,879		$	82,468		$	43,661
Ratio of expenses to average net assetse,f		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%
Ratio of expenses to average net assets prior to waived feese,f		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assetse		2.08	%		2.19	%		2.33	%		2.24	%		2.00	%		1.89	%
Portfolio turnover rateg		64	%		12	%		10	%		12	%		13	%		8	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the Fund was 1.16%.

^e  Annualized for periods of less than one year.

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

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

See notes to financial statements.

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares Morningstar Multi-Asset Income  ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Period from Apr. 3, 2012a to Jul. 31, 2012
Net asset value, beginning of period	$	26.28		$	25.20		$	26.40		$	25.00
Income from investment operations:
Net investment incomeb		0.70			1.52			1.41			0.35
Net realized and unrealized gain (loss)c		(0.05	)		1.14			(1.20	)		1.37
Total from investment operations		0.65			2.66			0.21			1.72
Less distributions from:
Net investment income		(0.69	)		(1.53	)		(1.41	)		(0.32	)
Net realized gain		(0.20	)		(0.05	)		—			—
Total distributions		(0.89	)		(1.58	)		(1.41	)		(0.32	)
Net asset value, end of period	$	26.04		$	26.28		$	25.20		$	26.40
Total return		2.54	%d		10.95	%		0.71	%		6.91	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	255,194		$	170,802		$	112,134		$	48,844
Ratio of expenses to average net assetse,f		0.24	%		0.18	%		0.20	%		0.20	%
Ratio of expenses to average net assets prior to waived feese,f		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assetse		5.33	%		5.92	%		5.36	%		4.22	%
Portfolio turnover rateg		23	%		68	%		51	%		8	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 27

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

iShares ETF	Former Namea	Diversification Classification
Core Conservative Allocation	iShares Conservative Allocation ETF		Diversified
Core Moderate Allocation	iShares Moderate Allocation ETF		Diversified
Core Growth Allocation	iShares Growth Allocation ETF		Diversified
Core Aggressive Allocation	iShares Aggressive Allocation ETF		Diversified
Morningstar Multi-Asset Income			Diversified

^a  The Funds changed their names effective February 2, 2015.

The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. Each underlying index is comprised entirely of securities of iShares funds (each, an “Underlying Fund,” collectively, the “Underlying Funds”) that themselves seek investment results that correspond generally to the price and yield performance, before fees and expenses, of their own respective underlying indexes. The investment adviser uses a “passive” or index approach to try to achieve each Fund’s investment objective. Each Fund is a fund of funds and seeks its investment objective by investing primarily in the affiliated Underlying Funds.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 29

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

As of January 31, 2015, the value of each of the Funds’ investments was classified as Level 1. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

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

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

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

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
Core Conservative Allocation	$	18,867,425	$	18,867,425	$	—
Core Moderate Allocation		13,455,944		13,455,944		—
Core Growth Allocation		16,009,738		16,009,738		—
Core Aggressive Allocation		5,132,063		5,132,063		—
Morningstar Multi-Asset Income		31,547,203		31,547,203		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.25% based on the average daily net assets of each Fund. In addition, each Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expense.

For each of the iShares Core Conservative Allocation, iShares Core Moderate Allocation, iShares Core Growth Allocation and iShares Core Aggressive Allocation ETFs, BFA has contractually agreed to waive a portion of its investment advisory fees for each Fund through November 30, 2015 in an amount equal to 0.14% of average daily net assets.

For the iShares Morningstar Multi-Asset Income ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2015 in order to limit total annual operating expenses to 0.60% of average daily net assets.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As

NOTES TO FINANCIAL STATEMENTS 31

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

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

Prior to January 1, 2015 each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
Core Conservative Allocation	$	32,787
Core Moderate Allocation		44,843
Core Growth Allocation		37,885
Core Aggressive Allocation		21,650
Morningstar Multi-Asset Income		89,541

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

Cross trades for the six months ended January 31, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

The Funds’ investments in Underlying Funds are considered to be investments in affiliates for purposes of Section 2(a)(3) of the 1940 Act. Dividend income and realized gains and losses from affiliated investments are presented in the statements of operations.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:

iShares ETF	Purchases		Sales
Core Conservative Allocation	$	176,718,280	$	176,398,310
Core Moderate Allocation		258,988,661		257,766,065
Core Growth Allocation		315,227,052		313,157,767
Core Aggressive Allocation		190,596,022		189,581,633
Morningstar Multi-Asset Income		48,050,255		49,581,916

In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core Conservative Allocation	$	60,363,477	$	33,913,250
Core Moderate Allocation		174,132,804		97,954,137
Core Growth Allocation		316,163,064		173,790,658
Core Aggressive Allocation		168,635,879		116,792,094
Morningstar Multi-Asset Income		87,538,741		1,313,080

4. CAPITAL SHARE TRANSACTIONS

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

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

NOTES TO FINANCIAL STATEMENTS 33

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

5. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

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

Each Fund invests a substantial amount of its assets indirectly in fixed-income securities. Changes in market interest rates or economic conditions, including the decision in December 2013 by the Federal Reserve Bank to taper its quantitative easing policy, may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Given the environment of historically low interest rates, each Fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

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

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

6. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

As of July 31, 2014, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiringa		Expiring 2018		Expiring 2019		Total
Core Conservative Allocation	$	26,817	$	—	$	9,849	$	36,666
Core Moderate Allocation		38,081		—		4,198		42,279
Core Growth Allocation		—		2,489		—		2,489
Core Aggressive Allocation		114,982		—		—		114,982

^a  Must be utilized prior to losses subject to expiration.

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Conservative Allocation	$	221,067,598	$	6,877,568	$	(236,783	)	$	6,640,785
Core Moderate Allocation		328,137,159		11,065,341		(511,637	)		10,553,704
Core Growth Allocation		452,757,898		17,890,341		(1,139,194	)		16,751,147
Core Aggressive Allocation		309,787,428		16,964,325		(1,127,407	)		15,836,918
Morningstar Multi-Asset Income		291,717,605		6,891,258		(11,184,009	)		(4,292,751	)

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

NOTES TO FINANCIAL STATEMENTS 35

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

7. SUBSEQUENT EVENTS

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

36 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information

iSHARES^® TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core Conservative Allocation	$	0.317088	$	—	$	0.002313	$	0.319401		99	%		—	%		1	%		100	%
Core Moderate Allocation		0.334963		—		0.003559		0.338522		99			—			1			100
Core Growth Allocation		0.381237		—		0.005156		0.386393		99			—			1			100
Core Aggressive Allocation		0.443938		—		0.008545		0.452483		98			—			2			100
Morningstar Multi-Asset Income		0.691836		0.197674		0.003873		0.893383		77			22			1			100

SUPPLEMENTAL INFORMATION 37

Notes:

38 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC or Morningstar, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

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

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

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-74-0115

JANUARY 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

^Ø   iShares MSCI Asia ex Japan Minimum Volatility ETF  |  AXJV  |  NYSE Arca

^Ø   iShares MSCI EAFE Minimum Volatility ETF  |  EFAV  |  NYSE Arca

^Ø   iShares MSCI Europe Minimum Volatility ETF  |  EUMV  |  NYSE Arca

^Ø   iShares MSCI Japan Minimum Volatility ETF  |  JPMV  |  NYSE Arca

^Ø   iShares MSCI USA Minimum Volatility ETF  |  USMV  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares MSCI Asia ex Japan Minimum Volatility ETF	11
iShares MSCI EAFE Minimum Volatility ETF	14
iShares MSCI Europe Minimum Volatility ETF	18
iShares MSCI Japan Minimum Volatility ETF	21
iShares MSCI USA Minimum Volatility ETF	25
Financial Statements	29
Financial Highlights	36
Notes to Financial Statements	41
Supplemental Information	50

Fund Performance Overview

iSHARES^® MSCI ASIA ex JAPAN MINIMUM VOLATILITY ETF

Performance as of January 31, 2015

The iShares MSCI Asia ex Japan Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of Asian equities (excluding Japan) that, in the aggregate, have lower volatility characteristics relative to the broader Asian equity markets, excluding Japan, as represented by the MSCI AC Asia ex Japan Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 0.80%, net of fees, while the total return for the Index was 1.11%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		4.78%		3.10%		5.44%

The inception date of the Fund was 6/3/14. The first day of secondary market trading was 6/5/14.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,008.00	$	1.77	$	1,000.00	$	1,023.40	$	1.79		0.35%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	28.94	%
Information Technology	16.90
Telecommunication Services	12.23
Industrials	10.76
Utilities	9.74
Consumer Staples	9.19
Health Care	6.38
Consumer Discretionary	4.81
Energy	0.76
Materials	0.29
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of  Total
Investments*

Taiwan	20.60	%
China	19.50
Hong Kong	18.98
South Korea	13.02
Malaysia	8.67
Singapore	8.54
Philippines	4.78
India	3.77
Indonesia	1.76
Thailand	0.38
TOTAL	100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI EAFE MINIMUM VOLATILITY ETF

Performance as of January 31, 2015

The iShares MSCI EAFE Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the U.S. and Canada, as represented by the MSCI EAFE Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 0.17%, net of fees, while the total return for the Index was 0.28%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		11.40%		11.75%		11.50%		11.40%		11.75%		11.50%
Since Inception		10.94%		10.88%		11.07%		40.73%		40.49%		41.18%

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,001.70	$	1.01	$	1,000.00	$	1,024.20	$	1.02		0.20%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	20.87	%
Consumer Staples	16.24
Health Care	15.59
Industrials	10.76
Consumer Discretionary	10.27
Telecommunication Services	10.03
Utilities	8.61
Materials	3.19
Energy	2.93
Information Technology	1.51
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total  Investments*

Japan	27.28	%
United Kingdom	22.97
Switzerland	14.37
Hong Kong	8.69
Australia	6.58
France	4.56
Singapore	4.49
Germany	3.90
Israel	1.62
Denmark	1.53
TOTAL	95.99	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EUROPE MINIMUM VOLATILITY ETF

Performance as of January 31, 2015

The iShares MSCI Europe Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of European developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader European developed equity markets, as represented by the MSCI Europe Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -3.24%, net of fees, while the total return for the Index was -3.12%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		(4.55)%		(4.28)%		(4.34)%

The inception date of the Fund was 6/3/14. The first day of secondary market trading was 6/5/14.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	967.60	$	1.24	$	1,000.00	$	1,023.90	$	1.28		0.25%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Consumer Staples	19.08	%
Financials	18.02
Health Care	16.94
Telecommunication Services	10.07
Utilities	8.97
Consumer Discretionary	8.70
Industrials	7.51
Energy	5.48
Materials	4.35
Information Technology	0.88
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total  Investments*

United Kingdom	37.21	%
Switzerland	19.56
Germany	11.03
France	10.25
Denmark	4.21
Belgium	3.94
Finland	3.45
Netherlands	2.41
Norway	2.39
Sweden	2.33
TOTAL	96.78	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI JAPAN MINIMUM VOLATILITY ETF

Performance as of January 31, 2015

The iShares MSCI Japan Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities that, in the aggregate, have lower volatility characteristics relative to the broader Japanese equity markets, as represented by the MSCI Japan Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 0.70%, net of fees, while the total return for the Index was 0.56%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		4.90%		3.82%		4.76%

The inception date of the Fund was 6/3/14. The first day of secondary market trading was 6/5/14.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,007.00	$	1.52	$	1,000.00	$	1,023.70	$	1.53		0.30%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Consumer Discretionary	19.63	%
Industrials	18.83
Financials	14.35
Consumer Staples	12.13
Health Care	11.75
Information Technology	8.96
Telecommunication Services	4.46
Materials	4.34
Utilities	3.81
Energy	1.74
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total  Investments*

Eisai Co. Ltd.	1.90	%
Oriental Land Co. Ltd.	1.84
Takeda Pharmaceutical Co. Ltd.	1.72
Toyota Motor Corp.	1.61
Tokyo Gas Co. Ltd.	1.60
Nippon Telegraph and Telephone Corp.	1.59
NTT DOCOMO Inc.	1.52
Canon Inc.	1.51
East Japan Railway Co.	1.48
West Japan Railway Co.	1.47
TOTAL	16.24	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI USA MINIMUM VOLATILITY ETF

Performance as of January 31, 2015

The iShares MSCI USA Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market, as represented by the MSCI USA Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 10.90%, net of fees, while the total return for the Index was 11.02%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		19.33%		19.38%		19.56%		19.33%		19.38%		19.56%
Since Inception		17.45%		17.47%		17.66%		69.76%		69.84%		70.63%

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,109.00	$	0.80	$	1,000.00	$	1,024.40	$	0.77		0.15%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Health Care	19.73	%
Financials	15.80
Consumer Staples	14.33
Information Technology	14.03
Utilities	8.84
Consumer Discretionary	8.69
Industrials	6.41
Materials	4.53
Telecommunication Services	4.28
Energy	3.36
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total  Investments*

AmerisourceBergen Corp.	1.58	%
Becton, Dickinson and Co.	1.56
Duke Energy Corp.	1.55
Wal-Mart Stores Inc.	1.52
Merck & Co. Inc.	1.46
McDonald’s Corp.	1.44
Automatic Data Processing Inc.	1.42
Southern Co. (The)	1.42
PepsiCo Inc.	1.41
Procter & Gamble Co. (The)	1.41
TOTAL	14.77	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

10 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI ASIA ex JAPAN MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.38%
CHINA — 19.43%
AAC Technologies Holdings Inc.		2,000	$	12,820
Agricultural Bank of China Ltd. Class H		38,000		18,623
Bank of China Ltd. Class H		106,000		59,334
Bank of Communications Co. Ltd. Class H		4,000		3,364
Beijing Capital International Airport Co. Ltd. Class H		16,000		15,209
Beijing Enterprises Holdings Ltd.		5,000		38,274
Beijing Enterprises Water Group Ltd.		8,000		5,293
China Construction Bank Corp. Class H		50,000		40,176
China Everbright Bank Co. Ltd.		36,000		19,223
China Life Insurance Co. Ltd. Class H		2,000		7,893
China Medical System Holdings Ltd.		8,000		13,806
China Mengniu Dairy Co. Ltd.		6,000		27,356
China Minsheng Banking Corp. Ltd. Class H		4,800		5,850
China Mobile Ltd.		5,000		66,100
China Pacific Insurance (Group) Co. Ltd. Class H		800		3,869
China Petroleum & Chemical Corp. Class H		32,000		25,300
China Resources Gas Group Ltd.		12,000		29,314
China Resources Power Holdings Co. Ltd.		8,000		22,597
CSPC Pharmaceutical Group Ltd.		20,000		16,896
Guangdong Investment Ltd.		36,000		48,289
Haier Electronics Group Co. Ltd.		4,000		10,782
Haitong Securities Co. Ltd. Class H		1,600		3,483
Hengan International Group Co. Ltd.		4,000		47,592
Huaneng Power International Inc. Class H		4,000		5,675
Industrial and Commercial Bank of China Ltd. Class H		26,000		18,712
Inner Mongolia Yitai Coal Co. Ltd. Class B		4,000		5,644
Intime Retail Group Co. Ltd.		5,000		3,083
Jiangsu Expressway Co. Ltd. Class H		28,000		34,777
Lenovo Group Ltd.a		36,000		46,617
Semiconductor Manufacturing International Corp.b		52,000		4,561
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		8,000		6,284

Security	Shares		Value
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		12,200	$	26,435
Shenzhou International Group Holdings Ltd.		8,000		29,097
Sihuan Pharmaceutical Holdings Group Ltd.		28,000		18,093
Sino Biopharmaceutical Ltd.		24,000		24,051
Sinopharm Group Co. Ltd. Class H		2,400		8,776
SOHO China Ltd.		17,000		11,818
Sun Art Retail Group Ltd.a		49,000		44,302
Tencent Holdings Ltd.		3,000		51,075
Tingyi Cayman Islands Holding Corp.		8,000		19,749
Tsingtao Brewery Co. Ltd. Class H		4,000		26,853
Uni-President China Holdings Ltd.		6,000		5,185
Want Want China Holdings Ltd.		16,000		19,233
Zhejiang Expressway Co. Ltd. Class H		40,000		51,023
ZTE Corp. Class H		3,200		7,025
				1,009,511
HONG KONG — 18.92%
AIA Group Ltd.		12,800		74,703
ASM Pacific Technology Ltd.		1,600		14,518
Bank of East Asia Ltd. (The)		4,400		18,273
BOC Hong Kong (Holdings) Ltd.		22,000		77,321
Cathay Pacific Airways Ltd.		12,000		28,014
Cheung Kong Infrastructure Holdings Ltd.		10,000		82,351
CLP Holdings Ltd.		10,000		89,252
Hanergy Thin Film Power Group Ltd.a		80,000		37,248
Hang Seng Bank Ltd.		4,800		84,072
HKT Trust & HKT Ltd.		16,160		21,176
Hong Kong & China Gas Co. Ltd.		32,800		75,302
Link REIT (The)		10,000		67,713
MTR Corp. Ltd.		20,000		88,865
Power Assets Holdings Ltd.		9,000		94,372
Swire Pacific Ltd. Class A		6,000		80,559
Swire Properties Ltd.		6,800		21,882
WH Group Ltd.b,c		35,000		19,862
Yue Yuen Industrial Holdings Ltd.		2,000		7,442
				982,925
INDIA — 3.75%
Dr. Reddy’s Laboratories Ltd. SP ADR		1,952		98,518
Infosys Ltd. SP ADR		1,424		48,530
Wipro Ltd. SP ADR		3,726		47,916
				194,964

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ASIA ex JAPAN MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
INDONESIA — 1.75%
PT Bank Central Asia Tbk		37,200	$	39,278
PT Jasa Marga (Persero) Tbk		26,400		15,005
PT Kalbe Farma Tbk		58,400		8,598
PT Telekomunikasi Indonesia (Persero) Tbk		27,600		6,166
PT Unilever Indonesia Tbk		7,800		22,059
				91,106
MALAYSIA — 8.64%
Astro Malaysia Holdings Bhd		9,400		7,566
Axiata Group Bhd		26,400		52,393
Berjaya Sports Toto Bhd		4,400		4,111
Hong Leong Bank Bhd		16,800		64,922
IHH Healthcare Bhd		41,000		58,765
Malayan Banking Bhd		23,000		55,281
Malaysia Airports Holdings Bhd		1,800		3,552
Maxis Bhd		31,800		62,233
Petronas Chemicals Group Bhd		10,800		15,182
Petronas Gas Bhd		2,200		13,462
Public Bank Bhd		11,800		59,000
Sime Darby Bhd		5,400		13,991
Telekom Malaysia Bhd		13,800		26,588
Tenaga Nasional Bhd		3,000		11,990
				449,036
PHILIPPINES — 4.76%
Aboitiz Power Corp.		8,000		8,074
Bank of the Philippine Islands		21,300		47,824
BDO Unibank Inc.		20,160		52,351
International Container Terminal Services Inc.		12,460		32,215
Jollibee Foods Corp.		8,340		43,882
Metro Pacific Investments Corp.		24,000		2,814
Metropolitan Bank & Trust Co.		6,360		13,746
Philippine Long Distance Telephone Co.		440		29,637
Universal Robina Corp.		3,560		16,713
				247,256
SINGAPORE — 8.51%
Ascendas REIT		8,000		14,544
CapitaMall Trust Management Ltd.		6,000		9,268
ComfortDelGro Corp. Ltd.		10,000		21,211
DBS Group Holdings Ltd.		4,000		58,503
Oversea-Chinese Banking Corp. Ltd.		10,000		76,860
Singapore Airlines Ltd.		10,000		93,489
Singapore Technologies Engineering Ltd.		6,000		14,899

Security	Shares		Value
Singapore Telecommunications Ltd.		22,000	$	66,337
StarHub Ltd.		22,000		67,962
Wilmar International Ltd.		8,000		19,038
				442,111
SOUTH KOREA — 12.71%
AmorePacific Corp.		10		24,241
AmorePacific Group		20		22,915
Cheil Worldwide Inc.b		670		12,100
CJ CheilJedang Corp.		64		20,600
Dongbu Insurance Co. Ltd.		748		36,388
E-Mart Co. Ltd.		62		11,792
Hyundai Department Store Co. Ltd.		64		6,993
Hyundai Glovis Co. Ltd.		28		6,260
Hyundai Mobis Co. Ltd.		48		10,885
Hyundai Wia Corp.		78		10,984
Kangwon Land Inc.		1,540		45,626
KEPCO Plant Service & Engineering Co. Ltd.		246		19,863
Kia Motors Corp.		376		15,816
Korea Aerospace Industries Ltd.		340		14,566
Korea Electric Power Corp.		468		18,487
KT Corp.		560		15,337
KT&G Corp.		634		46,495
Lotte Shopping Co. Ltd.		66		14,333
NAVER Corp.		18		11,785
ORION Corp.		26		24,964
S1 Corp.		388		28,383
Samsung Electronics Co. Ltd.		8		9,985
Samsung Fire & Marine Insurance Co. Ltd.		208		56,108
Samsung Life Insurance Co. Ltd.		502		51,641
SK C&C Co. Ltd.		142		30,514
SK Hynix Inc.		520		22,657
SK Telecom Co. Ltd.		128		33,826
Yuhan Corp.		236		36,902
				660,446
TAIWAN — 20.53%
Advanced Semiconductor Engineering Inc.		40,000		50,645
Advantech Co. Ltd.		2,596		19,606
ASUSTeK Computer Inc.		4,000		42,204
Chang Hwa Commercial Bank Ltd.		44,880		25,421
Chicony Electronics Co. Ltd.		8,040		22,324
China Airlines Ltd.b		24,000		12,109
Chunghwa Telecom Co. Ltd.		26,000		78,792

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ASIA ex JAPAN MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
Delta Electronics Inc.		4,000	$	24,561
EVA Airways Corp.b		4,589		3,524
Far EasTone Telecommunications Co. Ltd.		22,000		53,894
First Financial Holding Co. Ltd.		76,480		44,776
Formosa International Hotels Corp.		2,000		20,309
Formosa Taffeta Co. Ltd.		6,000		6,083
Foxconn Technology Co. Ltd.		14,700		40,069
Hon Hai Precision Industry Co. Ltd.		6,480		17,828
HTC Corp.b		6,000		29,892
Hua Nan Financial Holdings Co. Ltd.		119,480		66,539
Kinsus Interconnect Technology Corp.		4,000		13,010
Lite-On Technology Corp.		22,160		27,424
MediaTek Inc.		2,000		30,654
Mega Financial Holding Co. Ltd.		22,000		16,894
Novatek Microelectronics Corp.		2,000		11,138
President Chain Store Corp.		4,000		30,844
Quanta Computer Inc.		4,000		9,774
ScinoPharm Taiwan Ltd.		6,240		10,495
Siliconware Precision Industries Co. Ltd.		2,000		3,376
Simplo Technology Co. Ltd.		2,000		9,900
Standard Foods Corp.		6,540		14,050
Synnex Technology International Corp.		22,000		31,764
Taiwan Business Bank Ltd.b		52,000		15,131
Taiwan Cooperative Financial Holding Co. Ltd.		142,800		73,862
Taiwan Mobile Co. Ltd.		16,000		52,803
Taiwan Semiconductor Manufacturing Co. Ltd.		18,000		80,537
Transcend Information Inc.		6,000		19,135
U-Ming Marine Transport Corp.		14,000		21,635
Uni-President Enterprises Co.		2,240		3,590
United Microelectronics Corp.		34,000		16,615
WPG Holdings Co. Ltd.		8,000		9,977
Zhen Ding Technology Holding Ltd.		2,000		5,667
				1,066,851
THAILAND — 0.38%
Bangkok Dusit Medical Services PCL NVDR		5,000		2,841
CP All PCL NVDR		6,600		8,369
PTT PCL NVDR		800		8,457
				19,667
TOTAL COMMON STOCKS (Cost: $4,984,355)				5,163,873

Security	Shares		Value
PREFERRED STOCKS — 0.26%
SOUTH KOREA — 0.26%
Samsung Electronics Co. Ltd.		14	$	13,647
				13,647
TOTAL PREFERRED STOCKS (Cost: $15,744)				13,647
SHORT-TERM INVESTMENTS — 2.55%
MONEY MARKET FUNDS — 2.55%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%d,e,f		122,720		122,720
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%d,e,f		7,383		7,383
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		2,157		2,157
				132,260
TOTAL SHORT-TERM INVESTMENTS (Cost: $132,260)				132,260
TOTAL INVESTMENTS IN SECURITIES — 102.19% (Cost: $5,132,359)				5,309,780
Other Assets, Less Liabilities — (2.19)%				(113,900	)
NET ASSETS — 100.00%			$	5,195,880

NVDR  —  Non-Voting Depositary Receipts

SP ADR  —  Sponsored American Depositary Receipts

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

^b  Non-income earning security.

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited)

iSHARES^® MSCI EAFE MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.67%
AUSTRALIA — 6.55%
AGL Energy Ltd.		579,082	$	6,403,634
ASX Ltd.		31,920		948,073
Commonwealth Bank of Australia		194,712		13,545,285
CSL Ltd.		71,554		4,900,810
Federation Centres		1,228,762		2,899,403
GPT Group (The)		2,757,622		9,706,693
Healthscope Ltd.a		1,572,592		3,306,572
Novion Property Group		3,795,022		6,856,467
Scentre Groupa		1,927,170		5,702,979
Stockland		1,786,722		6,094,375
Telstra Corp. Ltd.		4,502,582		22,791,510
Transurban Group		1,339,842		9,609,733
Westfield Corp.		1,211,364		9,301,429
Woolworths Ltd.		399,532		9,887,889
				111,954,852
BELGIUM — 0.80%
Belgacom SA		207,746		7,735,053
Colruyt SA		126,882		5,851,052
				13,586,105
DENMARK — 1.53%
Coloplast A/S Class B		76,342		6,023,437
Novo Nordisk A/S Class B		224,238		10,044,465
TDC A/S		506,730		3,750,796
Tryg A/S		53,732		6,296,114
				26,114,812
FINLAND — 0.19%
Elisa OYJ		49,476		1,315,942
Fortum OYJ		91,504		1,951,571
				3,267,513
FRANCE — 4.54%
Aeroports de Paris		74,746		8,974,537
Danone SA		94,696		6,365,635
Dassault Systemes		93,970		5,823,743
Essilor International SA		22,876		2,557,436
Eutelsat Communications SA		95,228		3,271,622
L’Air Liquide SA		41,230		5,210,913
L’Oreal SA		46,550		8,354,796
Sanofi		25,270		2,338,307
SCOR SE		296,324		9,250,814
SES SA Class A FDR		468,958		17,090,379
Sodexo SA		48,698		4,843,032

Security	Shares		Value
Vivendi SA		149,226	$	3,542,171
				77,623,385
GERMANY — 3.89%
Beiersdorf AG		100,282		8,804,102
Celesio AG		134,862		3,994,858
Fresenius Medical Care AG & Co. KGaA		225,036		16,668,750
Fresenius SE & Co. KGaA		144,970		8,303,902
Kabel Deutschland Holding AGa		35,910		4,882,980
MAN SE		93,100		9,919,645
Merck KGaA		43,624		4,366,973
QIAGEN NVa		75,810		1,739,615
Telefonica Deutschland Holding AG		1,397,298		7,773,533
				66,454,358
HONG KONG — 8.67%
Bank of East Asia Ltd. (The)		478,800		1,988,477
BOC Hong Kong (Holdings) Ltd.b		4,123,000		14,490,736
Cheung Kong Infrastructure Holdings Ltd.		1,596,000		13,143,299
CLP Holdings Ltd.		2,438,000		21,759,575
Hang Seng Bank Ltd.		1,489,600		26,090,358
HKT Trust & HKT Ltd.b		2,926,349		3,834,692
Hong Kong & China Gas Co. Ltd.		1,401,384		3,217,272
Link REIT (The)		1,729,000		11,707,520
MTR Corp. Ltd.		3,641,748		16,181,163
Power Assets Holdings Ltd.		1,862,000		19,524,541
Sun Hung Kai Properties Ltd.		212,599		3,471,407
Swire Pacific Ltd. Class A		336,000		4,511,289
WH Group Ltd.a,c		9,044,000		5,132,439
Yue Yuen Industrial Holdings Ltd.		798,000		2,969,336
				148,022,104
IRELAND — 0.93%
Kerry Group PLC Class A		155,078		11,238,360
Ryanair Holdings PLC SP ADRa		70,558		4,655,417
				15,893,777
ISRAEL — 1.62%
Bank Hapoalim BM		1,738,842		7,750,923
Bank Leumi le-Israel BMa		1,311,114		4,384,907
Bezeq The Israel Telecommunication Corp. Ltd.		2,793,000		4,467,719
Mizrahi Tefahot Bank Ltd.a		361,228		3,954,604
NICE-Systems Ltd.		29,260		1,439,169

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
Teva Pharmaceutical Industries Ltd.		98,420	$	5,612,970
				27,610,292
ITALY — 0.05%
Snam SpA		170,506		834,279
				834,279
JAPAN — 27.19%
ABC-MART Inc.		61,800		3,098,812
Ajinomoto Co. Inc.		266,000		5,521,994
ANA Holdings Inc.		2,926,000		8,125,494
Aozora Bank Ltd.		1,330,000		4,868,684
Asahi Group Holdings Ltd.		53,200		1,761,332
Astellas Pharma Inc.		536,000		8,348,121
Bank of Yokohama Ltd. (The)		1,596,000		8,692,979
Benesse Holdings Inc.		186,200		5,587,664
Calbee Inc.		26,600		1,047,333
Canon Inc.		292,600		9,317,416
Chiba Bank Ltd. (The)		532,000		3,623,207
Daiichi Sankyo Co. Ltd.		53,200		775,819
East Japan Railway Co.		133,000		10,337,462
Eisai Co. Ltd.		505,400		25,333,463
Electric Power Development Co. Ltd.		26,600		976,001
FamilyMart Co. Ltd.		141,900		6,185,059
Japan Airlines Co. Ltd.		307,300		10,490,555
Japan Prime Realty Investment Corp.		2,128		7,463,806
Japan Real Estate Investment Corp.		2,128		10,380,488
Japan Retail Fund Investment Corp.		4,522		9,824,326
Japan Tobacco Inc.		53,200		1,464,002
Kamigumi Co. Ltd.		84,000		845,971
Kaneka Corp.		266,000		1,637,237
Kao Corp.		121,200		5,345,739
KDDI Corp.		53,200		3,787,610
Kyowa Hakko Kirin Co. Ltd.		376,000		4,314,885
Lawson Inc.		186,200		12,237,381
McDonald’s Holdings Co. (Japan) Ltd.b		159,600		3,506,811
Miraca Holdings Inc.		94,000		4,241,263
Mitsubishi Tanabe Pharma Corp.		585,200		9,316,171
Mizuho Financial Group Inc.		8,246,000		13,618,729
Nagoya Railroad Co. Ltd.		798,000		3,152,190
NH Foods Ltd.		70,000		1,740,689

Security	Shares		Value
Nippon Building Fund Inc.		1,068	$	5,273,401
Nippon Prologis REIT Inc.		3,724		8,794,429
Nippon Telegraph and Telephone Corp.		251,200		15,012,336
Nissin Foods Holdings Co. Ltd.		106,400		5,779,015
Nitori Holdings Co. Ltd.		168,600		9,587,945
Nomura Research Institute Ltd.		79,800		2,734,389
NTT DOCOMO Inc.		1,276,800		21,793,590
Oracle Corp. Japan		106,400		4,447,487
Oriental Land Co. Ltd.		95,000		23,061,550
Osaka Gas Co. Ltd.		1,064,000		4,226,471
Otsuka Corp.		53,200		1,845,571
Otsuka Holdings Co. Ltd.		490,000		15,257,098
Park24 Co. Ltd.		239,400		4,116,869
Sankyo Co. Ltd.		117,200		4,235,423
Santen Pharmaceutical Co. Ltd.		53,200		3,333,350
Secom Co. Ltd.		106,400		6,226,481
Seven Bank Ltd.		228,000		1,028,732
Shimamura Co. Ltd.		54,900		4,912,093
Shionogi & Co. Ltd.		159,600		4,830,188
Suntory Beverage & Food Ltd.		239,400		8,447,733
Suzuken Co. Ltd.		53,200		1,510,424
Takeda Pharmaceutical Co. Ltd.		455,800		22,905,439
Tobu Railway Co. Ltd.		798,000		3,858,715
Tokyo Gas Co. Ltd.		1,658,000		9,969,314
TonenGeneral Sekiyu K.K.		798,000		7,099,221
Toyo Suisan Kaisha Ltd.		66,000		2,345,805
Unicharm Corp.		212,800		5,924,849
United Urban Investment Corp.		6,650		10,682,799
USS Co. Ltd.		425,600		6,731,919
West Japan Railway Co.		356,000		18,420,534
Yamada Denki Co. Ltd.		824,600		3,088,784
Yamato Holdings Co. Ltd.		266,000		6,064,343
Yamazaki Baking Co. Ltd.		266,000		3,942,502
				464,457,492
NETHERLANDS — 1.10%
Altice SAa,b		46,018		3,847,941
Unilever NV CVA		342,076		14,896,349
				18,744,290
NEW ZEALAND — 0.46%
Auckland International Airport Ltd.		1,859,340		6,005,315
Ryman Healthcare Ltd.		131,936		790,013
Spark New Zealand Ltd.		438,634		1,050,590
				7,845,918

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
NORWAY — 0.47%
Statoil ASA		201,362	$	3,335,898
Telenor ASA		220,248		4,725,791
				8,061,689
SINGAPORE — 4.47%
DBS Group Holdings Ltd.		1,330,000		19,452,147
Oversea-Chinese Banking Corp. Ltd.b		2,021,699		15,538,888
Singapore Airlines Ltd.		1,383,200		12,931,402
Singapore Press Holdings Ltd.b		1,172,000		3,577,238
Singapore Telecommunications Ltd.		4,256,000		12,833,109
StarHub Ltd.		1,622,600		5,012,540
United Overseas Bank Ltd.		414,000		7,092,247
				76,437,571
SWITZERLAND — 14.32%
Barry Callebaut AG Registered		6,118		6,097,719
Chocoladefabriken Lindt & Sprugli AG Participation Certificates		1,330		6,932,971
Chocoladefabriken Lindt & Sprugli AG Registered		266		16,735,406
Givaudan SA Registereda		12,236		22,356,085
Kuehne & Nagel International AG Registered		123,690		17,019,894
Nestle SA Registered		335,958		25,724,951
Novartis AG Registered		265,468		26,011,565
Partners Group Holding AG		21,546		5,774,951
Roche Holding AG Genusschein		84,588		22,855,906
Schindler Holding AG Registered		7,270		1,058,834
SGS SA Registered		5,054		9,613,064
Swiss Prime Site AG Registered		150,556		13,058,387
Swiss Re AG		271,054		24,481,917
Swisscom AG Registered		40,964		24,020,518
Syngenta AG Registered		28,196		9,169,331
Zurich Insurance Group AG		41,230		13,685,824
				244,597,323
UNITED KINGDOM — 22.89%
Admiral Group PLC		83,818		1,822,834
AstraZeneca PLC		219,184		15,613,605
Babcock International Group PLC		243,676		3,681,730
BP PLC		2,256,478		14,384,635
British American Tobacco PLC		302,708		17,057,993
BT Group PLC		1,342,768		8,427,807
Bunzl PLC		158,270		4,509,279

Security	Shares		Value
Capita PLC		198,436	$	3,331,988
Centrica PLC		3,755,122		16,569,792
Compass Group PLC		1,381,072		23,874,421
Diageo PLC		481,194		14,237,300
Direct Line Insurance Group PLC		1,306,858		6,133,659
Fresnillo PLC		161,994		2,187,257
G4S PLC		943,236		4,040,277
GlaxoSmithKline PLC		922,754		20,330,931
HSBC Holdings PLC		1,368,570		12,530,061
Imperial Tobacco Group PLC		216,258		10,146,691
Inmarsat PLC		519,498		6,507,155
J Sainsbury PLCb		875,140		3,356,910
Land Securities Group PLC		131,138		2,509,223
Marks & Spencer Group PLC		440,496		3,204,699
Merlin Entertainments PLCc		151,886		920,455
National Grid PLC		1,687,770		23,713,642
Next PLC		106,400		11,561,691
Randgold Resources Ltd.		134,330		11,469,505
Reckitt Benckiser Group PLC		295,526		24,988,794
Reed Elsevier PLC		834,708		14,492,177
Rexam PLC		366,016		2,336,309
Royal Dutch Shell PLC Class A		266,000		8,062,022
Royal Dutch Shell PLC Class B		537,586		16,991,749
Sky PLC		1,178,646		16,427,541
Smith & Nephew PLC		551,418		9,863,565
SSE PLC		961,058		23,224,525
Unilever PLC		431,718		18,998,048
United Utilities Group PLC		73,948		1,140,612
Vodafone Group PLC		3,515,190		12,380,348
				391,029,230
TOTAL COMMON STOCKS (Cost: $1,611,145,421)				1,702,534,990
SHORT-TERM INVESTMENTS — 0.67%
MONEY MARKET FUNDS — 0.67%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%d,e,f		9,936,922		9,936,922
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%d,e,f		597,755		597,755

16 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		950,134	$	950,134
				11,484,811
TOTAL SHORT-TERM INVESTMENTS (Cost: $11,484,811)				11,484,811
TOTAL INVESTMENTS IN SECURITIES — 100.34% (Cost: $1,622,630,232)				1,714,019,801
Other Assets, Less Liabilities — (0.34)%				(5,749,683	)
NET ASSETS — 100.00%			$	1,708,270,118

FDR  —  Fiduciary Depositary Receipts

SP ADR  —  Sponsored American Depositary Receipts

^a  Non-income earning security.

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

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

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited)

iSHARES^® MSCI EUROPE MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.82%
BELGIUM — 3.93%
Anheuser-Busch InBev NV		264	$	32,204
Belgacom SA		1,252		46,616
Colruyt SA		481		22,181
Groupe Bruxelles Lambert SA		728		60,324
Telenet Group Holding NVa		140		7,773
UCB SA		212		16,500
				185,598
DENMARK — 4.20%
Carlsberg A/S Class B		176		12,939
Coloplast A/S Class B		668		52,706
Danske Bank A/S		416		10,789
Novo Nordisk A/S Class B		1,596		71,491
TDC A/S		1,908		14,123
Tryg A/S		236		27,654
William Demant Holding A/Sa		116		8,790
				198,492
FINLAND — 3.45%
Elisa OYJ		696		18,512
Fortum OYJ		3,052		65,092
Orion OYJ Class B		224		7,383
Sampo OYJ Class A		1,484		71,875
				162,862
FRANCE — 10.23%
Aeroports de Paris		328		39,382
Danone SA		1,044		70,179
Dassault Systemes		72		4,462
Essilor International SA		288		32,197
Eutelsat Communications SA		116		3,985
L’Air Liquide SA		264		33,366
L’Oreal SA		368		66,049
Pernod Ricard SA		20		2,406
Sanofi		600		55,520
SCOR SE		924		28,846
SES SA Class A FDR		1,732		63,120
Societe BIC SA		20		2,844
Sodexo SA		124		12,332
Total SA		556		28,547
Vivendi SA		1,688		40,068
				483,303
GERMANY — 11.01%
Bayer AG Registered		64		9,248
Beiersdorf AG		348		30,552

Security	Shares		Value
Celesio AG		576	$	17,062
Deutsche Telekom AG Registered		2,180		37,601
Fresenius Medical Care AG & Co. KGaA		964		71,405
Fresenius SE & Co. KGaA		1,216		69,653
Hannover Rueck SE Registered		192		17,212
Kabel Deutschland Holding AGa		225		30,595
Linde AG		132		25,308
MAN SE		388		41,341
Merck KGaA		424		42,444
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		328		65,883
QIAGEN NVa		268		6,150
RTL Group SA		24		2,273
SAP SE		380		24,811
Telefonica Deutschland Holding AG		5,144		28,617
				520,155
IRELAND — 1.44%
Kerry Group PLC Class A		660		47,830
Ryanair Holdings PLC SP ADRa		308		20,322
				68,152
ITALY — 1.09%
Snam SpA		9,428		46,131
Terna Rete Elettrica Nazionale SpA		1,164		5,099
				51,230
NETHERLANDS — 2.40%
Altice SAa		176		14,717
ASML Holding NV		116		12,211
Reed Elsevier NV		492		12,070
Unilever NV CVA		1,712		74,552
				113,550
NORWAY — 2.39%
Gjensidige Forsikring ASA		1,600		26,940
Statoil ASA		2,496		41,351
Telenor ASA		2,068		44,372
				112,663
PORTUGAL — 0.28%
Energias de Portugal SA		3,456		13,170
				13,170
SPAIN — 0.42%
Iberdrola SA		2,886		19,957
				19,957
SWEDEN — 2.32%
Hennes & Mauritz AB Class B		945		38,954
ICA Gruppen AB		208		8,003

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EUROPE MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
Svenska Cellulosa AB Class B		96	$	2,323
Svenska Handelsbanken AB Class A		180		8,547
TeliaSonera AB		8,408		51,887
				109,714
SWITZERLAND — 19.52%
Barry Callebaut AG Registered		24		23,920
Chocoladefabriken Lindt & Sprugli AG Participation Certificates		4		20,851
Chocoladefabriken Lindt & Sprugli AG Registered		1		62,915
Givaudan SA Registered		39		71,256
Kuehne & Nagel International AG Registered		532		73,204
Nestle SA Registered		956		73,203
Novartis AG Registered		744		72,900
Partners Group Holding AG		188		50,389
Roche Holding AG Genusschein		236		63,768
Schindler Holding AG Participation Certificates		52		7,720
Schindler Holding AG Registered		232		33,789
SGS SA Registered		28		53,258
Sonova Holding AG Registered		64		8,424
Swiss Prime Site AG Registered		644		55,857
Swiss Re AG		844		76,231
Swisscom AG Registered		120		70,366
Syngenta AG Registered		84		27,317
Zurich Insurance Group AG		232		77,010
				922,378
UNITED KINGDOM — 37.14%
Admiral Group PLC		1,568		34,100
AstraZeneca PLC		952		67,816
Babcock International Group PLC		892		13,477
BAE Systems PLC		3,692		28,141
BP PLC		10,352		65,992
British American Tobacco PLC		1,204		67,847
British Land Co. PLC (The)		2,344		29,202
BT Group PLC		9,232		57,944
Bunzl PLC		172		4,900
Capita PLC		216		3,627
Centrica PLC		14,768		65,165
Compass Group PLC		4,152		71,775
Diageo PLC		2,240		66,276
Direct Line Insurance Group PLC		11,084		52,022
Dixons Carphone PLC		628		4,103
G4S PLC		6,956		29,795

Security	Shares		Value
GlaxoSmithKline PLC		3,072	$	67,685
Hammerson PLC		429		4,436
HSBC Holdings PLC		7,092		64,931
Imperial Tobacco Group PLC		1,480		69,441
Inmarsat PLC		1,148		14,380
Intertek Group PLC		68		2,342
J Sainsbury PLCb		624		2,394
Land Securities Group PLC		3,812		72,940
National Grid PLC		4,780		67,160
Next PLC		348		37,815
Randgold Resources Ltd.		560		47,815
Reckitt Benckiser Group PLC		828		70,013
Reed Elsevier PLC		2,060		35,766
Royal Dutch Shell PLC Class A		1,996		60,495
Royal Dutch Shell PLC Class B		1,964		62,077
RSA Insurance Group PLCa		412		2,811
SABMiller PLC		52		2,831
Severn Trent PLC		720		23,271
Sky PLC		5,240		73,033
Smith & Nephew PLC		3,224		57,670
SSE PLC		2,860		69,114
Standard Chartered PLC		896		11,946
Unilever PLC		1,612		70,937
United Utilities Group PLC		3,160		48,741
Vodafone Group PLC		14,236		50,139
William Hill PLC		376		2,130
				1,754,495
TOTAL COMMON STOCKS (Cost: $4,894,832)				4,715,719
SHORT-TERM INVESTMENTS — 0.04%
MONEY MARKET FUNDS — 0.04%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		1,117		1,117
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		67		67
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		595		595
				1,779
TOTAL SHORT-TERM INVESTMENTS (Cost: $1,779)				1,779

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EUROPE MINIMUM VOLATILITY ETF

January 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.86% (Cost: $4,896,611)	$	4,717,498
Other Assets, Less Liabilities — 0.14%		6,832
NET ASSETS — 100.00%	$	4,724,330

FDR  —  Fiduciary Depositary Receipts

SP ADR  —  Sponsored American Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI JAPAN MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.61%
AIR FREIGHT & LOGISTICS — 0.99%
Yamato Holdings Co. Ltd.		4,600	$	104,872
				104,872
AIRLINES — 2.07%
ANA Holdings Inc.		42,000		116,634
Japan Airlines Co. Ltd.		3,000		102,413
				219,047
AUTO COMPONENTS — 3.20%
Aisin Seiki Co. Ltd.		800		28,230
Bridgestone Corp.		2,800		112,939
Denso Corp.		3,200		143,049
Toyota Industries Corp.		1,000		54,399
				338,617
AUTOMOBILES — 4.59%
Daihatsu Motor Co. Ltd.		200		2,808
Fuji Heavy Industries Ltd.		400		14,631
Honda Motor Co. Ltd.		4,800		146,331
Isuzu Motors Ltd.		400		5,386
Mitsubishi Motors Corp.		400		3,419
Nissan Motor Co. Ltd.		16,600		143,651
Toyota Motor Corp.		2,600		169,216
				485,442
BEVERAGES — 2.21%
Asahi Group Holdings Ltd.		2,400		79,459
Kirin Holdings Co. Ltd.		3,600		48,729
Suntory Beverage & Food Ltd.		3,000		105,861
				234,049
BUILDING PRODUCTS — 0.20%
Asahi Glass Co. Ltd.		4,000		21,453
				21,453
CHEMICALS — 4.26%
Asahi Kasei Corp.		14,000		139,684
Kaneka Corp.		4,000		24,620
Kuraray Co. Ltd.		1,800		22,802
Mitsubishi Chemical Holdings Corp.		2,000		10,456
Nippon Paint Holdings Co. Ltd.		400		12,668
Shin-Etsu Chemical Co. Ltd.		1,800		120,260
Toray Industries Inc.		14,000		120,317
				450,807

Security	Shares		Value
COMMERCIAL BANKS — 6.96%
Aozora Bank Ltd.		30,000	$	109,820
Bank of Yokohama Ltd. (The)		14,000		76,254
Chiba Bank Ltd. (The)		6,000		40,863
Mitsubishi UFJ Financial Group Inc.		21,800		117,347
Mizuho Financial Group Inc.		87,200		144,016
Resona Holdings Inc.		16,800		84,154
Seven Bank Ltd.		10,400		46,925
Sumitomo Mitsui Financial Group Inc.		3,000		101,915
Suruga Bank Ltd.		800		15,167
				736,461
COMMERCIAL SERVICES & SUPPLIES — 2.01%
Park24 Co. Ltd.		4,200		72,226
Secom Co. Ltd.		2,400		140,447
				212,673
COMPUTERS & PERIPHERALS — 1.95%
Canon Inc.		5,000		159,217
FUJIFILM Holdings Corp.		1,200		40,843
Ricoh Co. Ltd.		600		5,910
				205,970
CONSTRUCTION MATERIALS — 0.06%
Taiheiyo Cement Corp.		2,000		5,908
				5,908
DIVERSIFIED CONSUMER SERVICES — 0.79%
Benesse Holdings Inc.		2,800		84,025
				84,025
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.58%
Nippon Telegraph and Telephone Corp.		2,800		167,335
				167,335
ELECTRIC UTILITIES — 0.48%
Chubu Electric Power Co. Inc.a		3,800		50,531
				50,531
ELECTRICAL EQUIPMENT — 0.52%
Nidec Corp.		800		54,988
				54,988
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.94%
Hirose Electric Co. Ltd.		200		24,212
Hitachi Ltd.		8,000		61,111
Hoya Corp.		1,800		70,474

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
Keyence Corp.		200	$	94,479
Kyocera Corp.		1,800		80,051
Murata Manufacturing Co. Ltd.		600		65,483
Shimadzu Corp.		2,000		20,976
				416,786
FOOD & STAPLES RETAILING — 2.61%
Aeon Co. Ltd.		2,800		29,784
FamilyMart Co. Ltd.		1,000		43,588
Lawson Inc.		1,400		92,010
Seven & I Holdings Co. Ltd.		3,000		110,778
				276,160
FOOD PRODUCTS — 3.13%
Ajinomoto Co. Inc.		4,000		83,037
Calbee Inc.		400		15,749
MEIJI Holdings Co. Ltd.		200		22,151
NH Foods Ltd.		1,000		24,867
Nissin Foods Holdings Co. Ltd.		1,400		76,040
Toyo Suisan Kaisha Ltd.		1,400		49,760
Yamazaki Baking Co. Ltd.		4,000		59,286
				330,890
GAS UTILITIES — 2.90%
Osaka Gas Co. Ltd.		32,000		127,112
Toho Gas Co. Ltd.		2,000		10,965
Tokyo Gas Co. Ltd.		28,000		168,360
				306,437
HEALTH CARE EQUIPMENT & SUPPLIES — 0.20%
Olympus Corp.a		200		7,015
Sysmex Corp.		200		9,024
Terumo Corp.		200		5,007
				21,046
HEALTH CARE PROVIDERS & SERVICES — 0.57%
Miraca Holdings Inc.		1,200		54,144
Suzuken Co. Ltd.		200		5,678
				59,822
HEALTH CARE TECHNOLOGY — 0.42%
M3 Inc.		2,200		44,612
				44,612
HOTELS, RESTAURANTS & LEISURE — 2.83%
McDonald’s Holdings Co. (Japan) Ltd.		4,800		105,468
Oriental Land Co. Ltd.		800		194,203
				299,671

Security	Shares		Value
HOUSEHOLD DURABLES — 1.28%
Nikon Corp.		600	$	7,682
Panasonic Corp.		2,000		23,019
Sekisui Chemical Co. Ltd.		2,000		22,032
Sekisui House Ltd.		4,200		54,563
Sony Corp.		1,200		28,339
				135,635
HOUSEHOLD PRODUCTS — 1.32%
Unicharm Corp.		5,000		139,212
				139,212
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.42%
Electric Power Development Co. Ltd.		1,200		44,030
				44,030
INDUSTRIAL CONGLOMERATES — 0.38%
Toshiba Corp.		10,000		40,404
				40,404
INSURANCE — 0.20%
Tokio Marine Holdings Inc.		600		21,147
				21,147
INTERNET & CATALOG RETAIL — 0.24%
Rakuten Inc.		1,800		25,162
				25,162
INTERNET SOFTWARE & SERVICES — 0.04%
Yahoo! Japan Corp.		1,200		4,076
				4,076
IT SERVICES — 1.78%
Fujitsu Ltd.		2,000		10,652
ITOCHU Techno-Solutions Corp.		600		21,530
Nomura Research Institute Ltd.		2,600		89,090
NTT Data Corp.		1,200		46,124
Otsuka Corp.		600		20,815
				188,211
LEISURE EQUIPMENT & PRODUCTS — 1.32%
Bandai Namco Holdings Inc.		1,400		28,592
Sankyo Co. Ltd.		1,600		57,821
Shimano Inc.		400		53,327
				139,740
MACHINERY — 0.91%
FANUC Corp.		400		67,731
Komatsu Ltd.		1,200		23,823

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
Kurita Water Industries Ltd.		200	$	4,299
				95,853
MEDIA — 0.49%
Dentsu Inc.		800		33,168
Toho Co. Ltd.		800		18,218
				51,386
MULTILINE RETAIL — 0.85%
Don Quijote Holdings Co. Ltd.		600		44,030
J. Front Retailing Co. Ltd.		2,200		28,300
Takashimaya Co. Ltd.		2,000		17,656
				89,986
OIL, GAS & CONSUMABLE FUELS — 1.73%
Idemitsu Kosan Co. Ltd.		600		10,083
JX Holdings Inc.		5,000		18,550
Showa Shell Sekiyu K.K.		1,200		11,799
TonenGeneral Sekiyu K.K.		16,000		142,341
				182,773
PERSONAL PRODUCTS — 1.88%
Kao Corp.		3,400		149,963
Shiseido Co. Ltd.		3,000		48,474
				198,437
PHARMACEUTICALS — 10.52%
Astellas Pharma Inc.		8,600		133,944
Chugai Pharmaceutical Co. Ltd.		1,000		30,009
Daiichi Sankyo Co. Ltd.		4,000		58,332
Eisai Co. Ltd.		4,000		200,502
Kyowa Hakko Kirin Co. Ltd.		6,000		68,854
Mitsubishi Tanabe Pharma Corp.		8,600		136,909
Ono Pharmaceutical Co. Ltd.		200		21,283
Otsuka Holdings Co. Ltd.		4,200		130,775
Santen Pharmaceutical Co. Ltd.		800		50,126
Shionogi & Co. Ltd.		2,000		60,529
Sumitomo Dainippon Pharma Co. Ltd.		200		2,118
Taisho Pharmaceutical Holdings Co. Ltd.		600		38,360
Takeda Pharmaceutical Co. Ltd.		3,600		180,912
				1,112,653
PROFESSIONAL SERVICES — 0.72%
Recruit Holdings Co. Ltd.a		2,600		76,142
				76,142

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.86%
Japan Prime Realty Investment Corp.		24	$	84,178
Japan Real Estate Investment Corp.		16		78,049
Japan Retail Fund Investment Corp.		56		121,663
Nippon Building Fund Inc.		18		88,878
Nippon Prologis REIT Inc.		42		99,185
United Urban Investment Corp.		92		147,792
				619,745
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.27%
Daito Trust Construction Co. Ltd.		600		67,297
Daiwa House Industry Co. Ltd.		3,600		67,010
				134,307
ROAD & RAIL — 9.13%
Central Japan Railway Co.		200		34,598
East Japan Railway Co.		2,000		155,451
Hankyu Hanshin Holdings Inc.		16,000		89,490
Keikyu Corp.		4,000		31,397
Keio Corp.		6,000		49,240
Keisei Electric Railway Co. Ltd.		4,000		51,896
Kintetsu Corp.		16,000		56,664
Nagoya Railroad Co. Ltd.		16,000		63,202
Nippon Express Co. Ltd.		14,000		82,356
Odakyu Electric Railway Co. Ltd.		6,000		58,843
Tobu Railway Co. Ltd.		20,000		96,710
Tokyu Corp.		6,000		39,995
West Japan Railway Co.		3,000		155,229
				965,071
SOFTWARE — 1.21%
Nintendo Co. Ltd.		200		19,461
Oracle Corp. Japan		2,200		91,959
Trend Micro Inc.		600		17,086
				128,506
SPECIALTY RETAIL — 3.96%
ABC-MART Inc.		1,000		50,142
Fast Retailing Co. Ltd.		200		74,950
Hikari Tsushin Inc.		400		23,088
Nitori Holdings Co. Ltd.		1,600		90,989
Shimamura Co. Ltd.		800		71,579
USS Co. Ltd.		5,200		82,251
Yamada Denki Co. Ltd.		6,800		25,471
				418,470

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
TOBACCO — 0.94%
Japan Tobacco Inc.		3,600	$	99,068
				99,068
TRADING COMPANIES & DISTRIBUTORS — 1.45%
ITOCHU Corp.		1,800		18,389
Marubeni Corp.		4,600		25,591
Mitsubishi Corp.		4,200		73,942
Mitsui & Co. Ltd.		2,600		33,356
Sumitomo Corp.		200		1,989
				153,267
TRANSPORTATION INFRASTRUCTURE — 0.38%
Kamigumi Co. Ltd.		4,000		40,284
				40,284
WIRELESS TELECOMMUNICATION SERVICES — 2.86%
KDDI Corp.		2,000		142,391
NTT DOCOMO Inc.		9,400		160,448
				302,839
TOTAL COMMON STOCKS (Cost: $10,128,926)				10,534,006
SHORT-TERM INVESTMENTS — 0.08%
MONEY MARKET FUNDS — 0.08%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		8,032		8,032
				8,032
TOTAL SHORT-TERM INVESTMENTS (Cost: $8,032)				8,032
TOTAL INVESTMENTS IN SECURITIES — 99.69% (Cost: $10,136,958)				10,542,038
Other Assets, Less Liabilities — 0.31%				33,235
NET ASSETS — 100.00%			$	10,575,273

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI USA MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.82%
AEROSPACE & DEFENSE — 0.19%
Lockheed Martin Corp.		42,699	$	8,043,210
				8,043,210
AIR FREIGHT & LOGISTICS — 1.28%
United Parcel Service Inc. Class B		546,275		53,993,821
				53,993,821
BEVERAGES — 2.41%
Coca-Cola Co. (The)		1,027,534		42,303,575
PepsiCo Inc.		637,099		59,747,144
				102,050,719
BIOTECHNOLOGY — 0.05%
Amgen Inc.		13,012		1,981,207
				1,981,207
CHEMICALS — 3.23%
Ecolab Inc.		515,750		53,519,378
Monsanto Co.		201,334		23,753,385
Praxair Inc.		301,542		36,362,950
Sherwin-Williams Co. (The)		84,972		23,050,354
				136,686,067
COMMERCIAL BANKS — 0.65%
M&T Bank Corp.		39,675		4,489,623
U.S. Bancorp		458,276		19,206,347
Wells Fargo & Co.		73,000		3,790,160
				27,486,130
COMMERCIAL SERVICES & SUPPLIES — 2.77%
Republic Services Inc.		662,088		26,271,652
Stericycle Inc.a,b		371,529		48,778,043
Waste Management Inc.		821,459		42,247,636
				117,297,331
COMMUNICATIONS EQUIPMENT — 2.54%
Cisco Systems Inc.		608,506		16,043,261
Motorola Solutions Inc.		577,333		36,031,352
QUALCOMM Inc.		888,580		55,500,707
				107,575,320
COMPUTERS & PERIPHERALS — 0.11%
Apple Inc.		38,274		4,484,182
				4,484,182
DISTRIBUTORS — 0.23%
Genuine Parts Co.		106,128		9,863,536
				9,863,536

Security	Shares		Value
DIVERSIFIED FINANCIAL SERVICES — 1.41%
Berkshire Hathaway Inc. Class Ba		346,679	$	49,890,575
CME Group Inc./IL		117,165		9,994,174
				59,884,749
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.02%
AT&T Inc.		1,762,907		58,034,898
CenturyLink Inc.		374,448		13,918,232
Verizon Communications Inc.		1,226,057		56,043,066
				127,996,196
ELECTRIC UTILITIES — 4.52%
Duke Energy Corp.		753,701		65,677,505
NextEra Energy Inc.		238,986		26,106,830
Southern Co. (The)		1,179,001		59,798,931
Xcel Energy Inc.		1,065,360		39,982,961
				191,566,227
FOOD & STAPLES RETAILING — 2.29%
Costco Wholesale Corp.		45,926		6,566,959
CVS Health Corp.		157,068		15,417,795
Sysco Corp.		277,028		10,851,187
Wal-Mart Stores Inc.		756,838		64,316,093
				97,152,034
FOOD PRODUCTS — 4.10%
Campbell Soup Co.		245,045		11,208,358
General Mills Inc.		1,057,137		55,478,550
Hershey Co. (The)		283,461		28,972,549
Hormel Foods Corp.		240,198		12,302,942
J.M. Smucker Co. (The)		20,968		2,162,849
Kellogg Co.		194,387		12,747,899
McCormick & Co. Inc. NVS		438,506		31,304,943
Mondelez International Inc. Class A		545,925		19,238,397
				173,416,487
HEALTH CARE EQUIPMENT & SUPPLIES — 5.00%
Abbott Laboratories		1,128,562		50,514,435
Baxter International Inc.		255,572		17,969,267
Becton, Dickinson and Co.		477,146		65,884,320
C.R. Bard Inc.		172,141		29,441,275
Medtronic PLC		436,650		31,176,810
Varian Medical Systems Inc.a,b		182,870		16,926,447
				211,912,554
HEALTH CARE PROVIDERS & SERVICES — 8.35%
AmerisourceBergen Corp.		704,720		66,983,636
Anthem Inc.		47,539		6,415,863

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
Cardinal Health Inc.		171,082	$	14,232,312
DaVita HealthCare Partners Inc.a		285,198		21,406,962
Express Scripts Holding Co.a		397,591		32,089,570
Henry Schein Inc.a,b		371,619		51,309,435
Laboratory Corp. of America Holdingsa		204,996		23,529,441
McKesson Corp.		188,482		40,080,697
Omnicare Inc.		241,918		18,139,012
Patterson Companies Inc.		362,234		18,144,301
Quest Diagnostics Inc.		281,576		20,011,606
UnitedHealth Group Inc.		390,008		41,438,350
				353,781,185
HOTELS, RESTAURANTS & LEISURE — 2.97%
Chipotle Mexican Grill Inc.a		24,970		17,724,705
McDonald’s Corp.		657,482		60,777,636
Starbucks Corp.		355,326		31,101,685
Yum! Brands Inc.		226,305		16,357,325
				125,961,351
HOUSEHOLD PRODUCTS — 4.50%
Church & Dwight Co. Inc.		341,441		27,629,406
Clorox Co. (The)		137,239		14,644,774
Colgate-Palmolive Co.		532,970		35,986,134
Kimberly-Clark Corp.		485,566		52,421,705
Procter & Gamble Co. (The)		708,575		59,725,787
				190,407,806
INDUSTRIAL CONGLOMERATES — 0.67%
3M Co.		175,297		28,450,703
				28,450,703
INSURANCE — 6.48%
ACE Ltd.		98,531		10,637,407
Alleghany Corp.a		58,318		25,781,805
Arch Capital Group Ltd.a		584,252		33,869,088
Axis Capital Holdings Ltd.		119,233		6,068,960
Chubb Corp. (The)		579,721		56,754,686
Everest Re Group Ltd.		143,196		24,540,930
Marsh & McLennan Companies Inc.		463,938		24,945,946
PartnerRe Ltd.		111,710		12,779,624
RenaissanceRe Holdings Ltd.b		177,583		16,982,262
Travelers Companies Inc. (The)		287,086		29,518,183
Willis Group Holdings PLC		217,117		9,401,166
WR Berkley Corp.		472,815		23,163,207
				274,443,264

Security	Shares		Value
INTERNET SOFTWARE & SERVICES — 1.34%
eBay Inc.a		153,721	$	8,147,213
Facebook Inc. Class Aa		218,406		16,579,200
Google Inc. Class Aa		37,095		19,940,417
Google Inc. Class Ca		18,865		10,083,720
VeriSign Inc.a,b		38,898		2,119,163
				56,869,713
IT SERVICES — 7.18%
Accenture PLC Class A		446,813		37,545,696
Automatic Data Processing Inc.		726,097		59,924,786
Fidelity National Information Services Inc.		349,084		21,793,314
Fiserv Inc.a		582,000		42,212,460
International Business Machines Corp.		221,878		34,016,116
MasterCard Inc. Class A		109,525		8,984,336
Paychex Inc.		1,296,258		58,668,637
Vantiv Inc. Class Aa,b		67,283		2,313,862
Visa Inc. Class A		151,035		38,500,332
				303,959,539
MEDIA — 0.25%
Comcast Corp. Class A Special NVSb		160,541		8,492,619
Scripps Networks Interactive Inc. Class A		28,511		2,026,847
				10,519,466
METALS & MINING — 1.30%
Newmont Mining Corp.		2,185,000		54,952,750
				54,952,750
MULTI-UTILITIES — 4.16%
Consolidated Edison Inc.		812,799		56,310,714
Dominion Resources Inc.		600,729		46,190,053
PG&E Corp.		438,338		25,778,658
Sempra Energy		50,790		5,684,417
Wisconsin Energy Corp.		758,568		42,305,337
				176,269,179
MULTILINE RETAIL — 1.82%
Dollar General Corp.a		161,632		10,839,042
Dollar Tree Inc.a		144,433		10,269,186
Family Dollar Stores Inc.		255,408		19,436,549
Target Corp.		496,883		36,575,558
				77,120,335

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 3.35%
Cabot Oil & Gas Corp.		282,614	$	7,489,271
Chevron Corp.		269,791		27,661,671
ConocoPhillips		106,053		6,679,218
EQT Corp.		22,902		1,704,825
Exxon Mobil Corp.		644,210		56,316,838
Range Resources Corp.		178,233		8,246,841
Spectra Energy Corp.		1,009,916		33,771,591
				141,870,255
PHARMACEUTICALS — 6.30%
Actavis PLCa		15,115		4,028,752
Bristol-Myers Squibb Co.		543,469		32,754,877
Eli Lilly and Co.		544,294		39,189,168
Johnson & Johnson		573,819		57,462,235
Mallinckrodt PLCa		37,083		3,930,427
Merck & Co. Inc.		1,020,825		61,535,331
Perrigo Co. PLC		93,945		14,255,214
Pfizer Inc.		1,710,608		53,456,500
				266,612,504
PROFESSIONAL SERVICES — 0.63%
Nielsen NV		83,210		3,624,628
Verisk Analytics Inc. Class Aa,b		358,138		23,046,180
				26,670,808
REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.23%
American Tower Corp.		428,022		41,496,733
AvalonBay Communities Inc.		144,362		24,973,182
Camden Property Trust		38,175		2,941,384
Crown Castle International Corp.		542,758		46,953,995
Equity Residential		184,328		14,305,696
Federal Realty Investment Trust		170,008		24,442,050
General Growth Properties Inc.		310,153		9,360,418
HCP Inc.		266,431		12,599,522
Health Care REIT Inc.		131,416		10,769,541
Public Storage		291,279		58,500,474
Simon Property Group Inc.		157,738		31,336,231
Ventas Inc.		359,457		28,688,263
				306,367,489
ROAD & RAIL — 0.86%
J.B. Hunt Transport Services Inc.		150,137		11,952,407
Union Pacific Corp.		208,429		24,429,963
				36,382,370

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.48%
Intel Corp.		619,889	$	20,481,133
				20,481,133
SOFTWARE — 2.35%
ANSYS Inc.a		88,739		7,158,575
Intuit Inc.		387,875		33,675,307
Microsoft Corp.		685,859		27,708,704
Synopsys Inc.a		674,228		28,985,062
VMware Inc. Class Aa		28,198		2,174,066
				99,701,714
SPECIALTY RETAIL — 2.82%
AutoZone Inc.a		91,216		54,452,303
Home Depot Inc. (The)		111,093		11,600,331
O’Reilly Automotive Inc.a,b		78,714		14,747,855
PetSmart Inc.		176,835		14,448,304
Ross Stores Inc.		45,505		4,173,264
TJX Companies Inc. (The)		301,768		19,898,582
				119,320,639
TEXTILES, APPAREL & LUXURY GOODS — 0.58%
Nike Inc. Class B		26,008		2,399,238
VF Corp.		317,452		22,021,645
				24,420,883
TOBACCO — 1.01%
Altria Group Inc.		674,373		35,809,206
Reynolds American Inc.		102,683		6,977,310
				42,786,516
WATER UTILITIES — 0.14%
American Water Works Co. Inc.		103,034		5,784,329
				5,784,329
WIRELESS TELECOMMUNICATION SERVICES — 1.25%
SBA Communications Corp. Class Aa		455,161		53,117,289
				53,117,289
TOTAL COMMON STOCKS
(Cost: $3,931,437,363)				4,227,640,990
SHORT-TERM INVESTMENTS — 0.35%
MONEY MARKET FUNDS — 0.35%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		10,225,874		10,225,874

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA MINIMUM VOLATILITY ETF

January 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		615,137	$	615,137
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		4,153,205		4,153,205
				14,994,216
TOTAL SHORT-TERM INVESTMENTS
(Cost: $14,994,216)				14,994,216
TOTAL INVESTMENTS IN SECURITIES — 100.17%
(Cost: $3,946,431,579)				4,242,635,206
Other Assets, Less Liabilities — (0.17)%				(7,158,025	)
NET ASSETS — 100.00%			$	4,235,477,181

NVS  —  Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2015

	iShares MSCI Asia ex Japan Minimum Volatility ETF			iShares MSCI EAFE Minimum Volatility ETF			iShares MSCI Europe Minimum Volatility ETF
ASSETS
Investments, at cost:
Unaffiliated	$	5,000,099		$	1,611,145,421		$	4,894,832
Affiliated (Note 2)		132,260			11,484,811			1,779
Total cost of investments	$	5,132,359		$	1,622,630,232		$	4,896,611
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	5,177,520		$	1,702,534,990		$	4,715,719
Affiliated (Note 2)		132,260			11,484,811			1,779
Total fair value of investments		5,309,780			1,714,019,801			4,717,498
Foreign currency, at valueb		8,873			785,061			2,736
Receivables:
Due from custodian (Note 4)		—			123,999			39,088
Dividends and interest		8,850			3,821,156			6,084
Capital shares sold		—			11,976,505			—
Total Assets		5,327,503			1,730,726,522			4,765,406
LIABILITIES
Payables:
Investment securities purchased		—			11,681,804			39,088
Collateral for securities on loan (Note 1)		130,103			10,534,677			1,184
Investment advisory fees (Note 2)		1,520			239,923			804
Total Liabilities		131,623			22,456,404			41,076
NET ASSETS	$	5,195,880		$	1,708,270,118		$	4,724,330
Net assets consist of:
Paid-in capital	$	5,051,746		$	1,611,500,677		$	5,021,655
Undistributed (distributions in excess of) net investment income		(1,401	)		(1,432,902	)		3,659
Undistributed net realized gain (accumulated net realized loss)		(31,701	)		6,877,257			(121,680	)
Net unrealized appreciation (depreciation)		177,236			91,325,086			(179,304	)
NET ASSETS	$	5,195,880		$	1,708,270,118		$	4,724,330
Shares outstandingc		100,000			26,600,000			200,000
Net asset value per share	$	51.96		$	64.22		$	23.62

^a  Securities on loan with values of $121,774, $10,006,657 and $1,122, respectively. See Note 1.

^b  Cost of foreign currency: $9,088, $791,185 and $2,801, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2015

	iShares MSCI Japan Minimum Volatility ETF			iShares MSCI USA Minimum Volatility ETF
ASSETS
Investments, at cost:
Unaffiliated	$	10,128,926		$	3,931,437,363
Affiliated (Note 2)		8,032			14,994,216
Total cost of investments	$	10,136,958		$	3,946,431,579
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	10,534,006		$	4,227,640,990
Affiliated (Note 2)		8,032			14,994,216
Total fair value of investments		10,542,038			4,242,635,206
Foreign currency, at valueb		7,906			—
Receivables:
Dividends and interest		27,919			3,613,705
Capital shares sold		—			654,626
Total Assets		10,577,863			4,246,903,537
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		—			10,841,011
Capital shares redeemed		—			103,132
Investment advisory fees (Note 2)		2,590			482,213
Total Liabilities		2,590			11,426,356
NET ASSETS	$	10,575,273		$	4,235,477,181
Net assets consist of:
Paid-in capital	$	10,176,106		$	3,873,490,456
Undistributed (distributions in excess of) net investment income		(2,586	)		3,264,256
Undistributed net realized gain (accumulated net realized loss)		(3,496	)		62,518,842
Net unrealized appreciation		405,249			296,203,627
NET ASSETS	$	10,575,273		$	4,235,477,181
Shares outstandingc		200,000			105,200,000
Net asset value per share	$	52.88		$	40.26

^a  Securities on loan with values of $  — and $10,610,023, respectively. See Note 1.

^b  Cost of foreign currency: $7,878 and $  —, respectively.

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

See notes to financial statements.

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares MSCI Asia ex Japan Minimum Volatility ETF			iShares MSCI EAFE Minimum Volatility ETF			iShares MSCI Europe Minimum Volatility ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	58,260		$	14,084,169		$	35,282
Interest — affiliated (Note 2)		—			53			—
Securities lending income — affiliated (Note 2)		321			74,723			—
		58,581			14,158,945			35,282
Less: Other foreign taxes (Note 1)		(919	)		—			—
Total investment income		57,662			14,158,945			35,282
EXPENSES
Investment advisory fees (Note 2)		9,181			2,115,857			5,093
Total expenses		9,181			2,115,857			5,093
Less investment advisory fees waived (Note 2)		—			(838,165	)		—
Net expenses		9,181			1,277,692			5,093
Net investment income		48,481			12,881,253			30,189
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(29,884	)		2,328,016			(29,011	)
In-kind redemptions — unaffiliated		—			17,742,524			(91,045	)
Foreign currency transactions		(756	)		(688,938	)		(1,616	)
Net realized gain (loss)		(30,640	)		19,381,602			(121,672	)
Net change in unrealized appreciation/depreciation on:
Investments		19,824			(24,349,652	)		(94,508	)
Translation of assets and liabilities in foreign currencies		(216	)		(17,421	)		(72	)
Net change in unrealized appreciation/depreciation		19,608			(24,367,073	)		(94,580	)
Net realized and unrealized loss		(11,032	)		(4,985,471	)		(216,252	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	37,449		$	7,895,782		$	(186,063	)

^a  Net of foreign withholding tax of $6,147, $624,049 and $1,868, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares MSCI Japan Minimum Volatility ETF			iShares MSCI USA Minimum Volatility ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	95,258		$	33,953,087
Interest — affiliated (Note 2)		—			156
Securities lending income — affiliated (Note 2)		—			102,578
Total investment income		95,258			34,055,821
EXPENSES
Investment advisory fees (Note 2)		15,469			2,394,270
Total expenses		15,469			2,394,270
Net investment income		79,789			31,661,551
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		4,310			6,106,049
In-kind redemptions — unaffiliated		—			104,625,342
Foreign currency transactions		(7,806	)		—
Net realized gain (loss)		(3,496	)		110,731,391
Net change in unrealized appreciation/depreciation on:
Investments		(9,731	)		155,036,917
Translation of assets and liabilities in foreign currencies		339			—
Net change in unrealized appreciation/depreciation		(9,392	)		155,036,917
Net realized and unrealized gain (loss)		(12,888	)		265,768,308
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	66,901		$	297,429,859

^a  Net of foreign withholding tax of $10,986 and $4,041, respectively.

See notes to financial statements.

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares MSCI Asia ex Japan  Minimum Volatility ETF						iShares MSCI EAFE Minimum Volatility ETF
	Six months ended January 31, 2015 (Unaudited)			Period from June 3, 2014a to July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	48,481		$	36,225		$	12,881,253		$	39,237,782
Net realized gain (loss)		(30,640	)		(2,852	)		19,381,602			8,707,061
Net change in unrealized appreciation/depreciation		19,608			157,628			(24,367,073	)		90,105,507
Net increase in net assets resulting from operations		37,449			191,001			7,895,782			138,050,350
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(84,316	)		—			(17,558,349	)		(37,084,063	)
Total distributions to shareholders		(84,316	)		—			(17,558,349	)		(37,084,063	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			5,051,746			571,533,903			465,950,196
Cost of shares redeemed		—			—			(101,123,766	)		(56,947,160	)
Net increase in net assets from capital share transactions		—			5,051,746			470,410,137			409,003,036
INCREASE (DECREASE) IN NET ASSETS		(46,867	)		5,242,747			460,747,570			509,969,323
NET ASSETS
Beginning of period		5,242,747			—			1,247,522,548			737,553,225
End of period	$	5,195,880		$	5,242,747		$	1,708,270,118		$	1,247,522,548
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(1,401	)	$	34,434		$	(1,432,902	)	$	3,244,194
SHARES ISSUED AND REDEEMED
Shares sold		—			100,000			9,000,000			7,500,000
Shares redeemed		—			—			(1,600,000	)		(900,000	)
Net increase in shares outstanding		—			100,000			7,400,000			6,600,000

^a  Commencement of operations.

See notes to financial statements.

FINANCIAL STATEMENTS 33

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares MSCI Europe Minimum Volatility ETF						iShares MSCI Japan Minimum Volatility ETF
	Six months ended January 31, 2015 (Unaudited)			Period from June 3, 2014a to July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Period from June 3, 2014a to July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	30,189		$	16,974		$	79,789		$	9,091
Net realized loss		(121,672	)		(29	)		(3,496	)		—
Net change in unrealized appreciation/depreciation		(94,580	)		(84,724	)		(9,392	)		414,641
Net increase (decrease) in net assets resulting from operations		(186,063	)		(67,779	)		66,901			423,732
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(43,483	)		—			(91,466	)		—
Total distributions to shareholders		(43,483	)		—			(91,466	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,177,318			5,011,711			—			10,176,106
Cost of shares redeemed		(1,167,374	)		—			—			—
Net increase in net assets from capital share transactions		9,944			5,011,711			—			10,176,106
INCREASE (DECREASE) IN NET ASSETS		(219,602	)		4,943,932			(24,565	)		10,599,838
NET ASSETS
Beginning of period		4,943,932			—			10,599,838			—
End of period	$	4,724,330		$	4,943,932		$	10,575,273		$	10,599,838
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	3,659		$	16,953		$	(2,586	)	$	9,091
SHARES ISSUED AND REDEEMED
Shares sold		50,000			200,000			—			200,000
Shares redeemed		(50,000	)		—			—			—
Net increase in shares outstanding		—			200,000			—			200,000

^a  Commencement of operations.

See notes to financial statements.

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares MSCI USA Minimum Volatility ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	31,661,551		$	51,641,488
Net realized gain		110,731,391			86,661,334
Net change in unrealized appreciation/depreciation		155,036,917			107,059,567
Net increase in net assets resulting from operations		297,429,859			245,362,389
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(32,120,224	)		(56,182,406	)
Total distributions to shareholders		(32,120,224	)		(56,182,406	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,936,329,757			990,510,343
Cost of shares redeemed		(543,694,163	)		(927,452,671	)
Net increase in net assets from capital share transactions		1,392,635,594			63,057,672
INCREASE IN NET ASSETS		1,657,945,229			252,237,655
NET ASSETS
Beginning of period		2,577,531,952			2,325,294,297
End of period	$	4,235,477,181		$	2,577,531,952
Undistributed net investment income included in net assets at end of period	$	3,264,256		$	3,722,929
SHARES ISSUED AND REDEEMED
Shares sold		48,700,000			27,800,000
Shares redeemed		(13,800,000	)		(26,400,000	)
Net increase in shares outstanding		34,900,000			1,400,000

See notes to financial statements.

FINANCIAL STATEMENTS 35

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI Asia ex Japan Minimum Volatility ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Period from Jun. 3, 2014a to Jul. 31, 2014
Net asset value, beginning of period	$	52.43		$	50.44
Income from investment operations:
Net investment incomeb		0.48			0.36
Net realized and unrealized gain (loss)c		(0.11	)		1.63
Total from investment operations		0.37			1.99
Less distributions from:
Net investment income		(0.84	)		—
Total distributions		(0.84	)		—
Net asset value, end of period	$	51.96		$	52.43
Total return		0.80	%d		3.95	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,196		$	5,243
Ratio of expenses to average net assetse		0.35	%		0.35	%
Ratio of net investment income to average net assetse		1.85	%		4.44	%
Portfolio turnover ratef		9	%		0	%g

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended January 31, 2015 and the period ended July 31, 2014 were 9% and 0%, respectively. See Note 4.

^g  Rounds to less than 1%.

See notes to financial statements.

36 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI EAFE Minimum Volatility ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Period from Oct. 18, 2011a to Jul. 31, 2012
Net asset value, beginning of period	$	64.98		$	58.54		$	51.91		$	49.77
Income from investment operations:
Net investment incomeb		0.64			2.47			1.95			1.38
Net realized and unrealized gain (loss)c		(0.57	)		6.12			5.97			1.57
Total from investment operations		0.07			8.59			7.92			2.95
Less distributions from:
Net investment income		(0.83	)		(2.15	)		(1.29	)		(0.81	)
Total distributions		(0.83	)		(2.15	)		(1.29	)		(0.81	)
Net asset value, end of period	$	64.22		$	64.98		$	58.54		$	51.91
Total return		0.17	%d		14.83	%		15.39	%		6.02	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,708,270		$	1,247,523		$	737,553		$	72,672
Ratio of expenses to average net assetse		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of expenses to average net assets prior to waived feese		0.33	%		0.33	%		0.34	%		0.34	%
Ratio of net investment income to average net assetse		2.02	%		3.97	%		3.38	%		3.49	%
Portfolio turnover ratef		11	%		20	%		27	%		25	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 37

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI Europe Minimum Volatility ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Period from Jun. 3, 2014a to Jul. 31, 2014
Net asset value, beginning of period	$	24.72		$	25.06
Income from investment operations:
Net investment incomeb		0.18			0.08
Net realized and unrealized lossc		(0.99	)		(0.42	)
Total from investment operations		(0.81	)		(0.34	)
Less distributions from:
Net investment income		(0.29	)		—
Total distributions		(0.29	)		—
Net asset value, end of period	$	23.62		$	24.72
Total return		(3.24	)%d		(1.36	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,724		$	4,944
Ratio of expenses to average net assetse		0.25	%		0.25	%
Ratio of net investment income to average net assetse		1.48	%		2.11	%
Portfolio turnover ratef		11	%		0	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

38 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI Japan Minimum Volatility ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Period from Jun. 3, 2014a to Jul. 31, 2014
Net asset value, beginning of period	$	53.00		$	50.88
Income from investment operations:
Net investment incomeb		0.40			0.05
Net realized and unrealized gain (loss)c		(0.06	)		2.07
Total from investment operations		0.34			2.12
Less distributions from:
Net investment income		(0.46	)		—
Total distributions		(0.46	)		—
Net asset value, end of period	$	52.88		$	53.00
Total return		0.70	%d		4.17	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	10,575		$	10,600
Ratio of expenses to average net assetse		0.30	%		0.30	%
Ratio of net investment income to average net assetse		1.55	%		0.55	%
Portfolio turnover ratef		11	%		0	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 39

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares MSCI USA Minimum Volatility ETF
	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Year ended Jul. 31, 2013			Period from Oct. 18, 2011a to Jul. 31, 2012
Net asset value, beginning of period	$	36.66		$	33.75		$	29.48		$	25.32
Income from investment operations:
Net investment incomeb		0.39			0.76			0.83			0.56
Net realized and unrealized gainc		3.60			3.00			4.13			3.85
Total from investment operations		3.99			3.76			4.96			4.41
Less distributions from:
Net investment income		(0.39	)		(0.85	)		(0.69	)		(0.25	)
Total distributions		(0.39	)		(0.85	)		(0.69	)		(0.25	)
Net asset value, end of period	$	40.26		$	36.66		$	33.75		$	29.48
Total return		10.90	%d		11.27	%		17.08	%		17.50	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,235,477		$	2,577,532		$	2,325,294		$	353,808
Ratio of expenses to average net assetse		0.15	%		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assetse		1.98	%		2.15	%		2.56	%		2.48	%
Portfolio turnover ratef		11	%		24	%		26	%		30	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

40 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

iShares ETF	Diversification Classification
MSCI Asia ex Japan Minimum Volatility	Non-diversified
MSCI EAFE Minimum Volatility	Diversified
MSCI Europe Minimum Volatility	Non-diversified
MSCI Japan Minimum Volatility	Non-diversified
MSCI USA Minimum Volatility	Diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

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

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

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

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

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

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

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

As of January 31, 2015, the value of each of the Funds’ investments was classified as Level 1. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

42 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI Asia ex Japan Minimum Volatility	$	121,774	$	121,774	$	—
MSCI EAFE Minimum Volatility		10,006,657		10,006,657		—
MSCI Europe Minimum Volatility		1,122		1,122		—
MSCI USA Minimum Volatility		10,610,023		10,610,023		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

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

44 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
MSCI Asia ex Japan Minimum Volatility		0.35	%
MSCI Europe Minimum Volatility		0.25
MSCI Japan Minimum Volatility		0.30
MSCI USA Minimum Volatility		0.15

For its investment advisory services to the iShares MSCI EAFE Minimum Volatility ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.350	%	First $30 billion
	0.320		Over $30 billion, up to and including $60 billion
	0.280		Over $60 billion, up to and including $90 billion
	0.252		Over $90 billion

The total of the investment advisory fee and any other fund expenses is a fund’s total annual operating expense. BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI EAFE Minimum Volatility ETF through November 30, 2015 in order to limit total annual operating expenses to 0.20% of average daily net assets.

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

Pursuant to a securities lending agreement, the iShares MSCI USA Minimum Volatility ETF (the “Group 1 Fund”), retains 71.5% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.

Pursuant to a securities lending agreement, the iShares MSCI Asia ex Japan Minimum Volatility ETF, iShares MSCI EAFE Minimum Volatility ETF, iShares MSCI Europe Minimum Volatility ETF and iShares MSCI Japan Minimum Volatility ETF (the “Group 2

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Funds”), retain 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, the Group 1 Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2015, the Group 1 Fund retained 70% of securities lending income and each Group 2 Fund retained 75% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, the Group 1 Fund retained for the remainder of calendar year 2014, 75% of securities lending income and each Group 2 Fund retained 80% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI Asia ex Japan Minimum Volatility	$	82
MSCI EAFE Minimum Volatility		26,265
MSCI USA Minimum Volatility		49,148

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

Cross trades for the six months ended January 31, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

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

46 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Asia ex Japan Minimum Volatility	$	490,775	$	517,250
MSCI EAFE Minimum Volatility		160,063,963		150,883,793
MSCI Europe Minimum Volatility		482,747		475,657
MSCI Japan Minimum Volatility		1,167,259		1,208,747
MSCI USA Minimum Volatility		361,734,760		355,123,797

In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI EAFE Minimum Volatility	$	549,347,687	$	95,518,402
MSCI Europe Minimum Volatility		1,151,112		1,163,336
MSCI USA Minimum Volatility		1,922,591,911		538,202,895

4. CAPITAL SHARE TRANSACTIONS

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

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

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the statements of assets and liabilities.

5. MARKET AND CREDIT RISK

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

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

MARKET RISK

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

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

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

The iShares MSCI Japan Minimum Volatility ETF invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

CREDIT RISK

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

6. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment

48 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

As of July 31, 2014, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI Asia ex Japan Minimum Volatility	$	1,061
MSCI EAFE Minimum Volatility		1,809,277
MSCI Europe Minimum Volatility		8
MSCI USA Minimum Volatility		9,514,442

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Asia ex Japan Minimum Volatility	$	5,132,612	$	403,665	$	(226,497	)	$	177,168
MSCI EAFE Minimum Volatility		1,629,966,841		131,578,175		(47,525,215	)		84,052,960
MSCI Europe Minimum Volatility		4,896,611		97,924		(277,037	)		(179,113	)
MSCI Japan Minimum Volatility		10,140,819		803,141		(401,922	)		401,219
MSCI USA Minimum Volatility		3,962,815,075		353,285,289		(73,465,158	)		279,820,131

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 49

Supplemental Information (Unaudited)

iSHARES^® TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Asia ex Japan Minimum Volatility	$	0.761845	$	—	$	0.081315	$	0.843160		90	%		—	%		10	%		100	%
MSCI EAFE Minimum Volatility		0.773534		—		0.054690		0.828224		93			—			7			100
MSCI Japan Minimum Volatility		0.381182		—		0.076148		0.457330		83			—			17			100
MSCI USA Minimum Volatility		0.361732		—		0.027815		0.389547		93			—			7			100

50 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-79-0115

JANUARY 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

^Ø   iShares Core MSCI EAFE ETF  |  IEFA  |  NYSE Arca

^Ø   iShares Core MSCI Europe ETF  |  IEUR  |  NYSE Arca

^Ø   iShares Core MSCI Pacific ETF  |  IPAC  |  NYSE Arca

^Ø   iShares Core MSCI Total International Stock ETF  |  IXUS  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	9
Shareholder Expenses	9
Schedules of Investments	10
iShares Core MSCI EAFE ETF	10
iShares Core MSCI Europe ETF	42
iShares Core MSCI Pacific ETF	55
iShares Core MSCI Total International Stock ETF (Consolidated)	66
Financial Statements	112
Financial Highlights	118
Notes to Financial Statements	122
Supplemental Information	135

Fund Performance Overview

iSHARES^® CORE MSCI EAFE ETF

Performance as of January 31, 2015

The iShares Core MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -7.05%, net of fees, while the total return for the Index was -7.04%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(0.71)%		(0.63)%		(0.79)%		(0.71)%		(0.63)%		(0.79)%
Since Inception		8.99%		8.84%		8.91%		21.80%		21.40%		21.52%

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	929.50	$	0.63	$	1,000.00	$	1,024.60	$	0.66		0.13%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector	Percentage of Total Investments*
Financials		24.99	%
Industrials		13.77
Consumer Discretionary		13.32
Consumer Staples		10.92
Health Care		10.79
Materials		7.64
Information Technology		5.33
Energy		5.02
Telecommunication Services		4.66
Utilities		3.56
TOTAL		100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country	Percentage of Total Investments*
Japan		22.61	%
United Kingdom		20.90
France		9.01
Germany		8.84
Switzerland		8.66
Australia		7.20
Sweden		3.26
Spain		3.24
Hong Kong		3.19
Netherlands		2.70
TOTAL		89.61	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® CORE MSCI EUROPE ETF

Performance as of January 31, 2015

The iShares Core MSCI Europe ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization European equities, as represented by the MSCI Europe IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -7.46%, net of fees, while the total return for the Index was -7.59%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		(11.89)%		(11.73)%		(12.10)%

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	925.40	$	0.24	$	1,000.00	$	1,025.00	$	0.26		0.05%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector	Percentage of Total Investments*
Financials		22.18	%
Consumer Staples		13.27
Health Care		13.25
Industrials		12.38
Consumer Discretionary		11.63
Materials		7.53
Energy		6.93
Telecommunication Services		4.88
Information Technology		4.13
Utilities		3.82
TOTAL		100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country	Percentage of Total Investments*
United Kingdom		32.43	%
France		13.99
Germany		13.71
Switzerland		13.44
Sweden		5.04
Spain		5.00
Netherlands		3.99
Italy		3.76
Denmark		2.47
Belgium		2.12
TOTAL		95.95	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® CORE MSCI PACIFIC ETF

Performance as of January 31, 2015

The iShares Core MSCI Pacific ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization Pacific region equities, as represented by the MSCI Pacific IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -5.94%, net of fees, while the total return for the Index was -6.06%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		(2.16)%		(2.89)%		(2.18)%

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	940.60	$	0.24	$	1,000.00	$	1,025.00	$	0.26		0.05%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector	Percentage of Total Investments*
Financials		29.72	%
Consumer Discretionary		17.18
Industrials		16.36
Information Technology		7.70
Materials		7.42
Consumer Staples		6.98
Health Care		5.43
Telecommunication Services		4.51
Utilities		3.10
Energy		1.60
TOTAL		100.00	%

COUNTRY ALLOCATION

As of 1/31/15

Country	Percentage of Total Investments*
Japan		64.93	%
Australia		20.74
Hong Kong		8.74
Singapore		4.81
New Zealand		0.78
TOTAL		100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

Performance as of January 31, 2015

The iShares Core MSCI Total International Stock ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -8.35%, net of fees, while the total return for the Index was -8.28%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		0.15%		0.05%		0.17%		0.15%		0.05%		0.17%
Since Inception		6.07%		5.93%		6.06%		14.45%		14.12%		14.40%

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	916.50	$	0.72	$	1,000.00	$	1,024.40	$	0.77		0.15%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector	Percentage of Total Investments*
Financials		26.11	%
Industrials		12.15
Consumer Discretionary		12.12
Consumer Staples		9.80
Health Care		8.61
Materials		8.02
Information Technology		7.97
Energy		6.49
Telecommunication Services		4.95
Utilities		3.42
Investment Companies		0.36
TOTAL		100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country	Percentage of Total Investments*
Japan		16.08	%
United Kingdom		14.81
Canada		6.95
France		6.37
Germany		6.34
Switzerland		6.16
Australia		5.11
China		4.76
South Korea		3.33
Taiwan		2.95
TOTAL		72.86	%

* Excludes money market funds.

8 2015 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

ABOUT FUND PERFORMANCE 9

Schedule of Investments   (Unaudited)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.06%
AUSTRALIA — 7.17%
Abacus Property Group		87,253	$	207,242
Adelaide Brighton Ltd.		128,124		357,200
AGL Energy Ltd.		159,247		1,760,993
Ainsworth Game Technology Ltd.		39,334		90,362
ALS Ltd.		98,675		376,532
Alumina Ltd.a		618,421		934,295
Amcor Ltd.		287,268		2,859,014
AMP Ltd.		709,127		3,186,383
Ansell Ltd.		36,266		640,250
APA Group		265,254		1,677,321
APN News & Media Ltd.a		188,014		118,597
ARB Corp. Ltd.b		19,066		171,936
Ardent Leisure Group		114,339		247,535
Aristocrat Leisure Ltd.		127,277		695,801
Arrium Ltd.		870,594		138,985
Asaleo Care Ltd.a		99,942		128,419
Asciano Ltd.		241,495		1,134,027
ASX Ltd.		45,671		1,356,498
Aurizon Holdings Ltd.		500,771		1,930,379
AusNet Services		428,189		466,833
Australia and New Zealand Banking Group Ltd.		652,111		16,758,439
Australian Agricultural Co. Ltd.a		118,490		147,639
Automotive Holdings Group		68,317		201,103
Aveo Group		98,258		174,462
AWE Ltd.a,b		133,738		140,080
Bank of Queensland Ltd.		84,892		827,032
Beach Energy Ltd.		346,945		259,376
Bega Cheese Ltd.		32,635		129,868
Bendigo & Adelaide Bank Ltd.		102,371		1,066,673
BHP Billiton Ltd.		763,100		17,388,170
BlueScope Steel Ltd.a		139,756		547,440
Boral Ltd.		193,088		842,057
Bradken Ltd.		49,989		106,276
Brambles Ltd.		369,947		3,053,820
BWP Trust		136,680		303,353
Cabcharge Australia Ltd.		37,490		127,000
Caltex Australia Ltd.		32,944		857,395
Cardno Ltd.		45,579		105,064
carsales.com Ltd.		57,091		457,934
Challenger Ltd.		140,844		692,095
Charter Hall Group		72,618		273,708
Charter Hall Retail REIT		76,125		260,250

Security	Shares		Value
Coca-Cola Amatil Ltd.		135,786	$	1,025,711
Cochlear Ltd.		13,651		882,350
Commonwealth Bank of Australia		385,547		26,820,864
Computershare Ltd.		111,929		1,013,726
Cromwell Group		311,309		256,978
Crown Resorts Ltd.		90,043		954,347
CSL Ltd.		114,415		7,836,406
CSR Ltd.		133,058		414,476
Decmil Group Ltd.		61,131		59,745
Dexus Property Group		216,225		1,298,250
Domino’s Pizza Enterprises Ltd.		16,902		345,382
Downer EDI Ltd.		112,566		369,052
Drillsearch Energy Ltd.a,b		126,516		76,849
DUET Group		359,677		700,246
DuluxGroup Ltd.		98,064		456,677
Echo Entertainment Group Ltd.		197,264		622,158
Energy Resources of Australia Ltd.a,b		59,390		60,356
Energy World Corp. Ltd.a,b		291,473		66,960
Fairfax Media Ltd.		517,594		362,769
Federation Centres		336,726		794,543
FlexiGroup Ltd.		89,062		203,910
Flight Centre Travel Group Ltd.		14,209		418,377
Fortescue Metals Group Ltd.		376,526		691,998
G.U.D Holdings Ltd.		30,380		185,719
G8 Education Ltd.		77,996		255,105
Genworth Mortgage Insurance Australia Ltd.		53,840		148,425
Goodman Fielder Ltd.		437,918		218,258
Goodman Group		411,418		1,964,002
GPT Group (The)		391,375		1,377,621
GrainCorp Ltd. Class A		52,331		363,107
GWA Group Ltd.		79,302		163,655
Harvey Norman Holdings Ltd.		132,515		407,624
Healthscope Ltd.a		266,467		560,280
Hills Ltd.		70,682		59,447
Horizon Oil Ltd.a,b		447,941		43,604
iiNET Ltd.		38,297		223,678
Iluka Resources Ltd.		104,007		572,638
Incitec Pivot Ltd.		410,782		1,154,826
Independence Group NL		64,665		249,271
Insurance Australia Group Ltd.		559,494		2,788,518
Investa Office Fund		141,801		426,250
Invocare Ltd.		31,125		316,314
IOOF Holdings Ltd.		61,507		452,163

10 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Iress Ltd.		40,944	$	329,374
Jacana Minerals Ltd.b		6,357		1,155
James Hardie Industries SE		108,481		1,099,924
Japara Healthcare Ltd.a		68,500		103,488
JB Hi-Fi Ltd.b		26,851		350,246
Karoon Gas Australia Ltd.a,b		62,028		102,405
Leighton Holdings Ltd.		24,873		399,600
Lend Lease Group		133,061		1,728,403
Liquefied Natural Gas Ltd.a,b		97,044		225,208
M2 Group Ltd.		45,042		315,688
Macquarie Atlas Roads Group		110,802		254,547
Macquarie Group Ltd.		68,950		3,337,133
Magellan Financial Group Ltd.		26,944		401,398
Mayne Pharma Group Ltd.a		154,764		75,327
McMillan Shakespeare Ltd.		17,933		160,601
Medibank Pvt Ltd.a		652,856		1,210,020
Metcash Ltd.		239,606		272,426
Mineral Resources Ltd.		43,624		228,973
Mirvac Group		868,070		1,304,698
MMA Offshore Ltd.		129,678		80,789
Monadelphous Group Ltd.b		22,485		142,883
Mount Gibson Iron Ltd.		214,312		35,883
Myer Holdings Ltd.b		171,435		207,600
National Australia Bank Ltd.		559,214		15,516,436
Navitas Ltd.		62,272		260,415
Newcrest Mining Ltd.a		184,619		1,949,549
Nine Entertainment Co. Holdings Ltd.		125,263		172,661
Northern Star Resources Ltd.		142,659		199,417
Novion Property Group		479,077		865,549
Nufarm Ltd.		52,823		234,063
Orica Ltd.		90,631		1,280,301
Origin Energy Ltd.		263,711		2,193,298
Orora Ltd.		301,741		500,509
OZ Minerals Ltd.		78,342		236,104
Pacific Brands Ltd.		378,397		144,392
PanAust Ltd.		133,155		125,470
Perpetual Ltd.		12,061		461,923
Platinum Asset Management Ltd.		59,488		403,039
Premier Investments Ltd.		25,156		201,192
Primary Health Care Ltd.		131,743		475,014
Programmed Maintenance Services Ltd.		61,963		104,711
Qantas Airways Ltd.a		169,082		343,666
QBE Insurance Group Ltd.		320,800		2,650,622
Qube Logistics Holdings Ltd.		160,540		292,548

Security	Shares		Value
Ramsay Health Care Ltd.		32,024	$	1,482,605
REA Group Ltd.		13,625		525,749
Recall Holdings Ltd.		78,711		438,268
Regis Resources Ltd.a,b		98,814		145,823
Retail Food Group Ltd.		37,888		182,048
Rio Tinto Ltd.		103,124		4,622,518
SAI Global Ltd.		66,215		202,650
Sandfire Resources NL		35,372		117,621
Santos Ltd.		228,264		1,400,754
Scentre Groupa		1,286,335		3,806,587
Seek Ltd.		78,159		1,086,464
Senex Energy Ltd.a,b		272,362		58,328
Seven West Media Ltd.		204,580		208,705
Shopping Centres Australasia Property Group		186,488		280,289
Sigma Pharmaceuticals Ltd.		307,337		191,471
Sims Metal Management Ltd.b		45,415		384,439
Sirius Resources NLa,b		74,803		146,215
Sirtex Medical Ltd.		16,149		338,924
Skilled Group Ltd.		78,151		79,727
Slater & Gordon Ltd.		46,860		242,308
Sonic Healthcare Ltd.		90,707		1,330,821
Southern Cross Media Group Ltd.		196,802		161,689
Spark Infrastructure Group		357,975		596,574
Spotless Group Holdings Ltd.a		129,968		188,761
Steadfast Group Ltd.		174,194		198,733
Stockland		542,800		1,851,450
STW Communications Group Ltd.		158,940		113,873
Suncorp Group Ltd.		305,245		3,499,085
Sundance Energy Australia Ltd.a,b		201,754		73,059
Super Retail Group Ltd.b		42,001		285,543
Sydney Airport		256,906		998,327
Syrah Resources Ltd.a,b		28,760		80,629
Tabcorp Holdings Ltd.		194,659		692,770
Tatts Group Ltd.		328,855		988,530
Technology One Ltd.		61,664		159,429
Telstra Corp. Ltd.		1,016,915		5,147,497
Ten Network Holdings Ltd.a,b		602,664		93,865
Toll Holdings Ltd.		166,890		804,487
Tox Free Solutions Ltd.		54,047		122,479
TPG Telecom Ltd.		70,325		366,930
Transfield Services Ltd.a		118,430		130,963
Transpacific Industries Group Ltd.		400,758		257,475
Transurban Group		423,788		3,039,530

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Treasury Wine Estates Ltd.		157,500	$	603,453
UGL Ltd.		44,154		61,721
Veda Group Ltd.		171,324		306,863
Virtus Health Ltd.		25,177		157,441
Wesfarmers Ltd.		264,418		8,975,858
Western Areas Ltd.		54,058		169,233
Westfield Corp.		476,285		3,657,143
Westpac Banking Corp.		736,295		19,759,012
Whitehaven Coal Ltd.a,b		193,596		186,946
Woodside Petroleum Ltd.		174,144		4,648,870
Woolworths Ltd.		298,995		7,399,731
WorleyParsons Ltd.		50,785		380,460
				245,269,842
AUSTRIA — 0.28%
AMAG Austria Metall AGc		1,592		49,799
ams AG		16,880		664,155
Andritz AG		17,488		947,248
BUWOG AGa		12,698		248,179
CA Immobilien Anlagen AG		18,478		374,389
conwert Immobilien Invest SE		17,771		206,553
Erste Group Bank AG		67,245		1,458,844
EVN AG		8,663		95,568
Flughafen Wien AG		2,333		202,163
IMMOFINANZ AGa		235,762		538,477
Lenzing AGb		2,073		134,181
Mayr-Melnhof Karton AG		1,890		194,978
Oesterreichische Post AG		8,014		397,005
OMV AG		35,762		890,851
Palfinger AG		3,201		83,622
Raiffeisen International Bank Holding AGb		28,585		335,470
RHI AG		5,058		132,989
S IMMO AG		18,352		141,859
Schoeller-Bleckmann Oilfield Equipment AG		2,872		169,467
Semperit AG Holding		3,022		133,679
UNIQA Insurance Group AG		29,422		249,010
Vienna Insurance Group AG		10,032		425,825
Voestalpine AG		26,162		931,435
Wienerberger AG		28,405		401,472
Zumtobel Group AG		7,036		161,733
				9,568,951
BELGIUM — 1.37%
Ablynx NVa		17,921		211,532
Ackermans & van Haaren NV		5,689		675,679

Security	Shares		Value
Ageas		52,378	$	1,792,684
Agfa-Gevaert NVa		52,897		123,502
Anheuser-Busch InBev NV		190,915		23,288,859
Barco NV		2,662		171,194
Befimmo SA		5,032		383,800
Belgacom SA		35,849		1,334,774
bpost SA		14,901		392,127
Cofinimmo SA		3,849		470,174
Colruyt SA		16,607		765,817
Compagnie d’Entreprises CFE SA		1,964		187,054
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA		24,165		2,007,817
Econocom Group SA/NVb		19,563		160,006
Elia System Operator SA		7,007		307,466
Euronav SAa		20,339		238,467
EVS Broadcast Equipment SA		5,008		168,804
Fagron		8,172		333,549
Galapagos NVa		12,443		255,271
GIMV NV		6,381		288,386
Groupe Bruxelles Lambert SA		18,783		1,556,399
KBC Ancora SCAa		9,060		272,105
KBC Groep NVa		59,567		3,207,326
Kinepolis Group NV		5,069		222,512
Melexis NV		5,999		300,569
Mobistar SAa		9,893		219,480
NV Bekaert SA		9,288		280,420
Nyrstar NVa		68,649		257,888
Ontex Group NVa		8,036		208,433
SA D’Ieteren NV		4,503		145,430
Solvay SA		13,744		1,878,191
Telenet Group Holding NVa		12,135		673,801
Tessenderlo Chemie NVa		8,873		229,442
ThromboGenics NVa,b		9,227		72,313
UCB SA		30,032		2,337,367
Umicore SA		25,161		1,052,952
Warehouses De Pauw SCA		3,733		286,450
				46,758,040
DENMARK — 1.57%
A.P. Moeller-Maersk A/S Class A		917		1,800,111
A.P. Moeller-Maersk A/S Class B		1,645		3,336,431
ALK-Abello A/S		1,562		177,820
Alm. Brand A/Sa		24,561		127,330
Auriga Industries A/S Class Ba		3,752		177,451
Bang & Olufsen A/S Class Ba,b		18,264		126,524

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Bavarian Nordic A/Sa		9,169	$	282,844
Carlsberg A/S Class B		25,147		1,848,792
Christian Hansen Holding A/S		24,220		1,006,337
Coloplast A/S Class B		26,585		2,097,575
D/S Norden A/Sb		7,509		155,714
Danske Bank A/S		155,757		4,039,780
DSV A/S		42,344		1,333,821
FLSmidth & Co. A/Sb		11,868		502,288
Genmab A/Sa		10,701		718,277
GN Store Nord A/S		39,578		887,924
ISS A/Sa		21,936		647,749
Jyske Bank A/S Registereda		17,124		775,874
Matas A/S		8,851		191,862
NKT Holding A/S		6,227		319,897
Novo Nordisk A/S Class B		478,167		21,418,901
Novozymes A/S Class B		57,072		2,603,187
Pandora A/S		27,789		1,991,217
Rockwool International A/S Class B		1,844		197,624
Royal Unibrew A/Sa		2,152		366,990
Schouw & Co. A/S		3,092		143,424
SimCorp A/S		10,645		309,011
Solar Holdings A/S Class B		1,929		85,384
Spar Nord Bank AS		26,146		235,821
Sydbank A/Sa		17,270		486,929
TDC A/S		189,987		1,406,276
Topdanmark A/Sa,b		22,389		749,366
Tryg A/S		5,234		613,300
Vestas Wind Systems A/Sa		53,994		2,115,759
William Demant Holding A/Sa		5,572		422,235
				53,699,825
FINLAND — 0.96%
Amer Sports OYJ Class A		27,303		520,074
Cargotec Corp. OYJ Class B		9,214		295,082
Caverion Corp.		25,731		240,419
Citycon OYJ		61,032		207,028
Cramo OYJ		9,975		153,761
Elisa OYJ		33,012		878,039
Fortum OYJ		106,144		2,263,809
Huhtamaki OYJ		20,229		554,478
Kemira OYJ		22,145		253,394
Kesko OYJ Class B		15,101		551,608
Kone OYJ Class B		74,360		3,352,267
Konecranes OYJ		11,126		339,114
Metsa Board OYJ Class B		39,912		238,705

Security	Shares		Value
Metso OYJ		27,192	$	826,036
Neste Oil OYJ		30,241		836,074
Nokia OYJ		892,974		6,897,548
Nokian Renkaat OYJ		27,012		667,245
Oriola-KD OYJ Class Ba		35,984		146,588
Orion OYJ Class B		23,768		783,442
Outokumpu OYJa,b		44,786		242,687
Outotec OYJb		40,737		235,595
PKC Group OYJ		7,049		153,521
Ramirent OYJ		18,204		150,164
Sampo OYJ		105,715		5,120,104
Sanitec OYJ		16,034		184,133
Sanoma OYJ		20,540		129,220
Sponda OYJ		48,559		223,569
Stockmann OYJ Abp Class B		7,016		48,651
Stora Enso OYJ Class R		129,378		1,257,031
Technopolis OYJ		26,660		120,940
Tieto OYJ		12,903		316,980
UPM-Kymmene OYJ		125,495		2,207,776
Uponor OYJ		13,513		205,858
Valmet OYJ		32,741		421,191
Wartsila OYJ Abp		35,607		1,652,634
YIT OYJb		26,627		155,194
				32,829,959
FRANCE — 8.98%
AB Science SAa		6,146		102,298
ABC Arbitrage		26,937		144,690
Accor SA		40,268		2,014,148
Aeroports de Paris		6,777		813,695
Air France-KLMa,b		31,937		282,801
Airbus Group NV		141,763		7,550,703
Albioma SA		6,327		117,662
Alcatel-Lucenta		674,212		2,353,961
ALSTOMa		51,830		1,703,158
ALTEN		6,278		263,186
Altran Technologies SA		37,191		329,744
ANF Immobilier		2,523		64,743
APERAM SAa		12,527		328,523
ArcelorMittal		238,256		2,275,363
Arkema SA		15,342		1,099,356
Assystem		4,624		90,271
Atos SA		19,249		1,424,499
AXA SA		431,169		10,147,059
Belvedere SAa,b		9,353		105,966
Beneteau SAa		10,450		152,710

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
BNP Paribas SA		251,767	$	13,289,085
Boiron SA		2,082		212,859
Bollore		128,004		551,640
Bonduelle SCA		3,387		76,441
BOURBON SAb		8,732		180,765
Bouygues SA		41,997		1,500,179
Bureau Veritas SA		52,207		1,109,037
Cap Gemini SA		34,141		2,487,651
Carrefour SA		147,406		4,631,747
Casino Guichard-Perrachon SA		12,880		1,173,220
CGGa,b		40,009		224,296
Christian Dior SA		12,721		2,203,495
Cie de Saint-Gobain		107,997		4,622,501
Club Mediterranee SAa		5,583		154,920
CNP Assurances SA		39,362		692,478
Coface SAa		28,019		342,265
Compagnie Generale des Etablissements Michelin Class B		44,090		4,315,110
Compagnie Plastic Omnium SA		15,389		444,649
Credit Agricole SA		243,633		2,904,612
Danone SA		137,891		9,269,280
Dassault Systemes		30,342		1,880,430
DBV Technologies SAa		2,549		123,370
Derichebourg		33,042		128,936
Edenred SA		47,938		1,380,521
Eiffage SA		9,692		472,804
Electricite de France SA		58,776		1,598,120
Elior Participations SCAa,c		19,340		305,321
Erameta		992		79,848
Essilor International SA		48,501		5,422,197
Esso SA Francaisea		1,277		53,030
Etablissements Maurel et Proma		19,094		154,403
Euler Hermes Group		3,081		302,339
Eurazeo		9,344		657,539
Eurofins Scientific SE		2,302		593,573
Eutelsat Communications SA		36,294		1,246,905
Faiveley Transport SA		1,954		118,607
Faurecia		15,128		611,490
FFPa		1,573		104,107
Fonciere des Regions		6,164		632,905
GameLoft SAa		27,274		90,793
Gaztransport Et Technigaz SA		4,313		243,740
GDF Suez		344,740		7,673,459
Gecina SA		6,377		835,830
Genfita		5,211		338,120

Security	Shares		Value
GL Events SA		3,145	$	58,594
Groupe Eurotunnel SE		113,165		1,520,281
Groupe Fnaca		2,738		137,522
Havas SA		59,280		458,228
Hermes International		6,304		2,137,327
Icade		8,616		752,150
Iliad SA		6,213		1,443,227
Imerys SA		7,612		550,604
Ingenico SA		11,098		1,160,682
Ipsen SA		8,001		407,196
Ipsos SA		8,691		226,403
JCDecaux SA		15,752		568,545
Kering		17,796		3,602,693
Klepierre		41,715		1,968,135
Korian-Medica		9,355		353,542
L’Air Liquide SA		81,354		10,282,043
L’Oreal SA		59,201		10,625,397
Lafarge SA		44,183		3,031,885
Lagardere SCA		28,114		770,289
Legrand SA		62,439		3,360,909
LISI		4,904		121,746
LVMH Moet Hennessy Louis Vuitton SA		66,202		10,720,264
M6-Metropole Television		14,491		264,908
Mercialys		12,227		295,613
Mersen		4,304		101,508
Montupet		1,885		150,111
MPI		24,461		83,913
Natixis SA		227,215		1,449,178
Naturexb		1,858		97,222
Neopost SA		8,244		427,935
Nexans SAa		8,007		253,039
Nexity		6,459		254,593
Numericable-SFRa		27,139		1,414,876
Orange SA		442,059		7,791,907
Orpea SA		8,224		535,385
Parrot SAa		3,969		85,277
Pernod Ricard SA		49,825		5,993,589
Peugeot SAa		93,934		1,362,628
Publicis Groupe SA		44,296		3,320,559
Rallye SA		4,970		186,760
Remy Cointreau SA		6,243		462,076
Renault SA		45,542		3,505,441
Rexel SA		65,153		1,220,464
Rubis SCA		8,920		517,280
Safran SA		64,283		4,293,653

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Saft Groupe SA		7,518	$	240,767
Sanofi		282,970		26,184,043
Sartorius Stedim Biotech SA		977		190,236
Schneider Electric SE		124,656		9,424,763
SCOR SE		34,241		1,068,955
SEB SA		5,061		346,492
SES SA Class A FDR		74,337		2,709,086
Societe BIC SA		6,605		939,130
Societe Generale		171,912		6,951,781
Societe Television Francaise 1		28,530		452,013
Sodexo SA		22,337		2,221,422
Soitec SAa,b		52,232		52,458
Solocal Groupa,b		242,417		204,346
Sopra Steria Group		3,418		266,522
Stallergenes SA		1,756		104,468
STMicroelectronics NV		155,508		1,298,575
Suez Environnement SA		70,981		1,306,007
Technicolor SA Registereda		71,909		430,884
Technip SA		24,390		1,435,319
Teleperformance		13,502		968,879
Thales SA		21,820		1,152,346
Total SA		510,138		26,192,777
Ubisoft Entertainment SAa		23,903		482,553
Unibail-Rodamco SE		22,950		6,477,074
Valeo SA		18,091		2,565,119
Vallourec SA		26,010		568,529
Veolia Environnement SA		100,208		1,838,111
Vicat SA		3,729		262,242
Vilmorin & Cie SA		1,050		92,420
Vinci SA		115,995		6,131,103
Virbac SA		1,002		222,975
Vivendi SA		286,124		6,791,712
Wendel		7,588		851,559
Zodiac Aerospace		44,271		1,472,251
				307,021,647
GERMANY — 8.24%
Aareal Bank AG		12,077		458,388
adidas AG		49,951		3,449,110
AIXTRON SEa,b		26,895		213,267
Allianz SE Registered		108,533		17,930,209
Alstria Office REIT AG		20,025		256,365
Aurelius AG		6,411		256,752
Aurubis AG		8,195		445,459
Axel Springer SE		9,063		558,095
BASF SE		218,545		19,606,066

Security	Shares		Value
Bauer AGa		4,181	$	76,527
Bayer AG Registered		197,125		28,484,182
Bayerische Motoren Werke AG		78,857		9,201,174
BayWa AG Registeredb		3,997		157,233
Bechtle AG		4,045		342,618
Beiersdorf AG		23,475		2,060,951
Bertrandt AG		1,295		170,393
Bijou Brigitte modische Accessoires AG		966		58,123
Bilfinger Berger SEb		10,953		573,747
Borussia Dortmund GmbH & Co. KGaA		23,040		103,660
Brenntag AG		36,618		1,996,660
CANCOM SEb		3,861		165,825
Carl Zeiss Meditec AG Bearerb		7,555		199,112
Celesio AG		11,744		347,879
Cewe Stiftung & Co. KGAA		2,011		117,823
Comdirect Bank AG		8,473		84,140
Commerzbank AGa		230,237		2,772,184
Continental AG		26,399		5,978,845
CTS Eventim AG & Co. KGaA		11,456		328,359
Daimler AG Registered		228,838		20,782,538
Deutsche Annington Immobilien SE		57,805		2,009,086
Deutsche Bank AG Registered		329,047		9,579,881
Deutsche Beteiligungs AG		5,577		173,068
Deutsche Boerse AG		46,933		3,602,975
Deutsche EuroShop AG		10,240		474,520
Deutsche Lufthansa AG Registered		55,243		938,513
Deutsche Post AG Registered		231,314		7,509,729
Deutsche Telekom AG Registered		756,194		13,043,109
Deutsche Wohnen AG Bearer		73,456		1,909,819
DEUTZ AG		27,501		126,958
Dialog Semiconductor PLCa		17,503		673,321
DIC Asset AG		11,241		117,551
DMG MORI SEIKI AG		15,425		504,784
Draegerwerk AG & Co. KGaA		705		56,485
Drillisch AGb		11,268		438,681
Duerr AG		6,315		575,794
E.ON SE		478,134		7,405,331
ElringKlinger AGb		7,979		278,491
Evotec AGa,b		30,250		125,244
Fraport AG Frankfurt Airport Services Worldwide		7,898		483,236

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Freenet AG		31,020	$	926,220
Fresenius Medical Care AG & Co. KGaA		51,509		3,815,348
Fresenius SE & Co. KGaA		90,177		5,165,351
GAGFAH SAa		52,593		1,174,509
GEA Group AG		43,515		1,976,211
Gerresheimer AG		7,868		429,682
Gerry Weber International AGb		6,281		242,792
Gesco AG		1,458		114,265
Grammer AG		4,009		160,058
Grand City Properties SAa,b		21,435		350,731
H&R AGa		9,377		71,256
Hamborner REIT AG		15,218		157,509
Hamburger Hafen und Logistik AG		6,258		128,773
Hannover Rueck SE Registered		14,400		1,290,875
HeidelbergCement AG		33,351		2,456,057
Heidelberger Druckmaschinen AGa,b		67,711		159,159
Henkel AG & Co. KGaA		27,736		2,840,357
HUGO BOSS AG		9,981		1,288,494
Indus Holding AG		6,314		275,810
Infineon Technologies AG		269,083		3,029,484
Jenoptik AG		12,071		162,028
K+S AG Registered		41,199		1,301,749
Kabel Deutschland Holding AGa		5,132		697,840
KION Group AG		11,707		454,450
Kloeckner & Co. SEa		24,499		253,458
Kontron AGa		17,281		102,184
Krones AG		3,379		320,638
KUKA AGb		7,296		494,155
KWS Saat AG		473		144,488
Lanxess AG		21,787		1,046,115
LEG Immobilien AG		12,905		989,241
LEONI AG		8,602		538,443
Linde AG		44,041		8,443,704
LPKF Laser & Electronics AGb		8,692		96,231
MAN SE		7,762		827,028
Merck KGaA		30,811		3,084,330
METRO AGa		38,731		1,193,611
MLP AG		19,008		75,503
MorphoSys AGa		5,499		471,607
MTU Aero Engines Holding AG		12,229		1,119,579

Security	Shares		Value
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		41,015	$	8,238,444
Nemetschek AG		1,475		154,046
Nordex SEa		16,039		313,388
NORMA Group SE		8,052		400,251
Osram Licht AGa		21,519		992,694
Pfeiffer Vacuum Technology AG		2,564		230,513
ProSiebenSat.1 Media AG Registered		52,150		2,315,107
QIAGEN NVa		56,420		1,294,672
Rational AG		781		257,301
Rheinmetall AG		9,809		426,266
Rhoen Klinikum AG		18,106		479,737
RTL Group SA		9,310		881,653
RWE AG		117,960		3,275,886
SAF-Holland SA		12,982		192,056
Salzgitter AG		9,400		257,177
SAP SE		219,732		14,346,772
SGL Carbon SEa,b		9,526		151,731
Siemens AG Registered		188,699		19,803,184
Sixt SE		3,667		142,410
Software AG		14,877		394,517
Stada Arzneimittel AG		14,735		458,010
STRATEC Biomedical AG		1,586		85,450
Suedzucker AGb		19,333		242,707
Symrise AG		29,283		1,920,541
TAG Immobilien AG		28,657		372,372
Takkt AG		8,809		150,102
Telefonica Deutschland Holding AG		140,286		780,448
ThyssenKrupp AGa		108,563		2,828,709
Tom Tailor Holding AGa		6,888		84,645
United Internet AG Registeredd		30,614		1,328,999
Volkswagen AG		7,477		1,663,438
Vossloh AGb		2,523		161,800
Wacker Chemie AGb		3,810		408,443
Wacker Neuson SE		7,957		161,174
Wincor Nixdorf AG		7,585		348,149
Wirecard AG		28,200		1,263,982
				281,878,357
HONG KONG — 3.18%
AIA Group Ltd.		2,897,000		16,907,434
ASM Pacific Technology Ltd.		59,000		535,336
Bank of East Asia Ltd. (The)		310,000		1,287,443

16 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
BOC Hong Kong (Holdings) Ltd.		899,500	$	3,161,392
Brightoil Petroleum (Holdings) Ltd.a,b		715,000		176,137
Cafe de Coral Holdings Ltd.b		88,000		324,608
Cathay Pacific Airways Ltd.		268,000		625,639
Champion REIT		527,000		258,288
Cheung Kong Holdings Ltd.		334,000		6,397,106
Cheung Kong Infrastructure Holdings Ltd.		161,000		1,325,859
China LNG Group Ltd.b		935,000		161,595
China Public Procurement Ltd.a,b		3,588,000		85,612
Chow Sang Sang Holdings International Ltd.		72,000		190,834
Citic Telecom International Holdings Ltd.		349,000		108,481
CK Life Sciences International (Holdings) Inc.b		766,000		79,037
CLP Holdings Ltd.		469,000		4,185,907
Dah Sing Banking Group Ltd.		113,200		189,218
Dah Sing Financial Holdings Ltd.		40,000		231,642
Emperor International Holdings Ltd.		240,000		54,480
Emperor Watch & Jewellery Ltd.b		1,520,000		65,675
Esprit Holdings Ltd.b		469,200		529,513
Far East Consortium International Ltd.b		263,000		103,798
FIH Mobile Ltd.a,b		704,000		314,166
First Pacific Co. Ltd./Hong Kong		656,250		668,663
G-Resources Group Ltd.a		6,047,400		172,374
Galaxy Entertainment Group Ltd.		564,000		2,975,178
Giordano International Ltd.		384,000		181,764
Global Brands Group Holding Ltd.a		1,508,000		285,910
Great Eagle Holdings Ltd.		60,000		200,043
Hang Lung Properties Ltd.		549,000		1,617,965
Hang Seng Bank Ltd.		188,200		3,296,325
Henderson Land Development Co. Ltd.		256,800		1,834,913
HKT Trust & HKT Ltd.		668,200		875,610
Hong Kong & China Gas Co. Ltd.		1,584,590		3,637,873
Hong Kong Exchanges and Clearing Ltd.		185,500		4,273,030
Hopewell Holdings Ltd.		131,500		494,396
Hsin Chong Construction Group Ltd.b		686,000		78,745

Security	Shares		Value
Hutchison Telecommunications Hong Kong Holdings Ltd.b		384,000	$	175,325
Hutchison Whampoa Ltd.		510,000		6,768,558
Hysan Development Co. Ltd.		157,000		760,362
Johnson Electric Holdings Ltd.		86,750		316,641
K. Wah International Holdings Ltd.b		286,000		154,558
Kerry Logistics Network Ltd.		156,000		238,627
Kerry Properties Ltd.		156,500		555,083
Kowloon Development Co. Ltd.		78,000		91,045
Lai Sun Development Co. Ltd.b		3,104,000		69,660
Langham Hospitality Investments Ltd.b		202,500		91,934
Li & Fung Ltd.		1,412,000		1,400,463
Link REIT (The)		563,000		3,812,223
Luk Fook Holdings International Ltd.b		84,000		312,562
Lung Cheong International Holdings Ltd.a,b		758,000		85,055
Macau Legend Development Ltd.a,b		390,750		143,633
Man Wah Holdings Ltd.		153,600		131,544
Melco International Development Ltd.b		219,000		440,070
MGM China Holdings Ltd.		248,400		606,154
Midland Holdings Ltd.a		244,000		123,049
MTR Corp. Ltd.		366,000		1,626,226
New World Development Co. Ltd.		1,257,000		1,501,263
Newocean Energy Holdings Ltd.b		258,000		94,171
NWS Holdings Ltd.		361,166		671,711
Orient Overseas International Ltd.		55,500		364,352
Pacific Basin Shipping Ltd.		464,000		171,755
Pacific Textiles Holdings Ltd.b		130,000		179,406
PCCW Ltd.		1,037,000		690,143
Power Assets Holdings Ltd.		344,000		3,607,112
Prosperity REIT		472,000		175,326
Regal Hotels International Holdings Ltd.		80,000		49,733
Regal REITb		229,000		64,683
Sa Sa International Holdings Ltd.b		274,000		177,405
Sands China Ltd.		584,000		2,866,013
Shangri-La Asia Ltd.		262,000		341,298
Shun Tak Holdings Ltd.		398,000		182,231

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Singamas Container Holdings Ltd.		692,000	$	112,457
Sino Land Co. Ltd.		728,000		1,220,634
SITC International Holdings Co. Ltd.		285,000		157,326
SJM Holdings Ltd.		481,000		709,711
SmarTone Telecommunications Holding Ltd.b		105,500		185,055
SOCAM Development Ltd.a		60,000		54,402
SPT Energy Group Inc.b		316,000		50,538
Stella International Holdings Ltd.b		120,000		317,282
Sun Hung Kai Properties Ltd.		393,000		6,417,071
Sunlight REIT		307,000		155,215
Swire Pacific Ltd. Class A		151,500		2,034,108
Swire Properties Ltd.		301,400		969,894
Techtronic Industries Co. Ltd.		336,000		1,100,737
Television Broadcasts Ltd.		27,900		173,085
Texwinca Holdings Ltd.		178,000		145,553
Town Health International Medical Group Ltd.b		770,000		161,878
Truly International Holdings Ltd.		380,000		137,231
United Laboratories International Holdings Ltd. (The)a		142,000		70,145
Value Partners Group Ltd.		272,000		232,240
VTech Holdings Ltd.b		40,200		566,705
WH Group Ltd.a,c		874,000		495,992
Wharf Holdings Ltd. (The)		369,000		2,998,317
Wheelock and Co. Ltd.		225,000		1,276,867
Wynn Macau Ltd.b		374,000		1,044,336
Xinyi Glass Holdings Co. Ltd.		536,000		282,747
Yue Yuen Industrial Holdings Ltd.		183,500		682,798
				108,683,687
IRELAND — 0.39%
Aer Lingus Group PLC		61,170		148,409
Bank of Irelanda		6,413,462		1,939,589
C&C Group PLC		79,306		310,540
CRH PLC		169,801		4,084,210
Glanbia PLC		39,977		645,102
Hibernia REIT PLC		68,500		86,111
Irish Continental Group PLC		47,767		177,879
Kerry Group PLC Class A		36,321		2,632,150
Kingspan Group PLC		34,092		617,654
Paddy Power PLC		10,263		802,004
Ryanair Holdings PLC SP ADRa		8,645		570,397
Smurfit Kappa Group PLC		53,492		1,319,537
				13,333,582

Security	Shares		Value
ISRAEL — 0.61%
Alony Hetz Properties & Investments Ltd.		23,936	$	169,127
Bank Hapoalim BM		254,075		1,132,544
Bank Leumi le-Israel BMa		310,536		1,038,561
Bezeq The Israel Telecommunication Corp. Ltd.		484,215		774,557
Cellcom Israel Ltd.a		16,615		87,985
Clal Insurance Enterprises Holdings Ltd.a		5,644		81,470
Delek Automotive Systems Ltd.		8,189		78,637
Delek Group Ltd. (The)		1,251		306,540
Elbit Systems Ltd.		5,771		355,731
EZchip Semiconductor Ltd.a		8,259		155,779
First International Bank of Israel Ltd.		4,339		54,531
Frutarom		10,559		331,082
Gazit Globe Ltd.		22,162		281,403
Harel Insurance Investments & Financial Services Ltd.		34,549		154,267
Israel Chemicals Ltd.		109,483		788,645
Israel Corp. Ltd. (The)		642		208,661
Israel Discount Bank Ltd. Class Aa		215,849		338,127
Ituran Location and Control Ltd.		7,183		150,724
Migdal Insurance & Financial Holdings Ltd.b		138,420		165,817
Mizrahi Tefahot Bank Ltd.a		35,441		387,996
NICE-Systems Ltd.		14,693		722,683
Nitsba Holdings (1995) Ltd.a		10,531		143,563
Oil Refineries Ltd.a		356,007		103,285
Ormat Industries Ltd.		21,291		149,570
Osem Investment Ltd.		9,634		170,990
Partner Communications Co. Ltd.a		25,783		87,740
Paz Oil Co. Ltd.		1,255		161,240
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		3,088		122,468
Shikun & Binui Ltd.		58,349		110,977
Shufersal Ltd.		59,199		122,139
Strauss Group Ltd.a		10,231		150,757
Teva Pharmaceutical Industries Ltd.		204,842		11,682,300
				20,769,896

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
ITALY — 2.32%
A2A SpA		326,442	$	310,907
ACEA SpA		15,219		171,052
Amplifon SpA		26,236		156,912
Anima Holding SpAa,c		53,650		268,319
Ansaldo STS SpA		30,515		306,641
Assicurazioni Generali SpA		278,382		5,874,423
Astaldi SpA		16,686		106,009
Atlantia SpA		99,403		2,560,872
Autogrill SpAa		34,177		292,531
Autostrada Torino-Milano SpA		9,343		117,239
Azimut Holding SpA		26,568		620,300
Banca Carige SpAa		1,207,042		81,044
Banca Generali SpA		15,280		426,585
Banca Monte dei Paschi di Siena SpAa		835,863		377,292
Banca Popolare dell’Emilia Romagna SCa		119,070		805,516
Banca Popolare di Milano Scarla		1,031,201		828,525
Banca Popolare di Sondrio Scarl		112,615		438,428
Banco Popolare SCa		87,089		1,102,652
Beni Stabili SpA SIIQ		275,916		205,963
Brembo SpA		7,335		258,248
Buzzi Unicem SpAb		22,094		271,260
Cerved Information Solutions SPAa		27,993		151,310
CIR SpAa		112,479		124,135
CNH Industrial NV		229,247		1,742,303
Credito Emiliano SpA		23,243		181,239
Credito Valtellinese SCa		282,599		318,899
Danieli & C. Officine Meccaniche SpA		3,677		90,123
Danieli & C. Officine Meccaniche SpA RNC		8,445		138,372
Davide Campari-Milano SpA		68,678		464,998
De’Longhi SpA		13,444		242,431
DiaSorin SpAb		5,603		223,381
Ei Towers SpAa		3,903		193,395
Enel Green Power SpA		432,129		854,339
Enel SpA		1,583,949		7,160,356
Eni SpA		603,600		10,148,876
ERG SpA		13,320		158,577
Exor SpA		24,378		996,389
FinecoBank Banca Fineco SpAa		50,213		270,395
Finmeccanica SpAa		99,843		1,091,752

Security	Shares		Value
Geox SpAa,b		24,185	$	81,766
GTECH SpAb		16,566		325,274
Hera SpA		152,940		374,510
Interpump Group SpA		20,916		297,630
Intesa Sanpaolo SpA		2,805,789		8,225,771
Intesa Sanpaolo SpA RNC		220,984		564,572
Iren SpA		133,328		154,817
Italcementi SpA		49,741		342,395
Luxottica Group SpA		39,767		2,367,161
MARR SpA		10,894		190,424
Mediaset SpAa		173,639		790,434
Mediobanca SpA		147,487		1,279,860
Mediolanum SpA		57,643		410,123
Moncler SpA		24,485		364,165
Piaggio & C. SpAa,b		45,957		140,023
Pirelli & C. SpA		57,441		815,427
Prysmian SpA		49,624		918,371
Recordati SpA		24,573		406,236
Safilo Group SpAa,b		5,840		83,365
Saipem SpAa		61,700		559,092
Salini Impregilo SpAa		46,582		169,786
Salvatore Ferragamo SpA		12,252		354,769
Saras SpAa		68,688		76,813
Snam SpA		491,419		2,404,494
Societa Cattolica di Assicurazioni Scrl		32,400		250,083
Societa Iniziative Autostradali e Servizi SpA		17,183		171,797
Sorin SpAa		85,014		197,432
Telecom Italia SpAa		2,420,937		2,822,060
Telecom Italia SpA RNC		1,431,024		1,350,813
Tenaris SA		112,542		1,584,936
Terna Rete Elettrica Nazionale SpA		363,658		1,593,056
Tod’s SpAb		2,786		286,092
Trevi Finanziaria Industriale SpA		24,279		73,426
UniCredit SpA		1,053,778		6,225,128
Unione di Banche Italiane SpA		209,903		1,447,246
Unipol Gruppo Finanziario SpA		50,365		254,050
UnipolSai SpA		228,074		632,616
World Duty Free SpAa		33,121		365,158
Yoox SpAa,b		13,064		283,195
				79,366,354
JAPAN — 22.53%
77 Bank Ltd. (The)		88,000		490,699

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
ABC-MART Inc.		6,600	$	330,941
Accordia Golf Co. Ltd.		14,700		150,298
Acom Co. Ltd.a		106,100		291,749
Activia Properties Inc.		61		546,827
Adastria Holdings Co. Ltd.		4,920		130,471
Adeka Corp.		21,900		271,268
Aderans Co. Ltd.		11,500		102,601
Advance Residence Investment Corp.		319		818,784
Advantest Corp.		38,400		494,282
Aeon Co. Ltd.		159,500		1,696,635
AEON Delight Co. Ltd.		5,700		128,446
AEON Financial Service Co. Ltd.		28,300		514,370
Aeon Mall Co. Ltd.		28,100		469,589
AEON REIT Investment Corp.		233		319,751
Ai Holdings Corp.		10,500		184,587
Aica Kogyo Co. Ltd.		14,300		320,781
Aichi Steel Corp.		24,000		100,319
Aida Engineering Ltd.		16,700		166,623
AIFUL Corp.a,b		78,100		259,303
Air Water Inc.		37,000		642,259
Aisin Seiki Co. Ltd.		46,000		1,623,207
Ajinomoto Co. Inc.		137,000		2,844,034
Akebono Brake Industry Co. Ltd.		32,500		115,651
Alfresa Holdings Corp.		41,400		495,186
Alpine Electronics Inc.		10,600		165,770
Alps Electric Co. Ltd.		41,700		879,333
Amada Co. Ltd.		82,100		754,846
Amano Corp.		13,900		149,100
ANA Holdings Inc.		260,000		722,019
Anritsu Corp.		33,100		218,102
Aoki Holdings Inc.		9,700		113,049
Aoyama Trading Co. Ltd.		10,400		351,049
Aozora Bank Ltd.		272,000		995,701
Arcs Co. Ltd.		9,900		205,139
Ariake Japan Co. Ltd.		6,000		163,964
Asahi Co. Ltd.		19,000		186,822
Asahi Diamond Industrial Co. Ltd.		15,500		159,533
Asahi Glass Co. Ltd.		222,000		1,190,653
Asahi Group Holdings Ltd.		92,500		3,062,465
Asahi Holdings Inc.		5,900		88,250
Asahi Intecc Co. Ltd.		5,900		315,430
Asahi Kasei Corp.		308,000		3,073,052
Asatsu-DK Inc.		8,600		216,858
ASICS Corp.		37,900		938,909

Security	Shares		Value
Askul Corp.b		5,900	$	92,268
Astellas Pharma Inc.		512,800		7,986,784
Atom Corp.		17,600		132,601
Autobacs Seven Co. Ltd.		14,500		213,553
Avex Group Holdings Inc.		11,100		188,425
Awa Bank Ltd. (The)		48,000		260,707
Azbil Corp.		14,400		360,659
Bandai Namco Holdings Inc.		42,600		870,024
Bando Chemical Industries Ltd.		29,000		106,406
Bank of Iwate Ltd. (The)		3,000		122,845
Bank of Kyoto Ltd. (The)		79,000		668,506
Bank of Nagoya Ltd. (The)		33,000		119,959
Bank of Saga Ltd. (The)		46,000		105,734
Bank of the Ryukyus Ltd.		12,600		175,702
Bank of Yokohama Ltd. (The)		273,000		1,486,957
Benesse Holdings Inc.		14,700		441,131
BIC Camera Inc.b		20,300		231,403
BML Inc.		3,200		85,949
Bridgestone Corp.		155,400		6,268,124
Broadleaf Co. Ltd.		8,900		138,351
Brother Industries Ltd.		56,600		980,074
Calbee Inc.		18,400		724,471
Calsonic Kansei Corp.		38,000		218,686
Canon Electronics Inc.		10,200		181,137
Canon Inc.		269,100		8,569,093
Canon Marketing Japan Inc.		12,800		233,956
Capcom Co. Ltd.		14,300		241,407
Casio Computer Co. Ltd.b		49,000		775,474
Cawachi Ltd.		7,400		118,372
Central Glass Co. Ltd.		50,000		211,552
Central Japan Railway Co.		34,700		6,002,673
Century Tokyo Leasing Corp.		10,900		260,100
Chiba Bank Ltd. (The)		174,000		1,185,034
Chiyoda Co. Ltd.		4,800		102,648
Chiyoda Corp.		39,000		303,461
Chofu Seisakusho Co. Ltd.		4,200		106,444
Chubu Electric Power Co. Inc.a		156,200		2,077,082
Chugai Pharmaceutical Co. Ltd.		53,400		1,602,477
Chugoku Bank Ltd. (The)		38,800		556,574
Chugoku Electric Power Co. Inc. (The)		70,700		984,678
Citizen Holdings Co. Ltd.		64,900		522,670
CKD Corp.		16,800		161,900
Coca-Cola East Japan Co. Ltd.		19,900		333,742
Coca-Cola West Co. Ltd.		15,500		222,739

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
cocokara fine Inc.		4,500	$	112,170
COLOPL Inc.b		12,600		290,369
Colowide Co. Ltd.b		14,300		242,381
COMSYS Holdings Corp.		24,800		340,759
Cosel Co. Ltd.		8,800		95,068
Cosmo Oil Co. Ltd.		147,000		198,978
Cosmos Pharmaceutical Corp.		2,400		388,201
CREATE HOLDINGS Co. Ltd.		2,700		92,057
Credit Saison Co. Ltd.		36,300		618,675
CyberAgent Inc.		11,700		519,934
Dai Nippon Printing Co. Ltd.		125,000		1,133,848
Dai-ichi Life Insurance Co. Ltd. (The)		259,300		3,518,701
Daibiru Corp.		12,600		111,771
Daicel Corp.		67,000		841,314
Daido Steel Co. Ltd.		68,000		268,608
Daifuku Co. Ltd.		21,900		253,370
Daihatsu Motor Co. Ltd.		44,600		626,484
Daihen Corp.		28,000		136,347
Daiichi Sankyo Co. Ltd.		150,000		2,187,460
Daiichikosho Co. Ltd.		9,700		282,003
Daikin Industries Ltd.		56,500		3,980,228
Daikyo Inc.		85,000		126,633
Daio Paper Corp.		18,000		156,302
Daiseki Co. Ltd.		10,200		174,711
Daishi Bank Ltd. (The)		67,000		224,731
Daito Trust Construction Co. Ltd.		17,400		1,951,603
Daiwa House Industry Co. Ltd.		143,200		2,665,533
Daiwa House REIT Investment Corp.		69		335,411
Daiwa Office Investment Corp.		68		395,386
Daiwa Securities Group Inc.		404,000		2,966,416
Daiwabo Holdings Co. Ltd.		105,000		176,095
Daiwahouse Residential Investment Corp.		90		423,701
DCM Holdings Co. Ltd.		16,600		111,500
Dena Co. Ltd.		26,800		354,322
Denki Kagaku Kogyo K.K.		100,000		397,565
Denso Corp.		117,100		5,234,684
Dentsu Inc.		52,300		2,168,314
DIC Corp.		186,000		465,534
Digital Garage Inc.		7,900		114,130
DISCO Corp.		6,300		582,991
DMG Mori Seiki Co Ltd.		27,300		359,073
Don Quijote Holdings Co. Ltd.		14,300		1,049,385

Security	Shares		Value
Doshisha Co. Ltd.		9,000	$	141,438
Doutor Nichires Holdings Co. Ltd.		7,900		112,583
Dowa Holdings Co. Ltd.		64,000		516,511
Dr. Ci:Labo Co. Ltd.b		4,600		158,600
DTS Corp.		7,300		154,371
Duskin Co. Ltd.		11,400		180,707
Earth Chemical Co. Ltd.		5,800		194,543
East Japan Railway Co.		79,600		6,186,932
Ebara Corp.		108,000		420,176
EDION Corp.		19,700		147,081
Eighteenth Bank Ltd. (The)		40,000		116,460
Eisai Co. Ltd.		60,500		3,032,597
Eizo Nanao Corp.		5,700		124,807
Electric Power Development Co. Ltd.		28,700		1,053,054
Enplas Corp.		2,500		89,920
EPS Holdings Inc.		9,700		121,224
Euglena Co. Ltd.a,b		14,700		221,880
Exedy Corp.		7,200		159,428
Ezaki Glico Co. Ltd.		10,300		426,152
FamilyMart Co. Ltd.		13,600		592,789
Fancl Corp.		11,500		184,642
FANUC Corp.		45,900		7,772,111
Fast Retailing Co. Ltd.		12,800		4,796,799
FCC Co. Ltd.		9,200		176,614
Fields Corp.		5,000		63,806
Foster Electric Co. Ltd.		7,700		146,376
FP Corp.		6,800		239,084
France Bed Holdings Co. Ltd.		94,000		144,043
Frontier Real Estate Investment Corp.		115		525,731
Fuji Co. Ltd.		3,500		63,793
Fuji Electric Co. Ltd.		133,000		575,184
Fuji Heavy Industries Ltd.		140,700		5,146,363
Fuji Kyuko Co. Ltd.		13,000		137,011
Fuji Machine Manufacturing Co. Ltd.		15,400		150,375
Fuji Oil Co. Ltd. New		16,300		210,506
Fuji Seal International Inc.		6,200		199,779
Fuji Soft Inc.		5,300		106,934
FUJIFILM Holdings Corp.		110,900		3,774,556
Fujikura Ltd.		74,000		310,578
Fujimi Inc.		6,500		101,818
Fujitsu Ltd.		444,000		2,364,674
Fujiya Co. Ltd.a		134,000		220,168

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Fukuoka Financial Group Inc.		185,000	$	932,363
Fukuoka REIT Corp.		174		351,955
Fukuyama Transporting Co. Ltd.		30,000		168,561
Funai Electric Co. Ltd.		5,900		71,976
Furukawa Co. Ltd.		81,000		134,466
Furukawa Electric Co. Ltd.		175,000		293,492
Futaba Corp.		8,700		141,389
Fuyo General Lease Co. Ltd.		5,400		175,380
Geo Holdings Corp.		14,000		137,420
Global One Real Estate Investment Corp. Ltd.		55		228,728
Glory Ltd.		14,300		378,606
GLP J-REIT		534		608,259
GMO Internet Inc.		20,900		174,367
Goldcrest Co. Ltd.		5,400		84,955
Gree Inc.b		32,200		184,211
GS Yuasa Corp.		90,000		409,909
GungHo Online Entertainment Inc.b		101,500		351,683
Gunma Bank Ltd. (The)		92,000		610,122
Gunze Ltd.		40,000		104,201
H.I.S. Co. Ltd.		10,200		353,416
H2O Retailing Corp.		19,900		353,902
Hachijuni Bank Ltd. (The)		96,000		639,101
Hakuhodo DY Holdings Inc.		56,800		570,587
Hamamatsu Photonics K.K.		17,000		809,007
Hankyu Hanshin Holdings Inc.		263,000		1,471,000
Hankyu REIT Inc.		148		192,772
Hanwa Co. Ltd.		40,000		150,853
Haseko Corp.		66,500		546,312
Hazama Ando Corp.		42,000		277,461
Heiwa Corp.		8,400		169,766
Heiwa Real Estate Co. Ltd.		11,600		166,794
Heiwa Real Estate REIT Inc.		288		240,031
Heiwado Co. Ltd.		10,200		217,346
Hibiya Engineering Ltd.		6,400		84,996
Higashi-Nippon Bank Ltd. (The)		36,000		102,056
Higo Bank Ltd. (The)		44,000		240,855
Hikari Tsushin Inc.		4,200		242,421
Hino Motors Ltd.		63,800		915,192
Hirose Electric Co. Ltd.		7,100		859,507
Hiroshima Bank Ltd. (The)		121,000		607,756
Hisamitsu Pharmaceutical Co. Inc.		13,300		455,165
Hitachi Capital Corp.		12,800		254,551

Security	Shares		Value
Hitachi Chemical Co. Ltd.		24,700	$	502,348
Hitachi Construction Machinery Co. Ltd.		25,300		474,274
Hitachi High-Technologies Corp.		15,500		487,571
Hitachi Koki Co. Ltd.		14,700		106,873
Hitachi Ltd.		1,155,000		8,822,896
Hitachi Maxell Ltd.		11,500		195,118
Hitachi Metals Ltd.		52,000		857,038
Hitachi Transport System Ltd.		11,400		150,234
Hitachi Zosen Corp.		40,400		223,556
Hogy Medical Co. Ltd.		3,700		193,402
Hokkaido Electric Power Co. Inc.a		44,900		364,658
Hokkoku Bank Ltd. (The)		71,000		228,477
Hokuetsu Bank Ltd. (The)		62,000		113,481
Hokuetsu Kishu Paper Co. Ltd.		26,200		124,459
Hokuhoku Financial Group Inc.		278,000		577,466
Hokuriku Electric Power Co.		40,000		569,021
Hokuto Corp.		7,400		136,516
Honda Motor Co. Ltd.		389,300		11,868,074
Honeys Co. Ltd.		19,580		175,356
HORIBA Ltd.		8,700		286,260
Hoshizaki Electric Co. Ltd.		10,100		516,758
Hosiden Corp.		20,500		110,820
House Foods Group Inc.		15,500		312,204
Hoya Corp.		101,700		3,981,767
Hulic Co. Ltd.		57,600		529,097
Hulic Reit Inc.		196		294,338
Hyakugo Bank Ltd. (The)		60,000		255,906
Hyakujushi Bank Ltd. (The)		56,000		189,742
IBIDEN Co. Ltd.		27,000		410,063
IBJ Leasing Co. Ltd.		8,000		151,943
Ichibanya Co. Ltd.		3,600		149,866
Ichigo Group Holdings Co. Ltd.b		57,700		120,346
IDEC Corp.		20,100		178,473
Idemitsu Kosan Co. Ltd.		18,800		315,934
Ihara Chemical Industry Co. Ltd.		11,600		131,638
IHI Corp.		333,000		1,757,630
Iida Group Holdings Co. Ltd.		38,800		487,870
Iino Kaiun Kaisha Ltd.		24,000		141,591
Inaba Denki Sangyo Co. Ltd.		5,300		180,254
Inabata & Co. Ltd.		10,000		92,027
Industrial & Infrastructure Fund Investment Corp.		75		379,262
INPEX Corp.		206,400		2,291,283
Internet Initiative Japan Inc.b		8,800		186,316

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Invincible Investment Corp.		526	$	235,539
Iriso Electronics Co. Ltd.		2,200		128,855
Iseki & Co. Ltd.		77,000		148,146
Isetan Mitsukoshi Holdings Ltd.		80,600		1,152,752
Ishihara Sangyo Kaisha Ltd.a		111,000		97,331
Isuzu Motors Ltd.		144,500		1,945,488
IT Holdings Corp.		19,300		323,022
Ito EN Ltd.b		15,000		289,107
ITOCHU Corp.		354,400		3,620,483
ITOCHU Enex Co. Ltd.		13,300		104,394
ITOCHU Techno-Solutions Corp.		5,900		211,710
Itoham Foods Inc.		45,000		257,438
Iwatani Corp.b		46,000		299,970
Iyo Bank Ltd. (The)		61,300		713,901
Izumi Co. Ltd.		9,300		336,483
J Trust Co. Ltd.		20,400		167,243
J-Oil Mills Inc.		38,000		136,517
J. Front Retailing Co. Ltd.		56,100		721,637
Jaccs Co. Ltd.		35,000		164,475
JAFCO Co. Ltd.		9,200		305,844
Japan Airlines Co. Ltd.		28,600		976,342
Japan Airport Terminal Co. Ltd.		9,800		446,346
Japan Aviation Electronics Industry Ltd.		14,000		321,321
Japan Communications Inc.a,b		31,500		137,300
Japan Display Inc.a		88,300		311,209
Japan Excellent Inc.		291		374,821
Japan Exchange Group Inc.		63,600		1,500,324
Japan Hotel REIT Investment Corp.		719		474,987
Japan Logistics Fund Inc.		204		438,166
Japan Petroleum Exploration Co. Ltd.		6,200		189,486
Japan Prime Realty Investment Corp.		192		673,426
Japan Pulp & Paper Co. Ltd.		27,000		76,542
Japan Real Estate Investment Corp.		297		1,448,780
Japan Rental Housing Investments Inc.		304		242,237
Japan Retail Fund Investment Corp.		586		1,273,121
Japan Securities Finance Co. Ltd.		35,400		176,902
Japan Steel Works Ltd. (The)		89,000		358,379

Security	Shares		Value
Japan Tobacco Inc.		261,500	$	7,196,175
JFE Holdings Inc.		116,800		2,596,716
JGC Corp.		50,000		1,027,327
Joyo Bank Ltd. (The)		155,000		786,447
JSP Corp.		5,400		108,492
JSR Corp.		41,600		741,232
JTEKT Corp.		48,800		815,930
Juroku Bank Ltd. (The)		74,000		246,320
JVC Kenwood Corp.a		41,100		97,970
JX Holdings Inc.		531,100		1,970,403
K’s Holdings Corp.		10,400		307,223
kabu.com Securities Co. Ltd.		30,900		168,883
Kadokawa Dwangoa		13,100		195,053
Kagome Co. Ltd.		22,500		357,426
Kagoshima Bank Ltd. (The)		33,000		208,173
Kajima Corp.		208,000		830,477
Kakaku.com Inc.		37,300		533,152
Kaken Pharmaceutical Co. Ltd.		17,000		364,849
Kamigumi Co. Ltd.		57,000		574,052
Kanamoto Co. Ltd.		7,100		186,468
Kaneka Corp.		64,000		393,922
Kanematsu Corp.		101,000		145,311
Kansai Electric Power Co. Inc. (The)a		172,100		1,674,629
Kansai Paint Co. Ltd.		57,000		1,003,499
Kansai Urban Banking Corp.		6,500		65,905
Kao Corp.		124,300		5,482,470
Kappa Create Co. Ltd.a		12,500		122,377
Kasumi Co. Ltd.		17,800		149,868
Kato Sangyo Co. Ltd.		4,600		84,979
Kato Works Co. Ltd.		17,000		134,449
Kawasaki Heavy Industries Ltd.		341,000		1,651,803
Kawasaki Kisen Kaisha Ltd.		211,000		610,735
Kayaba Industry Co. Ltd.		43,000		172,417
KDDI Corp.		138,800		9,881,960
Keihan Electric Railway Co. Ltd.		127,000		775,201
Keihin Corp.		12,400		199,304
Keikyu Corp.		109,000		855,557
Keio Corp.		136,000		1,116,111
Keisei Electric Railway Co. Ltd.		69,000		895,211
Keiyo Bank Ltd. (The)		64,000		352,514
Kenedix Inc.		63,800		291,123
Kenedix Realty Investment Corp.		102		606,972
Kenedix Residential Investment Corp.		98		284,493

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Kewpie Corp.		28,100	$	655,463
KEY Coffee Inc.		12,200		176,148
Keyence Corp.		11,100		5,243,596
Kikkoman Corp.		36,000		1,071,128
Kinden Corp.		32,000		381,935
Kintetsu Corp.		438,000		1,551,168
Kintetsu World Express Inc.		4,300		184,498
Kirin Holdings Co. Ltd.		195,200		2,642,217
Kisoji Co. Ltd.		10,700		182,546
Kissei Pharmaceutical Co. Ltd.		6,100		184,353
Kitz Corp.		25,100		120,302
Kiyo Bank Ltd. (The)		16,100		200,796
Koa Corp.		10,800		99,849
Kobayashi Pharmaceutical Co. Ltd.		6,100		410,769
Kobe Steel Ltd.		719,000		1,273,162
Koei Tecmo Holdings Co. Ltd.		8,600		130,832
Kohnan Shoji Co. Ltd.		10,300		117,060
Koito Manufacturing Co. Ltd.		23,800		783,101
Kokuyo Co. Ltd.		16,200		124,260
Komatsu Ltd.		223,100		4,429,142
Komeri Co. Ltd.		7,700		166,042
Komori Corp.		13,700		149,520
Konami Corp.		25,300		475,782
Konica Minolta Holdings Inc.		110,300		1,226,338
Konishi Co. Ltd.		7,800		134,731
Kose Corp.		7,300		329,375
Kubota Corp.		271,000		4,068,518
Kumagai Gumi Co. Ltd.a,b		66,000		210,701
Kurabo Industries Ltd.		59,000		99,451
Kuraray Co. Ltd.		80,500		1,019,742
Kureha Corp.		29,000		121,960
Kurita Water Industries Ltd.		24,200		520,198
Kuroda Electric Co. Ltd.		11,700		168,729
Kyocera Corp.		76,600		3,406,618
Kyoei Steel Ltd.		4,700		87,986
Kyokuto Kaihatsu Kogyo Co. Ltd.		10,200		116,271
KYORIN Holdings Inc.		11,800		240,390
Kyoritsu Maintenance Co. Ltd.b		2,600		146,307
Kyowa Exeo Corp.		20,900		222,407
Kyowa Hakko Kirin Co. Ltd.		52,000		596,739
Kyushu Electric Power Co. Inc.a		103,100		1,003,221
Lawson Inc.		15,500		1,018,686
Leopalace21 Corp.a		61,500		401,571
Lintec Corp.		13,400		297,626

Security	Shares		Value
Lion Corp.		51,000	$	278,304
LIXIL Group Corp.		63,800		1,255,198
M3 Inc.		48,000		973,362
Mabuchi Motor Co. Ltd.		12,700		526,531
Maeda Corp.		30,000		231,643
Maeda Road Construction Co. Ltd.		16,000		254,442
Makino Milling Machine Co. Ltd.		25,000		217,937
Makita Corp.		29,200		1,310,041
Mandom Corp.		4,700		159,648
Mani Inc.		2,200		129,792
Mars Engineering Corp.		3,800		67,482
Marubeni Corp.		385,800		2,146,344
Marudai Food Co. Ltd.		45,000		161,665
Maruha Nichiro Corp.		13,900		208,148
Marui Group Co. Ltd.		55,300		580,470
Maruichi Steel Tube Ltd.		11,500		274,026
MARUWA Co. Ltd.		3,000		81,726
Matsui Securities Co. Ltd.		32,700		279,773
Matsumotokiyoshi Co. Ltd.		8,700		288,852
Matsuya Co. Ltd.		8,200		136,754
Mazda Motor Corp.		130,400		2,717,014
McDonald’s Holdings Co. (Japan) Ltd.b		15,100		331,785
Medipal Holdings Corp.		30,900		363,545
Megachips Corp.		11,600		139,636
MEGMILK SNOW BRAND Co. Ltd.		6,700		92,573
Meidensha Corp.		53,000		159,724
MEIJI Holdings Co. Ltd.		14,600		1,617,043
Meitec Corp.		8,200		241,187
Melco Holdings Inc.b		5,500		86,949
Message Co. Ltd.		4,800		128,719
Micronics Japan Co. Ltd.b		3,700		100,953
MID REIT Inc.		80		204,997
Milbon Co. Ltd.		4,800		136,279
Minato Bank Ltd. (The)		42,000		81,165
Minebea Co. Ltd.		77,000		1,204,180
Miraca Holdings Inc.		13,600		613,630
MIRAIT Holdings Corp.		16,900		197,249
Misawa Homes Co. Ltd.		16,200		144,395
Misumi Group Inc.		20,900		789,099
Mitsubishi Chemical Holdings Corp.		322,500		1,686,011
Mitsubishi Corp.		326,000		5,739,310

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Mitsubishi Electric Corp.		464,000	$	5,437,330
Mitsubishi Estate Co. Ltd.		301,000		6,107,636
Mitsubishi Gas Chemical Co. Inc.		93,000		424,365
Mitsubishi Heavy Industries Ltd.		724,000		4,037,734
Mitsubishi Logistics Corp.		30,000		451,283
Mitsubishi Materials Corp.		264,000		840,557
Mitsubishi Motors Corp.		157,100		1,342,769
Mitsubishi Paper Mills Ltd.a		250,000		185,162
Mitsubishi Pencil Co. Ltd.		4,700		140,042
Mitsubishi Shokuhin Co. Ltd.		1,500		33,597
Mitsubishi Steel Manufacturing Co. Ltd.		56,000		114,417
Mitsubishi Tanabe Pharma Corp.		49,400		786,430
Mitsubishi UFJ Financial Group Inc.		3,030,300		16,311,741
Mitsubishi UFJ Lease & Finance Co. Ltd.		127,060		555,986
Mitsui & Co. Ltd.		402,300		5,161,249
Mitsui Chemicals Inc.		191,000		564,228
Mitsui Engineering & Shipbuilding Co. Ltd.		181,000		297,391
Mitsui Fudosan Co. Ltd.		226,000		5,772,894
Mitsui Mining & Smelting Co. Ltd.		134,000		282,910
Mitsui O.S.K. Lines Ltd.		251,000		854,723
Mitsui Sugar Co. Ltd.		25,000		85,132
Mitsui-Soko Holdings Co. Ltd.		35,000		118,291
Mitsumi Electric Co. Ltd.		22,900		176,821
Miura Co. Ltd.		21,100		240,342
Mixi Inc.b		9,200		328,557
Miyazaki Bank Ltd. (The)		43,000		150,087
Mizuho Financial Group Inc.		5,458,700		9,015,348
Modec Inc.		5,800		94,408
Monex Group Inc.		61,600		127,956
MonotaRO Co. Ltd.		8,700		223,305
Mori Hills REIT Investment Corp.		351		497,821
MORI TRUST Sogo REIT Inc.		246		513,508
Morinaga & Co. Ltd.		62,000		193,709
Morinaga Milk Industry Co. Ltd.		44,000		191,036
Morita Holdings Corp.		10,000		110,927
MOS Food Services Inc.		9,600		199,821
Moshi Moshi Hotline Inc.		13,500		149,981
MS&AD Insurance Group Holdings Inc.		124,600		3,065,013
Murata Manufacturing Co. Ltd.		48,700		5,315,064

Security	Shares		Value
Musashi Seimitsu Industry Co. Ltd.		6,100	$	115,909
Musashino Bank Ltd. (The)		7,600		251,683
Nabtesco Corp.		28,900		754,084
Nachi-Fujikoshi Corp.		43,000		233,550
Nagaileben Co. Ltd.		4,900		81,343
Nagase & Co. Ltd.		22,600		283,594
Nagoya Railroad Co. Ltd.		210,000		829,524
Nankai Electric Railway Co. Ltd.		132,000		530,405
Nanto Bank Ltd. (The)		49,000		165,607
NEC Corp.		616,000		1,751,534
NEC Networks & System Integration Corp.		7,100		153,527
Net One Systems Co. Ltd.		23,300		140,040
Nexon Co. Ltd.		32,800		325,026
NGK Insulators Ltd.		62,000		1,262,538
NGK Spark Plug Co. Ltd.		43,300		1,297,544
NH Foods Ltd.		42,000		1,044,413
NHK Spring Co. Ltd.		37,600		342,822
Nichi-Iko Pharmaceutical Co. Ltd.		10,400		188,584
Nichicon Corp.		13,700		105,317
Nichiha Corp.		7,900		84,942
Nichii Gakkan Co.		15,900		166,628
Nichirei Corp.		59,000		314,928
Nidec Corp.		52,800		3,629,227
Nifco Inc.		12,300		427,225
Nihon Kohden Corp.		9,700		483,906
Nihon M&A Center Inc.		9,000		314,902
Nihon Parkerizing Co. Ltd.		10,300		247,887
Nihon Unisys Ltd.		13,800		121,946
Nikon Corp.		79,500		1,017,903
Nintendo Co. Ltd.		25,500		2,481,292
Nippo Corp.		15,000		235,602
Nippon Accommodations Fund Inc.		110		455,583
Nippon Building Fund Inc.		333		1,644,234
Nippon Coke & Engineering Co. Ltd.		126,400		118,367
Nippon Denko Co. Ltd.		39,800		100,970
Nippon Electric Glass Co. Ltd.		91,000		474,116
Nippon Express Co. Ltd.		199,000		1,170,638
Nippon Flour Mills Co. Ltd.		23,000		109,454
Nippon Kayaku Co. Ltd.		38,000		536,364
Nippon Konpo Unyu Soko Co. Ltd.		14,700		230,890

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Nippon Light Metal Holdings Co. Ltd.		124,500	$	187,601
Nippon Paint Holdings Co. Ltd.		36,000		1,140,084
Nippon Paper Industries Co. Ltd.		21,900		347,894
Nippon Prologis REIT Inc.		352		831,267
Nippon Road Co. Ltd. (The)		22,000		106,006
Nippon Sharyo Ltd.b		30,000		90,921
Nippon Sheet Glass Co. Ltd.a		234,000		217,137
Nippon Shinyaku Co. Ltd.		11,000		365,683
Nippon Shokubai Co. Ltd.		31,000		421,198
Nippon Signal Co. Ltd. (The)		16,800		184,068
Nippon Soda Co. Ltd.		35,000		200,826
Nippon Steel & Sumikin Bussan Corp.		38,720		142,730
Nippon Steel & Sumitomo Metal Corp.		1,815,000		4,287,767
Nippon Suisan Kaisha Ltd.a		68,300		237,813
Nippon Telegraph and Telephone Corp.		88,900		5,312,885
Nippon Thompson Co. Ltd.		21,000		102,797
Nippon Valqua Industries Ltd.		84,000		223,113
Nippon Yakin Kogyo Co. Ltd.a,b		41,000		82,723
Nippon Yusen K.K.		372,000		1,114,749
Nipro Corp.b		25,900		228,429
Nishi-Nippon City Bank Ltd. (The)		165,000		542,204
Nishi-Nippon Railroad Co. Ltd.		84,000		365,419
Nishimatsu Construction Co. Ltd.		66,000		268,012
Nishimatsuya Chain Co. Ltd.		23,100		184,855
Nissan Chemical Industries Ltd.		30,700		571,844
Nissan Motor Co. Ltd.		588,500		5,092,668
Nissan Shatai Co. Ltd.		17,300		192,198
Nissha Printing Co. Ltd.		8,400		135,799
Nisshin OilliO Group Ltd. (The)		32,000		116,869
Nisshin Seifun Group Inc.		51,300		633,252
Nisshin Steel Co. Ltd.		20,600		216,233
Nisshinbo Holdings Inc.		33,000		374,205
Nissin Foods Holdings Co. Ltd.		14,000		760,397
Nissin Kogyo Co. Ltd.		11,300		174,312
Nitori Holdings Co. Ltd.		16,800		955,382
Nitta Corp.		5,100		123,348
Nitto Boseki Co. Ltd.		38,000		134,576
Nitto Denko Corp.		37,200		2,243,749
Nitto Kogyo Corp.		6,200		120,501
Noevir Holdings Co. Ltd.		4,100		75,044
NOF Corp.		36,000		232,308

Security	Shares		Value
NOK Corp.		23,200	$	675,469
Nomura Co. Ltd.		11,800		112,209
Nomura Holdings Inc.		878,100		4,743,153
Nomura Real Estate Holdings Inc.		29,100		494,476
Nomura Real Estate Master Fund Inc.		403		506,731
Nomura Real Estate Office Fund Inc.		85		434,896
Nomura Real Estate Residential Fund Inc.		43		250,023
Nomura Research Institute Ltd.		26,800		918,316
Noritake Co. Ltd.		46,000		115,915
Noritz Corp.		9,100		144,326
North Pacific Bank Ltd.		83,700		314,948
NS Solutions Corp.		5,300		129,810
NSD Co. Ltd.		11,200		173,914
NSK Ltd.		115,000		1,367,684
NTN Corp.		108,000		468,906
NTT Data Corp.		29,900		1,149,266
NTT DOCOMO Inc.		362,600		6,189,188
NTT Urban Development Corp.		26,600		258,380
Obayashi Corp.		156,000		997,369
Obic Business Consultants Co. Ltd.		3,000		90,665
OBIC Co. Ltd.		17,600		595,582
Odakyu Electric Railway Co. Ltd.		153,000		1,500,498
Ogaki Kyoritsu Bank Ltd. (The)		77,000		237,952
Ohsho Food Service Corp.		2,400		96,744
Oiles Corp.		7,300		135,665
Oita Bank Ltd. (The)		39,000		137,786
Oji Holdings Corp.		175,000		665,943
Okabe Co. Ltd.		13,300		115,603
Okamoto Industries Inc.		40,000		147,108
Okasan Securities Group Inc.		43,000		306,032
Oki Electric Industry Co. Ltd.		192,000		395,556
Okinawa Electric Power Co. Inc. (The)		5,200		180,837
Okuma Corp.		36,000		310,458
Okumura Corp.		44,000		202,648
Olympus Corp.a		57,600		2,020,278
Omron Corp.		49,500		2,003,767
Ono Pharmaceutical Co. Ltd.		19,900		2,117,652
Onward Holdings Co. Ltd.		30,000		194,611
Oracle Corp. Japan		9,300		388,737

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Orient Corp.a		122,700	$	184,888
Oriental Land Co. Ltd.		12,000		2,913,038
ORIX Corp.		318,500		3,706,547
Orix JREIT Inc.		526		790,802
Osaka Gas Co. Ltd.		453,000		1,799,428
OSAKA Titanium Technologies Co. Ltd.		5,300		111,942
OSG Corp.		18,500		343,494
Otsuka Corp.		11,600		402,418
Otsuka Holdings Co. Ltd.		93,300		2,905,076
Oyo Corp.		6,600		97,541
Pacific Metals Co. Ltd.a		36,000		98,072
Pack Corp. (The)		7,300		144,428
Pal Co. Ltd.		2,800		72,703
Paltac Corp.		4,900		62,113
Panasonic Corp.		525,900		6,053,010
Paramount Bed Holdings Co. Ltd.		4,100		114,136
Park24 Co. Ltd.		25,600		440,233
Penta-Ocean Construction Co. Ltd.		69,900		268,972
Pigeon Corp.		8,400		528,464
Pilot Corp.		4,100		245,375
Pioneer Corp.a		74,200		140,864
Plenus Co. Ltd.		4,900		84,764
Pola Orbis Holdings Inc.		5,600		240,276
Premier Investment Corp.		61		326,642
Press Kogyo Co. Ltd.		35,000		119,184
Prima Meat Packers Ltd.		59,000		154,199
Proto Corp.		5,100		80,235
Raito Kogyo Co. Ltd.		13,900		139,041
Rakuten Inc.		191,600		2,678,306
Recruit Holdings Co. Ltd.a		35,200		1,030,843
Relo Holdings Inc.		2,900		217,997
Rengo Co. Ltd.		47,000		198,859
Resona Holdings Inc.		528,600		2,647,838
Resorttrust Inc.		16,300		393,398
Ricoh Co. Ltd.		163,900		1,614,373
Ricoh Leasing Co. Ltd.		4,600		121,202
Riken Corp.		29,000		114,553
Ringer Hut Co. Ltd.		11,400		224,477
Rinnai Corp.		8,900		600,834
Riso Kagaku Corp.		7,400		129,523
Rohm Co. Ltd.		23,100		1,504,406
Rohto Pharmaceutical Co. Ltd.		21,600		292,193
Round One Corp.		17,700		111,054

Security	Shares		Value
Royal Holdings Co. Ltd.		12,700	$	182,286
Ryobi Ltd.		36,000		97,765
Ryohin Keikaku Co. Ltd.		5,600		623,096
Ryosan Co. Ltd.		6,500		139,224
Ryoyo Electro Corp.		12,800		134,140
Saint Marc Holdings Co. Ltd.		2,600		167,999
Saizeriya Co. Ltd.		12,900		209,207
Sakai Chemical Industry Co. Ltd.		38,000		136,194
Sakata Seed Corp.		9,100		158,891
San-A & Co. Ltd.		4,500		151,130
San-in Godo Bank Ltd. (The)		35,000		287,532
Sanden Corp.		27,000		127,340
Sangetsu Co. Ltd.		6,600		178,394
Sanken Electric Co. Ltd.		28,000		231,456
Sankyo Co. Ltd.		10,100		364,998
Sankyo Tateyama Inc.		7,200		111,618
Sankyu Inc.		62,000		250,185
Sanrio Co. Ltd.b		12,200		304,000
Santen Pharmaceutical Co. Ltd.		17,900		1,121,560
Sanwa Holdings Corp.		52,500		366,492
Sanyo Shokai Ltd.		44,000		104,508
Sanyo Special Steel Co. Ltd.		37,000		125,365
Sapporo Holdings Ltd.		76,000		322,854
Sato Holdings Corp.		6,600		154,065
Sawada Holdings Co. Ltd.		10,800		78,978
Sawai Pharmaceutical Co. Ltd.		8,000		487,635
SBI Holdings Inc.		49,800		539,696
SCREEN Holdings Co. Ltd.		51,000		305,657
SCSK Corp.		11,900		299,159
Secom Co. Ltd.		51,400		3,007,905
Sega Sammy Holdings Inc.		44,000		577,602
Seibu Holdings Inc.b		29,600		707,588
Seikagaku Corp.		8,900		157,520
Seiko Epson Corp.		31,000		1,273,358
Seiko Holdings Corp.		34,000		187,852
Seino Holdings Co. Ltd.		35,000		384,072
Seiren Co. Ltd.		16,300		134,186
Sekisui Chemical Co. Ltd.		100,000		1,101,605
Sekisui House Ltd.		131,900		1,713,527
Sekisui House SI Residential Investment Corp.		279		315,898
Senko Co. Ltd.		25,000		145,575
Senshu Ikeda Holdings Inc.		53,100		237,326
Seria Co. Ltd.		4,900		142,038
Seven & I Holdings Co. Ltd.		178,500		6,591,272

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Seven Bank Ltd.		148,100	$	668,225
Sharp Corp./Japana,b		363,000		716,945
Shiga Bank Ltd. (The)		54,000		303,869
Shikoku Chemicals Corp.		15,000		117,226
Shikoku Electric Power Co. Inc.a		44,200		559,908
Shima Seiki Manufacturing Ltd.		7,500		133,125
Shimachu Co. Ltd.		11,500		289,886
Shimadzu Corp.		59,000		618,806
Shimamura Co. Ltd.		5,500		492,104
Shimano Inc.		19,300		2,573,005
Shimizu Corp.		144,000		1,002,784
Shin-Etsu Chemical Co. Ltd.		98,200		6,560,879
Shinko Electric Industries Co. Ltd.		14,100		99,990
Shinko Plantech Co. Ltd.		16,100		120,889
Shinsei Bank Ltd.		393,000		719,321
Shionogi & Co. Ltd.		72,000		2,179,032
Ship Healthcare Holdings Inc.		10,600		264,492
Shiseido Co. Ltd.		87,400		1,412,210
Shizuoka Bank Ltd. (The)		123,000		1,135,079
Shizuoka Gas Co. Ltd.		21,000		135,155
SHO-BOND Holdings Co. Ltd.		6,500		276,678
Shochiku Co. Ltd.		29,000		288,852
Showa Corp.		12,800		131,416
Showa Denko K.K.		354,000		455,063
Showa Sangyo Co. Ltd.		21,000		86,885
Showa Shell Sekiyu K.K.		44,400		436,573
SIIX Corp.		6,000		129,639
Sintokogio Ltd.		16,900		120,278
SKY Perfect JSAT Holdings Inc.		42,700		260,638
SMC Corp.		13,500		3,662,751
SoftBank Corp.		228,900		13,568,558
Sohgo Security Services Co. Ltd.		14,100		363,708
Sojitz Corp.		298,600		388,931
Sompo Japan Nipponkoa Holdings Inc.		80,400		2,258,715
Sony Corp.		251,100		5,929,863
Sony Financial Holdings Inc.		42,700		599,432
Sosei Group Corp.a,b		3,500		118,738
Sotetsu Holdings Inc.		103,000		473,503
Square Enix Holdings Co. Ltd.		18,300		405,836
Stanley Electric Co. Ltd.		34,100		768,132
Star Micronics Co. Ltd.		11,500		144,992
Start Today Co. Ltd.		13,500		275,482
Sugi Holdings Co. Ltd.		10,000		472,481

Security	Shares		Value
Sumco Corp.		27,300	$	466,679
Sumitomo Bakelite Co. Ltd.		48,000		200,230
Sumitomo Chemical Co. Ltd.		347,000		1,382,505
Sumitomo Corp.		262,800		2,613,122
Sumitomo Dainippon Pharma Co. Ltd.		36,000		381,254
Sumitomo Electric Industries Ltd.		185,800		2,420,074
Sumitomo Forestry Co. Ltd.		29,100		273,002
Sumitomo Heavy Industries Ltd.		133,000		728,038
Sumitomo Metal Mining Co. Ltd.		126,000		1,821,377
Sumitomo Mitsui Financial Group Inc.		301,000		10,225,518
Sumitomo Mitsui Trust Holdings Inc.		785,000		2,783,404
Sumitomo Osaka Cement Co. Ltd.		103,000		301,639
Sumitomo Real Estate Sales Co. Ltd.		5,900		140,688
Sumitomo Realty & Development Co. Ltd.		87,000		2,803,346
Sumitomo Riko Co. Ltd.		8,200		67,295
Sumitomo Rubber Industries Inc.		40,200		631,071
Sumitomo Warehouse Co. Ltd. (The)		33,000		186,260
Sundrug Co. Ltd.		8,600		367,531
Suntory Beverage & Food Ltd.		33,300		1,175,061
Suruga Bank Ltd.		43,500		824,709
Suzuken Co. Ltd.		16,800		476,976
Suzuki Motor Corp.		87,500		2,797,855
Sysmex Corp.		35,500		1,601,754
T&D Holdings Inc.		140,900		1,606,739
T-Gaia Corp.		9,200		100,486
Tachi-S Co. Ltd.		8,800		129,155
Tadano Ltd.		27,000		328,924
Taiheiyo Cement Corp.		283,000		836,002
Taikisha Ltd.		9,000		215,528
Taisei Corp.		247,000		1,444,592
Taisho Pharmaceutical Holdings Co. Ltd.		6,700		428,357
Taiyo Holdings Co. Ltd.		4,600		168,782
Taiyo Nippon Sanso Corp.		49,000		591,512
Taiyo Yuden Co. Ltd.		26,100		328,625
Takara Holdings Inc.		41,300		265,454
Takasago Thermal Engineering Co. Ltd.		16,600		209,717

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Takashimaya Co. Ltd.		64,000	$	565,002
Takata Corp.b		9,500		112,093
Takeda Pharmaceutical Co. Ltd.		187,000		9,397,361
Tamron Co. Ltd.		4,500		88,303
TDK Corp.		29,500		1,860,937
Teijin Ltd.		230,000		691,185
Tekken Corp.b		28,000		106,551
Temp Holdings Co. Ltd.		11,200		382,344
Terumo Corp.		73,600		1,842,741
THK Co. Ltd.		27,800		683,965
Toa Corp.		58,000		99,740
Toagosei Co. Ltd.		55,000		221,938
Tobu Railway Co. Ltd.		250,000		1,208,871
TOC Co. Ltd.		12,900		79,070
Tocalo Co. Ltd.		8,700		147,315
Tochigi Bank Ltd. (The)		28,000		129,673
Toda Corp.		48,000		173,260
Toho Bank Ltd. (The)		48,000		169,582
Toho Co. Ltd.		28,400		646,746
Toho Gas Co. Ltd.		104,000		570,178
Toho Holdings Co. Ltd.		12,400		173,546
Toho Titanium Co. Ltd.a		12,700		90,494
Toho Zinc Co. Ltd.		42,000		133,367
Tohoku Electric Power Co. Inc.		109,200		1,387,021
Tokai Carbon Co. Ltd.		55,000		160,133
Tokai Corp. (GIFU)		2,800		87,481
TOKAI Holdings Corp.		27,100		122,736
Tokai Rika Co. Ltd.		13,900		289,206
Tokai Tokyo Financial Holdings Inc.		52,900		355,774
Token Corp.		2,510		104,597
Tokio Marine Holdings Inc.		166,200		5,857,643
TOKO Inc.		23,000		61,874
Tokuyama Corp.		83,000		186,541
Tokyo Broadcasting System Holdings Inc.		7,600		87,539
Tokyo Dome Corp.		45,000		209,935
Tokyo Electric Power Co. Inc.a		352,200		1,505,167
Tokyo Electron Ltd.		41,300		2,980,112
Tokyo Gas Co. Ltd.		580,000		3,487,456
Tokyo Ohka Kogyo Co. Ltd.		10,800		373,286
Tokyo Seimitsu Co. Ltd.		9,100		186,702
Tokyo Steel Manufacturing Co. Ltd.		27,200		207,245
Tokyo Tatemono Co. Ltd.		99,000		674,243

Security	Shares		Value
Tokyo TY Financial Group Inc.a		5,500	$	158,494
Tokyotokeiba Co. Ltd.b		43,000		107,990
Tokyu Corp.		274,000		1,826,433
Tokyu Fudosan Holdings Corp.		112,600		705,517
TOKYU REIT Inc.		254		337,326
TOMONY Holdings Inc.		34,300		149,505
Tomy Co. Ltd.		17,700		98,547
TonenGeneral Sekiyu K.K.		65,000		578,257
Top REIT Inc.		49		210,658
Topcon Corp.		19,100		383,089
Toppan Forms Co. Ltd.		13,600		142,640
Toppan Printing Co. Ltd.		120,000		809,092
Topre Corp.		9,200		127,664
TOPY Industries Ltd.		53,000		120,470
Toray Industries Inc.		350,000		3,007,917
Torii Pharmaceutical Co. Ltd.		2,600		66,735
Toshiba Corp.		960,000		3,878,738
Toshiba Machine Co. Ltd.		29,000		112,331
Toshiba Tec Corp.		32,000		199,685
Tosoh Corp.		121,000		660,290
Totetsu Kogyo Co. Ltd.		7,200		173,158
TOTO Ltd.		68,000		757,775
Towa Bank Ltd. (The)		178,000		146,988
Toyo Corp.		21,600		203,744
Toyo Engineering Corp.		32,000		108,696
Toyo Ink SC Holdings Co. Ltd.		42,000		198,442
Toyo Seikan Group Holdings Ltd.		38,500		500,157
Toyo Suisan Kaisha Ltd.		21,300		757,055
Toyo Tanso Co. Ltd.		5,800		93,568
Toyo Tire & Rubber Co. Ltd.		22,200		506,311
Toyobo Co. Ltd.		214,000		289,669
Toyoda Gosei Co. Ltd.		15,300		339,957
Toyota Boshoku Corp.		16,900		225,305
Toyota Industries Corp.		39,500		2,148,768
Toyota Motor Corp.		651,600		42,408,224
Toyota Tsusho Corp.		48,700		1,165,832
TPR Co. Ltd.		5,500		140,936
Trans Cosmos Inc.		5,600		98,828
Trend Micro Inc.		25,100		714,762
Trusco Nakayama Corp.		5,600		150,411
TS Tech Co. Ltd.		12,500		317,967
TSI Holdings Co. Ltd.		16,200		92,954
Tsubakimoto Chain Co.		32,000		260,435
Tsukuba Bank Ltd. (The)		36,400		107,218
Tsumura & Co.		14,300		327,598

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Tsuruha Holdings Inc.		9,000	$	609,118
TV Asahi Holdings Corp.		5,200		81,631
UACJ Corp.		60,000		149,151
Ube Industries Ltd.		257,000		387,256
ULVAC Inc.a		9,700		140,382
Unicharm Corp.		90,000		2,505,810
Unipres Corp.		9,800		171,781
United Arrows Ltd.		5,300		151,377
United Urban Investment Corp.		618		992,777
Unitika Ltd.a		278,000		130,166
UNY Group Holdings Co. Ltd.		39,200		226,593
Ushio Inc.		28,200		329,378
USS Co. Ltd.		50,500		798,783
Valor Co. Ltd.		8,600		163,632
Vital KSK Holdings Inc.		10,000		77,300
VT Holdings Co. Ltd.		19,500		78,687
Wacoal Holdings Corp.		23,000		229,873
Watami Co. Ltd.b		11,800		117,131
Weathernews Inc.		5,300		134,773
Welcia Holdings Co. Ltd.		4,200		155,357
West Japan Railway Co.		38,700		2,002,457
Xebio Co. Ltd.		6,100		94,929
Yahoo! Japan Corp.		354,500		1,204,150
Yakult Honsha Co. Ltd.		21,100		1,289,729
Yamada Denki Co. Ltd.		203,600		762,644
Yamagata Bank Ltd. (The)		37,000		157,179
Yamaguchi Financial Group Inc.		50,000		524,837
Yamaha Corp.		38,800		571,769
Yamaha Motor Co. Ltd.		63,500		1,412,012
Yamanashi Chuo Bank Ltd. (The)		30,000		120,547
Yamato Holdings Co. Ltd.		87,500		1,994,850
Yamato Kogyo Co. Ltd.		10,000		260,077
Yamazaki Baking Co. Ltd.		28,000		415,000
Yamazen Corp.		16,200		114,882
Yaoko Co. Ltd.		2,300		150,377
Yaskawa Electric Corp.		54,600		706,990
Yellow Hat Ltd.		3,800		74,793
Yodogawa Steel Works Ltd.		15,000		54,399
Yokogawa Electric Corp.		51,200		542,228
Yokohama Reito Co. Ltd.		19,600		136,490
Yokohama Rubber Co. Ltd. (The)		50,000		475,035
Yondoshi Holdings Inc.		7,500		115,375
Yoshinoya Holdings Co. Ltd.		18,900		214,478
Yuasa Trading Co. Ltd.		7,200		149,314
Zenkoku Hosho Co. Ltd.		12,600		405,465

Security	Shares		Value
Zenrin Co. Ltd.		9,200	$	119,283
Zensho Holdings Co. Ltd.b		23,700		214,473
Zeon Corp.		41,000		422,688
				770,517,599
NETHERLANDS — 2.69%
Aalberts Industries NV		24,815		717,144
Accell Group NV		6,982		106,364
AEGON NV		430,612		3,081,246
Akzo Nobel NV		57,853		4,186,025
Altice SAa		21,256		1,777,388
Amsterdam Commodities NV		4,791		114,318
Arcadis NV		14,623		444,793
ASM International NVb		11,636		477,496
ASML Holding NV		85,197		8,967,994
BE Semiconductor Industries NV		8,135		166,157
BinckBank NV		19,003		156,541
Boskalis Westminster NV		20,950		929,684
Brunel International NV		6,303		102,600
Corbion NV		20,006		332,767
Delta Lloyd NV		49,065		929,065
Eurocommercial Properties NV		9,905		441,503
Euronext NVa,c		16,036		520,436
Exact Holding NV		3,159		113,574
Fiat Chrysler Automobiles NVa,b		209,933		2,771,718
Fugro NV CVA		17,346		376,410
Gemalto NVb		18,965		1,378,656
Grontmij NVa		23,922		96,506
Heineken Holding NV		24,001		1,574,931
Heineken NV		55,243		4,131,828
IMCD Group NVa		7,046		223,425
ING Groep NV CVAa		918,136		11,521,109
Koninklijke Ahold NV		210,331		3,805,877
Koninklijke BAM Groep NVb		55,000		166,272
Koninklijke DSM NV		40,180		2,141,008
Koninklijke KPN NV		771,085		2,390,250
Koninklijke Philips NV		228,073		6,317,124
Koninklijke Ten Cate NV		7,007		155,769
Koninklijke Vopak NV		17,632		986,585
NN Group NVa		28,946		787,859
NSI NV		32,849		146,754
Nutreco NV		17,742		901,945
OCI NVa		20,601		727,289
PostNL NVa		107,897		392,664
Randstad Holding NV		30,837		1,632,897
Reed Elsevier NV		168,762		4,140,156

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Royal Imtech NVa,b		22,735	$	105,956
SBM Offshore NVa,b		45,539		497,800
SNS REAAL NVa,b		3,991		—
TKH Group NV		9,340		291,107
TNT Express NV		104,892		689,360
TomTom NVa,b		26,409		174,695
Unilever NV CVA		386,177		16,816,811
USG People NV		18,353		213,111
VastNed Retail NV		4,557		225,981
Wereldhave NV		8,009		576,519
Wolters Kluwer NV		71,273		2,134,962
				92,058,429
NEW ZEALAND — 0.26%
Air New Zealand Ltd.		134,208		254,235
Argosy Property Ltd.		140,022		115,348
Auckland International Airport Ltd.		233,272		753,424
Chorus Ltd.a		101,318		194,872
Contact Energy Ltd.		95,554		490,326
Fisher & Paykel Healthcare Corp. Ltd.		141,443		637,514
Fletcher Building Ltd.		163,236		992,835
Freightways Ltd.		36,471		158,030
Genesis Energy Ltd.		118,320		192,364
Goodman Property Trust		211,034		180,739
Infratil Ltd.		127,203		291,744
Kathmandu Holdings Ltd.		60,715		88,575
Kiwi Property Group Ltd.		175,604		168,238
Meridian Energy Ltd.		318,042		442,049
Metlifecare Ltd.		31,575		110,002
Mighty River Power Ltd.		182,379		444,765
Nuplex Industries Ltd.		50,843		110,336
Precinct Properties New Zealand Ltd.		177,258		159,531
Ryman Healthcare Ltd.		94,058		563,205
Sky Network Television Ltd.		98,905		435,019
SKYCITY Entertainment Group Ltd.		143,593		409,584
Spark New Zealand Ltd.		450,462		1,078,920
Trade Me Group Ltd.		117,393		309,290
Warehouse Group Ltd. (The)		21,862		45,222
Xero Ltd.a,b		15,112		171,544
Z Energy Ltd.		54,505		195,821
				8,993,532

Security	Shares		Value
NORWAY — 0.80%
Akastor ASAb		35,989	$	88,225
Aker ASA Class A		6,950		147,958
Aker Solutions ASAa		38,549		188,207
Archer Ltd.a,b		72,586		28,752
Atea ASA		22,545		249,433
Austevoll Seafood ASA		27,342		159,808
Bakkafrost P/F		11,112		230,828
BW LPG Ltd.b,c		19,455		120,463
BW Offshore Ltd.		96,245		92,017
Det norske oljeselskap ASAa,b		25,505		105,962
DNB ASA		233,911		3,389,227
DNO ASAa,b		145,968		320,167
Fred Olsen Energy ASAb		11,675		97,461
Gjensidige Forsikring ASA		49,693		836,712
Golden Ocean Group Ltd.b		116,957		72,614
Hoegh LNG Holdings Ltd.a		16,360		161,479
Kvaerner ASA		59,954		69,929
Leroey Seafood Group ASA		6,169		216,498
Marine Harvest ASA		75,838		993,169
Nordic Semiconductor ASAa,b		29,881		206,262
Norsk Hydro ASA		321,948		1,894,178
Norwegian Air Shuttle ASAa,b		7,259		284,722
Norwegian Property ASAa		95,226		127,779
Opera Software ASAb		31,011		410,119
Orkla ASA		192,874		1,420,954
Petroleum Geo-Services ASAb		55,543		301,131
Prosafe SE		63,587		169,828
REC Silicon ASAa,b		551,457		118,324
Salmar ASA		14,728		227,082
Schibsted ASA		18,434		1,189,214
Seadrill Ltd.b		92,060		978,149
Songa Offshore SEa		224,364		44,580
SpareBank 1 SMN		30,287		214,926
Statoil ASA		267,320		4,428,603
Stolt-Nielsen Ltd.b		8,821		138,851
Storebrand ASAa		113,608		343,001
Subsea 7 SA		65,595		557,733
Telenor ASA		178,909		3,838,793
TGS-NOPEC Geophysical Co. ASAb		24,793		574,201
Thin Film Electronics ASAa,b		104,027		81,606
Yara International ASA		42,477		2,207,017
				27,325,962

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
PORTUGAL — 0.18%
Altri SGPS SA		39,671	$	137,434
Banco BPI SAa,b,d		103,074		97,006
Banco Comercial Portugues SA Registereda		8,819,472		626,997
BANIF — Banco Internacional do Funchal SAa,b		11,010,002		74,545
CTT-Correios de Portugal SA		33,129		349,544
Energias de Portugal SA		558,222		2,127,260
Galp Energia SGPS SA Class B		90,374		954,965
Jeronimo Martins SGPS SAb		61,105		659,062
NOS SGPS		45,371		288,660
Portucel SA		31,708		128,525
Portugal Telecom SGPS SA Registeredb		133,997		95,413
Redes Energeticas Nacionais SA		55,340		157,370
Semapa — Sociedade de Investimento e Gestao SGPS SA		14,803		173,893
Sonae SGPS SA		210,419		276,389
				6,147,063
SINGAPORE — 1.61%
Accordia Golf Trusta,b		217,200		123,601
AIMS AMP Capital Industrial REIT		152,475		165,648
ARA Asset Management Ltd.		178,300		224,012
Ascendas India Trust		238,200		150,514
Ascendas REIT		456,800		830,484
Ascott Residence Trust		181,000		169,215
Asian Pay Television Trust		309,000		207,812
Biosensors International Group Ltd.a,b		276,600		131,851
Boustead Singapore Ltd.		64,400		85,670
Cache Logistics Trust		263,600		230,852
Cambridge Industrial Trustb		362,000		181,923
CapitaCommercial Trust		484,800		634,170
CapitaLand Ltd.		628,000		1,615,136
CapitaMall Trust Management Ltd.		555,600		858,180
CapitaRetail China Trust		149,020		188,877
CDL Hospitality Trusts		161,800		215,239
Chip Eng Seng Corp. Ltd.		202,200		135,985
City Developments Ltd.		94,400		701,145
ComfortDelGro Corp. Ltd.		500,200		1,060,952
COSCO Corp. (Singapore) Ltd.b		210,200		83,887

Security	Shares		Value
CWT Ltd.		76,400	$	94,858
DBS Group Holdings Ltd.		408,000		5,967,275
Ezion Holdings Ltd.b		306,040		287,245
Ezra Holdings Ltd.b		195,680		76,647
First REIT		159,800		155,300
First Resources Ltd.b		139,800		192,689
Frasers Centrepoint Trustb		136,800		209,279
Frasers Commercial Trust		165,800		181,962
Genting Singapore PLC		1,458,200		1,163,887
Global Logistic Properties Ltd.		755,800		1,413,180
GMG Global Ltd.b		1,595,400		75,460
Golden Agri-Resources Ltd.		1,601,400		497,072
GuocoLeisure Ltd.b		123,800		87,376
Ho Bee Land Ltd.b		35,000		53,544
Hong Leong Asia Ltd.		57,000		60,871
Hutchison Port Holdings Trust		1,324,400		946,946
Hyflux Ltd.b		219,200		154,708
Indofood Agri Resources Ltd.b		126,800		66,535
Jardine Cycle & Carriage Ltd.		25,000		781,539
Kenon Holdings Ltd.a		4,494		76,305
Keppel Corp. Ltd.		345,600		2,222,097
Keppel Land Ltd.		143,000		479,802
Keppel REIT		360,880		329,382
KrisEnergy Ltd.a		69,400		31,800
Lippo Malls Indonesia Retail Trust		740,800		194,357
M1 Ltd./Singapore		95,400		264,393
Mapletree Commercial Trust		324,000		362,767
Mapletree Greater China Commercial Trust		416,400		313,893
Mapletree Industrial Trust		255,600		289,016
Mapletree Logistics Trust		333,000		295,322
Midas Holdings Ltd.b		647,000		162,575
Neptune Orient Lines Ltd.a,b		241,200		180,040
Noble Group Ltd.		1,050,800		827,065
OSIM International Ltd.b		66,400		95,201
OUE Hospitality Trustb		241,700		167,016
OUE Ltd.b		14,000		22,763
Oversea-Chinese Banking Corp. Ltd.		687,400		5,283,394
Parkway Life REIT		95,400		171,327
Perennial China Retail Trust		74,000		29,259
Perennial Real Estate Holdings Ltd.a,b		173,271		133,817
Raffles Education Corp. Ltd.		350,000		85,360

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Raffles Medical Group Ltd.b		71,400	$	209,488
Sabana Shari’ah Compliant Industrial REITb		219,200		148,228
SATS Ltd.		156,800		343,011
SembCorp Industries Ltd.		232,200		739,622
SembCorp Marine Ltd.b		206,200		457,172
Singapore Airlines Ltd.		123,800		1,157,394
Singapore Exchange Ltd.		211,200		1,212,788
Singapore Post Ltd.		367,400		581,063
Singapore Press Holdings Ltd.b		268,000		818,003
Singapore Technologies Engineering Ltd.		365,000		906,363
Singapore Telecommunications Ltd.		1,884,000		5,680,822
SMRT Corp. Ltd.b		195,200		252,457
Soilbuild Business Space REITb		302,600		174,435
Starhill Global REIT		307,000		188,316
StarHub Ltd.		128,800		397,889
Suntec REITb		540,200		750,555
Super Group Ltd.b		121,400		99,589
Tat Hong Holdings Ltd.b		90,400		49,439
Tiger Airways Holdings Ltd.a,b		572,289		141,687
United Engineers Ltd.		98,400		221,075
United Overseas Bank Ltd.		305,100		5,226,678
UOL Group Ltd.		106,400		567,739
Vard Holdings Ltd.a,b		199,200		74,345
Venture Corp. Ltd.b		52,000		312,438
Wheelock Properties (Singapore) Ltd.		51,000		70,671
Wilmar International Ltd.		420,400		1,000,435
Wing Tai Holdings Ltd.		76,400		103,327
Yangzijiang Shipbuilding Holdings Ltd.		457,800		419,534
Yanlord Land Group Ltd.b		129,800		96,887
Ying Li International Real Estate Ltd.a,b		645,000		119,171
				54,999,098
SPAIN — 3.21%
Abengoa SA Class B		116,230		342,327
Abertis Infraestructuras SA		102,868		2,016,334
Acciona SAa,b		7,126		510,223
Acerinox SA		33,767		502,978
ACS Actividades de Construccion y Servicios SA		45,928		1,599,396
Almirall SAa		18,966		331,092

Security	Shares		Value
Amadeus IT Holding SA Class A		102,287	$	4,108,004
Applus Services SAa		21,727		227,526
Atresmedia Corporacion de Medios de Comunicacion SA		19,641		288,574
Axia Real Estate SOCIMI SAa		9,962		124,894
Banco Bilbao Vizcaya Argentaria SA		1,431,965		12,280,851
Banco de Sabadell SA		846,078		2,142,475
Banco Popular Espanol SA		438,568		1,857,863
Banco Popular Espanol SA New		1,788		7,574
Banco Santander SA		3,288,536		22,117,260
Bankia SAa		1,141,488		1,494,211
Bankinter SA		171,860		1,196,388
Bolsas y Mercados Espanoles		1,895		77,956
CaixaBank SA		551,387		2,404,231
Cia. de Distribucion Integral Logista Holdings SAUa		10,278		188,355
Construcciones y Auxiliar de Ferrocarriles SAb		625		209,786
Corporacion Financiera Alba SA		4,548		217,348
Distribuidora Internacional de Alimentacion SA		161,238		1,045,843
Duro Felguera SA		36,725		147,535
Ebro Foods SA		22,029		374,620
Enagas SA		12,699		402,678
Ence Energia y Celulosa SA		58,262		174,226
Faes Farma SA		83,794		170,676
Faes Farma SA New		2,768		5,638
Ferrovial SA		107,542		2,134,042
Fomento de Construcciones y Contratas SAa,b		33,241		412,244
Gamesa Corporacion Tecnologica SAa		61,947		616,414
Gas Natural SDG SA		90,343		2,120,510
Grifols SA		37,460		1,574,623
Grupo Catalana Occidente SA		13,156		376,343
Hispania Activos Inmobiliarios SAUa		14,679		196,621
Iberdrola SA		1,240,078		8,575,318
Inditex SA		261,464		7,711,109
Indra Sistemas SAb		29,634		303,071
Inmobiliaria Colonial SAa		514,574		348,403
International Consolidated Airlines Group SAa		257,509		2,106,749
Jazztel PLCa		57,063		808,129

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Liberbank SAa,b		415,302	$	292,905
Mapfre SA		255,568		860,861
Mediaset Espana Comunicacion SAa		52,727		642,300
Melia Hotels International SAb		18,195		209,120
Merlin Properties SOCIMI SAa,b		39,672		475,435
NH Hotel Group SAa,b		55,384		274,367
Obrascon Huarte Lain SAb		12,436		287,615
Pescanova SAa		498		—
Promotora de Informaciones SAa		347,076		92,040
Prosegur Compania de Seguridad SAb		77,988		433,868
Red Electrica Corporacion SA		7,050		601,123
Repsol SA		248,768		4,403,130
Sacyr SAa,b		90,460		335,229
Tecnicas Reunidas SA		8,447		328,521
Telefonica SA		1,003,925		15,072,962
Tubacex SA		34,896		102,187
Tubos Reunidos SA		48,485		86,994
Viscofan SA		11,927		689,775
Zardoya Otis SA		49,872		567,846
Zeltia SAa,b		61,278		208,831
				109,815,547
SWEDEN — 3.24%
AAK AB		6,311		343,226
AF AB		17,770		272,808
Alfa Laval AB		75,721		1,407,792
Arcam ABa,b		4,009		86,505
Assa Abloy AB Class B		80,181		4,383,933
Atlas Copco AB Class A		158,419		4,697,542
Atlas Copco AB Class B		97,531		2,672,760
Avanza Bank Holding AB		6,273		207,016
Axfood AB		4,598		279,300
Axis Communications ABb		11,037		296,190
Betsson AB		9,175		344,155
Bilia AB		4,999		151,980
Billerud AB		43,179		657,671
BioGaia AB Class B		5,677		123,526
Boliden AB		66,162		1,038,124
Castellum AB		36,858		580,108
Clas Ohlson AB Class B		9,460		146,375
Com Hem Holding ABa		26,988		208,956
Duni AB		8,285		122,686
Electrolux AB Class B		58,121		1,800,726
Elekta AB Class Bb		89,575		961,536

Security	Shares		Value
Fabege AB		33,322	$	455,977
Fastighets AB Balder Class Ba		22,714		329,214
Fingerprint Cards ABa,b		16,881		64,484
Getinge AB Class B		48,001		1,185,453
Hemfosa Fastigheter ABa		16,618		357,573
Hennes & Mauritz AB Class B		225,577		9,298,546
Hexagon AB Class B		61,165		1,940,878
Hexpol AB		6,005		603,589
HIQ International AB		26,117		135,440
Holmen AB Class B		10,842		391,481
Hufvudstaden AB Class A		26,087		342,152
Husqvarna AB Class B		101,301		704,121
ICA Gruppen AB		18,203		700,399
Industrial & Financial Systems Class B		5,126		158,010
Industrivarden AB Class C		35,741		637,704
Indutrade AB		8,576		349,781
Intrum Justitia AB		20,264		540,132
Investment AB Kinnevik		56,990		1,707,127
Investor AB Class B		109,947		4,011,146
JM AB		19,624		647,376
Klovern AB Class A		10,452		10,929
Klovern AB Class Ba		121,212		120,883
Kungsleden AB		42,674		327,569
LE Lundbergfortagen AB		9,532		417,809
Lindab International ABa		16,044		133,143
Loomis AB Class B		15,752		466,517
Lundin Petroleum ABa		52,992		687,987
Meda AB Class A		61,737		870,928
Medivir ABa,b		9,450		112,235
Mekonomen AB		5,757		135,357
Millicom International Cellular SA SDR		15,731		1,004,052
Modern Times Group MTG AB		15,014		425,422
NCC AB Class B		21,131		684,319
Net Entertainment NE ABa		9,897		314,050
Nibe Industrier AB Class B		20,825		529,659
Nobia AB		29,948		260,112
Nordea Bank AB		721,482		9,183,743
Nordnet AB		26,285		88,332
Oriflame Cosmetics SA SDRb		13,311		178,768
Peab AB		48,502		348,853
Qliro Group ABa		29,075		56,235
Ratos AB Class Bb		49,013		306,611
Rezidor Hotel Group ABa		26,362		98,788

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Saab AB Class B		15,997	$	390,234
Sandvik AB		256,484		2,691,199
Securitas AB		74,745		911,673
Skandinaviska Enskilda Banken AB Class A		363,167		4,385,688
Skanska AB Class B		89,854		1,993,147
SKF AB Class B		94,951		2,243,945
SSAB AB Class Aa,b		71,069		345,876
SSAB AB Class Ba		26,386		113,838
Svenska Cellulosa AB Class B		137,712		3,332,742
Svenska Handelsbanken AB Class A		118,550		5,629,099
Swedbank AB Class A		215,721		5,231,054
Swedish Match AB		48,517		1,580,588
Swedish Orphan Biovitrum ABa		41,096		431,455
Tele2 AB Class B		74,594		844,457
Telefonaktiebolaget LM Ericsson Class B		724,854		8,841,125
TeliaSonera AB		559,025		3,449,791
Trelleborg AB Class B		58,741		1,063,700
Unibet Group PLC SDR		6,424		382,453
Volvo AB Class B		367,725		4,307,376
Wallenstam AB Class B		20,844		345,449
Wihlborgs Fastigheter AB		18,102		354,493
				110,975,181
SWITZERLAND — 8.64%
ABB Ltd. Registered		519,585		10,001,468
Actelion Ltd. Registered		24,681		2,736,223
Adecco SA Registered		40,235		3,013,088
AFG Arbonia-Forster Holding AG Registereda,b		6,442		115,179
Allreal Holding AG Registered		3,131		491,744
Aryzta AG		20,651		1,552,108
Ascom Holding AG Registered		14,195		218,313
Baloise Holding AG Registered		11,187		1,459,095
Banque Cantonale Vaudoise Registered		473		275,816
Barry Callebaut AG Registered		470		468,442
Basilea Pharmaceutica Registereda		2,569		297,374
BKW AG		4,178		124,879
Bossard Holding AG		1,983		205,186
Bucher Industries AG Registered		1,768		434,289
Burckhardt Compression Holding AG		815		252,016

Security	Shares		Value
Cembra Money Bank AG		6,139	$	373,658
Chocoladefabriken Lindt & Sprugli AG Participation Certificates		193		1,006,063
Chocoladefabriken Lindt & Sprugli AG Registered		23		1,447,046
Clariant AG Registered		70,074		1,127,216
Compagnie Financiere Richemont SA Class A Bearer		123,593		10,283,185
Cosmo Pharmaceuticals SpA		1,244		186,590
Credit Suisse Group AG Registered		362,981		7,673,475
Daetwyler Holding AG Bearer		1,928		229,881
Dufry AG Registereda,b		6,994		1,030,799
EFG International AGa		17,833		192,663
Emmi AG		642		210,034
EMS-Chemie Holding AG Registered		1,986		768,454
Flughafen Zurich AG Registered		919		625,286
Forbo Holding AG Registered		315		305,910
Galenica Holding AG Registered		1,037		834,627
GAM Holding AG		41,481		734,895
Gategroup Holding AGa		8,558		237,193
Geberit AG Registered		8,956		3,068,237
Georg Fischer AG Registered		1,032		618,606
Givaudan SA Registered		2,142		3,913,594
Helvetia Holding AG Registered		1,537		784,329
Holcim Ltd. Registered		54,206		3,797,160
Huber & Suhner AG Registered		4,184		186,223
Implenia AG Registereda		4,903		267,785
Inficon Holding AG Registered		529		177,090
Intershop Holdings AG Bearer		442		177,751
Julius Baer Group Ltd.		53,664		2,193,105
Kaba Holding AG Class B Registered		907		455,447
Komax Holding AG Registered		1,430		215,265
Kudelski SA Bearer		12,501		143,346
Kuehne & Nagel International AG Registered		12,473		1,716,300
Kuoni Reisen Holding AG Class B Registered		1,014		339,451
Leonteq AG		1,090		240,261
Logitech International SA Registered		38,427		565,932
Lonza Group AG Registered		12,702		1,507,590

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Meyer Burger Technology AGa,b		25,785	$	160,307
Mobilezone Holding AG Bearera		21,485		256,872
Mobimo Holding AG Registered		1,858		428,932
Nestle SA Registered		765,014		58,578,595
Novartis AG Registered		546,325		53,531,002
OC Oerlikon Corp. AG Registered		46,775		533,816
Orascom Development Holding AGa,b		3,897		66,711
Panalpina Welttransport Holding AG Registered		3,198		391,039
Pargesa Holding SA Bearer		6,898		498,578
Partners Group Holding AG		4,279		1,146,896
PSP Swiss Property AG Registered		9,287		958,427
Rieter Holding AG Registered		1,082		156,764
Roche Holding AG Genusschein		166,913		45,100,344
Schindler Holding AG Participation Certificates		10,950		1,625,749
Schindler Holding AG Registered		4,361		635,155
Schmolz + Bickenbach AG Registereda		160,573		143,112
Schweiter Technologies AG Bearer		261		199,995
SFS Group AGa		2,632		171,929
SGS SA Registered		1,277		2,428,944
Siegfried Holding AG Registereda		1,355		225,625
Sika AG Bearer		479		1,641,006
Sonova Holding AG Registered		12,692		1,670,563
St Galler Kantonalbank AG Registered		422		159,961
Straumann Holding AG Registered		2,488		562,744
Sulzer AG Registered		5,779		613,985
Swatch Group AG (The) Bearer		7,162		2,856,082
Swatch Group AG (The) Registered		11,788		863,552
Swiss Life Holding AG Registered		7,497		1,675,325
Swiss Prime Site AG Registered		12,596		1,092,507
Swiss Re AG		83,346		7,527,909
Swisscom AG Registered		5,408		3,171,149
Swissquote Group Holding SA Registered		4,440		115,820
Syngenta AG Registered		21,910		7,125,126

Security	Shares		Value
Tecan AG Registered		3,144	$	316,946
Temenos Group AG Registereda		15,503		472,647
Transocean Ltd.b		85,155		1,340,193
U-Blox AG		1,889		270,605
UBS Group AG		869,254		14,540,317
Valiant Holding AG Registered		4,114		335,362
Valora Holding AG Registeredb		875		211,320
Vetropack Holding AG Bearer		75		108,907
Vontobel Holding AG Registered		7,471		249,696
Zehnder Group AG Bearer		4,346		188,946
Zurich Insurance Group AGa		35,214		11,688,882
				295,318,009
UNITED KINGDOM — 20.83%
3i Group PLC		231,511		1,597,016
888 Holdings PLC		68,025		144,311
Abcam PLC		57,477		372,923
Aberdeen Asset Management PLC		218,803		1,438,371
Admiral Group PLC		45,948		999,255
Advanced Computer Software Group PLC		127,824		266,371
Advanced Medical Solutions Group PLC		74,906		148,221
Afren PLCa,b		245,372		19,532
Aggreko PLC		60,633		1,415,146
Al Noor Hospitals Group PLC		11,107		151,469
Alent PLC		55,400		304,115
Amec Foster Wheeler PLC		90,170		1,080,025
Amerisur Resources PLCa,b		220,009		112,347
Amlin PLC		120,369		881,133
Anglo American PLC		331,230		5,536,892
Anglo Pacific Group PLC		43,524		55,563
Antofagasta PLC		92,026		898,390
ARM Holdings PLC		334,969		5,237,169
Ashmore Group PLCb		85,632		360,882
Ashtead Group PLC		120,248		1,964,934
ASOS PLCa,b		13,058		538,737
Associated British Foods PLC		84,988		3,960,779
AstraZeneca PLC		300,377		21,397,400
Avanti Communications Group PLCa,b		32,316		105,322
AVEVA Group PLC		15,852		312,601
Aviva PLC		701,781		5,565,148
Babcock International Group PLC		59,532		899,476
BAE Systems PLC		748,855		5,707,882

36 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Balfour Beatty PLC		169,650	$	565,650
Bank of Georgia Holdings PLC		10,317		314,706
Barclays PLC		3,894,924		13,697,281
Barratt Developments PLC		234,264		1,612,840
BBA Aviation PLC		110,084		561,313
Beazley PLC		127,177		552,202
Bellway PLC		29,158		798,774
Berendsen PLC		41,477		693,959
Berkeley Group Holdings PLC (The)		30,481		1,109,236
Betfair Group PLC		17,108		414,196
BG Group PLC		812,086		10,817,275
BHP Billiton PLC		498,873		10,811,788
Big Yellow Group PLC		40,543		372,047
Bodycote PLC		47,902		489,219
boohoo.com PLCa		188,653		67,293
Booker Group PLC		360,986		810,537
Bovis Homes Group PLC		33,913		423,261
BP PLC		4,375,194		27,891,063
Brewin Dolphin Holdings PLC		79,894		352,059
Brit PLCc		28,403		116,714
British American Tobacco PLC		444,665		25,057,456
British Land Co. PLC (The)		220,271		2,744,195
Britvic PLC		60,058		635,467
BT Group PLC		1,930,804		12,118,581
BTG PLCa		90,729		1,077,864
Bunzl PLC		76,530		2,180,420
Burberry Group PLC		104,357		2,709,928
Bwin.Party Digital Entertainment PLCa		201,068		322,217
Cable & Wireless Communications PLC		668,116		501,722
Cairn Energy PLCa		151,200		436,008
Cape PLC		42,639		134,483
Capita PLC		154,713		2,597,825
Capital & Counties Properties PLC		175,567		1,014,393
Card Factory PLCa		32,201		132,997
Carillion PLC		102,294		526,201
Carnival PLC		42,695		1,921,786
Catlin Group Ltd.		84,701		886,671
Centamin PLC		280,110		281,447
Centrica PLC		1,211,155		5,344,323
Chemring Group PLC		61,872		201,184
Chesnara PLC		41,093		216,783

Security	Shares		Value
Cineworld Group PLC		52,841	$	337,288
Clinigen Healthcare Ltd.a		18,958		146,636
Close Brothers Group PLC		37,529		857,309
Cobham PLC		267,487		1,312,481
Coca-Cola HBC AG		44,614		717,632
COLT Group SAa		91,397		181,607
Compass Group PLC		391,944		6,775,488
Crest Nicholson Holdings PLC		56,872		351,060
Croda International PLC		32,208		1,285,276
CSR PLC		42,103		540,655
Daily Mail & General Trust PLC Class A NVS		69,617		900,766
Dairy Crest Group PLC		39,430		289,349
Dart Group PLC		35,216		152,458
DCC PLC		19,698		1,043,739
De La Rue PLC		24,911		193,991
Debenhams PLC		306,410		346,299
Derwent London PLC		22,124		1,081,573
Devro PLC		47,351		200,193
Diageo PLC		595,983		17,633,613
Dialight PLC		9,171		96,417
Dignity PLC		13,552		378,580
Diploma PLC		31,712		360,308
Direct Line Insurance Group PLC		351,540		1,649,932
Dixons Carphone PLC		232,425		1,518,495
Domino Printing Sciences PLC		29,116		298,453
Domino’s Pizza Group PLC		41,965		424,804
Drax Group PLC		98,044		530,845
DS Smith PLC		224,037		1,066,309
Dunelm Group PLC		24,061		317,827
easyJet PLC		38,728		1,083,044
Electrocomponents PLC		107,900		331,889
Elementis PLC		113,358		470,578
EnQuest PLCa		253,520		129,459
Enterprise Inns PLCa		134,956		209,582
Entertainment One Ltd.		55,978		232,043
Essentra PLC		61,430		765,773
esure Group PLC		79,841		276,520
Evraz PLC		88,852		227,393
Experian PLC		235,488		4,148,661
Faroe Petroleum PLCa,b		67,985		66,114
Fenner PLC		54,694		152,790
Fidessa Group PLC		9,995		360,276
FirstGroup PLCa		293,444		438,961
Foxtons Group PLC		68,596		197,549

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Fresnillo PLC		57,137	$	771,469
Friends Life Group Ltd.		335,174		2,005,538
G4S PLC		368,211		1,577,203
Galliford Try PLC		22,076		436,332
Gem Diamonds Ltd.a		37,084		78,532
Genus PLC		20,301		373,199
GKN PLC		379,218		2,099,353
GlaxoSmithKline PLC		1,153,110		25,406,337
Glencore PLCa		2,516,406		9,406,906
Go-Ahead Group PLC		11,041		410,748
Grafton Group PLC Units		53,957		542,550
Grainger PLC		118,593		345,365
Great Portland Estates PLC		81,364		959,886
Greencore Group PLC		104,833		485,257
Greene King PLC		48,064		606,735
Greggs PLC		27,281		336,391
Gulf Keystone Petroleum Ltd.a,b		225,018		154,614
GW Pharmaceuticals PLCa,b		47,497		288,732
Halfords Group PLC		46,839		312,343
Halma PLC		87,817		918,631
Hammerson PLC		171,696		1,775,437
Hansteen Holdings PLC		212,929		360,732
Hargreaves Lansdown PLC		58,223		884,071
Hargreaves Services PLC		15,771		137,382
Hays PLC		349,324		814,257
Helical Bar PLC		35,221		201,808
HellermannTyton Group PLC		59,012		280,071
Henderson Group PLC		263,051		939,887
Hikma Pharmaceuticals PLC		36,320		1,287,357
Hiscox Ltd.b		77,563		855,633
Home Retail Group PLC		197,090		568,930
Homeserve PLC		74,952		379,813
Howden Joinery Group PLC		158,593		1,012,073
HSBC Holdings PLC		4,560,018		41,749,639
Hunting PLC		34,242		204,529
ICAP PLC		133,103		934,767
IG Group Holdings PLC		88,606		960,819
Imagination Technologies Group PLCa,b		55,683		204,894
IMI PLC		63,757		1,221,855
Imperial Tobacco Group PLC		228,675		10,729,288
Inchcape PLC		96,747		1,012,045
Indivior PLCa		154,026		402,517
Informa PLC		149,156		1,146,970
Inmarsat PLC		100,038		1,253,061

Security	Shares		Value
Innovation Group PLC		386,369	$	169,734
InterContinental Hotels Group PLC		55,693		2,226,639
Intermediate Capital Group PLC		98,244		727,435
International Personal Finance PLC		62,831		410,964
Interserve PLC		37,739		303,523
Intertek Group PLC		38,386		1,321,959
Intu Properties PLC		194,939		1,068,643
Investec PLC		131,737		1,107,993
ITE Group PLC		77,048		151,302
ITV PLC		918,842		3,036,021
J Sainsbury PLCb		296,988		1,139,203
JD Wetherspoon PLC		22,654		269,130
John Menzies PLC		19,407		108,210
John Wood Group PLC		88,930		762,651
Johnson Matthey PLC		47,900		2,345,997
Jupiter Fund Management PLC		92,591		527,603
Just Eat PLCa		51,638		276,484
KAZ Minerals PLCa,b		72,820		219,612
Kcom Group PLC		167,075		208,272
Keller Group PLC		19,396		260,139
Kier Group PLC		13,936		327,771
Kingfisher PLC		556,760		2,866,487
Ladbrokes PLC		229,865		401,162
Laird PLC		70,350		336,840
Lancashire Holdings Ltd.b		48,599		445,609
Land Securities Group PLC		182,825		3,498,213
Legal & General Group PLC		1,406,540		5,659,343
Lloyds Banking Group PLCa		13,567,547		15,028,117
London Stock Exchange Group PLC		54,276		1,927,881
LondonMetric Property PLC		153,707		368,210
Lonmin PLCa		114,981		282,175
Lookers PLC		92,690		208,469
Majestic Wine PLCb		23,953		121,236
Man Group PLC		420,102		1,130,665
Marks & Spencer Group PLC		386,994		2,815,461
Marston’s PLC		122,443		269,409
Meggitt PLC		187,298		1,516,223
Melrose Industries PLC		250,900		998,591
Merlin Entertainments PLCc		119,946		726,893
Michael Page International PLC		70,442		493,013
Micro Focus International PLC		32,770		517,766
Mitchells & Butlers PLCa		51,597		330,510

38 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Mitie Group PLC		87,830	$	356,030
Mondi PLC		86,486		1,544,432
Moneysupermarket.com Group PLC		118,241		467,052
Monitise PLCa,b		449,921		87,846
Morgan Advanced Materials PLC		75,043		343,193
N Brown Group PLC		39,035		253,795
National Express Group PLC		110,268		423,138
National Grid PLC		895,972		12,588,658
Next PLC		36,403		3,955,641
Northgate PLC		36,056		333,580
Ocado Group PLCa,b		119,200		735,799
Old Mutual PLC		1,152,578		3,604,062
Ophir Energy PLCa,b		126,353		254,861
Optimal Payments PLCa		44,823		231,916
Oxford Instruments PLC		15,109		168,944
Pace PLC		76,279		383,100
Paragon Group of Companies PLC (The)		77,944		482,538
Pearson PLC		193,577		3,927,809
Pennon Group PLC		88,306		1,178,389
Persimmon PLCa		72,316		1,729,094
Petra Diamonds Ltd.a		97,657		224,993
Petrofac Ltd.		61,205		648,982
Pets at Home Group PLC		59,104		192,183
Phoenix Group Holdingsb		45,054		567,723
Playtech Ltd.		47,357		482,942
Poundland Group PLC		38,420		203,807
Premier Farnell PLC		97,444		247,334
Premier Foods PLCa		220,737		144,213
Premier Oil PLC		131,830		286,302
Primary Health Properties PLC		34,789		196,197
Provident Financial PLC		35,133		1,391,447
Prudential PLC		609,005		14,817,573
QinetiQ Group PLC		156,201		438,934
Quindell PLCb		118,968		150,983
Quintain Estates and Development PLCa		145,764		210,713
Randgold Resources Ltd.		22,051		1,882,782
Reckitt Benckiser Group PLC		154,026		13,023,978
Redefine International PLC		201,361		164,368
Redrow PLC		65,262		277,388
Reed Elsevier PLC		271,366		4,711,449
Regus PLC		157,169		476,825
Renishaw PLC		8,617		300,252

Security	Shares		Value
Rentokil Initial PLC		434,886	$	789,665
Restaurant Group PLC (The)		51,007		551,191
Rexam PLC		159,882		1,020,539
Rightmove PLC		23,776		830,596
Rio Tinto PLC		302,180		13,274,947
Rockhopper Exploration PLCa,b		122,456		95,177
Rolls-Royce Holdings PLC		447,631		5,993,530
Rotork PLC		20,510		710,032
Royal Bank of Scotland Group PLCa		596,235		3,245,240
Royal Dutch Shell PLC Class A		935,187		28,343,980
Royal Dutch Shell PLC Class B		580,235		18,339,777
Royal Mail PLC		153,810		1,004,882
RPC Group PLC		59,577		485,422
RPS Group PLC		67,431		184,725
RSA Insurance Group PLCa		242,081		1,651,751
SABMiller PLC		229,490		12,496,054
Sage Group PLC (The)		258,736		1,866,037
Salamander Energy PLCa		80,701		84,237
Savills PLC		32,414		355,870
Schroders PLC		29,515		1,284,643
SDL PLCa		27,515		175,527
SEGRO PLC		167,649		1,038,391
Senior PLC		105,401		490,102
Serco Group PLC		131,376		304,652
Severn Trent PLC		56,177		1,815,691
Shaftesbury PLC		62,994		736,071
Shanks Group PLC		126,594		187,280
Shire PLC		140,554		10,246,704
SIG PLC		153,221		424,576
Sky PLC		242,706		3,382,748
Smith & Nephew PLC		212,756		3,805,702
Smiths Group PLC		92,286		1,562,072
SOCO International PLCa		48,543		191,891
Spectris PLC		27,427		860,926
Speedy Hire PLC		163,181		178,297
Spirax-Sarco Engineering PLC		17,070		781,942
Spire Healthcare Group PLCa,c		42,679		205,760
Spirent Communications PLC		166,856		223,661
Spirit Pub Co. PLC		180,186		310,403
Sports Direct International PLCa		65,001		694,602
SSE PLC		230,803		5,577,489
SSP Group PLCa		61,820		259,230
St James’s Place PLC		125,486		1,617,051
St. Modwen Properties PLC		52,112		327,313

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
Stagecoach Group PLC		103,619	$	532,550
Standard Chartered PLC		585,110		7,800,904
Standard Life PLC		564,091		3,414,251
Stobart Group Ltd.		89,159		142,277
Stock Spirits Group PLC		55,198		163,939
SuperGroup PLCa		11,276		162,580
SVG Capital PLCa		57,594		376,537
Synergy Health PLC		14,526		472,330
Synthomer PLC		77,441		282,979
TalkTalk Telecom Group PLC		123,271		589,488
Tate & Lyle PLC		112,011		1,140,595
Taylor Wimpey PLC		770,824		1,567,527
Ted Baker PLC		6,688		238,361
Telecity Group PLC		52,818		683,802
Telecom plus PLC		19,076		312,001
Tesco PLC		1,935,879		6,534,602
Thomas Cook Group PLCa		356,974		687,867
Travis Perkins PLC		57,773		1,667,706
TSB Banking Group PLCa,b,c		59,104		237,278
TT electronics PLC		57,495		95,419
TUI AGa		62,663		1,106,506
TUI AG Newa		44,650		769,847
Tullett Prebon PLC		63,027		316,923
Tullow Oil PLC		217,662		1,193,209
UBM PLC		101,881		810,215
UDG Healthcare PLC		62,322		365,888
Ultra Electronics Holdings PLC		16,382		430,326
Unilever PLC		303,507		13,356,035
UNITE Group PLC (The)		49,660		365,389
United Utilities Group PLC		160,894		2,481,713
Vectura Group PLCa		107,643		245,333
Vedanta Resources PLC		21,814		122,335
Vesuvius PLC		52,588		347,521
Victrex PLC		19,972		617,617
Vodafone Group PLC		6,290,408		22,154,547
W.S. Atkins PLC		25,735		485,848
Weir Group PLC (The)		50,261		1,268,182
WH Smith PLC		30,369		615,751
Whitbread PLC		42,494		3,194,279
William Hill PLC		210,352		1,191,364
Wm Morrison Supermarkets PLC		504,879		1,364,142
Wolseley PLC		61,653		3,576,084
Workspace Group PLC		29,746		352,937
WPP PLC		315,749		6,952,118
Xaar PLC		30,795		142,338

Security	Shares		Value
Xchanging PLC		81,893	$	193,102
Zeal Network SE		2,045		85,973
Zoopla Property Group PLCb,c		59,908		161,957
				712,278,397
TOTAL COMMON STOCKS (Cost: $3,435,366,663)				3,387,608,956
PREFERRED STOCKS — 0.58%
GERMANY — 0.57%
Bayerische Motoren Werke AG		12,418		1,053,084
Biotest AG		1,986		243,272
Draegerwerk AG & Co. KGaA		1,843		185,803
Fuchs Petrolub SE		17,247		710,377
Henkel AG & Co. KGaA		42,218		4,840,317
Jungheinrich AG		4,318		261,954
Porsche Automobil Holding SE		35,996		3,024,543
Sartorius AG		2,360		302,267
Sixt SE		4,012		124,253
STO SE & Co. KGaA		647		94,914
Volkswagen AG		38,063		8,517,422
				19,358,206
ITALY — 0.01%
Unipol Gruppo Finanziario SpA		71,129		363,282
				363,282
TOTAL PREFERRED STOCKS (Cost: $19,622,721)				19,721,488
RIGHTS — 0.01%
SPAIN — 0.01%
ACS Actividades de Construccion y Servicios SAa		45,928		23,323
Banco Santander SAa		2,925,265		445,637
				468,960
SWITZERLAND — 0.00%
Cosmo Pharmaceuticals SpAa		1,244		—
				—
TOTAL RIGHTS (Cost: $526,864)				468,960

40 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EAFE ETF

January 31, 2015

Security	Shares		Value
SHORT-TERM INVESTMENTS — 1.61%
MONEY MARKET FUNDS — 1.61%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%e,f,g		46,381,285	$	46,381,285
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,f,g		2,790,062		2,790,062
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		5,726,959		5,726,959
				54,898,306
TOTAL SHORT-TERM INVESTMENTS (Cost: $54,898,306)				54,898,306
TOTAL INVESTMENTS IN SECURITIES — 101.26% (Cost: $3,510,414,554)				3,462,697,710
Other Assets, Less Liabilities — (1.26)%				(42,986,347	)
NET ASSETS — 100.00%			$	3,419,711,363

FDR — Fiduciary Depositary Receipts

NVS — Non-Voting Shares

SDR — Swedish Depositary Receipts

SP ADR — Sponsored American Depositary Receipts

^a  Non-income earning security.

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

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

^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.

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

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

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
MSCI EAFE E-Mini		119		Mar. 2015		NYSE LIFFE	$	10,511,270	$	(65,614)

See notes to financial statements.

SCHEDULES OF INVESTMENTS 41

Schedule of Investments(Unaudited)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.00%
AUSTRIA — 0.42%
ams AG		3,440	$	135,349
Andritz AG		3,182		172,355
CA Immobilien Anlagen AG		4,730		95,836
Erste Group Bank AG		11,610		251,873
IMMOFINANZ AGa		42,312		96,640
Mayr-Melnhof Karton AG		774		79,848
Oesterreichische Post AG		1,978		97,988
OMV AG		6,622		164,958
Raiffeisen International Bank Holding AGb		5,074		59,548
Schoeller-Bleckmann Oilfield Equipment AG		774		45,671
UNIQA Insurance Group AG		6,450		54,589
Vienna Insurance Group AG		2,064		87,610
Voestalpine AG		4,730		168,400
Wienerberger AG		5,762		81,439
				1,592,104
BELGIUM — 2.12%
Ackermans & van Haaren NV		617		73,281
Ageas		9,546		326,720
Agfa-Gevaert NVa		9,546		22,288
Anheuser-Busch InBev NV		32,938		4,017,958
Befimmo SA		1,720		131,188
Belgacom SA		6,450		240,154
bpost SA		3,526		92,788
Cofinimmo SA		1,118		136,569
Colruyt SA		3,268		150,701
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA		4,300		357,278
Econocom Group SA/NV		1,720		14,068
Elia System Operator SA		3,010		132,078
Euronav SAa		2,838		33,274
EVS Broadcast Equipment SA		688		23,190
Fagron		1,892		77,224
Groupe Bruxelles Lambert SA		3,612		299,298
Intervest Offices & Warehouses NV		516		13,451
Ion Beam Applications SAa		1,032		20,234
KBC Ancora SCAa		1,074		32,256
KBC Groep NVa		10,148		546,409
Mobistar SAa		1,204		26,711
NV Bekaert SA		2,322		70,105
Nyrstar NVa		10,750		40,384

Security	Shares		Value
Ontex Group NVa		946	$	24,537
RHJ International SAa		2,841		14,908
Solvay SA		2,494		340,818
Telenet Group Holding NVa		2,494		138,480
ThromboGenics NVa		1,290		10,110
UCB SA		4,902		381,519
Umicore SA		4,644		194,345
				7,982,324
DENMARK — 2.46%
A.P. Moeller-Maersk A/S Class A		172		337,643
A.P. Moeller-Maersk A/S Class B		258		523,282
Bavarian Nordic A/Sa		860		26,529
Carlsberg A/S Class B		4,386		322,456
Christian Hansen Holding A/S		4,558		189,384
Coloplast A/S Class B		4,730		373,200
Danske Bank A/S		26,918		698,157
DSV A/S		7,912		249,225
FLSmidth & Co. A/S		2,236		94,634
Genmab A/Sa		2,236		150,086
GN Store Nord A/S		7,396		165,928
ISS A/Sa		2,236		66,027
Jyske Bank A/S Registereda		3,268		148,070
NKT Holding A/S		1,548		79,525
Novo Nordisk A/S Class B		81,872		3,667,355
Novozymes A/S Class B		10,062		458,951
Pandora A/S		4,816		345,090
Rockwool International A/S Class B		516		55,300
Royal Unibrew A/Sa		602		102,662
SimCorp A/S		2,752		79,887
Spar Nord Bank AS		8,084		72,913
Sydbank A/Sa		3,956		111,540
TDC A/S		34,572		255,901
Topdanmark A/Sa		4,730		158,314
Tryg A/S		946		110,849
Vestas Wind Systems A/Sa		9,288		363,951
William Demant Holding A/Sa		1,118		84,720
				9,291,579
FINLAND — 1.44%
Amer Sports OYJ Class A		4,300		81,907
Cargotec Corp. OYJ Class B		548		17,550
Caverion Corp.		7,998		74,730
Citycon OYJ		22,618		76,723
Elisa OYJ		5,590		148,680
Fortum OYJ		17,888		381,510
Huhtamaki OYJ		3,182		87,219

42 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
Kemira OYJ		5,504	$	62,979
Kesko OYJ Class B		2,494		91,101
Kone OYJ Class B		12,384		558,290
Konecranes OYJ		800		24,384
Metso OYJ		4,386		133,237
Neste Oil OYJb		5,332		147,414
Nokia OYJ		153,166		1,183,091
Nokian Renkaat OYJ		4,300		106,218
Orion OYJ Class B		4,042		133,232
Outokumpu OYJa,b		9,295		50,368
Outotec OYJ		7,740		44,763
Sampo OYJ		17,372		841,380
Sanitec OYJ		1,204		13,827
Sponda OYJ		16,082		74,043
Stora Enso OYJ Class R		20,296		197,195
Tieto OYJ		3,096		76,057
UPM-Kymmene OYJ		20,726		364,623
Uponor OYJ		4,386		66,817
Valmet OYJ		7,396		95,145
Wartsila OYJ Abp		5,848		271,424
YIT OYJ		2,496		14,548
				5,418,455
FRANCE — 13.97%
ABC Arbitrage		2,322		12,472
Accor SA		6,966		348,429
Aeroports de Paris		1,376		165,212
Air France-KLMa		3,526		31,223
Airbus Group NV		24,166		1,287,150
Alcatel-Lucenta		116,100		405,355
ALSTOMa		8,944		293,904
ALTEN		1,720		72,106
Altran Technologies SA		8,858		78,537
APERAM SAa		1,220		31,995
ArcelorMittal		41,624		397,512
Arkema SA		2,618		187,597
Atos SA		3,354		248,209
AXA SA		73,530		1,730,443
Belvedere SAa		946		10,718
BNP Paribas SA		43,172		2,278,759
Boiron SA		258		26,377
Bollore		25,800		111,186
BOURBON SA		365		7,556
Bouygues SA		7,998		285,697
Bureau Veritas SA		9,546		202,786
Cap Gemini SA		6,106		444,908

Security	Shares		Value
Carrefour SA		25,026	$	786,360
Casino Guichard-Perrachon SA		2,322		211,508
CGGa,b		7,396		41,463
Christian Dior SA		2,236		387,314
Cie de Saint-Gobain		18,060		773,006
CNP Assurances SA		7,052		124,063
Coface SAa		2,236		27,314
Compagnie Generale des Etablissements Michelin Class B		7,568		740,684
Compagnie Plastic Omnium SA		2,752		79,516
Credit Agricole SA		41,194		491,118
Danone SA		23,306		1,566,671
Dassault Systemes		5,332		330,448
DBV Technologies SAa		344		16,649
Edenred SA		8,858		255,093
Eiffage SA		1,720		83,907
Electricite de France SA		10,320		280,601
Elior Participations SCAa,c		1,978		31,227
Essilor International SA		8,428		942,213
Etablissements Maurel et Proma		4,988		40,335
Euler Hermes Group		774		75,953
Eurazeo		1,806		127,089
Eurofins Scientific SE		430		110,876
Eutelsat Communications SA		6,622		227,503
Faurecia		2,752		111,239
Fonciere des Regions		1,118		114,794
GameLoft SAa		2,150		7,157
GDF Suez		59,426		1,322,745
Gecina SA		946		123,992
Genfita		688		44,642
Groupe Eurotunnel SE		21,242		285,369
Groupe Fnaca		430		21,598
Havas SA		7,056		54,542
Hermes International		982		332,940
Icade		1,462		127,628
Iliad SA		1,118		259,702
Imerys SA		1,462		105,752
Ingenico SA		2,064		215,863
Innate Pharma SAa		1,032		10,737
Ipsen SA		1,806		91,913
Ipsos SA		2,236		58,248
JCDecaux SA		2,924		105,537
Kering		3,182		644,177
Klepierre		6,817		321,630
Korian-Medica		2,236		84,502

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
L’Air Liquide SA		14,018	$	1,771,685
L’Oreal SA		9,890		1,775,058
Lafarge SA		7,654		525,226
Lagardere SCA		5,418		148,447
Legrand SA		10,922		587,899
LVMH Moet Hennessy Louis Vuitton SA		11,352		1,838,259
M6-Metropole Television		1,212		22,156
Mercialys		3,784		91,486
Montupet		86		6,849
Natixis SA		39,302		250,668
Neopost SA		1,806		93,747
Nexans SAa		1,548		48,920
Nexity		2,064		81,356
Numericable-SFRa		5,676		295,915
Orange SA		76,196		1,343,061
Orpea SA		1,978		128,768
Pernod Ricard SA		8,772		1,055,209
Peugeot SAa		16,512		239,527
Pierre & Vacances SAa		258		7,398
Publicis Groupe SA		7,310		547,979
Rallye SA		1,720		64,633
Remy Cointreau SA		1,290		95,479
Renault SA		7,826		602,380
Rexel SA		10,922		204,594
Rubis SCA		1,892		109,719
Safran SA		11,180		746,746
Sanofi		48,762		4,512,091
Schneider Electric SE		21,242		1,606,026
SCOR SE		6,364		198,675
SEB SA		1,032		70,654
SES SA Class A FDR		13,072		476,387
Societe BIC SA		1,290		183,418
Societe Generale		27,988		1,131,779
Societe Television Francaise 1		5,160		81,752
Sodexo SA		3,698		367,767
Soitec SAa		7,740		7,773
Solocal Groupa,b		31,648		26,678
Sopra Steria Group		430		33,530
STMicroelectronics NV		26,918		224,780
Suez Environnement SA		12,470		229,440
Technicolor SA Registereda		13,330		79,874
Technip SA		4,214		247,988
Teleperformance		2,580		185,136
Thales SA		3,870		204,380

Security	Shares		Value
Total SA		87,978	$	4,517,186
Ubisoft Entertainment SAa		5,074		102,434
Unibail-Rodamco SE		3,784		1,067,941
Valeo SA		3,182		451,175
Vallourec SA		4,558		99,629
Veolia Environnement SA		17,372		318,654
Vicat SA		1,032		72,575
Vinci SA		19,780		1,045,504
Vivendi SA		49,192		1,167,668
Wendel		1,376		154,421
Zodiac Aerospace		7,912		263,117
				52,665,345
GERMANY — 12.85%
Aareal Bank AG		1,204		45,698
adidas AG		8,428		581,952
AIXTRON SEa		6,020		47,736
Allianz SE Registered		18,576		3,068,851
Alstria Office REIT AG		6,708		85,878
Aurubis AG		1,978		107,519
Axel Springer SE		1,806		111,213
BASF SE		37,496		3,363,834
Bayer AG Registered		33,970		4,908,599
Bayerische Motoren Werke AG		13,588		1,585,472
Bechtle AG		1,032		87,412
Beiersdorf AG		3,956		347,311
Bilfinger Berger SE		1,978		103,613
Brenntag AG		6,450		351,697
Celesio AG		2,580		76,424
Commerzbank AGa		40,162		483,573
Continental AG		4,558		1,032,296
CTS Eventim AG & Co. KGaA		2,752		78,880
Daimler AG Registered		39,388		3,577,127
Deutsche Annington Immobilien SE		8,428		292,926
Deutsche Bank AG Registered		56,502		1,645,000
Deutsche Boerse AG		7,998		613,994
Deutsche EuroShop AG		2,236		103,616
Deutsche Lufthansa AG Registered		10,062		170,942
Deutsche Post AG Registered		39,560		1,284,336
Deutsche Telekom AG Registered		127,796		2,204,272
Deutsche Wohnen AG Bearer		11,524		299,618
Dialog Semiconductor PLCa		3,182		122,408
DMG MORI SEIKI AG		3,010		98,502
Drillisch AG		2,322		90,399
Duerr AG		1,204		109,779
E.ON SE		82,302		1,274,692

44 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
ElringKlinger AG		2,064	$	72,040
Fraport AG Frankfurt Airport Services Worldwide		1,720		105,237
Freenet AG		5,934		177,182
Fresenius Medical Care AG & Co. KGaA		9,116		675,236
Fresenius SE & Co. KGaA		15,996		916,253
GAGFAH SAa		7,052		157,486
GEA Group AG		7,740		351,508
Gerresheimer AG		1,806		98,628
Gerry Weber International AG		1,634		63,162
Hannover Rueck SE Registered		2,666		238,991
HeidelbergCement AG		5,762		424,329
Heidelberger Druckmaschinen AGa		7,138		16,778
Henkel AG & Co. KGaA		4,816		493,192
HUGO BOSS AG		1,376		177,634
Indus Holding AG		2,150		93,917
Infineon Technologies AG		46,612		524,784
K+S AG Registered		7,224		228,254
Kabel Deutschland Holding AGa		1,032		140,330
Kloeckner & Co. SEa		5,418		56,053
Krones AG		946		89,767
KUKA AG		1,634		110,670
Lanxess AG		3,870		185,820
LEG Immobilien AG		2,236		171,402
LEONI AG		1,634		102,280
Linde AG		7,654		1,467,453
MAN SE		1,548		164,937
Merck KGaA		5,504		550,977
METRO AGa		6,880		212,028
MorphoSys AGa		1,118		95,882
MTU Aero Engines Holding AG		2,322		212,582
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		7,396		1,485,591
Nordex SEa		3,870		75,616
NORMA Group SE		1,806		89,773
Osram Licht AGa		3,784		174,560
Pfeiffer Vacuum Technology AG		860		77,317
ProSiebenSat.1 Media AG Registered		8,944		397,053
QIAGEN NVa		10,492		240,760
QSC AG		4,300		8,564
Rational AG		102		33,604
Rheinmetall AG		1,892		82,220
Rhoen Klinikum AG		4,816		127,605

Security	Shares		Value
RTL Group SAa		1,720	$	162,883
RWE AG		20,382		566,032
Salzgitter AG		2,064		56,470
SAP SE		37,754		2,465,039
SGL Carbon SEa		602		9,589
Siemens AG Registered		32,508		3,411,581
Software AG		3,010		79,821
Stada Arzneimittel AG		1,229		38,201
Suedzucker AG		4,214		52,903
Symrise AG		5,504		360,983
TAG Immobilien AG		7,052		91,634
Telefonica Deutschland Holding AG		23,165		128,873
ThyssenKrupp AGa		18,662		486,256
TUI AG		7,396		130,532
United Internet AG Registeredd		5,332		231,470
Volkswagen AG		1,204		267,859
Vossloh AG		258		16,546
Wacker Chemie AG		354		37,950
Wincor Nixdorf AG		1,720		78,948
Wirecard AG		5,246		235,136
				48,431,730
IRELAND — 0.60%
Bank of Irelanda		1,073,538		324,664
C&C Group PLC		15,480		60,615
CRH PLC		29,154		701,239
Glanbia PLC		7,568		122,124
Kerry Group PLC Class A		6,536		473,658
Kingspan Group PLC		6,106		110,624
Paddy Power PLC		1,806		141,130
Ryanair Holdings PLC SP ADRa		1,634		107,811
Smurfit Kappa Group PLC		9,288		229,116
				2,270,981
ISRAEL — 0.00%
Plus500 Ltd.		1,462		12,516
				12,516
ITALY — 3.62%
A2A SpA		72,756		69,294
Anima Holding SpAa,c		6,278		31,398
Ansaldo STS SpA		8,861		89,043
Assicurazioni Generali SpA		48,762		1,028,977
Atlantia SpA		17,716		456,409
Autogrill SpAa		9,030		77,290
Azimut Holding SpA		5,074		118,466
Banca Carige SpAa		115,020		7,723

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
Banca Generali SpA		3,182	$	88,835
Banca Monte dei Paschi di Siena SpAa		92,256		41,642
Banca Popolare dell’Emilia Romagna SCa		20,820		140,849
Banca Popolare di Milano Scarla		188,168		151,185
Banca Popolare di Sondrio Scarl		16,512		64,284
Banco Popolare SCa		15,308		193,818
Beni Stabili SpA SIIQ		10,234		7,639
Brembo SpA		863		30,384
Buzzi Unicem SpA		4,816		59,129
Cerved Information Solutions SPAa		4,128		22,313
CNH Industrial NV		39,732		301,968
Credito Emiliano SpA		1,118		8,718
Credito Valtellinese SCa		56,158		63,371
Davide Campari-Milano SpA		16,254		110,051
De’Longhi SpA		3,784		68,235
Enel Green Power SpA		85,656		169,346
Enel SpA		274,082		1,239,007
Eni SpA		104,146		1,751,102
Exor SpA		4,902		200,357
FinecoBank Banca Fineco SpAa		4,816		25,934
Finmeccanica SpAa		18,490		202,182
GTECH SpA		3,526		69,233
Hera SpA		45,494		111,403
Immobiliare Grande Distribuzione SIIQ SpA		10,148		8,348
Intesa Sanpaolo SpA		482,288		1,413,930
Intesa Sanpaolo SpA RNC		40,678		103,925
Italcementi SpA		7,568		52,095
Luxottica Group SpA		6,966		414,656
Mediaset SpAa		30,788		140,152
Mediobanca SpA		26,660		231,350
Mediolanum SpA		10,750		76,485
Moleskine SpAa		14,706		19,167
Moncler SpA		4,902		72,907
Pirelli & C. SpA		10,406		147,723
Prysmian SpA		9,116		168,706
Recordati SpA		6,278		103,787
Saipem SpAa		11,352		102,866
Salvatore Ferragamo SpA		2,924		84,667
Snam SpA		88,236		431,735
Societa Cattolica di Assicurazioni Scrl		3,612		27,880
Tamburi Investment Partners SPA		7,654		24,633

Security	Shares		Value
Telecom Italia SpAa		412,714	$	481,096
Telecom Italia SpA RNC		250,346		236,314
Tenaris SA		19,436		273,718
Terna Rete Elettrica Nazionale SpA		68,628		300,635
Tod’s SpA		688		70,650
Trevi Finanziaria Industriale SpA		3,526		10,663
UniCredit SpA		182,406		1,077,552
Unione di Banche Italiane SpA		37,066		255,564
Unipol Gruppo Finanziario SpA		14,018		70,709
UnipolSai SpA		42,054		116,646
World Duty Free SpAa		6,278		69,215
Yoox SpAa		2,752		59,657
				13,647,016
NETHERLANDS — 4.20%
Aalberts Industries NV		4,730		136,695
AEGON NV		75,078		537,221
Akzo Nobel NV		9,890		715,603
Altice SAa		3,440		287,647
Arcadis NV		3,096		94,172
ASM International NV		2,752		112,931
ASML Holding NV		14,878		1,566,086
Boskalis Westminster NV		4,042		179,369
Corbion NV		1,568		26,081
Delta Lloyd NV		8,772		166,101
Eurocommercial Properties NV		2,236		99,667
Euronext NVa,c		2,150		69,777
Fiat Chrysler Automobiles NVa		37,238		491,648
Fugro NV CVA		3,096		67,184
Gemalto NVb		3,354		243,818
Heineken Holding NV		4,300		282,163
Heineken NV		9,546		713,981
ING Groep NV CVAa		157,638		1,978,100
Koninklijke Ahold NV		38,872		703,377
Koninklijke BAM Groep NV		16,512		49,918
Koninklijke DSM NV		7,310		389,517
Koninklijke KPN NV		133,042		412,411
Koninklijke Philips NV		39,990		1,107,636
Koninklijke Vopak NV		3,182		178,046
NN Group NVa		3,870		105,335
NSI NV		2,580		11,526
Nutreco NV		3,526		179,250
OCI NVa		3,698		130,553
PostNL NVa		20,468		74,488
Randstad Holding NV		5,246		277,789
Reed Elsevier NV		28,896		708,891

46 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
Royal Imtech NVa,b		3,096	$	14,429
SBM Offshore NVa		8,342		91,189
TKH Group NV		2,924		91,135
TNT Express NV		19,200		126,184
Unilever NV CVA		66,736		2,906,146
Wereldhave NV		1,590		114,454
Wolters Kluwer NV		12,556		376,111
				15,816,629
NORWAY — 1.24%
Akastor ASA		6,880		16,866
Aker Solutions ASAa		6,880		33,590
American Shipping ASA		1,376		5,326
Archer Ltd.a		3,784		1,499
Bakkafrost P/F		860		17,865
Borregaard ASA		1,978		13,909
BW LPG Ltd.c		6,020		37,275
DNB ASA		41,194		596,876
DNO ASAa		29,498		64,701
Gjensidige Forsikring ASA		9,718		163,628
Hexagon Composites ASA		1,376		3,355
Kongsberg Automotive ASAa		12,642		9,934
Leroey Seafood Group ASA		430		15,091
Marine Harvest ASA		15,480		202,725
Norsk Hydro ASA		62,350		366,836
Norwegian Air Shuttle ASAa		860		33,732
Norwegian Property ASAa		3,715		4,985
Opera Software ASA		7,224		95,537
Orkla ASA		36,292		267,373
Petroleum Geo-Services ASA		12,126		65,742
Prosafe SE		13,158		35,142
REC Silicon ASAa		129,860		27,864
REC Solar ASAa		688		9,054
Salmar ASA		1,376		21,216
Schibsted ASA		3,354		216,373
Seadrill Ltd.		16,082		170,873
Selvaag Bolig ASA		2,838		7,653
Statoil ASA		47,816		792,152
Storebrand ASAa		7,411		22,375
Subsea 7 SA		12,814		108,953
Telenor ASA		32,508		697,514
TGS-NOPEC Geophysical Co. ASA		4,644		107,554
Thin Film Electronics ASAa		12,298		9,647
Yara International ASA		8,084		420,028
				4,663,243

Security	Shares		Value
PORTUGAL — 0.27%
Banco BPI SAa,d		5,332	$	5,018
Banco Comercial Portugues SA Registereda,b		1,567,702		111,452
BANIF — Banco Internacional do Funchal SAa		2,293,964		15,532
CTT — Correios de Portugal SA		8,600		90,739
Energias de Portugal SA		98,900		376,886
Galp Energia SGPS SA Class B		16,598		175,388
Jeronimo Martins SGPS SA		11,180		120,584
NOS SGPS		12,642		80,431
Portugal Telecom SGPS SA Registered		28,036		19,963
Sonae SGPS SA		17,576		23,086
				1,019,079
SPAIN — 4.98%
Abengoa SA Class B		20,984		61,803
Abertis Infraestructuras SA		17,544		343,883
Acciona SAa		1,290		92,364
Acerinox SA		7,143		106,399
ACS Actividades de Construccion y Servicios SA		7,663		266,856
Almirall SAa		5,418		94,583
Amadeus IT Holding SA Class A		16,340		656,240
Applus Services SAa		3,096		32,421
Atresmedia Corporacion de Medios de Comunicacion SA		5,590		82,131
Axia Real Estate SOCIMI SAa		3,698		46,362
Banco Bilbao Vizcaya Argentaria SA		245,725		2,107,392
Banco de Sabadell SA		144,652		366,294
Banco Popular Espanol SA		73,651		312,000
Banco Popular Espanol SA New		174		737
Banco Santander SA		561,257		3,774,770
Bankia SAa		192,124		251,491
Bankinter SA		31,046		216,124
CaixaBank SA		91,280		398,011
Carbures Europe SAa		2,322		5,634
CIE Automotive SA		1,032		14,848
Corporacion Financiera Alba SA		1,462		69,869
Deoleo SAa		43,000		19,409
Distribuidora Internacional de Alimentacion SA		27,262		176,830
Ebro Foods SA		4,558		77,512
Enagas SA		1,036		32,851
Ence Energia y Celulosa SA		5,762		17,231

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
Faes Farma SA		11,261	$	22,937
Faes Farma SA New		91		185
Ferrovial SA		17,902		355,244
Fomento de Construcciones y Contratas SAa		5,339		66,212
Gamesa Corporacion Tecnologica SAa		9,546		94,989
Gas Natural SDG SA		15,652		367,380
Grifols SA		6,794		285,584
Grupo Catalana Occidente SA		2,924		83,645
Hispania Activos Inmobiliarios SAUa		3,440		46,078
Iberdrola SA		199,778		1,381,494
Inditex SA		45,150		1,331,566
Indra Sistemas SA		5,762		58,929
Inmobiliaria Colonial SAa,b		100,706		68,185
International Consolidated Airlines Group SAa		44,032		360,237
Jazztel PLCa		11,180		158,332
Lar Espana Real Estate SOCIMI SAa		4,558		45,983
Liberbank SAa,b		83,162		58,653
Mapfre SA		41,366		139,338
Mediaset Espana Comunicacion SAa		10,234		124,667
Merlin Properties SOCIMI SAa		5,762		69,053
Miquel y Costas & Miquel SA		688		23,796
NH Hotel Group SAa		14,018		69,444
Obrascon Huarte Lain SA		2,322		53,702
Papeles y Cartones de Europa SA		4,386		21,109
Promotora de Informaciones SAa		65,704		17,424
Prosegur Compania de Seguridad SA		15,566		86,598
Realia Business SAa		9,804		6,749
Red Electrica Corporacion SA		565		48,175
Repsol SA		41,631		736,858
Sacyr SAa,b		15,652		58,004
Tecnicas Reunidas SA		1,720		66,894
Telefonica SA		172,462		2,589,350
Viscofan SA		2,666		154,183
Zardoya Otis SA		8,353		95,108
				18,770,130
SWEDEN — 5.03%
AAK AB		1,634		88,866
AF AB		4,816		73,936
Alfa Laval AB		13,072		243,032

Security	Shares		Value
Arcam ABa		430	$	9,278
Assa Abloy AB Class B		13,760		752,334
Atlas Copco AB Class A		27,606		818,591
Atlas Copco AB Class B		15,996		438,358
Axis Communications AB		2,924		78,469
Betsson AB		1,072		40,211
Billerud AB		8,170		124,440
Boliden AB		11,954		187,566
Castellum AB		6,966		109,638
Electrolux AB Class B		9,890		306,416
Elekta AB Class B		15,996		171,708
Fabege AB		7,138		97,676
Fastighets AB Balder Class Ba		2,357		34,162
Fingerprint Cards ABa		2,838		10,841
Getinge AB Class B		8,686		214,513
Hennes & Mauritz AB Class B		38,958		1,605,894
Hexagon AB Class B		10,750		341,117
Hexpol AB		1,204		121,019
Holmen AB Class B		2,408		86,948
Hufvudstaden AB Class A		5,934		77,829
Husqvarna AB Class B		18,490		128,520
ICA Gruppen AB		3,182		122,434
Industrivarden AB Class C		5,848		104,342
Indutrade AB		2,236		91,198
Intrum Justitia AB		4,128		110,031
Investment AB Kinnevik		9,976		298,830
Investor AB Class B		19,006		693,387
JM AB		3,440		113,482
LE Lundbergfortagen AB		1,978		86,700
Loomis AB Class B		3,440		101,880
Lundin Petroleum ABa		9,460		122,818
Meda AB Class A		11,975		168,932
Medivir ABa		860		10,214
Millicom International Cellular SA SDR		2,752		175,650
Modern Times Group MTG AB		633		17,936
NCC AB Class B		3,698		119,758
Net Entertainment NE AB		688		21,832
Nibe Industrier AB Class B		3,870		98,429
Nobia AB		3,096		26,890
Nordea Bank AB		123,324		1,569,791
Opus Group AB		9,632		8,616
Oriflame Cosmetics SA SDR		1,663		22,334
Peab AB		10,836		77,938
Ratos AB Class B		9,976		62,407

48 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
Saab AB Class B		3,268	$	79,720
Sandvik AB		43,516		456,599
SAS ABa		7,568		15,095
Securitas AB		14,104		172,028
Skandinaviska Enskilda Banken AB Class A		62,522		755,030
Skanska AB Class B		15,738		349,101
SKF AB Class B		16,512		390,223
SSAB AB Class Aa,b		11,954		58,177
Svenska Cellulosa AB Class B		23,908		578,593
Svenska Handelsbanken AB Class A		20,468		971,880
Swedbank AB Class A		36,636		888,392
Swedish Match AB		8,858		288,576
Swedish Orphan Biovitrum ABa		8,256		86,677
Tele2 AB Class B		13,588		153,826
Telefonaktiebolaget LM Ericsson Class B		125,216		1,527,274
TeliaSonera AB		95,718		590,684
Trelleborg AB Class B		10,406		188,435
Unibet Group PLC SDR		1,806		107,520
Volvo AB Class B		62,436		731,349
Vostok Nafta Investment Ltd.a		2,150		8,707
Wallenstam AB Class B		4,902		81,241
Wihlborgs Fastigheter AB		4,730		92,628
				18,958,946
SWITZERLAND — 13.42%
ABB Ltd. Registered		89,010		1,713,349
Actelion Ltd. Registered		4,472		495,782
Adecco SA Registered		6,880		515,224
Allreal Holding AG Registered		1,032		162,082
Aryzta AG		3,784		284,401
Baloise Holding AG Registered		1,978		257,986
Banque Cantonale Vaudoise Registered		172		100,297
Barry Callebaut AG Registered		86		85,715
Basilea Pharmaceutica Registereda		774		89,594
Bucher Industries AG Registered		430		105,625
Burckhardt Compression Holding AG		258		79,779
Cembra Money Bank AG		1,047		63,727
Chocoladefabriken Lindt & Sprugli AG Participation Certificates		20		104,255
Chocoladefabriken Lindt & Sprugli AG Registered		2		125,830

Security	Shares		Value
Clariant AG Registered		12,384	$	199,210
Compagnie Financiere Richemont SA Class A Bearer		21,156		1,760,222
Cosmo Pharmaceuticals SpA		172		25,799
Credit Suisse Group AG Registered		61,834		1,307,180
Daetwyler Holding AG Bearer		602		71,778
Dufry AG Registereda		1,118		164,775
EMS-Chemie Holding AG Registered		344		133,106
Flughafen Zurich AG Registered		258		175,543
Forbo Holding AG Registered		86		83,518
Galenica Holding AG Registered		100		80,485
GAM Holding AG		7,654		135,602
Geberit AG Registered		1,548		530,329
Georg Fischer AG Registered		96		57,545
Givaudan SA Registered		344		628,514
Helvetia Holding AG Registered		261		133,188
Holcim Ltd. Registered		9,202		644,605
Implenia AG Registered		1,376		75,152
Julius Baer Group Ltd.		9,374		383,090
Kaba Holding AG Class B Registered		258		129,554
Kuehne & Nagel International AG Registered		2,236		307,676
Kuoni Reisen Holding AG Class B Registered		258		86,369
Leonteq AG		172		37,913
Logitech International SA Registered		8,084		119,057
Lonza Group AG Registered		2,408		285,804
Meyer Burger Technology AGa,b		6,450		40,100
Mobimo Holding AG Registered		688		158,830
Myriad Group AGa		3,698		15,917
Nestle SA Registered		131,580		10,075,334
Novartis AG Registered		93,826		9,193,429
OC Oerlikon Corp. AG Registered		8,170		93,239
Orascom Development Holding AGa		602		10,305
Panalpina Welttransport Holding AG Registered		688		84,126
Pargesa Holding SA Bearer		1,462		105,671
Partners Group Holding AG		774		207,454
PSP Swiss Property AG Registered		1,978		204,131
Roche Holding AG Genusschein		28,724		7,761,303
Santhera Pharmaceutical Holding AGa,b		172		19,723

SCHEDULES OF INVESTMENTS 49

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
Schindler Holding AG Participation Certificates		1,634	$	242,600
Schindler Holding AG Registered		1,118		162,830
Schmolz + Bickenbach AG Registereda		14,448		12,877
SGS SA Registered		258		490,734
Sika AG Bearer		86		294,627
Sonova Holding AG Registered		2,322		305,629
Straumann Holding AG Registered		516		116,711
Sulzer AG Registered		1,032		109,644
Swatch Group AG (The) Bearer		1,290		514,430
Swatch Group AG (The) Registered		2,064		151,202
Swiss Life Holding AG Registered		1,376		307,489
Swiss Prime Site AG Registered		1,634		141,724
Swiss Re AG		14,190		1,281,658
Swisscom AG Registered		946		554,717
Syngenta AG Registered		3,698		1,202,589
Tecan AG Registered		946		95,366
Temenos Group AG Registered		3,268		99,633
Transocean Ltd.		14,792		232,801
UBS Group AG		149,210		2,495,888
Valiant Holding AG Registered		1,290		105,157
Zurich Insurance Group AG		5,934		1,969,723
				50,597,251
UNITED KINGDOM — 32.38%
3i Group PLC		35,100		242,128
Abcam PLC		5,349		34,705
Aberdeen Asset Management PLC		36,808		241,969
Admiral Group PLC		7,826		170,196
Afren PLCa		44,978		3,580
Aggreko PLC		10,578		246,886
Alent PLC		14,967		82,161
Amec Foster Wheeler PLC		11,438		137,000
Amerisur Resources PLCa		15,394		7,861
Amlin PLC		22,790		166,829
Anglo American PLC		57,104		954,559
Antofagasta PLC		5,201		50,774
AO World PLCa		4,730		21,823
ARM Holdings PLC		57,104		892,809
Ashmore Group PLC		14,534		61,251
Ashtead Group PLC		20,296		331,650
ASOS PLCa		2,236		92,251
Associated British Foods PLC		15,050		701,390
AstraZeneca PLC		51,772		3,687,986
Avanti Communications Group PLCa		4,816		15,696

Security	Shares		Value
AVEVA Group PLC		3,010	$	59,357
Aviva PLC		120,314		954,094
Babcock International Group PLC		4,225		63,836
BAE Systems PLC		127,796		974,080
Balfour Beatty PLC		29,068		96,919
Bank of Georgia Holdings PLC		2,064		62,959
Barclays PLC		666,242		2,342,973
Barratt Developments PLC		39,646		272,951
BBA Aviation PLC		22,532		114,890
Beazley PLC		26,230		113,891
Bellway PLC		5,074		139,001
Berendsen PLC		9,030		151,082
Berkeley Group Holdings PLC (The)		4,816		175,259
Betfair Group PLC		4,496		108,851
BG Group PLC		140,008		1,864,957
BHP Billiton PLC		85,484		1,852,646
Big Yellow Group PLC		10,148		93,124
Bodycote PLC		9,546		97,493
boohoo.com PLCa		21,156		7,546
Booker Group PLC		63,468		142,507
Bovis Homes Group PLC		6,708		83,721
BP PLC		752,844		4,799,243
Brewin Dolphin Holdings PLC		16,254		71,625
British American Tobacco PLC		76,712		4,322,822
British Land Co. PLC (The)		35,088		437,136
Britvic PLC		11,266		119,204
BT Group PLC		322,844		2,026,312
BTG PLCa		16,254		193,098
Bunzl PLC		13,244		377,336
Burberry Group PLC		17,544		455,580
Bwin.Party Digital Entertainment PLC		43,602		69,873
Cable & Wireless Communications PLC		123,238		92,546
Cairn Energy PLCa		28,724		82,830
Capita PLC		25,800		433,214
Capital & Counties Properties PLC		28,552		164,968
Carillion PLC		18,404		94,670
Carnival PLC		7,310		329,037
Catlin Group Ltd.		16,340		171,051
Centamin PLC		80,668		81,053
Centrica PLC		208,894		921,762
Cineworld Group PLC		14,792		94,418
Close Brothers Group PLC		7,052		161,095
Cobham PLC		46,784		229,556

50 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
Coca-Cola HBC AG		8,342	$	134,184
Compass Group PLC		65,877		1,138,808
Crest Nicholson Holdings PLC		15,394		95,024
Croda International PLC		5,418		216,208
CSR PLC		8,428		108,226
Daily Mail & General Trust PLC Class A NVS		12,298		159,122
Dairy Crest Group PLC		11,782		86,460
DCC PLC		3,440		182,275
De La Rue PLC		6,536		50,898
Debenhams PLC		65,962		74,549
Derwent London PLC		3,612		176,579
Devro PLC		4,988		21,089
Diageo PLC		102,426		3,030,523
Dignity PLC		3,701		103,389
Diploma PLC		8,342		94,781
Direct Line Insurance Group PLC		59,942		281,334
Dixons Carphone PLC		35,604		232,610
Domino Printing Sciences PLC		7,912		81,102
Domino’s Pizza Group PLC		9,202		93,150
Drax Group PLC		17,716		95,921
DS Smith PLC		37,324		177,644
Dunelm Group PLC		5,762		76,112
easyJet PLC		6,622		185,187
Electrocomponents PLC		22,274		68,512
Elementis PLC		22,446		93,179
EnQuest PLCa		40,936		20,904
Enterprise Inns PLCa		37,582		58,364
Essentra PLC		10,578		131,863
esure Group PLC		19,350		67,016
Evraz PLC		9,546		24,430
Experian PLC		39,904		703,001
Fenner PLC		15,050		42,043
Fidessa Group PLC		2,408		86,798
FirstGroup PLCa		53,922		80,662
Flybe Group PLCa		10,578		10,287
Foxtons Group PLC		16,512		47,553
Fresnillo PLC		10,492		141,664
Friends Life Group Ltd.		58,566		350,434
G4S PLC		65,016		278,491
Galliford Try PLC		5,418		107,087
Genus PLC		4,988		91,696
GKN PLC		62,178		344,218
GlaxoSmithKline PLC		197,972		4,361,894
Glencore PLC		432,666		1,617,405

Security	Shares		Value
Globo PLCa		9,202	$	5,805
Go-Ahead Group PLC		2,580		95,981
Grafton Group PLC Units		10,578		106,364
Grainger PLC		25,628		74,633
Great Portland Estates PLC		13,760		162,333
Greencore Group PLC		20,124		93,151
Greene King PLC		9,116		115,076
Gulf Keystone Petroleum Ltd.a,b		54,008		37,110
GW Pharmaceuticals PLCa		6,794		41,300
Halfords Group PLC		10,234		68,245
Halma PLC		17,716		185,322
Hammerson PLC		25,886		267,676
Hansteen Holdings PLC		57,104		96,742
Hargreaves Lansdown PLC		10,062		152,784
Hays PLC		64,758		150,948
Helical Bar PLC		946		5,420
Henderson Group PLC		44,720		159,786
Hikma Pharmaceuticals PLC		6,708		237,764
Hiscox Ltd.b		14,964		165,075
Home Retail Group PLC		36,464		105,259
Homeserve PLC		15,136		76,700
Howden Joinery Group PLC		28,638		182,756
HSBC Holdings PLC		782,944		7,168,311
Hunting PLC		6,794		40,581
ICAP PLC		23,048		161,864
IG Group Holdings PLC		16,340		177,186
Imagination Technologies Group PLCa		5,504		20,253
IMI PLC		10,836		207,664
Imperial Tobacco Group PLC		39,216		1,839,990
Inchcape PLC		16,598		173,627
Indivior PLCa		26,230		68,547
Informa PLC		22,102		169,958
Inmarsat PLC		17,630		220,831
InterContinental Hotels Group PLC		9,383		375,138
Intermediate Capital Group PLC		18,318		135,633
International Personal Finance PLC		10,492		68,626
Interserve PLC		8,428		67,784
Intertek Group PLC		6,364		219,167
Intu Properties PLC		30,358		166,421
Investec PLC		22,188		186,615
ITE Group PLC		4,128		8,106
ITV PLC		154,886		511,771
J Sainsbury PLCb		52,460		201,229
JD Wetherspoon PLC		6,364		75,605

SCHEDULES OF INVESTMENTS 51

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
John Menzies PLC		1,204	$	6,713
John Wood Group PLC		15,652		134,229
Johnson Matthey PLC		8,170		400,142
Jupiter Fund Management PLC		16,254		92,619
Just Eat PLCa		4,214		22,563
KAZ Minerals PLCa		18,146		54,725
Keller Group PLC		5,332		71,513
Kier Group PLC		3,182		74,840
Kingfisher PLC		95,546		491,920
Ladbrokes PLC		39,302		68,590
Laird PLC		17,458		83,590
Lancashire Holdings Ltd.		10,922		100,145
Land Securities Group PLC		30,100		575,940
Legal & General Group PLC		240,198		966,459
Lloyds Banking Group PLCa		2,329,654		2,580,445
London Stock Exchange Group PLC		8,600		305,472
LondonMetric Property PLC		36,034		86,321
Lonmin PLCa		20,554		50,442
Man Group PLC		73,960		199,056
Marks & Spencer Group PLC		64,500		469,251
Marston’s PLC		35,088		77,204
Meggitt PLC		31,218		252,717
Melrose Industries PLC		43,516		173,195
Merlin Entertainments PLCc		6,622		40,130
Michael Page International PLC		13,502		94,499
Micro Focus International PLC		7,494		118,405
Mitchells & Butlers PLCa		12,126		77,674
Mitie Group PLC		20,984		85,061
Mondi PLC		14,534		259,542
Moneysupermarket.com Group PLC		28,380		112,101
Monitise PLCa		80,152		15,649
Morgan Advanced Materials PLC		17,200		78,661
Mothercare PLCa		8,524		22,980
N Brown Group PLC		10,836		70,453
Nanoco Group PLCa		3,870		5,522
National Express Group PLC		25,886		99,334
National Grid PLC		151,102		2,123,026
Next PLC		6,364		691,528
Northgate PLC		9,890		91,499
Ocado Group PLCa		20,812		128,469
Old Mutual PLC		191,694		599,419
Ophir Energy PLCa		23,650		47,703
Optimal Payments PLCa		4,386		22,693
Oxford Instruments PLC		3,784		42,311
Pace PLC		14,878		74,723

Security	Shares		Value
Paragon Group of Companies PLC (The)		15,910	$	98,496
Pearson PLC		33,282		675,314
Pennon Group PLC		15,910		212,309
Persimmon PLC		11,868		283,767
Petra Diamonds Ltd.a		31,906		73,509
Petrofac Ltd.		10,406		110,339
Pets at Home Group PLC		2,838		9,228
Phoenix Group Holdings		10,234		128,958
Playtech Ltd.		8,600		87,702
Poundland Group PLC		3,784		20,073
Premier Farnell PLC		24,596		62,430
Premier Foods PLCa		21,758		14,215
Premier Oil PLC		25,972		56,405
Provident Financial PLC		6,106		241,829
Prudential PLC		104,060		2,531,862
QinetiQ Group PLC		31,390		88,208
Quadrise Fuels International PLCa		8,256		2,418
Quindell PLC		17,546		22,268
Randgold Resources Ltd.		3,870		330,432
Reckitt Benckiser Group PLC		26,230		2,217,930
Reed Elsevier PLC		45,322		786,879
Regus PLC		31,046		94,189
Renishaw PLC		602		20,976
Rentokil Initial PLC		86,000		156,159
Restaurant Group PLC (The)		9,890		106,873
Rexam PLC		27,090		172,918
Rightmove PLC		4,214		147,213
Rio Tinto PLC		52,116		2,289,487
Rolls-Royce Holdings PLC		76,712		1,027,131
Rotork PLC		3,612		125,043
Royal Bank of Scotland Group PLCa		100,190		545,323
Royal Dutch Shell PLC Class A		159,874		4,845,518
Royal Dutch Shell PLC Class B		100,276		3,169,474
Royal Mail PLC		26,660		174,177
RPC Group PLC		13,424		109,376
RPS Group PLC		17,286		47,354
RSA Insurance Group PLCa		42,656		291,048
SABMiller PLC		39,130		2,130,684
Safestore Holdings PLC		2,408		9,729
Sage Group PLC (The)		45,408		327,488
Salamander Energy PLCa		7,912		8,259
Savills PLC		8,170		89,698
Schroders PLC		4,472		194,644
SDL PLCa		2,924		18,653

52 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
SEGRO PLC		26,402	$	163,530
Senior PLC		21,414		99,573
Serco Group PLC		23,908		55,441
Severn Trent PLC		9,804		316,874
Shaftesbury PLC		11,180		130,636
Shire PLC		24,166		1,761,756
SIG PLC		31,476		87,220
Sky PLC		42,054		586,133
Smith & Nephew PLC		36,722		656,870
Smiths Group PLC		15,050		254,743
SOCO International PLC		12,298		48,614
Spectris PLC		4,902		153,872
Speedy Hire PLC		16,340		17,854
Spirax-Sarco Engineering PLC		3,010		137,882
Spire Healthcare Group PLCa,c		4,042		19,487
Spirent Communications PLC		49,536		66,400
Spirit Pub Co. PLC		18,576		32,001
Sports Direct International PLCa		11,266		120,389
SSE PLC		39,904		964,303
SSP Group PLCa		4,386		18,392
St James’s Place PLC		21,500		277,056
St. Modwen Properties PLC		13,502		84,805
Stagecoach Group PLC		20,898		107,405
Standard Chartered PLC		98,642		1,315,132
Standard Life PLC		94,256		570,499
Stock Spirits Group PLC		5,418		16,092
SuperGroup PLCa		1,204		17,360
SVG Capital PLCa		15,652		102,329
Synergy Health PLC		4,042		131,430
Synthomer PLC		19,608		71,650
TalkTalk Telecom Group PLC		22,188		106,104
Tate & Lyle PLC		20,210		205,796
Taylor Wimpey PLC		127,882		260,057
Ted Baker PLC		516		18,390
Telecity Group PLC		9,460		122,473
Telecom plus PLC		3,526		57,670
Tesco PLC		329,380		1,111,829
Thomas Cook Group PLCa		59,942		115,505
Travis Perkins PLC		9,632		278,042
Trinity Mirror PLCa		9,116		23,583
TUI AG Newa		6,749		116,365
Tullett Prebon PLC		16,684		83,893
Tullow Oil PLC		37,496		205,551
Tungsten Corp. PLCa		2,064		7,068
UBM PLC		19,267		153,222

Security	Shares		Value
UDG Healthcare PLC		16,684	$	97,951
Ultra Electronics Holdings PLC		3,784		99,399
Unilever PLC		51,858		2,282,047
UNITE Group PLC (The)		13,416		98,712
United Utilities Group PLC		28,466		439,074
Vectura Group PLCa		10,062		22,933
Vedanta Resources PLC		1,204		6,752
Vesuvius PLC		11,524		76,155
Victrex PLC		3,784		117,017
Vodafone Group PLC		1,078,698		3,799,128
W.S. Atkins PLC		5,332		100,662
Weir Group PLC (The)		8,600		216,995
WH Smith PLC		6,622		134,265
Whitbread PLC		7,052		530,100
William Hill PLC		28,638		162,196
Wm Morrison Supermarkets PLC		90,128		243,519
Wolseley PLC		10,148		588,619
Workspace Group PLC		8,772		104,080
WPP PLC		52,976		1,166,418
Xaar PLC		3,354		15,503
				122,066,142
TOTAL COMMON STOCKS
(Cost: $390,483,465)				373,203,470
PREFERRED STOCKS — 0.85%
GERMANY — 0.85%
Bayerische Motoren Werke AG		2,236		189,620
Fuchs Petrolub SE		1,462		60,217
Henkel AG & Co. KGaA		7,396		847,956
Jungheinrich AG		442		26,814
Porsche Automobil Holding SE		6,278		527,505
Sartorius AG		284		36,374
Volkswagen AG		6,708		1,501,061
				3,189,547
ITALY — 0.00%
Unipol Gruppo Finanziario SpA		3,272		16,711
				16,711
TOTAL PREFERRED STOCKS
(Cost: $3,256,728)				3,206,258

SCHEDULES OF INVESTMENTS 53

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI EUROPE ETF

January 31, 2015

Security	Shares		Value
RIGHTS — 0.01%
SPAIN — 0.01%
ACS Actividades de Construccion y Servicios SAa		4,281	$	2,174
Banco Santander SAa		283,386		43,171
				45,345
SWITZERLAND — 0.00%
Cosmo Pharmaceuticals SpAa		48		—
				—
TOTAL RIGHTS
(Cost: $50,954)				45,345
SHORT-TERM INVESTMENTS — 0.20%
MONEY MARKET FUNDS — 0.20%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%e,f,g		685,476		685,476
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,f,g		41,235		41,235
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		3,631		3,631
				730,342
TOTAL SHORT-TERM INVESTMENTS
(Cost: $730,342)				730,342
TOTAL INVESTMENTS IN SECURITIES — 100.06% (Cost: $394,521,489)				377,185,415
Other Assets, Less Liabilities — (0.06)%				(213,025	)
NET ASSETS — 100.00%			$	376,972,390

FDR — Fiduciary Depositary Receipts

NVS — Non-Voting Shares

SDR — Swedish Depositary Receipts

SP ADR — Sponsored American Depositary Receipts

^a  Non-income earning security.

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

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

^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.

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

See notes to financial statements.

54 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments   (Unaudited)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.13%
AUSTRALIA — 20.56%
Abacus Property Group		33,320	$	79,141
Adelaide Brighton Ltd.		31,850		88,795
AGL Energy Ltd.		43,192		477,628
Ainsworth Game Technology Ltd.		14,980		34,414
ALS Ltd.		27,300		104,173
Alumina Ltd.a		175,000		264,386
Amcom Telecommunications Ltd.		30,170		67,195
Amcor Ltd.		80,850		804,654
AMP Ltd.		200,760		902,093
Ansell Ltd.		11,550		203,907
APA Group		71,160		449,977
APN News & Media Ltd.a		72,730		45,877
ARB Corp. Ltd.		5,950		53,657
Ardent Leisure Group		32,900		71,226
Aristocrat Leisure Ltd.		30,240		165,317
Asciano Ltd.		65,380		307,016
ASX Ltd.		12,880		382,556
Atlas Iron Ltd.		20,090		2,660
Aurizon Holdings Ltd.		142,170		548,039
AusNet Services		107,310		116,995
Australia and New Zealand Banking Group Ltd.		186,340		4,788,706
Australian Agricultural Co. Ltd.a		57,890		72,131
Automotive Holdings Group		19,740		58,108
Aveo Group		28,420		50,461
AWE Ltd.a		77,280		80,945
Bank of Queensland Ltd.		26,740		260,505
Beach Energy Ltd.		125,440		93,779
Bendigo & Adelaide Bank Ltd.		31,710		330,408
BHP Billiton Ltd.		219,520		5,002,033
BlueScope Steel Ltd.a		38,360		150,260
Boral Ltd.		51,520		224,679
Bradken Ltd.		17,220		36,610
Brambles Ltd.		105,910		874,261
Breville Group Ltd.		9,870		55,802
BT Investment Management Ltd.		8,540		47,884
BWP Trust		39,270		87,157
Cabcharge Australia Ltd.		16,870		57,148
Caltex Australia Ltd.		9,450		245,944
Cardno Ltd.		13,230		30,496
carsales.com Ltd.		15,400		123,525
Challenger Ltd.		35,490		174,395
Charter Hall Group		20,370		76,778

Security	Shares		Value
Charter Hall Retail REIT		25,760	$	88,066
Coca-Cola Amatil Ltd.		39,130		295,583
Cochlear Ltd.		4,690		303,144
Commonwealth Bank of Australia		109,480		7,616,058
Computershare Ltd.		31,360		284,023
Cover-More Group Ltd.		27,090		39,978
Cromwell Group		98,070		80,954
Crown Resorts Ltd.		24,500		259,670
CSL Ltd.		33,110		2,267,739
CSR Ltd.		35,140		109,461
Dexus Property Group		59,809		359,103
Domino’s Pizza Enterprises Ltd.		4,620		94,407
Downer EDI Ltd.		30,520		100,061
Drillsearch Energy Ltd.a		88,340		53,660
DUET Group		97,725		190,258
DuluxGroup Ltd.		27,230		126,808
Echo Entertainment Group Ltd.		54,810		172,867
Fairfax Media Ltd.		138,810		97,288
Federation Centres		91,630		216,211
FlexiGroup Ltd.		23,660		54,170
Flight Centre Travel Group Ltd.		3,710		109,239
Fortescue Metals Group Ltd.		113,890		209,313
G8 Education Ltd.		17,010		55,635
GDI Property Group		77,910		51,268
Goodman Fielder Ltd.		129,920		64,752
Goodman Group		113,470		541,676
GPT Group (The)		108,780		382,900
GrainCorp Ltd. Class A		17,220		119,484
GWA Group Ltd.		28,490		58,794
Harvey Norman Holdings Ltd.		37,450		115,199
iiNET Ltd.		14,420		84,222
Iluka Resources Ltd.		29,610		163,026
Incitec Pivot Ltd.		113,540		319,194
Independence Group NL		20,160		77,713
Insurance Australia Group Ltd.		158,130		788,120
Investa Office Fund		40,950		123,095
Invocare Ltd.		9,940		101,017
IOOF Holdings Ltd.		18,690		137,398
Iress Ltd.		15,260		122,759
James Hardie Industries SE		29,960		303,774
JB Hi-Fi Ltd.		7,140		93,135
Karoon Gas Australia Ltd.a		25,690		42,413
Leighton Holdings Ltd.		6,930		111,335
Lend Lease Group		35,840		465,546
Liquefied Natural Gas Ltd.a,b		12,740		29,565

SCHEDULES OF INVESTMENTS 55

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
M2 Group Ltd.		16,730	$	117,256
Macquarie Atlas Roads Group		29,400		67,541
Macquarie Group Ltd.		13,066		632,385
Magellan Financial Group Ltd.		7,210		107,411
McMillan Shakespeare Ltd.		5,740		51,405
Medibank Pvt Ltd.a		187,740		347,962
Mesoblast Ltd.a		14,420		45,143
Metcash Ltd.		63,350		72,027
Mineral Resources Ltd.		10,990		57,684
Mirvac Group		240,940		362,130
MMA Offshore Ltd.		43,890		27,343
Monadelphous Group Ltd.		6,020		38,255
Mount Gibson Iron Ltd.		160,090		26,804
Myer Holdings Ltd.		46,270		56,031
National Australia Bank Ltd.		159,810		4,434,227
Navitas Ltd.		15,610		65,279
Newcrest Mining Ltd.a		56,140		592,830
Nine Entertainment Co. Holdings Ltd.		36,890		50,849
Novion Property Group		135,310		244,465
Nufarm Ltd.		21,280		94,294
Orica Ltd.		25,410		358,955
Origin Energy Ltd.		75,390		627,022
Orora Ltd.		86,730		143,862
OZ Minerals Ltd.		24,290		73,204
OzForex Group Ltd.		22,610		44,723
Pacific Brands Ltd.		104,160		39,746
Pact Group Holdings Ltd.		17,990		66,266
PanAust Ltd.		40,810		38,455
Perpetual Ltd.		3,220		123,323
Platinum Asset Management Ltd.		14,840		100,543
Premier Investments Ltd.		7,070		56,544
Primary Health Care Ltd.		38,220		137,807
Qantas Airways Ltd.a		73,640		149,676
QBE Insurance Group Ltd.		85,260		704,464
Qube Logistics Holdings Ltd.		49,700		90,567
Ramsay Health Care Ltd.		8,890		411,578
REA Group Ltd.		3,640		140,457
Recall Holdings Ltd.		24,430		136,028
Regis Resources Ltd.a		43,750		64,563
Rio Tinto Ltd.		29,890		1,339,815
SAI Global Ltd.		16,800		51,416
Sandfire Resources NL		10,290		34,217
Santos Ltd.		65,940		404,644
Scentre Groupa		341,531		1,010,676

Security	Shares		Value
Seek Ltd.		21,980	$	305,537
Senex Energy Ltd.a		151,830		32,515
Seven West Media Ltd.		55,510		56,629
Shopping Centres Australasia Property Group		56,280		84,588
Sigma Pharmaceuticals Ltd.		101,290		63,104
Sims Metal Management Ltd.		13,720		116,140
Sirius Resources NLa		18,480		36,122
Sirtex Medical Ltd.		4,550		95,492
Skilled Group Ltd.		25,200		25,708
Slater & Gordon Ltd.		14,210		73,478
Sonic Healthcare Ltd.		25,480		373,834
Southern Cross Media Group Ltd.		80,710		66,310
Spark Infrastructure Group		97,860		163,086
Steadfast Group Ltd.		53,130		60,614
Stockland		152,180		519,075
STW Communications Group Ltd.		63,070		45,187
Suncorp Group Ltd.		86,940		996,611
Sundance Energy Australia Ltd.a		62,510		22,636
Super Retail Group Ltd.		11,200		76,143
Sydney Airport		70,000		272,017
Tabcorp Holdings Ltd.		51,240		182,357
Tassal Group Ltd.		18,200		53,433
Tatts Group Ltd.		93,660		281,540
Telstra Corp. Ltd.		290,710		1,471,538
Ten Network Holdings Ltd.a		199,080		31,007
Toll Holdings Ltd.		46,270		223,043
Tox Free Solutions Ltd.		26,180		59,328
TPG Telecom Ltd.		18,760		97,883
Transfield Services Ltd.a		49,140		54,340
Transpacific Industries Group Ltd.		120,610		77,488
Transurban Group		116,690		836,934
Treasury Wine Estates Ltd.		44,170		169,235
UGL Ltd.		13,090		18,298
UXC Ltd.		25,410		14,742
Veda Group Ltd.		29,890		53,537
Village Roadshow Ltd.		11,200		53,204
Virgin Australia Holdings Ltd.a		138,390		50,652
Virtus Health Ltd.		12,460		77,917
Vocation Ltd.		12,737		2,480
Wesfarmers Ltd.		76,473		2,595,931
Western Areas Ltd.		16,030		50,183
Westfield Corp.		133,000		1,021,237
Westpac Banking Corp.		211,190		5,667,437
Whitehaven Coal Ltd.a		58,870		56,848

56 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
Woodside Petroleum Ltd.		50,470	$	1,347,325
Woolworths Ltd.		85,540		2,117,002
WorleyParsons Ltd.		14,420		108,029
				69,669,448
HONG KONG — 8.67%
AIA Group Ltd.		826,000		4,820,690
ASM Pacific Technology Ltd.b		21,000		190,543
Bank of East Asia Ltd. (The)		112,000		465,141
BOC Hong Kong (Holdings) Ltd.b		245,000		861,079
Brightoil Petroleum (Holdings) Ltd.a		280,000		68,977
Cathay Pacific Airways Ltd.		70,000		163,413
Century City International Holdings Ltd.		2,240,000		173,344
Champion REIT		140,000		68,616
Cheung Kong Holdings Ltd.		47,000		900,192
Cheung Kong Infrastructure Holdings Ltd.		70,000		576,461
China Public Procurement Ltd.a		1,680,000		40,086
Citic Telecom International Holdings Ltd.		210,000		65,275
CLP Holdings Ltd.		140,000		1,249,524
Dah Sing Banking Group Ltd.		84,000		140,409
Esprit Holdings Ltd.		133,000		150,096
FIH Mobile Ltd.a,b		210,000		93,714
First Pacific Co. Ltd./Hong Kong		140,000		142,648
G-Resources Group Ltd.a		2,961,000		84,400
Galaxy Entertainment Group Ltd.b		150,000		791,271
Giordano International Ltd.		140,000		66,268
Global Brands Group Holding Ltd.a		700,065		132,729
Hang Lung Properties Ltd.		140,000		412,596
Hang Seng Bank Ltd.		56,000		980,841
Henderson Land Development Co. Ltd.		70,200		501,600
Hilong Holding Ltd.		140,000		43,517
HKT Trust & HKT Ltd.		210,720		276,128
Hong Kong & China Gas Co. Ltd.		420,000		964,228
Hong Kong Exchanges and Clearing Ltd.		29,100		670,324
Hopewell Holdings Ltd.		35,000		131,588
Hutchison Telecommunications Hong Kong Holdings Ltd.		280,000		127,842
Hutchison Whampoa Ltd.		94,000		1,247,538
Hysan Development Co. Ltd.		70,000		339,015
IGG Inc.		140,000		51,462
Johnson Electric Holdings Ltd.		35,250		128,664

Security	Shares		Value
K. Wah International Holdings Ltd.		140,000	$	75,658
Kerry Logistics Network Ltd.		70,000		107,076
Kerry Properties Ltd.		35,000		124,140
Kowloon Development Co. Ltd.		70,000		81,707
Langham Hospitality Investments Ltd.		140,000		63,560
Li & Fung Ltd.		420,000		416,568
Link REIT (The)		140,000		947,977
Macau Legend Development Ltd.a		140,000		51,462
Man Wah Holdings Ltd.		112,000		95,917
Melco International Development Ltd.		70,000		140,662
MGM China Holdings Ltd.		56,000		136,653
MTR Corp. Ltd.		105,000		466,540
New World Development Co. Ltd.		350,000		418,013
Newocean Energy Holdings Ltd.		140,000		51,100
NWS Holdings Ltd.		140,000		260,378
Pacific Basin Shipping Ltd.		210,000		77,734
Pacific Textiles Holdings Ltd.		70,000		96,603
PCCW Ltd.		280,000		186,345
Power Assets Holdings Ltd.		105,000		1,101,008
Sa Sa International Holdings Ltd.		140,000		90,645
Sands China Ltd.		168,000		824,469
Shangri-La Asia Ltd.		140,000		182,373
Shun Tak Holdings Ltd.		280,000		128,203
Sino Land Co. Ltd.		140,000		234,737
SITC International Holdings Co. Ltd.		140,000		77,283
SJM Holdings Ltd.b		140,000		206,569
SmarTone Telecommunications Holding Ltd.		70,000		122,786
SPT Energy Group Inc.b		140,000		22,390
Stella International Holdings Ltd.		35,000		92,541
Sun Hung Kai Properties Ltd.		140,000		2,285,980
Sunlight REIT		140,000		70,782
Swire Pacific Ltd. Class A		35,000		469,926
Swire Properties Ltd.		84,000		270,309
Techtronic Industries Co. Ltd.		105,000		343,980
Town Health International Medical Group Ltd.		420,000		88,297
Truly International Holdings Ltd.		140,000		50,559
Value Partners Group Ltd.		140,000		119,535
VTech Holdings Ltd.b		14,000		197,360
Wharf Holdings Ltd. (The)		70,000		568,786
Wheelock and Co. Ltd.		70,000		397,248
Wynn Macau Ltd.		112,000		312,742

SCHEDULES OF INVESTMENTS 57

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
Xinyi Glass Holdings Co. Ltd.		140,000	$	73,852
Yue Yuen Industrial Holdings Ltd.		35,000		130,234
				29,380,906
JAPAN — 64.36%
Accordia Golf Co. Ltd.		7,000		71,570
Acom Co. Ltd.a,b		28,000		76,993
Adeka Corp.		7,000		86,707
Advance Residence Investment Corp.		70		179,671
Advantest Corp.		14,000		180,207
Aeon Co. Ltd.		42,000		446,763
AEON Financial Service Co. Ltd.		7,000		127,229
Aeon Mall Co. Ltd.		7,000		116,980
AEON REIT Investment Corp.		70		96,063
Aica Kogyo Co. Ltd.		7,000		157,025
Aida Engineering Ltd.		7,000		69,842
AIFUL Corp.a,b		21,000		69,723
Aisin Seiki Co. Ltd.		14,000		494,019
Ajinomoto Co. Inc.		70,000		1,453,156
Alpine Electronics Inc.		7,000		109,471
Alps Electric Co. Ltd.		14,000		295,220
Amada Co. Ltd.		28,000		257,438
Amano Corp.		7,000		75,086
ANA Holdings Inc.		70,000		194,390
Anritsu Corp.		14,000		92,249
Aoki Holdings Inc.		7,000		81,582
Aozora Bank Ltd.		70,000		256,247
Asahi Diamond Industrial Co. Ltd.		7,000		72,047
Asahi Glass Co. Ltd.		70,000		375,431
Asahi Group Holdings Ltd.		28,000		927,017
Asahi Kasei Corp.		70,000		698,421
ASICS Corp.		14,000		346,827
Astellas Pharma Inc.		147,000		2,289,503
Autobacs Seven Co. Ltd.		7,000		103,095
Azbil Corp.		7,000		175,320
Bandai Namco Holdings Inc.		14,000		285,923
Bank of Saga Ltd. (The)		70,000		160,899
Bank of the Ryukyus Ltd.		7,000		97,612
Bank of Yokohama Ltd. (The)		70,000		381,271
Benesse Holdings Inc.		7,000		210,063
BIC Camera Inc.		7,000		79,794
Bridgestone Corp.		42,000		1,694,088
Brother Industries Ltd.		14,000		242,421
Calbee Inc.		7,000		275,614
Canon Inc.		77,000		2,451,952

Security	Shares		Value
Canon Marketing Japan Inc.		7,000	$	127,944
Capcom Co. Ltd.		7,000		118,171
Casio Computer Co. Ltd.b		14,000		221,564
Cawachi Ltd.		7,000		111,974
Central Japan Railway Co.		7,000		1,210,914
Chiba Bank Ltd. (The)		70,000		476,738
Chubu Electric Power Co. Inc.a		42,000		558,498
Chugai Pharmaceutical Co. Ltd.		14,000		420,125
Chugoku Bank Ltd. (The)		14,000		200,826
Chugoku Electric Power Co. Inc. (The)		21,000		292,479
Citizen Holdings Co. Ltd.		21,000		169,123
CKD Corp.		7,000		67,458
Coca-Cola East Japan Co. Ltd.		7,000		117,397
Coca-Cola West Co. Ltd.		7,000		100,592
Colowide Co. Ltd.		7,000		118,648
COMSYS Holdings Corp.		7,000		96,182
Corona Corp.		14,000		139,446
Cosmo Oil Co. Ltd.		70,000		94,752
Credit Saison Co. Ltd.		7,600		129,530
Dai Nippon Printing Co. Ltd.		70,000		634,955
Dai-ichi Life Insurance Co. Ltd. (The)		70,000		949,900
Daibiru Corp.		7,000		62,095
Daifuku Co. Ltd.		7,000		80,986
Daihatsu Motor Co. Ltd.		14,000		196,654
Daiichi Sankyo Co. Ltd.		42,000		612,489
Daikin Industries Ltd.		14,000		986,251
Daiseki Co. Ltd.		7,000		119,900
Daito Trust Construction Co. Ltd.		7,000		785,127
Daiwa House Industry Co. Ltd.		63,000		1,172,685
Daiwa Securities Group Inc.		140,000		1,027,966
Daiwahouse Residential Investment Corp.		1		4,708
DCM Holdings Co. Ltd.		14,000		94,037
Dena Co. Ltd.		7,000		92,547
Denso Corp.		35,000		1,564,594
Dentsu Inc.		14,000		580,428
DIC Corp.		70,000		175,201
DMG Mori Seiki Co Ltd.		14,000		184,140
Don Quijote Holdings Co. Ltd.		7,000		513,685
Duskin Co. Ltd.		7,000		110,961
East Japan Railway Co.		21,000		1,632,231
EDION Corp.		14,000		104,525
Eighteenth Bank Ltd. (The)		70,000		203,805
Eiken Chemical Co. Ltd.		7,000		109,233

58 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
Eisai Co. Ltd.		14,000	$	701,758
Electric Power Development Co. Ltd.		7,000		256,842
EPS Holdings Inc.		7,000		87,481
Euglena Co. Ltd.a		7,000		105,657
FamilyMart Co. Ltd.		7,000		305,112
Fancl Corp.		7,000		112,391
FANUC Corp.		14,000		2,370,578
Fast Retailing Co. Ltd.		7,000		2,623,249
FCC Co. Ltd.		7,000		134,380
Fuji Electric Co. Ltd.		70,000		302,728
Fuji Heavy Industries Ltd.		42,000		1,536,228
Fuji Machine Manufacturing Co. Ltd.		7,000		68,352
Fuji Oil Co. Ltd. New		7,000		90,401
FUJIFILM Holdings Corp.		35,000		1,191,248
Fujitec Co. Ltd.		7,000		72,405
Fujitsu Ltd.		140,000		745,618
Fukuoka Financial Group Inc.		70,000		352,786
Fukuoka REIT Corp.		70		141,591
Furukawa Electric Co. Ltd.		70,000		117,397
Glory Ltd.		7,000		185,332
GLP J-REIT		140		159,469
GMO Internet Inc.		7,000		58,400
Godo Steel Ltd.		70,000		113,821
Gree Inc.		14,000		80,092
Gulliver International Co. Ltd.		7,000		56,195
GungHo Online Entertainment Inc.		28,000		97,016
Hachijuni Bank Ltd. (The)		70,000		466,011
Hakuhodo DY Holdings Inc.		14,000		140,638
Hamamatsu Photonics K.K.		7,000		333,120
Hankyu Hanshin Holdings Inc.		70,000		391,521
Haseko Corp.		21,000		172,519
Hazama Ando Corp.		14,000		92,487
Heiwa Real Estate REIT Inc.		70		58,341
Heiwado Co. Ltd.		7,000		149,159
Hino Motors Ltd.		21,000		301,239
Hisamitsu Pharmaceutical Co. Inc.		7,000		239,561
Hitachi Chemical Co. Ltd.		7,000		142,366
Hitachi Construction Machinery Co. Ltd.		7,000		131,222
Hitachi High-Technologies Corp.		7,000		220,193
Hitachi Ltd.		350,000		2,673,605
Hitachi Transport System Ltd.		7,000		92,249
Hitachi Zosen Corp.		21,000		116,205
Hokkaido Electric Power Co. Inc.a		14,000		113,702

Security	Shares		Value
Hokuetsu Kishu Paper Co. Ltd.		14,000	$	66,505
Hokuhoku Financial Group Inc.		70,000		145,405
Hokuriku Electric Power Co.		14,000		199,157
Honda Motor Co. Ltd.		112,000		3,414,396
House Foods Group Inc.		7,000		140,995
Hoya Corp.		28,000		1,096,258
Hulic Co. Ltd.		14,000		128,600
Hulic Reit Inc.		70		105,121
IBIDEN Co. Ltd.		7,000		106,313
Ichigo Group Holdings Co. Ltd.		21,000		43,800
Ichigo Real Estate Investment Corp.		140		110,126
Ichiyoshi Securities Co. Ltd.		7,000		71,689
Idemitsu Kosan Co. Ltd.		7,000		117,635
IHI Corp.		70,000		369,472
Iida Group Holdings Co. Ltd.		14,000		176,035
Iino Kaiun Kaisha Ltd.		14,000		82,595
INPEX Corp.		63,000		699,374
Invesco Office J-Reit Inc.		70		69,425
Invincible Investment Corp.		70		31,346
Isetan Mitsukoshi Holdings Ltd.		21,000		300,345
Isuzu Motors Ltd.		35,000		471,225
IT Holdings Corp.		7,000		117,158
Ito EN Ltd.		7,000		134,917
ITOCHU Corp.		105,000		1,072,660
Itoki Corp.		7,000		34,742
Iyo Bank Ltd. (The)		14,000		163,044
J Trust Co. Ltd.		7,000		57,387
J. Front Retailing Co. Ltd.		35,000		450,219
Japan Airlines Co. Ltd.		14,000		477,930
Japan Communications Inc.a		14,000		61,022
Japan Display Inc.a		21,000		74,014
Japan Excellent Inc.		70		90,163
Japan Exchange Group Inc.		21,000		495,390
Japan Hotel REIT Investment Corp.		140		92,487
Japan Logistics Fund Inc.		70		150,351
Japan Prime Realty Investment Corp.		70		245,520
Japan Real Estate Investment Corp.		70		341,463
Japan Rental Housing Investments Inc.		140		111,557
Japan Retail Fund Investment Corp.		140		304,159
Japan Securities Finance Co. Ltd.		14,000		69,961
Japan Tobacco Inc.		77,000		2,118,950
JFE Holdings Inc.		35,000		778,125
Joyo Bank Ltd. (The)		70,000		355,170

SCHEDULES OF INVESTMENTS 59

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
JSP Corp.		7,000	$	140,638
JSR Corp.		14,000		249,453
JTEKT Corp.		14,000		234,078
JX Holdings Inc.		154,000		571,346
Kadokawa Dwangoa		7,000		104,227
Kagome Co. Ltd.		7,000		111,199
Kajima Corp.		70,000		279,487
Kakaku.com Inc.		14,000		200,111
Kamei Corp.		14,000		93,083
Kansai Electric Power Co. Inc. (The)a		49,000		476,797
Kao Corp.		35,000		1,543,736
Kawasaki Heavy Industries Ltd.		70,000		339,080
Kawasaki Kisen Kaisha Ltd.		70,000		202,614
KDDI Corp.		42,000		2,990,218
Keikyu Corp.		70,000		549,440
Keio Corp.		70,000		574,469
Keiyo Co. Ltd.		21,000		99,936
Kenedix Inc.		14,000		63,883
Kewpie Corp.		7,000		163,283
Keyence Corp.		7,000		3,306,772
Kikkoman Corp.		70,000		2,082,748
Kintetsu Corp.		140,000		495,807
Kirin Holdings Co. Ltd.		56,000		758,013
Kitz Corp.		14,000		67,101
Kiyo Bank Ltd. (The)		7,000		87,303
Kobe Steel Ltd.		210,000		371,855
Koei Tecmo Holdings Co. Ltd.		7,000		106,491
Kohnan Shoji Co. Ltd.		7,000		79,556
Koito Manufacturing Co. Ltd.		7,000		230,324
Kokuyo Co. Ltd.		7,000		53,693
Komatsu Ltd.		63,000		1,250,721
Komori Corp.		7,000		76,397
Konami Corp.		7,000		131,639
Konica Minolta Holdings Inc.		35,000		389,137
Konishi Co. Ltd.		7,000		120,913
Kubota Corp.		70,000		1,050,909
Kuraray Co. Ltd.		21,000		266,020
Kurita Water Industries Ltd.		7,000		150,470
Kuroda Electric Co. Ltd.		7,000		100,949
Kyocera Corp.		21,000		933,929
KYORIN Holdings Inc.		7,000		142,604
Kyowa Exeo Corp.		7,000		74,490
Kyushu Electric Power Co. Inc.a		28,000		272,456
Lawson Inc.		7,000		460,052

Security	Shares		Value
Leopalace21 Corp.a		14,000	$	91,414
Lintec Corp.		7,000		155,476
LIXIL Group Corp.		21,000		413,153
M3 Inc.		14,000		283,897
Makita Corp.		7,000		314,051
Marubeni Corp.		133,000		739,927
Maruha Nichiro Corp.		7,000		104,823
Marui Group Co. Ltd.		14,000		146,954
Marusan Securities Co. Ltd.		14,000		97,850
Matsuda Sangyo Co. Ltd.		7,000		79,675
Matsui Securities Co. Ltd.		7,000		59,890
Mazda Motor Corp.		42,000		875,112
McDonald’s Holdings Co. (Japan) Ltd.		7,000		153,808
Medipal Holdings Corp.		7,000		82,356
MEGMILK SNOW BRAND Co. Ltd.		7,000		96,718
MEIJI Holdings Co. Ltd.		7,000		775,295
Mie Bank Ltd. (The)		70,000		156,132
Miraca Holdings Inc.		7,000		315,839
MIRAIT Holdings Corp.		7,000		81,701
Misumi Group Inc.		7,000		264,291
Mitsubishi Chemical Holdings Corp.		91,000		475,743
Mitsubishi Corp.		98,000		1,725,314
Mitsubishi Electric Corp.		140,000		1,640,574
Mitsubishi Estate Co. Ltd.		70,000		1,420,381
Mitsubishi Heavy Industries Ltd.		210,000		1,171,166
Mitsubishi Materials Corp.		70,000		222,875
Mitsubishi Motors Corp.		42,000		358,984
Mitsubishi Tanabe Pharma Corp.		14,000		222,875
Mitsubishi UFJ Financial Group Inc.		868,000		4,672,340
Mitsubishi UFJ Lease & Finance Co. Ltd.		35,000		153,152
Mitsui & Co. Ltd.		119,000		1,526,693
Mitsui Chemicals Inc.		70,000		206,785
Mitsui Engineering & Shipbuilding Co. Ltd.		70,000		115,013
Mitsui Fudosan Co. Ltd.		70,000		1,788,065
Mitsui Mining & Smelting Co. Ltd.		70,000		147,789
Mitsui O.S.K. Lines Ltd.		70,000		238,369
Mitsumi Electric Co. Ltd.		14,000		108,100
Mizuho Financial Group Inc.		1,561,000		2,578,079
Monex Group Inc.		35,000		72,702
Mori Hills REIT Investment Corp.		70		99,281
MORI TRUST Sogo REIT Inc.		70		146,120
MOS Food Services Inc.		7,000		145,703

60 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
Moshi Moshi Hotline Inc.		7,000	$	77,768
MS&AD Insurance Group Holdings Inc.		35,000		860,959
Murata Manufacturing Co. Ltd.		14,000		1,527,944
Nabtesco Corp.		7,000		182,650
Nagase & Co. Ltd.		7,000		87,839
Nagoya Railroad Co. Ltd.		70,000		276,508
NanoCarrier Co. Ltd.a		7,000		80,867
NEC Corp.		88,000		250,219
Net One Systems Co. Ltd.		200		1,202
Neturen Co. Ltd.		21,000		158,396
Nexon Co. Ltd.		7,000		69,365
NGK Insulators Ltd.		70,000		1,425,446
NGK Spark Plug Co. Ltd.		21,000		629,294
NHK Spring Co. Ltd.		14,000		127,647
Nichi-Iko Pharmaceutical Co. Ltd.		7,000		126,931
Nichicon Corp.		14,000		107,624
Nichii Gakkan Co.		7,000		73,358
Nidec Corp.		14,000		962,295
NIFTY Corp.		7,000		78,364
Nihon Nohyaku Co. Ltd.		7,000		83,131
Nihon Parkerizing Co. Ltd.		7,000		168,467
Nihon Unisys Ltd.		7,000		61,857
Nikkiso Co. Ltd.		7,000		62,155
Nikon Corp.		21,000		268,880
Nintendo Co. Ltd.		7,000		681,139
Nippon Building Fund Inc.		70		345,635
Nippon Coke & Engineering Co. Ltd.		35,000		32,776
Nippon Express Co. Ltd.		70,000		411,782
Nippon Konpo Unyu Soko Co. Ltd.		7,000		109,948
Nippon Light Metal Holdings Co. Ltd.		42,000		63,287
Nippon Paper Industries Co. Ltd.		7,000		111,199
Nippon Prologis REIT Inc.		70		165,309
Nippon Sheet Glass Co. Ltd.a		140,000		129,911
Nippon Signal Co. Ltd. (The)		7,000		76,695
Nippon Steel & Sumitomo Metal Corp.		490,000		1,157,579
Nippon Suisan Kaisha Ltd.a		21,000		73,120
Nippon Telegraph and Telephone Corp.		28,000		1,673,349
Nippon Yakin Kogyo Co. Ltd.a		21,000		42,370
Nippon Yusen K.K.		140,000		419,529
Nipro Corp.		7,000		61,738
Nishi-Nippon City Bank Ltd. (The)		70,000		230,026
Nishimatsuya Chain Co. Ltd.		7,000		56,017

Security	Shares		Value
Nissan Chemical Industries Ltd.		7,000	$	130,388
Nissan Motor Co. Ltd.		168,000		1,453,812
Nissan Shatai Co. Ltd.		7,000		77,768
Nisshin Seifun Group Inc.		14,700		181,458
Nisshin Steel Co. Ltd.		14,000		146,954
Nissin Foods Holdings Co. Ltd.		7,000		380,198
Nitori Holdings Co. Ltd.		7,000		398,076
Nitto Denko Corp.		14,000		844,422
Nitto Kohki Co. Ltd.		7,000		131,103
NOK Corp.		7,000		203,805
Nomura Holdings Inc.		231,000		1,247,772
Nomura Real Estate Holdings Inc.		7,000		118,946
Nomura Real Estate Master Fund Inc.		70		88,018
Nomura Research Institute Ltd.		7,000		239,859
North Pacific Bank Ltd.		28,000		105,359
NSD Co. Ltd.		7,000		108,696
NSK Ltd.		70,000		832,503
NTT Data Corp.		7,000		269,059
NTT DOCOMO Inc.		105,000		1,792,236
NTT Urban Development Corp.		7,000		67,995
Obayashi Corp.		70,000		447,538
OBIC Co. Ltd.		7,000		236,879
Odakyu Electric Railway Co. Ltd.		70,000		686,502
Oji Holdings Corp.		70,000		266,377
Okabe Co. Ltd.		7,000		60,844
Okamoto Industries Inc.		70,000		257,438
Oki Electric Industry Co. Ltd.		70,000		144,213
Olympus Corp.a		14,000		491,040
Omron Corp.		14,000		566,722
Ono Pharmaceutical Co. Ltd.		7,000		744,903
Onoken Co. Ltd.		21,000		173,056
Orient Corp.a		49,000		73,835
Oriental Land Co. Ltd.		7,000		1,699,272
ORIX Corp.		91,000		1,059,013
Orix JREIT Inc.		140		210,480
Osaka Gas Co. Ltd.		140,000		556,115
OSG Corp.		7,000		129,971
OSJB Holdings Corp.		14,000		33,610
Otsuka Holdings Co. Ltd.		28,000		871,834
Paltac Corp.		7,000		88,733
Panasonic Corp.		154,000		1,772,511
Park24 Co. Ltd.		7,000		120,376
Penta-Ocean Construction Co. Ltd.		21,000		80,807
Pioneer Corp.a		28,000		53,156

SCHEDULES OF INVESTMENTS 61

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
Proto Corp.		7,000	$	110,126
Rakuten Inc.		56,000		782,803
Recruit Holdings Co. Ltd.a		7,000		204,997
Resona Holdings Inc.		147,000		736,345
Resorttrust Inc.		7,000		168,944
Ricoh Co. Ltd.		49,000		482,637
Rohm Co. Ltd.		7,000		455,880
Rohto Pharmaceutical Co. Ltd.		7,000		94,692
Round One Corp.		14,000		87,839
Royal Holdings Co. Ltd.		7,000		100,472
Sakata Seed Corp.		7,000		122,224
Sanrio Co. Ltd.b		7,000		174,426
Santen Pharmaceutical Co. Ltd.		7,000		438,599
SBI Holdings Inc.		14,000		151,722
Secom Co. Ltd.		14,000		819,274
Sega Sammy Holdings Inc.		14,000		183,782
Seibu Holdings Inc.		7,000		167,335
Seikagaku Corp.		7,000		123,892
Seiko Epson Corp.		7,600		312,178
Sekisui Chemical Co. Ltd.		70,000		771,123
Sekisui House Ltd.		35,000		454,689
Sekisui House SI Residential Investment Corp.		70		79,258
Sekisui Plastics Co. Ltd.		70,000		274,124
Senshu Ikeda Holdings Inc.		28,000		125,144
Seven & I Holdings Co. Ltd.		49,000		1,809,369
Seven Bank Ltd.		42,000		189,503
Sharp Corp./Japana,b		140,000		276,508
Shikoku Electric Power Co. Inc.a		14,000		177,346
Shimachu Co. Ltd.		7,000		176,453
Shimano Inc.		7,000		933,214
Shimizu Corp.		70,000		487,464
Shin-Etsu Chemical Co. Ltd.		28,000		1,870,719
Shin-Etsu Polymer Co. Ltd.		21,000		94,573
Shinko Electric Industries Co. Ltd.		7,000		49,640
Shinko Plantech Co. Ltd.		14,000		105,121
Shinsei Bank Ltd.		140,000		256,247
Shionogi & Co. Ltd.		21,000		635,551
Shiseido Co. Ltd.		21,000		339,318
Shizuoka Bank Ltd. (The)		70,000		645,980
Showa Corp.		7,000		71,868
Showa Denko K.K.		140,000		179,968
Showa Shell Sekiyu K.K.		14,000		137,658
SKY Perfect JSAT Holdings Inc.		14,000		85,455
SMC Corp.		7,000		1,899,204

Security	Shares		Value
SoftBank Corp.		63,000	$	3,734,466
Sohgo Security Services Co. Ltd.		7,000		180,564
Sojitz Corp.		112,000		145,882
Sompo Japan Nipponkoa Holdings Inc.		21,000		589,963
Sony Corp.		70,000		1,653,088
Sony Financial Holdings Inc.		14,000		196,535
Square Enix Holdings Co. Ltd.		7,000		155,238
Stanley Electric Co. Ltd.		7,000		157,681
Star Micronics Co. Ltd.		7,000		88,256
Start Today Co. Ltd.		7,000		142,843
Sumco Corp.		7,000		119,661
Sumitomo Chemical Co. Ltd.		70,000		278,892
Sumitomo Corp.		77,000		765,641
Sumitomo Dainippon Pharma Co. Ltd.		14,000		148,265
Sumitomo Electric Industries Ltd.		49,000		638,233
Sumitomo Forestry Co. Ltd.		7,000		65,671
Sumitomo Heavy Industries Ltd.		70,000		383,178
Sumitomo Metal Mining Co. Ltd.		70,000		1,011,876
Sumitomo Mitsui Construction Co. Ltd.a		56,000		79,138
Sumitomo Mitsui Financial Group Inc.		84,000		2,853,633
Sumitomo Mitsui Trust Holdings Inc.		210,000		744,605
Sumitomo Realty & Development Co. Ltd.		70,000		2,255,565
Sumitomo Rubber Industries Inc.		14,000		219,776
Suntory Beverage & Food Ltd.		7,000		247,010
Suruga Bank Ltd.		7,000		132,712
Suzuken Co. Ltd.		7,000		198,740
Suzuki Motor Corp.		28,000		895,313
Sysmex Corp.		7,000		315,839
T&D Holdings Inc.		42,000		478,943
Taiheiyo Cement Corp.		70,000		206,785
Taisei Corp.		70,000		409,399
Taiyo Yuden Co. Ltd.		7,000		88,137
Takara Bio Inc.		7,000		80,569
Takasago Thermal Engineering Co. Ltd.		7,000		88,435
Takeda Pharmaceutical Co. Ltd.		56,000		2,814,183
Tatsuta Electric Wire and Cable Co. Ltd.		7,000		29,439
TDK Corp.		7,000		441,578
Teijin Ltd.		70,000		210,361

62 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
Terumo Corp.		21,000	$	525,782
THK Co. Ltd.		7,000		172,221
Tobu Railway Co. Ltd.		70,000		338,484
Tocalo Co. Ltd.		7,000		118,529
Toho Co. Ltd.		7,000		159,409
Toho Holdings Co. Ltd.		7,000		97,970
Tohoku Electric Power Co. Inc.		28,000		355,646
Tohokushinsha Film Corp.		14,000		101,426
Tokai Rika Co. Ltd.		7,000		145,643
Tokai Tokyo Financial Holdings Inc.		14,000		94,156
Tokio Marine Holdings Inc.		49,000		1,726,982
Tokyo Broadcasting System Holdings Inc.		7,000		80,628
Tokyo Electric Power Co. Inc.a		98,000		418,814
Tokyo Electron Ltd.		14,000		1,010,207
Tokyo Gas Co. Ltd.		140,000		841,800
Tokyo Seimitsu Co. Ltd.		7,000		143,617
Tokyo Steel Manufacturing Co. Ltd.		14,000		106,670
Tokyo Tatemono Co. Ltd.		70,000		476,738
Tokyu Construction Co. Ltd.		7,000		35,696
Tokyu Corp.		70,000		466,607
Tokyu Fudosan Holdings Corp.		35,000		219,299
TOKYU REIT Inc.		70		92,964
TOMONY Holdings Inc.		42,000		183,067
Topcon Corp.		7,000		140,399
Toppan Forms Co. Ltd.		7,000		73,418
Toppan Printing Co. Ltd.		70,000		471,970
Topre Corp.		7,000		97,135
TOPY Industries Ltd.		70,000		159,111
Toray Industries Inc.		70,000		601,583
Toshiba Corp.		280,000		1,131,299
Tosoh Corp.		70,000		381,986
Towa Bank Ltd. (The)		210,000		173,413
Toyo Seikan Group Holdings Ltd.		14,000		181,875
Toyo Suisan Kaisha Ltd.		7,000		248,797
Toyobo Co. Ltd.		70,000		94,752
Toyoda Gosei Co. Ltd.		7,000		155,536
Toyota Boshoku Corp.		7,000		93,321
Toyota Industries Corp.		14,000		761,589
Toyota Motor Corp.		189,000		12,300,728
Toyota Tsusho Corp.		14,000		335,147
Trend Micro Inc.		7,000		199,336
TS Tech Co. Ltd.		7,000		178,062
TSI Holdings Co. Ltd.		14,000		80,330
Tsukuba Bank Ltd. (The)		7,000		20,619

Security	Shares		Value
Tsumura & Co.		7,000	$	160,363
Ube Industries Ltd.		70,000		105,478
Unicharm Corp.		21,000		584,689
United Urban Investment Corp.		140		224,901
UNY Group Holdings Co. Ltd.		21,000		121,389
USEN Corp.a		14,100		37,331
Ushio Inc.		7,000		81,761
USS Co. Ltd.		14,000		221,445
VT Holdings Co. Ltd.		14,000		56,493
Wacom Co. Ltd.		14,000		59,711
Wakita & Co. Ltd.		7,000		66,922
West Japan Railway Co.		14,000		724,403
Yahoo! Japan Corp.		98,000		332,882
Yakult Honsha Co. Ltd.		7,000		427,872
Yamada Denki Co. Ltd.		56,000		209,765
Yamaha Corp.		14,000		206,308
Yamaha Motor Co. Ltd.		21,000		466,965
Yamato Holdings Co. Ltd.		28,000		638,352
Yaskawa Electric Corp.		14,000		181,280
Yokogawa Electric Corp.		14,000		148,265
Yoshinoya Holdings Co. Ltd.		7,000		79,436
Zensho Holdings Co. Ltd.		7,000		63,347
				218,157,259
NEW ZEALAND — 0.77%
Air New Zealand Ltd.		30,170		57,152
Argosy Property Ltd.		62,650		51,610
Auckland International Airport Ltd.		63,140		203,930
Chorus Ltd.a		39,690		76,339
Contact Energy Ltd.		26,040		133,622
Fisher & Paykel Healthcare Corp. Ltd.		37,590		169,426
Fletcher Building Ltd.		45,780		278,443
Freightways Ltd.		12,740		55,203
Goodman Property Trust		71,260		61,030
Infratil Ltd.		40,740		93,438
Kathmandu Holdings Ltd.		17,920		26,143
Kiwi Property Group Ltd.		57,750		55,328
Meridian Energy Ltd.		77,560		107,801
Metlifecare Ltd.		17,640		61,455
Mighty River Power Ltd.		47,950		116,935
Nuplex Industries Ltd.		42,210		91,602
Precinct Properties New Zealand Ltd.		56,910		51,219
Ryman Healthcare Ltd.		25,060		150,055
Sky Network Television Ltd.		27,370		120,383

SCHEDULES OF INVESTMENTS 63

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
SKYCITY Entertainment Group Ltd.		39,130	$	111,614
Spark New Zealand Ltd.		120,960		289,716
Summerset Group Holdings Ltd.		21,280		47,880
Trade Me Group Ltd.		28,000		73,770
Xero Ltd.a		4,340		49,266
Z Energy Ltd.		23,310		83,746
				2,617,106
SINGAPORE — 4.77%
AIMS AMP Capital Industrial REIT		70,000		76,048
ARA Asset Management Ltd.		140,000		175,892
Ascendas Hospitality Trust		140,000		70,874
Ascendas India Trust		140,000		88,464
Ascendas REIT		140,000		254,527
Ascott Residence Trust		70,000		65,442
Asian Pay Television Trust		280,000		188,308
Biosensors International Group Ltd.a		210,000		100,103
Cache Logistics Trust		70,000		61,304
Cambridge Industrial Trust		140,000		70,357
CapitaCommercial Trust		140,000		183,135
CapitaLand Ltd.b		140,000		360,062
CapitaMall Trust Management Ltd.		140,000		216,244
CapitaRetail China Trust		70,000		88,722
CDL Hospitality Trusts		70,000		93,120
ComfortDelGro Corp. Ltd.		140,000		296,948
COSCO Corp. (Singapore) Ltd.		140,000		55,872
DBS Group Holdings Ltd.		99,200		1,450,867
Ezion Holdings Ltd.		78,700		73,867
Ezra Holdings Ltd.		289,820		113,521
Far East Hospitality Trust		140,000		87,429
First REIT		70,000		68,029
First Resources Ltd.		70,000		96,482
Frasers Centrepoint Trust		70,000		107,087
Frasers Commercial Trust		70,000		76,824
Genting Singapore PLC		420,000		335,230
Global Logistic Properties Ltd.		210,000		392,654
Golden Agri-Resources Ltd.		490,000		152,095
GuocoLeisure Ltd.		140,000		98,810
Hutchison Port Holdings Trust		420,000		300,300
Hyflux Ltd.		210,000		148,215
Indofood Agri Resources Ltd.		70,000		36,730
Keppel Corp. Ltd.		70,000		450,078
Keppel Land Ltd.		70,000		234,868
Keppel REIT		70,000		63,890
Lippo Malls Indonesia Retail Trust		280,000		73,461
Mapletree Commercial Trust		70,000		78,376

Security	Shares		Value
Mapletree Greater China Commercial Trust		140,000	$	105,535
Mapletree Industrial Trust		70,000		79,152
Mapletree Logistics Trust		70,000		62,080
Neptune Orient Lines Ltd.a		70,000		52,250
Noble Group Ltd.		280,000		220,383
OUE Hospitality Trust		140,000		96,741
Oversea-Chinese Banking Corp. Ltd.		220,175		1,692,277
Sabana Shari’ah Compliant Industrial REIT		210,000		142,007
SATS Ltd.		70,000		153,130
SembCorp Industries Ltd.		70,000		222,969
SembCorp Marine Ltd.b		70,000		155,199
Silverlake Axis Ltd.		70,000		67,770
Singapore Airlines Ltd.		70,000		654,423
Singapore Exchange Ltd.		70,000		401,966
Singapore Post Ltd.		140,000		221,418
Singapore Press Holdings Ltd.		42,000		128,195
Singapore Technologies Engineering Ltd.		140,000		347,646
Singapore Telecommunications Ltd.		560,000		1,688,567
SMRT Corp. Ltd.		70,000		90,533
Soilbuild Business Space REIT		280,000		161,407
Starhill Global REIT		140,000		85,877
StarHub Ltd.		70,000		216,244
Suntec REIT		140,000		194,516
Super Group Ltd.		70,000		57,424
United Overseas Bank Ltd.		70,000		1,199,172
Vard Holdings Ltd.a		70,000		26,125
Wheelock Properties (Singapore) Ltd.		70,000		96,999
Wilmar International Ltd.		140,000		333,161
Wing Tai Holdings Ltd.		70,000		94,672
Yangzijiang Shipbuilding Holdings Ltd.		140,000		128,298
Yanlord Land Group Ltd.b		70,000		52,250
Yoma Strategic Holdings Ltd.a,b		140,000		55,872
				16,168,493
TOTAL COMMON STOCKS
(Cost: $346,646,076)				335,993,212

64 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI PACIFIC ETF

January 31, 2015

Security	Shares		Value
RIGHTS — 0.00%
SINGAPORE — 0.00%
Yoma Strategic Holdings Ltd.a		31,333	$	3,705
				3,705
TOTAL RIGHTS
(Cost: $0)				3,705
SHORT-TERM INVESTMENTS — 0.57%
MONEY MARKET FUNDS — 0.57%
BlackRock Cash Funds: Institutional,
SL Agency Shares
0.15%c,d,e		1,605,979		1,605,979
BlackRock Cash Funds: Prime,
SL Agency Shares
0.14%c,d,e		96,608		96,608
BlackRock Cash Funds: Treasury,
SL Agency Shares
0.00%c,d		228,451		228,451
				1,931,038
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,931,038)				1,931,038
TOTAL INVESTMENTS IN SECURITIES — 99.70%
(Cost: $348,577,114)				337,927,955
Other Assets, Less Liabilities — 0.30%				1,028,284
NET ASSETS — 100.00%			$	338,956,239

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 65

Consolidated Schedule of Investments   (Unaudited)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 97.95%
AUSTRALIA — 5.09%
Adelaide Brighton Ltd.		30,233	$	84,286
AGL Energy Ltd.		40,365		446,366
ALS Ltd.		26,354		100,564
Alumina Ltd.a		166,539		251,603
Amcor Ltd.		76,503		761,390
AMP Ltd.		189,516		851,569
Ansell Ltd.		10,253		181,009
APA Group		73,599		465,400
ARB Corp. Ltd.		10,206		92,037
Ardent Leisure Group		64,591		139,835
Aristocrat Leisure Ltd.		37,800		206,646
Arrium Ltd.		392,269		62,623
Asciano Ltd.		60,594		284,541
Astro Japan Property Trust		50,768		197,678
ASX Ltd.		10,383		308,391
Atlas Iron Ltd.b		213,295		28,238
Aurizon Holdings Ltd.		126,186		486,423
AusNet Services		109,793		119,702
Australia and New Zealand Banking Group Ltd.		170,902		4,391,968
Automotive Holdings Group		24,742		72,832
Aveo Group		35,257		62,601
AWE Ltd.a		60,606		63,480
Bank of Queensland Ltd.		22,567		219,851
Beach Energy Ltd.		106,428		79,566
Bendigo & Adelaide Bank Ltd.		24,381		254,042
BHP Billiton Ltd.		201,971		4,602,157
BlueScope Steel Ltd.a		34,531		135,262
Boral Ltd.		48,101		209,768
Bradken Ltd.		15,019		31,930
Brambles Ltd.		98,348		811,838
BWP Trust		44,654		99,107
Cabcharge Australia Ltd.		16,724		56,654
Caltex Australia Ltd.		10,100		262,861
Cardno Ltd.		10,147		23,390
carsales.com Ltd.		17,332		139,022
Challenger Ltd.		39,343		193,328
Charter Hall Group		28,243		106,452
Charter Hall Retail REIT		23,497		80,330
Coca-Cola Amatil Ltd.		33,176		250,607
Cochlear Ltd.		3,705		239,477
Commonwealth Bank of Australia		103,407		7,193,585
Computershare Ltd.		31,238		282,918

Security	Shares		Value
Crown Resorts Ltd.		23,018	$	243,963
CSL Ltd.		30,873		2,114,525
CSR Ltd.		41,985		130,783
Decmil Group Ltd.		24,624		24,066
Dexus Property Group		56,296		338,010
Domino’s Pizza Enterprises Ltd.		5,643		115,311
Downer EDI Ltd.		33,639		110,287
Drillsearch Energy Ltd.a		91,193		55,393
DUET Group		95,206		185,354
DuluxGroup Ltd.		32,358		150,689
Echo Entertainment Group Ltd.		49,023		154,615
Fairfax Media Ltd.		149,707		104,926
Federation Centres		111,454		262,988
FlexiGroup Ltd.		33,122		75,834
Flight Centre Travel Group Ltd.		3,481		102,496
Fortescue Metals Group Ltd.		106,615		195,942
G.U.D Holdings Ltd.		18,694		114,280
G8 Education Ltd.		21,260		69,536
Goodman Fielder Ltd.		137,940		68,749
Goodman Group		103,656		494,827
GPT Group (The)		92,895		326,986
GrainCorp Ltd. Class A		15,055		104,462
GWA Group Ltd.		38,595		79,648
Harvey Norman Holdings Ltd.		39,578		121,744
iiNET Ltd.		13,643		79,684
Iluka Resources Ltd.		25,852		142,335
IMF Bentham Ltd.		74,005		123,908
Incitec Pivot Ltd.		98,170		275,984
Independence Group NL		23,934		92,261
Insurance Australia Group Ltd.		147,548		735,379
Investa Office Fund		58,697		176,442
Invocare Ltd.		12,141		123,385
IOOF Holdings Ltd.		18,839		138,493
Iress Ltd.		16,152		129,935
James Hardie Industries SE		30,013		304,312
JB Hi-Fi Ltd.b		7,283		95,000
Karoon Gas Australia Ltd.a,b		15,939		26,315
Leighton Holdings Ltd.		6,664		107,061
Lend Lease Group		34,662		450,244
Liquefied Natural Gas Ltd.a,b		26,063		60,484
M2 Group Ltd.		19,911		139,551
Macquarie Atlas Roads Group		38,854		89,260
Macquarie Group Ltd.		18,188		880,287
Magellan Financial Group Ltd.		8,769		130,636
McMillan Shakespeare Ltd.		6,182		55,364

66 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Mesoblast Ltd.a,b		20,776	$	65,041
Metcash Ltd.		63,444		72,134
Mineral Resources Ltd.		12,424		65,211
Mirvac Group		217,421		326,781
MMA Offshore Ltd.		46,997		29,279
Monadelphous Group Ltd.b		6,141		39,024
Mount Gibson Iron Ltd.		126,526		21,184
Myer Holdings Ltd.		49,072		59,424
National Australia Bank Ltd.		145,965		4,050,071
Navitas Ltd.		18,642		77,959
Newcrest Mining Ltd.a		49,709		524,920
Northern Star Resources Ltd.		33,512		46,845
Novion Property Group		123,527		223,176
Nufarm Ltd.		21,317		94,458
Orica Ltd.		22,774		321,718
Origin Energy Ltd.		72,178		600,308
Orora Ltd.		97,161		161,165
OZ Minerals Ltd.		24,143		72,761
Pacific Brands Ltd.		161,251		61,531
Paladin Energy Ltd.a		150,442		44,520
PanAust Ltd.		29,682		27,969
Perpetual Ltd.		3,504		134,199
Platinum Asset Management Ltd.		14,280		96,749
Premier Investments Ltd.		5,548		44,372
Primary Health Care Ltd.		39,318		141,765
Qantas Airways Ltd.a		68,497		139,223
QBE Insurance Group Ltd.		86,564		715,238
Qube Logistics Holdings Ltd.		54,603		99,502
Ramsay Health Care Ltd.		8,501		393,568
REA Group Ltd.		3,625		139,878
Recall Holdings Ltd.		26,142		145,560
Rio Tinto Ltd.		27,333		1,225,198
SAI Global Ltd.		25,664		78,544
Sandfire Resources NL		15,544		51,688
Santos Ltd.		59,922		367,714
Scentre Groupa		334,412		989,609
Seek Ltd.		21,341		296,655
Senex Energy Ltd.a,b		207,529		44,444
Seven West Media Ltd.		58,441		59,619
Shopping Centres Australasia Property Group		73,804		110,926
Sigma Pharmaceuticals Ltd.		122,101		76,069
Sims Metal Management Ltd.b		15,700		132,901
Sirius Resources NLa,b		23,758		46,439
Sirtex Medical Ltd.		5,589		117,298

Security	Shares		Value
Skilled Group Ltd.		29,771	$	30,371
Sonic Healthcare Ltd.		22,781		334,235
Southern Cross Media Group Ltd.		54,578		44,840
Spark Infrastructure Group		100,019		166,684
Stockland		137,208		468,006
Suncorp Group Ltd.		80,849		926,788
Super Retail Group Ltd.		10,038		68,243
Sydney Airport		56,778		220,637
Tabcorp Holdings Ltd.		54,340		193,390
Tatts Group Ltd.		83,023		249,565
Telstra Corp. Ltd.		279,328		1,413,924
Ten Network Holdings Ltd.a,b		182,578		28,437
Toll Holdings Ltd.		42,493		204,836
TPG Telecom Ltd.		19,820		103,413
Transfield Services Ltd.a		47,861		52,926
Transpacific Industries Group Ltd.		135,018		86,745
Transurban Group		113,341		812,914
Treasury Wine Estates Ltd.		41,314		158,293
UGL Ltd.		30,514		42,654
Virtus Health Ltd.		18,620		116,438
Vocus Communications Ltd.		16,254		78,605
Wesfarmers Ltd.		69,788		2,369,004
Western Areas Ltd.		20,854		65,285
Westfield Corp.		123,229		946,211
Westpac Banking Corp.		193,061		5,180,933
Whitehaven Coal Ltd.a,b		61,328		59,221
Woodside Petroleum Ltd.		44,894		1,198,470
Woolworths Ltd.		78,863		1,951,755
WorleyParsons Ltd.		13,290		99,563
				65,338,084
AUSTRIA — 0.21%
AMAG Austria Metall AGc		391		12,231
ams AG		5,325		209,516
Andritz AG		4,981		269,799
BUWOG AGa		4,522		88,381
CA Immobilien Anlagen AGb		5,084		103,009
conwert Immobilien Invest SE		5,441		63,241
Erste Group Bank AG		17,965		389,741
EVN AG		1,819		20,067
Flughafen Wien AG		1,092		94,626
IMMOFINANZ AGa		55,710		127,241
Lenzing AG		776		50,229
Mayr-Melnhof Karton AG		439		45,288
Oesterreichische Post AG		2,782		137,817

CONSOLIDATED SCHEDULES OF INVESTMENTS 67

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
OMV AG		9,689	$	241,358
Raiffeisen International Bank Holding AGb		7,034		82,550
RHI AG		1,970		51,797
S IMMO AG		12,575		97,203
Schoeller-Bleckmann Oilfield Equipment AG		988		58,299
Semperit AG Holding		860		38,042
UNIQA Insurance Group AG		7,617		64,466
Vienna Insurance Group AG		2,799		118,808
Voestalpine AG		7,481		266,343
Wienerberger AG		7,385		104,378
				2,734,430
BELGIUM — 0.98%
Ackermans & van Haaren NV		1,458		173,166
Ageas		13,065		447,161
Agfa-Gevaert NVa		30,647		71,554
Anheuser-Busch InBev NV		50,516		6,162,219
Barco NV		1,346		86,562
Befimmo SA		2,240		170,849
Belgacom SA		8,760		326,163
Cofinimmo SA		1,215		148,418
Colruyt SA		4,013		185,056
Compagnie d’Entreprises CFE SA		546		52,002
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA		6,303		523,702
Elia System Operator SA		1,549		67,970
Euronav SAa		6,608		77,476
EVS Broadcast Equipment SA		2,231		75,200
Fagron		2,534		103,428
Galapagos NVa		6,119		125,533
GIMV NV		2,465		111,404
Groupe Bruxelles Lambert SA		4,132		342,386
Ion Beam Applications SAa		6,050		118,621
KBC Groep NVa		15,906		856,443
Kinepolis Group NV		3,383		148,503
Mobistar SAa		3,928		87,144
NV Bekaert SA		2,744		82,846
Nyrstar NVa		29,480		110,745
SA D’Ieteren NV		1,020		32,942
Solvay SA		3,418		467,088
Telenet Group Holding NVa		2,963		164,522
Tessenderlo Chemie NVa,b		3,703		95,754
ThromboGenics NVa,b		3,481		27,281

Security	Shares		Value
UCB SA		8,220	$	639,756
Umicore SA		6,358		266,073
Warehouses De Pauw SCA		2,448		187,846
				12,535,813
BRAZIL — 1.05%
Abril Educacao SAa		10,800		38,988
Aliansce Shopping Centers SA		10,600		63,580
ALL — America Latina Logistica SA		32,100		46,042
AMBEV SA		293,400		1,927,070
Arezzo Industria e Comercio SA		3,900		34,057
B2W Companhia Global do Varejoa		6,917		58,754
Banco Bradesco SA		38,490		480,372
Banco do Brasil SA		55,000		423,329
BB Seguridade Participacoes SA		46,600		510,409
BM&F Bovespa SA		120,500		408,520
BR Malls Participacoes SA		27,200		154,331
BR Properties SA		14,700		48,796
Brasil Brokers Participacoes SA		80,900		81,376
BRF SA		42,000		1,007,362
CCR SA		54,900		312,522
Centrais Eletricas Brasileiras SA		20,900		39,944
CETIP SA — Mercados Organizados		17,605		225,949
Cielo SA		46,300		689,964
Companhia de Saneamento Basico do Estado de Sao Paulo		19,200		95,135
Companhia de Saneamento de Minas Gerais SA		5,200		32,934
Companhia Hering SA		11,100		75,221
Companhia Siderurgica Nacional SA		46,600		72,221
Cosan Logistica SAa		36,200		29,535
Cosan SA Industria e Comercio		9,600		87,731
CPFL Energia SA		14,700		92,224
Cyrela Brazil Realty SA Empreendimentos e Participacoes		24,800		99,876
Duratex SA		18,519		51,262
EcoRodovias Infraestrutura e Logistica SA		7,500		28,975
EDP Energias do Brasil SA		18,300		59,041
Embraer SA		42,800		378,538

68 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Equatorial Energia SA		13,528	$	125,997
Estacio Participacoes SA		21,100		131,197
Eternit SA		60,800		69,765
Even Construtora e Incorporadora SA		36,300		58,557
EZ TEC Empreendimentos e Participacoes SA		6,400		39,341
Fibria Celulose SAa		16,100		193,737
Gafisa SA		50,800		35,959
Helbor Empreendimentos SA		25,050		36,490
Hypermarcas SAa		19,400		131,757
Iochpe-Maxion SA		8,800		36,653
JBS SA		56,800		242,080
JHSF Participacoes SA		25,800		20,665
Julio Simoes Logistica SA		5,900		23,915
Klabin SA		29,200		148,926
Kroton Educacional SA		91,108		417,491
Light SA		8,000		42,203
Localiza Rent A Car SA		10,025		130,345
Lojas Renner SA		8,400		220,624
LPS Brasil — Consultoria de Imoveis SA		12,300		26,165
M Dias Branco SA		1,900		58,610
Marfrig Global Foods SAa		24,800		46,196
Mills Estruturas e Servicos de Engenharia SA		10,800		23,135
MRV Engenharia e Participacoes SA		24,600		63,328
Multiplan Empreendimentos Imobiliarios SA		5,300		95,152
Multiplus SA		3,500		45,311
Natura Cosmeticos SA		9,200		107,451
Odontoprev SA		19,900		76,584
PDG Realty SA Empreendimentos e Participacoesa		99,200		19,218
Petroleo Brasileiro SA		186,600		558,924
Porto Seguro SA		7,100		71,682
Qualicorp SAa		14,900		147,379
Raia Drogasil SA		14,600		140,604
Rossi Residencial SAa		1		1
Sao Martinho SA		4,300		54,563
Sonae Sierra Brasil SA		6,000		34,759
Souza Cruz SA		21,900		183,493
Sul America SA Units		13,395		56,940

Security	Shares		Value
Tecnisa SA		41,400	$	48,584
Tegma Gestao Logistica SA		5,900		30,443
TIM Participacoes SA		52,700		232,460
Totvs SA		9,000		112,559
Tractebel Energia SA		9,300		107,891
Ultrapar Participacoes SA		25,300		499,553
Vale SA		84,700		587,239
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		6,000		85,947
WEG SA		17,980		214,351
				13,488,282
CANADA — 6.92%
Advantage Oil & Gas Ltd.a		11,360		47,753
Aecon Group Inc.		8,695		67,204
AG Growth International Inc.		764		32,598
AGF Management Ltd. Class B		5,866		33,310
Agnico Eagle Mines Ltd.		13,623		460,278
Agrium Inc.		8,989		961,109
Aimia Inc.		12,929		138,982
Alacer Gold Corp.		15,669		36,826
Alaris Royalty Corp.		3,715		97,567
Algonquin Power & Utilities Corp.		8,260		65,926
Alimentation Couche-Tard Inc. Class B		27,496		1,079,716
Allied Properties Real Estate Investment Trust		2,045		64,514
AltaGas Ltd.		9,549		323,383
ARC Resources Ltd.		19,361		351,199
Argonaut Gold Inc.a		13,637		26,673
Artis Real Estate Investment Trust		508		6,230
ATCO Ltd. Class I NVS		5,548		215,234
Athabasca Oil Corp.a,b		21,090		30,938
ATS Automation Tooling Systems Inc.a		8,723		99,754
AuRico Gold Inc.		15,790		62,390
AutoCanada Inc.		1,534		39,174
Avigilon Corp.a,b		2,801		42,746
B2Gold Corp.a		39,327		77,541
Badger Daylighting Ltd.		3,741		66,680
Bank of Montreal		39,837		2,291,346
Bank of Nova Scotia (The)		75,203		3,621,511
Bankers Petroleum Ltd.a		20,627		47,503
Barrick Gold Corp.		72,405		927,940

CONSOLIDATED SCHEDULES OF INVESTMENTS 69

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Baytex Energy Corp.		10,373	$	161,328
BCE Inc.		14,577		670,936
Bellatrix Exploration Ltd.a,b		11,420		23,147
Birchcliff Energy Ltd.a		8,995		48,240
Bird Construction Inc.		11,625		101,860
Black Diamond Group Ltd.		4,407		35,139
BlackBerry Ltd.a,b		33,084		336,854
BlackPearl Resources Inc.a		19,102		13,860
Boardwalk Real Estate Investment Trust		1,308		63,267
Bombardier Inc. Class B		86,037		196,780
Bonavista Energy Corp.		10,244		48,475
Bonterra Energy Corp.		2,802		87,842
Brookfield Asset Management Inc. Class A		34,771		1,775,640
CAE Inc.		18,566		229,156
Calfrac Well Services Ltd.b		6,662		42,874
Calloway Real Estate Investment Trust		1,734		43,393
Cameco Corp.		26,342		371,462
Canaccord Genuity Group Inc.		8,529		42,916
Canadian Apartment Properties Real Estate Investment Trust		6,571		147,542
Canadian Energy Services & Technology Corp.		13,570		57,471
Canadian Imperial Bank of Commerce/Canada		24,934		1,734,043
Canadian National Railway Co.		52,569		3,471,018
Canadian Natural Resources Ltd.		69,706		2,025,292
Canadian Oil Sands Ltd.		28,740		177,932
Canadian Pacific Railway Ltd.		11,474		2,004,138
Canadian Real Estate Investment Trust		1,281		48,716
Canadian Tire Corp. Ltd. Class A NVS		4,618		426,818
Canadian Utilities Ltd. Class A		6,800		225,943
Canadian Western Bank		6,094		123,855
Canexus Corp.b		10,968		20,501
Canfor Corp.a		6,332		158,556
Canyon Services Group Inc.		6,349		35,301
Capital Power Corp.		6,574		131,122
Capstone Mining Corp.a		22,438		20,528
Catamaran Corp.a		13,340		667,552
CCL Industries Inc. Class B		2,030		210,293
Celestica Inc.a		11,711		131,523

Security	Shares		Value
Cenovus Energy Inc.		49,738	$	944,196
Centerra Gold Inc.		10,640		63,943
CGI Group Inc. Class Aa		14,503		575,911
Chartwell Retirement Residences		772		7,696
China Gold International Resources Corp. Ltd.a		13,612		23,296
CI Financial Corp.		14,341		366,456
Cineplex Inc.		5,453		194,346
Cogeco Cable Inc.		2,040		117,449
Cominar Real Estate Investment Trust		345		5,281
Constellation Software Inc./Canada		1,215		337,387
Corus Entertainment Inc. Class B		5,370		91,353
Cott Corp.		7,545		57,482
Crescent Point Energy Corp.		25,143		598,855
Crew Energy Inc.a		7,320		30,193
Denison Mines Corp.a,b		39,365		33,840
Detour Gold Corp.a,b		9,301		95,361
DH Corp.		6,006		168,108
Dollarama Inc.		8,094		385,246
Dominion Diamond Corp.a		6,549		109,034
Dorel Industries Inc. Class B		2,286		65,644
Dream Unlimited Corp. Class Aa		3,661		25,553
Dundee Corp. Class Aa		2,801		26,553
Dundee Precious Metals Inc.a		10,513		29,683
Eldorado Gold Corp.		45,636		219,551
Element Financial Corp.a		17,628		187,687
Empire Co. Ltd. Class A		3,291		240,086
Enbridge Inc.		53,862		2,614,619
Enbridge Income Fund Holdings Inc.		7,130		231,509
Encana Corp.		48,047		588,864
Endeavour Mining Corp.a		87,603		41,454
Endeavour Silver Corp.a,b		20,523		56,489
EnerCare Inc.		12,656		142,635
Enerflex Ltd.		5,700		71,927
Enerplus Corp.		14,577		141,752
Ensign Energy Services Inc.b		9,549		66,349
Extendicare Inc.		12,656		68,074
Fairfax Financial Holdings Ltd.		1,402		746,362
Finning International Inc.		10,930		180,593
First Capital Realty Inc.		2,784		42,859
First Majestic Silver Corp.a,b		7,122		44,093
First Quantum Minerals Ltd.		38,330		350,365

70 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
FirstService Corp.		2,998	$	158,063
Fortis Inc./Canada		17,241		569,873
Fortuna Silver Mines Inc.a,b		16,972		82,454
Franco-Nevada Corp.		10,394		601,122
Freehold Royalties Ltd.		3,698		51,972
Gabriel Resources Ltd.a,b		58,573		35,108
Genworth MI Canada Inc.		2,322		57,906
George Weston Ltd.		3,206		254,670
Gibson Energy Inc.		9,221		164,428
Gildan Activewear Inc.		8,003		468,207
Goldcorp Inc.		51,117		1,237,258
Great-West Lifeco Inc.		17,256		438,358
H&R Real Estate Investment Trust		6,303		121,392
Home Capital Group Inc.		4,684		155,154
HudBay Minerals Inc.		14,742		107,546
Husky Energy Inc.		21,582		465,529
IAMGOLD Corp.a,b		30,731		82,405
IGM Financial Inc.		6,266		215,513
Imperial Metals Corp.a		3,423		24,162
Imperial Oil Ltd.		19,668		732,770
Industrial Alliance Insurance and Financial Services Inc.		6,906		220,369
Innergex Renewable Energy Inc.		11,371		106,899
Intact Financial Corp.		9,011		603,505
Inter Pipeline Ltd.		21,797		567,982
Ithaca Energy Inc.a,b		20,985		20,026
Ivanhoe Mines Ltd.a		28,520		17,095
Jean Coutu Group PJC Inc. (The) Class A		7,293		146,613
Just Energy Group Inc.		7,080		36,016
Keyera Corp.		6,071		359,103
Killam Properties Inc.		10,241		89,733
Kinross Gold Corp.a		67,105		228,102
Labrador Iron Ore Royalty Corp.		5,862		80,166
Lake Shore Gold Corp.a		52,600		47,292
Laurentian Bank of Canada		1,697		62,650
Legacy Oil & Gas Inc. Class Aa		10,649		12,934
Lightstream Resources Ltd.		26,803		16,066
Linamar Corp.		3,500		200,927
Loblaw Companies Ltd.		14,720		732,895
Lucara Diamond Corp.		38,324		63,473
Lundin Mining Corp.a		38,613		137,648
MacDonald Dettwiler & Associates Ltd.		2,585		190,294

Security	Shares		Value
Magna International Inc. Class A		14,106	$	1,358,257
Mainstreet Equity Corp.a		3,421		91,329
Major Drilling Group International Inc.		10,942		58,682
Manitoba Telecom Services Inc.		968		19,582
Manulife Financial Corp.		117,013		1,880,772
Maple Leaf Foods Inc.		7,767		124,840
Martinrea International Inc.		7,289		54,210
Medical Facilities Corp.		5,407		83,539
MEG Energy Corp.a,b		9,886		151,103
Methanex Corp.		6,173		273,414
Metro Inc. Class A		5,330		422,718
Morguard Real Estate Investment Trust		4,256		61,963
Morneau Shepell Inc.		9,073		122,505
Mullen Group Ltd.		6,401		102,935
National Bank of Canada		21,007		732,457
Nevsun Resources Ltd.		9,682		33,522
New Gold Inc.a		25,620		112,547
Newalta Corp.		5,865		61,289
Norbord Inc.		2,937		65,506
North West Co. Inc. (The)		6,406		134,188
Northern Property Real Estate Investment Trust		4,360		84,762
Northland Power Inc.		5,848		78,868
Novagold Resources Inc.a,b		24,629		93,819
NuVista Energy Ltd.a		10,184		57,348
OceanaGold Corp.a		20,599		45,489
Onex Corp.		5,836		321,039
Open Text Corp.		8,334		473,637
Osisko Gold Royalties Ltd.		5,148		69,387
Pacific Rubiales Energy Corp.		20,999		48,856
Painted Pony Petroleum Ltd.a		6,267		33,956
Pan American Silver Corp.		11,175		131,144
Paramount Resources Ltd.a,b		3,772		84,814
Parex Resources Inc.a		9,009		48,884
Parkland Fuel Corp.		7,001		120,866
Pason Systems Inc.		6,117		86,404
Pembina Pipeline Corp.		22,007		685,229
Pengrowth Energy Corp.b		32,629		87,494
Penn West Petroleum Ltd.		26,627		40,320
Peyto Exploration & Development Corp.		9,970		252,405
Poseidon Concepts Corp.a		293		—
Potash Corp. of Saskatchewan Inc.		52,610		1,919,428

CONSOLIDATED SCHEDULES OF INVESTMENTS 71

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Power Corp. of Canada		22,324	$	539,459
Power Financial Corp.		14,469		391,295
PrairieSky Royalty Ltd.		9,230		199,239
Precision Drilling Corp.		18,809		96,274
Premier Gold Mines Ltd.a		21,104		34,121
Pretium Resources Inc.a,b		5,356		36,032
Primero Mining Corp.a,b		9,742		39,185
Progressive Waste Solutions Ltd.		7,294		208,589
Prometic Life Sciences Inc.a		34,787		52,128
Quebecor Inc. Class B		6,513		163,602
Raging River Exploration Inc.a,b		11,925		69,408
Redknee Solutions Inc.a,b		10,139		23,189
Reitmans Canada Ltd. Class A		7,014		44,807
Restaurant Brands International Inc.a		12,228		474,866
RioCan REIT		6,774		157,283
Ritchie Bros. Auctioneers Inc.		6,555		164,657
RMP Energy Inc.a		12,603		43,039
Rogers Communications Inc. Class B		21,366		761,320
Romarco Minerals Inc.a,b		166,793		74,981
RONA Inc.		11,481		115,811
Royal Bank of Canada		88,068		4,982,845
Russel Metals Inc.		5,087		93,961
Saputo Inc.		15,956		459,823
Savanna Energy Services Corp.		12,642		22,433
Secure Energy Services Inc.		8,536		99,299
SEMAFO Inc.a		18,194		63,854
Shaw Communications Inc. Class B		23,950		554,196
ShawCor Ltd.		4,614		126,999
Sherritt International Corp.		14,364		24,243
Silver Standard Resources Inc.a		6,551		40,455
Silver Wheaton Corp.		21,693		499,404
SNC-Lavalin Group Inc.		9,741		323,048
Stantec Inc.		6,394		157,587
Sun Life Financial Inc.		38,922		1,192,877
Suncor Energy Inc.		94,495		2,824,528
Superior Plus Corp.		10,450		100,548
Surge Energy Inc.		13,267		26,891
Tahoe Resources Inc.		5,901		80,700
Talisman Energy Inc.		63,534		480,031
Taseko Mines Ltd.a,b		24,659		17,698
Teck Resources Ltd. Class B		36,171		469,272
Tekmira Pharmaceuticals Corp.a,b		1,472		37,939

Security	Shares		Value
TELUS Corp. NVS		6,490	$	223,115
Thompson Creek Metals Co. Inc.a,b		11,645		14,511
Thomson Reuters Corp.		21,700		834,490
TMX Group Ltd.		2,046		75,953
TORC Oil & Gas Ltd.		6,551		42,625
Torex Gold Resources Inc.a		77,940		89,130
Toromont Industries Ltd.		6,523		142,092
Toronto-Dominion Bank (The)		114,142		4,555,058
Total Energy Services Inc.		6,452		66,405
Tourmaline Oil Corp.a		10,906		300,529
TransAlta Corp.		15,481		135,769
TransCanada Corp.		46,038		2,052,911
Transcontinental Inc. Class A		8,998		107,370
TransForce Inc.		6,798		154,623
TransGlobe Energy Corp.		7,823		22,828
Trican Well Service Ltd.		10,128		39,140
Trilogy Energy Corp.		5,113		26,211
Trinidad Drilling Ltd.b		12,351		41,594
Turquoise Hill Resources Ltd.a,b		50,862		148,019
Valeant Pharmaceuticals International Inc.a		20,522		3,288,343
Valener Inc.		10,649		142,188
Veresen Inc.		16,217		206,813
Vermilion Energy Inc.		6,317		278,846
Wajax Corp.		3,377		64,586
West Fraser Timber Co. Ltd.		4,688		269,829
Westport Innovations Inc.a,b		8,116		27,012
Westshore Terminals Investment Corp.		4,427		111,727
Whitecap Resources Inc.		16,723		163,676
Wi-Lan Inc.		21,223		57,077
WSP Global Inc.		4,608		124,908
Yamana Gold Inc.		51,402		213,238
				88,877,189
CHILE — 0.29%
AES Gener SA		125,653		64,777
Aguas Andinas SA Series A		137,173		78,619
Banco de Chile		1,388,024		153,148
Banco de Credito e Inversiones		2,327		97,507
Banco Santander Chile		5,254,283		249,702
CAP SA		4,884		11,975
Cencosud SA		86,832		212,719
Cia. Cervecerias Unidas SA		11,634		106,539
Colbun SA		660,428		179,825

72 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
CorpBanca SA		7,992,419	$	88,513
E.CL SA		57,172		89,338
Empresa Nacional de Electricidad SA/Chile		244,933		350,800
Empresa Nacional de Telecomunicaciones SA		6,332		59,524
Empresas CMPC SA		80,119		199,146
Empresas COPEC SA		34,531		391,034
Enersis SA		1,495,742		463,421
Inversiones Aguas Metropolitanas SA		35,684		55,111
LATAM Airlines Group SAa		22,498		237,520
Multiexport Foods SAa		104,408		20,942
Parque Arauco SA		35,939		63,794
SACI Falabella		65,322		428,819
Sonda SA		31,719		76,848
Vina Concha y Toro SA		31,702		57,305
				3,736,926
CHINA — 4.73%
AAC Technologies Holdings Inc.b		49,500		317,302
Agile Property Holdings Ltd.		114,250		69,699
Agricultural Bank of China Ltd. Class H		1,423,000		697,428
Air China Ltd. Class H		140,000		134,342
Ajisen (China) Holdings Ltd.		90,000		52,235
Alibaba Pictures Group Ltd.a		320,000		63,560
Aluminum Corp. of China Ltd. Class Ha		264,000		121,217
Anhui Conch Cement Co. Ltd. Class H		83,000		279,937
Anta Sports Products Ltd.		80,000		140,946
Anxin-China Holdings Ltd.		692,000		47,303
Asian Citrus Holdings Ltd.a		381,000		40,786
AviChina Industry & Technology Co. Ltd. Class H		180,000		116,775
Bank of China Ltd. Class H		5,161,000		2,888,911
Bank of Communications Co. Ltd. Class H		594,000		499,511
BBMG Corp. Class H		94,500		82,880
Beijing Capital International Airport Co. Ltd. Class H		130,000		123,572
Beijing Enterprises Holdings Ltd.		35,500		271,744
Beijing Enterprises Water Group Ltd.		318,000		210,405
Belle International Holdings Ltd.		298,000		337,844

Security	Shares		Value
Biostime International Holdings Ltd.		19,000	$	51,707
Bosideng International Holdings Ltd.		290,000		37,403
Brilliance China Automotive Holdings Ltd.		206,000		377,813
BYD Co. Ltd. Class Hb		43,000		157,229
China Agri-Industries Holdings Ltd.		202,100		81,848
China BlueChemical Ltd. Class H		168,000		58,504
China Cinda Asset Management Co. Ltd.a		385,000		182,734
China CITIC Bank Corp. Ltd. Class H		573,000		424,945
China Coal Energy Co. Class Hb		311,000		171,277
China Communications Construction Co. Ltd. Class H		306,000		333,495
China Communications Services Corp. Ltd. Class H		176,000		79,450
China Construction Bank Corp. Class H		4,657,000		3,742,010
China COSCO Holdings Co. Ltd. Class Ha,b		247,000		122,650
China Everbright International Ltd.		179,000		265,036
China Everbright Ltd.		72,000		156,010
China Gas Holdings Ltd.		148,000		229,826
China High Speed Transmission Equipment Group Co. Ltd.a		110,000		77,889
China Huishan Dairy Holdings Co. Ltd.b		510,000		81,565
China International Marine Containers (Group) Co. Ltd. Class H		41,100		79,090
China Life Insurance Co. Ltd. Class H		485,000		1,914,140
China Longyuan Power Group Corp. Ltd.		212,000		229,134
China Lumena New Materials Corp.a		152,000		2,451
China Medical System Holdings Ltd.		92,000		158,765
China Mengniu Dairy Co. Ltd.		91,000		414,898
China Merchants Bank Co. Ltd. Class H		303,677		679,943

CONSOLIDATED SCHEDULES OF INVESTMENTS 73

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
China Merchants Holdings International Co. Ltd.		78,000	$	287,218
China Metal Recycling Holdings Ltd.a,b		3,000		—
China Minsheng Banking Corp. Ltd. Class H		427,500		521,049
China Mobile Ltd.		389,500		5,149,226
China Modern Dairy Holdings Ltd.a,b		203,000		65,717
China National Building Material Co. Ltd. Class H		208,000		200,935
China Oil and Gas Group Ltd.		660,000		85,124
China Oilfield Services Ltd. Class H		114,000		187,614
China Overseas Land & Investment Ltd.		266,000		770,209
China Pacific Insurance (Group) Co. Ltd. Class H		174,800		845,441
China Petroleum & Chemical Corp. Class H		1,648,200		1,303,110
China Power International Development Ltd.		280,000		159,260
China Precious Metal Resources Holdings Co. Ltd.a,b		564,000		49,465
China Railway Construction Corp. Ltd. Class H		149,500		171,802
China Railway Group Ltd. Class H		310,000		227,502
China Resources Cement Holdings Ltd.		160,000		95,339
China Resources Enterprise Ltd.		76,000		166,638
China Resources Gas Group Ltd.		66,000		161,226
China Resources Land Ltd.		168,666		432,469
China Resources Power Holdings Co. Ltd.		132,000		372,845
China Rongsheng Heavy Industries Group Holdings Ltd.a,b		157,000		14,377
China Shanshui Cement Group Ltd.		163,000		71,689
China Shenhua Energy Co. Ltd. Class H		225,000		616,669
China Shineway Pharmaceutical Group Ltd.		40,000		62,734
China Shipping Container Lines Co. Ltd. Class Ha		314,000		98,817

Security	Shares		Value
China South City Holdings Ltd.		176,000	$	57,885
China State Construction International Holdings Ltd.		128,000		196,787
China Taiping Insurance Holdings Co. Ltd.a		80,568		249,393
China Telecom Corp. Ltd. Class H		898,000		532,776
China Travel International Investment Hong Kong Ltd.		290,000		95,378
China Unicom Hong Kong Ltd.		382,000		577,433
China Vanke Co. Ltd.a,b		90,700		197,465
China Yurun Food Group Ltd.a,b		293,000		112,992
China ZhengTong Auto Services Holdings Ltd.b		124,000		62,213
Chongqing Changan Automobile Co. Ltd.		62,998		157,061
Chongqing Rural Commercial Bank Co. Ltd.		229,000		140,590
CITIC Ltd.		155,000		266,285
CITIC Resources Holdings Ltd.a		302,000		39,730
CITIC Securities Co. Ltd. Class H		76,000		244,565
CNOOC Ltd.		1,117,000		1,466,600
COSCO Pacific Ltd.		132,000		191,700
Country Garden Holdings Co. Ltd.		334,866		133,889
CSPC Pharmaceutical Group Ltd.		222,000		187,545
CSR Corp Ltd. Class H		95,000		115,544
Dah Chong Hong Holdings Ltd.		117,000		68,661
Daphne International Holdings Ltd.		122,000		38,866
Datang International Power Generation Co. Ltd. Class H		188,000		102,325
Digital China Holdings Ltd.		89,000		84,026
Dongfeng Motor Group Co. Ltd. Class H		180,000		262,338
Dongyue Group Ltd.		162,000		56,832
ENN Energy Holdings Ltd.		52,000		308,176
Evergrande Real Estate Group Ltd.b		407,000		169,554
Far East Horizon Ltd.		148,000		126,366
Fosun International Ltd.		136,500		191,546
Franshion Properties (China) Ltd.		302,000		88,808
GCL-Poly Energy Holdings Ltd.a,b		746,000		161,644
Geely Automobile Holdings Ltd.		410,000		168,688
Glorious Property Holdings Ltd.a		368,000		42,242

74 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Golden Eagle Retail Group Ltd.b		59,000	$	70,389
GOME Electrical Appliances Holdings Ltd.		772,000		106,540
Great Wall Motor Co. Ltd. Class H		69,000		396,467
Guangdong Investment Ltd.		196,000		262,906
Guangzhou Automobile Group Co. Ltd.		142,000		129,302
Guangzhou R&F Properties Co. Ltd. Class H		68,400		77,722
Haier Electronics Group Co. Ltd.		77,000		207,562
Haitian International Holdings Ltd.		48,000		93,235
Haitong Securities Co. Ltd. Class H		84,800		184,620
Harbin Electric Co. Ltd. Class H		126,000		90,518
Hengan International Group Co. Ltd.		47,000		559,210
Hengdeli Holdings Ltd.		361,200		67,550
Hopewell Highway Infrastructure Ltd.		221,275		107,022
Hopson Development Holdings Ltd.a,b		48,000		42,717
Huabao International Holdings Ltd.		161,000		126,875
Huaneng Power International Inc. Class H		244,000		346,173
Hunan Nonferrous Metal Corp. Ltd. Class Ha,b		126,000		65,329
Industrial and Commercial Bank of China Ltd. Class H		4,740,000		3,411,325
Inner Mongolia Yitai Coal Co. Ltd. Class B		78,800		111,187
Intime Retail Group Co. Ltd.		105,500		65,042
Jiangsu Expressway Co. Ltd. Class H		92,000		114,268
Jiangxi Copper Co. Ltd. Class H		83,000		135,526
Ju Teng International Holdings Ltd.		138,000		72,619
Kingboard Chemical Holdings Co. Ltd.		55,000		89,239
Kingboard Laminates Holdings Ltd.		245,000		103,961
Kingdee International Software Group Co. Ltd.a		214,000		69,554

Security	Shares		Value
Kingsoft Corp. Ltd.		53,000	$	127,282
Kunlun Energy Co. Ltd.		192,000		199,841
KWG Property Holdings Ltd.		102,500		65,704
Lee & Man Paper Manufacturing Ltd.		116,000		61,042
Lenovo Group Ltd.		446,000		577,536
Li Ning Co. Ltd.a,b		135,500		59,419
Longfor Properties Co. Ltd.		90,000		118,400
Lonking Holdings Ltd.		483,000		91,575
Minth Group Ltd.		56,000		117,007
MMG Ltd.		148,000		42,377
New China Life Insurance Co. Ltd. Class H		62,000		357,046
New World China Land Ltd.		166,000		103,411
Nine Dragons Paper (Holdings) Ltd.b		126,000		92,793
North Mining Shares Co. Ltd.a,b		1,190,000		51,416
Parkson Retail Group Ltd.		168,500		40,423
People’s Insurance Co. Group of China Ltd.		541,000		264,452
PetroChina Co. Ltd. Class H		1,364,000		1,476,002
Phoenix Satellite Television Holdings Ltd.		190,000		59,548
PICC Property and Casualty Co. Ltd. Class H		239,680		469,879
Ping An Insurance (Group) Co. of China Ltd. Class H		170,000		1,811,088
Poly Property Group Co. Ltd.		148,000		68,337
Renhe Commercial Holdings Co. Ltd.a		1,266,000		57,149
REXLot Holdings Ltd.		775,000		60,974
Sany Heavy Equipment International Holdings Co. Ltd.a		219,000		47,171
Semiconductor Manufacturing International Corp.a		2,279,000		199,877
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		128,000		100,540
Shanghai Electric Group Co. Ltd. Class H		218,000		133,836
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.		30,000		108,534
Shanghai Industrial Holdings Ltd.		41,000		121,360
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		52,000		112,674

CONSOLIDATED SCHEDULES OF INVESTMENTS 75

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Shenzhen International Holdings Ltd.		101,500	$	146,359
Shenzhen Investment Ltd.		230,000		66,449
Shenzhou International Group Holdings Ltd.		43,000		156,397
Shimao Property Holdings Ltd.		91,500		193,070
Shougang Fushan Resources Group Ltd.b		206,000		42,511
Shui On Land Ltd.		401,500		90,622
Shunfeng International Clean Energy Ltd.a		80,000		61,806
Sihuan Pharmaceutical Holdings Group Ltd.		340,000		219,699
Sino Biopharmaceutical Ltd.		232,000		232,498
Sino-Ocean Land Holdings Ltd.		269,500		172,753
Sinofert Holdings Ltd.a		402,000		73,625
Sinopec Engineering Group Co. Ltd.		73,000		52,255
Sinopec Kantons Holdings Ltd.		106,000		84,080
Sinopec Shanghai Petrochemical Co. Ltd. Class H		243,000		70,518
Sinopharm Group Co. Ltd. Class H		82,400		301,294
Skyworth Digital Holdings Ltd.		180,000		101,685
SOHO China Ltd.		133,000		92,459
Sun Art Retail Group Ltd.b		164,000		148,277
Sunac China Holdings Ltd.		115,000		102,936
Sunny Optical Technology Group Co. Ltd.b		57,000		87,191
Tencent Holdings Ltd.		331,200		5,638,647
Tianneng Power International Ltd.		242,000		59,303
Tingyi Cayman Islands Holding Corp.		128,000		315,982
Tong Ren Tang Technologies Co. Ltd. Class H		70,000		87,575
Towngas China Co. Ltd.		113,000		98,814
Travelsky Technology Ltd. Class H		86,000		90,954
Tsingtao Brewery Co. Ltd. Class H		28,000		187,970
Uni-President China Holdings Ltd.		107,200		92,636
Want Want China Holdings Ltd.		386,000		463,996
Weichai Power Co. Ltd. Class H		36,000		143,009

Security	Shares		Value
West China Cement Ltd.		756,000	$	84,830
Xinyi Solar Holdings Ltd.		214,000		59,342
Yanzhou Coal Mining Co. Ltd. Class H		148,000		117,967
Yingde Gases Group Co. Ltd.		102,500		69,273
Yuexiu Property Co. Ltd.		690,080		134,396
Yuexiu Real Estate Investment Trust		203,000		107,085
Zhejiang Expressway Co. Ltd. Class H		122,000		155,620
Zhongsheng Group Holdings Ltd.		59,000		51,441
Zhuzhou CSR Times Electric Co. Ltd. Class H		24,500		137,141
Zijin Mining Group Co. Ltd. Class H		400,000		121,238
ZTE Corp. Class H		60,400		132,589
				60,768,430
COLOMBIA — 0.10%
Almacenes Exito SA		10,518		107,944
Cementos Argos SA		23,467		88,628
Cemex Latam Holdings SAa		15,020		93,844
Corporacion Financiera Colombiana SA NVS Newa		229		3,487
Corporacion Financiera Colombiana SA NVS		12,636		192,237
Ecopetrol SA		330,512		265,251
Grupo Argos SA/Colombia		14,000		106,437
Grupo de Inversiones Suramericana SA		20,082		291,832
Interconexion Electrica SA ESP		24,896		76,650
Isagen SA ESP		69,517		82,330
				1,308,640
CZECH REPUBLIC — 0.04%
CEZ AS		11,876		278,291
Komercni Banka AS		1,062		216,456
				494,747
DENMARK — 1.12%
A.P. Moeller-Maersk A/S Class A		266		522,170
A.P. Moeller-Maersk A/S Class B		406		823,459
ALK-Abello A/S		1,048		119,306
Bang & Olufsen A/S Class Ba,b		12,161		84,245
Carlsberg A/S Class B		6,580		483,758
Christian Hansen Holding A/S		6,681		277,594
Coloplast A/S Class B		7,240		571,241
D/S Norden A/Sb		2,499		51,822

76 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Danske Bank A/S		41,326	$	1,071,849
DSV A/S		11,585		364,923
FLSmidth & Co. A/Sb		3,499		148,088
Genmab A/Sa		3,222		216,268
GN Store Nord A/S		11,954		268,185
Jyske Bank A/S Registereda		4,687		212,364
NKT Holding A/S		2,302		118,260
Novo Nordisk A/S Class B		128,109		5,738,485
Novozymes A/S Class B		15,448		704,619
Pandora A/S		7,562		541,854
Rockwool International A/S Class B		497		53,264
Royal Unibrew A/Sa		763		130,118
SimCorp A/S		4,162		120,818
Solar Holdings A/S Class B		1,748		77,372
Sydbank A/Sa		5,543		156,285
TDC A/S		52,346		387,463
Topdanmark A/Sa,b		8,254		276,264
Tryg A/S		1,571		184,084
Vestas Wind Systems A/Sa		14,291		559,994
William Demant Holding A/Sa		1,720		130,338
				14,394,490
EGYPT — 0.08%
Arabian Cement Co.		24,212		51,645
Commercial International Bank (Egypt) SAE		54,699		397,808
Egyptian Financial Group-Hermes Holding Co.a		71,662		167,116
Egyptian Kuwaiti Holding Co. SAEa		69,655		50,152
Global Telecom Holding SAEa		166,290		101,877
Talaat Moustafa Group Holding Co. SAE		144,683		219,025
Telecom Egypt Co.		41,608		66,934
				1,054,557
FINLAND — 0.67%
Amer Sports OYJ Class A		8,085		154,005
Cargotec Corp. OYJ Class B		2,179		69,783
Caverion Corp.		8,522		79,626
Citycon OYJ		10,261		34,807
Elisa OYJ		7,547		200,732
Fortum OYJ		26,598		567,275
Huhtamaki OYJ		5,400		148,014
Kemira OYJ		5,627		64,387
Kesko OYJ Class B		4,122		150,568

Security	Shares		Value
Kone OYJ Class B		19,622	$	884,591
Konecranes OYJb		3,264		99,485
Metsa Board OYJ Class B		17,932		107,247
Metso OYJ		7,082		215,136
Neste Oil OYJb		8,703		240,612
Nokia OYJ		239,361		1,848,883
Nokian Renkaat OYJ		7,244		178,940
Orion OYJ Class B		7,003		230,833
Outokumpu OYJa,b		12,591		68,228
Outotec OYJb		11,838		68,463
Ramirent OYJ		6,281		51,812
Sampo OYJ		27,605		1,336,995
Sanoma OYJ		5,101		32,091
Sponda OYJ		12,382		57,008
Stockmann OYJ Abp Class B		3,941		27,328
Stora Enso OYJ Class R		31,334		304,440
Tieto OYJ		4,901		120,400
UPM-Kymmene OYJ		33,571		590,599
Uponor OYJ		4,966		75,652
Valmet OYJ		10,702		137,674
Wartsila OYJ Abp		9,499		440,879
YIT OYJb		7,294		42,513
				8,629,006
FRANCE — 6.34%
AB Science SAa		2,304		38,349
ABC Arbitrage		24,798		133,201
Accor SA		10,137		507,038
Aeroports de Paris		1,709		205,195
Airbus Group NV		37,697		2,007,850
Alcatel-Lucenta		182,992		638,903
ALSTOMa		13,896		456,629
ALTEN		2,425		101,661
Altran Technologies SA		16,210		143,722
ANF Immobilier		1,713		43,957
APERAM SAa		3,415		89,559
ArcelorMittal		65,147		622,159
Arkema SA		3,898		279,317
Assystem		3,597		70,221
Atos SA		5,166		382,303
AXA SA		113,876		2,679,939
Belvedere SAa,b		3,909		44,288
Beneteau SAa		2,675		39,091
BNP Paribas SA		66,413		3,505,495
Bolloreb		29,290		126,227
Bonduelle SCA		2,736		61,749

CONSOLIDATED SCHEDULES OF INVESTMENTS 77

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
BOURBON SAb		2,472	$	51,174
Bouygues SA		11,660		416,508
Bureau Veritas SA		12,611		267,896
Cap Gemini SA		8,984		654,611
Carrefour SA		38,859		1,221,016
Casino Guichard-Perrachon SA		3,138		285,836
Cegid Group		3,715		133,647
CGGa,b		10,684		59,896
Christian Dior SA		3,177		550,311
Cie de Saint-Gobain		27,597		1,181,210
Club Mediterranee SAa		4,835		134,164
CNP Assurances SA		9,650		169,768
Compagnie Generale des Etablissements Michelin Class B		11,582		1,133,536
Compagnie Plastic Omnium SA		3,893		112,484
Credit Agricole SA		62,672		747,180
Danone SA		36,168		2,431,278
Dassault Systemes		8,102		502,117
Edenred SA		12,837		369,681
Eiffage SA		2,673		130,397
Electricite de France SA		15,223		413,914
Essilor International SA		12,827		1,434,002
Etablissements Maurel et Proma		7,006		56,654
Euler Hermes Group		1,215		119,228
Eurazeo		2,430		170,999
Eurofins Scientific SE		620		159,868
Eutelsat Communications SA		9,179		315,351
Faiveley Transport SA		993		60,274
Faurecia		4,137		167,222
Fonciere des Regions		1,446		148,472
GameLoft SAa		14,993		49,911
GDF Suez		90,516		2,014,767
Gecina SA		1,571		205,910
Groupe Eurotunnel SE		29,963		402,529
Groupe Fnaca		2,236		112,308
Guerbet		1,344		49,897
Havas SA		16,633		128,571
Hermes International		1,794		608,243
Icade		1,773		154,777
Iliad SA		1,704		395,825
Imerys SA		1,774		128,320
Ingenico SA		3,059		319,925
Ipsen SA		2,174		110,642
Ipsos SA		2,989		77,864

Security	Shares		Value
Jacquet Metal Service SA		3,222	$	56,174
JCDecaux SA		3,879		140,007
Kering		4,835		978,817
Klepierre		8,472		399,713
Korian-Medica		2,708		102,340
L’Air Liquide SA		22,083		2,790,992
L’Oreal SA		15,333		2,751,967
Lafarge SA		11,705		803,210
Lagardere SCA		7,121		195,107
Legrand SA		16,411		883,356
LVMH Moet Hennessy Louis Vuitton SA		17,609		2,851,472
M6-Metropole Television		3,048		55,720
Mercialys		2,930		70,839
Mersen		2,635		62,145
Montupet		1,049		83,537
MPI		10,937		37,519
Natixis SA		57,857		369,012
Naturex		1,473		77,077
Neopost SA		2,239		116,224
Nexans SAa		5,342		168,819
Nexity		1,455		57,351
Numericable-SFRa		8,090		421,767
Orange SA		117,645		2,073,657
Orpea SA		2,062		134,237
Pernod Ricard SA		13,080		1,573,430
Peugeot SAa		25,148		364,803
Publicis Groupe SA		11,097		831,864
Rallye SA		1,818		68,316
Remy Cointreau SA		1,600		118,424
Renault SA		12,136		934,127
Rexel SA		16,161		302,732
Rubis SCA		2,229		129,262
Safran SA		16,984		1,134,412
Saft Groupe SA		3,209		102,770
Sanofi		75,269		6,964,861
Sartorius Stedim Biotech SA		339		66,008
Schneider Electric SE		32,564		2,462,039
SCOR SE		7,871		245,721
SEB SA		1,448		99,135
Seche Environnement SA		1,689		39,834
SES SA Class A FDR		20,018		729,522
Societe BIC SA		1,872		266,170
Societe Generale		45,388		1,835,401
Societe Television Francaise 1		7,272		115,214

78 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Sodexo SA		4,979	$	495,163
Solocal Groupa,b		76,005		64,069
Sopra Steria Group		1,248		97,314
STMicroelectronics NV		41,077		343,015
Suez Environnement SA		17,394		320,039
Technicolor SA Registereda,b		39,668		237,693
Technip SA		6,366		374,631
Teleperformance		3,763		270,026
Thales SA		5,449		287,770
Total SA		136,055		6,985,675
Ubisoft Entertainment SAa		7,244		146,242
Unibail-Rodamco SE		5,857		1,652,994
Valeo SA		4,661		660,882
Vallourec SA		7,052		154,143
Veolia Environnement SA		26,275		481,961
Vicat SA		1,070		75,248
Vilmorin & Cie SA		303		26,670
Vinci SA		30,238		1,598,278
Virbac SAb		339		75,438
Vivendi SA		75,819		1,799,712
Wendel		1,845		207,054
Zodiac Aerospace		11,750		390,751
				81,344,908
GERMANY — 5.91%
Aareal Bank AG		3,910		148,406
adidas AG		13,742		948,883
AIXTRON SEa		8,490		67,323
Allianz SE Registered		28,927		4,778,889
Alstria Office REIT AG		13,771		176,300
Aurubis AG		2,742		149,048
Axel Springer SE		2,674		164,664
BASF SE		58,191		5,220,420
Bayer AG Registered		52,846		7,636,145
Bayerische Motoren Werke AG		21,015		2,452,067
BayWa AG Registeredb		2,265		89,100
Bechtle AG		1,712		145,009
Beiersdorf AG		6,082		533,960
Bertrandt AG		754		99,209
Bilfinger Berger SEb		3,432		179,777
Brenntag AG		9,537		520,021
Carl Zeiss Meditec AG Bearerb		2,016		53,132
Celesio AG		2,979		88,243
Comdirect Bank AG		3,625		35,998
Commerzbank AGa		62,498		752,511
Continental AG		7,045		1,595,552

Security	Shares		Value
CTS Eventim AG & Co. KGaA		3,944	$	113,045
Daimler AG Registered		60,785		5,520,353
Deutsche Annington Immobilien SE		15,891		552,312
Deutsche Bank AG Registered		88,116		2,565,411
Deutsche Boerse AG		12,349		948,014
Deutsche EuroShop AG		3,282		152,087
Deutsche Lufthansa AG Registered		14,829		251,927
Deutsche Post AG Registered		61,536		1,997,798
Deutsche Telekom AG Registered		197,961		3,414,503
Deutsche Wohnen AG Bearer		18,692		485,983
DEUTZ AG		11,658		53,819
Dialog Semiconductor PLCa		5,481		210,848
DMG MORI SEIKI AG		4,420		144,645
Drillisch AGb		4,146		161,410
Duerr AG		1,940		176,887
E.ON SE		125,827		1,948,806
ElringKlinger AG		2,538		88,584
Fraport AG Frankfurt Airport Services Worldwide		2,265		138,583
Freenet AG		9,933		296,587
Fresenius Medical Care AG & Co. KGaA		14,054		1,041,001
Fresenius SE & Co. KGaA		24,603		1,409,263
GAGFAH SAa		15,200		339,447
GEA Group AG		12,080		548,607
Gerresheimer AG		2,499		136,474
Gerry Weber International AGb		2,750		106,301
Hamborner REIT AG		15,538		160,821
Hamburger Hafen und Logistik AG		2,999		61,711
Hannover Rueck SE Registered		3,937		352,929
HeidelbergCement AG		8,773		646,067
Heidelberger Druckmaschinen AGa,b		23,095		54,286
Henkel AG & Co. KGaA		7,018		718,691
HUGO BOSS AG		2,338		301,823
Indus Holding AG		3,177		138,779
Infineon Technologies AG		74,584		839,708
K+S AG Registered		10,678		337,389
Kabel Deutschland Holding AGa		1,557		211,718
Kloeckner & Co. SEa		8,523		88,176
Krones AG		1,214		115,198

CONSOLIDATED SCHEDULES OF INVESTMENTS 79

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
KUKA AG		2,732	$	185,037
KWS Saat AG		285		87,059
Lanxess AG		6,108		293,279
LEG Immobilien AG		3,448		264,309
LEONI AG		2,752		172,262
Linde AG		11,647		2,233,006
MAN SE		1,770		188,590
Merck KGaA		8,532		854,094
METRO AGa,b		10,389		320,168
MorphoSys AGa		1,691		145,024
MTU Aero Engines Holding AG		3,408		312,006
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		10,723		2,153,867
Nordex SEa		4,848		94,726
NORMA Group SE		3,393		168,660
Osram Licht AGa		5,824		268,667
Pfeiffer Vacuum Technology AG		1,221		109,772
ProSiebenSat.1 Media AG Registered		14,327		636,022
QIAGEN NVa		15,576		357,423
Rational AG		217		71,491
Rheinmetall AG		3,174		137,931
Rhoen Klinikum AG		7,868		208,471
RTL Group SAb		2,520		238,643
RWE AG		31,455		873,542
Salzgitter AG		3,181		87,030
SAP SE		58,676		3,831,082
SGL Carbon SEa,b		1,993		31,745
Siemens AG Registered		50,378		5,286,964
Software AG		5,303		140,628
Stada Arzneimittel AG		4,162		129,368
Suedzucker AGb		3,953		49,626
Symrise AG		8,009		525,275
TAG Immobilien AG		10,876		141,324
Telefonica Deutschland Holding AG		36,215		201,474
ThyssenKrupp AGa		29,711		774,147
United Internet AG Registeredd		8,541		370,778
Volkswagen AG		1,787		397,561
Vossloh AGb		1,319		84,587
Wacker Chemie AGb		1,042		111,705
Wincor Nixdorf AG		2,755		126,454
Wirecard AG		8,082		362,252
				75,690,697

Security	Shares		Value
GREECE — 0.07%
Alpha Bank AEa		280,449	$	102,537
Eurobank Ergasias SAa		488,245		60,606
FF Groupa		2,571		76,854
Hellenic Telecommunications Organization SAa		16,958		140,077
Jumbo SA		6,758		64,288
Motor Oil (Hellas) Corinth Refineries SA		5,599		37,909
Mytilineos Holdings SAa		7,116		40,391
National Bank of Greece SAa		101,099		105,529
OPAP SA		15,260		129,151
Piraeus Bank SAa		140,199		81,952
Public Power Corp. SAa		8,760		47,449
Titan Cement Co. SA		3,150		70,204
				956,947
HONG KONG — 2.39%
AIA Group Ltd.		789,000		4,604,752
Alibaba Health Information Technology Ltd.a		164,000		108,299
ASM Pacific Technology Ltd.b		17,800		161,508
Bank of East Asia Ltd. (The)		83,400		346,364
BOC Hong Kong (Holdings) Ltd.		256,500		901,497
Brightoil Petroleum (Holdings) Ltd.a,b		252,000		62,079
Cafe de Coral Holdings Ltd.b		40,000		147,549
Cathay Pacific Airways Ltd.		76,000		177,420
Champion REIT		167,000		81,849
Cheung Kong Holdings Ltd.		90,000		1,723,771
Cheung Kong Infrastructure Holdings Ltd.		49,000		403,522
Chow Sang Sang Holdings International Ltd.		28,000		74,213
CLP Holdings Ltd.		131,500		1,173,660
Dah Sing Banking Group Ltd.		39,600		66,193
Dah Sing Financial Holdings Ltd.		13,600		78,758
Esprit Holdings Ltd.b		136,850		154,441
FIH Mobile Ltd.a,b		191,000		85,235
First Pacific Co. Ltd./Hong Kong		195,000		198,688
G-Resources Group Ltd.a		2,502,600		71,334
Galaxy Entertainment Group Ltd.b		152,000		801,821
Giordano International Ltd.		116,000		54,908
Global Brands Group Holding Ltd.a		526,000		99,727

80 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Great Eagle Holdings Ltd.		18,000	$	60,013
Hanergy Thin Film Power Group Ltd.a,b		906,000		421,838
Hang Lung Properties Ltd.		138,000		406,702
Hang Seng Bank Ltd.		50,300		881,005
Henderson Land Development Co. Ltd.		71,950		514,104
HKT Trust & HKT Ltd.		186,600		244,521
Hong Kong & China Gas Co. Ltd.		439,030		1,007,917
Hong Kong Exchanges and Clearing Ltd.		70,000		1,612,464
Hopewell Holdings Ltd.		39,000		146,627
Hutchison Whampoa Ltd.		135,000		1,791,677
Hysan Development Co. Ltd.		43,000		208,252
Johnson Electric Holdings Ltd.		29,250		106,764
K. Wah International Holdings Ltd.b		96,000		51,880
Kerry Logistics Network Ltd.		56,000		85,661
Kerry Properties Ltd.		44,000		156,062
Kowloon Development Co. Ltd.b		38,000		44,355
Li & Fung Ltd.		358,000		355,075
Link REIT (The)		159,500		1,080,017
Luk Fook Holdings International Ltd.b		27,000		100,466
Macau Legend Development Ltd.a,b		106,000		38,964
Melco International Development Ltd.b		67,000		134,633
MGM China Holdings Ltd.		67,200		163,984
Midland Holdings Ltd.a,b		178,000		89,765
MTR Corp. Ltd.		106,500		473,205
New World Development Co. Ltd.		332,666		397,311
Newocean Energy Holdings Ltd.b		110,000		40,150
NWS Holdings Ltd.		102,000		189,704
Orient Overseas International Ltd.		17,500		114,886
Pacific Basin Shipping Ltd.		153,000		56,635
PCCW Ltd.		340,000		226,276
Power Assets Holdings Ltd.		94,500		990,907
Prosperity REIT		518,000		192,412
Sa Sa International Holdings Ltd.b		98,000		63,451
Sands China Ltd.		156,000		765,579
Shangri-La Asia Ltd.		74,000		96,397
Shun Tak Holdings Ltd.		174,000		79,669

Security	Shares		Value
Sino Land Co. Ltd.		198,000	$	331,986
SJM Holdings Ltd.		124,000		182,961
SmarTone Telecommunications Holding Ltd.b		39,000		68,409
Stella International Holdings Ltd.b		39,500		104,439
Sun Hung Kai Properties Ltd.		105,000		1,714,485
Sunlight REIT		333,000		168,361
Swire Pacific Ltd. Class A		42,000		563,911
Swire Properties Ltd.		83,400		268,378
Techtronic Industries Co. Ltd.		96,000		314,496
Television Broadcasts Ltd.		3,700		22,954
Texwinca Holdings Ltd.		58,000		47,427
Trinity Ltd.b		170,000		33,328
VTech Holdings Ltd.b		12,600		177,624
Wharf Holdings Ltd. (The)		97,000		788,175
Wheelock and Co. Ltd.		61,000		346,173
Wynn Macau Ltd.b		99,200		277,000
Xinyi Glass Holdings Co. Ltd.b		140,000		73,852
Yue Yuen Industrial Holdings Ltd.		52,000		193,491
				30,644,366
HUNGARY — 0.05%
Magyar Telekom Telecommunications PLCa		43,718		56,653
MOL Hungarian Oil and Gas PLC		3,931		157,746
OTP Bank PLC		16,210		214,769
Richter Gedeon Nyrt		11,076		150,367
				579,535
INDIA — 1.74%
Adani Ports & Special Economic Zone Ltd.		39,180		215,748
Adani Enterprises Ltd.		10,747		108,849
AIA Engineering Ltd.		4,128		75,815
Ambuja Cements Ltd.		44,663		179,380
Apollo Hospitals Enterprise Ltd.		5,809		123,200
Asian Paints Ltd.		21,960		304,128
Astral Polytechnik Ltd.		9,514		58,634
Aurobindo Pharma Ltd.		10,290		207,304
Bajaj Auto Ltd.		5,626		217,255
Balkrishna Industries Ltd.		4,646		48,677
Bharat Heavy Electricals Ltd.		40,535		190,943
Bharat Petroleum Corp. Ltd.		19,177		231,867
Bharti Airtel Ltd.		38,436		231,913
Cairn India Ltd.		32,683		122,875
CCL International Ltd.		6,295		48,299
Cipla Ltd.		25,564		287,174

CONSOLIDATED SCHEDULES OF INVESTMENTS 81

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
CMC Ltd.		1,739	$	52,639
Coal India Ltd.		38,382		223,624
Cyient Ltd.		10,006		86,029
Dabur India Ltd.		38,340		158,628
DCB Bank Ltd.a		84,698		161,505
Divi’s Laboratories Ltd.		3,534		99,418
DLF Ltd.		32,399		88,877
Dr. Reddy’s Laboratories Ltd.		7,856		410,114
FDC Ltd.		25,407		67,707
Federal Bank Ltd.		57,732		132,224
Finolex Cables Ltd.		16,543		67,724
GAIL (India) Ltd.		23,744		162,165
Gateway Distriparks Ltd.		19,340		119,815
Gillette India Ltd.		1,212		66,872
Godrej Consumer Products Ltd.		7,554		129,431
HCL Technologies Ltd.		16,794		485,842
Hero Motocorp Ltd.		4,970		229,943
Hindalco Industries Ltd.		75,054		169,291
Hindustan Unilever Ltd.		49,165		740,273
Housing Development Finance Corp. Ltd.		95,805		1,952,915
ICICI Bank Ltd.		71,475		416,259
Idea Cellular Ltd.		71,952		179,895
Indiabulls Housing Finance Ltd.		14,597		138,746
Info Edge India Ltd.		4,878		66,903
Infosys Ltd.		59,297		2,050,670
ITC Ltd.		143,413		853,392
Jaiprakash Associates Ltd.a		81,130		37,398
Jammu & Kashmir Bank Ltd. (The)		22,564		55,540
Jindal Steel & Power Ltd.		26,277		67,310
JK Lakshmi Cement Ltd.		7,388		46,200
JSW Steel Ltd.		6,276		99,047
Jubilant Foodworks Ltd.a		2,321		52,092
Karur Vysya Bank Ltd. (The)		8,776		84,381
Kaveri Seed Co. Ltd.		5,130		60,668
Larsen & Toubro Ltd.		21,486		589,941
LIC Housing Finance Ltd.		23,147		178,830
Mahindra & Mahindra Financial Services Ltd.		22,525		92,831
Mahindra & Mahindra Ltd.		22,922		468,211
Motherson Sumi Systems Ltd.		15,972		116,331
NCC Ltd./India		42,495		52,042
Nestle India Ltd.		1,513		173,764
NTPC Ltd.		114,115		264,675

Security	Shares		Value
Oil & Natural Gas Corp. Ltd.		49,917	$	283,173
Oil India Ltd.		9,473		81,752
PC Jeweller Ltd.		12,056		52,684
Piramal Enterprises Ltd.		4,391		59,117
Power Finance Corp. Ltd.		20,875		100,592
Ranbaxy Laboratories Ltd.a		9,970		113,101
Reliance Communications Ltd.a		67,056		86,182
Reliance Industries Ltd.		84,879		1,254,307
Reliance Infrastructure Ltd.		8,535		70,040
Risa International Ltd.a		8,685		25,928
Rural Electrification Corp. Ltd.		23,272		125,162
Sadbhav Engineering Ltd.		12,881		59,304
Sesa Sterlite Ltd.		78,481		255,901
Shriram Transport Finance Co. Ltd.		14,573		268,789
Siemens Ltd.		5,944		100,017
SRF Ltd.		3,200		49,066
State Bank of Bikaner and Jaipur		13,887		145,597
State Bank of India		102,980		513,695
Strides Arcolab Ltd.		4,081		61,441
Sun Pharmaceuticals Industries Ltd.		47,361		701,793
Symphony Ltd.		1,726		61,807
Tata Consultancy Services Ltd.		30,160		1,208,664
Tata Global Beverages Ltd.		34,266		87,802
Tata Motors Ltd.		50,206		474,337
Tata Power Co. Ltd.		88,949		129,973
Tata Steel Ltd.		21,832		137,633
Tech Mahindra Ltd.		4,416		204,526
Tilak Finance Ltd.a		14,056		13,776
Ultratech Cement Ltd.		4,656		236,078
United Breweries Ltd.		5,150		81,077
United Spirits Ltd.a		4,214		234,827
Wipro Ltd.		39,602		387,835
Zee Entertainment Enterprises Ltd.		37,172		226,117
				22,294,316
INDONESIA — 0.61%
PT Adaro Energy Tbk		1,076,300		84,965
PT Aneka Tambang (Persero) Tbk		640,900		53,883
PT Astra Agro Lestari Tbk		24,600		45,151
PT Astra International Tbk		1,351,200		837,333
PT Bank Central Asia Tbk		834,900		881,530
PT Bank Danamon Indonesia Tbk		200,000		69,469

82 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
PT Bank Mandiri (Persero) Tbk		602,900	$	523,537
PT Bank Negara Indonesia (Persero) Tbk		566,000		279,258
PT Bank Rakyat Indonesia (Persero) Tbk		723,300		666,629
PT Bank Tabungan Negara (Persero) Tbk		776,093		60,960
PT Bukit Asam (Persero) Tbk		78,600		70,580
PT Bumi Resources Tbka		5,014,500		39,981
PT Bumi Serpong Damai Tbk		594,500		94,801
PT Charoen Pokphand Indonesia Tbk		516,100		161,135
PT Ciputra Development Tbk		846,500		96,227
PT Gajah Tunggal Tbk		285,000		32,848
PT Garuda Indonesia (Persero) Tbka		1,501,396		70,521
PT Global Mediacom Tbk		391,100		57,272
PT Gudang Garam Tbk		35,200		160,613
PT Indo Tambangraya Megah Tbk		26,000		34,379
PT Indocement Tunggal Prakarsa Tbk		100,900		183,201
PT Indofood CBP Sukses Makmur Tbk		98,800		113,093
PT Indofood Sukses Makmur Tbk		317,400		189,175
PT Japfa Comfeed Indonesia Tbk		464,500		32,635
PT Jasa Marga (Persero) Tbk		180,500		102,593
PT Kalbe Farma Tbk		1,628,400		239,745
PT Lippo Karawaci Tbk		1,194,300		107,009
PT Matahari Department Store Tbk		129,400		158,590
PT Media Nusantara Citra Tbk		304,800		68,816
PT Mitra Adiperkasa Tbk		84,000		38,958
PT MNC Investama Tbk		2,152,500		47,748
PT Perusahaan Gas Negara (Persero) Tbk		733,000		292,216
PT Semen Gresik (Persero) Tbk		200,200		230,347
PT Sentul City Tbka		4,424,600		40,168
PT Summarecon Agung Tbk		1,110,000		144,583
PT Surya Citra Media Tbk		393,000		105,948
PT Telekomunikasi Indonesia (Persero) Tbk		3,238,400		723,479
PT Timah (Persero) Tbk		461,559		42,813
PT Tower Bersama Infrastructure Tbk		152,500		114,367

Security	Shares		Value
PT Unilever Indonesia Tbk		122,700	$	347,008
PT United Tractors Tbk		106,200		150,068
PT XL Axiata Tbk		241,500		91,510
				7,885,142
IRELAND — 0.27%
Aer Lingus Group PLC		27,576		66,904
Bank of Irelanda		1,735,985		525,005
C&C Group PLC		18,323		71,748
CRH PLC		44,194		1,062,995
FBD Holdings PLC		3,447		42,787
Glanbia PLC		7,981		128,788
Hibernia REIT PLC		85,694		107,725
Irish Continental Group PLC		24,880		92,650
Kerry Group PLC Class A		9,246		670,049
Kingspan Group PLC		7,097		128,578
Paddy Power PLC		2,470		193,019
Smurfit Kappa Group PLC		13,778		339,875
				3,430,123
ISRAEL — 0.43%
Bank Hapoalim BM		76,302		340,118
Bank Leumi le-Israel BMa		96,276		321,987
Bezeq The Israel Telecommunication Corp. Ltd.		139,601		223,308
Cellcom Israel Ltd.a		10,176		53,887
Delek Group Ltd. (The)		351		86,008
Elbit Systems Ltd.		1,806		111,324
Frutarom		3,859		121,001
Gazit Globe Ltd.		6,806		86,420
Israel Chemicals Ltd.		27,368		197,141
Israel Corp. Ltd. (The)		149		48,427
Israel Discount Bank Ltd. Class Aa		87,333		136,807
Mizrahi Tefahot Bank Ltd.a		10,449		114,392
NICE-Systems Ltd.		4,454		219,072
Oil Refineries Ltd.a		184,492		53,525
Osem Investment Ltd.		2,661		47,229
Partner Communications Co. Ltd.a		16,185		55,077
Paz Oil Co. Ltd.		1,003		128,864
Strauss Group Ltd.a		5,878		86,614
Teva Pharmaceutical Industries Ltd.		54,985		3,135,838
				5,567,039
ITALY — 1.64%
A2A SpA		103,227		98,315

CONSOLIDATED SCHEDULES OF INVESTMENTS 83

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Ansaldo STS SpA		10,136	$	101,855
Assicurazioni Generali SpA		74,516		1,572,438
Atlantia SpA		26,821		690,977
Autogrill SpAa		12,575		107,633
Azimut Holding SpA		7,734		180,571
Banca Carige SpAa,b		240,355		16,138
Banca Generali SpA		4,667		130,293
Banca Monte dei Paschi di Siena SpAa,b		178,158		80,417
Banca Popolare dell’Emilia Romagna SCa		30,178		204,156
Banca Popolare di Milano Scarla		265,128		213,019
Banca Popolare di Sondrio Scarl		31,575		122,926
Banco Popolare SCa		23,770		300,957
Beni Stabili SpA SIIQ		89,530		66,831
Brembo SpA		2,733		96,222
Buzzi Unicem SpAb		6,763		83,033
CIR SpAa		41,454		45,750
CNH Industrial NV		57,945		440,389
Credito Emiliano SpA		6,079		47,402
Credito Valtellinese SCa		74,356		83,907
Danieli & C. Officine Meccaniche SpA		1,046		25,637
Danieli & C. Officine Meccaniche SpA RNC		2,222		36,408
Davide Campari-Milano SpA		14,091		95,406
De’Longhi SpA		4,440		80,065
DiaSorin SpA		1,312		52,307
Ei Towers SpAa		1,487		73,681
Enel Green Power SpA		114,538		226,447
Enel SpA		421,893		1,907,198
Eni SpA		160,833		2,704,232
ERG SpA		4,136		49,240
Exor SpA		6,805		278,137
Finmeccanica SpAa		27,826		304,268
GTECH SpAb		5,421		106,441
Hera SpA		56,654		138,731
Interpump Group SpA		12,847		182,810
Intesa Sanpaolo SpA		790,381		2,317,171
Italcementi SpA		17,405		119,808
Luxottica Group SpA		10,697		636,747
Mediaset SpAa		49,442		225,068
Mediobanca SpA		39,543		343,146
Mediolanum SpA		17,165		122,127
Moncler SpA		7,367		109,569

Security	Shares		Value
Piaggio & C. SpAa,b		20,773	$	63,291
Pirelli & C. SpA		15,102		214,387
Prysmian SpA		13,383		247,674
Recordati SpA		6,615		109,358
Saipem SpAa		17,139		155,304
Salvatore Ferragamo SpA		2,909		84,233
Saras SpAa		24,498		27,396
Snam SpA		127,841		625,521
Societa Cattolica di Assicurazioni Scrl		12,367		95,456
Societa Iniziative Autostradali e Servizi SpA		3,151		31,504
Sorin SpAa,b		33,312		77,362
Telecom Italia SpAa		703,313		819,844
Telecom Italia SpA RNC		328,156		309,762
Tenaris SA		30,170		424,886
Terna Rete Elettrica Nazionale SpA		89,171		390,626
Tod’s SpAb		737		75,682
UniCredit SpA		281,511		1,663,009
Unione di Banche Italiane SpA		57,877		399,052
Unipol Gruppo Finanziario SpA		10,399		52,454
UnipolSai SpA		60,651		168,230
World Duty Free SpAa		7,962		87,781
Yoox SpAa,b		3,725		80,749
				21,021,434
JAPAN — 16.01%
77 Bank Ltd. (The)		29,000		161,708
ABC-MART Inc.		2,100		105,299
Accordia Golf Co. Ltd.		5,300		54,189
Acom Co. Ltd.a,b		28,400		78,093
Activia Properties Inc.		17		152,394
Adastria Holdings Co. Ltd.		2,000		53,037
Adeka Corp.		7,800		96,616
Advance Residence Investment Corp.		86		220,738
Advantest Corp.		12,300		158,325
Aeon Co. Ltd.		38,200		406,341
AEON Delight Co. Ltd.		2,900		65,350
AEON Financial Service Co. Ltd.		7,500		136,317
Aeon Mall Co. Ltd.		7,000		116,980
Aica Kogyo Co. Ltd.		5,500		123,377
Aichi Bank Ltd. (The)		1,700		83,940
AIFUL Corp.a,b		21,100		70,055
Air Water Inc.		12,000		208,300

84 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Aisin Seiki Co. Ltd.		12,100	$	426,974
Ajinomoto Co. Inc.		39,000		809,616
Alfresa Holdings Corp.		9,400		112,433
Alps Electric Co. Ltd.		12,600		265,698
Amada Co. Ltd.		24,500		225,259
Amano Corp.		7,800		83,667
ANA Holdings Inc.		65,000		180,505
Anritsu Corp.		9,500		62,597
Aoyama Trading Co. Ltd.		2,800		94,513
Aozora Bank Ltd.		66,000		241,604
Arcs Co. Ltd.		4,000		82,884
Ariake Japan Co. Ltd.		3,500		95,646
Asahi Diamond Industrial Co. Ltd.		6,200		63,813
Asahi Glass Co. Ltd.		48,000		257,438
Asahi Group Holdings Ltd.		25,600		847,558
Asahi Holdings Inc.		2,100		31,411
Asahi Intecc Co. Ltd.		2,000		106,925
Asahi Kasei Corp.		85,000		848,082
Asatsu-DK Inc.		3,800		95,821
ASICS Corp.		11,100		274,984
Astellas Pharma Inc.		137,900		2,147,772
Autobacs Seven Co. Ltd.		3,800		55,966
Avex Group Holdings Inc.		4,000		67,901
Awa Bank Ltd. (The)		19,000		103,197
Azbil Corp.		4,200		105,192
Bandai Namco Holdings Inc.		11,600		236,908
Bank of Kyoto Ltd. (The)		21,000		177,704
Bank of Nagoya Ltd. (The)		17,000		61,797
Bank of Yokohama Ltd. (The)		74,000		403,058
Benesse Holdings Inc.		3,700		111,033
BIC Camera Inc.b		8,900		101,452
Bridgestone Corp.		41,400		1,669,886
Brother Industries Ltd.		17,200		297,832
Calbee Inc.		5,700		224,429
Calsonic Kansei Corp.		12,000		69,059
Canon Electronics Inc.		5,600		99,447
Canon Inc.		69,500		2,213,125
Canon Marketing Japan Inc.		4,500		82,250
Capcom Co. Ltd.		5,500		92,849
Casio Computer Co. Ltd.b		14,300		226,312
Central Glass Co. Ltd.		25,000		105,776
Central Japan Railway Co.		9,400		1,626,084
Century Tokyo Leasing Corp.		3,300		78,746
Chiba Bank Ltd. (The)		46,000		313,285
Chiyoda Co. Ltd.		2,500		53,463

Security	Shares		Value
Chiyoda Corp.		10,000	$	77,810
Chubu Electric Power Co. Inc.a		42,700		567,807
Chugai Pharmaceutical Co. Ltd.		14,200		426,127
Chugoku Bank Ltd. (The)		11,100		159,226
Chugoku Electric Power Co. Inc. (The)		16,800		233,983
Citizen Holdings Co. Ltd.		18,900		152,210
Coca-Cola East Japan Co. Ltd.		5,000		83,855
Coca-Cola West Co. Ltd.		3,900		56,044
cocokara fine Inc.		2,200		54,838
COLOPL Inc.b		3,400		78,354
Colowide Co. Ltd.b		8,400		142,378
COMSYS Holdings Corp.		7,500		103,052
Cosmo Oil Co. Ltd.		50,000		67,680
Credit Saison Co. Ltd.		9,900		168,729
CyberAgent Inc.		3,300		146,648
Dai Nippon Printing Co. Ltd.		27,000		244,911
Dai-ichi Life Insurance Co. Ltd. (The)		69,800		947,186
Daicel Corp.		21,000		263,696
Daido Steel Co. Ltd.		19,000		75,052
Daifuku Co. Ltd.		7,200		83,300
Daihatsu Motor Co. Ltd.		9,000		126,421
Daiichi Sankyo Co. Ltd.		36,700		535,199
Daiichikosho Co. Ltd.		2,900		84,310
Daikin Industries Ltd.		15,400		1,084,876
Daikyo Inc.		31,000		46,184
Daio Paper Corp.		7,000		60,784
Daiseki Co. Ltd.		5,900		101,058
Daishi Bank Ltd. (The)		26,000		87,209
Daito Trust Construction Co. Ltd.		4,700		527,157
Daiwa House Industry Co. Ltd.		38,300		712,918
Daiwa Office Investment Corp.		19		110,475
Daiwa Securities Group Inc.		104,000		763,632
Daiwahouse Residential Investment Corp.		27		127,110
DCM Holdings Co. Ltd.		8,700		58,437
Dena Co. Ltd.		7,800		103,123
Denki Kagaku Kogyo K.K.		31,000		123,245
Denso Corp.		30,700		1,372,372
Dentsu Inc.		14,100		584,574
DIC Corp.		53,000		132,652
DISCO Corp.		2,200		203,584
DMG Mori Seiki Co Ltd.		8,600		113,115
Don Quijote Holdings Co. Ltd.		4,200		308,211

CONSOLIDATED SCHEDULES OF INVESTMENTS 85

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Doutor Nichires Holdings Co. Ltd.		5,200	$	74,105
Dowa Holdings Co. Ltd.		17,000		137,198
Dr. Ci:Labo Co. Ltd.b		2,000		68,957
Duskin Co. Ltd.		3,900		61,821
Dydo Drinco Inc.		2,600		107,130
Earth Chemical Co. Ltd.		3,000		100,626
East Japan Railway Co.		21,000		1,632,231
Ebara Corp.		29,000		112,825
Eisai Co. Ltd.		15,100		756,896
Electric Power Development Co. Ltd.		8,200		300,873
Exedy Corp.		2,500		55,357
Ezaki Glico Co. Ltd.		3,100		128,259
FamilyMart Co. Ltd.		3,200		139,480
Fancl Corp.		4,800		77,068
FANUC Corp.		12,200		2,065,790
Fast Retailing Co. Ltd.		3,400		1,274,150
FCC Co. Ltd.		4,000		76,789
Frontier Real Estate Investment Corp.		28		128,004
Fuji Co. Ltd.		4,900		89,311
Fuji Electric Co. Ltd.		37,000		160,014
Fuji Heavy Industries Ltd.		38,300		1,400,893
Fuji Machine Manufacturing Co. Ltd.		7,200		70,305
Fuji Seal International Inc.		2,400		77,334
Fuji Soft Inc.		3,700		74,652
FUJIFILM Holdings Corp.		30,200		1,027,877
Fujikura Ltd.		23,000		96,531
Fujitsu Ltd.		121,000		644,427
Fukuoka Financial Group Inc.		53,000		267,109
Furukawa Electric Co. Ltd.		53,000		88,886
Fuyo General Lease Co. Ltd.		2,200		71,451
Global One Real Estate Investment Corp. Ltd.		23		95,650
Glory Ltd.		4,300		113,847
GLP J-REIT		148		168,581
GMO Internet Inc.		8,800		73,418
Gree Inc.b		10,400		59,497
GS Yuasa Corp.		24,000		109,309
GungHo Online Entertainment Inc.b		26,300		91,126
Gunma Bank Ltd. (The)		29,000		192,321
Gunze Ltd.		35,000		91,176
H.I.S. Co. Ltd.		3,400		117,805

Security	Shares		Value
Hachijuni Bank Ltd. (The)		27,000	$	179,747
Hakuhodo DY Holdings Inc.		16,800		168,765
Hamamatsu Photonics K.K.		5,100		242,702
Hankyu Hanshin Holdings Inc.		71,000		397,114
Hanwa Co. Ltd.		19,000		71,655
Haseko Corp.		20,400		167,590
Hazama Ando Corp.		14,300		94,469
Heiwa Corp.		3,200		64,673
Heiwa Real Estate Co. Ltd.		6,700		96,338
Heiwa Real Estate REIT Inc.		126		105,013
Higo Bank Ltd. (The)		16,000		87,584
Hikari Tsushin Inc.		1,100		63,491
Hino Motors Ltd.		16,400		235,253
Hirose Electric Co. Ltd.		1,800		217,903
Hiroshima Bank Ltd. (The)		36,000		180,820
Hisamitsu Pharmaceutical Co. Inc.		2,600		88,980
Hitachi Capital Corp.		4,000		79,547
Hitachi Chemical Co. Ltd.		7,500		152,535
Hitachi Construction Machinery Co. Ltd.		7,400		138,720
Hitachi High-Technologies Corp.		5,300		166,718
Hitachi Ltd.		308,000		2,352,772
Hitachi Metals Ltd.		16,000		263,704
Hitachi Zosen Corp.		13,400		74,150
Hogy Medical Co. Ltd.		1,800		94,088
Hokkaido Electric Power Co. Inc.a		13,400		108,829
Hokkoku Bank Ltd. (The)		25,000		80,450
Hokuetsu Kishu Paper Co. Ltd.		12,600		59,854
Hokuhoku Financial Group Inc.		77,000		159,946
Hokuriku Electric Power Co.		9,100		129,452
Hokuto Corp.		4,600		84,861
Honda Motor Co. Ltd.		101,000		3,079,053
HORIBA Ltd.		3,200		105,291
Hoshizaki Electric Co. Ltd.		3,400		173,958
House Foods Group Inc.		5,900		118,839
Hoya Corp.		28,100		1,100,174
Hulic Co. Ltd.		15,000		137,786
Hyakugo Bank Ltd. (The)		22,000		93,832
Hyakujushi Bank Ltd. (The)		18,000		60,988
IBIDEN Co. Ltd.		7,300		110,869
IBJ Leasing Co. Ltd.		3,500		66,475
Idemitsu Kosan Co. Ltd.		5,300		89,067
IHI Corp.		95,000		501,426
Iida Group Holdings Co. Ltd.		9,800		123,225

86 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Inaba Denki Sangyo Co. Ltd.		3,000	$	102,030
Industrial & Infrastructure Fund Investment Corp.		23		116,307
INPEX Corp.		53,700		596,133
Internet Initiative Japan Inc.		3,100		65,634
Isetan Mitsukoshi Holdings Ltd.		21,800		311,787
Isuzu Motors Ltd.		38,500		518,348
IT Holdings Corp.		7,300		122,179
Ito EN Ltd.		4,300		82,877
ITOCHU Corp.		96,400		984,804
ITOCHU Techno-Solutions Corp.		1,700		61,001
Itoham Foods Inc.		22,000		125,859
Iwatani Corp.b		14,000		91,295
Iyo Bank Ltd. (The)		24,700		287,657
Izumi Co. Ltd.		3,500		126,633
J. Front Retailing Co. Ltd.		15,000		192,951
Jaccs Co. Ltd.		15,000		70,489
JAFCO Co. Ltd.		2,800		93,083
Japan Airlines Co. Ltd.		7,900		269,689
Japan Airport Terminal Co. Ltd.		3,400		154,855
Japan Aviation Electronics Industry Ltd.		4,000		91,806
Japan Display Inc.a		23,300		82,120
Japan Excellent Inc.		93		119,788
Japan Exchange Group Inc.		17,100		403,389
Japan Hotel REIT Investment Corp.		251		165,816
Japan Logistics Fund Inc.		61		131,020
Japan Petroleum Exploration Co. Ltd.		1,700		51,956
Japan Prime Realty Investment Corp.		52		182,386
Japan Real Estate Investment Corp.		73		356,098
Japan Rental Housing Investments Inc.		117		93,229
Japan Retail Fund Investment Corp.		148		321,539
Japan Securities Finance Co. Ltd.		16,300		81,455
Japan Steel Works Ltd. (The)		26,000		104,695
Japan Tobacco Inc.		68,500		1,885,040
JFE Holdings Inc.		31,800		706,983
JGC Corp.		12,000		246,559
Joyo Bank Ltd. (The)		39,000		197,880

Security	Shares		Value
JSR Corp.		11,100	$	197,781
JTEKT Corp.		14,100		235,750
Juroku Bank Ltd. (The)		24,000		79,888
JVC Kenwood Corp.a		32,600		77,708
JX Holdings Inc.		136,600		506,792
K’s Holdings Corp.		3,100		91,576
Kadokawa Dwangoa		3,418		50,892
Kagome Co. Ltd.		6,900		109,611
Kagoshima Bank Ltd. (The)		12,000		75,699
Kajima Corp.		58,000		231,575
Kakaku.com Inc.		11,100		158,659
Kamigumi Co. Ltd.		16,000		161,137
Kanamoto Co. Ltd.		2,700		70,910
Kaneka Corp.		16,000		98,480
Kanematsu Corp.		55,000		79,130
Kansai Electric Power Co. Inc. (The)a		47,100		458,309
Kansai Paint Co. Ltd.		16,000		281,684
Kao Corp.		33,400		1,473,166
Kawasaki Heavy Industries Ltd.		98,000		474,712
Kawasaki Kisen Kaisha Ltd.		65,000		188,141
Kayaba Industry Co. Ltd.		15,000		60,146
KDDI Corp.		36,900		2,627,120
Keihin Corp.		4,600		73,935
Keikyu Corp.		28,000		219,776
Keio Corp.		37,000		303,648
Keisei Electric Railway Co. Ltd.		23,000		298,404
Keiyo Bank Ltd. (The)		22,000		121,177
Kenedix Inc.		17,700		80,766
Kenedix Realty Investment Corp.		30		178,521
Kewpie Corp.		8,500		198,272
Keyence Corp.		2,900		1,369,949
Kikkoman Corp.		11,000		327,289
Kinden Corp.		10,000		119,355
Kintetsu Corp.		107,000		378,938
Kirin Holdings Co. Ltd.		49,300		667,322
Kisoji Co. Ltd.		8,700		148,425
Kissei Pharmaceutical Co. Ltd.		3,100		93,687
Kiyo Bank Ltd. (The)		6,000		74,831
Kobayashi Pharmaceutical Co. Ltd.		1,900		127,944
Kobe Steel Ltd.		197,000		348,836
Koito Manufacturing Co. Ltd.		7,200		236,905
Kokuyo Co. Ltd.		11,000		84,374
Komatsu Ltd.		60,100		1,193,149

CONSOLIDATED SCHEDULES OF INVESTMENTS 87

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Komeri Co. Ltd.		2,800	$	60,379
Konami Corp.		7,200		135,400
Konica Minolta Holdings Inc.		32,400		360,230
Kose Corp.		2,600		117,312
Kubota Corp.		72,000		1,080,935
Kuraray Co. Ltd.		21,300		269,820
Kureha Corp.		15,000		63,083
Kurita Water Industries Ltd.		7,000		150,470
Kyocera Corp.		20,100		893,904
KYORIN Holdings Inc.		4,000		81,488
Kyowa Exeo Corp.		7,200		76,619
Kyowa Hakko Kirin Co. Ltd.		12,000		137,709
Kyushu Electric Power Co. Inc.a		28,500		277,321
Lawson Inc.		3,400		223,454
Leopalace21 Corp.a		18,800		122,757
Lintec Corp.		5,500		122,160
Lion Corp.		18,000		98,225
LIXIL Group Corp.		16,400		322,653
M3 Inc.		13,400		271,730
Mabuchi Motor Co. Ltd.		4,600		190,712
Makino Milling Machine Co. Ltd.		11,000		95,892
Makita Corp.		7,400		331,997
Mandom Corp.		2,300		78,125
Marubeni Corp.		99,800		555,223
Maruha Nichiro Corp.		7,200		107,818
Marui Group Co. Ltd.		15,100		158,501
Maruichi Steel Tube Ltd.		2,600		61,954
Matsui Securities Co. Ltd.		8,200		70,157
Matsumotokiyoshi Co. Ltd.		2,500		83,003
Mazda Motor Corp.		36,100		752,179
McDonald’s Holdings Co. (Japan) Ltd.		4,000		87,890
Medipal Holdings Corp.		7,600		89,416
Megachips Corp.		9,500		114,357
MEGMILK SNOW BRAND Co. Ltd.		5,600		77,375
Meidensha Corp.		29,000		87,396
MEIJI Holdings Co. Ltd.		4,300		476,253
Meitec Corp.		3,300		97,063
MID REIT Inc.		59		151,185
Minebea Co. Ltd.		23,000		359,690
Miraca Holdings Inc.		3,600		162,431
MIRAIT Holdings Corp.		7,800		91,038
Misawa Homes Co. Ltd.		11,400		101,612
Misumi Group Inc.		6,300		237,862

Security	Shares		Value
Mitsubishi Chemical Holdings Corp.		91,100	$	476,265
Mitsubishi Corp.		84,800		1,492,925
Mitsubishi Electric Corp.		123,000		1,441,361
Mitsubishi Estate Co. Ltd.		79,000		1,603,001
Mitsubishi Gas Chemical Co. Inc.		24,000		109,513
Mitsubishi Heavy Industries Ltd.		193,000		1,076,357
Mitsubishi Logistics Corp.		9,000		135,385
Mitsubishi Materials Corp.		73,000		232,427
Mitsubishi Motors Corp.		40,300		344,453
Mitsubishi Tanabe Pharma Corp.		12,800		203,771
Mitsubishi UFJ Financial Group Inc.		804,300		4,329,450
Mitsubishi UFJ Lease & Finance Co. Ltd.		36,310		158,884
Mitsui & Co. Ltd.		104,300		1,338,102
Mitsui Chemicals Inc.		57,000		168,382
Mitsui Engineering & Shipbuilding Co. Ltd.		59,000		96,940
Mitsui Fudosan Co. Ltd.		59,000		1,507,083
Mitsui Mining & Smelting Co. Ltd.		43,000		90,784
Mitsui O.S.K. Lines Ltd.		67,000		228,153
Mitsumi Electric Co. Ltd.		8,200		63,316
Miura Co. Ltd.		8,800		100,238
Mizuho Financial Group Inc.		1,395,900		2,305,407
MonotaRO Co. Ltd.		2,900		74,435
Mori Hills REIT Investment Corp.		99		140,411
MORI TRUST Sogo REIT Inc.		71		148,208
Morinaga & Co. Ltd.		45,000		140,595
Morinaga Milk Industry Co. Ltd.		22,000		95,518
MOS Food Services Inc.		6,400		133,214
Moshi Moshi Hotline Inc.		8,100		89,989
MS&AD Insurance Group Holdings Inc.		33,000		811,761
Murata Manufacturing Co. Ltd.		13,100		1,429,720
Musashi Seimitsu Industry Co. Ltd.		4,100		77,906
Musashino Bank Ltd. (The)		2,700		89,414
Nabtesco Corp.		8,900		232,227
Nachi-Fujikoshi Corp.		14,000		76,040
Nagase & Co. Ltd.		7,600		95,368
Nagoya Railroad Co. Ltd.		62,000		244,907
Nanto Bank Ltd. (The)		20,000		67,595
NEC Corp.		167,000		474,848
NEC Networks & System Integration Corp.		3,500		75,682

88 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Net One Systems Co. Ltd.		10,600	$	63,709
Nexon Co. Ltd.		11,100		109,994
NGK Insulators Ltd.		17,000		346,180
NGK Spark Plug Co. Ltd.		12,100		362,593
NH Foods Ltd.		12,000		298,404
NHK Spring Co. Ltd.		9,900		90,264
Nichi-Iko Pharmaceutical Co. Ltd.		5,300		96,105
Nichias Corp.		15,000		83,003
Nichii Gakkan Co.		8,200		85,934
Nichirei Corp.		19,000		101,417
Nidec Corp.		14,600		1,003,536
Nifco Inc.		4,000		138,935
Nihon Kohden Corp.		3,100		154,650
Nikon Corp.		20,700		265,039
Nintendo Co. Ltd.		6,800		661,678
Nippon Accommodations Fund Inc.		34		140,816
Nippon Building Fund Inc.		84		414,762
Nippon Electric Glass Co. Ltd.		22,000		114,621
Nippon Express Co. Ltd.		55,000		323,543
Nippon Flour Mills Co. Ltd.		15,000		71,383
Nippon Kayaku Co. Ltd.		10,000		141,148
Nippon Konpo Unyu Soko Co. Ltd.		5,600		87,958
Nippon Light Metal Holdings Co. Ltd.		55,300		83,328
Nippon Paint Holdings Co. Ltd.		10,700		338,858
Nippon Paper Industries Co. Ltd.		4,900		77,839
Nippon Prologis REIT Inc.		93		219,625
Nippon Sheet Glass Co. Ltd.a		84,000		77,947
Nippon Shokubai Co. Ltd.		9,000		122,283
Nippon Soda Co. Ltd.		18,000		103,282
Nippon Steel & Sumitomo Metal Corp.		488,000		1,152,854
Nippon Suisan Kaisha Ltd.a		27,400		95,404
Nippon Telegraph and Telephone Corp.		22,800		1,362,585
Nippon Yusen K.K.		103,000		308,654
Nipro Corp.b		8,600		75,849
Nishi-Nippon City Bank Ltd. (The)		53,000		174,163
Nishimatsu Construction Co. Ltd.		22,000		89,337
Nishimatsuya Chain Co. Ltd.		11,100		88,826
Nissan Chemical Industries Ltd.		9,400		175,092
Nissan Motor Co. Ltd.		153,600		1,329,199
Nissan Shatai Co. Ltd.		4,000		44,439

Security	Shares		Value
Nisshin OilliO Group Ltd. (The)		28,000	$	102,260
Nisshin Seifun Group Inc.		12,700		156,770
Nisshin Steel Co. Ltd.		6,700		70,328
Nissin Foods Holdings Co. Ltd.		3,900		211,825
Nissin Kogyo Co. Ltd.		4,000		61,703
Nitori Holdings Co. Ltd.		4,800		272,966
Nitto Boseki Co. Ltd.		19,000		67,288
Nitto Denko Corp.		10,200		615,222
Nitto Kogyo Corp.		3,100		60,250
NOF Corp.		14,000		90,342
NOK Corp.		7,400		215,451
Nomura Holdings Inc.		232,700		1,256,954
Nomura Real Estate Holdings Inc.		8,000		135,938
Nomura Real Estate Master Fund Inc.		138		173,521
Nomura Real Estate Office Fund Inc.		23		117,678
Nomura Real Estate Residential Fund Inc.		18		104,661
Nomura Research Institute Ltd.		7,700		263,845
Noritz Corp.		4,400		69,784
North Pacific Bank Ltd.		28,700		107,993
NSK Ltd.		31,000		368,680
NTN Corp.		33,000		143,277
NTT Data Corp.		8,400		322,871
NTT DOCOMO Inc.		89,200		1,522,547
NTT Urban Development Corp.		7,200		69,937
Obayashi Corp.		43,000		274,916
OBIC Co. Ltd.		5,400		182,735
Odakyu Electric Railway Co. Ltd.		39,000		382,480
Ogaki Kyoritsu Bank Ltd. (The)		30,000		92,708
Oiles Corp.		4,400		81,771
Oita Bank Ltd. (The)		24,000		84,791
Oji Holdings Corp.		38,000		144,605
Okasan Securities Group Inc.		12,000		85,404
Oki Electric Industry Co. Ltd.		57,000		117,431
Okinawa Electric Power Co. Inc. (The)		3,200		111,284
Okuma Corp.		12,000		103,486
Okumura Corp.		16,000		73,690
Olympus Corp.a		16,100		564,696
Omron Corp.		13,500		546,482
Ono Pharmaceutical Co. Ltd.		5,300		563,998
Oracle Corp. Japan		2,800		117,039

CONSOLIDATED SCHEDULES OF INVESTMENTS 89

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Orient Corp.a		42,200	$	63,588
Oriental Land Co. Ltd.		3,500		849,636
ORIX Corp.		85,300		992,680
Orix JREIT Inc.		147		221,004
Osaka Gas Co. Ltd.		116,000		460,781
OSAKA Titanium Technologies Co. Ltd.		2,300		48,579
OSG Corp.		6,000		111,403
Otsuka Corp.		3,300		114,481
Otsuka Holdings Co. Ltd.		25,200		784,651
Pacific Metals Co. Ltd.a		14,000		38,139
Panasonic Corp.		141,000		1,622,883
Paramount Bed Holdings Co. Ltd.		2,100		58,460
Park24 Co. Ltd.		7,400		127,255
Penta-Ocean Construction Co. Ltd.		26,600		102,356
Pigeon Corp.		2,500		157,281
Pioneer Corp.a		27,800		52,777
Pola Orbis Holdings Inc.		1,700		72,941
Premier Investment Corp.		21		112,451
Press Kogyo Co. Ltd.		25,000		85,132
Rakuten Inc.		52,000		726,889
Recruit Holdings Co. Ltd.a		9,700		284,068
Rengo Co. Ltd.		13,000		55,004
Resona Holdings Inc.		145,100		726,828
Resorttrust Inc.		5,900		142,396
Ricoh Co. Ltd.		43,000		423,539
Ricoh Leasing Co. Ltd.		3,100		81,680
Rinnai Corp.		2,300		155,272
Rohm Co. Ltd.		6,500		423,318
Rohto Pharmaceutical Co. Ltd.		7,200		97,398
Royal Holdings Co. Ltd.		9,900		142,097
Ryohin Keikaku Co. Ltd.		1,600		178,028
Ryosan Co. Ltd.		3,900		83,535
Saizeriya Co. Ltd.		7,300		118,388
San-in Godo Bank Ltd. (The)		14,000		115,013
Sangetsu Co. Ltd.		1,900		51,356
Sankyo Co. Ltd.		1,700		61,435
Sankyo Tateyama Inc.		3,800		58,909
Sankyu Inc.		20,000		80,705
Sanrio Co. Ltd.b		3,200		79,738
Santen Pharmaceutical Co. Ltd.		4,900		307,019
Sanwa Holdings Corp.		18,700		130,541
Sapporo Holdings Ltd.		28,000		118,946
Sawai Pharmaceutical Co. Ltd.		2,400		146,290

Security	Shares		Value
SBI Holdings Inc.		13,700	$	148,471
SCREEN Holdings Co. Ltd.		18,000		107,879
SCSK Corp.		4,100		103,072
Secom Co. Ltd.		13,500		790,014
Sega Sammy Holdings Inc.		10,300		135,211
Seiko Epson Corp.		8,600		353,254
Seino Holdings Co. Ltd.		10,000		109,735
Sekisui Chemical Co. Ltd.		28,000		308,449
Sekisui House Ltd.		33,400		433,903
Sekisui House SI Residential Investment Corp.		100		113,225
Senshu Ikeda Holdings Inc.		26,800		119,780
Seven & I Holdings Co. Ltd.		46,700		1,724,439
Seven Bank Ltd.		46,200		208,454
Sharp Corp./Japana,b		96,000		189,605
Shiga Bank Ltd. (The)		18,000		101,290
Shikoku Electric Power Co. Inc.a		12,400		157,078
Shimachu Co. Ltd.		4,700		118,475
Shimadzu Corp.		18,000		188,788
Shimamura Co. Ltd.		1,400		125,263
Shimano Inc.		5,500		733,240
Shimizu Corp.		41,000		285,515
Shin-Etsu Chemical Co. Ltd.		26,700		1,783,864
Shinko Electric Industries Co. Ltd.		6,300		44,676
ShinMaywa Industries Ltd.		12,000		117,890
Shinsei Bank Ltd.		104,000		190,355
Shionogi & Co. Ltd.		20,300		614,366
Ship Healthcare Holdings Inc.		3,200		79,847
Shiseido Co. Ltd.		23,000		371,634
Shizuoka Bank Ltd. (The)		31,000		286,077
SHO-BOND Holdings Co. Ltd.		2,600		110,671
Showa Corp.		4,700		48,254
Showa Denko K.K.		102,000		131,120
Showa Shell Sekiyu K.K.		13,300		130,775
SKY Perfect JSAT Holdings Inc.		15,300		93,390
SMC Corp.		3,600		976,734
SoftBank Corp.		60,800		3,604,056
Sohgo Security Services Co. Ltd.		4,700		121,236
Sojitz Corp.		101,900		132,726
Sompo Japan Nipponkoa Holdings Inc.		21,600		606,819
Sony Corp.		67,400		1,591,688
Sony Financial Holdings Inc.		10,900		153,017
Sotetsu Holdings Inc.		39,000		179,287

90 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Square Enix Holdings Co. Ltd.		5,400	$	119,755
Stanley Electric Co. Ltd.		9,300		209,490
Start Today Co. Ltd.		3,900		79,584
Sugi Holdings Co. Ltd.		3,000		141,744
Sumco Corp.		9,200		157,269
Sumitomo Bakelite Co. Ltd.		22,000		91,772
Sumitomo Chemical Co. Ltd.		98,000		390,448
Sumitomo Corp.		62,700		623,450
Sumitomo Dainippon Pharma Co. Ltd.		9,000		95,314
Sumitomo Electric Industries Ltd.		49,000		638,233
Sumitomo Forestry Co. Ltd.		9,100		85,372
Sumitomo Heavy Industries Ltd.		41,000		224,433
Sumitomo Metal Mining Co. Ltd.		34,000		491,483
Sumitomo Mitsui Financial Group Inc.		79,000		2,683,774
Sumitomo Mitsui Trust Holdings Inc.		203,000		719,785
Sumitomo Osaka Cement Co. Ltd.		31,000		90,784
Sumitomo Realty & Development Co. Ltd.		23,000		741,114
Sumitomo Rubber Industries Inc.		11,600		182,100
Sumitomo Warehouse Co. Ltd. (The)		14,000		79,019
Sundrug Co. Ltd.		2,700		115,388
Suntory Beverage & Food Ltd.		9,100		321,113
Suruga Bank Ltd.		12,500		236,986
Suzuken Co. Ltd.		3,900		110,727
Suzuki Motor Corp.		24,100		770,609
Sysmex Corp.		10,200		460,222
T&D Holdings Inc.		37,500		427,627
Tadano Ltd.		8,000		97,459
Taiheiyo Cement Corp.		76,000		224,509
Taikisha Ltd.		4,400		105,369
Taisei Corp.		70,000		409,399
Taisho Pharmaceutical Holdings Co. Ltd.		1,500		95,901
Taiyo Holdings Co. Ltd.		2,400		88,060
Taiyo Nippon Sanso Corp.		11,000		132,788
Taiyo Yuden Co. Ltd.		8,900		112,060
Takara Holdings Inc.		11,400		73,273
Takasago Thermal Engineering Co. Ltd.		7,600		96,015
Takashimaya Co. Ltd.		18,000		158,907

Security	Shares		Value
Takata Corp.b		2,800	$	33,038
Takeda Pharmaceutical Co. Ltd.		47,100		2,366,929
Tamron Co. Ltd.		3,200		62,793
TDK Corp.		8,500		536,202
Teijin Ltd.		71,000		213,366
Temp Holdings Co. Ltd.		3,300		112,655
Terumo Corp.		19,600		490,730
THK Co. Ltd.		8,200		201,745
Toagosei Co. Ltd.		21,000		84,740
Tobu Railway Co. Ltd.		59,000		285,294
Toda Corp.		16,000		57,753
Toho Bank Ltd. (The)		24,000		84,791
Toho Co. Ltd.		9,100		207,232
Toho Gas Co. Ltd.		29,000		158,992
Toho Holdings Co. Ltd.		3,900		54,583
Toho Zinc Co. Ltd.		24,000		76,210
Tohoku Electric Power Co. Inc.		31,000		393,751
Tokai Carbon Co. Ltd.		26,000		75,699
Tokai Rika Co. Ltd.		5,000		104,031
Tokai Tokyo Financial Holdings Inc.		15,000		100,881
Tokio Marine Holdings Inc.		45,300		1,596,578
Tokuyama Corp.		31,000		69,672
Tokyo Dome Corp.		18,000		83,974
Tokyo Electric Power Co. Inc.a		94,700		404,711
Tokyo Electron Ltd.		11,500		829,813
Tokyo Gas Co. Ltd.		152,000		913,954
Tokyo Ohka Kogyo Co. Ltd.		4,500		155,536
Tokyo Seimitsu Co. Ltd.		4,300		88,222
Tokyo Tatemono Co. Ltd.		27,000		183,885
Tokyu Corp.		69,000		459,941
Tokyu Fudosan Holdings Corp.		29,800		186,718
TOKYU REIT Inc.		98		130,149
TOMONY Holdings Inc.		18,900		82,380
Tomy Co. Ltd.		14,300		79,617
TonenGeneral Sekiyu K.K.		20,000		177,925
Top REIT Inc.		19		81,684
Topcon Corp.		6,400		128,365
Toppan Forms Co. Ltd.		7,300		76,564
Toppan Printing Co. Ltd.		27,000		182,046
Toray Industries Inc.		98,000		842,217
Toshiba Corp.		260,000		1,050,492
Toshiba Machine Co. Ltd.		17,000		65,849
Toshiba Tec Corp.		11,000		68,642
Tosoh Corp.		37,000		201,907

CONSOLIDATED SCHEDULES OF INVESTMENTS 91

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
TOTO Ltd.		18,000	$	200,587
Toyo Ink SC Holdings Co. Ltd.		16,000		75,597
Toyo Seikan Group Holdings Ltd.		9,300		120,817
Toyo Suisan Kaisha Ltd.		6,200		220,364
Toyo Tire & Rubber Co. Ltd.		6,900		157,367
Toyobo Co. Ltd.		66,000		89,337
Toyoda Gosei Co. Ltd.		4,200		93,321
Toyota Boshoku Corp.		5,200		69,324
Toyota Industries Corp.		10,400		565,752
Toyota Motor Corp.		173,400		11,285,430
Toyota Tsusho Corp.		12,600		301,632
Trend Micro Inc.		6,500		185,098
TS Tech Co. Ltd.		3,400		86,487
TSI Holdings Co. Ltd.		7,600		43,608
Tsubakimoto Chain Co.		13,000		105,802
Tsumura & Co.		4,100		93,927
Tsuruha Holdings Inc.		2,900		196,271
UACJ Corp.		18,000		44,745
Ube Industries Ltd.		68,000		102,465
ULVAC Inc.a		4,100		59,337
Unicharm Corp.		25,400		707,195
Unipres Corp.		3,800		66,609
United Arrows Ltd.		1,600		45,699
United Urban Investment Corp.		160		257,030
Universal Entertainment Corp.		2,000		33,968
UNY Group Holdings Co. Ltd.		7,600		43,931
Ushio Inc.		8,500		99,281
USS Co. Ltd.		13,600		215,118
Valor Co. Ltd.		4,200		79,913
Wacom Co. Ltd.		11,000		46,916
Watami Co. Ltd.b		9,100		90,330
West Japan Railway Co.		10,800		558,825
Xebio Co. Ltd.		3,400		52,911
Yahoo! Japan Corp.		100,700		342,053
Yakult Honsha Co. Ltd.		6,000		366,748
Yamada Denki Co. Ltd.		54,500		204,146
Yamagata Bank Ltd. (The)		20,000		84,961
Yamaguchi Financial Group Inc.		15,000		157,451
Yamaha Corp.		11,000		162,099
Yamaha Motor Co. Ltd.		17,700		393,584
Yamanashi Chuo Bank Ltd. (The)		18,000		72,328
Yamato Holdings Co. Ltd.		24,200		551,718
Yamato Kogyo Co. Ltd.		3,300		85,826
Yaskawa Electric Corp.		15,800		204,587
Yokogawa Electric Corp.		14,100		149,324

Security	Shares		Value
Yokohama Rubber Co. Ltd. (The)		14,000	$	133,010
Yoshinoya Holdings Co. Ltd.		8,000		90,784
Zenkoku Hosho Co. Ltd.		4,200		135,155
Zenrin Co. Ltd.		7,500		97,242
Zensho Holdings Co. Ltd.		9,700		87,780
Zeon Corp.		12,000		123,713
				205,419,308
MALAYSIA — 0.79%
AirAsia Bhd		109,600		84,587
Alliance Financial Group Bhd		83,100		109,487
AMMB Holdings Bhd		121,100		209,622
Astro Malaysia Holdings Bhd		219,200		176,423
Axiata Group Bhd		171,200		339,757
Berjaya Corp. Bhd		424,500		47,388
Berjaya Sports Toto Bhd		34,742		32,463
British American Tobacco Malaysia Bhd		9,200		167,365
Bumi Armada Bhda		179,700		59,438
Bursa Malaysia Bhd		68,600		155,050
CapitaMalls Malaysia Trust Bhd		154,200		61,204
Carlsberg Brewery Malaysia Bhd		13,400		43,509
CIMB Group Holdings Bhd		322,000		488,148
Dialog Group Bhd		296,278		132,296
DiGi.Com Bhd		217,100		383,575
DRB-Hicom Bhd		86,100		42,480
Felda Global Ventures Holdings Bhd		80,800		54,342
Gamuda Bhd		149,300		208,641
Genting Bhd		139,900		340,495
Genting Malaysia Bhd		215,000		240,601
Genting Plantations Bhd		24,900		69,731
Hong Leong Bank Bhd		39,900		154,189
Hong Leong Financial Group Bhd		21,700		101,203
IHH Healthcare Bhd		189,700		271,896
IJM Corp. Bhd		73,200		139,217
IOI Corp. Bhd		205,000		266,138
IOI Properties Group Bhd		93,973		53,358
KPJ Healthcare Bhd		57,700		62,503
Kuala Lumpur Kepong Bhd		32,300		201,741
Lafarge Malaysia Bhd		50,200		137,123
Magnum Bhd		5,000		3,845
Malayan Banking Bhd		267,400		642,703
Malaysia Airports Holdings Bhd		54,500		107,558
Malaysian Resources Corp. Bhd		134,300		49,974
Maxis Bhd		113,700		222,511

92 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Media Prima Bhd		99,300	$	51,183
MISC Bhd		80,100		171,107
Parkson Holdings Bhda		82,751		56,566
Pavilion Real Estate Investment Trust Bhd		60,900		26,019
Petronas Chemicals Group Bhd		176,700		248,393
Petronas Dagangan Bhd		18,400		89,464
Petronas Gas Bhd		49,500		302,894
PPB Group Bhd		34,300		137,654
Public Bank Bhd		176,360		881,800
RHB Capital Bhd		43,900		98,739
Sapurakencana Petroleum Bhd		226,000		166,323
Sime Darby Bhd		203,000		525,965
Sunway Real Estate Investment Trust Bhd		162,700		69,511
Telekom Malaysia Bhd		88,200		169,933
Tenaga Nasional Bhd		195,500		781,353
UEM Sunrise Bhd		84,800		29,685
UMW Holdings Bhd		33,000		99,146
WCT Holdings Bhd		148,370		65,433
YTL Corp. Bhd		373,500		181,191
YTL Power International Bhd		220,700		97,332
				10,110,252
MEXICO — 0.95%
Alfa SAB de CV Series A		188,000		344,911
Alsea SAB de CVa,b		39,400		105,572
America Movil SAB de CV Series L		2,158,400		2,310,770
Arca Continental SAB de CV		28,400		168,052
Bolsa Mexicana de Valores SAB de CV		47,300		78,344
Cemex SAB de CV CPOa		776,309		690,087
Coca-Cola FEMSA SAB de CV Series L		26,200		212,550
Compartamos SAB de CV		91,800		173,631
Controladora Comercial Mexicana SAB de CV BC Units		26,500		80,599
Corporacion Inmobiliaria Vesta SAB de CV		51,900		100,452
El Puerto de Liverpool SAB de CV Series C1		10,400		106,667
Empresas ICA SAB de CVa,b		73,000		75,911
Fibra Uno Administracion SAB de CV		147,400		444,966

Security	Shares		Value
Fomento Economico Mexicano SAB de CV BD Units		124,000	$	1,036,770
Genomma Lab Internacional SAB de CV Series Ba,b		57,800		91,643
Gruma SAB de CV Series B		14,600		158,315
Grupo Aeroportuario del Pacifico SAB de CV Series B		24,800		164,141
Grupo Aeroportuario del Sureste SAB de CV Series B		13,800		180,627
Grupo Bimbo SAB de CV Series Aa		113,900		290,132
Grupo Carso SAB de CV Series A1		40,300		176,482
Grupo Comercial Chedraui SAB de CV		25,800		71,578
Grupo Financiero Banorte SAB de CV Series O		162,100		823,546
Grupo Financiero Inbursa SAB de CV Series O		157,600		406,815
Grupo Financiero Santander Mexico SAB de CV Series B		107,600		228,092
Grupo Herdez SAB de CV		34,800		80,068
Grupo Mexico SAB de CV Series B		245,600		649,389
Grupo Simec SAB de CV Series Ba		10,100		28,392
Grupo Televisa SAB de CV CPO		168,700		1,099,203
Industrias CH SAB de CV Series Ba		12,800		52,472
Industrias Penoles SAB de CV		7,695		152,060
Kimberly-Clark de Mexico SAB de CV Series A		101,000		196,293
Macquarie Mexico Real Estate Management SA de CV		72,400		119,337
Mexichem SAB de CVa		62,200		172,646
Minera Frisco SAB de CV Series A1a		31,800		41,712
OHL Mexico SAB de CVa		61,100		116,136
Promotora y Operadora Infraestructura SAB de CVa		18,800		211,844
TV Azteca SAB de CV CPO		83,700		33,205
Wal-Mart de Mexico SAB de CV Series V		340,900		659,123
				12,132,533

CONSOLIDATED SCHEDULES OF INVESTMENTS 93

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
NETHERLANDS — 1.89%
Aalberts Industries NV		7,040	$	203,453
AEGON NV		116,728		835,248
Akzo Nobel NV		15,221		1,101,334
Altice SAa,b		5,780		483,313
Arcadis NV		4,970		151,174
ASM International NVb		3,390		139,112
ASML Holding NV		22,943		2,415,023
BinckBank NV		8,299		68,365
Boskalis Westminster NV		5,653		250,859
Brunel International NV		3,973		64,672
Corbion NV		5,389		89,637
Delta Lloyd NV		13,052		247,145
Eurocommercial Properties NV		2,715		121,018
Fiat Chrysler Automobiles NVa,b		56,209		742,120
Fugro NV CVA		4,662		101,166
Gemalto NVb		5,071		368,635
Heineken Holding NV		6,044		396,604
Heineken NV		14,614		1,093,035
ING Groep NV CVAa		244,277		3,065,278
Koninklijke Ahold NV		57,215		1,035,288
Koninklijke BAM Groep NVb		19,819		59,915
Koninklijke DSM NV		10,503		559,657
Koninklijke KPN NV		201,016		623,120
Koninklijke Philips NV		61,567		1,705,271
Koninklijke Ten Cate NV		2,990		66,469
Koninklijke Vopak NV		4,906		274,511
NSI NV		20,516		91,656
Nutreco NV		4,961		252,201
OCI NVa		5,576		196,853
PostNL NVa		28,329		103,097
Randstad Holding NV		7,728		409,217
Reed Elsevier NV		44,942		1,102,540
Royal Imtech NVa,b		5,686		26,500
SBM Offshore NVa,b		12,844		140,402
TKH Group NV		3,016		94,002
TNT Express NV		27,361		179,819
TomTom NVa		7,726		51,107
Unilever NV CVA		101,770		4,431,768
USG People NV		5,803		67,383
VastNed Retail NV		1,500		74,385
Wereldhave NV		2,686		193,349
Wolters Kluwer NV		19,096		572,015
				24,247,716

Security	Shares		Value
NEW ZEALAND — 0.18%
Air New Zealand Ltd.		46,858	$	88,765
Auckland International Airport Ltd.		58,651		189,432
Chorus Ltd.a		29,725		57,172
Contact Energy Ltd.		25,666		131,703
Fisher & Paykel Healthcare Corp. Ltd.		40,579		182,898
Fletcher Building Ltd.		41,122		250,112
Freightways Ltd.		14,060		60,922
Goodman Property Trust		46,825		40,103
Infratil Ltd.		40,580		93,071
Kiwi Property Group Ltd.		35,724		34,226
Meridian Energy Ltd.		90,885		126,322
Mighty River Power Ltd.		70,748		172,532
Nuplex Industries Ltd.		15,447		33,522
Precinct Properties New Zealand Ltd.		51,683		46,514
Ryman Healthcare Ltd.		27,287		163,391
Sky Network Television Ltd.		33,280		146,377
SKYCITY Entertainment Group Ltd.		39,680		113,183
Spark New Zealand Ltd.		122,776		294,066
Trade Me Group Ltd.		32,196		84,825
Xero Ltd.a,b		5,179		58,790
				2,367,926
NORWAY — 0.58%
Akastor ASAb		15,562		38,150
Aker ASA Class A		1,930		41,088
Aker Solutions ASAa		10,178		49,692
Atea ASA		10,874		120,308
Austevoll Seafood ASA		13,773		80,500
Borregaard ASA		11,726		82,455
BW LPG Ltd.b,c		7,745		47,956
Det norske oljeselskap ASAa,b		6,811		28,297
DNB ASA		61,400		889,648
DNO ASAa,b		39,184		85,947
Fred Olsen Energy ASAb		4,212		35,161
Gjensidige Forsikring ASA		14,076		237,006
Kvaerner ASA		38,671		45,105
Leroey Seafood Group ASA		2,264		79,454
Marine Harvest ASA		22,424		293,663
Norsk Hydro ASA		89,716		527,843
Norwegian Air Shuttle ASAa,b		2,220		87,076
Norwegian Property ASAa		44,628		59,884

94 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Opera Software ASAb		11,857	$	156,808
Orkla ASA		51,840		381,919
Petroleum Geo-Services ASAb		18,834		102,110
Prosafe SE		21,249		56,752
REC Silicon ASAa,b		336,039		72,103
Schibsted ASA		4,917		317,205
Seadrill Ltd.b		24,409		259,349
SpareBank 1 SMN		12,016		85,269
Statoil ASA		71,239		1,180,193
Storebrand ASAa		32,061		96,797
Subsea 7 SA		20,140		171,244
Telenor ASA		46,655		1,001,061
TGS-NOPEC Geophysical Co. ASAb		7,268		168,325
Yara International ASA		11,607		603,076
				7,481,444
PERU — 0.09%
Cia. de Minas Buenaventura SAA SP ADR		14,533		165,967
Credicorp Ltd.		4,589		661,367
Southern Copper Corp.		10,651		290,559
				1,117,893
PHILIPPINES — 0.31%
Aboitiz Equity Ventures Inc.		126,810		162,780
Aboitiz Power Corp.		98,400		99,308
Alliance Global Group Inc.		193,600		109,988
Ayala Corp.		15,920		262,306
Ayala Land Inc.		468,200		383,327
Bank of the Philippine Islands		53,137		119,306
BDO Unibank Inc.		109,810		285,153
Belle Corp.		365,500		38,048
DMCI Holdings Inc.		290,000		101,286
Energy Development Corp.		774,800		150,240
First Gen Corp.		128,700		90,776
First Philippine Holdings Corp.		24,270		54,437
Globe Telecom Inc.		1,680		66,525
International Container Terminal Services Inc.		59,430		153,653
JG Summit Holdings Inc.		161,942		240,564
Jollibee Foods Corp.		31,710		166,846
Manila Water Co. Inc.		121,100		88,711
Metro Pacific Investments Corp.		870,700		102,091
Metropolitan Bank & Trust Co.		25,639		55,415
Philippine Long Distance Telephone Co.		5,520		371,814

Security	Shares		Value
Philippine National Banka		20,145	$	38,469
SM Investments Corp.		8,830		186,040
SM Prime Holdings Inc.		439,700		185,481
Universal Robina Corp.		86,950		408,197
				3,920,761
POLAND — 0.33%
Alior Bank SAa		4,120		95,378
Asseco Poland SA		7,516		111,304
Bank Handlowy w Warszawie SA		2,528		73,750
Bank Millennium SA		36,670		74,020
Bank Pekao SA		8,573		413,448
Bank Zachodni WBK SA		1,966		182,793
Cyfrowy Polsat SA		14,861		95,399
ENEA SA		17,466		77,384
Eurocash SA		7,381		73,241
Getin Noble Bank SAa		69,257		37,143
Globe Trade Centre SAa		30,687		39,696
Grupa Azoty SA		4,113		78,700
Grupa Lotos SAa		8,049		53,015
Jastrzebska Spolka Weglowa SAa		3,754		21,448
Kernel Holding SAa		6,417		54,043
KGHM Polska Miedz SA		9,201		261,231
Lubelski Wegiel Bogdanka SA		3,685		96,788
mBank SA		1,032		130,439
Netia SA		45,890		73,956
Orange Polska SA		43,462		104,831
PGE Polska Grupa Energetyczna SA		56,180		294,481
Polski Koncern Naftowy Orlen SA		22,303		329,682
Polskie Gornictwo Naftowe i Gazownictwo SA		144,850		170,981
Powszechna Kasa Oszczednosci Bank Polski SA		58,351		540,013
Powszechny Zaklad Ubezpieczen SA		3,917		532,615
Synthos SA		29,540		34,232
Tauron Polska Energia SA		93,762		126,344
TVN SAa		16,733		79,818
				4,256,173
PORTUGAL — 0.12%
Banco BPI SAa,b,d		23,022		21,666
Banco Comercial Portugues SA Registereda,b		3,188,785		226,698
CTT-Correios de Portugal SA		11,464		120,957

CONSOLIDATED SCHEDULES OF INVESTMENTS 95

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Energias de Portugal SA		148,306	$	565,161
Galp Energia SGPS SA Class B		23,453		247,823
Jeronimo Martins SGPS SAb		15,281		164,817
Mota-Engil SGPS SA		4,821		14,890
NOS SGPS		12,782		81,322
Portugal Telecom SGPS SA Registeredb		49,503		35,249
Sonae SGPS SA		50,272		66,033
				1,544,616
QATAR — 0.16%
Industries Qatar QSC		12,755		522,528
Masraf Al Rayan QSC		34,022		418,503
Ooredoo QSC		7,939		250,682
Qatar National Bank SAQ		13,523		735,188
Vodafone Qatar QSC		45,221		185,006
				2,111,907
RUSSIA — 0.20%
LSR Group OJSC SP GDRd		90,701		145,122
Magnit PJSC SP GDRd		17,483		667,851
Mechel OAO SP ADRa		118,145		153,588
MegaFon OAO SP GDRd		31,612		434,349
Mobile TeleSystems OJSC SP ADR		54,344		427,144
NovaTek OAO SP GDRd		7,083		495,810
Pharmstandard GDRa,d		10,271		81,141
Sistema JSFC SP GDRd		26,639		118,543
				2,523,548
SINGAPORE — 1.18%
AIMS AMP Capital Industrial REIT		113,225		123,007
ARA Asset Management Ltd.		85,300		107,169
Ascendas India Trust		160,000		101,101
Ascendas REIT		111,000		201,803
Ascott Residence Trust		44,800		41,883
Biosensors International Group Ltd.a,b		78,000		37,181
Cache Logistics Trust		146,000		127,862
Cambridge Industrial Trustb		243,000		122,120
CapitaCommercial Trustb		134,000		175,286
CapitaLand Ltd.		159,000		408,928
CapitaMall Trust Management Ltd.b		131,000		202,343
CapitaRetail China Trust		85,240		108,038
CDL Hospitality Trusts		74,000		98,441
City Developments Ltd.		27,000		200,540

Security	Shares		Value
ComfortDelGro Corp. Ltd.		149,000	$	316,037
COSCO Corp. (Singapore) Ltd.b		97,000		38,711
DBS Group Holdings Ltd.		109,000		1,594,199
Ezion Holdings Ltd.b		103,360		97,012
Ezra Holdings Ltd.b		101,680		39,827
First REITb		112,000		108,846
First Resources Ltd.b		42,000		57,889
Frasers Centrepoint Trustb		60,000		91,789
Frasers Commercial Trust		114,000		125,113
Genting Singapore PLC		386,000		308,093
Global Logistic Properties Ltd.		190,000		355,258
Golden Agri-Resources Ltd.		414,000		128,505
Hutchison Port Holdings Trust		297,000		212,355
Hyflux Ltd.		91,000		64,227
Indofood Agri Resources Ltd.b		60,000		31,483
Jardine Cycle & Carriage Ltd.b		7,000		218,831
Kenon Holdings Ltd.a		1,043		17,709
Keppel Corp. Ltd.		84,000		540,093
Keppel Land Ltd.		35,000		117,434
Keppel REITb		91,160		83,203
Lippo Malls Indonesia Retail Trust		334,000		87,628
M1 Ltd./Singapore		31,000		85,914
Mapletree Commercial Trust		112,000		125,401
Mapletree Industrial Trust		87,000		98,374
Mapletree Logistics Trust		112,000		99,328
Midas Holdings Ltd.b		382,000		95,987
Neptune Orient Lines Ltd.a,b		79,000		58,968
Noble Group Ltd.		300,000		236,124
OUE Hospitality Trust		174,166		120,350
OUE Ltd.b		19,000		30,892
Oversea-Chinese Banking Corp. Ltd.		182,750		1,404,626
Parkway Life REITb		47,000		84,406
Perennial Real Estate Holdings Ltd.a,b		120,572		93,118
Sabana Shari’ah Compliant Industrial REIT		161,065		108,916
SATS Ltd.		40,000		87,503
SembCorp Industries Ltd.		57,000		181,561
SembCorp Marine Ltd.b		47,000		104,205
Singapore Airlines Ltd.		28,000		261,769
Singapore Exchange Ltd.b		50,000		287,119
Singapore Post Ltd.		134,000		211,928
Singapore Press Holdings Ltd.b		41,000		125,142

96 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Singapore Technologies Engineering Ltd.		90,000	$	223,487
Singapore Telecommunications Ltd.		474,000		1,429,251
SMRT Corp. Ltd.b		96,000		124,159
Starhill Global REIT		144,000		88,331
StarHub Ltd.		27,000		83,409
Suntec REITb		159,000		220,915
Super Group Ltd.b		33,000		27,071
Tiger Airways Holdings Ltd.a		312,540		77,379
United Engineers Ltd.		41,000		92,114
United Overseas Bank Ltd.		81,000		1,387,614
UOL Group Ltd.		30,000		160,077
Vard Holdings Ltd.a,b		88,000		32,843
Venture Corp. Ltd.b		19,000		114,160
Wheelock Properties (Singapore) Ltd.		15,000		20,786
Wilmar International Ltd.		111,000		264,149
Wing Tai Holdings Ltd.		48,000		64,918
Yangzijiang Shipbuilding Holdings Ltd.		138,000		126,465
				15,128,703
SOUTH AFRICA — 1.77%
Acucap Properties Ltd.		9,788		47,126
Adcock Ingram Holdings Ltd.a		15,910		58,956
Aeci Ltd.		8,286		89,122
African Rainbow Minerals Ltd.		8,236		83,443
Anglo American Platinum Ltd.a		3,187		97,821
AngloGold Ashanti Ltd.a		25,655		301,724
ArcelorMittal South Africa Ltd.a		11,334		24,215
Aspen Pharmacare Holdings Ltd.		21,227		800,479
Assore Ltd.		1,967		27,304
Aveng Ltd.a		26,048		39,886
AVI Ltd.		25,378		185,137
Barclays Africa Group Ltd.		21,833		373,382
Barloworld Ltd.		15,318		116,212
Bidvest Group Ltd. (The)		19,551		543,061
Brait SEa		27,142		179,873
Capital Property Funda		105,460		134,103
Clicks Group Ltd.		18,182		141,191
Coronation Fund Managers Ltd.		19,799		176,184
DataTec Ltd.		14,240		71,867
Discovery Ltd.		22,483		222,878
Emira Property Fund		33,767		55,886
Exxaro Resources Ltd.		10,866		96,870

Security	Shares		Value
FirstRand Ltd.		207,849	$	930,683
Foschini Group Ltd. (The)		13,544		195,224
Gold Fields Ltd.		51,345		288,090
Grindrod Ltd.		23,942		37,464
Growthpoint Properties Ltd.		116,804		294,244
Harmony Gold Mining Co. Ltd.a		24,425		71,694
Hyprop Investments Ltd.		14,740		134,081
Illovo Sugar Ltd.		15,715		32,562
Impala Platinum Holdings Ltd.a		33,867		220,568
Imperial Holdings Ltd.		11,184		198,256
Investec Ltd.		15,015		126,706
JSE Ltd.		8,578		90,212
Kumba Iron Ore Ltd.		4,005		77,373
Lewis Group Ltd.		7,840		61,272
Liberty Holdings Ltd.		9,162		103,270
Life Healthcare Group Holdings Ltd.		58,853		220,111
Massmart Holdings Ltd.		7,722		110,582
Mediclinic International Ltd.		24,729		246,163
MMI Holdings Ltd.		81,085		218,416
Mondi Ltd.		8,289		149,296
Mr. Price Group Ltd.		16,516		376,300
MTN Group Ltd.		106,566		1,851,414
Murray & Roberts Holdings Ltd.		46,294		78,291
Nampak Ltd.		39,622		145,155
Naspers Ltd. Class N		25,317		3,695,681
Nedbank Group Ltd.		13,776		303,780
Netcare Ltd.		66,421		221,632
Northam Platinum Ltd.a		17,174		57,217
Omnia Holdings Ltd.		3,700		54,312
Pick n Pay Holdings Ltd.		18,093		37,412
Pick n Pay Stores Ltd.		18,859		93,282
PPC Ltd.		39,160		72,051
Rand Merchant Insurance Holdings Ltd.		62,722		229,835
Redefine Properties Ltd.		185,929		182,236
Remgro Ltd.		31,331		729,333
Resilient Property Income Fund Ltd.		16,987		129,005
Reunert Ltd.		16,157		87,071
RMB Holdings Ltd.		44,447		253,246
Sanlam Ltd.		121,320		732,551
Sappi Ltd.a		38,456		158,704
Sasol Ltd.		35,494		1,285,395
Shoprite Holdings Ltd.		28,355		450,764

CONSOLIDATED SCHEDULES OF INVESTMENTS 97

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Sibanye Gold Ltd.		57,020	$	150,847
SPAR Group Ltd. (The)		14,080		223,336
Standard Bank Group Ltd.		76,060		1,011,125
Steinhoff International Holdings Ltd.		141,581		727,321
Sun International Ltd.		7,974		89,126
Super Group Ltd.a		21,862		64,359
Telkom SA SOC Ltd.a		25,164		150,798
Tiger Brands Ltd.		10,938		370,694
Tongaat Hulett Ltd.		7,584		104,328
Truworths International Ltd.		26,100		181,764
Vodacom Group Ltd.		21,820		252,100
Wilson Bayly Holmes-Ovcon Ltd.		3,191		33,060
Woolworths Holdings Ltd.		59,046		441,157
				22,697,669
SOUTH KOREA — 3.18%
Able C&C Co. Ltd.		2,074		41,818
Amicogen Inc.a		1,307		58,323
AmorePacific Corp.		245		593,905
AmorePacific Group		242		277,273
Asiana Airlines Inc.a		12,890		101,720
Binggrae Co. Ltd.		834		56,739
BS Financial Group Inc.		11,856		150,151
Cell Biotech Co. Ltd.		1,287		69,081
Celltrion Inc.a		4,538		168,889
Chabiotech Co. Ltd.a		5,083		66,001
Cheil Worldwide Inc.a		4,425		79,914
CJ CheilJedang Corp.		592		190,549
CJ Corp.		1,139		179,661
CJ E&M Corp.a		1,956		68,145
CJ Korea Express Co. Ltd.a		689		120,651
CJ O Shopping Co. Ltd.		304		61,656
Cosmax Inc.a		828		82,527
Coway Co. Ltd.		3,420		274,576
Daelim Industrial Co. Ltd.		1,765		88,766
Daesang Corp.		2,033		70,735
Daewoo Engineering & Construction Co. Ltd.a		10,395		64,446
Daewoo International Corp.		3,642		91,583
Daewoo Securities Co. Ltd.a		17,854		164,892
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		7,101		126,618
Daum Kakao Corp.		1,689		235,836
Dong-A Socio Holdings Co. Ltd.		487		55,887
Dong-A ST Co. Ltd.		554		44,883

Security	Shares		Value
Dongbu Insurance Co. Ltd.		3,696	$	179,798
Dongkuk Steel Mill Co. Ltd.		5,824		29,823
Dongwon Industries Co. Ltd.		139		41,309
Doosan Corp.		516		49,071
Doosan Heavy Industries & Construction Co. Ltd.		3,882		82,709
Doosan Infracore Co. Ltd.a		11,576		107,969
E-Mart Co. Ltd.		1,472		279,971
Fila Korea Ltd.		1,082		108,338
Gamevil Inc.a		538		90,273
GemVax & Kael Co. Ltd.a		3,011		47,081
Grand Korea Leisure Co. Ltd.		2,757		101,093
Green Cross Corp.		1,295		164,599
Green Cross Holdings Corp.		3,735		74,796
GS Engineering & Construction Corp.a		3,407		78,041
GS Holdings Corp.		3,680		140,322
Halla Holdings Corp.		1,847		107,415
Halla Visteon Climate Control Corp.		2,655		112,769
Hana Financial Group Inc.		18,447		544,841
Hana Tour Service Inc.		1,353		105,657
Handsome Co. Ltd.		2,686		75,157
Hanjin Heavy Industries & Construction Co. Ltd.a		9,206		32,746
Hanjin Kal Corp.a		2,727		81,416
Hanjin Shipping Co. Ltd.a		6,565		35,718
Hankook Tire Co. Ltd.		4,392		211,648
Hanmi Pharm Co. Ltd.a		636		56,877
Hansol Holdings Co. Ltd.		1,738		12,587
Hanssem Co. Ltd.		816		115,655
Hanwha Chemical Corp.		8,230		92,565
Hanwha Corp.		3,700		92,703
Hanwha Life Insurance Co. Ltd.		17,647		125,543
Hotel Shilla Co. Ltd.		2,209		206,033
Huchems Fine Chemical Corp.		3,068		74,343
Hyosung Corp.		1,771		117,570
Hyundai Department Store Co. Ltd.		1,072		117,140
Hyundai Development Co. Engineering & Construction		3,510		138,493
Hyundai Engineering & Construction Co. Ltd.		4,736		189,033
Hyundai Glovis Co. Ltd.		945		211,277
Hyundai Greenfood Co. Ltd.		4,093		64,748

98 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Hyundai Heavy Industries Co. Ltd.		2,666	$	275,474
Hyundai Home Shopping Network Corp.		573		62,875
Hyundai Hysco Co. Ltd.		2,547		179,333
Hyundai Livart Furniture Co. Ltd.		1,687		52,912
Hyundai Marine & Fire Insurance Co. Ltd.		1,960		46,778
Hyundai Merchant Marine Co. Ltd.a		6,005		56,283
Hyundai Mipo Dockyard Co. Ltd.		966		68,192
Hyundai Mobis Co. Ltd.		4,426		1,003,702
Hyundai Motor Co.		9,686		1,501,259
Hyundai Securities Co. Ltd.a		11,898		81,706
Hyundai Steel Co.		3,916		235,977
Hyundai Wia Corp.		1,034		145,607
iMarketKorea Inc.		2,080		52,114
Industrial Bank of Korea		17,240		204,150
JB Financial Group Co. Ltd.		33,547		178,840
Kangwon Land Inc.		7,748		229,549
KB Financial Group Inc.		12,062		405,890
KCC Corp.		403		203,048
KEPCO Plant Service & Engineering Co. Ltd.		1,814		146,467
Kia Motors Corp.		16,683		701,736
KIWOOM Securities Co. Ltd.		1,697		90,778
Kolon Industries Inc.		1,272		54,027
Korea Aerospace Industries Ltd.		4,645		198,993
Korea Electric Power Corp.		16,392		647,526
Korea Gas Corp.a		2,177		89,978
Korea Investment Holdings Co. Ltd.		4,000		190,197
Korea Zinc Co. Ltd.		626		245,855
Korean Reinsurance Co.		10,827		100,983
KT Corp.		4,865		133,236
KT Skylife Co. Ltd.		2,570		38,071
KT&G Corp.		7,003		513,570
Kumho Petrochemical Co. Ltd.		1,006		82,515
Kumho Tire Co. Inc.a		8,980		79,733
Kwangju Banka		8,558		69,882
Kyongnam Banka		3,977		39,639
LF Corp.		2,986		86,009
LG Chem Ltd.		3,233		586,824
LG Corp.		6,622		374,819
LG Display Co. Ltd.		16,260		536,003

Security	Shares		Value
LG Electronics Inc.		7,264	$	403,851
LG Hausys Ltd.		610		100,123
LG Household & Health Care Ltd.		630		396,342
LG Innotek Co. Ltd.		1,049		93,907
LG International Corp.		2,594		87,170
LG Life Sciences Ltd.a		3,390		144,763
LG Uplus Corp.		15,440		170,834
LIG Insurance Co. Ltd.		3,874		81,476
Lotte Chemical Corp.		1,081		172,489
Lotte Chilsung Beverage Co. Ltd.		56		85,311
Lotte Confectionery Co. Ltd.		50		85,452
Lotte Food Co. Ltd.		105		59,624
Lotte Shopping Co. Ltd.		731		158,753
LS Corp.		1,040		45,790
LS Industrial Systems Co. Ltd.		1,724		95,533
Mando Corp.a		594		89,893
Medipost Co. Ltd.a		1,807		77,908
Medy-Tox Inc.		400		135,406
MegaStudy Co. Ltd.		1,316		71,721
Meritz Fire & Marine Insurance Co. Ltd.		7,218		80,523
Mirae Asset Securities Co. Ltd.		2,519		106,878
Namyang Dairy Products Co. Ltd.		89		58,840
NAVER Corp.		1,776		1,162,780
NCsoft Corp.		973		179,724
Nexen Tire Corp.		4,360		62,195
NH Investment & Securities Co. Ltd.		11,965		121,444
NHN Entertainment Corp.a		817		55,657
NongShim Co. Ltd.		326		69,010
OCI Co. Ltd.a		972		69,505
ORION Corp.		227		217,950
Paradise Co. Ltd.		3,693		88,813
Partron Co. Ltd.		4,190		47,701
Poongsan Corp.		2,740		57,000
POSCO		4,098		946,182
S-Oil Corp.		4,256		235,450
S.M. Entertainment Co.a		1,762		58,970
S1 Corp.		1,511		110,534
Samsung C&T Corp.		7,923		404,264
Samsung Card Co. Ltd.		3,242		113,245
Samsung Electro-Mechanics Co. Ltd.		3,737		228,949
Samsung Electronics Co. Ltd.		7,026		8,769,651
Samsung Engineering Co. Ltd.a		2,245		78,008

CONSOLIDATED SCHEDULES OF INVESTMENTS 99

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Samsung Fine Chemicals Co. Ltd.		3,004	$	93,806
Samsung Fire & Marine Insurance Co. Ltd.		2,257		608,829
Samsung Heavy Industries Co. Ltd.		9,949		162,845
Samsung Life Insurance Co. Ltd.		4,409		453,559
Samsung SDI Co. Ltd.		3,390		399,881
Samsung SDS Co. Ltd.		1,875		453,491
Samsung Securities Co. Ltd.		5,095		221,765
Samsung Techwin Co. Ltd.		1,931		40,523
Sansung Life & Science Co. Ltd.a		2,190		65,784
SeAH Besteel Corp.		1,327		38,648
Seegene Inc.a		1,461		43,819
Seoul Semiconductor Co. Ltd.		2,687		47,912
SFA Engineering Corp.		1,575		66,465
Shinhan Financial Group Co. Ltd.		15,402		633,769
Shinsegae Co. Ltd.		575		84,652
SK C&C Co. Ltd.		1,447		310,941
SK Chemicals Co. Ltd.		1,347		75,258
SK Holdings Co. Ltd.		1,757		274,732
SK Hynix Inc.		24,283		1,058,051
SK Innovation Co. Ltd.		3,913		335,267
SK Networks Co. Ltd.a		21,790		187,494
SK Telecom Co. Ltd.		690		182,343
SKC Co. Ltd.		2,439		67,465
Sung Kwang Bend Co. Ltd.		4,675		56,642
Sungwoo Hitech Co. Ltd.		4,676		51,951
Taekwang Industrial Co. Ltd.		35		36,101
TK Corp.a		6,471		62,426
TONGYANG Life Insurance Co.		8,726		87,771
ViroMed Co. Ltd.a		1,332		63,945
Whanin Pharmaceutical Co. Ltd.		3,706		66,421
Woori Banka		21,987		176,925
YG Entertainment Inc.		1,420		61,677
Youngone Corp.		1,826		94,172
Youngone Holdings Co. Ltd.		796		65,508
Yuanta Securities Koreaa		18,699		67,881
Yuhan Corp.		270		42,218
				40,793,438
SPAIN — 2.26%
Abengoa SA Class B		38,133		112,311
Abertis Infraestructuras SA		25,437		498,595
Acciona SAa		4,367		312,678
Acerinox SA		10,967		163,359

Security	Shares		Value
ACS Actividades de Construccion y Servicios SA		12,373	$	430,877
Almirall SAa		5,082		88,717
Amadeus IT Holding SA Class A		27,957		1,122,796
Atresmedia Corporacion de Medios de Comunicacion SA		6,822		100,232
Banco Bilbao Vizcaya Argentaria SA		379,544		3,255,054
Banco de Sabadell SA		224,440		568,336
Banco Popular Espanol SA		115,950		491,188
Banco Popular Espanol SA New		491		2,080
Banco Santander SA		874,325		5,880,329
Bankia SAa		300,045		392,760
Bankinter SA		47,977		333,988
Bolsas y Mercados Espanoles		298		12,259
CaixaBank SA		148,549		647,723
Construcciones y Auxiliar de Ferrocarriles SAb		289		97,005
Corporacion Financiera Alba SA		1,945		92,951
Distribuidora Internacional de Alimentacion SA		43,904		284,776
Ebro Foods SA		7,138		121,387
Enagas SA		1,356		42,998
Faes Farma SA		49,232		100,278
Faes Farma SA New		1,218		2,481
Ferrovial SA		25,610		508,200
Fomento de Construcciones y Contratas SAa,b		9,306		115,410
Gamesa Corporacion Tecnologica SAa		17,370		172,843
Gas Natural SDG SA		24,256		569,331
Grifols SA		10,373		436,027
Grupo Catalana Occidente SA		4,925		140,886
Iberdrola SA		326,163		2,255,464
Inditex SA		69,053		2,036,515
Indra Sistemas SAb		9,589		98,068
Inmobiliaria Colonial SAa		157,139		106,394
International Consolidated Airlines Group SAa		77,249		631,995
Jazztel PLCa		17,696		250,612
Mapfre SA		62,666		211,086
Mediaset Espana Comunicacion SAa		17,387		211,802
NH Hotel Group SAa		19,237		95,298
Obrascon Huarte Lain SAb		3,618		83,676

100 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Prosegur Compania de Seguridad SA		22,872	$	127,243
Red Electrica Corporacion SA		930		79,297
Repsol SA		67,474		1,194,272
Sacyr SAa,b		24,352		90,244
Tecnicas Reunidas SA		2,899		112,748
Telefonica SA		265,433		3,985,220
Viscofan SA		3,716		214,908
Zardoya Otis SA		10,434		118,802
				29,001,499
SWEDEN — 2.30%
AAK AB		2,437		132,537
Active Biotech ABa,b		6,360		14,069
AF AB		7,604		116,738
Alfa Laval AB		19,325		359,287
Assa Abloy AB Class B		21,504		1,175,741
Atlas Copco AB Class A		42,016		1,245,886
Atlas Copco AB Class B		26,140		716,346
Axfood AB		1,095		66,515
Axis Communications ABb		3,735		100,233
Betsson AB		3,180		119,282
Billerud AB		12,860		195,874
Boliden AB		18,341		287,782
Castellum AB		13,881		218,473
Clas Ohlson AB Class B		3,400		52,608
Electrolux AB Class B		15,318		474,588
Elekta AB Class Bb		25,396		272,612
Fabege AB		8,813		120,597
Getinge AB Class B		13,015		321,424
Hennes & Mauritz AB Class B		60,122		2,478,299
Hexagon AB Class B		16,184		513,548
Hexpol AB		1,749		175,800
Holmen AB Class B		3,008		108,612
Hufvudstaden AB Class A		8,729		114,488
Husqvarna AB Class B		31,249		217,205
ICA Gruppen AB		5,126		197,234
Industrivarden AB Class C		8,836		157,655
Indutrade AB		2,769		112,936
Intrum Justitia AB		6,523		173,869
Investment AB Kinnevik		15,453		462,892
Investor AB Class B		28,810		1,051,062
JM AB		5,444		179,592
Kungsleden AB		21,364		163,992
LE Lundbergfortagen AB		2,413		105,767
Lindab International ABa		7,743		64,256

Security	Shares		Value
Loomis AB Class B		5,304	$	157,085
Lundin Petroleum ABa,b		14,739		191,354
Meda AB Class A		15,308		215,951
Mekonomen AB		1,715		40,323
Millicom International Cellular SA SDR		4,005		255,624
Modern Times Group MTG AB		3,728		105,633
NCC AB Class B		6,763		219,017
Nibe Industrier AB Class B		5,392		137,139
Nobia AB		11,597		100,725
Nordea Bank AB		189,987		2,418,344
Oriflame Cosmetics SA SDRb		5,157		69,259
Peab AB		16,738		120,389
Ratos AB Class B		14,952		93,535
Saab AB Class B		4,867		118,727
Sandvik AB		68,501		718,758
Securitas AB		19,615		239,246
Skandinaviska Enskilda Banken AB Class A		95,333		1,151,263
Skanska AB Class B		22,964		509,389
SKF AB Class B		25,607		605,162
SSAB AB Class Aa,b		27,978		136,162
Svenska Cellulosa AB Class B		35,498		859,080
Svenska Handelsbanken AB Class A		31,226		1,482,701
Swedbank AB Class A		56,499		1,370,054
Swedish Match AB		12,860		418,953
Swedish Orphan Biovitrum ABa		11,703		122,866
Tele2 AB Class B		17,659		199,913
Telefonaktiebolaget LM Ericsson Class B		196,506		2,396,806
TeliaSonera AB		138,926		857,324
Trelleborg AB Class B		15,805		286,202
Unibet Group PLC SDR		2,957		176,045
Volvo AB Class B		98,880		1,158,239
Wallenstam AB Class B		6,657		110,327
Wihlborgs Fastigheter AB		9,977		195,380
				29,504,774
SWITZERLAND — 6.13%
ABB Ltd. Registereda		137,639		2,649,407
Actelion Ltd. Registereda		6,838		758,085
Adecco SA Registereda		10,618		795,153
Allreal Holding AG Registered		1,468		230,559
Aryzta AG		5,827		437,951
Baloise Holding AG Registered		2,996		390,761

CONSOLIDATED SCHEDULES OF INVESTMENTS 101

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Banque Cantonale Vaudoise Registered		32	$	18,660
Barry Callebaut AG Registered		108		107,642
Basilea Pharmaceutica Registereda		990		114,597
BKW AG		2,965		88,623
Bucher Industries AG Registered		589		144,681
Burckhardt Compression Holding AG		329		101,734
Chocoladefabriken Lindt & Sprugli AG Participation Certificates		54		281,489
Chocoladefabriken Lindt & Sprugli AG Registered		6		377,490
Clariant AG Registered		17,657		284,032
Compagnie Financiere Richemont SA Class A Bearer		32,832		2,731,688
Credit Suisse Group AG Registered		95,096		2,010,344
Dufry AG Registereda,b		1,748		257,626
EFG International AG		8,066		87,143
EMS-Chemie Holding AG Registered		495		191,533
Flughafen Zurich AG Registered		310		210,923
Forbo Holding AG Registered		120		116,537
Galenica Holding AG Registered		271		218,114
GAM Holding AG		12,384		219,400
Gategroup Holding AG		4,978		137,970
Geberit AG Registered		2,284		782,476
Georg Fischer AG Registered		312		187,020
Givaudan SA Registereda		562		1,026,816
Helvetia Holding AG Registered		403		205,650
Holcim Ltd. Registered		14,325		1,003,474
Huber & Suhner AG Registered		2,495		111,049
Implenia AG Registered		2,307		126,000
Julius Baer Group Ltd.		14,370		587,264
Kaba Holding AG Class B Registered		392		196,841
Kudelski SA Bearer		7,039		80,715
Kuehne & Nagel International AG Registered		3,205		441,012
Kuoni Reisen Holding AG Class B Registered		426		142,610
Logitech International SA Registered		11,178		164,624

Security	Shares		Value
Lonza Group AG Registered		3,663	$	434,759
Meyer Burger Technology AGa,b		9,804		60,952
Mobimo Holding AG Registered		925		213,543
Nestle SA Registered		201,041		15,394,096
Novartis AG Registered		145,222		14,229,404
OC Oerlikon Corp. AG Registered		12,311		140,498
Panalpina Welttransport Holding AG Registered		991		121,175
Pargesa Holding SA Bearer		1,982		143,256
Partners Group Holding AG		1,195		320,295
PSP Swiss Property AG Registered		2,761		284,938
Rieter Holding AG Registered		743		107,648
Roche Holding AG Genusschein		44,206		11,944,581
Schindler Holding AG Participation Certificates		2,440		362,267
Schindler Holding AG Registered		1,513		220,360
Schmolz + Bickenbach AG Registereda		69,027		61,521
Schweiter Technologies AG Bearer		192		147,122
SGS SA Registered		304		578,229
Sika AG Bearer		135		462,497
Sonova Holding AG Registered		3,452		454,364
St Galler Kantonalbank AG Registered		304		115,233
Straumann Holding AG Registered		746		168,733
Sulzer AG Registered		1,310		139,180
Swatch Group AG (The) Bearer		1,928		768,853
Swatch Group AG (The) Registered		3,253		238,305
Swiss Life Holding AG Registered		1,991		444,921
Swiss Prime Site AG Registered		3,661		317,535
Swiss Re AG		21,802		1,969,182
Swisscom AG Registered		1,316		771,678
Syngenta AG Registered		5,819		1,892,337
Tecan AG Registered		1,418		142,948
Temenos Group AG Registered		5,327		162,407
Transocean Ltd.b		22,537		354,694
UBS Group AG		229,529		3,839,412
Valiant Holding AG Registered		2,028		165,317
Valora Holding AG Registered		565		136,452

102 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Vontobel Holding AG Registered		3,577	$	119,551
Zehnder Group AG Bearer		4,160		180,860
Zurich Insurance Group AG		9,193		3,051,510
				78,678,306
TAIWAN — 2.94%
Acer Inc.a		195,148		127,876
Advanced Semiconductor Engineering Inc.		427,000		540,635
Advantech Co. Ltd.		24,193		182,713
Airtac International Group		9,000		78,538
ALI Corp.		164,000		130,884
AmTRAN Technology Co. Ltd.		115,000		65,139
Asia Cement Corp.		118,329		143,060
ASUSTeK Computer Inc.		46,000		485,348
AU Optronics Corp.		593,000		325,540
BES Engineering Corp.		483,000		115,870
Capital Securities Corp.		318,000		103,936
Career Technology (MFG.) Co. Ltd.		64,000		68,339
Catcher Technology Co. Ltd.		43,000		380,012
Cathay Financial Holding Co. Ltd.		533,629		770,467
Chailease Holding Co. Ltd.		58,950		139,736
Chang Hwa Commercial Bank Ltd.		297,768		168,663
Cheng Loong Corp.		254,000		103,168
Cheng Shin Rubber Industry Co. Ltd.		103,500		249,607
Cheng Uei Precision Industry Co. Ltd.		35,000		62,196
Chicony Electronics Co. Ltd.		41,155		114,270
Chin-Poon Industrial Co. Ltd.		48,000		81,641
China Airlines Ltd.a		223,000		112,514
China Bills Finance Corp.		397,000		142,985
China Development Financial Holding Corp.		841,000		277,545
China Life Insurance Co. Ltd.		182,272		153,563
China Man-Made Fibers Corp.a		257,000		93,377
China Motor Co. Ltd.		37,000		31,877
China Petrochemical Development Corp.a		258,050		97,034
China Steel Chemical Corp.		14,000		67,971
China Steel Corp.		735,575		623,220
China Synthetic Rubber Corp.		103,000		105,244
Chipbond Technology Corp.		49,000		100,757
Chroma ATE Inc.		28,000		70,103

Security	Shares		Value
Chunghwa Telecom Co. Ltd.		211,000	$	639,424
Clevo Co.		30,241		46,062
CMC Magnetics Corp.a		730,000		102,851
Compal Electronics Inc.		268,000		196,874
Compeq Manufacturing Co. Ltd.		127,000		73,145
Coretronic Corp.a		64,500		91,285
CTBC Financial Holding Co. Ltd.		590,693		376,757
CTCI Corp.		53,000		84,091
Delta Electronics Inc.		118,000		724,547
Dynapack International Technology Corp.		40,000		91,389
E Ink Holdings Inc.a		93,000		42,201
E.Sun Financial Holding Co. Ltd.		402,217		247,608
Eclat Textile Co. Ltd.		12,260		127,410
Elan Microelectronics Corp.		48,000		75,853
Epistar Corp.		75,000		133,752
Eternal Materials Co. Ltd.		68,810		67,907
EVA Airways Corp.a		175,852		135,041
Everlight Electronics Co. Ltd.		41,000		98,878
Far Eastern Department Stores Ltd.		76,702		65,716
Far Eastern International Bank Ltd.		342,059		114,514
Far Eastern New Century Corp.		169,364		170,904
Far EasTone Telecommunications Co. Ltd.		103,000		252,324
Faraday Technology Corp.		65,000		79,823
Farglory Land Development Co. Ltd.		42,265		49,623
Feng Hsin Iron & Steel Co. Ltd.		42,000		51,578
Firich Enterprises Co. Ltd.		17,003		58,541
First Financial Holding Co. Ltd.		518,227		303,403
FLEXium Interconnect Inc.		28,253		67,599
Formosa Chemicals & Fibre Corp.		181,660		390,834
Formosa Petrochemical Corp.		80,000		170,594
Formosa Plastics Corp.		244,040		592,415
Formosa Taffeta Co. Ltd.		46,000		46,637
Foxconn Technology Co. Ltd.		76,117		207,481
Fubon Financial Holding Co. Ltd.		455,000		726,244
Giant Manufacturing Co. Ltd.		20,000		174,528
Gigabyte Technology Co. Ltd.		49,000		60,796
Gloria Material Technology Corp.		146,200		103,456
Goldsun Development & Construction Co. Ltd.a		329,000		112,230

CONSOLIDATED SCHEDULES OF INVESTMENTS 103

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Grand Pacific Petrochemical Corp.		90,000	$	49,550
Great Wall Enterprise Co. Ltd.		96,000		85,144
HannStar Display Corp.		223,465		55,381
Hermes Microvision Inc.		3,000		143,748
Hey Song Corp.		55,500		67,100
Highwealth Construction Corp.		60,900		124,260
Hiwin Technologies Corp.		15,240		126,704
Hon Hai Precision Industry Co. Ltd.		802,016		2,206,508
Hotai Motor Co. Ltd.		17,000		244,911
HTC Corp.a		45,000		224,190
Hua Nan Financial Holdings Co. Ltd.		382,640		213,094
Huaku Development Co. Ltd.		27,000		49,779
Innolux Corp.		528,414		258,225
Inotera Memories Inc.a		165,000		242,682
Inventec Corp.		150,000		111,857
Kenda Rubber Industrial Co. Ltd.		41,275		83,824
Kerry TJ Logistics Co. Ltd.		34,000		42,725
King Yuan Electronics Co. Ltd.		119,000		100,446
King’s Town Bank Co. Ltd.		103,000		109,493
Kinsus Interconnect Technology Corp.		24,000		78,062
Largan Precision Co. Ltd.		7,000		586,415
LCY Chemical Corp.		120,000		63,211
Lite-On Technology Corp.		115,519		142,962
Macronix International Co. Ltd.a		364,000		79,699
Makalot Industrial Co. Ltd.		14,616		82,325
MediaTek Inc.		90,970		1,394,276
Medigen Biotechnology Corp.a		4,000		20,753
Mega Financial Holding Co. Ltd.		617,941		474,532
Merida Industry Co. Ltd.		15,350		106,186
Merry Electronics Co. Ltd.		14,350		48,040
Micro-Star International Co. Ltd.		61,000		68,523
Microbio Co. Ltd.a		109,689		93,979
MIN AIK Technology Co. Ltd.		5,000		23,641
Mitac Holdings Corp.		50,500		38,540
Nan Ya Plastics Corp.		292,300		588,987
Novatek Microelectronics Corp.		44,000		245,038
Oriental Union Chemical Corp.		51,000		46,609
Pegatron Corp.		117,000		315,579
Pou Chen Corp.		142,000		194,885
Powertech Technology Inc.		63,000		105,355
President Chain Store Corp.		36,000		277,595

Security	Shares		Value
Prince Housing & Development Corp.		142,521	$	54,497
Qisda Corp.a		141,000		64,430
Quanta Computer Inc.		170,000		415,378
Radiant Opto-Electronics Corp.		32,060		102,243
Radium Life Tech Co. Ltd.		102,124		52,984
Realtek Semiconductor Corp.		39,020		120,229
Richtek Technology Corp.		18,000		91,961
Ruentex Development Co. Ltd.		39,468		59,490
Ruentex Industries Ltd.		29,616		64,000
Sanyang Motor Co. Ltd.a		47,000		41,238
Shin Kong Financial Holding Co. Ltd.		529,318		147,810
Shin Zu Shing Co. Ltd.		33,000		73,930
Shinkong Synthetic Fibers Corp.		307,000		105,699
Siliconware Precision Industries Co. Ltd.		208,000		351,138
Simplo Technology Co. Ltd.		23,000		113,856
Sino-American Silicon Products Inc.		46,000		72,474
SinoPac Financial Holdings Co. Ltd.		515,206		210,081
Solar Applied Materials Technology Corp.		116,000		97,177
St.Shine Optical Co. Ltd.		4,000		63,465
Standard Foods Corp.		30,793		66,152
Synnex Technology International Corp.		80,000		115,506
Ta Chong Bank Ltd.a		381,481		128,316
Taichung Commercial Bank Co. Ltd.		303,713		100,231
Tainan Spinning Co. Ltd.		79,472		43,123
Taishin Financial Holdings Co. Ltd.		528,929		217,355
Taiwan Business Bank Ltd.a		405,982		118,135
Taiwan Cement Corp.		202,000		273,064
Taiwan Cooperative Financial Holding Co. Ltd.		341,686		176,733
Taiwan Fertilizer Co. Ltd.		38,000		66,321
Taiwan Hon Chuan Enterprise Co. Ltd.		50,000		91,231
Taiwan Mobile Co. Ltd.		104,000		343,218
Taiwan Secom Co. Ltd.		36,105		93,947
Taiwan Semiconductor Manufacturing Co. Ltd.		1,575,000		7,046,980
Tatung Co. Ltd.a		320,000		89,765

104 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Teco Electric and Machinery Co. Ltd.		127,000	$	119,289
Tong Hsing Electronic Industries Ltd.		14,000		51,089
TPK Holding Co. Ltd.		17,000		110,857
Transcend Information Inc.		24,000		76,539
Tripod Technology Corp.		43,000		93,468
TSRC Corp.		44,100		52,547
TTY Biopharm Co. Ltd.		25,965		53,720
Tung Ho Steel Enterprise Corp.		91,000		68,437
TXC Corp.		71,000		86,853
Uni-President Enterprises Co.		301,320		482,862
Unimicron Technology Corp.		90,000		62,545
United Microelectronics Corp.		827,000		404,138
USI Corp.		93,000		52,677
Vanguard International Semiconductor Corp.		66,000		112,885
Walsin Lihwa Corp.a		288,000		89,105
Wan Hai Lines Ltd.		87,000		91,794
Waterland Financial Holdings Co. Ltd.		392,599		104,274
Win Semiconductors Corp.		96,000		101,442
Winbond Electronics Corp.a		243,000		77,495
Wistron Corp.		151,638		139,543
Wistron NeWeb Corp.		31,441		67,844
WPG Holdings Co. Ltd.		90,000		112,238
XPEC Entertainment Inc.		9,000		53,120
Yageo Corp.		52,049		93,978
Yang Ming Marine Transport Corp.a		158,000		84,732
YFY Inc.		111,000		45,966
Yuanta Financial Holding Co. Ltd.		389,450		187,845
Yulon Motor Co. Ltd.		50,000		73,302
Yungtay Engineering Co. Ltd.		33,000		76,758
Zhen Ding Technology Holding Ltd.		32,050		90,820
				37,673,275
THAILAND — 0.58%
Advanced Information Service PCL NVDR		75,200		562,909
Airports of Thailand PCL NVDR		36,800		364,290
Bangchak Petroleum PCL NVDR		99,100		103,702
Bangkok Bank PCL Foreign		32,000		187,718
Bangkok Bank PCL NVDR		17,700		103,020
Banpu PCL NVDR		106,300		78,921

Security	Shares		Value
BEC World PCL NVDR		80,300	$	126,350
BTS Group Holdings PCL NVDR		366,800		110,387
Bumrungrad Hospital PCL NVDR		36,400		173,492
Central Pattana PCL NVDR		131,200		179,383
Charoen Pokphand Foods PCL NVDR		205,500		158,536
CP All PCL NVDR		313,800		397,883
Delta Electronics Thailand PCL NVDR		45,200		102,539
Esso (Thailand) PCL NVDRa		573,000		90,160
Glow Energy PCL NVDR		55,500		154,732
Hemaraj Land and Development PCL NVDR		1,014,800		137,663
Indorama Ventures PCL NVDR		98,900		65,873
IRPC PCL NVDR		1,289,700		134,762
Jasmine International PCL NVDR		342,500		86,855
Kasikornbank PCL Foreign		73,100		500,287
Kasikornbank PCL NVDR		53,600		363,556
Kiatnakin Bank PCL NVDRb		62,200		76,966
Krung Thai Bank PCL NVDR		342,200		237,334
PTT Exploration & Production PCL NVDR		98,161		326,903
PTT Global Chemical PCL NVDR		102,800		177,458
PTT PCL NVDR		69,000		729,423
Siam Cement (The) PCL Foreign		20,200		307,351
Siam Cement (The) PCL NVDR		11,700		177,305
Siam Commercial Bank PCL NVDR		116,900		641,111
Thai Airways International PCL NVDRa,b		109,000		50,953
Thai Oil PCL NVDR		79,400		124,328
Thai Tap Water Supply PCL NVDR		325,200		122,211
Thanachart Capital PCL NVDR		108,000		109,716
TISCO Financial Group PCL NVDR		102,100		145,055
				7,409,132
TURKEY — 0.39%
Akbank TAS		124,660		457,927
Anadolu Efes Biracilik ve Malt Sanayii ASa		14,852		130,914
Arcelik AS		19,654		125,701
Asya Katilim Bankasi ASa		54,602		13,879
BIM Birlesik Magazalar AS		13,326		270,437
Coca-Cola Icecek AS		5,632		114,065

CONSOLIDATED SCHEDULES OF INVESTMENTS 105

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		150,464	$	198,015
Enka Insaat ve Sanayi AS		33,105		67,319
Eregli Demir ve Celik Fabrikalari TAS		114,275		206,141
Ford Otomotiv Sanayi AS		4,937		68,919
Haci Omer Sabanci Holding AS		72,605		308,083
KOC Holding AS		51,473		269,061
TAV Havalimanlari Holding AS		10,276		77,097
Tupras Turkiye Petrol Rafinerileri AS		9,782		213,154
Turk Hava Yollari AOa		45,152		173,637
Turk Telekomunikasyon AS		41,797		125,777
Turkcell Iletisim Hizmetleri ASa		56,188		324,806
Turkiye Garanti Bankasi AS		158,724		673,511
Turkiye Halk Bankasi AS		43,660		282,815
Turkiye Is Bankasi AS Class C		122,054		356,782
Turkiye Sinai Kalkinma Bankasi AS		97,205		81,298
Turkiye Sise ve Cam Fabrikalari AS		72,125		113,252
Turkiye Vakiflar Bankasi TAO Class D		67,964		159,381
Ulker Biskuvi Sanayi AS		11,789		93,765
Yapi ve Kredi Bankasi AS		72,698		151,706
				5,057,442
UNITED ARAB EMIRATES — 0.14%
Abu Dhabi Commercial Bank PJSC		96,636		182,062
Aldar Properties PJSC		255,965		165,159
Arabtec Holding PJSCa		107,836		85,140
Deyaar Development PJSCa		199,603		41,300
DP World Ltd.		12,537		246,352
Dubai Financial Market PJSC		190,534		98,560
Emaar Properties PJSC		263,525		480,695
First Gulf Bank PJSC		62,317		288,422
National Bank of Abu Dhabi PJSC		55,547		194,329
Union Properties PJSCa		153,397		44,686
				1,826,705
UNITED KINGDOM — 14.74%
3i Group PLC		61,119		421,613
Abcam PLC		22,217		144,149
Aberdeen Asset Management PLC		56,484		371,316

Security	Shares		Value
Admiral Group PLC		11,375	$	247,378
Advanced Computer Software Group PLC		61,559		128,282
Afren PLCa,b		76,180		6,064
African Minerals Ltd.a,b		26,821		4,028
Aggreko PLC		15,466		360,969
Alent PLC		17,926		98,404
Amec Foster Wheeler PLC		18,205		218,053
Amerisur Resources PLCa,b		87,780		44,825
Amlin PLC		37,976		277,994
Anglo American PLC		88,013		1,471,239
Anglo Pacific Group PLC		22,741		29,032
Antofagasta PLC		22,259		217,300
ARM Holdings PLC		89,524		1,399,689
Ashmore Group PLCb		21,982		92,639
Ashtead Group PLC		32,184		525,908
ASOS PLCa,b		3,416		140,935
Associated British Foods PLC		22,564		1,051,572
AstraZeneca PLC		80,287		5,719,256
Avanti Communications Group PLCa,b		16,022		52,218
AVEVA Group PLC		4,908		96,786
Aviva PLC		185,720		1,472,766
Babcock International Group PLC		25,824		390,178
BAE Systems PLC		195,061		1,486,783
Balfour Beatty PLC		48,961		163,247
Bank of Georgia Holdings PLC		2,800		85,410
Barclays PLC		1,039,086		3,654,154
Barratt Developments PLC		65,087		448,105
BBA Aviation PLC		32,352		164,961
Beazley PLC		47,733		207,256
Bellway PLC		8,258		226,225
Berendsen PLC		12,890		215,665
Berkeley Group Holdings PLC (The)		8,229		299,462
Betfair Group PLC		5,721		138,509
BG Group PLC		217,440		2,896,378
BHP Billiton PLC		130,513		2,828,533
Big Yellow Group PLC		17,703		162,454
Bodycote PLC		17,012		173,742
Booker Group PLC		91,157		204,679
Bovis Homes Group PLC		12,374		154,437
BP PLC		1,161,498		7,404,338
Brewin Dolphin Holdings PLC		25,806		113,716
British American Tobacco PLC		117,462		6,619,138
British Land Co. PLC (The)		55,480		691,185

106 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Britvic PLC		15,531	$	164,332
BT Group PLC		516,530		3,241,971
BTG PLCa,b		23,964		284,693
Bunzl PLC		19,613		558,795
Burberry Group PLC		27,975		726,451
Bwin.Party Digital Entertainment PLCa		65,405		104,813
Cable & Wireless Communications PLC		183,738		137,978
Cairn Energy PLCa		38,617		111,358
Cape PLC		18,936		59,724
Capita PLC		39,603		664,984
Capital & Counties Properties PLC		37,224		215,073
Carillion PLC		27,258		140,215
Carnival PLC		11,610		522,589
Catlin Group Ltd.		24,368		255,090
Centamin PLC		73,081		73,430
Centrica PLC		306,445		1,352,214
Chemring Group PLC		23,370		75,990
Cineworld Group PLC		22,069		140,868
Close Brothers Group PLC		10,989		251,032
Cobham PLC		67,009		328,794
Coca-Cola HBC AG		13,018		209,399
COLT Group SAa		36,456		72,439
Compass Group PLC		102,096		1,764,921
Croda International PLC		7,764		309,826
CSR PLC		12,792		164,265
Daily Mail & General Trust PLC Class A NVS		17,970		232,512
Dairy Crest Group PLC		20,287		148,872
DCC PLC		5,561		294,661
De La Rue PLC		10,642		82,873
Debenhams PLC		96,688		109,275
Derwent London PLC		6,641		324,658
Devro PLC		20,508		86,705
Diageo PLC		157,451		4,658,573
Dialight PLC		5,562		58,475
Dignity PLC		6,042		168,785
Diploma PLC		9,716		110,392
Direct Line Insurance Group PLC		98,424		461,947
Dixons Carphone PLC		61,828		403,939
Domino’s Pizza Group PLC		14,274		144,493
Drax Group PLC		24,844		134,514
DS Smith PLC		61,347		291,982
Dunelm Group PLC		7,859		103,811

Security	Shares		Value
easyJet PLC		11,001	$	307,647
Electrocomponents PLC		39,610		121,836
Elementis PLC		34,354		142,612
EnQuest PLCa		86,745		44,296
Enterprise Inns PLCa		47,266		73,402
Essentra PLC		17,206		214,486
esure Group PLC		23,275		80,610
Experian PLC		61,088		1,076,205
Faroe Petroleum PLCa,b		45,459		44,208
Fenner PLC		20,056		56,027
Ferrexpo PLC		16,461		12,361
Fidessa Group PLC		3,394		122,339
FirstGroup PLCa		79,788		119,354
Foxtons Group PLC		25,073		72,208
Fresnillo PLC		14,052		189,731
Friends Life Group Ltd.		85,885		513,899
G4S PLC		97,626		418,173
Galliford Try PLC		7,307		144,423
Genus PLC		7,132		131,109
GKN PLC		93,544		517,860
GlaxoSmithKline PLC		304,757		6,714,675
Glencore PLCa		665,894		2,489,265
Go-Ahead Group PLC		4,649		172,953
Grafton Group PLC Units		15,487		155,725
Grainger PLC		39,294		114,431
Great Portland Estates PLC		20,613		243,180
Greencore Group PLC		29,507		136,584
Greene King PLC		15,808		199,552
Greggs PLC		13,136		161,975
GW Pharmaceuticals PLCa,b		13,761		83,652
Halfords Group PLC		15,579		103,888
Halma PLC		25,840		270,306
Hammerson PLC		38,377		396,841
Hansteen Holdings PLC		70,708		119,790
Hargreaves Lansdown PLC		15,784		239,668
Hays PLC		96,530		225,007
Henderson Group PLC		66,645		238,124
Hikma Pharmaceuticals PLC		9,667		342,645
Hiscox Ltd.b		18,558		204,722
Hochschild Mining PLCa		28,470		38,697
Home Retail Group PLC		54,615		157,655
Homeserve PLC		23,150		117,311
Howden Joinery Group PLC		40,801		260,375
HSBC Holdings PLC		1,204,126		11,024,480
Hunting PLC		13,789		82,363
ICAP PLC		34,362		241,320

CONSOLIDATED SCHEDULES OF INVESTMENTS 107

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
IG Group Holdings PLC		23,859	$	258,720
Imagination Technologies Group PLCa,b		15,004		55,210
IMI PLC		16,164		309,771
Imperial Tobacco Group PLC		60,323		2,830,318
Inchcape PLC		26,597		278,224
Indivior PLCa		38,858		101,548
Informa PLC		38,872		298,915
Inmarsat PLC		24,000		300,620
InterContinental Hotels Group PLC		14,040		561,328
Intermediate Capital Group PLC		25,881		191,633
International Personal Finance PLC		16,285		106,517
Interserve PLC		12,785		102,826
Intertek Group PLC		9,016		310,498
Intu Properties PLC		43,868		240,482
Investec PLC		31,962		268,821
ITE Group PLC		21,096		41,427
ITV PLC		245,634		811,619
J Sainsbury PLCb		72,214		277,002
JD Wetherspoon PLC		8,020		95,278
John Menzies PLC		12,622		70,378
John Wood Group PLC		25,646		219,936
Johnson Matthey PLC		12,375		606,090
Jupiter Fund Management PLC		23,525		134,050
KAZ Minerals PLCa,b		19,847		59,855
Kcom Group PLC		79,088		98,589
Keller Group PLC		7,078		94,930
Kier Group PLC		5,860		137,826
Kingfisher PLC		145,620		749,727
Ladbrokes PLC		58,693		102,432
Laird PLC		21,523		103,053
Lancashire Holdings Ltd.b		17,629		161,642
Land Securities Group PLC		46,324		886,373
Legal & General Group PLC		368,973		1,484,597
Lloyds Banking Group PLCa		3,595,522		3,982,586
London Stock Exchange Group PLC		13,511		479,910
LondonMetric Property PLC		57,449		137,621
Lonmin PLCa		33,568		82,379
Majestic Wine PLCb		16,728		84,667
Man Group PLC		165,593		445,678
Marks & Spencer Group PLC		97,019		705,833
Marston’s PLC		57,183		125,819

Security	Shares		Value
Meggitt PLC		48,296	$	390,968
Melrose Industries PLC		68,939		274,380
Michael Page International PLC		25,104		175,699
Micro Focus International PLC		10,964		173,231
Mitchells & Butlers PLCa		17,994		115,263
Mitie Group PLC		33,072		134,062
Mondi PLC		21,801		389,314
Moneysupermarket.com Group PLC		37,230		147,058
Monitise PLCa,b		118,356		23,109
Morgan Advanced Materials PLC		31,930		146,025
N Brown Group PLC		13,058		84,900
National Express Group PLC		30,198		115,881
National Grid PLC		237,250		3,333,429
Next PLC		9,699		1,053,918
Northgate PLC		14,301		132,309
Ocado Group PLCa,b		31,696		195,653
Old Mutual PLC		298,463		933,281
Ophir Energy PLCa,b		34,506		69,600
Optimal Payments PLCa		12,380		64,055
Oxford Instruments PLC		3,963		44,313
Pace PLC		23,862		119,843
Paragon Group of Companies PLC (The)		22,963		142,160
Pearson PLC		52,136		1,057,875
Pennon Group PLC		24,889		332,128
Persimmon PLC		19,577		468,091
Petra Diamonds Ltd.a		23,722		54,654
Petrofac Ltd.		16,500		174,956
Phoenix Group Holdingsb		13,273		167,252
Playtech Ltd.		12,581		128,300
Premier Farnell PLC		47,122		119,606
Premier Oil PLC		43,212		93,846
Primary Health Properties PLC		18,422		103,893
Provident Financial PLC		9,057		358,704
Prudential PLC		160,339		3,901,175
QinetiQ Group PLC		49,935		140,320
Quindell PLCb		33,105		42,014
Quintain Estates and Development PLCa		83,942		121,345
Randgold Resources Ltd.		5,392		460,385
Reckitt Benckiser Group PLC		40,788		3,448,911
Redrow PLC		19,288		81,981
Reed Elsevier PLC		70,194		1,218,706
Regus PLC		48,954		148,519

108 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
Renishaw PLC		1,799	$	62,685
Rentokil Initial PLC		113,319		205,764
Restaurant Group PLC (The)		16,270		175,817
Rexam PLC		39,850		254,366
Rightmove PLC		7,299		254,985
Rio Tinto PLC		80,059		3,517,039
Rockhopper Exploration PLCa,b		36,646		28,483
Rolls-Royce Holdings PLC		119,159		1,595,473
Rotork PLC		4,940		171,017
Royal Bank of Scotland Group PLCa		157,162		855,415
Royal Dutch Shell PLC Class A		246,366		7,466,948
Royal Dutch Shell PLC Class B		155,531		4,915,946
Royal Mail PLC		41,050		268,191
RPC Group PLC		15,428		125,704
RPS Group PLC		23,382		64,054
RSA Insurance Group PLCa		62,572		426,937
SABMiller PLC		60,630		3,301,389
Sage Group PLC (The)		66,582		480,198
Salamander Energy PLCa		28,934		30,202
Savills PLC		12,362		135,721
Schroders PLC		6,593		286,961
SDL PLCa		11,634		74,217
SEGRO PLC		39,571		245,096
Senior PLC		35,977		167,289
Serco Group PLC		36,205		83,957
Severn Trent PLC		14,470		467,683
Shaftesbury PLC		15,695		183,393
Shanks Group PLC		74,721		110,540
Shire PLC		37,643		2,744,260
SIG PLC		48,495		134,380
Sky PLC		64,485		898,769
Smith & Nephew PLC		56,414		1,009,113
Smiths Group PLC		23,928		405,015
SOCO International PLC		15,457		61,102
Spectris PLC		7,272		228,266
Spirax-Sarco Engineering PLC		4,893		224,138
Spirent Communications PLC		57,877		77,581
Spirit Pub Co. PLC		95,012		163,675
Sports Direct International PLCa		15,809		168,935
SSE PLC		59,874		1,446,890
St James’s Place PLC		31,684		408,290
St. Modwen Properties PLC		17,203		108,051
Stagecoach Group PLC		39,899		205,061
Standard Chartered PLC		154,830		2,064,251

Security	Shares		Value
Standard Life PLC		149,029	$	902,022
Stobart Group Ltd.		27,568		43,992
Synergy Health PLC		5,625		182,903
Synthomer PLC		36,642		133,894
TalkTalk Telecom Group PLC		31,344		149,889
Tate & Lyle PLC		28,780		293,064
Taylor Wimpey PLC		215,491		438,217
Telecity Group PLC		14,046		181,845
Telecom plus PLC		5,790		94,700
Tesco PLC		515,372		1,739,649
Thomas Cook Group PLCa		97,748		188,354
Travis Perkins PLC		14,602		421,509
Trinity Mirror PLCa		23,972		62,016
TUI AG		11,365		200,580
TUI AG Newa		10,498		181,005
Tullett Prebon PLC		20,019		100,663
Tullow Oil PLC		57,687		316,237
UBM PLC		28,984		230,497
UDG Healthcare PLC		27,819		163,323
Ultra Electronics Holdings PLC		5,922		155,561
Unilever PLC		79,531		3,499,817
UNITE Group PLC (The)		20,302		149,378
United Utilities Group PLC		41,364		638,020
Vectura Group PLCa		31,248		71,218
Vedanta Resources PLC		6,111		34,271
Vesuvius PLC		18,717		123,689
Victrex PLC		4,879		150,879
Vodafone Group PLC		1,664,430		5,862,051
W.S. Atkins PLC		7,858		148,350
Weir Group PLC (The)		13,330		336,342
WH Smith PLC		8,563		173,621
Whitbread PLC		11,176		840,101
William Hill PLC		52,888		299,540
Wm Morrison Supermarkets PLC		127,140		343,522
Wolseley PLC		15,569		903,055
Workspace Group PLC		14,512		172,185
WPP PLC		81,579		1,796,195
Xaar PLC		9,981		46,133
Xchanging PLC		34,751		81,942
				189,435,967
TOTAL COMMON STOCKS
(Cost: $1,278,812,797)				1,257,216,088

CONSOLIDATED SCHEDULES OF INVESTMENTS 109

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 0.36%
UNITED STATES — 0.36%
iShares MSCI Russia Capped ETFb,e		406,404	$	4,572,045
				4,572,045
TOTAL INVESTMENT COMPANIES
(Cost: $7,049,813)				4,572,045
PREFERRED STOCKS — 1.23%
BRAZIL — 0.63%
AES Tiete SA		7,800		48,122
Banco Bradesco SA		134,960		1,695,925
Banco do Estado do Rio Grande do Sul SA Class B		12,200		55,450
Banco Pan SA		29,440		18,865
Bradespar SA		12,500		54,066
Braskem SA Class A		10,100		46,846
Centrais Eletricas Brasileiras SA Class B		7,600		17,385
Companhia Brasileira de Distribuicao		8,100		268,873
Companhia Energetica de Minas Gerais		49,502		219,644
Companhia Energetica de Sao Paulo Class B		12,300		107,961
Companhia Paranaense de Energia Class B		7,400		86,014
Gerdau SA		54,800		185,988
GOL Linhas Aereas Inteligentes SA		5,300		24,129
Itau Unibanco Holding SA		176,256		2,160,354
Itausa-Investimentos Itau SA		207,855		707,769
Lojas Americanas SA		39,900		231,147
Marcopolo SA		35,800		35,744
Metalurgica Gerdau SA		15,800		57,921
Oi SA		17,020		31,641
Petroleo Brasileiro SA		268,900		819,463
Randon SA Implementos e Participacoes		22,925		34,163
Suzano Papel e Celulose SA Class A		25,200		102,051
Telefonica Brasil SA		16,700		309,835
Usinas Siderurgicas de Minas Gerais SA Class A		22,900		28,580

Security	Shares		Value
Vale SA Class A		113,675	$	700,887
				8,048,823
CHILE — 0.01%
Embotelladora Andina SA Class B		14,488		40,831
Sociedad Quimica y Minera de Chile SA Series B		6,071		145,111
				185,942
COLOMBIA — 0.04%
Banco Davivienda SA		8,063		84,800
Bancolombia SA		28,494		337,811
Grupo Argos SA/Colombia		5,632		42,818
Grupo Aval Acciones y Valores SA		135,485		71,469
Grupo de Inversiones Suramericana SA		1,801		25,729
				562,627
GERMANY — 0.40%
Bayerische Motoren Werke AG		2,972		252,035
Draegerwerk AG & Co. KGaA		1,053		106,159
Fuchs Petrolub SE		4,692		193,256
Henkel AG & Co. KGaA		11,372		1,303,806
Jungheinrich AG		1,703		103,313
Porsche Automobil Holding SE		9,438		793,023
Sartorius AG		759		97,212
Volkswagen AG		10,220		2,286,947
				5,135,751
ITALY — 0.01%
Unipol Gruppo Finanziario SpA		22,987		117,403
				117,403
SOUTH KOREA — 0.14%
Hyundai Motor Co. Ltd.		2,010		211,366
Hyundai Motor Co. Ltd. Series 2		2,424		265,984
Samsung Electronics Co. Ltd.		1,302		1,269,140
				1,746,490
TOTAL PREFERRED STOCKS
(Cost: $18,343,988)				15,797,036
RIGHTS — 0.01%
SOUTH KOREA — 0.00%
Hyundai Merchant Marine Co. Ltd.a		922		2,513
				2,513

110 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (Unaudited) (Continued)

iSHARES^® CORE MSCI TOTAL INTERNATIONAL STOCK ETF

January 31, 2015

Security	Shares		Value
SPAIN — 0.01%
ACS Actividades de Construccion y Servicios SAa		12,373	$	6,283
Banco Santander SAa		785,747		119,701
				125,984
TOTAL RIGHTS
(Cost: $141,538)				128,497
SHORT-TERM INVESTMENTS — 1.67%
MONEY MARKET FUNDS — 1.67%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%e,f,g		18,207,828		18,207,828
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%e,f,g		1,095,290		1,095,290
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		2,105,921		2,105,921
				21,409,039

	Value
TOTAL SHORT-TERM INVESTMENTS
(Cost: $21,409,039)	$	21,409,039
TOTAL INVESTMENTS IN SECURITIES — 101.22%
(Cost: $1,325,757,175)		1,299,122,705
Other Assets, Less Liabilities — (1.22)%		(15,632,794	)
NET ASSETS — 100.00%	$	1,283,489,911

CPO  —  Certificates of Participation (Ordinary)

FDR  —  Fiduciary Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

NVS  —  Non-Voting Shares

SDR  —  Swedish Depositary Receipts

SP ADR  —  Sponsored American Depositary Receipts

SP GDR  —  Sponsored Global Depositary Receipts

^a  Non-income earning security.

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

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

^d  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.

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

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

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
MSCI Emerging Markets E-Mini		23		Mar. 2015		NYSE LIFFE	$	1,094,225	$	14,296
MSCI EAFE E-Mini		44		Mar. 2015		NYSE LIFFE		3,886,520		(21,900)
Net Unrealized Depreciation									$	(7,604)

See notes to financial statements.

CONSOLIDATED SCHEDULES OF INVESTMENTS 111

Statements of Assets and Liabilities  (Unaudited)

iSHARES^® TRUST

January 31, 2015

	iShares Core MSCI EAFE ETF			iShares Core MSCI Europe ETF			iShares Core MSCI Pacific ETF
ASSETS
Investments, at cost:
Unaffiliated	$	3,455,516,248		$	393,791,147		$	346,646,076
Affiliated (Note 2)		54,898,306			730,342			1,931,038
Total cost of investments	$	3,510,414,554		$	394,521,489		$	348,577,114
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	3,407,799,404		$	376,455,073		$	335,996,917
Affiliated (Note 2)		54,898,306			730,342			1,931,038
Total fair value of investments		3,462,697,710			377,185,415			337,927,955
Foreign currency, at valueb		1,605,048			334,130			174,718
Cash		12,029			—			—
Cash pledged to broker		393,000			—			—
Receivables:
Due from custodian (Note 4)		366,154			—			—
Dividends and interest		4,694,039			136,862			242,717
Capital shares sold		—			1,981,165			2,322,947
Total Assets		3,469,767,980			379,637,572			340,668,337
LIABILITIES
Payables:
Investment securities purchased		366,154			1,929,657			—
Collateral for securities on loan (Note 1)		49,171,347			726,711			1,702,587
Futures variation margin		183,855			—			—
Investment advisory fees (Note 2)		335,261			8,814			9,511
Total Liabilities		50,056,617			2,665,182			1,712,098
NET ASSETS	$	3,419,711,363		$	376,972,390		$	338,956,239
Net assets consist of:
Paid-in capital	$	3,480,822,928		$	392,919,471		$	350,183,414
Undistributed (distributions in excess of) net investment income		(1,454,990	)		196,201			(13,340	)
Undistributed net realized gain (accumulated net realized loss)		(11,599,776	)		1,202,998			(563,820	)
Net unrealized depreciation		(48,056,799	)		(17,346,280	)		(10,650,015	)
NET ASSETS	$	3,419,711,363		$	376,972,390		$	338,956,239
Shares outstandingc		61,100,000			8,600,000			7,000,000
Net asset value per share	$	55.97		$	43.83		$	48.42

^a  Securities on loan with values of $45,975,067, $663,619 and $1,604,185, respectively. See Note 1.

^b  Cost of foreign currency: $1,616,677, $340,814 and $175,579, respectively.

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

See notes to financial statements.

112 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2015

	iShares Core MSCI Total International Stock ETF (Consolidated)
ASSETS
Investments, at cost:
Unaffiliated	$	1,297,298,323
Affiliated (Note 2)		28,458,852
Total cost of investments	$	1,325,757,175
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,273,141,621
Affiliated (Note 2)		25,981,084
Total fair value of investments		1,299,122,705
Foreign currency, at valueb		2,143,200
Cash		61,419
Cash pledged to broker		106,117
Receivables:
Investment securities sold		269
Dividends and interest		1,505,490
Total Assets		1,302,939,200
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		19,303,118
Futures variation margin		7,604
Foreign taxes (Note 1)		426
Investment advisory fees (Note 2)		138,141
Total Liabilities		19,449,289
NET ASSETS	$	1,283,489,911
Net assets consist of:
Paid-in capital	$	1,314,289,009
Distributions in excess of net investment income		(59,084	)
Accumulated net realized loss		(4,002,355	)
Net unrealized depreciation		(26,737,659	)
NET ASSETS	$	1,283,489,911
Shares outstandingc		24,100,000
Net asset value per share	$	53.26

^a  Securities on loan with a value of $18,151,470. See Note 1.

^b  Cost of foreign currency: $2,184,158.

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

See notes to financial statements.

FINANCIAL STATEMENTS 113

Statements of Operations  (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares Core  MSCI EAFE ETF			iShares Core MSCI Europe ETF			iShares Core MSCI Pacific ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	27,591,793		$	1,378,773		$	2,143,624
Interest — affiliated (Note 2)		234			3			4
Securities lending income — affiliated (Note 2)		386,443			538			499
Total investment income		27,978,470			1,379,314			2,144,127
EXPENSES
Investment advisory fees (Note 2)		1,895,746			119,528			128,275
Total expenses		1,895,746			119,528			128,275
Less investment advisory fees waived (Note 2)		—			(76,840	)		(82,462	)
Net expenses		1,895,746			42,688			45,813
Net investment income		26,082,724			1,336,626			2,098,314
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,726,513	)		(203,561	)		(441,273	)
In-kind redemptions — unaffiliated		—			1,461,734			—
Futures contracts		(1,570,451	)		—			—
Foreign currency transactions		(1,159,559	)		(43,578	)		(122,512	)
Net realized gain (loss)		(6,456,523	)		1,214,595			(563,785	)
Net change in unrealized appreciation/depreciation on:
Investments		(199,987,377	)		(14,647,313	)		(11,036,879	)
Futures contracts		214,589			—			—
Translation of assets and liabilities in foreign currencies		(239,054	)		(9,416	)		(716	)
Net change in unrealized appreciation/depreciation		(200,011,842	)		(14,656,729	)		(11,037,595	)
Net realized and unrealized loss		(206,468,365	)		(13,442,134	)		(11,601,380	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(180,385,641	)	$	(12,105,508	)	$	(9,503,066	)

^a  Net of foreign withholding tax of $1,560,145, $83,736 and $134,034, respectively.

See notes to financial statements.

114 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (Unaudited) (Continued)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares Core MSCI Total International Stock ETF (Consolidated)
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	8,449,485
Dividends — affiliated (Note 2)		163,926
Interest — unaffiliated		2
Interest — affiliated (Note 2)		84
Securities lending income — affiliated (Note 2)		126,940
		8,740,437
Less: Other foreign taxes (Note 1)		(20,027	)
Total investment income		8,720,410
EXPENSES
Investment advisory fees (Note 2)		689,003
Commitment fees (Note 8)		309
Interest expense (Note 8)		261
Total expenses		689,573
Less investment advisory fees waived (Note 2)		(13,762	)
Net expenses		675,811
Net investment income		8,044,599
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,319,100	)
Futures contracts		(552,541	)
Foreign currency transactions		(467,993	)
Net realized loss		(2,339,634	)
Net change in unrealized appreciation/depreciation on:
Investments		(66,578,497	)
Futures contracts		36,903
Translation of assets and liabilities in foreign currencies		(66,504	)
Net change in unrealized appreciation/depreciation		(66,608,098	)
Net realized and unrealized loss		(68,947,732	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(60,903,133	)

^a  Net of foreign withholding tax of $706,262.

See notes to financial statements.

FINANCIAL STATEMENTS 115

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares Core MSCI EAFE ETF						iShares Core MSCI Europe ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Period from June 10, 2014a to July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	26,082,724		$	58,169,857		$	1,336,626		$	125,253
Net realized gain (loss)		(6,456,523	)		(3,110,839	)		1,214,595			(11,578	)
Net change in unrealized appreciation/depreciation		(200,011,842	)		116,590,983			(14,656,729	)		(2,689,551	)
Net increase (decrease) in net assets resulting from operations		(180,385,641	)		171,650,001			(12,105,508	)		(2,575,876	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(29,780,653	)		(56,878,068	)		(1,265,697	)		—
Total distributions to shareholders		(29,780,653	)		(56,878,068	)		(1,265,697	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,154,654,558			1,478,610,560			360,960,182			55,009,370
Cost of shares redeemed		—			—			(23,050,081	)		—
Net increase in net assets from capital share transactions		1,154,654,558			1,478,610,560			337,910,101			55,009,370
INCREASE IN NET ASSETS		944,488,264			1,593,382,493			324,538,896			52,433,494
NET ASSETS
Beginning of period		2,475,223,099			881,840,606			52,433,494			—
End of period	$	3,419,711,363		$	2,475,223,099		$	376,972,390		$	52,433,494
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(1,454,990	)	$	2,242,939		$	196,201		$	125,272
SHARES ISSUED AND REDEEMED
Shares sold		20,400,000			24,400,000			8,000,000			1,100,000
Shares redeemed		—			—			(500,000	)		—
Net increase in shares outstanding		20,400,000			24,400,000			7,500,000			1,100,000

^a  Commencement of operations.

See notes to financial statements.

116 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  (Continued)

iSHARES^® TRUST

	iShares Core MSCI Pacific ETF						iShares Core MSCI Total International Stock ETF (Consolidated)
	Six months ended January 31, 2015 (Unaudited)			Period from June 10, 2014a to July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,098,314		$	13,966		$	8,044,599		$	16,099,560
Net realized loss		(563,785	)		(28	)		(2,339,634	)		(1,356,717	)
Net change in unrealized appreciation/depreciation		(11,037,595	)		387,580			(66,608,098	)		35,679,005
Net increase (decrease) in net assets resulting from operations		(9,503,066	)		401,518			(60,903,133	)		50,421,848
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,125,627	)		—			(9,706,112	)		(14,730,104	)
Total distributions to shareholders		(2,125,627	)		—			(9,706,112	)		(14,730,104	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		340,188,481			9,994,933			560,445,190			648,995,034
Net increase in net assets from capital share transactions		340,188,481			9,994,933			560,445,190			648,995,034
INCREASE IN NET ASSETS		328,559,788			10,396,451			489,835,945			684,686,778
NET ASSETS
Beginning of period		10,396,451			—			793,653,966			108,967,188
End of period	$	338,956,239		$	10,396,451		$	1,283,489,911		$	793,653,966
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(13,340	)	$	13,973		$	(59,084	)	$	1,602,429
SHARES ISSUED
Shares sold		6,800,000			200,000			10,600,000			11,400,000
Net increase in shares outstanding		6,800,000			200,000			10,600,000			11,400,000

^a  Commencement of operations.

See notes to financial statements.

FINANCIAL STATEMENTS 117

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares Core MSCI EAFE ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Period from Oct. 18, 2012a to Jul. 31, 2013
Net asset value, beginning of period	$	60.82		$	54.10		$	48.62
Income from investment operations:
Net investment incomeb		0.53			2.21			1.51
Net realized and unrealized gain (loss)c		(4.83	)		6.22			4.92
Total from investment operations		(4.30	)		8.43			6.43
Less distributions from:
Net investment income		(0.55	)		(1.71	)		(0.95	)
Total distributions		(0.55	)		(1.71	)		(0.95	)
Net asset value, end of period	$	55.97		$	60.82		$	54.10
Total return		(7.05	)%d		15.62	%		13.34	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,419,711		$	2,475,223		$	881,841
Ratio of expenses to average net assetse		0.13	%		0.13	%		0.05	%
Ratio of expenses to average net assets prior to waived feese		0.13	%		0.14	%		0.14	%
Ratio of net investment income to average net assetse		1.84	%		3.67	%		3.63	%
Portfolio turnover ratef		1	%		3	%		1	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

118 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares Core MSCI Europe ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Period from Jun. 10, 2014a to Jul. 31, 2014
Net asset value, beginning of period	$	47.67		$	50.07
Income from investment operations:
Net investment incomeb		0.35			0.12
Net realized and unrealized lossc		(3.91	)		(2.52	)
Total from investment operations		(3.56	)		(2.40	)
Less distributions from:
Net investment income		(0.28	)		—
Total distributions		(0.28	)		—
Net asset value, end of period	$	43.83		$	47.67
Total return		(7.46	)%d		(4.79	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	376,972		$	52,433
Ratio of expenses to average net assetse		0.05	%		0.05	%
Ratio of expenses to average net assets prior to waived feese		0.14	%		0.14	%
Ratio of net investment income to average net assetse		1.57	%		1.70	%
Portfolio turnover ratef		1	%		0	%g

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

^g  Rounds to less than 1%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 119

Financial Highlights  (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares Core MSCI Pacific ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Period from Jun. 10, 2014a to Jul. 31, 2014
Net asset value, beginning of period	$	51.98		$	49.97
Income from investment operations:
Net investment incomeb		0.56			0.07
Net realized and unrealized gain (loss)c		(3.67	)		1.94
Total from investment operations		(3.11	)		2.01
Less distributions from:
Net investment income		(0.45	)		—
Total distributions		(0.45	)		—
Net asset value, end of period	$	48.42		$	51.98
Total return		(5.94	)%d		4.02	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	338,956		$	10,396
Ratio of expenses to average net assetse		0.05	%		0.05	%
Ratio of expenses to average net assets prior to waived feese		0.14	%		0.14	%
Ratio of net investment income to average net assetse		2.29	%		0.98	%
Portfolio turnover ratef		2	%		0	%g

a Commencement of operations.

b Based on average shares outstanding throughout each period.

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

d Not annualized.

e Annualized for periods of less than one year.

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

g Rounds to less than 1%.

See notes to financial statements.

120 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares Core MSCI Total International Stock ETF (Consolidated)

	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Period from Oct. 18, 2012a to Jul. 31, 2013
Net asset value, beginning of period	$	58.79		$	51.89		$	49.15
Income from investment operations:
Net investment incomeb		0.50			1.99			1.22
Net realized and unrealized gain (loss)c		(5.42	)		6.20			2.57
Total from investment operations		(4.92	)		8.19			3.79
Less distributions from:
Net investment income		(0.61	)		(1.29	)		(1.05	)
Total distributions		(0.61	)		(1.29	)		(1.05	)
Net asset value, end of period	$	53.26		$	58.79		$	51.89
Total return		(8.35	)%d		15.82	%		7.81	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,283,490		$	793,654		$	108,967
Ratio of expenses to average net assetse		0.15	%		0.15	%		0.05	%
Ratio of expenses to average net assets prior to waived feese		0.15	%		0.16	%		0.16	%
Ratio of net investment income to average net assetse		1.79	%		3.46	%		3.03	%
Portfolio turnover ratef		1	%		4	%		5	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rate for the six months ended January 31, 2015, for the year ended July 31, 2014 and for the period ended January 31, 2014, were 1%, 4% and 5%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 121

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

iShares ETF	Diversification Classification
Core MSCI EAFE	Diversified
Core MSCI Europe	Diversified
Core MSCI Pacific	Diversified
Core MSCI Total International Stock	Non-diversified

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

The iShares Core MSCI Total International Stock ETF carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (the “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of the Fund also serves as the investment adviser to the Subsidiary. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for the Fund include the accounts of its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

122 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Trustees of the Trust (the “Board”).

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

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

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

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

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

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

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

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

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

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for

NOTES TO FINANCIAL STATEMENTS 123

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

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

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

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of January 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1			Level 2		Level 3			Total
Core MSCI EAFE
Assets:
Common Stocks	$	3,387,565,330		$	43,626	$	0	a	$	3,387,608,956
Preferred Stocks		19,721,488			—		—			19,721,488
Rights		23,323			445,637		—			468,960
Money Market Funds		54,898,306			—		—			54,898,306
	$	3,462,208,447		$	489,263	$	0	a	$	3,462,697,710
Liabilities:
Futures Contractsb	$	(65,614	)	$	—	$	—		$	(65,614	)
Core MSCI Europe
Assets:
Common Stocks	$	373,202,548		$	922	$	—		$	373,203,470
Preferred Stocks		3,206,258			—		—			3,206,258
Rights		2,174			43,171		—			45,345
Money Market Funds		730,342			—		—			730,342
	$	377,141,322		$	44,093	$	—		$	377,185,415
Core MSCI Pacific
Assets:
Common Stocks	$	335,990,732		$	2,480	$	—		$	335,993,212
Rights		—			3,705		—			3,705
Money Market Funds		1,931,038			—		—			1,931,038
	$	337,921,770		$	6,185	$	—		$	337,927,955

124 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

iShares ETF and Investment Type	Investments
	Level 1			Level 2		Level 3		Total
Core MSCI Total International Stock
Assets:
Common Stocks	$	1,256,741,579		$	472,058	$	2,451	$	1,257,216,088
Investment Companies		4,572,045			—		—		4,572,045
Preferred Stocks		15,797,036			—		—		15,797,036
Rights		6,283			122,214		—		128,497
Money Market Funds		21,409,039			—		—		21,409,039
Futures Contractsb		14,296			—		—		14,296
	$	1,298,540,278		$	594,272	$	2,451	$	1,299,137,001
Liabilities:
Futures Contractsb	$	(21,900	)	$	—	$	—	$	(21,900	)

^a  Rounds to less than $1.

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on

NOTES TO FINANCIAL STATEMENTS 125

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

The iShares Core MSCI Total International Stock ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a tax residence certificate from the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. These income taxes, if any, are paid by the Fund and are disclosed in the consolidated statement of operations. Any dividends paid by the Subsidiary to the Fund are not subject to tax in Mauritius. Further, the Subsidiary is also exempt from tax in Mauritius on any gains from the sale of securities.

However, there can be no assurance that any future changes to the India-Mauritius treaty will not adversely affect the tax position of the Fund’s investments in India. If the DTAA is interpreted, amended, terminated, renegotiated, or possibly overridden by the General Anti-Avoidance Rules provisions (which are due to take effect April 1, 2017, the details of which are pending further authoritative guidance), in a manner that would adversely affect the tax position in India of the Fund, such an interpretation, amendment, or override renegotiation may cause the Fund to incur capital gains tax in India.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

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

126 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

investments. The value of any securities on loan as of January 31, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

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

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

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Receiveda		Net Amount
Core MSCI EAFE	$	45,975,067	$	45,975,067	$	—
Core MSCI Europe		663,619		663,619		—
Core MSCI Pacific		1,604,185		1,604,185		—
Core MSCI Total International Stock		18,151,470		18,151,470		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA, manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

NOTES TO FINANCIAL STATEMENTS 127

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

With respect to the iShares Core MSCI International Stock ETF, the Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Effective December 10, 2014, for its investment advisory services to the iShares Core MSCI EAFE ETF, BFA is entitled to an annual investment advisory fee of 0.12% based on the average daily net assets of the Fund. Prior to December 10, 2014, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee of 0.14% based on the Fund’s average daily net assets.

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Core MSCI Europe		0.14	%
Core MSCI Pacific		0.14

For the six months ended January 31, 2015, BFA has voluntarily waived a portion of its investment advisory fees for the iShares Core MSCI Europe and iShares Core MSCI Pacific ETFs in the amounts of $76,840 and $82,462, respectively.

Effective December 10, 2014, for its investment advisory services to the iShares Core MSCI Total International Stock ETF, BFA is entitled to an annual investment advisory fee of 0.14% based on the average daily net assets of the Fund. Prior to December 10, 2014, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee of 0.16% based on the Fund’s average daily net assets. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any.

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

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

128 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Prior to January 1, 2015 each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
Core MSCI EAFE	$	127,018
Core MSCI Europe		144
Core MSCI Pacific		140
Core MSCI Total International Stock		41,429

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

Cross trades for the six months ended January 31, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

The iShares Core MSCI Total International Stock ETF, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the Fund’s underlying index.

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended January 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold		Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
Core MSCI Total International Stock iShares MSCI Russia Capped ETF		254,554		151,850		—		406,404	$	4,572,045	$	163,926	$	—

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

NOTES TO FINANCIAL STATEMENTS 129

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:

iShares ETF	Purchases		Sales
Core MSCI EAFE	$	249,498,812	$	22,039,663
Core MSCI Europe		4,444,279		1,732,333
Core MSCI Pacific		5,801,211		4,061,288
Core MSCI Total International Stock		218,610,891		9,053,784

In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI EAFE	$	919,547,483	$	—
Core MSCI Europe		357,536,752		22,932,959
Core MSCI Pacific		335,358,503		—
Core MSCI Total International Stock		346,881,447		—

4. CAPITAL SHARE TRANSACTIONS

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

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

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the statements of assets and liabilities.

5. FUTURES CONTRACTS

Each Fund may purchase or sell futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to

130 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held by the Funds as of January 31, 2015 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Liabilities
	iShares Core MSCI EAFE ETF		iShares Core MSCI Total International Stock ETF
Equity contracts:
Variation margin / Net assets consist of — net unrealized appreciation (depreciation)a	$	65,614	$	7,604

^a  Represents cumulative depreciation of futures contracts as reported in the consolidated schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities for the iShares Core MSCI EAFE ETF.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the Funds during the six months ended January 31, 2015 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares Core MSCI EAFE ETF			iShares Core MSCI Total International Stock ETF
Equity contracts:
Futures contracts	$	(1,570,451	)	$	(552,541	)
	Net Change in Unrealized Appreciation/Depreciation
	iShares Core MSCI EAFE ETF			iShares Core MSCI Total International Stock ETF
Equity contracts:
Futures contracts	$	214,589		$	36,903

NOTES TO FINANCIAL STATEMENTS 131

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

The following table shows the average quarter-end balances of open futures contracts for the six months ended January 31, 2015:

	iShares Core MSCI EAFE ETF		iShares Core MSCI Total International Stock ETF
Average value of contracts purchased	$	13,680,237	$	4,838,248

6. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

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

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares Core MSCI Total International Stock ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with

132 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

As of July 31, 2014, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring
Core MSCI EAFE	$	1,023,149
Core MSCI Europe		11,562
Core MSCI Pacific		32
Core MSCI Total International Stock		175,651

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

NOTES TO FINANCIAL STATEMENTS 133

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core MSCI EAFE	$	3,517,961,481	$	202,531,293	$	(257,795,064	)	$	(55,263,771	)
Core MSCI Europe		394,521,933		3,871,721		(21,208,239	)		(17,336,518	)
Core MSCI Pacific		348,594,783		9,106,837		(19,773,665	)		(10,666,828	)
Core MSCI Total International Stock		1,328,042,696		69,344,686		(98,264,677	)		(28,919,991	)

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. LINE OF CREDIT

The iShares Core MSCI Total International Stock ETF, along with certain other iShares funds, is a party to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended January 31, 2015, the iShares Core MSCI Total International Stock ETF’s maximum amount borrowed, the average borrowings and the weighted average interest rate under the credit agreement were $1,156,000, $43,978 and 1.16%, respectively.

9. SUBSEQUENT EVENTS

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

134 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core MSCI EAFE	$	0.524185	$	—	$	0.022249	$	0.546434		96	%		—	%		4	%		100	%
Core MSCI Europe		0.244809		—		0.036457		0.281266		87			—			13			100
Core MSCI Pacific		0.401093		—		0.051168		0.452261		89			—			11			100
Core MSCI Total International Stock		0.570584		—		0.036048		0.606632		94			—			6			100

SUPPLEMENTAL INFORMATION 135

Notes:

136 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 137

Notes:

138 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-710-0115

JANUARY 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

^Ø   iShares MSCI International Developed Momentum Factor ETF  |  IMTM  |  NYSE Arca

^Ø   iShares MSCI International Developed Quality Factor ETF  |  IQLT  |  NYSE Arca

^Ø   iShares MSCI USA Momentum Factor ETF  |  MTUM  |  NYSE Arca

^Ø   iShares MSCI USA Quality Factor ETF  |  QUAL  |  NYSE Arca

^Ø   iShares MSCI USA Size Factor ETF  |  SIZE  |  NYSE Arca

^Ø   iShares MSCI USA Value Factor ETF  |  VLUE  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	11
Shareholder Expenses	11
Schedules of Investments	12
iShares MSCI International Developed Momentum Factor ETF	12
iShares MSCI International Developed Quality Factor ETF	16
iShares MSCI USA Momentum Factor ETF	21
iShares MSCI USA Quality Factor ETF	24
iShares MSCI USA Size Factor ETF	27
iShares MSCI USA Value Factor ETF	37
Financial Statements	47
Financial Highlights	54
Notes to Financial Statements	60
Board Review and Approval of Investment Advisory Contract	70
Supplemental Information	75

Fund Performance Overview

iSHARES^® MSCI INTERNATIONAL DEVELOPED MOMENTUM FACTOR ETF

Performance as of January 31, 2015

The iShares MSCI International Developed Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momemtum characteristics, as represented by the MSCI World ex USA Momentum Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the period from January 13, 2015 (inception date of the Fund) through January 31, 2015, the total return for the Fund was 1.53%, net of fees, while the total return for the Index was 1.57%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		1.53%		1.45%		1.57%

The inception date of the Fund was 1/13/15. The first day of secondary market trading was 1/15/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account  Value (1/13/15) a		Ending Account Value (1/31/15)		Expenses Paid During  Period b		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period b		Annualized Expense Ratio
$	1,000.00	$	1,015.30	$	0.15	$	1,000.00	$	1,023.70	$	1.53		0.30%

^a  The beginning of the period (commencement of operations) is January 13, 2015.

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (18 days for actual and 184 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Health Care	27.98	%
Financials	17.72
Industrials	13.88
Consumer Discretionary	10.46
Information Technology	7.87
Consumer Staples	6.89
Utilities	5.01
Telecommunication Services	4.07
Materials	3.68
Energy	2.44
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total  Investments*

Japan	30.45	%
Canada	17.31
Switzerland	12.36
United Kingdom	8.93
Germany	4.70
Denmark	4.05
Netherlands	3.45
Australia	3.11
Hong Kong	2.82
Belgium	2.48
TOTAL	89.66	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI INTERNATIONAL DEVELOPED QUALITY FACTOR ETF

Performance as of January 31, 2015

The iShares MSCI International Developed Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher quality characteristics, as identified through three fundamental variables: return on equity, earnings variability, and debt-to-equity, and as represented by the MSCI World ex USA Sector Neutral Quality Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the period from January 13, 2015 (inception date of the Fund) through January 31, 2015, the total return for the Fund was 1.60%, net of fees, while the total return for the Index was 1.53%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		1.60%		1.60%		1.53%

The inception date of the Fund was 1/13/15. The first day of secondary market trading was 1/15/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account  Value (1/13/15) a		Ending Account Value (1/31/15)		Expenses Paid During  Period b		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period b		Annualized Expense Ratio
$	1,000.00	$	1,016.00	$	0.15	$	1,000.00	$	1,023.70	$	1.53		0.30%

^a  The beginning of the period (commencement of operations) is January 13, 2015.

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (18 days for actual and 184 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	26.80	%
Industrials	12.21
Consumer Discretionary	11.66
Consumer Staples	10.90
Health Care	10.36
Materials	7.72
Energy	6.80
Telecommunication Services	4.95
Information Technology	4.72
Utilities	3.88
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 1/31/15

Country Percentage of
Total  Investments*

United Kingdom	25.16	%
Switzerland	15.03
Canada	8.45
Germany	8.13
Japan	7.77
Hong Kong	7.41
Australia	6.13
France	6.04
Denmark	3.60
Sweden	3.40
TOTAL	91.12	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI USA MOMENTUM FACTOR ETF

Performance as of January 31, 2015

The iShares MSCI USA Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks exhibiting relatively higher price momentum, as represented by the MSCI USA Momentum Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 8.57%, net of fees, while the total return for the Index was 8.70%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		16.40%		16.41%		16.64%		16.40%		16.41%		16.64%
Since Inception		17.53%		17.57%		17.81%		33.69%		33.76%		34.07%

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,085.70	$	0.79	$	1,000.00	$	1,024.40	$	0.77		0.15%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Health Care	32.35	%
Information Technology	23.09
Consumer Discretionary	11.58
Industrials	11.21
Consumer Staples	10.20
Financials	6.78
Utilities	1.89
Materials	1.62
Energy	0.93
Telecommunication Services	0.35
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total  Investments*

Apple Inc.	5.19	%
Gilead Sciences Inc.	4.07
Microsoft Corp.	4.07
Intel Corp.	3.94
Johnson & Johnson	3.83
Amgen Inc.	3.52
Union Pacific Corp.	3.01
Facebook Inc. Class A	2.99
CVS Health Corp.	2.91
Berkshire Hathaway Inc. Class B	2.83
TOTAL	36.36	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI USA QUALITY FACTOR ETF

Performance as of January 31, 2015

The iShares MSCI USA Quality Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with quality characteristics as identified through certain fundamental metrics, as represented by the MSCI USA Quality Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 6.70%, net of fees, while the total return for the Index was 6.74%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		14.48%		14.49%		14.64%		14.48%		14.49%		14.64%
Since Inception		15.34%		15.35%		15.61%		24.73%		24.75%		25.03%

The inception date of the Fund was 7/16/13. The first day of secondary market trading was 7/18/13.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,067.00	$	0.78	$	1,000.00	$	1,024.40	$	0.77		0.15%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Information Technology	32.98	%
Consumer Discretionary	20.36
Health Care	17.60
Industrials	12.62
Consumer Staples	6.74
Energy	5.08
Materials	2.59
Financials	2.03
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total  Investments*

Apple Inc.	5.25	%
Exxon Mobil Corp.	4.67
Johnson & Johnson	4.64
Gilead Sciences Inc.	4.36
Microsoft Corp.	4.12
Home Depot Inc. (The)	3.69
International Business Machines Corp.	3.44
Oracle Corp.	2.91
Visa Inc. Class A	2.85
MasterCard Inc. Class A	2.60
TOTAL	38.53	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI USA SIZE FACTOR ETF

Performance as of January 31, 2015

The iShares MSCI USA Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI USA Risk Weighted Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 7.74%, net of fees, while the total return for the Index was 7.78%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		16.72%		16.78%		16.90%		16.72%		16.78%		16.90%
Since Inception		16.38%		16.39%		16.64%		31.35%		31.37%		31.70%

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,077.40	$	0.79	$	1,000.00	$	1,024.40	$	0.77		0.15%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	21.54	%
Consumer Discretionary	13.62
Industrials	12.28
Consumer Staples	10.74
Utilities	10.38
Health Care	10.37
Information Technology	10.08
Materials	5.06
Energy	4.72
Telecommunication Services	1.21
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total  Investments*

Kinder Morgan Inc.	0.55	%
Arch Capital Group Ltd.	0.51
Clorox Co. (The)	0.50
PepsiCo Inc.	0.48
McDonald’s Corp.	0.46
Xcel Energy Inc.	0.45
General Mills Inc.	0.45
Duke Energy Corp.	0.45
Colgate-Palmolive Co.	0.44
Southern Co. (The)	0.44
TOTAL	4.73	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI USA VALUE FACTOR ETF

Performance as of January 31, 2015

The iShares MSCI USA Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI USA Value Weighted Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 2.02%, net of fees, while the total return for the Index was 2.03%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		12.17%		12.21%		12.30%		12.17%		12.21%		12.30%
Since Inception		15.57%		15.58%		15.81%		29.70%		29.72%		30.02%

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,020.20	$	0.76	$	1,000.00	$	1,024.40	$	0.77		0.15%

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

PORTFOLIO ALLOCATION

As of 1/31/15

Sector Percentage of
Total  Investments*

Financials	21.03	%
Information Technology	14.83
Energy	12.84
Consumer Discretionary	12.34
Health Care	10.70
Industrials	9.39
Consumer Staples	8.89
Utilities	4.14
Materials	3.37
Telecommunication Services	2.47
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/15

Security Percentage of
Total  Investments*

Exxon Mobil Corp.	3.51	%
Apple Inc.	2.55
Chevron Corp.	2.19
JPMorgan Chase & Co.	2.10
Wells Fargo & Co.	2.05
Citigroup Inc.	1.55
General Electric Co.	1.48
Bank of America Corp.	1.35
AT&T Inc.	1.32
Microsoft Corp.	1.24
TOTAL	19.34	%

* Excludes money market funds.

10 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 (or commencement of operations, as applicable) and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 11

Schedule of Investments (Unaudited)

iSHARES^® MSCI INTERNATIONAL DEVELOPED MOMENTUM FACTOR ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.79%
AUSTRALIA — 3.11%
Alumina Ltd.a		4,234	$	6,397
Amcor Ltd.		1,412		14,053
AMP Ltd.		3,154		14,172
APA Group		1,638		10,358
Caltex Australia Ltd.		256		6,663
Cochlear Ltd.		72		4,654
CSL Ltd.		514		35,204
Lend Lease Group		770		10,002
Macquarie Group Ltd.		230		11,132
Qantas Airways Ltd.a		1,000		2,033
Ramsay Health Care Ltd.		180		8,333
Sonic Healthcare Ltd.		298		4,372
TPG Telecom Ltd.		400		2,087
Transurban Group		2,260		16,209
Westfield Corp.a		2,050		15,741
				161,410
BELGIUM — 2.48%
Anheuser-Busch InBev NV		850		103,688
Belgacom SA		316		11,766
Telenet Group Holding NVa		42		2,332
UCB SA		140		10,896
				128,682
CANADA — 17.27%
Alimentation Couche-Tard Inc. Class B		718		28,194
AltaGas Ltd.		102		3,454
Bank of Montreal		738		42,448
BlackBerry Ltd.a		512		5,213
Brookfield Asset Management Inc. Class A		918		46,879
CAE Inc.		202		2,493
Canadian Imperial Bank of Commerce/Canada		458		31,852
Canadian National Railway Co.		1,760		116,209
Canadian Pacific Railway Ltd.		370		64,627
Canadian Tire Corp. Ltd. Class A NVS		104		9,612
Catamaran Corp.a		218		10,909
Constellation Software Inc./Canada		38		10,552
Dollarama Inc.		106		5,045
Enbridge Inc.		718		34,854
Fortis Inc./Canada		378		12,494
Gildan Activewear Inc.		136		7,957
Imperial Oil Ltd.		236		8,793

Security	Shares		Value
Intact Financial Corp.		134	$	8,975
Inter Pipeline Ltd.		488		12,716
Keyera Corp.		150		8,873
Loblaw Companies Ltd.		312		15,534
Magna International Inc. Class A		194		18,680
Manulife Financial Corp.		1,350		21,699
Metro Inc. Class A		124		9,834
National Bank of Canada		498		17,364
Onex Corp.		70		3,851
Open Text Corp.		168		9,548
Pembina Pipeline Corp.		418		13,015
Restaurant Brands International Inc.a		452		17,553
Royal Bank of Canada		1,608		90,980
Saputo Inc.		306		8,818
Shaw Communications Inc. Class B		458		10,598
Sun Life Financial Inc.		512		15,692
Thomson Reuters Corp.		282		10,845
Toronto-Dominion Bank (The)		1,950		77,818
TransCanada Corp.		850		37,903
Valeant Pharmaceuticals International Inc.a		280		44,866
				896,747
DENMARK — 4.04%
A.P. Moeller-Maersk A/S Class A		4		7,852
A.P. Moeller-Maersk A/S Class B		8		16,226
Coloplast A/S Class B		168		13,255
Danske Bank A/S		688		17,844
Novo Nordisk A/S Class B		2,808		125,781
Novozymes A/S Class B		268		12,224
Pandora A/S		172		12,325
Tryg A/S		38		4,453
				209,960
FINLAND — 0.98%
Elisa OYJ		110		2,926
Nokia OYJ		3,182		24,578
Orion OYJ Class B		140		4,615
Sampo OYJ Class A		388		18,792
				50,911
FRANCE — 2.20%
Aeroports de Paris		30		3,602
Credit Agricole SA		802		9,562
Dassault Systemes		142		8,800
Essilor International SA		218		24,371
Groupe Eurotunnel SE		478		6,422
Natixis SA		830		5,294

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INTERNATIONAL DEVELOPED MOMENTUM FACTOR ETF

January 31, 2015

Security	Shares		Value
Numericable-SFRa		264	$	13,763
Orange SA		1,738		30,635
SES SA Class A FDR		320		11,662
				114,111
GERMANY — 4.69%
Bayer AG Registered		960		138,718
Celesio AG		70		2,074
Deutsche Wohnen AG Bearer		346		8,996
Fresenius Medical Care AG & Co. KGaA		304		22,518
Fresenius SE & Co. KGaA		522		29,900
Kabel Deutschland Holding AGa		24		3,264
Merck KGaA		172		17,218
QIAGEN NVa		260		5,966
Symrise AG		226		14,822
				243,476
HONG KONG — 2.81%
Henderson Land Development Co. Ltd.		2,000		14,291
HKT Trust & HKT Ltd.		6,000		7,862
Hong Kong & China Gas Co. Ltd.		10,000		22,958
Link REIT (The)		4,000		27,085
PCCW Ltd.		10,000		6,655
Power Assets Holdings Ltd.		2,000		20,972
Sun Hung Kai Properties Ltd.		2,000		32,657
Swire Pacific Ltd. Class A		1,000		13,426
				145,906
IRELAND — 0.04%
Ryanair Holdings PLC SP ADRa		30		1,979
				1,979
ISRAEL — 1.64%
Teva Pharmaceutical Industries Ltd.		1,490		84,976
				84,976
ITALY — 0.63%
Enel SpA		4,862		21,979
Exor SpA		128		5,231
Finmeccanica SpAa		324		3,543
Intesa Sanpaolo SpA RNC		800		2,044
				32,797
JAPAN — 30.38%
Ajinomoto Co. Inc.		2,000		41,519
ANA Holdings Inc.		2,000		5,554
Aozora Bank Ltd.		2,000		7,321
Asahi Group Holdings Ltd.		600		19,865
Asahi Kasei Corp.		2,000		19,955
ASICS Corp.		200		4,955

Security	Shares		Value
Astellas Pharma Inc.		5,200	$	80,989
Bandai Namco Holdings Inc.		200		4,085
Bank of Yokohama Ltd. (The)		2,000		10,893
Brother Industries Ltd.		400		6,926
Calbee Inc.		200		7,875
Casio Computer Co. Ltd.		400		6,330
Central Japan Railway Co.		200		34,597
Chugai Pharmaceutical Co. Ltd.		400		12,004
Chugoku Bank Ltd. (The)		200		2,869
Daikin Industries Ltd.		200		14,089
Daito Trust Construction Co. Ltd.		200		22,432
Daiwa House Industry Co. Ltd.		600		11,168
Electric Power Development Co. Ltd.		200		7,338
Fuji Heavy Industries Ltd.		800		29,261
FUJIFILM Holdings Corp.		800		27,228
Fujitsu Ltd.		2,000		10,652
Fukuoka Financial Group Inc.		2,000		10,080
Hakuhodo DY Holdings Inc.		400		4,018
Hamamatsu Photonics K.K.		200		9,518
Hankyu Hanshin Holdings Inc.		2,000		11,186
Hitachi Chemical Co. Ltd.		200		4,068
Hitachi High-Technologies Corp.		200		6,291
Hitachi Ltd.		6,000		45,833
Hoya Corp.		800		31,322
IHI Corp.		2,000		10,556
Iyo Bank Ltd. (The)		400		4,658
JTEKT Corp.		200		3,344
Kajima Corp.		2,000		7,985
Kao Corp.		600		26,464
KDDI Corp.		800		56,956
Keihan Electric Railway Co. Ltd.		2,000		12,208
Koito Manufacturing Co. Ltd.		200		6,581
Konica Minolta Holdings Inc.		800		8,895
Kubota Corp.		2,000		30,026
M3 Inc.		200		4,056
Mabuchi Motor Co. Ltd.		200		8,292
Mazda Motor Corp.		400		8,334
MEIJI Holdings Co. Ltd.		200		22,151
Mitsubishi Chemical Holdings Corp.		1,600		8,365
Mitsubishi Electric Corp.		2,000		23,437
Mitsubishi Heavy Industries Ltd.		4,000		22,308
Mitsubishi Tanabe Pharma Corp.		400		6,368
Mitsui & Co. Ltd.		1,800		23,093
Mitsui Chemicals Inc.		2,000		5,908
Mixi Inc.		200		7,143
Murata Manufacturing Co. Ltd.		400		43,656

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INTERNATIONAL DEVELOPED MOMENTUM FACTOR ETF

January 31, 2015

Security	Shares		Value
Nagoya Railroad Co. Ltd.		2,000	$	7,900
NGK Spark Plug Co. Ltd.		200		5,993
Nidec Corp.		400		27,494
Nippon Paint Holdings Co. Ltd.		400		12,668
Nippon Prologis REIT Inc.		2		4,723
Nippon Telegraph and Telephone Corp.		600		35,857
Nitori Holdings Co. Ltd.		200		11,374
Nitto Denko Corp.		200		12,063
NOK Corp.		200		5,823
Nomura Research Institute Ltd.		200		6,853
NTT Data Corp.		200		7,687
NTT DOCOMO Inc.		1,800		30,724
Omron Corp.		400		16,192
Ono Pharmaceutical Co. Ltd.		200		21,283
Oriental Land Co. Ltd.		200		48,551
Otsuka Holdings Co. Ltd.		800		24,910
Panasonic Corp.		2,200		25,322
Resona Holdings Inc.		2,600		13,024
Rohm Co. Ltd.		200		13,025
Santen Pharmaceutical Co. Ltd.		200		12,531
Secom Co. Ltd.		200		11,704
Seibu Holdings Inc.		200		4,781
Seiko Epson Corp.		400		16,430
Seven Bank Ltd.		800		3,610
Shimano Inc.		200		26,663
Shimizu Corp.		2,000		13,928
Shin-Etsu Chemical Co. Ltd.		600		40,087
Shionogi & Co. Ltd.		600		18,159
SMC Corp.		200		54,263
Suntory Beverage & Food Ltd.		200		7,057
Suruga Bank Ltd.		400		7,584
Suzuki Motor Corp.		600		19,185
Sysmex Corp.		200		9,024
Taisei Corp.		2,000		11,697
TDK Corp.		200		12,616
Terumo Corp.		400		10,015
THK Co. Ltd.		200		4,921
Toho Co. Ltd.		200		4,555
Tohoku Electric Power Co. Inc.		600		7,621
Tokyo Electron Ltd.		200		14,431
Tokyo Gas Co. Ltd.		2,000		12,026
Toyo Suisan Kaisha Ltd.		200		7,108
Toyota Industries Corp.		200		10,880
Unicharm Corp.		600		16,705
USS Co. Ltd.		400		6,327
West Japan Railway Co.		200		10,349

Security	Shares		Value
Yamaha Motor Co. Ltd.		400	$	8,895
Yokogawa Electric Corp.		200		2,118
				1,577,741
NETHERLANDS — 3.44%
Altice SAa		148		12,376
ASML Holding NV		504		53,052
Boskalis Westminster NV		78		3,461
Delta Lloyd NV		148		2,802
Fiat Chrysler Automobiles NVa		770		10,166
Heineken NV		284		21,241
ING Groep NV CVAa		3,236		40,607
Reed Elsevier NV		1,144		28,065
Wolters Kluwer NV		228		6,830
				178,600
NEW ZEALAND — 0.21%
Meridian Energy Ltd.		2,570		3,572
Mighty River Power Ltd.		934		2,278
Spark New Zealand Ltd.		2,090		5,006
				10,856
NORWAY — 0.25%
Norsk Hydro ASA		2,208		12,991
				12,991
PORTUGAL — 0.13%
Energias de Portugal SA		1,716		6,539
				6,539
SINGAPORE — 0.16%
ComfortDelGro Corp. Ltd.		4,000		8,484
				8,484
SPAIN — 1.77%
Bankinter SA		1,152		8,019
Ferrovial SA		746		14,803
Gas Natural SDG SA		680		15,961
Iberdrola SA		5,928		40,993
International Consolidated Airlines Group SAa		1,482		12,125
				91,901
SWEDEN — 2.31%
Assa Abloy AB Class B		392		21,433
Atlas Copco AB Class A		680		20,164
Boliden AB		332		5,209
Electrolux AB Class B		262		8,117
Hexagon AB Class B		292		9,266
Husqvarna AB Class B		386		2,683
ICA Gruppen AB		136		5,233

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INTERNATIONAL DEVELOPED MOMENTUM FACTOR ETF

January 31, 2015

Security	Shares		Value
Investor AB Class B		516	$	18,825
Securitas AB		222		2,708
Skandinaviska Enskilda Banken AB Class A		1,316		15,892
Skanska AB Class B		300		6,655
Tele2 AB Class B		350		3,962
				120,147
SWITZERLAND — 12.34%
Actelion Ltd. Registered		174		19,290
Aryzta AG		72		5,411
Baloise Holding AG Registered		50		6,521
Chocoladefabriken Lindt & Sprugli AG Participation Certificates		2		10,426
Geberit AG Registered		44		15,074
Givaudan SA Registered		12		21,925
Lonza Group AG Registered		58		6,884
Novartis AG Registered		2,744		268,868
Roche Holding AG Genusschein		722		195,086
Sonova Holding AG Registered		72		9,477
Swiss Life Holding AG Registered		24		5,363
Swisscom AG Registered		28		16,419
Zurich Insurance Group AG		180		59,749
				640,493
UNITED KINGDOM — 8.91%
Ashtead Group PLC		666		10,883
AstraZeneca PLC		1,146		81,636
Bunzl PLC		302		8,604
Compass Group PLC		1,530		26,449
Dixons Carphone PLC		1,762		11,512
InterContinental Hotels Group PLC		304		12,154
Intu Properties PLC		966		5,296
Investec PLC		816		6,863
ITV PLC		3,016		9,965
Legal & General Group PLC		4,536		18,251
London Stock Exchange Group PLC		350		12,432
National Grid PLC		4,550		63,929
Next PLC		110		11,953
Prudential PLC		1,926		46,861
Reed Elsevier PLC		1,544		26,807
SEGRO PLC		650		4,026
Shire PLC		790		57,593
Smith & Nephew PLC		1,280		22,896
United Utilities Group PLC		696		10,735

Security	Shares		Value
Whitbread PLC		184	$	13,831
				462,676
TOTAL COMMON STOCKS
(Cost: $5,105,110)				5,181,383
SHORT-TERM INVESTMENTS — 0.19%
MONEY MARKET FUNDS — 0.19%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		9,922		9,922
				9,922
TOTAL SHORT-TERM INVESTMENTS
(Cost: $9,922)				9,922
TOTAL INVESTMENTS IN SECURITIES — 99.98%
Cost: $5,115,032)				5,191,305
Other Assets, Less Liabilities — 0.02%				1,244
NET ASSETS — 100.00%			$	5,192,549

FDR — Fiduciary Depositary Receipts

NVS — Non-Voting Shares

SP ADR — Sponsored American Depositary Receipts

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited)

iSHARES^® MSCI INTERNATIONAL DEVELOPED QUALITY FACTOR ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.52%
AUSTRALIA — 6.11%
Amcor Ltd.		784	$	7,803
ASX Ltd.		290		8,613
Bendigo & Adelaide Bank Ltd.		578		6,022
BHP Billiton Ltd.		2,340		53,320
Brambles Ltd.		1,758		14,512
Cochlear Ltd.		56		3,620
CSL Ltd.		664		45,478
Flight Centre Travel Group Ltd.		62		1,825
Fortescue Metals Group Ltd.		1,470		2,702
Goodman Group		2,034		9,710
GPT Group (The)		2,136		7,519
Incitec Pivot Ltd.		878		2,468
Insurance Australia Group Ltd.		3,366		16,776
Lend Lease Group		916		11,898
Novion Property Group		2,454		4,434
Orica Ltd.		216		3,051
QBE Insurance Group Ltd.		1,654		13,666
REA Group Ltd.		90		3,473
Rio Tinto Ltd.		330		14,792
Seek Ltd.		376		5,227
Telstra Corp. Ltd.		8,528		43,168
TPG Telecom Ltd.		412		2,150
Woodside Petroleum Ltd.		554		14,789
Woolworths Ltd.		832		20,591
WorleyParsons Ltd.		160		1,199
				318,806
AUSTRIA — 0.04%
Vienna Insurance Group AG		44		1,868
				1,868
BELGIUM — 0.21%
Belgacom SA		244		9,085
Colruyt SA		40		1,845
				10,930
CANADA — 8.43%
Agrium Inc.		72		7,698
Alimentation Couche-Tard Inc. Class B		246		9,660
Baytex Energy Corp.		90		1,400
Canadian Imperial Bank of Commerce/Canada		624		43,396
Canadian National Railway Co.		976		64,443
Canadian Natural Resources Ltd.		728		21,152
Canadian Oil Sands Ltd.		362		2,241

Security	Shares		Value
Canadian Utilities Ltd. Class A		80	$	2,658
CGI Group Inc. Class Aa		324		12,866
CI Financial Corp.		494		12,623
Dollarama Inc.		212		10,091
Finning International Inc.		154		2,545
Gildan Activewear Inc.		114		6,669
Great-West Lifeco Inc.		516		13,108
Husky Energy Inc.		206		4,444
IGM Financial Inc.		164		5,641
Imperial Oil Ltd.		242		9,016
Industrial Alliance Insurance and Financial Services Inc.		130		4,148
Intact Financial Corp.		196		13,127
Keyera Corp.		72		4,259
Metro Inc. Class A		38		3,014
Peyto Exploration & Development Corp.		92		2,329
Potash Corp. of Saskatchewan Inc.		606		22,109
Power Financial Corp.		360		9,736
Restaurant Brands International Inc.a		270		10,485
RioCan REIT		170		3,947
Royal Bank of Canada		1,840		104,106
Saputo Inc.		116		3,343
Suncor Energy Inc.		882		26,364
Vermilion Energy Inc.		70		3,090
				439,708
DENMARK — 3.59%
Coloplast A/S Class B		182		14,360
Novo Nordisk A/S Class B		3,194		143,071
Novozymes A/S Class B		206		9,396
Pandora A/S		202		14,474
Tryg A/S		36		4,219
William Demant Holding A/Sa		22		1,667
				187,187
FINLAND — 1.78%
Elisa OYJ		222		5,904
Fortum OYJ		344		7,337
Kone OYJ Class B		584		26,327
Metso OYJ		100		3,038
Neste Oil OYJ		74		2,046
Orion OYJ Class B		134		4,417
Sampo OYJ Class A		734		35,550
Wartsila OYJ Abp		174		8,076
				92,695
FRANCE — 6.03%
AXA SA		2,680		63,071

16 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INTERNATIONAL DEVELOPED QUALITY FACTOR ETF

January 31, 2015

Security	Shares		Value
Bureau Veritas SA		296	$	6,288
Dassault Systemes		190		11,775
L’Air Liquide SA		236		29,827
L’Oreal SA		124		22,256
Legrand SA		292		15,717
Publicis Groupe SA		198		14,843
Safran SA		262		17,500
SCOR SE		212		6,618
Societe BIC SA		32		4,550
Technip SA		64		3,766
Total SA		1,466		75,271
Vivendi SAa		1,552		36,840
Zodiac Aerospace		182		6,052
				314,374
GERMANY — 7.87%
Allianz SE Registered		586		96,810
BASF SE		602		54,007
Beiersdorf AG		50		4,390
Continental AG		112		25,366
Deutsche Boerse AG		324		24,873
GEA Group AG		168		7,630
Hannover Rueck SE Registered		90		8,068
Henkel AG & Co. KGaA		54		5,530
HUGO BOSS AG		68		8,778
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		210		42,181
RTL Group SA		48		4,546
SAP SE		1,700		110,997
Symrise AG		74		4,853
United Internet AG Registeredb		290		12,589
				410,618
HONG KONG — 7.39%
AIA Group Ltd.		17,200		100,382
Bank of East Asia Ltd. (The)		2,000		8,306
Cheung Kong Holdings Ltd.		2,000		38,306
Cheung Kong Infrastructure Holdings Ltd.		2,000		16,470
Galaxy Entertainment Group Ltd.		4,000		21,100
Hang Seng Bank Ltd.		1,400		24,521
Henderson Land Development Co. Ltd.		2,000		14,291
Hong Kong & China Gas Co. Ltd.		8,000		18,366
Hysan Development Co. Ltd.		2,000		9,686
Link REIT (The)		3,000		20,314
Power Assets Holdings Ltd.		2,000		20,972
Sands China Ltd.		4,000		19,630
Sino Land Co. Ltd.		4,000		6,707

Security	Shares		Value
SJM Holdings Ltd.		4,000	$	5,902
Sun Hung Kai Properties Ltd.		2,000		32,657
Swire Properties Ltd.		1,600		5,149
Wharf Holdings Ltd. (The)		2,000		16,251
Wynn Macau Ltd.		2,400		6,702
				385,712
IRELAND — 0.12%
Kerry Group PLC Class A		88		6,377
				6,377
ISRAEL — 0.03%
Israel Chemicals Ltd.		256		1,844
				1,844
ITALY — 0.14%
Tenaris SA		346		4,873
UnipolSai SpA		940		2,607
				7,480
JAPAN — 7.75%
ABC-MART Inc.		200		10,029
Aeon Mall Co. Ltd.		200		3,342
Bank of Yokohama Ltd. (The)		2,000		10,893
Brother Industries Ltd.		400		6,926
Calbee Inc.		200		7,875
COLOPL Inc.		200		4,609
Daito Trust Construction Co. Ltd.		200		22,432
Daiwa House Industry Co. Ltd.		1,000		18,614
Fuji Heavy Industries Ltd.		600		21,946
Hino Motors Ltd.		200		2,869
Hoya Corp.		600		23,491
Iyo Bank Ltd. (The)		400		4,658
Japan Airlines Co. Ltd.		200		6,828
Japan Exchange Group Inc.		400		9,436
Japan Tobacco Inc.		600		16,511
JSR Corp.		200		3,564
Kakaku.com Inc.		400		5,717
KDDI Corp.		800		56,957
Kuraray Co. Ltd.		200		2,534
M3 Inc.		200		4,056
Mitsubishi Motors Corp.		800		6,838
Nippon Paint Holdings Co. Ltd.		200		6,334
Nitori Holdings Co. Ltd.		200		11,374
Nitto Denko Corp.		200		12,063
NTT DOCOMO Inc.		1,600		27,310
Oracle Corp. Japan		200		8,360
Osaka Gas Co. Ltd.		2,000		7,944

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INTERNATIONAL DEVELOPED QUALITY FACTOR ETF

January 31, 2015

Security	Shares		Value
Otsuka Corp.		200	$	6,938
Park24 Co. Ltd.		200		3,439
Sanrio Co. Ltd.		200		4,984
Seven Bank Ltd.		800		3,610
Shin-Etsu Chemical Co. Ltd.		200		13,362
Sony Financial Holdings Inc.		400		5,615
T&D Holdings Inc.		800		9,123
Tokyo Gas Co. Ltd.		2,000		12,026
Trend Micro Inc.		200		5,695
USS Co. Ltd.		400		6,327
Yahoo! Japan Corp.		2,800		9,511
				404,140
NETHERLANDS — 1.99%
Boskalis Westminster NV		86		3,817
Gemalto NV		104		7,560
Koninklijke Vopak NV		42		2,350
Reed Elsevier NV		1,206		29,586
Unilever NV CVA		1,388		60,443
				103,756
NEW ZEALAND — 0.07%
Contact Energy Ltd.		284		1,457
Ryman Healthcare Ltd.		344		2,060
				3,517
NORWAY — 0.94%
Gjensidige Forsikring ASA		350		5,893
Seadrill Ltd.		218		2,316
Statoil ASA		850		14,082
Subsea 7 SA		174		1,479
Telenor ASA		930		19,955
Yara International ASA		100		5,196
				48,921
PORTUGAL — 0.03%
Jeronimo Martins SGPS SA		168		1,812
				1,812
SINGAPORE — 1.78%
Ascendas REIT		2,000		3,636
CapitaMall Trust Management Ltd.		4,000		6,178
ComfortDelGro Corp. Ltd.		2,000		4,242
Keppel Corp. Ltd.		2,000		12,859
Keppel Land Ltd.		2,000		6,711
SembCorp Industries Ltd.		2,000		6,371
SembCorp Marine Ltd.		2,000		4,434
Singapore Exchange Ltd.		2,000		11,485
Singapore Technologies Engineering Ltd.		2,000		4,966

Security	Shares		Value
Singapore Telecommunications Ltd.		10,000	$	30,153
Yangzijiang Shipbuilding Holdings Ltd.		2,000		1,833
				92,868
SPAIN — 1.73%
Gas Natural SDG SA		286		6,713
Iberdrola SA		3,636		25,144
Inditex SA		1,672		49,311
Mapfre SA		1,632		5,497
Zardoya Otis SA		306		3,484
				90,149
SWEDEN — 3.39%
Alfa Laval AB		354		6,581
Assa Abloy AB Class B		334		18,262
Atlas Copco AB Class A		974		28,882
Atlas Copco AB Class B		592		16,223
Hennes & Mauritz AB Class B		1,734		71,477
ICA Gruppen AB		80		3,078
Industrivarden AB Class C		226		4,032
Investment AB Kinnevik		520		15,577
Millicom International Cellular SA SDR		76		4,851
Skanska AB Class B		366		8,119
				177,082
SWITZERLAND — 15.00%
ABB Ltd. Registereda		2,166		41,693
Actelion Ltd. Registereda		150		16,630
Adecco SA Registereda		168		12,581
Compagnie Financiere Richemont SA Class A Bearer		572		47,592
EMS-Chemie Holding AG Registered		8		3,095
Geberit AG Registered		66		22,611
Givaudan SA Registereda		8		14,617
Kuehne & Nagel International AG Registered		90		12,384
Nestle SA Registered		1,562		119,605
Partners Group Holding AG		46		12,329
Roche Holding AG Genusschein		924		249,667
Schindler Holding AG Participation Certificates		56		8,314
Schindler Holding AG Registered		26		3,787
SGS SA Registered		10		19,021
Sika AG Bearer		2		6,852
Swatch Group AG (The) Bearer		38		15,154
Swatch Group AG (The) Registered		56		4,102
Swiss Life Holding AG Registereda		36		8,045
Swiss Re AGa		474		42,812

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INTERNATIONAL DEVELOPED QUALITY FACTOR ETF

January 31, 2015

Security	Shares		Value
Swisscom AG Registered		36	$	21,110
Syngenta AG Registered		72		23,414
Zurich Insurance Group AGa		232		77,010
				782,425
UNITED KINGDOM — 25.10%
Aberdeen Asset Management PLC		2,074		13,634
Admiral Group PLC		470		10,221
Aggreko PLC		336		7,842
Amec Foster Wheeler PLC		338		4,049
Antofagasta PLC		216		2,109
Associated British Foods PLC		158		7,363
Babcock International Group PLC		210		3,173
BAE Systems PLC		5,238		39,925
BG Group PLC		2,470		32,901
BHP Billiton PLC		1,464		31,728
British American Tobacco PLC		1,270		71,566
British Land Co. PLC (The)		1,210		15,075
Bunzl PLC		520		14,815
Burberry Group PLC		714		18,541
Capita PLC		838		14,071
Centrica PLC		5,310		23,431
Cobham PLC		1,388		6,811
Compass Group PLC		2,706		46,778
Croda International PLC		138		5,507
Diageo PLC		1,834		54,263
easyJet PLC		204		5,705
Experian PLC		1,078		18,991
Hargreaves Lansdown PLC		572		8,685
ICAP PLC		936		6,573
IMI PLC		436		8,356
Imperial Tobacco Group PLC		608		28,527
Intertek Group PLC		218		7,508
ITV PLC		5,690		18,801
Johnson Matthey PLC		160		7,836
Legal & General Group PLC		9,624		38,723
London Stock Exchange Group PLC		348		12,361
Marks & Spencer Group PLC		1,696		12,339
Meggitt PLC		740		5,991
Melrose Industries PLC		916		3,646
National Grid PLC		2,988		41,982
Old Mutual PLC		7,360		23,014
Petrofac Ltd.		258		2,736
Prudential PLC		4,122		100,292
Reckitt Benckiser Group PLC		550		46,506
Reed Elsevier PLC		2,138		37,120

Security	Shares		Value
Rexam PLC		486	$	3,102
Rio Tinto PLC		1,002		44,019
Rolls-Royce Holdings PLCa		1,938		25,949
Royal Dutch Shell PLC Class A		2,356		71,407
Royal Dutch Shell PLC Class B		1,462		46,210
Sage Group PLC (The)		2,568		18,521
Schroders PLC		216		9,401
Shire PLC		742		54,094
Sky PLC		1,174		16,363
Smiths Group PLC		492		8,328
Sports Direct International PLCa		322		3,441
SSE PLC		714		17,254
Standard Life PLC		3,126		18,921
Tate & Lyle PLC		274		2,790
Tesco PLC		3,468		11,706
Travis Perkins PLC		214		6,177
Unilever PLC		1,100		48,406
Weir Group PLC (The)		230		5,803
Whitbread PLC		214		16,086
William Hill PLC		894		5,063
Wolseley PLC		296		17,169
				1,309,705
TOTAL COMMON STOCKS
(Cost: $5,112,849)				5,191,974
PREFERRED STOCKS — 0.24%
GERMANY — 0.24%
Fuchs Petrolub SE		68		2,801
Henkel AG & Co. KGaA		84		9,630
				12,431
TOTAL PREFERRED STOCKS
(Cost: $12,008)				12,431
SHORT-TERM INVESTMENTS — 0.19%
MONEY MARKET FUNDS — 0.19%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		9,997		9,997
				9,997
TOTAL SHORT-TERM INVESTMENTS
(Cost: $9,997)				9,997

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INTERNATIONAL DEVELOPED QUALITY FACTOR ETF

January 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.95%
(Cost: $5,134,854)	$	5,214,402
Other Assets, Less Liabilities — 0.05%		2,422
NET ASSETS — 100.00%	$	5,216,824

SDR — Swedish Depositary Receipts

^a  Non-income earning security.

^b  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S 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.

See notes to financial statements.

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI USA MOMENTUM FACTOR ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.92%
AEROSPACE & DEFENSE — 3.76%
General Dynamics Corp.		49,485	$	6,591,898
Lockheed Martin Corp.		36,511		6,877,577
Northrop Grumman Corp.		18,276		2,868,418
Raytheon Co.		24,270		2,428,214
TransDigm Group Inc.		6,206		1,275,519
				20,041,626
AIR FREIGHT & LOGISTICS — 0.88%
FedEx Corp.		27,713		4,686,545
				4,686,545
AIRLINES — 0.40%
American Airlines Group Inc.		13,699		672,347
Southwest Airlines Co.		32,180		1,453,892
				2,126,239
BEVERAGES — 3.54%
Dr Pepper Snapple Group Inc.		31,940		2,468,004
Molson Coors Brewing Co. Class B NVS		17,785		1,350,415
Monster Beverage Corp.a		17,968		2,101,358
PepsiCo Inc.		138,044		12,945,766
				18,865,543
BIOTECHNOLOGY — 11.07%
Alexion Pharmaceuticals Inc.a		17,413		3,190,758
Amgen Inc.		123,004		18,728,589
BioMarin Pharmaceutical Inc.a		14,010		1,361,212
Celgene Corp.a		108,306		12,905,743
Gilead Sciences Inc.a		207,057		21,705,785
Medivation Inc.a		10,525		1,145,331
				59,037,418
CAPITAL MARKETS — 0.39%
Ameriprise Financial Inc.		13,423		1,677,070
Legg Mason Inc.		7,480		414,691
				2,091,761
CHEMICALS — 0.96%
Air Products and Chemicals Inc.		17,699		2,577,152
Sigma-Aldrich Corp.		18,593		2,556,909
				5,134,061
COMMERCIAL SERVICES & SUPPLIES — 0.19%
Cintas Corp.		12,732		1,002,008
				1,002,008

Security	Shares		Value
COMMUNICATIONS EQUIPMENT — 0.30%
Palo Alto Networks Inc.a		12,723	$	1,608,060
				1,608,060
COMPUTERS & PERIPHERALS — 5.19%
Apple Inc.		236,142		27,666,397
				27,666,397
CONTAINERS & PACKAGING — 0.17%
Ball Corp.		14,190		898,653
				898,653
DIVERSIFIED FINANCIAL SERVICES — 3.13%
Berkshire Hathaway Inc. Class Ba		104,825		15,085,366
Moody’s Corp.		17,826		1,628,048
				16,713,414
ELECTRIC UTILITIES — 0.79%
Edison International		28,571		1,947,114
Entergy Corp.		19,692		1,723,247
Pepco Holdings Inc.		20,436		560,968
				4,231,329
FOOD & STAPLES RETAILING — 3.59%
CVS Health Corp.		158,105		15,519,587
Kroger Co. (The)		52,808		3,646,392
				19,165,979
FOOD PRODUCTS — 0.43%
Hormel Foods Corp.		13,100		670,982
Keurig Green Mountain Inc.		13,331		1,633,847
				2,304,829
HEALTH CARE EQUIPMENT & SUPPLIES — 3.78%
Becton, Dickinson and Co.		18,754		2,589,552
C.R. Bard Inc.		7,003		1,197,723
CareFusion Corp.a		32,342		1,917,881
Cooper Companies Inc. (The)		4,500		709,425
Edwards Lifesciences Corp.a		15,335		1,922,242
Intuitive Surgical Inc.a		3,316		1,639,696
Medtronic PLC		142,561		10,178,855
				20,155,374
HEALTH CARE PROVIDERS & SERVICES — 7.25%
AmerisourceBergen Corp.		32,886		3,125,814
Anthem Inc.		32,638		4,404,824
Cardinal Health Inc.		33,014		2,746,435
Cigna Corp.		27,258		2,911,972
DaVita HealthCare Partners Inc.a		17,778		1,334,417
HCA Holdings Inc.a		34,108		2,414,846
Humana Inc.		16,934		2,479,815
McKesson Corp.		26,195		5,570,367

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA MOMENTUM FACTOR ETF

January 31, 2015

Security	Shares		Value
UnitedHealth Group Inc.		120,504	$	12,803,550
Universal Health Services Inc. Class B		8,418		863,098
				38,655,138
HOTELS, RESTAURANTS & LEISURE — 0.78%
Marriott International Inc./MD Class A		38,591		2,875,029
Royal Caribbean Cruises Ltd.		17,180		1,297,949
				4,172,978
HOUSEHOLD DURABLES — 0.11%
Leggett & Platt Inc.		13,458		573,715
				573,715
INDUSTRIAL CONGLOMERATES — 1.87%
3M Co.		52,305		8,489,102
Roper Industries Inc.		9,648		1,489,072
				9,978,174
INSURANCE — 1.07%
Allstate Corp. (The)		40,179		2,804,093
Marsh & McLennan Companies Inc.		44,233		2,378,408
WR Berkley Corp.		10,794		528,798
				5,711,299
INTERNET SOFTWARE & SERVICES — 3.78%
Facebook Inc. Class Aa		209,881		15,932,067
Yahoo! Inc.a		95,550		4,203,244
				20,135,311
IT SERVICES — 1.74%
Alliance Data Systems Corp.a		4,857		1,402,847
Automatic Data Processing Inc.		58,280		4,809,848
Fiserv Inc.a		26,828		1,945,835
FleetCor Technologies Inc.a		8,027		1,127,794
				9,286,324
LIFE SCIENCES TOOLS & SERVICES — 0.76%
Illumina Inc.a		18,551		3,620,970
Quintiles Transnational Holdings Inc.a		6,772		409,706
				4,030,676
MACHINERY — 0.14%
Wabtec Corp./DE		8,750		730,188
				730,188
MEDIA — 4.75%
DIRECTVa		45,365		3,868,727
DISH Network Corp. Class Aa		16,558		1,164,855
Time Warner Inc.		75,344		5,871,558
Walt Disney Co. (The)		158,849		14,448,905
				25,354,045

Security	Shares		Value
METALS & MINING — 0.48%
Alcoa Inc.		164,807	$	2,579,230
				2,579,230
MULTI-UTILITIES — 0.87%
Integrys Energy Group Inc.		7,481		606,709
NiSource Inc.		37,306		1,613,857
Sempra Energy		21,592		2,416,577
				4,637,143
OIL, GAS & CONSUMABLE FUELS — 0.92%
Cheniere Energy Inc.a		23,223		1,657,658
Williams Companies Inc. (The)		74,661		3,274,631
				4,932,289
PHARMACEUTICALS — 9.47%
Actavis PLCa		30,088		8,019,656
Allergan Inc.		47,015		10,308,509
Eli Lilly and Co.		100,586		7,242,192
Jazz Pharmaceuticals PLCa		6,614		1,120,015
Johnson & Johnson		203,967		20,425,255
Mallinckrodt PLCa		21,351		2,262,992
Salix Pharmaceuticals Ltd.a		8,403		1,131,632
				50,510,251
PROFESSIONAL SERVICES — 0.15%
Robert Half International Inc.		13,678		794,145
				794,145
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.18%
American Tower Corp.		38,977		3,778,820
Digital Realty Trust Inc.		15,998		1,166,894
Equity Residential		36,120		2,803,273
Essex Property Trust Inc.		5,931		1,340,703
Federal Realty Investment Trust		6,836		982,812
Iron Mountain Inc.		20,781		827,915
UDR Inc.		22,397		744,924
				11,645,341
ROAD & RAIL — 3.70%
CSX Corp.		112,260		3,738,258
Union Pacific Corp.		136,577		16,008,190
				19,746,448
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.45%
Avago Technologies Ltd.		37,273		3,834,646
Broadcom Corp. Class A		66,580		2,825,322
Intel Corp.		635,667		21,002,438
Lam Research Corp.		18,319		1,400,304

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA MOMENTUM FACTOR ETF

January 31, 2015

Security	Shares		Value
Micron Technology Inc.a		106,694	$	3,122,400
Skyworks Solutions Inc.		26,653		2,213,532
				34,398,642
SOFTWARE — 5.62%
Adobe Systems Inc.a		37,290		2,615,148
Electronic Arts Inc.a		34,554		1,895,632
Intuit Inc.		24,553		2,131,692
Microsoft Corp.		537,025		21,695,810
ServiceNow Inc.a		12,922		942,014
Workday Inc. Class Aa		8,783		697,897
				29,978,193
SPECIALTY RETAIL — 4.19%
Advance Auto Parts Inc.		6,860		1,090,740
AutoZone Inc.a		2,330		1,390,917
Foot Locker Inc.		17,189		914,799
Home Depot Inc. (The)		134,284		14,021,935
L Brands Inc.		22,063		1,867,192
O’Reilly Automotive Inc.a		10,572		1,980,770
Signet Jewelers Ltd.		8,805		1,066,373
				22,332,726
TEXTILES, APPAREL & LUXURY GOODS — 1.74%
Hanesbrands Inc.		12,672		1,411,407
Nike Inc. Class B		71,578		6,603,071
Under Armour Inc. Class Aa		17,380		1,252,750
				9,267,228
TOBACCO — 2.63%
Altria Group Inc.		264,585		14,049,463
				14,049,463
TRADING COMPANIES & DISTRIBUTORS — 0.12%
United Rentals Inc.a		7,765		643,330
				643,330
WATER UTILITIES — 0.23%
American Water Works Co. Inc.		21,939		1,231,655
				1,231,655
WIRELESS TELECOMMUNICATION SERVICES — 0.35%
SBA Communications Corp. Class Aa		15,807		1,844,677
				1,844,677
TOTAL COMMON STOCKS
(Cost: $506,146,659)				532,947,845

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.06%
MONEY MARKET FUNDS — 0.06%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		293,619	$	293,619
				293,619
TOTAL SHORT-TERM INVESTMENTS
Cost: $293,619)				293,619
TOTAL INVESTMENTS IN SECURITIES — 99.98%
(Cost: $506,440,278)				533,241,464
Other Assets, Less Liabilities — 0.02%				123,077
NET ASSETS — 100.00%			$	533,364,541

NVS — Non-Voting Shares

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited)

iSHARES^® MSCI USA QUALITY FACTOR ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.89%
AEROSPACE & DEFENSE — 5.58%
Boeing Co. (The)		150,840	$	21,927,611
Honeywell International Inc.		140,012		13,687,573
Lockheed Martin Corp.		71,280		13,427,014
Raytheon Co.		57,170		5,719,858
Rockwell Collins Inc.		27,891		2,388,027
				57,150,083
AIR FREIGHT & LOGISTICS — 0.41%
C.H. Robinson Worldwide Inc.		34,571		2,462,147
Expeditors International of Washington Inc.		39,577		1,728,723
				4,190,870
AIRLINES — 0.19%
Delta Air Lines Inc.		40,629		1,922,158
				1,922,158
AUTO COMPONENTS — 0.59%
Delphi Automotive PLC		88,084		6,054,013
				6,054,013
BEVERAGES — 1.15%
Brown-Forman Corp. Class B NVS		28,577		2,539,638
Coca-Cola Enterprises Inc.		45,221		1,903,804
Dr Pepper Snapple Group Inc.		39,616		3,061,129
Monster Beverage Corp.a		36,516		4,270,546
				11,775,117
BIOTECHNOLOGY — 8.42%
Biogen Idec Inc.a		51,242		19,941,337
Celgene Corp.a,b		182,567		21,754,684
Gilead Sciences Inc.a		425,126		44,565,958
				86,261,979
CAPITAL MARKETS — 1.08%
Eaton Vance Corp. NVS		24,839		999,770
Franklin Resources Inc.		80,458		4,146,001
SEI Investments Co.		32,192		1,293,152
T. Rowe Price Group Inc.		58,176		4,579,615
				11,018,538
CHEMICALS — 2.59%
Albemarle Corp.		22,432		1,082,568
CF Industries Holdings Inc.		9,677		2,955,162
Eastman Chemical Co.		27,496		1,949,192
International Flavors & Fragrances Inc.		15,772		1,673,567

Security	Shares		Value
LyondellBasell Industries NV Class A		119,815	$	9,476,168
Sherwin-Williams Co. (The)		22,759		6,173,834
Sigma-Aldrich Corp.		23,417		3,220,306
				26,530,797
COMMUNICATIONS EQUIPMENT — 2.43%
F5 Networks Inc.a		15,489		1,728,882
Harris Corp.		21,374		1,434,837
QUALCOMM Inc.		347,332		21,694,357
				24,858,076
COMPUTERS & PERIPHERALS — 5.58%
Apple Inc.		458,370		53,702,629
Seagate Technology PLC		61,704		3,482,574
				57,185,203
DISTRIBUTORS — 0.28%
Genuine Parts Co.		30,768		2,859,578
				2,859,578
DIVERSIFIED CONSUMER SERVICES — 0.22%
H&R Block Inc.		66,404		2,276,329
				2,276,329
DIVERSIFIED FINANCIAL SERVICES — 0.69%
McGraw Hill Financial Inc.		79,336		7,095,812
				7,095,812
ELECTRICAL EQUIPMENT — 0.32%
Rockwell Automation Inc.		29,822		3,248,212
				3,248,212
ENERGY EQUIPMENT & SERVICES — 0.41%
Core Laboratories NV		99		9,182
FMC Technologies Inc.a		48,131		1,803,950
Helmerich & Payne Inc.		20,080		1,195,965
Oceaneering International Inc.		22,407		1,173,230
				4,182,327
FOOD PRODUCTS — 2.32%
Campbell Soup Co.		40,902		1,870,857
Hershey Co. (The)		40,889		4,179,265
Hormel Foods Corp.		28,894		1,479,951
Kellogg Co.		57,398		3,764,161
Keurig Green Mountain Inc.		23,696		2,904,182
Kraft Foods Group Inc.		122,854		8,027,280
McCormick & Co. Inc. NVS		22,077		1,576,077
				23,801,773
HEALTH CARE EQUIPMENT & SUPPLIES — 1.28%
C.R. Bard Inc.		19,384		3,315,246

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA QUALITY FACTOR ETF

January 31, 2015

Security	Shares		Value
Edwards Lifesciences Corp.a		19,655	$	2,463,754
Intuitive Surgical Inc.a,b		7,001		3,461,855
ResMed Inc.b		29,054		1,815,003
Varian Medical Systems Inc.a		22,400		2,073,344
				13,129,202
HEALTH CARE PROVIDERS & SERVICES — 0.22%
Henry Schein Inc.a,b		16,375		2,260,896
				2,260,896
HOTELS, RESTAURANTS & LEISURE — 4.92%
Chipotle Mexican Grill Inc.a		6,675		4,738,182
McDonald’s Corp.		219,338		20,275,605
Starbucks Corp.		196,680		17,215,400
Yum! Brands Inc.		112,545		8,134,753
				50,363,940
HOUSEHOLD DURABLES — 0.12%
Garmin Ltd.		24,154		1,264,703
				1,264,703
HOUSEHOLD PRODUCTS — 2.42%
Church & Dwight Co. Inc.		26,073		2,109,827
Colgate-Palmolive Co.		189,867		12,819,820
Kimberly-Clark Corp.		91,414		9,869,055
				24,798,702
INDUSTRIAL CONGLOMERATES — 2.17%
3M Co.		137,108		22,252,628
				22,252,628
INSURANCE — 0.26%
Progressive Corp. (The)		103,187		2,677,703
				2,677,703
INTERNET & CATALOG RETAIL — 1.28%
Priceline Group Inc. (The)a		11,470		11,578,736
TripAdvisor Inc.a		22,398		1,500,890
				13,079,626
INTERNET SOFTWARE & SERVICES — 4.91%
Google Inc. Class Aa		46,601		25,050,368
Google Inc. Class Ca		47,277		25,270,502
				50,320,870
IT SERVICES — 11.89%
Accenture PLC Class A		203,033		17,060,863
Automatic Data Processing Inc.		100,499		8,294,183
International Business Machines Corp.		229,191		35,137,272
MasterCard Inc. Class A		324,646		26,630,711
Paychex Inc.		88,835		4,020,672

Security	Shares		Value
Teradata Corp.a,b		31,221	$	1,391,208
Visa Inc. Class A		114,515		29,191,019
				121,725,928
LEISURE EQUIPMENT & PRODUCTS — 0.46%
Mattel Inc.		72,672		1,954,877
Polaris Industries Inc.		18,721		2,706,869
				4,661,746
LIFE SCIENCES TOOLS & SERVICES — 0.39%
Mettler-Toledo International Inc.a		7,091		2,155,309
Waters Corp.a		15,490		1,844,085
				3,999,394
MACHINERY — 0.80%
Cummins Inc.		33,055		4,609,850
Flowserve Corp.		27,557		1,501,581
Pall Corp.		21,003		2,032,250
				8,143,681
MEDIA — 0.61%
Scripps Networks Interactive Inc. Class A		16,407		1,166,373
Viacom Inc. Class B NVS		78,078		5,029,785
				6,196,158
MULTILINE RETAIL — 0.73%
Dollar Tree Inc.a		52,843		3,757,138
Family Dollar Stores Inc.		21,391		1,627,855
Nordstrom Inc.		27,496		2,095,195
				7,480,188
OIL, GAS & CONSUMABLE FUELS — 4.66%
Exxon Mobil Corp.		546,366		47,763,316
				47,763,316
PERSONAL PRODUCTS — 0.38%
Estee Lauder Companies Inc. (The) Class A		55,045		3,885,627
				3,885,627
PHARMACEUTICALS — 7.26%
Allergan Inc.		57,387		12,582,674
Eli Lilly and Co.		198,038		14,258,736
Johnson & Johnson		474,128		47,479,178
				74,320,588
PROFESSIONAL SERVICES — 0.38%
Robert Half International Inc.		31,933		1,854,030
Verisk Analytics Inc. Class Aa,b		30,907		1,988,865
				3,842,895

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA QUALITY FACTOR ETF

January 31, 2015

Security	Shares		Value
ROAD & RAIL — 2.18%
J.B. Hunt Transport Services Inc.		20,813	$	1,656,923
Union Pacific Corp.		176,283		20,662,130
				22,319,053
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.57%
Linear Technology Corp.		61,885		2,781,112
Skyworks Solutions Inc.		36,464		3,028,335
				5,809,447
SOFTWARE — 7.56%
Intuit Inc.		63,575		5,519,582
Microsoft Corp.		1,042,506		42,117,242
Oracle Corp.		710,781		29,774,616
				77,411,440
SPECIALTY RETAIL — 7.91%
Advance Auto Parts Inc.		14,158		2,251,122
Bed Bath & Beyond Inc.a		50,875		3,803,924
Dick’s Sporting Goods Inc.		20,333		1,050,199
Foot Locker Inc.		28,109		1,495,961
GameStop Corp. Class Ab		24,010		846,352
Gap Inc. (The)		63,201		2,603,249
Home Depot Inc. (The)		361,430		37,740,521
O’Reilly Automotive Inc.a,b		23,871		4,472,471
PetSmart Inc.		23,525		1,922,110
Ross Stores Inc.		60,642		5,561,478
TJX Companies Inc. (The)		214,349		14,134,173
Tractor Supply Co.		32,802		2,662,538
Ulta Salon, Cosmetics & Fragrance Inc.a,b		12,842		1,694,373
Urban Outfitters Inc.a		22,103		770,511
				81,008,982
TEXTILES, APPAREL & LUXURY GOODS — 3.22%
Coach Inc.		68,935		2,563,693
Fossil Group Inc.a		11,281		1,103,282
Lululemon Athletica Inc.a,b		23,104		1,530,409
Michael Kors Holdings Ltd.a		54,682		3,870,939
Nike Inc. Class B		158,080		14,582,880
Ralph Lauren Corp.		12,430		2,074,443
Under Armour Inc. Class Aa		31,440		2,266,195
VF Corp.		72,272		5,013,508
				33,005,349
TOBACCO — 0.46%
Reynolds American Inc.		68,919		4,683,046
				4,683,046

Security	Shares		Value
TRADING COMPANIES & DISTRIBUTORS — 0.59%
Fastenal Co.b		64,687	$	2,872,103
W.W. Grainger Inc.		13,369		3,152,945
				6,025,048
TOTAL COMMON STOCKS
(Cost: $970,703,914)				1,022,841,021
SHORT-TERM INVESTMENTS — 0.89%
MONEY MARKET FUNDS — 0.89%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		7,770,818		7,770,818
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		467,453		467,453
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		838,409		838,409
				9,076,680
TOTAL SHORT-TERM INVESTMENTS
(Cost: $9,076,680)				9,076,680
TOTAL INVESTMENTS IN SECURITIES — 100.78%
(Cost: $979,780,594)				1,031,917,701
Other Assets, Less Liabilities — (0.78)%				(7,998,753	)
NET ASSETS — 100.00%			$	1,023,918,948

NVS — Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI USA SIZE FACTOR ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.90%
AEROSPACE & DEFENSE — 2.71%
B/E Aerospace Inc.a		3,756	$	219,087
Boeing Co. (The)		3,200		465,184
General Dynamics Corp.		3,424		456,111
Honeywell International Inc.		5,694		556,645
L-3 Communications Holdings Inc.		4,879		600,703
Lockheed Martin Corp.		3,420		644,225
Northrop Grumman Corp.		3,808		597,666
Precision Castparts Corp.		1,821		364,382
Raytheon Co.		5,174		517,659
Rockwell Collins Inc.		6,987		598,227
Textron Inc.		4,403		187,392
TransDigm Group Inc.		1,996		410,238
United Technologies Corp. Class B		5,027		576,999
				6,194,518
AIR FREIGHT & LOGISTICS — 0.85%
C.H. Robinson Worldwide Inc.		4,920		350,402
Expeditors International of Washington Inc.		8,690		379,579
FedEx Corp.		2,369		400,622
United Parcel Service Inc.		8,133		803,866
				1,934,469
AIRLINES — 0.28%
American Airlines Group Inc.		1,321		64,835
Delta Air Lines Inc.		2,643		125,040
Southwest Airlines Co.		7,594		343,097
United Continental Holdings Inc.a		1,496		103,777
				636,749
AUTO COMPONENTS — 0.44%
Autoliv Inc.		2,583		273,953
BorgWarner Inc.		4,230		228,462
Delphi Automotive PLC		2,126		146,120
Johnson Controls Inc.		4,173		193,919
TRW Automotive Holdings Corp.a		1,504		155,168
				997,622
AUTOMOBILES — 0.32%
Ford Motor Co.		14,915		219,399
General Motors Co.		6,242		203,614
Harley-Davidson Inc.		4,097		252,785
Tesla Motors Inc.a,b		243		49,475
				725,273

Security	Shares		Value
BEVERAGES — 1.81%
Brown-Forman Corp. Class B NVS		6,303	$	560,148
Coca-Cola Co. (The)		17,206		708,371
Coca-Cola Enterprises Inc.		10,870		457,627
Constellation Brands Inc.a		1,096		121,053
Dr Pepper Snapple Group Inc.		8,944		691,103
Molson Coors Brewing Co. Class B NVS		5,103		387,471
Monster Beverage Corp.a		994		116,248
PepsiCo Inc.		11,662		1,093,662
				4,135,683
BIOTECHNOLOGY — 0.77%
Alexion Pharmaceuticals Inc.a		751		137,613
Amgen Inc.		2,375		361,618
Biogen Idec Inc.a		771		300,042
BioMarin Pharmaceutical Inc.a		1,552		150,792
Celgene Corp.a		2,154		256,671
Gilead Sciences Inc.a		1,926		201,903
Incyte Corp.a		853		67,993
Medivation Inc.a		788		85,750
Pharmacyclics Inc.a,b		367		61,931
Regeneron Pharmaceuticals Inc.a		231		96,248
Vertex Pharmaceuticals Inc.a		336		37,007
				1,757,568
BUILDING PRODUCTS — 0.06%
Masco Corp.		5,762		143,128
				143,128
CAPITAL MARKETS — 2.09%
Affiliated Managers Group Inc.a		1,408		289,372
Ameriprise Financial Inc.		2,495		311,725
Bank of New York Mellon Corp. (The)		8,248		296,928
BlackRock Inc.c		1,052		358,217
Charles Schwab Corp. (The)		7,227		187,757
Eaton Vance Corp. NVS		5,674		228,378
Franklin Resources Inc.		5,343		275,325
Goldman Sachs Group Inc. (The)		1,348		232,409
Invesco Ltd.		6,947		255,163
Legg Mason Inc.		4,480		248,371
Morgan Stanley		4,104		138,756
Northern Trust Corp.		6,453		421,897
Raymond James Financial Inc.		5,219		274,624
SEI Investments Co.		9,058		363,860
State Street Corp.		3,863		276,243
T. Rowe Price Group Inc.		4,562		359,121

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA SIZE FACTOR ETF

January 31, 2015

Security	Shares		Value
TD Ameritrade Holding Corp.		8,035	$	260,254
				4,778,400
CHEMICALS — 3.33%
Air Products and Chemicals Inc.		3,377		491,725
Airgas Inc.		4,296		483,901
Albemarle Corp.		5,168		249,408
Ashland Inc.		2,566		304,122
Celanese Corp. Series A		3,746		201,385
CF Industries Holdings Inc.		753		229,951
Dow Chemical Co. (The)		5,146		232,393
E.I. du Pont de Nemours and Co.		6,751		480,739
Eastman Chemical Co.		2,673		189,489
Ecolab Inc.		6,475		671,911
FMC Corp.		6,161		354,258
International Flavors & Fragrances Inc.		6,324		671,040
LyondellBasell Industries NV Class A		2,609		206,346
Monsanto Co.		3,858		455,167
Mosaic Co. (The)		4,718		229,719
PPG Industries Inc.		1,950		434,616
Praxair Inc.		6,752		814,224
Sherwin-Williams Co. (The)		1,794		486,658
Sigma-Aldrich Corp.		2,089		287,279
Westlake Chemical Corp.		2,294		131,469
				7,605,800
COMMERCIAL BANKS — 2.25%
Bank of America Corp.		9,621		145,758
BB&T Corp.		10,972		387,202
CIT Group Inc.		6,013		263,490
Citigroup Inc.		3,273		153,667
Comerica Inc.		5,625		233,437
Fifth Third Bancorp		18,276		316,175
First Republic Bank		7,202		366,726
Huntington Bancshares Inc.		32,283		323,476
JPMorgan Chase & Co.		4,497		244,547
KeyCorp		25,941		336,974
M&T Bank Corp.		4,578		518,046
PNC Financial Services Group Inc. (The)c		4,768		403,087
Regions Financial Corp.		19,739		171,729
SunTrust Banks Inc.		5,744		220,684
U.S. Bancorp		13,692		573,832
Wells Fargo & Co.		9,286		482,129
				5,140,959

Security	Shares		Value
COMMERCIAL SERVICES & SUPPLIES — 1.54%
ADT Corp. (The)b		5,122	$	176,197
Cintas Corp.		6,798		535,002
Republic Services Inc.		15,720		623,769
Stericycle Inc.a,b		6,310		828,440
Tyco International PLC		11,428		466,377
Waste Management Inc.		17,353		892,465
				3,522,250
COMMUNICATIONS EQUIPMENT — 0.84%
Cisco Systems Inc.		11,595		305,702
F5 Networks Inc.a		1,015		113,294
Harris Corp.		4,978		334,173
Juniper Networks Inc.		6,350		144,336
Motorola Solutions Inc.		8,295		517,691
Palo Alto Networks Inc.a,b		1,256		158,746
QUALCOMM Inc.		5,486		342,656
				1,916,598
COMPUTERS & PERIPHERALS — 0.52%
Apple Inc.		1,972		231,039
EMC Corp.		11,358		294,513
Hewlett-Packard Co.		4,378		158,177
NetApp Inc.		4,507		170,365
SanDisk Corp.		1,448		109,918
Seagate Technology PLC		1,720		97,077
Western Digital Corp.		1,331		129,413
				1,190,502
CONSTRUCTION & ENGINEERING — 0.35%
Chicago Bridge & Iron Co. NV		3,358		115,885
Fluor Corp.		3,780		202,570
Jacobs Engineering Group Inc.a		5,821		221,780
Quanta Services Inc.a		9,747		258,100
				798,335
CONSTRUCTION MATERIALS — 0.17%
Martin Marietta Materials Inc.		1,992		214,618
Vulcan Materials Co.		2,589		182,551
				397,169
CONSUMER FINANCE — 0.82%
Ally Financial Inc.a		14,604		273,241
American Express Co.		4,949		399,335
Capital One Financial Corp.		3,533		258,651
Discover Financial Services		6,182		336,177
Navient Corp.		15,341		302,831
Synchrony Financiala		9,672		298,478
				1,868,713

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA SIZE FACTOR ETF

January 31, 2015

Security	Shares		Value
CONTAINERS & PACKAGING — 1.10%
Avery Dennison Corp.		7,461	$	389,986
Ball Corp.		9,174		580,989
Crown Holdings Inc.a		10,479		464,325
MeadWestvaco Corp.		8,419		423,307
Owens-Illinois Inc.a		8,226		192,077
Rock-Tenn Co. Class A		3,863		250,709
Sealed Air Corp.		5,209		210,965
				2,512,358
DISTRIBUTORS — 0.31%
Genuine Parts Co.		5,458		507,267
LKQ Corp.a		7,946		205,086
				712,353
DIVERSIFIED CONSUMER SERVICES — 0.13%
H&R Block Inc.		8,467		290,249
				290,249
DIVERSIFIED FINANCIAL SERVICES — 1.29%
Berkshire Hathaway Inc. Class Ba		6,588		948,079
CME Group Inc./IL		4,111		350,668
Intercontinental Exchange Inc.		1,444		297,074
Leucadia National Corp.		10,204		231,325
McGraw Hill Financial Inc.		2,830		253,115
Moody’s Corp.		1,962		179,189
NASDAQ OMX Group Inc. (The)		8,726		397,906
Voya Financial Inc.		7,195		280,677
				2,938,033
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.89%
AT&T Inc.		19,501		641,973
CenturyLink Inc.		8,904		330,962
Frontier Communications Corp.		21,805		146,420
Level 3 Communications Inc.a		2,286		113,706
Verizon Communications Inc.		13,095		598,572
Windstream Holdings Inc.		25,946		206,271
				2,037,904
ELECTRIC UTILITIES — 4.55%
American Electric Power Co. Inc.		12,531		787,072
Duke Energy Corp.		11,723		1,021,542
Edison International		10,326		703,717
Entergy Corp.		7,651		669,539
Exelon Corp.		11,594		417,848
FirstEnergy Corp.		11,963		482,468
NextEra Energy Inc.		7,326		800,292
Northeast Utilities		15,984		888,391
OGE Energy Corp.		16,204		570,057

Security	Shares		Value
Pepco Holdings Inc.		16,126	$	442,658
Pinnacle West Capital Corp.		11,016		773,103
PPL Corp.		22,800		809,400
Southern Co. (The)		19,820		1,005,270
Xcel Energy Inc.		27,400		1,028,322
				10,399,679
ELECTRICAL EQUIPMENT — 0.70%
AMETEK Inc.		8,128		389,331
Eaton Corp. PLC		3,711		234,127
Emerson Electric Co.		7,310		416,231
Rockwell Automation Inc.		2,631		286,569
Sensata Technologies Holding NVa,b		5,643		278,313
				1,604,571
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.85%
Amphenol Corp. Class A		5,843		313,827
Arrow Electronics Inc.a		3,790		208,602
Avnet Inc.		5,693		236,943
Corning Inc.		10,395		247,089
Flextronics International Ltd.a		20,714		230,340
FLIR Systems Inc.		7,485		226,047
TE Connectivity Ltd.		5,282		350,672
Trimble Navigation Ltd.a		5,760		137,318
				1,950,838
ENERGY EQUIPMENT & SERVICES — 1.00%
Baker Hughes Inc.		3,408		197,630
Cameron International Corp.a		3,247		145,401
Core Laboratories NV		1,574		145,988
Diamond Offshore Drilling Inc.b		7,276		229,412
Ensco PLC Class A		2,990		83,840
FMC Technologies Inc.a		4,149		155,504
Halliburton Co.		3,539		141,525
Helmerich & Payne Inc.		2,426		144,492
Nabors Industries Ltd.		6,278		72,260
National Oilwell Varco Inc.		3,897		212,114
Nobel Corp. PLC		8,448		137,027
Oceaneering International Inc.		3,926		205,565
Schlumberger Ltd.		2,979		245,440
Superior Energy Services Inc.		5,331		106,620
Weatherford International Ltd.a,b		7,010		72,413
				2,295,231
FOOD & STAPLES RETAILING — 1.83%
Costco Wholesale Corp.		4,959		709,087
CVS Health Corp.		7,898		775,268

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA SIZE FACTOR ETF

January 31, 2015

Security	Shares		Value
Kroger Co. (The)		8,897	$	614,338
Sysco Corp.		20,593		806,628
Wal-Mart Stores Inc.		9,111		774,253
Walgreens Boots Alliance Inc.		3,892		287,035
Whole Foods Market Inc.		4,056		211,297
				4,177,906
FOOD PRODUCTS — 3.58%
Archer-Daniels-Midland Co.		7,034		327,995
Bunge Ltd.		5,670		507,635
Campbell Soup Co.		11,963		547,188
ConAgra Foods Inc.		16,508		584,879
General Mills Inc.		19,501		1,023,413
Hershey Co. (The)		9,082		928,271
Hormel Foods Corp.		10,912		558,913
J.M. Smucker Co. (The)		6,948		716,686
Kellogg Co.		14,199		931,170
Keurig Green Mountain Inc.		235		28,802
Kraft Foods Group Inc.		4,030		263,320
McCormick & Co. Inc. NVS		9,903		706,975
Mead Johnson Nutrition Co. Class A		3,123		307,584
Mondelez International Inc. Class A		15,043		530,115
Tyson Foods Inc. Class A		5,837		227,877
				8,190,823
HEALTH CARE EQUIPMENT & SUPPLIES — 3.04%
Abbott Laboratories		12,858		575,524
Baxter International Inc.		6,546		460,249
Becton, Dickinson and Co.		5,704		787,608
Boston Scientific Corp.a		16,196		239,863
C.R. Bard Inc.		3,078		526,430
CareFusion Corp.a		5,231		310,198
Cooper Companies Inc. (The)		1,906		300,481
DENTSPLY International Inc.		10,318		516,158
Edwards Lifesciences Corp.a		1,112		139,389
Hologic Inc.a		8,748		265,633
Intuitive Surgical Inc.a		295		145,872
Medtronic PLC		11,589		827,455
ResMed Inc.		4,716		294,609
St. Jude Medical Inc.		3,924		258,474
Stryker Corp.		5,810		529,000
Varian Medical Systems Inc.a		4,313		399,211
Zimmer Holdings Inc.		3,358		376,432
				6,952,586
HEALTH CARE PROVIDERS & SERVICES — 3.32%
Aetna Inc.		3,628		333,123
AmerisourceBergen Corp.		6,525		620,201

Security	Shares		Value
Anthem Inc.		2,258	$	304,740
Cardinal Health Inc.		6,209		516,527
Cigna Corp.		3,559		380,208
DaVita HealthCare Partners Inc.a		5,981		448,934
Express Scripts Holding Co.a		4,103		331,153
HCA Holdings Inc.a		3,037		215,020
Henry Schein Inc.a		5,303		732,185
Humana Inc.		1,584		231,961
Laboratory Corp. of America Holdingsa		5,094		584,689
McKesson Corp.		2,608		554,591
Omnicare Inc.		5,737		430,160
Patterson Companies Inc.		14,029		702,713
Quest Diagnostics Inc.		7,115		505,663
UnitedHealth Group Inc.		4,051		430,419
Universal Health Services Inc. Class B		2,487		254,992
				7,577,279
HEALTH CARE TECHNOLOGY — 0.13%
Cerner Corp.a		4,358		289,153
				289,153
HOTELS, RESTAURANTS & LEISURE — 2.01%
Carnival Corp.		7,175		315,413
Chipotle Mexican Grill Inc.a		270		191,657
Darden Restaurants Inc.		6,378		391,482
Hilton Worldwide Holdings Inc.a		5,919		153,716
Las Vegas Sands Corp.		3,125		169,906
Marriott International Inc./MD Class A		4,525		337,113
McDonald’s Corp.		11,423		1,055,942
MGM Resorts Internationala		6,271		122,159
Norwegian Cruise Line Holdings Ltd.a,b		3,668		160,512
Royal Caribbean Cruises Ltd.		2,147		162,206
Starbucks Corp.		4,685		410,078
Starwood Hotels & Resorts Worldwide Inc.		3,410		245,418
Wyndham Worldwide Corp.		4,334		363,146
Wynn Resorts Ltd.		1,018		150,613
Yum! Brands Inc.		5,105		368,989
				4,598,350
HOUSEHOLD DURABLES — 1.02%
D.R. Horton Inc.		5,046		123,728
Garmin Ltd.		4,776		250,071
Jarden Corp.a		6,921		332,346

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA SIZE FACTOR ETF

January 31, 2015

Security	Shares		Value
Leggett & Platt Inc.		8,888	$	378,896
Lennar Corp. Class A		3,248		145,868
Mohawk Industries Inc.a		1,448		238,978
Newell Rubbermaid Inc.		10,975		404,648
PulteGroup Inc.		4,624		95,208
Toll Brothers Inc.a,b		5,292		183,209
Whirlpool Corp.		872		173,598
				2,326,550
HOUSEHOLD PRODUCTS — 2.18%
Church & Dwight Co. Inc.		11,114		899,345
Clorox Co. (The)		10,830		1,155,669
Colgate-Palmolive Co.		14,959		1,010,032
Energizer Holdings Inc.		2,376		304,152
Kimberly-Clark Corp.		7,153		772,238
Procter & Gamble Co. (The)		10,066		848,463
				4,989,899
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.33%
AES Corp. (The)		22,811		278,750
Calpine Corp.a		14,522		303,219
NRG Energy Inc.		6,810		167,935
				749,904
INDUSTRIAL CONGLOMERATES — 1.06%
3M Co.		4,454		722,884
Danaher Corp.		7,487		616,779
General Electric Co.		18,976		453,337
Roper Industries Inc.		4,114		634,955
				2,427,955
INSURANCE — 7.22%
ACE Ltd.		6,145		663,414
Aflac Inc.		6,072		346,590
Alleghany Corp.a		1,599		706,902
Allstate Corp. (The)		9,968		695,667
American International Group Inc.		4,426		216,299
Aon PLC		5,253		473,033
Arch Capital Group Ltd.a		19,936		1,155,690
Assurant Inc.		5,732		364,039
Axis Capital Holdings Ltd.		14,269		726,292
Chubb Corp. (The)		9,181		898,820
Cincinnati Financial Corp.		14,119		713,151
Everest Re Group Ltd.		4,141		709,684
FNF Group		13,585		476,833
Genworth Financial Inc. Class Aa		7,046		49,181
Hartford Financial Services Group Inc. (The)		5,018		195,200

Security	Shares		Value
Lincoln National Corp.		3,009	$	150,390
Loews Corp.		18,511		708,231
Marsh & McLennan Companies Inc.		13,697		736,488
MetLife Inc.		3,956		183,954
PartnerRe Ltd.		7,055		807,092
Principal Financial Group Inc.		5,602		262,902
Progressive Corp. (The)		19,816		514,225
Prudential Financial Inc.		2,401		182,188
RenaissanceRe Holdings Ltd.		9,803		937,461
Torchmark Corp.		15,357		768,925
Travelers Companies Inc. (The)		6,876		706,990
Unum Group		10,544		327,497
Willis Group Holdings PLC		14,072		609,317
WR Berkley Corp.		15,776		772,866
XL Group PLC		12,822		442,231
				16,501,552
INTERNET & CATALOG RETAIL — 0.46%
Amazon.com Inc.a		627		222,290
Expedia Inc.		1,309		112,483
Liberty Interactive Corp. Series Aa		13,081		357,896
Netflix Inc.a		95		41,971
Priceline Group Inc. (The)a		165		166,564
TripAdvisor Inc.a		2,205		147,757
				1,048,961
INTERNET SOFTWARE & SERVICES — 0.83%
Akamai Technologies Inc.a		1,915		111,367
eBay Inc.a		4,757		252,121
Equinix Inc.		997		216,209
Facebook Inc. Class Aa		1,837		139,447
Google Inc. Class Aa		589		316,617
Google Inc. Class Ca		254		135,768
LinkedIn Corp. Class Aa		446		100,234
Rackspace Hosting Inc.a		1,732		77,871
Twitter Inc.a		3,403		127,714
VeriSign Inc.a,b		4,254		231,758
Yahoo! Inc.a		4,492		197,603
				1,906,709
IT SERVICES — 2.81%
Accenture PLC Class A		4,860		408,386
Alliance Data Systems Corp.a		1,733		500,543
Automatic Data Processing Inc.		8,737		721,065
Cognizant Technology Solutions Corp. Class Aa		4,403		238,334
Computer Sciences Corp.		2,702		163,957

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA SIZE FACTOR ETF

January 31, 2015

Security	Shares		Value
Fidelity National Information Services Inc.		8,151	$	508,867
Fiserv Inc.a		8,433		611,646
FleetCor Technologies Inc.a		1,819		255,570
International Business Machines Corp.		3,038		465,756
MasterCard Inc. Class A		3,722		305,316
Paychex Inc.		13,993		633,323
Teradata Corp.a,b		3,338		148,741
Total System Services Inc.		13,290		470,067
Vantiv Inc. Class Aa,b		4,367		150,181
Visa Inc. Class A		1,518		386,953
Western Union Co.b		10,709		182,053
Xerox Corp.		20,137		265,204
				6,415,962
LEISURE EQUIPMENT & PRODUCTS — 0.40%
Hasbro Inc.		6,745		370,436
Mattel Inc.		12,167		327,292
Polaris Industries Inc.		1,559		225,416
				923,144
LIFE SCIENCES TOOLS & SERVICES — 0.79%
Agilent Technologies Inc.		7,164		270,584
Illumina Inc.a		542		105,793
Mettler-Toledo International Inc.a		1,374		417,627
Quintiles Transnational Holdings Inc.a		1,838		111,199
Thermo Fisher Scientific Inc.		4,181		523,503
Waters Corp.a		3,210		382,151
				1,810,857
MACHINERY — 2.33%
AGCO Corp.		4,894		212,106
Caterpillar Inc.		3,135		250,706
Cummins Inc.		1,463		204,030
Deere & Co.		5,892		501,939
Dover Corp.		4,663		326,596
Flowserve Corp.		4,240		231,038
Illinois Tool Works Inc.		5,573		518,791
Ingersoll-Rand PLC		4,787		317,857
Joy Global Inc.		2,891		121,249
PACCAR Inc.		4,212		253,183
Pall Corp.		4,475		433,001
Parker-Hannifin Corp.		2,249		261,918
Pentair PLC		3,286		203,108
Snap-on Inc.		3,012		399,722
SPX Corp.		2,624		219,288
Stanley Black & Decker Inc.		3,134		293,499

Security	Shares		Value
Wabtec Corp./DE		4,093	$	341,561
Xylem Inc.		7,056		240,610
				5,330,202
MEDIA — 3.51%
Cablevision NY Group Class A		8,513		161,066
CBS Corp. Class B NVS		5,400		295,974
Charter Communications Inc. Class Aa		1,827		276,087
Comcast Corp. Class A		8,051		427,870
Comcast Corp. Class A Special NVSb		8,841		467,689
DIRECTVa		4,672		398,428
Discovery Communications Inc. Series Aa		8,954		259,532
Discovery Communications Inc. Series C NVSa		8,738		243,615
DISH Network Corp. Class Aa		4,666		328,253
Interpublic Group of Companies Inc. (The)		12,365		246,558
Liberty Global PLC Series Aa		8,668		404,969
Liberty Global PLC Series C NVSa		8,747		398,776
Liberty Media Corp. Class Aa		12,144		413,503
Liberty Media Corp. Class Ca		4,268		145,624
News Corp. Class A NVSa		10,137		150,940
Omnicom Group Inc.		6,211		452,161
Scripps Networks Interactive Inc. Class A		5,313		377,701
Sirius XM Holdings Inc.a		65,778		233,512
Time Warner Cable Inc.		2,573		350,263
Time Warner Inc.		4,187		326,293
Twenty-First Century Fox Inc. Class A		11,446		379,549
Twenty-First Century Fox Inc. Class B		12,582		400,737
Viacom Inc. Class B NVS		6,528		420,534
Walt Disney Co. (The)		4,978		452,799
				8,012,433
METALS & MINING — 0.31%
Alcoa Inc.		13,738		215,000
Newmont Mining Corp.		9,070		228,110
Nucor Corp.		5,972		260,678
				703,788
MULTI-UTILITIES — 5.06%
Alliant Energy Corp.		13,931		955,806
Ameren Corp.		14,515		657,239

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA SIZE FACTOR ETF

January 31, 2015

Security	Shares		Value
CenterPoint Energy Inc.		27,345	$	631,396
CMS Energy Corp.		21,920		827,042
Consolidated Edison Inc.		14,499		1,004,491
Dominion Resources Inc.		10,575		813,112
DTE Energy Co.		9,460		848,184
Integrys Energy Group Inc.		6,484		525,852
MDU Resources Group Inc.		18,087		408,947
NiSource Inc.		15,972		690,949
PG&E Corp.		13,352		785,231
Public Service Enterprise Group Inc.		14,916		636,615
SCANA Corp.		15,028		958,335
Sempra Energy		7,662		857,531
Wisconsin Energy Corp.		17,307		965,211
				11,565,941
MULTILINE RETAIL — 1.19%
Dollar General Corp.a		5,872		393,776
Dollar Tree Inc.a		5,772		410,389
Family Dollar Stores Inc.		3,076		234,084
Kohl’s Corp.		5,179		309,290
Macy’s Inc.		5,057		323,041
Nordstrom Inc.		5,515		420,243
Target Corp.		8,584		631,868
				2,722,691
OIL, GAS & CONSUMABLE FUELS — 3.71%
Anadarko Petroleum Corp.		2,351		192,194
Apache Corp.		3,107		194,405
Cabot Oil & Gas Corp.		5,032		133,348
Cheniere Energy Inc.a		1,222		87,226
Chesapeake Energy Corp.		5,144		98,662
Chevron Corp.		4,422		453,388
Cimarex Energy Co.		1,054		108,773
Cobalt International Energy Inc.a		4,734		43,174
Concho Resources Inc.a,b		1,428		158,294
ConocoPhillips		7,486		471,468
CONSOL Energy Inc.		3,713		107,491
Continental Resources Inc.a,b		2,481		112,637
Denbury Resources Inc.		16,285		112,366
Devon Energy Corp.		3,536		213,115
Energen Corp.		2,788		176,815
EOG Resources Inc.		2,621		233,348
EQT Corp.		2,720		202,477
Exxon Mobil Corp.		8,045		703,294
Hess Corp.		2,644		178,443
Kinder Morgan Inc.		30,660		1,258,593
Marathon Oil Corp.		8,215		218,519

Security	Shares		Value
Marathon Petroleum Corp.		1,717	$	158,977
Murphy Oil Corp.		5,483		246,241
Noble Energy Inc.		4,743		226,431
Occidental Petroleum Corp.		3,968		317,440
ONEOK Inc.		5,657		249,078
Phillips 66		1,677		117,927
Pioneer Natural Resources Co.		852		128,252
QEP Resources Inc.		6,071		122,756
Range Resources Corp.		3,256		150,655
Southwestern Energy Co.a,b		6,156		152,607
Spectra Energy Corp.		15,189		507,920
Tesoro Corp.		1,726		141,066
Valero Energy Corp.		2,985		157,847
Whiting Petroleum Corp.a		4,437		133,199
Williams Companies Inc. (The)		4,927		216,098
				8,484,524
PAPER & FOREST PRODUCTS — 0.15%
International Paper Co.		6,345		334,128
				334,128
PERSONAL PRODUCTS — 0.23%
Avon Products Inc.		13,343		103,275
Estee Lauder Companies Inc. (The) Class A		5,357		378,150
Herbalife Ltd.b		1,425		43,434
				524,859
PHARMACEUTICALS — 2.31%
AbbVie Inc.		1,628		98,250
Actavis PLCa		1,138		303,323
Allergan Inc.		1,219		267,278
Bristol-Myers Squibb Co.		6,407		386,150
Eli Lilly and Co.		8,249		593,928
Endo International PLCa		1,924		153,170
Hospira Inc.a		4,680		296,852
Jazz Pharmaceuticals PLCa		682		115,490
Johnson & Johnson		9,257		926,996
Mallinckrodt PLCa		1,193		126,446
Merck & Co. Inc.		10,387		626,128
Mylan Inc./PAa		4,762		253,100
Perrigo Co. PLC		2,018		306,211
Pfizer Inc.		18,972		592,875
Salix Pharmaceuticals Ltd.a		1,004		135,209
Zoetis Inc.		2,397		102,424
				5,283,830

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA SIZE FACTOR ETF

January 31, 2015

Security	Shares		Value
PROFESSIONAL SERVICES — 1.25%
Dun & Bradstreet Corp. (The)		2,634	$	303,200
Equifax Inc.		6,136		518,247
IHS Inc. Class Aa		1,992		229,339
Manpowergroup Inc.		2,677		195,100
Nielsen NV		12,089		526,597
Robert Half International Inc.		4,406		255,812
Towers Watson & Co. Class A		2,705		320,542
Verisk Analytics Inc. Class Aa		7,883		507,271
				2,856,108
REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.04%
American Capital Agency Corp.		16,321		351,717
American Realty Capital Properties Inc.		32,048		296,925
American Tower Corp.		6,112		592,558
Annaly Capital Management Inc.		45,612		481,663
AvalonBay Communities Inc.		3,209		555,125
Boston Properties Inc.		3,932		545,762
Camden Property Trust		6,418		494,507
Crown Castle International Corp.		5,712		494,145
Digital Realty Trust Inc.		3,938		287,238
Duke Realty Corp.		16,978		370,630
Equity Residential		6,890		534,733
Essex Property Trust Inc.		2,472		558,796
Federal Realty Investment Trust		5,455		784,265
General Growth Properties Inc.		16,190		488,614
HCP Inc.		10,003		473,042
Health Care REIT Inc.		7,206		590,532
Host Hotels & Resorts Inc.		13,606		311,441
Iron Mountain Inc.b		5,038		200,714
Kimco Realty Corp.		16,866		466,345
Liberty Property Trust		12,287		495,166
Macerich Co. (The)		7,015		603,360
Plum Creek Timber Co. Inc.		12,186		542,521
Prologis Inc.		8,979		405,312
Public Storage		3,290		660,764
Rayonier Inc.		15,374		451,227
Realty Income Corp.b		9,742		529,088
Regency Centers Corp.		6,272		430,008
Simon Property Group Inc.		3,495		694,317
SL Green Realty Corp.		3,627		457,002
UDR Inc.		16,402		545,530
Ventas Inc.		6,829		545,022
Vornado Realty Trust		4,291		473,898
Weyerhaeuser Co.		10,264		367,964
				16,079,931

Security	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.22%
CBRE Group Inc. Class Aa		6,138	$	198,503
Realogy Holdings Corp.a		6,631		308,341
				506,844
ROAD & RAIL — 0.80%
CSX Corp.		9,142		304,429
Hertz Global Holdings Inc.a		5,533		113,537
J.B. Hunt Transport Services Inc.		5,288		420,978
Kansas City Southern		1,847		203,336
Norfolk Southern Corp.		2,957		301,525
Union Pacific Corp.		4,138		485,015
				1,828,820
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.07%
Altera Corp.		7,325		241,176
Analog Devices Inc.		7,656		398,916
Applied Materials Inc.		10,031		229,108
Avago Technologies Ltd.		1,988		204,525
Broadcom Corp. Class A		4,629		196,432
Cree Inc.a,b		2,355		83,273
Intel Corp.		12,229		404,046
KLA-Tencor Corp.		3,336		205,064
Lam Research Corp.		2,674		204,401
Linear Technology Corp.		9,076		407,875
Marvell Technology Group Ltd.		11,522		178,476
Maxim Integrated Products Inc.		9,763		323,058
Microchip Technology Inc.		8,381		377,983
Micron Technology Inc.a		2,786		81,532
NVIDIA Corp.		10,949		210,275
Qorvo Inc.a		2,925		216,070
Skyworks Solutions Inc.		1,527		126,817
Texas Instruments Inc.		7,327		391,628
Xilinx Inc.		6,459		249,156
				4,729,811
SOFTWARE — 2.15%
Activision Blizzard Inc.		11,706		244,597
Adobe Systems Inc.a		4,788		335,782
ANSYS Inc.a		4,355		351,318
Autodesk Inc.a		2,818		152,186
CA Inc.		12,353		374,296
Citrix Systems Inc.a		2,913		172,624
Electronic Arts Inc.a,b		2,965		162,660
FireEye Inc.a,b		4,081		137,979
Intuit Inc.		5,735		497,913

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA SIZE FACTOR ETF

January 31, 2015

Security	Shares		Value
Microsoft Corp.		7,155	$	289,062
NetSuite Inc.a,b		1,326		130,518
Nuance Communications Inc.a,b		8,888		122,166
Oracle Corp.		8,363		350,326
Red Hat Inc.a		2,744		175,040
Salesforce.com Inc.a		2,414		136,270
ServiceNow Inc.a		2,037		148,497
Symantec Corp.		9,436		233,730
Synopsys Inc.a,b		14,514		623,957
VMware Inc. Class Aa		2,045		157,669
Workday Inc. Class Aa,b		1,441		114,502
				4,911,092
SPECIALTY RETAIL — 2.84%
Advance Auto Parts Inc.		1,363		216,717
AutoNation Inc.a,b		4,568		272,344
AutoZone Inc.a		1,064		635,165
Bed Bath & Beyond Inc.a		3,709		277,322
Best Buy Co. Inc.		2,043		71,914
CarMax Inc.a,b		3,602		223,684
Dick’s Sporting Goods Inc.		5,380		277,877
Foot Locker Inc.		4,629		246,355
GameStop Corp. Class Ab		2,564		90,381
Gap Inc. (The)		5,374		221,355
Home Depot Inc. (The)		4,296		448,588
L Brands Inc.		3,419		289,350
Lowe’s Companies Inc.		6,192		419,570
O’Reilly Automotive Inc.a		1,763		330,316
PetSmart Inc.		4,490		366,856
Ross Stores Inc.		3,999		366,748
Signet Jewelers Ltd.		2,142		259,418
Staples Inc.		13,287		226,543
Tiffany & Co.		2,586		224,051
TJX Companies Inc. (The)		7,518		495,737
Tractor Supply Co.		2,538		206,010
Ulta Salon, Cosmetics & Fragrance Inc.a		949		125,211
Urban Outfitters Inc.a,b		5,979		208,428
				6,499,940
TEXTILES, APPAREL & LUXURY GOODS — 0.98%
Coach Inc.		5,442		202,388
Fossil Group Inc.a		841		82,250
Hanesbrands Inc.		2,410		268,426
Lululemon Athletica Inc.a,b		2,225		147,384
Michael Kors Holdings Ltd.a		2,146		151,915
Nike Inc. Class B		4,102		378,409

Security	Shares		Value
PVH Corp.		1,484	$	163,626
Ralph Lauren Corp.		1,802		300,736
Under Armour Inc. Class Aa		1,850		133,348
VF Corp.		5,766		399,987
				2,228,469
THRIFTS & MORTGAGE FINANCE — 0.60%
Hudson City Bancorp Inc.		29,423		263,924
New York Community Bancorp Inc.		31,520		486,984
People’s United Financial Inc.b		43,507		612,144
				1,363,052
TOBACCO — 1.09%
Altria Group Inc.		15,448		820,289
Lorillard Inc.		6,044		396,547
Philip Morris International Inc.		7,048		565,531
Reynolds American Inc.		10,383		705,525
				2,487,892
TRADING COMPANIES & DISTRIBUTORS — 0.33%
Fastenal Co.		6,667		296,015
United Rentals Inc.a		861		71,334
W.W. Grainger Inc.		1,628		383,947
				751,296
WATER UTILITIES — 0.43%
American Water Works Co. Inc.		17,507		982,843
				982,843
WIRELESS TELECOMMUNICATION SERVICES — 0.32%
SBA Communications Corp. Class Aa		4,739		553,041
Sprint Corp.a		15,033		64,642
T-Mobile US Inc.a		3,422		103,276
				720,959
TOTAL COMMON STOCKS (Cost: $205,025,405)				228,281,995
SHORT-TERM INVESTMENTS — 1.81%
MONEY MARKET FUNDS — 1.81%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		3,683,629		3,683,629
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		221,588		221,588

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA SIZE FACTOR ETF

January 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		234,392	$	234,392
				4,139,609
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,139,609)				4,139,609
TOTAL INVESTMENTS IN SECURITIES — 101.71%
(Cost: $209,165,014)				232,421,604
Other Assets, Less Liabilities — (1.71)%				(3,910,892	)
NET ASSETS — 100.00%			$	228,510,712

NVS — Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

36 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI USA VALUE FACTOR ETF

January 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.90%
AEROSPACE & DEFENSE — 2.49%
B/E Aerospace Inc.a		2,819	$	164,432
Boeing Co. (The)		21,367		3,106,121
General Dynamics Corp.		8,923		1,188,633
Honeywell International Inc.		19,094		1,866,630
L-3 Communications Holdings Inc.		5,239		645,026
Lockheed Martin Corp.		7,810		1,471,170
Northrop Grumman Corp.		8,766		1,375,824
Precision Castparts Corp.		3,809		762,181
Raytheon Co.		12,012		1,201,800
Rockwell Collins Inc.		3,415		292,392
Textron Inc.		10,939		465,564
TransDigm Group Inc.		436		89,611
United Technologies Corp. Class B		29,929		3,435,250
				16,064,634
AIR FREIGHT & LOGISTICS — 0.58%
C.H. Robinson Worldwide Inc.		4,661		331,957
Expeditors International of Washington Inc.		5,612		245,132
FedEx Corp.		10,489		1,773,795
United Parcel Service Inc.		14,129		1,396,510
				3,747,394
AIRLINES — 0.21%
American Airlines Group Inc.		4,866		238,823
Delta Air Lines Inc.		13,238		626,290
Southwest Airlines Co.		4,238		191,473
United Continental Holdings Inc.a		3,836		266,103
				1,322,689
AUTO COMPONENTS — 0.56%
Autoliv Inc.		4,215		447,043
BorgWarner Inc.		7,265		392,383
Delphi Automotive PLC		10,410		715,479
Johnson Controls Inc.		29,286		1,360,920
TRW Automotive Holdings Corp.a		6,966		718,682
				3,634,507
AUTOMOBILES — 1.96%
Ford Motor Co.		407,758		5,998,120
General Motors Co.		191,539		6,248,002
Harley-Davidson Inc.		5,655		348,914
Tesla Motors Inc.a,b		127		25,857
				12,620,893

Security	Shares		Value
BEVERAGES — 1.43%
Brown-Forman Corp. Class B NVS		1,659	$	147,435
Coca-Cola Co. (The)		90,387		3,721,233
Coca-Cola Enterprises Inc.		9,094		382,858
Constellation Brands Inc.a		4,656		514,255
Dr Pepper Snapple Group Inc.		4,866		375,996
Molson Coors Brewing Co. Class B NVS		5,200		394,836
Monster Beverage Corp.a		1,274		148,994
PepsiCo Inc.		37,819		3,546,666
				9,232,273
BIOTECHNOLOGY — 0.88%
Alexion Pharmaceuticals Inc.a		867		158,869
Amgen Inc.		13,570		2,066,168
Biogen Idec Inc.a		2,513		977,959
BioMarin Pharmaceutical Inc.a		556		54,021
Celgene Corp.a		6,303		751,065
Gilead Sciences Inc.a		13,329		1,397,279
Incyte Corp.a,b		78		6,217
Medivation Inc.a		69		7,509
Pharmacyclics Inc.a,b		402		67,838
Regeneron Pharmaceuticals Inc.a		345		143,748
Vertex Pharmaceuticals Inc.a		569		62,670
				5,693,343
BUILDING PRODUCTS — 0.03%
Masco Corp.		7,446		184,959
				184,959
CAPITAL MARKETS — 2.37%
Affiliated Managers Group Inc.a		899		184,762
Ameriprise Financial Inc.		5,435		679,049
Bank of New York Mellon Corp. (The)		60,291		2,170,476
BlackRock Inc.c		3,391		1,154,669
Charles Schwab Corp. (The)		19,703		511,884
Eaton Vance Corp. NVS		2,692		108,353
Franklin Resources Inc.		11,378		586,308
Goldman Sachs Group Inc. (The)		23,311		4,019,050
Invesco Ltd.		12,196		447,959
Legg Mason Inc.		3,652		202,467
Morgan Stanley		66,691		2,254,823
Northern Trust Corp.		8,121		530,951
Raymond James Financial Inc.		4,119		216,742
SEI Investments Co.		2,625		105,446
State Street Corp.		21,053		1,505,500

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA VALUE FACTOR ETF

January 31, 2015

Security	Shares		Value
T. Rowe Price Group Inc.		5,415	$	426,269
TD Ameritrade Holding Corp.		5,107		165,416
				15,270,124
CHEMICALS — 2.27%
Air Products and Chemicals Inc.		5,695		829,249
Airgas Inc.		1,989		224,041
Albemarle Corp.		4,601		222,044
Ashland Inc.		2,869		340,034
Celanese Corp. Series A		6,590		354,278
CF Industries Holdings Inc.		2,702		825,137
Dow Chemical Co. (The)		53,985		2,437,963
E.I. du Pont de Nemours and Co.		28,029		1,995,945
Eastman Chemical Co.		5,987		424,418
Ecolab Inc.		5,228		542,510
FMC Corp.		4,374		251,505
International Flavors & Fragrances Inc.		1,770		187,815
LyondellBasell Industries NV Class A		19,056		1,507,139
Monsanto Co.		10,149		1,197,379
Mosaic Co. (The)		17,171		836,056
PPG Industries Inc.		3,600		802,368
Praxair Inc.		7,497		904,063
Sherwin-Williams Co. (The)		1,349		365,943
Sigma-Aldrich Corp.		1,987		273,252
Westlake Chemical Corp.		1,371		78,572
				14,599,711
COMMERCIAL BANKS — 9.32%
Bank of America Corp.		572,986		8,680,738
BB&T Corp.		42,129		1,486,732
CIT Group Inc.		9,350		409,717
Citigroup Inc.		212,271		9,966,124
Comerica Inc.		11,138		462,227
Fifth Third Bancorp		60,898		1,053,535
First Republic Bank		5,837		297,220
Huntington Bancshares Inc.		48,768		488,655
JPMorgan Chase & Co.		249,180		13,550,408
KeyCorp		59,427		771,957
M&T Bank Corp.		6,181		699,442
PNC Financial Services Group Inc. (The)c		37,490		3,169,405
Regions Financial Corp.		100,473		874,115
SunTrust Banks Inc.		36,849		1,415,739
U.S. Bancorp		84,859		3,556,441

Security	Shares		Value
Wells Fargo & Co.		254,138	$	13,194,845
				60,077,300
COMMERCIAL SERVICES & SUPPLIES — 0.36%
ADT Corp. (The)		9,880		339,872
Cintas Corp.		2,884		226,971
Republic Services Inc.		12,178		483,223
Stericycle Inc.a,b		1,293		169,758
Tyco International PLC		10,156		414,466
Waste Management Inc.		13,667		702,894
				2,337,184
COMMUNICATIONS EQUIPMENT — 1.39%
Cisco Systems Inc.		189,302		4,990,947
F5 Networks Inc.a		1,123		125,349
Harris Corp.		4,311		289,398
Juniper Networks Inc.		15,584		354,224
Motorola Solutions Inc.		8,524		531,983
Palo Alto Networks Inc.a		160		20,222
QUALCOMM Inc.		42,189		2,635,125
				8,947,248
COMPUTERS & PERIPHERALS — 3.99%
Apple Inc.		140,056		16,408,961
EMC Corp.		62,500		1,620,625
Hewlett-Packard Co.		139,496		5,039,990
NetApp Inc.		9,727		367,681
SanDisk Corp.		5,790		439,519
Seagate Technology PLC		16,074		907,216
Western Digital Corp.		9,320		906,184
				25,690,176
CONSTRUCTION & ENGINEERING — 0.20%
Chicago Bridge & Iron Co. NV		6,692		230,941
Fluor Corp.		10,169		544,957
Jacobs Engineering Group Inc.a		8,253		314,439
Quanta Services Inc.a		8,458		223,968
				1,314,305
CONSTRUCTION MATERIALS — 0.04%
Martin Marietta Materials Inc.		886		95,458
Vulcan Materials Co.		2,602		183,467
				278,925
CONSUMER FINANCE — 1.21%
Ally Financial Inc.a		49,482		925,808
American Express Co.		27,001		2,178,711
Capital One Financial Corp.		39,506		2,892,234
Discover Financial Services		20,049		1,090,265

38 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA VALUE FACTOR ETF

January 31, 2015

Security	Shares		Value
Navient Corp.		24,849	$	490,519
Synchrony Financiala		6,175		190,561
				7,768,098
CONTAINERS & PACKAGING — 0.30%
Avery Dennison Corp.		4,230		221,102
Ball Corp.		4,555		288,468
Crown Holdings Inc.a		5,645		250,130
MeadWestvaco Corp.		6,398		321,691
Owens-Illinois Inc.a		7,557		176,456
Rock-Tenn Co. Class A		7,724		501,288
Sealed Air Corp.		4,255		172,328
				1,931,463
DISTRIBUTORS — 0.10%
Genuine Parts Co.		4,713		438,026
LKQ Corp.a		7,209		186,064
				624,090
DIVERSIFIED CONSUMER SERVICES — 0.04%
H&R Block Inc.		6,829		234,098
				234,098
DIVERSIFIED FINANCIAL SERVICES — 1.47%
Berkshire Hathaway Inc. Class Ba		40,600		5,842,746
CME Group Inc./IL		14,118		1,204,266
Intercontinental Exchange Inc.		2,291		471,328
Leucadia National Corp.		20,736		470,085
McGraw Hill Financial Inc.		4,060		363,126
Moody’s Corp.		2,395		218,735
NASDAQ OMX Group Inc. (The)		5,203		237,257
Voya Financial Inc.		16,302		635,941
				9,443,484
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.37%
AT&T Inc.b		257,535		8,478,052
CenturyLink Inc.		34,201		1,271,251
Frontier Communications Corp.		57,467		385,891
Level 3 Communications Inc.a		3,312		164,739
Verizon Communications Inc.		103,539		4,732,768
Windstream Holdings Inc.		32,724		260,156
				15,292,857
ELECTRIC UTILITIES — 2.46%
American Electric Power Co. Inc.		23,565		1,480,118
Duke Energy Corp.		29,812		2,597,818
Edison International		15,152		1,032,609
Entergy Corp.		11,522		1,008,290
Exelon Corp.		52,049		1,875,846
FirstEnergy Corp.		28,097		1,133,152

Security	Shares		Value
NextEra Energy Inc.		14,290	$	1,561,040
Northeast Utilities		11,683		649,341
OGE Energy Corp.		7,347		258,467
Pepco Holdings Inc.		10,908		299,425
Pinnacle West Capital Corp.		4,997		350,689
PPL Corp.		29,562		1,049,451
Southern Co. (The)		33,055		1,676,549
Xcel Energy Inc.		23,100		866,943
				15,839,738
ELECTRICAL EQUIPMENT — 0.50%
AMETEK Inc.		5,542		265,462
Eaton Corp. PLC		18,862		1,190,004
Emerson Electric Co.		21,914		1,247,783
Rockwell Automation Inc.		3,613		393,528
Sensata Technologies Holding NVa,b		2,269		111,907
				3,208,684
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.77%
Amphenol Corp. Class A		6,260		336,225
Arrow Electronics Inc.a		10,204		561,628
Avnet Inc.		15,558		647,524
Corning Inc.		66,611		1,583,343
Flextronics International Ltd.a		57,179		635,831
FLIR Systems Inc.		4,161		125,662
TE Connectivity Ltd.		14,262		946,854
Trimble Navigation Ltd.a,b		5,565		132,670
				4,969,737
ENERGY EQUIPMENT & SERVICES — 1.35%
Baker Hughes Inc.		22,863		1,325,825
Cameron International Corp.a		8,126		363,882
Core Laboratories NV		631		58,525
Diamond Offshore Drilling Inc.b		5,937		187,194
Ensco PLC Class Ab		20,536		575,830
FMC Technologies Inc.a		5,576		208,989
Helmerich & Payne Inc.		4,700		279,932
Nabors Industries Ltd.		26,079		300,169
National Oilwell Varco Inc.		21,309		1,159,849
Nobel Corp. PLC		22,961		372,427
Oceaneering International Inc.		2,915		152,629
Schlumberger Ltd.		38,394		3,163,282
Superior Energy Services Inc.		11,476		229,520
Weatherford International Ltd.a		31,948		330,023
				8,708,076

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA VALUE FACTOR ETF

January 31, 2015

Security	Shares		Value
FOOD & STAPLES RETAILING — 3.21%
Costco Wholesale Corp.		18,028	$	2,577,824
CVS Health Corp.		44,875		4,404,930
Kroger Co. (The)		33,703		2,327,192
Sysco Corp.		28,807		1,128,370
Wal-Mart Stores Inc.		86,041		7,311,764
Walgreens Boots Alliance Inc.		32,931		2,428,662
Whole Foods Market Inc.		9,180		478,232
				20,656,974
FOOD PRODUCTS — 1.76%
Archer-Daniels-Midland Co.		45,556		2,124,276
Bunge Ltd.		15,188		1,359,782
Campbell Soup Co.		6,217		284,365
ConAgra Foods Inc.		16,185		573,434
General Mills Inc.		19,396		1,017,902
Hershey Co. (The)		2,718		277,807
Hormel Foods Corp.		3,664		187,670
J.M. Smucker Co. (The)		3,972		409,712
Kellogg Co.		8,691		569,956
Keurig Green Mountain Inc.		1,241		152,097
Kraft Foods Group Inc.		19,303		1,261,258
McCormick & Co. Inc. NVS		2,899		206,960
Mead Johnson Nutrition Co. Class A		2,559		252,036
Mondelez International Inc. Class A		55,461		1,954,446
Tyson Foods Inc. Class A		18,599		726,105
				11,357,806
HEALTH CARE EQUIPMENT & SUPPLIES — 1.58%
Abbott Laboratories		39,373		1,762,335
Baxter International Inc.		15,799		1,110,828
Becton, Dickinson and Co.		4,813		664,579
Boston Scientific Corp.a		28,958		428,868
C.R. Bard Inc.		1,508		257,913
CareFusion Corp.a		5,562		329,826
Cooper Companies Inc. (The)		1,048		165,217
DENTSPLY International Inc.		3,992		199,700
Edwards Lifesciences Corp.a		1,387		173,860
Hologic Inc.a		4,161		126,349
Intuitive Surgical Inc.a		566		279,876
Medtronic PLC		36,397		2,598,746
ResMed Inc.		3,163		197,593
St. Jude Medical Inc.		6,902		454,635
Stryker Corp.		7,592		691,251
Varian Medical Systems Inc.a,b		2,425		224,458
Zimmer Holdings Inc.		4,468		500,863
				10,166,897

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 3.63%
Aetna Inc.		17,931	$	1,646,424
AmerisourceBergen Corp.		16,223		1,541,996
Anthem Inc.		18,478		2,493,791
Cardinal Health Inc.		24,697		2,054,544
Cigna Corp.		11,022		1,177,480
DaVita HealthCare Partners Inc.a,b		4,860		364,792
Express Scripts Holding Co.a		35,465		2,862,380
HCA Holdings Inc.a		12,371		875,867
Henry Schein Inc.a		2,587		357,187
Humana Inc.		8,611		1,260,995
Laboratory Corp. of America Holdingsa		3,472		398,516
McKesson Corp.		12,356		2,627,503
Omnicare Inc.		3,106		232,888
Patterson Companies Inc.		2,927		146,613
Quest Diagnostics Inc.		6,668		473,895
UnitedHealth Group Inc.		42,912		4,559,400
Universal Health Services Inc. Class B		3,394		347,987
				23,422,258
HEALTH CARE TECHNOLOGY — 0.04%
Cerner Corp.a		3,484		231,163
				231,163
HOTELS, RESTAURANTS & LEISURE — 1.23%
Carnival Corp.		17,410		765,344
Chipotle Mexican Grill Inc.a		264		187,398
Darden Restaurants Inc.		5,476		336,117
Hilton Worldwide Holdings Inc.a		6,404		166,312
Las Vegas Sands Corp.		7,678		417,453
Marriott International Inc./MD Class A		3,766		280,567
McDonald’s Corp.		27,076		2,502,905
MGM Resorts Internationala		16,220		315,966
Norwegian Cruise Line Holdings Ltd.a,b		1,863		81,525
Royal Caribbean Cruises Ltd.		5,961		450,353
Starbucks Corp.		10,169		890,093
Starwood Hotels & Resorts Worldwide Inc.		4,494		323,433
Wyndham Worldwide Corp.		3,441		288,321
Wynn Resorts Ltd.		1,376		203,579
Yum! Brands Inc.		9,773		706,392
				7,915,758

40 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA VALUE FACTOR ETF

January 31, 2015

Security	Shares		Value
HOUSEHOLD DURABLES — 0.48%
D.R. Horton Inc.		12,375	$	303,435
Garmin Ltd.		3,244		169,856
Jarden Corp.a		5,642		270,929
Leggett & Platt Inc.		3,968		169,156
Lennar Corp. Class A		5,587		250,912
Mohawk Industries Inc.a		1,857		306,479
Newell Rubbermaid Inc.		8,446		311,404
PulteGroup Inc.		19,267		396,708
Toll Brothers Inc.a		5,475		189,544
Whirlpool Corp.		3,678		732,216
				3,100,639
HOUSEHOLD PRODUCTS — 1.38%
Church & Dwight Co. Inc.		2,787		225,524
Clorox Co. (The)		2,659		283,742
Colgate-Palmolive Co.		15,240		1,029,005
Energizer Holdings Inc.		2,060		263,700
Kimberly-Clark Corp.		9,254		999,062
Procter & Gamble Co. (The)		72,411		6,103,523
				8,904,556
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.19%
AES Corp. (The)		47,385		579,045
Calpine Corp.a		9,565		199,717
NRG Energy Inc.		19,168		472,683
				1,251,445
INDUSTRIAL CONGLOMERATES — 2.09%
3M Co.		13,897		2,255,483
Danaher Corp.		16,565		1,364,625
General Electric Co.		398,716		9,525,325
Roper Industries Inc.		2,004		309,297
				13,454,730
INSURANCE — 4.68%
ACE Ltd.		17,311		1,868,896
Aflac Inc.		27,252		1,555,544
Alleghany Corp.a		1,086		480,110
Allstate Corp. (The)		24,807		1,731,281
American International Group Inc.		128,708		6,289,960
Aon PLC		7,570		681,678
Arch Capital Group Ltd.a		7,026		407,297
Assurant Inc.		6,321		401,447
Axis Capital Holdings Ltd.		7,830		398,547
Chubb Corp. (The)		11,853		1,160,409
Cincinnati Financial Corp.		6,596		333,164

Security	Shares		Value
Everest Re Group Ltd.		2,821	$	483,463
FNF Group		10,336		362,794
Hartford Financial Services Group Inc. (The)		25,749		1,001,636
Lincoln National Corp.		14,752		737,305
Loews Corp.		19,761		756,056
Marsh & McLennan Companies Inc.		13,991		752,296
MetLife Inc.		64,061		2,978,836
PartnerRe Ltd.		3,580		409,552
Principal Financial Group Inc.		11,164		523,927
Progressive Corp. (The)		27,313		708,772
Prudential Financial Inc.		27,134		2,058,928
RenaissanceRe Holdings Ltd.b		2,408		230,277
Torchmark Corp.		6,102		305,527
Travelers Companies Inc. (The)		18,103		1,861,350
Unum Group		17,275		536,561
Willis Group Holdings PLC		4,382		189,741
WR Berkley Corp.		5,923		290,168
XL Group PLC		18,886		651,378
				30,146,900
INTERNET & CATALOG RETAIL — 0.47%
Amazon.com Inc.a		3,912		1,386,921
Expedia Inc.		2,209		189,819
Liberty Interactive Corp. Series Aa		15,922		435,626
Netflix Inc.a,b		781		345,046
Priceline Group Inc. (The)a		610		615,783
TripAdvisor Inc.a,b		1,219		81,685
				3,054,880
INTERNET SOFTWARE & SERVICES — 1.79%
Akamai Technologies Inc.a		2,889		168,010
eBay Inc.a		27,176		1,440,328
Equinix Inc.		806		174,789
Facebook Inc. Class Aa		7,641		580,028
Google Inc. Class Aa		7,878		4,234,819
Google Inc. Class Ca,b		7,005		3,744,313
LinkedIn Corp. Class Aa,b		363		81,581
Rackspace Hosting Inc.a		1,999		89,875
Twitter Inc.a		1,282		48,113
VeriSign Inc.a,b		1,903		103,675
Yahoo! Inc.a		20,386		896,780
				11,562,311
IT SERVICES — 2.44%
Accenture PLC Class A		16,587		1,393,806
Alliance Data Systems Corp.a		1,000		288,830

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA VALUE FACTOR ETF

January 31, 2015

Security	Shares		Value
Automatic Data Processing Inc.		9,226	$	761,422
Cognizant Technology Solutions Corp. Class Aa		10,140		548,878
Computer Sciences Corp.		6,272		380,585
Fidelity National Information Services Inc.		7,919		494,383
Fiserv Inc.a		5,245		380,420
FleetCor Technologies Inc.a		744		104,532
International Business Machines Corp.		43,212		6,624,832
MasterCard Inc. Class A		11,247		922,591
Paychex Inc.		5,073		229,604
Teradata Corp.a,b		4,771		212,596
Total System Services Inc.		4,282		151,454
Vantiv Inc. Class Aa		3,038		104,477
Visa Inc. Class A		6,421		1,636,777
Western Union Co.		23,540		400,180
Xerox Corp.		80,212		1,056,392
				15,691,759
LEISURE EQUIPMENT & PRODUCTS — 0.11%
Hasbro Inc.		3,598		197,602
Mattel Inc.		13,565		364,899
Polaris Industries Inc.		1,024		148,060
				710,561
LIFE SCIENCES TOOLS & SERVICES — 0.35%
Agilent Technologies Inc.		13,283		501,699
Illumina Inc.a		481		93,886
Mettler-Toledo International Inc.a		518		157,446
Quintiles Transnational Holdings Inc.a		1,715		103,758
Thermo Fisher Scientific Inc.		9,615		1,203,894
Waters Corp.a		1,860		221,433
				2,282,116
MACHINERY — 1.75%
AGCO Corp.		9,342		404,882
Caterpillar Inc.		29,710		2,375,909
Cummins Inc.		6,352		885,850
Deere & Co.		19,731		1,680,884
Dover Corp.		6,427		450,147
Flowserve Corp.		3,968		216,217
Illinois Tool Works Inc.		11,502		1,070,721
Ingersoll-Rand PLC		10,157		674,425
Joy Global Inc.		6,918		290,141
PACCAR Inc.		12,384		744,402
Pall Corp.		2,092		202,422
Parker-Hannifin Corp.		5,613		653,690

Security	Shares		Value
Pentair PLC		6,418	$	396,697
Snap-on Inc.		1,475		195,747
SPX Corp.		1,897		158,532
Stanley Black & Decker Inc.		5,603		524,721
Wabtec Corp./DE		1,711		142,783
Xylem Inc.		5,723		195,154
				11,263,324
MEDIA — 3.74%
Cablevision NY Group Class A		10,679		202,047
CBS Corp. Class B NVS		16,975		930,400
Charter Communications Inc. Class Aa		1,338		202,192
Comcast Corp. Class A		81,846		4,349,706
Comcast Corp. Class A Special NVSb		20,760		1,098,204
DIRECTVa		16,615		1,416,927
Discovery Communications Inc. Series Aa		6,179		179,098
Discovery Communications Inc. Series C NVSa,b		5,946		165,775
DISH Network Corp. Class Aa		5,239		368,564
Interpublic Group of Companies Inc. (The)		15,854		316,129
Liberty Global PLC Series Aa		10,735		501,539
Liberty Global PLC Series C NVSa		11,429		521,048
Liberty Media Corp. Class Aa		32,664		1,112,209
Liberty Media Corp. Class Ca		22,840		779,301
News Corp. Class A NVSa		27,663		411,902
Omnicom Group Inc.		8,254		600,891
Scripps Networks Interactive Inc. Class A		2,482		176,445
Sirius XM Holdings Inc.a		56,959		202,204
Time Warner Cable Inc.		10,002		1,361,572
Time Warner Inc.		37,140		2,894,320
Twenty-First Century Fox Inc. Class A		39,312		1,303,586
Twenty-First Century Fox Inc. Class B		11,949		380,576
Viacom Inc. Class B NVS		19,016		1,225,011
Walt Disney Co. (The)		37,114		3,375,889
				24,075,535
METALS & MINING — 0.59%
Alcoa Inc.		52,069		814,880
Freeport-McMoRan Inc.		72,613		1,220,624

42 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA VALUE FACTOR ETF

January 31, 2015

Security	Shares		Value
Newmont Mining Corp.		48,142	$	1,210,771
Nucor Corp.		13,184		575,482
				3,821,757
MULTI-UTILITIES — 1.44%
Alliant Energy Corp.		4,395		301,541
Ameren Corp.		12,097		547,752
CenterPoint Energy Inc.		19,887		459,191
CMS Energy Corp.		11,434		431,405
Consolidated Edison Inc.		14,576		1,009,825
Dominion Resources Inc.		13,366		1,027,712
DTE Energy Co.		7,989		716,294
Integrys Energy Group Inc.		3,686		298,935
MDU Resources Group Inc.		9,353		211,471
NiSource Inc.		9,838		425,592
PG&E Corp.		19,594		1,152,323
Public Service Enterprise Group Inc.		24,336		1,038,660
SCANA Corp.		5,954		379,686
Sempra Energy		7,330		820,374
Wisconsin Energy Corp.		7,781		433,946
				9,254,707
MULTILINE RETAIL — 0.97%
Dollar General Corp.a		10,194		683,610
Dollar Tree Inc.a		5,354		380,669
Family Dollar Stores Inc.		3,811		290,017
Kohl’s Corp.		14,652		875,017
Macy’s Inc.		17,308		1,105,635
Nordstrom Inc.		4,858		370,180
Target Corp.		34,289		2,524,013
				6,229,141
OIL, GAS & CONSUMABLE FUELS — 11.47%
Anadarko Petroleum Corp.		14,867		1,215,377
Antero Resources Corp.a,b		536		18,572
Apache Corp.		35,170		2,200,587
Cabot Oil & Gas Corp.		5,703		151,130
Cheniere Energy Inc.a		121		8,637
Chesapeake Energy Corp.		48,177		924,035
Chevron Corp.		137,702		14,118,586
Cimarex Energy Co.		2,898		299,074
Cobalt International Energy Inc.a		6,167		56,243
Concho Resources Inc.a		2,870		318,139
ConocoPhillips		74,591		4,697,741
CONSOL Energy Inc.		9,707		281,018
Continental Resources Inc.a,b		2,253		102,286
Denbury Resources Inc.		33,556		231,536

Security	Shares		Value
Devon Energy Corp.		20,723	$	1,248,975
Energen Corp.		3,156		200,154
EOG Resources Inc.		15,846		1,410,769
EQT Corp.		3,036		226,000
Exxon Mobil Corp.		258,641		22,610,396
Hess Corp.		23,281		1,571,235
HollyFrontier Corp.		18,728		672,710
Kinder Morgan Inc.		30,065		1,234,168
Marathon Oil Corp.		48,860		1,299,676
Marathon Petroleum Corp.		25,645		2,374,471
Murphy Oil Corp.		13,215		593,486
Noble Energy Inc.		13,869		662,106
Occidental Petroleum Corp.		41,891		3,351,280
ONEOK Inc.		6,414		282,408
Phillips 66		63,677		4,477,767
Pioneer Natural Resources Co.		2,825		425,247
QEP Resources Inc.		11,842		239,445
Range Resources Corp.		2,730		126,317
Southwestern Energy Co.a,b		15,607		386,898
Spectra Energy Corp.		17,973		601,017
Tesoro Corp.		11,926		974,712
Valero Energy Corp.		68,279		3,610,594
Whiting Petroleum Corp.a		7,862		236,017
Williams Companies Inc. (The)		11,371		498,732
				73,937,541
PAPER & FOREST PRODUCTS — 0.16%
International Paper Co.		19,770		1,041,088
				1,041,088
PERSONAL PRODUCTS — 0.11%
Avon Products Inc.		28,145		217,842
Estee Lauder Companies Inc. (The) Class A		5,010		353,656
Herbalife Ltd.b		4,254		129,662
				701,160
PHARMACEUTICALS — 4.20%
AbbVie Inc.		30,547		1,843,512
Actavis PLCa		2,562		682,876
Allergan Inc.		3,105		680,802
Bristol-Myers Squibb Co.		28,395		1,711,367
Eli Lilly and Co.		31,388		2,259,936
Endo International PLCa		3,422		272,425
Hospira Inc.a		3,630		230,251
Jazz Pharmaceuticals PLCa		624		105,668
Johnson & Johnson		61,959		6,204,574

SCHEDULES OF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA VALUE FACTOR ETF

January 31, 2015

Security	Shares		Value
Mallinckrodt PLCa		2,031	$	215,266
Merck & Co. Inc.		75,252		4,536,191
Mylan Inc./PAa		7,462		396,605
Perrigo Co. PLC		2,687		407,725
Pfizer Inc.		229,764		7,180,125
Salix Pharmaceuticals Ltd.a		754		101,541
Zoetis Inc.		6,252		267,148
				27,096,012
PROFESSIONAL SERVICES — 0.28%
Dun & Bradstreet Corp. (The)		974		112,117
Equifax Inc.		2,432		205,407
IHS Inc. Class Aa		1,000		115,130
Manpowergroup Inc.		7,039		513,002
Nielsen NV		7,931		345,474
Robert Half International Inc.		2,629		152,640
Towers Watson & Co. Class A		1,985		235,222
Verisk Analytics Inc. Class Aa,b		2,039		131,210
				1,810,202
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.74%
American Capital Agency Corp.		30,676		661,068
American Realty Capital Properties Inc.		30,794		285,306
American Tower Corp.		4,059		393,520
Annaly Capital Management Inc.		115,155		1,216,037
AvalonBay Communities Inc.		2,029		350,997
Boston Properties Inc.		2,538		352,274
Camden Property Trust		1,591		122,587
Crown Castle International Corp.		4,358		377,011
Digital Realty Trust Inc.		2,828		206,274
Duke Realty Corp.		6,181		134,931
Equity Residential		4,940		383,393
Essex Property Trust Inc.		975		220,399
Federal Realty Investment Trust		784		112,716
General Growth Properties Inc.		6,984		210,777
HCP Inc.		12,694		600,299
Health Care REIT Inc.		5,873		481,292
Host Hotels & Resorts Inc.		15,384		352,140
Iron Mountain Inc.		3,933		156,691
Kimco Realty Corp.		7,950		219,817
Liberty Property Trust		3,971		160,031
Macerich Co. (The)		2,629		226,120
Plum Creek Timber Co. Inc.		3,359		149,543
Prologis Inc.		11,416		515,318
Public Storage		1,815		364,525
Rayonier Inc.		6,482		190,247

Security	Shares		Value
Realty Income Corp.b		4,161	$	225,984
Regency Centers Corp.		1,241		85,083
Simon Property Group Inc.		3,912		777,158
SL Green Realty Corp.		2,589		326,214
UDR Inc.		3,587		119,304
Ventas Inc.		6,150		490,831
Vornado Realty Trust		2,449		270,468
Weyerhaeuser Co.		13,654		489,496
				11,227,851
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.06%
CBRE Group Inc. Class Aa		6,924		223,922
Realogy Holdings Corp.a		3,353		155,915
				379,837
ROAD & RAIL — 0.77%
CSX Corp.		30,089		1,001,964
Hertz Global Holdings Inc.a,b		23,877		489,956
J.B. Hunt Transport Services Inc.		2,201		175,221
Kansas City Southern		2,000		220,180
Norfolk Southern Corp.		9,479		966,574
Union Pacific Corp.		17,919		2,100,286
				4,954,181
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.98%
Altera Corp.		8,233		271,072
Analog Devices Inc.		7,720		402,251
Applied Materials Inc.		29,191		666,723
Avago Technologies Ltd.		3,391		348,866
Broadcom Corp. Class A		13,740		583,057
Cree Inc.a,b		3,908		138,187
Intel Corp.		186,677		6,167,808
KLA-Tencor Corp.		4,131		253,933
Lam Research Corp.		3,893		297,581
Linear Technology Corp.		4,251		191,040
Marvell Technology Group Ltd.		17,658		273,522
Maxim Integrated Products Inc.		8,171		270,378
Microchip Technology Inc.		4,214		190,051
Micron Technology Inc.a		17,464		511,084
NVIDIA Corp.		17,677		339,487
Qorvo Inc.a		1,597		117,970
Skyworks Solutions Inc.		2,720		225,896
Texas Instruments Inc.		23,714		1,267,513
Xilinx Inc.		6,430		248,037
				12,764,456
SOFTWARE — 2.46%
Activision Blizzard Inc.		18,649		389,671

44 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA VALUE FACTOR ETF

January 31, 2015

Security	Shares		Value
Adobe Systems Inc.a		6,051	$	424,357
ANSYS Inc.a		1,765		142,383
Autodesk Inc.a		3,051		164,769
CA Inc.		13,289		402,657
Citrix Systems Inc.a		3,314		196,388
Electronic Arts Inc.a		3,977		218,178
FireEye Inc.a,b		665		22,484
Intuit Inc.		4,225		366,815
Microsoft Corp.		197,901		7,995,200
NetSuite Inc.a		66		6,496
Nuance Communications Inc.a		6,542		89,920
Oracle Corp.		101,906		4,268,842
Red Hat Inc.a		1,861		118,713
Salesforce.com Inc.a		2,311		130,456
ServiceNow Inc.a		206		15,017
Symantec Corp.		23,930		592,746
Synopsys Inc.a,b		4,278		183,911
VMware Inc. Class Aa		1,220		94,062
Workday Inc. Class Aa,b		198		15,733
				15,838,798
SPECIALTY RETAIL — 2.14%
Advance Auto Parts Inc.		1,864		296,376
AutoNation Inc.a		4,289		255,710
AutoZone Inc.a		752		448,914
Bed Bath & Beyond Inc.a		8,022		599,805
Best Buy Co. Inc.		24,142		849,798
CarMax Inc.a		6,914		429,359
Dick’s Sporting Goods Inc.		3,848		198,749
Foot Locker Inc.		4,994		265,781
GameStop Corp. Class Ab		7,264		256,056
Gap Inc. (The)		9,557		393,653
Home Depot Inc. (The)		29,491		3,079,450
L Brands Inc.		5,037		426,281
Lowe’s Companies Inc.		30,524		2,068,306
O’Reilly Automotive Inc.a		1,837		344,180
PetSmart Inc.		3,440		281,065
Ross Stores Inc.		5,438		498,719
Signet Jewelers Ltd.		1,858		225,022
Staples Inc.		60,372		1,029,343
Tiffany & Co.		2,643		228,990
TJX Companies Inc. (The)		16,974		1,119,266
Tractor Supply Co.		2,609		211,773
Ulta Salon, Cosmetics & Fragrance Inc.a		941		124,156
Urban Outfitters Inc.a,b		3,940		137,348
				13,768,100

Security	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 0.54%
Coach Inc.		12,352	$	459,371
Fossil Group Inc.a		1,421		138,974
Hanesbrands Inc.		1,772		197,365
Lululemon Athletica Inc.a,b		2,073		137,315
Michael Kors Holdings Ltd.a		4,344		307,512
Nike Inc. Class B		11,920		1,099,620
PVH Corp.		2,681		295,607
Ralph Lauren Corp.		1,748		291,724
Under Armour Inc. Class Aa,b		1,102		79,432
VF Corp.		7,067		490,238
				3,497,158
THRIFTS & MORTGAGE FINANCE — 0.17%
Hudson City Bancorp Inc.		39,814		357,131
New York Community Bancorp Inc.b		28,231		436,169
People’s United Financial Inc.		20,713		291,432
				1,084,732
TOBACCO — 0.99%
Altria Group Inc.		38,302		2,033,836
Lorillard Inc.		7,079		464,453
Philip Morris International Inc.		43,166		3,463,640
Reynolds American Inc.		6,541		444,461
				6,406,390
TRADING COMPANIES & DISTRIBUTORS — 0.12%
Fastenal Co.		4,731		210,056
United Rentals Inc.a		2,394		198,343
W.W. Grainger Inc.		1,607		378,995
				787,394
WATER UTILITIES — 0.05%
American Water Works Co. Inc.		5,897		331,058
				331,058
WIRELESS TELECOMMUNICATION SERVICES — 0.09%
SBA Communications Corp. Class Aa		541		63,134
Sprint Corp.a,b		54,103		232,643
T-Mobile US Inc.a		9,710		293,048
				588,825
TOTAL COMMON STOCKS
(Cost: $634,630,657)				643,805,990
SHORT-TERM INVESTMENTS — 1.64%
MONEY MARKET FUNDS — 1.64%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.15%c,d,e		9,615,911		9,615,911

SCHEDULES OF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA VALUE FACTOR ETF

January 31, 2015

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%c,d,e		578,444	$	578,444
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		396,538		396,538
				10,590,893
TOTAL SHORT-TERM INVESTMENTS
(Cost: $10,590,893)				10,590,893
TOTAL INVESTMENTS IN SECURITIES — 101.54%
(Cost: $645,221,550)				654,396,883
Other Assets, Less Liabilities — (1.54)%				(9,938,345	)
NET ASSETS — 100.00%			$	644,458,538

NVS — Non-Voting Shares

^a  Non-income earning security.

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

^c  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

46 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2015

	iShares MSCI International Developed Momentum Factor ETF		iShares MSCI International Developed Quality Factor ETF		iShares MSCI USA Momentum Factor ETF
ASSETS
Investments, at cost:
Unaffiliated	$	5,105,110	$	5,124,857	$	506,146,659
Affiliated (Note 2)		9,922		9,997		293,619
Total cost of investments	$	5,115,032	$	5,134,854	$	506,440,278
Investments in securities, at fair value (Note 1):
Unaffiliated	$	5,181,383	$	5,204,405	$	532,947,845
Affiliated (Note 2)		9,922		9,997		293,619
Total fair value of investments		5,191,305		5,214,402		533,241,464
Foreign currency, at valuea		78		50		—
Receivables:
Dividends		1,932		3,141		143,302
Capital shares sold		—		—		44,418
Total Assets		5,193,315		5,217,593		533,429,184
LIABILITIES
Payables:
Investment advisory fees (Note 2)		766		769		64,643
Total Liabilities		766		769		64,643
NET ASSETS	$	5,192,549	$	5,216,824	$	533,364,541
Net assets consist of:
Paid-in capital	$	5,115,110	$	5,134,857	$	487,067,911
Undistributed net investment income		1,201		2,472		114,183
Undistributed net realized gain		—		—		19,381,261
Net unrealized appreciation		76,238		79,495		26,801,186
NET ASSETS	$	5,192,549	$	5,216,824	$	533,364,541
Shares outstandingb		200,000		200,000		7,900,000
Net asset value per share	$	25.96	$	26.08	$	67.51

^a  Cost of foreign currency: $78, $51 and $ —, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2015

	iShares MSCI USA Quality Factor ETF		iShares MSCI USA Size Factor ETF		iShares MSCI USA Value Factor ETF
ASSETS
Investments, at cost:
Unaffiliated	$	970,703,914	$	204,350,172	$	630,443,228
Affiliated (Note 2)		9,076,680		4,814,842		14,778,322
Total cost of investments	$	979,780,594	$	209,165,014	$	645,221,550
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,022,841,021	$	227,520,691	$	639,481,916
Affiliated (Note 2)		9,076,680		4,900,913		14,914,967
Total fair value of investments		1,031,917,701		232,421,604		654,396,883
Receivables:
Investment securities sold		—		205,371		979,042
Dividends and interest		225,309		187,591		612,351
Capital shares sold		113,679		—		—
Total Assets		1,032,256,689		232,814,566		655,988,276
LIABILITIES
Payables:
Investment securities purchased		—		370,564		1,259,345
Collateral for securities on loan (Note 1)		8,238,271		3,905,217		10,194,355
Investment advisory fees (Note 2)		99,470		28,073		76,038
Total Liabilities		8,337,741		4,303,854		11,529,738
NET ASSETS	$	1,023,918,948	$	228,510,712	$	644,458,538
Net assets consist of:
Paid-in capital	$	968,653,824	$	201,757,254	$	628,140,351
Undistributed net investment income		271,828		190,879		622,435
Undistributed net realized gain		2,856,189		3,305,989		6,520,419
Net unrealized appreciation		52,137,107		23,256,590		9,175,333
NET ASSETS	$	1,023,918,948	$	228,510,712	$	644,458,538
Shares outstandingb		16,750,000		3,550,000		10,200,000
Net asset value per share	$	61.13	$	64.37	$	63.18

^a  Securities on loan with values of $8,065,254, $3,820,646 and $9,918,906, respectively. See Note 1.

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

See notes to financial statements.

48 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares MSCI International Developed Momentum Factor ETFa			iShares MSCI International Developed Quality Factor ETFa			iShares MSCI USA Momentum Factor ETF
NET INVESTMENT INCOME
Dividends — unaffiliatedb	$	1,967		$	3,241		$	2,878,299
Interest — affiliated (Note 2)		—			—			11
Securities lending income — affiliated (Note 2)		—			—			843
Total investment income		1,967			3,241			2,879,153
EXPENSES
Investment advisory fees (Note 2)		766			769			311,664
Total expenses		766			769			311,664
Net investment income		1,201			2,472			2,567,489
NET REALIZED AND UNREALIZED GAIN (LOSS)
Investments — unaffiliated		—			—			(2,071,006	)
In-kind redemptions — unaffiliated		—			—			22,622,429
Net realized gain		—			—			20,551,423
Net change in unrealized appreciation/depreciation on:
Investments		76,273			79,548			7,635,281
Translation of assets and liabilities in foreign currencies		(35	)		(53	)		—
Net change in unrealized appreciation/depreciation		76,238			79,495			7,635,281
Net realized and unrealized gain		76,238			79,495			28,186,704
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	77,439		$	81,967		$	30,754,193

^a  For the period from January 13, 2015 (commencement of operations) to January 31, 2015.

^b  Net of foreign withholding tax of $244, $233 and $2,333, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Six months ended January 31, 2015

	iShares MSCI USA Quality Factor ETF			iShares MSCI USA Size Factor ETF			iShares MSCI USA Value Factor ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	4,977,572		$	1,953,937		$	4,146,265
Dividends — affiliated (Note 2)		—			6,744			32,152
Interest — affiliated (Note 2)		27			6			17
Securities lending income — affiliated (Note 2)		13,449			16,047			14,572
Total investment income		4,991,048			1,976,734			4,193,006
EXPENSES
Investment advisory fees (Note 2)		471,016			139,018			306,709
Total expenses		471,016			139,018			306,709
Net investment income		4,520,032			1,837,716			3,886,297
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,800,302	)		(808,022	)		(1,763,377	)
Investments — affiliated (Note 2)		—			155			(383	)
In-kind redemptions — unaffiliated		7,846,306			4,480,556			8,471,018
In-kind redemptions — affiliated (Note 2)		—			2,644			51,485
Net realized gain		5,046,004			3,675,333			6,758,743
Net change in unrealized appreciation/depreciation		23,187,504			7,371,220			(10,391,608	)
Net realized and unrealized gain (loss)		28,233,508			11,046,553			(3,632,865	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	32,753,540		$	12,884,269		$	253,432

^a  Net of foreign withholding tax of $502, $846 and $327, respectively.

See notes to financial statements.

50 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares MSCI International Developed Momentum Factor ETF		iShares MSCI International Developed Quality Factor ETF
	Period from January 13, 2015a to January 31, 2015 (Unaudited)		Period from January 13, 2015a to January 31, 2015 (Unaudited)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,201	$	2,472
Net change in unrealized appreciation/depreciation		76,238		79,495
Net increase in net assets resulting from operations		77,439		81,967
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		5,115,110		5,134,857
Net increase in net assets from capital share transactions		5,115,110		5,134,857
INCREASE IN NET ASSETS		5,192,549		5,216,824
NET ASSETS
Beginning of period		—		—
End of period	$	5,192,549	$	5,216,824
Undistributed net investment income included in net assets at end of period	$	1,201	$	2,472
SHARES ISSUED
Shares sold		200,000		200,000
Net increase in shares outstanding		200,000		200,000

^a  Commencement of operations.

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares MSCI USA Momentum Factor ETF						iShares MSCI USA Quality Factor ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,567,489		$	2,536,265		$	4,520,032		$	4,312,382
Net realized gain		20,551,423			13,200,183			5,046,004			3,179,645
Net change in unrealized appreciation/depreciation		7,635,281			13,642,071			23,187,504			28,835,195
Net increase in net assets resulting from operations		30,754,193			29,378,519			32,753,540			36,327,222
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,610,673	)		(2,581,811	)		(4,403,029	)		(4,171,479	)
Total distributions to shareholders		(2,610,673	)		(2,581,811	)		(4,403,029	)		(4,171,479	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		354,883,708			285,175,842			591,414,877			347,221,177
Cost of shares redeemed		(156,188,516	)		(146,710,504	)		(34,244,753	)		(51,199,017	)
Net increase in net assets from capital share transactions		198,695,192			138,465,338			557,170,124			296,022,160
INCREASE IN NET ASSETS		226,838,712			165,262,046			585,520,635			328,177,903
NET ASSETS
Beginning of period		306,525,829			141,263,783			438,398,313			110,220,410
End of period	$	533,364,541		$	306,525,829		$	1,023,918,948		$	438,398,313
Undistributed net investment income included in net assets at end of period	$	114,183		$	157,367		$	271,828		$	154,825
SHARES ISSUED AND REDEEMED
Shares sold		5,300,000			4,800,000			9,700,000			6,300,000
Shares redeemed		(2,300,000	)		(2,500,000	)		(550,000	)		(900,000	)
Net increase in shares outstanding		3,000,000			2,300,000			9,150,000			5,400,000

See notes to financial statements.

52 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares MSCI USA Size Factor ETF						iShares MSCI USA Value Factor ETF
	Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014			Six months ended January 31, 2015 (Unaudited)			Year ended July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,837,716		$	2,383,863		$	3,886,297		$	2,621,699
Net realized gain		3,675,333			3,553,332			6,758,743			4,528,487
Net change in unrealized appreciation/depreciation		7,371,220			10,229,408			(10,391,608	)		11,736,339
Net increase in net assets resulting from operations		12,884,269			16,166,603			253,432			18,886,525
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,756,805	)		(2,472,309	)		(3,502,708	)		(2,566,358	)
Total distributions to shareholders		(1,756,805	)		(2,472,309	)		(3,502,708	)		(2,566,358	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		104,109,131			20,192,954			518,000,847			51,583,534
Cost of shares redeemed		(16,377,614	)		(14,579,403	)		(29,403,233	)		(20,801,735	)
Net increase in net assets from capital share transactions		87,731,517			5,613,551			488,597,614			30,781,799
INCREASE IN NET ASSETS		98,858,981			19,307,845			485,348,338			47,101,966
NET ASSETS
Beginning of period		129,651,731			110,343,886			159,110,200			112,008,234
End of period	$	228,510,712		$	129,651,731		$	644,458,538		$	159,110,200
Undistributed net investment income included in net assets at end of period	$	190,879		$	109,968		$	622,435		$	238,846
SHARES ISSUED AND REDEEMED
Shares sold		1,650,000			350,000			8,100,000			850,000
Shares redeemed		(250,000	)		(250,000	)		(450,000	)		(350,000	)
Net increase in shares outstanding		1,400,000			100,000			7,650,000			500,000

See notes to financial statements.

FINANCIAL STATEMENTS 53

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout the period)

iShares MSCI International Developed Momentum Factor ETF

	Period from Jan. 13, 2015a to Jan. 31, 2015 (Unaudited)
Net asset value, beginning of period	$	25.57
Income from investment operations:
Net investment incomeb		0.01
Net realized and unrealized gainc		0.38
Total from investment operations		0.39
Net asset value, end of period	$	25.96
Total return		1.53	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,193
Ratio of expenses to average net assetse		0.30	%
Ratio of net investment income to average net assetse		0.47	%
Portfolio turnover ratef		0	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

54 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)

iShares MSCI International Developed Quality Factor ETF

	Period from Jan. 13, 2015a to Jan. 31, 2015 (Unaudited)
Net asset value, beginning of period	$	25.67
Income from investment operations:
Net investment incomeb		0.01
Net realized and unrealized gainc		0.40
Total from investment operations		0.41
Net asset value, end of period	$	26.08
Total return		1.60	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,217
Ratio of expenses to average net assetse		0.30	%
Ratio of net investment income to average net assetse		0.96	%
Portfolio turnover ratef		0	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 55

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI USA Momentum Factor  ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Period from Apr. 16, 2013a to Jul. 31, 2013
Net asset value, beginning of period	$	62.56		$	54.33		$	51.62
Income from investment operations:
Net investment incomeb		0.41			0.70			0.29
Net realized and unrealized gainc		4.95			8.24			2.62
Total from investment operations		5.36			8.94			2.91
Less distributions from:
Net investment income		(0.41	)		(0.71	)		(0.20	)
Total distributions		(0.41	)		(0.71	)		(0.20	)
Net asset value, end of period	$	67.51		$	62.56		$	54.33
Total return		8.57	%d		16.54	%		5.65	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	533,365		$	306,526		$	141,264
Ratio of expenses to average net assetse		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assetse		1.24	%		1.18	%		1.88	%
Portfolio turnover ratef		65	%		123	%		38	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

56 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI USA Quality Factor ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Period from Jul. 16, 2013a to Jul. 31, 2013
Net asset value, beginning of period	$	57.68		$	50.10		$	50.04
Income from investment operations:
Net investment incomeb		0.44			0.85			0.01
Net realized and unrealized gainc		3.43			7.51			0.05
Total from investment operations		3.87			8.36			0.06
Less distributions from:
Net investment income		(0.42	)		(0.78	)		—
Total distributions		(0.42	)		(0.78	)		—
Net asset value, end of period	$	61.13		$	57.68		$	50.10
Total return		6.70	%d		16.76	%		0.12	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,023,919		$	438,398		$	110,220
Ratio of expenses to average net assetse		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assetse		1.44	%		1.52	%		0.31	%
Portfolio turnover ratef		6	%		27	%		0	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 57

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI USA Size Factor ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Period from Apr. 16, 2013a to Jul. 31, 2013
Net asset value, beginning of period	$	60.30		$	53.83		$	50.68
Income from investment operations:
Net investment incomeb		0.63			1.13			0.31
Net realized and unrealized gainc		4.04			6.51			3.05
Total from investment operations		4.67			7.64			3.36
Less distributions from:
Net investment income		(0.60	)		(1.17	)		(0.21	)
Total distributions		(0.60	)		(1.17	)		(0.21	)
Net asset value, end of period	$	64.37		$	60.30		$	53.83
Total return		7.74	%d		14.31	%		6.66	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	228,511		$	129,652		$	110,344
Ratio of expenses to average net assetse		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assetse		1.98	%		1.97	%		2.05	%
Portfolio turnover ratef		11	%		13	%		5	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

58 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

iShares MSCI USA Value Factor ETF

	Six months ended Jan. 31, 2015 (Unaudited)			Year ended Jul. 31, 2014			Period from Apr. 16, 2013a to Jul. 31, 2013
Net asset value, beginning of period	$	62.40		$	54.64		$	50.26
Income from investment operations:
Net investment incomeb		0.62			1.20			0.30
Net realized and unrealized gainc		0.66			7.72			4.29
Total from investment operations		1.28			8.92			4.59
Less distributions from:
Net investment income		(0.50	)		(1.16	)		(0.21	)
Total distributions		(0.50	)		(1.16	)		(0.21	)
Net asset value, end of period	$	63.18		$	62.40		$	54.64
Total return		2.02	%d		16.47	%		9.16	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	644,459		$	159,110		$	112,008
Ratio of expenses to average net assetse		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assetse		1.90	%		2.04	%		1.98	%
Portfolio turnover ratef		8	%		8	%		6	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

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

iShares ETF	Diversification Classification
MSCI International Developed Momentum Factora		Non-diversified
MSCI International Developed Quality Factora		Non-diversified
MSCI USA Momentum Factor		Diversified
MSCI USA Quality Factor		Non-diversified
MSCI USA Size Factor		Diversified
MSCI USA Value Factor		Diversified

^a  The Fund commenced operations on January 13, 2015.

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

60 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

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

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

As of January 31, 2015, the value of each of the Funds’ investments was classified as Level 1. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105%

62 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
MSCI USA Quality Factor	$	8,065,254	$	8,065,254	$	—
MSCI USA Size Factor		3,820,646		3,820,646		—
MSCI USA Value Factor		9,918,906		9,918,906		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA, manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
MSCI International Developed Momentum Factor		0.30	%
MSCI International Developed Quality Factor		0.30
MSCI USA Momentum Factor		0.15
MSCI USA Quality Factor		0.15
MSCI USA Size Factor		0.15
MSCI USA Value Factor		0.15

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

Pursuant to a securities lending agreement, the iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF, and iShares MSCI USA Value Factor ETF (the “Group 1 Funds”), retain 71.5% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.

Pursuant to a securities lending agreement, the iShares MSCI International Developed Momentum Factor ETF and iShares MSCI International Developed Quality Factor ETF (the “Group 2 Funds”), retain 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Group 1 Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral

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investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2015 each Group 1 Fund retained 70% of securities lending income and each Group 2 Fund retained 75% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Group 1 Fund retained for the remainder of calendar year 2014, 75% of securities lending income and each Group 2 Fund retained 80% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
MSCI USA Momentum Factor	$	454
MSCI USA Quality Factor		6,450
MSCI USA Size Factor		7,244
MSCI USA Value Factor		6,944

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

Cross trades for the six months ended January 31, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended January 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
MSCI USA Size Factor
BlackRock Inc.		629		507		(84	)		1,052	$	358,217	$	3,125	$	1,261
PNC Financial Services Group Inc. (The)		2,429		2,444		(105	)		4,768		403,087		3,619		1,538
										$	761,304	$	6,744	$	2,799
MSCI USA Value Factor
BlackRock Inc.		937		2,919		(465	)		3,391	$	1,154,669	$	6,971	$	36,438
PNC Financial Services Group Inc. (The)		9,159		29,657		(1,326	)		37,490		3,169,405		25,181		14,664
										$	4,324,074	$	32,152	$	51,102

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI International Developed Momentum Factor	$	141,284	$	—
MSCI International Developed Quality Factor		373,393		—
MSCI USA Momentum Factor		267,259,856		267,315,349
MSCI USA Quality Factor		40,238,075		39,499,415
MSCI USA Size Factor		21,491,354		20,877,989
MSCI USA Value Factor		34,696,415		33,047,343

In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI International Developed Momentum Factor	$	4,963,826	$	—
MSCI International Developed Quality Factor		4,751,463		—
MSCI USA Momentum Factor		354,199,390		155,714,624
MSCI USA Quality Factor		590,030,146		34,012,399
MSCI USA Size Factor		103,510,437		16,240,628
MSCI USA Value Factor		516,218,672		29,145,633

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4. CAPITAL SHARE TRANSACTIONS

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

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

5. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

The iShares MSCI International Developed Momentum Factor ETF and iShares MSCI International Developed Quality Factor ETF each invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy;

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

CREDIT RISK

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

6. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

As of July 31, 2014, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI USA Momentum Factor	$	178,551
MSCI USA Quality Factor		50,270
MSCI USA Size Factor		55,807

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI International Developed Momentum Factor	$	5,115,032	$	149,159	$	(72,886	)	$	76,273
MSCI International Developed Quality Factor		5,134,854		153,659		(74,111	)		79,548
MSCI USA Momentum Factor		506,726,612		38,898,381		(12,383,529	)		26,514,852
MSCI USA Quality Factor		980,518,014		72,013,614		(20,613,927	)		51,399,687
MSCI USA Size Factor		209,478,551		26,893,748		(3,950,695	)		22,943,053
MSCI USA Value Factor		645,437,435		30,528,866		(21,569,418	)		8,959,448

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 69

Board Review and Approval of Investment Advisory

Contract

iSHARES^® TRUST

I. iShares MSCI International Developed Momentum Factor ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.

At a meeting held on September 10-11, 2014, the Board, including all of the Independent Trustees, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on its review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review.

In selecting BFA and approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and made the following conclusions:

Expenses of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including a fund sponsored by an “at cost” service provider) (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the proposed investment advisory fee rate and overall expenses for the Fund were lower than the median of the investment advisory fee rates and overall expenses of the funds in the Lipper Group.

Based on this review, the other factors considered at the meeting, and their general knowledge of fund pricing, the Board concluded that the proposed investment advisory fee and expense levels of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services to be Provided by BFA — The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years, including in such areas as investor education, product management, customized portfolio consulting support, capital markets support, and proprietary risk and performance analytics tools. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the

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Contract (Continued)

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background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates — The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and will thus be in a position to evaluate whether, following the expiration of the Advisory Contract’s initial two-year term, any adjustments in the Fund’s fees would be appropriate.

Economies of Scale — The Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue at least annually following an initial two-year period, concluded that the investment advisory fee rate incorporates potential economies of scale and supported the Board’s approval of the Advisory Contract.

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

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 71

Board Review and Approval of Investment Advisory

Contract (Continued)

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Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that the existence of any such ancillary benefits would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Based on the considerations described above, the Board determined that the investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining and concluded that it is in the best interest of the Fund and its shareholders to approve the Advisory Contract.

II. iShares MSCI International Developed Quality Factor ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.

At a meeting held on September 10-11, 2014, the Board, including all of the Independent Trustees, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on its review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review.

In selecting BFA and approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and made the following conclusions:

Expenses of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including a fund sponsored by an “at cost” service provider) (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

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Contract (Continued)

iSHARES^® TRUST

The Board also noted that the proposed investment advisory fee rate and overall expenses for the Fund were lower than the median of the investment advisory fee rates and overall expenses of the funds in the Lipper Group.

Based on this review, the other factors considered at the meeting, and their general knowledge of fund pricing, the Board concluded that the proposed investment advisory fee and expense levels of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services to be Provided by BFA — The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years, including in such areas as investor education, product management, customized portfolio consulting support, capital markets support, and proprietary risk and performance analytics tools. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates — The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and will thus be in a position to evaluate whether, following the expiration of the Advisory Contract’s initial two-year term, any adjustments in the Fund’s fees would be appropriate.

Economies of Scale — The Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue at least annually following an initial two-year period, concluded that the investment advisory fee rate incorporates potential economies of scale and supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 73

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® TRUST

U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts that track the same underlying index that serves as the underlying index for the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares Funds, including in terms of the different, generally more extensive services to be provided to the iShares funds, as well as other significant differences in the approach of BFA and its affiliates to the iShares funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses to be borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that the existence of any such ancillary benefits would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Based on the considerations described above, the Board determined that the investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining and concluded that it is in the best interest of the Fund and its shareholders to approve the Advisory Contract.

74 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI USA Momentum Factor	$	0.404439	$	—	$	0.006657	$	0.411096		98	%		—	%		2	%		100	%
MSCI USA Quality Factor		0.414375		—		0.001229		0.415604		100			—			0	a		100
MSCI USA Size Factor		0.539676		—		0.055749		0.595425		91			—			9			100
MSCI USA Value Factor		0.470884		—		0.027614		0.498498		94			—			6			100

^a  Rounds to less than 1%.

SUPPLEMENTAL INFORMATION 75

Notes:

76 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 77

Notes:

78 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

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

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-711-0115

Item 2. Code of Ethics.

Not applicable to this semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual filing.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the Registrant’s Principal Executive Officer) and 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 attached certification.

(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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable to this semi-annual filing.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable to the Registrant.

(b) Section 906 Certifications are attached.

SIGNATURES

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

iShares Trust

By: /s/ Manish Mehta

Manish Mehta, President (Principal Executive Officer)

Date: March 27, 2015

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

By: /s/ Manish Mehta

Manish Mehta, President

(Principal Executive Officer)

Date: March 27, 2015

By: /s/ Jack Gee

Jack Gee, Treasurer and Chief Financial Officer

(Principal Financial Officer)

Date: March 27, 2015