NPORT-EX 2 NPORT_0BO0_89874750_0523.htm

 

Schedule of Investments (unaudited) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Municipal Debt Obligations
           
California — 99.2%          
Acalanes Union High School District GO, Series A, 0.00%, 08/01/39 (Call 08/01/29)(a)  $200   $212,580 
Alameda Corridor Transportation Authority RB          
0.00%, 10/01/32 (NPFGC)(a)   745    527,571 
0.00%, 10/01/47 (Call 10/01/37)(a)   1,630    821,667 
0.00%, 10/01/48 (Call 10/01/37)(a)   665    334,208 
0.00%, 10/01/49 (Call 10/01/37)(a)   665    333,369 
0.00%, 10/01/50 (Call 10/01/37)(a)   2,195    1,096,441 
0.00%, 10/01/51 (Call 10/01/37) (AGM)(a)   1,000    501,107 
5.00%, 10/01/26 (PR 10/01/23)   300    301,616 
5.00%, 10/01/52 (Call 10/01/32) (AGM)   285    306,169 
series B, 4.00%, 10/01/35 (Call 10/01/26) (AGM)   255    258,708 
Series B, 5.00%, 10/01/35 (Call 10/01/26)   2,000    2,051,730 
Series B, 5.00%, 10/01/36 (Call 10/01/26)   2,000    2,045,216 
Series B, 5.00%, 10/01/36 (Call 10/01/26) (AGM)   600    624,148 
Alameda County Transportation Commission RB          
5.00%, 03/01/40 (Call 03/01/32)   4,215    4,767,593 
5.00%, 03/01/41 (Call 03/01/32)   1,860    2,097,168 
5.00%, 03/01/45 (Call 03/01/32)   2,000    2,230,911 
Alhambra Unified School District GO, Series B, 0.00%, 08/01/39(a)   5,100    2,639,062 
Allan Hancock Joint Community College District/CA GO, Series C, 0.00%, 08/01/47 (Call 08/01/40)(a)   1,295    900,356 
Alvord Unified School District GO, Series B, 0.00%, 08/01/43 (AGM)(a)   2,500    999,559 
Anaheim Housing & Public Improvements Authority RB          
Series A, 5.00%, 10/01/50 (Call 10/01/25)   200    204,772 
Series C, 5.00%, 10/01/45 (Call 10/01/25)   1,500    1,539,424 
Anaheim Public Financing Authority RB, 5.00%, 05/01/46 (PR 05/01/24)   6,830    6,940,393 
Bay Area Toll Authority RB          
4.00%, 04/01/29 (Call 04/01/27)   500    519,064 
4.00%, 04/01/33 (Call 04/01/27)   1,200    1,239,138 
4.00%, 04/01/38 (Call 04/01/27)   400    402,798 
4.00%, 04/01/42 (Call 04/01/27)   6,035    5,982,644 
4.00%, 04/01/47 (Call 04/01/27)   1,500    1,469,747 
4.00%, 04/01/49 (Call 04/01/27)   2,455    2,391,014 
5.00%, 04/01/28   1,945    2,141,727 
5.00%, 04/01/29   3,000    3,360,488 
5.00%, 04/01/54 (Call 04/01/33)   5,000    5,484,312 
VRDN,2.00%, 04/01/53 (Put 10/01/23)(b)   1,955    1,921,429 
VRDN,2.13%, 04/01/53 (Put 10/01/24)(b)   1,200    1,164,356 
VRDN,2.70%, 04/01/55 (Put 05/31/23)(b)   17,385    17,385,000 
Series A, VRDN,2.95%, 04/01/47 (Put 10/01/25)(b)   725    708,060 
Series B, VRDN,2.85%, 04/01/47 (Put 10/01/24)(b)   725    713,801 
Series F-1, 5.00%, 04/01/56 (PR 04/01/27)   1,405    1,522,832 
Series S-6, 5.00%, 10/01/54 (PR 10/01/24)   2,935    3,004,812 
Series S-8, 3.00%, 04/01/54 (Call 10/01/29)   5,085    3,763,180 
Series S-8, 5.00%, 04/01/56 (PR 10/01/29)   2,000    2,278,956 
California Educational Facilities Authority RB          
5.00%, 04/01/45 (Call 04/01/25)   1,000    1,018,533 
5.00%, 09/01/45 (PR 09/01/25)   5,000    5,221,560 
5.00%, 10/01/49 (PR 04/01/26)   250    264,174 
5.25%, 04/01/40   4,650    5,602,569 
Series A, 5.00%, 10/01/53 (Call 10/01/28)   1,120    1,154,301 
Series T-1, 5.00%, 03/15/39   4,950    5,833,784 
Series U-3, 5.00%, 06/01/43   2,090    2,451,924 
Series U-6, 5.00%, 05/01/45   20,280    23,715,799 
Series U-7, 5.00%, 06/01/46   2,650    3,101,332 
Security  Par
(000)		   Value 
         
California (continued)          
Series V-1, 5.00%, 05/01/29  $500   $567,767 
Series V-1, 5.00%, 05/01/49   7,260    8,502,760 
California Infrastructure & Economic Development Bank RB          
4.00%, 10/01/45 (Call 10/01/32)   5,000    4,986,308 
5.00%, 10/01/23   100    100,565 
5.00%, 10/01/26 (Call 04/01/26)   3,240    3,433,836 
5.00%, 10/01/28   1,000    1,118,229 
5.00%, 10/01/28 (Call 04/01/28)   545    603,760 
5.00%, 05/15/42 (Call 05/15/28)   1,000    1,067,206 
5.00%, 10/01/43 (Call 04/01/28)   2,000    2,141,329 
5.00%, 10/01/47 (Call 10/01/32)   1,000    1,102,704 
5.00%, 10/01/48 (Call 04/01/28)   125    132,913 
5.00%, 08/01/49 (Call 08/01/29)   3,125    3,336,331 
5.00%, 10/01/52 (Call 10/01/32)   8,000    8,763,611 
Series A, 4.00%, 10/01/45 (PR 10/01/26)   500    517,553 
Series A, 5.00%, 07/01/23 (ETM) (AGM)   250    250,367 
Series A, 5.00%, 07/01/25 (ETM) (FGIC)   300    313,176 
Series A, 5.00%, 07/01/29 (PR 01/01/28) (FGIC)   810    889,297 
Series A, 5.00%, 07/01/33 (PR 01/01/28) (AMBAC)   1,370    1,517,096 
Series A, 5.00%, 07/01/36 (PR 01/01/28) (AMBAC)   740    819,453 
Series A, 5.00%, 10/01/41 (PR 10/01/26)   700    746,646 
California Municipal Finance Authority RB          
5.00%, 01/01/48 (PR 01/01/28)   1,000    1,098,277 
Series A, 5.00%, 06/01/42 (Call 06/01/27)   500    525,284 
California School Facilities Financing Authority RB, 0.00%, 08/01/49 (AGM)(a)   2,100    538,175 
California State Public Works Board RB          
4.00%, 11/01/41 (Call 11/01/31)   2,510    2,505,304 
5.00%, 08/01/28   1,000    1,104,513 
5.00%, 11/01/40 (Call 11/01/31)   1,000    1,110,456 
5.00%, 11/01/46 (Call 11/01/31)   3,100    3,387,967 
Series A, 5.00%, 09/01/25 (Call 09/01/24)   2,600    2,657,930 
Series A, 5.00%, 09/01/26 (Call 09/01/24)   2,620    2,679,022 
Series A, 5.00%, 09/01/28 (Call 09/01/24)   1,265    1,292,561 
Series A, 5.00%, 09/01/29 (Call 09/01/24)   2,205    2,250,595 
Series A, 5.00%, 09/01/32 (Call 09/01/24)   1,000    1,017,728 
Series A, 5.00%, 09/01/34 (Call 09/01/24)   1,000    1,016,380 
Series A, 5.00%, 03/01/38 (Call 06/01/23)   695    695,000 
Series B, 5.00%, 10/01/23   180    181,077 
Series B, 5.00%, 10/01/27   340    369,297 
Series B, 5.00%, 10/01/29 (Call 10/01/27)   250    272,318 
Series B, 5.00%, 10/01/39 (Call 10/01/24)   2,000    2,028,746 
Series C, 5.00%, 11/01/27   1,100    1,196,909 
Series C, 5.00%, 11/01/29   1,530    1,727,844 
Series C, 5.00%, 11/01/34 (Call 11/01/26)   1,575    1,680,532 
Series D, 5.00%, 06/01/25   350    362,417 
Series D, 5.00%, 06/01/27 (Call 06/01/23)   340    340,000 
Series E, 5.00%, 06/01/28 (Call 06/01/24)   895    895,000 
Series F, 5.00%, 05/01/25   300    311,320 
Series F, 5.00%, 05/01/28 (Call 05/01/25)   350    362,649 
Series I, 5.00%, 11/01/25 (Call 11/01/23)   1,990    2,002,675 
Series I, 5.00%, 11/01/38 (Call 11/01/23)   2,270    2,281,840 
Series I, 5.25%, 11/01/27 (Call 11/01/23)   960    967,409 
Series I, 5.50%, 11/01/31 (Call 11/01/23)   1,615    1,627,771 
Series I, 5.50%, 11/01/33 (Call 11/01/23)   2,400    2,417,889 
California State University RB          
5.00%, 11/01/26   370    395,985 
5.00%, 11/01/33 (Call 05/01/27)   1,325    1,431,120 
Series A, 4.00%, 11/01/37 (Call 05/01/26)   2,455    2,472,616 
Series A, 4.00%, 11/01/38 (Call 05/01/26)   2,005    2,009,022 

 

1

 

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
California (continued)          
Series A, 4.00%, 11/01/43 (Call 11/01/25)  $200   $197,000 
Series A, 4.00%, 11/01/45 (Call 05/01/26)   935    913,614 
Series A, 5.00%, 11/01/24 (PR 11/01/23)   1,575    1,586,072 
Series A, 5.00%, 11/01/26 (PR 11/01/24)   400    409,786 
Series A, 5.00%, 11/01/27 (Call 05/01/26)   1,385    1,470,835 
Series A, 5.00%, 11/01/27 (PR 11/01/24)   400    410,062 
Series A, 5.00%, 11/01/28 (PR 11/01/24)   3,370    3,452,449 
Series A, 5.00%, 11/01/29 (Call 05/01/26)   1,020    1,086,646 
Series A, 5.00%, 11/01/29 (PR 11/01/24)   1,425    1,459,867 
Series A, 5.00%, 11/01/30 (Call 05/01/27)   520    563,122 
Series A, 5.00%, 11/01/30 (PR 11/01/24)   505    517,363 
Series A, 5.00%, 11/01/31 (Call 11/01/25)   2,500    2,618,277 
Series A, 5.00%, 11/01/31 (Call 05/01/27)   500    541,389 
Series A, 5.00%, 11/01/32 (Call 05/01/26)   1,500    1,596,112 
Series A, 5.00%, 11/01/32 (PR 11/01/24)   2,000    2,050,300 
Series A, 5.00%, 11/01/33 (Call 11/01/25)   500    522,470 
Series A, 5.00%, 11/01/33 (PR 11/01/24)   1,500    1,537,725 
Series A, 5.00%, 11/01/35 (Call 11/01/25)   2,780    2,907,214 
Series A, 5.00%, 11/01/35 (Call 05/01/27)   450    484,734 
Series A, 5.00%, 11/01/36 (Call 05/01/27)   485    520,133 
Series A, 5.00%, 11/01/39 (Call 11/01/29)   1,515    1,662,182 
Series A, 5.00%, 11/01/39 (PR 11/01/24)   500    512,233 
Series A, 5.00%, 11/01/41 (Call 05/01/26)   650    678,995 
Series A, 5.00%, 11/01/43 (Call 11/01/25)   1,665    1,726,963 
Series A, 5.00%, 11/01/44 (PR 11/01/24)   13,290    13,615,149 
Series A, 5.00%, 11/01/45 (Call 05/01/26)   760    790,690 
Series A, 5.00%, 11/01/47 (Call 11/01/25)   1,300    1,344,773 
Series A, 5.00%, 11/01/48 (Call 11/01/28)   3,550    3,792,250 
Series B-3, VRDN,4.00%, 11/01/51 (Put 07/03/23)(b)   3,245    3,242,506 
Series C, 4.00%, 11/01/45 (Call 11/01/30)   2,720    2,657,785 
California Statewide Communities Development Authority RB, 5.00%, 05/15/40 (Call 05/15/26)   250    253,760 
Campbell Union High School District GO, Series B, 4.00%, 08/01/38 (PR 08/01/26)   2,000    2,068,789 
Cerritos Community College District GO          
Series A, 4.00%, 08/01/44 (Call 08/01/24)   250    246,297 
Series A, 5.00%, 08/01/39 (Call 08/01/24)   2,790    2,834,539 
Series C, 3.00%, 08/01/44 (Call 08/01/29)   250    204,631 
Series D, 0.00%, 08/01/26(a)   545    491,397 
Chabot-Las Positas Community College District GO          
4.00%, 08/01/33 (Call 08/01/26)   1,000    1,029,152 
4.00%, 08/01/34 (Call 08/01/26)   1,000    1,023,556 
Series 2016, 5.00%, 08/01/24 (PR 08/01/23)   115    115,310 
Series 2016, 5.00%, 08/01/27 (PR 08/01/23)   500    501,346 
Series 2016, 5.00%, 08/01/29 (PR 08/01/23)   1,500    1,504,037 
Series 2016, 5.00%, 08/01/31 (PR 08/01/23)   2,800    2,807,536 
Series A, 4.00%, 08/01/42 (Call 08/01/27)   1,290    1,279,431 
Series A, 4.00%, 08/01/47 (Call 08/01/27)   1,000    969,743 
Chaffey Community College District GO, 3.00%, 06/01/33 (Call 06/01/28)   1,800    1,719,387 
Chaffey Joint Union High School District GO, Series B, 4.00%, 08/01/44 (Call 02/01/25)   500    492,593 
Chino Basin Regional Financing Authority RB, Series B, 4.00%, 11/01/25 (Call 08/01/25)   3,790    3,854,325 
City & County of San Francisco CA GO          
5.00%, 06/15/26   500    531,527 
5.00%, 06/15/27   500    543,331 
Series R, 5.00%, 06/15/28   3,500    3,888,946 
Series R1, 5.00%, 06/15/24 (Call 06/15/23)   175    175,178 
Series R1, 5.00%, 06/15/25   1,315    1,370,610 
Series R1, 5.00%, 06/15/26 (Call 06/15/23)   550    550,517 
Security  Par
(000)		   Value 
         
California (continued)          
Series R1, 5.00%, 06/15/31 (Call 06/15/28)  $1,500   $1,672,798 
City of Long Beach CA Harbor Revenue RB          
Series A, 5.00%, 05/15/44 (Call 05/15/29)   2,000    2,149,336 
Series C, 5.00%, 05/15/47 (Call 05/15/27)   1,500    1,576,232 
City of Los Angeles CA Wastewater System Revenue RB          
Series A, 4.00%, 06/01/42 (Call 06/01/27)   500    496,399 
Series A, 5.00%, 06/01/35 (Call 06/01/23)   2,450    2,451,972 
Series A, 5.00%, 06/01/43 (Call 06/21/23)   1,435    1,436,124 
Series A, 5.00%, 06/01/43 (Call 06/01/28)   1,000    1,068,210 
Series A, 5.00%, 06/01/47 (Call 06/01/32)   2,590    2,862,723 
Series A, 5.25%, 06/01/47 (Call 06/01/27)   1,000    1,060,599 
Series B, 5.00%, 06/01/23   770    770,000 
Series B, 5.00%, 06/01/27   3,850    4,173,932 
Series C, 5.00%, 06/01/29   2,000    2,264,614 
Series C, 5.00%, 06/01/30   2,000    2,305,003 
Series C, 5.00%, 06/01/32   2,500    2,975,720 
Series C, 5.00%, 06/01/45 (Call 06/01/25)   915    939,502 
City of Los Angeles Department of Airports RB          
5.00%, 05/15/25   360    373,136 
5.00%, 05/15/25 (ETM)   140    145,443 
5.00%, 05/15/28   280    309,849 
5.00%, 05/15/48 (Call 05/15/29)   1,020    1,085,158 
Series A, 5.00%, 05/15/26   1,000    1,059,028 
Series A, 5.00%, 05/15/32 (Call 11/15/29)   1,070    1,220,796 
Series A, 5.00%, 05/15/36 (Call 11/15/29)   5,330    5,965,407 
Series A, 5.00%, 05/15/39 (Call 11/15/29)   4,430    4,889,846 
Series A, 5.00%, 05/15/40 (Call 11/15/29)   1,425    1,567,844 
Series B, 5.00%, 05/15/25   1,135    1,176,416 
Series B, 5.00%, 05/15/32 (Call 05/15/30)   1,000    1,150,898 
Series B, 5.00%, 05/15/35 (Call 05/15/31)   2,105    2,434,528 
Series B, 5.00%, 05/15/42 (Call 05/15/27)   2,000    2,102,312 
Series B, 5.00%, 05/15/45 (Call 05/15/31)   2,205    2,405,907 
Series B, 5.00%, 05/15/48 (Call 05/15/31)   475    515,129 
Series C, 5.00%, 05/15/38 (Call 05/15/25)   1,750    1,805,814 
Series E, 5.00%, 05/15/44 (Call 11/15/28)   1,500    1,601,947 
City of Riverside CA Electric Revenue RB          
Series A, 5.00%, 10/01/36 (Call 04/01/29)   1,025    1,137,181 
Series A, 5.00%, 10/01/48 (Call 04/01/29)   3,695    3,958,523 
City of Riverside CA Sewer Revenue RB, Series A, 5.00%, 08/01/40 (Call 08/01/25)   500    517,015 
City of Sacramento CA Transient Occupancy Tax Revenue RB, Series A, 5.00%, 06/01/43 (Call 06/01/28)   1,000    1,042,576 
City of Sacramento CA Water Revenue RB, 5.00%, 09/01/42 (PR 09/01/23)   2,380    2,389,501 
City of San Francisco CA Public Utilities Commission Water Revenue RB          
4.00%, 11/01/30 (Call 11/01/26)   1,055    1,098,043 
4.00%, 11/01/36 (Call 11/01/26)   2,500    2,530,789 
5.00%, 11/01/25   455    476,563 
5.00%, 11/01/25 (Call 05/01/25)   1,700    1,764,332 
5.00%, 11/01/29 (Call 11/01/26)   1,405    1,510,910 
5.00%, 11/01/31 (Call 11/01/26)   1,945    2,090,981 
5.00%, 11/01/32 (Call 05/01/25)   1,000    1,038,270 
5.00%, 11/01/32 (Call 11/01/26)   370    397,594 
5.00%, 11/01/34 (Call 11/01/26)   1,740    1,864,782 
5.00%, 11/01/42 (PR 11/01/24)   4,325    4,436,854 
Series A, 5.00%, 11/01/33 (Call 11/01/26)   1,835    1,969,023 
Series A, 5.00%, 11/01/50 (Call 11/01/30)   6,380    6,906,311 
Series B, 5.00%, 11/01/50 (Call 11/01/27)   2,000    2,104,404 
Series D, 5.00%, 11/01/33 (Call 11/01/27)   1,000    1,095,361 

 

2

 

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
California (continued)          
City of San Jose CA GO          
Series A, 5.00%, 09/01/39 (Call 03/01/31)  $3,150   $3,509,621 
Series A, 5.00%, 09/01/42 (Call 03/01/31)   6,075    6,701,600 
Series A, 5.00%, 09/01/43 (Call 03/01/31)   2,000    2,203,316 
Series A-1, 5.00%, 09/01/45 (Call 03/01/29)   2,650    2,856,842 
Series C, 5.00%, 09/01/28   370    413,185 
Clovis Unified School District GO          
4.00%, 08/01/40 (PR 08/01/25)   115    117,151 
Series D, 4.00%, 08/01/40 (Call 08/01/25)   135    133,798 
Coast Community College District GO          
0.00%, 08/01/34 (Call 08/01/25)(a)   500    316,990 
5.00%, 08/01/29 (PR 08/15/25)   4,905    5,107,259 
5.00%, 08/01/31 (Call 08/01/25)   2,335    2,431,284 
5.00%, 08/01/36 (PR 08/01/27)   1,500    1,638,326 
Series A, 4.00%, 08/01/38 (PR 08/01/23)   1,500    1,501,718 
Series A, 5.00%, 08/01/24 (PR 08/01/23)   580    581,600 
Series A, 5.00%, 08/01/38 (PR 08/01/23)   1,860    1,865,130 
Series B, 0.00%, 08/01/27 (AGM)(a)   320    280,634 
Series B, 0.00%, 08/01/28 (AGM)(a)   2,050    1,743,093 
Series D, 4.00%, 08/01/42 (Call 08/01/27)   500    500,559 
Series F, 0.00%, 08/01/43 (Call 08/01/29)(a)   1,000    409,687 
Series F, 3.00%, 08/01/39 (Call 02/01/29)   2,520    2,199,500 
Contra Costa Community College District GO          
Series 2006, 5.00%, 08/01/38 (PR 08/01/23)   3,475    3,484,353 
Series 2014-A, 4.00%, 08/01/39 (Call 08/01/24)   1,250    1,240,224 
Contra Costa Water District RB          
4.00%, 10/01/46 (Call 10/01/31)   3,440    3,396,428 
Series W, 5.00%, 10/01/51 (Call 10/01/31)   5,775    6,355,560 
Corona-Norco Unified School District GO, Series A, 5.00%, 08/01/40 (PR 08/01/25)   1,500    1,560,801 
County of Sacramento CA Airport System Revenue RB          
Series A, 5.00%, 07/01/41 (Call 07/01/26)   1,000    1,035,764 
Series B, 5.00%, 07/01/38 (Call 07/01/28)   1,000    1,071,197 
Series B, 5.00%, 07/01/41 (Call 07/01/26)   800    827,434 
County of Santa Clara CA GO          
Series B, 5.00%, 08/01/34 (Call 08/01/32)   5,890    7,019,453 
Series C, 4.00%, 08/01/38 (Call 08/01/27)   750    760,338 
Desert Community College District GO          
4.00%, 08/01/39 (Call 08/01/27)   500    502,508 
5.00%, 08/01/37 (PR 02/01/26)   1,000    1,054,402 
Desert Sands Unified School District GO, Series 2014, 4.00%, 08/01/44 (Call 08/01/27)   1,000    984,188 
East Bay Municipal Utility District Water System Revenue RB          
5.00%, 06/01/24   425    432,705 
Series A, 4.00%, 06/01/45 (Call 06/01/27)   1,000    995,883 
Series A, 5.00%, 06/01/27 (Call 06/01/25)   1,005    1,046,020 
Series A, 5.00%, 06/01/28 (Call 06/01/25)   250    260,451 
Series A, 5.00%, 06/01/29 (Call 06/01/25)   300    312,954 
Series A, 5.00%, 06/01/35 (Call 06/01/25)   540    560,928 
Series A, 5.00%, 06/01/37 (Call 06/01/32)   2,000    2,299,134 
Series A, 5.00%, 06/01/42 (Call 06/01/27)   1,075    1,140,040 
Series A, 5.00%, 06/01/45 (Call 06/01/27)   1,000    1,057,092 
Series B, 5.00%, 06/01/23   1,510    1,510,000 
Series B, 5.00%, 06/01/24   850    865,411 
Series B, 5.00%, 06/01/25   325    337,553 
Series B, 5.00%, 06/01/29 (Call 06/01/27)   2,200    2,401,599 
Series B, 5.00%, 06/01/33 (Call 06/01/27)   1,000    1,091,560 
Eastern Municipal Water District Financing Authority RB          
Series A, 4.00%, 07/01/38 (Call 07/01/30)   2,310    2,347,114 
Series A, 5.00%, 07/01/36 (Call 07/01/30)   3,000    3,400,090 
Security  Par
(000)		   Value 
           
California (continued)          
Series D, 5.00%, 07/01/47 (Call 07/01/27)  $1,000   $1,057,784 
El Camino Community College District Foundation (The) GO          
0.00%, 08/01/29(a)   2,110    1,740,748 
Series A, 4.00%, 08/01/45 (Call 08/01/26)   500    495,737 
Series C, 0.00%, 08/01/32(a)   700    515,294 
Series C, 0.00%, 08/01/33(a)   125    88,409 
Series C, 0.00%, 08/01/34(a)   2,050    1,398,787 
El Dorado Irrigation District RB, Series A, 5.00%, 03/01/34 (PR 03/01/24) (AGM)   250    253,165 
El Monte Union High School District GO, Series B, 4.00%, 06/01/46 (Call 06/01/27)   3,950    3,849,776 
Elk Grove Unified School District GO, Series 2016, 4.00%, 08/01/46 (Call 08/01/26)   2,855    2,780,389 
Escondido Union High School District GO          
0.00%, 08/01/37 (AGC)(a)   190    108,006 
Series C, 0.00%, 08/01/46(a)   985    339,043 
Series C, 0.00%, 08/01/51(a)   1,155    318,260 
Foothill-De Anza Community College District GO          
0.00%, 08/01/36(a)   950    593,887 
4.00%, 08/01/40 (Call 08/01/26)   3,985    3,998,435 
Series A, 3.00%, 08/01/40 (Call 08/01/31)   5,160    4,439,928 
Foothill-Eastern Transportation Corridor Agency RB          
0.00%, 01/15/33(a)   750    510,932 
0.00%, 01/15/34 (AGM)(a)   3,500    2,355,787 
0.00%, 01/15/35 (AGM)(a)   300    193,058 
Series A, 0.00%, 01/01/25 (ETM)(a)   880    834,489 
Series A, 0.00%, 01/01/26 (ETM)(a)   1,165    1,071,583 
Series A, 0.00%, 01/01/28 (ETM)(a)   440    382,621 
Series A, 0.00%, 01/01/29 (ETM)(a)   500    423,410 
Series A, 0.00%, 01/01/30 (ETM)          
(AGC-ICC, AGM-CR)(a)   320    263,558 
Series A, 0.00%, 01/15/36 (AGM)(a)   1,490    909,438 
Series A, 0.00%, 01/15/37 (AGM)(a)   3,000    1,726,879 
Series A, 4.00%, 01/15/46 (Call 01/15/31)   19,000    17,957,960 
Series A, 5.00%, 01/15/42 (Call 01/15/24) (AGM)   3,000    3,016,587 
Series A, 6.00%, 01/15/49 (PR 01/15/24)   2,445    2,486,978 
Series A, 6.00%, 01/15/53 (PR 01/15/24)   3,745    3,809,298 
Series B-1, VRDN,3.95%, 01/15/53 (Put 07/15/27)(b)   1,200    1,090,926 
Fremont Unified School District/Alameda County CA GO, Series A, 4.00%, 08/01/46 (PR 08/01/24)   1,080    1,090,336 
Fremont Union High School District GO          
4.00%, 08/01/40 (Call 08/01/24)   1,950    1,939,300 
4.00%, 08/01/48 (Call 08/01/31)   4,335    4,293,541 
Series A, 3.00%, 08/01/40 (Call 08/01/29)   4,000    3,441,805 
Series A, 4.00%, 08/01/46 (Call 08/01/27)   10,405    10,304,566 
Series A, 5.00%, 08/01/44 (Call 08/01/27)   1,000    1,062,583 
Glendale Community College District/CA GO, 4.00%, 08/01/50 (Call 08/01/29)   8,085    7,766,504 
Glendale Unified School District/CA GO, Series B, 4.00%, 09/01/41 (PR 09/01/25)   350    357,649 
Grossmont Union High School District GO, Series 2004, 0.00%, 08/01/24 (NPFGC)(a)   140    134,258 
Grossmont-Cuyamaca Community College District GO, Series B, 4.00%, 08/01/47 (Call 08/01/28)   1,000    969,743 
Hayward Area Recreation & Park District GO, Series A, 4.00%, 08/01/46 (Call 08/01/27)   1,000    991,831 
Hayward Unified School District GO          
5.00%, 08/01/38 (PR 08/01/24)   6,000    6,121,958 
Series A, 4.00%, 08/01/48 (Call 08/01/28) (BAM)   1,000    968,258 
Hillsborough City School District GO          
0.00%, 09/01/30(a)   4,995    3,943,046 

 

3

 

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
California (continued)          
0.00%, 09/01/31(a)  $5,075   $3,883,888 
Imperial Irrigation District Electric System Revenue RB, Series B-1, 5.00%, 11/01/46 (Call 11/01/26)   500    520,742 
Irvine Ranch Water District SA, 5.25%, 02/01/46 (Call 08/01/26)   1,000    1,051,798 
Lodi Unified School District/CA GO, 3.00%, 08/01/43 (Call 08/01/27)   5,465    4,443,155 
Long Beach Community College District GO          
Series B, 0.00%, 08/01/49 (Call 08/01/42)(a)   250    166,196 
Series C, 4.00%, 08/01/45 (Call 08/01/28)   400    390,704 
Series C, 4.00%, 08/01/49 (Call 08/01/28)   300    289,493 
Long Beach Unified School District GO          
3.00%, 08/01/47 (Call 08/01/29)   1,605    1,244,000 
4.00%, 08/01/48 (Call 08/01/33)   3,910    3,845,574 
5.00%, 08/01/25   3,200    3,334,491 
5.00%, 08/01/44 (Call 08/01/33)   1,015    1,141,905 
Series B, 3.00%, 08/01/48 (Call 08/01/29)   3,150    2,413,762 
Series B, 3.00%, 08/01/50 (Call 08/01/29)   7,320    5,524,937 
Series B, 4.00%, 08/01/45 (Call 08/01/29)   500    493,372 
Series D-1, 0.00%, 08/01/33 (Call 02/01/25)(a)   1,750    1,156,574 
Series D-1, 0.00%, 08/01/39 (Call 02/01/25)(a)   200    98,538 
Los Angeles Community College District/CA GO          
Series A, 4.00%, 08/01/32 (PR 08/01/24)   1,100    1,111,786 
Series A, 4.00%, 08/01/33 (PR 08/01/24)   4,000    4,042,858 
Series A, 5.00%, 08/01/23   985    987,684 
Series A, 5.00%, 08/01/25 (PR 08/01/24)   1,260    1,287,790 
Series A, 5.00%, 08/01/27 (PR 08/01/24)   235    240,183 
Series A, 5.00%, 08/01/28 (PR 08/01/24)   470    480,366 
Series A, 5.00%, 08/01/29 (PR 08/01/24)   4,540    4,640,133 
Series A, 5.00%, 08/01/30 (PR 08/01/24)   4,765    4,870,096 
Series A, 5.00%, 08/01/31 (PR 08/01/24)   525    536,579 
Series C, 5.00%, 08/01/25   345    359,500 
Series C, 5.00%, 06/01/26   2,395    2,542,439 
Series J, 4.00%, 08/01/41 (Call 08/01/27)   3,445    3,445,038 
Series K, 3.00%, 08/01/39 (Call 08/01/26)   855    746,259 
Series K, 4.00%, 08/01/34 (Call 08/01/26)   1,050    1,083,649 
Series K, 4.00%, 08/01/36 (Call 08/01/26)   2,435    2,481,869 
Series K, 4.00%, 08/01/38 (Call 08/01/26)   1,460    1,474,244 
Series K, 4.00%, 08/01/39 (Call 08/01/26)   2,240    2,245,445 
Los Angeles County CA, 4.00%, 06/30/23   1,170    1,170,879 
Los Angeles County Facilities Inc. RB          
Series A, 4.00%, 12/01/48 (Call 12/01/28)   500    489,751 
Series A, 5.00%, 12/01/43 (Call 12/01/28)   1,000    1,069,762 
Los Angeles County Metropolitan Transportation Authority RB          
Series A, 4.00%, 06/01/37 (Call 06/01/30)   1,250    1,281,245 
Series A, 5.00%, 06/01/24   1,000    1,017,933 
Series A, 5.00%, 06/01/25   4,050    4,202,440 
Series A, 5.00%, 06/01/27   310    335,838 
Series A, 5.00%, 06/01/28   1,135    1,258,280 
Series A, 5.00%, 07/01/28 (Call 07/01/27)   250    272,510 
Series A, 5.00%, 06/01/30   3,950    4,551,345 
Series A, 5.00%, 06/01/31 (Call 06/01/30)   2,000    2,304,279 
Series A, 5.00%, 06/01/32 (Call 06/01/30)   2,500    2,875,912 
Series A, 5.00%, 07/01/32 (Call 07/01/23)   295    295,361 
Series A, 5.00%, 06/01/33 (Call 06/01/30)   3,010    3,460,145 
Series A, 5.00%, 06/01/33 (Call 06/01/31)   2,020    2,364,078 
Series A, 5.00%, 06/01/34 (Call 06/01/27)   1,000    1,086,602 
Series A, 5.00%, 07/01/37 (Call 07/01/27)   1,000    1,073,502 
Series A, 5.00%, 07/01/38 (Call 07/01/27)   1,390    1,487,755 
Series A, 5.00%, 07/01/39 (Call 07/01/27)   2,890    3,086,746 
Security  Par
(000)		   Value 
         
California (continued)          
Series A, 5.00%, 07/01/39 (Call 07/01/31)  $1,500   $1,689,042 
Series A, 5.00%, 07/01/40 (Call 07/01/27)   2,175    2,318,080 
Series A, 5.00%, 07/01/42 (Call 07/01/27)   2,400    2,548,906 
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB          
5.00%, 07/01/30   2,000    2,308,328 
5.00%, 07/01/32   2,000    2,381,704 
5.00%, 07/01/33   500    604,395 
5.00%, 07/01/34 (Call 07/01/33)   2,000    2,423,127 
Los Angeles County Public Works Financing Authority RB          
4.00%, 12/01/46 (Call 12/01/31)   2,000    1,974,648 
Series A, 5.00%, 12/01/39 (Call 12/01/24)   500    510,253 
Series D, 4.00%, 12/01/40 (Call 12/01/25)   1,895    1,877,506 
Series D, 5.00%, 12/01/45 (Call 12/01/25)   535    553,792 
Series E-1, 5.00%, 12/01/44 (Call 12/01/29)   1,000    1,083,168 
Los Angeles County Sanitation Districts Financing Authority RB          
Series A, 4.00%, 10/01/42 (Call 10/01/26)   4,275    4,161,453 
Series A, 5.00%, 10/01/34 (Call 10/01/25)   500    521,959 
Los Angeles Department of Water & Power Power System Revenue RB          
Series A, 5.00%, 07/01/28 (Call 01/01/28)   975    1,073,355 
Series A, 5.00%, 07/01/30 (Call 01/01/25)   1,000    1,033,107 
Series A, 5.00%, 07/01/32 (Call 01/01/25)   855    882,604 
Series A, 5.00%, 07/01/45 (Call 01/01/29)   1,510    1,620,047 
Series B, 5.00%, 07/01/23   195    195,231 
Series B, 5.00%, 07/01/25 (Call 06/01/25)   1,495    1,552,524 
Series B, 5.00%, 07/01/31 (Call 07/01/24)   955    956,129 
Series B, 5.00%, 07/01/32 (Call 01/01/29)   1,760    1,970,888 
Series C, 5.00%, 07/01/23   100    100,128 
Series C, 5.00%, 07/01/49 (Call 07/01/29)   2,455    2,635,627 
Los Angeles Department of Water & Power RB          
5.00%, 07/01/40 (Call 01/01/32)   2,000    2,229,390 
5.00%, 07/01/42 (Call 01/01/32)   4,665    5,161,642 
5.00%, 07/01/51 (Call 07/01/31)   2,575    2,797,098 
Series A, 5.00%, 07/01/26   3,635    3,864,560 
Series B, 5.00%, 07/01/39 (Call 07/01/30)   2,350    2,582,280 
Series B, 5.00%, 07/01/40 (Call 07/01/30)   1,500    1,645,478 
Series D, 5.00%, 07/01/32 (Call 07/01/29)   1,000    1,129,718 
Series D, 5.00%, 07/01/37 (Call 07/01/29)   3,865    4,271,475 
Series D, 5.00%, 07/01/49 (Call 07/01/29)   1,500    1,610,363 
Los Angeles Department of Water & Power System Revenue RB          
Series A, 5.00%, 07/01/34 (Call 01/01/25)   625    645,998 
Series A, 5.00%, 07/01/42 (Call 01/01/27)   695    731,945 
Series B, 5.00%, 07/01/26 (Call 06/01/26)   2,000    2,123,076 
Series B, 5.00%, 07/01/28 (Call 07/01/24)   1,000    1,001,182 
Los Angeles Department of Water & Power Water System Revenue          
5.00%, 07/01/49 (Call 07/01/33)   1,000    1,106,781 
5.25%, 07/01/53 (Call 07/01/33)   1,000    1,127,710 
Los Angeles Department of Water & Power Water System Revenue RB          
5.00%, 07/01/25   2,000    2,081,664 
5.00%, 07/01/34 (Call 07/01/33)   1,000    1,203,692 
5.00%, 07/01/35 (Call 01/01/26)   2,830    2,974,001 
5.00%, 07/01/40 (Call 07/01/32)   5,350    6,011,892 
5.00%, 07/01/42 (Call 01/01/32)   1,255    1,392,529 
5.00%, 07/01/42 (Call 07/01/32)   5,165    5,759,070 
5.00%, 07/01/47 (Call 07/01/32)   4,000    4,411,352 
5.00%, 07/01/52 (Call 01/01/32)   1,000    1,091,264 

 

4

 

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
California (continued)          
5.00%, 07/01/52 (Call 07/01/32)  $12,000   $13,148,881 
Series A, 5.00%, 07/01/38 (Call 01/01/26)   1,330    1,387,159 
Series A, 5.00%, 07/01/41 (Call 01/01/27)   2,000    2,112,598 
Series A, 5.00%, 07/01/44 (Call 01/01/27)   2,000    2,105,236 
Series A, 5.00%, 07/01/46 (Call 01/01/26)   5,000    5,174,080 
Series A, 5.00%, 07/01/48 (Call 01/01/28)   1,000    1,058,139 
Series A, 5.00%, 07/01/50 (Call 07/01/30)   1,000    1,080,541 
Series A-1, VRDN,3.09%, 07/01/49 (Put 06/01/23)(b)   4,000    4,000,000 
Series B, 4.00%, 07/01/27   415    433,618 
Series B, 5.00%, 07/01/23   290    290,355 
Series B, 5.00%, 01/01/24 (Call 12/01/23)   330    332,789 
Series B, 5.00%, 07/01/24 (Call 07/03/23)   2,415    2,417,954 
Series B, 5.00%, 07/01/27 (Call 07/03/23)   520    520,636 
Series B, 5.00%, 07/01/28 (Call 07/03/23)   585    585,716 
Series B, 5.00%, 07/01/30 (Call 07/01/23)   8,000    8,009,786 
Series B, 5.00%, 07/01/33 (Call 07/01/23)   500    500,612 
Series B, 5.00%, 07/01/43 (Call 07/01/28)   2,425    2,596,362 
Series B, 5.00%, 07/01/46 (Call 01/01/26)   250    258,704 
Series B, 5.00%, 07/01/48 (Call 07/01/28)   4,025    4,282,318 
Series C, 5.00%, 07/01/25 (Call 07/01/24)   3,930    4,013,872 
Series C, 5.00%, 07/01/36 (Call 07/01/30)   2,500    2,831,698 
Los Angeles Department of Water & Power, RB          
Series A, 5.00%, 07/01/28 (Call 01/01/25)   1,290    1,333,013 
Series A, 5.00%, 07/01/46 (Call 01/01/26)   1,000    1,033,818 
Series A, 5.00%, 07/01/47 (Call 01/01/27)   1,000    1,049,753 
Series B, 5.00%, 07/01/29 (Call 07/01/24)   585    585,692 
Series B, 5.00%, 07/01/30 (Call 07/01/23)   500    500,591 
Series B, 5.00%, 07/01/42 (Call 01/01/26)   2,230    2,312,377 
Series B, 5.00%, 07/01/43 (Call 01/01/24)   940    946,861 
Series C, 5.00%, 07/01/26 (Call 07/01/24)   2,000    2,041,181 
Series C, 5.00%, 07/01/47 (Call 07/01/27)   1,000    1,056,224 
Series D, 5.00%, 07/01/35 (Call 07/01/24)   1,550    1,578,101 
Series D, 5.00%, 07/01/39 (Call 07/01/24)   3,700    3,754,465 
Series D, 5.00%, 07/01/44 (Call 07/01/24)   500    506,670 
Series E, 5.00%, 07/01/44 (Call 07/01/24)   500    506,670 
Los Angeles Unified School District/CA GO          
4.00%, 07/01/32 (Call 01/01/31)   440    476,992 
5.00%, 07/01/23   2,000    2,002,676 
5.00%, 07/01/25   2,000    2,082,487 
5.00%, 07/01/26   750    798,277 
5.00%, 07/01/27   1,250    1,360,661 
5.00%, 07/01/28   645    715,735 
5.00%, 07/01/28 (Call 07/01/24)   1,155    1,176,187 
5.00%, 07/01/29   1,000    1,132,286 
5.00%, 07/01/36 (Call 01/01/33)   1,000    1,160,708 
5.00%, 07/01/39 (Call 01/01/33)   1,405    1,596,557 
5.25%, 07/01/47 (Call 01/01/33)   750    844,429 
Series A, 5.00%, 07/01/23   625    625,836 
Series A, 5.00%, 07/01/24   7,000    7,138,136 
Series A, 5.00%, 07/01/25   5,270    5,487,352 
Series A, 5.00%, 07/01/26   6,125    6,519,264 
Series A, 5.00%, 07/01/27   4,670    5,083,429 
Series A, 5.00%, 07/01/28   2,785    3,090,423 
Series A, 5.00%, 07/01/29   1,850    2,094,728 
Series A, 5.00%, 07/01/29 (Call 07/01/25)   1,000    1,044,325 
Series A, 5.00%, 07/01/31 (Call 07/01/29)   1,000    1,130,041 
Series A, 5.00%, 07/01/40 (Call 07/01/25)   4,000    4,130,304 
Series B, 5.00%, 07/01/30 (Call 07/01/26)   1,000    1,068,396 
Series B1, 5.00%, 07/01/28 (Call 01/01/28)   1,455    1,599,798 
Series B-1, 4.00%, 07/01/24   740    746,804 
Security  Par
(000)		   Value 
         
California (continued)          
Series B-1, 5.00%, 07/01/30 (Call 01/01/28)  $505   $554,911 
Series B-1, 5.00%, 07/01/31 (Call 01/01/28)   500    549,485 
Series B-1, 5.00%, 07/01/33 (Call 01/01/28)   2,000    2,188,912 
Series B-1, 5.00%, 07/01/37 (Call 01/01/28)   1,000    1,077,465 
Series B-1, 5.25%, 07/01/42 (Call 01/01/28)   3,075    3,323,891 
Series C, 3.00%, 07/01/38 (Call 07/01/30)   1,000    871,205 
Series C, 4.00%, 07/01/31 (Call 07/01/30)   1,000    1,084,524 
Series C, 4.00%, 07/01/39 (Call 07/01/30)   2,620    2,639,359 
Series C, 4.00%, 07/01/44 (Call 07/01/30)   8,695    8,633,743 
Series C, 5.00%, 07/01/24   1,000    1,019,734 
Series C, 5.00%, 07/01/26 (Call 07/01/24)   460    468,831 
Series C, 5.00%, 07/01/27 (Call 07/01/24)   1,800    1,833,018 
Series C, 5.00%, 07/01/30 (Call 07/01/24)   750    763,037 
Series RYQ, 4.00%, 07/01/37 (Call 07/01/30)   3,500    3,588,584 
Series RYQ, 4.00%, 07/01/40 (Call 07/01/30)   200    200,666 
Series RYQ, 5.00%, 07/01/28   1,145    1,270,569 
Los Rios Community College District GO, Series E, 3.00%, 08/01/24   600    595,918 
Manhattan Beach Unified School District GO, 4.00%, 09/01/46 (Call 09/01/28)   5,000    4,936,778 
Marin Community College District GO, Series B, 4.00%, 08/01/40 (PR 02/15/27)   2,400    2,504,074 
Mendocino-Lake Community College District GO          
0.00%, 08/01/51 (PR 08/01/25) (BAM)(a)   7,000    1,691,122 
Series B, 0.00%, 08/01/51 (AGM)(a)   250    64,870 
Menlo Park City School District GO, Series 2006, 0.00%, 07/01/44 (Call 07/01/32)(a)   435    403,938 
Mesa Water District COP, 5.00%, 03/15/50 (Call 03/15/30)   4,380    4,711,570 
Metropolitan Water District of Southern California RB          
5.00%, 10/01/27   175    191,798 
5.00%, 10/01/29   2,000    2,290,262 
5.00%, 10/01/31   2,000    2,368,482 
5.00%, 10/01/33 (Call 10/01/32)   1,000    1,198,612 
5.00%, 07/01/37 (Call 01/01/29)   1,000    1,103,169 
5.00%, 07/01/38 (Call 01/01/29)   655    719,393 
5.00%, 10/01/39 (Call 04/01/31)   1,680    1,892,124 
Series A, 2.50%, 07/01/26   230    222,845 
Series A, 5.00%, 07/01/25   125    130,001 
Series A, 5.00%, 07/01/26   1,000    1,062,849 
Series A, 5.00%, 07/01/27   790    858,345 
Series A, 5.00%, 07/01/30 (PR 01/01/26)   1,000    1,053,477 
Series A, 5.00%, 07/01/31 (Call 01/01/29)   1,100    1,243,090 
Series A, 5.00%, 07/01/34 (Call 01/01/29)   2,020    2,279,190 
Series A, 5.00%, 07/01/40 (PR 07/01/25)   1,525    1,587,582 
Series A, 5.00%, 10/01/49 (Call 10/01/29)   7,915    8,569,692 
Series B, 5.00%, 08/01/24 (Call 07/01/24)   1,080    1,101,810 
Series C, 5.00%, 10/01/27   980    1,074,070 
Miracosta Community College District GO, Series B, 4.00%, 08/01/45 (Call 08/01/30)   3,000    2,974,422 
Moreno Valley Unified School District/CA GO, 5.00%, 08/01/44 (PR 08/01/25) (AGM)   10,000    10,416,010 
Mount Diablo Unified School District/CA GO, Series A, 5.75%, 08/01/35 (Call 08/01/25) (AGM)   400    422,797 
Mount San Antonio Community College District GO          
Series A, 0.00%, 08/01/28 (Call 02/01/28)(a)   1,000    1,096,857 
Series A, 0.00%, 08/01/43 (Call 08/01/35)(a)   2,235    2,025,414 
Series A, 4.00%, 08/01/49 (Call 08/01/29)   8,750    8,541,770 
Mountain View-Whisman School District GO, Series B, 4.00%, 09/01/42 (PR 09/01/26)   250    258,887 
Municipal Improvement Corp. of Los Angeles RB Series B, 5.00%, 11/01/29 (Call 11/01/26)   1,340    1,442,827 

 

5

 

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
California (continued)          
Series B, 5.00%, 11/01/30 (Call 11/01/26)  $500   $536,746 
Series B, 5.00%, 11/01/32 (Call 11/01/26)   1,055    1,131,898 
Newport Mesa Unified School District GO          
0.00%, 08/01/35(a)   2,000    1,293,820 
0.00%, 08/01/44 (Call 08/01/27)(a)   1,000    394,130 
Series 2005, 0.00%, 08/01/34(a)   1,715    1,163,802 
Series 2005, 0.00%, 08/01/36(a)   2,625    1,607,412 
Series 2005, 0.00%, 08/01/38(a)   500    274,385 
Series 2007, 0.00%, 08/01/23 (NPFGC)(a)   1,050    1,044,380 
Norman Y Mineta San Jose International Airport SJC RB, Series B, 5.00%, 03/01/47 (Call 03/01/27)   2,000    2,068,953 
North Orange County Community College District/CA GO          
4.00%, 08/01/43 (Call 08/01/32)   2,100    2,111,087 
4.00%, 08/01/44 (Call 08/01/32)   2,625    2,619,268 
Series B, 4.00%, 08/01/44 (Call 08/01/29)   6,500    6,412,765 
Ohlone Community College District GO, Series C, 4.00%, 08/01/45 (Call 08/01/26)   1,250    1,239,342 
Orange County Local Transportation Authority RB          
5.00%, 02/15/25   1,110    1,145,635 
5.00%, 02/15/30 (Call 02/15/29)   500    564,390 
5.00%, 02/15/41 (Call 02/15/29)   1,500    1,625,125 
Orange County Sanitation District COP, 5.00%, 02/01/33 (Call 02/01/31)   1,000    1,168,727 
Orange County Sanitation District RB, 5.00%, 02/01/26   2,000    2,110,385 
Orange County Water District COP, Series A, 2.00%, 08/15/23 (Call 06/21/23)   1,090    1,085,757 
Orange County Water District RB          
Series A, 4.00%, 08/15/41 (Call 02/15/27)   1,255    1,258,432 
Series C, 5.00%, 08/15/25   175    182,734 
Palomar Community College District, 5.00%, 08/01/44 (PR 08/01/25)   5,000    5,218,697 
Palomar Community College District GO          
4.00%, 08/01/45 (Call 08/01/27)   1,615    1,577,469 
Series C, 4.00%, 08/01/40 (PR 08/01/25)   250    255,730 
Series D, 4.00%, 08/01/46 (Call 08/01/27)   1,070    1,042,037 
Peninsula Corridor Joint Powers Board/CA RB, 5.00%, 06/01/47 (Call 06/01/31)   2,025    2,206,042 
Placentia-Yorba Linda Unified School District GO          
Series D, 0.00%, 08/01/40(a)   500    243,419 
Series D, 0.00%, 08/01/42(a)   200    87,646 
Series D, 0.00%, 08/01/46(a)   1,300    453,075 
Port of Los Angeles RB          
Series B, 5.00%, 08/01/26   2,010    2,138,886 
Series B, 5.00%, 08/01/44 (Call 08/01/24)   1,100    1,110,267 
Series C, 4.00%, 08/01/39 (Call 08/01/26)   1,000    1,001,805 
Poway Unified School District GO          
0.00%, 08/01/27(a)   2,500    2,184,560 
0.00%, 08/01/33(a)   250    174,441 
0.00%, 08/01/35(a)   500    319,437 
0.00%, 08/01/36(a)   1,000    603,567 
0.00%, 08/01/38(a)   755    407,449 
0.00%, 08/01/46(a)   4,445    1,510,845 
Series A, 0.00%, 08/01/31(a)   790    599,444 
Series A, 0.00%, 08/01/32(a)   450    327,289 
Series B, 0.00%, 08/01/34(a)   7,165    4,810,380 
Rio Hondo Community College District/CA GO, Series C, 0.00%, 08/01/42 (Call 08/01/34)(a)   4,170    4,884,739 
Riverside County Public Financing Authority RB, Series B, 5.25%, 11/01/45 (PR 11/01/25)   500    526,467 
Riverside County Transportation Commission RB 4.00%, 06/01/38 (Call 06/01/31)   2,965    2,867,675 
Security  Par
(000)		   Value 
         
California (continued)          
5.00%, 06/01/25  $420   $435,891 
Series A, 5.00%, 06/01/39 (Call 06/01/27)   410    434,701 
Series A, 5.25%, 06/01/39 (PR 06/01/23)   1,480    1,480,000 
Series A, 5.75%, 06/01/48 (PR 06/01/23)   1,000    1,000,000 
Series B, 0.00%, 06/01/41(a)   2,500    1,029,942 
Series B, 5.00%, 06/01/24   685    697,216 
Series B, 5.00%, 06/01/32 (Call 12/01/27)   310    339,551 
Series B, 5.00%, 06/01/37 (Call 12/01/27)   1,020    1,097,501 
Series B, 5.00%, 06/01/38 (Call 12/01/27)   1,520    1,627,228 
Series B, 5.00%, 06/01/39 (Call 12/01/27)   1,000    1,067,231 
Series B1, 3.00%, 06/01/49 (Call 06/01/31)   2,000    1,440,185 
Series B1, 4.00%, 06/01/37 (Call 06/01/31)   2,384    2,333,016 
Series B1, 4.00%, 06/01/39 (Call 06/01/31)   4,025    3,861,097 
Series B1, 4.00%, 06/01/40 (Call 06/01/31)   1,100    1,044,648 
Series B1, 4.00%, 06/01/46 (Call 06/01/31)   6,020    5,515,155 
Riverside County Transportation Commission Sales Tax Revenue RB          
5.00%, 06/01/30 (Call 12/01/27)   2,500    2,746,197 
Series B, 5.00%, 06/01/29 (Call 12/01/27)   1,500    1,648,995 
Riverside Unified School District GO, Series B, 4.00%, 08/01/42 (Call 08/01/27)   1,000    991,807 
Sacramento Area Flood Control Agency SA, Series A, 5.00%, 10/01/47 (Call 10/01/26)   1,000    1,040,069 
Sacramento City Financing Authority RB, Series E, 5.25%, 12/01/30 (AMBAC)   650    735,576 
Sacramento County Sanitation Districts Financing Authority RB          
5.00%, 12/01/33 (Call 12/01/31)   1,270    1,500,276 
Series A, 5.00%, 12/01/27   750    823,185 
Series A, 5.00%, 12/01/41 (Call 12/01/30)   2,520    2,778,102 
Series A, 5.00%, 12/01/44 (Call 06/01/24)   1,000    1,008,326 
Series A, 5.00%, 12/01/50 (Call 12/01/30)   4,105    4,455,462 
Sacramento Municipal Utility District RB          
5.00%, 08/15/26   265    282,480 
5.00%, 08/15/27 (Call 08/15/23)   4,905    4,919,030 
Series A, 5.00%, 08/15/41 (Call 08/15/23)   3,100    3,105,504 
Series A, VRDN,5.00%, 08/15/49 (Put 06/21/23)(b)   3,245    3,247,105 
Series B, VRDN,5.00%, 08/15/49 (Put 04/18/25)(b)   1,635    1,680,044 
Series E, 5.00%, 08/15/23   450    451,536 
Series E, 5.00%, 08/15/24   505    516,119 
Series G, 5.00%, 08/15/30 (Call 08/15/29)   1,000    1,138,408 
Series H, 4.00%, 08/15/45 (Call 08/15/30)   3,375    3,344,286 
Series H, 5.00%, 08/15/50 (Call 08/15/30)   3,340    3,619,579 
Series I, 5.00%, 08/15/27   1,000    1,090,284 
Series K, 5.25%, 07/01/24 (AMBAC)   130    131,641 
San Bernardino Community College District GO, Series A, 4.00%, 08/01/44 (Call 08/01/27)   500    524,305 
San Diego Association of Governments RB          
5.00%, 11/15/24 (Call 11/15/23)   1,500    1,512,219 
5.00%, 11/15/26 (Call 11/15/25)   2,350    2,458,489 
San Diego Association of Governments South Bay          
Expressway Revenue RB, Series A, 5.00%, 07/01/42 (Call 07/01/27)   3,000    3,124,497 
San Diego Community College District GO          
4.00%, 08/01/32 (PR 08/01/26)   500    518,118 
4.00%, 08/01/41 (PR 08/01/26)   3,500    3,626,828 
5.00%, 08/01/24   500    510,048 
5.00%, 08/01/27 (Call 08/01/26)   555    592,127 
5.00%, 08/01/28 (Call 08/01/26)   1,450    1,550,401 
5.00%, 08/01/30 (PR 08/01/26)   650    693,101 
5.00%, 08/01/31 (PR 08/01/26)   2,035    2,169,939 

 

6

 

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
California (continued)          
5.00%, 08/01/41 (PR 08/01/26)  $2,000   $2,132,618 
Series 2002, 5.00%, 08/01/30 (PR 08/01/23)   250    250,673 
Series 2006, 5.00%, 08/01/43 (PR 08/01/23)   4,995    5,008,444 
San Diego County Regional Airport Authority RB          
Series A, 4.00%, 07/01/46 (Call 07/01/31)   2,000    1,900,185 
Series A, 5.00%, 07/01/35 (Call 07/01/29)   1,500    1,657,057 
Series A, 5.00%, 07/01/39 (Call 07/01/29)   2,000    2,162,282 
Series A, 5.00%, 07/01/42 (Call 07/01/27)   1,000    1,044,570 
Series A, 5.00%, 07/01/43 (PR 07/01/23)   310    310,405 
Series A, 5.00%, 07/01/44 (Call 07/01/29)   400    424,601 
Series A, 5.00%, 07/01/49 (Call 07/01/29)   400    420,514 
Series A, 5.00%, 07/01/51 (Call 07/01/31)   2,000    2,132,282 
Series A, 5.00%, 07/01/56 (Call 07/01/31)   2,000    2,122,848 
San Diego County Regional Transportation Commission RB          
Series A, 4.00%, 04/01/48 (Call 04/01/30)   2,500    2,460,871 
Series A, 5.00%, 04/01/41 (Call 04/01/26)   2,000    2,092,808 
Series A, 5.00%, 04/01/48 (Call 04/01/26)   2,115    2,201,382 
Series A, 5.00%, 04/01/48 (PR 04/01/24)   2,710    2,751,303 
Series B, 5.00%, 04/01/48 (Call 04/01/31)   4,380    4,751,173 
San Diego County Water Authority RB          
Series A, 5.00%, 05/01/47 (Call 05/01/32)   2,000    2,208,880 
Series A, 5.00%, 05/01/52 (Call 05/01/32)   1,570    1,721,723 
Series B, 4.00%, 05/01/38 (Call 05/01/31)   2,500    2,596,352 
Series S1, 5.00%, 05/01/28 (Call 03/15/28)   4,730    5,210,599 
San Diego Public Facilities Financing Authority RB          
4.00%, 08/01/52 (Call 08/01/33)   1,730    1,661,969 
5.00%, 05/15/24   570    579,738 
5.00%, 05/15/25   1,000    1,038,032 
5.25%, 08/01/48 (Call 08/01/33)   2,310    2,619,125 
Series A, 5.00%, 05/15/29 (Call 05/15/26)   500    534,245 
Series A, 5.00%, 08/01/43 (Call 08/01/28)   500    534,389 
Series A, 5.00%, 10/15/44 (Call 10/15/25)   1,000    1,034,357 
Series B, 5.00%, 08/01/23   165    165,433 
Series B, 5.00%, 08/01/24   1,000    1,020,442 
Series B, 5.00%, 08/01/25   255    265,881 
Series B, 5.00%, 08/01/27 (Call 08/01/26)   1,500    1,599,874 
San Diego Unified School District/CA GO          
3.00%, 07/01/37 (Call 07/01/30)   2,400    2,129,034 
4.00%, 07/01/51 (Call 07/01/31)   2,300    2,243,337 
5.00%, 07/01/31 (PR 07/01/23)   8,985    8,996,729 
6.00%, 07/01/33 (PR 07/01/24)   3,000    3,090,495 
Series C, 0.00%, 07/01/30(a)   840    668,694 
Series C, 0.00%, 07/01/35(a)   300    196,565 
Series C, 0.00%, 07/01/36(a)   1,240    764,810 
Series C, 0.00%, 07/01/38(a)   1,930    1,062,099 
Series C, 0.00%, 07/01/39(a)   1,100    571,794 
Series C, 0.00%, 07/01/42(a)   215    95,852 
Series C, 0.00%, 07/01/45(a)   2,780    1,068,320 
Series C, 0.00%, 07/01/46(a)   500    182,667 
Series C, 0.00%, 07/01/47(a)   1,100    382,752 
Series C, 0.00%, 07/01/47 (Call 07/01/40)(a)   780    686,411 
Series C, 0.00%, 07/01/48 (Call 07/01/40)(a)   1,100    962,090 
Series C, 5.00%, 07/01/35 (PR 07/01/23)   2,450    2,453,198 
Series D-2, 3.00%, 07/01/39 (Call 07/01/30)   1,030    884,362 
Series D-2, 4.00%, 07/01/50 (Call 07/01/30)   5,085    4,974,281 
Series E, 0.00%, 07/01/32(a)   3,440    2,518,147 
Series E, 0.00%, 07/01/42(a)   1,340    972,151 
Series E, 0.00%, 07/01/47 (Call 07/01/42)(a)   3,025    2,201,037 
Series E, 0.00%, 07/01/49(a)   4,000    1,262,313 
Series F, 5.00%, 07/01/40 (Call 07/01/25)   2,365    2,437,235 
Security  Par
(000)		   Value 
         
California (continued)          
Series G, 0.00%, 07/01/38 (PR 01/01/24)(a)  $1,000   $441,186 
Series I, 4.00%, 07/01/47 (Call 07/01/27)   2,000    1,951,870 
Series I, 5.00%, 07/01/41 (Call 07/01/27)   1,000    1,059,729 
Series L, 4.00%, 07/01/44 (Call 07/01/29)   2,015    1,983,942 
Series L, 4.00%, 07/01/49 (Call 07/01/29)   1,000    969,999 
Series M-2, 3.00%, 07/01/50 (Call 07/01/30)   4,200    3,226,991 
Series M-2, 4.00%, 07/01/50 (Call 07/01/30)   5,000    4,891,132 
Series N-2, 3.00%, 07/01/46 (Call 07/01/31)   3,000    2,378,938 
Series N-2, 4.00%, 07/01/46 (Call 07/01/31)   6,195    6,107,725 
Series R-1, 0.00%, 07/01/31(a)   1,820    1,388,796 
Series R-2, 0.00%, 07/01/40(a)   800    740,040 
Series R-2, 0.00%, 07/01/41 (Call 07/01/40)(a)   450    412,403 
Series R-3, 5.00%, 07/01/23   375    375,526 
Series R-4, 5.00%, 07/01/24   325    331,587 
Series R-4, 5.00%, 07/01/27 (Call 07/01/25)   350    364,916 
Series R-4, 5.00%, 07/01/28 (Call 07/01/25)   180    187,847 
Series R-5, 5.00%, 07/01/29 (Call 07/01/26)   960    1,027,437 
Series SR-1, 4.00%, 07/01/31 (Call 07/01/26)   500    516,706 
Series SR-1, 4.00%, 07/01/32 (Call 07/01/26)   220    226,846 
San Dieguito Union High School District GO          
Series A-2, 4.00%, 08/01/38 (PR 08/01/23)   250    250,270 
Series B-2, 4.00%, 02/01/40 (Call 08/01/25)   200    198,207 
San Francisco Bay Area Rapid Transit District GO          
3.00%, 08/01/38 (Call 08/01/29)   1,625    1,450,727 
Series A, 4.00%, 08/01/42 (Call 08/01/27)   1,000    1,002,261 
Series A, 5.00%, 08/01/47 (Call 08/01/27)   1,015    1,076,364 
Series B-1, 3.00%, 08/01/49 (Call 08/01/29)   3,700    2,868,009 
Series C, 5.00%, 08/01/37 (PR 08/01/23)   1,925    1,930,181 
Series C-1, 3.00%, 08/01/36 (Call 08/01/29)   4,025    3,738,413 
Series C-1, 3.00%, 08/01/50 (Call 08/01/29)   2,600    1,973,885 
Series C-1, 4.00%, 08/01/35 (Call 08/01/29)   1,000    1,048,533 
Series D, 4.00%, 08/01/33 (Call 08/01/25)   2,250    2,305,655 
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB          
Series A, 3.00%, 07/01/44 (Call 07/01/27)   1,200    978,496 
Series A, 4.00%, 07/01/37 (Call 07/01/27)   1,000    1,017,345 
Series A, 4.00%, 07/01/38 (Call 07/01/27)   2,000    2,025,569 
San Francisco City & County Airport Commission San Francisco International Airport RB          
5.00%, 05/01/52 (Call 05/01/32)   1,500    1,613,118 
Series A, 5.00%, 05/01/26   1,000    1,058,100 
Series B, 4.00%, 05/01/37 (Call 05/01/30)   4,000    4,083,860 
Series B, 5.00%, 05/01/32 (Call 05/01/31)   350    407,505 
Series B, 5.00%, 05/01/34 (Call 05/01/31)   2,200    2,552,235 
Series B, 5.00%, 05/01/44 (Call 05/01/24)   4,625    4,671,533 
Series B, 5.00%, 05/01/47 (Call 05/01/27)   1,500    1,559,397 
Series B, 5.00%, 05/01/49 (Call 05/01/29)   3,000    3,167,879 
Series C, 5.00%, 05/01/46 (Call 05/01/26)   1,850    1,904,224 
Series D, 5.00%, 05/01/24   1,025    1,040,732 
Series D, 5.00%, 05/01/25   250    258,489 
Series E, 5.00%, 05/01/48 (Call 05/01/28)   2,000    2,100,116 
Series F, 5.00%, 05/01/50 (Call 05/01/29)   745    784,016 
San Francisco City & County Public Utilities Commission Power Revenue RB, 4.00%, 11/01/51 (Call 05/01/31)   2,090    2,032,980 
San Francisco City & County Public Utilities Commission Wastewater Revenue RB          
5.00%, 10/01/25   2,280    2,383,751 
5.00%, 10/01/27 (Call 10/01/25)   530    555,267 
5.00%, 10/01/28   3,180    3,550,933 
5.00%, 10/01/30   5,000    5,810,396 
5.00%, 10/01/31 (Call 04/01/28)   1,400    1,553,402 

 

7

 

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
California (continued)          
5.00%, 10/01/45 (Call 10/01/31)  $3,485   $3,849,575 
Series A, 4.00%, 10/01/43 (Call 04/01/28)   1,000    989,458 
Series A, 4.00%, 10/01/47 (Call 10/01/31)   2,000    1,968,468 
Series B, 4.00%, 10/01/35 (Call 07/18/23)   1,695    1,696,391 
Series B, 4.00%, 10/01/39 (Call 07/18/23)   950    950,780 
Series B, 4.00%, 10/01/42 (Call 07/03/23)   2,175    2,143,635 
Series B, 5.00%, 10/01/43 (Call 04/01/28)   1,000    1,069,285 
Series C, VRDN,2.13%, 10/01/48 (Put 07/18/23)(b)   2,070    2,066,635 
San Francisco County Transportation Authority RB          
4.00%, 02/01/25   2,020    2,054,619 
4.00%, 02/01/26   1,480    1,520,143 
San Francisco Municipal Transportation Agency RB          
4.00%, 03/01/46 (Call 03/01/27)   740    720,930 
Series C, 4.00%, 03/01/51 (Call 03/01/31)   2,400    2,308,654 
San Joaquin County Transportation Authority RB, 4.00%, 03/01/41 (Call 03/01/27)   500    497,995 
San Joaquin Delta Community College District GO, Series C, 5.00%, 08/01/39 (PR 08/01/24)   2,000    2,041,805 
San Joaquin Hills Transportation Corridor Agency RB          
0.00%, 01/01/26 (ETM)(a)   280    258,794 
0.00%, 01/01/28 (ETM)(a)   750    655,145 
4.00%, 01/15/34 (Call 01/15/32)   1,065    1,098,468 
5.00%, 01/15/31   1,500    1,653,609 
5.00%, 01/15/33 (Call 01/15/32)   1,585    1,758,004 
Series A, 0.00%, 01/15/26 (NPFGC)(a)   400    360,589 
Series A, 5.00%, 01/15/34 (PR 01/15/25)   750    773,176 
Series A, 5.00%, 01/15/44 (PR 01/15/25)   8,000    8,247,211 
Series A, 5.00%, 01/15/50 (PR 01/15/25)   8,750    9,020,387 
San Jose Evergreen Community College District GO          
3.00%, 09/01/40 (Call 09/01/28)   1,250    1,071,702 
Series C, 4.00%, 09/01/40 (PR 09/01/24)   2,500    2,525,998 
San Jose Financing Authority RB          
5.00%, 11/01/52 (Call 11/01/32)   7,300    8,075,269 
Series A, 5.00%, 06/01/39   1,010    1,010,000 
San Jose Unified School District GO          
0.00%, 08/01/29 (NPFGC)(a)   1,060    867,103 
Series C, 0.00%, 08/01/30 (NPFGC)(a)   3,150    2,483,962 
Series C, 0.00%, 06/01/31 (NPFGC)(a)   400    305,306 
San Juan Unified School District GO          
4.00%, 08/01/46 (Call 08/01/30)   1,095    1,079,184 
Series N, 4.00%, 08/01/29 (Call 08/01/26)   5,000    5,166,390 
San Marcos Unified School District GO          
0.00%, 08/01/28(a)   655    553,554 
Series B, 0.00%, 08/01/38(a)   565    305,935 
Series B, 0.00%, 08/01/47(a)   500    171,241 
Series B, 0.00%, 08/01/51(a)   1,500    421,368 
Series C, 5.00%, 08/01/40 (PR 02/15/24)   480    485,839 
San Mateo County Community College District GO          
0.00%, 09/01/30 (NPFGC)(a)   4,500    3,580,272 
Series A, 5.00%, 09/01/45 (PR 09/01/25)   775    808,654 
Series B, 0.00%, 09/01/26 (NPFGC)(a)   550    497,136 
Series B, 0.00%, 09/01/32 (NPFGC)(a)   2,020    1,486,096 
Series B, 0.00%, 09/01/35 (NPFGC)(a)   1,380    899,510 
Series B, 5.00%, 09/01/45 (Call 09/01/28)   3,100    3,355,210 
San Mateo Foster City Public Financing Authority RB          
4.00%, 08/01/44 (Call 08/01/29)   430    423,201 
Series B, 5.00%, 08/01/25   3,240    3,375,480 
San Mateo Foster City School District/CA GO, 0.00%, 08/01/42 (Call 08/01/31)(a)   2,235    2,189,711 
San Mateo Union High School District GO          
Series A, 0.00%, 09/01/33(a)   500    458,285 
Security  Par
(000)		   Value 
         
California (continued)          
Series A, 0.00%, 09/01/41 (Call 09/01/36)(a)  $1,915   $1,828,465 
Series A, 0.00%, 07/01/51 (Call 09/01/41)(a)   1,755    1,227,768 
Santa Barbara Secondary High School District GO, Series A, 0.00%, 08/01/40(a)   555    267,015 
Santa Barbara Unified School District, 4.00%, 08/01/44 (Call 08/01/28)   2,945    2,934,405 
Santa Barbara Unified School District GO, Series A, 4.00%, 08/01/41 (Call 08/01/27)   2,000    2,006,116 
Santa Clara Unified School District GO          
3.00%, 07/01/36 (Call 07/01/26)   3,370    3,080,561 
Series 2018, 4.00%, 07/01/48 (Call 07/01/26)   5,500    5,413,518 
Santa Clara Valley Transportation Authority RB, Series C, VRDN,2.65%, 04/01/36 (Put 05/31/23)(b)   15,000    15,000,000 
Santa Clara Valley Water District RB          
Series A, 5.00%, 06/01/41 (Call 12/01/25)   2,825    2,942,071 
Series A, 5.00%, 06/01/46 (Call 12/01/25)   1,410    1,462,739 
Santa Clara Valley Water District Safe Clean Water Revenue COP, 5.00%, 12/01/26 (Call 11/01/26)   1,800    1,930,008 
Santa Clara Valley Water District Safe Clean Water Revenue RB, 5.00%, 08/01/47 (Call 08/01/32)   1,000    1,109,368 
Santa Clarita Community College District GO, 3.00%, 08/01/49 (Call 08/01/28)   1,660    1,276,533 
Santa Monica Community College District GO          
Series A, 4.00%, 08/01/39 (Call 08/01/28)   565    569,541 
Series A, 4.00%, 08/01/47 (Call 08/01/28)   4,485    4,404,038 
Series A, 5.00%, 08/01/43 (Call 08/01/28)   4,590    4,919,130 
Series B, 4.00%, 08/01/44 (PR 08/01/24)   1,000    1,010,486 
Series B, 5.00%, 08/01/45 (Call 08/01/32)   1,020    1,128,195 
Santa Monica-Malibu Unified School District GO          
3.00%, 08/01/49 (Call 08/01/27)   1,500    1,167,087 
4.00%, 08/01/41 (Call 08/01/29)   2,000    2,008,757 
Series B, 4.00%, 08/01/50 (Call 08/01/29)   1,000    976,253 
Series D, 5.00%, 08/01/43 (PR 08/01/23)   1,200    1,203,230 
Silicon Valley Clean Water RB, Series A, 3.00%, 03/01/24 (Call 09/01/23)   2,135    2,129,422 
Sonoma County Junior College District GO, Series B, 3.00%, 08/01/41 (Call 08/01/29)   1,500    1,257,984 
South San Francisco Unified School District GO, Series C, 4.00%, 09/01/37 (Call 09/01/25)   1,000    999,940 
Southern California Public Power Authority RB          
Series A, 5.00%, 04/01/24 (Call 01/01/24)   4,000    4,042,102 
Series A, 5.00%, 07/01/30 (Call 01/01/24)   1,000    1,009,888 
Series C, 5.00%, 07/01/26 (Call 01/01/25)   1,070    1,103,882 
Southern California Water Replenishment District RB          
4.00%, 08/01/45 (Call 08/01/25)   1,000    984,285 
5.00%, 08/01/41 (Call 08/01/25)   1,000    1,036,694 
Southwestern Community College District GO          
Series A, 4.00%, 08/01/47 (Call 08/01/27)   2,000    1,954,346 
Series C, 0.00%, 08/01/41(a)   650    300,204 
Series C, 0.00%, 08/01/46(a)   1,000    341,708 
Series D, 5.00%, 08/01/44 (PR 08/01/25)   500    521,870 
State of California, 5.00%, 09/01/24   3,000    3,072,032 
State of California Department of Water Resources RB          
4.00%, 12/01/34 (Call 06/01/31)   2,000    2,151,107 
4.00%, 12/01/35 (Call 06/01/31)   3,000    3,183,517 
5.00%, 12/01/24   475    487,956 
5.00%, 12/01/31 (Call 06/01/31)   2,555    3,004,245 
5.00%, 12/01/35 (PR 06/01/29)   580    656,738 
Series AS, 5.00%, 12/01/23   250    252,116 
Series AS, 5.00%, 12/01/25 (Call 12/01/24)   2,315    2,379,171 
Series AS, 5.00%, 12/01/27 (PR 12/01/24)   4,040    4,154,977 
Series AW, 4.00%, 12/01/35 (Call 12/01/26)   1,000    1,028,627 

 

8

 

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
California (continued)          
Series AW, 5.00%, 12/01/28 (Call 12/01/26)  $1,040   $1,121,208 
Series AW, 5.00%, 12/01/33 (PR 12/01/26)   1,050    1,125,815 
Series BA, 5.00%, 12/01/24   140    143,819 
Series BA, 5.00%, 12/01/32 (Call 06/01/29)   2,540    2,881,197 
Series BB, 5.00%, 12/01/25   215    225,335 
Series BB, 5.00%, 12/01/26   1,775    1,904,388 
Series BB, 5.00%, 12/01/28   2,010    2,260,279 
Series BB, 5.00%, 12/01/33 (Call 12/01/30)   2,010    2,337,095 
State of California GO          
2.38%, 12/01/43 (Call 12/01/30)   925    662,511 
2.38%, 10/01/51 (Call 04/01/31)   2,000    1,280,757 
3.00%, 10/01/32 (Call 06/21/23)   820    800,133 
3.00%, 10/01/34 (Call 10/01/29)   1,865    1,760,624 
3.00%, 11/01/34 (Call 11/01/30)   1,575    1,484,345 
3.00%, 10/01/35 (Call 10/01/29)   1,850    1,715,748 
3.00%, 10/01/36 (Call 10/01/29)   8,000    7,269,064 
3.00%, 10/01/37 (Call 10/01/29)   1,375    1,226,921 
3.00%, 03/01/46 (Call 03/01/30)   1,000    790,005 
3.00%, 03/01/50 (Call 03/01/30)   505    387,709 
3.00%, 11/01/50 (Call 11/01/30)   1,500    1,149,021 
3.00%, 04/01/52 (Call 04/01/32)   2,000    1,530,060 
4.00%, 04/01/24   1,155    1,164,068 
4.00%, 03/01/25   475    482,586 
4.00%, 11/01/25   240    244,755 
4.00%, 03/01/27   5,000    5,167,267 
4.00%, 10/01/27   1,740    1,811,250 
4.00%, 09/01/28 (Call 09/01/26)   1,450    1,497,831 
4.00%, 09/01/33 (Call 09/01/26)   3,560    3,647,842 
4.00%, 10/01/33 (Call 04/01/31)   2,750    2,930,725 
4.00%, 09/01/34 (Call 09/01/26)   865    886,902 
4.00%, 10/01/34 (Call 04/01/31)   1,535    1,627,713 
4.00%, 11/01/34 (Call 11/01/27)   3,300    3,408,337 
4.00%, 10/01/35 (Call 04/01/31)   1,735    1,820,330 
4.00%, 03/01/36 (Call 03/01/30)   3,150    3,274,718 
4.00%, 09/01/36 (Call 09/01/26)   2,000    2,035,310 
4.00%, 10/01/36 (Call 10/01/29)   2,215    2,286,084 
4.00%, 10/01/36 (Call 04/01/31)   2,010    2,090,679 
4.00%, 03/01/37 (Call 03/01/30)   1,000    1,031,084 
4.00%, 09/01/37 (Call 09/01/26)   3,505    3,553,980 
4.00%, 11/01/37 (Call 11/01/27)   2,000    2,035,861 
4.00%, 11/01/38 (Call 11/01/30)   3,810    3,911,930 
4.00%, 10/01/39 (Call 10/01/29)   1,500    1,524,833 
4.00%, 11/01/40 (Call 11/01/30)   1,150    1,165,947 
4.00%, 10/01/41 (Call 04/01/31)   8,400    8,484,186 
4.00%, 04/01/42 (Call 04/01/32)   1,680    1,690,372 
4.00%, 11/01/44 (Call 11/01/24)   975    972,234 
4.00%, 03/01/45 (Call 03/01/25)   500    496,415 
4.00%, 08/01/45 (Call 08/01/25)   250    248,127 
4.00%, 03/01/46 (Call 03/01/30)   6,960    6,922,348 
4.00%, 11/01/47 (Call 11/01/27)   1,500    1,482,887 
4.00%, 10/01/50 (Call 04/01/33)   2,500    2,459,854 
4.00%, 11/01/50 (Call 11/01/25)   2,425    2,373,807 
4.25%, 09/01/52 (Call 09/01/32)   1,310    1,322,225 
5.00%, 08/01/23   955    957,856 
5.00%, 09/01/23   5,000    5,022,829 
5.00%, 11/01/23   1,500    1,511,661 
5.00%, 03/01/24   150    152,155 
5.00%, 08/01/24   750    766,628 
5.00%, 09/01/24   1,045    1,070,091 
5.00%, 10/01/24   3,500    3,590,168 
Security  Par
(000)		   Value 
         
California (continued)          
5.00%, 11/01/24  $1,910   $1,962,605 
5.00%, 12/01/24 (Call 12/01/23)   2,275    2,297,499 
5.00%, 02/01/25 (Call 07/03/23)   5    5,008 
5.00%, 03/01/25   250    258,213 
5.00%, 04/01/25   700    724,358 
5.00%, 05/01/25 (Call 05/01/24)   320    325,992 
5.00%, 08/01/25   4,670    4,854,316 
5.00%, 09/01/25 (Call 09/01/23)   3,450    3,462,913 
5.00%, 10/01/25   10,435    10,878,695 
5.00%, 10/01/25 (Call 10/01/24)   1,110    1,134,506 
5.00%, 11/01/25 (Call 11/01/23)   300    301,936 
5.00%, 12/01/25   2,125    2,222,976 
5.00%, 12/01/25 (Call 12/01/23)   1,000    1,007,920 
5.00%, 03/01/26 (Call 03/01/25)   1,290    1,330,861 
5.00%, 04/01/26   1,165    1,230,077 
5.00%, 08/01/26   6,870    7,289,125 
5.00%, 08/01/26 (Call 08/01/25)   1,780    1,851,536 
5.00%, 10/01/26   5,260    5,600,169 
5.00%, 10/01/26 (Call 04/01/26)   3,275    3,456,283 
5.00%, 10/01/26 (PR 04/01/26)   15    15,830 
5.00%, 11/01/26   2,500    2,666,336 
5.00%, 02/01/27 (AMBAC)   200    215,003 
5.00%, 03/01/27 (Call 03/01/25)   1,400    1,447,256 
5.00%, 04/01/27   680    733,683 
5.00%, 08/01/27   1,685    1,826,535 
5.00%, 08/01/27 (Call 08/01/25)   620    646,356 
5.00%, 08/01/27 (Call 08/01/26)   500    531,574 
5.00%, 09/01/27   360    390,932 
5.00%, 09/01/27 (Call 09/01/26)   3,670    3,908,540 
5.00%, 11/01/27   10,325    11,252,525 
5.00%, 11/01/27 (Call 11/01/23)   700    704,545 
5.00%, 12/01/27   2,595    2,833,265 
5.00%, 08/01/28 (Call 08/01/26)   2,335    2,487,906 
5.00%, 08/01/28 (Call 08/01/27)   2,700    2,927,330 
5.00%, 09/01/28   300    333,149 
5.00%, 09/01/28 (Call 09/01/26)   1,365    1,456,883 
5.00%, 10/01/28   8,215    9,138,672 
5.00%, 11/01/28   3,135    3,493,621 
5.00%, 04/01/29   4,375    4,910,734 
5.00%, 08/01/29 (Call 08/01/26)   1,920    2,045,808 
5.00%, 08/01/29 (Call 08/01/27)   1,000    1,084,659 
5.00%, 09/01/29 (Call 09/01/26)   3,245    3,463,146 
5.00%, 10/01/29   10,355    11,734,647 
5.00%, 10/01/29 (Call 04/01/26)   760    804,829 
5.00%, 11/01/29   1,500    1,702,450 
5.00%, 11/01/29 (Call 11/01/27)   4,980    5,426,587 
5.00%, 12/01/29   1,390    1,580,022 
5.00%, 03/01/30   170    193,883 
5.00%, 04/01/30   2,175    2,484,264 
5.00%, 04/01/30 (Call 04/01/29)   1,000    1,120,099 
5.00%, 08/01/30 (Call 08/01/27)   635    688,793 
5.00%, 08/01/30 (Call 08/01/28)   1,010    1,119,631 
5.00%, 11/01/30   1,165    1,343,919 
5.00%, 11/01/30 (Call 11/01/23)   2,000    2,012,491 
5.00%, 11/01/30 (Call 11/01/27)   4,680    5,098,501 
5.00%, 03/01/31 (Call 03/01/25)   3,000    3,101,338 
5.00%, 03/01/31 (Call 03/01/30)   1,000    1,141,070 
5.00%, 04/01/31   4,985    5,789,968 
5.00%, 09/01/31 (Call 09/01/26)   2,005    2,135,066 
5.00%, 10/01/31 (Call 10/01/24)   2,825    2,885,886 

 

9

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
California (continued)          
5.00%, 11/01/31 (Call 11/01/23)  $2,080   $2,091,791 
5.00%, 11/01/31 (Call 11/01/27)   3,000    3,266,475 
5.00%, 11/01/31 (Call 11/01/28)   1,000    1,113,301 
5.00%, 11/01/31 (Call 11/01/30)   4,000    4,613,211 
5.00%, 03/01/32 (Call 03/01/30)   3,900    4,442,265 
5.00%, 04/01/32   6,680    7,862,275 
5.00%, 04/01/32 (Call 04/01/29)   1,225    1,371,778 
5.00%, 05/01/32 (Call 05/01/24)   2,000    2,029,792 
5.00%, 09/01/32   1,895    2,243,370 
5.00%, 09/01/32 (Call 09/01/26)   3,000    3,191,283 
5.00%, 10/01/32 (Call 10/01/24)   1,000    1,021,421 
5.00%, 10/01/32 (Call 10/01/29)   1,000    1,128,209 
5.00%, 10/01/32 (Call 10/01/31)   1,745    2,037,334 
5.00%, 11/01/32 (Call 11/01/30)   2,550    2,934,626 
5.00%, 12/01/32 (Call 06/01/26)   775    820,738 
5.00%, 03/01/33 (Call 03/01/30)   8,915    10,135,302 
5.00%, 04/01/33   1,750    2,084,970 
5.00%, 04/01/33 (Call 04/01/24)   1,210    1,226,248 
5.00%, 04/01/33 (Call 04/01/29)   840    939,093 
5.00%, 08/01/33 (Call 08/01/24)   3,000    3,055,803 
5.00%, 09/01/33 (Call 09/01/23)   1,635    1,640,387 
5.00%, 09/01/33 (Call 09/01/26)   1,500    1,595,637 
5.00%, 09/01/33 (Call 09/01/32)   1,460    1,723,157 
5.00%, 10/01/33 (Call 04/01/24)   1,395    1,413,503 
5.00%, 10/01/33 (Call 10/01/24)   3,185    3,252,392 
5.00%, 03/01/34 (Call 03/01/30)   3,600    4,088,826 
5.00%, 09/01/34 (Call 09/01/26)   3,935    4,171,396 
5.00%, 11/01/34 (Call 11/01/28)   1,000    1,106,993 
5.00%, 12/01/34 (Call 12/01/30)   1,780    2,036,282 
5.00%, 04/01/35 (Call 04/01/29)   1,000    1,111,556 
5.00%, 04/01/35 (Call 04/01/32)   1,365    1,594,323 
5.00%, 08/01/35 (Call 08/01/25)   1,565    1,622,792 
5.00%, 08/01/35 (Call 08/01/26)   1,920    2,025,639 
5.00%, 09/01/35 (Call 09/01/26)   3,985    4,208,403 
5.00%, 10/01/35 (Call 04/01/26)   4,755    4,987,486 
5.00%, 10/01/35   245    258,549 
5.00%, 04/01/36 (Call 04/01/24)   5,000    5,064,675 
5.00%, 08/01/36 (Call 08/01/28)   1,890    2,062,655 
5.00%, 09/01/36 (Call 09/01/26)   2,000    2,107,404 
5.00%, 11/01/36 (Call 11/01/27)   3,290    3,546,933 
5.00%, 11/01/36 (Call 11/01/28)   2,510    2,745,563 
5.00%, 08/01/37 (Call 08/01/28)   2,125    2,307,264 
5.00%, 10/01/37 (Call 10/01/24)   3,100    3,161,938 
5.00%, 11/01/37 (Call 11/01/32)   7,500    8,595,520 
5.00%, 08/01/38 (Call 08/01/26)   2,250    2,361,905 
5.00%, 09/01/39 (Call 09/01/32)   4,770    5,417,143 
5.00%, 10/01/39 (Call 10/01/24)   1,250    1,273,667 
5.00%, 11/01/39 (Call 11/01/28)   3,505    3,800,620 
5.00%, 11/01/42 (Call 11/01/32)   2,500    2,809,264 
5.00%, 11/01/43 (Call 11/01/23)   4,725    4,750,229 
5.00%, 10/01/44 (Call 10/01/24)   2,330    2,366,215 
5.00%, 04/01/45 (Call 04/01/29)   3,145    3,385,115 
5.00%, 08/01/45 (Call 08/01/25)   3,400    3,506,784 
5.00%, 08/01/46 (Call 08/01/26)   1,500    1,567,936 
5.00%, 09/01/46 (Call 09/01/26)   1,000    1,046,413 
5.00%, 12/01/46 (Call 12/01/30)   2,000    2,183,316 
5.00%, 04/01/47 (Call 04/01/32)   3,890    4,289,879 
5.00%, 10/01/47 (Call 04/01/26)   3,850    4,004,334 
5.00%, 11/01/47 (Call 11/01/27)   800    847,037 
5.00%, 10/01/49 (Call 10/01/29)   2,000    2,153,671 
Security  Par
(000)		   Value 
         
California (continued)          
5.00%, 09/01/52 (Call 09/01/32)  $2,000   $2,199,299 
5.25%, 08/01/31 (Call 08/01/25)   1,680    1,758,560 
5.25%, 08/01/32 (AGM)   1,825    2,180,062 
Series A, 5.00%, 10/01/24   5,000    5,128,812 
Series B, 5.00%, 08/01/24   815    833,070 
Series B, 5.00%, 09/01/24   2,945    3,015,712 
Series B, 5.00%, 09/01/25   1,880    1,956,643 
Series B, 5.00%, 08/01/26   2,280    2,419,098 
Series B, 5.00%, 09/01/26   2,185    2,322,281 
Series C, 5.00%, 09/01/26 (Call 09/01/25)   3,500    3,646,593 
Series C, 5.00%, 08/01/27 (Call 08/01/26)   760    807,993 
Series C, 5.00%, 08/01/32 (Call 02/01/25)   300    309,582 
Series C, 5.00%, 08/01/33 (Call 02/01/25)   480    495,194 
Sunnyvale Elementary School District GO, 4.00%, 09/01/42 (Call 09/01/25)   500    495,371 
Ukiah Unified School District/CA GO, Series 2005, 0.00%, 08/01/28 (NPFGC)(a)   1,000    834,884 
University of California RB          
4.00%, 05/15/33 (Call 05/15/27)   4,000    4,137,636 
4.00%, 05/15/34 (Call 05/15/25)   4,900    4,980,858 
4.00%, 05/15/39 (Call 05/15/31)   2,500    2,524,361 
5.00%, 05/15/28   1,000    1,110,523 
5.00%, 05/15/29   4,000    4,529,576 
5.00%, 05/15/30   3,000    3,462,883 
5.00%, 05/15/33   1,000    1,213,734 
5.00%, 05/15/34 (Call 05/15/26)   975    1,039,143 
5.00%, 05/15/35 (Call 05/15/27)   2,500    2,699,441 
5.00%, 05/15/40 (Call 05/15/32)   1,900    2,132,251 
5.00%, 05/15/42 (Call 05/15/27)   2,405    2,547,126 
5.50%, 05/15/40 (Call 05/15/33)   5,000    5,919,985 
VRDN,2.92%, 05/15/48 (Put 05/31/23)(b)   8,000    8,000,000 
Series AL-2, VRDN,2.95%, 05/15/48 (Put 06/01/23)(b)   6,000    6,000,000 
Series AM, 4.00%, 05/15/34 (Call 05/15/24)   5,760    5,803,276 
Series AM, 5.00%, 05/15/28 (Call 05/15/24)   120    122,163 
Series AM, 5.00%, 05/15/44 (Call 05/15/24)   495    500,665 
Series AM, 5.00%, 05/15/44 (PR 05/15/24)   5,205    5,292,719 
Series AM, 5.25%, 05/15/38 (Call 05/15/24)   5,000    5,081,490 
Series AO, 5.00%, 05/15/27 (Call 05/15/25)   3,015    3,135,079 
Series AO, 5.00%, 05/15/28 (Call 05/15/25)   400    416,012 
Series AO, 5.00%, 05/15/32 (Call 05/15/25)   3,000    3,119,753 
Series AO, 5.00%, 05/15/40 (Call 05/15/25)   6,245    6,436,400 
Series AR, 5.00%, 05/15/41 (Call 05/15/26)   970    1,016,057 
Series AV, 5.00%, 05/15/36 (Call 05/15/27)   1,100    1,183,673 
Series AV, 5.00%, 05/15/47 (Call 05/15/27)   3,300    3,477,660 
Series AV, 5.00%, 05/15/49 (Call 05/15/27)   1,500    1,578,417 
Series AV, 5.25%, 05/15/42 (Call 05/15/27)   2,000    2,139,599 
Series AY, 5.00%, 05/15/25   1,300    1,352,708 
Series AY, 5.00%, 05/15/31 (Call 05/15/27)   1,000    1,088,905 
Series AY, 5.00%, 05/15/36 (Call 05/15/27)   2,135    2,297,401 
Series AY, 5.00%, 05/15/37 (Call 05/15/27)   4,650    4,981,865 
Series AZ, 5.00%, 05/15/36 (Call 05/15/28)   750    823,370 
Series AZ, 5.00%, 05/15/43 (Call 05/15/28)   5,630    6,042,570 
Series AZ, 5.00%, 05/15/48 (Call 05/15/28)   250    266,669 
Series AZ, 5.25%, 05/15/58 (Call 05/15/28)   500    538,784 
Series BB, 5.00%, 05/15/49 (Call 05/15/29)   1,500    1,608,300 
Series BE, 4.00%, 05/15/37 (Call 05/15/30)   1,000    1,026,446 
Series BE, 4.00%, 05/15/40 (Call 05/15/30)   665    668,038 
Series BE, 4.00%, 05/15/47 (Call 05/15/30)   2,500    2,474,609 
Series BE, 5.00%, 05/15/33 (Call 05/15/30)   2,000    2,309,778 
Series BE, 5.00%, 05/15/38 (Call 05/15/30)   1,500    1,671,126 

 

10

 

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security 
Par
(000)		   Value 
         
California (continued)          
Series BH, 4.00%, 05/15/46 (Call 05/15/31)  $950   $941,307 
Series BH, 4.00%, 05/15/51 (Call 05/15/31)   2,020    1,984,154 
Series I, 5.00%, 05/15/27 (Call 05/15/25)   655    681,087 
Series I, 5.00%, 05/15/28 (Call 05/15/25)   350    363,739 
Series I, 5.00%, 05/15/29 (Call 05/15/25)   205    212,931 
Series I, 5.00%, 05/15/31 (Call 05/15/25)   5,290    5,498,594 
Series I, 5.00%, 05/15/32 (Call 05/15/25)   540    561,138 
Series K, 4.00%, 05/15/46 (Call 05/15/26)   3,000    2,924,398 
Series K, 5.00%, 05/15/35 (Call 05/15/26)   500    530,505 
Series M, 4.00%, 05/15/47 (Call 05/15/27)   250    243,351 
Series M, 5.00%, 05/15/33 (Call 05/15/27)   1,000    1,082,770 
Series M, 5.00%, 05/15/47 (Call 05/15/27)   1,165    1,225,962 
Series M, 5.00%, 05/15/52 (Call 05/15/27)   250    262,257 
Series O, 4.00%, 05/15/29 (Call 05/15/28)   500    529,138 
Series O, 5.00%, 05/15/58 (Call 05/15/28)   1,000    1,061,164 
Series O, 5.50%, 05/15/58 (Call 05/15/28)   500    541,818 
Series Q, 4.00%, 05/15/36 (Call 05/15/31)   1,000    1,041,686 
Series Q, 5.00%, 05/15/46 (Call 05/15/31)   4,025    4,395,790 
Upper Santa Clara Valley Joint Powers Authority RB          
Series A, 4.00%, 08/01/45 (Call 08/01/25)   1,100    1,074,437 
Series A, 4.00%, 08/01/50 (Call 08/01/25)   3,000    2,881,820 
West Valley-Mission Community College District GO, Series B, 4.00%, 08/01/40 (Call 08/01/25)   250    248,628 
Westminster School District GO, 0.00%, 08/01/52 (Call 08/01/39) (BAM)(a)   6,380    4,205,019 
William S Hart Union High School District GO          
Series A, 0.00%, 08/01/33(a)   990    685,664 
Security  Par/
Shares
(000)		   Value 
         
California (continued)          
Series B, 0.00%, 08/01/34 (AGM)(a)  $1,250   $836,243 
Series C, 0.00%, 08/01/37 (PR 08/01/23)(a)   500    248,052 
Series C, 4.00%, 08/01/38 (PR 08/01/23)   500    500,540 
         2,156,017,007 
           
Total Long-Term Investments — 99.2%          
(Cost: $2,235,367,198)        2,156,017,007 
         
Short-Term Securities          
           
Money Market Funds — 0.2%          
BlackRock Liquidity Funds California Money Fund Portfolio, 2.69%(c)(d)   5,125    5,121,483 
           
Total Short-Term Securities — 0.2%          
(Cost: $5,121,483)        5,121,483 
           
Total Investments — 99.4%          
(Cost: $2,240,488,681)        2,161,138,490 
           
Other Assets Less Liabilities — 0.6%    12,041,979 
           
Net Assets — 100.0%       $2,173,180,469 

 

(a)Zero-coupon bond.
(b)Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.
(c)Affiliate of the Fund.
(d)Annualized 7-day yield as of period end.

 

Affiliates

 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at
02/28/23		   Purchases
at Cost		   Proceeds
from Sale		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
05/31/23		   Shares
Held at
05/31/23
(000)		   Income   Capital Gain
Distributions from
Underlying Funds		 
BlackRock Liquidity Funds California Money Fund Portfolio  $3,414,808   $1,705,467(a)  $—   $1,550   $(342)  $5,121,483   5,125   $32,608   $— 

 

(a)Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

 

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

●Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

 

●Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

●Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

 

 

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

 

11

 

 

Schedule of Investments (unaudited) (continued) iShares® California Muni Bond ETF
May 31, 2023  

 

Fair Value Hierarchy as of Period End (continued)

 

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

   Level 1   Level 2   Level 3   Total 
Assets                    
Investments                    
Long-Term Investments                    
Municipal Debt Obligations  $—   $2,156,017,007   $—   $2,156,017,007 
Short-Term Securities                    
Money Market Funds   5,121,483    —    —    5,121,483 
   $5,121,483   $2,156,017,007   $—   $2,161,138,490 

 

Portfolio Abbreviation
     
AGC Assured Guaranty Corp. ETM Escrowed to Maturity
AGC-ICC Assured Guaranty Corp. – Insured Custody Certificate FGIC Financial Guaranty Insurance Co.
AGM Assured Guaranty Municipal Corp. GO General Obligation
AGM-CR AGM Insured Custodial Receipt NPFGC National Public Finance Guarantee Corp.
AMBAC Ambac Assurance Corp. PR Prerefunded
BAM Build America Mutual Assurance Co. RB Revenue Bond
COP Certificates of Participation    

 

12