Schedule of Investments  (unaudited) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Debt Obligations
Alabama — 0.6%
Alabama Federal Aid Highway Finance Authority RB
5.00%, 09/01/20	$	2,000	$	2,085,240
5.00%, 09/01/24 (PR 09/01/22)		2,500		2,783,350
5.00%, 09/01/30 (Call 09/01/24)		2,000		2,322,820
Series 2007-2, Class A4, 5.00%, 09/01/28 (Call 09/01/24)		3,500		4,093,600
Series A, 4.00%, 06/01/37 (Call 09/01/27)		4,290		4,758,554
Series A, 5.00%, 09/01/35 (Call 09/01/26)		3,075		3,665,492
Series A, 5.00%, 09/01/36 (Call 09/01/26)		5,000		5,944,200
Series B, 5.00%, 09/01/23		5,585		6,404,711
Series B, 5.00%, 09/01/24		1,600		1,886,352
Alabama Public School & College Authority RB
Series B, 5.00%, 01/01/20		1,000		1,020,590
Series B, 5.00%, 01/01/21		1,440		1,520,467
Series B, 5.00%, 01/01/22		6,875		7,499,525
Series B, 5.00%, 01/01/23		3,100		3,480,711
Series B, 5.00%, 01/01/24		3,500		4,043,795
Series B, 5.00%, 01/01/26 (Call 07/01/24)		5,535		6,466,264
Auburn University RB
Series A, 4.00%, 06/01/41 (Call 06/01/26)		2,000		2,180,260
Series A, 5.00%, 06/01/48 (Call 06/01/28)		7,000		8,399,650
State of Alabama GO, Series C, 5.00%, 08/01/27 (Call 08/01/26)		1,025		1,259,315
Water Works Board of the City of Birmingham (The) RB, 5.00%, 01/01/41 (PR 01/01/21)		1,185		1,251,407
				71,066,303
Alaska — 0.0%
City of Anchorage AK Electric Revenue RB,
Series A, 4.00%, 12/01/44 (Call 12/01/24)		2,000		2,103,240
Arizona — 1.6%
Arizona Department of Transportation State Highway Fund Revenue RB
5.00%, 07/01/24		1,000		1,175,730
5.00%, 07/01/30 (Call 07/01/24)		2,000		2,321,380
5.00%, 07/01/33 (Call 07/01/24)		2,900		3,343,613
Series A, 5.00%, 07/01/19		2,075		2,080,665
Series A, 5.00%, 07/01/21		1,500		1,610,055
Series A, 5.00%, 07/01/22		6,650		7,365,407
Series A, 5.00%, 07/01/24 (Call 07/01/21)		935		1,003,601
Series A, 5.00%, 07/01/29 (Call 07/01/22)		2,890		3,176,139
Series A, 5.00%, 07/01/29 (PR 07/01/22)		285		314,774
Series A, 5.00%, 07/01/30 (Call 07/01/22)		1,105		1,213,014
Series A, 5.00%, 07/01/30 (PR 07/01/22)		895		988,501
Arizona School Facilities Board COP
Series A, 5.00%, 09/01/21		2,285		2,464,190
Series A, 5.00%, 09/01/23		750		857,415
Arizona State University RB
Series A, 5.00%, 07/01/42 (PR 07/01/22)		1,000		1,106,060
Series B, 5.00%, 07/01/47 (Call 07/01/26)		1,500		1,748,445
Arizona Transportation Board RB
5.00%, 07/01/19		2,000		2,005,460
5.00%, 07/01/23		7,530		8,596,850

Security	Par (000)		Value
Arizona (continued)
5.00%, 07/01/24	$	6,175	$	7,260,133
5.00%, 07/01/24 (PR 07/01/19)		685		686,856
5.25%, 07/01/20 (PR 07/01/19)		480		481,387
Arizona Water Infrastructure Finance Authority RB
5.00%, 10/01/26 (Call 10/01/24)		7,885		9,311,870
Series A, 5.00%, 10/01/22		870		971,486
Series A, 5.00%, 10/01/22 (ETM)		555		619,485
Series A, 5.00%, 10/01/30 (PR 10/01/20)		2,600		2,722,746
City of Mesa AZ Utility System Revenue RB, 4.00%, 07/01/32 (Call 07/01/26)		1,500		1,671,945
City of Phoenix AZ GO
4.00%, 07/01/24		1,040		1,168,190
4.00%, 07/01/25 (Call 07/01/24)		2,000		2,245,160
5.00%, 07/01/25		3,800		4,573,490
5.00%, 07/01/26		1,130		1,390,838
5.00%, 07/01/27 (Call 07/01/26)		5,485		6,743,314
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/19		1,000		1,002,710
5.00%, 07/01/20		4,800		4,984,224
5.00%, 07/01/21		4,770		5,119,975
5.00%, 07/01/39 (Call 07/01/26)		2,215		2,613,855
Series 2015A, 5.00%, 07/01/45 (Call 07/01/25)		2,000		2,296,000
Series A, 5.00%, 07/01/39 (PR 07/01/19)		800		802,168
Series A, 5.00%, 07/01/40 (PR 07/01/20)		1,700		1,764,311
Series A, 5.00%, 07/01/41 (Call 07/01/25)		2,000		2,312,560
Series B, 5.00%, 07/01/20		2,000		2,076,760
Series B, 5.00%, 07/01/26 (Call 07/01/24)		1,500		1,758,555
Series B, 5.00%, 07/01/27 (Call 07/01/24)		3,000		3,512,460
Series D, 5.00%, 07/01/35 (Call 07/01/27)		4,200		5,049,282
County of Pima AZ Sewer System Revenue RB, 5.00%, 07/01/23		2,500		2,848,875
Maricopa County Community College District GO
5.00%, 07/01/20		2,035		2,113,327
5.00%, 07/01/21		2,840		3,049,564
Pinal County Electric District No. 3 RB,
5.25%, 07/01/41 (PR 07/01/21)		1,000		1,077,390
Salt River Project Agricultural Improvement & Power District RB
5.00%, 01/01/23		3,280		3,685,244
5.00%, 01/01/24		1,070		1,236,759
5.00%, 01/01/27		1,900		2,367,115
5.00%, 01/01/28		1,000		1,268,960
5.00%, 01/01/31 (Call 01/01/28)		3,585		4,475,299
5.00%, 12/01/34 (Call 06/01/25)		2,500		2,929,075
5.00%, 01/01/35 (Call 01/01/28)		1,000		1,229,570
5.00%, 01/01/36 (Call 01/01/28)		2,000		2,451,480
5.00%, 01/01/38 (Call 01/01/28)		1,570		1,912,637
5.00%, 01/01/39 (Call 01/01/28)		13,000		15,798,900
Series A, 4.00%, 01/01/38 (Call 01/01/27)		2,000		2,186,480
Series A, 5.00%, 12/01/26 (Call 12/01/21)		2,030		2,205,493
Series A, 5.00%, 01/01/27		1,000		1,245,850
Series A, 5.00%, 12/01/28 (Call 12/01/21)		2,075		2,249,590
Series A, 5.00%, 12/01/29 (Call 06/01/22)		400		439,072
Series A, 5.00%, 12/01/30 (Call 06/01/22)		2,500		2,738,050
Series A, 5.00%, 12/01/31 (Call 06/01/22)		2,100		2,298,681

1

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Arizona (continued)
Series A, 5.00%, 01/01/37 (Call 01/01/28)	$	7,955	$	9,719,101
Series A, 5.00%, 01/01/38 (Call 01/01/27)		6,600		7,891,026
Series A, 5.00%, 12/01/45 (Call 06/01/25)		5,000		5,768,350
Series B, 5.00%, 12/01/19		500		508,910
State of Arizona COP
Series A, 5.00%, 10/01/29 (Call 10/01/19) (AGM)		1,000		1,011,570
Series A, 5.25%, 10/01/20 (Call 10/01/19) (AGM)		355		359,395
				199,576,822
Arkansas — 0.0%
State of Arkansas GO
4.00%, 06/15/20		2,000		2,053,220
5.00%, 06/15/21		1,000		1,071,820
				3,125,040
California — 20.8%
Acalanes Union High School District GO, Series A, 0.00%, 08/01/39 (Call 08/01/29)(a)		3,000		3,059,460
Alameda Corridor Transportation Authority RB
Series B, 5.00%, 10/01/34 (Call 10/01/26)		2,000		2,324,980
Series B, 5.00%, 10/01/36 (Call 10/01/26)		2,785		3,219,711
Series B, 5.00%, 10/01/36 (Call 10/01/26) (AGM)		1,000		1,173,540
Series B, 5.00%, 10/01/37 (Call 10/01/26)		4,950		5,707,152
Alameda County Transportation Commission RB, 4.00%, 03/01/22		500		537,815
Allan Hancock Joint Community College District/CA GO,
Series C, 0.00%, 08/01/47 (Call 08/01/40)(a)		6,000		4,516,200
Alvord Unified School District GO
Series B, 0.00%, 08/01/36 (AGM)(a)		2,000		1,130,380
Series B, 0.00%, 08/01/43 (AGM)(a)		6,415		2,888,482
Anaheim Housing & Public Improvements Authority RB
5.00%, 10/01/34 (Call 10/01/21)		1,150		1,240,160
5.00%, 10/01/34 (PR 10/01/21)		850		922,191
5.00%, 10/01/35 (Call 10/01/21)		795		856,382
5.00%, 10/01/35 (PR 10/01/21)		590		640,109
5.00%, 10/01/41 (Call 10/01/21)		920		990,012
5.00%, 10/01/41 (PR 10/01/21)		680		737,752
Anaheim Public Financing Authority RB, Series C, 0.00%, 09/01/32 (AGM)(a)		3,040		2,058,658
Bay Area Toll Authority RB
1.38%, 04/01/53 (Put 10/01/19)(b)(c)		2,200		2,200,594
2.13%, 04/01/53 (Put 10/01/24)(b)(c)		2,000		2,041,740
4.00%, 04/01/33 (Call 04/01/27)		1,800		2,036,016
4.00%, 04/01/38 (Call 04/01/27)		4,950		5,425,645
4.00%, 04/01/42 (Call 04/01/27)		2,500		2,713,300
4.00%, 04/01/47 (Call 04/01/27)		13,500		14,598,360
4.00%, 04/01/56 (Call 04/01/27)		2,600		2,786,108
5.00%, 04/01/28		1,600		2,086,000
5.00%, 04/01/44 (Call 04/01/29)		2,000		2,437,340
5.00%, 04/01/49 (Call 04/01/29)		2,000		2,420,180
Series A, 2.95%, 04/01/47 (Put 10/01/25)(b)(c)		1,000		1,072,580
Series B, 2.85%, 04/01/47 (Put 10/01/24)(b)(c)		4,000		4,236,720
Series D, 1.88%, 04/01/34 (Put 10/01/19)(b)(c)		2,200		2,204,268
Series F-1, 5.00%, 04/01/23 (Call 04/01/22)		1,860		2,056,881
Series F-1, 5.00%, 04/01/26 (Call 04/01/22)		1,000		1,104,380
Series F-1, 5.00%, 04/01/28 (Call 04/01/22)		1,595		1,759,604
Series F-1, 5.00%, 04/01/30 (Call 04/01/22)		2,000		2,200,540

Security	Par (000)		Value
California (continued)
Series F-1, 5.00%, 04/01/31 (Call 04/01/22)	$	1,315	$	1,443,397
Series F-1, 5.00%, 04/01/54 (Call 04/01/24)		3,000		3,379,830
Series F-2, 4.00%, 04/01/21		1,000		1,051,130
Series S-2, 5.00%, 10/01/42 (PR 10/01/20)		2,510		2,634,622
Series S-4, 5.00%, 04/01/29 (PR 04/01/23)		1,090		1,243,505
Series S-4, 5.00%, 04/01/32 (PR 04/01/23)		2,000		2,281,660
Series S-4, 5.00%, 04/01/43 (PR 04/01/23)		1,750		1,996,453
Series S-4, 5.25%, 04/01/48 (PR 04/01/23)		2,250		2,587,815
Series S-4, 5.25%, 04/01/53 (PR 04/01/23)		370		425,552
Series S-6, 5.00%, 10/01/54 (Call 10/01/24)		4,000		4,544,080
Bay Area Water Supply & Conservation Agency RB, Series A, 5.00%, 10/01/34 (Call 04/01/23)		4,500		5,036,355
Beverly Hills Unified School District CA GO, 0.00%, 08/01/33(a)		1,000		696,200
California Educational Facilities Authority RB
5.00%, 04/01/45 (Call 04/01/25)		2,000		2,281,980
5.00%, 10/01/49 (Call 04/01/26)		500		581,965
Series T-1, 5.00%, 03/15/39		1,015		1,419,863
Series U-2, 5.00%, 10/01/32		5,000		6,733,700
Series U-3, 5.00%, 06/01/43		4,000		5,669,000
Series U-6, 5.00%, 05/01/45		4,400		6,331,380
Series U-7, 5.00%, 06/01/46		6,500		9,414,795
Series V-1, 5.00%, 05/01/49		7,000		10,311,350
California Infrastructure & Economic Development Bank RB
5.00%, 05/15/42 (Call 05/15/28)		1,500		1,810,815
5.13%, 07/01/37 (PR 07/01/26) (AMBAC)		5,710		7,172,902
Series A, 4.00%, 10/01/45 (Call 10/01/26)		1,500		1,625,385
Series A, 5.00%, 07/01/23 (ETM) (AGM)		2,845		3,276,131
Series A, 5.00%, 07/01/33 (PR 01/01/28) (AMBAC)		2,000		2,577,980
Series A, 5.00%, 07/01/36 (PR 01/01/28) (AMBAC)		500		644,495
Series A, 5.00%, 10/01/41 (Call 10/01/26)		1,010		1,198,133
California Municipal Finance Authority RB
5.00%, 06/01/42 (Call 06/01/27)		2,110		2,489,631
5.00%, 01/01/48 (Call 01/01/28)		1,000		1,204,230
California School Facilities Financing Authority RB, 0.00%, 08/01/49 (AGM)(a)		3,000		841,920
California State Public Works Board RB
5.00%, 05/01/25		6,445		7,740,252
5.00%, 11/01/33 (Call 11/01/26)		4,230		5,100,576
Series A, 5.00%, 12/01/19 (AMBAC)		5		5,094
Series A, 5.00%, 04/01/20		690		710,755
Series A, 5.00%, 04/01/22		1,810		1,992,014
Series A, 5.00%, 09/01/27 (Call 09/01/24)		2,175		2,554,646
Series A, 5.00%, 09/01/28 (Call 09/01/24)		2,600		3,045,250
Series A, 5.00%, 04/01/30 (Call 04/01/22)		5,500		6,017,385
Series A, 5.00%, 09/01/32 (Call 09/01/24)		1,535		1,768,351
Series A, 5.00%, 04/01/37 (Call 04/01/22)		1,710		1,863,199
Series A, 5.00%, 03/01/38 (Call 03/01/23)		5,120		5,692,518
Series A, 5.00%, 09/01/39 (Call 09/01/24)		1,000		1,136,320
Series A-1, 6.00%, 03/01/35 (PR 03/01/20)		1,000		1,035,310
Series B, 5.00%, 10/01/22		1,800		2,011,842
Series B, 5.00%, 10/01/25		1,910		2,317,919
Series B, 5.00%, 10/01/39 (Call 10/01/24)		2,750		3,130,132
Series C, 4.00%, 06/01/28 (Call 06/01/22)		200		213,318
Series D, 5.00%, 12/01/23 (Call 12/01/21)		1,500		1,631,985
Series D, 5.00%, 12/01/31 (Call 12/01/21)		750		812,910
Series F, 5.00%, 05/01/20		1,000		1,033,110

2

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series F, 5.00%, 05/01/21	$	3,000	$	3,206,160
Series F, 5.00%, 05/01/23		3,420		3,888,403
Series F, 5.00%, 05/01/26 (Call 05/01/25)		3,115		3,731,272
Series F, 5.00%, 05/01/27 (Call 05/01/25)		4,280		5,113,402
Series G, 5.00%, 01/01/21		4,505		4,761,064
Series G, 5.00%, 11/01/37 (Call 11/01/22)		3,175		3,516,249
Series G-1, 5.75%, 10/01/30 (PR 10/01/19)		3,025		3,069,346
Series H, 5.00%, 09/01/38 (PR 09/01/23)		1,000		1,157,570
Series I, 5.00%, 11/01/38 (Call 11/01/23)		6,830		7,723,569
Series I-1, 6.38%, 11/01/34 (PR 11/01/19)		600		612,576
California State University RB
5.00%, 11/01/36 (Call 05/01/27)		1,960		2,372,835
5.00%, 11/01/42 (Call 05/01/27)		3,450		4,118,368
Series A, 4.00%, 11/01/28 (Call 11/01/22)		1,680		1,813,308
Series A, 4.00%, 11/01/34 (Call 11/01/25)		2,000		2,227,080
Series A, 4.00%, 11/01/34 (Call 05/01/26)		1,000		1,121,780
Series A, 4.00%, 11/01/35 (Call 05/01/26)		5,000		5,576,750
Series A, 4.00%, 11/01/37 (Call 05/01/26)		3,625		3,997,469
Series A, 4.00%, 11/01/38 (Call 05/01/26)		2,240		2,450,112
Series A, 4.00%, 11/01/45 (Call 05/01/26)		8,300		8,957,443
Series A, 5.00%, 11/01/23		1,000		1,161,580
Series A, 5.00%, 11/01/24 (Call 11/01/21)		1,250		1,361,988
Series A, 5.00%, 11/01/24 (Call 11/01/23)		2,040		2,368,685
Series A, 5.00%, 11/01/25 (Call 11/01/23)		1,400		1,624,252
Series A, 5.00%, 11/01/27 (Call 11/01/22)		1,170		1,312,670
Series A, 5.00%, 11/01/30 (Call 11/01/25)		3,000		3,637,890
Series A, 5.00%, 11/01/31 (Call 05/01/26)		500		607,185
Series A, 5.00%, 11/01/31 (Call 05/01/27)		1,500		1,858,815
Series A, 5.00%, 11/01/32 (Call 11/01/24)		8,000		9,383,760
Series A, 5.00%, 11/01/32 (Call 05/01/26)		2,000		2,419,440
Series A, 5.00%, 11/01/33 (Call 11/01/24)		2,500		2,924,925
Series A, 5.00%, 11/01/33 (Call 11/01/25)		1,500		1,792,635
Series A, 5.00%, 11/01/34 (Call 11/01/24)		2,950		3,439,818
Series A, 5.00%, 11/01/37 (Call 11/01/22)		5,320		5,902,966
Series A, 5.00%, 11/01/38 (Call 11/01/25)		3,150		3,694,540
Series A, 5.00%, 11/01/38 (Call 05/01/27)		2,500		3,009,075
Series A, 5.00%, 11/01/39 (Call 11/01/24)		500		574,740
Series A, 5.00%, 11/01/41 (Call 05/01/26)		1,005		1,180,141
Series A, 5.00%, 11/01/43 (Call 11/01/25)		1,500		1,742,460
Series A, 5.00%, 11/01/43 (Call 11/01/28)		3,000		3,677,520
Series A, 5.00%, 11/01/44 (Call 11/01/24)		700		800,051
Series A, 5.00%, 11/01/45 (Call 05/01/26)		5,820		6,800,670
Series A, 5.00%, 11/01/47 (Call 05/01/27)		2,900		3,441,807
Series A, 5.00%, 11/01/48 (Call 11/01/28)		7,500		9,112,425
Series B-2, 4.00%, 11/01/49 (Put 05/01/21)(b)(c)		1,875		1,965,094
California Statewide Communities Development Authority RB, Series A, 5.00%, 05/15/42 (Call 05/15/27)		500		580,540
Campbell Union High School District GO, Series B, 4.00%, 08/01/38 (Call 08/01/26)		1,000		1,087,200
Centinela Valley Union High School District GO, Series B, 0.00%, 08/01/45 (Call 08/01/22) (AGM)(a)		4,000		974,960
Cerritos Community College District GO
Series A, 4.00%, 08/01/44 (Call 08/01/24)		1,750		1,852,655
Series A, 5.00%, 08/01/39 (Call 08/01/24)		6,065		6,902,455

Security	Par (000)		Value
California (continued)
Chabot-Las Positas Community College District GO
4.00%, 08/01/33 (Call 08/01/26)	$	2,000	$	2,222,600
4.00%, 08/01/34 (Call 08/01/26)		2,845		3,143,583
5.00%, 08/01/31 (Call 08/01/23)		1,200		1,353,636
Series A, 4.00%, 08/01/19		1,500		1,506,750
Chaffey Joint Union High School District GO, Series B, 4.00%, 08/01/44 (Call 02/01/25)		2,000		2,122,440
City & County of San Francisco CA COP, Series A, 5.00%, 04/01/29 (Call 07/01/19)		500		501,370
City & County of San Francisco CA GO
Series R1, 5.00%, 06/15/21		25		26,932
Series R1, 5.00%, 06/15/22 (Call 12/15/21)		1,000		1,095,350
City of Long Beach CA Harbor Revenue RB, Series C, 5.00%, 05/15/47 (Call 05/15/27)		1,000		1,191,490
City of Los Angeles CA GO
Series B, 5.00%, 09/01/19		1,200		1,211,268
Series B, 5.00%, 09/01/20		1,250		1,309,613
City of Los Angeles CA Wastewater System Revenue RB
5.00%, 06/01/48 (Call 06/01/28)		10,000		12,098,000
Series A, 5.00%, 06/01/19		5,425		5,425,000
Series A, 5.00%, 06/01/26 (Call 06/01/23)		1,000		1,143,930
Series A, 5.00%, 06/01/34 (Call 06/01/23)		1,000		1,132,670
Series A, 5.00%, 06/01/39 (PR 06/01/19)		500		500,000
Series A, 5.00%, 06/01/43 (Call 06/01/23)		8,730		9,790,258
Series A, 5.00%, 06/01/43 (Call 06/01/28)		1,500		1,828,500
Series A, 5.25%, 06/01/47 (Call 06/01/27)		1,500		1,825,575
Series B, 5.00%, 06/01/22		2,625		2,916,375
Series B, 5.00%, 06/01/31 (Call 06/01/22)		3,000		3,307,860
Series B, 5.00%, 06/01/32 (Call 06/01/22)		400		440,800
Series C, 5.00%, 06/01/45 (Call 06/01/25)		1,000		1,157,680
City of Los Angeles Department of Airports RB
5.00%, 05/15/48 (Call 05/15/29)		1,500		1,839,990
Series A, 5.00%, 05/15/26 (Call 05/15/20)		2,705		2,803,083
Series A, 5.00%, 05/15/28 (Call 05/15/20)		2,000		2,071,740
Series A, 5.00%, 05/15/32 (Call 05/15/20)		1,125		1,163,723
Series A, 5.00%, 05/15/35 (Call 05/15/20)		4,870		5,033,875
Series A, 5.00%, 05/15/40 (Call 05/15/20)		7,950		8,210,680
Series B, 5.00%, 05/15/35 (Call 05/15/22)		500		544,965
Series B, 5.00%, 05/15/40 (Call 05/15/20)		3,000		3,098,370
Series C, 5.00%, 05/15/38 (Call 05/15/25)		3,100		3,587,537
Series D, 5.25%, 05/15/33 (Call 05/15/20)		700		726,145
City of Riverside CA Sewer Revenue RB, Series A, 5.00%, 08/01/40 (Call 08/01/25)		1,690		1,955,195
City of Sacramento CA Water Revenue RB, 5.00%, 09/01/42 (Call 09/01/23)		9,750		11,067,810
City of San Francisco CA Public Utilities Commission Water Revenue RB
5.00%, 11/01/27 (Call 11/01/26)		6,500		8,173,100
5.00%, 11/01/29 (Call 11/01/26)		3,000		3,742,170
5.00%, 11/01/31 (Call 05/01/25)		2,000		2,394,440
5.00%, 11/01/32 (Call 05/01/25)		2,000		2,379,480
5.00%, 11/01/34 (Call 11/01/26)		1,000		1,218,130
5.00%, 11/01/36 (Call 05/01/25)		1,255		1,464,899

3

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series A, 4.00%, 11/01/39 (Call 11/01/26)	$	2,000	$	2,174,260
Series A, 5.00%, 11/01/30 (PR 11/01/21)		5,500		5,997,365
Series A, 5.00%, 11/01/32 (PR 11/01/21)		400		436,172
Series A, 5.00%, 11/01/33 (Call 11/01/26)		2,000		2,453,320
Series A, 5.00%, 11/01/35 (Call 05/01/22)		2,645		2,896,381
Series A, 5.00%, 11/01/35 (PR 05/01/22)		1,355		1,500,486
Series A, 5.00%, 11/01/37 (Call 05/01/22)		1,000		1,094,140
Series A, 5.00%, 11/01/41 (Call 11/01/21)		2,750		2,979,955
Series A, 5.00%, 11/01/43 (Call 05/01/22)		1,000		1,094,740
Series B, 5.00%, 11/01/39 (PR 11/01/19)		1,000		1,015,380
Series D, 5.00%, 11/01/34 (Call 11/01/27)		2,000		2,487,220
Clovis Unified School District GO, Series D, 4.00%, 08/01/40 (Call 08/01/25)		1,000		1,073,510
Coast Community College District GO
0.00%, 08/01/34 (Call 08/01/25)(a)		2,000		1,166,080
5.00%, 08/01/29 (Call 08/01/25)		2,000		2,401,560
Series A, 4.00%, 08/01/38 (Call 08/01/23)		2,000		2,117,400
Series A, 5.00%, 08/01/38 (Call 08/01/23)		5,580		6,298,425
Series B, 0.00%, 08/01/27 (AGM)(a)		6,475		5,515,211
Series D, 4.00%, 08/01/42 (Call 08/01/27)		2,000		2,180,980
Contra Costa Community College District GO
5.00%, 08/01/38 (Call 08/01/23)		10,155		11,492,921
Series A, 4.00%, 08/01/39 (Call 08/01/24)		750		811,035
County of Sacramento CA Airport System Revenue RB
5.00%, 07/01/40 (Call 07/01/20)		1,145		1,185,052
Series A, 5.00%, 07/01/41 (Call 07/01/26)		3,500		4,090,240
County of Santa Clara CA GO
Series B, 4.00%, 08/01/39 (Call 08/01/22)		2,250		2,382,300
Series C, 4.00%, 08/01/38 (Call 08/01/27)		3,015		3,362,388
Cucamonga Valley Water District RB
Series A, 5.38%, 09/01/35 (Call 09/01/21) (AGM)		205		222,150
Series A, 5.38%, 09/01/35 (PR 09/01/21) (AGM)		545		594,786
Desert Community College District GO, 4.00%, 08/01/39 (Call 08/01/27)		3,500		3,840,060
East Bay Municipal Utility District Water System
Revenue RB
Series A, 5.00%, 06/01/36 (Call 06/01/25)		1,925		2,291,424
Series A, 5.00%, 06/01/36 (PR 06/01/20)		13,210		13,702,072
Series A, 5.00%, 06/01/42 (Call 06/01/27)		2,955		3,562,637
Series A, 5.00%, 06/01/45 (Call 06/01/27)		9,240		11,120,155
Series B, 5.00%, 06/01/22		2,000		2,226,380
Series B, 5.00%, 06/01/23		1,000		1,149,400
Series B, 5.00%, 06/01/31 (Call 06/01/27)		2,000		2,510,220
Series B, 5.00%, 06/01/34 (Call 06/01/27)		2,800		3,462,340
Series B, 5.00%, 06/01/36 (Call 06/01/27)		2,105		2,582,225
Eastern Municipal Water District Financing Authority RB,
Series D, 5.00%, 07/01/47 (Call 07/01/27)		1,500		1,786,305
El Camino Community College District GO
Series 2012-A, 4.00%, 08/01/45 (Call 08/01/26)		2,000		2,154,560
Series C, 0.00%, 08/01/32(a)		200		145,316
Series C, 0.00%, 08/01/34(a)		8,415		5,666,829
El Dorado Irrigation District/El Dorado County Water Agency RB, Series A, 5.00%, 03/01/34 (Call 03/01/24) (AGM)		500		573,015
Escondido Union High School District GO
Series C, 0.00%, 08/01/46(a)		1,905		757,961
Series C, 0.00%, 08/01/51(a)		2,850		952,442

Security	Par (000)		Value
California (continued)
Foothill-De Anza Community College District GO
4.00%, 08/01/40 (Call 08/01/26)	$	4,000	$	4,351,000
Series C, 5.00%, 08/01/36 (PR 08/01/21)		1,000		1,081,160
Series C, 5.00%, 08/01/40 (PR 08/01/21)		4,750		5,135,510
Foothill-Eastern Transportation Corridor Agency RB
0.00%, 01/15/34 (AGM)(a)		4,500		2,896,335
0.00%, 01/15/35 (AGM)(a)		1,700		1,055,377
0.00%, 01/15/37 (AGM)(a)		1,000		574,110
Series A, 0.00%, 01/01/20 (ETM)(a)		1,355		1,344,092
Series A, 0.00%, 01/01/23 (ETM)(a)		500		474,325
Series A, 0.00%, 01/01/25 (ETM)(a)		200		182,796
Series A, 0.00%, 01/01/26 (ETM)(a)		1,500		1,346,385
Series A, 0.00%, 01/01/28 (ETM)(a)		4,450		3,825,887
Series A, 0.00%, 01/01/30 (ETM)(a)		1,000		810,220
Series A, 0.00%, 01/15/36 (AGM)(a)		2,000		1,197,740
Series A, 5.00%, 01/15/42 (Call 01/15/24) (AGM)		2,000		2,238,340
Series A, 6.00%, 01/15/49 (Call 01/15/24)		1,500		1,761,480
Series A, 6.00%, 01/15/53 (Call 01/15/24)		5,125		6,010,344
Series B-1, 3.95%, 01/15/53 (Call 07/15/27)		1,800		1,884,510
Fremont Union High School District GO
4.00%, 08/01/40 (Call 08/01/24)		2,000		2,142,700
Series A, 5.00%, 08/01/44 (Call 08/01/27)		2,000		2,404,280
Glendale Unified School District/CA GO, Series B, 4.00%, 09/01/41 (Call 09/01/25)		1,650		1,788,435
Hayward Area Recreation & Park District GO, Series A, 4.00%, 08/01/46 (Call 08/01/27)		8,950		9,726,054
Hayward Unified School District GO, 5.00%, 08/01/44 (Call 08/01/28) (BAM)		2,300		2,755,239
Long Beach Community College District GO
Series B, 0.00%, 08/01/49 (Call 08/01/42)(a)		2,000		1,502,860
Series B, 5.00%, 08/01/39 (PR 08/01/22)		1,500		1,677,105
Long Beach Unified School District GO, Series D-1, 0.00%, 08/01/39 (Call 02/01/25)(a)		800		366,552
Los Angeles Community College District/CA GO
4.00%, 08/01/37 (Call 08/01/26)		6,015		6,644,650
5.00%, 08/01/38 (Call 08/01/26)		1,325		1,576,790
Series A, 4.00%, 08/01/32 (Call 08/01/24)		1,000		1,107,260
Series A, 4.00%, 08/01/33 (Call 08/01/24)		2,960		3,267,958
Series A, 5.00%, 08/01/22		1,000		1,117,620
Series A, 5.00%, 08/01/29 (Call 08/01/24)		10,495		12,385,149
Series A, 5.00%, 08/01/30 (Call 08/01/24)		8,935		10,524,626
Series A, 5.00%, 08/01/31 (Call 08/01/24)		2,000		2,351,460
Series A, 6.00%, 08/01/33 (PR 08/01/19)		3,000		3,022,350
Series C, 5.00%, 06/01/26		1,000		1,250,370
Los Angeles County Facilities Inc. RB
4.00%, 12/01/48 (Call 12/01/28)		2,305		2,501,870
Series A, 5.00%, 12/01/43 (Call 12/01/28)		1,000		1,213,340
Los Angeles County Metropolitan Transportation Authority RB
5.00%, 07/01/37 (Call 07/01/28)		4,500		5,616,720
Series A, 5.00%, 07/01/20		1,800		1,874,016
Series A, 5.00%, 06/01/32 (Call 06/01/26)		1,500		1,822,185
Series A, 5.00%, 06/01/36 (Call 06/01/26)		4,400		5,287,260
Series A, 5.00%, 07/01/36 (Call 07/01/27)		1,000		1,229,390
Series A, 5.00%, 07/01/39 (Call 07/01/27)		10,000		12,123,700
Series A, 5.00%, 07/01/40 (Call 07/01/27)		8,000		9,659,200

4

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series A, 5.00%, 07/01/42 (Call 07/01/27)	$	2,585	$	3,106,601
Series A, 5.00%, 07/01/44 (Call 07/01/28)		3,500		4,279,450
Series B, 5.00%, 07/01/22 (PR 07/01/21)		1,000		1,078,070
Los Angeles County Public Works Financing Authority RB
5.00%, 08/01/37 (Call 08/01/22)		1,000		1,102,210
Series D, 4.00%, 12/01/40 (Call 12/01/25)		3,765		4,063,339
Los Angeles County Sanitation Districts Financing Authority RB, Series A, 5.00%, 10/01/20		1,000		1,049,920
Los Angeles Department of Water & Power System Revenue RB
5.00%, 07/01/42 (Call 07/01/27)		2,000		2,393,760
5.00%, 07/01/45 (Call 01/01/29)		10,000		12,241,300
5.00%, 07/01/49 (Call 01/01/29)		4,000		4,850,480
5.25%, 07/01/23 (Call 07/01/19)		500		501,485
5.25%, 07/01/49 (Call 01/01/29)		5,000		6,202,650
Series A, 5.00%, 07/01/19		2,200		2,206,402
Series A, 5.00%, 07/01/20		1,045		1,088,085
Series A, 5.00%, 07/01/21		35		37,748
Series A, 5.00%, 07/01/22 (Call 07/01/21)		4,255		4,584,465
Series A, 5.00%, 07/01/22 (PR 07/01/21)		20		21,540
Series A, 5.00%, 07/01/28 (Call 01/01/25)		2,000		2,392,440
Series A, 5.00%, 07/01/42 (Call 01/01/27)		7,495		8,886,971
Series A, 5.00%, 07/01/46 (Call 01/01/26)		7,050		8,153,113
Series B, 5.00%, 01/01/24 (Call 12/01/23)		1,300		1,513,876
Series B, 5.00%, 07/01/25 (Call 07/01/20)		2,000		2,080,900
Series B, 5.00%, 07/01/30 (Call 07/01/23)		1,500		1,712,520
Series B, 5.00%, 07/01/32 (Call 01/01/24)		1,145		1,318,525
Series B, 5.00%, 07/01/32 (Call 01/01/29)		1,750		2,238,915
Series B, 5.00%, 07/01/36 (Call 01/01/27)		2,000		2,422,960
Series B, 5.00%, 07/01/42 (Call 01/01/26)		1,095		1,274,230
Series B, 5.00%, 07/01/43 (Call 07/01/22)		4,415		4,867,493
Series B, 5.00%, 07/01/43 (Call 01/01/24)		1,780		2,012,183
Series B, 5.25%, 07/01/24 (Call 07/01/19)		1,630		1,634,841
Series B, 5.25%, 07/01/24 (PR 07/01/19)		15		15,044
Series C, 5.00%, 07/01/26 (Call 07/01/24)		1,315		1,553,870
Series D, 5.00%, 07/01/35 (Call 07/01/24)		2,980		3,459,244
Series D, 5.00%, 07/01/44 (Call 07/01/24)		9,455		10,802,337
Series E, 5.00%, 07/01/44 (Call 07/01/24)		7,515		8,585,887
Los Angeles Department of Water RB
5.00%, 07/01/37 (Call 07/01/28)		2,000		2,486,940
Series A, 5.00%, 07/01/36 (Call 01/01/21)		5,000		5,277,350
Series A, 5.00%, 07/01/41 (Call 01/01/27)		2,000		2,383,460
Series A, 5.00%, 07/01/43 (Call 07/01/22)		3,925		4,329,785
Series A, 5.00%, 07/01/46 (Call 01/01/26)		5,700		6,610,689
Series A, 5.00%, 07/01/48 (Call 01/01/28)		3,000		3,597,570
Series B, 5.00%, 07/01/33 (Call 07/01/23)		2,500		2,838,250
Series B, 5.00%, 07/01/34 (Call 07/01/23)		1,200		1,361,340
Series B, 5.00%, 07/01/36 (Call 07/01/22)		1,000		1,106,940
Series B, 5.00%, 07/01/43 (Call 07/01/22)		4,540		5,008,210
Series B, 5.00%, 07/01/46 (Call 01/01/26)		1,525		1,768,649
Los Angeles Unified School District/CA GO
5.00%, 07/01/27 (Call 07/01/26)		4,000		4,926,640
5.25%, 07/01/28 (Call 07/01/20)		16,000		16,666,880
Series A, 4.00%, 07/01/33 (Call 07/01/25)		1,000		1,103,040
Series A, 5.00%, 07/01/19		3,000		3,008,610

Security	Par (000)		Value
California (continued)
Series A, 5.00%, 07/01/20	$	5,000	$	5,203,400
Series A, 5.00%, 07/01/22		1,295		1,438,875
Series A, 5.00%, 07/01/23		6,530		7,460,721
Series A, 5.00%, 07/01/24		3,000		3,523,980
Series A, 5.00%, 07/01/25		1,900		2,292,882
Series A, 5.00%, 07/01/27		460		580,322
Series A, 5.00%, 07/01/29		5,000		6,508,900
Series A, 5.00%, 07/01/29 (Call 07/01/21)		1,000		1,069,960
Series A, 5.00%, 07/01/29 (Call 07/01/25)		4,000		4,780,840
Series A, 5.00%, 07/01/30 (Call 07/01/21)		3,080		3,291,565
Series A, 5.00%, 07/01/31 (Call 07/01/21)		4,110		4,389,685
Series A, 5.00%, 07/01/40 (Call 07/01/25)		5,320		6,171,094
Series B, 5.00%, 07/01/21		1,455		1,565,478
Series B-1, 5.00%, 07/01/26		1,500		1,851,900
Series B-1, 5.00%, 07/01/33 (Call 01/01/28)		4,000		4,930,680
Series B-1, 5.00%, 07/01/36 (Call 01/01/28)		2,000		2,438,960
Series B-1, 5.00%, 07/01/38 (Call 01/01/28)		2,000		2,428,220
Series B-1, 5.25%, 07/01/42 (Call 01/01/28)		2,000		2,451,020
Series C, 5.00%, 07/01/21		3,245		3,491,393
Series C, 5.00%, 07/01/22		9,335		10,372,118
Series C, 5.00%, 07/01/23		4,140		4,730,074
Series C, 5.00%, 07/01/24		1,360		1,597,538
Series C, 5.00%, 07/01/25 (Call 07/01/24)		2,050		2,404,753
Series C, 5.00%, 07/01/27 (Call 07/01/24)		190		222,372
Series C, 5.00%, 07/01/30 (Call 07/01/24)		750		870,518
Series D, 5.00%, 07/01/26 (Call 07/01/24)		1,550		1,817,406
Series D, 5.00%, 01/01/34 (Call 07/01/19)		250		250,695
Series D, 5.20%, 07/01/29 (Call 07/01/19)		1,000		1,002,930
Series I, 5.00%, 07/01/27 (Call 07/01/19)		6,890		6,909,154
Series I, 5.00%, 07/01/29 (Call 07/01/19)		1,200		1,203,336
Mendocino-Lake Community College District GO
Series B, 0.00%, 08/01/51 (AGM)(a)		750		238,988
Series B, 0.00%, 08/01/51 (PR 08/01/21) (AGM)(a)		1,175		112,624
Merced Union High School District GO, Series C, 0.00%, 08/01/46 (PR 08/01/21)(a)		1,500		244,020
Metropolitan Water District of Southern California RB
5.00%, 07/01/34 (Call 01/01/29)		8,000		10,215,520
Series A, 5.00%, 07/01/28 (Call 07/01/25)		8,695		10,549,296
Series B, 5.00%, 08/01/20 (Call 07/01/20)		2,000		2,082,020
Series C, 5.00%, 10/01/26 (Call 10/01/21)		200		217,262
Series C, 5.00%, 10/01/27		1,000		1,288,800
Series E, 5.00%, 07/01/23		1,000		1,150,250
Series G, 5.00%, 07/01/28 (Call 07/01/22)		560		621,858
Mount Diablo Unified School District/CA GO
Series A, 0.00%, 08/01/35 (Call 08/01/25) (AGM)(a)		2,530		2,589,177
Series E, 5.00%, 06/01/37 (Call 08/01/22)		7,880		8,670,128
Mount San Antonio Community College District GO
0.00%, 08/01/28 (Call 02/01/28)(a)		1,000		1,059,210
0.00%, 08/01/43 (Call 08/01/35)(a)		11,570		10,903,221
Series A, 4.00%, 08/01/49 (Call 08/01/29)		1,000		1,103,470
Municipal Improvement Corp. of Los Angeles RB
Series B, 4.00%, 11/01/34 (Call 11/01/26)		800		884,272
Series B, 5.00%, 11/01/30 (Call 11/01/26)		2,000		2,443,480

5

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Newport Mesa Unified School District GO
0.00%, 08/01/34(a)	$	1,500	$	1,014,675
0.00%, 08/01/36(a)		1,400		875,658
0.00%, 08/01/38(a)		1,500		865,020
0.00%, 08/01/41 (PR 08/01/21)(a)		2,520		597,769
0.00%, 08/01/43 (Call 08/01/27)(a)		1,500		616,665
0.00%, 08/01/44 (Call 08/01/27)(a)		1,125		443,171
0.00%, 08/01/45 (Call 08/01/27)(a)		2,500		944,200
Norman Y Mineta San Jose International Airport SJC RB, Series B, 5.00%, 03/01/47 (Call 03/01/27)		1,000		1,173,270
Ohlone Community College District GO, 4.00%, 08/01/41 (Call 08/01/26)		5,000		5,442,150
Orange County Local Transportation Authority RB
5.00%, 02/15/40 (Call 02/15/29)		19,805		24,577,213
5.00%, 02/15/41 (Call 02/15/29)		1,500		1,857,990
Palomar Community College District GO
4.00%, 08/01/45 (Call 08/01/27)		1,900		2,065,129
Series C, 4.00%, 08/01/40 (Call 08/01/25)		1,000		1,071,160
Series D, 5.25%, 08/01/45 (Call 08/01/27)		1,000		1,219,880
Peralta Community College District GO, Series C, 5.00%, 08/01/39 (PR 08/01/19)		500		502,980
Placentia-Yorba Linda Unified School District GO
Series D, 0.00%, 08/01/42(a)		1,205		560,373
Series D, 0.00%, 08/01/46(a)		2,500		951,125
Port of Los Angeles RB
Series B, 5.00%, 08/01/44 (Call 08/01/24)		2,430		2,768,766
Series C, 5.25%, 08/01/23 (Call 08/01/19)		1,000		1,006,460
Poway Unified School District GO
0.00%, 08/01/33(a)		1,000		697,170
0.00%, 08/01/36(a)		13,250		8,273,432
0.00%, 08/01/41(a)		1,500		771,045
0.00%, 08/01/46(a)		5,500		2,155,395
0.00%, 08/01/51(a)		1,250		402,600
Series B, 0.00%, 08/01/34(a)		4,630		3,113,258
Rio Hondo Community College District/CA GO, Series C, 0.00%, 08/01/42 (Call 08/01/34)(a)		8,060		9,421,145
Riverside County Public Financing Authority RB, 5.25%, 11/01/45 (Call 11/01/25)		1,000		1,182,430
Riverside County Transportation Commission RB
Series A, 5.25%, 06/01/39 (PR 06/01/23)		1,500		1,734,180
Series A, 5.75%, 06/01/48 (Call 06/01/23)		2,000		2,211,580
Series B, 5.00%, 06/01/35 (Call 12/01/27)		1,000		1,245,230
Series B, 5.00%, 06/01/39 (Call 12/01/27)		1,000		1,226,100
Sacramento Area Flood Control Agency SA, Series A, 5.00%, 10/01/41 (Call 10/01/26)		2,000		2,362,180
Sacramento City Financing Authority RB
5.25%, 12/01/30 (AMBAC)		440		562,021
Series A, 5.40%, 11/01/20 (AMBAC)		185		191,079
Sacramento County Sanitation Districts Financing Authority RB, Series A, 5.00%, 12/01/44 (Call 06/01/24)		2,000		2,259,900
Sacramento Municipal Utility District RB
Series A, 5.00%, 08/15/41 (Call 08/15/23)		17,935		20,293,811
Series E, 5.00%, 08/15/24		1,500		1,786,185
Series X, 5.00%, 08/15/20		550		574,959

Security	Par (000)		Value
California (continued)
Series X, 5.00%, 08/15/25 (Call 08/15/21)	$	745	$	805,889
Series X, 5.00%, 08/15/25 (PR 08/15/21)		255		275,484
Series X, 5.00%, 08/15/26 (Call 08/15/21)		6,575		7,109,219
San Diego Association of Governments South Bay Expressway Revenue RB, Series A, 5.00%, 07/01/42 (Call 07/01/27)		10,000		11,839,400
San Diego Community College District GO
5.00%, 08/01/28 (Call 08/01/26)		1,000		1,248,200
5.00%, 08/01/29 (PR 08/01/21)		120		129,739
5.00%, 08/01/30 (Call 08/01/23)		1,250		1,433,825
5.00%, 08/01/30 (Call 08/01/26)		3,500		4,309,830
5.00%, 08/01/31 (Call 08/01/26)		8,000		9,798,560
5.00%, 08/01/43 (Call 08/01/23)		1,490		1,685,130
San Diego County Regional Airport Authority RB
Series A, 5.00%, 07/01/40 (Call 07/01/20)		1,420		1,468,905
Series A, 5.00%, 07/01/43 (Call 07/01/23)		1,250		1,395,000
San Diego County Regional Transportation Commission RB
Series A, 4.00%, 04/01/21		2,000		2,103,360
Series A, 5.00%, 04/01/41 (Call 04/01/26)		6,600		7,783,644
Series A, 5.00%, 04/01/42 (Call 04/01/22)		2,000		2,183,620
Series A, 5.00%, 04/01/48 (Call 04/01/22)		5,860		6,385,994
Series A, 5.00%, 04/01/48 (Call 04/01/26)		2,270		2,661,280
San Diego County Water Authority RB
5.00%, 05/01/31 (Call 11/01/22)		1,735		1,937,336
5.00%, 05/01/32 (Call 05/01/26)		1,520		1,847,651
5.00%, 05/01/34 (Call 11/01/22)		1,000		1,111,680
Series B, 5.00%, 05/01/35 (Call 05/01/26)		1,350		1,625,522
Series B, 5.00%, 05/01/36 (Call 05/01/26)		2,250		2,702,408
San Diego Public Facilities Financing Authority RB
Series A, 5.00%, 08/01/43 (Call 08/01/28)		1,500		1,837,905
Series A, 5.00%, 10/15/44 (Call 10/15/25)		1,810		2,112,542
San Diego Public Facilities Financing Authority Sewer Revenue RB
5.00%, 05/15/22		1,025		1,138,078
5.00%, 05/15/23		2,555		2,928,388
5.00%, 05/15/25		2,500		3,040,525
Series A, 5.00%, 05/15/29 (Call 05/15/26)		2,500		3,093,225
San Diego Public Facilities Financing Authority Water Revenue RB
Series B, 5.00%, 08/01/28 (Call 08/01/26)		2,500		3,116,625
Series B, 5.50%, 08/01/39 (PR 08/01/19)		700		704,662
San Diego Unified School District/CA GO
0.00%, 07/01/30(a)		1,300		993,473
0.00%, 07/01/35(a)		2,380		1,520,320
0.00%, 07/01/36(a)		1,500		925,260
0.00%, 07/01/37(a)		700		416,255
0.00%, 07/01/38(a)		3,000		1,725,330
0.00%, 07/01/43(a)		4,140		1,987,366
0.00%, 07/01/44(a)		2,165		1,003,413
0.00%, 07/01/45(a)		2,590		1,158,429
5.00%, 07/01/47 (Call 07/01/27)		6,500		7,724,925
Series C, 0.00%, 07/01/45(a)		2,000		887,680
Series C, 0.00%, 07/01/46(a)		275		116,985
Series C, 0.00%, 07/01/47(a)		1,405		573,549

6

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series C, 0.00%, 07/01/48 (Call 07/01/40)(a)	$	3,250	$	3,022,207
Series C, 5.00%, 07/01/35 (Call 07/01/23)		1,715		1,947,760
Series E, 0.00%, 07/01/42(a)		5,850		4,504,500
Series E, 0.00%, 07/01/47 (Call 07/01/42)(a)		3,800		2,993,526
Series E, 0.00%, 07/01/49(a)		7,640		2,736,419
Series F-1, 5.25%, 07/01/28 (AGM)		1,000		1,325,630
Series G, 0.00%, 07/01/38 (Call 01/01/24)(a)		4,000		1,623,800
Series I, 4.00%, 07/01/47 (Call 07/01/27)		12,000		13,073,160
Series I, 5.00%, 07/01/41 (Call 07/01/27)		2,000		2,395,140
Series R-1, 0.00%, 07/01/31(a)		2,000		1,475,960
Series R-2, 0.00%, 07/01/40(a)		3,475		3,347,815
Series R-5, 5.00%, 07/01/29 (Call 07/01/26)		2,000		2,479,700
Series SR-1, 4.00%, 07/01/32 (Call 07/01/26)		1,000		1,137,060
San Dieguito Union High School District GO
Series A-2, 4.00%, 08/01/38 (Call 08/01/23)		1,000		1,060,330
Series B-2, 4.00%, 02/01/40 (Call 08/01/25)		800		860,872
San Francisco Bay Area Rapid Transit District GO
4.00%, 08/01/37 (Call 08/01/27)		8,420		9,353,694
Series A, 4.00%, 08/01/42 (Call 08/01/27)		1,500		1,642,635
Series A, 5.00%, 08/01/47 (Call 08/01/27)		3,000		3,599,730
Series D, 4.00%, 08/01/34 (Call 08/01/25)		2,000		2,203,140
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB
Series A, 5.00%, 07/01/36 (Call 07/01/22)		730		806,212
Series A, 5.00%, 07/01/36 (PR 07/01/22)		270		300,621
San Francisco City & County Airport Commission San Francisco International Airport RB
5.00%, 05/01/46 (Call 05/01/26)		3,000		3,498,000
5.00%, 05/01/49 (Call 05/01/29)		7,785		9,500,347
Second Series, 5.00%, 05/01/26 (Call 05/01/22)		1,000		1,104,360
Series A, 4.90%, 05/01/29 (Call 11/01/19)		910		923,359
Series B, 4.90%, 05/01/29 (Call 11/01/19)		1,380		1,400,258
Series B, 5.00%, 05/01/43 (Call 05/01/23)		2,000		2,229,440
Series B, 5.00%, 05/01/44 (Call 05/01/24)		2,000		2,274,260
Series B, 5.00%, 05/01/47 (Call 05/01/27)		3,500		4,147,955
Series C, 5.00%, 05/01/23 (Call 05/01/20)		920		951,731
Series C, 5.00%, 05/01/23 (PR 05/01/20)		685		708,057
Series D, 5.00%, 05/01/24 (Call 05/01/21)		2,500		2,677,800
Series E, 5.00%, 05/01/48 (Call 05/01/28)		2,500		3,007,075
Series F, 5.00%, 05/01/35 (Call 05/01/20)		500		514,755
San Francisco City & County Public Utilities Commission Wastewater Revenue RB
Series B, 4.00%, 10/01/39 (Call 10/01/22)		3,500		3,701,810
Series B, 4.00%, 10/01/42 (Call 10/01/22)		25,000		26,356,500
San Francisco Municipal Transportation Agency RB, 4.00%, 03/01/46 (Call 03/01/27)		3,805		4,126,865
San Joaquin County Transportation Authority RB
4.00%, 03/01/41 (Call 03/01/27)		1,000		1,091,140
Series A, 5.50%, 03/01/41 (PR 03/01/21)		4,600		4,934,006
San Joaquin Hills Transportation Corridor Agency RB
0.00%, 01/01/20 (ETM)(a)		500		496,120
0.00%, 01/01/25 (ETM)(a)		2,100		1,935,339
0.00%, 01/01/27 (ETM)(a)		1,075		948,473
5.00%, 01/15/29 (Call 01/15/25)		1,000		1,155,850

Security	Par (000)		Value
California (continued)
Series A, 5.00%, 01/15/34 (Call 01/15/25)	$	2,680	$	3,042,658
Series A, 5.00%, 01/15/44 (Call 01/15/25)		8,000		9,007,120
Series A, 5.00%, 01/15/50 (Call 01/15/25)		7,500		8,373,900
San Jose Financing Authority RB, Series A, 5.00%, 06/01/39 (Call 06/01/23)		3,165		3,551,921
San Jose Unified School District GO, Series C, 0.00%, 08/01/30 (NPFGC)(a)		5,730		4,439,604
San Marcos Unified School District GO
Series B, 0.00%, 08/01/47(a)		1,700		697,561
Series B, 0.00%, 08/01/51(a)		1,500		534,195
San Mateo County Community College District GO
Series A, 5.00%, 09/01/45 (Call 09/01/25)		1,000		1,159,800
Series B, 0.00%, 09/01/32 (NPFGC)(a)		3,515		2,557,690
Series B, 5.00%, 09/01/45 (Call 09/01/28)		8,710		10,664,437
Series C, 0.00%, 09/01/30 (NPFGC)(a)		4,295		3,344,817
San Mateo Foster City Public Financing Authority RB
4.00%, 08/01/44 (Call 08/01/29)		1,070		1,188,684
5.00%, 08/01/49 (Call 08/01/29)		2,200		2,697,046
San Mateo Foster City School District/CA GO, 0.00%, 08/01/42 (Call 08/01/31)(a)		3,000		2,876,880
San Mateo Union High School District GO
0.00%, 09/01/33(a)		500		452,595
0.00%, 09/01/41 (Call 09/01/36)(a)		3,460		3,458,062
Series A, 0.00%, 07/01/51 (Call 09/01/41)(a)		4,465		3,547,353
Santa Barbara Secondary High School District GO, Series A, 0.00%, 08/01/36(a)		2,500		1,402,425
Santa Clara Unified School District GO, 4.00%, 07/01/48 (Call 07/01/26)		8,000		8,625,920
Santa Clara Valley Water District RB, Series A, 5.00%, 06/01/46 (Call 12/01/25)		1,000		1,170,450
Santa Monica Community College District GO
Series A, 4.00%, 08/01/47 (Call 08/01/28)		1,000		1,096,460
Series A, 5.00%, 08/01/43 (Call 08/01/28)		3,500		4,275,495
Series B, 4.00%, 08/01/44 (Call 08/01/24)		1,500		1,587,990
Santa Monica-Malibu Unified School District GO, 0.00%, 08/01/20 (NPFGC)(a)		3,315		3,261,065
South San Francisco Unified School District GO, Series C, 4.00%, 09/01/37 (Call 09/01/25)		4,000		4,353,760
Southern California Public Power Authority RB
5.00%, 07/01/26 (Call 01/01/25)		1,500		1,798,785
Series 1, 2.00%, 07/01/36 (Put 04/01/20)(b)(c)		1,000		1,002,440
Series 2010-1, 5.00%, 07/01/22 (Call 07/01/20)		1,260		1,310,828
Series 2010-1, 5.00%, 07/01/30 (Call 07/01/20)		1,950		2,026,733
Southern California Water Replenishment District RB, 4.00%, 08/01/45 (Call 08/01/25)		1,500		1,605,465
Southwestern Community College District GO
Series C, 0.00%, 08/01/46(a)		1,920		771,744
Series D, 5.00%, 08/01/44 (Call 08/01/25)		2,000		2,294,600
State of California Department of Water Resources Power Supply Revenue RB
Series L, 5.00%, 05/01/20		7,265		7,516,950
Series L, 5.00%, 05/01/21 (Call 05/01/20)		2,065		2,135,272
Series L, 5.00%, 05/01/21 (PR 05/01/20)		1,805		1,865,756
Series L, 5.00%, 05/01/22 (Call 05/01/20)		3,185		3,294,851

7

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series L, 5.00%, 05/01/22 (PR 05/01/20)	$	715	$	739,067
Series N, 5.00%, 05/01/21		1,540		1,651,280
Series O, 5.00%, 05/01/21		1,800		1,930,068
Series O, 5.00%, 05/01/22		10,395		11,523,793
State of California Department of Water Resources RB
Series AS, 5.00%, 12/01/24		2,690		3,229,318
Series AS, 5.00%, 12/01/24 (ETM)		10		11,932
Series AS, 5.00%, 12/01/26 (Call 12/01/24)		1,020		1,221,501
Series AS, 5.00%, 12/01/26 (PR 12/01/24)		5		5,966
Series AS, 5.00%, 12/01/27 (Call 12/01/24)		995		1,190,398
Series AS, 5.00%, 12/01/27 (PR 12/01/24)		5		5,966
Series AS, 5.00%, 12/01/28 (Call 12/01/24)		995		1,188,070
Series AS, 5.00%, 12/01/28 (PR 12/01/24)		5		5,966
Series AW, 5.00%, 12/01/30 (Call 12/01/26)		6,000		7,474,560
Series AW, 5.00%, 12/01/33 (Call 12/01/26)		1,000		1,230,300
Series AX, 5.00%, 12/01/27		1,000		1,295,380
State of California GO
3.00%, 12/01/32 (Put 07/01/19)(b)(c)		1,365		1,366,624
4.00%, 11/01/19		10,000		10,114,800
4.00%, 09/01/20		500		517,195
4.00%, 11/01/25		6,340		7,348,377
4.00%, 09/01/28 (Call 09/01/26)		1,250		1,441,675
4.00%, 12/01/30 (Put 06/01/21)(b)(c)		3,500		3,666,215
4.00%, 08/01/32 (Call 08/01/26)		2,000		2,252,400
4.00%, 09/01/32 (Call 09/01/26)		3,000		3,381,960
4.00%, 09/01/33 (Call 09/01/26)		3,000		3,366,330
4.00%, 11/01/33 (Call 11/01/27)		3,850		4,386,497
4.00%, 11/01/34 (Call 11/01/27)		3,915		4,438,083
4.00%, 09/01/35 (Call 09/01/26)		11,575		12,866,174
4.00%, 11/01/35 (Call 11/01/27)		5,940		6,687,905
4.00%, 09/01/36 (Call 09/01/26)		7,560		8,344,804
4.00%, 11/01/36 (Call 11/01/27)		8,000		8,946,240
4.00%, 11/01/44 (Call 11/01/24)		1,500		1,595,670
4.00%, 03/01/45 (Call 03/01/25)		6,500		6,937,060
4.00%, 08/01/45 (Call 08/01/25)		1,750		1,875,090
4.00%, 11/01/47 (Call 11/01/27)		6,290		6,870,315
4.50%, 03/01/21 (Call 03/01/20)		1,515		1,550,875
4.50%, 12/01/43 (Call 12/01/23)		2,460		2,673,774
5.00%, 08/01/19		3,920		3,943,598
5.00%, 09/01/19		14,400		14,532,336
5.00%, 10/01/19		1,000		1,012,370
5.00%, 02/01/20		1,585		1,624,356
5.00%, 04/01/20		6,500		6,702,085
5.00%, 08/01/20		8,550		8,922,524
5.00%, 09/01/20		6,900		7,222,092
5.00%, 10/01/20		1,810		1,900,120
5.00%, 11/01/20		4,200		4,421,550
5.00%, 04/01/21		3,000		3,199,500
5.00%, 08/01/21		13,320		14,385,867
5.00%, 09/01/21		31,455		34,067,338
5.00%, 10/01/21		1,000		1,086,070
5.00%, 10/01/21 (Call 10/01/19)		1,875		1,898,006
5.00%, 02/01/22		10,290		11,296,568
5.00%, 04/01/22		6,705		7,400,912

Security	Par (000)		Value
California (continued)
5.00%, 08/01/22	$	1,500	$	1,673,460
5.00%, 09/01/22		3,395		3,797,545
5.00%, 11/01/22		2,560		2,878,566
5.00%, 12/01/22		1,000		1,127,370
5.00%, 04/01/23		7,000		7,961,590
5.00%, 08/01/23		4,000		4,595,240
5.00%, 09/01/23		14,670		16,894,999
5.00%, 09/01/23 (Call 09/01/22)		5,000		5,582,700
5.00%, 10/01/23		1,230		1,420,072
5.00%, 10/01/23 (Call 07/01/19)		25		25,071
5.00%, 11/01/23		1,500		1,736,085
5.00%, 12/01/23		1,835		2,129,059
5.00%, 03/01/24		2,310		2,698,634
5.00%, 04/01/24		5,000		5,855,300
5.00%, 08/01/24		9,215		10,894,802
5.00%, 09/01/24 (Call 09/01/22)		2,070		2,310,534
5.00%, 10/01/24		4,500		5,345,415
5.00%, 11/01/24		5,770		6,870,108
5.00%, 12/01/24 (Call 12/01/23)		1,895		2,195,073
5.00%, 04/01/25		1,500		1,803,030
5.00%, 08/01/25		8,000		9,700,400
5.00%, 09/01/25		2,000		2,430,180
5.00%, 09/01/25 (Call 09/01/23)		1,000		1,149,890
5.00%, 10/01/25		5,000		6,088,100
5.00%, 10/01/25 (Call 10/01/24)		1,000		1,183,910
5.00%, 11/01/25 (Call 11/01/23)		5,545		6,407,414
5.00%, 03/01/26 (Call 03/01/25)		3,400		4,069,222
5.00%, 04/01/26		13,165		16,217,569
5.00%, 08/01/26		2,485		3,085,127
5.00%, 10/01/26 (Call 10/01/24)		4,250		5,029,237
5.00%, 02/01/27 (Call 02/01/23)		1,000		1,128,580
5.00%, 03/01/27 (Call 03/01/25)		1,145		1,369,695
5.00%, 08/01/27		2,300		2,916,676
5.00%, 08/01/27 (Call 02/01/25)		1,500		1,788,540
5.00%, 09/01/27 (Call 09/01/26)		5,200		6,440,200
5.00%, 10/01/27 (Call 10/01/24)		2,000		2,365,580
5.00%, 11/01/27		11,350		14,468,185
5.00%, 11/01/27 (Call 11/01/23)		2,300		2,652,383
5.00%, 04/01/28		3,800		4,870,498
5.00%, 08/01/28 (Call 08/01/26)		3,000		3,698,520
5.00%, 08/01/28 (Call 08/01/27)		1,750		2,209,375
5.00%, 09/01/28 (Call 09/01/21)		1,085		1,170,834
5.00%, 09/01/28 (Call 09/01/23)		1,000		1,146,770
5.00%, 10/01/28		1,400		1,810,270
5.00%, 10/01/28 (Call 10/01/24)		2,000		2,363,320
5.00%, 04/01/29		6,125		7,983,141
5.00%, 08/01/29 (Call 02/01/25)		2,500		2,952,575
5.00%, 08/01/29 (Call 08/01/28)		3,385		4,347,965
5.00%, 09/01/29 (Call 09/01/21)		1,000		1,078,190
5.00%, 09/01/29 (Call 09/01/26)		5,000		6,143,000
5.00%, 10/01/29 (Call 10/01/19)		6,905		6,987,120
5.00%, 10/01/29 (Call 04/01/23)		2,150		2,433,306
5.00%, 10/01/29 (Call 10/01/24)		4,300		5,059,423
5.00%, 10/01/29 (Call 04/01/26)		5,445		6,619,105

8

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
5.00%, 10/01/29 (Call 10/01/28)	$	18,000	$	23,180,040
5.00%, 11/01/29 (Call 11/01/23)		2,500		2,876,100
5.00%, 03/01/30 (Call 03/01/25)		2,000		2,362,240
5.00%, 04/01/30		4,650		6,144,463
5.00%, 08/01/30 (Call 02/01/25)		2,000		2,357,340
5.00%, 08/01/30 (Call 08/01/25)		3,240		3,867,426
5.00%, 08/01/30 (Call 08/01/27)		6,750		8,428,522
5.00%, 08/01/30 (Call 08/01/28)		4,000		5,099,560
5.00%, 09/01/30 (Call 09/01/21)		1,045		1,126,228
5.00%, 09/01/30 (Call 09/01/26)		1,000		1,221,140
5.00%, 10/01/30 (Call 10/01/24)		2,000		2,347,620
5.00%, 11/01/30 (Call 11/01/27)		6,250		7,837,062
5.00%, 02/01/31 (Call 02/01/22)		2,000		2,181,900
5.00%, 02/01/31 (Call 02/01/23)		1,500		1,686,015
5.00%, 04/01/31		1,000		1,337,600
5.00%, 04/01/31 (Call 04/01/29)		2,500		3,213,600
5.00%, 05/01/31 (Call 05/01/24)		1,310		1,517,504
5.00%, 09/01/31 (Call 09/01/21)		2,500		2,694,325
5.00%, 09/01/31 (Call 09/01/26)		4,465		5,427,475
5.00%, 10/01/31 (Call 10/01/24)		2,540		2,972,968
5.00%, 11/01/31 (Call 11/01/23)		4,550		5,226,084
5.00%, 12/01/31 (Call 12/01/23)		1,500		1,726,920
5.00%, 02/01/32 (Call 02/01/22)		2,125		2,317,100
5.00%, 04/01/32 (Call 04/01/29)		1,500		1,918,365
5.00%, 08/01/32 (Call 08/01/25)		6,000		7,136,580
5.00%, 08/01/32 (Call 08/01/26)		5,000		6,050,500
5.00%, 09/01/32 (Call 09/01/26)		3,915		4,745,489
5.00%, 10/01/32 (Call 10/01/24)		1,000		1,169,910
5.00%, 02/01/33 (Call 02/01/22)		6,000		6,539,100
5.00%, 03/01/33 (Call 03/01/25)		2,500		2,950,125
5.00%, 04/01/33 (Call 04/01/24)		1,895		2,187,929
5.00%, 04/01/33 (Call 04/01/29)		6,190		7,890,331
5.00%, 08/01/33 (Call 08/01/24)		2,000		2,328,740
5.00%, 08/01/33 (Call 02/01/25)		2,000		2,345,840
5.00%, 08/01/33 (Call 08/01/25)		3,460		4,108,369
5.00%, 10/01/33 (Call 04/01/23)		1,000		1,126,600
5.00%, 10/01/33 (Call 10/01/24)		1,500		1,754,025
5.00%, 09/01/34 (Call 09/01/26)		4,290		5,185,881
5.00%, 04/01/35 (Call 04/01/24)		2,500		2,883,350
5.00%, 04/01/35 (Call 04/01/29)		10,000		12,636,800
5.00%, 08/01/35 (Call 08/01/24)		1,980		2,302,265
5.00%, 08/01/35 (Call 08/01/27)		4,805		5,880,551
5.00%, 09/01/35 (Call 09/01/26)		1,500		1,807,035
5.00%, 04/01/36 (Call 04/01/29)		5,000		6,296,900
5.00%, 08/01/36 (Call 08/01/26)		6,235		7,465,727
5.00%, 08/01/36 (Call 08/01/27)		2,215		2,702,854
5.00%, 08/01/36 (Call 08/01/28)		1,500		1,864,380
5.00%, 09/01/36 (Call 09/01/22)		1,060		1,172,487
5.00%, 11/01/36 (Call 11/01/27)		2,000		2,450,820
5.00%, 04/01/37 (Call 04/01/24)		3,500		4,017,825
5.00%, 10/01/37 (Call 10/01/24)		2,000		2,325,180
5.00%, 02/01/38 (Call 02/01/22)		1,025		1,113,458
5.00%, 02/01/38 (Call 02/01/23)		2,000		2,227,600
5.00%, 04/01/38 (Call 04/01/29)		1,000		1,249,900

Security	Par (000)		Value
California (continued)
5.00%, 10/01/39 (Call 04/01/26)	$	1,500	$	1,769,790
5.00%, 09/01/41 (Call 09/01/21)		7,665		8,255,818
5.00%, 10/01/41 (Call 10/01/21)		7,425		8,018,257
5.00%, 04/01/42 (Call 04/01/22)		4,075		4,440,894
5.00%, 09/01/42 (Call 09/01/22)		7,000		7,717,150
5.00%, 04/01/43 (Call 04/01/23)		8,000		8,923,280
5.00%, 11/01/43 (Call 11/01/23)		22,075		24,990,666
5.00%, 05/01/44 (Call 05/01/24)		1,000		1,135,110
5.00%, 10/01/44 (Call 10/01/24)		2,265		2,595,124
5.00%, 09/01/45 (Call 09/01/26)		11,610		13,705,257
5.00%, 10/01/47 (Call 04/01/26)		1,500		1,748,100
5.00%, 11/01/47 (Call 11/01/27)		4,250		5,096,557
5.25%, 02/01/20		1,105		1,134,238
5.25%, 10/01/20 (Call 10/01/19)		1,160		1,174,894
5.25%, 10/01/21 (Call 10/01/19)		1,050		1,063,734
5.25%, 09/01/22		8,640		9,732,874
5.25%, 02/01/23		250		285,138
5.25%, 09/01/23 (Call 09/01/21)		2,390		2,600,535
5.25%, 09/01/24 (Call 09/01/21)		7,000		7,615,020
5.25%, 09/01/25 (Call 09/01/21)		250		271,908
5.25%, 10/01/29 (Call 10/01/19)		3,800		3,848,070
5.25%, 02/01/30 (Call 02/01/22)		1,000		1,097,990
5.25%, 03/01/30 (Call 03/01/20)		500		514,295
5.25%, 08/01/30 (Call 08/01/25)		4,000		4,832,880
5.25%, 09/01/30 (Call 09/01/21)		1,375		1,489,428
5.25%, 09/01/31 (Call 09/01/21)		12,000		12,998,640
5.25%, 08/01/32 (AGM)		3,455		4,581,123
5.25%, 10/01/32 (Call 10/01/21)		2,500		2,715,175
5.25%, 04/01/35 (Call 04/01/22)		2,000		2,200,300
5.25%, 11/01/40 (Call 11/01/20)		12,500		13,148,125
5.50%, 04/01/23 (Call 07/01/19)		1,000		1,003,190
5.50%, 11/01/34 (Call 11/01/19)		1,000		1,016,370
5.50%, 11/01/39 (Call 11/01/19)		14,810		15,048,737
5.50%, 03/01/40 (Call 03/01/20)		7,855		8,085,701
5.60%, 03/01/36 (Call 03/01/20)		595		613,177
6.00%, 03/01/33 (Call 03/01/20)		2,500		2,586,000
6.00%, 11/01/35 (Call 11/01/19)		1,235		1,258,539
6.00%, 11/01/39 (Call 11/01/19)		2,565		2,613,453
Series A, 4.60%, 07/01/19 (ETM)		2,000		2,005,040
Series A, 5.00%, 07/01/19 (ETM)		2,305		2,311,500
Series A, 5.00%, 07/01/20 (PR 07/01/19)		7,380		7,400,812
Series A, 5.00%, 09/01/22		1,670		1,868,012
Series A, 5.00%, 10/01/24		5,270		6,260,075
Series A, 5.00%, 10/01/48 (Call 10/01/28)		19,000		23,054,790
Series A, 5.25%, 07/01/21 (PR 07/01/19)		4,910		4,924,779
Series B, 5.00%, 08/01/20		1,500		1,565,355
Series B, 5.00%, 09/01/20		4,800		5,024,064
Series B, 5.00%, 09/01/21		9,575		10,370,204
Torrance Unified School District GO, 4.00%, 08/01/40 (Call 08/01/24)		1,000		1,058,920
Turlock Irrigation District RB, Series A, 5.00%, 01/01/40 (PR 01/01/20)		1,000		1,021,760
Ukiah Unified School District/CA GO, 0.00%, 08/01/28 (NPFGC)(a)		3,750		3,044,025

9

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
University of California RB
4.00%, 05/15/36 (Call 05/15/25)	$	1,000	$	1,082,180
5.00%, 05/15/32 (Call 05/15/25)		1,730		2,056,624
5.00%, 05/15/36 (Call 05/15/27)		5,500		6,687,010
Series A, 5.00%, 05/15/41 (Call 05/15/26)		5,000		5,861,500
Series AF, 5.00%, 05/15/29 (Call 05/15/23)		915		1,038,488
Series AF, 5.00%, 05/15/29 (PR 05/15/23)		615		704,316
Series AF, 5.00%, 05/15/36 (Call 05/15/23)		6,495		7,305,056
Series AF, 5.00%, 05/15/36 (PR 05/15/23)		535		612,698
Series AF, 5.00%, 05/15/39 (Call 05/15/23)		2,750		3,084,015
Series AI, 5.00%, 05/15/32 (Call 05/15/23)		1,060		1,195,224
Series AI, 5.00%, 05/15/38 (Call 05/15/23)		23,435		26,310,006
Series AK, 5.00%, 05/15/48 (Put 05/15/23)(b)(c)		2,600		2,970,240
Series AO, 5.00%, 05/15/22		1,475		1,634,551
Series AO, 5.00%, 05/15/23		1,500		1,714,845
Series AO, 5.00%, 05/15/27 (Call 05/15/25)		5,000		6,058,700
Series AR, 5.00%, 05/15/46 (Call 05/15/26)		10,160		11,862,105
Series AT, 1.40%, 05/15/46 (Put 11/15/20)(b)(c)		1,500		1,494,540
Series AV, 5.25%, 05/15/47 (Call 05/15/27)		1,170		1,417,970
Series AY, 5.00%, 05/15/30 (Call 05/15/27)		465		583,245
Series AY, 5.00%, 05/15/31 (Call 05/15/27)		3,000		3,731,790
Series AY, 5.00%, 05/15/37 (Call 05/15/27)		1,345		1,623,482
Series AZ, 4.00%, 05/15/48 (Call 05/15/28)		2,000		2,185,120
Series AZ, 5.00%, 05/15/43 (Call 05/15/28)		7,000		8,501,080
Series AZ, 5.00%, 05/15/48 (Call 05/15/28)		4,000		4,821,400
Series AZ, 5.25%, 05/15/58 (Call 05/15/28)		2,000		2,429,720
Series G, 5.00%, 05/15/28 (Call 05/15/22)		1,235		1,364,045
Series G, 5.00%, 05/15/28 (PR 05/15/22)		1,005		1,114,334
Series G, 5.00%, 05/15/37 (Call 05/15/22)		1,380		1,507,788
Series G, 5.00%, 05/15/37 (PR 05/15/22)		1,370		1,519,042
Series I, 5.00%, 05/15/32 (Call 05/15/25)		3,070		3,628,617
Series K, 4.00%, 05/15/46 (Call 05/15/26)		3,785		4,067,399
Series M, 4.00%, 05/15/47 (Call 05/15/27)		4,580		4,957,300
Series M, 5.00%, 05/15/52 (Call 05/15/27)		1,750		2,041,708
Series O, 5.00%, 05/15/58 (Call 05/15/28)		3,000		3,532,380
Series O, 5.50%, 05/15/58 (Call 05/15/28)		2,000		2,455,120
Series Q, 5.00%, 05/15/21 (Call 07/01/19)		15		15,043
Ventura County Public Financing Authority RB, Series A, 5.00%, 11/01/43 (Call 11/01/22)		1,810		2,013,661
West Valley-Mission Community College District GO, Series B, 4.00%, 08/01/40 (Call 08/01/25)		1,750		1,895,180
Whittier Union High School District GO, 0.00%, 08/01/34 (PR 08/01/19)(a)		500		193,585
William S Hart Union High School District GO
Series B, 0.00%, 08/01/34 (AGM)(a)		4,825		3,102,089
Series C, 0.00%, 08/01/37 (Call 08/01/23)(a)		1,500		675,060
Series C, 4.00%, 08/01/38 (Call 08/01/23)		1,630		1,713,163
				2,683,999,211
Colorado — 0.9%
Board of Governors of Colorado State University System RB
Series A, 4.00%, 03/01/49 (Call 03/01/25)		4,000		4,247,320
Series A, 5.00%, 03/01/38 (PR 03/01/22) (HERBIP)		500		548,240
Series E, 5.00%, 03/01/45 (PR 03/01/23) (HERBIP)		10,000		11,303,700
Series E-1, 5.00%, 03/01/47 (PR 03/01/25) (HERBIP)		1,000		1,190,962

Security	Par (000)		Value
Colorado (continued)
Board of Water Commissioners City & County of Denver Co. (The) RB, Series A, 5.00%, 09/15/47 (Call 09/15/27)	$	5,575	$	6,685,038
City & County of Denver CO Airport System Revenue RB
Series A, 5.00%, 11/15/21 (Call 11/15/20)		1,000		1,052,070
Series A, 5.25%, 11/15/36 (Call 11/15/19)		535		543,635
Series B, 5.00%, 11/15/32 (Call 11/15/22)		2,335		2,577,957
Series B, 5.00%, 11/15/43 (Call 11/15/22)		250		273,905
Series B, 5.00%, 11/15/43 (Call 11/15/23)		3,000		3,352,110
Series B, 5.00%, 12/01/48 (Call 12/01/28)		2,000		2,408,700
City & County of Denver Co. RB
5.00%, 08/01/41 (Call 08/01/26)		1,000		1,171,050
Series A, 5.00%, 08/01/44 (Call 08/01/26)		9,500		11,100,940
City of Aurora Co. Water Revenue RB, 5.00%, 08/01/46 (Call 08/01/26)		3,070		3,604,579
City of Colorado Springs Co. Utilities System Revenue RB
Series A-1, 5.00%, 11/15/24		3,000		3,561,990
Series A-1, 5.00%, 11/15/25		2,000		2,430,260
County of Adams CO COP, 4.00%, 12/01/45 (Call 12/01/25)		700		745,920
Denver City & County School District No. 1 GO
5.00%, 12/01/37 (Call 12/01/26) (SAW)		2,035		2,424,865
Series A, 5.50%, 12/01/23 (NPFGC, SAW)		1,040		1,224,288
Series B, 3.00%, 12/01/29 (Call 12/01/22) (SAW)		1,000		1,026,700
Series B, 4.00%, 12/01/28 (PR 12/01/22) (SAW)		5,000		5,439,700
Series B, 5.00%, 12/01/31 (PR 12/01/22) (SAW)		2,000		2,243,800
E-470 Public Highway Authority RB
Series A, 0.00%, 09/01/40(a)		2,745		1,311,479
Series A, 0.00%, 09/01/41(a)		1,000		458,440
Series B, 0.00%, 09/01/19 (NPFGC)(a)		435		433,208
Series B, 0.00%, 09/01/20 (NPFGC)(a)		665		650,829
Series B, 0.00%, 09/01/23 (NPFGC)(a)		165		151,506
Series B, 0.00%, 09/01/24 (NPFGC)(a)		1,165		1,045,669
Series B, 0.00%, 09/01/29 (NPFGC)(a)		2,500		1,919,050
Jefferson County School District R-1 GO, 5.00%, 12/15/22 (SAW)		5,810		6,527,884
Regional Transportation District COP, Series A, 5.38%, 06/01/31 (Call 06/01/20)		500		517,440
Regional Transportation District RB
5.00%, 11/01/27 (Call 11/01/22)		1,265		1,411,183
5.00%, 11/01/33 (Call 11/01/27)		1,645		2,027,002
Series A, 5.00%, 11/01/27		1,500		1,891,830
Series A, 5.00%, 11/01/28		1,500		1,922,625
Series A, 5.00%, 11/01/31 (Call 11/01/22)		1,910		2,118,610
Series A, 5.00%, 11/01/41 (Call 11/01/26)		2,765		3,266,488
Series A, 5.00%, 11/01/46 (Call 11/01/26)		10,250		12,051,130
State of Colorado COP
4.00%, 03/15/43 (Call 03/15/28)		3,500		3,779,755
Series G, 5.00%, 03/15/32 (PR 03/15/21)		1,000		1,062,340
University of Colorado RB
Series A, 5.00%, 06/01/43 (PR 06/01/23)		1,000		1,138,450
Series A-2, 4.00%, 06/01/35 (Call 06/01/28)		3,000		3,382,500
Series A-2, 4.00%, 06/01/43 (Call 06/01/28)		2,000		2,214,580
				118,439,727

10

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Connecticut — 1.2%
Connecticut State Health & Educational Facilities Authority RB
Series A, 1.30%, 07/01/48 (Put 02/03/20)(b)(c)	$	2,000	$	1,997,760
Series L, 5.00%, 07/01/45 (Call 07/01/25)		1,000		1,123,310
State of Connecticut GO
5.00%, 08/01/19		1,000		1,005,650
5.00%, 11/15/19		5,000		5,079,000
5.00%, 05/15/22 (Call 05/15/21)		1,500		1,594,455
5.00%, 04/15/23		325		365,238
5.00%, 10/15/23		5,500		6,264,390
5.00%, 04/15/25		700		824,586
5.00%, 10/15/26 (Call 10/15/23)		1,160		1,317,319
5.00%, 04/15/30 (Call 04/15/29)		200		248,908
5.00%, 04/15/33 (Call 04/15/27)		1,660		1,966,220
5.00%, 04/15/34 (Call 04/15/29)		225		274,529
Series A, 5.00%, 10/15/21		2,000		2,158,380
Series A, 5.00%, 03/15/22		1,000		1,090,990
Series A, 5.00%, 04/15/22		545		596,028
Series A, 5.00%, 10/15/23		2,000		2,277,960
Series A, 5.00%, 10/15/24 (Call 10/15/23)		1,775		2,020,838
Series A, 5.00%, 02/15/25 (Call 07/01/19)		3,660		3,668,748
Series A, 5.00%, 04/15/34 (Call 04/15/27)		3,000		3,541,440
Series B, 5.00%, 04/15/20		1,000		1,029,560
Series B, 5.00%, 05/15/21		4,755		5,056,134
Series B, 5.00%, 04/15/23 (Call 04/15/22)		2,810		3,059,921
Series B, 5.00%, 05/15/26		3,550		4,261,101
Series B, 5.00%, 06/15/27 (Call 06/15/25)		2,795		3,288,178
Series B, 5.25%, 06/01/20 (AMBAC)		690		715,095
Series C, 5.00%, 06/01/22		1,500		1,646,520
Series C, 5.00%, 06/15/22		1,000		1,098,890
Series C, 5.00%, 06/01/23 (Call 06/01/22)		1,000		1,092,770
Series C, 5.00%, 06/15/28		1,000		1,242,010
Series D, 5.00%, 11/01/19		2,000		2,028,840
Series D, 5.00%, 10/01/22 (Call 10/01/20)		2,000		2,085,980
Series D, 5.00%, 11/01/31 (Call 11/01/21)		2,000		2,138,500
Series E, 4.00%, 09/15/27 (Call 09/15/22)		6,230		6,623,113
Series E, 5.00%, 10/15/20		1,000		1,046,500
Series E, 5.00%, 08/15/24 (Call 08/15/23)		1,580		1,790,883
Series E, 5.00%, 10/15/25		3,000		3,573,780
Series E, 5.00%, 09/15/26 (Call 09/15/22)		1,000		1,103,710
Series E, 5.00%, 10/15/28 (Call 10/15/26)		3,000		3,602,670
Series F, 5.00%, 11/15/27 (Call 11/15/25)		2,000		2,373,100
Series F, 5.00%, 11/15/31 (Call 11/15/25)		1,500		1,750,170
Series F, 5.00%, 11/15/32 (Call 11/15/25)		2,000		2,327,840
Series G, 5.00%, 11/01/20		1,315		1,378,133
State of Connecticut Special Tax Revenue RB
5.00%, 11/01/19		1,000		1,014,710
5.00%, 10/01/22		625		693,600
5.00%, 01/01/24		5,000		5,726,750
5.00%, 10/01/25		1,500		1,782,420
5.00%, 01/01/27		2,000		2,429,520
5.00%, 08/01/27 (Call 08/01/25)		5,000		5,888,300
5.00%, 09/01/27 (Call 09/01/24)		1,575		1,825,094
5.00%, 10/01/30 (Call 10/01/28)		1,000		1,232,640
5.00%, 10/01/33 (Call 10/01/28)		3,000		3,647,340

Security	Par (000)		Value
Connecticut (continued)
5.00%, 01/01/37 (Call 01/01/28)	$	2,000	$	2,369,540
5.00%, 10/01/38 (Call 10/01/28)		1,500		1,789,575
Series A, 5.00%, 09/01/24		2,000		2,330,440
Series A, 5.00%, 10/01/24 (Call 10/01/23)		3,940		4,488,251
Series A, 5.00%, 08/01/26 (Call 08/01/25)		1,000		1,180,780
Series A, 5.00%, 08/01/28 (Call 08/01/25)		1,000		1,174,220
Series A, 5.00%, 09/01/28 (Call 09/01/24)		1,000		1,155,720
Series A, 5.00%, 01/01/29 (Call 01/01/23)		2,000		2,216,680
Series A, 5.00%, 09/01/29 (Call 09/01/26)		4,000		4,775,680
Series A, 5.00%, 09/01/31 (Call 09/01/24)		1,000		1,142,660
Series A, 5.00%, 08/01/32 (Call 08/01/25)		1,200		1,387,092
Series A, 5.00%, 09/01/32 (Call 09/01/24)		2,000		2,280,480
Series A, 5.00%, 08/01/33 (Call 08/01/25)		1,000		1,153,310
Series A, 5.00%, 09/01/33 (Call 09/01/26)		1,000		1,175,600
Series A, 5.00%, 09/01/34 (Call 09/01/26)		9,500		11,133,050
				155,722,599
Delaware — 0.2%
Delaware Transportation Authority RB
5.00%, 07/01/22		1,500		1,659,930
5.00%, 06/01/55 (Call 06/01/25)		2,000		2,258,880
State of Delaware GO
Series A, 5.00%, 01/01/26		10,815		13,196,896
Series A, 5.00%, 01/01/27		1,155		1,441,763
Series B, 5.00%, 07/01/23		1,960		2,241,044
				20,798,513
District of Columbia — 1.2%
District of Columbia GO
5.00%, 10/15/27		2,000		2,530,940
5.00%, 10/15/29 (Call 04/15/29)		3,500		4,515,315
5.00%, 06/01/33 (Call 06/01/27)		1,500		1,825,230
5.00%, 10/15/38 (Call 04/15/29)		2,500		3,079,975
5.00%, 10/15/44 (Call 04/15/29)		2,500		3,045,000
Series 2013A, 5.00%, 06/01/30 (Call 06/01/23)		1,500		1,684,755
Series A, 5.00%, 06/01/20		2,375		2,459,146
Series A, 5.00%, 06/01/29 (Call 06/01/23)		3,000		3,380,640
Series A, 5.00%, 06/01/32 (Call 06/01/27)		2,000		2,440,180
Series A, 5.00%, 06/01/37 (Call 06/01/27)		3,720		4,469,394
Series A, 5.00%, 06/01/43 (Call 06/01/28)		3,950		4,758,091
Series B, 5.00%, 06/01/22		3,000		3,312,480
Series C, 5.00%, 06/01/35 (Call 06/01/24)		2,215		2,521,312
Series C, 5.00%, 06/01/38 (Call 06/01/24)		2,000		2,262,400
Series D, 5.00%, 06/01/41 (Call 12/01/26)		7,805		9,228,320
Series D, 5.00%, 06/01/42 (Call 06/01/27)		8,890		10,567,365
District of Columbia RB
5.00%, 12/01/23 (Call 12/01/22)		7,000		7,843,150
Series A, 5.00%, 12/01/23 (Call 06/01/20)		1,250		1,294,413
Series A, 5.00%, 12/01/25 (Call 06/01/20)		1,000		1,035,330
Series A, 5.00%, 12/01/26 (Call 06/01/20)		500		517,665
Series A, 5.00%, 12/01/27 (Call 06/01/20)		1,500		1,552,845
Series A, 5.00%, 12/01/31 (Call 06/01/20)		500		516,560
Series A, 5.00%, 12/01/36 (Call 12/01/21)		3,280		3,538,398
Series A, 5.25%, 12/01/34 (Call 12/01/19)		1,870		1,905,530
Series B, 5.00%, 12/01/25 (Call 12/01/19)		400		407,112

11

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
District of Columbia (continued)
Series B-1, 5.00%, 02/01/31 (Call 07/01/19) (NPFGC)	$	885	$	887,133
Series C, 4.00%, 12/01/37 (Call 12/01/22)		2,040		2,161,992
Series C, 5.00%, 12/01/24 (Call 12/01/22)		1,000		1,120,080
Series C, 5.00%, 12/01/30 (Call 12/01/22)		2,000		2,219,240
Series C, 5.00%, 12/01/35 (Call 12/01/22)		1,000		1,103,190
Series G, 5.00%, 12/01/36 (Call 12/01/21)		14,975		16,154,731
District of Columbia Water & Sewer Authority RB
5.50%, 10/01/23 (AGM)		240		262,958
Series A, 5.00%, 10/01/36 (Call 04/01/26)		3,000		3,541,710
Series A, 5.00%, 10/01/44 (Call 10/01/23)		1,165		1,298,707
Series A, 5.00%, 10/01/48 (Call 10/01/23)		8,310		9,245,623
Series A, 5.00%, 10/01/52 (Call 04/01/27)		3,000		3,522,300
Series B, 5.00%, 10/01/49 (Call 04/01/28)		9,000		10,745,910
Series B, 5.25%, 10/01/44 (Call 10/01/25)		2,000		2,352,780
Series C, 5.00%, 10/01/44 (Call 10/01/24)		12,050		13,721,335
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB
5.00%, 10/01/53 (Call 04/01/22)		6,000		6,389,100
Series A, 0.00%, 10/01/37(a)		4,000		2,030,200
Series A, 5.25%, 10/01/44 (Call 10/01/19)		2,180		2,200,819
Metropolitan Washington Airports Authority RB, Series A, 5.00%, 10/01/35 (Call 10/01/20)		1,000		1,040,310
				160,689,664
Florida — 3.0%
Central Florida Expressway Authority RB
4.00%, 07/01/36 (Call 07/01/26)		2,000		2,178,540
4.00%, 07/01/41 (Call 07/01/27)		2,775		3,009,043
5.00%, 07/01/38 (Call 07/01/27)		2,835		3,350,006
5.00%, 07/01/43 (Call 07/01/28)		2,000		2,383,680
Series B, 5.00%, 07/01/26		4,000		4,899,280
Series B, 5.00%, 07/01/28 (Call 07/01/26)		3,500		4,247,600
City of Cape Coral FL Water & Sewer Revenue RB
4.00%, 10/01/42 (Call 10/01/27)		5,000		5,425,250
Series A, 5.00%, 10/01/42 (PR 10/01/21) (AGM)		1,000		1,082,050
City of Clearwater FL Water & Sewer Revenue RB, Series A, 5.25%, 12/01/39 (PR 12/01/19)		1,000		1,019,000
City of Gainesville FL Utilities System Revenue RB, Series A, 5.00%, 10/01/37 (Call 10/01/27)		1,000		1,208,930
City of Jacksonville FL RB, 5.00%, 10/01/24 (Call 10/01/22)		2,010		2,226,477
City of Miami Beach FL RB, Series 2015, 5.00%, 09/01/40 (Call 09/01/25)		1,000		1,156,900
County of Broward FL Airport System Revenue RB
Series O, 5.38%, 10/01/29 (Call 10/01/19)		1,560		1,580,670
Series Q-1, 5.00%, 10/01/37 (Call 10/01/22)		2,400		2,618,544
Series Q-1, 5.00%, 10/01/42 (Call 10/01/22)		8,745		9,497,332
County of Miami-Dade FL Aviation Revenue RB
5.00%, 10/01/41 (Call 10/01/26)		10,215		11,952,163
5.38%, 10/01/35 (PR 10/01/20)		2,000		2,102,309
Series A, 5.38%, 10/01/41 (PR 10/01/20)		10,045		10,561,715
Series A, 5.50%, 10/01/36 (PR 10/01/19)		1,900		1,925,061
Series B, 5.00%, 10/01/37 (Call 10/01/24)		2,560		2,921,958
Series B, 5.00%, 10/01/41 (Call 10/01/20)		1,000		1,040,580

Security	Par (000)		Value
Florida (continued)
County of Miami-Dade FL GO
5.00%, 07/01/41 (Call 07/01/20)	$	1,000	$	1,033,570
5.00%, 07/01/45 (Call 07/01/26)		3,000		3,489,960
Series A, 4.00%, 07/01/42 (Call 07/01/25)		2,000		2,157,220
Series A, 5.00%, 07/01/38 (Call 07/01/26)		2,000		2,344,820
County of Miami-Dade FL RB
5.00%, 10/01/35 (Call 10/01/26)		2,000		2,343,240
Series A, 5.00%, 10/01/29 (Call 10/01/22)		1,000		1,103,610
Series B, 5.00%, 10/01/35 (Call 10/01/22) (AGM)		1,450		1,592,274
County of Miami-Dade FL Transit System RB
4.00%, 07/01/39 (Call 07/01/29)		2,000		2,225,360
4.00%, 07/01/48 (Call 07/01/28)		3,000		3,225,840
5.00%, 07/01/37 (Call 07/01/22)		1,000		1,095,720
5.00%, 07/01/42 (Call 07/01/22)		15,030		16,329,193
County of Miami-Dade FL Water & Sewer System Revenue RB
5.00%, 10/01/24		4,000		4,715,400
5.00%, 10/01/25		2,500		3,018,800
5.00%, 10/01/27		1,000		1,260,050
5.00%, 10/01/39 (PR 10/01/20) (AGM)		3,475		3,636,726
Series A, 4.00%, 10/01/44 (Call 10/01/27)		3,235		3,530,776
Series A, 5.00%, 10/01/42 (Call 10/01/22)		18,985		20,810,977
Series B, 4.00%, 10/01/35 (Call 10/01/27)		7,600		8,447,020
Series B, 4.00%, 10/01/37 (Call 10/01/27)		3,500		3,863,160
Series B, 5.00%, 10/01/30 (Call 10/01/25)		2,000		2,366,040
Series B, 5.00%, 10/01/32 (Call 10/01/25)		2,000		2,358,820
Series B, 5.25%, 10/01/20 (AGM)		2,725		2,859,969
County of Miami-Dade Seaport Department RB, Series A, 6.00%, 10/01/38 (Call 10/01/23)		1,050		1,217,034
Florida Department of Management Services COP, 5.00%, 11/01/28		1,750		2,243,062
Florida Municipal Power Agency RB
Series A, 5.00%, 10/01/20		1,500		1,568,595
Series A, 5.00%, 10/01/29 (Call 10/01/26)		5,360		6,512,990
Series A, 5.00%, 10/01/30 (Call 10/01/26)		2,500		3,021,200
Series A, 5.00%, 10/01/31 (Call 10/01/26)		830		998,598
Series A, 5.25%, 10/01/19		1,000		1,012,180
Florida’s Turnpike Enterprise RB
Series A, 4.00%, 07/01/48 (Call 07/01/28)		4,000		4,411,200
Series B, 5.00%, 07/01/40 (Call 07/01/20)		2,140		2,233,304
Hillsborough County Aviation Authority RB
5.00%, 10/01/48 (Call 10/01/28)		7,000		8,403,290
Series A, 5.00%, 10/01/44 (Call 10/01/24)		1,000		1,123,720
Series B, 5.00%, 10/01/40 (Call 10/01/24)		1,500		1,708,050
Series B, 5.00%, 10/01/44 (Call 10/01/24)		1,000		1,136,000
Hillsborough County School Board COP, Series A, 5.00%, 07/01/29 (Call 07/01/22)		2,500		2,732,575
JEA Electric System Revenue RB
Series 3-B, 5.00%, 10/01/39 (Call 10/01/21)		95		101,976
Series 3-B, 5.00%, 10/01/39 (PR 10/01/21)		1,905		2,056,752
Series Three 2010-D, 5.00%, 10/01/38 (PR 04/01/20)		2,500		2,573,925

12

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
JEA Water & Sewer System Revenue RB
Series A, 5.00%, 10/01/31 (Call 04/01/21)	$	755	$	797,227
Series A, 5.00%, 10/01/31 (PR 04/01/21)		1,220		1,297,702
Miami Beach Redevelopment Agency TA, Series 2015A, 5.00%, 02/01/40 (Call 02/01/24) (AGM)		1,000		1,131,250
Miami-Dade County Educational Facilities Authority RB
Series A, 5.00%, 04/01/40 (Call 04/01/25)		6,000		6,709,020
Series A, 5.00%, 04/01/45 (Call 04/01/25)		4,000		4,461,360
Miami-Dade County Expressway Authority RB
5.00%, 07/01/25 (Call 07/01/24)		1,220		1,408,490
Series A, 5.00%, 07/01/35 (Call 07/01/20) (AGM)		975		1,008,365
Series A, 5.00%, 07/01/39 (Call 07/01/24)		2,830		3,164,619
Series A, 5.00%, 07/01/40 (Call 07/01/20)		2,105		2,176,949
Series A, 5.00%, 07/01/44 (Call 07/01/24)		1,000		1,114,880
Series B, 5.00%, 07/01/26 (Call 07/01/24)		1,015		1,166,499
Mid-Bay Bridge Authority RB
5.00%, 10/01/40 (Call 10/01/25)		3,000		3,345,150
Series A, 5.00%, 10/01/35 (Call 10/01/25)		1,000		1,128,040
Orange County Convention Center/Orlando RB, 5.00%, 10/01/24		1,285		1,514,103
Orange County School Board COP, Series C, 5.00%, 08/01/34 (Call 08/01/26)		2,500		2,965,675
Orlando Utilities Commission RB
Series A, 5.00%, 10/01/22		1,000		1,115,610
Series A, 5.00%, 10/01/25		1,500		1,816,320
Orlando-Orange County Expressway Authority RB
5.00%, 07/01/22		500		552,200
5.00%, 07/01/35 (Call 07/01/23)		4,055		4,537,586
Series A, 5.00%, 07/01/35 (PR 07/01/20)		2,000		2,074,788
Series A, 5.00%, 07/01/40 (PR 07/01/20)		2,500		2,594,039
Palm Beach County School District COP
5.00%, 08/01/29 (Call 08/01/28)		2,530		3,205,434
Series D, 5.00%, 08/01/31 (Call 08/01/25)		2,000		2,350,260
Palm Beach County Solid Waste Authority RB
5.00%, 10/01/24 (Call 10/01/21)		1,000		1,081,030
5.00%, 10/01/31 (Call 10/01/21)		6,055		6,523,960
5.00%, 10/01/31 (PR 10/01/21)		45		48,585
5.50%, 10/01/22 (PR 10/01/19) (BHAC)		220		222,938
Reedy Creek Improvement District GOL, Series A, 5.00%, 06/01/38 (Call 06/01/23)		4,200		4,672,794
School Board of Miami-Dade County (The) COP
Series A, 4.00%, 08/01/29 (Call 08/01/22)		1,000		1,055,810
Series A, 5.00%, 05/01/30 (Call 05/01/25)		1,000		1,168,280
Series B, 5.00%, 05/01/27 (Call 05/01/25)		2,500		2,933,600
Series D, 5.00%, 02/01/27 (Call 02/01/26)		2,000		2,384,380
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/43 (Call 03/15/23)		2,000		2,222,060
School District of Broward County/FL COP
Series A, 5.00%, 07/01/20		3,000		3,114,480
Series A, 5.00%, 07/01/21		1,000		1,071,880
Series C, 5.00%, 07/01/26		2,000		2,452,640
South Florida Water Management District COP, 5.00%, 10/01/33 (Call 04/01/26)		1,000		1,175,630
St. Johns River Power Park RB, Series SIX, 4.00%, 10/01/32 (Call 07/01/19)		10,000		10,021,100

Security	Par (000)		Value
Florida (continued)
State of Florida GO
5.00%, 06/01/19	$	1,095	$	1,095,000
5.00%, 06/01/21		4,565		4,890,393
Series A, 5.00%, 06/01/21 (Call 06/01/20)		1,320		1,368,497
Series A, 5.00%, 06/01/22		2,685		2,968,831
Series A, 5.00%, 07/01/39 (Call 07/01/19)		1,000		1,012,700
Series B, 4.00%, 07/01/48 (Call 07/01/28)		7,500		8,239,350
Series C, 5.00%, 06/01/22 (Call 06/01/19)		1,500		1,500,000
Series D, 5.00%, 06/01/20		2,000		2,071,460
Series D, 5.00%, 06/01/21 (Call 06/01/19)		1,000		1,010,000
Series D, 5.00%, 06/01/25 (Call 06/01/21)		9,075		9,710,976
Series E, 5.00%, 06/01/37 (Call 06/01/20)		3,485		3,606,383
Series F, 4.00%, 06/01/19		100		100,000
Series F, 5.00%, 06/01/31 (Call 06/01/21)		1,000		1,066,410
Series H, 5.00%, 06/01/40 (Call 06/01/20)		1,500		1,549,065
State of Florida Lottery Revenue RB
Series A, 5.00%, 07/01/19		7,780		7,801,006
Series E, 5.00%, 07/01/19		5,000		5,013,500
Series E, 5.00%, 07/01/20		3,345		3,473,013
Tampa Bay Water RB, Series B, 5.00%, 10/01/19 (ETM)		1,085		1,097,470
Tampa-Hillsborough County Expressway Authority RB
5.00%, 07/01/47 (Call 07/01/27)		6,210		7,241,481
Series A, 5.00%, 07/01/37 (Call 07/01/22)		7,000		7,630,490
Series B, 4.00%, 07/01/42 (Call 07/01/28)		1,465		1,599,736
Series B, 5.00%, 07/01/42 (PR 07/01/22)		3,050		3,368,633
				382,449,211
Georgia — 2.5%
Atlanta Development Authority RB, Series A-1, 5.25%, 07/01/40 (Call 07/01/25)		1,000		1,172,270
City of Atlanta Department of Aviation RB
Series 2014A, 5.00%, 01/01/29 (Call 01/01/24)		1,000		1,143,930
Series A, 5.00%, 01/01/21		1,000		1,056,040
Series B, 5.00%, 01/01/21 (Call 01/01/20)		1,000		1,020,590
Series B, 5.00%, 01/01/23 (Call 01/01/20)		5,180		5,283,652
Series B, 5.00%, 01/01/37 (Call 01/01/22)		1,345		1,445,202
Series B, 5.00%, 01/01/42 (Call 01/01/22)		1,000		1,072,940
Series C, 5.25%, 01/01/30 (Call 01/01/21)		1,835		1,937,118
City of Atlanta GA Water & Wastewater Revenue RB
5.00%, 11/01/28 (Call 05/01/25)		2,000		2,384,320
5.00%, 11/01/31 (Call 05/01/25)		1,755		2,072,953
5.00%, 11/01/33 (Call 05/01/25)		9,800		11,527,740
5.00%, 11/01/40 (Call 05/01/25)		1,500		1,739,505
5.00%, 11/01/43 (Call 05/01/25)		7,000		8,103,480
Series A, 5.50%, 11/01/22 (NPFGC)		2,000		2,196,440
Series A, 6.00%, 11/01/26 (PR 11/01/19)		1,000		1,018,600
Series A, 6.00%, 11/01/28 (PR 11/01/19)		2,320		2,363,152
Series A, 6.25%, 11/01/34 (PR 11/01/19)		3,780		3,854,164
Series A, 6.25%, 11/01/39 (PR 11/01/19)		10,175		10,374,633
Series B, 5.00%, 11/01/43 (Call 11/01/27)		4,780		5,719,222
Series B, 5.00%, 11/01/47 (Call 11/01/27)		3,350		3,994,741
County of DeKalb GA Water & Sewerage Revenue RB, Series B, 5.25%, 10/01/32 (Call 10/01/26) (AGM)		2,190		2,689,605

13

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Georgia (continued)
Georgia State Road & Tollway Authority RB
Series A, 5.00%, 06/01/19	$	1,360	$	1,360,000
Series A, 5.00%, 03/01/21 (GTD)		2,000		2,124,120
Series B, 5.00%, 06/01/19		3,685		3,685,000
Series B, 5.00%, 06/01/20		10,000		10,348,300
Series B, 5.00%, 06/01/21		3,300		3,531,858
Gwinnett County School District GO
5.00%, 08/01/20 (SAW)		1,290		1,343,909
5.00%, 08/01/21 (SAW)		3,580		3,855,338
5.00%, 02/01/22		2,990		3,271,778
5.00%, 02/01/34 (Call 08/01/25)		2,495		2,949,315
5.00%, 02/01/40 (Call 02/01/29)		3,800		4,712,874
Metropolitan Atlanta Rapid Transit Authority RB
3.25%, 07/01/39 (Call 07/01/27)		2,500		2,550,975
4.00%, 07/01/40 (Call 07/01/22)		4,040		4,248,343
4.00%, 07/01/44 (Call 07/01/23)		20,000		21,091,200
5.00%, 07/01/33 (Call 07/01/26)		5,000		5,999,650
5.00%, 07/01/35 (Call 07/01/26)		5,000		5,964,000
Series A, 5.00%, 07/01/39 (PR 07/01/19)		975		977,642
Series B, 5.00%, 07/01/31 (Call 07/01/26)		7,500		9,042,075
Series B, 5.00%, 07/01/34 (Call 07/01/26)		3,915		4,682,888
Municipal Electric Authority of Georgia RB
5.00%, 07/01/60 (Call 07/01/25)		1,000		1,053,970
Series A, 5.00%, 01/01/20		1,000		1,018,270
Series A, 5.00%, 01/01/21		1,000		1,049,460
Series A, 5.00%, 11/01/24 (Call 11/01/20)		1,000		1,044,230
Series A, 5.00%, 01/01/28 (Call 07/01/26)		2,000		2,345,460
Series B, 5.00%, 01/01/20		3,000		3,054,810
Private Colleges & Universities Authority RB
5.00%, 10/01/46 (Call 10/01/26)		6,525		7,698,652
Series A, 5.00%, 10/01/43 (Call 10/01/23)		2,000		2,220,820
State of Georgia GO
4.00%, 02/01/36 (Call 02/01/27)		8,800		9,823,968
5.00%, 02/01/20		990		1,013,453
5.00%, 01/01/21		18,790		19,845,998
5.00%, 07/01/30 (Call 07/01/28)		1,500		1,906,980
5.00%, 07/01/31 (Call 07/01/28)		9,000		11,373,570
Series A, 4.00%, 07/01/35 (Call 07/01/28)		7,000		7,964,950
Series A, 5.00%, 02/01/27 (Call 02/01/26)		3,095		3,778,531
Series A, 5.00%, 07/01/28 (Call 07/01/22)		1,000		1,103,130
Series A, 5.00%, 02/01/30 (Call 02/01/26)		1,030		1,244,817
Series A-1, 5.00%, 02/01/22		2,820		3,084,995
Series A-1, 5.00%, 02/01/23		2,770		3,124,061
Series A-1, 5.00%, 02/01/24		6,250		7,256,250
Series A-2, 5.00%, 02/01/25 (Call 02/01/24)		2,000		2,321,020
Series A-2, 5.00%, 02/01/32 (Call 02/01/27)		5,000		6,115,750
Series C, 4.00%, 10/01/22		3,000		3,252,810
Series C, 5.00%, 07/01/19		2,000		2,005,440
Series C, 5.00%, 07/01/20		10,000		10,385,900
Series C, 5.00%, 07/01/21		1,500		1,610,685
Series C, 5.00%, 10/01/21		2,960		3,204,082
Series C, 5.00%, 07/01/29 (PR 07/01/21)		1,000		1,073,360
Series E, 5.00%, 12/01/22		2,500		2,805,650

Security	Par (000)		Value
Georgia (continued)
Series E, 5.00%, 12/01/23	$	5,640	$	6,517,133
Series E, 5.00%, 12/01/24		4,555		5,414,893
Series E, 5.00%, 12/01/25		5,710		6,961,632
Series E, 5.00%, 12/01/26		3,900		4,862,676
Series F, 5.00%, 01/01/28 (Call 01/01/27)		2,795		3,480,110
Series I, 5.00%, 07/01/19		1,450		1,453,944
Series I, 5.00%, 07/01/20		6,860		7,124,727
Series J-1, 4.00%, 07/01/21		265		279,154
				323,784,903
Hawaii — 1.1%
City & County Honolulu HI Wastewater System Revenue RB
Series 2015A, 5.00%, 07/01/45 (Call 07/01/25)		3,675		4,227,867
Series A, 4.00%, 07/01/38 (Call 01/01/28)		3,300		3,666,069
Series A, 5.00%, 07/01/42 (PR 07/01/22)		1,000		1,107,010
Series A, 5.00%, 07/01/47 (Call 01/01/28)		2,000		2,379,160
Series A, 5.25%, 07/01/36 (PR 07/01/21)		8,385		9,037,437
City & County of Honolulu HI GO
5.00%, 09/01/27		1,170		1,472,855
Series B, 5.25%, 07/01/19 (AGM)		2,355		2,361,853
Series C, 5.00%, 10/01/30		5,000		6,523,000
State of Hawaii Airports System Revenue RB, Series A, 5.00%, 07/01/39 (Call 07/01/20)		3,700		3,813,368
State of Hawaii GO
5.00%, 11/01/20		4,900		5,147,205
5.00%, 11/01/23 (Call 11/01/22)		7,000		7,823,830
5.00%, 08/01/24 (Call 08/01/23)		3,370		3,849,450
5.00%, 05/01/26		8,430		10,336,950
5.00%, 10/01/28 (Call 10/01/26)		3,450		4,237,945
5.00%, 01/01/35 (Call 01/01/29)		2,000		2,487,960
Series DQ, 5.00%, 06/01/22 (PR 06/01/19)		500		500,000
Series DQ, 5.00%, 06/01/29 (PR 06/01/19)		1,450		1,450,000
Series DY, 5.00%, 02/01/20		1,000		1,023,690
Series DZ, 5.00%, 12/01/20 (ETM)		305		320,875
Series DZ, 5.00%, 12/01/23 (PR 12/01/21)		1,000		1,083,432
Series DZ, 5.00%, 12/01/25 (PR 12/01/21)		885		960,933
Series DZ, 5.00%, 12/01/28 (PR 12/01/21)		880		955,504
Series DZ, 5.00%, 12/01/29 (PR 12/01/21)		1,000		1,086,286
Series DZ, 5.00%, 12/01/30 (PR 12/01/21)		750		814,715
Series DZ, 5.00%, 12/01/31 (PR 12/01/21)		1,500		1,629,436
Series DZ-2016, 5.00%, 12/01/28 (PR 12/01/21)		1,620		1,760,218
Series DZ-2017, 5.00%, 12/01/20 (ETM)		15		15,781
Series DZ-2017, 5.00%, 12/01/25 (PR 12/01/21)		1,115		1,210,993
Series EA, 5.00%, 12/01/20		500		526,630
Series EA, 5.00%, 12/01/21		1,500		1,631,985
Series EE, 5.00%, 11/01/27 (PR 11/01/22)		4,355		4,870,327
Series EE, 5.00%, 11/01/29 (PR 11/01/22)		15		16,775
Series EE-2017, 5.00%, 11/01/27 (PR 11/01/22)		1,645		1,839,653
Series EE-2017, 5.00%, 11/01/29 (Call 11/01/22)		395		438,142
Series EE-2017, 5.00%, 11/01/29 (PR 11/01/22)		890		992,278
Series EF, 5.00%, 11/01/21		2,000		2,170,220
Series EF, 5.00%, 11/01/22		3,000		3,356,250
Series EH, 5.00%, 08/01/23 (ETM)		980		1,120,307

14

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hawaii (continued)
Series EH, 5.00%, 08/01/33 (Call 08/01/23)	$	120	$	134,698
Series EH, 5.00%, 08/01/33 (PR 08/01/23)		380		434,405
Series EH-2017, 5.00%, 08/01/23 (ETM)		245		280,077
Series EO, 5.00%, 08/01/23 (ETM)		665		760,208
Series EO, 5.00%, 08/01/24		1,000		1,175,190
Series EO, 5.00%, 08/01/25 (Call 08/01/24)		5,155		6,053,774
Series EO, 5.00%, 08/01/26 (Call 08/01/24)		2,280		2,673,733
Series EO, 5.00%, 08/01/26 (PR 08/01/24)		220		258,557
Series EO, 5.00%, 08/01/29 (Call 08/01/24)		1,000		1,163,290
Series EY, 5.00%, 10/01/23		1,000		1,149,530
Series EZ, 5.00%, 10/01/27 (Call 10/01/25)		2,000		2,413,540
Series FG, 4.00%, 10/01/34 (Call 10/01/26)		5,000		5,565,150
Series FG, 4.00%, 10/01/36 (Call 10/01/26)		1,500		1,656,945
Series FH, 5.00%, 10/01/27 (Call 10/01/26)		2,200		2,717,682
Series FK, 4.00%, 05/01/36 (Call 05/01/27)		2,000		2,225,840
Series FK, 5.00%, 05/01/34 (Call 05/01/27)		2,310		2,795,100
Series FT, 5.00%, 01/01/33 (Call 01/01/28)		4,500		5,535,495
				135,239,603
Idaho — 0.0%
Idaho Housing & Finance Association RB, 5.00%, 07/15/26		1,000		1,212,360
Illinois — 3.5%
Chicago Board of Education RB, 6.00%, 04/01/46 (Call 04/01/27)		1,730		2,022,422
Chicago Midway International Airport RB
Series 2014B, 5.00%, 01/01/35 (Call 01/01/24)		2,000		2,238,260
Series B, 5.00%, 01/01/46 (Call 01/01/26)		2,255		2,573,429
Chicago O’Hare International Airport RB
4.00%, 01/01/44 (Call 01/01/29)		5,000		5,354,800
5.00%, 01/01/32 (Call 01/01/25)		5,000		5,754,500
5.00%, 01/01/47 (Call 01/01/27)		4,240		4,919,926
5.00%, 01/01/48 (Call 01/01/29)		3,000		3,571,590
5.75%, 01/01/39 (PR 01/01/21)		14,260		15,225,117
5.75%, 01/01/43 (Call 01/01/23)		1,000		1,126,110
Series 2015-B, 5.00%, 01/01/22		5,150		5,593,260
Series 2015-B, 5.00%, 01/01/27 (Call 01/01/25)		2,500		2,932,975
Series 2015-B, 5.00%, 01/01/30 (Call 01/01/25)		3,510		4,071,109
Series A, 5.75%, 01/01/39 (Call 01/01/21)		80		84,929
Series B, 5.00%, 01/01/20		8,575		8,747,100
Series B, 5.00%, 01/01/36 (Call 01/01/27)		14,110		16,660,100
Series B, 5.00%, 01/01/38 (Call 01/01/27)		3,025		3,549,838
Series B, 5.00%, 01/01/41 (Call 01/01/26)		1,500		1,719,735
Series B, 6.00%, 01/01/41 (PR 01/01/21)		15,000		16,073,400
Series C, 5.00%, 01/01/31 (Call 01/01/26)		460		541,701
Series C, 5.25%, 01/01/35 (Call 01/01/20) (AGC)		3,500		3,572,975
Series C, 6.50%, 01/01/41 (PR 01/01/21)		1,560		1,683,490
Series D, 5.00%, 01/01/44 (Call 01/01/23)		1,685		1,844,418
Series D, 5.00%, 01/01/46 (Call 01/01/25)		1,000		1,125,130
Series D, 5.00%, 01/01/52 (Call 01/01/27)		10,350		11,936,034
Series D, 5.25%, 01/01/42 (Call 01/01/27)		1,000		1,181,570
Series E, 5.00%, 01/01/27		2,000		2,458,000
Series F, 5.00%, 01/01/35 (Call 01/01/20)		1,000		1,017,280
Series F, 5.00%, 01/01/40 (Call 01/01/20)		610		620,187
Chicago Transit Authority RB
5.00%, 12/01/44 (Call 12/01/24) (AGM)		1,000		1,116,980
5.25%, 12/01/49 (Call 12/01/24)		2,500		2,788,950

Security	Par (000)		Value
Illinois (continued)
City of Chicago IL GO
5.00%, 01/01/44 (Call 01/01/29)	$	2,500	$	2,726,250
5.50%, 01/01/49 (Call 01/01/29)		5,000		5,672,450
Series A, 5.00%, 01/01/26 (Call 01/01/20) (AGM)		1,000		1,023,090
Series A, 5.00%, 01/01/27 (Call 01/01/20) (AGM)		1,020		1,043,521
Series A, 5.00%, 01/01/29 (Call 07/01/19) (NPFGC)		860		862,571
City of Chicago IL Wastewater Transmission Revenue RB
5.00%, 01/01/39 (Call 01/01/24)		2,000		2,159,300
5.00%, 01/01/42 (Call 01/01/22)		1,000		1,052,890
Cook County Community College District No. 508 GO, 5.25%, 12/01/43 (Call 12/01/23)		1,075		1,128,041
County of Cook IL GO
Series A, 5.00%, 11/15/19		460		466,914
Series A, 5.25%, 11/15/22 (Call 11/15/20)		1,000		1,050,390
Series A, 5.25%, 11/15/28 (Call 11/15/21)		500		534,750
Series C, 5.00%, 11/15/29 (Call 11/15/22)		1,250		1,354,788
County of Will IL GO, 5.00%, 11/15/41 (Call 11/15/25)		1,200		1,366,740
Illinois Finance Authority RB
Series A, 5.00%, 10/01/38 (Call 10/01/24)		2,000		2,289,680
Series A, 5.00%, 10/01/40 (Call 10/01/25)		2,000		2,300,960
Series A, 5.25%, 10/01/52 (Call 04/01/23)		1,000		1,107,160
Illinois State Toll Highway Authority RB
4.00%, 12/01/31 (Call 01/01/26)		5,035		5,480,044
5.00%, 01/01/25		900		1,057,545
5.00%, 01/01/27		1,000		1,219,490
5.00%, 01/01/30 (Call 01/01/29)		3,000		3,730,770
Series A, 5.00%, 12/01/19		4,280		4,351,390
Series A, 5.00%, 12/01/22		1,000		1,113,220
Series A, 5.00%, 12/01/32 (Call 01/01/26)		3,000		3,520,470
Series A, 5.00%, 01/01/38 (Call 01/01/23)		1,000		1,091,280
Series A, 5.00%, 01/01/40 (Call 07/01/25)		2,000		2,292,340
Series A, 5.00%, 01/01/42 (Call 01/01/28)		4,500		5,327,505
Series A-1, 5.00%, 01/01/28 (Call 01/01/20)		1,000		1,018,790
Series A-1, 5.00%, 01/01/31 (Call 01/01/20)		700		712,663
Series B, 5.00%, 01/01/36 (Call 01/01/26)		1,000		1,163,970
Series B, 5.00%, 01/01/37 (Call 01/01/24)		2,500		2,801,450
Series B, 5.00%, 01/01/37 (Call 01/01/26)		1,500		1,741,470
Series B, 5.00%, 01/01/40 (Call 01/01/26)		9,125		10,530,159
Series B, 5.00%, 01/01/41 (Call 07/01/26)		4,930		5,733,491
Series C, 5.00%, 01/01/36 (Call 01/01/25)		2,000		2,286,820
Series D, 5.00%, 01/01/22		3,915		4,245,739
Metropolitan Pier & Exposition Authority RB
0.00%, 12/15/52 (AGM)(a)		7,000		1,907,780
0.00%, 12/15/54(a)		10,000		2,205,800
5.50%, 06/15/29 (ETM) (NPFGC)		95		114,469
Series A, 0.00%, 12/15/22 (NPFGC)(a)		340		311,875
Series B, 0.00%, 06/15/26 (AGM)(a)		2,000		1,675,820
Series B, 0.00%, 06/15/27 (AGM)(a)		1,000		810,710
Series B, 0.00%, 06/15/43 (AGM)(a)		2,000		820,680
Series B, 0.00%, 06/15/45 (AGM)(a)		770		289,089
Series B, 0.00%, 06/15/46 (AGM)(a)		1,600		573,600
Series B, 0.00%, 06/15/47 (AGM)(a)		330		113,124
Metropolitan Water Reclamation District of Greater Chicago GOL
Series B, 5.00%, 12/01/30 (Call 12/01/21)		710		765,891
Series B, 5.00%, 12/01/32 (Call 12/01/21)		1,000		1,072,430
Series C, 5.25%, 12/01/32		1,340		1,728,546

15

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
Regional Transportation Authority RB
5.75%, 06/01/21 (AGM)	$	500	$	540,515
5.75%, 06/01/23 (AGM)		1,000		1,125,680
State of Illinois GO
5.00%, 07/01/19		1,000		1,002,390
5.00%, 08/01/19		2,075		2,085,479
5.00%, 01/01/20 (AGM)		975		992,414
5.00%, 02/01/20		1,000		1,020,030
5.00%, 05/01/20		3,000		3,082,770
5.00%, 02/01/21		2,500		2,620,825
5.00%, 07/01/21		2,000		2,120,500
5.00%, 08/01/21		5,025		5,339,464
5.00%, 01/01/22 (Call 01/01/20)		1,500		1,524,045
5.00%, 02/01/22		3,140		3,369,377
5.00%, 08/01/22		580		629,944
5.00%, 02/01/23		4,250		4,638,875
5.00%, 02/01/24		2,500		2,777,100
5.00%, 08/01/24 (Call 08/01/22)		3,550		3,821,007
5.00%, 02/01/26		5,000		5,671,500
5.00%, 02/01/26 (Call 02/01/24)		2,000		2,194,860
5.00%, 10/01/26		4,750		5,435,662
5.00%, 02/01/28 (Call 02/01/27)		4,500		5,137,740
5.00%, 05/01/29 (Call 05/01/24)		1,900		2,075,826
5.00%, 05/01/31 (Call 05/01/24)		1,500		1,624,425
5.00%, 10/01/33 (Call 10/01/28)		1,240		1,404,474
5.00%, 12/01/34 (Call 12/01/27)		2,650		2,962,329
5.00%, 05/01/36 (Call 05/01/24)		1,000		1,072,100
5.00%, 02/01/39 (Call 02/01/24)		7,285		7,750,511
5.00%, 05/01/39 (Call 05/01/24)		2,500		2,666,700
5.25%, 07/01/28 (Call 07/01/23)		1,000		1,093,960
5.25%, 07/01/29 (Call 07/01/23)		2,000		2,181,460
5.25%, 02/01/32 (Call 02/01/24)		7,650		8,375,449
5.50%, 07/01/27 (Call 07/01/23)		660		731,056
5.50%, 07/01/38 (Call 07/01/23)		1,000		1,087,140
Series A, 5.00%, 12/01/19		10,000		10,157,400
Series A, 5.00%, 12/01/31 (Call 12/01/27)		2,000		2,263,940
Series A, 5.00%, 12/01/39 (Call 12/01/27)		2,000		2,203,760
Series B, 5.00%, 10/01/21		1,000		1,067,260
Series B, 5.00%, 10/01/22		1,250		1,362,988
Series B, 5.00%, 10/01/28		2,000		2,324,300
Series B, 5.00%, 10/01/29 (Call 10/01/28)		1,000		1,157,500
Series B, 5.00%, 10/01/30 (Call 10/01/28)		3,000		3,449,640
Series B, 5.00%, 10/01/32 (Call 10/01/28)		2,000		2,279,720
Series C, 5.00%, 11/01/29 (Call 11/01/27)		11,000		12,576,630
Series D, 5.00%, 11/01/20		7,300		7,609,739
Series D, 5.00%, 11/01/21		9,700		10,375,120
Series D, 5.00%, 11/01/22		11,600		12,673,348
Series D, 5.00%, 11/01/23		8,300		9,203,538
Series D, 5.00%, 11/01/24		6,850		7,720,703
Series D, 5.00%, 11/01/25		12,445		14,137,147
Series D, 5.00%, 11/01/26		10,800		12,371,940
Series D, 5.00%, 11/01/27		11,530		13,316,919
Series D, 5.00%, 11/01/28 (Call 11/01/27)		6,000		6,900,060

Security	Par (000)		Value
Illinois (continued)
State of Illinois RB
5.00%, 06/15/19	$	545	$	545,512
5.00%, 06/15/26 (Call 06/15/23)		1,500		1,635,705
Series B, 5.25%, 06/15/34 (PR 06/15/19)		2,000		2,002,300
				455,544,006
Indiana — 0.5%
City of Indianapolis Department of Public Utilities Water System Revenue RB, 5.00%, 10/01/35 (Call 10/01/28)		1,000		1,230,320
Indiana Finance Authority RB
5.00%, 02/01/25		2,000		2,381,140
5.00%, 06/01/29		2,915		3,774,838
5.00%, 02/01/32 (PR 02/01/23)		1,000		1,125,640
5.00%, 10/01/40 (Call 10/01/24)		10,000		11,372,800
5.00%, 10/01/41 (Call 10/01/26)		2,000		2,327,020
Series A, 4.00%, 10/01/42 (Call 10/01/22)		2,500		2,590,100
Series A, 4.25%, 10/01/44 (Call 10/01/24)		3,205		3,454,253
Series A, 5.00%, 02/01/20		1,000		1,023,620
Series A, 5.00%, 10/01/44 (Call 10/01/24)		1,000		1,136,030
Series A, 5.25%, 02/01/35 (Call 08/01/25)		1,000		1,189,410
Series A, 5.25%, 10/01/38 (Call 10/01/21)		2,615		2,814,315
Series B, 5.00%, 10/01/41 (Call 10/01/21)		1,000		1,069,230
Series C, 5.00%, 12/01/23		1,250		1,442,037
Series C, 5.00%, 06/01/27 (Call 12/01/26)		9,110		11,304,508
Series C, 5.00%, 02/01/29 (Call 02/01/28)		1,800		2,279,610
Indiana Municipal Power Agency RB
5.00%, 01/01/42 (Call 01/01/28)		3,000		3,539,040
Series A, 5.00%, 01/01/42 (Call 07/01/26)		3,265		3,788,020
Indianapolis Local Public Improvement Bond Bank RB, 5.00%, 02/01/49 (Call 02/01/29)		6,000		7,192,140
				65,034,071
Iowa — 0.1%
Iowa Finance Authority RB
5.00%, 08/01/20		1,000		1,040,970
5.00%, 08/01/28 (Call 08/01/27)		2,195		2,752,069
5.00%, 08/01/30 (Call 08/01/27)		2,000		2,478,440
5.00%, 08/01/31 (Call 08/01/27)		2,000		2,465,420
5.00%, 08/01/42 (Call 08/01/27)		2,000		2,385,840
State of Iowa RB
Series A, 5.00%, 06/01/27 (Call 06/01/26)		1,000		1,221,240
Series A, 5.00%, 06/01/27 (PR 06/01/19)		500		500,000
				12,843,979
Kansas — 0.3%
Kansas Development Finance Authority RB, 5.00%, 03/01/21 (Call 03/01/20)		1,060		1,088,196
State of Kansas Department of Transportation RB
5.00%, 09/01/26 (Call 09/01/25)		5,000		6,015,300
5.00%, 09/01/27 (Call 09/01/25)		3,000		3,603,450
5.00%, 09/01/29 (Call 09/01/25)		1,000		1,194,030
5.00%, 09/01/30 (Call 09/01/24)		1,100		1,278,486
5.00%, 09/01/30 (Call 09/01/25)		1,500		1,782,480
5.00%, 09/01/33 (Call 09/01/25)		3,000		3,535,470

16

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Kansas (continued)
5.00%, 09/01/35 (Call 09/01/25)	$	2,000	$	2,344,660
Series A, 5.00%, 09/01/21		1,200		1,294,656
Series A, 5.00%, 09/01/27 (Call 09/01/24)		2,000		2,346,000
Series A, 5.00%, 09/01/29 (Call 09/01/24)		1,000		1,167,040
Series B, 5.00%, 09/01/22		2,000		2,225,660
Wyandotte County-Kansas City Unified Government Utility System Revenue RB, Series A, 4.25%, 09/01/39 (Call 09/01/24)		9,285		9,941,821
				37,817,249
Kentucky — 0.1%
Kentucky Asset Liability Commission RB, First Series A, 5.00%, 09/01/26 (Call 09/01/24)		1,000		1,153,860
Kentucky Public Transportation Infrastructure Authority RB, Series 2013A, 5.75%, 07/01/49 (Call 07/01/23)		1,000		1,097,070
Kentucky State Property & Building Commission RB
Series A, 5.00%, 08/01/19		1,000		1,005,620
Series B, 5.00%, 11/01/23 (SAP)		1,500		1,703,655
Louisville & Jefferson County Metropolitan Sewer District RB
Series A, 5.00%, 05/15/30 (Call 11/15/21)		500		539,080
Series A, 5.00%, 05/15/34 (Call 11/15/21)		1,000		1,076,880
				6,576,165
Louisiana — 0.4%
City of New Orleans LA Sewerage Service Revenue RB, 5.00%, 06/01/44 (Call 06/01/24)		1,000		1,099,390
City of New Orleans LA Water System Revenue RB, 5.00%, 12/01/44 (Call 12/01/24)		1,000		1,096,100
East Baton Rouge Sewerage Commission RB, Series B, 5.00%, 02/01/39 (Call 02/01/25)		2,000		2,288,280
Louisiana Local Government Environmental Facilities & Community Development Authority RB
Series 2014A, 5.00%, 02/01/44 (Call 02/01/24)		2,000		2,227,200
Series A, 4.00%, 02/01/48 (Call 02/01/23)		1,000		1,037,290
Louisiana State Citizens Property Insurance Corp. RB, 5.00%, 06/01/21 (AGM)		1,000		1,067,810
New Orleans Aviation Board RB, Series A, 5.00%, 01/01/48 (Call 01/01/27)		1,500		1,729,830
State of Louisiana Gasoline & Fuels Tax Revenue RB
Series A, 4.50%, 05/01/39 (Call 05/01/25)		1,000		1,098,900
Series A, 5.00%, 05/01/41 (Call 05/01/25)		1,000		1,144,720
Series A-1, 4.00%, 05/01/35 (Call 05/01/22)		1,000		1,055,050
Series A-1, 5.00%, 05/01/24 (Call 05/01/22)		750		822,855
Series A-1, 5.00%, 05/01/24 (PR 05/01/22)		250		275,108
Series A-1, 5.00%, 05/01/25 (Call 05/01/22)		760		832,458
Series A-1, 5.00%, 05/01/25 (PR 05/01/22)		240		264,103
Series B, 5.00%, 05/01/34 (PR 05/01/20)		1,915		1,976,280
Series B, 5.00%, 05/01/36 (Call 05/01/24)		1,000		1,142,480
Series B, 5.00%, 05/01/45 (PR 05/01/20)		3,250		3,354,000
Series C, 5.00%, 05/01/40 (Call 11/01/27)		2,000		2,382,020
State of Louisiana GO
4.00%, 02/01/33 (Call 02/01/24)		3,000		3,234,720
5.00%, 07/15/23 (Call 07/15/22)		1,750		1,932,648
Series A, 4.00%, 02/01/29 (Call 02/01/24)		2,110		2,304,626
Series A, 4.00%, 08/01/31 (Call 08/01/22)		1,000		1,059,440
Series A, 5.00%, 11/15/21 (Call 05/15/20)		2,000		2,065,580

Security	Par (000)		Value
Louisiana (continued)
Series A, 5.00%, 02/01/28 (Call 02/01/24)	$	1,000	$	1,142,310
Series B, 5.00%, 08/01/25		2,000		2,389,880
Series B, 5.00%, 08/01/27 (Call 08/01/26)		3,000		3,660,840
Series B, 5.00%, 08/01/28 (Call 08/01/26)		2,850		3,466,199
Series C, 5.00%, 07/15/21		1,000		1,072,970
Series C, 5.00%, 08/01/23		1,000		1,138,370
Series C, 5.00%, 07/15/24 (Call 07/15/22)		1,000		1,104,050
Series C, 5.00%, 08/01/25 (Call 08/01/24)		2,000		2,326,000
				51,791,507
Maryland — 2.4%
City of Baltimore MD RB
4.00%, 07/01/49 (Call 07/01/29)		2,000		2,181,800
Series A, 5.00%, 07/01/43 (Call 01/01/24)		1,000		1,124,850
Series A, 5.00%, 07/01/46 (Call 01/01/27)		3,000		3,491,670
County of Anne Arundel MD GOL, 5.00%, 10/01/47 (Call 10/01/27)		2,000		2,401,720
County of Baltimore MD GO, 5.00%, 02/01/21		3,520		3,726,941
County of Montgomery MD GO
5.00%, 10/01/26		5,000		6,191,750
5.00%, 10/01/27		1,500		1,896,735
Series A, 5.00%, 11/01/19		3,900		3,958,032
Series A, 5.00%, 11/01/24		2,085		2,469,370
Series B, 5.00%, 11/01/21		2,250		2,441,497
Series B, 5.00%, 11/01/23		3,680		4,240,427
Series B, 5.00%, 11/01/25 (Call 11/01/24)		3,900		4,613,934
Series B, 5.00%, 11/01/26 (Call 11/01/24)		1,000		1,180,600
Series C, 5.00%, 10/01/25		2,000		2,423,100
County of Prince George’s MD GOL
Series A, 5.00%, 07/15/29 (Call 07/15/28)		2,000		2,551,600
Series A, 5.00%, 07/15/31 (Call 07/15/28)		6,000		7,558,740
State of Maryland Department of Transportation RB
4.00%, 09/01/19		2,175		2,188,768
4.00%, 09/01/21		3,600		3,807,288
4.00%, 11/01/25 (Call 11/01/24)		3,000		3,392,100
5.00%, 11/01/22		11,515		12,890,582
5.00%, 02/15/23		8,175		9,230,474
5.00%, 09/01/23		1,055		1,210,306
5.00%, 09/01/24		1,250		1,474,400
5.00%, 11/01/24		2,000		2,369,840
5.00%, 09/01/25		1,000		1,210,430
5.00%, 09/01/26		4,840		5,997,680
5.00%, 09/01/27		1,030		1,304,794
5.00%, 09/01/30 (Call 09/01/27)		1,000		1,246,090
State of Maryland GO
4.00%, 08/01/32 (Call 08/01/28)		4,000		4,614,920
5.00%, 03/01/20		1,500		1,540,005
5.00%, 08/01/20		4,900		5,103,644
5.00%, 08/01/21		2,950		3,175,557
5.00%, 03/15/27		10,000		12,504,500
5.00%, 03/15/29		5,000		6,486,100
5.00%, 08/01/31 (Call 08/01/28)		3,500		4,409,300
First Series, 5.00%, 06/01/19		12,290		12,290,000
First Series B, 5.00%, 03/15/20		7,660		7,875,016
First Series B, 5.00%, 03/01/21 (Call 03/01/20)		1,250		1,283,250

17

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Maryland (continued)
First Series C, 4.00%, 08/15/21	$	9,270	$	9,793,477
Second Series B, 4.00%, 08/01/27 (Call 08/01/22)		3,390		3,640,216
Second Series B, 5.00%, 08/01/24 (PR 08/01/22)		1,000		1,110,500
Second Series E, 4.50%, 08/01/20		10,945		11,337,159
Series A, 3.13%, 03/15/33 (Call 03/15/28)		4,800		5,067,312
Series A, 4.00%, 08/01/27 (Call 08/01/23)		2,000		2,188,880
Series A, 4.00%, 08/01/29 (Call 08/01/23)		2,000		2,176,260
Series A, 5.00%, 03/01/21		1,000		1,062,060
Series A, 5.00%, 03/01/22		1,000		1,096,540
Series A, 5.00%, 03/15/22		3,525		3,869,992
Series A, 5.00%, 03/15/23		6,290		7,114,619
Series A, 5.00%, 03/01/24 (PR 03/01/21)		1,000		1,061,890
Series A, 5.00%, 08/01/24		2,700		3,174,471
Series A, 5.00%, 03/15/25		1,000		1,195,040
Series A, 5.00%, 03/15/27		1,200		1,500,540
Series A, 5.00%, 08/01/28 (Call 08/01/27)		5,000		6,282,000
Series A, 5.00%, 03/15/29 (Call 03/15/27)		7,880		9,773,958
Series B, 5.00%, 08/01/21 (PR 08/01/19)		1,000		1,005,710
Series B, 5.00%, 08/01/22		1,250		1,388,375
Series B, 5.00%, 08/01/23 (PR 08/01/19)		5,720		5,752,661
Series B, 5.00%, 08/01/24		3,325		3,909,302
Series B, 5.00%, 08/01/25		16,100		19,427,065
Series B, 5.00%, 08/01/26		10,245		12,640,691
Series C, 5.00%, 08/01/21		2,300		2,475,858
Series C, 5.00%, 08/01/23		7,400		8,462,492
Series C, 5.00%, 08/01/24		13,625		16,019,321
Series C, 5.25%, 08/01/20		4,585		4,788,666
				305,372,865
Massachusetts — 5.1%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB
5.00%, 06/15/24 (Call 06/15/23)		3,000		3,416,730
5.00%, 06/15/27 (Call 06/15/26)		4,690		5,760,258
Series A, 5.00%, 06/15/25 (Call 06/15/24)		6,310		7,388,947
Series A, 5.00%, 06/15/27 (Call 06/15/24)		2,000		2,339,000
Commonwealth of Massachusetts GO
Series C, 5.50%, 12/01/22 (AGM)		2,840		3,235,470
Series C, 5.50%, 12/01/22 (AMBAC)		6,200		7,063,350
Series C, 5.50%, 12/01/23 (AMBAC)		910		1,071,252
Commonwealth of Massachusetts GOL
4.00%, 05/01/35 (Call 05/01/23)		2,000		2,133,300
4.00%, 05/01/38 (Call 05/01/23)		1,500		1,592,715
4.00%, 05/01/39 (Call 05/01/23)		2,000		2,121,080
4.00%, 05/01/40 (Call 05/01/23)		1,460		1,544,388
4.25%, 12/01/39 (Call 12/01/21)		4,180		4,377,630
5.00%, 08/01/23		5,000		5,722,250
5.00%, 04/01/26		10,230		12,519,985
5.00%, 11/01/26		2,015		2,498,217
5.00%, 10/01/27		1,250		1,578,388
5.00%, 07/01/28		3,500		4,483,080
5.00%, 05/01/29 (Call 05/01/23)		4,000		4,515,240
5.00%, 07/01/33 (Call 07/01/26)		2,080		2,492,818
5.00%, 01/01/34 (Call 01/01/28)		2,500		3,067,075

Security	Par (000)		Value
Massachusetts (continued)
5.00%, 01/01/38 (Call 01/01/29)	$	5,000	$	6,137,800
5.00%, 01/01/42 (Call 01/01/28)		3,795		4,531,496
5.00%, 01/01/43 (Call 01/01/28)		2,000		2,385,900
5.00%, 01/01/48 (Call 01/01/28)		3,090		3,668,293
5.25%, 09/01/25 (AGM)		1,065		1,304,220
Series A, 4.00%, 04/01/42 (Call 04/01/21)		10,335		10,637,815
Series A, 4.50%, 12/01/43 (Call 12/01/21)		2,500		2,654,600
Series A, 5.00%, 03/01/23		4,900		5,539,891
Series A, 5.00%, 07/01/25		1,000		1,204,190
Series A, 5.00%, 04/01/26 (PR 04/01/21)		2,155		2,294,256
Series A, 5.00%, 04/01/28 (PR 04/01/21)		3,000		3,193,860
Series A, 5.00%, 07/01/36 (Call 07/01/25)		2,500		2,917,700
Series A, 5.00%, 01/01/39 (Call 01/01/28)		8,710		10,472,207
Series A, 5.00%, 03/01/41 (Call 03/01/24)		3,470		3,922,176
Series A, 5.00%, 03/01/46 (Call 03/01/24)		1,305		1,472,549
Series A, 5.00%, 04/01/47 (Call 04/01/27)		2,265		2,657,547
Series A, 5.25%, 08/01/21		3,000		3,244,620
Series A, 5.50%, 08/01/30 (AMBAC)		6,400		8,601,984
Series B, 5.00%, 08/01/20		8,465		8,815,790
Series B, 5.00%, 07/01/22		1,240		1,374,193
Series B, 5.00%, 06/01/25 (PR 06/01/20)		1,800		1,863,774
Series B, 5.00%, 08/01/25 (PR 08/01/20)		1,200		1,249,584
Series B, 5.00%, 07/01/27		1,000		1,256,390
Series B, 5.00%, 07/01/28		5,000		6,404,400
Series B, 5.00%, 04/01/47 (Call 04/01/27)		5,000		5,866,550
Series B, 5.25%, 08/01/20		745		778,004
Series B, 5.25%, 08/01/21		425		459,655
Series B, 5.25%, 08/01/21 (AGM)		10,505		11,361,578
Series B, 5.25%, 09/01/21 (AGM)		1,960		2,125,836
Series B, 5.25%, 08/01/22		1,100		1,230,603
Series B, 5.25%, 09/01/22 (AGM)		600		673,044
Series B, 5.25%, 09/01/23 (AGM)		4,990		5,775,775
Series B, 5.25%, 09/01/24 (AGM)		1,820		2,170,641
Series C, 4.00%, 10/01/27 (Call 10/01/20)		2,425		2,502,163
Series C, 5.00%, 08/01/19		2,220		2,232,721
Series C, 5.00%, 04/01/20		9,085		9,353,643
Series C, 5.00%, 08/01/20		4,955		5,160,335
Series C, 5.00%, 04/01/22		1,290		1,418,600
Series C, 5.00%, 08/01/22		1,500		1,666,545
Series C, 5.00%, 10/01/22		8,300		9,268,195
Series C, 5.00%, 10/01/24		6,735		7,966,091
Series C, 5.00%, 08/01/25		1,350		1,628,978
Series C, 5.00%, 10/01/25		5,000		6,057,750
Series C, 5.00%, 05/01/30 (Call 05/01/23)		5,000		5,633,900
Series D, 4.00%, 02/01/41 (Call 02/01/27)		3,000		3,275,490
Series D, 4.00%, 02/01/45 (Call 02/01/27)		2,000		2,170,720
Series D, 5.00%, 10/01/24 (PR 10/01/21)		1,000		1,082,050
Series D, 5.00%, 07/01/25		2,500		3,010,475
Series D, 5.00%, 07/01/26		8,875		10,923,616
Series D, 5.00%, 07/01/27		3,900		4,899,921
Series D, 5.00%, 08/01/33 (PR 08/01/21)		7,645		8,228,008
Series D, 5.50%, 10/01/19 (AMBAC)		4,260		4,317,041
Series D-2-R, 1.70%, 08/01/43 (Put 08/01/22)(b)(c)		1,600		1,603,232

18

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts (continued)
Series E, 4.00%, 09/01/39 (Call 09/01/25)	$	5,500	$	5,977,455
Series E, 4.00%, 04/01/46 (Call 04/01/25)		9,915		10,622,435
Series E, 4.50%, 08/01/43 (Call 08/01/21)		2,075		2,186,593
Series E, 5.00%, 11/01/23		1,600		1,844,400
Series E, 5.00%, 11/01/25 (AMBAC)		2,115		2,567,589
Series E, 5.00%, 09/01/28 (PR 09/01/22)		4,400		4,898,696
Series E, 5.00%, 08/01/35 (Call 08/01/21)		1,650		1,763,025
Series E, 5.00%, 08/01/39 (Call 08/01/21)		2,500		2,665,775
Series E, 5.00%, 08/01/40 (Call 08/01/21)		2,165		2,308,085
Series F, 5.00%, 11/01/37 (Call 11/01/27)		3,950		4,765,043
Series F, 5.00%, 11/01/42 (Call 11/01/27)		2,500		2,976,325
Series H, 5.00%, 12/01/24		1,150		1,366,430
Series J, 5.00%, 12/01/37 (Call 12/01/26)		8,845		10,559,692
Commonwealth of Massachusetts RB
5.50%, 01/01/30 (NPFGC)		1,110		1,486,301
5.50%, 01/01/34 (NPFGC)		1,500		2,028,375
Series A, 5.50%, 06/01/21 (AGM)		4,545		4,909,736
Commonwealth of Massachusetts Transportation Fund Revenue RB
5.00%, 06/01/43 (Call 12/01/27)		7,000		8,378,160
Series A, 4.00%, 06/01/45 (Call 06/01/25)		2,500		2,674,600
Series A, 5.00%, 06/01/25 (PR 06/01/21)		1,050		1,123,994
Series A, 5.00%, 06/01/41 (Call 06/01/26)		4,850		5,686,916
Series A, 5.00%, 06/01/42 (Call 06/01/27)		5,600		6,656,608
Series A, 5.00%, 06/01/44 (Call 06/01/24)		2,000		2,255,340
Series A, 5.00%, 06/01/47 (Call 06/01/27)		3,850		4,544,732
Massachusetts Bay Transportation Authority RB
5.00%, 07/01/22		1,000		1,108,860
5.00%, 07/01/23		4,445		5,076,679
5.00%, 07/01/27		1,100		1,388,684
Series A, 5.00%, 07/01/20		7,000		7,271,670
Series A, 5.00%, 07/01/21		2,500		2,685,550
Series A, 5.00%, 07/01/28		4,255		5,466,696
Series A, 5.00%, 07/01/31		2,870		3,814,144
Series A, 5.25%, 07/01/21		3,205		3,459,221
Series A, 5.25%, 07/01/28		1,450		1,893,396
Series A, 5.25%, 07/01/30		3,635		4,892,128
Series B, 5.25%, 07/01/19		1,395		1,399,115
Series B, 5.25%, 07/01/20		1,350		1,405,985
Series B, 5.25%, 07/01/21		2,120		2,288,158
Massachusetts Clean Water Trust (The) RB
5.00%, 08/01/20		1,800		1,875,438
5.00%, 08/01/23		2,500		2,864,375
5.00%, 08/01/24		1,000		1,179,000
5.00%, 08/01/26		2,000		2,478,400
5.25%, 08/01/20		1,000		1,044,770
5.25%, 08/01/21		500		541,325
Series A, 5.25%, 08/01/19		1,000		1,006,190
Massachusetts Department of Transportation RB
Series A, 0.00%, 01/01/28 (NPFGC)(a)		1,000		829,160
Series A, 5.00%, 01/01/20 (ETM)		50		51,036
Massachusetts Development Finance Agency RB
5.00%, 01/01/41 (Call 01/01/25)		1,000		1,102,800
Series A, 4.00%, 07/15/36 (Call 07/15/26)		7,500		8,420,325

Security	Par (000)		Value
Massachusetts (continued)
Series A, 5.00%, 07/15/22	$	1,000	$	1,112,120
Series A, 5.00%, 07/15/28 (Call 07/15/26)		2,000		2,465,000
Series A, 5.00%, 07/15/33 (Call 07/15/26)		3,000		3,637,860
Series A, 5.00%, 07/15/36		1,490		2,025,610
Series A, 5.00%, 07/15/40		4,000		5,556,080
Series A, 5.00%, 01/01/47 (Call 01/01/27)		1,500		1,694,385
Series BB1, 5.00%, 10/01/46 (Call 10/01/26)		1,750		2,037,857
Series P, 5.00%, 07/01/43 (Call 07/01/23)		4,125		4,606,924
Massachusetts School Building Authority RB
4.00%, 11/15/35 (Call 11/15/26)		3,000		3,333,510
5.00%, 08/15/25 (Call 08/15/22)		1,380		1,533,194
5.25%, 02/15/48 (Call 02/15/28)		8,360		10,163,001
Series A, 4.00%, 02/15/43 (Call 02/15/28)		8,960		9,793,011
Series A, 5.00%, 08/15/22		1,300		1,446,471
Series A, 5.00%, 08/15/23 (Call 08/15/22)		1,500		1,668,015
Series A, 5.00%, 08/15/26 (Call 08/15/22)		1,075		1,192,917
Series A, 5.00%, 08/15/30 (Call 08/15/22)		3,135		3,456,118
Series A, 5.00%, 05/15/43 (Call 05/15/23)		7,810		8,635,986
Series B, 4.00%, 01/15/45 (Call 01/15/25)		2,000		2,128,620
Series B, 5.00%, 10/15/19		1,000		1,013,260
Series B, 5.00%, 10/15/21		1,035		1,122,002
Series B, 5.00%, 08/15/28 (Call 08/15/22)		1,000		1,106,050
Series B, 5.00%, 08/15/29 (Call 08/15/22)		8,930		9,859,345
Series B, 5.00%, 08/15/30 (Call 08/15/22)		9,305		10,258,111
Series B, 5.00%, 10/15/35 (Call 10/15/21)		1,000		1,073,390
Series B, 5.00%, 10/15/41 (Call 10/15/21)		2,750		2,945,882
Series B, 5.00%, 11/15/46 (Call 11/15/26)		8,025		9,531,854
Series C, 4.00%, 08/15/36 (Call 08/15/25)		1,000		1,094,280
Series C, 5.00%, 08/15/27 (Call 08/15/25)		2,000		2,409,020
Series C, 5.00%, 08/15/37 (Call 08/15/25)		3,000		3,512,340
Massachusetts State College Building Authority RB, Series B, 5.00%, 05/01/43 (Call 05/01/22) (HERBIP)		4,800		5,166,720
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB
5.00%, 01/01/26 (Call 01/01/20)		4,210		4,294,495
5.00%, 01/01/39 (Put 01/01/23)(b)(c)		4,500		5,024,295
Series A, 5.00%, 01/01/29		3,985		5,132,879
Series B, 5.00%, 01/01/27 (Call 01/01/20)		2,175		2,218,152
Series B, 5.00%, 01/01/37 (Call 01/01/20)		1,000		1,018,620
Massachusetts Water Resources Authority RB
5.00%, 08/01/21 (Call 08/01/19)		250		251,420
5.00%, 08/01/21 (PR 08/01/19)		75		75,416
5.50%, 08/01/20 (AGM)		935		979,319
5.50%, 08/01/20 (ETM) (AGM)		25		26,161
Series A, 5.00%, 08/01/23		1,500		1,718,625
Series A, 5.00%, 08/01/40 (PR 08/01/20)		3,475		3,616,537
Series B, 5.00%, 08/01/21 (PR 08/01/19)		85		85,472
Series B, 5.00%, 08/01/36 (PR 08/01/21)		1,000		1,074,040
Series B, 5.00%, 08/01/39 (PR 08/01/19)		2,445		2,458,961
Series B, 5.00%, 08/01/43 (Call 08/01/28)		6,000		7,268,700
Series B, 5.25%, 08/01/23 (AGM)		1,000		1,155,820
Series B, 5.25%, 08/01/25 (AGM)		2,500		3,063,200
Series B, 5.25%, 08/01/26 (AGM)		1,100		1,382,590
Series B, 5.25%, 08/01/28 (AGM)		1,000		1,313,700

19

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts (continued)
Series B, 5.25%, 08/01/30 (AGM)	$	2,000	$	2,704,360
Series B, 5.25%, 08/01/31 (AGM)		800		1,095,320
Series B-1, 5.00%, 08/01/21 (PR 08/01/19)		90		90,514
Series C, 5.00%, 08/01/32 (Call 08/01/26)		6,485		7,832,972
Series C, 5.00%, 08/01/34 (Call 08/01/26)		5,000		6,008,450
Series C, 5.25%, 08/01/42 (Call 08/01/21)		1,000		1,077,310
Series J, 5.50%, 08/01/20 (ETM) (AGM)		40		41,858
Series J, 5.50%, 08/01/21 (AGM)		4,155		4,520,432
Metropolitan Boston Transit Parking Corp. RB, 5.25%, 07/01/33 (Call 07/01/21)		2,000		2,141,160
University of Massachusetts Building Authority RB 5.00%, 11/01/39 (Call 11/01/22)		1,580		1,733,845
Series 1, 4.00%, 11/01/44 (Call 11/01/27)		2,145		2,327,668
Series 1, 4.00%, 11/01/45 (Call 11/01/25)		2,500		2,678,825
Series 1, 5.00%, 11/01/40 (Call 11/01/25)		2,500		2,927,475
Series 1, 5.00%, 11/01/44 (Call 11/01/24)		2,695		3,093,537
				653,368,039
Michigan — 0.9%
Detroit City School District GO, Series A, 5.25%, 05/01/30 (AGM)		2,500		3,199,925
Great Lakes Water Authority Sewage Disposal System Revenue RB
5.00%, 07/01/28		2,000		2,527,120
5.00%, 07/01/34 (Call 07/01/26)		2,000		2,340,500
Great Lakes Water Authority Water Supply System Revenue RB
5.00%, 07/01/36 (Call 07/01/26)		9,500		11,031,400
Series A, 5.00%, 07/01/46 (Call 07/01/26)		3,000		3,476,790
Michigan Finance Authority RB
4.00%, 11/01/48 (Call 11/01/28) (SAW)		2,000		2,169,720
5.00%, 07/01/20 (Call 07/01/19)		6,050		6,066,637
5.00%, 07/01/34 (Call 07/01/24)		1,385		1,570,839
5.00%, 07/01/34 (Call 07/01/25)		2,600		2,990,832
Series A, 5.00%, 07/01/19		2,310		2,316,399
Series C-1, 5.00%, 07/01/44 (Call 07/01/22)		13,720		14,749,823
Series C-3, 5.00%, 07/01/24 (AGM)		6,000		7,003,080
Series C-3, 5.00%, 07/01/32 (Call 07/01/24) (AGM)		1,000		1,144,660
Series D1, 5.00%, 07/01/22 (AGM)		1,000		1,103,760
Series D2, 5.00%, 07/01/26 (Call 07/01/24) (AGM)		1,000		1,157,510
Michigan State Building Authority RB
5.00%, 04/15/22		2,220		2,440,313
5.38%, 10/15/36 (Call 10/15/21)		1,070		1,155,183
Series I, 5.00%, 04/15/20		6,020		6,203,790
Series I, 5.00%, 04/15/28 (Call 10/15/25)		3,000		3,593,730
Series I, 5.00%, 10/15/29 (Call 10/15/23)		1,000		1,133,700
Series I, 5.00%, 10/15/30 (Call 10/15/26)		3,000		3,627,780
Series I, 5.00%, 04/15/38 (Call 10/15/25)		3,000		3,499,290
Series I, 5.00%, 04/15/41 (Call 10/15/26)		1,000		1,168,610
Series I, 5.00%, 10/15/51 (Call 10/15/26)		2,500		2,891,850
Series II, 5.38%, 10/15/41 (Call 10/15/21)		2,000		2,155,520
State of Michigan RB
5.00%, 03/15/20		3,670		3,770,081
5.00%, 03/15/23		1,000		1,126,370
5.00%, 03/15/24		4,000		4,627,920

Security	Par (000)		Value
Michigan (continued)
5.00%, 03/15/26	$	2,500	$	3,038,500
5.00%, 03/15/27		300		372,405
State of Michigan Trunk Line Revenue RB
5.00%, 11/01/20 (Call 11/01/19)		2,820		2,861,031
5.00%, 11/01/21 (Call 11/01/19)		1,000		1,014,590
University of Michigan RB
5.00%, 04/01/46 (Call 04/01/26)		3,000		3,517,380
5.00%, 04/01/47 (Call 04/01/27)		1,000		1,190,500
Series A, 5.00%, 04/01/23		1,610		1,824,726
Series A, 5.00%, 04/01/42 (Call 04/01/27)		2,500		2,979,025
				117,041,289
Minnesota — 0.6%
Minneapolis-St Paul Metropolitan Airports Commission RB
Series A, 5.00%, 01/01/26		1,215		1,475,800
Series C, 5.00%, 01/01/41 (Call 01/01/27)		1,500		1,765,860
Series C, 5.00%, 01/01/46 (Call 01/01/27)		4,000		4,687,440
Minnesota Public Facilities Authority RB
Series A, 5.00%, 03/01/20		2,390		2,453,741
Series A, 5.00%, 03/01/23		1,000		1,129,030
State of Minnesota GO
5.00%, 10/01/21		1,700		1,839,383
5.00%, 08/01/24		2,950		3,470,026
5.00%, 10/01/24		1,430		1,689,774
5.00%, 08/01/27 (PR 08/01/20)		5,000		5,200,700
Series A, 5.00%, 08/01/19		2,520		2,534,389
Series A, 5.00%, 08/01/20		5,000		5,206,600
Series A, 5.00%, 08/01/25 (PR 08/01/20)		1,600		1,664,224
Series D, 5.00%, 08/01/19		5,000		5,028,550
Series D, 5.00%, 08/01/20		3,185		3,316,604
Series D, 5.00%, 08/01/20 (ETM)		20		20,803
Series D, 5.00%, 08/01/21		3,650		3,928,276
Series D, 5.00%, 08/01/22 (Call 08/01/20)		1,625		1,691,739
Series D, 5.00%, 08/01/22 (PR 08/01/20)		25		26,004
Series D, 5.00%, 08/01/23		8,305		9,497,432
Series D, 5.00%, 08/01/25		2,250		2,717,910
Series D, 5.00%, 10/01/26		3,000		3,724,440
Series F, 4.00%, 10/01/24 (Call 10/01/23)		3,250		3,592,842
Series F, 5.00%, 10/01/22		3,000		3,347,880
Series H, 5.00%, 11/01/19		500		507,380
State of Minnesota RB, Series B, 5.00%, 03/01/29 (Call 03/01/22)		1,000		1,089,200
Western Minnesota Municipal Power Agency RB, Series A, 5.00%, 01/01/46 (Call 01/01/24)		2,000		2,249,320
				73,855,347
Mississippi — 0.3%
State of Mississippi GO
5.00%, 10/01/26 (Call 10/01/25)		3,500		4,225,795
Series A, 4.00%, 10/01/36 (Call 10/01/27)		4,145		4,642,110
Series A, 5.00%, 10/01/27		1,520		1,917,967
Series A, 5.00%, 10/01/28 (Call 10/01/27)		1,600		2,009,104
Series A, 5.00%, 10/01/30 (PR 10/01/21)		10,000		10,820,500
Series A, 5.00%, 10/01/31 (PR 10/01/21)		1,000		1,082,050
Series A, 5.00%, 10/01/32 (Call 10/01/27)		3,355		4,117,826
Series A, 5.00%, 10/01/34 (Call 10/01/27)		4,000		4,873,720

20

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mississippi (continued)
Series A, 5.00%, 10/01/36 (PR 10/01/21)	$	1,000	$	1,082,050
Series C, 5.00%, 10/01/19		1,715		1,735,134
Series C, 5.00%, 10/01/24		1,000		1,179,410
Series C, 5.00%, 10/01/27 (Call 10/01/25)		3,420		4,118,022
				41,803,688
Missouri — 0.3%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District RB, Series A, 5.00%, 10/01/33 (Call 10/01/22)		2,000		2,210,600
City of Kansas City MO Sanitary Sewer System Revenue RB, Series A, 4.00%, 01/01/42 (Call 01/01/28)		1,000		1,104,220
City of Springfield MO Public Utility Revenue RB, 4.00%, 08/01/31 (Call 08/01/25)		2,000		2,214,000
Metropolitan St. Louis Sewer District RB
5.00%, 05/01/45 (Call 05/01/25)		4,200		4,823,574
Series A, 5.00%, 05/01/42 (Call 05/01/22)		5,000		5,436,400
Series A, 5.00%, 05/01/47 (Call 05/01/27)		1,000		1,184,340
Missouri Highway & Transportation Commission RB
Series 2014A, 5.00%, 05/01/25 (Call 05/01/24)		5,000		5,835,550
Series A, 5.00%, 05/01/21		1,000		1,068,330
Series A, 5.00%, 05/01/23		5,130		5,822,088
Series A, 5.00%, 05/01/26		1,000		1,225,480
Series B, 5.00%, 05/01/21		7,140		7,627,876
Series B, 5.00%, 05/01/22		1,985		2,186,756
University of Missouri RB, Series A, 5.00%, 11/01/19		3,855		3,911,900
				44,651,114
Nebraska — 0.1%
City of Lincoln NE Electric System Revenue RB, 5.00%, 09/01/37 (Call 09/01/22)		1,000		1,096,810
Nebraska Public Power District RB, Series A-2, 5.00%, 01/01/40 (Call 01/01/22)		1,000		1,072,580
Omaha Public Power District Nebraska City Station Unit 2 RB, Series A, 5.00%, 02/01/49 (Call 02/01/26)		2,000		2,278,040
Omaha Public Power District RB
Series A, 5.00%, 02/01/37 (PR 02/01/22)		2,000		2,184,460
Series AA, 4.00%, 02/01/34 (Call 02/01/24)		2,500		2,680,900
Series B, 5.00%, 02/01/21		1,565		1,656,474
Series B, 5.00%, 02/01/31 (Call 08/01/24)		1,000		1,152,630
Series B, 5.00%, 02/01/42 (PR 02/01/21)		1,000		1,058,960
				13,180,854
Nevada — 0.7%
Clark County School District GOL
Series 2015D, 5.00%, 06/15/28 (Call 12/15/25)		1,000		1,190,180
Series A, 5.00%, 06/15/19		4,700		4,705,076
Series A, 5.00%, 06/15/22		3,500		3,857,035
Series A, 5.00%, 06/15/23		1,000		1,132,640
Series A, 5.00%, 06/15/25		1,000		1,187,630
Series C, 5.00%, 06/15/26 (Call 12/15/25)		4,705		5,653,999
Series C, 5.00%, 06/15/27 (Call 12/15/25)		6,610		7,898,619
Clark County Water Reclamation District GOL, Series A, 5.25%, 07/01/38 (PR 07/01/19)		6,050		6,067,484
County of Clark Department of Aviation RB
5.00%, 07/01/30 (Call 01/01/20)		6,000		6,115,860
Series A-2, 5.00%, 07/01/40 (Call 07/01/27)		5,190		6,110,810

Security	Par (000)		Value
Nevada (continued)
Series B, 5.13%, 07/01/36 (Call 01/01/20)	$	4,480	$	4,563,194
Series C, 5.00%, 07/01/23 (Call 07/01/19) (AGM)		500		501,370
Series C, 5.00%, 07/01/25 (Call 07/01/19) (AGM)		4,500		4,511,880
County of Clark NV GOL
4.00%, 07/01/44 (Call 07/01/27)		7,135		7,712,079
Series B, 5.00%, 11/01/27 (Call 11/01/26)		2,000		2,464,040
Las Vegas Convention & Visitors Authority RB
4.00%, 07/01/49 (Call 07/01/28)		2,500		2,689,000
5.00%, 07/01/43 (Call 07/01/28)		2,000		2,360,660
Las Vegas Valley Water District GOL
4.00%, 06/01/39 (Call 12/01/24)		2,000		2,133,840
Series B, 5.00%, 06/01/42 (Call 06/01/22)		1,000		1,087,590
Series C, 5.00%, 06/01/38 (Call 06/01/21)		2,000		2,121,880
State of Nevada GOL
Series D, 5.00%, 04/01/25		3,260		3,888,365
Series D1, 5.00%, 03/01/22		1,000		1,095,690
State of Nevada Highway Improvement Revenue RB
5.00%, 12/01/27 (Call 06/01/26)		3,000		3,660,480
5.00%, 12/01/28 (Call 06/01/26)		6,715		8,156,643
				90,866,044
New Jersey — 5.0%
Essex County Improvement Authority RB
5.25%, 12/15/20 (AMBAC)		995		1,054,680
5.25%, 12/15/20 (ETM) (AMBAC)		5		5,291
Garden State Preservation Trust RB
Series A, 5.75%, 11/01/28 (AGM)		1,500		1,883,955
Series C, 5.25%, 11/01/20 (AGM)		700		735,126
New Jersey Economic Development Authority RB
5.00%, 06/15/19		3,555		3,558,448
5.00%, 06/15/22 (AGM)		1,500		1,635,765
5.00%, 06/15/23 (Call 06/15/22)		1,000		1,084,420
5.00%, 06/15/25 (Call 06/15/22)		1,000		1,079,450
5.00%, 03/01/26 (Call 03/01/22)		1,000		1,074,640
5.00%, 03/01/26 (Call 03/01/23)		4,455		4,870,429
5.00%, 06/15/26 (Call 06/15/22)		500		538,515
5.00%, 06/15/26 (Call 06/15/25) (SAP)		5,000		5,692,300
5.00%, 03/01/27 (Call 03/01/23)		10,000		10,915,100
5.00%, 03/01/28 (Call 03/01/23)		3,560		3,879,225
5.00%, 06/15/28 (Call 06/15/22)		1,050		1,127,081
5.00%, 06/15/43 (Call 12/15/28)		5,590		6,356,054
5.00%, 06/15/48 (Call 12/15/28)		6,000		6,789,720
5.25%, 09/01/26 (Call 03/01/21) (SAP)		2,500		2,633,850
5.25%, 06/15/31 (Call 06/15/25) (SAP)		2,500		2,828,750
5.25%, 06/15/40 (Call 06/15/25) (SAP)		1,000		1,109,670
Series A, 4.00%, 07/01/22		1,000		1,053,770
Series A, 4.00%, 11/01/27 (SAP)		480		528,221
Series A, 4.00%, 07/01/34 (Call 07/01/27)		3,540		3,719,053
Series A, 5.00%, 06/15/42 (Call 12/15/27)		1,500		1,687,950
Series AA, 5.50%, 12/15/29 (Call 06/15/19)		85		85,105
Series AA, 5.50%, 12/15/29 (PR 06/15/19)		165		165,205
Series AAA, 5.00%, 06/15/36 (Call 12/15/26)		1,000		1,125,460
Series AAA, 5.00%, 06/15/41 (Call 12/15/26)		1,515		1,687,240
Series B, 5.00%, 11/01/19 (SAP)		1,500		1,520,340
Series B, 5.00%, 11/01/20 (SAP)		4,000		4,173,720
Series B, 5.00%, 11/01/23 (SAP)		4,420		4,968,168

21

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
Series B, 5.00%, 11/01/26 (SAP)	$	2,000	$	2,339,180
Series BBB, 5.00%, 06/15/22		3,500		3,800,615
Series BBB, 5.00%, 06/15/23		1,000		1,107,040
Series BBB, 5.50%, 06/15/30 (Call 12/15/26)		3,000		3,544,380
Series DDD, 5.00%, 06/15/42 (Call 06/15/27)		4,500		5,034,960
Series EE, 5.25%, 09/01/24 (Call 03/01/21)		5,875		6,195,657
Series GG, 5.00%, 09/01/21 (Call 03/01/21) (SAP)		1,850		1,948,328
Series GG, 5.00%, 09/01/22 (Call 03/01/21) (SAP)		250		262,920
Series GG, 5.25%, 09/01/25 (Call 03/01/21) (SAP)		1,825		1,924,043
Series GG, 5.25%, 09/01/27 (Call 03/01/21) (SAP)		585		615,812
Series II, 5.00%, 03/01/23 (Call 03/01/22)		2,000		2,152,320
Series II, 5.00%, 03/01/25 (Call 03/01/22)		2,655		2,855,506
Series K, 5.50%, 12/15/19 (AMBAC)		3,345		3,412,736
Series N-1, 5.50%, 09/01/24 (AMBAC)		1,455		1,688,906
Series N-1, 5.50%, 09/01/26 (AMBAC)		1,000		1,209,230
Series NN, 5.00%, 03/01/21 (SAP)		2,000		2,098,620
Series NN, 5.00%, 03/01/22		4,000		4,312,040
Series NN, 5.00%, 03/01/23		3,955		4,349,867
Series NN, 5.00%, 03/01/24 (Call 03/01/23)		4,575		5,008,939
Series NN, 5.00%, 03/01/25 (Call 03/01/23)		3,590		3,929,075
Series NN, 5.00%, 03/01/30 (Call 03/01/23)		3,055		3,310,856
Series PP, 5.00%, 06/15/19		1,925		1,927,002
Series PP, 5.00%, 06/15/26 (Call 06/15/24)		4,320		4,829,414
Series PP, 5.00%, 06/15/27 (Call 06/15/24)		3,000		3,346,410
Series PP, 5.00%, 06/15/31 (Call 06/15/24)		2,500		2,751,425
Series UU, 5.00%, 06/15/40 (Call 06/15/24)		2,060		2,229,682
Series XX, 4.00%, 06/15/24 (SAP)		2,905		3,104,080
Series XX, 5.00%, 06/15/21 (SAP)		2,260		2,399,826
Series XX, 5.00%, 06/15/22 (SAP)		2,000		2,171,780
New Jersey Educational Facilities Authority RB
Series A, 5.00%, 07/01/26 (Call 07/01/24)		1,650		1,933,767
Series B, 5.00%, 09/01/21 (SAP)		2,000		2,136,220
Series B, 5.00%, 07/01/29 (Call 07/01/27)		5,000		6,302,750
New Jersey Institute of Technology/NJ RB, Series A, 5.00%, 07/01/45 (Call 07/01/25)		2,500		2,862,375
New Jersey State Turnpike Authority RB
Series A, 5.00%, 01/01/31 (Call 07/01/24)		9,000		10,388,790
Series A, 5.00%, 01/01/32 (PR 01/01/22)		1,000		1,090,730
Series A, 5.00%, 01/01/35 (PR 01/01/22)		2,000		2,181,460
Series A, 5.00%, 01/01/38 (PR 07/01/22)		7,540		8,351,681
Series B, 5.00%, 01/01/25 (Call 01/01/23)		6,000		6,716,820
Series B, 5.00%, 01/01/27 (Call 01/01/23)		2,000		2,233,020
Series B, 5.00%, 01/01/28 (Call 01/01/23)		2,500		2,785,750
Series B, 5.00%, 01/01/29 (Call 01/01/23)		1,400		1,555,386
Series I, 5.00%, 01/01/35 (PR 01/01/20)		1,760		1,796,450
New Jersey Transportation Trust Fund Authority RB
4.00%, 12/15/31 (Call 12/15/28)		9,630		10,453,076
4.00%, 12/15/37 (Call 12/15/28) (BAM)		1,000		1,083,870
4.25%, 12/15/38 (Call 12/15/28)		1,000		1,069,850
5.00%, 12/15/24		1,000		1,145,310
5.00%, 12/15/27		5,000		5,931,850
5.00%, 12/15/30 (Call 12/15/28)		1,000		1,180,100
5.00%, 12/15/32 (Call 12/15/28)		2,000		2,340,800
5.00%, 12/15/33 (Call 12/15/28)		2,500		2,915,450
5.00%, 12/15/34 (Call 12/15/28)		8,000		9,294,080

Security	Par (000)		Value
New Jersey (continued)
5.00%, 12/15/36 (Call 12/15/28)	$	7,185	$	8,290,125
5.00%, 06/15/46 (Call 12/15/28)		4,500		5,112,765
5.25%, 12/15/19		3,860		3,933,070
5.25%, 12/15/21 (NPFGC)		695		753,060
Series A, 0.00%, 12/15/25(a)		2,085		1,743,123
Series A, 0.00%, 12/15/28(a)		4,140		3,108,312
Series A, 0.00%, 12/15/29(a)		3,290		2,373,472
Series A, 0.00%, 12/15/30(a)		3,000		2,077,920
Series A, 0.00%, 12/15/31(a)		5,425		3,606,974
Series A, 0.00%, 12/15/32(a)		1,030		657,325
Series A, 0.00%, 12/15/33(a)		930		571,959
Series A, 0.00%, 12/15/34(a)		16,055		9,448,849
Series A, 0.00%, 12/15/35(a)		11,710		6,602,449
Series A, 0.00%, 12/15/36(a)		3,750		2,019,600
Series A, 0.00%, 12/15/37(a)		7,700		3,966,116
Series A, 0.00%, 12/15/38(a)		4,485		2,214,469
Series A, 0.00%, 12/15/39(a)		8,700		4,091,697
Series A, 0.00%, 12/15/40(a)		2,500		1,122,600
Series A, 5.00%, 06/15/20		2,000		2,064,220
Series A, 5.00%, 06/15/23		1,000		1,114,400
Series A, 5.00%, 06/15/24		1,250		1,422,188
Series A, 5.00%, 06/15/28 (Call 06/15/26)		1,000		1,168,640
Series A, 5.00%, 06/15/29 (Call 06/15/26)		6,700		7,782,988
Series A, 5.00%, 06/15/30 (Call 06/15/26)		1,500		1,733,130
Series A, 5.00%, 06/15/31 (Call 06/15/26)		5,830		6,703,392
Series A, 5.00%, 06/15/42 (Call 06/15/22)		7,785		8,260,041
Series A, 5.25%, 12/15/20		3,080		3,237,296
Series A, 5.25%, 12/15/21		860		931,844
Series A, 5.25%, 12/15/21 (ETM) (NPFGC)		5		5,477
Series A, 5.25%, 12/15/22		700		778,169
Series A, 5.50%, 12/15/21		2,910		3,170,998
Series A, 5.50%, 12/15/22		8,075		9,045,292
Series A, 5.50%, 12/15/23		4,695		5,404,508
Series A, 5.50%, 06/15/41 (Call 06/15/21) (SAP)		400		422,928
Series A, 5.75%, 06/15/25 (NPFGC)		2,500		2,998,350
Series A-1, 5.00%, 06/15/19		7,430		7,438,099
Series A-1, 5.00%, 06/15/20		2,820		2,913,173
Series A-1, 5.00%, 06/15/21		1,950		2,070,647
Series A-1, 5.00%, 06/15/24		1,000		1,137,750
Series A-1, 5.00%, 06/15/27 (Call 06/15/26)		2,405		2,822,556
Series A-1, 5.00%, 06/15/28 (Call 06/15/26)		3,750		4,382,400
Series A-1, 5.00%, 06/15/29 (Call 06/15/26)		1,870		2,172,267
Series A-1, 5.00%, 06/15/30 (Call 06/15/26)		1,000		1,155,420
Series AA, 4.00%, 06/15/27 (Call 06/15/22) (SAP)		1,500		1,559,025
Series AA, 5.00%, 06/15/20		85		87,729
Series AA, 5.00%, 06/15/22		1,000		1,088,050
Series AA, 5.00%, 06/15/22 (SAP)		1,275		1,387,264
Series AA, 5.00%, 06/15/23 (Call 06/15/22) (SAP)		5,850		6,356,434
Series AA, 5.00%, 06/15/25 (Call 06/15/24)		1,000		1,124,940
Series AA, 5.00%, 06/15/28 (Call 06/15/22) (SAP)		1,225		1,324,250
Series AA, 5.00%, 06/15/32 (Call 06/15/22) (SAP)		1,420		1,522,240
Series AA, 5.00%, 06/15/38 (Call 06/15/24)		3,000		3,270,900
Series AA, 5.00%, 06/15/44 (Call 06/15/23)		3,250		3,486,047
Series AA, 5.00%, 06/15/44 (Call 06/15/24)		350		379,561
Series AA, 5.00%, 06/15/45 (Call 06/15/25)		2,500		2,737,950

22

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
Series AA, 5.25%, 06/15/41 (Call 06/15/25)	$	1,000	$	1,111,410
Series B, 5.00%, 06/15/20		1,075		1,109,518
Series B, 5.00%, 06/15/42 (Call 06/15/21)		19,225		20,080,320
Series B, 5.25%, 06/15/22 (Call 06/15/21)		560		597,638
Series B, 5.25%, 12/15/22 (AMBAC)		1,900		2,112,173
Series B, 5.25%, 06/15/26 (Call 06/15/21)		1,665		1,774,157
Series B, 5.25%, 06/15/36 (Call 06/15/21)		2,000		2,107,500
Series B, 5.50%, 12/15/20 (NPFGC)		5,000		5,274,100
Series B, 5.50%, 12/15/21 (NPFGC)		500		544,845
Series B, 5.50%, 06/15/31 (Call 06/15/21)		8,580		9,156,833
Series C, 0.00%, 12/15/24 (AMBAC)(a)		1,665		1,441,341
Series C, 0.00%, 12/15/28 (AMBAC)(a)		4,395		3,318,401
Series C, 0.00%, 12/15/30 (NPFGC)(a)		3,500		2,451,890
Series C, 0.00%, 12/15/31 (NPFGC)(a)		2,000		1,346,260
Series C, 0.00%, 12/15/32 (AGM)(a)		5,000		3,298,950
Series C, 0.00%, 12/15/35 (AMBAC)(a)		3,990		2,260,654
Series D, 5.00%, 12/15/23		2,330		2,626,492
Series D, 5.00%, 12/15/24		2,805		3,212,595
Series D, 5.00%, 06/15/32 (Call 12/15/24)		8,500		9,457,780
Series D, 5.25%, 12/15/23		3,735		4,259,170
New Jersey Turnpike Authority RB 4.00%, 01/01/34 (Call 01/01/28)		1,680		1,869,840
5.00%, 01/01/24 (Call 01/01/23)		2,790		3,124,354
5.00%, 01/01/24 (PR 07/01/22)		4,830		5,349,949
5.00%, 01/01/25		5,000		5,910,300
5.00%, 01/01/30 (Call 07/01/24)		2,530		2,925,110
5.00%, 01/01/32 (Call 01/01/28)		8,150		10,005,836
5.00%, 01/01/40 (Call 01/01/28)		5,000		5,976,500
5.00%, 01/01/48 (Call 01/01/29)		6,630		7,955,072
Series A, 4.00%, 01/01/35 (Call 07/01/24)		3,145		3,370,842
Series A, 5.00%, 01/01/28 (Call 07/01/24)		5,010		5,791,961
Series A, 5.00%, 01/01/29 (Call 01/01/27)		2,000		2,442,800
Series A, 5.00%, 01/01/33 (Call 01/01/27)		2,000		2,398,200
Series A, 5.00%, 01/01/34 (Call 01/01/26)		2,000		2,345,580
Series A, 5.00%, 01/01/43 (Call 07/01/22)		5,575		6,080,485
Series A, 5.00%, 01/01/43 (PR 07/01/22)		12,535		13,884,393
Series B, 5.00%, 01/01/20		4,245		4,329,942
Series B, 5.00%, 01/01/21		1,000		1,054,270
Series B, 5.00%, 01/01/23		3,045		3,413,293
Series B, 5.00%, 01/01/28		1,750		2,201,535
Series B, 5.00%, 01/01/29 (Call 01/01/28)		1,290		1,610,423
Series B, 5.00%, 01/01/31 (Call 01/01/28)		4,500		5,549,265
Series C, 5.00%, 01/01/20		1,780		1,815,618
Series E, 5.00%, 01/01/31 (Call 01/01/28)		3,400		4,192,778
Series E, 5.00%, 01/01/32 (Call 01/01/28)		2,500		3,069,275
Series E, 5.00%, 01/01/34 (Call 01/01/25)		2,000		2,304,080
Series E, 5.00%, 01/01/45 (Call 01/01/25)		17,045		19,311,133
Series G, 4.00%, 01/01/33 (Call 01/01/28)		2,000		2,233,700
Series G, 4.00%, 01/01/34 (Call 01/01/28)		4,500		5,008,500
Series G, 5.00%, 01/01/35 (Call 01/01/28)		3,565		4,324,131
Series G, 5.00%, 01/01/36 (Call 01/01/28)		2,380		2,875,754
Series I, 5.00%, 01/01/31 (PR 01/01/20)		1,970		2,010,799

Security	Par (000)		Value
New Jersey (continued)
State of New Jersey GO 5.00%, 06/01/27 (Call 06/01/25)	$	2,000	$	2,338,660
5.00%, 06/01/32 (Call 06/01/25)		1,500		1,730,415
Series H, 5.25%, 07/01/19		1,000		1,002,770
Series L, 5.25%, 07/15/19 (AMBAC)		420		421,768
Series Q, 5.00%, 08/15/19		1,000		1,006,800
Series Q, 5.00%, 08/15/20		1,000		1,040,740
Series Q, 5.00%, 08/15/21 (Call 08/15/20)		500		520,300
Series T, 5.00%, 06/01/22		2,000		2,194,740
				648,065,321
New Mexico — 0.2%
New Mexico Finance Authority RB 5.00%, 06/15/21		2,350		2,519,271
Series A, 5.00%, 06/15/28		5,000		6,356,400
Series B, 5.00%, 06/15/20		1,500		1,555,215
Series B, 5.00%, 06/15/23 (Call 06/15/20)		3,260		3,377,914
State of New Mexico GO, Series B, 5.00%, 03/01/21		3,500		3,715,985
State of New Mexico Severance Tax Permanent Fund RB
Series B, 4.00%, 07/01/20		2,000		2,055,920
Series B, 4.00%, 07/01/23		2,955		3,248,431
				22,829,136
New York — 22.5%
Battery Park City Authority RB
Series A, 5.00%, 11/01/22		500		561,685
Series A, 5.00%, 11/01/24 (Call 11/01/23)		1,550		1,794,668
Brooklyn Arena Local Development Corp. RB, 6.38%, 07/15/43 (PR 01/15/20)		1,875		1,933,669
City of New York NY GO 4.00%, 08/01/35 (Call 02/01/26)		4,870		5,377,990
5.00%, 04/01/21		1,850		1,972,322
5.00%, 08/01/24		10,955		12,910,029
5.00%, 08/01/26		5,150		6,370,035
5.00%, 08/01/26 (Call 08/01/23)		5,000		5,702,650
5.00%, 08/01/27 (Call 02/01/27)		1,875		2,334,825
5.00%, 08/01/28 (Call 08/01/25)		2,860		3,422,390
5.00%, 08/01/32 (Call 02/01/29)		1,000		1,263,050
5.00%, 08/01/34 (Call 02/01/29)		1,000		1,250,760
5.00%, 04/01/37 (Call 04/01/28)		2,500		3,041,700
5.00%, 12/01/39 (Call 12/01/28)		3,445		4,205,484
5.00%, 12/01/42 (Call 12/01/28)		4,900		5,944,827
5.00%, 04/01/43 (Call 04/01/28)		4,000		4,798,080
Series 1, 5.00%, 08/01/20		1,320		1,375,638
Series 1, 5.00%, 08/01/24		1,600		1,885,536
Series 1, 5.00%, 08/01/25		5,000		6,046,350
Series 2015-1, 5.00%, 08/01/23		1,315		1,505,517
Series A, 5.00%, 08/01/19		1,045		1,051,092
Series A, 5.00%, 08/01/20		8,165		8,509,155
Series A, 5.00%, 08/01/21		11,330		12,198,784
Series A, 5.00%, 08/01/23		7,500		8,586,600
Series A, 5.00%, 08/01/24		3,500		4,124,610

23

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series A, 5.00%, 08/01/26 (Call 08/01/25)	$	1,750	$	2,104,708
Series A, 5.00%, 08/01/31 (Call 08/01/24)		2,500		2,899,550
Series A, 5.00%, 08/01/32 (Call 08/01/24)		1,000		1,157,350
Series A-1, 5.00%, 08/01/30 (Call 08/01/21)		500		536,790
Series A-1, 5.00%, 08/01/30 (Call 08/01/26)		1,660		2,015,273
Series A-1, 5.00%, 08/01/31 (Call 08/01/21)		710		762,086
Series A-1, 5.00%, 08/01/32 (Call 08/01/21)		1,000		1,073,990
Series A-1, 5.00%, 10/01/32 (Call 10/01/22)		4,635		5,130,667
Series A-1, 5.00%, 08/01/38 (Call 08/01/26)		3,000		3,552,570
Series B, 5.00%, 08/01/19		5,000		5,029,150
Series B-1, 5.00%, 12/01/29 (Call 12/01/26)		1,000		1,228,740
Series B-1, 5.00%, 12/01/33 (Call 12/01/26)		1,800		2,176,542
Series B-1, 5.00%, 12/01/35 (Call 12/01/26)		7,815		9,381,517
Series B-1, 5.00%, 10/01/37 (Call 10/01/27)		3,000		3,614,160
Series B-1, 5.00%, 10/01/38 (Call 10/01/27)		6,455		7,752,455
Series B-1, 5.00%, 12/01/38 (Call 12/01/26)		1,500		1,786,920
Series B-1, 5.00%, 12/01/41 (Call 12/01/26)		2,750		3,257,787
Series C, 4.00%, 08/01/34 (Call 02/01/28)		1,000		1,132,290
Series C, 5.00%, 08/01/20		4,885		5,090,903
Series C, 5.00%, 08/01/22		1,000		1,111,030
Series C, 5.00%, 08/01/23		2,400		2,747,712
Series C, 5.00%, 08/01/24		7,060		8,319,928
Series C, 5.00%, 08/01/24 (Call 08/01/19)		2,000		2,011,360
Series C, 5.00%, 08/01/25		2,760		3,337,585
Series C, 5.00%, 08/01/26		1,000		1,236,900
Series C, 5.00%, 08/01/27 (Call 02/01/25)		4,500		5,330,790
Series C, 5.00%, 08/01/28 (Call 02/01/25)		5,165		6,101,931
Series C, 5.00%, 08/01/28 (Call 02/01/26)		895		1,084,534
Series C, 5.00%, 08/01/28 (Call 02/01/27)		1,000		1,240,020
Series C, 5.00%, 08/01/29 (Call 02/01/28)		3,950		4,976,605
Series C, 5.00%, 08/01/32 (Call 02/01/28)		2,435		3,014,749
Series D, 4.00%, 12/01/41 (Call 12/01/28)		3,000		3,342,600
Series D, 4.00%, 12/01/42 (Call 12/01/28)		5,000		5,560,300
Series D, 5.00%, 08/01/24 (Call 02/01/23)		2,000		2,254,120
Series D, 5.00%, 08/01/25 (Call 02/01/23)		2,500		2,813,825
Series D, 5.00%, 12/01/34 (Call 12/01/28)		5,000		6,226,850
Series D, 5.00%, 12/01/35 (Call 12/01/28)		1,500		1,858,755
Series D-1, 5.00%, 10/01/25 (Call 10/01/21)		1,000		1,081,510
Series D-1, 5.00%, 10/01/26 (Call 10/01/21)		4,090		4,421,413
Series D-1, 5.00%, 10/01/30 (Call 10/01/21)		1,610		1,737,383
Series D-1, 5.00%, 10/01/32 (Call 10/01/21)		1,685		1,818,873
Series E, 5.00%, 08/01/19		100		100,583
Series E, 5.00%, 08/01/21 (Call 08/01/19)		1,000		1,005,760
Series E, 5.00%, 08/01/22 (Call 08/01/19)		400		402,304
Series E, 5.00%, 08/01/23		3,000		3,434,640
Series E, 5.00%, 08/01/25		2,000		2,418,540
Series E, 5.00%, 08/01/25 (Call 08/01/19)		2,460		2,473,973
Series E, 5.00%, 08/01/27 (Call 08/01/19)		1,000		1,005,670
Series E, 5.00%, 08/01/27 (Call 08/01/26)		1,275		1,568,403
Series E, 5.00%, 08/01/27 (PR 08/01/19)		410		412,403
Series E, 5.00%, 08/01/28 (Call 08/01/26)		1,900		2,330,844
Series E, 5.00%, 03/01/39 (Call 03/01/28)		2,000		2,414,240
Series E-1, 4.00%, 03/01/41 (Call 03/01/28)		2,600		2,879,110
Series E-1, 5.00%, 03/01/37 (Call 03/01/28)		2,500		3,037,950

Security	Par (000)		Value
New York (continued)
Series E-1, 5.00%, 03/01/38 (Call 03/01/28)	$	2,500	$	3,027,325
Series E-1, 5.00%, 03/01/44 (Call 03/01/28)		2,000		2,394,260
Series F, 5.00%, 08/01/29 (Call 02/01/22)		30		32,675
Series F, 5.00%, 08/01/31 (Call 02/01/22)		2,750		2,990,377
Series F-1, 5.00%, 04/01/34 (Call 04/01/28)		1,000		1,232,560
Series F-1, 5.00%, 06/01/36 (Call 06/01/25)		1,100		1,279,003
Series F-1, 5.00%, 04/01/45 (Call 04/01/28)		6,500		7,786,870
Series F-3, 5.00%, 12/01/25		2,000		2,438,400
Series G, 5.00%, 08/01/20		1,835		1,912,345
Series G, 5.00%, 08/01/21		5,015		5,399,550
Series G, 5.00%, 08/01/22		1,500		1,666,545
Series G, 5.00%, 08/01/23		4,500		5,151,960
Series G-1, 5.00%, 04/01/22		1,000		1,099,690
Series G-1, 5.00%, 04/01/25 (Call 04/01/22)		2,500		2,745,550
Series G-1, 5.00%, 04/01/26 (Call 04/01/22)		3,635		3,987,813
Series G-1, 5.00%, 04/01/27 (Call 04/01/22)		2,930		3,210,958
Series I, 5.00%, 08/01/20		6,600		6,878,190
Series I, 5.00%, 08/01/21		1,215		1,308,166
Series I, 5.00%, 08/01/27 (Call 08/01/22)		19,720		21,825,702
Series I, 5.00%, 03/01/30 (Call 03/01/24)		1,000		1,150,990
Series J, 5.00%, 08/01/21		2,440		2,627,099
Series J, 5.00%, 08/01/22		1,500		1,666,545
Series J, 5.00%, 08/01/25 (Call 08/01/24)		2,000		2,348,200
Subseries I-1, 5.00%, 08/01/19		5,220		5,250,433
Subseries I-1, 5.00%, 08/01/19 (ETM)		5		5,029
County of Nassau NY GOL
Series A, 5.00%, 01/01/22		1,025		1,117,834
Series B, 5.00%, 04/01/43 (Call 04/01/23)		3,000		3,304,200
Series C, 5.00%, 10/01/27		2,500		3,139,075
Dutchess County Local Development Corp. RB, 5.00%, 07/01/42 (Call 07/01/27)		750		887,355
Hudson Yards Infrastructure Corp. RB 5.00%, 02/15/28 (Call 02/15/27)		1,010		1,271,661
5.00%, 02/15/47 (Call 02/15/21) (AGM)		955		1,003,189
5.00%, 02/15/47 (PR 02/15/21) (AGM)		45		47,777
Series 2012-A, 5.25%, 02/15/47 (Call 02/15/21)		1,195		1,265,828
Series 2012-A, 5.25%, 02/15/47 (PR 02/15/21)		55		58,625
Series 2012-A, 5.75%, 02/15/47 (Call 02/15/21)		1,335		1,425,126
Series 2012-A, 5.75%, 02/15/47 (PR 02/15/21)		2,165		2,325,773
Series A, 4.00%, 02/15/44 (Call 02/15/27)		7,200		7,811,352
Series A, 5.00%, 02/15/22		1,285		1,411,046
Series A, 5.00%, 02/15/23		1,000		1,132,980
Series A, 5.00%, 02/15/26		800		985,328
Series A, 5.00%, 02/15/27		1,000		1,263,140
Series A, 5.00%, 02/15/31 (Call 02/15/27)		1,150		1,416,662
Series A, 5.00%, 02/15/33 (Call 02/15/27)		5,000		6,095,400
Series A, 5.00%, 02/15/35 (Call 02/15/27)		1,600		1,930,576
Series A, 5.00%, 02/15/38 (Call 02/15/27)		3,000		3,575,670
Series A, 5.00%, 02/15/42 (Call 02/15/27)		6,800		8,037,396
Series A, 5.00%, 02/15/45 (Call 02/15/27)		3,400		4,008,362
Long Island Power Authority RB 5.00%, 09/01/34 (Call 09/01/24)		4,610		5,267,847
5.00%, 09/01/38 (Call 09/01/28)		15,750		19,159,402
5.00%, 09/01/47 (Call 09/01/27)		4,000		4,730,760

24

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series 2015-B, 5.00%, 09/01/45 (Call 09/01/25)	$	1,000	$	1,144,750
Series A, 4.00%, 09/01/39 (Call 09/01/24) (AGM)		2,000		2,127,300
Series A, 5.00%, 09/01/37 (Call 09/01/22)		2,355		2,577,006
Series A, 5.00%, 09/01/44 (Call 09/01/24)		1,000		1,127,200
Series B, 5.00%, 09/01/29 (Call 09/01/22)		1,750		1,933,750
Series B, 5.00%, 09/01/32 (Call 09/01/26)		3,000		3,598,140
Series B, 5.00%, 09/01/41 (Call 09/01/26)		500		585,290
Metropolitan Transportation Authority RB 4.00%, 11/15/37 (Call 05/15/28)		7,500		8,289,450
5.00%, 03/01/22		10,000		10,959,800
5.00%, 05/15/22		1,500		1,645,320
5.00%, 11/15/27 (Call 11/15/25)		5,000		5,999,900
5.00%, 11/15/29 (Call 11/15/25)		7,000		8,349,460
5.00%, 11/15/35 (Call 05/15/28)		535		646,243
Series A, 0.00%, 11/15/30(a)		9,555		7,073,853
Series A, 5.00%, 11/15/23 (Call 11/15/22)		1,500		1,683,300
Series A, 5.00%, 11/15/25 (Call 11/15/22)		1,000		1,121,130
Series A, 5.00%, 11/15/26 (Call 11/15/22)		1,535		1,718,724
Series A, 5.00%, 11/15/29 (Call 11/15/22)		8,000		8,928,880
Series A, 5.00%, 11/15/30 (PR 05/15/23)		1,110		1,269,363
Series A, 5.00%, 11/15/38 (Call 05/15/23)		3,050		3,356,128
Series A, 5.00%, 11/15/41 (PR 11/15/21)		500		544,795
Series A, 5.00%, 11/15/42 (Call 05/15/27)		5,000		5,940,950
Series A, 5.00%, 11/15/43 (Call 05/15/23)		6,690		7,324,078
Series A, 5.00%, 11/15/43 (PR 05/15/23)		1,890		2,157,416
Series A, 5.00%, 11/15/46 (PR 11/15/21)		1,500		1,634,385
Series A, 5.25%, 11/15/29 (Call 11/15/26)		4,940		6,202,071
Series A-1, 5.00%, 11/15/40 (Call 05/15/25)		2,000		2,283,980
Series A-1, 5.00%, 11/15/44 (Call 11/15/23)		7,385		8,156,142
Series A-1, 5.00%, 11/15/45 (Call 05/15/25)		2,000		2,274,200
Series A-1, 5.00%, 11/15/51 (Call 05/15/27)		1,500		1,736,655
Series A-1, 5.25%, 11/15/56 (Call 05/15/26)		2,200		2,551,054
Series A-2, 5.00%, 11/15/27 (Call 11/15/26)		3,000		3,687,240
Series B, 4.00%, 11/15/45 (Call 05/15/25)		1,960		2,088,654
Series B, 5.00%, 11/15/22		5,140		5,740,506
Series B, 5.00%, 11/15/23		2,940		3,373,709
Series B, 5.00%, 11/15/24		14,455		16,972,194
Series B, 5.00%, 11/15/25		2,000		2,400,300
Series B, 5.00%, 11/15/26		3,000		3,675,240
Series B, 5.00%, 11/15/28		5,810		7,330,070
Series B, 5.00%, 11/15/34 (PR 11/15/19)		6,175		6,277,320
Series B, 5.00%, 11/15/37 (Call 11/15/26)		1,680		1,982,568
Series B, 5.00%, 11/15/38 (Call 05/15/23)		1,660		1,826,614
Series B, 5.25%, 11/15/23 (AMBAC)		210		243,226
Series B-1, 5.00%, 11/15/35 (Call 11/15/27)		1,000		1,220,520
Series B-1, 5.25%, 11/15/57 (Call 11/15/27)		1,000		1,198,620
Series B-2, 5.00%, 11/15/33 (Call 11/15/27)		6,940		8,551,121
Series B-2, 5.00%, 11/15/38 (Call 11/15/26)		2,745		3,259,166
Series C, 5.00%, 11/15/20		1,305		1,371,098
Series C, 5.00%, 11/15/30 (Call 11/15/22)		715		789,524
Series C, 5.00%, 11/15/30 (PR 11/15/22)		285		320,844
Series C, 5.00%, 11/15/41 (Call 11/15/22)		1,100		1,199,726
Series C, 5.00%, 11/15/41 (PR 11/15/22)		900		1,013,193
Series C-1, 4.00%, 11/15/35 (Call 05/15/28)		2,500		2,785,550

Security	Par (000)		Value
New York (continued)
Series C-1, 4.00%, 11/15/38 (Call 05/15/28)	$	3,690	$	4,064,793
Series C-1, 5.00%, 11/15/23		2,000		2,295,040
Series C-1, 5.00%, 11/15/25		6,820		8,185,023
Series C-1, 5.00%, 11/15/27		4,000		4,973,840
Series C-1, 5.00%, 11/15/29 (Call 05/15/28)		1,105		1,378,653
Series C-1, 5.00%, 11/15/31 (Call 05/15/28)		1,200		1,478,100
Series C-1, 5.00%, 11/15/34 (Call 05/15/28)		4,000		4,854,760
Series C-1, 5.00%, 11/15/56 (Call 11/15/26)		4,370		5,023,533
Series C-2, 0.00%, 11/15/29(a)		1,195		918,238
Series C-2, 0.00%, 11/15/33(a)		1,040		693,035
Series C-2, 4.00%, 11/15/33 (Put 08/15/20)(b)(c)		1,000		1,026,880
Series C-2B, 5.00%, 11/15/34 (Put 02/15/20)(b)(c)		1,750		1,789,568
Series D, 4.00%, 11/15/42 (Call 05/15/28)		2,000		2,186,080
Series D, 4.00%, 11/15/46 (Call 05/15/28)		7,000		7,621,670
Series D, 5.00%, 11/15/19		2,300		2,336,754
Series D, 5.00%, 11/15/20		2,155		2,264,151
Series D, 5.00%, 11/15/21		1,000		1,084,180
Series D, 5.00%, 11/15/30 (Call 11/15/26)		1,500		1,819,875
Series D, 5.00%, 11/15/32 (Call 05/15/28)		3,000		3,677,760
Series D, 5.00%, 11/15/33 (Call 05/15/28)		1,500		1,829,955
Series D, 5.00%, 11/15/34 (PR 11/15/20)		1,695		1,785,615
Series D, 5.00%, 11/15/36 (PR 11/15/21)		6,500		7,082,335
Series D, 5.00%, 11/15/38 (Call 11/15/23)		2,250		2,501,010
Series D, 5.00%, 11/15/43 (Call 11/15/23)		5,960		6,587,350
Series D, 5.25%, 11/15/34 (PR 11/15/20)		280		295,971
Series D, 5.25%, 11/15/41 (PR 11/15/21)		1,000		1,095,600
Series D-1, 5.00%, 11/15/39 (Call 11/15/24)		5,100		5,768,865
Series E, 5.00%, 11/15/43 (Call 11/15/23)		3,050		3,371,043
Series E-1, 5.00%, 11/15/42 (Call 11/15/22)		615		670,227
Series E-1, 5.00%, 11/15/42 (PR 11/15/22)		2,035		2,290,942
Series F, 4.00%, 11/15/30 (Call 11/15/22)		765		811,940
Series F, 5.00%, 11/15/19		6,285		6,385,434
Series F, 5.00%, 11/15/24 (Call 11/15/22)		1,080		1,204,427
Series F, 5.00%, 11/15/25 (Call 11/15/22)		5,400		6,007,932
Series F, 5.00%, 11/15/27 (Call 11/15/22)		10,000		11,103,600
Series F, 5.00%, 11/15/30 (Call 11/15/22)		6,750		7,453,552
MTA Hudson Rail Yards Trust Obligations RB
Series A, 5.00%, 11/15/46 (Call 11/15/19)		3,595		3,647,127
Series A, 5.00%, 11/15/51 (Call 11/15/21)		4,000		4,255,120
Series A, 5.00%, 11/15/56 (Call 11/15/23)		10,000		10,999,900
Nassau County Interim Finance Authority RB, Series A, 5.00%, 11/15/22		1,000		1,125,440
New York City Educational Construction Fund RB,
Series A, 5.75%, 04/01/41 (Call 04/01/21)		600		643,926
New York City Industrial Development Agency RB 5.00%, 03/01/31 (Call 07/01/19) (FGIC)		290		292,178
5.00%, 03/01/46 (Call 07/01/19) (FGIC)		1,550		1,557,998
New York City Transitional Finance Authority Building Aid Revenue RB
4.00%, 07/15/36 (Call 07/15/28) (SAW)		2,000		2,237,640
5.00%, 07/15/29 (Call 07/15/22) (SAW)		835		926,458
5.00%, 07/15/31 (Call 01/15/25) (SAW)		10,000		11,733,800
5.00%, 07/15/37 (Call 07/15/28) (SAW)		1,000		1,215,530

25

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
5.00%, 07/15/40 (Call 07/15/21) (SAW)	$	2,575	$	2,743,714
5.00%, 07/15/43 (Call 07/15/28) (SAW)		6,250		7,515,062
Series S-1, 5.00%, 07/15/24 (Call 07/15/22) (SAW)		660		733,999
Series S-1, 5.00%, 07/15/29 (Call 07/15/27) (SAW)		3,000		3,724,800
Series S-1, 5.00%, 07/15/31 (Call 07/15/22) (SAW)		1,000		1,104,980
Series S-1, 5.00%, 07/15/33 (Call 07/15/21) (SAW)		1,000		1,069,900
Series S-1, 5.00%, 07/15/33 (Call 07/15/22) (SAW)		2,075		2,289,638
Series S-1, 5.00%, 07/15/35 (Call 01/15/25) (SAW)		1,500		1,738,740
Series S-1, 5.00%, 07/15/35 (Call 07/15/27) (SAW)		3,680		4,438,963
Series S-1, 5.00%, 07/15/37 (Call 07/15/22) (SAW)		15,440		16,935,364
Series S-1, 5.00%, 07/15/40 (Call 01/15/25) (SAW)		1,730		1,985,936
Series S-1, 5.00%, 07/15/43 (Call 01/15/26) (SAW)		4,900		5,703,355
Series S-1, 5.00%, 07/15/43 (Call 07/15/28) (SAW)		4,500		5,410,845
Series S-1A, 5.00%, 07/15/19 (ETM) (SAW)		175		175,737
Series S-1A, 5.25%, 07/15/37 (Call 07/15/21) (SAW)		26,500		28,491,740
Series S-2, 5.00%, 07/15/33 (Call 07/15/25) (SAW)		2,000		2,358,540
Series S-2, 5.00%, 07/15/35 (Call 07/15/25) (SAW)		1,500		1,758,750
Series S-2A, 5.00%, 07/15/34 (Call 07/15/28) (SAW)		3,000		3,694,800
Series S-2A, 5.00%, 07/15/35 (Call 07/15/28) (SAW)		3,000		3,676,530
Series S-3, 4.00%, 07/15/38 (Call 07/15/28) (SAW)		2,500		2,775,350
Series S-3, 5.00%, 07/15/31 (Call 07/15/28) (SAW)		2,300		2,875,667
Series S-3, 5.00%, 07/15/35 (Call 07/15/28) (SAW)		5,000		6,127,550
Series S-4A, 5.00%, 07/15/31 (Call 07/15/28) (SAW)		2,500		3,125,725
Series S-4A, 5.00%, 07/15/32 (Call 07/15/28) (SAW)		2,750		3,421,082
New York City Transitional Finance Authority Future Tax Secured Revenue RB
4.00%, 08/01/35 (Call 08/01/27)		3,605		4,038,213
4.00%, 08/01/37 (Call 08/01/26)		1,080		1,192,309
4.00%, 11/01/38 (Call 05/01/29)		3,000		3,378,090
4.00%, 11/01/39 (Call 05/01/29)		10,960		12,318,602
4.00%, 08/01/42 (Call 08/01/27)		4,750		5,216,260
4.00%, 11/01/42 (Call 05/01/29)		2,500		2,791,025
5.00%, 11/01/21		1,435		1,559,271
5.00%, 08/01/23		1,000		1,147,500
5.00%, 11/01/23 (Call 11/01/21)		1,640		1,781,204
5.00%, 11/01/25 (Call 11/01/21)		1,505		1,634,204
5.00%, 08/01/28 (Call 08/01/24)		2,350		2,754,035
5.00%, 11/01/28 (Call 11/01/21)		6,035		6,544,113
5.00%, 11/01/28 (Call 11/01/27)		9,000		11,406,150
5.00%, 02/01/30 (Call 02/01/26)		1,050		1,266,783
5.00%, 08/01/30 (Call 08/01/27)		1,000		1,246,950

Security	Par (000)		Value
New York (continued)
5.00%, 02/01/31 (Call 02/01/25)	$	2,250	$	2,640,802
5.00%, 08/01/31 (Call 08/01/25)		1,300		1,541,761
5.00%, 05/01/32 (Call 05/01/23)		4,500		5,060,655
5.00%, 05/01/32 (Call 05/01/26)		3,380		4,052,485
5.00%, 11/01/32 (Call 11/01/21)		1,125		1,215,169
5.00%, 02/01/33 (Call 02/01/25)		1,710		1,994,869
5.00%, 02/01/34 (Call 02/01/25)		1,000		1,164,360
5.00%, 05/01/34 (Call 05/01/26)		3,000		3,581,520
5.00%, 08/01/34 (Call 08/01/24)		2,500		2,892,950
5.00%, 08/01/34 (Call 08/01/28)		1,000		1,238,050
5.00%, 02/01/35 (Call 02/01/25)		2,630		3,057,901
5.00%, 08/01/35 (Call 08/01/24)		7,000		8,068,340
5.00%, 02/01/37 (Call 02/01/26)		3,635		4,277,450
5.00%, 08/01/37 (Call 08/01/25)		5,500		6,441,215
5.00%, 08/01/39 (Call 08/01/24)		3,300		3,785,166
5.00%, 05/01/40 (Call 05/01/26)		3,200		3,755,584
5.00%, 05/01/40 (Call 05/01/28)		6,260		7,569,467
5.00%, 08/01/40 (Call 08/01/27)		5,000		5,955,400
5.00%, 08/01/42 (Call 08/01/28)		4,540		5,487,089
5.50%, 11/01/27 (Call 11/01/20)		3,545		3,743,697
Series A, 4.00%, 08/01/41 (Call 08/01/28)		2,000		2,220,640
Series A, 5.00%, 11/01/20		1,000		1,050,880
Series A, 5.00%, 11/01/22 (Call 11/01/21)		1,000		1,084,860
Series A, 5.00%, 11/01/23 (Call 11/01/21)		2,640		2,867,304
Series A, 5.00%, 05/01/28 (Call 07/01/19)		940		942,519
Series A, 5.00%, 08/01/34 (Call 08/01/28)		2,000		2,476,100
Series A, 5.00%, 11/01/35 (Call 11/01/23)		1,000		1,133,140
Series A, 5.00%, 11/01/38 (Call 11/01/23)		3,500		3,951,570
Series A-1, 5.00%, 08/01/23		1,000		1,147,500
Series A-1, 5.00%, 08/01/24		1,500		1,774,245
Series A-1, 5.00%, 08/01/29 (Call 08/01/24)		1,610		1,883,314
Series A-1, 5.00%, 05/01/36 (Call 07/01/19)		1,000		1,002,510
Series A-1, 5.00%, 05/01/38 (Call 07/01/19)		1,260		1,263,125
Series A-1, 5.00%, 08/01/38 (Call 08/01/24)		750		859,973
Series A-3, 5.00%, 08/01/41 (Call 08/01/27)		5,000		5,947,250
Series B, 5.00%, 11/01/21 (Call 11/01/19)		2,795		2,836,366
Series B, 5.00%, 11/01/21 (PR 11/01/19)		5		5,075
Series B, 5.00%, 02/01/27 (Call 02/01/21)		1,985		2,101,837
Series B, 5.00%, 11/01/30 (Call 11/01/22)		1,000		1,114,430
Series B-1, 4.00%, 08/01/42 (Call 08/01/27)		1,150		1,262,884
Series B-1, 5.00%, 08/01/31 (Call 08/01/26)		3,500		4,236,925
Series B-1, 5.00%, 08/01/33 (Call 08/01/27)		1,000		1,225,260
Series B-1, 5.00%, 08/01/35 (Call 08/01/28)		3,000		3,698,550
Series B-1, 5.00%, 11/01/35 (Call 11/01/25)		2,000		2,361,620
Series B-1, 5.00%, 11/01/40 (Call 05/01/24)		2,000		2,276,040
Series C, 5.00%, 11/01/20		9,960		10,466,765
Series C, 5.00%, 11/01/26 (Call 05/01/24)		1,020		1,189,952
Series C, 5.00%, 11/01/29 (Call 05/01/27)		10,235		12,738,072
Series C, 5.00%, 11/01/33 (Call 11/01/20)		6,270		6,564,376
Series C, 5.00%, 11/01/39 (Call 11/01/20)		2,870		2,997,772
Series C-3, 4.00%, 05/01/42 (Call 05/01/28)		6,280		6,948,443
Series C-3, 4.00%, 05/01/44 (Call 05/01/28)		13,005		14,358,170
Series C-3, 5.00%, 05/01/39 (Call 05/01/28)		8,015		9,714,020
Series C-3, 5.00%, 05/01/41 (Call 05/01/28)		2,000		2,411,040
Series D, 5.00%, 02/01/24 (Call 02/01/21)		1,250		1,324,638
Series D, 5.00%, 02/01/31 (Call 02/01/21)		5,025		5,307,154
Series D, 5.00%, 02/01/35 (Call 02/01/21)		18,145		19,139,346
Series D-1, 5.00%, 11/01/33 (Call 11/01/21)		2,000		2,158,820
Series E-1, 4.00%, 02/01/44 (Call 02/01/27)		2,195		2,394,833
Series E-1, 5.00%, 02/01/25 (Call 02/01/22)		2,500		2,734,225
Series E-1, 5.00%, 02/01/31 (Call 02/01/26)		1,000		1,199,170
Series E-1, 5.00%, 02/01/33 (Call 02/01/27)		1,000		1,214,220

26

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series E-1, 5.00%, 02/01/34 (Call 02/01/26)	$	5,130	$	6,095,261
Series E-1, 5.00%, 02/01/34 (Call 02/01/27)		4,595		5,550,990
Series E-1, 5.00%, 02/01/35 (Call 02/01/22)		2,000		2,167,600
Series E-1, 5.00%, 02/01/37 (Call 02/01/27)		7,685		9,165,285
Series E-1, 5.00%, 02/01/38 (Call 02/01/27)		9,135		10,852,745
Series E-1, 5.00%, 02/01/40 (Call 02/01/26)		4,145		4,842,686
Series E-1, 5.00%, 02/01/41 (Call 02/01/25)		9,750		11,185,785
Series E-1, 5.00%, 02/01/42 (Call 02/01/22)		5,685		6,143,382
Series F-1, 4.00%, 05/01/44 (Call 05/01/27)		1,000		1,093,560
Series F-1, 5.00%, 02/01/29 (Call 02/01/23)		13,410		15,052,591
Series F-1, 5.00%, 02/01/30 (Call 02/01/23)		2,000		2,240,940
Series F-1, 5.00%, 05/01/31 (Call 05/01/27)		5,000		6,161,350
Series F-1, 5.00%, 02/01/36 (Call 02/01/23)		1,400		1,555,176
Series F-1, 5.00%, 05/01/39 (Call 05/01/22)		2,500		2,723,525
Series I, 5.00%, 05/01/38 (Call 05/01/23)		1,000		1,115,200
Series I, 5.00%, 05/01/42 (Call 05/01/23)		8,420		9,378,196
New York City Water & Sewer System RB 4.00%, 06/15/36 (Call 06/15/29)		2,000		2,278,460
4.00%, 06/15/40 (Call 06/15/29)		3,000		3,364,920
4.00%, 06/15/46 (Call 12/15/26)		3,275		3,565,361
4.00%, 06/15/49 (Call 06/15/29)		12,000		13,284,960
4.63%, 06/15/46 (Call 06/15/23)		1,020		1,103,365
5.00%, 06/15/27 (Call 06/15/25)		1,300		1,563,887
5.00%, 06/15/29 (Call 12/15/19)		3,750		3,821,512
5.00%, 06/15/32 (Call 06/15/21)		2,015		2,157,722
5.00%, 06/15/35 (Call 06/15/29)		2,800		3,520,636
5.00%, 06/15/39 (Call 06/15/19)		6,160		6,166,879
5.00%, 06/15/40 (Call 06/15/29)		4,000		4,932,840
5.00%, 06/15/49 (Call 06/15/29)		4,500		5,488,200
5.25%, 06/15/40 (Call 06/15/19)		8,450		8,459,971
5.25%, 06/15/40 (Call 07/01/19)		1,225		1,228,332
5.38%, 06/15/40 (Call 12/15/20)		1,005		1,063,632
5.50%, 06/15/40 (Call 07/01/19)		10,000		10,029,500
5.50%, 06/15/43 (Call 12/15/20)		5,160		5,471,561
Series AA, 5.00%, 06/15/44 (Call 06/15/24)		2,000		2,273,440
Series AA, 5.00%, 06/15/44 (PR 06/15/21)		8,200		8,811,146
Series BB, 4.00%, 06/15/47 (Call 12/15/22)		21,775		22,754,875
Series BB, 5.00%, 06/15/27 (Call 07/01/19)		1,000		1,002,750
Series BB, 5.00%, 06/15/31 (Call 06/15/20)		3,050		3,160,654
Series BB, 5.00%, 06/15/44 (Call 12/15/21)		4,615		4,982,262
Series BB, 5.00%, 06/15/46 (Call 06/15/23)		10,750		11,978,940
Series BB, 5.00%, 06/15/47 (Call 12/15/22)		9,260		10,227,022
Series CC, 5.00%, 06/15/45 (Call 12/15/21)		7,500		8,091,225
Series CC, 5.00%, 06/15/46 (Call 06/15/26)		5,700		6,665,010
Series CC, 5.00%, 06/15/47 (Call 06/15/23)		7,925		8,816,483
Series CC, 5.00%, 06/15/47 (PR 06/15/23)		7,020		8,030,740
Series CC-1, 4.00%, 06/15/33 (Call 12/15/26)		1,250		1,405,588
Series CC-1, 5.00%, 06/15/47 (Call 06/15/24)		7,450		8,447,257
Series CC-1, 5.00%, 06/15/48 (Call 06/15/27)		11,585		13,732,627
Series CC-2, 5.00%, 06/15/23 (Call 12/15/21)		2,000		2,184,400
Series DD, 5.00%, 06/15/35 (Call 06/15/23)		11,420		12,850,812
Series DD, 5.00%, 06/15/36 (Call 06/15/24)		4,000		4,590,600
Series DD, 5.00%, 06/15/39 (Call 06/15/24)		1,000		1,142,750
Series DD, 5.00%, 06/15/40 (Call 12/15/27)		2,500		3,015,075
Series DD, 5.00%, 06/15/47 (Call 12/15/26)		19,590		23,100,332
Series DD1, 5.00%, 06/15/48 (Call 12/15/27)		7,975		9,536,345

Security	Par (000)		Value
New York (continued)
Series EE, 5.00%, 06/15/34 (Call 06/15/22)	$	1,250	$	1,371,738
Series EE, 5.00%, 06/15/36 (Call 06/15/24)		3,600		4,131,540
Series EE, 5.00%, 06/15/36 (Call 06/15/27)		2,000		2,418,720
Series EE, 5.00%, 06/15/40 (Call 12/15/27)		8,150		9,829,144
Series EE, 5.00%, 06/15/45 (Call 06/15/24)		8,750		9,937,812
Series EE, 5.00%, 06/15/47 (Call 06/15/23)		6,000		6,674,940
Series FF, 5.00%, 06/15/21		2,300		2,473,351
Series FF, 5.00%, 06/15/38 (Call 06/15/28)		1,000		1,219,950
Series FF, 5.00%, 06/15/39 (Call 06/15/25)		6,595		7,651,651
Series FF, 5.00%, 06/15/39 (Call 06/15/28)		6,500		7,904,390
Series FF, 5.00%, 06/15/40 (Call 06/15/28)		5,935		7,195,357
Series FF, 5.00%, 06/15/45 (Call 06/15/22)		1,000		1,092,750
Series FF-2, 5.00%, 06/15/40 (Call 06/15/19)		710		710,802
Series GG, 5.00%, 06/15/37 (Call 06/15/25)		1,815		2,115,582
Series GG, 5.00%, 06/15/39 (Call 06/15/25)		5,780		6,706,072
Series GG, 5.00%, 06/15/43 (PR 06/15/21)		9,330		10,025,365
Series GG-1, 5.25%, 06/15/32 (Call 07/01/19)		3,000		3,008,430
Series HH, 5.00%, 06/15/26 (Call 06/15/21)		4,630		4,966,462
Series HH, 5.00%, 06/15/31 (Call 06/15/21)		485		519,828
Series-EE, 5.38%, 06/15/43 (Call 12/15/20)		9,140		9,667,469
New York Convention Center Development Corp. RB
5.00%, 11/15/40 (Call 11/15/25)		1,500		1,748,040
5.00%, 11/15/45 (Call 11/15/25)		1,000		1,157,400
Series A, 0.00%, 11/15/47(a)		2,500		965,275
Series A, 0.00%, 11/15/55(a)		2,500		697,325
Series A, 5.00%, 11/15/46 (Call 11/15/26)		1,500		1,758,090
New York Liberty Development Corp. RB
5.00%, 12/15/41 (Call 12/15/21) (GOI)		6,540		7,061,630
5.25%, 12/15/43 (Call 12/15/21) (GOI)		100		109,079
5.75%, 11/15/51 (Call 11/15/21)		1,750		1,922,533
New York Power Authority (The) RB
Series A, 5.00%, 11/15/22		1,000		1,125,440
Series A, 5.00%, 11/15/38 (Call 11/15/21) (GOI)		1,000		1,077,660
New York State Dormitory Authority RB
4.00%, 05/15/20		9,350		9,580,571
4.00%, 03/15/43 (Call 09/15/28)		5,000		5,535,000
5.00%, 03/15/20		22,900		23,551,734
5.00%, 08/15/20		1,700		1,774,035
5.00%, 03/15/22		2,200		2,421,056
5.00%, 03/15/23		5,500		6,238,595
5.00%, 03/15/23 (Call 03/15/22)		2,500		2,747,550
5.00%, 03/15/24		1,550		1,812,059
5.00%, 03/15/25		3,000		3,607,320
5.00%, 03/15/25 (Call 03/15/24)		10,400		12,131,808
5.00%, 05/15/26 (Call 05/15/22)		1,270		1,395,349
5.00%, 03/15/27		3,500		4,423,965
5.00%, 03/15/27 (Call 09/15/25)		5,815		7,042,895
5.00%, 03/15/28		7,250		9,278,695
5.00%, 03/15/28 (Call 09/15/25)		2,000		2,415,780
5.00%, 03/15/32 (Call 03/15/28)		2,500		3,118,075
5.00%, 03/15/33 (Call 03/15/24)		5,000		5,737,800
5.00%, 03/15/33 (Call 03/15/27)		2,000		2,437,200
5.00%, 03/15/33 (Call 03/15/28)		10,950		13,595,958
5.00%, 02/15/35 (Call 02/15/20)		15		15,345
5.00%, 03/15/35 (Call 03/15/27)		2,300		2,777,434
5.00%, 03/15/36 (Call 03/15/28)		5,000		6,117,950
5.00%, 02/15/39 (Call 08/15/27)		3,000		3,591,510

27

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
5.00%, 03/15/39 (Call 03/15/28)	$	3,565	$	4,324,808
5.00%, 03/15/40 (Call 09/15/28)		4,000		4,880,560
5.00%, 07/01/40 (Call 07/01/20)		3,500		3,621,555
5.00%, 03/15/41 (Call 03/15/28)		3,500		4,226,180
5.00%, 03/15/42 (Call 03/15/28)		4,210		5,072,545
5.00%, 03/15/44 (Call 03/15/27)		10,000		11,836,600
5.00%, 03/15/44 (Call 03/15/28)		9,000		10,812,420
5.00%, 03/15/44 (Call 09/15/28)		5,000		6,058,050
5.00%, 03/15/45 (Call 03/15/28)		5,000		5,998,700
5.00%, 03/15/45 (Call 09/15/28)		2,300		2,772,121
5.00%, 10/01/45		3,500		5,125,925
5.00%, 03/15/48 (Call 09/15/28)		4,000		4,805,520
Series 1, 5.50%, 07/01/40 (AMBAC)		530		741,184
Series 2014, 5.00%, 02/15/20		3,920		4,019,725
Series 2015-B, 5.00%, 03/15/20		1,300		1,336,998
Series 2015-B, 5.00%, 03/15/31 (Call 09/15/25)		1,800		2,152,242
Series 2015-B, 5.00%, 03/15/34 (Call 09/15/25)		4,635		5,482,695
Series A, 4.00%, 03/15/47 (Call 03/15/28)		6,500		7,160,530
Series A, 5.00%, 02/15/20		14,500		14,868,880
Series A, 5.00%, 03/15/20		1,000		1,028,460
Series A, 5.00%, 12/15/20		1,200		1,266,504
Series A, 5.00%, 02/15/21		10,495		11,139,078
Series A, 5.00%, 03/15/21		1,080		1,149,498
Series A, 5.00%, 02/15/22		6,025		6,609,365
Series A, 5.00%, 03/15/22		3,940		4,333,606
Series A, 5.00%, 02/15/23		2,325		2,630,644
Series A, 5.00%, 03/15/23		1,750		1,986,390
Series A, 5.00%, 02/15/24		3,000		3,498,780
Series A, 5.00%, 03/15/25		2,450		2,938,432
Series A, 5.00%, 05/15/25 (Call 05/15/22)		1,000		1,099,610
Series A, 5.00%, 12/15/25 (Call 12/15/22)		3,000		3,369,570
Series A, 5.00%, 02/15/26 (Call 02/15/24)		1,000		1,162,270
Series A, 5.00%, 12/15/26 (Call 12/15/22)		16,565		18,587,421
Series A, 5.00%, 02/15/27 (Call 02/15/24)		1,500		1,739,700
Series A, 5.00%, 03/15/27 (Call 09/15/26)		2,400		2,981,400
Series A, 5.00%, 03/15/28 (Call 03/15/24)		2,000		2,325,000
Series A, 5.00%, 10/01/28		2,000		2,620,460
Series A, 5.00%, 03/15/29 (Call 03/15/24)		3,705		4,299,615
Series A, 5.00%, 02/15/30 (Call 02/15/27)		6,000		7,393,440
Series A, 5.00%, 03/15/30 (Call 03/15/25)		2,700		3,193,857
Series A, 5.00%, 12/15/30 (Call 12/15/22)		11,420		12,780,807
Series A, 5.00%, 03/15/31 (Call 03/15/24)		4,000		4,615,240
Series A, 5.00%, 03/15/31 (Call 03/15/28)		3,240		4,078,188
Series A, 5.00%, 06/15/31 (Call 12/15/22)		6,465		7,225,866
Series A, 5.00%, 03/15/34 (Call 03/15/27)		2,000		2,422,780
Series A, 5.00%, 03/15/35 (Call 03/15/25)		1,000		1,166,870
Series A, 5.00%, 02/15/36 (Call 02/15/27)		1,500		1,795,425
Series A, 5.00%, 03/15/36 (Call 09/15/26)		10,500		12,540,045
Series A, 5.00%, 07/01/37 (Call 07/01/22)		1,250		1,364,400
Series A, 5.00%, 02/15/38 (Call 02/15/27)		1,000		1,188,790
Series A, 5.00%, 03/15/38 (Call 03/15/23)		3,395		3,791,400
Series A, 5.00%, 03/15/38 (Call 03/15/27)		1,500		1,792,725
Series A, 5.00%, 07/01/39 (PR 07/01/19)		2,070		2,075,672
Series A, 5.00%, 02/15/40 (Call 08/15/26)		3,000		3,533,580

Security	Par (000)		Value
New York (continued)
Series A, 5.00%, 02/15/41 (Call 08/15/26)	$	1,920	$	2,258,246
Series A, 5.00%, 07/01/41 (Call 07/01/21)		500		533,130
Series A, 5.00%, 10/01/41 (Call 04/01/21)		2,500		2,647,225
Series A, 5.00%, 03/15/42 (Call 03/15/27)		1,500		1,777,815
Series A, 5.00%, 07/01/42 (Call 07/01/22)		1,000		1,096,150
Series A, 5.00%, 02/15/43 (Call 02/15/23)		3,500		3,876,460
Series A, 5.00%, 03/15/43 (Call 03/15/27)		1,000		1,184,340
Series A, 5.00%, 03/15/44 (Call 03/15/24)		8,370		9,440,690
Series A, 5.00%, 07/01/48 (Call 07/01/28)		1,250		1,495,100
Series A, 5.00%, 10/01/48		500		744,030
Series A, 5.25%, 05/15/21		1,000		1,053,540
Series A, 5.75%, 07/01/27 (NPFGC)		500		600,995
Series A-2, 5.00%, 10/01/46		2,000		2,947,000
Series A-2, 5.00%, 10/01/46 (Call 04/01/26)		1,000		1,180,290
Series B, 5.00%, 03/15/21		1,500		1,596,525
Series B, 5.00%, 02/15/23		4,900		5,544,154
Series B, 5.00%, 02/15/25		3,525		4,218,226
Series B, 5.00%, 02/15/26		2,940		3,608,762
Series B, 5.00%, 02/15/29 (Call 08/15/27)		13,200		16,572,864
Series B, 5.00%, 02/15/31 (Call 02/15/25)		8,935		10,505,684
Series B, 5.00%, 02/15/31 (Call 08/15/27)		2,000		2,474,580
Series B, 5.00%, 02/15/32 (Call 08/15/27)		1,200		1,476,828
Series B, 5.00%, 02/15/34 (Call 02/15/25)		6,120		7,138,735
Series B, 5.00%, 02/15/34 (Call 08/15/27)		5,000		6,098,050
Series B, 5.00%, 03/15/35 (Call 03/15/22)		1,500		1,634,940
Series B, 5.00%, 02/15/36 (Call 08/15/27)		1,000		1,208,640
Series B, 5.00%, 02/15/37 (Call 08/15/27)		6,205		7,470,634
Series B, 5.00%, 02/15/38 (Call 02/15/25)		1,000		1,156,180
Series B, 5.00%, 02/15/38 (Call 08/15/27)		1,960		2,351,882
Series B, 5.00%, 10/01/38 (Call 04/01/28)		5,700		7,030,494
Series B, 5.00%, 02/15/41 (Call 02/15/25)		3,040		3,495,635
Series B, 5.00%, 02/15/42 (Call 08/15/27)		1,000		1,190,220
Series B, 5.00%, 03/15/42 (Call 03/15/22)		13,500		14,620,905
Series B, 5.00%, 07/01/45 (Call 07/01/25)		2,000		2,296,000
Series B, 5.50%, 03/15/26 (AMBAC)		770		970,138
Series B, 5.50%, 03/15/27 (AMBAC)		2,335		3,013,294
Series C, 5.00%, 03/15/26		4,000		4,940,120
Series C, 5.00%, 03/15/31 (Call 03/15/24)		1,000		1,155,300
Series C, 5.00%, 03/15/33 (Call 03/15/24)		1,000		1,148,050
Series C, 5.00%, 03/15/34 (Call 03/15/21)		1,375		1,453,045
Series C, 5.00%, 03/15/35 (Call 03/15/24)		5,390		6,156,781
Series C, 5.00%, 03/15/37 (Call 03/15/24)		2,000		2,273,800
Series C, 5.00%, 03/15/38 (Call 03/15/24)		1,000		1,136,040
Series C, 5.00%, 03/15/39 (Call 03/15/28)		1,500		1,819,695
Series C, 5.00%, 03/15/41 (Call 03/15/21)		7,510		7,940,173
Series C, 5.00%, 03/15/44 (Call 03/15/24)		10,000		11,318,100
Series D, 5.00%, 02/15/22		1,535		1,683,880
Series D, 5.00%, 02/15/23		1,705		1,929,139
Series D, 5.00%, 02/15/28 (Call 08/15/26)		1,500		1,849,620
Series D, 5.00%, 02/15/37 (Call 02/15/22)		1,800		1,953,432
Series E, 4.00%, 02/15/34 (Call 02/15/25)		1,445		1,587,376
Series E, 5.00%, 05/15/20		3,000		3,102,120
Series E, 5.00%, 02/15/23		1,000		1,131,460
Series E, 5.00%, 02/15/24		1,095		1,277,055

28

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series E, 5.00%, 03/15/31 (Call 09/15/25)	$	6,795	$	8,102,426
Series E, 5.00%, 02/15/35 (Call 02/15/20)		985		1,010,216
Series E, 5.00%, 03/15/36 (Call 09/15/25)		1,200		1,415,568
New York State Environmental Facilities Corp. RB
Series A, 4.00%, 06/15/46 (Call 06/15/26)		1,545		1,689,257
Series A, 5.00%, 06/15/19		2,000		2,002,320
Series A, 5.00%, 06/15/22		1,020		1,133,679
Series A, 5.00%, 06/15/23 (Call 06/15/22)		1,170		1,297,074
Series A, 5.00%, 06/15/24 (Call 06/15/22)		750		829,568
Series A, 5.00%, 06/15/41 (Call 06/15/26)		2,050		2,427,344
Series A, 5.00%, 06/15/42 (Call 06/15/27)		2,140		2,571,467
Series B, 5.00%, 06/15/28 (Call 06/15/21)		1,400		1,499,694
Series B, 5.00%, 06/15/31 (Call 06/15/21)		2,295		2,453,653
Series B, 5.00%, 06/15/41 (Call 06/15/21)		2,000		2,132,260
Series B, 5.00%, 06/15/43 (Call 06/15/28)		10,000		12,152,700
Series E, 5.00%, 06/15/47 (Call 06/15/27)		5,595		6,680,542
New York State Thruway Authority, 5.00%, 01/01/27 (Call 01/01/22)		1,000		1,086,010
New York State Thruway Authority Highway & Bridge Trust Fund RB
5.00%, 04/01/25 (Call 04/01/22)		2,100		2,309,349
5.00%, 04/01/29 (Call 04/01/22)		4,555		4,997,108
Series A, 5.00%, 04/01/21		500		532,875
Series A, 5.00%, 04/01/22		1,610		1,771,902
Series A, 5.00%, 04/01/30 (Call 04/01/22)		500		547,800
Series A-1, 5.00%, 04/01/31 (Call 04/01/21)		2,000		2,122,620
New York State Thruway Authority RB
4.00%, 02/01/20 (Call 09/15/19)		5,000		5,034,450
5.00%, 03/15/22 (Call 09/15/20)		7,480		7,825,052
5.00%, 01/01/29 (Call 01/01/25)		2,000		2,358,520
Series A, 4.00%, 01/01/56 (Call 01/01/26)		1,000		1,062,000
Series A, 5.00%, 03/15/21 (Call 09/15/20)		1,000		1,045,510
Series A, 5.00%, 03/15/26 (Call 09/15/21)		2,785		3,005,795
Series A, 5.00%, 03/15/32 (Call 09/15/21)		2,000		2,149,660
Series A, 5.00%, 01/01/46 (Call 01/01/26)		4,000		4,622,280
Series A, 5.00%, 01/01/51 (Call 01/01/26)		5,000		5,722,400
Series A, 5.25%, 01/01/56 (Call 01/01/26)		2,480		2,865,838
Series B, 5.50%, 04/01/20 (AMBAC)		620		641,130
Series I, 5.00%, 01/01/28 (Call 01/01/22)		12,000		13,026,120
Series I, 5.00%, 01/01/37 (Call 01/01/22)		2,580		2,780,466
Series I, 5.00%, 01/01/42 (Call 01/01/22)		2,000		2,151,700
Series J, 5.00%, 01/01/26 (Call 01/01/24)		2,560		2,943,078
Series J, 5.00%, 01/01/41 (Call 01/01/24)		2,000		2,248,520
Series K, 5.00%, 01/01/32 (Call 01/01/25)		5,365		6,254,410
Series L, 4.00%, 01/01/36 (Call 01/01/28)		1,000		1,116,070
Series L, 5.00%, 01/01/21		2,185		2,309,895
Series L, 5.00%, 01/01/33 (Call 01/01/28)		1,750		2,161,985
New York State Urban Development Corp. RB
5.00%, 12/15/19		1,015		1,034,843
5.00%, 03/15/20		1,275		1,311,287
5.00%, 03/15/27 (Call 03/15/24)		1,000		1,157,480
5.00%, 03/15/27 (Call 09/15/25)		10,000		12,071,600
5.00%, 03/15/29 (Call 03/15/23)		1,270		1,431,493
5.00%, 03/15/29 (Call 03/15/24)		2,000		2,309,980

Security	Par (000)		Value
New York (continued)
5.00%, 03/15/30 (Call 03/15/23)	$	1,000	$	1,124,720
5.00%, 03/15/34 (Call 03/15/24)		2,300		2,628,049
5.00%, 03/15/39 (Call 09/15/28)		5,000		6,087,450
5.00%, 03/15/41 (Call 09/15/27)		2,640		3,150,734
5.00%, 03/15/41 (Call 09/15/28)		8,660		10,492,110
5.00%, 03/15/42 (Call 09/15/27)		1,500		1,785,285
5.00%, 03/15/42 (Call 09/15/28)		5,095		6,163,676
5.00%, 03/15/45 (Call 09/15/28)		2,300		2,774,237
5.50%, 03/15/24 (NPFGC)		1,090		1,299,444
Series A, 5.00%, 03/15/20		2,050		2,108,343
Series A, 5.00%, 03/15/21		1,800		1,915,830
Series A, 5.00%, 03/15/22		2,000		2,199,800
Series A, 5.00%, 03/15/23		11,620		13,180,450
Series A, 5.00%, 03/15/24		3,735		4,366,476
Series A, 5.00%, 03/15/25		5,000		5,996,800
Series A, 5.00%, 03/15/26		4,000		4,919,760
Series A, 5.00%, 03/15/27 (Call 03/15/26)		2,500		3,060,650
Series A, 5.00%, 03/15/30 (Call 03/15/27)		9,800		12,077,226
Series A, 5.00%, 03/15/31 (Call 03/15/21)		1,000		1,059,660
Series A, 5.00%, 03/15/31 (Call 03/15/26)		2,000		2,400,940
Series A, 5.00%, 03/15/31 (Call 03/15/27)		10,000		12,247,400
Series A, 5.00%, 03/15/32 (Call 09/15/25)		1,000		1,186,870
Series A, 5.00%, 03/15/33 (Call 03/15/27)		1,500		1,823,070
Series A, 5.00%, 03/15/35 (Call 09/15/25)		1,525		1,795,261
Series A, 5.00%, 03/15/35 (Call 03/15/27)		2,400		2,890,560
Series A-1, 5.00%, 03/15/22		2,015		2,216,299
Series A-1, 5.00%, 03/15/24 (Call 03/15/23)		2,670		3,025,297
Series A-1, 5.00%, 03/15/27 (Call 03/15/23)		3,725		4,207,462
Series A-1, 5.00%, 03/15/28 (Call 03/15/23)		2,020		2,280,843
Series A-1, 5.00%, 03/15/43 (Call 03/15/23)		6,400		7,081,024
Series A-2, 5.50%, 03/15/22 (NPFGC)		1,500		1,670,265
Series C, 4.00%, 03/15/47 (Call 09/15/27)		2,000		2,182,040
Series C, 5.00%, 03/15/20		1,500		1,542,690
Series C, 5.00%, 12/15/21 (Call 12/15/19)		2,000		2,038,660
Series C, 5.00%, 03/15/22		3,000		3,299,700
Series D, 5.00%, 03/15/21		5,000		5,321,750
Series D, 5.00%, 03/15/22		1,520		1,671,848
Series E, 5.00%, 03/15/21		3,520		3,746,512
Series E, 5.00%, 03/15/24 (Call 03/15/23)		5,445		6,169,566
Port Authority of New York & New Jersey RB
4.00%, 12/15/41 (Call 06/15/24)		1,000		1,080,650
4.00%, 09/01/43 (Call 09/01/28)		5,000		5,522,650
5.00%, 07/15/32 (Call 07/15/28)		3,080		3,872,422
5.00%, 07/15/33 (Call 01/15/21)		2,250		2,367,968
5.00%, 07/15/35 (Call 07/15/20)		7,255		7,520,315
5.00%, 07/15/35 (Call 07/15/28)		1,000		1,241,340
5.00%, 09/01/36 (Call 09/01/24) (GOI)		4,770		5,494,611
5.00%, 09/01/39 (Call 09/01/24)		1,915		2,200,584
5.00%, 10/15/39 (Call 10/15/19)		1,000		1,012,370
5.00%, 05/01/40 (Call 05/01/25)		5,000		5,819,750
5.00%, 09/01/48 (Call 09/01/28)		4,770		5,780,429
Series 116, 4.50%, 09/15/39 (Call 09/15/19) (GOI)		750		755,235

29

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series 116, 5.00%, 09/15/36 (Call 09/15/19) (GOI)	$	2,500	$	2,523,325
Series 116, 5.00%, 01/15/41 (Call 01/15/21) (GOI)		4,390		4,608,402
Series 163, 5.00%, 07/15/32 (Call 07/15/20) (GOI)		1,275		1,324,075
Series 173, 4.00%, 12/01/31 (Call 06/01/22) (GOI)		2,000		2,124,460
Series 179, 5.00%, 12/01/22		1,500		1,687,770
Series 179, 5.00%, 06/01/33 (Call 12/01/23)		1,000		1,142,340
Series 179, 5.00%, 12/01/38 (Call 12/01/23)		6,615		7,507,628
Series 179, 5.00%, 12/01/43 (Call 12/01/23)		2,500		2,830,375
Series 189, 5.00%, 05/01/27 (Call 05/01/25)		1,200		1,441,572
Series 189, 5.00%, 05/01/45 (Call 05/01/25)		2,000		2,305,300
Series 194, 4.00%, 10/15/45 (Call 10/15/25)		1,000		1,075,330
Series 194, 5.00%, 10/15/28 (Call 10/15/25)		2,000		2,419,680
Series 194, 5.00%, 10/15/32 (Call 10/15/25)		1,400		1,672,818
Series 194, 5.00%, 10/15/33 (Call 10/15/25)		3,000		3,579,720
Series 194, 5.00%, 10/15/41 (Call 10/15/25)		6,000		7,031,340
Series 194, 5.25%, 10/15/55 (Call 10/15/25)		1,000		1,171,540
Series 198, 5.00%, 11/15/46 (Call 11/15/26)		8,190		9,684,757
Series 200, 5.00%, 10/15/47 (Call 04/15/27)		2,365		2,808,437
Series 200, 5.00%, 04/15/57 (Call 04/15/27)		3,000		3,514,080
Series 205, 5.00%, 11/15/42 (Call 11/15/27)		2,655		3,201,080
Series 205, 5.00%, 05/15/57 (Call 11/15/27)		2,000		2,365,400
Series 5, 5.38%, 03/01/28 (GOI)		2,150		2,561,811
Third Series, 5.00%, 07/15/39 (Call 07/15/20)		17,755		18,415,486
Third Series, 6.13%, 06/01/94 (Call 06/01/24)		500		600,980
Sales Tax Asset Receivable Corp. RB
5.00%, 10/15/27 (Call 10/15/24)		5,005		5,914,809
5.00%, 10/15/29 (Call 10/15/24)		1,860		2,191,805
Series A, 5.00%, 10/15/19		2,000		2,027,180
Series A, 5.00%, 10/15/20		4,200		4,411,092
Series A, 5.00%, 10/15/25 (Call 10/15/24)		2,000		2,370,360
Series A, 5.00%, 10/15/26 (Call 10/15/24)		4,250		5,032,212
Series A, 5.00%, 10/15/28 (Call 10/15/24)		5,000		5,903,250
Series A, 5.00%, 10/15/30 (Call 10/15/24)		7,000		8,228,990
State of New York GO
4.25%, 12/15/41 (Call 12/15/21)		6,000		6,347,760
Series A, 5.00%, 02/15/39 (Call 07/01/19)		1,045		1,047,759
Suffolk County Water Authority RB
4.00%, 06/01/31 (Call 06/01/25)		1,000		1,122,110
Series A, 4.00%, 06/01/41 (Call 06/01/28)		3,000		3,331,590
Triborough Bridge & Tunnel Authority RB
4.00%, 11/15/42 (Call 11/15/22)		4,685		4,891,046
4.00%, 11/15/47 (Call 05/15/28)		3,000		3,302,250
4.00%, 11/15/48 (Call 05/15/28)		6,000		6,595,980
5.00%, 11/15/42 (Call 11/15/27)		2,715		3,266,471
5.00%, 11/15/44 (Call 05/15/28)		11,000		13,316,160
Series A, 0.00%, 11/15/30(a)		10,800		8,004,636
Series A, 0.00%, 11/15/31(a)		2,000		1,427,100
Series A, 0.00%, 11/15/32(a)		1,800		1,237,842
Series A, 5.00%, 11/15/22		3,360		3,759,739

Security	Par (000)		Value
New York (continued)
Series A, 5.00%, 01/01/23 (PR 01/01/22)	$	710	$	777,252
Series A, 5.00%, 01/01/25 (PR 01/01/22)		1,000		1,094,720
Series A, 5.00%, 01/01/26 (PR 01/01/22)		685		749,883
Series A, 5.00%, 11/15/26 (Call 05/15/23)		2,000		2,267,440
Series A, 5.00%, 01/01/27 (PR 01/01/22)		1,070		1,171,350
Series A, 5.00%, 11/15/27 (Call 05/15/23)		1,000		1,132,080
Series A, 5.00%, 11/15/42 (Call 05/15/27)		1,000		1,192,180
Series A, 5.00%, 11/15/45 (Call 05/15/28)		4,100		4,955,834
Series A, 5.00%, 11/15/46 (Call 05/15/26)		3,900		4,573,179
Series A, 5.00%, 11/15/47 (Call 05/15/27)		9,185		10,900,942
Series B, 0.00%, 11/15/32(a)		4,745		3,276,090
Series B, 5.00%, 11/15/20		3,630		3,821,374
Series B, 5.00%, 11/15/21		30		32,738
Series B, 5.00%, 11/15/24 (Call 11/15/22)		1,000		1,121,840
Series B, 5.00%, 11/15/26 (Call 11/15/22)		1,355		1,517,668
Series B, 5.00%, 11/15/27 (Call 11/15/22)		1,600		1,791,504
Series B, 5.00%, 11/15/30		1,000		1,340,250
Series B, 5.00%, 11/15/31		1,000		1,339,560
Series B, 5.00%, 11/15/31 (Call 05/15/27)		1,000		1,233,470
Series B, 5.00%, 11/15/35 (Call 05/15/27)		2,000		2,425,220
Series B, 5.00%, 11/15/36 (Call 05/15/27)		2,175		2,627,792
Series B, 5.00%, 11/15/37 (Call 05/15/27)		2,000		2,409,540
Series B, 5.00%, 11/15/38 (Call 05/15/27)		1,360		1,632,558
Series C, 5.00%, 11/15/25		3,000		3,682,620
Utility Debt Securitization Authority RB
5.00%, 12/15/33 (Call 12/15/25)		4,440		5,301,538
5.00%, 12/15/36 (Call 12/15/25)		2,750		3,252,425
5.00%, 12/15/37 (Call 12/15/25)		5,380		6,348,131
5.00%, 12/15/39 (Call 12/15/27)		4,250		5,178,965
5.00%, 12/15/40 (Call 12/15/27)		6,155		7,481,526
5.00%, 12/15/41 (Call 12/15/27)		3,000		3,636,270
Series A, 5.00%, 06/15/28 (Call 06/15/26)		2,000		2,460,820
Series A, 5.00%, 12/15/35 (Call 06/15/26)		4,500		5,395,455
Series B, 5.00%, 06/15/23 (Call 06/15/21)		1,600		1,716,608
Series B, 5.00%, 06/15/24 (Call 06/15/22)		3,450		3,818,184
Series B, 5.00%, 12/15/33 (Call 06/15/26)		450		543,911
Series TE, 5.00%, 12/15/30 (Call 12/15/23)		6,500		7,454,525
Series TE, 5.00%, 12/15/35 (Call 12/15/23)		3,000		3,427,590
Series TE, 5.00%, 12/15/41 (Call 12/15/23)		16,195		18,407,237
				2,894,799,325
North Carolina — 1.2%
City of Charlotte NC Water & Sewer System Revenue RB
5.00%, 07/01/21		3,975		4,268,315
5.00%, 07/01/40 (Call 07/01/25)		1,000		1,165,550
Series B, 5.00%, 07/01/38 (Call 07/01/20)		1,000		1,034,980
County of Guilford NC GO, 5.00%, 03/01/25		1,800		2,152,134
County of Mecklenburg NC GO, Series A, 5.00%, 12/01/21		1,225		1,333,412
County of Wake NC GO
Series B, 4.00%, 05/01/29 (Call 05/01/23)		2,730		2,972,915
Series C, 5.00%, 03/01/21		3,295		3,498,928
Series C, 5.00%, 03/01/25		6,600		7,883,172

30

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
North Carolina (continued)
North Carolina Capital Facilities Finance Agency RB
5.00%, 10/01/41 (Call 10/01/25)	$	1,000	$	1,170,950
Series B, 5.00%, 07/01/42 (Call 10/01/26)		2,000		2,373,500
North Carolina Eastern Municipal Power Agency RB
Series A, 4.50%, 01/01/24 (PR 01/01/22)		500		527,110
Series A, 5.00%, 01/01/21 (ETM)		3,165		3,337,271
Series B, 5.00%, 01/01/21 (ETM)		4,090		4,315,891
Series B, 6.00%, 01/01/22 (ETM)		390		434,686
Series D, 5.00%, 01/01/23 (PR 07/01/22)		5,000		5,530,300
North Carolina Municipal Power Agency No. 1 RB, Series A, 5.00%, 01/01/27 (Call 01/01/26)		1,000		1,205,300
North Carolina Turnpike Authority RB 4.00%, 01/01/41 (Call 01/01/29) (AGM)		2,000		2,164,600
5.00%, 01/01/40 (Call 01/01/29)		2,000		2,334,420
5.00%, 07/01/41 (Call 07/01/21)		1,500		1,591,950
Raleigh Durham Airport Authority RB, Series A, 5.00%, 05/01/32 (Call 05/01/20)		630		648,478
State of North Carolina GO
5.00%, 05/01/21		2,200		2,349,468
5.00%, 06/01/28 (Call 06/01/26)		5,000		6,136,100
Series A, 5.00%, 06/01/22		5,900		6,521,860
Series A, 5.00%, 06/01/23		10,000		11,389,100
Series A, 5.00%, 06/01/26		1,000		1,233,790
Series A, 5.00%, 06/01/27 (Call 06/01/26)		6,940		8,537,172
Series B, 5.00%, 06/01/19		5,215		5,215,000
Series C, 4.00%, 05/01/21		1,000		1,049,170
Series C, 5.00%, 05/01/20		2,440		2,519,642
Series E, 5.00%, 05/01/20		3,000		3,097,920
State of North Carolina RB
5.00%, 03/01/20		2,000		2,052,440
5.00%, 03/01/21		2,500		2,652,025
5.00%, 03/01/22		2,500		2,739,225
5.00%, 03/01/24		2,000		2,319,500
5.00%, 05/01/24		4,505		5,257,966
5.00%, 03/01/25		1,000		1,187,140
5.00%, 05/01/29 (Call 05/01/27)		1,000		1,244,050
5.00%, 03/01/30 (Call 03/01/25)		2,000		2,332,880
5.00%, 05/01/30 (Call 05/01/27)		3,300		4,083,717
5.00%, 03/01/33 (Call 03/01/29)		3,000		3,740,190
Series A, 5.00%, 05/01/29 (PR 05/01/20) (SAP)		1,500		1,548,690
Series B, 5.00%, 11/01/23 (Call 11/01/21)		795		862,066
Series B, 5.00%, 05/01/25		5,000		5,986,100
Series B, 5.00%, 06/01/26		1,000		1,230,060
Series B, 5.00%, 05/01/27		2,000		2,509,300
Series B, 5.00%, 05/01/28 (Call 05/01/27)		5,000		6,252,500
Series C, 5.00%, 05/01/27 (Call 05/01/24)		1,500		1,747,200
Series C, 5.00%, 05/01/30 (PR 05/01/21)		6,000		6,405,240
Town of Cary NC Combined Utility Systems Revenue RB, 5.00%, 12/01/42 (PR 12/01/22)		1,000		1,120,080
				153,263,453
Ohio — 1.3%
American Municipal Power Inc. RB, 5.00%, 02/15/46 (Call 02/15/26)		845		964,018

Security	Par (000)		Value
Ohio (continued)
Cincinnati City School District GO
5.25%, 12/01/25 (NPFGC)	$	20	$	24,568
5.25%, 12/01/30 (NPFGC)		1,000		1,336,170
City of Columbus OH GO
5.00%, 07/01/25		1,860		2,238,603
5.00%, 07/01/26		1,500		1,848,510
Series 1, 5.00%, 07/01/20		1,000		1,038,380
Series 1, 5.00%, 07/01/23		1,850		2,110,535
Series 2017-1, 5.00%, 04/01/24		10,180		11,853,999
City of Columbus OH Sewerage Revenue RB
5.00%, 06/01/28 (Call 12/01/24)		2,000		2,357,600
5.00%, 06/01/30 (Call 06/01/26)		1,565		1,895,371
5.00%, 06/01/32 (Call 06/01/26)		2,525		3,019,597
County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/48 (Call 06/01/28)		7,480		9,002,330
County of Hamilton OH Sales Tax Revenue RB
4.00%, 12/01/32 (Call 12/01/26)		1,000		1,105,830
Series A, 5.00%, 12/01/30 (Call 12/01/26)		1,000		1,204,120
Northeast Ohio Regional Sewer District RB, 4.00%, 11/15/49 (Call 11/15/24)		8,560		9,073,771
Ohio State University (The) RB
Series A, 4.00%, 06/01/43 (Call 06/01/23)		1,000		1,050,390
Series A, 5.00%, 06/01/38 (Call 06/01/23)		1,100		1,222,914
Series A, 5.00%, 06/01/43 (Call 06/01/23)		2,000		2,215,380
Ohio Turnpike & Infrastructure Commission RB
0.00%, 02/15/34 (Call 02/15/31)(a)		2,145		2,332,216
4.00%, 02/15/46 (Call 02/15/28)		6,795		7,291,511
5.00%, 02/15/48 (Call 02/15/23)		6,500		7,093,385
5.25%, 02/15/33 (Call 02/15/23)		1,000		1,118,890
Series A, 5.00%, 02/15/31 (PR 02/15/20)		1,500		1,537,095
Series A, 5.00%, 02/15/33 (Call 02/15/28)		2,000		2,433,280
Series A-2, 0.00%, 02/15/37(a)		6,880		4,026,795
Series A-2, 0.00%, 02/15/40(a)		2,500		1,292,350
Series A-2, 0.00%, 02/15/41(a)		7,095		3,519,829
Ohio University RB, Series A, 5.00%, 12/01/44 (Call 06/01/27)		2,000		2,340,560
Ohio Water Development Authority RB
5.00%, 06/01/28 (Call 03/01/28)		2,000		2,555,020
5.00%, 12/01/28		1,000		1,293,520
5.00%, 06/01/29 (Call 03/01/29)		5,000		6,466,800
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 06/01/22		1,175		1,298,481
5.00%, 12/01/23		9,590		11,076,834
5.00%, 12/01/25		3,930		4,783,282
Series A, 5.00%, 12/01/21 (PR 12/01/19)		1,000		1,017,530
State of Ohio GO
5.00%, 09/15/25		4,220		5,104,385
5.00%, 09/15/27		1,500		1,893,690
5.00%, 05/01/28		1,200		1,532,544
Series A, 5.00%, 09/15/22		2,055		2,289,537
Series A, 5.00%, 12/15/23		10,500		12,126,345
Series A, 5.00%, 09/15/24		2,500		2,947,775
Series B, 5.00%, 09/15/26		4,500		5,567,130

31

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ohio (continued)
Series C, 5.00%, 09/15/21	$	1,000	$	1,080,220
Series C, 5.00%, 08/01/25		1,000		1,206,000
Series C, 5.00%, 08/01/27		2,130		2,682,458
Series U, 5.00%, 05/01/27		5,000		6,269,000
State of Ohio RB
5.00%, 12/15/20		8,675		9,144,838
Series 1, 5.00%, 12/15/29 (Call 06/15/26)		1,000		1,209,340
Upper Arlington City School District GO, 5.00%, 12/01/48 (Call 12/01/27)		1,000		1,192,640
				169,285,366
Oklahoma — 0.3%
Grand River Dam Authority RB
5.00%, 06/01/30 (Call 12/01/26)		1,000		1,218,950
Series A, 5.00%, 06/01/27 (Call 12/01/26)		2,600		3,207,698
Series A, 5.00%, 06/01/29 (Call 12/01/26)		5,365		6,573,037
Series A, 5.00%, 06/01/39 (Call 06/01/24)		2,000		2,268,280
Series A, 5.25%, 06/01/40 (PR 06/01/20)		500		518,940
Oklahoma Municipal Power Authority RB, Series A, 4.00%, 01/01/47 (Call 01/01/23)		2,025		2,103,631
Oklahoma Turnpike Authority RB
4.00%, 01/01/48 (Call 01/01/27)		2,000		2,157,720
5.00%, 01/01/43 (Call 01/01/27)		2,355		2,771,882
Series A, 4.00%, 01/01/47 (Call 01/01/26)		2,000		2,143,280
Series A, 5.00%, 01/01/20		3,500		3,572,065
Series A, 5.00%, 01/01/22 (Call 01/01/21)		1,000		1,060,320
Series A, 5.00%, 01/01/42 (Call 01/01/26)		6,015		6,963,265
Series B, 5.00%, 01/01/29 (PR 01/01/21)		500		528,020
Series C, 5.00%, 01/01/47 (Call 01/01/27)		1,955		2,288,992
Series D, 5.00%, 01/01/25		2,250		2,667,555
University of Oklahoma (The) RB, Series C, 4.00%, 07/01/45 (Call 07/01/25)		2,000		2,137,840
				42,181,475
Oregon — 0.5%
City of Portland OR Sewer System Revenue RB
Series A, 5.00%, 06/01/21		1,500		1,606,005
Series A, 5.00%, 03/01/35 (Call 03/01/20)		1,000		1,024,120
Series B, 5.00%, 06/15/22		2,000		2,210,920
Clackamas County School District No. 12 North Clackamas GO, Series B, 5.00%, 06/15/37 (Call 06/15/27) (GTD)		1,480		1,779,286
Multnomah County School District No. 1 Portland/OR GO, Series B, 5.00%, 06/15/20 (GTD)		1,840		1,907,914
Oregon Health & Science University RB, Series B, 4.00%, 07/01/46 (Call 07/01/26)		2,000		2,148,800
Oregon State Lottery RB
5.00%, 04/01/27 (Call 04/01/25) (MO)		3,000		3,577,980
Series C, 5.00%, 04/01/25 (Call 04/01/24)		9,975		11,609,902
Series D, 5.00%, 04/01/29 (Call 04/01/25) (MO)		2,000		2,366,540
Salem-Keizer School District No. 24J GO
5.00%, 06/15/36 (Call 06/15/28) (GTD)		1,250		1,540,100
5.00%, 06/15/37 (Call 06/15/28) (GTD)		5,000		6,143,200
5.00%, 06/15/38 (Call 06/15/28) (GTD)		1,000		1,225,440
5.00%, 06/15/39 (Call 06/15/28) (GTD)		1,000		1,221,520

Security	Par (000)		Value
Oregon (continued)
State of Oregon Department of Transportation RB
5.00%, 11/15/38 (Call 11/15/23)	$	2,000	$	2,255,540
Series A, 5.00%, 11/15/28 (Call 11/15/24)		3,630		4,287,211
Series A, 5.00%, 11/15/29 (Call 11/15/24)		1,000		1,179,100
Series A, 5.00%, 11/15/31 (Call 11/15/24)		7,015		8,198,571
State of Oregon GO, Series A, 5.00%, 05/01/42 (Call 05/01/27)		1,150		1,370,536
Tri-County Metropolitan Transportation District of Oregon RB, 5.00%, 09/01/48 (Call 09/01/27)		1,000		1,194,410
Washington & Multnomah Counties School District No. 48J Beaverton GO
Series D, 5.00%, 06/15/35 (Call 06/15/27) (GTD)		2,500		3,032,000
Series D, 5.00%, 06/15/36 (Call 06/15/27) (GTD)		2,500		3,023,400
Washington County School District No. 1 West Union GO, 5.00%, 06/15/38 (Call 06/15/27) (GTD)		2,250		2,693,138
				65,595,633
Pennsylvania — 3.0%
City of Philadelphia PA Airport Revenue RB
Series A, 5.00%, 06/15/40 (Call 06/15/20)		500		514,910
Series A, 5.00%, 07/01/47 (Call 07/01/27)		1,000		1,178,010
City of Philadelphia PA GO
5.00%, 08/01/23		500		566,590
Series A, 5.00%, 08/01/26		1,500		1,821,285
City of Philadelphia PA Water & Wastewater Revenue RB
5.00%, 10/01/48 (Call 10/01/28)		4,000		4,747,160
Series A, 5.00%, 01/01/41 (Call 01/01/21)		2,680		2,796,151
Series A, 5.00%, 07/01/45 (Call 07/01/24)		5,755		6,457,168
Series A, 5.00%, 10/01/47 (Call 10/01/27)		4,315		5,063,998
Series A, 5.00%, 10/01/52 (Call 10/01/27)		1,000		1,165,330
Series C, 5.00%, 08/01/40 (PR 08/01/20) (AGM)		1,000		1,040,730
Commonwealth of Pennsylvania GO
4.00%, 03/15/34 (Call 03/15/25)		2,000		2,170,940
5.00%, 03/15/20		3,000		3,083,490
5.00%, 01/01/25		2,500		2,955,150
5.00%, 09/15/26		1,005		1,236,331
5.00%, 01/15/27		4,625		5,706,972
5.00%, 03/15/31 (Call 03/15/25)		8,400		9,753,492
First Series, 4.00%, 01/01/30 (Call 01/01/27)		3,000		3,361,770
First Series, 4.00%, 04/01/32 (Call 04/01/23)		7,500		7,978,950
First Series, 4.00%, 06/15/33 (Call 06/15/24)		1,000		1,079,450
First Series, 4.00%, 03/01/36 (Call 03/01/28)		8,085		8,908,053
First Series, 4.00%, 03/01/37 (Call 03/01/28)		3,000		3,294,030
First Series, 5.00%, 07/01/19		1,000		1,002,700
First Series, 5.00%, 06/01/20		1,000		1,035,330
First Series, 5.00%, 03/15/21		2,000		2,125,780
First Series, 5.00%, 07/01/21		1,765		1,891,868
First Series, 5.00%, 07/01/22		1,000		1,103,760
First Series, 5.00%, 08/15/22		2,500		2,769,250
First Series, 5.00%, 11/15/22 (PR 11/15/21)		2,600		2,821,104
First Series, 5.00%, 01/01/23		2,500		2,798,675
First Series, 5.00%, 03/15/23		2,000		2,251,960
First Series, 5.00%, 04/01/23		5,095		5,744,052

32

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pennsylvania (continued)
First Series, 5.00%, 08/15/23	$	2,930	$	3,337,739
First Series, 5.00%, 01/01/24		1,500		1,726,605
First Series, 5.00%, 06/15/24		2,000		2,330,560
First Series, 5.00%, 08/15/24		2,000		2,340,840
First Series, 5.00%, 09/15/24		4,000		4,691,960
First Series, 5.00%, 11/15/24 (PR 11/15/21)		2,000		2,170,080
First Series, 5.00%, 04/01/25 (PR 04/01/23)		5,000		5,666,000
First Series, 5.00%, 08/15/25		3,000		3,601,740
First Series, 5.00%, 01/01/26		2,000		2,422,340
First Series, 5.00%, 03/15/26 (Call 03/15/25)		1,565		1,846,450
First Series, 5.00%, 09/15/26		2,340		2,878,621
First Series, 5.00%, 10/15/26 (Call 10/15/23)		1,000		1,143,060
First Series, 5.00%, 01/01/27		4,000		4,931,960
First Series, 5.00%, 06/01/27 (PR 06/01/22)		2,000		2,209,600
First Series, 5.00%, 01/01/28 (Call 01/01/27)		12,000		14,682,240
First Series, 5.00%, 11/15/29 (PR 11/15/21)		2,000		2,170,080
First Series, 5.00%, 03/01/32 (Call 03/01/28)		4,000		4,863,480
Second Series, 4.00%, 09/15/30 (Call 09/15/26)		5,000		5,580,850
Second Series, 5.00%, 07/01/19		1,475		1,478,982
Second Series, 5.00%, 05/01/20		755		779,439
Second Series, 5.00%, 07/01/20		1,255		1,303,029
Second Series, 5.00%, 01/15/21		1,000		1,057,070
Second Series, 5.00%, 05/01/21 (PR 05/01/20)		1,500		1,548,690
Second Series, 5.00%, 07/01/21		500		535,940
Second Series, 5.00%, 09/15/21		3,500		3,775,835
Second Series, 5.00%, 01/15/22		2,300		2,503,941
Second Series, 5.00%, 10/15/23		1,200		1,373,304
Second Series, 5.00%, 01/15/24		1,300		1,497,964
Second Series, 5.00%, 01/15/25		1,365		1,615,123
Second Series, 5.00%, 09/15/27 (Call 09/15/26)		4,000		4,896,440
Second Series, 5.00%, 10/15/29 (Call 10/15/23)		1,900		2,157,450
Second Series, 5.00%, 10/15/30 (Call 10/15/23)		1,000		1,131,600
Second Series, 5.00%, 10/15/31 (Call 10/15/23)		3,450		3,887,149
Second Series, 5.00%, 10/15/32 (Call 10/15/23)		2,500		2,809,600
Series D, 4.00%, 08/15/33 (Call 08/15/25)		3,000		3,288,150
Series T, 5.00%, 07/01/21		1,000		1,071,880
Series T, 5.00%, 07/01/22		1,700		1,876,392
County of Allegheny PA GO, Series C76, 5.00%, 11/01/41 (Call 11/01/26)		1,500		1,742,145
County of Chester PA GO
5.00%, 07/15/28 (Call 07/15/19)		295		296,212
5.00%, 07/15/28 (PR 07/15/19)		1,115		1,119,516
Delaware River Joint Toll Bridge Commission RB
5.00%, 07/01/42 (Call 07/01/27)		1,565		1,849,110
5.00%, 07/01/47 (Call 07/01/27)		3,000		3,536,430
Delaware River Port Authority RB
5.00%, 01/01/21		1,000		1,054,430
5.00%, 01/01/23		1,105		1,238,650
5.00%, 01/01/26		1,750		2,118,340
5.00%, 01/01/33 (Call 01/01/24)		2,000		2,272,420
5.00%, 01/01/39 (Call 01/01/29)		875		1,067,089
5.00%, 01/01/40 (Call 01/01/24)		1,515		1,700,769
Series D, 5.00%, 01/01/35 (PR 01/01/20)		3,875		3,955,251
Series D, 5.00%, 01/01/40 (PR 01/01/20) (AGM)		500		510,355

Security	Par (000)		Value
Pennsylvania (continued)
Delaware Valley Regional Finance Authority RB, Series A, 5.50%, 08/01/28 (AMBAC)	$	610	$	776,683
Pennsylvania Economic Development Financing Authority RB
5.00%, 01/01/21 (Call 06/21/19)		1,515		1,517,545
Series A, 5.00%, 07/01/19		1,225		1,228,320
Pennsylvania Higher Educational Facilities Authority RB
5.00%, 09/01/45 (Call 03/01/25)		3,525		3,967,070
Series A, 5.00%, 05/01/31 (Call 05/01/21)		40		42,229
Series A, 5.00%, 05/01/31 (PR 05/01/21)		660		703,289
Pennsylvania State University RB, Series A, 5.00%, 09/01/47 (Call 09/01/27)		4,650		5,549,124
Pennsylvania Turnpike Commission RB
0.00%, 12/01/37 (Call 12/01/26)(a)		2,000		2,022,020
0.00%, 12/01/37 (Call 12/01/35)(a)		2,500		2,219,275
5.00%, 06/01/20		2,000		2,069,860
5.00%, 12/01/34 (Call 12/01/24)		3,000		3,458,970
5.00%, 12/01/36 (Call 12/01/27)		1,130		1,323,275
5.00%, 12/01/38 (PR 12/01/19)		2,500		2,543,825
5.50%, 12/01/34 (PR 12/01/20)		500		529,851
6.00%, 12/01/36 (PR 12/01/20)		1,500		1,600,575
Second Series, 5.00%, 12/01/35 (Call 12/01/27)		3,500		4,108,720
Series A, 5.00%, 12/01/30 (Call 12/01/26)		1,835		2,157,997
Series A, 5.00%, 12/01/37 (Call 12/01/22)		1,120		1,226,378
Series A, 5.00%, 12/01/42 (Call 12/01/21)		4,550		4,798,657
Series A, 5.00%, 12/01/42 (PR 12/01/21)		175		190,150
Series A, 5.00%, 12/01/44 (Call 12/01/24)		6,495		7,357,536
Series A, 5.00%, 12/01/48 (Call 12/01/28)		1,000		1,194,110
Series A-1, 5.00%, 12/01/26 (Call 06/01/25)		1,000		1,183,460
Series A-1, 5.00%, 12/01/38 (Call 12/01/24)		1,500		1,675,395
Series A-1, 5.00%, 12/01/40 (Call 06/01/25)		7,000		7,979,580
Series A-1, 5.00%, 12/01/42 (Call 12/01/27)		2,500		2,955,250
Series A-1, 5.00%, 12/01/43 (Call 12/01/22)		1,040		1,115,764
Series A-1, 5.00%, 12/01/46 (Call 06/01/26)		15,635		17,968,055
Series A-2, 5.00%, 12/01/43 (Call 12/01/28)		4,000		4,763,800
Series A-2, 5.00%, 12/01/48 (Call 12/01/28)		4,000		4,724,960
Series B, 5.00%, 12/01/24 (Call 12/01/19)		500		508,765
Series B, 5.00%, 06/01/29 (PR 06/01/19)		2,000		2,000,000
Series B, 5.00%, 12/01/40 (Call 12/01/25)		2,000		2,301,440
Series B, 5.00%, 12/01/45 (Call 12/01/25)		4,500		5,112,345
Series B, 5.25%, 06/01/24 (PR 06/01/19)		575		575,000
Series B, 5.25%, 06/01/39 (PR 06/01/19)		2,780		2,780,000
Series B, 5.75%, 06/01/39 (PR 06/01/19)		5,250		5,250,000
Series B-1, 5.00%, 06/01/42 (Call 06/01/27)		2,000		2,303,520
Series B-2, 5.00%, 06/01/28 (Call 06/01/27)		2,500		3,002,875
Series B-2, 5.00%, 06/01/32 (Call 06/01/27)		2,500		2,943,150
Series C, 5.00%, 12/01/39 (Call 12/01/24)		1,500		1,708,890
Series C, 5.00%, 12/01/43 (Call 12/01/23)		6,000		6,678,000
Series C, 5.00%, 12/01/44 (Call 12/01/24)		3,000		3,398,400
Series D, 5.13%, 12/01/40 (PR 12/01/19)		2,100		2,138,094
Series D, 5.50%, 12/01/41 (PR 12/01/19)		10,000		10,199,700
Series E, 6.00%, 12/01/30 (Call 12/01/27)		710		917,476
Series E, 6.38%, 12/01/38 (Call 12/01/27)		1,265		1,627,321
Philadelphia Gas Works Co. RB, 5.00%, 08/01/47 (Call 08/01/27)		1,500		1,741,725

33

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pennsylvania (continued)
State Public School Building Authority RB
5.00%, 06/01/31 (Call 12/01/26) (AGM, SAW)	$	2,000	$	2,356,380
5.50%, 06/01/28 (AGM, SAW)		470		599,109
Westmoreland County Municipal Authority RB, 5.00%, 08/15/37 (PR 08/15/23)		1,000		1,143,150
				380,304,402
Rhode Island — 0.1%
Rhode Island Commerce Corp. RB
Series A, 5.00%, 06/15/23		2,000		2,256,920
Series A, 5.25%, 06/15/19 (ETM) (AGC)		1,200		1,201,416
Series B, 5.00%, 06/15/26		2,500		3,029,525
Series B, 5.00%, 06/15/31 (Call 06/15/26)		2,500		2,953,600
Rhode Island Health & Educational Building Corp. RB, Series A, 5.00%, 09/01/29 (Call 09/01/27)		2,000		2,514,440
				11,955,901
South Carolina — 0.6%
Charleston Educational Excellence Finance Corp. RB
5.00%, 12/01/26 (Call 12/01/23)		4,750		5,455,328
5.00%, 12/01/30 (Call 12/01/23)		2,000		2,283,580
City of Columbia SC Waterworks & Sewer System Revenue RB, Series A, 5.00%, 02/01/41 (PR 02/01/21)		500		529,480
Greenville County School District RB,
4.63%, 12/01/20 (AGC)		1,000		1,047,140
Piedmont Municipal Power Agency RB, Series A-2, 5.00%, 01/01/22 (Call 01/01/21)		1,000		1,050,180
South Carolina Public Service Authority RB
Series A, 5.00%, 12/01/31 (Call 06/01/26)		2,000		2,352,300
Series A, 5.00%, 12/01/36 (Call 06/01/26)		3,000		3,480,540
Series A, 5.00%, 12/01/37 (Call 06/01/26)		1,365		1,579,715
Series A, 5.00%, 12/01/49 (Call 06/01/24)		2,000		2,213,040
Series A, 5.00%, 12/01/50 (Call 06/01/25)		6,500		7,312,565
Series A, 5.50%, 12/01/54 (Call 06/01/24)		4,000		4,510,880
Series B, 5.00%, 12/01/38 (Call 12/01/23)		3,020		3,339,576
Series B, 5.00%, 12/01/46 (Call 12/01/26)		2,000		2,310,400
Series B, 5.00%, 12/01/56 (Call 12/01/26)		5,690		6,504,068
Series C, 4.00%, 12/01/45 (Call 12/01/24)		1,500		1,575,840
Series C, 5.00%, 12/01/28 (Call 12/01/24)		1,090		1,260,683
Series C, 5.00%, 12/01/30 (Call 12/01/24)		1,400		1,605,856
Series C, 5.00%, 12/01/36 (Call 12/01/21)		1,500		1,593,420
Series C, 5.00%, 12/01/46 (Call 12/01/24)		1,500		1,677,585
Series E, 5.00%, 01/01/40 (PR 01/01/20)		1,950		1,989,819
Series E, 5.00%, 12/01/48 (Call 12/01/23)		6,350		6,966,394
Series E, 5.25%, 12/01/55 (Call 12/01/25)		4,000		4,584,560
South Carolina Transportation Infrastructure Bank RB
Series A, 4.00%, 10/01/33 (Call 10/01/21)		1,000		1,045,360
Series A, 5.00%, 10/01/24		1,000		1,172,140
Series A, 5.25%, 10/01/40 (PR 10/01/19)		500		506,110
Series B, 3.38%, 10/01/32 (Call 10/01/22)		1,000		1,023,260
Series B, 3.63%, 10/01/33 (Call 10/01/22)		715		736,500
State of South Carolina GO
Series A, 4.00%, 04/01/22 (Call 04/01/20)		1,000		1,021,240
Series A, 5.00%, 06/01/19		5,400		5,400,000
				76,127,559

Security	Par (000)		Value
Tennessee — 0.7%
City of Memphis TN GO
Series A, 5.00%, 04/01/26 (Call 04/01/25)	$	2,000	$	2,383,040
Series D, 5.00%, 07/01/21 (Call 07/01/20)		1,250		1,298,100
Series D, 5.00%, 07/01/22 (Call 07/01/20)		2,775		2,881,477
County of Shelby TN GO
Series A, 5.00%, 03/01/23		7,000		7,908,670
Series A, 5.00%, 03/01/24		1,000		1,162,740
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/36 (Call 05/15/21)		1,025		1,090,764
Metropolitan Government of Nashville & Davidson County TN GO
4.00%, 07/01/34 (Call 07/01/28)		5,180		5,869,510
4.00%, 07/01/36 (Call 07/01/28)		5,000		5,605,650
5.00%, 07/01/19		750		752,033
5.00%, 07/01/20		2,000		2,076,980
5.00%, 07/01/22		5,875		6,510,792
5.00%, 07/01/23 (Call 07/01/22)		3,810		4,218,661
5.00%, 07/01/23 (PR 07/01/22)		190		210,151
5.00%, 01/01/24		3,800		4,394,054
5.00%, 01/01/25		2,000		2,375,860
5.00%, 07/01/27		1,000		1,256,390
5.00%, 07/01/30 (Call 07/01/28)		3,000		3,785,250
5.00%, 07/01/32 (Call 07/01/28)		5,000		6,253,800
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB, Series B, 5.00%, 07/01/46 (Call 07/01/27)		1,290		1,533,616
State of Tennessee GO
Series A, 5.00%, 08/01/19		3,725		3,746,456
Series A, 5.00%, 08/01/21		1,000		1,076,680
Series A, 5.00%, 08/01/22		4,925		5,471,823
Tennessee State School Bond Authority RB
5.00%, 11/01/40 (Call 11/01/25) (HERBIP)		4,025		4,689,608
5.00%, 11/01/43 (Call 11/01/22) (HERBIP)		11,205		12,342,756
5.00%, 11/01/47 (Call 11/01/27) (HERBIP)		5,000		6,000,150
				94,895,011
Texas — 8.8%
Aldine Independent School District GO
4.00%, 02/15/48 (Call 02/15/28) (PSF)		2,000		2,181,200
5.00%, 02/15/45 (Call 02/15/27) (PSF)		4,000		4,731,120
Alvin Independent School District/TX GO, Series B, 3.00%, 02/15/33 (Put 08/14/19) (PSF)(b)(c)		2,000		2,005,600
Austin Community College District GOL
4.00%, 08/01/40 (Call 08/01/25)		1,500		1,617,330
4.00%, 08/01/48 (Call 08/01/27)		3,500		3,824,205
Central Texas Regional Mobility Authority RB
5.00%, 01/01/40 (Call 01/01/26)		6,355		7,222,013
5.00%, 01/01/42 (Call 01/01/23)		1,560		1,687,327
5.00%, 01/01/46 (Call 01/01/26)		5,925		6,685,414
6.00%, 01/01/41 (PR 01/01/21)		1,000		1,069,120
Series A, 5.00%, 01/01/40 (Call 07/01/25)		6,060		6,836,165
Series A, 5.00%, 01/01/43 (Call 01/01/23)		2,500		2,706,425
Series A, 5.00%, 01/01/45 (Call 07/01/25)		2,500		2,803,025
Series B, 5.00%, 01/01/45 (Put 07/01/20)(b)(c)		500		516,980

34

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Central Texas Turnpike System RB
0.00%, 08/15/21 (AMBAC)(a)	$	500	$	481,490
Series A, 5.00%, 08/15/41 (Call 08/15/22)		6,920		7,453,324
Series B, 0.00%, 08/15/37 (Call 08/15/24)(a)		1,000		476,580
Series B, 5.00%, 08/15/37 (Call 08/15/24)		2,500		2,819,550
Series C, 5.00%, 08/15/33 (Call 08/15/24)		2,000		2,254,020
Series C, 5.00%, 08/15/34 (Call 08/15/24)		1,500		1,686,525
Series C, 5.00%, 08/15/37 (Call 08/15/24)		4,520		5,050,829
Series C, 5.00%, 08/15/42 (Call 08/15/24)		10,250		11,378,320
City of Austin TX Electric Utility Revenue RB
5.00%, 11/15/40 (Call 11/15/22)		1,000		1,099,030
Series A, 5.00%, 11/15/45 (Call 11/15/25)		2,000		2,296,740
City of Austin TX Water & Wastewater System Revenue RB
5.00%, 11/15/37 (Call 11/15/22)		1,000		1,106,850
5.00%, 11/15/39 (Call 05/15/24)		2,400		2,730,768
5.00%, 11/15/41 (Call 11/15/21)		1,000		1,077,970
5.00%, 11/15/41 (Call 11/15/26)		1,000		1,180,700
5.00%, 11/15/42 (Call 11/15/22)		8,000		8,836,000
Series A, 5.00%, 11/15/39 (PR 11/15/19)		1,000		1,015,940
City of Brownsville TX Utilities System Revenue RB, 5.00%, 09/01/31 (Call 07/01/19) (AMBAC)		5		5,013
City of Corpus Christi TX Utility System Revenue RB, 5.00%, 07/15/45 (Call 07/15/25)		2,000		2,258,800
City of Dallas TX GOL
5.00%, 02/15/23		1,620		1,821,058
5.00%, 02/15/24		1,800		2,080,548
5.00%, 02/15/27 (Call 02/15/24)		1,500		1,722,960
Series A, 5.00%, 02/15/20		605		619,702
Series A, 5.00%, 02/15/20 (ETM)		5		5,122
City of Dallas TX Waterworks & Sewer System Revenue RB
5.00%, 10/01/29 (Call 10/01/26)		1,375		1,681,322
5.00%, 10/01/31 (Call 10/01/26)		1,610		1,949,243
5.00%, 10/01/39 (Call 10/01/20)		700		729,533
5.00%, 10/01/39 (PR 10/01/20)		150		156,981
5.00%, 10/01/40 (Call 10/01/21)		1,500		1,606,200
5.00%, 10/01/46 (Call 10/01/27)		2,500		2,978,300
Series A, 5.00%, 10/01/24		3,000		3,533,190
Series A, 5.00%, 10/01/26 (Call 10/01/25)		1,400		1,688,442
Series A, 5.00%, 10/01/30 (Call 10/01/26)		3,590		4,365,799
Series A, 5.00%, 10/01/41 (Call 10/01/26)		5,000		5,909,150
City of Garland TX Electric Utility System Revenue RB
4.00%, 03/01/49 (Call 03/01/29)		1,000		1,090,490
5.00%, 03/01/44 (Call 03/01/29)		2,000		2,409,220
City of Houston TX Airport System Revenue RB
5.00%, 07/01/29 (Call 07/01/28)		3,680		4,632,347
5.00%, 07/01/37 (Call 07/01/28)		1,500		1,819,515
5.00%, 07/01/39 (Call 07/01/28)		1,495		1,802,955
Series B, 5.00%, 07/01/26 (Call 07/01/21)		2,750		2,944,150
Series B, 5.00%, 07/01/30 (Call 07/01/28)		1,250		1,561,800
Series B, 5.00%, 07/01/31 (Call 07/01/22)		1,500		1,641,420
Series B, 5.00%, 07/01/32 (Call 07/01/22)		1,000		1,092,710
City of Houston TX Combined Utility System Revenue RB
Series A, 5.25%, 11/15/28 (PR 11/15/20)		2,035		2,145,643
Series A, 5.25%, 11/15/31 (PR 11/15/20)		1,000		1,054,370

Security	Par (000)		Value
Texas (continued)
Series B, 4.00%, 11/15/37 (Call 11/15/26)	$	2,000	$	2,198,460
Series B, 5.00%, 11/15/35 (Call 11/15/26)		4,000		4,773,560
Series B, 5.00%, 11/15/42 (Call 11/15/27)		4,000		4,792,160
Series B, 5.00%, 11/15/43 (Call 11/15/23)		1,000		1,114,180
Series C, 5.00%, 05/15/20		2,525		2,610,471
Series C, 5.00%, 05/15/22		2,500		2,757,400
Series C, 5.00%, 05/15/26 (Call 05/15/24)		3,000		3,488,310
Series C, 5.00%, 05/15/28 (Call 05/15/24)		1,300		1,505,049
Series D, 5.00%, 11/15/21		890		966,042
Series D, 5.00%, 11/15/33 (Call 11/15/21)		1,000		1,078,410
Series D, 5.00%, 11/15/36 (Call 11/15/21)		2,650		2,848,962
Series D, 5.00%, 11/15/44 (Call 11/15/24)		2,000		2,270,160
City of Houston TX GOL
Series 2009A, 5.00%, 03/01/27 (Call 07/01/19)		105		105,267
Series A, 5.00%, 03/01/20		1,000		1,026,520
Series A, 5.00%, 03/01/24		2,000		2,308,580
Series A, 5.00%, 03/01/25		2,350		2,778,452
Series A, 5.00%, 03/01/26 (Call 03/01/24)		1,540		1,774,373
Series A, 5.00%, 03/01/28 (Call 03/01/27)		1,700		2,083,877
City of San Antonio Texas Electric & Gas Systems Revenue RB
3.00%, 12/01/45 (Put 12/01/20)(b)(c)		1,000		1,018,920
5.00%, 02/01/20		1,000		1,023,290
5.00%, 02/01/21		6,000		6,346,620
5.00%, 02/01/22		5,400		5,899,986
5.00%, 02/01/23		1,040		1,170,156
5.00%, 02/01/44 (Call 02/01/24)		2,550		2,852,787
5.00%, 02/01/47 (Call 08/01/27)		2,500		2,958,500
5.00%, 02/01/48 (Call 02/01/23)		10,250		11,277,152
5.25%, 02/01/24		2,620		3,060,920
5.25%, 02/01/25		1,370		1,646,302
City of San Antonio TX Electric & Gas Systems Revenue RB
5.00%, 02/01/21		1,500		1,586,655
5.00%, 02/01/26		1,700		2,068,900
5.00%, 02/01/27		3,000		3,729,480
5.00%, 02/01/47 (Call 02/01/27)		7,500		8,798,925
County of Bexar TX GOL
4.00%, 06/15/41 (Call 06/15/26)		2,035		2,208,321
5.00%, 06/15/38 (Call 06/15/24)		7,670		8,746,254
5.00%, 06/15/43 (Call 06/15/26)		1,250		1,455,463
Series A, 5.00%, 06/15/41 (Call 06/15/26)		3,000		3,498,960
County of Harris TX GO
5.00%, 10/01/27 (Call 10/01/25)		1,605		1,929,370
Series A, 5.00%, 10/01/24 (Call 10/01/22)		1,410		1,572,037
Series A, 5.00%, 10/01/25		1,000		1,203,510
Series C, 5.25%, 08/15/19 (AGM)		1,500		1,511,265
County of Harris TX RB
5.00%, 08/15/38 (Call 08/15/19)		435		437,923
5.00%, 08/15/38 (PR 08/15/19)		565		568,853
Series A, 5.00%, 08/15/31 (Call 08/15/26)		2,000		2,399,080
Series A, 5.00%, 08/15/41 (Call 08/15/26)		3,505		4,094,681
Series C, 5.00%, 08/15/24 (PR 08/15/19)		500		503,510
Series C, 5.00%, 08/15/30 (Call 08/15/22)		3,000		3,295,470
Series C, 5.00%, 08/15/49 (Call 08/15/19)		1,000		1,006,280
County of Hays TX GOL, 4.00%, 02/15/42 (Call 02/15/27)		2,000		2,149,800

35

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Cypress-Fairbanks Independent School District GO
4.00%, 02/15/38 (Call 02/15/29) (PSF)	$	2,915	$	3,279,113
5.00%, 02/15/26 (PSF)		4,775		5,809,504
Series B-3, 4.00%, 02/15/40 (Put 08/15/19) (PSF)(b)(c)		1,000		1,004,800
Series C, 4.00%, 02/15/29 (Call 02/15/24) (PSF)		2,000		2,193,160
Series C, 5.00%, 02/15/44 (Call 02/15/24) (PSF)		9,425		10,588,610
Dallas Area Rapid Transit RB
5.00%, 12/01/33 (Call 12/01/29)		5,825		7,445,107
5.00%, 12/01/42 (Call 12/01/22)		3,330		3,662,933
5.25%, 12/01/29 (AMBAC)		1,050		1,394,768
Series A, 5.00%, 12/01/25 (Call 12/01/24)		3,015		3,558,876
Series A, 5.00%, 12/01/46 (Call 12/01/25)		6,630		7,691,596
Dallas Independent School District GO
4.00%, 02/15/31 (Call 02/15/25) (PSF)		1,000		1,106,330
5.00%, 08/15/28 (Call 08/15/22) (PSF)		1,000		1,104,730
5.00%, 08/15/29 (Call 08/15/22) (PSF)		500		551,540
Dallas/Fort Worth International Airport RB
Series A, 5.00%, 11/01/42 (Call 11/01/20)		1,000		1,040,110
Series A, 5.00%, 11/01/45 (Call 11/01/20)		500		520,125
Series A, 5.25%, 11/01/38 (Call 11/01/20)		500		522,775
Series B, 5.00%, 11/01/32 (Call 11/01/20)		1,000		1,044,950
Series B, 5.00%, 11/01/38 (Call 11/01/22)		1,000		1,090,470
Series B, 5.00%, 11/01/44 (Call 11/01/22)		1,500		1,630,545
Series C, 5.00%, 11/01/45 (Call 11/01/21)		2,000		2,128,500
Series D, 5.00%, 11/01/33 (Call 11/01/23)		1,000		1,118,640
Series D, 5.25%, 11/01/30 (Call 11/01/23)		1,000		1,138,580
Series F, 5.13%, 11/01/25 (Call 11/01/23)		1,000		1,147,450
Series G, 5.00%, 11/01/33 (Call 11/01/20)		2,000		2,088,460
Denton Independent School District GO
4.00%, 08/15/48 (Call 08/15/28) (PSF)		1,500		1,641,675
5.00%, 08/15/48 (Call 08/15/27) (PSF)		2,000		2,364,180
Series A, 5.00%, 08/15/40 (Call 08/15/25) (PSF)		2,000		2,308,080
Fort Bend Grand Parkway Toll Road Authority RB, 5.00%, 03/01/37 (Call 03/01/22)		1,000		1,084,880
Fort Worth Independent School District GO, 5.00%, 02/15/28 (Call 02/15/25) (PSF)		3,500		4,134,375
Grand Parkway Transportation Corp. RB
Series A, 5.00%, 10/01/36 (Call 04/01/28)		3,000		3,648,420
Series A, 5.00%, 10/01/38 (Call 04/01/28)		2,000		2,416,680
Series A, 5.00%, 10/01/43 (Call 04/01/28)		7,500		8,993,550
Series A, 5.00%, 10/01/48 (Call 04/01/28)		13,965		16,655,078
Series A, 5.50%, 04/01/53 (Call 10/01/23)		1,500		1,684,125
Series B, 0.00%, 10/01/45 (Call 10/01/28)(a)		2,000		2,056,620
Series B, 5.00%, 10/01/52 (Put 10/01/23)(b)(c)		1,000		1,132,890
Series B, 5.00%, 04/01/53 (Call 10/01/23)		6,000		6,555,000
Harris County Flood Control District RB
5.00%, 10/01/26 (Call 10/01/24)		3,400		3,998,094
5.25%, 10/01/19		1,220		1,235,262
Series A, 5.00%, 10/01/34 (PR 10/01/20) (GTD)		1,520		1,590,741
Series A, 5.00%, 10/01/39 (PR 10/01/20) (GTD)		1,000		1,046,540
Series A, 5.25%, 10/01/21		1,115		1,211,425
Series A, 5.25%, 10/01/21 (ETM)		285		308,983
Harris County Toll Road Authority (The) RB
Series A, 5.00%, 08/15/31 (Call 02/15/28)		2,000		2,468,100
Series A, 5.00%, 08/15/32 (Call 02/15/28)		3,000		3,689,850

Security	Par (000)		Value
Texas (continued)
Series A, 5.00%, 08/15/43 (Call 02/15/28)	$	4,125	$	4,939,729
Harris County-Houston Sports Authority RB
Series A, 0.00%, 11/15/42 (Call 11/15/31) (AGM)(a)		1,250		501,313
Series A, 0.00%, 11/15/50 (Call 11/15/31) (AGM)(a)		2,000		529,860
Series A, 5.00%, 11/15/28 (Call 11/15/24)		1,390		1,600,807
Houston Community College System GOL
4.00%, 02/15/43 (Call 02/15/23)		5,000		5,234,550
5.00%, 02/15/33 (Call 02/15/23)		2,000		2,206,460
5.00%, 02/15/36 (Call 02/15/20)		5,500		5,616,600
Houston Independent School District GOL 4.00%, 02/15/42 (Call 02/15/27) (PSF)		1,300		1,412,320
5.00%, 02/15/25 (PSF)		5,055		6,018,432
5.00%, 02/15/26 (PSF)		1,175		1,432,067
5.00%, 02/15/28 (Call 02/15/26) (PSF)		1,000		1,206,420
5.00%, 02/15/28 (Call 02/15/27) (PSF)		1,000		1,235,260
Series A, 5.00%, 02/15/27 (Call 02/15/26) (PSF)		2,250		2,722,185
Series A, 5.00%, 02/15/30 (Call 02/15/26) (PSF)		5,000		5,994,550
Katy Independent School District GO,
4.00%, 02/15/48 (Call 02/15/28) (PSF)		13,650		14,886,690
Lamar Consolidated Independent School District GO, 4.00%, 02/15/50 (Call 02/15/28) (PSF)		3,000		3,264,840
Leander Independent School District GO
0.00%, 08/15/44 (PR 08/15/24) (PSF)(a)		16,490		5,164,008
5.00%, 08/15/38 (Call 08/15/25) (PSF)		1,075		1,241,356
Series A, 5.00%, 08/15/40 (Call 08/15/25) (PSF)		1,500		1,726,380
Series D, 0.00%, 08/15/36 (Call 08/15/24) (PSF)(a)		3,590		1,804,657
Series D, 0.00%, 08/15/36 (PR 08/15/24) (PSF)(a)		410		212,032
Lewisville Independent School District GO 5.00%, 08/15/25		2,500		3,003,075
Series A, 5.00%, 08/15/20 (PSF)		3,610		3,764,111
Series B, 5.00%, 08/15/28 (Call 08/15/25)		6,090		7,265,735
Lower Colorado River Authority RB 5.00%, 05/15/39 (Call 05/15/22)		4,950		5,365,503
5.00%, 05/15/40 (Call 05/15/20)		1,500		1,545,285
5.00%, 05/15/40 (Call 05/15/25)		5,760		6,595,200
5.00%, 05/15/43 (Call 05/15/28)		1,000		1,189,540
5.00%, 05/15/45 (Call 05/15/25)		3,130		3,565,790
Series A, 5.00%, 05/15/35 (Call 05/15/20)		2,000		2,063,620
Metropolitan Transit Authority of Harris County RB
Series A, 5.00%, 11/01/36 (Call 11/01/21)		1,000		1,077,930
Series A, 5.00%, 11/01/41 (Call 11/01/21)		1,000		1,074,250
Midland County Fresh Water Supply District No. 1 RB, Series A, 0.00%, 09/15/34 (Call 09/15/27)(a)		1,250		727,250
North East Independent School District/TX GO, 5.25%, 02/01/27 (PSF)		530		667,514
North Texas Municipal Water District Water System Revenue RB, 4.00%, 09/01/46 (Call 09/01/26)		1,000		1,085,340
North Texas Tollway Authority RB
0.00%, 01/01/33 (AGC)(a)		3,450		2,433,181
0.00%, 01/01/37 (AGC)(a)		3,250		1,961,570
0.00%, 09/01/43 (PR 09/01/31)(a)		500		607,515
4.25%, 01/01/49 (Call 01/01/28)		1,500		1,634,595
5.00%, 01/01/25 (Call 01/01/24)		1,500		1,720,845

36

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
5.00%, 01/01/28 (Call 01/01/26)	$	1,500	$	1,794,645
5.00%, 01/01/35 (Call 01/01/27)		1,900		2,255,490
5.00%, 01/01/48 (Call 01/01/28)		1,000		1,169,520
6.00%, 01/01/34 (PR 01/01/21)		1,000		1,069,930
6.00%, 01/01/43 (PR 01/01/21)		250		267,483
Series A, 4.00%, 01/01/37 (Call 01/01/27)		5,305		5,757,994
Series A, 4.00%, 01/01/43 (Call 01/01/28)		3,615		3,864,652
Series A, 5.00%, 01/01/20		2,120		2,162,676
Series A, 5.00%, 01/01/22		5,600		6,092,352
Series A, 5.00%, 01/01/23		5,375		6,015,162
Series A, 5.00%, 01/01/24 (Call 01/01/23)		500		559,365
Series A, 5.00%, 01/01/25 (Call 01/01/24)		1,000		1,147,230
Series A, 5.00%, 01/01/26 (Call 01/01/23)		2,235		2,493,746
Series A, 5.00%, 01/01/26 (Call 01/01/24)		4,375		5,013,444
Series A, 5.00%, 01/01/27 (Call 01/01/24)		5,000		5,719,050
Series A, 5.00%, 01/01/30 (Call 01/01/26)		8,375		9,950,421
Series A, 5.00%, 01/01/32 (Call 01/01/25)		7,000		8,084,160
Series A, 5.00%, 01/01/33 (Call 01/01/25)		2,000		2,304,880
Series A, 5.00%, 01/01/34		2,425		3,159,605
Series A, 5.00%, 01/01/34 (Call 01/01/27)		1,000		1,190,840
Series A, 5.00%, 01/01/35		1,000		1,312,560
Series A, 5.00%, 01/01/36 (Call 01/01/27)		1,000		1,183,780
Series A, 5.00%, 01/01/38 (Call 01/01/23)		1,000		1,102,850
Series A, 5.00%, 01/01/38 (Call 01/01/25)		8,455		9,622,044
Series A, 5.00%, 01/01/39 (Call 01/01/26)		2,500		2,890,225
Series A, 5.00%, 01/01/39 (Call 01/01/28)		2,500		2,980,150
Series A, 5.00%, 01/01/43 (Call 01/01/28)		2,550		3,013,921
Series A, 5.00%, 01/01/48 (Call 01/01/28)		6,100		7,159,509
Series A, 5.50%, 09/01/36 (PR 09/01/21)		2,520		2,741,332
Series A, 6.00%, 01/01/28 (Call 07/01/19)		190		190,604
Series A, 6.25%, 01/01/39 (Call 07/01/19)		190		190,633
Series B, 0.00%, 09/01/37 (PR 09/01/31)(a)		1,620		768,933
Series B, 0.00%, 09/01/43 (PR 09/01/31)(a)		2,500		756,300
Series B, 5.00%, 01/01/24 (Call 01/01/23)		500		558,440
Series B, 5.00%, 01/01/26 (Call 01/01/23)		150		167,310
Series B, 5.00%, 01/01/29 (Call 01/01/25)		150		174,974
Series B, 5.00%, 01/01/31 (Call 01/01/24)		2,000		2,262,540
Series B, 5.00%, 01/01/31 (Call 01/01/26)		200		234,718
Series B, 5.00%, 01/01/34 (Call 01/01/25)		4,750		5,464,067
Series B, 5.00%, 01/01/38 (Call 01/01/21)		1,000		1,047,800
Series B, 5.00%, 01/01/40 (Call 01/01/23)		7,500		8,253,450
Series B, 5.00%, 01/01/42 (Call 01/01/22)		6,850		7,353,475
Series B, 5.00%, 01/01/43 (Call 01/01/27)		1,750		2,033,500
Series B, 5.00%, 01/01/48 (Call 01/01/27)		1,750		2,019,430
Series C, 0.00%, 09/01/45 (PR 09/01/31)(a)		500		661,565
Series C, 5.25%, 01/01/44 (Call 07/01/19)		2,300		2,306,049
Series C, 6.00%, 01/01/25 (Call 07/01/19)		185		185,594
Series D, 0.00%, 01/01/31 (AGC)(a)		965		730,968
Series D, 0.00%, 01/01/34 (AGC)(a)		2,900		1,971,362
Series D, 5.00%, 09/01/24 (PR 09/01/21)		700		753,795
Series D, 5.00%, 09/01/29 (PR 09/01/21)		1,055		1,136,077
Series D, 5.00%, 09/01/30 (PR 09/01/21)		1,175		1,265,299
Series D, 5.00%, 09/01/32 (PR 09/01/21)		6,795		7,317,196

Security	Par (000)		Value
Texas (continued)
Pasadena Independent School District GO, 4.00%, 02/15/44 (Call 02/15/28) (PSF)	$	1,250	$	1,368,350
Permanent University Fund - University of Texas System RB 5.00%, 07/01/41 (Call 07/01/23)		4,030		4,499,173
Series B, 5.00%, 07/01/25 (Call 07/01/24)		1,000		1,170,910
Plano Independent School District GO
Series B, 5.00%, 02/15/20 (PSF)		3,000		3,074,820
Series B, 5.00%, 02/15/21 (PSF)		4,000		4,239,200
Richardson Independent School District GO, 5.00%, 02/15/42 (Call 02/15/26) (PSF)		6,930		8,039,978
San Antonio Independent School District/TX GO 5.00%, 02/15/24 (PSF)		2,500		2,889,650
5.00%, 08/15/48 (Call 08/15/25) (PSF)		6,000		6,943,200
San Antonio Public Facilities Corp. RB
4.00%, 09/15/32 (Call 09/15/22)		1,500		1,587,540
4.00%, 09/15/42 (Call 09/15/22)		6,600		6,887,562
San Antonio Water System RB
5.00%, 05/15/27 (Call 05/15/22)		1,000		1,097,490
Series A, 5.00%, 05/15/48 (Call 05/15/28)		10,720		12,835,592
Series B, 2.00%, 05/01/44 (Put 11/01/22)(b)(c)		1,200		1,209,144
Series C, 5.00%, 05/15/34 (Call 11/15/26)		1,220		1,464,073
Series C, 5.00%, 05/15/46 (Call 11/15/26)		1,220		1,432,390
State of Texas GO
4.00%, 10/01/31 (Call 04/01/24)		2,500		2,733,175
4.00%, 10/01/33 (Call 04/01/24)		1,200		1,307,364
5.00%, 04/01/20		5,830		6,003,384
5.00%, 10/01/20		6,500		6,809,530
5.00%, 04/01/22		6,860		7,541,815
5.00%, 10/01/22		1,000		1,116,300
5.00%, 04/01/24		5,000		5,817,150
5.00%, 10/01/24 (Call 04/01/24)		2,600		3,020,264
5.00%, 10/01/25 (Call 04/01/24)		4,240		4,923,149
5.00%, 10/01/26 (Call 10/01/25)		9,740		11,733,778
5.00%, 04/01/27 (Call 04/01/24)		2,000		2,314,500
5.00%, 10/01/27 (Call 04/01/24)		4,000		4,628,080
5.00%, 10/01/27 (Call 10/01/25)		4,000		4,805,720
5.00%, 04/01/28 (Call 04/01/22)		2,000		2,191,780
5.00%, 04/01/28 (Call 04/01/24)		2,000		2,309,560
5.00%, 10/01/31 (Call 10/01/25)		1,000		1,190,200
5.00%, 10/01/33 (Call 10/01/27)		7,800		9,564,126
5.00%, 04/01/35 (Call 04/01/24)		1,660		1,890,690
5.00%, 04/01/36 (Call 04/01/22)		1,500		1,629,060
5.00%, 04/01/36 (Call 04/01/24)		1,000		1,136,870
5.00%, 10/01/36 (Call 10/01/25)		6,055		7,136,241
5.00%, 04/01/42 (Call 04/01/22)		3,000		3,256,380
5.00%, 04/01/44 (Call 04/01/26)		2,045		2,389,276
5.00%, 04/01/46 (Call 04/01/26)		3,780		4,411,071
Series A, 4.00%, 10/01/31 (Call 10/01/24)		2,000		2,204,880
Series A, 4.00%, 10/01/44 (Call 10/01/24)		2,000		2,138,060
Series A, 5.00%, 10/01/21		1,200		1,298,664
Series A, 5.00%, 10/01/22		3,675		4,102,402
Series A, 5.00%, 10/01/23		1,000		1,148,170
Series A, 5.00%, 10/01/24		5,550		6,545,725

37

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Series A, 5.00%, 10/01/26 (Call 10/01/24)	$	1,000	$	1,174,230
Series A, 5.00%, 10/01/28 (Call 10/01/24)		5,000		5,846,600
Series A, 5.00%, 10/01/30 (Call 10/01/27)		2,000		2,479,880
Series A, 5.00%, 10/01/44 (Call 10/01/24)		13,650		15,543,528
Series D, 4.00%, 05/15/45 (Call 05/15/25)		2,000		2,138,740
Tarrant Regional Water District RB, 5.00%, 03/01/37 (Call 03/01/22)		3,000		3,259,680
Texas A&M University RB, Series E, 5.00%, 05/15/25		2,600		3,117,556
Texas State University System RB
Series A, 5.00%, 03/15/21		1,000		1,061,970
Series A, 5.00%, 03/15/28 (Call 03/15/27)		6,550		8,082,962
Series A, 5.00%, 03/15/31 (Call 03/15/27)		1,900		2,307,075
Texas Transportation Commission RB, 5.00%, 08/01/57 (Call 02/01/29)		1,750		2,015,982
Texas Transportation Commission State Highway Fund RB
5.00%, 10/01/19		2,915		2,949,514
5.00%, 04/01/20		7,525		7,748,793
5.00%, 10/01/20		5,500		5,761,910
5.00%, 10/01/21		7,300		7,896,775
5.00%, 10/01/22		2,025		2,259,110
5.00%, 04/01/24		3,465		4,034,785
5.00%, 04/01/25 (Call 04/01/24)		1,150		1,336,151
5.00%, 10/01/26		2,905		3,588,343
Series A, 5.00%, 10/01/19		1,500		1,517,760
Series A, 5.00%, 04/01/21		2,080		2,215,595
Series A, 5.00%, 10/01/21		5,990		6,479,682
Series A, 5.00%, 04/01/22		4,550		4,999,585
Series A, 5.00%, 04/01/23		4,975		5,632,546
Series A, 5.00%, 10/01/24		4,525		5,341,898
Texas Water Development Board RB
4.00%, 08/01/19		100		100,414
4.00%, 10/15/34 (Call 10/15/28)		5,000		5,682,900
4.00%, 10/15/35 (Call 10/15/27)		2,500		2,803,525
4.00%, 10/15/43 (Call 10/15/28)		7,000		7,721,350
5.00%, 04/15/30 (Call 10/15/28)		1,000		1,270,170
5.00%, 10/15/30 (Call 10/15/25)		1,000		1,195,110
5.00%, 10/15/32 (Call 10/15/28)		7,000		8,764,350
5.00%, 10/15/43 (Call 04/15/28)		7,000		8,405,460
5.00%, 04/15/49 (Call 10/15/28)		3,700		4,451,655
Series A, 4.00%, 10/15/32 (Call 10/15/27)		1,450		1,650,695
Series A, 4.00%, 10/15/33 (Call 10/15/27)		2,000		2,258,140
Series A, 4.00%, 10/15/34 (Call 10/15/25)		3,000		3,312,390
Series A, 4.00%, 10/15/34 (Call 10/15/27)		1,000		1,125,000
Series A, 4.00%, 10/15/36 (Call 04/15/28)		3,000		3,359,880
Series A, 4.00%, 10/15/38 (Call 04/15/28)		4,260		4,743,340
Series A, 4.00%, 10/15/45 (Call 10/15/25)		4,865		5,219,707
Series A, 4.00%, 10/15/47 (Call 10/15/27)		3,755		4,085,365
Series A, 5.00%, 04/15/24		5,500		6,397,270
Series A, 5.00%, 04/15/29 (Call 10/15/27)		1,000		1,252,120
Series A, 5.00%, 10/15/31 (Call 10/15/25)		1,000		1,190,520
Series A, 5.00%, 10/15/31 (Call 10/15/27)		1,000		1,235,530
Series A, 5.00%, 10/15/40 (Call 10/15/25)		890		1,038,354
Series A, 5.00%, 10/15/47 (Call 10/15/27)		2,500		2,993,625

Security	Par (000)		Value
Texas (continued)
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/28 (Call 08/01/27)	$	2,000	$	2,490,320
Tyler Independent School District GO, 4.00%, 02/15/47 (Call 02/15/27) (PSF)		1,600		1,731,936
University of Texas System (The) RB
4.00%, 08/15/42 (Call 08/15/24)		1,205		1,290,483
5.00%, 08/15/25		2,500		3,019,475
5.00%, 08/15/26		1,750		2,162,405
Series A, 5.00%, 08/15/22		5,315		5,912,087
Series A, 5.00%, 08/15/23		10,000		11,457,400
Series B, 5.00%, 08/15/19		5,880		5,922,101
Series B, 5.00%, 08/15/21		2,445		2,635,783
Series B, 5.00%, 08/15/26		6,000		7,413,960
Series B, 5.00%, 08/15/43 (Call 08/15/22)		1,000		1,094,240
Series C, 5.00%, 08/15/20		1,355		1,413,184
Series D, 5.00%, 08/15/21		600		646,818
Series D, 5.00%, 08/15/24		2,200		2,591,776
Series D, 5.00%, 08/15/25		3,910		4,722,459
Series E, 5.00%, 08/15/26		8,335		10,299,226
Series E, 5.00%, 08/15/27		1,805		2,278,109
Series F, 5.00%, 08/15/47		2,000		2,874,240
Series I, 5.00%, 08/15/23		5,000		5,728,700
Series J, 5.00%, 08/15/25		1,600		1,932,464
Series J, 5.00%, 08/15/26		2,000		2,471,320
Ysleta Independent School District GO, 5.00%, 08/15/47 (Call 08/15/26) (PSF)		2,940		3,440,506
				1,128,516,774
Utah — 0.7%
Salt Lake City Corp. Airport Revenue RB 5.00%, 07/01/48 (Call 07/01/28)		2,000		2,393,960
Series B, 5.00%, 07/01/47 (Call 07/01/27)		3,645		4,296,763
State of Utah GO
5.00%, 07/01/22		3,000		3,325,620
5.00%, 07/01/23		1,500		1,712,520
5.00%, 07/01/24		8,920		10,473,150
5.00%, 07/01/25 (Call 01/01/25)		2,000		2,379,680
5.00%, 07/01/26		5,140		6,349,750
Series 2011-A, 5.00%, 07/01/24 (PR 07/01/21)		5,000		5,366,800
Series A, 4.00%, 07/01/21		1,600		1,686,464
Series A, 5.00%, 07/01/19		1,500		1,504,065
Series A, 5.00%, 07/01/20		2,380		2,471,344
Series A, 5.00%, 07/01/22 (PR 07/01/21)		1,040		1,116,294
Series A, 5.00%, 07/01/26 (PR 07/01/21)		1,830		1,964,249
University of Utah (The) RB, Series A,
5.00%, 08/01/43 (PR 08/01/23) (SAP)		18,000		20,592,720
Utah Transit Authority RB
5.00%, 06/15/42 (Call 06/15/22)		7,075		7,635,057
5.00%, 06/15/42 (PR 06/15/22)		600		661,800
Series A, 5.00%, 06/15/24		5,500		6,449,740
Series A, 5.00%, 06/15/25		3,520		4,231,885

38

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Utah (continued)
Series A, 5.00%, 06/15/26 (Call 06/15/25)	$	3,440	$	4,127,037
Series A, 5.00%, 06/15/38 (Call 06/15/25)		5,500		6,382,145
				95,121,043
Vermont — 0.0%
University of Vermont & State Agricultural College RB, 5.00%, 10/01/40 (Call 10/01/25)		1,000		1,157,470
Virginia — 1.6%
Chesapeake Bay Bridge & Tunnel District RB 5.00%, 07/01/46 (Call 07/01/26)		7,000		7,942,690
Series 2016, 5.00%, 07/01/41 (Call 07/01/26) (AGM)		3,000		3,514,440
City of Richmond VA Public Utility RB, Series A, 5.00%, 01/15/43 (Call 01/15/23)		2,000		2,223,100
City of Richmond VA RB
5.00%, 01/15/32 (Call 01/15/26)		2,020		2,407,739
Series A, 5.00%, 01/15/29 (Call 01/15/26)		2,000		2,420,000
Commonwealth of Virginia GO
5.00%, 06/01/20 (Call 07/01/19)		9,240		9,265,687
5.00%, 06/01/27 (Call 06/01/25) (SAW)		1,250		1,501,375
Series B, 5.00%, 06/01/26 (Call 06/01/25) (SAW)		3,000		3,612,840
County of Arlington VA GO, Series A, 5.00%, 08/01/22 (SAW)		1,075		1,196,120
County of Fairfax VA GO
Series A, 4.00%, 10/01/27 (Call 04/01/26) (SAW)		7,535		8,713,173
Series B, 5.00%, 10/01/22 (SAW)		2,500		2,795,075
Series B, 5.00%, 04/01/23 (SAW)		7,315		8,296,454
Series B, 5.00%, 10/01/24 (SAW)		3,550		4,202,880
County of Loudoun VA GO, Series B , 5.00%, 11/01/19		4,500		4,567,905
Hampton Roads Transportation Accountability Commission RB 5.00%, 07/01/48 (Call 01/01/28)		5,000		5,987,400
Series A, 5.00%, 07/01/42 (Call 01/01/28)		8,110		9,775,145
University of Virginia RB
Series A, 5.00%, 06/01/43 (Call 06/01/23)		1,000		1,116,540
Series A-2, 5.00%, 04/01/45 (Call 04/01/25)		3,000		3,482,250
Series B, 5.00%, 08/01/21		3,730		4,021,015
Upper Occoquan Sewage Authority RB,
Series A, 5.15%, 07/01/20 (NPFGC)		430		438,931
Virginia College Building Authority RB 3.00%, 02/01/27 (Call 02/01/25) (ST INTERCEPT)		2,685		2,855,793
5.00%, 02/01/28		1,000		1,267,310
Series A, 4.00%, 02/01/32 (Call 02/01/25)		3,000		3,282,450
Series C, 5.00%, 02/01/30 (Call 02/01/27)		3,800		4,676,508
Series C, 5.00%, 02/01/31 (Call 02/01/27)		2,830		3,463,552
Series E, 5.00%, 02/01/25		2,500		2,976,425
Series E, 5.00%, 02/01/26		5,000		6,092,050
Series E, 5.00%, 02/01/29 (Call 02/01/28)		7,000		8,852,270
Series E, 5.00%, 02/01/30 (Call 02/01/28)		1,695		2,130,157
Series E, 5.00%, 02/01/31 (Call 02/01/28)		1,025		1,280,246
Virginia Commonwealth Transportation Board RB 4.00%, 05/15/29 (PR 05/15/21) (SAP)		1,000		1,049,770
4.00%, 05/15/37 (Call 05/15/22)		2,500		2,634,200
4.00%, 05/15/42 (Call 05/15/27)		8,920		9,783,634
5.00%, 09/15/23		1,000		1,147,610
5.00%, 03/15/24		5,000		5,820,000
5.00%, 05/15/26		2,275		2,797,181

Security	Par (000)		Value
Virginia (continued)
5.00%, 05/15/27 (PR 05/15/21) (SAP)	$	500	$	534,455
5.00%, 05/15/28 (PR 05/15/22)		1,000		1,103,270
5.00%, 05/15/33 (PR 05/15/21) (SAP)		2,275		2,431,770
5.00%, 05/15/34 (PR 05/15/21) (SAP)		3,000		3,206,730
Series A, 4.00%, 05/15/35 (Call 11/15/27)		1,000		1,120,690
Series A, 4.00%, 05/15/36 (Call 11/15/27)		4,985		5,569,740
Series A, 5.00%, 05/15/27		2,000		2,513,020
Series A, 5.00%, 05/15/28 (Call 11/15/27)		2,000		2,525,320
Series A, 5.00%, 05/15/33 (Call 11/15/27)		1,275		1,571,629
Virginia Public Building Authority RB
5.00%, 08/01/27		5,000		6,305,600
Series A, 5.00%, 08/01/28 (Call 08/01/27)		2,980		3,744,072
Series B, 5.00%, 08/01/25		1,910		2,304,702
Virginia Public School Authority RB
4.00%, 08/01/20 (SAW)		2,000		2,060,220
5.00%, 08/01/20		8,990		9,363,624
5.00%, 08/01/22 (SAW)		3,000		3,332,100
5.00%, 08/01/23 (Call 08/01/22) (SAW)		2,500		2,780,050
5.00%, 08/01/26 (Call 08/01/25) (SAW)		1,515		1,826,090
				199,882,997
Washington — 2.8%
Central Puget Sound Regional Transit Authority RB 5.00%, 11/01/35 (Call 11/01/25)		1,610		1,894,745
Series S-1, 5.00%, 11/01/31 (Call 11/01/25)		1,250		1,482,912
Series S-1, 5.00%, 11/01/36 (Call 11/01/25)		2,000		2,341,360
Series S-1, 5.00%, 11/01/45 (Call 11/01/25)		13,840		15,979,941
Series S-1-GREEN, 5.00%, 11/01/46		3,170		4,547,206
City of Seattle WA Municipal Light & Power Revenue RB
Series A, 4.00%, 05/01/45 (Call 05/01/25)		1,765		1,876,813
Series A, 5.25%, 02/01/36 (PR 02/01/21)		1,200		1,275,648
Series B, 5.00%, 02/01/21 (Call 02/01/20)		345		353,128
Series B, 5.00%, 02/01/21 (PR 02/01/20)		155		158,568
Series B, 5.00%, 02/01/22 (Call 02/01/20)		750		767,565
Series B, 5.00%, 02/01/22 (PR 02/01/20)		250		255,755
Series B, 5.00%, 02/01/24 (Call 02/01/20)		405		414,404
Series B, 5.00%, 02/01/24 (PR 02/01/20)		95		97,187
Series C, 4.00%, 09/01/47 (Call 09/01/27)		3,135		3,395,707
City of Tacoma WA Electric System Revenue RB
Series A, 4.00%, 01/01/42 (Call 07/01/23)		1,000		1,050,860
Series A, 5.00%, 01/01/38 (Call 07/01/23)		1,000		1,107,320
County of King WA Sewer Revenue RB
5.00%, 07/01/40 (Call 01/01/25)		2,000		2,285,020
5.00%, 01/01/45 (PR 07/01/20)		1,000		1,037,555
5.00%, 01/01/50 (PR 07/01/20)		2,000		2,075,110
5.00%, 01/01/52 (Call 01/01/22)		4,000		4,268,920
5.13%, 01/01/41 (PR 01/01/21)		500		528,443
Series B, 5.00%, 07/01/39 (Call 07/01/23)		3,000		3,343,020
Series B, 5.00%, 01/01/41 (PR 01/01/21)		1,330		1,403,092
Series B, 5.00%, 07/01/46 (Call 07/01/26)		3,000		3,502,170
Energy Northwest RB
4.00%, 07/01/38 (Call 07/01/25)		2,000		2,156,220
5.00%, 07/01/23		5,000		5,706,250
5.00%, 07/01/25		6,000		7,221,300
5.00%, 07/01/26		5,000		6,150,400
5.00%, 07/01/26 (Call 07/01/22)		2,205		2,435,908

39

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Washington (continued)
5.00%, 07/01/31 (Call 07/01/28)	$	1,050	$	1,317,928
5.00%, 07/01/34 (Call 07/01/25)		2,000		2,340,140
5.00%, 07/01/36 (Call 07/01/29)		2,000		2,505,660
5.00%, 07/01/38 (Call 07/01/25)		6,465		7,496,491
Series A, 5.00%, 07/01/19		405		406,098
Series A, 5.00%, 07/01/21		2,000		2,146,740
Series A, 5.00%, 07/01/22		3,675		4,070,356
Series A, 5.00%, 07/01/22 (Call 07/01/21)		565		606,330
Series A, 5.00%, 07/01/23		1,000		1,141,250
Series A, 5.00%, 07/01/23 (Call 07/01/21)		2,100		2,252,733
Series A, 5.00%, 07/01/24		2,000		2,347,180
Series A, 5.00%, 07/01/27 (Call 07/01/20)		9,400		9,747,330
Series A, 5.00%, 07/01/28 (Call 07/01/22)		1,000		1,101,860
Series A, 5.00%, 07/01/28 (Call 07/01/27)		4,505		5,624,583
Series C, 5.00%, 07/01/25		2,000		2,407,100
Series C, 5.00%, 07/01/26 (Call 07/01/24)		2,000		2,338,320
Series C, 5.00%, 07/01/27		1,000		1,256,390
Series C, 5.00%, 07/01/28 (Call 07/01/24)		1,000		1,165,410
Series C, 5.00%, 07/01/30 (Call 07/01/28)		5,500		6,944,905
FYI Properties RB, 5.50%, 06/01/39 (Call 06/01/19)		1,000		1,000,000
King & Snohomish Counties School District No. 417 Northshore GO, 5.00%, 12/01/35 (Call 06/01/28) (GTD)		1,000		1,227,770
Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/39 (Call 12/01/25) (GTD)		2,000		2,324,300
Port of Seattle WA RB
Series A, 5.00%, 08/01/30 (Call 08/01/22)		1,500		1,647,480
Series A, 5.00%, 08/01/31 (Call 08/01/22)		2,910		3,188,603
Snohomish County Public Utility District No. 1 RB, 5.00%, 12/01/40 (Call 12/01/25)		1,000		1,153,310
Snohomish County School District No. 201 Snohomish GO, 4.00%, 12/01/28 (Call 12/01/20) (GTD)		5,000		5,175,100
State of Washington GO
5.00%, 07/01/24		13,260		15,561,803
5.00%, 07/01/25 (Call 07/01/24)		1,500		1,757,730
5.00%, 07/01/26 (Call 07/01/24)		1,050		1,228,742
5.00%, 08/01/26		5,205		6,422,137
5.00%, 08/01/27		4,775		6,005,183
5.00%, 07/01/31 (Call 01/01/25)		1,000		1,164,260
5.00%, 07/01/32 (Call 01/01/25)		2,000		2,323,160
5.00%, 08/01/32 (Call 08/01/25)		2,500		2,943,225
5.00%, 08/01/33 (Call 08/01/27)		7,410		9,023,157
5.00%, 08/01/34 (PR 08/01/21)		5,450		5,865,617
5.00%, 02/01/42 (Call 02/01/27)		1,700		2,004,147
5.00%, 02/01/42 (Call 02/01/28)		3,000		3,592,020
5.00%, 08/01/42 (Call 08/01/27)		3,260		3,875,618
Series 2010-B, 5.00%, 08/01/34 (PR 08/01/19)		3,000		3,017,130
Series 2014-A, 5.00%, 08/01/35 (Call 08/01/23)		1,500		1,679,880
Series 2017A, 5.00%, 08/01/37 (Call 08/01/26)		1,345		1,591,243
Series A, 5.00%, 01/01/20		1,500		1,530,975
Series A, 5.00%, 08/01/33 (Call 08/01/23)		2,800		3,141,740
Series A, 5.00%, 08/01/35 (Call 08/01/21)		500		533,810
Series A, 5.00%, 08/01/38 (Call 08/01/23)		1,215		1,355,041
Series B, 5.00%, 07/01/28 (Call 01/01/26)		10,500		12,665,730
Series B, 5.00%, 07/01/29 (Call 01/01/26)		1,500		1,801,095
Series B, 5.00%, 07/01/33 (Call 01/01/26)		3,000		3,545,850
Series C, 5.00%, 02/01/39 (Call 02/01/28)		2,000		2,411,160

Security	Par (000)		Value
Washington (continued)
Series C, 5.00%, 02/01/41 (Call 02/01/28)	$	2,240	$	2,687,754
Series C, 5.00%, 06/01/41 (Call 06/01/21)		22,075		23,397,955
Series D, 5.00%, 02/01/34 (PR 02/01/22)		1,000		1,092,230
Series D, 5.00%, 02/01/38 (Call 02/01/24)		2,025		2,285,516
Series D, 5.00%, 02/01/39 (Call 02/01/24)		900		1,014,354
Series D, 5.00%, 02/01/41 (Call 02/01/27)		1,435		1,693,888
Series R, 5.00%, 07/01/19		1,500		1,504,125
Series R, 5.00%, 07/01/21		1,425		1,529,552
Series R, 5.00%, 07/01/23		1,285		1,465,967
Series R-2011A, 5.00%, 01/01/21		1,000		1,056,040
Series R-2012C, 5.00%, 07/01/24 (Call 07/01/22)		3,750		4,154,625
Series R-2012C, 5.00%, 07/01/25 (Call 07/01/22)		1,000		1,106,620
Series R-2012C, 5.00%, 07/01/26 (Call 07/01/22)		1,500		1,659,465
Series R-2015, 5.00%, 07/01/21		1,625		1,744,226
Series R-2015, 5.00%, 07/01/23		2,800		3,194,324
Series R-2015-C, 5.00%, 07/01/28 (Call 01/01/25)		1,500		1,767,105
Series R-2015-C, 5.00%, 07/01/29 (Call 01/01/25)		3,000		3,521,970
Series R-2015-C, 5.00%, 07/01/32 (Call 01/01/25)		1,000		1,161,580
Series R-2015E, 5.00%, 07/01/19		5,000		5,013,750
Series R-2015E, 5.00%, 07/01/28 (Call 01/01/25)		1,500		1,767,105
Series R-2015E, 5.00%, 07/01/31 (Call 01/01/25)		3,000		3,492,780
Series R-2015E, 5.00%, 07/01/33 (Call 01/01/25)		2,850		3,303,834
Series R-2017A, 5.00%, 08/01/22		1,000		1,110,370
Series R-2017A, 5.00%, 08/01/33 (Call 08/01/26)		3,915		4,684,767
Series R-2017A, 5.00%, 08/01/34 (Call 08/01/26)		5,000		5,964,250
Series R-2018C, 5.00%, 08/01/28 (Call 08/01/27)		3,000		3,753,600
Series R-2018C, 5.00%, 08/01/29 (Call 08/01/27)		2,200		2,737,284
Series R-2018D, 5.00%, 08/01/32 (Call 08/01/27)		3,000		3,668,670
State of Washington RB
5.00%, 09/01/19		2,250		2,269,350
5.00%, 09/01/21		3,000		3,234,570
5.00%, 09/01/24 (Call 09/01/22)		4,720		5,244,628
5.00%, 09/01/24 (Call 09/01/23)		2,000		2,285,560
Series F, 5.00%, 09/01/20		1,000		1,043,630
Series F, 5.00%, 09/01/22		1,215		1,350,448
University of Washington RB, Series A, 5.00%, 07/01/41 (Call 07/01/22)		1,000		1,090,210
Washington State Convention Center Public Facilities District RB, 5.00%, 07/01/48 (Call 07/01/28)		6,425		7,537,103
Washington State University RB, 5.00%, 04/01/40 (Call 04/01/25)		2,055		2,338,097
				365,013,649

40

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
West Virginia — 0.0%
State of West Virginia GO, Series B, 5.00%, 12/01/41 (Call 06/01/28)	$	2,000	$	2,416,080
West Virginia Economic Development Authority RB, Series A, 5.00%, 06/15/40 (PR 06/15/20)		1,270		1,316,076
West Virginia University RB, Series B, 5.00%, 10/01/36 (Call 10/01/21)		1,000		1,064,200
				4,796,356
Wisconsin — 1.0%
State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/19		11,000		11,000,000
State of Wisconsin GO
5.00%, 11/01/25		1,375		1,667,366
5.00%, 11/01/26		2,475		3,070,485
5.00%, 05/01/27 (Call 11/01/24)		2,500		2,948,025
5.00%, 05/01/27 (Call 05/01/25)		1,000		1,195,340
5.00%, 11/01/27 (Call 05/01/27)		2,500		3,131,425
5.00%, 11/01/28 (Call 05/01/27)		2,500		3,114,250
5.00%, 11/01/29 (Call 05/01/26)		2,000		2,420,640
5.00%, 11/01/31 (Call 05/01/27)		8,530		10,471,428
5.00%, 05/01/38 (Call 05/01/25)		5,050		5,839,719
Series 1, 5.00%, 05/01/21		6,910		7,376,701
Series 1, 5.00%, 05/01/21 (ETM)		5		5,328
Series 1, 5.00%, 05/01/22		1,050		1,156,722
Series 1, 5.00%, 11/01/23		7,025		8,088,304
Series 1, 5.00%, 11/01/24		1,000		1,183,210
Series 2, 5.00%, 11/01/19		1,070		1,085,836
Series 2, 5.00%, 11/01/20		2,940		3,087,882
Series 2, 5.00%, 11/01/21		2,000		2,169,720
Series 2, 5.00%, 11/01/22		3,000		3,355,170
Series 2, 5.00%, 11/01/22 (Call 11/01/21)		2,070		2,245,660
Series 2, 5.00%, 05/01/25 (Call 05/01/22)		1,025		1,128,874
Series 2, 5.00%, 05/01/25 (PR 05/01/22)		15		16,484
Series 2, 5.00%, 11/01/27 (Call 05/01/27)		4,235		5,304,634
Series 3, 5.00%, 11/01/22		5,175		5,787,668
Series 3, 5.00%, 11/01/30 (Call 05/01/27)		1,500		1,847,310
Series 3, 5.00%, 11/01/32 (Call 05/01/27)		1,175		1,439,128
Series 3, 5.00%, 11/01/33 (Call 05/01/27)		810		989,091
Series 4, 5.00%, 05/01/26 (Call 11/01/24)		2,860		3,380,692
Series B, 5.00%, 05/01/22 (PR 05/01/21)		1,500		1,599,855
Series D, 5.00%, 05/01/37 (Call 05/01/24)		5,000		5,725,650

Security	Par/ Shares (000)		Value
Wisconsin (continued)
State of Wisconsin RB
5.00%, 05/01/22	$	3,000	$	3,304,920
Series 1, 4.00%, 07/01/19		1,400		1,402,744
Wisconsin Department of Transportation RB
5.00%, 07/01/36 (Call 07/01/28)		3,025		3,737,993
Series 1, 5.00%, 07/01/22		1,000		1,107,260
Series 1, 5.00%, 07/01/27		1,000		1,258,120
Series 1, 5.00%, 07/01/28 (Call 07/01/27)		2,000		2,505,620
Series A, 5.00%, 07/01/20 (AGM)		2,000		2,077,180
Series I, 5.00%, 07/01/19 (NPFGC)		1,095		1,097,978
Series I, 5.00%, 07/01/20 (NPFGC)		1,000		1,038,590
Wisconsin Health & Educational Facilities Authority RB, 5.00%, 12/01/41 (Call 11/01/26)		3,075		3,562,049
				122,925,051
Total Municipal Debt Obligations — 98.7% (Cost: $12,212,138,065)				12,704,669,335
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Liquidity Funds: MuniCash, 1.36%(d)(e)		42,482		42,490,441
Total Short-Term Investments — 0.3% (Cost: $42,484,223)				42,490,441
Total Investments in Securities — 99.0% (Cost: $12,254,622,288)				12,747,159,776
Other Assets, Less Liabilities — 1.0%				127,380,084
Net Assets — 100.0%			$	12,874,539,860

^(a)  Zero-coupon bond.

^(b)  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(c)  Security is payable upon demand on each reset date.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

41

Schedule of Investments  (unaudited) (continued) May 31, 2019 iShares^® National Muni Bond ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the three months ended May 31, 2019, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 02/28/19 (000)		Net Activity (000)			Shares Held at 05/31/19 (000)		Value at 05/31/19		Income		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds: MuniCash		95,219		(52,737	)		42,482	$	42,490,441	$	400,099	$	14,453	$	4,248

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of May 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	12,704,669,335	$	—	$	12,704,669,335
Money Market Funds		42,490,441		—		—		42,490,441
	$	42,490,441	$	12,704,669,335	$	—	$	12,747,159,776

Portfolio Abbreviations - Fixed Income

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	Ambac Assurance Corp.
BAM	Build America Mutual Assurance Co.
BHAC	Berkshire Hathaway Assurance Corp.
COP	Certificates of Participation
ETM	Escrowed to Maturity
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
GOI	General Obligation of the Issuer
GOL	General Obligation Limited
GTD	Guaranteed
HERBIP	Higher Education Revenue Bond Intercept Program
MO	Moral Obligation
NPFGC	National Public Finance Guarantee Corp.
PR	Prerefunded
PSF	Permanent School Fund
RB	Revenue Bond
SAP	Subject to Appropriations
SAW	State Aid Withholding
ST	Special Tax
TA	Tax Allocation

42