| Schedule of Investments (unaudited) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Municipal Debt Obligations | ||||||||
| Alabama — 0.8% | ||||||||
| Alabama Federal Aid Highway Finance Authority RB | ||||||||
| 4.00%, 09/01/31 (PR 09/01/24) | $ | 20,970 | $ | 21,124,041 | ||||
| 4.00%, 09/01/33 (PR 09/01/24) | 57,315 | 57,736,025 | ||||||
| 5.00%, 09/01/27 (PR 09/01/24) | 1,710 | 1,743,255 | ||||||
| 5.00%, 09/01/30 (PR 09/01/24) | 2,525 | 2,574,104 | ||||||
| Series 2007-2, Class A4, 5.00%, 09/01/28 | ||||||||
| (PR 09/01/24) | 3,500 | 3,568,066 | ||||||
| Series A, 4.00%, 06/01/37 (PR 09/01/27) | 5,290 | 5,534,310 | ||||||
| Series A, 5.00%, 09/01/35 (PR 09/01/26) | 23,575 | 25,026,126 | ||||||
| Series A, 5.00%, 09/01/36 (PR 09/01/26) | 8,750 | 9,288,594 | ||||||
| Series A, 5.00%, 06/01/37 (PR 09/01/27) | 5,000 | 5,429,614 | ||||||
| Series B, 5.00%, 09/01/23 | 3,230 | 3,242,492 | ||||||
| Series B, 5.00%, 09/01/24 | 3,940 | 4,023,898 | ||||||
| Series B, 5.00%, 09/01/26 | 2,665 | 2,833,290 | ||||||
| Alabama Public School and College Authority RB | ||||||||
| 4.00%, 11/01/40 (Call 11/01/30) | 4,000 | 3,963,084 | ||||||
| Series A, 4.00%, 11/01/38 (Call 11/01/30) | 1,605 | 1,619,405 | ||||||
| Series A, 5.00%, 11/01/23 | 6,000 | 6,036,732 | ||||||
| Series A, 5.00%, 11/01/24 | 10,000 | 10,241,867 | ||||||
| Series A, 5.00%, 11/01/25 | 3,800 | 3,968,338 | ||||||
| Series A, 5.00%, 11/01/26 | 13,680 | 14,585,604 | ||||||
| Series A, 5.00%, 11/01/27 | 7,850 | 8,534,787 | ||||||
| Series A, 5.00%, 11/01/32 (Call 11/01/30) | 5,000 | 5,710,921 | ||||||
| Series A, 5.00%, 11/01/33 (Call 11/01/30) | 4,300 | 4,903,495 | ||||||
| Series A, 5.00%, 11/01/34 (Call 11/01/30) | 9,000 | 10,225,054 | ||||||
| Series A, 5.00%, 11/01/35 (Call 11/01/30) | 6,000 | 6,762,916 | ||||||
| Series A, 5.00%, 11/01/39 (Call 11/01/30) | 11,305 | 12,453,141 | ||||||
| Series B, 5.00%, 01/01/24 | 3,525 | 3,557,823 | ||||||
| Series B, 5.00%, 01/01/26 (Call 07/01/24) | 6,135 | 6,247,579 | ||||||
| Auburn University RB | ||||||||
| Series A, 4.00%, 06/01/41 (Call 06/01/26) | 3,375 | 3,331,287 | ||||||
| Series A, 5.00%, 06/01/48 (Call 06/01/28) | 7,875 | 8,297,482 | ||||||
| State of Alabama GO | ||||||||
| 5.00%, 11/01/41 (Call 11/01/32) | 5,580 | 6,289,831 | ||||||
| 5.00%, 11/01/42 (Call 11/01/32) | 6,075 | 6,821,317 | ||||||
| Series C, 5.00%, 08/01/27 (Call 08/01/26) | 1,090 | 1,156,456 | ||||||
| 266,830,934 | ||||||||
| Alaska — 0.0% | ||||||||
| City of Anchorage AK Electric Revenue RB, Series A, | ||||||||
| 4.00%, 12/01/44 (PR 12/01/24) | 2,000 | 2,015,884 | ||||||
| Arizona — 1.0% | ||||||||
| Arizona Department of Transportation State Highway Fund Revenue RB | ||||||||
| 5.00%, 07/01/24 | 1,110 | 1,130,598 | ||||||
| 5.00%, 07/01/25 (Call 07/01/24) | 1,885 | 1,917,364 | ||||||
| 5.00%, 07/01/26 (Call 07/01/24) | 5,000 | 5,085,312 | ||||||
| 5.00%, 07/01/27 (Call 07/01/24) | 4,490 | 4,567,089 | ||||||
| 5.00%, 07/01/30 (Call 07/01/24) | 2,000 | 2,033,912 | ||||||
| 5.00%, 07/01/33 (Call 07/01/24) | 2,900 | 2,948,244 | ||||||
| Arizona School Facilities Board COP, Series A, 5.00%, 09/01/23 | 750 | 752,807 | ||||||
| Arizona State University RB | ||||||||
| 5.00%, 07/01/42 (Call 07/01/26) | 2,900 | 2,971,044 | ||||||
| Series B, 5.00%, 07/01/47 (Call 07/01/26) | 1,500 | 1,535,439 | ||||||
| Arizona Transportation Board RB | ||||||||
| 5.00%, 07/01/24 | 2,420 | 2,464,132 | ||||||
| Series A, 5.00%, 07/01/24 | 6,070 | 6,180,696 | ||||||
| Security | Par (000) | Value | ||||||
| Arizona (continued) | ||||||||
| Arizona Water Infrastructure Finance Authority RB | ||||||||
| Series A, 5.00%, 10/01/25 (Call 10/01/24) | $ | 1,000 | $ | 1,021,946 | ||||
| Series A, 5.00%, 10/01/26 (Call 10/01/24) | 7,890 | 8,063,156 | ||||||
| City of Chandler AZ GOL, 5.00%, 07/01/23 | 4,565 | 4,570,772 | ||||||
| City of Mesa AZ Utility System Revenue RB, 4.00%, 07/01/32 (Call 07/01/26) | 1,500 | 1,528,481 | ||||||
| City of Phoenix AZ GO | ||||||||
| 4.00%, 07/01/25 (Call 07/01/24) | 2,040 | 2,053,772 | ||||||
| 5.00%, 07/01/24 | 2,000 | 2,036,900 | ||||||
| 5.00%, 07/01/25 | 3,800 | 3,941,909 | ||||||
| City of Phoenix Civic Improvement Corp. RB | ||||||||
| 4.00%, 07/01/44 (Call 07/01/29) | 4,800 | 4,656,582 | ||||||
| 5.00%, 07/01/38 (Call 07/01/26) | 2,000 | 2,071,826 | ||||||
| 5.00%, 07/01/39 (Call 07/01/26) | 2,215 | 2,289,984 | ||||||
| 5.00%, 07/01/44 (Call 07/01/29) | 1,500 | 1,582,269 | ||||||
| 5.00%, 07/01/44 (Call 07/01/30) | 5,000 | 5,429,025 | ||||||
| 5.00%, 07/01/49 (Call 07/01/29) | 5,000 | 5,228,991 | ||||||
| Series A, 4.00%, 07/01/40 (Call 07/01/31) | 1,610 | 1,613,899 | ||||||
| Series A, 4.00%, 07/01/41 (Call 07/01/31) | 3,035 | 3,031,599 | ||||||
| Series A, 4.00%, 07/01/42 (Call 07/01/31) | 5,750 | 5,704,744 | ||||||
| Series A, 5.00%, 07/01/37 (Call 07/01/25) | 2,000 | 2,047,890 | ||||||
| Series A, 5.00%, 07/01/41 (Call 07/01/25) | 2,000 | 2,037,454 | ||||||
| Series A, 5.00%, 07/01/44 (Call 07/01/30) | 12,205 | 13,252,250 | ||||||
| Series A, 5.00%, 07/01/45 (Call 07/01/25) | 2,000 | 2,033,548 | ||||||
| Series A, 5.00%, 07/01/45 (Call 07/01/29) | 2,000 | 2,090,642 | ||||||
| Series B, 4.00%, 07/01/28 (Call 07/01/24) | 16,100 | 16,222,329 | ||||||
| Series B, 5.00%, 07/01/26 (Call 07/01/24) | 1,500 | 1,526,874 | ||||||
| Series B, 5.00%, 07/01/27 (Call 07/01/24) | 4,025 | 4,095,394 | ||||||
| Series D, 5.00%, 07/01/35 (Call 07/01/27) | 4,200 | 4,437,987 | ||||||
| County of Pima AZ Sewer System Revenue RB, 5.00%, 07/01/24 | 6,275 | 6,390,104 | ||||||
| County of Pima Sewer System Revenue, 5.00%, 07/01/23, (ETM) | 2,405 | 2,407,547 | ||||||
| Gilbert Water Resource Municipal Property Corp. RB | ||||||||
| 5.00%, 07/15/32 | 4,650 | 5,486,866 | ||||||
| 5.00%, 07/15/33 (Call 07/15/32) | 3,000 | 3,543,648 | ||||||
| Phoenix AZ, 4.00%, 07/01/24 | 1,115 | 1,123,645 | ||||||
| Salt River Project Agricultural Improvement & Power District RB | ||||||||
| 5.00%, 01/01/24 | 1,150 | 1,161,504 | ||||||
| 5.00%, 01/01/27 | 1,900 | 2,031,502 | ||||||
| 5.00%, 01/01/28 | 1,645 | 1,796,283 | ||||||
| 5.00%, 01/01/31 (Call 01/01/28) | 3,600 | 3,939,933 | ||||||
| 5.00%, 01/01/32 | 26,930 | 31,540,715 | ||||||
| 5.00%, 01/01/38 (Call 01/01/28) | 1,555 | 1,666,540 | ||||||
| 5.00%, 01/01/39 (Call 01/01/28) | 8,000 | 8,553,862 | ||||||
| 5.00%, 01/01/47 (Call 01/01/30) | 10,500 | 11,259,836 | ||||||
| Series A, 4.00%, 01/01/38 (Call 01/01/27) | 2,000 | 2,016,610 | ||||||
| Series A, 5.00%, 01/01/25 | 7,015 | 7,220,168 | ||||||
| Series A, 5.00%, 01/01/26 | 8,435 | 8,840,164 | ||||||
| Series A, 5.00%, 01/01/27 | 2,005 | 2,148,706 | ||||||
| Series A, 5.00%, 01/01/28 | 4,500 | 4,913,845 | ||||||
| Series A, 5.00%, 01/01/28 (Call 01/01/27) | 2,650 | 2,837,137 | ||||||
| Series A, 5.00%, 01/01/29 | 6,250 | 6,965,348 | ||||||
| Series A, 5.00%, 01/01/31 | 15,000 | 17,306,851 | ||||||
| Series A, 5.00%, 01/01/34 (Call 01/01/27) | 10,000 | 10,657,063 | ||||||
| Series A, 5.00%, 12/01/34 (Call 06/01/25) | 2,500 | 2,574,499 | ||||||
| Series A, 5.00%, 01/01/37 (Call 01/01/28) | 1,955 | 2,105,233 | ||||||
| Series A, 5.00%, 01/01/38 (Call 01/01/27) | 5,100 | 5,345,003 | ||||||
| Series A, 5.00%, 01/01/45 (Call 01/01/31) | 19,750 | 21,503,407 | ||||||
| Series A, 5.00%, 12/01/45 (Call 06/01/26) | 6,000 | 6,165,941 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Arizona (continued) | ||||||||
| State of Arizona COP, Series A, 5.00%, 10/01/28 | $ | 3,050 | $ | 3,381,749 | ||||
| State of Arizona Lottery Revenue RB, 5.00%, 07/01/25 | 1,500 | 1,555,096 | ||||||
| 320,595,665 | ||||||||
| Arkansas — 0.0% | ||||||||
| State of Arkansas GO, 5.00%, 04/01/26 (Call 10/01/24) | 1,815 | 1,852,452 | ||||||
| California — 20.2% | ||||||||
| Acalanes Union High School District GO, Series A, 0.00%, 08/01/39 (Call 08/01/29)(a) | 3,000 | 3,188,703 | ||||||
| Alameda Corridor Transportation Authority RB | ||||||||
| 0.00%, 10/01/47 (Call 10/01/37)(a) | 1,500 | 756,135 | ||||||
| 0.00%, 10/01/48 (Call 10/01/37)(a) | 1,335 | 670,928 | ||||||
| 0.00%, 10/01/49 (Call 10/01/37)(a) | 1,335 | 669,244 | ||||||
| 0.00%, 10/01/50 (Call 10/01/37)(a) | 1,430 | 714,310 | ||||||
| 0.00%, 10/01/51 (Call 10/01/37) (AGM)(a) | 2,500 | 1,252,768 | ||||||
| 5.00%, 10/01/52 (Call 10/01/32) (AGM) | 715 | 768,108 | ||||||
| Series B, 5.00%, 10/01/34 (Call 10/01/26) | 2,000 | 2,059,030 | ||||||
| Series B, 5.00%, 10/01/36 (Call 10/01/26) | 2,785 | 2,847,963 | ||||||
| Series B, 5.00%, 10/01/36 (Call 10/01/26) (AGM) | 1,000 | 1,040,247 | ||||||
| Series B, 5.00%, 10/01/37 (Call 10/01/26) | 4,950 | 5,041,463 | ||||||
| Alameda County Transportation Commission RB, 5.00%, 03/01/45 (Call 03/01/32) | 6,955 | 7,757,992 | ||||||
| Alameda Unified School District-Alameda County/CA GO, Series C, 3.00%, 08/01/42 (Call 08/01/27) | 11,425 | 9,478,596 | ||||||
| Allan Hancock Joint Community College District/CA GO | ||||||||
| Series C, 0.00%, 08/01/44 (Call 08/01/38)(a) | 7,500 | 5,166,914 | ||||||
| Series C, 0.00%, 08/01/47 (Call 08/01/40)(a) | 6,000 | 4,171,534 | ||||||
| Alvord Unified School District GO | ||||||||
| Series B, 0.00%, 08/01/36 (AGM)(a) | 2,000 | 1,124,160 | ||||||
| Series B, 0.00%, 08/01/43 (AGM)(a) | 6,415 | 2,564,869 | ||||||
| Anaheim Public Financing Authority RB, Series C, 0.00%, 09/01/32 (AGM)(a) | 3,040 | 2,148,860 | ||||||
| Antelope Valley Community College District GO, Series B, 4.00%, 08/01/45 (Call 08/01/30) | 6,500 | 6,348,946 | ||||||
| Bay Area Toll Authority RB | ||||||||
| 4.00%, 04/01/29 (Call 04/01/27) | 6,500 | 6,747,833 | ||||||
| 4.00%, 04/01/33 (Call 04/01/27) | 1,800 | 1,858,707 | ||||||
| 4.00%, 04/01/37 (Call 04/01/27) | 7,705 | 7,792,055 | ||||||
| 4.00%, 04/01/38 (Call 04/01/27) | 22,620 | 22,778,204 | ||||||
| 4.00%, 04/01/42 (Call 04/01/27) | 4,500 | 4,460,961 | ||||||
| 4.00%, 04/01/47 (Call 04/01/27) | 26,445 | 25,911,644 | ||||||
| 5.00%, 04/01/28 | 1,600 | 1,761,832 | ||||||
| 5.00%, 04/01/54 (Call 04/01/33) | 35,000 | 38,390,184 | ||||||
| 5.25%, 04/01/54 (Call 04/01/33) | 10,000 | 11,224,332 | ||||||
| VRDN,2.13%, 04/01/53 (Put 04/01/25)(b) | 2,000 | 1,940,594 | ||||||
| VRDN,2.70%, 04/01/55 (Put 05/31/23)(b) | 18,215 | 18,215,000 | ||||||
| VRDN,2.80%, 04/01/55 (Put 05/31/23)(b) | 20,000 | 20,000,000 | ||||||
| Series A, VRDN,2.95%, 04/01/47 (Put 04/01/26)(b) | 960 | 937,568 | ||||||
| Series B, VRDN,2.85%, 04/01/47 (Put 04/01/25)(b) | 3,855 | 3,795,450 | ||||||
| Series F-1, 4.00%, 04/01/56 (Call 04/01/27) | 2,600 | 2,500,425 | ||||||
| Series F-1, 5.00%, 04/01/54 (PR 04/01/24) | 3,025 | 3,069,108 | ||||||
| Series H, 5.00%, 04/01/44 (PR 04/01/29) | 2,000 | 2,267,980 | ||||||
| Series H, 5.00%, 04/01/49 (PR 04/01/29) | 2,000 | 2,267,980 | ||||||
| Series S-6, 5.00%, 10/01/54 (PR 10/01/24) | 7,310 | 7,483,876 | ||||||
| Series S-8, 5.00%, 04/01/56 (PR 10/01/29) | 9,000 | 10,255,302 | ||||||
| Beverly Hills Unified School District CA GO, Series 2008, 0.00%, 08/01/33(a) | 1,000 | 699,539 | ||||||
| California Educational Facilities Authority RB | ||||||||
| 5.00%, 04/01/45 (Call 04/01/25) | 2,000 | 2,037,065 | ||||||
| 5.00%, 10/01/49 (PR 04/01/26) | 500 | 528,349 | ||||||
| 5.00%, 04/01/51 | 5,000 | 5,841,771 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| 5.25%, 04/01/40 | $ | 21,000 | $ | 25,301,923 | ||||
| Series T-1, 5.00%, 03/15/39 | 1,015 | 1,196,220 | ||||||
| Series U-2, 5.00%, 10/01/32 | 5,000 | 6,008,150 | ||||||
| Series U-6, 5.00%, 05/01/45 | 14,130 | 16,523,878 | ||||||
| Series U-7, 5.00%, 06/01/46 | 17,250 | 20,187,913 | ||||||
| Series V-1, 5.00%, 05/01/49 | 15,000 | 17,567,686 | ||||||
| California Infrastructure & Economic Development Bank RB | ||||||||
| 4.00%, 10/01/45 (Call 10/01/32) | 10,000 | 9,972,616 | ||||||
| 4.00%, 10/01/46 (Call 10/01/32) | 33,860 | 33,734,153 | ||||||
| 5.00%, 10/01/23 | 5,180 | 5,209,273 | ||||||
| 5.00%, 10/01/26 | 1,345 | 1,439,045 | ||||||
| 5.00%, 10/01/28 | 2,655 | 2,968,897 | ||||||
| 5.00%, 10/01/36 (Call 04/01/27) | 5,050 | 5,429,243 | ||||||
| 5.00%, 05/15/42 (Call 05/15/28) | 1,500 | 1,600,810 | ||||||
| 5.00%, 10/01/43 (Call 04/01/28) | 3,620 | 3,875,805 | ||||||
| 5.00%, 08/01/44 (Call 08/01/29) | 3,800 | 4,075,250 | ||||||
| 5.00%, 08/01/49 (Call 08/01/29) | 4,375 | 4,670,863 | ||||||
| 5.00%, 10/01/52 (Call 10/01/32) | 7,550 | 8,270,658 | ||||||
| Series A, 4.00%, 10/01/45 (PR 10/01/26) | 1,500 | 1,552,659 | ||||||
| Series A, 5.00%, 07/01/23 (ETM) (AGM) | 2,975 | 2,979,372 | ||||||
| Series A, 5.00%, 07/01/33 (PR 01/01/28) (AMBAC) | 2,000 | 2,214,738 | ||||||
| Series A, 5.00%, 07/01/36 (PR 01/01/28) (AMBAC) | 500 | 553,685 | ||||||
| Series A, 5.00%, 10/01/41 (PR 10/01/26) | 1,010 | 1,077,303 | ||||||
| Series A, 5.13%, 07/01/37 (PR 07/01/26) (AMBAC) | 5,710 | 6,122,922 | ||||||
| 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) | 2,110 | 2,216,700 | ||||||
| California School Facilities Financing Authority RB, 0.00%, 08/01/49 (AGM)(a) | 4,490 | 1,150,670 | ||||||
| California State Public Works Board RB | ||||||||
| 3.00%, 09/01/31 (Call 09/01/27) | 3,050 | 3,023,143 | ||||||
| 4.00%, 04/01/31 (Call 10/01/26) | 10,305 | 10,581,941 | ||||||
| 4.00%, 11/01/36 (Call 11/01/31) | 1,000 | 1,024,223 | ||||||
| 4.00%, 11/01/41 (Call 11/01/31) | 1,520 | 1,517,156 | ||||||
| 5.00%, 05/01/25 | 3,500 | 3,632,069 | ||||||
| 5.00%, 08/01/26 | 3,000 | 3,180,227 | ||||||
| 5.00%, 08/01/30 | 1,785 | 2,043,076 | ||||||
| 5.00%, 11/01/33 (Call 11/01/31) | 2,000 | 2,327,190 | ||||||
| Series A, 5.00%, 02/01/26 | 6,200 | 6,504,748 | ||||||
| Series A, 5.00%, 09/01/27 (Call 09/01/24) | 2,175 | 2,223,997 | ||||||
| Series A, 5.00%, 09/01/28 (Call 09/01/24) | 2,600 | 2,656,646 | ||||||
| Series A, 5.00%, 02/01/29 | 3,000 | 3,340,706 | ||||||
| Series A, 5.00%, 09/01/32 (Call 09/01/24) | 1,540 | 1,567,301 | ||||||
| Series A, 5.00%, 03/01/38 (Call 03/01/24) | 5,120 | 5,120,000 | ||||||
| Series A, 5.00%, 09/01/39 (Call 09/01/24) | 17,245 | 17,474,814 | ||||||
| Series B, 4.00%, 05/01/41 (Call 05/01/31) | 3,670 | 3,662,667 | ||||||
| Series B, 4.00%, 05/01/46 (Call 05/01/31) | 10,865 | 10,577,314 | ||||||
| Series B, 5.00%, 10/01/25 | 1,960 | 2,042,890 | ||||||
| Series B, 5.00%, 10/01/29 (Call 10/01/27) | 4,000 | 4,357,091 | ||||||
| Series B, 5.00%, 10/01/39 (Call 10/01/24) | 2,750 | 2,789,526 | ||||||
| Series C, 5.00%, 11/01/32 (Call 11/01/29) | 9,220 | 10,410,104 | ||||||
| Series C, 5.00%, 11/01/33 (Call 11/01/26) | 4,230 | 4,518,995 | ||||||
| Series C, 5.00%, 11/01/34 (Call 11/01/26) | 1,000 | 1,067,004 | ||||||
| Series F, 5.00%, 05/01/25 | 6,595 | 6,843,855 | ||||||
| Series F, 5.00%, 05/01/26 (Call 05/01/25) | 3,215 | 3,327,263 | ||||||
| Series H, 5.00%, 09/01/38 (PR 09/01/23) | 18,755 | 18,832,212 | ||||||
| Series I, 5.00%, 11/01/38 (Call 11/01/23) | 6,830 | 6,865,625 | ||||||
| Series I, 5.50%, 11/01/33 (Call 11/01/23) | 3,000 | 3,022,362 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| California State University RB | ||||||||
| Series A, 4.00%, 11/01/34 (Call 11/01/25) | $ | 2,000 | $ | 2,032,831 | ||||
| Series A, 4.00%, 11/01/34 (Call 05/01/26) | 1,000 | 1,018,546 | ||||||
| Series A, 4.00%, 11/01/35 (Call 05/01/26) | 17,870 | 18,155,947 | ||||||
| Series A, 4.00%, 11/01/37 (Call 05/01/26) | 3,625 | 3,651,012 | ||||||
| Series A, 4.00%, 11/01/38 (Call 05/01/26) | 13,215 | 13,241,508 | ||||||
| Series A, 4.00%, 11/01/45 (Call 05/01/26) | 8,300 | 8,110,154 | ||||||
| Series A, 5.00%, 11/01/23 | 1,075 | 1,082,335 | ||||||
| Series A, 5.00%, 11/01/24 | 4,015 | 4,116,032 | ||||||
| Series A, 5.00%, 11/01/24 (PR 11/01/23) | 2,445 | 2,462,188 | ||||||
| Series A, 5.00%, 11/01/25 (PR 11/01/23) | 1,425 | 1,435,017 | ||||||
| Series A, 5.00%, 11/01/28 (PR 11/01/24) | 6,000 | 6,146,794 | ||||||
| Series A, 5.00%, 11/01/29 (PR 11/01/24) | 4,535 | 4,645,952 | ||||||
| Series A, 5.00%, 11/01/30 (Call 11/01/25) | 3,000 | 3,149,360 | ||||||
| Series A, 5.00%, 11/01/31 (Call 05/01/26) | 500 | 532,385 | ||||||
| Series A, 5.00%, 11/01/31 (Call 05/01/27) | 1,500 | 1,624,168 | ||||||
| Series A, 5.00%, 11/01/32 (Call 05/01/26) | 2,000 | 2,128,149 | ||||||
| Series A, 5.00%, 11/01/32 (PR 11/01/24) | 14,560 | 14,926,272 | ||||||
| Series A, 5.00%, 11/01/33 (Call 11/01/25) | 1,500 | 1,567,411 | ||||||
| Series A, 5.00%, 11/01/33 (PR 11/01/24) | 2,500 | 2,562,874 | ||||||
| Series A, 5.00%, 11/01/34 (PR 11/01/24) | 2,950 | 3,022,174 | ||||||
| Series A, 5.00%, 11/01/35 (Call 11/01/25) | 3,000 | 3,137,281 | ||||||
| Series A, 5.00%, 11/01/36 (Call 05/01/27) | 1,960 | 2,101,979 | ||||||
| Series A, 5.00%, 11/01/38 (Call 11/01/25) | 3,150 | 3,272,499 | ||||||
| Series A, 5.00%, 11/01/39 (PR 11/01/24) | 900 | 922,019 | ||||||
| Series A, 5.00%, 11/01/41 (Call 05/01/26) | 1,005 | 1,049,831 | ||||||
| Series A, 5.00%, 11/01/42 (Call 05/01/27) | 8,450 | 8,928,785 | ||||||
| Series A, 5.00%, 11/01/43 (Call 11/01/25) | 1,500 | 1,555,822 | ||||||
| Series A, 5.00%, 11/01/43 (Call 11/01/28) | 3,000 | 3,226,184 | ||||||
| Series A, 5.00%, 11/01/44 (Call 11/01/29) | 2,000 | 2,163,183 | ||||||
| Series A, 5.00%, 11/01/44 (PR 11/01/24) | 700 | 717,126 | ||||||
| Series A, 5.00%, 11/01/45 (Call 05/01/26) | 8,100 | 8,427,093 | ||||||
| Series A, 5.00%, 11/01/47 (Call 05/01/27) | 18,900 | 19,872,622 | ||||||
| Series A, 5.00%, 11/01/48 (Call 11/01/28) | 10,875 | 11,617,102 | ||||||
| Series A, 5.00%, 11/01/49 (Call 11/01/29) | 2,150 | 2,305,726 | ||||||
| Series B-3, VRDN,4.00%, 11/01/51 (Put 11/01/23)(b) | 5,440 | 5,435,819 | ||||||
| Series C, 3.00%, 11/01/51 (Call 11/01/30) | 4,000 | 3,044,691 | ||||||
| Series C, 4.00%, 11/01/45 (Call 11/01/30) | 3,940 | 3,849,880 | ||||||
| California Statewide Communities Development Authority RB, Series A, 5.00%, 05/15/42 (Call 05/15/27) | 500 | 507,683 | ||||||
| Campbell Union High School District GO, Series B, 4.00%, 08/01/38 (PR 08/01/26) | 1,000 | 1,034,394 | ||||||
| Cerritos Community College District GO | ||||||||
| Series A, 4.00%, 08/01/44 (Call 08/01/24) | 1,750 | 1,724,076 | ||||||
| Series A, 5.00%, 08/01/39 (Call 08/01/24) | 6,065 | 6,161,821 | ||||||
| Chabot-Las Positas Community College District GO | ||||||||
| 4.00%, 08/01/33 (Call 08/01/26) | 2,000 | 2,058,305 | ||||||
| 4.00%, 08/01/34 (Call 08/01/26) | 2,845 | 2,912,017 | ||||||
| Series 2016, 5.00%, 08/01/29 (PR 08/01/23) | 1,225 | 1,228,297 | ||||||
| Series 2016, 5.00%, 08/01/31 (PR 08/01/23) | 1,200 | 1,203,230 | ||||||
| Series A, 4.00%, 08/01/42 (Call 08/01/27) | 5,000 | 4,959,035 | ||||||
| Chaffey Community College District GO, Series A, 5.00%, 06/01/48 (Call 06/01/28) | 2,300 | 2,452,484 | ||||||
| Chaffey Joint Union High School District GO | ||||||||
| 4.00%, 08/01/47 (Call 02/01/27) | 10,000 | 9,849,608 | ||||||
| 5.25%, 08/01/52 (Call 08/01/32) | 20,895 | 23,312,478 | ||||||
| Series B, 4.00%, 08/01/44 (Call 02/01/25) | 2,000 | 1,970,372 | ||||||
| Chino Basin Regional Financing Authority RB, Series B, 4.00%, 11/01/25 (Call 08/01/25) | 4,680 | 4,759,431 | ||||||
| City & County of San Francisco CA GO | ||||||||
| Series C, 4.00%, 06/15/35 (Call 06/15/24) | 8,825 | 8,889,847 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Series R, 5.00%, 06/15/28 | $ | 5,500 | $ | 6,111,200 | ||||
| Series R, 5.00%, 06/15/29 | 1,000 | 1,133,142 | ||||||
| Series R, 5.00%, 06/15/30 | 1,250 | 1,444,206 | ||||||
| Series R, 5.00%, 06/15/31 | 750 | 882,277 | ||||||
| Series R, 5.00%, 06/15/32 | 500 | 597,704 | ||||||
| City of Long Beach CA Harbor Revenue RB | ||||||||
| Series A, 5.00%, 05/15/49 (Call 05/15/29) | 4,190 | 4,480,949 | ||||||
| Series C, 5.00%, 05/15/47 (Call 05/15/27) | 1,000 | 1,050,821 | ||||||
| City of Los Angeles CA GO, Series B, 5.00%, 09/01/23 | 4,000 | 4,018,064 | ||||||
| City of Los Angeles CA Wastewater System Revenue RB | ||||||||
| Series A, 5.00%, 06/01/26 (Call 06/01/23) | 1,000 | 1,000,999 | ||||||
| Series A, 5.00%, 06/01/34 (Call 06/01/23) | 1,000 | 1,000,810 | ||||||
| Series A, 5.00%, 06/01/43 (Call 06/01/23) | 8,730 | 8,736,840 | ||||||
| Series A, 5.00%, 06/01/43 (Call 06/01/28) | 1,500 | 1,602,316 | ||||||
| Series A, 5.00%, 06/01/47 (Call 06/01/32) | 3,500 | 3,868,544 | ||||||
| Series A, 5.25%, 06/01/47 (Call 06/01/27) | 1,500 | 1,590,899 | ||||||
| Series C, 5.00%, 06/01/29 | 11,405 | 12,913,964 | ||||||
| Series C, 5.00%, 06/01/30 | 20,000 | 23,050,032 | ||||||
| Series C, 5.00%, 06/01/32 | 8,000 | 9,522,306 | ||||||
| Series C, 5.00%, 06/01/45 (Call 06/01/25) | 1,000 | 1,026,778 | ||||||
| City of Los Angeles Department of Airports RB | ||||||||
| 5.00%, 05/15/48 (Call 05/15/29) | 1,500 | 1,595,821 | ||||||
| Series A, 5.00%, 05/15/30 (Call 11/15/29) | 4,015 | 4,583,247 | ||||||
| Series A, 5.00%, 05/15/31 (Call 11/15/29) | 1,500 | 1,712,819 | ||||||
| Series A, 5.00%, 05/15/35 (Call 11/15/29) | 1,500 | 1,694,392 | ||||||
| Series A, 5.00%, 05/15/36 (Call 11/15/29) | 1,500 | 1,678,820 | ||||||
| Series A, 5.00%, 05/15/38 (Call 11/15/29) | 2,000 | 2,213,365 | ||||||
| Series A, 5.00%, 05/15/39 (Call 11/15/29) | 1,450 | 1,600,514 | ||||||
| Series A, 5.00%, 05/15/40 (Call 11/15/29) | 1,000 | 1,100,242 | ||||||
| Series B, 4.00%, 05/15/39 (Call 05/15/30) | 5,000 | 5,126,279 | ||||||
| Series B, 4.00%, 05/15/40 (Call 05/15/30) | 3,900 | 3,972,459 | ||||||
| Series B, 5.00%, 05/15/24 | 2,000 | 2,034,357 | ||||||
| Series B, 5.00%, 05/15/25 | 2,000 | 2,072,979 | ||||||
| Series B, 5.00%, 05/15/29 | 2,000 | 2,260,076 | ||||||
| Series B, 5.00%, 05/15/32 (Call 05/15/30) | 2,000 | 2,301,796 | ||||||
| Series B, 5.00%, 05/15/42 (Call 05/15/27) | 4,390 | 4,614,575 | ||||||
| Series B, 5.00%, 05/15/45 (Call 05/15/31) | 7,000 | 7,637,800 | ||||||
| Series C, 5.00%, 05/15/38 (Call 05/15/25) | 3,100 | 3,198,870 | ||||||
| Series D, 5.00%, 05/15/44 (Call 05/15/30) | 2,920 | 3,175,957 | ||||||
| Series E, 5.00%, 05/15/44 (Call 11/15/28) | 2,000 | 2,135,930 | ||||||
| City of Riverside CA Electric Revenue RB, Series A, 5.00%, 10/01/48 (Call 04/01/29) | 6,895 | 7,386,744 | ||||||
| City of Riverside CA Sewer Revenue RB, Series A, 5.00%, 08/01/40 (Call 08/01/25) | 1,690 | 1,747,509 | ||||||
| City of Riverside CA Water Revenue RB | ||||||||
| 5.00%, 10/01/47 (Call 10/01/32) | 6,890 | 7,620,558 | ||||||
| 5.00%, 10/01/52 (Call 10/01/32) | 8,800 | 9,669,028 | ||||||
| City of Sacramento CA Water Revenue RB, 5.00%, 09/01/42 (PR 09/01/23) | 9,750 | 9,788,924 | ||||||
| City of San Francisco CA Public Utilities Commission Water Revenue RB | ||||||||
| 5.00%, 11/01/25 (Call 05/01/25) | 3,610 | 3,746,610 | ||||||
| 5.00%, 11/01/27 | 3,010 | 3,293,484 | ||||||
| 5.00%, 11/01/27 (Call 11/01/26) | 4,575 | 4,903,417 | ||||||
| 5.00%, 11/01/29 (Call 11/01/26) | 3,000 | 3,226,143 | ||||||
| 5.00%, 11/01/32 (Call 05/01/25) | 2,000 | 2,076,540 | ||||||
| 5.00%, 11/01/32 (Call 11/01/26) | 4,250 | 4,566,961 | ||||||
| 5.00%, 11/01/34 (Call 11/01/26) | 1,000 | 1,071,714 | ||||||
| 5.00%, 11/01/36 (Call 05/01/25) | 1,255 | 1,294,624 | ||||||
| Series A, 4.00%, 11/01/39 (Call 11/01/26) | 8,995 | 9,011,381 | ||||||
| Series A, 5.00%, 11/01/33 (Call 11/01/26) | 2,000 | 2,146,074 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Series A, 5.00%, 11/01/50 (Call 11/01/30) | $ | 14,345 | $ | 15,528,375 | ||||
| Series B, 5.00%, 11/01/50 (Call 11/01/27) | 3,500 | 3,682,707 | ||||||
| Series C, 4.00%, 11/01/50 (Call 11/01/30) | 4,000 | 3,902,719 | ||||||
| Series D, 5.00%, 11/01/34 (Call 11/01/27) | 2,000 | 2,185,564 | ||||||
| Series REF, 5.00%, 11/01/31 (Call 05/01/25) | 2,000 | 2,077,073 | ||||||
| City of San Jose CA GO | ||||||||
| Series A, 5.00%, 09/01/41 (Call 03/01/31) | 1,500 | 1,660,181 | ||||||
| Series A, 5.00%, 09/01/43 (Call 03/01/31) | 3,880 | 4,274,433 | ||||||
| Series A, 5.00%, 09/01/44 (Call 03/01/31) | 4,015 | 4,413,193 | ||||||
| Series A, 5.00%, 09/01/47 (Call 03/01/31) | 7,505 | 8,205,008 | ||||||
| Series A-1, 5.00%, 09/01/45 (Call 03/01/29) | 13,000 | 14,014,695 | ||||||
| Clovis Unified School District GO | ||||||||
| 4.00%, 08/01/40 (PR 08/01/25) | 450 | 458,416 | ||||||
| Series D, 4.00%, 08/01/40 (Call 08/01/25) | 550 | 545,103 | ||||||
| Coast Community College District GO | ||||||||
| 0.00%, 08/01/34 (Call 08/01/25)(a) | 2,000 | 1,267,962 | ||||||
| 4.00%, 08/01/32 (Call 08/01/25) | 4,705 | 4,799,548 | ||||||
| 5.00%, 08/01/29 (PR 08/15/25) | 2,000 | 2,082,470 | ||||||
| 5.00%, 08/01/36 (PR 08/01/27) | 7,795 | 8,513,834 | ||||||
| Series A, 4.00%, 08/01/38 (PR 08/01/23) | 2,000 | 2,002,291 | ||||||
| Series A, 5.00%, 08/01/38 (PR 08/01/23) | 7,080 | 7,099,525 | ||||||
| Series B, 0.00%, 08/01/27 (AGM)(a) | 6,475 | 5,678,460 | ||||||
| Series B, 0.00%, 08/01/28 (AGM)(a) | 7,075 | 6,015,798 | ||||||
| Series D, 4.00%, 08/01/42 (Call 08/01/27) | 2,000 | 2,002,237 | ||||||
| Series F, 0.00%, 08/01/41 (Call 08/01/29)(a) | 1,000 | 457,079 | ||||||
| Series F, 0.00%, 08/01/42 (Call 08/01/29)(a) | 1,000 | 434,955 | ||||||
| Contra Costa Community College District GO | ||||||||
| Series 2006, 5.00%, 08/01/38 (PR 08/01/23) | 12,655 | 12,689,060 | ||||||
| Series 2014-A, 4.00%, 08/01/39 (Call 08/01/24) | 29,830 | 29,596,711 | ||||||
| Contra Costa Water District RB, Series W, 5.00%, 10/01/51 (Call 10/01/31) | 3,200 | 3,521,696 | ||||||
| County of Sacramento CA Airport System Revenue RB, Series A, 5.00%, 07/01/41 (Call 07/01/26) | 3,500 | 3,625,175 | ||||||
| County of Santa Clara CA GO | ||||||||
| Series B, 5.00%, 08/01/34 (Call 08/01/32) | 4,000 | 4,767,031 | ||||||
| Series C, 4.00%, 08/01/38 (Call 08/01/27) | 3,015 | 3,056,558 | ||||||
| Desert Community College District GO, 4.00%, 08/01/39 (Call 08/01/27) | 8,000 | 8,040,126 | ||||||
| East Bay Municipal Utility District Water System Revenue RB | ||||||||
| 5.00%, 06/01/36 (Call 06/01/32) | 1,180 | 1,374,776 | ||||||
| Series A, 4.00%, 06/01/34 (Call 06/01/25) | 14,315 | 14,610,077 | ||||||
| Series A, 5.00%, 06/01/27 (Call 06/01/25) | 4,000 | 4,163,265 | ||||||
| Series A, 5.00%, 06/01/35 (Call 06/01/32) | 17,000 | 20,005,778 | ||||||
| Series A, 5.00%, 06/01/36 (Call 06/01/25) | 1,925 | 1,994,841 | ||||||
| Series A, 5.00%, 06/01/36 (Call 06/01/32) | 12,000 | 13,980,774 | ||||||
| Series A, 5.00%, 06/01/37 (Call 06/01/32) | 10,000 | 11,495,668 | ||||||
| Series A, 5.00%, 06/01/42 (Call 06/01/27) | 11,705 | 12,413,175 | ||||||
| Series A, 5.00%, 06/01/45 (Call 06/01/27) | 7,240 | 7,653,345 | ||||||
| Series A, 5.00%, 06/01/49 (Call 06/01/29) | 4,750 | 5,119,202 | ||||||
| Series B, 5.00%, 06/01/25 | 3,610 | 3,749,436 | ||||||
| Series B, 5.00%, 06/01/31 (Call 06/01/27) | 2,000 | 2,185,312 | ||||||
| Series B, 5.00%, 06/01/34 | 3,035 | 3,711,594 | ||||||
| Series B, 5.00%, 06/01/34 (Call 06/01/27) | 2,800 | 3,055,806 | ||||||
| Series B, 5.00%, 06/01/35 (Call 06/01/32) | 2,950 | 3,471,591 | ||||||
| Series B, 5.00%, 06/01/36 (Call 06/01/27) | 2,105 | 2,277,137 | ||||||
| Series B, 5.00%, 06/01/37 (Call 06/01/32) | 4,400 | 5,058,094 | ||||||
| Eastern Municipal Water District Financing Authority RB | ||||||||
| Series A, 4.00%, 07/01/38 (Call 07/01/30) | 7,125 | 7,239,475 | ||||||
| Series D, 5.00%, 07/01/47 (Call 07/01/27) | 1,500 | 1,586,676 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| El Camino Community College District Foundation (The) | ||||||||
| GO | ||||||||
| 0.00%, 08/01/29(a) | $ | 6,000 | $ | 4,949,995 | ||||
| Series A, 4.00%, 08/01/41 (Call 08/01/26) | 6,985 | 7,001,474 | ||||||
| Series A, 4.00%, 08/01/45 (Call 08/01/26) | 2,000 | 1,982,948 | ||||||
| Series C, 0.00%, 08/01/32(a) | 200 | 147,227 | ||||||
| Series C, 0.00%, 08/01/34(a) | 8,415 | 5,741,852 | ||||||
| El Dorado Irrigation District COP, Series A, 4.00%, 03/01/45 (Call 03/01/30) | 5,000 | 4,886,295 | ||||||
| El Dorado Irrigation District RB, Series A, 5.00%, 03/01/34 (PR 03/01/24) (AGM) | 500 | 506,329 | ||||||
| Elk Grove Unified School District GO | ||||||||
| 4.00%, 08/01/46 (Call 08/01/26) | 2,640 | 2,571,008 | ||||||
| Series 2016, 4.00%, 08/01/46 (Call 08/01/26) | 3,000 | 2,921,600 | ||||||
| Escondido Union High School District GO | ||||||||
| Series C, 0.00%, 08/01/46(a) | 1,905 | 655,713 | ||||||
| Series C, 0.00%, 08/01/51(a) | 2,850 | 785,318 | ||||||
| Foothill-De Anza Community College District GO | ||||||||
| 0.00%, 08/01/33 (AMBAC)(a) | 3,805 | 2,696,540 | ||||||
| 4.00%, 08/01/40 (Call 08/01/26) | 4,000 | 4,013,486 | ||||||
| Series A, 0.00%, 08/01/34(a) | 2,500 | 1,718,996 | ||||||
| Foothill-Eastern Transportation Corridor Agency RB | ||||||||
| 0.00%, 01/15/34 (AGM)(a) | 4,500 | 3,028,869 | ||||||
| 0.00%, 01/15/35 (AGM)(a) | 1,700 | 1,093,996 | ||||||
| Series A, 0.00%, 01/01/25 (ETM)(a) | 200 | 189,657 | ||||||
| Series A, 0.00%, 01/01/26 (ETM)(a) | 1,500 | 1,379,721 | ||||||
| Series A, 0.00%, 01/01/28 (ETM)(a) | 4,450 | 3,869,690 | ||||||
| Series A, 0.00%, 01/01/30 (ETM)(a) | 1,000 | 823,618 | ||||||
| Series A, 0.00%, 01/15/36 (AGM)(a) | 2,000 | 1,220,722 | ||||||
| Series A, 0.00%, 01/15/37 (AGM)(a) | 1,000 | 575,626 | ||||||
| Series A, 4.00%, 01/15/46 (Call 01/15/31) | 44,700 | 42,248,465 | ||||||
| Series A, 5.00%, 01/15/42 (Call 01/15/24) (AGM) | 2,000 | 2,011,058 | ||||||
| Series A, 6.00%, 01/15/49 (PR 01/15/24) | 6,500 | 6,611,598 | ||||||
| Series A, 6.00%, 01/15/53 (PR 01/15/24) | 5,125 | 5,212,991 | ||||||
| Series B-1, VRDN,3.95%, 01/15/53 (Put 07/15/27)(b) | 1,800 | 1,636,389 | ||||||
| Fremont Union High School District GO | ||||||||
| 4.00%, 08/01/40 (Call 08/01/24) | 2,000 | 1,989,026 | ||||||
| 4.00%, 08/01/44 (Call 08/01/24) | 15,000 | 14,819,623 | ||||||
| 4.00%, 08/01/48 (Call 08/01/31) | 9,000 | 8,913,927 | ||||||
| 5.00%, 08/01/40 (PR 08/01/24) | 5,000 | 5,104,512 | ||||||
| Series A, 3.00%, 08/01/40 (Call 08/01/29) | 3,825 | 3,291,226 | ||||||
| Series A, 4.00%, 08/01/46 (Call 08/01/27) | 2,660 | 2,634,324 | ||||||
| Series A, 5.00%, 08/01/44 (Call 08/01/27) | 2,000 | 2,125,166 | ||||||
| Gilroy Unified School District GO, 4.00%, 08/01/46 (Call 08/01/26) | 5,000 | 4,869,334 | ||||||
| Glendale Unified School District/CA GO, Series B, 4.00%, 09/01/41 (PR 09/01/25) | 1,650 | 1,686,059 | ||||||
| Hayward Area Recreation & Park District GO, Series A, 4.00%, 08/01/46 (Call 08/01/27) | 8,950 | 8,876,889 | ||||||
| Hayward Unified School District GO, Series A, 5.00%, 08/01/44 (Call 08/01/28) (BAM) | 2,300 | 2,455,411 | ||||||
| Irvine Ranch Water District, 5.25%, 02/01/41 (Call 08/01/26) | 10,360 | 10,971,797 | ||||||
| Irvine Ranch Water District COP, 5.00%, 03/01/41 (Call 09/01/26) | 6,000 | 6,307,843 | ||||||
| Lodi Unified School District/CA GO, 3.00%, 08/01/43 (Call 08/01/27) | 7,500 | 6,097,651 | ||||||
| Long Beach Community College District GO | ||||||||
| 0.00%, 06/01/29 (AGM)(a) | 5,420 | 4,478,679 | ||||||
| 4.00%, 08/01/41 (Call 08/01/26) | 3,590 | 3,575,523 | ||||||
| Series B, 0.00%, 08/01/49 (Call 08/01/42)(a) | 2,000 | 1,329,570 | ||||||
| Series C, 4.00%, 08/01/49 (Call 08/01/28) | 8,600 | 8,298,813 | ||||||
4
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Long Beach Unified School District GO | ||||||||
| 3.00%, 08/01/37 (Call 08/01/29) | $ | 2,420 | $ | 2,151,909 | ||||
| 3.00%, 08/01/41 (Call 08/01/29) | 4,650 | 3,862,379 | ||||||
| 3.00%, 08/01/47 (Call 08/01/29) | 25,500 | 19,764,479 | ||||||
| 4.00%, 08/01/48 (Call 08/01/33) | 11,845 | 11,649,828 | ||||||
| 5.00%, 08/01/35 (Call 08/01/26) | 3,000 | 3,200,501 | ||||||
| 5.00%, 08/01/44 (Call 08/01/33) | 5,000 | 5,625,145 | ||||||
| Series A, 4.00%, 08/01/38 (Call 08/01/26) | 10,300 | 10,346,002 | ||||||
| Series B, 3.00%, 08/01/48 (Call 08/01/29) | 5,000 | 3,831,369 | ||||||
| Series B, 3.00%, 08/01/50 (Call 08/01/29) | 6,000 | 4,528,637 | ||||||
| Series D-1, 0.00%, 08/01/39 (Call 02/01/25)(a) | 800 | 394,151 | ||||||
| Series F, 4.00%, 08/01/36 (Call 08/01/29) | 4,195 | 4,287,309 | ||||||
| Los Angeles Community College District/CA GO | ||||||||
| 4.00%, 08/01/37 (Call 08/01/26) | 8,815 | 8,928,530 | ||||||
| 5.00%, 08/01/25 | 10,060 | 10,487,105 | ||||||
| 5.00%, 08/01/26 | 10,000 | 10,653,715 | ||||||
| 5.00%, 08/01/36 (Call 08/01/32) | 2,030 | 2,379,294 | ||||||
| 5.00%, 08/01/37 (Call 08/01/32) | 1,005 | 1,168,057 | ||||||
| 5.00%, 08/01/38 (Call 08/01/26) | 1,325 | 1,402,343 | ||||||
| Series A, 4.00%, 08/01/32 (PR 08/01/24) | 1,000 | 1,010,715 | ||||||
| Series A, 4.00%, 08/01/33 (PR 08/01/24) | 2,960 | 2,991,715 | ||||||
| Series A, 5.00%, 08/01/27 (PR 08/01/24) | 3,400 | 3,474,990 | ||||||
| Series A, 5.00%, 08/01/29 (PR 08/01/24) | 10,505 | 10,736,696 | ||||||
| Series A, 5.00%, 08/01/30 (PR 08/01/24) | 9,435 | 9,643,096 | ||||||
| Series A, 5.00%, 08/01/31 (PR 08/01/24) | 8,500 | 8,687,474 | ||||||
| Series C, 5.00%, 06/01/26 | 1,000 | 1,061,561 | ||||||
| Series J, 4.00%, 08/01/37 (Call 08/01/27) | 2,500 | 2,541,677 | ||||||
| Series J, 4.00%, 08/01/41 (Call 08/01/27) | 5,000 | 5,000,055 | ||||||
| Series K, 3.00%, 08/01/39 (Call 08/01/26) | 2,145 | 1,872,194 | ||||||
| Series K, 4.00%, 08/01/35 (Call 08/01/26) | 1,750 | 1,795,594 | ||||||
| Series K, 4.00%, 08/01/37 (Call 08/01/26) | 14,250 | 14,433,529 | ||||||
| Series K, 4.00%, 08/01/38 (Call 08/01/26) | 27,685 | 27,955,106 | ||||||
| Series K, 4.00%, 08/01/39 (Call 08/01/26) | 7,500 | 7,518,232 | ||||||
| Los Angeles County Facilities Inc. RB | ||||||||
| Series A, 4.00%, 12/01/48 (Call 12/01/28) | 2,305 | 2,257,752 | ||||||
| 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%, 06/01/35 (Call 06/01/30) | 3,750 | 3,943,816 | ||||||
| Series A, 4.00%, 06/01/36 (Call 06/01/31) | 2,000 | 2,108,896 | ||||||
| Series A, 4.00%, 06/01/37 (Call 06/01/31) | 6,980 | 7,289,177 | ||||||
| Series A, 4.00%, 06/01/38 (Call 06/01/31) | 5,245 | 5,449,123 | ||||||
| Series A, 4.00%, 06/01/39 (Call 06/01/31) | 8,000 | 8,239,671 | ||||||
| Series A, 5.00%, 06/01/24 | 11,170 | 11,370,308 | ||||||
| Series A, 5.00%, 07/01/25 | 4,085 | 4,248,441 | ||||||
| Series A, 5.00%, 06/01/26 | 1,500 | 1,591,455 | ||||||
| Series A, 5.00%, 06/01/28 | 9,000 | 9,974,419 | ||||||
| Series A, 5.00%, 06/01/30 | 3,750 | 4,321,881 | ||||||
| Series A, 5.00%, 06/01/31 (Call 06/01/26) | 2,055 | 2,194,045 | ||||||
| Series A, 5.00%, 06/01/31 (Call 06/01/30) | 4,000 | 4,608,557 | ||||||
| Series A, 5.00%, 06/01/32 (Call 06/01/26) | 1,500 | 1,598,559 | ||||||
| Series A, 5.00%, 06/01/32 (Call 06/01/30) | 2,500 | 2,875,913 | ||||||
| Series A, 5.00%, 06/01/32 (Call 06/01/31) | 3,250 | 3,804,059 | ||||||
| Series A, 5.00%, 06/01/33 (Call 06/01/27) | 2,380 | 2,586,588 | ||||||
| Series A, 5.00%, 06/01/33 (Call 06/01/30) | 4,035 | 4,638,433 | ||||||
| Series A, 5.00%, 06/01/33 (Call 06/01/31) | 2,000 | 2,340,672 | ||||||
| Series A, 5.00%, 06/01/34 (Call 06/01/26) | 5,225 | 5,589,037 | ||||||
| Series A, 5.00%, 06/01/35 (Call 06/01/30) | 1,500 | 1,711,793 | ||||||
| Series A, 5.00%, 06/01/36 (Call 06/01/26) | 4,400 | 4,656,641 | ||||||
| Series A, 5.00%, 06/01/36 (Call 06/01/30) | 8,025 | 9,078,703 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Series A, 5.00%, 06/01/37 (Call 06/01/30) | $ | 4,775 | $ | 5,362,943 | ||||
| Series A, 5.00%, 07/01/37 (Call 07/01/28) | 2,000 | 2,186,244 | ||||||
| Series A, 5.00%, 07/01/39 (Call 07/01/27) | 10,000 | 10,680,781 | ||||||
| Series A, 5.00%, 07/01/39 (Call 07/01/28) | 3,400 | 3,682,114 | ||||||
| Series A, 5.00%, 07/01/39 (Call 07/01/31) | 5,000 | 5,630,140 | ||||||
| Series A, 5.00%, 07/01/40 (Call 07/01/27) | 8,000 | 8,526,273 | ||||||
| Series A, 5.00%, 07/01/40 (Call 07/01/31) | 6,650 | 7,438,802 | ||||||
| Series A, 5.00%, 07/01/42 (Call 07/01/27) | 2,585 | 2,745,384 | ||||||
| Series A, 5.00%, 07/01/44 (Call 07/01/28) | 4,000 | 4,275,962 | ||||||
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB | ||||||||
| 5.00%, 07/01/29 | 1,500 | 1,701,133 | ||||||
| 5.00%, 07/01/31 | 2,000 | 2,346,400 | ||||||
| 5.00%, 07/01/34 (Call 07/01/31) | 4,000 | 4,695,393 | ||||||
| 5.00%, 07/01/42 (Call 07/01/27) | 5,000 | 5,310,221 | ||||||
| Series A, 5.00%, 07/01/41 (Call 07/01/31) | 4,835 | 5,385,206 | ||||||
| Los Angeles County Public Works Financing Authority RB | ||||||||
| Series D, 4.00%, 12/01/40 (Call 12/01/25) | 3,765 | 3,730,242 | ||||||
| Series E-1, 5.00%, 12/01/44 (Call 12/01/29) | 2,000 | 2,166,337 | ||||||
| Series E-1, 5.00%, 12/01/49 (Call 12/01/29) | 10,645 | 11,457,042 | ||||||
| Los Angeles County Sanitation Districts Financing | ||||||||
| Authority RB, Series A, 4.00%, 10/01/42 (Call 10/01/26) | 13,500 | 13,141,429 | ||||||
| Los Angeles Department of Water & Power Power System Revenue RB | ||||||||
| Series A, 5.00%, 07/01/30 (Call 01/01/25) | 1,615 | 1,668,467 | ||||||
| Series A, 5.00%, 07/01/33 (Call 01/01/25) | 1,000 | 1,032,684 | ||||||
| Series A, 5.00%, 07/01/49 (Call 01/01/29) | 14,500 | 15,487,640 | ||||||
| Series A, 5.25%, 07/01/49 (Call 01/01/29) | 2,500 | 2,701,587 | ||||||
| Series B, 5.00%, 07/01/24 | 5,000 | 5,094,924 | ||||||
| Series B, 5.00%, 07/01/31 (Call 01/01/29) | 4,000 | 4,484,884 | ||||||
| Series B, 5.00%, 07/01/32 (Call 01/01/29) | 1,750 | 1,959,690 | ||||||
| Series C, 5.00%, 07/01/27 (Call 07/01/24) | 500 | 509,813 | ||||||
| Series C, 5.00%, 07/01/42 (Call 07/01/27) | 2,000 | 2,120,171 | ||||||
| Series C, 5.00%, 07/01/49 (Call 07/01/29) | 1,250 | 1,341,969 | ||||||
| Series D, 5.00%, 07/01/33 (Call 07/01/24) | 1,035 | 1,055,203 | ||||||
| Series D, 5.00%, 07/01/43 (Call 07/01/28) | 1,725 | 1,843,580 | ||||||
| Los Angeles Department of Water & Power RB | ||||||||
| 4.00%, 07/01/26 (Call 06/01/26) | 2,500 | 2,582,384 | ||||||
| 5.00%, 07/01/26 (Call 06/01/26) | 3,500 | 3,715,383 | ||||||
| 5.00%, 07/01/28 | 4,975 | 5,528,088 | ||||||
| 5.00%, 07/01/37 (Call 07/01/31) | 3,160 | 3,593,648 | ||||||
| 5.00%, 07/01/40 (Call 01/01/32) | 12,250 | 13,655,016 | ||||||
| 5.00%, 07/01/41 (Call 07/01/31) | 1,000 | 1,104,862 | ||||||
| 5.00%, 07/01/42 (Call 01/01/32) | 5,515 | 6,102,134 | ||||||
| 5.00%, 07/01/43 (Call 01/01/32) | 2,155 | 2,379,255 | ||||||
| 5.00%, 07/01/45 (Call 07/01/31) | 5,000 | 5,461,813 | ||||||
| 5.00%, 07/01/51 (Call 07/01/31) | 19,615 | 21,306,823 | ||||||
| Series A, 5.00%, 07/01/25 | 3,500 | 3,640,035 | ||||||
| Series A, 5.00%, 07/01/26 | 3,075 | 3,269,194 | ||||||
| Series A, 5.00%, 07/01/27 | 2,500 | 2,716,280 | ||||||
| Series A, 5.00%, 07/01/28 | 4,000 | 4,444,694 | ||||||
| Series B, 5.00%, 07/01/35 (Call 07/01/32) | 1,500 | 1,752,849 | ||||||
| Series B, 5.00%, 07/01/40 (Call 07/01/30) | 12,440 | 13,646,496 | ||||||
| Series D, 5.00%, 07/01/44 (Call 07/01/29) | 13,000 | 14,040,796 | ||||||
| Series D, 5.00%, 07/01/49 (Call 07/01/29) | 21,630 | 23,221,434 | ||||||
| Los Angeles Department of Water & Power System Revenue RB, Series A, 5.00%, 07/01/42 (Call 01/01/27) | 7,495 | 7,893,417 | ||||||
| Los Angeles Department of Water & Power Water System Revenue RB | ||||||||
| 5.00%, 07/01/33 | 5,000 | 6,019,380 | ||||||
5
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 07/01/34 (Call 07/01/33) | $ | 5,000 | $ | 6,018,460 | ||||
| 5.00%, 07/01/41 (Call 07/01/32) | 4,610 | 5,159,598 | ||||||
| 5.00%, 07/01/47 (Call 01/01/32) | 25,000 | 27,450,285 | ||||||
| 5.00%, 07/01/52 (Call 07/01/32) | 10,995 | 12,047,662 | ||||||
| Series A, 5.00%, 07/01/39 (Call 07/01/24) | 1,420 | 1,441,506 | ||||||
| Series A, 5.00%, 07/01/40 (Call 07/01/30) | 5,000 | 5,498,114 | ||||||
| Series A, 5.00%, 07/01/41 (Call 01/01/26) | 2,000 | 2,078,438 | ||||||
| Series A, 5.00%, 07/01/41 (Call 01/01/27) | 2,000 | 2,112,598 | ||||||
| Series A, 5.00%, 07/01/41 (Call 07/01/30) | 1,500 | 1,644,069 | ||||||
| Series A, 5.00%, 07/01/46 (Call 01/01/26) | 12,275 | 12,702,366 | ||||||
| Series A, 5.00%, 07/01/48 (Call 01/01/28) | 9,745 | 10,311,561 | ||||||
| Series A-1, VRDN,3.09%, 07/01/49 (Put 06/01/23)(b) | 49,700 | 49,700,000 | ||||||
| Series B, 4.00%, 07/01/29 | 2,000 | 2,140,088 | ||||||
| Series B, 4.00%, 07/01/30 | 2,000 | 2,158,379 | ||||||
| Series B, 5.00%, 01/01/24 (Call 12/01/23) | 1,815 | 1,830,341 | ||||||
| Series B, 5.00%, 07/01/30 (Call 07/03/23) | 4,445 | 4,450,437 | ||||||
| Series B, 5.00%, 07/01/33 (Call 07/03/23) | 2,500 | 2,503,058 | ||||||
| Series B, 5.00%, 07/01/34 (Call 07/03/23) | 1,200 | 1,201,468 | ||||||
| Series B, 5.00%, 07/01/34 (Call 01/01/26) | 5,015 | 5,282,539 | ||||||
| Series B, 5.00%, 07/01/37 (Call 07/01/28) | 2,000 | 2,175,430 | ||||||
| Series B, 5.00%, 07/01/43 (Call 07/01/28) | 2,500 | 2,676,662 | ||||||
| Series B, 5.00%, 07/01/46 (Call 01/01/26) | 1,525 | 1,578,094 | ||||||
| Series B, 5.00%, 07/01/46 (Call 01/01/31) | 4,500 | 4,897,637 | ||||||
| Series B, 5.00%, 07/01/48 (Call 07/01/28) | 2,500 | 2,659,825 | ||||||
| Series B, 5.00%, 07/01/49 (Call 01/01/31) | 3,900 | 4,237,825 | ||||||
| Series C, 5.00%, 07/01/36 (Call 07/01/30) | 2,250 | 2,548,528 | ||||||
| Series C, 5.00%, 07/01/37 (Call 07/01/30) | 3,050 | 3,430,418 | ||||||
| Series C, 5.00%, 07/01/38 (Call 07/01/30) | 1,000 | 1,111,256 | ||||||
| Series C, 5.00%, 07/01/40 (Call 07/01/30) | 5,250 | 5,773,020 | ||||||
| Series C, 5.00%, 07/01/41 (Call 07/01/30) | 2,000 | 2,192,092 | ||||||
| Los Angeles Department of Water & Power, RB | ||||||||
| Series A, 5.00%, 07/01/28 (Call 01/01/25) | 2,000 | 2,066,688 | ||||||
| Series A, 5.00%, 07/01/46 (Call 01/01/26) | 7,050 | 7,288,415 | ||||||
| Series B, 5.00%, 07/01/30 (Call 07/01/24) | 1,500 | 1,501,773 | ||||||
| Series B, 5.00%, 07/01/32 (Call 01/01/24) | 1,145 | 1,157,313 | ||||||
| Series B, 5.00%, 07/01/36 (Call 01/01/27) | 2,000 | 2,136,731 | ||||||
| Series B, 5.00%, 07/01/42 (Call 01/01/26) | 1,095 | 1,135,450 | ||||||
| Series B, 5.00%, 07/01/43 (Call 01/01/24) | 1,780 | 1,792,993 | ||||||
| Series C, 5.00%, 07/01/26 (Call 07/01/24) | 1,405 | 1,433,930 | ||||||
| Series C, 5.00%, 07/01/47 (Call 07/01/27) | 15,115 | 15,964,827 | ||||||
| Series D, 5.00%, 07/01/35 (Call 07/01/24) | 2,985 | 3,039,117 | ||||||
| Series D, 5.00%, 07/01/44 (Call 07/01/24) | 9,455 | 9,581,129 | ||||||
| Series E, 5.00%, 07/01/44 (Call 07/01/24) | 7,515 | 7,615,249 | ||||||
| Los Angeles Unified School District/CA GO | ||||||||
| 3.00%, 07/01/31 (Call 07/01/26) | 15,375 | 14,902,743 | ||||||
| 3.00%, 07/01/32 (Call 07/01/26) | 7,820 | 7,467,083 | ||||||
| 5.00%, 07/01/28 | 2,505 | 2,779,716 | ||||||
| 5.00%, 07/01/31 | 1,410 | 1,647,499 | ||||||
| 5.00%, 07/01/38 (Call 01/01/33) | 2,500 | 2,851,176 | ||||||
| 5.25%, 07/01/47 (Call 01/01/33) | 3,750 | 4,222,146 | ||||||
| Series A, 4.00%, 07/01/33 (Call 07/01/25) | 1,000 | 1,020,621 | ||||||
| Series A, 4.00%, 07/01/40 (Call 07/01/25) | 1,045 | 1,035,368 | ||||||
| Series A, 5.00%, 07/01/23 | 2,960 | 2,963,961 | ||||||
| Series A, 5.00%, 07/01/24 | 7,970 | 8,127,278 | ||||||
| Series A, 5.00%, 07/01/25 | 2,535 | 2,639,552 | ||||||
| Series A, 5.00%, 07/01/26 | 2,025 | 2,155,349 | ||||||
| Series A, 5.00%, 07/01/27 | 2,875 | 3,129,520 | ||||||
| Series A, 5.00%, 07/01/28 | 5,000 | 5,548,335 | ||||||
| Series A, 5.00%, 07/01/29 | 5,000 | 5,661,428 | ||||||
| Series A, 5.00%, 07/01/29 (Call 07/01/25) | 4,000 | 4,177,298 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Series A, 5.00%, 07/01/31 (Call 07/01/29) | $ | 3,000 | $ | 3,390,123 | ||||
| Series A, 5.00%, 07/01/40 (Call 07/01/25) | 5,320 | 5,493,304 | ||||||
| Series B, 5.00%, 07/01/27 (Call 07/01/26) | 5,970 | 6,354,218 | ||||||
| Series B, 5.00%, 07/01/28 (Call 07/01/26) | 1,150 | 1,225,673 | ||||||
| Series B-1, 5.00%, 07/01/26 | 5,350 | 5,694,378 | ||||||
| Series B-1, 5.00%, 07/01/32 (Call 01/01/28) | 3,250 | 3,564,985 | ||||||
| Series B-1, 5.00%, 07/01/33 (Call 01/01/28) | 4,000 | 4,377,823 | ||||||
| Series B-1, 5.00%, 07/01/36 (Call 01/01/28) | 2,000 | 2,159,960 | ||||||
| Series B-1, 5.00%, 07/01/38 (Call 01/01/28) | 10,835 | 11,645,587 | ||||||
| Series B-1, 5.25%, 07/01/42 (Call 01/01/28) | 7,900 | 8,539,428 | ||||||
| Series C, 3.00%, 07/01/45 (Call 07/01/30) | 10,000 | 7,855,711 | ||||||
| Series C, 4.00%, 07/01/32 (Call 07/01/30) | 5,000 | 5,395,247 | ||||||
| Series C, 4.00%, 07/01/33 (Call 07/01/30) | 4,750 | 5,079,444 | ||||||
| Series C, 4.00%, 07/01/37 (Call 07/01/30) | 12,990 | 13,318,773 | ||||||
| Series C, 4.00%, 07/01/38 (Call 07/01/30) | 5,500 | 5,581,967 | ||||||
| Series C, 4.00%, 07/01/39 (Call 07/01/30) | 10,000 | 10,073,891 | ||||||
| Series C, 4.00%, 07/01/40 (Call 07/01/30) | 1,000 | 1,003,330 | ||||||
| Series C, 4.00%, 07/01/44 (Call 07/01/30) | 4,500 | 4,468,297 | ||||||
| Series C, 5.00%, 07/01/23 | 2,320 | 2,323,105 | ||||||
| Series C, 5.00%, 07/01/24 | 3,280 | 3,344,727 | ||||||
| Series C, 5.00%, 07/01/25 (Call 07/01/24) | 2,050 | 2,089,576 | ||||||
| Series C, 5.00%, 07/01/27 (Call 07/01/24) | 200 | 203,669 | ||||||
| Series C, 5.00%, 07/01/30 (Call 07/01/24) | 750 | 763,037 | ||||||
| Series D, 5.00%, 07/01/26 (Call 07/01/24) | 1,550 | 1,579,758 | ||||||
| Series RYQ, 4.00%, 07/01/37 (Call 07/01/30) | 1,830 | 1,876,317 | ||||||
| Series RYQ, 4.00%, 07/01/38 (Call 07/01/30) | 6,550 | 6,647,615 | ||||||
| Series RYQ, 4.00%, 07/01/39 (Call 07/01/30) | 1,030 | 1,037,611 | ||||||
| Series RYQ, 4.00%, 07/01/44 (Call 07/01/30) | 35,685 | 35,433,596 | ||||||
| Series RYRR, 4.00%, 07/01/36 (Call 01/01/32) | 5,250 | 5,468,085 | ||||||
| Series RYRR, 4.00%, 07/01/37 (Call 01/01/32) | 5,000 | 5,149,524 | ||||||
| Series RYRR, 4.00%, 07/01/38 (Call 01/01/32) | 4,695 | 4,777,592 | ||||||
| Series RYRR, 4.00%, 07/01/40 (Call 01/01/32) | 3,250 | 3,262,771 | ||||||
| Series RYRR, 4.00%, 07/01/41 (Call 01/01/32) | 5,500 | 5,501,110 | ||||||
| Series RYRR, 4.00%, 07/01/46 (Call 01/01/32) | 13,285 | 13,136,983 | ||||||
| Series RYRR, 5.00%, 07/01/28 | 1,500 | 1,664,501 | ||||||
| Series RYRR, 5.00%, 07/01/31 | 500 | 584,220 | ||||||
| Series RYRR, 5.00%, 07/01/32 (Call 01/01/32) | 2,920 | 3,435,188 | ||||||
| Series RYRR, 5.00%, 07/01/34 (Call 01/01/32) | 1,500 | 1,753,820 | ||||||
| Los Rios Community College District GO | ||||||||
| Series E, 3.00%, 08/01/24 | 1,500 | 1,489,795 | ||||||
| Series E, 3.00%, 08/01/25 | 2,000 | 1,995,213 | ||||||
| Mendocino-Lake Community College District GO, Series B, 0.00%, 08/01/51 (AGM)(a) | 750 | 194,609 | ||||||
| Metropolitan Water District of Southern California RB | ||||||||
| 5.00%, 10/01/29 | 5,000 | 5,725,655 | ||||||
| 5.00%, 10/01/31 | 2,425 | 2,871,785 | ||||||
| Series A, 5.00%, 07/01/24 | 5,000 | 5,100,275 | ||||||
| Series A, 5.00%, 07/01/26 | 1,000 | 1,062,849 | ||||||
| Series A, 5.00%, 07/01/28 (PR 07/01/25) | 8,695 | 9,051,821 | ||||||
| Series A, 5.00%, 07/01/34 (Call 01/01/29) | 8,000 | 9,026,494 | ||||||
| Series A, 5.00%, 10/01/45 (Call 10/01/29) | 3,000 | 3,264,346 | ||||||
| Series A, 5.00%, 10/01/46 (Call 04/01/31) | 7,000 | 7,681,031 | ||||||
| Series A, 5.00%, 10/01/51 (Call 04/01/31) | 12,000 | 13,083,695 | ||||||
| Series C, 5.00%, 10/01/27 | 1,000 | 1,095,990 | ||||||
| Series C, 5.00%, 07/01/38 (Call 07/01/30) | 10,730 | 12,039,206 | ||||||
| Series C, 5.00%, 07/01/39 (Call 07/01/30) | 2,500 | 2,788,711 | ||||||
| Series C, 5.00%, 07/01/40 (Call 07/01/30) | 12,000 | 13,314,968 | ||||||
| Series E, 5.00%, 07/01/23 | 1,015 | 1,016,350 | ||||||
| Miracosta Community College District GO, Series B, 4.00%, 08/01/45 (Call 08/01/30) | 17,405 | 17,256,603 | ||||||
6
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Moreno Valley Unified School District/CA GO, 5.00%, 08/01/44 (PR 08/01/25) (AGM) | $ | 14,220 | $ | 14,811,566 | ||||
| Morgan Hill Unified School District GO, Series B, 4.00%, 08/01/47 (Call 08/01/27) | 7,500 | 7,375,897 | ||||||
| Mount Diablo Unified School District/CA GO, Series A, 5.75%, 08/01/35 (Call 08/01/25) (AGM) | 2,530 | 2,674,191 | ||||||
| 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) | 12,830 | 11,626,874 | ||||||
| Series A, 4.00%, 08/01/49 (Call 08/01/29) | 1,000 | 976,202 | ||||||
| Municipal Improvement Corp. of Los Angeles RB | ||||||||
| Series B, 4.00%, 11/01/34 (Call 11/01/26) | 800 | 823,240 | ||||||
| Series B, 4.00%, 11/01/36 (Call 11/01/26) | 11,040 | 11,204,348 | ||||||
| Series B, 5.00%, 11/01/30 (Call 11/01/26) | 2,000 | 2,146,984 | ||||||
| Series B, 5.00%, 11/01/38 (Call 11/01/30) | 2,000 | 2,215,110 | ||||||
| New Haven Unified School District GO, 3.00%, 08/01/49 (Call 08/01/28) | 6,060 | 4,660,113 | ||||||
| Newport Mesa Unified School District GO | ||||||||
| 0.00%, 08/01/35(a) | 13,000 | 8,409,831 | ||||||
| 0.00%, 08/01/43 (Call 08/01/27)(a) | 1,500 | 621,847 | ||||||
| 0.00%, 08/01/44 (Call 08/01/27)(a) | 1,125 | 443,396 | ||||||
| 0.00%, 08/01/45 (Call 08/01/27)(a) | 2,500 | 936,163 | ||||||
| Series 2005, 0.00%, 08/01/34(a) | 1,500 | 1,017,903 | ||||||
| Series 2005, 0.00%, 08/01/36(a) | 1,400 | 857,287 | ||||||
| Series 2005, 0.00%, 08/01/38(a) | 3,500 | 1,920,694 | ||||||
| Norman Y Mineta San Jose International Airport SJC RB, Series B, 5.00%, 03/01/47 (Call 03/01/27) | 1,000 | 1,034,477 | ||||||
| North Orange County Community College District/CA GO, Series B, 4.00%, 08/01/44 (Call 08/01/29) | 9,325 | 9,199,852 | ||||||
| Ohlone Community College District GO, Series C, 4.00%, 08/01/41 (Call 08/01/26) | 5,000 | 5,011,793 | ||||||
| Orange County Local Transportation Authority RB | ||||||||
| 5.00%, 02/15/40 (Call 02/15/29) | 19,805 | 21,525,888 | ||||||
| 5.00%, 02/15/41 (Call 02/15/29) | 1,500 | 1,625,125 | ||||||
| Palomar Community College District, 5.00%, 08/01/44 (PR 08/01/25) | 19,760 | 20,624,293 | ||||||
| Palomar Community College District GO | ||||||||
| 4.00%, 08/01/45 (Call 08/01/27) | 1,900 | 1,855,846 | ||||||
| Series C, 4.00%, 08/01/40 (PR 08/01/25) | 1,000 | 1,022,919 | ||||||
| Series D, 5.25%, 08/01/45 (Call 08/01/27) | 1,000 | 1,062,494 | ||||||
| Placentia-Yorba Linda Unified School District GO | ||||||||
| Series D, 0.00%, 08/01/42(a) | 1,205 | 528,067 | ||||||
| Series D, 0.00%, 08/01/46(a) | 2,500 | 871,299 | ||||||
| Pleasanton Unified School District GO, 4.00%, 08/01/42 (Call 08/01/27) | 8,590 | 8,564,992 | ||||||
| Port of Los Angeles RB, Series B, 5.00%, 08/01/44 (Call 08/01/24) | 2,430 | 2,452,681 | ||||||
| Poway Unified School District GO | ||||||||
| 0.00%, 08/01/33(a) | 1,000 | 697,763 | ||||||
| 0.00%, 08/01/36(a) | 13,250 | 7,997,264 | ||||||
| 0.00%, 08/01/41(a) | 1,500 | 690,317 | ||||||
| 0.00%, 08/01/46(a) | 9,615 | 3,268,116 | ||||||
| 0.00%, 08/01/51(a) | 1,250 | 330,927 | ||||||
| Series B, 0.00%, 08/01/34(a) | 4,630 | 3,108,452 | ||||||
| Rio Hondo Community College District/CA GO, Series C, 0.00%, 08/01/42 (Call 08/01/34)(a) | 8,060 | 9,472,715 | ||||||
| Riverside County Public Financing Authority RB, Series B, 5.25%, 11/01/45 (PR 11/01/25) | 1,000 | 1,052,934 | ||||||
| Riverside County Transportation Commission RB | ||||||||
| 4.00%, 06/01/38 (Call 06/01/31) | 2,125 | 2,055,248 | ||||||
| Series A, 5.25%, 06/01/39 (PR 06/01/23) | 1,500 | 1,500,000 | ||||||
| Series A, 5.75%, 06/01/48 (PR 06/01/23) | 2,000 | 2,000,000 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Series B, 5.00%, 06/01/35 (Call 12/01/27) | $ | 1,000 | $ | 1,088,095 | ||||
| Series B, 5.00%, 06/01/37 (Call 12/01/27) | 2,355 | 2,533,937 | ||||||
| Series B, 5.00%, 06/01/39 (Call 12/01/27) | 2,960 | 3,159,004 | ||||||
| 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) | 5,092 | 4,983,104 | ||||||
| Series B1, 4.00%, 06/01/39 (Call 06/01/31) | 8,860 | 8,499,209 | ||||||
| Series B1, 4.00%, 06/01/40 (Call 06/01/31) | 8,255 | 7,839,609 | ||||||
| Series B1, 4.00%, 06/01/46 (Call 06/01/31) | 18,940 | 17,351,667 | ||||||
| Riverside County Transportation Commission Sales Tax Revenue RB | ||||||||
| 5.00%, 06/01/34 (Call 12/01/27) | 15,975 | 17,464,646 | ||||||
| Series B, 5.00%, 06/01/29 (Call 12/01/27) | 7,130 | 7,838,224 | ||||||
| Sacramento Area Flood Control Agency SA, Series A, 5.00%, 10/01/41 (Call 10/01/26) | 2,000 | 2,094,821 | ||||||
| Sacramento City Financing Authority RB, Series E, 5.25%, 12/01/30 (AMBAC) | 440 | 497,928 | ||||||
| Sacramento County Sanitation Districts Financing Authority RB | ||||||||
| 5.00%, 12/01/27 | 1,000 | 1,097,580 | ||||||
| 5.00%, 12/01/29 | 1,000 | 1,146,974 | ||||||
| 5.00%, 12/01/30 | 400 | 467,396 | ||||||
| 5.00%, 12/01/33 (Call 12/01/31) | 4,000 | 4,725,280 | ||||||
| Series A, 5.00%, 12/01/44 (Call 06/01/24) | 2,000 | 2,016,652 | ||||||
| Series A, 5.00%, 12/01/45 (Call 12/01/30) | 3,540 | 3,868,368 | ||||||
| Series A, 5.00%, 12/01/50 (Call 12/01/30) | 12,500 | 13,567,181 | ||||||
| Sacramento Municipal Utility District RB | ||||||||
| 5.00%, 08/15/26 | 1,770 | 1,886,751 | ||||||
| 5.00%, 08/15/28 | 1,630 | 1,815,975 | ||||||
| Series A, 5.00%, 08/15/41 (Call 08/15/23) | 17,935 | 17,966,844 | ||||||
| Series A, VRDN,5.00%, 08/15/49 (Put 10/17/23)(b) | 6,500 | 6,504,217 | ||||||
| Series B, VRDN,5.00%, 08/15/49 (Put 10/15/25)(b) | 2,500 | 2,568,874 | ||||||
| Series E, 5.00%, 08/15/24 | 1,590 | 1,625,007 | ||||||
| Series G, 5.00%, 08/15/39 (Call 08/15/29) | 1,500 | 1,653,749 | ||||||
| Series G, 5.00%, 08/15/40 (Call 08/15/29) | 2,000 | 2,192,230 | ||||||
| Series H, 4.00%, 08/15/40 (Call 08/15/30) | 2,500 | 2,517,697 | ||||||
| Series H, 4.00%, 08/15/45 (Call 08/15/30) | 4,575 | 4,533,366 | ||||||
| Series H, 5.00%, 08/15/50 (Call 08/15/30) | 43,000 | 46,599,371 | ||||||
| San Diego Association of Governments RB, 5.00%, 11/15/25 (Call 11/15/24) | 6,025 | 6,177,864 | ||||||
| San Diego Association of Governments South Bay Expressway Revenue RB, Series A, 5.00%, 07/01/42 (Call 07/01/27) | 10,000 | 10,414,991 | ||||||
| San Diego Community College District GO | ||||||||
| 0.00%, 08/01/35(a) | 4,000 | 2,590,734 | ||||||
| 5.00%, 08/01/28 (Call 08/01/26) | 1,000 | 1,069,242 | ||||||
| 5.00%, 08/01/30 (PR 08/01/26) | 10,560 | 11,260,225 | ||||||
| 5.00%, 08/01/31 (PR 08/01/26) | 8,000 | 8,530,474 | ||||||
| Series 2002, 5.00%, 08/01/30 (PR 08/01/23) | 1,250 | 1,253,364 | ||||||
| Series 2006, 5.00%, 08/01/43 (PR 08/01/23) | 4,505 | 4,517,125 | ||||||
| San Diego County Regional Airport Authority RB | ||||||||
| Series A, 4.00%, 07/01/38 (Call 07/01/29) | 2,120 | 2,133,697 | ||||||
| Series A, 5.00%, 07/01/34 (Call 07/01/29) | 4,850 | 5,416,675 | ||||||
| Series A, 5.00%, 07/01/36 (Call 07/01/29) | 1,450 | 1,600,530 | ||||||
| Series A, 5.00%, 07/01/43 (PR 07/01/23) | 1,250 | 1,251,632 | ||||||
| Series A, 5.00%, 07/01/44 (Call 07/01/29) | 1,600 | 1,698,403 | ||||||
| Series A, 5.00%, 07/01/46 (Call 07/01/31) | 5,000 | 5,383,520 | ||||||
| Series A, 5.00%, 07/01/49 (Call 07/01/29) | 600 | 630,771 | ||||||
| Series A, 5.00%, 07/01/56 (Call 07/01/31) | 5,000 | 5,307,121 | ||||||
| San Diego County Regional Transportation Commission RB | ||||||||
| 5.00%, 04/01/45 (Call 04/01/31) | 4,300 | 4,683,396 | ||||||
7
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Series A, 5.00%, 04/01/41 (Call 04/01/26) | $ | 10,230 | $ | 10,704,712 | ||||
| Series A, 5.00%, 04/01/48 (Call 04/01/26) | 2,270 | 2,362,712 | ||||||
| Series B, 5.00%, 04/01/48 (Call 04/01/31) | 8,140 | 8,829,806 | ||||||
| San Diego County Water Authority RB | ||||||||
| Series A, 5.00%, 05/01/30 | 3,000 | 3,468,545 | ||||||
| Series A, 5.00%, 05/01/47 (Call 05/01/32) | 3,300 | 3,644,652 | ||||||
| Series A, 5.00%, 05/01/52 (Call 05/01/32) | 8,250 | 9,047,269 | ||||||
| Series B, 4.00%, 05/01/33 (Call 05/01/31) | 3,500 | 3,782,342 | ||||||
| Series B, 4.00%, 05/01/35 (Call 05/01/31) | 3,000 | 3,195,498 | ||||||
| Series B, 4.00%, 05/01/37 (Call 05/01/31) | 3,500 | 3,656,011 | ||||||
| Series B, 4.00%, 05/01/38 (Call 05/01/31) | 14,715 | 15,282,131 | ||||||
| Series S1, 5.00%, 05/01/28 (Call 03/15/28) | 4,100 | 4,516,587 | ||||||
| San Diego Public Facilities Financing Authority RB | ||||||||
| 4.00%, 08/01/52 (Call 08/01/33) | 5,770 | 5,543,100 | ||||||
| 5.00%, 05/15/25 | 2,525 | 2,621,031 | ||||||
| 5.25%, 08/01/48 (Call 08/01/33) | 7,690 | 8,719,078 | ||||||
| Series A, 4.00%, 08/01/36 (Call 08/01/30) | 1,350 | 1,405,599 | ||||||
| Series A, 4.00%, 08/01/37 (Call 08/01/30) | 2,250 | 2,326,367 | ||||||
| Series A, 4.00%, 08/01/45 (Call 08/01/30) | 500 | 488,380 | ||||||
| Series A, 5.00%, 05/15/29 (Call 05/15/26) | 2,500 | 2,671,224 | ||||||
| Series A, 5.00%, 08/01/43 (Call 08/01/28) | 1,500 | 1,603,168 | ||||||
| Series A, 5.00%, 10/15/44 (Call 10/15/25) | 1,810 | 1,872,185 | ||||||
| Series B, 5.00%, 08/01/28 (Call 08/01/26) | 2,500 | 2,673,890 | ||||||
| San Diego Unified School District GO, Series F, 4.00%, 07/01/45 (Call 07/01/25) | 9,000 | 8,832,502 | ||||||
| San Diego Unified School District/CA GO | ||||||||
| 0.00%, 07/01/30(a) | 7,570 | 6,005,253 | ||||||
| 4.25%, 07/01/52 (Call 07/01/32) | 5,000 | 5,024,275 | ||||||
| 5.00%, 07/01/24 | 8,570 | 8,743,707 | ||||||
| 5.25%, 07/01/28 (AGM) | 845 | 952,777 | ||||||
| 5.25%, 07/01/28 (ETM) (AGM) | 155 | 173,203 | ||||||
| Series C, 0.00%, 07/01/30(a) | 1,550 | 1,233,900 | ||||||
| Series C, 0.00%, 07/01/35(a) | 2,380 | 1,559,419 | ||||||
| Series C, 0.00%, 07/01/36(a) | 1,500 | 925,173 | ||||||
| Series C, 0.00%, 07/01/37(a) | 700 | 408,080 | ||||||
| Series C, 0.00%, 07/01/38(a) | 3,000 | 1,650,932 | ||||||
| Series C, 0.00%, 07/01/43(a) | 4,140 | 1,757,698 | ||||||
| Series C, 0.00%, 07/01/44(a) | 2,165 | 874,773 | ||||||
| Series C, 0.00%, 07/01/45(a) | 4,590 | 1,763,880 | ||||||
| Series C, 0.00%, 07/01/46(a) | 275 | 100,467 | ||||||
| Series C, 0.00%, 07/01/47(a) | 1,405 | 488,879 | ||||||
| Series C, 0.00%, 07/01/48 (Call 07/01/40)(a) | 3,250 | 2,842,540 | ||||||
| Series C, 5.00%, 07/01/35 (PR 07/01/23) | 1,940 | 1,942,532 | ||||||
| Series D-2, 4.00%, 07/01/50 (Call 07/01/30) | 45,580 | 44,587,559 | ||||||
| Series E, 0.00%, 07/01/32(a) | 6,440 | 4,714,205 | ||||||
| Series E, 0.00%, 07/01/42(a) | 5,850 | 4,244,093 | ||||||
| Series E, 0.00%, 07/01/47 (Call 07/01/42)(a) | 3,800 | 2,764,940 | ||||||
| Series E, 0.00%, 07/01/49(a) | 7,640 | 2,411,018 | ||||||
| Series G, 0.00%, 07/01/38 (PR 01/01/24)(a) | 4,000 | 1,764,745 | ||||||
| Series I, 4.00%, 07/01/47 (Call 07/01/27) | 11,400 | 11,125,659 | ||||||
| Series I, 5.00%, 07/01/41 (Call 07/01/27) | 3,175 | 3,364,641 | ||||||
| Series I, 5.00%, 07/01/47 (Call 07/01/27) | 6,500 | 6,852,808 | ||||||
| Series L, 4.00%, 07/01/49 (Call 07/01/29) | 13,000 | 12,609,982 | ||||||
| Series M-2, 3.00%, 07/01/50 (Call 07/01/30) | 21,350 | 16,403,873 | ||||||
| Series M-2, 4.00%, 07/01/50 (Call 07/01/30) | 17,710 | 17,324,390 | ||||||
| Series N-2, 3.00%, 07/01/46 (Call 07/01/31) | 3,000 | 2,378,939 | ||||||
| Series N-2, 4.00%, 07/01/46 (Call 07/01/31) | 22,000 | 21,690,066 | ||||||
| Series R-1, 0.00%, 07/01/31(a) | 2,000 | 1,526,149 | ||||||
| Series R-2, 0.00%, 07/01/40(a) | 13,475 | 12,465,053 | ||||||
| Series R-4, 5.00%, 07/01/28 (Call 07/01/25) | 5,000 | 5,217,974 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Series R-5, 5.00%, 07/01/29 (Call 07/01/26) | $ | 2,000 | $ | 2,140,494 | ||||
| Series SR-1, 4.00%, 07/01/32 (Call 07/01/26) | 1,000 | 1,031,118 | ||||||
| San Dieguito Union High School District GO | ||||||||
| Series A-2, 4.00%, 08/01/38 (PR 08/01/23) | 1,000 | 1,001,079 | ||||||
| Series B-2, 4.00%, 02/01/40 (Call 08/01/25) | 800 | 792,826 | ||||||
| San Francisco Bay Area Rapid Transit District GO | ||||||||
| 3.00%, 08/01/38 (Call 08/01/29) | 5,000 | 4,463,774 | ||||||
| 4.00%, 08/01/47 (Call 02/01/32) | 2,000 | 1,963,896 | ||||||
| 5.00%, 08/01/39 (Call 02/01/32) | 1,250 | 1,414,364 | ||||||
| 5.25%, 08/01/47 (Call 02/01/32) | 1,250 | 1,403,433 | ||||||
| Series A, 4.00%, 08/01/42 (Call 08/01/27) | 1,500 | 1,503,392 | ||||||
| Series A, 5.00%, 08/01/47 (Call 08/01/27) | 3,000 | 3,181,372 | ||||||
| Series B-1, 4.00%, 08/01/44 (Call 08/01/29) | 5,000 | 5,001,108 | ||||||
| Series C-1, 3.00%, 08/01/50 (Call 08/01/29) | 8,500 | 6,453,085 | ||||||
| Series C-1, 4.00%, 08/01/45 (Call 08/01/29) | 2,640 | 2,628,966 | ||||||
| Series D, 4.00%, 08/01/33 (Call 08/01/25) | 2,885 | 2,956,362 | ||||||
| Series S, 4.00%, 08/01/37 (Call 08/01/27) | 8,420 | 8,573,437 | ||||||
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB | ||||||||
| Series A, 3.00%, 07/01/44 (Call 07/01/27) | 1,800 | 1,467,744 | ||||||
| Series A, 4.00%, 07/01/37 (Call 07/01/27) | 3,075 | 3,128,335 | ||||||
| Series A, 4.00%, 07/01/38 (Call 07/01/27) | 5,495 | 5,565,252 | ||||||
| San Francisco City & County Airport Commission San Francisco International Airport RB | ||||||||
| Series B, 5.00%, 05/01/32 (Call 05/01/31) | 3,150 | 3,667,542 | ||||||
| Series B, 5.00%, 05/01/35 (Call 05/01/31) | 3,000 | 3,461,822 | ||||||
| Series B, 5.00%, 05/01/44 (Call 05/01/24) | 2,000 | 2,020,122 | ||||||
| Series B, 5.00%, 05/01/47 (Call 05/01/27) | 3,500 | 3,638,594 | ||||||
| Series B, 5.00%, 05/01/49 (Call 05/01/29) | 7,785 | 8,220,646 | ||||||
| Series C, 5.00%, 05/01/46 (Call 05/01/26) | 4,065 | 4,184,146 | ||||||
| Series D, 5.00%, 05/01/24 | 3,550 | 3,604,486 | ||||||
| Series E, 5.00%, 05/01/48 (Call 05/01/28) | 2,500 | 2,625,145 | ||||||
| Series F, 5.00%, 05/01/50 (Call 05/01/29) | 22,605 | 23,788,831 | ||||||
| San Francisco City & County Public Utilities Commission Power Revenue RB, 4.00%, 11/01/51 (Call 05/01/31) | 18,000 | 17,508,922 | ||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue RB | ||||||||
| 4.00%, 10/01/39 (Call 10/01/32) | 1,350 | 1,381,281 | ||||||
| 4.00%, 10/01/50 (Call 10/01/31) | 5,000 | 4,879,507 | ||||||
| 5.00%, 10/01/35 (Call 10/01/32) | 1,500 | 1,772,174 | ||||||
| 5.00%, 10/01/36 (Call 10/01/32) | 1,000 | 1,171,201 | ||||||
| 5.00%, 10/01/37 (Call 10/01/32) | 1,500 | 1,737,810 | ||||||
| 5.00%, 10/01/45 (Call 10/01/31) | 5,000 | 5,523,063 | ||||||
| Series A, 4.00%, 10/01/43 (Call 04/01/28) | 1,330 | 1,315,978 | ||||||
| Series A, 4.00%, 10/01/47 (Call 10/01/31) | 8,000 | 7,873,871 | ||||||
| Series A, 5.00%, 10/01/46 (Call 10/01/31) | 5,000 | 5,498,055 | ||||||
| Series B, 4.00%, 10/01/35 (Call 10/01/23) | 15,000 | 15,012,309 | ||||||
| Series B, 4.00%, 10/01/39 (Call 10/01/23) | 3,500 | 3,502,872 | ||||||
| Series B, 4.00%, 10/01/42 (Call 10/01/23) | 25,000 | 24,639,480 | ||||||
| Series C, VRDN,2.13%, 10/01/48 (Put 07/18/23)(b) | 3,000 | 2,995,124 | ||||||
| San Joaquin County Transportation Authority RB, 4.00%, 03/01/41 (Call 03/01/27) | 11,000 | 10,955,881 | ||||||
| San Joaquin Hills Transportation Corridor Agency RB | ||||||||
| 0.00%, 01/01/25 (ETM)(a) | 2,100 | 1,997,286 | ||||||
| 0.00%, 01/01/27 (ETM)(a) | 1,075 | 966,684 | ||||||
| 4.00%, 01/15/34 (Call 01/15/32) | 2,185 | 2,253,663 | ||||||
| 5.00%, 01/15/32 | 1,500 | 1,667,642 | ||||||
| 5.00%, 01/15/33 (Call 01/15/32) | 3,415 | 3,787,750 | ||||||
| Series A, 5.00%, 01/15/29 (PR 01/15/25) | 1,000 | 1,030,901 | ||||||
| Series A, 5.00%, 01/15/34 (PR 01/15/25) | 2,680 | 2,762,816 | ||||||
| Series A, 5.00%, 01/15/44 (PR 01/15/25) | 8,000 | 8,247,211 | ||||||
8
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Series A, 5.00%, 01/15/50 (PR 01/15/25) | $ | 13,275 | $ | 13,685,216 | ||||
| San Jose Evergreen Community College District GO | ||||||||
| 4.00%, 09/01/45 (Call 09/01/32) | 8,515 | 8,442,181 | ||||||
| Series C, 4.00%, 09/01/40 (PR 09/01/24) | 7,500 | 7,577,994 | ||||||
| Series C, 4.13%, 09/01/43 (PR 09/01/24) | 5,000 | 5,059,577 | ||||||
| San Jose Financing Authority RB, Series A, 5.00%, 06/01/39 (PR 06/01/23) | 8,165 | 8,165,000 | ||||||
| San Jose Unified School District GO | ||||||||
| 0.00%, 08/01/29 (NPFGC)(a) | 3,800 | 3,108,484 | ||||||
| 5.00%, 08/01/32 (Call 08/01/25) | 9,000 | 9,390,417 | ||||||
| Series C, 0.00%, 08/01/30 (NPFGC)(a) | 5,980 | 4,715,585 | ||||||
| Series E, 4.00%, 08/01/42 (Call 08/01/27) | 6,825 | 6,832,632 | ||||||
| San Juan Unified School District GO, 4.00%, 08/01/46 (Call 08/01/30) | 17,000 | 16,754,460 | ||||||
| San Marcos Unified School District GO | ||||||||
| Series B, 0.00%, 08/01/47(a) | 1,700 | 582,220 | ||||||
| Series B, 0.00%, 08/01/51(a) | 1,500 | 421,368 | ||||||
| San Mateo County Community College District GO | ||||||||
| 0.00%, 09/01/34 (NPFGC)(a) | 18,075 | 12,327,381 | ||||||
| Series A, 5.00%, 09/01/45 (PR 09/01/25) | 1,000 | 1,043,425 | ||||||
| Series B, 0.00%, 09/01/32 (NPFGC)(a) | 3,515 | 2,585,954 | ||||||
| Series B, 5.00%, 09/01/45 (Call 09/01/28) | 44,150 | 47,784,688 | ||||||
| Series C, 0.00%, 09/01/30 (NPFGC)(a) | 4,295 | 3,417,170 | ||||||
| San Mateo Foster City Public Financing Authority RB | ||||||||
| 4.00%, 08/01/44 (Call 08/01/29) | 7,070 | 6,958,207 | ||||||
| 5.00%, 08/01/49 (Call 08/01/29) | 2,200 | 2,358,783 | ||||||
| San Mateo Foster City School District/CA GO, 0.00%, | ||||||||
| 08/01/42 (Call 08/01/31)(a) | 5,500 | 5,388,551 | ||||||
| San Mateo Union High School District GO | ||||||||
| Series A, 0.00%, 09/01/33(a) | 500 | 458,285 | ||||||
| Series A, 0.00%, 09/01/41 (Call 09/01/36)(a) | 3,765 | 3,594,866 | ||||||
| Series A, 0.00%, 07/01/51 (Call 09/01/41)(a) | 4,465 | 3,123,637 | ||||||
| Santa Barbara Secondary High School District GO, Series A, 0.00%, 08/01/36(a) | 2,500 | 1,449,755 | ||||||
| Santa Barbara Unified School District GO | ||||||||
| Series A, 4.00%, 08/01/41 (Call 08/01/27) | 2,600 | 2,607,951 | ||||||
| Series B, 5.00%, 08/01/44 (Call 08/01/28) | 6,725 | 7,205,634 | ||||||
| Santa Clara Unified School District GO, Series 2018, 4.00%, 07/01/48 (Call 07/01/26) | 24,000 | 23,622,624 | ||||||
| Santa Clara Valley Water District RB, Series A, 5.00%, 06/01/46 (Call 12/01/25) | 1,000 | 1,037,403 | ||||||
| Santa Clarita Community College District GO, 4.00%, 08/01/41 (Call 08/01/26) | 6,850 | 6,839,886 | ||||||
| Santa Maria Joint Union High School District GO, 4.00%, 08/01/37 (PR 08/01/24) | 14,230 | 14,366,190 | ||||||
| Santa Monica Community College District GO | ||||||||
| Series A, 4.00%, 08/01/47 (Call 08/01/28) | 21,580 | 21,190,442 | ||||||
| Series A, 5.00%, 08/01/43 (Call 08/01/28) | 7,500 | 8,037,794 | ||||||
| Series B, 4.00%, 08/01/44 (PR 08/01/24) | 1,500 | 1,515,728 | ||||||
| Series B, 5.00%, 08/01/45 (Call 08/01/32) | 1,150 | 1,271,984 | ||||||
| Santa Monica-Malibu Unified School District GO | ||||||||
| 4.00%, 08/01/50 (Call 08/01/29) | 11,545 | 11,270,835 | ||||||
| Series B, 4.00%, 08/01/50 (Call 08/01/29) | 16,685 | 16,288,773 | ||||||
| Silicon Valley Clean Water RB, Series A, 3.00%, 03/01/24 (Call 09/01/23) | 3,330 | 3,321,300 | ||||||
| Sonoma County Junior College District GO, Series B, 3.00%, 08/01/41 (Call 08/01/29) | 7,000 | 5,870,591 | ||||||
| South San Francisco Unified School District GO | ||||||||
| 4.00%, 09/01/48 (Call 09/01/31) | 22,000 | 21,550,463 | ||||||
| 4.00%, 09/01/52 (Call 09/01/31) | 10,975 | 10,722,494 | ||||||
| Series C, 4.00%, 09/01/37 (Call 09/01/25) | 4,000 | 3,999,760 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Southern California Public Power Authority RB | ||||||||
| VRDN,3.80%, 07/01/36 (Put 05/31/23)(b) | $ | 65,000 | $ | 65,000,000 | ||||
| Series A, 5.00%, 04/01/24 (Call 01/01/24) | 7,600 | 7,679,993 | ||||||
| Series C, 5.00%, 07/01/26 (Call 01/01/25) | 1,525 | 1,573,289 | ||||||
| Southern California Water Replenishment District RB, 4.00%, 08/01/45 (Call 08/01/25) | 1,500 | 1,476,427 | ||||||
| Southwestern Community College District GO | ||||||||
| Series C, 0.00%, 08/01/46(a) | 1,920 | 656,079 | ||||||
| Series D, 5.00%, 08/01/44 (PR 08/01/25) | 2,000 | 2,087,479 | ||||||
| State of California Department of Water Resources RB | ||||||||
| 4.00%, 12/01/34 (Call 06/01/31) | 5,000 | 5,377,767 | ||||||
| 5.00%, 12/01/24 (PR 06/01/23) | 4,000 | 4,000,000 | ||||||
| 5.00%, 12/01/30 | 4,075 | 4,752,514 | ||||||
| Series AS, 5.00%, 12/01/24 (ETM) | 10 | 10,288 | ||||||
| Series AS, 5.00%, 12/01/26 (PR 12/01/24) | 15,480 | 15,920,556 | ||||||
| Series AS, 5.00%, 12/01/27 (PR 12/01/24) | 1,060 | 1,090,169 | ||||||
| Series AS, 5.00%, 12/01/28 (PR 12/01/24) | 1,065 | 1,095,311 | ||||||
| Series AW, 5.00%, 12/01/30 (Call 12/01/26) | 4,000 | 4,299,576 | ||||||
| Series AW, 5.00%, 12/01/33 (PR 12/01/26) | 1,000 | 1,072,205 | ||||||
| Series AX, 5.00%, 12/01/27 | 1,000 | 1,099,805 | ||||||
| Series BA, 5.00%, 12/01/34 (Call 06/01/29) | 6,680 | 7,555,751 | ||||||
| Series BB, 5.00%, 12/01/23 | 6,000 | 6,050,774 | ||||||
| Series BB, 5.00%, 12/01/25 | 4,040 | 4,234,209 | ||||||
| Series BB, 5.00%, 12/01/27 | 3,005 | 3,304,915 | ||||||
| Series BB, 5.00%, 12/01/28 | 2,000 | 2,249,034 | ||||||
| Series BB, 5.00%, 12/01/30 | 2,000 | 2,332,522 | ||||||
| Series BB, 5.00%, 12/01/34 (Call 12/01/30) | 8,940 | 10,377,649 | ||||||
| Series BB, 5.00%, 12/01/35 (Call 12/01/30) | 9,075 | 10,463,501 | ||||||
| State of California GO | ||||||||
| 2.38%, 12/01/43 (Call 12/01/30) | 3,075 | 2,202,402 | ||||||
| 3.00%, 03/01/28 | 2,500 | 2,482,240 | ||||||
| 3.00%, 10/01/34 (Call 10/01/29) | 6,805 | 6,424,154 | ||||||
| 3.00%, 10/01/35 (Call 10/01/29) | 3,000 | 2,782,294 | ||||||
| 3.00%, 10/01/36 (Call 10/01/29) | 5,795 | 5,265,528 | ||||||
| 3.00%, 10/01/37 (Call 10/01/29) | 6,385 | 5,697,374 | ||||||
| 3.00%, 10/01/49 (Call 10/01/29) | 1,000 | 772,143 | ||||||
| 3.00%, 11/01/50 (Call 11/01/30) | 10,860 | 8,318,912 | ||||||
| 4.00%, 10/01/23 | 2,025 | 2,030,860 | ||||||
| 4.00%, 03/01/24 | 1,505 | 1,515,599 | ||||||
| 4.00%, 11/01/25 | 6,465 | 6,593,090 | ||||||
| 4.00%, 04/01/26 | 3,735 | 3,822,987 | ||||||
| 4.00%, 11/01/26 | 14,275 | 14,719,972 | ||||||
| 4.00%, 10/01/27 | 7,280 | 7,578,102 | ||||||
| 4.00%, 09/01/28 (Call 09/01/26) | 6,850 | 7,075,961 | ||||||
| 4.00%, 09/01/29 | 5,225 | 5,547,924 | ||||||
| 4.00%, 08/01/31 (Call 08/01/26) | 5,000 | 5,132,180 | ||||||
| 4.00%, 09/01/31 (Call 09/01/26) | 1,010 | 1,037,162 | ||||||
| 4.00%, 08/01/32 (Call 08/01/26) | 2,000 | 2,049,442 | ||||||
| 4.00%, 09/01/32 (Call 09/01/26) | 3,000 | 3,076,378 | ||||||
| 4.00%, 09/01/33 (Call 09/01/26) | 4,035 | 4,134,563 | ||||||
| 4.00%, 11/01/33 (Call 11/01/27) | 20,630 | 21,401,482 | ||||||
| 4.00%, 10/01/34 (Call 10/01/29) | 4,850 | 5,092,158 | ||||||
| 4.00%, 10/01/34 (Call 04/01/31) | 1,405 | 1,489,861 | ||||||
| 4.00%, 11/01/34 (Call 11/01/27) | 3,915 | 4,043,527 | ||||||
| 4.00%, 09/01/35 (Call 09/01/26) | 9,575 | 9,780,370 | ||||||
| 4.00%, 11/01/35 (Call 11/01/27) | 7,440 | 7,646,726 | ||||||
| 4.00%, 03/01/36 (Call 03/01/30) | 3,500 | 3,638,576 | ||||||
| 4.00%, 09/01/36 (Call 09/01/26) | 7,560 | 7,693,473 | ||||||
| 4.00%, 10/01/36 (Call 04/01/31) | 6,945 | 7,223,764 | ||||||
| 4.00%, 11/01/36 (Call 11/01/27) | 8,000 | 8,184,293 | ||||||
9
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| 4.00%, 03/01/37 (Call 03/01/30) | $ | 3,125 | $ | 3,222,138 | ||||
| 4.00%, 10/01/37 (Call 04/01/31) | 3,300 | 3,403,346 | ||||||
| 4.00%, 11/01/37 (Call 11/01/30) | 1,530 | 1,575,822 | ||||||
| 4.00%, 03/01/38 (Call 03/01/30) | 12,960 | 13,273,707 | ||||||
| 4.00%, 11/01/38 (Call 11/01/30) | 5,560 | 5,708,749 | ||||||
| 4.00%, 11/01/39 (Call 11/01/30) | 5,000 | 5,115,396 | ||||||
| 4.00%, 03/01/40 (Call 03/01/30) | 13,405 | 13,575,420 | ||||||
| 4.00%, 10/01/41 (Call 04/01/31) | 26,705 | 26,972,643 | ||||||
| 4.00%, 11/01/41 (Call 11/01/25) | 8,750 | 8,752,896 | ||||||
| 4.00%, 04/01/42 (Call 04/01/32) | 21,240 | 21,371,138 | ||||||
| 4.00%, 10/01/44 (Call 10/01/29) | 11,655 | 11,642,497 | ||||||
| 4.00%, 11/01/44 (Call 11/01/24) | 1,500 | 1,495,745 | ||||||
| 4.00%, 03/01/45 (Call 03/01/25) | 6,500 | 6,453,396 | ||||||
| 4.00%, 08/01/45 (Call 08/01/25) | 1,750 | 1,736,890 | ||||||
| 4.00%, 11/01/45 (Call 11/01/25) | 10,350 | 10,277,475 | ||||||
| 4.00%, 03/01/46 (Call 03/01/30) | 12,805 | 12,735,726 | ||||||
| 4.00%, 11/01/47 (Call 11/01/27) | 15,750 | 15,570,316 | ||||||
| 4.00%, 04/01/49 (Call 04/01/32) | 7,000 | 6,904,841 | ||||||
| 4.00%, 03/01/50 (Call 03/01/30) | 1,915 | 1,884,968 | ||||||
| 4.00%, 11/01/50 (Call 11/01/25) | 6,575 | 6,436,197 | ||||||
| 4.25%, 09/01/52 (Call 09/01/32) | 2,190 | 2,210,436 | ||||||
| 4.50%, 12/01/43 (Call 12/01/23) | 2,375 | 2,380,648 | ||||||
| 4.50%, 12/01/43 (PR 12/01/23) | 230 | 231,350 | ||||||
| 5.00%, 08/01/23 | 1,555 | 1,559,650 | ||||||
| 5.00%, 09/01/23 | 3,035 | 3,048,858 | ||||||
| 5.00%, 09/01/23 (Call 07/03/23) | 25 | 25,037 | ||||||
| 5.00%, 10/01/23 | 2,595 | 2,610,956 | ||||||
| 5.00%, 10/01/23 (Call 07/03/23) | 5 | 5,007 | ||||||
| 5.00%, 11/01/23 | 7,925 | 7,986,607 | ||||||
| 5.00%, 12/01/23 | 4,770 | 4,815,079 | ||||||
| 5.00%, 03/01/24 | 2,325 | 2,358,403 | ||||||
| 5.00%, 04/01/24 | 1,740 | 1,767,812 | ||||||
| 5.00%, 08/01/24 | 2,735 | 2,795,639 | ||||||
| 5.00%, 09/01/24 | 8,425 | 8,627,289 | ||||||
| 5.00%, 09/01/24 (Call 09/01/23) | 30 | 30,046 | ||||||
| 5.00%, 10/01/24 | 34,395 | 35,281,097 | ||||||
| 5.00%, 11/01/24 | 28,675 | 29,464,758 | ||||||
| 5.00%, 08/01/25 | 8,390 | 8,721,138 | ||||||
| 5.00%, 09/01/25 | 2,025 | 2,107,554 | ||||||
| 5.00%, 09/01/25 (Call 09/01/23) | 1,000 | 1,003,743 | ||||||
| 5.00%, 10/01/25 | 11,575 | 12,067,168 | ||||||
| 5.00%, 10/01/25 (Call 07/03/23) | 15 | 15,029 | ||||||
| 5.00%, 10/01/25 (Call 10/01/24) | 2,115 | 2,161,694 | ||||||
| 5.00%, 11/01/25 | 5,500 | 5,743,648 | ||||||
| 5.00%, 11/01/25 (Call 11/01/23) | 5,765 | 5,802,196 | ||||||
| 5.00%, 12/01/25 (Call 12/01/23) | 1,020 | 1,028,078 | ||||||
| 5.00%, 03/01/26 (Call 03/01/25) | 3,810 | 3,930,683 | ||||||
| 5.00%, 04/01/26 | 7,875 | 8,314,900 | ||||||
| 5.00%, 10/01/26 | 4,860 | 5,174,301 | ||||||
| 5.00%, 10/01/26 (Call 10/01/24) | 4,320 | 4,419,347 | ||||||
| 5.00%, 11/01/26 | 2,280 | 2,431,698 | ||||||
| 5.00%, 12/01/26 | 7,000 | 7,478,933 | ||||||
| 5.00%, 03/01/27 (Call 03/01/25) | 3,920 | 4,052,318 | ||||||
| 5.00%, 04/01/27 | 3,385 | 3,652,229 | ||||||
| 5.00%, 08/01/27 | 5,205 | 5,642,205 | ||||||
| 5.00%, 09/01/27 (Call 09/01/26) | 6,210 | 6,613,633 | ||||||
| 5.00%, 10/01/27 | 25,465 | 27,702,561 | ||||||
| 5.00%, 10/01/27 (Call 10/01/24) | 2,020 | 2,066,985 | ||||||
| 5.00%, 11/01/27 | 30,225 | 32,940,200 | ||||||
| 5.00%, 11/01/27 (Call 11/01/23) | 2,300 | 2,314,934 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 12/01/27 | $ | 3,630 | $ | 3,963,296 | ||||
| 5.00%, 04/01/28 | 6,340 | 6,978,242 | ||||||
| 5.00%, 08/01/28 (Call 08/01/25) | 1,250 | 1,304,873 | ||||||
| 5.00%, 08/01/28 (Call 08/01/27) | 2,760 | 2,992,382 | ||||||
| 5.00%, 09/01/28 | 6,505 | 7,223,781 | ||||||
| 5.00%, 09/01/28 (Call 09/01/23) | 1,000 | 1,003,519 | ||||||
| 5.00%, 09/01/28 (Call 09/01/26) | 3,640 | 3,885,022 | ||||||
| 5.00%, 10/01/28 | 19,600 | 21,803,769 | ||||||
| 5.00%, 10/01/28 (Call 10/01/24) | 2,000 | 2,046,257 | ||||||
| 5.00%, 11/01/28 | 8,335 | 9,288,464 | ||||||
| 5.00%, 11/01/28 (Call 11/01/27) | 3,600 | 3,922,968 | ||||||
| 5.00%, 03/01/29 | 1,000 | 1,120,503 | ||||||
| 5.00%, 04/01/29 | 26,465 | 29,705,733 | ||||||
| 5.00%, 08/01/29 (Call 08/01/26) | 5,000 | 5,327,625 | ||||||
| 5.00%, 08/01/29 (Call 08/01/27) | 26,175 | 28,390,947 | ||||||
| 5.00%, 08/01/29 (Call 08/01/28) | 2,635 | 2,918,582 | ||||||
| 5.00%, 09/01/29 (Call 09/01/26) | 6,755 | 7,209,108 | ||||||
| 5.00%, 10/01/29 | 24,330 | 27,571,603 | ||||||
| 5.00%, 10/01/29 (Call 10/01/24) | 4,675 | 4,780,668 | ||||||
| 5.00%, 10/01/29 (Call 04/01/26) | 6,445 | 6,825,159 | ||||||
| 5.00%, 10/01/29 (Call 10/01/28) | 15,000 | 16,665,471 | ||||||
| 5.00%, 11/01/29 (Call 11/01/23) | 2,855 | 2,872,831 | ||||||
| 5.00%, 11/01/29 (Call 11/01/27) | 5,455 | 5,944,184 | ||||||
| 5.00%, 03/01/30 (Call 03/01/25) | 2,000 | 2,067,255 | ||||||
| 5.00%, 04/01/30 | 25,150 | 28,726,086 | ||||||
| 5.00%, 08/01/30 (Call 08/01/25) | 3,240 | 3,374,574 | ||||||
| 5.00%, 08/01/30 (Call 08/01/27) | 7,785 | 8,444,342 | ||||||
| 5.00%, 08/01/30 (Call 08/01/28) | 4,000 | 4,434,183 | ||||||
| 5.00%, 09/01/30 (Call 09/01/26) | 1,000 | 1,065,523 | ||||||
| 5.00%, 10/01/30 (Call 10/01/24) | 2,000 | 2,043,368 | ||||||
| 5.00%, 11/01/30 | 24,955 | 28,787,561 | ||||||
| 5.00%, 11/01/30 (Call 11/01/27) | 8,780 | 9,565,137 | ||||||
| 5.00%, 12/01/30 | 4,955 | 5,723,966 | ||||||
| 5.00%, 03/01/31 (Call 03/01/30) | 6,190 | 7,063,225 | ||||||
| 5.00%, 04/01/31 | 1,000 | 1,161,478 | ||||||
| 5.00%, 04/01/31 (Call 04/01/29) | 1,385 | 1,551,928 | ||||||
| 5.00%, 05/01/31 (Call 05/01/24) | 1,310 | 1,329,632 | ||||||
| 5.00%, 08/01/31 (Call 08/01/24) | 2,500 | 2,547,365 | ||||||
| 5.00%, 09/01/31 | 2,500 | 2,922,245 | ||||||
| 5.00%, 09/01/31 (Call 09/01/26) | 6,715 | 7,150,607 | ||||||
| 5.00%, 10/01/31 | 8,735 | 10,222,738 | ||||||
| 5.00%, 10/01/31 (Call 10/01/24) | 2,540 | 2,594,744 | ||||||
| 5.00%, 11/01/31 (Call 11/01/23) | 4,550 | 4,575,793 | ||||||
| 5.00%, 11/01/31 (Call 11/01/27) | 7,000 | 7,621,775 | ||||||
| 5.00%, 11/01/31 (Call 11/01/28) | 3,000 | 3,339,903 | ||||||
| 5.00%, 12/01/31 | 1,000 | 1,173,173 | ||||||
| 5.00%, 12/01/31 (Call 12/01/23) | 1,500 | 1,510,329 | ||||||
| 5.00%, 12/01/31 (Call 06/01/26) | 2,500 | 2,650,032 | ||||||
| 5.00%, 03/01/32 (Call 03/01/30) | 2,500 | 2,847,606 | ||||||
| 5.00%, 04/01/32 | 10,125 | 11,916,996 | ||||||
| 5.00%, 04/01/32 (Call 04/01/29) | 4,000 | 4,479,274 | ||||||
| 5.00%, 08/01/32 (Call 08/01/25) | 6,000 | 6,247,453 | ||||||
| 5.00%, 08/01/32 (Call 08/01/26) | 5,000 | 5,311,167 | ||||||
| 5.00%, 08/01/32 (Call 08/01/27) | 5,000 | 5,416,026 | ||||||
| 5.00%, 09/01/32 (Call 09/01/26) | 15,920 | 16,935,075 | ||||||
| 5.00%, 10/01/32 (Call 10/01/24) | 1,000 | 1,021,421 | ||||||
| 5.00%, 10/01/32 (Call 10/01/29) | 4,800 | 5,415,404 | ||||||
| 5.00%, 10/01/32 (Call 04/01/31) | 2,855 | 3,307,529 | ||||||
| 5.00%, 10/01/32 (Call 10/01/31) | 7,500 | 8,756,450 | ||||||
| 5.00%, 11/01/32 (Call 11/01/23) | 4,315 | 4,339,105 | ||||||
10
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 11/01/32 (Call 11/01/28) | $ | 3,700 | $ | 4,116,446 | ||||
| 5.00%, 12/01/32 (Call 06/01/26) | 2,100 | 2,223,937 | ||||||
| 5.00%, 03/01/33 (Call 03/01/25) | 2,500 | 2,583,439 | ||||||
| 5.00%, 03/01/33 (Call 03/01/30) | 3,000 | 3,410,646 | ||||||
| 5.00%, 04/01/33 | 1,000 | 1,191,412 | ||||||
| 5.00%, 04/01/33 (Call 04/01/24) | 4,815 | 4,879,658 | ||||||
| 5.00%, 04/01/33 (Call 04/01/29) | 11,190 | 12,510,062 | ||||||
| 5.00%, 08/01/33 (Call 08/01/24) | 2,000 | 2,037,202 | ||||||
| 5.00%, 08/01/33 (Call 08/01/25) | 3,460 | 3,601,417 | ||||||
| 5.00%, 10/01/33 (Call 04/01/24) | 13,165 | 13,339,619 | ||||||
| 5.00%, 10/01/33 (Call 10/01/24) | 2,820 | 2,879,669 | ||||||
| 5.00%, 03/01/34 (Call 03/01/30) | 14,235 | 16,167,899 | ||||||
| 5.00%, 09/01/34 (Call 09/01/26) | 18,780 | 19,908,210 | ||||||
| 5.00%, 10/01/34 (Call 04/01/33) | 5,000 | 5,924,247 | ||||||
| 5.00%, 11/01/34 (Call 11/01/28) | 4,035 | 4,466,716 | ||||||
| 5.00%, 12/01/34 (Call 06/01/26) | 2,650 | 2,795,135 | ||||||
| 5.00%, 12/01/34 (Call 12/01/30) | 5,470 | 6,257,562 | ||||||
| 5.00%, 03/01/35 (Call 03/01/30) | 36,960 | 41,865,556 | ||||||
| 5.00%, 04/01/35 (Call 04/01/24) | 2,500 | 2,532,954 | ||||||
| 5.00%, 04/01/35 (Call 04/01/32) | 2,955 | 3,451,447 | ||||||
| 5.00%, 08/01/35 (Call 08/01/24) | 1,980 | 2,015,466 | ||||||
| 5.00%, 08/01/35 (Call 08/01/25) | 1,000 | 1,036,928 | ||||||
| 5.00%, 08/01/35 (Call 08/01/26) | 5,070 | 5,348,954 | ||||||
| 5.00%, 08/01/35 (Call 08/01/27) | 6,415 | 6,916,688 | ||||||
| 5.00%, 09/01/35 (Call 09/01/26) | 1,500 | 1,584,092 | ||||||
| 5.00%, 10/01/35 (Call 04/01/26) | 10,160 | 10,656,752 | ||||||
| 5.00%, 10/01/35 (Call 04/01/33) | 2,000 | 2,359,092 | ||||||
| 5.00%, 10/01/35 (PR 04/01/26) | 520 | 548,757 | ||||||
| 5.00%, 03/01/36 (Call 03/01/30) | 4,745 | 5,329,549 | ||||||
| 5.00%, 04/01/36 (Call 04/01/29) | 7,500 | 8,283,377 | ||||||
| 5.00%, 08/01/36 (Call 08/01/26) | 6,235 | 6,563,643 | ||||||
| 5.00%, 08/01/36 (Call 08/01/27) | 2,215 | 2,381,487 | ||||||
| 5.00%, 09/01/36 (Call 09/01/26) | 3,415 | 3,598,392 | ||||||
| 5.00%, 09/01/36 (Call 09/01/32) | 3,665 | 4,242,476 | ||||||
| 5.00%, 10/01/36 (Call 04/01/33) | 4,410 | 5,138,446 | ||||||
| 5.00%, 11/01/36 (Call 11/01/27) | 2,000 | 2,156,190 | ||||||
| 5.00%, 11/01/36 (Call 11/01/28) | 3,590 | 3,926,920 | ||||||
| 5.00%, 11/01/36 (Call 11/01/30) | 9,850 | 11,113,640 | ||||||
| 5.00%, 12/01/36 (Call 12/01/30) | 2,000 | 2,257,750 | ||||||
| 5.00%, 04/01/37 (Call 04/01/24) | 3,500 | 3,544,697 | ||||||
| 5.00%, 04/01/37 (Call 04/01/32) | 3,005 | 3,434,614 | ||||||
| 5.00%, 08/01/37 (Call 08/01/28) | 2,625 | 2,850,150 | ||||||
| 5.00%, 10/01/37 (Call 10/01/24) | 2,000 | 2,039,960 | ||||||
| 5.00%, 10/01/37 (Call 10/01/31) | 2,000 | 2,265,163 | ||||||
| 5.00%, 11/01/37 (Call 11/01/28) | 5,000 | 5,443,719 | ||||||
| 5.00%, 11/01/37 (Call 11/01/32) | 17,500 | 20,056,214 | ||||||
| 5.00%, 04/01/38 (Call 04/01/29) | 1,000 | 1,093,937 | ||||||
| 5.00%, 08/01/38 (Call 08/01/26) | 6,500 | 6,823,281 | ||||||
| 5.00%, 10/01/39 (Call 04/01/26) | 1,500 | 1,565,162 | ||||||
| 5.00%, 10/01/39 (Call 10/01/29) | 5,230 | 5,735,196 | ||||||
| 5.00%, 09/01/41 (Call 09/01/31) | 43,095 | 48,053,032 | ||||||
| 5.00%, 04/01/42 (Call 10/01/27) | 4,765 | 5,069,492 | ||||||
| 5.00%, 04/01/42 (Call 04/01/32) | 1,690 | 1,887,939 | ||||||
| 5.00%, 09/01/42 (Call 09/01/32) | 5,000 | 5,609,101 | ||||||
| 5.00%, 10/01/42 (Call 04/01/29) | 5,000 | 5,406,076 | ||||||
| 5.00%, 11/01/42 (Call 11/01/32) | 21,485 | 24,142,813 | ||||||
| 5.00%, 11/01/43 (Call 11/01/23) | 22,075 | 22,192,867 | ||||||
| 5.00%, 05/01/44 (Call 05/01/24) | 1,000 | 1,011,290 | ||||||
| 5.00%, 10/01/44 (Call 10/01/24) | 8,265 | 8,393,464 | ||||||
| 5.00%, 09/01/45 (Call 09/01/26) | 16,275 | 17,043,639 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 09/01/46 (Call 09/01/26) | $ | 3,495 | $ | 3,657,213 | ||||
| 5.00%, 12/01/46 (Call 12/01/30) | 3,240 | 3,536,972 | ||||||
| 5.00%, 04/01/47 (Call 04/01/32) | 14,725 | 16,238,681 | ||||||
| 5.00%, 10/01/47 (Call 04/01/26) | 5,075 | 5,278,440 | ||||||
| 5.00%, 11/01/47 (Call 11/01/27) | 4,250 | 4,499,885 | ||||||
| 5.00%, 09/01/52 (Call 09/01/32) | 12,000 | 13,195,793 | ||||||
| 5.25%, 08/01/30 (Call 08/01/25) | 4,000 | 4,186,933 | ||||||
| 5.25%, 08/01/32 (Call 08/01/25) | 3,525 | 3,688,699 | ||||||
| 5.25%, 10/01/39 (Call 04/01/26) | 7,795 | 8,231,139 | ||||||
| 5.25%, 09/01/47 (Call 09/01/32) | 11,000 | 12,464,017 | ||||||
| 5.25%, 10/01/50 (Call 04/01/33) | 5,000 | 5,670,512 | ||||||
| 5.50%, 02/01/25 | 250 | 259,790 | ||||||
| Series B, 2.25%, 11/01/43 (Call 11/01/30) | 5,000 | 3,505,299 | ||||||
| Series B, 5.00%, 08/01/24 | 4,775 | 4,880,867 | ||||||
| Series B, 5.00%, 09/01/24 | 6,315 | 6,466,627 | ||||||
| Series B, 5.00%, 08/01/25 | 4,070 | 4,230,636 | ||||||
| Series B, 5.00%, 09/01/26 | 3,485 | 3,703,958 | ||||||
| Series B, 5.00%, 11/01/27 | 8,310 | 9,056,511 | ||||||
| Series B, 5.00%, 11/01/28 | 6,000 | 6,686,357 | ||||||
| Series B, 5.00%, 11/01/29 | 10,280 | 11,667,455 | ||||||
| Series B, 5.00%, 11/01/31 (Call 11/01/30) | 9,000 | 10,379,724 | ||||||
| Series B, 5.00%, 11/01/32 (Call 11/01/30) | 15,110 | 17,389,100 | ||||||
| Series B, 5.00%, 11/01/35 (Call 11/01/30) | 7,950 | 9,056,951 | ||||||
| Series C, 5.00%, 08/01/26 (Call 02/01/25) | 1,000 | 1,031,126 | ||||||
| Series C, 5.00%, 09/01/26 (Call 09/01/25) | 1,500 | 1,562,826 | ||||||
| Series C, 5.00%, 08/01/27 (Call 02/01/25) | 1,500 | 1,549,375 | ||||||
| Series C, 5.00%, 08/01/28 (Call 08/01/26) | 4,325 | 4,608,220 | ||||||
| Series C, 5.00%, 08/01/29 (Call 02/01/25) | 2,500 | 2,587,499 | ||||||
| Series C, 5.00%, 08/01/30 (Call 02/01/25) | 7,000 | 7,225,155 | ||||||
| Series C, 5.00%, 08/01/30 (Call 08/01/26) | 4,525 | 4,814,182 | ||||||
| Series C, 5.00%, 08/01/32 (Call 02/01/25) | 1,580 | 1,630,464 | ||||||
| Series C, 5.00%, 09/01/32 (Call 09/01/25) | 4,225 | 4,405,627 | ||||||
| Series C, 5.00%, 08/01/33 (Call 02/01/25) | 2,000 | 2,063,307 | ||||||
| Torrance Unified School District GO, Series T, 4.00%, 08/01/40 (Call 08/01/24) | 1,000 | 991,097 | ||||||
| Ukiah Unified School District/CA GO, Series 2005, 0.00%, 08/01/28 (NPFGC)(a) | 3,750 | 3,130,815 | ||||||
| University of California RB | ||||||||
| 4.00%, 05/15/33 (Call 05/15/27) | 4,500 | 4,654,841 | ||||||
| 4.00%, 05/15/35 (Call 05/15/27) | 5,000 | 5,140,926 | ||||||
| 4.00%, 05/15/39 (Call 05/15/31) | 1,710 | 1,726,663 | ||||||
| 5.00%, 05/15/31 (Call 05/15/27) | 10,055 | 10,948,940 | ||||||
| 5.00%, 05/15/32 | 9,265 | 11,086,086 | ||||||
| 5.00%, 05/15/35 (Call 05/15/27) | 2,660 | 2,872,205 | ||||||
| 5.00%, 05/15/36 (Call 05/15/33) | 7,200 | 8,480,652 | ||||||
| 5.00%, 05/15/37 (Call 05/15/26) | 11,340 | 11,966,778 | ||||||
| 5.00%, 05/15/37 (Call 05/15/33) | 4,270 | 4,980,654 | ||||||
| 5.00%, 05/15/41 (Call 05/15/33) | 36,840 | 41,752,699 | ||||||
| 5.00%, 05/15/42 (Call 05/15/33) | 31,000 | 34,936,135 | ||||||
| 5.00%, 05/15/52 (Call 05/15/32) | 17,335 | 18,961,364 | ||||||
| VRDN,2.92%, 05/15/48 (Put 05/31/23)(b) | 30,000 | 30,000,000 | ||||||
| Series AL-2, VRDN,2.95%, 05/15/48 (Put 05/31/23)(b) | 54,000 | 54,000,000 | ||||||
| Series AM, 4.00%, 05/15/34 (Call 05/15/24) | 10,000 | 10,075,132 | ||||||
| Series AM, 5.25%, 05/15/44 (Call 05/15/24) | 10,000 | 10,159,216 | ||||||
| Series AO, 5.00%, 05/15/27 (Call 05/15/25) | 5,000 | 5,199,135 | ||||||
| Series AO, 5.00%, 05/15/32 (Call 05/15/25) | 8,615 | 8,958,890 | ||||||
| Series AR, 5.00%, 05/15/41 (Call 05/15/26) | 5,000 | 5,237,406 | ||||||
| Series AR, 5.00%, 05/15/46 (Call 05/15/26) | 12,845 | 13,375,558 | ||||||
| Series AV, 5.00%, 05/15/47 (Call 05/15/27) | 10,000 | 10,538,365 | ||||||
| Series AV, 5.00%, 05/15/49 (Call 05/15/27) | 18,500 | 19,467,147 | ||||||
11
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
| Series AV, 5.25%, 05/15/47 (Call 05/15/27) | $ | 1,170 | $ | 1,243,692 | ||||
| Series AY, 5.00%, 05/15/30 (Call 05/15/27) | 465 | 506,241 | ||||||
| Series AY, 5.00%, 05/15/31 (Call 05/15/27) | 3,000 | 3,266,715 | ||||||
| Series AY, 5.00%, 05/15/36 (Call 05/15/27) | 15,880 | 17,087,930 | ||||||
| Series AY, 5.00%, 05/15/37 (Call 05/15/27) | 11,345 | 12,154,680 | ||||||
| Series AZ, 4.00%, 05/15/28 | 1,020 | 1,077,656 | ||||||
| Series AZ, 4.00%, 05/15/48 (Call 05/15/28) | 2,000 | 1,965,162 | ||||||
| Series AZ, 5.00%, 05/15/48 (Call 05/15/28) | 5,020 | 5,354,715 | ||||||
| Series AZ, 5.25%, 05/15/58 (Call 05/15/28) | 2,000 | 2,155,135 | ||||||
| Series B, 4.00%, 05/15/39 (Call 05/15/31) | 2,000 | 2,024,963 | ||||||
| Series BB, 5.00%, 05/15/49 (Call 05/15/29) | 5,000 | 5,361,000 | ||||||
| Series BE, 4.00%, 05/15/40 (Call 05/15/30) | 10,070 | 10,116,000 | ||||||
| Series BE, 4.00%, 05/15/47 (Call 05/15/30) | 35,465 | 35,104,800 | ||||||
| Series BE, 4.00%, 05/15/50 (Call 05/15/30) | 11,000 | 10,817,999 | ||||||
| Series BE, 5.00%, 05/15/33 (Call 05/15/30) | 1,000 | 1,154,889 | ||||||
| Series BE, 5.00%, 05/15/34 (Call 05/15/30) | 1,500 | 1,728,870 | ||||||
| Series BE, 5.00%, 05/15/36 (Call 05/15/30) | 1,500 | 1,694,332 | ||||||
| Series BE, 5.00%, 05/15/38 (Call 05/15/30) | 1,000 | 1,114,084 | ||||||
| Series BE, 5.00%, 05/15/39 (Call 05/15/30) | 5,820 | 6,450,675 | ||||||
| Series BE, 5.00%, 05/15/41 (Call 05/15/30) | 1,405 | 1,542,354 | ||||||
| Series BE, 5.00%, 05/15/42 (Call 05/15/30) | 6,000 | 6,559,026 | ||||||
| Series BH, 4.00%, 05/15/46 (Call 05/15/31) | 5,500 | 5,449,671 | ||||||
| Series BH, 4.00%, 05/15/51 (Call 05/15/31) | 3,250 | 3,192,328 | ||||||
| Series I, 4.00%, 05/15/36 (Call 05/15/25) | 1,000 | 1,000,407 | ||||||
| Series I, 5.00%, 05/15/32 (Call 05/15/25) | 3,070 | 3,190,173 | ||||||
| Series K, 4.00%, 05/15/46 (Call 05/15/26) | 21,045 | 20,514,653 | ||||||
| Series M, 4.00%, 05/15/47 (Call 05/15/27) | 4,580 | 4,458,186 | ||||||
| Series M, 5.00%, 05/15/47 (Call 05/15/27) | 14,075 | 14,811,511 | ||||||
| Series M, 5.00%, 05/15/52 (Call 05/15/27) | 9,250 | 9,703,521 | ||||||
| Series O, 5.00%, 05/15/58 (Call 05/15/28) | 3,000 | 3,183,492 | ||||||
| Series O, 5.50%, 05/15/58 (Call 05/15/28) | 2,000 | 2,167,273 | ||||||
| Series Q, 4.00%, 05/15/36 (Call 05/15/31) | 1,610 | 1,677,115 | ||||||
| Series Q, 5.00%, 05/15/46 (Call 05/15/31) | 5,075 | 5,542,518 | ||||||
| Upper Santa Clara Valley Joint Powers Authority RB | ||||||||
| Series A, 4.00%, 08/01/45 (Call 08/01/25) | 3,450 | 3,369,825 | ||||||
| Series A, 4.00%, 08/01/50 (Call 08/01/25) | 8,435 | 8,102,717 | ||||||
| Ventura County Community College District GO, 0.00%, 08/01/28(a) | 15,000 | 12,754,342 | ||||||
| West Valley-Mission Community College District GO, Series B, 4.00%, 08/01/40 (Call 08/01/25) | 1,750 | 1,740,397 | ||||||
| Westminster School District GO | ||||||||
| 0.00%, 08/01/48 (Call 08/01/39) (BAM)(a) | 8,345 | 5,503,465 | ||||||
| 0.00%, 08/01/52 (Call 08/01/39) (BAM)(a) | 15,000 | 9,886,408 | ||||||
| William S Hart Union High School District GO | ||||||||
| Series B, 0.00%, 08/01/34 (AGM)(a) | 4,825 | 3,227,899 | ||||||
| Series C, 0.00%, 08/01/37 (PR 08/01/23)(a) | 1,500 | 744,155 | ||||||
| Series C, 4.00%, 08/01/38 (PR 08/01/23) | 1,635 | 1,636,765 | ||||||
| 6,535,038,060 | ||||||||
| Colorado — 1.2% | ||||||||
| Board of Governors of Colorado State University | ||||||||
| System RB | ||||||||
| Series A, 4.00%, 03/01/49 (Call 03/01/25) | 4,000 | 3,805,575 | ||||||
| Series A, 4.13%, 03/01/55 (Call 03/01/25) | 30,000 | 28,076,964 | ||||||
| Series C, 4.00%, 03/01/47 (Call 03/01/28) | ||||||||
| (ST HGR ED INTERCEPT PROG) | 18,625 | 18,063,661 | ||||||
| Series E-1, 5.00%, 03/01/47 (PR 03/01/25) (HERBIP) | 1,000 | 1,028,297 | ||||||
| Board of Water Commissioners City & County of Denver (The) RB | ||||||||
| 5.00%, 12/15/45 (Call 12/15/32) | 5,770 | 6,417,857 | ||||||
| 5.00%, 12/15/52 (Call 12/15/32) | 25,285 | 27,722,474 | ||||||
| Series A, 4.00%, 09/15/42 (Call 09/15/27) | 2,500 | 2,431,181 | ||||||
| Security | Par (000) | Value | ||||||
| Colorado (continued) | ||||||||
| Series A, 5.00%, 09/15/47 (Call 09/15/27) | $ | 5,575 | $ | 5,836,313 | ||||
| Series B, 5.00%, 09/15/30 | 5,495 | 6,309,747 | ||||||
| Boulder Valley School District No Re-2 Boulder GO, 5.00%, 12/01/39 (Call 06/01/25) (SAW) | 22,710 | 23,227,970 | ||||||
| City & County of Denver CO Airport System Revenue RB | ||||||||
| Series B, 5.00%, 11/15/43 (Call 11/15/23) | 3,140 | 3,147,536 | ||||||
| Series B, 5.00%, 12/01/48 (Call 12/01/28) | 2,000 | 2,085,712 | ||||||
| City & County of Denver CO Dedicated Excise Tax Revenue | ||||||||
| Series A, 5.00%, 08/01/44 (Call 08/01/26) | 9,500 | 9,763,744 | ||||||
| Series A-1, 5.00%, 08/01/41 (Call 08/01/26) | 1,000 | 1,025,671 | ||||||
| City & County of Denver Co. Airport System Revenue RB | ||||||||
| 4.00%, 12/01/43 (Call 12/01/28) | 5,000 | 4,849,896 | ||||||
| 5.00%, 11/15/25 | 1,055 | 1,100,093 | ||||||
| 5.00%, 11/15/28 | 500 | 550,996 | ||||||
| 5.00%, 11/15/47 (Call 11/15/32) | 2,500 | 2,715,972 | ||||||
| 5.25%, 11/15/53 (Call 11/15/32) | 3,000 | 3,292,988 | ||||||
| Series A, 5.00%, 11/15/24 | 1,085 | 1,110,044 | ||||||
| Series B, 4.00%, 11/15/31 (Call 11/15/23) | 2,310 | 2,309,980 | ||||||
| City & County of Denver Co. GO | ||||||||
| Series A, 5.00%, 08/01/38 (Call 08/01/32) | 16,200 | 18,500,617 | ||||||
| Series A, 5.00%, 08/01/39 (Call 08/01/32) | 7,010 | 7,971,562 | ||||||
| Series B, 5.00%, 08/01/26 | 16,500 | 17,527,166 | ||||||
| Series B, 5.00%, 08/01/29 | 11,000 | 12,454,469 | ||||||
| Series B, 5.00%, 08/01/30 | 24,375 | 28,018,729 | ||||||
| City & County of Denver Co. RB, Series A, 4.00%, 08/01/46 (Call 08/01/26) | 10,000 | 9,666,537 | ||||||
| City of Aurora CO Water Revenue RB, 5.00%, 08/01/46 (PR 08/01/26) | 24,380 | 25,874,955 | ||||||
| City of Colorado Springs CO Utilities System Revenue RB | ||||||||
| Series A-1, 5.00%, 11/15/24 | 3,000 | 3,076,975 | ||||||
| Series A-1, 5.00%, 11/15/25 | 5,950 | 6,218,639 | ||||||
| County of Adams CO COP, 4.00%, 12/01/45 (Call 12/01/25) | 700 | 679,770 | ||||||
| Denver City & County School District No. 1 GO | ||||||||
| 5.00%, 12/01/37 (Call 12/01/26) (SAW) | 2,035 | 2,123,926 | ||||||
| 5.00%, 12/01/38 (Call 12/01/26) (SAW) | 1,830 | 1,908,135 | ||||||
| 5.00%, 12/01/39 (Call 12/01/30) | 4,520 | 5,008,912 | ||||||
| Series A, 5.50%, 12/01/23 (NPFGC, SAW) | 1,070 | 1,081,408 | ||||||
| Series B, 3.00%, 12/01/29 (Call 06/01/23) (SAW) | 1,000 | 991,108 | ||||||
| Series B, 4.00%, 12/01/27 (SAW) | 5,840 | 6,126,076 | ||||||
| Series B, 4.00%, 12/01/28 (SAW) | 5,000 | 5,317,504 | ||||||
| E-470 Public Highway Authority RB | ||||||||
| 0.00%, 09/01/28 (NPFGC)(a) | 2,900 | 2,412,943 | ||||||
| 0.00%, 09/01/35(a) | 1,000 | 610,657 | ||||||
| Series A, 0.00%, 09/01/34 (NPFGC)(a) | 22,000 | 14,214,281 | ||||||
| Series A, 0.00%, 09/01/40(a) | 2,745 | 1,260,384 | ||||||
| Series A, 0.00%, 09/01/41(a) | 3,495 | 1,521,872 | ||||||
| Series A, 5.00%, 09/01/40 (Call 09/01/24) | 1,600 | 1,610,452 | ||||||
| Series B, 0.00%, 09/01/23 (NPFGC)(a) | 165 | 163,517 | ||||||
| Series B, 0.00%, 09/01/24 (NPFGC)(a) | 1,165 | 1,113,883 | ||||||
| Series B, 0.00%, 09/01/29 (NPFGC)(a) | 2,500 | 2,005,694 | ||||||
| Regional Transportation District Sales Tax Revenue RB | ||||||||
| 4.00%, 11/01/39 (Call 05/01/31) | 15,500 | 15,697,490 | ||||||
| 5.00%, 11/01/28 | 7,000 | 7,748,712 | ||||||
| 5.00%, 11/01/29 | 5,000 | 5,640,287 | ||||||
| Series A, 5.00%, 11/01/27 | 1,500 | 1,626,964 | ||||||
| Series A, 5.00%, 11/01/28 | 1,650 | 1,826,482 | ||||||
| Series A, 5.00%, 11/01/41 (Call 11/01/26) | 2,765 | 2,862,440 | ||||||
| Series A, 5.00%, 11/01/46 (Call 11/01/26) | 10,250 | 10,525,400 | ||||||
| Series B, 5.00%, 11/01/33 (Call 11/01/27) | 1,645 | 1,777,865 | ||||||
12
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Colorado (continued) | ||||||||
| State of Colorado COP | ||||||||
| Series N, 4.00%, 03/15/43 (Call 03/15/28) | $ | 3,500 | $ | 3,393,850 | ||||
| Series O, 4.00%, 03/15/44 (Call 03/15/29) | 1,000 | 964,223 | ||||||
| University of Colorado RB | ||||||||
| Series A, 5.00%, 06/01/43 (PR 06/01/23) | 1,000 | 1,000,000 | ||||||
| Series A-2, 4.00%, 06/01/35 (PR 06/01/28) | 3,000 | 3,172,209 | ||||||
| Series A-2, 4.00%, 06/01/43 (Call 06/01/28) | 2,000 | 1,964,768 | ||||||
| 390,533,532 | ||||||||
| Connecticut — 2.3% | ||||||||
| Connecticut State Health & Educational Facilities | ||||||||
| Authority RB | ||||||||
| 2.80%, 07/01/57 (Put 02/03/26) | 7,600 | 7,432,824 | ||||||
| VRDN,3.40%, 07/01/42 (Put 05/31/23)(b) | 66,000 | 66,000,000 | ||||||
| VRDN,3.50%, 07/01/42 (Put 05/31/23)(b) | 35,000 | 35,000,000 | ||||||
| Series 2015-A, VRDN,0.38%, 07/01/35 (Put 07/12/24)(b) | 3,735 | 3,591,180 | ||||||
| Series 2017 B-1, 5.00%, 07/01/29 | 5,000 | 5,661,428 | ||||||
| Series C-1, VRDN,5.00%, 07/01/40 (Put 02/01/28)(b) | 17,945 | 19,629,992 | ||||||
| State of Connecticut Clean Water Fund - State Revolving Fund RB, 5.00%, 05/01/30 (Call 05/01/27) | 1,590 | 1,723,469 | ||||||
| State of Connecticut GO | ||||||||
| 4.00%, 01/15/31 | 1,565 | 1,677,357 | ||||||
| 4.00%, 01/15/36 (Call 01/15/30) | 4,000 | 4,137,294 | ||||||
| 5.00%, 07/15/27 | 1,700 | 1,832,837 | ||||||
| 5.00%, 06/15/28 (Call 06/15/25) | 10,000 | 10,366,100 | ||||||
| 5.00%, 07/15/28 | 2,735 | 3,003,105 | ||||||
| 5.00%, 11/15/28 (Call 11/15/25) | 5,000 | 5,222,587 | ||||||
| 5.00%, 06/15/29 (Call 06/15/25) | 10,000 | 10,365,574 | ||||||
| 5.00%, 06/15/29 (Call 06/15/28) | 14,690 | 16,080,943 | ||||||
| 5.00%, 09/15/31 | 600 | 690,197 | ||||||
| 5.00%, 06/15/32 (Call 06/15/25) | 2,265 | 2,340,943 | ||||||
| 5.00%, 08/15/32 (Call 08/15/23) | 4,605 | 4,618,186 | ||||||
| Series 2021 A, 3.00%, 01/15/32 (Call 01/15/31) | 3,970 | 3,820,954 | ||||||
| Series 2021 A, 3.00%, 01/15/33 (Call 01/15/31) | 6,970 | 6,671,699 | ||||||
| Series 2021 A, 3.00%, 01/15/34 (Call 01/15/31) | 4,000 | 3,789,147 | ||||||
| Series 2021 A, 3.00%, 01/15/36 (Call 01/15/31) | 3,000 | 2,716,504 | ||||||
| Series 2021 A, 3.00%, 01/15/38 (Call 01/15/31) | 5,000 | 4,320,639 | ||||||
| Series 2021 A, 3.00%, 01/15/39 (Call 01/15/31) | 1,000 | 847,379 | ||||||
| Series 2021 A, 3.00%, 01/15/40 (Call 01/15/31) | 5,000 | 4,149,821 | ||||||
| Series 2021 A, 4.00%, 01/15/25 | 3,500 | 3,539,779 | ||||||
| Series 2021 A, 4.00%, 01/15/27 | 3,000 | 3,096,855 | ||||||
| Series 2021 A, 4.00%, 01/15/29 | 5,000 | 5,256,900 | ||||||
| Series A, 3.00%, 01/15/39 (Call 01/15/30) | 2,000 | 1,694,758 | ||||||
| Series A, 4.00%, 01/15/26 | 1,500 | 1,531,902 | ||||||
| Series A, 4.00%, 01/15/27 | 3,790 | 3,912,360 | ||||||
| Series A, 4.00%, 01/15/28 | 1,250 | 1,303,596 | ||||||
| Series A, 4.00%, 01/15/31 | 4,270 | 4,576,558 | ||||||
| Series A, 4.00%, 01/15/33 (Call 01/15/30) | 3,000 | 3,161,166 | ||||||
| Series A, 4.00%, 01/15/33 (Call 01/15/32) | 16,155 | 17,252,343 | ||||||
| Series A, 4.00%, 01/15/34 (Call 01/15/32) | 2,500 | 2,664,291 | ||||||
| Series A, 4.00%, 01/15/35 (Call 01/15/30) | 5,500 | 5,755,095 | ||||||
| Series A, 4.00%, 01/15/35 (Call 01/15/32) | 5,205 | 5,509,916 | ||||||
| Series A, 4.00%, 01/15/37 (Call 01/15/30) | 2,000 | 2,045,377 | ||||||
| Series A, 5.00%, 10/15/24 (Call 10/15/23) | 1,775 | 1,785,804 | ||||||
| Series A, 5.00%, 10/15/25 (Call 10/15/23) | 3,000 | 3,017,637 | ||||||
| Series A, 5.00%, 10/15/26 (Call 10/15/23) | 1,160 | 1,166,672 | ||||||
| Series A, 5.00%, 01/15/28 | 2,000 | 2,173,997 | ||||||
| Series A, 5.00%, 01/15/29 | 4,535 | 4,991,097 | ||||||
| Series A, 5.00%, 04/15/30 (Call 04/15/29) | 1,365 | 1,515,173 | ||||||
| Series A, 5.00%, 01/15/31 (Call 01/15/30) | 2,000 | 2,246,251 | ||||||
| Security | Par (000) | Value | ||||||
| Connecticut (continued) | ||||||||
| Series A, 5.00%, 04/15/33 (Call 04/15/27) | $ | 1,660 | $ | 1,773,912 | ||||
| Series A, 5.00%, 04/15/34 (Call 04/15/27) | 7,000 | 7,477,513 | ||||||
| Series A, 5.00%, 04/15/34 (Call 04/15/29) | 225 | 248,994 | ||||||
| Series A, 5.00%, 04/15/36 (Call 04/15/29) | 2,300 | 2,513,865 | ||||||
| Series B, 3.00%, 01/15/40 (Call 01/15/32) | 14,250 | 11,809,073 | ||||||
| Series B, 3.00%, 06/01/40 (Call 06/01/31) | 5,425 | 4,498,953 | ||||||
| Series B, 4.00%, 06/15/33 (Call 06/15/25) | 27,000 | 27,312,776 | ||||||
| Series B, 4.00%, 01/15/36 (Call 01/15/32) | 3,000 | 3,129,830 | ||||||
| Series B, 4.00%, 01/15/38 (Call 01/15/32) | 12,235 | 12,423,167 | ||||||
| Series B, 5.00%, 01/15/24 | 5,260 | 5,310,781 | ||||||
| Series B, 5.00%, 05/15/24 | 1,700 | 1,725,678 | ||||||
| Series B, 5.00%, 04/15/25 | 2,500 | 2,579,434 | ||||||
| Series B, 5.00%, 05/15/25 | 1,930 | 1,994,489 | ||||||
| Series B, 5.00%, 05/15/26 | 3,580 | 3,770,553 | ||||||
| Series B, 5.00%, 06/15/27 (Call 06/15/25) | 2,300 | 2,381,961 | ||||||
| Series B, 5.00%, 06/01/41 (Call 06/01/31) | 2,150 | 2,349,967 | ||||||
| Series C, 5.00%, 07/15/24 | 12,225 | 12,444,398 | ||||||
| Series C, 5.00%, 06/15/28 | 1,000 | 1,096,286 | ||||||
| Series D, 5.00%, 09/15/23 | 4,810 | 4,830,658 | ||||||
| Series D, 5.00%, 07/15/24 | 6,875 | 6,998,384 | ||||||
| Series D, 5.00%, 09/15/24 | 1,000 | 1,020,887 | ||||||
| Series D, 5.00%, 09/15/26 | 7,535 | 7,988,239 | ||||||
| Series D, 5.00%, 09/15/27 | 625 | 676,124 | ||||||
| Series E, 5.00%, 09/15/23 | 3,965 | 3,982,029 | ||||||
| Series E, 5.00%, 10/15/23 | 5,655 | 5,686,725 | ||||||
| Series E, 5.00%, 08/15/24 (Call 08/15/23) | 1,580 | 1,585,135 | ||||||
| Series E, 5.00%, 10/15/25 | 3,000 | 3,125,866 | ||||||
| Series E, 5.00%, 10/15/28 (Call 10/15/26) | 5,000 | 5,316,993 | ||||||
| Series E, 5.00%, 10/15/33 (Call 10/15/26) | 4,170 | 4,403,486 | ||||||
| Series F, 5.00%, 09/15/23 | 2,335 | 2,345,029 | ||||||
| Series F, 5.00%, 11/15/23 | 4,545 | 4,576,707 | ||||||
| Series F, 5.00%, 09/15/26 | 1,110 | 1,176,768 | ||||||
| Series F, 5.00%, 11/15/27 (Call 11/15/25) | 2,080 | 2,170,795 | ||||||
| Series F, 5.00%, 11/15/31 (Call 11/15/25) | 4,945 | 5,150,388 | ||||||
| Series F, 5.00%, 11/15/32 (Call 11/15/25) | 2,000 | 2,080,005 | ||||||
| Series F, 5.00%, 11/15/34 (Call 11/15/25) | 2,000 | 2,074,283 | ||||||
| State of Connecticut Special Tax Obligation RB, 5.00%, 09/01/24 | 2,340 | 2,387,810 | ||||||
| State of Connecticut Special Tax Revenue, 5.00%, 01/01/24 | 3,000 | 3,027,071 | ||||||
| State of Connecticut Special Tax Revenue RB | ||||||||
| 4.00%, 05/01/37 (Call 05/01/31) | 2,350 | 2,407,432 | ||||||
| 4.00%, 05/01/39 (Call 05/01/30) (BAM-TCRS) | 7,750 | 7,814,241 | ||||||
| 4.00%, 05/01/40 (Call 05/01/31) | 5,000 | 4,987,599 | ||||||
| 5.00%, 09/01/25 (Call 09/01/24) | 5,090 | 5,195,531 | ||||||
| 5.00%, 10/01/31 (Call 10/01/28) | 14,605 | 16,092,100 | ||||||
| 5.00%, 01/01/34 (Call 01/01/28) | 18,000 | 19,536,860 | ||||||
| Series A, 4.00%, 05/01/24 | 6,270 | 6,305,766 | ||||||
| Series A, 4.00%, 05/01/36 (Call 05/01/30) | 1,950 | 2,014,232 | ||||||
| Series A, 4.00%, 05/01/36 (Call 05/01/31) | 1,245 | 1,291,180 | ||||||
| Series A, 4.00%, 09/01/36 (Call 09/01/26) | 10,000 | 10,078,490 | ||||||
| Series A, 4.00%, 05/01/39 (Call 05/01/30) | 8,515 | 8,559,882 | ||||||
| Series A, 4.00%, 05/01/39 (Call 05/01/31) | 7,500 | 7,544,448 | ||||||
| Series A, 5.00%, 01/01/24 | 5,055 | 5,100,614 | ||||||
| Series A, 5.00%, 10/01/24 (Call 10/01/23) | 3,940 | 3,961,580 | ||||||
| Series A, 5.00%, 05/01/25 | 880 | 909,053 | ||||||
| Series A, 5.00%, 09/01/25 (Call 09/01/24) | 5,000 | 5,103,665 | ||||||
| Series A, 5.00%, 05/01/26 | 3,000 | 3,161,406 | ||||||
| Series A, 5.00%, 08/01/26 (Call 08/01/25) | 1,000 | 1,038,910 | ||||||
| Series A, 5.00%, 01/01/27 | 8,000 | 8,545,270 | ||||||
13
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Connecticut (continued) | ||||||||
| Series A, 5.00%, 08/01/27 (Call 08/01/25) | $ | 5,050 | $ | 5,247,437 | ||||
| Series A, 5.00%, 09/01/27 (Call 09/01/24) | 1,575 | 1,609,175 | ||||||
| Series A, 5.00%, 08/01/28 (Call 08/01/25) | 1,000 | 1,038,774 | ||||||
| Series A, 5.00%, 09/01/28 (Call 09/01/24) | 1,000 | 1,021,604 | ||||||
| Series A, 5.00%, 09/01/29 (Call 09/01/26) | 4,000 | 4,242,068 | ||||||
| Series A, 5.00%, 05/01/30 | 5,000 | 5,658,868 | ||||||
| Series A, 5.00%, 10/01/30 (Call 10/01/23) | 6,930 | 6,964,665 | ||||||
| Series A, 5.00%, 09/01/31 (Call 09/01/24) | 1,000 | 1,018,205 | ||||||
| Series A, 5.00%, 05/01/32 (Call 05/01/31) | 5,775 | 6,613,045 | ||||||
| Series A, 5.00%, 08/01/32 (Call 08/01/25) | 1,200 | 1,242,598 | ||||||
| Series A, 5.00%, 09/01/32 (Call 09/01/24) | 7,640 | 7,775,832 | ||||||
| Series A, 5.00%, 10/01/32 (Call 10/01/23) | 17,635 | 17,718,163 | ||||||
| Series A, 5.00%, 05/01/33 (Call 05/01/30) | 4,000 | 4,516,389 | ||||||
| Series A, 5.00%, 08/01/33 (Call 08/01/25) | 1,000 | 1,035,131 | ||||||
| Series A, 5.00%, 09/01/33 (Call 09/01/26) | 1,000 | 1,055,492 | ||||||
| Series A, 5.00%, 05/01/34 (Call 05/01/30) | 5,000 | 5,631,434 | ||||||
| Series A, 5.00%, 05/01/34 (Call 05/01/31) | 4,000 | 4,557,973 | ||||||
| Series A, 5.00%, 09/01/34 (Call 09/01/26) | 9,500 | 10,016,497 | ||||||
| Series A, 5.00%, 05/01/35 (Call 05/01/30) | 5,565 | 6,219,776 | ||||||
| Series A, 5.00%, 05/01/35 (Call 05/01/31) | 3,250 | 3,676,420 | ||||||
| Series A, 5.00%, 01/01/37 (Call 01/01/28) | 2,000 | 2,131,724 | ||||||
| Series A, 5.00%, 05/01/37 (Call 05/01/30) | 3,485 | 3,836,333 | ||||||
| Series A, 5.00%, 05/01/38 (Call 05/01/30) | 4,960 | 5,432,620 | ||||||
| Series A, 5.00%, 05/01/41 (Call 05/01/31) | 1,300 | 1,419,782 | ||||||
| Series B, 5.00%, 10/01/25 | 1,500 | 1,562,062 | ||||||
| Series B, 5.00%, 10/01/30 (Call 10/01/28) | 1,000 | 1,101,930 | ||||||
| Series B, 5.00%, 10/01/33 (Call 10/01/28) | 5,020 | 5,521,448 | ||||||
| Series B, 5.00%, 10/01/35 (Call 10/01/28) | 1,500 | 1,628,343 | ||||||
| Series B, 5.00%, 10/01/38 (Call 10/01/28) | 1,500 | 1,604,773 | ||||||
| Series D, 5.00%, 11/01/27 | 4,520 | 4,910,389 | ||||||
| Series D, 5.00%, 11/01/28 | 3,525 | 3,902,030 | ||||||
| Town of Greenwich CT GO | ||||||||
| 5.00%, 01/15/25 | 4,545 | 4,683,720 | ||||||
| 5.00%, 01/15/26 | 5,270 | 5,552,606 | ||||||
| 739,128,263 | ||||||||
| Delaware — 0.8% | ||||||||
| Delaware Transportation Authority RB | ||||||||
| 5.00%, 07/01/30 | 5,000 | 5,722,131 | ||||||
| 5.00%, 06/01/55 (Call 06/01/25) | 14,360 | 14,546,785 | ||||||
| State of Delaware | ||||||||
| 4.00%, 05/01/40 (Call 05/01/33) | 13,420 | 13,768,865 | ||||||
| 5.00%, 07/01/24 | 1,000 | 1,018,557 | ||||||
| State of Delaware GO | ||||||||
| 4.00%, 02/01/32 (Call 02/01/31) | 3,750 | 4,080,544 | ||||||
| 4.00%, 05/01/42 (Call 05/01/33) | 16,790 | 17,093,363 | ||||||
| 5.00%, 10/01/23 | 4,900 | 4,926,066 | ||||||
| 5.00%, 02/01/24 | 5,500 | 5,560,713 | ||||||
| 5.00%, 03/01/26 | 3,855 | 4,058,746 | ||||||
| 5.00%, 07/01/26 (PR 07/01/24) | 6,090 | 6,207,571 | ||||||
| 5.00%, 02/01/27 | 7,470 | 8,019,595 | ||||||
| 5.00%, 02/01/28 | 6,670 | 7,317,698 | ||||||
| 5.00%, 03/01/28 | 5,465 | 6,006,668 | ||||||
| 5.00%, 02/01/29 | 2,000 | 2,240,480 | ||||||
| 5.00%, 03/01/29 | 3,000 | 3,366,600 | ||||||
| 5.00%, 01/01/30 | 2,240 | 2,554,368 | ||||||
| 5.00%, 05/01/30 | 15,955 | 18,305,125 | ||||||
| 5.00%, 02/01/31 | 2,595 | 3,015,596 | ||||||
| 5.00%, 05/01/31 | 17,035 | 19,865,641 | ||||||
| 5.00%, 03/01/33 (Call 03/01/32) | 12,800 | 15,066,688 | ||||||
| 5.00%, 05/01/37 (Call 05/01/33) | 8,690 | 10,110,988 | ||||||
| Security | Par (000) | Value | ||||||
| Delaware (continued) | ||||||||
| Series A, 5.00%, 03/01/24 | $ | 1,040 | $ | 1,053,011 | ||||
| Series A, 5.00%, 01/01/26 | 8,940 | 9,386,195 | ||||||
| Series A, 5.00%, 01/01/27 | 1,160 | 1,243,142 | ||||||
| Series A, 5.00%, 01/01/28 | 4,175 | 4,572,110 | ||||||
| Series B, 5.00%, 07/01/23 | 1,960 | 1,962,446 | ||||||
| University of Delaware RB | ||||||||
| 5.00%, 11/01/45 (PR 05/01/25) | 12,625 | 13,058,464 | ||||||
| VRDN,3.97%, 11/01/34 (Put 05/31/23)(b) | 26,530 | 26,530,000 | ||||||
| Series C, VRDN,3.90%, 11/01/37 (Put 05/31/23)(b) | 15,000 | 15,000,000 | ||||||
| 245,658,156 | ||||||||
| District of Columbia — 2.1% | ||||||||
| District of Columbia GO | ||||||||
| 4.00%, 02/01/46 (Call 02/01/31) | 1,500 | 1,472,622 | ||||||
| 5.00%, 06/01/27 | 2,500 | 2,699,526 | ||||||
| 5.00%, 06/01/29 | 5,000 | 5,614,299 | ||||||
| 5.00%, 06/01/30 | 4,000 | 4,574,248 | ||||||
| 5.00%, 10/15/32 (Call 04/15/29) | 13,490 | 15,087,672 | ||||||
| 5.00%, 02/01/33 (Call 02/01/31) | 2,300 | 2,653,471 | ||||||
| 5.00%, 01/01/34 (Call 01/01/33) | 1,000 | 1,182,718 | ||||||
| 5.00%, 01/01/35 (Call 01/01/33) | 500 | 583,455 | ||||||
| 5.00%, 01/01/36 (Call 01/01/33) | 500 | 579,115 | ||||||
| 5.00%, 06/01/36 (Call 06/01/27) | 2,650 | 2,817,185 | ||||||
| 5.00%, 01/01/37 (Call 01/01/33) | 1,000 | 1,147,209 | ||||||
| 5.00%, 01/01/38 (Call 01/01/33) | 1,000 | 1,136,066 | ||||||
| 5.00%, 01/01/40 (Call 01/01/33) | 1,000 | 1,126,878 | ||||||
| 5.00%, 10/15/40 (Call 04/15/29) | 4,665 | 5,055,252 | ||||||
| 5.00%, 01/01/41 (Call 01/01/33) | 1,000 | 1,117,847 | ||||||
| 5.00%, 02/01/41 (Call 02/01/31) | 1,725 | 1,895,280 | ||||||
| 5.00%, 01/01/42 (Call 01/01/33) | 2,000 | 2,226,940 | ||||||
| 5.00%, 01/01/43 (Call 01/01/33) | 13,000 | 14,463,055 | ||||||
| 5.00%, 01/01/45 (Call 01/01/33) | 20,210 | 22,366,870 | ||||||
| 5.25%, 01/01/48 (Call 01/01/33) | 17,790 | 19,934,601 | ||||||
| Series A, 4.00%, 06/01/37 (Call 06/01/27) | 3,060 | 3,083,211 | ||||||
| Series A, 5.00%, 10/15/23 | 9,050 | 9,105,452 | ||||||
| Series A, 5.00%, 06/01/26 (Call 06/01/25) | 1,250 | 1,294,099 | ||||||
| Series A, 5.00%, 10/15/27 | 2,000 | 2,176,719 | ||||||
| Series A, 5.00%, 06/01/29 (Call 06/01/24) | 3,000 | 3,000,000 | ||||||
| Series A, 5.00%, 10/15/29 (Call 04/15/29) | 3,500 | 3,908,953 | ||||||
| Series A, 5.00%, 06/01/30 (Call 06/01/24) | 1,500 | 1,500,000 | ||||||
| Series A, 5.00%, 06/01/31 (Call 06/01/26) | 9,250 | 9,745,885 | ||||||
| Series A, 5.00%, 06/01/32 (Call 06/01/27) | 2,000 | 2,151,731 | ||||||
| Series A, 5.00%, 06/01/33 (Call 06/01/27) | 1,900 | 2,042,524 | ||||||
| Series A, 5.00%, 10/15/33 (Call 04/15/29) | 5,000 | 5,576,635 | ||||||
| Series A, 5.00%, 06/01/34 (Call 06/01/27) | 2,500 | 2,682,165 | ||||||
| Series A, 5.00%, 06/01/37 (Call 06/01/27) | 3,720 | 3,937,329 | ||||||
| Series A, 5.00%, 10/15/37 (Call 04/15/29) | 5,000 | 5,453,288 | ||||||
| Series A, 5.00%, 06/01/41 (Call 06/01/26) | 10,920 | 11,268,310 | ||||||
| Series A, 5.00%, 06/01/43 (Call 06/01/28) | 3,950 | 4,182,276 | ||||||
| Series A, 5.00%, 10/15/44 (Call 04/15/29) | 29,090 | 31,106,970 | ||||||
| Series B, 5.00%, 06/01/24 | 4,155 | 4,227,460 | ||||||
| Series B, 5.00%, 06/01/25 | 2,175 | 2,248,319 | ||||||
| Series B, 5.00%, 06/01/26 (Call 06/01/25) | 2,000 | 2,070,559 | ||||||
| Series C, 5.00%, 06/01/33 (Call 06/01/24) | 15,000 | 15,226,132 | ||||||
| Series C, 5.00%, 06/01/35 (Call 06/01/24) | 3,720 | 3,769,142 | ||||||
| Series C, 5.00%, 06/01/38 (Call 06/01/24) | 2,000 | 2,021,136 | ||||||
| Series D, 5.00%, 06/01/27 | 4,060 | 4,384,030 | ||||||
| Series D, 5.00%, 02/01/30 | 2,200 | 2,499,602 | ||||||
| Series D, 5.00%, 02/01/32 (Call 02/01/31) | 4,000 | 4,585,891 | ||||||
| Series D, 5.00%, 06/01/41 (Call 12/01/26) | 7,805 | 8,091,551 | ||||||
| Series D, 5.00%, 02/01/46 (Call 02/01/31) | 1,725 | 1,874,043 | ||||||
14
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| District of Columbia (continued) | ||||||||
| Series E, 4.00%, 02/01/37 (Call 02/01/31) | $ | 1,835 | $ | 1,868,511 | ||||
| Series E, 5.00%, 02/01/26 | 15,580 | 16,366,203 | ||||||
| Series E, 5.00%, 02/01/28 | 1,495 | 1,637,431 | ||||||
| Series E, 5.00%, 02/01/35 (Call 02/01/31) | 5,000 | 5,715,119 | ||||||
| District of Columbia RB | ||||||||
| 4.00%, 05/01/38 (Call 05/01/30) | 2,605 | 2,631,731 | ||||||
| 4.00%, 03/01/40 (Call 09/01/29) | 4,370 | 4,395,189 | ||||||
| 5.00%, 12/01/26 | 3,585 | 3,831,513 | ||||||
| 5.00%, 03/01/27 | 5,000 | 5,371,946 | ||||||
| 5.00%, 12/01/27 | 2,015 | 2,199,121 | ||||||
| 5.00%, 12/01/28 | 2,750 | 3,056,638 | ||||||
| 5.00%, 12/01/29 | 7,000 | 7,921,291 | ||||||
| 5.00%, 12/01/30 | 8,500 | 9,781,768 | ||||||
| 5.00%, 10/01/31 | 8,000 | 9,323,614 | ||||||
| 5.00%, 12/01/31 | 15,590 | 18,212,445 | ||||||
| 5.00%, 12/01/32 | 5,000 | 5,921,458 | ||||||
| 5.00%, 07/01/33 (Call 07/01/32) | 2,075 | 2,442,655 | ||||||
| 5.00%, 12/01/33 (Call 12/01/29) | 6,000 | 6,719,699 | ||||||
| 5.00%, 12/01/34 (Call 12/01/29) | 2,450 | 2,733,751 | ||||||
| 5.00%, 07/01/35 (Call 07/01/32) | 2,125 | 2,461,119 | ||||||
| 5.00%, 07/01/40 (Call 07/01/32) | 12,970 | 14,308,095 | ||||||
| 5.00%, 07/01/42 (Call 07/01/32) | 5,230 | 5,758,882 | ||||||
| 5.50%, 07/01/47 (Call 07/01/32) | 3,500 | 3,962,306 | ||||||
| Series A, 4.00%, 03/01/37 (Call 09/01/29) | 2,000 | 2,034,956 | ||||||
| Series A, 4.00%, 03/01/44 (Call 09/01/29) | 2,000 | 1,973,482 | ||||||
| Series A, 4.00%, 03/01/45 (Call 03/01/30) | 3,000 | 2,953,385 | ||||||
| Series A, 5.00%, 03/01/29 | 2,000 | 2,231,985 | ||||||
| Series A, 5.00%, 03/01/31 (Call 09/01/29) | 2,500 | 2,825,596 | ||||||
| Series A, 5.00%, 03/01/32 (Call 09/01/29) | 1,500 | 1,687,041 | ||||||
| Series A, 5.00%, 03/01/33 (Call 09/01/29) | 4,005 | 4,511,067 | ||||||
| Series A, 5.00%, 03/01/34 (Call 09/01/29) | 7,040 | 7,926,710 | ||||||
| Series A, 5.00%, 03/01/35 (Call 09/01/29) | 6,355 | 7,106,531 | ||||||
| Series A, 5.00%, 03/01/35 (Call 03/01/30) | 1,065 | 1,196,610 | ||||||
| Series A, 5.00%, 03/01/36 (Call 09/01/29) | 2,000 | 2,216,521 | ||||||
| Series A, 5.00%, 03/01/39 (Call 03/01/30) | 4,400 | 4,788,915 | ||||||
| Series A, 5.00%, 03/01/40 (Call 03/01/30) | 2,530 | 2,741,266 | ||||||
| Series A, 5.00%, 03/01/44 (Call 09/01/29) | 4,100 | 4,398,165 | ||||||
| Series B, 5.00%, 10/01/25 | 33,855 | 35,317,803 | ||||||
| Series B, 5.00%, 10/01/26 | 9,115 | 9,707,459 | ||||||
| Series B, 5.00%, 10/01/27 | 11,835 | 12,869,883 | ||||||
| Series B-1, 5.00%, 02/01/31 (Call 07/03/23) (NPFGC) | 80 | 80,059 | ||||||
| Series C, 4.00%, 05/01/45 (Call 05/01/30) | 2,210 | 2,175,546 | ||||||
| Series C, 5.00%, 10/01/24 | 3,975 | 4,065,368 | ||||||
| Series C, 5.00%, 10/01/25 | 1,060 | 1,105,800 | ||||||
| Series C, 5.00%, 10/01/26 | 2,265 | 2,412,221 | ||||||
| Series C, 5.00%, 10/01/27 | 2,140 | 2,327,127 | ||||||
| Series C, 5.00%, 10/01/29 | 5,155 | 5,816,228 | ||||||
| Series C, 5.00%, 05/01/45 (Call 05/01/30) | 3,270 | 3,523,336 | ||||||
| District of Columbia Water & Sewer Authority RB | ||||||||
| 5.50%, 10/01/23 (AGM) | 50 | 50,347 | ||||||
| Series A, 5.00%, 10/01/25 | 2,120 | 2,210,628 | ||||||
| Series A, 5.00%, 10/01/36 (Call 04/01/26) | 8,520 | 8,866,357 | ||||||
| Series A, 5.00%, 10/01/44 (PR 10/01/23) | 13,480 | 13,550,367 | ||||||
| Series A, 5.00%, 10/01/48 (PR 10/01/23) | 8,315 | 8,358,405 | ||||||
| Series A, 5.00%, 10/01/52 (Call 04/01/27) | 3,000 | 3,122,058 | ||||||
| Series B, 5.00%, 10/01/49 (Call 04/01/28) | 14,425 | 15,181,836 | ||||||
| Series B, 5.25%, 10/01/44 (Call 10/01/25) | 2,000 | 2,050,375 | ||||||
| Series C, 5.00%, 10/01/44 (PR 10/01/24) | 12,060 | 12,335,759 | ||||||
| Security | Par (000) | Value | ||||||
| District of Columbia (continued) | ||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB | ||||||||
| 0.00%, 10/01/35(a) | $ | 13,940 | $ | 8,670,200 | ||||
| Series A, 0.00%, 10/01/37(a) | 4,000 | 2,065,304 | ||||||
| Series A, 5.00%, 10/01/44 (Call 10/01/28) | 1,000 | 1,043,372 | ||||||
| Series B, 4.00%, 10/01/44 (Call 10/01/29) | 5,250 | 4,929,850 | ||||||
| Series B, 4.00%, 10/01/49 (Call 10/01/29) | 5,250 | 4,794,428 | ||||||
| Series B, 4.00%, 10/01/53 (Call 10/01/29) | 5,000 | 4,490,019 | ||||||
| Series B, 4.00%, 10/01/53 (Call 10/01/29) (AGM) | 3,000 | 2,778,095 | ||||||
| Series B, 5.00%, 10/01/47 (Call 10/01/29) | 1,000 | 1,032,313 | ||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue RB, 5.00%, 07/15/26 | 3,360 | 3,555,597 | ||||||
| Washington Metropolitan Area Transit Authority RB | ||||||||
| Series A, 3.00%, 07/15/43 (Call 07/15/31) | 10,000 | 8,120,486 | ||||||
| Series A, 4.00%, 07/15/35 (Call 07/15/31) | 1,500 | 1,564,057 | ||||||
| Series A, 4.00%, 07/15/39 (Call 07/15/31) | 1,000 | 1,011,514 | ||||||
| Series A, 4.00%, 07/15/40 (Call 07/15/30) | 2,000 | 2,007,488 | ||||||
| Series A, 4.00%, 07/15/43 (Call 07/15/31) | 12,305 | 12,120,687 | ||||||
| Series A, 5.00%, 07/15/25 | 1,000 | 1,037,096 | ||||||
| Series A, 5.00%, 07/15/27 | 500 | 539,674 | ||||||
| Series A, 5.00%, 07/15/36 (Call 07/15/30) | 11,730 | 13,058,622 | ||||||
| Series A, 5.00%, 07/15/37 (Call 07/15/30) | 2,765 | 3,055,109 | ||||||
| Series A, 5.00%, 07/15/37 (Call 07/15/31) | 2,750 | 3,073,907 | ||||||
| Series A, 5.00%, 07/15/38 (Call 07/15/30) | 2,000 | 2,202,197 | ||||||
| Series A, 5.00%, 07/15/41 (Call 07/15/31) | 2,000 | 2,206,118 | ||||||
| Series A, 5.00%, 07/15/45 (Call 07/15/30) | 2,000 | 2,162,858 | ||||||
| Series A, 5.00%, 07/15/46 (Call 07/15/31) | 2,250 | 2,451,062 | ||||||
| Series B, 5.00%, 07/01/36 (Call 07/01/27) | 1,700 | 1,793,992 | ||||||
| 681,051,443 | ||||||||
| Florida — 1.2% | ||||||||
| Broward County FL Water & Sewer Utility Revenue RB, Series A, 5.00%, 10/01/40 (Call 10/01/29) | 5,225 | 5,692,879 | ||||||
| Central Florida Expressway Authority RB | ||||||||
| 2.13%, 07/01/36 (Call 07/01/31) (AGM) | 1,000 | 770,317 | ||||||
| 4.00%, 07/01/35 (Call 07/01/31) (AGM) | 500 | 526,235 | ||||||
| 4.00%, 07/01/37 (Call 07/01/31) (AGM) | 3,440 | 3,508,631 | ||||||
| 4.00%, 07/01/38 (Call 07/01/31) (AGM) | 1,000 | 1,012,533 | ||||||
| 4.00%, 07/01/41 (Call 07/01/27) | 2,775 | 2,680,607 | ||||||
| 5.00%, 07/01/26 (AGM) | 450 | 475,420 | ||||||
| 5.00%, 07/01/27 (AGM) | 10,450 | 11,253,540 | ||||||
| 5.00%, 07/01/28 (AGM) | 1,000 | 1,099,189 | ||||||
| 5.00%, 07/01/30 (AGM) | 1,000 | 1,137,530 | ||||||
| 5.00%, 07/01/32 (Call 07/01/31) (AGM) | 500 | 578,890 | ||||||
| 5.00%, 07/01/38 (Call 07/01/27) | 2,835 | 2,976,690 | ||||||
| 5.00%, 07/01/43 (Call 07/01/28) | 2,000 | 2,104,188 | ||||||
| Series B, 4.00%, 07/01/31 (Call 07/01/26) | 1,050 | 1,067,554 | ||||||
| Series B, 4.00%, 07/01/36 (Call 07/01/26) | 2,000 | 2,007,204 | ||||||
| Series B, 5.00%, 07/01/26 | 4,000 | 4,223,542 | ||||||
| Series B, 5.00%, 07/01/28 (Call 07/01/26) | 3,500 | 3,684,011 | ||||||
| Series B, 5.00%, 07/01/34 (Call 07/01/26) | 1,000 | 1,038,569 | ||||||
| Series B, 5.00%, 07/01/44 (Call 07/01/29) | 2,500 | 2,638,497 | ||||||
| Series B, 5.00%, 07/01/49 (Call 07/01/29) | 2,500 | 2,621,344 | ||||||
| City of Gainesville FL Utilities System Revenue RB | ||||||||
| Series A, 5.00%, 10/01/37 (Call 10/01/27) | 1,000 | 1,061,165 | ||||||
| Series A, 5.00%, 10/01/44 (Call 10/01/29) | 1,500 | 1,589,524 | ||||||
| City of Miami Beach FL RB, Series 2015, 5.00%, 09/01/40 (Call 09/01/25) | 1,000 | 1,018,521 | ||||||
| City of Tampa FL Water & Wastewater System | ||||||||
| Revenue RB | ||||||||
| Series A, 4.00%, 10/01/44 (Call 10/01/30) | 1,000 | 971,255 | ||||||
| Series A, 5.00%, 10/01/50 (Call 10/01/30) | 12,000 | 12,908,228 | ||||||
15
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Florida (continued) | ||||||||
| Series A, 5.00%, 10/01/54 (Call 10/01/30) | $ | 4,205 | $ | 4,494,786 | ||||
| County of Broward FL Airport System Revenue RB | ||||||||
| 5.25%, 10/01/38 (PR 10/01/23) | 20,000 | 20,120,654 | ||||||
| Series C, 5.25%, 10/01/28 (PR 10/01/23) | 5,385 | 5,417,486 | ||||||
| County of Miami-Dade FL Aviation Revenue RB | ||||||||
| 5.00%, 10/01/41 (Call 10/01/26) | 13,290 | 13,625,397 | ||||||
| Series B, 5.00%, 10/01/37 (Call 10/01/24) | 6,705 | 6,768,514 | ||||||
| County of Miami-Dade FL GO | ||||||||
| Series 2016A, 4.00%, 07/01/39 (Call 07/01/30) | 5,000 | 4,976,833 | ||||||
| Series A, 4.00%, 07/01/42 (Call 07/01/25) | 2,000 | 1,971,525 | ||||||
| Series A, 5.00%, 07/01/38 (Call 07/01/26) | 2,000 | 2,073,005 | ||||||
| Series D, 5.00%, 07/01/45 (Call 07/01/26) | 8,505 | 8,718,301 | ||||||
| County of Miami-Dade FL RB, 5.00%, 10/01/35 | ||||||||
| (Call 10/01/26) | 2,000 | 2,067,613 | ||||||
| County of Miami-Dade FL Transit System RB | ||||||||
| 4.00%, 07/01/39 (Call 07/01/29) | 2,000 | 2,011,842 | ||||||
| 4.00%, 07/01/48 (Call 07/01/28) | 5,215 | 4,957,656 | ||||||
| 5.00%, 07/01/43 (Call 07/01/28) | 2,000 | 2,107,962 | ||||||
| Series A, 4.00%, 07/01/49 (Call 07/01/30) | 3,500 | 3,309,945 | ||||||
| Series A, 4.00%, 07/01/50 (Call 07/01/30) | 5,000 | 4,735,022 | ||||||
| County of Miami-Dade FL Water & Sewer System | ||||||||
| Revenue RB | ||||||||
| 4.00%, 10/01/39 (Call 04/01/31) | 1,000 | 995,977 | ||||||
| 4.00%, 10/01/41 (Call 04/01/31) | 1,000 | 979,588 | ||||||
| 4.00%, 10/01/46 (Call 04/01/31) | 8,050 | 7,672,149 | ||||||
| 4.00%, 10/01/48 (Call 04/01/31) | 2,000 | 1,887,841 | ||||||
| 4.00%, 10/01/51 (Call 04/01/31) | 2,000 | 1,879,346 | ||||||
| 5.00%, 10/01/24 | 4,110 | 4,204,518 | ||||||
| 5.00%, 10/01/25 | 2,625 | 2,730,606 | ||||||
| Series A, 4.00%, 10/01/44 (Call 10/01/27) | 3,235 | 3,118,973 | ||||||
| Series B, 4.00%, 10/01/35 (Call 10/01/27) | 7,600 | 7,713,848 | ||||||
| Series B, 4.00%, 10/01/37 (Call 10/01/27) | 6,500 | 6,525,898 | ||||||
| Series B, 4.00%, 10/01/44 (Call 10/01/29) | 2,345 | 2,283,361 | ||||||
| Series B, 4.00%, 10/01/49 (Call 10/01/29) | 7,000 | 6,600,744 | ||||||
| Series B, 5.00%, 10/01/27 | 1,000 | 1,081,506 | ||||||
| Series B, 5.00%, 10/01/30 (Call 10/01/25) | 2,000 | 2,060,468 | ||||||
| Series B, 5.00%, 10/01/32 (Call 10/01/25) | 2,000 | 2,054,606 | ||||||
| Series B, 5.00%, 10/01/44 (Call 10/01/29) | 2,000 | 2,102,193 | ||||||
| County of Miami-Dade Seaport Department RB, Series A, 6.00%, 10/01/38 (PR 10/01/23) | 6,610 | 6,665,550 | ||||||
| Florida Department of Management Services COP, Series A, 5.00%, 11/01/28 | 1,750 | 1,933,480 | ||||||
| Florida Municipal Power Agency RB | ||||||||
| Series A, 5.00%, 10/01/29 (Call 10/01/26) | 5,360 | 5,624,914 | ||||||
| Series A, 5.00%, 10/01/30 (Call 10/01/26) | 2,500 | 2,619,544 | ||||||
| Series A, 5.00%, 10/01/31 (Call 10/01/26) | 830 | 867,560 | ||||||
| Hillsborough County Aviation Authority RB | ||||||||
| Series A, 5.00%, 10/01/44 (Call 10/01/24) | 1,000 | 1,006,774 | ||||||
| Series B, 5.00%, 10/01/40 (PR 10/01/24) | 3,075 | 3,143,292 | ||||||
| Series B, 5.00%, 10/01/44 (PR 10/01/24) | 2,425 | 2,478,856 | ||||||
| Series B, 5.00%, 10/01/47 (Call 10/01/31) | 2,000 | 2,155,337 | ||||||
| Series F, 5.00%, 10/01/48 (Call 10/01/28) | 7,000 | 7,325,565 | ||||||
| Miami Beach Redevelopment Agency TA, Series 2015-A, 5.00%, 02/01/40 (Call 02/01/24) (AGM) | 1,000 | 1,000,589 | ||||||
| Miami-Dade County Educational Facilities Authority RB | ||||||||
| Series A, 5.00%, 04/01/40 (Call 04/01/25) | 6,000 | 6,105,175 | ||||||
| Series A, 5.00%, 04/01/45 (Call 04/01/25) | 4,000 | 4,057,111 | ||||||
| Miami-Dade County Expressway Authority RB | ||||||||
| Series A, 5.00%, 07/01/35 (Call 07/03/23) (AGM) | 975 | 984,948 | ||||||
| Series A, 5.00%, 07/01/39 (Call 07/01/24) | 2,830 | 2,830,588 | ||||||
| Series A, 5.00%, 07/01/40 (Call 07/01/23) | 2,105 | 2,115,660 | ||||||
| Security | Par (000) | Value | ||||||
| Florida (continued) | ||||||||
| Series A, 5.00%, 07/01/44 (Call 07/01/24) | $ | 1,000 | $ | 1,001,249 | ||||
| Series B, 5.00%, 07/01/25 (Call 07/01/24) | 1,320 | 1,334,115 | ||||||
| Series B, 5.00%, 07/01/26 (Call 07/01/24) | 1,020 | 1,031,338 | ||||||
| Mid-Bay Bridge Authority RB | ||||||||
| Series A, 5.00%, 10/01/35 (Call 10/01/25) | 1,000 | 1,014,233 | ||||||
| Series A, 5.00%, 10/01/40 (Call 10/01/25) | 3,000 | 3,011,289 | ||||||
| Orange County Convention Center/Orlando RB | ||||||||
| 5.00%, 10/01/24 | 1,285 | 1,305,642 | ||||||
| Series B, 4.00%, 10/01/36 (Call 10/01/26) | 2,070 | 2,046,137 | ||||||
| Orange County School Board COP, Series C, 5.00%, 08/01/34 (Call 08/01/26) | 2,500 | 2,585,172 | ||||||
| Orlando Utilities Commission RB | ||||||||
| Series A, 4.00%, 10/01/39 (Call 04/01/31) | 4,685 | 4,638,499 | ||||||
| Series A, 4.00%, 10/01/40 (Call 04/01/31) | 4,000 | 3,932,840 | ||||||
| Series A, 5.00%, 10/01/25 | 1,595 | 1,659,533 | ||||||
| Orlando-Orange County Expressway Authority RB, 5.00%, 07/01/35 (PR 07/01/23) | 4,055 | 4,059,960 | ||||||
| Palm Beach County School District, 5.25%, 08/01/38 (Call 08/01/32) | 2,000 | 2,240,753 | ||||||
| Palm Beach County School District COP | ||||||||
| Series C, 5.00%, 08/01/29 (Call 08/01/28) | 2,530 | 2,774,177 | ||||||
| Series D, 5.00%, 08/01/31 (Call 08/01/25) | 2,000 | 2,059,455 | ||||||
| Reedy Creek Improvement District GOL, Series A, 5.00%, 06/01/38 (PR 06/01/23) | 4,200 | 4,200,000 | ||||||
| School Board of Miami-Dade County (The) COP | ||||||||
| 5.00%, 11/01/27 (Call 11/01/24) | 3,300 | 3,361,473 | ||||||
| Series A, 4.00%, 08/01/29 (Call 08/01/23) | 1,000 | 1,000,784 | ||||||
| Series A, 5.00%, 05/01/30 (Call 05/01/25) | 1,000 | 1,023,847 | ||||||
| Series B, 5.00%, 05/01/27 (Call 05/01/25) | 2,500 | 2,557,293 | ||||||
| Series D, 5.00%, 02/01/27 (Call 02/01/26) | 2,000 | 2,078,534 | ||||||
| Series D, 5.00%, 02/01/30 (Call 02/01/26) | 2,000 | 2,070,793 | ||||||
| School District of Broward County/FL COP | ||||||||
| Series A, 5.00%, 07/01/27 | 1,750 | 1,879,688 | ||||||
| Series A, 5.00%, 07/01/32 (Call 07/01/30) | 2,000 | 2,242,037 | ||||||
| Series A, 5.00%, 07/01/34 (Call 07/01/30) | 2,000 | 2,230,391 | ||||||
| Series C, 5.00%, 07/01/26 | 2,000 | 2,106,953 | ||||||
| South Florida Water Management District COP | ||||||||
| 5.00%, 10/01/33 (Call 04/01/26) | 1,000 | 1,042,024 | ||||||
| 5.00%, 10/01/35 (Call 04/01/26) | 5,000 | 5,181,391 | ||||||
| State of Florida Department of Transportation Turnpike | ||||||||
| System Revenue RB | ||||||||
| 5.00%, 07/01/47 (Call 07/01/32) | 11,395 | 12,548,334 | ||||||
| Series A, 4.00%, 07/01/48 (Call 07/01/28) | 4,000 | 3,886,188 | ||||||
| State of Florida GO | ||||||||
| 4.00%, 06/01/36 (Call 06/01/27) | 13,590 | 13,870,813 | ||||||
| 5.00%, 06/01/23 | 4,340 | 4,340,000 | ||||||
| Series B, 4.00%, 07/01/48 (Call 07/01/28) | 7,500 | 7,336,028 | ||||||
| Series B, 5.00%, 06/01/25 | 2,460 | 2,550,656 | ||||||
| Series C, 5.00%, 06/01/24 | 1,200 | 1,220,454 | ||||||
| State of Florida Lottery Revenue RB, Series B, 5.00%, 07/01/25 | 1,100 | 1,142,431 | ||||||
| Tampa-Hillsborough County Expressway Authority RB | ||||||||
| 5.00%, 07/01/47 (Call 07/01/27) | 6,210 | 6,411,158 | ||||||
| Series B, 4.00%, 07/01/42 (Call 07/01/28) | 1,465 | 1,401,248 | ||||||
| 381,186,079 | ||||||||
| Georgia — 2.7% | ||||||||
| City of Atlanta GA Airport Passenger Facility Charge RB | ||||||||
| Series A, 5.00%, 01/01/29 (Call 01/01/24) | 1,000 | 1,008,565 | ||||||
| Series C, 5.00%, 07/01/36 (Call 07/01/29) | 2,500 | 2,740,668 | ||||||
| Series C, 5.00%, 07/01/39 (Call 07/01/29) | 2,500 | 2,688,676 | ||||||
| Series F, 5.00%, 07/01/23 | 1,335 | 1,336,556 | ||||||
16
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Georgia (continued) | ||||||||
| City of Atlanta GA Department of Aviation RB | ||||||||
| 4.00%, 07/01/49 (Call 07/01/29) | $ | 3,645 | $ | 3,491,174 | ||||
| 4.00%, 07/01/52 (Call 07/01/32) | 3,010 | 2,901,523 | ||||||
| 5.00%, 07/01/47 (Call 07/01/32) | 1,445 | 1,565,711 | ||||||
| Series A, 5.00%, 07/01/25 | 1,735 | 1,796,246 | ||||||
| Series A, 5.00%, 07/01/26 | 2,000 | 2,111,771 | ||||||
| Series A, 5.00%, 07/01/28 | 2,000 | 2,188,480 | ||||||
| Series A, 5.00%, 07/01/30 | 2,000 | 2,266,831 | ||||||
| City of Atlanta GA GO | ||||||||
| 5.00%, 12/01/29 | 1,000 | 1,134,156 | ||||||
| 5.00%, 12/01/32 | 1,750 | 2,067,704 | ||||||
| 5.00%, 12/01/35 (Call 12/01/32) | 1,750 | 2,026,504 | ||||||
| 5.00%, 12/01/38 (Call 12/01/32) | 2,500 | 2,848,634 | ||||||
| 5.00%, 12/01/41 (Call 12/01/32) | 2,000 | 2,244,312 | ||||||
| 5.00%, 12/01/42 (Call 12/01/32) | 8,000 | 8,942,321 | ||||||
| City of Atlanta GA GOL, 5.00%, 12/01/32 (PR 12/01/24) | 7,500 | 7,684,645 | ||||||
| City of Atlanta GA Water & Wastewater Revenue RB | ||||||||
| 4.00%, 11/01/38 (Call 11/01/27) | 8,000 | 8,051,554 | ||||||
| 5.00%, 11/01/28 (Call 05/01/25) | 2,000 | 2,069,907 | ||||||
| 5.00%, 11/01/31 (Call 05/01/25) | 1,755 | 1,815,003 | ||||||
| 5.00%, 11/01/32 (Call 05/01/25) | 2,230 | 2,305,653 | ||||||
| 5.00%, 11/01/33 (PR 05/01/25) | 11,680 | 12,089,829 | ||||||
| 5.00%, 11/01/34 (PR 05/01/25) | 10,005 | 10,356,056 | ||||||
| 5.00%, 11/01/40 (Call 05/01/25) | 50,420 | 51,577,245 | ||||||
| 5.00%, 11/01/43 (PR 05/01/25) | 17,000 | 17,596,498 | ||||||
| Series B, 5.00%, 11/01/43 (Call 11/01/27) | 4,780 | 5,026,736 | ||||||
| Series B, 5.00%, 11/01/47 (Call 11/01/27) | 4,350 | 4,549,642 | ||||||
| County of DeKalb GA Water & Sewerage Revenue RB, Series B, 5.25%, 10/01/32 (Call 10/01/26) (AGM) | 2,190 | 2,333,744 | ||||||
| County of Fulton GA Water & Sewerage Revenue RB | ||||||||
| 4.00%, 01/01/34 (Call 01/01/24) | 15,990 | 15,906,431 | ||||||
| 4.00%, 01/01/35 (Call 01/01/24) | 6,885 | 6,857,152 | ||||||
| Forsyth County Water & Sewerage Authority RB, 3.00%, 04/01/49 (Call 04/01/29) | 4,000 | 3,093,638 | ||||||
| Georgia Ports Authority RB | ||||||||
| 4.00%, 07/01/39 (Call 07/01/31) | 1,000 | 1,027,374 | ||||||
| 4.00%, 07/01/40 (Call 07/01/31) | 1,000 | 1,019,763 | ||||||
| 4.00%, 07/01/42 (Call 07/01/31) | 1,000 | 997,398 | ||||||
| 4.00%, 07/01/47 (Call 07/01/32) | 3,125 | 3,054,735 | ||||||
| 4.00%, 07/01/51 (Call 07/01/31) | 1,750 | 1,706,017 | ||||||
| 4.00%, 07/01/52 (Call 07/01/32) | 3,850 | 3,749,053 | ||||||
| 5.00%, 07/01/26 | 535 | 566,029 | ||||||
| 5.00%, 07/01/27 | 905 | 977,480 | ||||||
| 5.00%, 07/01/29 | 1,500 | 1,682,304 | ||||||
| 5.00%, 07/01/31 | 1,000 | 1,158,985 | ||||||
| 5.00%, 07/01/33 (Call 07/01/32) | 1,500 | 1,753,966 | ||||||
| 5.00%, 07/01/35 (Call 07/01/32) | 1,000 | 1,158,174 | ||||||
| 5.00%, 07/01/38 (Call 07/01/32) | 750 | 848,739 | ||||||
| 5.00%, 07/01/41 (Call 07/01/32) | 2,250 | 2,499,714 | ||||||
| 5.00%, 07/01/42 (Call 07/01/32) | 5,865 | 6,491,502 | ||||||
| 5.00%, 07/01/47 (Call 07/01/32) | 12,500 | 13,614,056 | ||||||
| 5.25%, 07/01/52 (Call 07/01/32) | 6,750 | 7,432,289 | ||||||
| Georgia State Road & Tollway Authority RB | ||||||||
| 4.00%, 07/15/41 (Call 07/15/31) | 5,000 | 5,066,141 | ||||||
| 5.00%, 06/01/26 | 1,325 | 1,398,755 | ||||||
| 5.00%, 06/01/27 | 2,200 | 2,366,107 | ||||||
| 5.00%, 06/01/29 | 2,910 | 3,257,282 | ||||||
| 5.00%, 06/01/31 (Call 06/01/30) | 2,500 | 2,847,765 | ||||||
| 5.00%, 06/01/32 (Call 06/01/30) | 6,105 | 6,931,109 | ||||||
| Series A, 4.00%, 07/15/42 (Call 07/15/31) | 18,100 | 18,275,244 | ||||||
| Security | Par (000) | Value | ||||||
| Georgia (continued) | ||||||||
| Series A, 4.00%, 07/15/46 (Call 07/15/31) | $ | 7,170 | $ | 7,111,552 | ||||
| Gwinnett County School District GO | ||||||||
| 4.00%, 02/01/37 (Call 02/01/31) | 2,000 | 2,077,101 | ||||||
| 5.00%, 08/01/25 | 6,000 | 6,240,645 | ||||||
| 5.00%, 02/01/31 (Call 08/01/25) | 5,580 | 5,819,208 | ||||||
| 5.00%, 02/01/34 (Call 08/01/25) | 4,995 | 5,206,366 | ||||||
| 5.00%, 02/01/38 (Call 02/01/29) | 17,010 | 18,492,728 | ||||||
| 5.00%, 02/01/39 (Call 02/01/29) | 6,165 | 6,683,531 | ||||||
| 5.00%, 02/01/40 (Call 02/01/29) | 5,800 | 6,266,644 | ||||||
| Series B, 5.00%, 08/01/26 | 25,000 | 26,556,312 | ||||||
| Henry County School District | ||||||||
| 1.88%, 08/01/34 (Call 08/01/31) | 18,330 | 15,152,850 | ||||||
| 1.88%, 08/01/35 (Call 08/01/31) | 18,880 | 15,137,750 | ||||||
| 1.88%, 08/01/36 (Call 08/01/31) | 19,305 | 14,998,195 | ||||||
| Metropolitan Atlanta Rapid Transit Authority RB | ||||||||
| Series A, 3.00%, 07/01/47 (Call 07/01/30) | 2,850 | 2,247,232 | ||||||
| Series A, 4.00%, 07/01/24 | 1,010 | 1,018,215 | ||||||
| Series A, 4.00%, 07/01/44 (PR 07/01/23) | 20,000 | 20,008,628 | ||||||
| Series B, 5.00%, 07/01/30 (Call 07/01/26) | 7,865 | 8,350,207 | ||||||
| Series B, 5.00%, 07/01/31 (Call 07/01/26) | 5,000 | 5,308,921 | ||||||
| Series B, 5.00%, 07/01/35 (Call 07/01/26) | 7,750 | 8,172,938 | ||||||
| Series B, 5.00%, 07/01/45 (Call 07/01/26) | 1,745 | 1,806,390 | ||||||
| Series C, 3.25%, 07/01/39 (Call 07/01/27) | 2,500 | 2,311,784 | ||||||
| Series E-1, 3.00%, 07/01/39 (Call 01/01/32) | 2,500 | 2,209,827 | ||||||
| Municipal Electric Authority of Georgia RB | ||||||||
| 4.00%, 01/01/44 (Call 07/01/28) (AGM) | 2,000 | 1,941,135 | ||||||
| 4.00%, 01/01/49 (Call 07/01/28) | 3,250 | 2,858,739 | ||||||
| 5.00%, 01/01/56 (Call 07/01/28) | 3,000 | 3,033,542 | ||||||
| 5.00%, 01/01/63 (Call 07/01/28) | 1,500 | 1,510,042 | ||||||
| Series A, 4.00%, 01/01/49 (Call 01/01/29) | 500 | 454,414 | ||||||
| Series A, 5.00%, 01/01/28 (Call 07/01/26) | 2,000 | 2,076,526 | ||||||
| Series A, 5.00%, 01/01/34 (Call 01/01/32) | 1,575 | 1,747,413 | ||||||
| Series A, 5.00%, 01/01/44 (Call 01/01/29) | 7,975 | 8,151,752 | ||||||
| Series A, 5.00%, 01/01/49 (Call 07/01/28) | 5,000 | 5,062,469 | ||||||
| Series A, 5.00%, 07/01/60 (Call 07/01/25) | 1,000 | 999,981 | ||||||
| Series A, 5.00%, 01/01/62 (Call 01/01/30) (AGM) | 3,335 | 3,438,747 | ||||||
| Private Colleges & Universities Authority RB | ||||||||
| 5.00%, 09/01/29 | 1,500 | 1,691,750 | ||||||
| 5.00%, 09/01/48 (Call 09/01/29) | 2,500 | 2,675,230 | ||||||
| Series A, 5.00%, 10/01/43 (Call 10/01/23) | 2,415 | 2,417,485 | ||||||
| Series A, 5.00%, 10/01/46 (Call 10/01/26) | 6,525 | 6,657,660 | ||||||
| Series B, 4.00%, 10/01/38 (Call 10/01/26) | 4,000 | 4,027,619 | ||||||
| Series B, 4.00%, 09/01/39 (Call 09/01/30) | 1,500 | 1,508,809 | ||||||
| Series B, 5.00%, 09/01/25 | 23,710 | 24,681,840 | ||||||
| State of Georgia GO | ||||||||
| 4.00%, 07/01/24 | 10,090 | 10,173,135 | ||||||
| 4.00%, 07/01/40 (Call 07/01/32) | 10,000 | 10,218,270 | ||||||
| 4.00%, 07/01/42 (Call 07/01/32) | 10,000 | 10,091,259 | ||||||
| 5.00%, 07/01/25 | 1,890 | 1,963,292 | ||||||
| 5.00%, 07/01/26 | 7,635 | 8,100,940 | ||||||
| 5.00%, 07/01/29 (Call 07/01/28) | 5,000 | 5,514,675 | ||||||
| Series A, 4.00%, 07/01/34 (Call 07/01/31) | 2,000 | 2,133,590 | ||||||
| Series A, 4.00%, 08/01/34 (Call 08/01/30) | 1,720 | 1,822,000 | ||||||
| Series A, 4.00%, 07/01/35 (Call 07/01/28) | 10,300 | 10,611,581 | ||||||
| Series A, 4.00%, 07/01/37 (Call 07/01/31) | 11,810 | 12,248,234 | ||||||
| Series A, 4.00%, 07/01/38 (Call 07/01/31) | 7,500 | 7,746,188 | ||||||
| Series A, 4.00%, 07/01/39 (Call 07/01/31) | 3,455 | 3,549,579 | ||||||
| Series A, 5.00%, 08/01/25 | 10,050 | 10,457,367 | ||||||
| Series A, 5.00%, 07/01/26 | 23,835 | 25,289,574 | ||||||
| Series A, 5.00%, 02/01/27 (Call 02/01/26) | 1,100 | 1,159,662 | ||||||
17
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Georgia (continued) | ||||||||
| Series A, 5.00%, 07/01/27 | $ | 26,890 | $ | 29,140,594 | ||||
| Series A, 5.00%, 08/01/27 | 1,815 | 1,970,428 | ||||||
| Series A, 5.00%, 07/01/28 | 5,165 | 5,718,489 | ||||||
| Series A, 5.00%, 08/01/28 | 2,000 | 2,218,160 | ||||||
| Series A, 5.00%, 07/01/29 | 1,500 | 1,694,830 | ||||||
| Series A, 5.00%, 08/01/29 | 10,000 | 11,316,171 | ||||||
| Series A, 5.00%, 02/01/30 (Call 02/01/26) | 1,030 | 1,085,056 | ||||||
| Series A, 5.00%, 07/01/30 (Call 07/01/28) | 6,770 | 7,473,463 | ||||||
| Series A, 5.00%, 07/01/31 | 1,570 | 1,836,937 | ||||||
| Series A, 5.00%, 07/01/31 (Call 07/01/29) | 5,080 | 5,734,525 | ||||||
| Series A, 5.00%, 08/01/31 (Call 08/01/30) | 2,690 | 3,099,941 | ||||||
| Series A, 5.00%, 07/01/32 (Call 07/01/31) | 3,455 | 4,035,485 | ||||||
| Series A, 5.00%, 08/01/32 (Call 08/01/30) | 13,000 | 14,939,922 | ||||||
| Series A, 5.00%, 07/01/33 (Call 07/01/31) | 5,000 | 5,834,296 | ||||||
| Series A-1, 5.00%, 02/01/24 | 2,700 | 2,730,161 | ||||||
| Series A-1, 5.00%, 02/01/26 | 1,010 | 1,062,026 | ||||||
| Series A-2, 4.00%, 02/01/36 (Call 02/01/27) | 8,800 | 8,958,732 | ||||||
| Series A-2, 5.00%, 02/01/25 (Call 02/01/24) | 2,000 | 2,024,100 | ||||||
| Series A-2, 5.00%, 02/01/30 (Call 02/01/27) | 11,420 | 12,289,113 | ||||||
| Series A-2, 5.00%, 02/01/32 (Call 02/01/27) | 5,000 | 5,362,700 | ||||||
| Series C, 5.00%, 07/01/23 | 1,030 | 1,031,201 | ||||||
| Series C, 5.00%, 07/01/26 | 2,000 | 2,122,054 | ||||||
| Series C, 5.00%, 07/01/29 (Call 07/01/27) | 5,500 | 5,960,939 | ||||||
| Series E, 5.00%, 12/01/23 | 5,140 | 5,182,736 | ||||||
| Series E, 5.00%, 12/01/24 | 13,370 | 13,724,800 | ||||||
| Series E, 5.00%, 12/01/25 | 5,775 | 6,051,193 | ||||||
| Series E, 5.00%, 12/01/26 | 16,395 | 17,550,549 | ||||||
| Series E, 5.00%, 12/01/27 (Call 12/01/26) | 1,300 | 1,393,205 | ||||||
| Series F, 5.00%, 01/01/25 | 2,410 | 2,477,853 | ||||||
| Series F, 5.00%, 07/01/25 | 7,715 | 8,014,178 | ||||||
| Series F, 5.00%, 01/01/28 (Call 01/01/27) | 2,805 | 3,006,478 | ||||||
| 856,785,384 | ||||||||
| Hawaii — 0.7% | ||||||||
| City & County Honolulu HI Wastewater System Revenue RB | ||||||||
| 5.00%, 07/01/39 (Call 07/01/29) | 6,545 | 7,094,713 | ||||||
| Series A, 4.00%, 07/01/38 (Call 01/01/28) | 3,300 | 3,318,052 | ||||||
| Series A, 4.00%, 07/01/44 (Call 07/01/29) | 4,490 | 4,408,359 | ||||||
| Series A, 4.00%, 07/01/49 (Call 07/01/29) | 9,250 | 8,958,210 | ||||||
| Series A, 4.13%, 07/01/47 (Call 07/01/32) | 2,000 | 1,989,671 | ||||||
| Series A, 5.00%, 07/01/40 (PR 07/01/25) | 1,000 | 1,035,708 | ||||||
| Series A, 5.00%, 07/01/45 (PR 07/01/25) | 3,675 | 3,806,228 | ||||||
| Series A, 5.00%, 07/01/47 (Call 01/01/28) | 4,220 | 4,449,377 | ||||||
| Series A, 5.00%, 07/01/47 (Call 07/01/32) | 7,100 | 7,761,271 | ||||||
| Series A, 5.00%, 07/01/51 (Call 07/01/32) | 12,500 | 13,620,159 | ||||||
| Series A, 5.25%, 07/01/51 (Call 07/01/32) | 2,500 | 2,775,652 | ||||||
| City & County of Honolulu HI | ||||||||
| 5.00%, 07/01/28 | 3,055 | 3,367,131 | ||||||
| 5.00%, 11/01/28 | 2,930 | 3,251,149 | ||||||
| City & County of Honolulu HI GO | ||||||||
| Series A, 5.00%, 09/01/27 | 1,170 | 1,267,117 | ||||||
| Series B, 5.00%, 03/01/25 | 1,000 | 1,029,749 | ||||||
| Series B, 5.00%, 03/01/28 | 2,120 | 2,320,240 | ||||||
| Series B, 5.00%, 03/01/30 | 1,500 | 1,696,898 | ||||||
| Series B, 5.00%, 03/01/31 (Call 03/01/30) | 2,500 | 2,846,062 | ||||||
| Series C, 5.00%, 10/01/30 | 5,000 | 5,709,860 | ||||||
| Honolulu City & County Board of Water Supply RB, 4.00%, 07/01/35 (PR 07/01/24) | 4,000 | 4,030,837 | ||||||
| State of Hawaii Airports System Revenue RB | ||||||||
| 4.00%, 07/01/39 (Call 07/01/30) | 7,395 | 7,363,437 | ||||||
| Security | Par (000) | Value | ||||||
| Hawaii (continued) | ||||||||
| Series D, 4.00%, 07/01/35 (Call 07/01/30) | $ | 2,000 | $ | 2,065,095 | ||||
| Series D, 4.00%, 07/01/38 (Call 07/01/30) | 2,000 | 2,009,853 | ||||||
| State of Hawaii GO | ||||||||
| 5.00%, 08/01/28 (PR 08/01/24) | 2,865 | 2,918,292 | ||||||
| 5.00%, 01/01/37 (Call 01/01/29) | 2,000 | 2,179,061 | ||||||
| Series EH, 5.00%, 08/01/23 (ETM) | 980 | 982,312 | ||||||
| Series EH, 5.00%, 08/01/24 (PR 08/01/23) | 3,370 | 3,378,230 | ||||||
| Series EH, 5.00%, 08/01/33 (PR 08/01/23) | 500 | 501,189 | ||||||
| Series EH-2017, 5.00%, 08/01/23 (ETM) | 245 | 245,578 | ||||||
| Series EO, 5.00%, 08/01/23 (ETM) | 665 | 666,569 | ||||||
| Series EO, 5.00%, 08/01/24 | 6,010 | 6,128,702 | ||||||
| Series EO, 5.00%, 08/01/25 (Call 08/01/24) | 4,955 | 5,053,436 | ||||||
| Series EO, 5.00%, 08/01/26 (Call 08/01/24) | 2,280 | 2,323,983 | ||||||
| Series EO, 5.00%, 08/01/26 (PR 08/01/24) | 220 | 224,092 | ||||||
| Series EO, 5.00%, 08/01/29 (Call 08/01/24) | 720 | 733,807 | ||||||
| Series EO, 5.00%, 08/01/29 (PR 08/01/24) | 280 | 285,208 | ||||||
| Series EO, 5.00%, 08/01/30 (Call 08/01/24) | 1,895 | 1,930,249 | ||||||
| Series EP, 5.00%, 08/01/24 | 10,735 | 10,947,025 | ||||||
| Series EY, 5.00%, 10/01/23 | 1,060 | 1,065,533 | ||||||
| Series EY, 5.00%, 10/01/24 | 10,100 | 10,330,943 | ||||||
| Series EZ, 5.00%, 10/01/27 (PR 10/01/25) | 2,000 | 2,085,957 | ||||||
| Series FG, 4.00%, 10/01/34 (Call 10/01/26) | 7,755 | 7,889,289 | ||||||
| Series FG, 4.00%, 10/01/36 (Call 10/01/26) | 6,630 | 6,701,676 | ||||||
| Series FH, 5.00%, 10/01/26 | 3,970 | 4,225,445 | ||||||
| Series FH, 5.00%, 10/01/27 (Call 10/01/26) | 4,725 | 5,013,598 | ||||||
| Series FH, 5.00%, 10/01/28 (Call 10/01/26) | 3,450 | 3,661,847 | ||||||
| Series FK, 4.00%, 05/01/36 (Call 05/01/27) | 2,000 | 2,028,925 | ||||||
| Series FK, 5.00%, 05/01/26 | 1,310 | 1,382,354 | ||||||
| Series FK, 5.00%, 05/01/34 (Call 05/01/27) | 2,310 | 2,462,511 | ||||||
| Series FN, 5.00%, 10/01/31 (Call 10/01/27) | 1,000 | 1,078,974 | ||||||
| Series FT, 5.00%, 01/01/24 | 3,570 | 3,603,653 | ||||||
| Series FT, 5.00%, 01/01/26 | 3,410 | 3,573,266 | ||||||
| Series FT, 5.00%, 01/01/28 | 1,000 | 1,091,516 | ||||||
| Series FT, 5.00%, 01/01/30 (Call 01/01/28) | 3,000 | 3,274,981 | ||||||
| Series FT, 5.00%, 01/01/31 (Call 01/01/28) | 3,005 | 3,275,244 | ||||||
| Series FT, 5.00%, 01/01/33 (Call 01/01/28) | 2,000 | 2,173,542 | ||||||
| Series FW, 5.00%, 01/01/33 (Call 01/01/29) | 4,760 | 5,281,915 | ||||||
| Series FW, 5.00%, 01/01/35 (Call 01/01/29) | 2,000 | 2,205,836 | ||||||
| State of Hawaii State Highway Fund RB, 5.00%, 01/01/41 (Call 01/01/31) | 5,000 | 5,468,085 | ||||||
| 212,547,651 | ||||||||
| Idaho — 0.0% | ||||||||
| Idaho Housing & Finance Association RB | ||||||||
| 5.00%, 07/15/26 | 1,030 | 1,088,386 | ||||||
| Series A, 4.00%, 07/15/38 (Call 07/15/31) | 2,150 | 2,114,627 | ||||||
| 3,203,013 | ||||||||
| Illinois — 4.2% | ||||||||
| Chicago Board of Education Dedicated Capital | ||||||||
| Improvement Tax RB, 5.75%, 04/01/34 (Call 04/01/27) | 1,670 | 1,784,139 | ||||||
| Chicago Board of Education RB, 6.00%, 04/01/46 (Call 04/01/27) | 1,830 | 1,913,677 | ||||||
| Chicago Midway International Airport RB | ||||||||
| Series B, 5.00%, 01/01/35 (Call 01/01/24) | 2,000 | 2,012,514 | ||||||
| Series B, 5.00%, 01/01/46 (Call 01/01/26) | 2,255 | 2,290,641 | ||||||
| Chicago O'Hare International Airport RB | ||||||||
| 4.00%, 01/01/42 (Call 01/01/32) | 2,000 | 1,943,805 | ||||||
| 4.00%, 01/01/53 (Call 01/01/29) (AGM) | 9,450 | 8,904,025 | ||||||
| 5.00%, 01/01/34 (Call 01/01/27) | 3,000 | 3,180,098 | ||||||
| 5.00%, 01/01/40 (Call 01/01/32) | 15,045 | 16,339,543 | ||||||
| 5.75%, 01/01/43 (Call 01/01/24) | 1,000 | 1,001,097 | ||||||
18
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Illinois (continued) | ||||||||
| Series A, 4.00%, 01/01/35 (Call 01/01/30) | $ | 4,000 | $ | 4,146,624 | ||||
| Series A, 5.00%, 01/01/34 (Call 01/01/30) | 8,045 | 8,942,867 | ||||||
| Series A, 5.00%, 01/01/35 (Call 01/01/30) | 10,000 | 11,039,130 | ||||||
| Series B, 4.00%, 01/01/44 (Call 01/01/29) | 7,000 | 6,765,891 | ||||||
| Series B, 5.00%, 01/01/27 (Call 01/01/25) | 2,500 | 2,556,009 | ||||||
| Series B, 5.00%, 01/01/28 (Call 01/01/25) | 10,000 | 10,218,524 | ||||||
| Series B, 5.00%, 01/01/30 (Call 01/01/25) | 6,110 | 6,252,335 | ||||||
| Series B, 5.00%, 01/01/32 (Call 01/01/25) | 15,000 | 15,350,419 | ||||||
| Series B, 5.00%, 01/01/33 (Call 01/01/25) | 9,085 | 9,295,352 | ||||||
| Series B, 5.00%, 01/01/34 (Call 01/01/25) | 1,175 | 1,202,185 | ||||||
| Series B, 5.00%, 01/01/36 (Call 01/01/27) | 14,110 | 14,782,209 | ||||||
| Series B, 5.00%, 01/01/37 (Call 01/01/27) | 2,345 | 2,446,833 | ||||||
| Series B, 5.00%, 01/01/38 (Call 01/01/27) | 3,025 | 3,148,524 | ||||||
| Series B, 5.00%, 01/01/39 (Call 01/01/27) | 7,500 | 7,771,429 | ||||||
| Series B, 5.00%, 01/01/41 (Call 01/01/26) | 4,075 | 4,155,944 | ||||||
| Series B, 5.00%, 01/01/48 (Call 01/01/29) | 32,500 | 33,746,368 | ||||||
| Series B, 5.00%, 01/01/53 (Call 01/01/29) | 4,735 | 4,886,155 | ||||||
| Series C, 5.00%, 01/01/31 (Call 01/01/26) | 460 | 479,306 | ||||||
| Series C, 5.00%, 01/01/34 (Call 01/01/26) | 1,300 | 1,350,581 | ||||||
| Series D, 5.00%, 01/01/46 (Call 01/01/25) | 1,000 | 1,009,418 | ||||||
| Series D, 5.00%, 01/01/47 (Call 01/01/27) | 8,380 | 8,595,285 | ||||||
| Series D, 5.00%, 01/01/52 (Call 01/01/27) | 20,915 | 21,356,330 | ||||||
| Series D, 5.25%, 01/01/42 (Call 01/01/27) | 1,000 | 1,040,284 | ||||||
| Series E, 5.00%, 01/01/24 | 3,300 | 3,326,930 | ||||||
| Series E, 5.00%, 01/01/27 | 2,000 | 2,125,126 | ||||||
| Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/28 | 780 | 835,346 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund RB | ||||||||
| 5.00%, 12/01/44 (Call 12/01/24) (AGM) | 1,000 | 1,009,971 | ||||||
| 5.25%, 12/01/49 (Call 12/01/24) | 2,500 | 2,523,262 | ||||||
| City of Chicago IL GO | ||||||||
| 5.50%, 01/01/39 (Call 01/01/32) | 2,850 | 3,079,673 | ||||||
| Series A, 4.00%, 01/01/35 (Call 01/01/31) | 6,500 | 6,361,657 | ||||||
| Series A, 5.00%, 01/01/29 | 3,000 | 3,188,710 | ||||||
| Series A, 5.00%, 01/01/33 (Call 01/01/31) | 10,000 | 10,769,994 | ||||||
| Series A, 5.00%, 01/01/44 (Call 01/01/29) | 2,500 | 2,455,760 | ||||||
| Series A, 5.50%, 01/01/49 (Call 01/01/29) | 5,000 | 5,176,729 | ||||||
| City of Chicago IL Wastewater Transmission Revenue RB | ||||||||
| 5.00%, 01/01/39 (Call 01/01/24) | 2,000 | 2,006,662 | ||||||
| 5.00%, 01/01/42 (Call 01/01/24) | 1,000 | 1,000,392 | ||||||
| Cook County Community College District No. 508 GO, 5.25%, 12/01/43 (Call 12/01/23) | 1,075 | 1,075,813 | ||||||
| County of Will IL GO | ||||||||
| 5.00%, 11/15/41 (PR 11/15/25) | 13,050 | 13,549,502 | ||||||
| 5.00%, 11/15/45 (PR 11/15/25) | 18,000 | 18,688,968 | ||||||
| Illinois Finance Authority RB | ||||||||
| 4.00%, 01/01/25 | 3,310 | 3,349,502 | ||||||
| 4.00%, 01/01/32 (Call 01/01/31) | 7,800 | 8,294,496 | ||||||
| 4.00%, 07/01/37 (Call 01/01/31) | 8,345 | 8,405,017 | ||||||
| 4.00%, 07/01/38 (Call 01/01/31) | 3,000 | 3,002,018 | ||||||
| 5.00%, 07/01/34 (Call 07/01/29) | 2,575 | 2,856,161 | ||||||
| 5.00%, 07/01/34 (Call 01/01/31) | 1,750 | 1,988,187 | ||||||
| 5.00%, 07/01/35 (Call 01/01/31) | 4,950 | 5,585,525 | ||||||
| 5.00%, 07/01/36 (Call 01/01/27) | 6,030 | 6,400,089 | ||||||
| 5.00%, 07/01/36 (Call 01/01/31) | 15,000 | 16,791,048 | ||||||
| 5.00%, 07/01/37 (Call 07/01/29) | 13,415 | 14,623,873 | ||||||
| 5.00%, 10/01/48 (Call 10/01/27) | 2,000 | 2,084,286 | ||||||
| VRDN,3.51%, 12/01/34 (Put 06/07/23)(b) | 18,240 | 18,240,000 | ||||||
| Series A, 4.00%, 10/01/38 (Call 10/01/24) | 10,000 | 9,757,369 | ||||||
| Series A, 5.00%, 10/01/32 | 4,000 | 4,704,800 | ||||||
| Security | Par (000) | Value | ||||||
| Illinois (continued) | ||||||||
| Series A, 5.00%, 10/01/38 (Call 10/01/24) | $ | 2,000 | $ | 2,027,188 | ||||
| Series A, 5.00%, 10/01/40 (Call 10/01/25) | 2,000 | 2,042,052 | ||||||
| Illinois State Toll Highway Authority RB | ||||||||
| 5.00%, 01/01/25 | 2,335 | 2,394,561 | ||||||
| 5.00%, 01/01/26 | 1,245 | 1,300,512 | ||||||
| 5.00%, 01/01/27 | 6,320 | 6,733,052 | ||||||
| 5.00%, 01/01/28 | 6,000 | 6,519,535 | ||||||
| 5.00%, 01/01/29 | 11,060 | 12,247,472 | ||||||
| 5.00%, 01/01/30 | 3,000 | 3,365,207 | ||||||
| 5.00%, 01/01/31 (Call 01/01/29) | 1,500 | 1,665,337 | ||||||
| 5.00%, 01/01/31 (Call 01/01/30) | 2,000 | 2,242,389 | ||||||
| 5.00%, 01/01/34 (Call 01/01/24) | 10,000 | 10,097,787 | ||||||
| 5.00%, 01/01/35 (Call 01/01/24) | 11,700 | 11,808,150 | ||||||
| 5.00%, 01/01/36 (Call 01/01/24) | 52,000 | 52,416,026 | ||||||
| 5.00%, 01/01/37 (Call 01/01/25) | 35,000 | 35,813,991 | ||||||
| 5.00%, 01/01/39 (Call 01/01/24) | 52,750 | 53,015,987 | ||||||
| 5.00%, 01/01/41 (Call 07/01/33) | 4,250 | 4,685,439 | ||||||
| Series A, 4.00%, 12/01/31 (Call 01/01/26) | 5,035 | 5,150,126 | ||||||
| Series A, 4.00%, 01/01/42 (Call 01/01/32) | 11,825 | 11,532,181 | ||||||
| Series A, 4.00%, 01/01/44 (Call 07/01/29) | 5,500 | 5,309,327 | ||||||
| Series A, 5.00%, 01/01/25 | 7,900 | 8,101,512 | ||||||
| Series A, 5.00%, 01/01/27 | 4,000 | 4,261,426 | ||||||
| Series A, 5.00%, 01/01/30 (Call 01/01/29) | 3,000 | 3,328,797 | ||||||
| Series A, 5.00%, 12/01/31 (Call 01/01/26) | 2,080 | 2,168,034 | ||||||
| Series A, 5.00%, 12/01/32 (Call 01/01/26) | 3,000 | 3,119,144 | ||||||
| Series A, 5.00%, 01/01/38 (Call 01/01/24) | 1,000 | 1,000,941 | ||||||
| Series A, 5.00%, 01/01/40 (Call 07/01/25) | 2,000 | 2,039,310 | ||||||
| Series A, 5.00%, 01/01/41 (Call 01/01/32) | 4,000 | 4,404,361 | ||||||
| Series A, 5.00%, 01/01/42 (Call 01/01/28) | 28,500 | 29,839,739 | ||||||
| Series A, 5.00%, 01/01/44 (Call 07/01/29) | 8,400 | 8,846,792 | ||||||
| Series A, 5.00%, 01/01/45 (Call 01/01/31) | 5,000 | 5,314,480 | ||||||
| Series B, 5.00%, 01/01/25 | 5,070 | 5,199,325 | ||||||
| Series B, 5.00%, 01/01/26 | 2,500 | 2,611,470 | ||||||
| Series B, 5.00%, 01/01/27 | 2,130 | 2,269,209 | ||||||
| Series B, 5.00%, 01/01/29 | 2,000 | 2,214,733 | ||||||
| Series B, 5.00%, 01/01/31 (Call 01/01/30) | 1,500 | 1,680,839 | ||||||
| Series B, 5.00%, 01/01/36 (Call 01/01/26) | 1,000 | 1,035,679 | ||||||
| Series B, 5.00%, 01/01/37 (Call 01/01/24) | 32,550 | 32,768,710 | ||||||
| Series B, 5.00%, 01/01/37 (Call 01/01/26) | 1,500 | 1,556,399 | ||||||
| Series B, 5.00%, 01/01/40 (Call 01/01/26) | 9,645 | 9,925,621 | ||||||
| Series B, 5.00%, 01/01/41 (Call 07/01/26) | 7,430 | 7,680,425 | ||||||
| Series C, 5.00%, 01/01/36 (Call 01/01/25) | 2,000 | 2,044,137 | ||||||
| Metropolitan Pier & Exposition Authority RB | ||||||||
| Series A, 5.50%, 06/15/29 (ETM) (NPFGC) | 95 | 97,953 | ||||||
| Series B, 0.00%, 06/15/26 (AGM)(a) | 2,000 | 1,780,912 | ||||||
| Series B, 0.00%, 06/15/27 (AGM)(a) | 1,000 | 857,412 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago GO | ||||||||
| Series A, 5.00%, 12/01/28 (Call 12/01/26) | 3,180 | 3,368,239 | ||||||
| Series A, 5.00%, 12/01/44 (PR 12/01/24) | 25,165 | 25,766,016 | ||||||
| Series B, 5.00%, 12/01/33 (Call 12/01/31) | 5,000 | 5,714,050 | ||||||
| Series B, 5.25%, 12/01/34 | 2,500 | 3,061,793 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago GOL, Series C, 5.25%, 12/01/32 | 1,340 | 1,609,788 | ||||||
| Regional Transportation Authority RB, 5.75%, 06/01/23 (AGM) | 355 | 355,000 | ||||||
| Sales Tax Securitization Corp. RB | ||||||||
| Series A, 4.00%, 01/01/40 (Call 01/01/30) (BAM) | 1,000 | 968,783 | ||||||
| Series A, 5.00%, 01/01/25 | 770 | 787,610 | ||||||
| Series A, 5.00%, 01/01/30 | 7,500 | 8,238,830 | ||||||
19
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Illinois (continued) | ||||||||
| Series A, 5.00%, 01/01/32 | $ | 5,000 | $ | 5,588,390 | ||||
| Series A, 5.00%, 01/01/37 (Call 01/01/30) (BAM) | 1,000 | 1,076,304 | ||||||
| State of Illinois GO | ||||||||
| 5.00%, 02/01/24 | 15,070 | 15,187,342 | ||||||
| 5.00%, 04/01/24 | 3,545 | 3,580,048 | ||||||
| 5.00%, 05/01/24 | 11,880 | 12,009,324 | ||||||
| 5.00%, 02/01/25 | 2,000 | 2,041,531 | ||||||
| 5.00%, 02/01/26 | 5,000 | 5,182,252 | ||||||
| 5.00%, 02/01/26 (Call 02/01/24) | 2,400 | 2,415,410 | ||||||
| 5.00%, 02/01/27 | 12,000 | 12,646,634 | ||||||
| 5.00%, 02/01/28 (Call 02/01/27) | 4,500 | 4,746,165 | ||||||
| 5.00%, 05/01/28 (Call 05/01/24) | 4,080 | 4,120,326 | ||||||
| 5.00%, 05/01/29 | 5,000 | 5,450,342 | ||||||
| 5.00%, 05/01/29 (Call 05/01/24) | 1,900 | 1,918,122 | ||||||
| 5.00%, 10/01/29 | 5,000 | 5,472,562 | ||||||
| 5.00%, 05/01/31 (Call 05/01/24) | 1,500 | 1,514,735 | ||||||
| 5.00%, 10/01/32 | 10,000 | 11,188,011 | ||||||
| 5.00%, 05/01/34 (Call 05/01/32) | 5,000 | 5,518,270 | ||||||
| 5.00%, 05/01/36 (Call 05/01/24) | 1,000 | 1,006,203 | ||||||
| 5.00%, 05/01/36 (Call 05/01/32) | 2,900 | 3,144,574 | ||||||
| 5.00%, 05/01/37 (Call 05/01/32) | 3,500 | 3,764,621 | ||||||
| 5.00%, 02/01/39 (Call 02/01/24) | 7,285 | 7,308,759 | ||||||
| 5.00%, 05/01/39 (Call 05/01/24) | 2,500 | 2,511,566 | ||||||
| 5.25%, 07/01/28 (Call 07/01/23) | 1,000 | 1,001,758 | ||||||
| 5.25%, 07/01/29 (Call 07/01/23) | 2,000 | 2,003,516 | ||||||
| 5.25%, 02/01/32 (Call 02/01/24) | 7,650 | 7,714,942 | ||||||
| 5.25%, 02/01/34 (Call 02/01/24) | 3,000 | 3,022,972 | ||||||
| 5.25%, 10/01/37 (Call 10/01/32) | 5,000 | 5,490,539 | ||||||
| 5.25%, 05/01/38 (Call 05/01/32) | 2,000 | 2,180,915 | ||||||
| 5.25%, 05/01/39 (Call 05/01/32) | 2,500 | 2,715,078 | ||||||
| 5.25%, 05/01/40 (Call 05/01/32) | 3,190 | 3,447,586 | ||||||
| 5.25%, 05/01/42 (Call 05/01/32) | 4,000 | 4,272,236 | ||||||
| 5.25%, 10/01/46 (Call 10/01/32) | 5,000 | 5,302,497 | ||||||
| 5.25%, 10/01/47 (Call 10/01/32) | 3,000 | 3,175,729 | ||||||
| 5.50%, 05/01/24 | 2,500 | 2,538,333 | ||||||
| 5.50%, 07/01/27 (Call 07/01/23) | 660 | 661,331 | ||||||
| 5.50%, 05/01/30 | 2,000 | 2,244,339 | ||||||
| 5.50%, 07/01/33 (Call 07/01/23) | 5,000 | 5,010,086 | ||||||
| 5.50%, 07/01/38 (Call 07/01/23) | 1,000 | 1,002,017 | ||||||
| 5.50%, 05/01/39 (Call 05/01/30) | 7,075 | 7,722,164 | ||||||
| 5.50%, 05/01/47 (Call 05/01/32) | 10,550 | 11,418,027 | ||||||
| 5.75%, 05/01/45 (Call 05/01/30) | 3,125 | 3,393,067 | ||||||
| Series A, 4.00%, 12/01/33 (Call 12/01/27) | 2,500 | 2,520,093 | ||||||
| Series A, 4.00%, 03/01/38 (Call 03/01/31) | 2,000 | 1,953,608 | ||||||
| Series A, 4.00%, 03/01/41 (Call 03/01/31) | 4,750 | 4,501,895 | ||||||
| Series A, 5.00%, 10/01/23 | 5,400 | 5,419,637 | ||||||
| Series A, 5.00%, 03/01/25 | 2,120 | 2,166,484 | ||||||
| Series A, 5.00%, 10/01/26 | 4,750 | 4,978,134 | ||||||
| Series A, 5.00%, 11/01/26 | 5,000 | 5,247,463 | ||||||
| Series A, 5.00%, 03/01/27 | 2,640 | 2,786,186 | ||||||
| Series A, 5.00%, 12/01/27 | 9,600 | 10,253,348 | ||||||
| Series A, 5.00%, 03/01/28 | 1,425 | 1,527,741 | ||||||
| Series A, 5.00%, 03/01/31 | 1,500 | 1,663,958 | ||||||
| Series A, 5.00%, 12/01/31 (Call 12/01/27) | 2,000 | 2,116,033 | ||||||
| Series A, 5.00%, 12/01/32 (Call 12/01/27) | 3,830 | 4,036,047 | ||||||
| Series A, 5.00%, 03/01/33 (Call 03/01/31) | 2,500 | 2,746,626 | ||||||
| Series A, 5.00%, 10/01/33 (Call 10/01/28) | 1,240 | 1,315,592 | ||||||
| Series A, 5.00%, 12/01/34 (Call 12/01/27) | 2,650 | 2,768,325 | ||||||
| Series A, 5.00%, 03/01/35 (Call 03/01/31) | 1,500 | 1,626,563 | ||||||
| Series A, 5.00%, 03/01/36 (Call 03/01/31) | 3,000 | 3,231,301 | ||||||
| Security | Par (000) | Value | ||||||
| Illinois (continued) | ||||||||
| Series A, 5.00%, 12/01/38 (Call 12/01/27) | $ | 3,740 | $ | 3,851,378 | ||||
| Series A, 5.00%, 12/01/39 (Call 12/01/27) | 2,000 | 2,053,812 | ||||||
| Series A, 5.00%, 03/01/46 (Call 03/01/31) | 24,235 | 25,119,650 | ||||||
| Series A, 5.25%, 03/01/37 (Call 03/01/32) | 1,665 | 1,825,985 | ||||||
| Series A, 5.50%, 03/01/42 (Call 03/01/32) | 3,000 | 3,285,234 | ||||||
| Series A, 5.50%, 03/01/47 (Call 03/01/32) | 2,000 | 2,162,608 | ||||||
| Series B, 4.00%, 12/01/39 (Call 12/01/31) | 2,000 | 1,921,609 | ||||||
| Series B, 5.00%, 03/01/24 | 3,000 | 3,026,470 | ||||||
| Series B, 5.00%, 03/01/26 | 6,190 | 6,424,566 | ||||||
| Series B, 5.00%, 03/01/28 | 3,450 | 3,698,742 | ||||||
| Series B, 5.00%, 10/01/28 | 2,000 | 2,162,017 | ||||||
| Series B, 5.00%, 10/01/29 (Call 10/01/28) | 4,100 | 4,425,284 | ||||||
| Series B, 5.00%, 03/01/30 | 4,000 | 4,397,705 | ||||||
| Series B, 5.00%, 10/01/30 (Call 10/01/28) | 3,000 | 3,224,014 | ||||||
| Series B, 5.00%, 11/01/30 (Call 11/01/29) | 2,000 | 2,186,897 | ||||||
| Series B, 5.00%, 03/01/31 | 3,000 | 3,327,915 | ||||||
| Series B, 5.00%, 10/01/32 (Call 10/01/28) | 2,000 | 2,130,996 | ||||||
| Series B, 5.00%, 11/01/32 (Call 11/01/29) | 5,750 | 6,240,311 | ||||||
| Series B, 5.00%, 03/01/33 (Call 03/01/32) | 2,000 | 2,219,098 | ||||||
| Series B, 5.00%, 12/01/33 (Call 12/01/31) | 5,000 | 5,507,051 | ||||||
| Series B, 5.00%, 03/01/34 (Call 03/01/32) | 5,000 | 5,509,722 | ||||||
| Series C, 4.00%, 03/01/24 | 6,160 | 6,169,458 | ||||||
| Series C, 4.00%, 10/01/38 (Call 10/01/30) | 2,500 | 2,428,904 | ||||||
| Series C, 4.00%, 10/01/40 (Call 10/01/30) | 5,000 | 4,761,205 | ||||||
| Series C, 4.00%, 11/01/40 (Call 11/01/29) | 18,000 | 17,124,689 | ||||||
| Series C, 5.00%, 11/01/29 (Call 11/01/27) | 19,495 | 20,735,804 | ||||||
| Series D, 5.00%, 11/01/23 | 31,430 | 31,576,002 | ||||||
| Series D, 5.00%, 11/01/24 | 8,450 | 8,596,612 | ||||||
| Series D, 5.00%, 11/01/25 | 22,485 | 23,209,617 | ||||||
| Series D, 5.00%, 11/01/26 | 16,070 | 16,865,346 | ||||||
| Series D, 5.00%, 11/01/27 | 30,280 | 32,298,813 | ||||||
| Series D, 5.00%, 11/01/28 (Call 11/01/27) | 10,405 | 11,082,881 | ||||||
| State of Illinois RB, 5.00%, 06/15/26 (Call 06/15/23) | 1,500 | 1,501,580 | ||||||
| 1,351,167,827 | ||||||||
| Indiana — 0.6% | ||||||||
| City of Indianapolis Department of Public Utilities Water | ||||||||
| System Revenue RB | ||||||||
| Series A, 5.00%, 10/01/33 (Call 10/01/28) | 4,180 | 4,608,381 | ||||||
| Series A, 5.00%, 10/01/35 (Call 10/01/28) | 1,000 | 1,092,217 | ||||||
| Series B, 5.00%, 10/01/37 (Call 10/01/26) | 14,010 | 14,408,638 | ||||||
| Indiana Finance Authority RB | ||||||||
| 3.00%, 10/01/41 (Call 10/01/31) | 5,000 | 4,190,222 | ||||||
| 4.00%, 02/01/39 (Call 02/01/31) | 7,000 | 7,061,359 | ||||||
| 4.00%, 02/01/40 (Call 02/01/31) | 3,000 | 3,012,805 | ||||||
| 5.00%, 02/01/31 | 10,000 | 11,508,501 | ||||||
| 5.00%, 08/01/36 (PR 08/01/26) | 8,935 | 9,482,884 | ||||||
| Series 1, 4.00%, 10/01/39 (Call 10/01/31) | 4,200 | 4,148,447 | ||||||
| Series 1, 5.00%, 10/01/29 | 1,000 | 1,125,179 | ||||||
| Series 1, 5.00%, 10/01/34 (Call 10/01/31) | 2,600 | 2,978,188 | ||||||
| Series A, 4.00%, 10/01/42 (Call 10/01/23) | 2,500 | 2,460,669 | ||||||
| Series A, 4.25%, 10/01/44 (Call 10/01/24) | 3,205 | 3,204,954 | ||||||
| Series A, 5.00%, 02/01/38 (Call 02/01/29) | 3,310 | 3,594,963 | ||||||
| Series A, 5.00%, 02/01/39 (Call 02/01/29) | 7,755 | 8,394,784 | ||||||
| Series A, 5.00%, 10/01/40 (Call 10/01/24) | 10,000 | 10,137,238 | ||||||
| Series A, 5.00%, 10/01/41 (Call 10/01/26) | 2,000 | 2,065,088 | ||||||
| Series A, 5.00%, 10/01/44 (Call 10/01/24) | 1,000 | 1,012,039 | ||||||
| Series A, 5.00%, 10/01/46 (Call 10/01/26) | 7,370 | 7,586,649 | ||||||
| Series A, 5.25%, 02/01/35 (Call 08/01/25) | 1,000 | 1,025,231 | ||||||
| Series B, 5.00%, 02/01/24 | 6,500 | 6,568,754 | ||||||
| Series B, 5.00%, 02/01/25 | 4,915 | 5,055,815 | ||||||
20
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Indiana (continued) | ||||||||
| Series B, 5.00%, 02/01/34 (Call 02/01/31) | $ | 3,000 | $ | 3,433,435 | ||||
| Series B, 5.00%, 02/01/41 (Call 02/01/31) | 2,555 | 2,807,212 | ||||||
| Series C, 5.00%, 12/01/23 | 1,570 | 1,582,589 | ||||||
| Series C, 5.00%, 12/01/24 | 5,070 | 5,201,548 | ||||||
| Series C, 5.00%, 12/01/25 | 7,890 | 8,228,657 | ||||||
| Series C, 5.00%, 06/01/27 (Call 12/01/26) | 7,130 | 7,612,932 | ||||||
| Series C, 5.00%, 02/01/29 (Call 02/01/28) | 1,800 | 1,971,457 | ||||||
| Series C, 5.00%, 06/01/29 | 3,120 | 3,485,046 | ||||||
| Series E, 5.00%, 02/01/27 (Call 08/01/26) | 3,315 | 3,511,064 | ||||||
| Indiana Municipal Power Agency RB | ||||||||
| Series A, 5.00%, 01/01/42 (Call 07/01/26) | 18,345 | 18,767,766 | ||||||
| Series A, 5.00%, 01/01/42 (Call 01/01/28) | 3,000 | 3,148,733 | ||||||
| Indianapolis Local Public Improvement Bond Bank RB | ||||||||
| Series A, 5.00%, 02/01/49 (Call 02/01/29) | 6,000 | 6,291,886 | ||||||
| Series A, 5.00%, 02/01/54 (Call 02/01/29) | 9,950 | 10,378,144 | ||||||
| 191,143,474 | ||||||||
| Iowa — 0.1% | ||||||||
| Iowa Finance Authority RB | ||||||||
| 5.00%, 08/01/28 (Call 08/01/27) | 3,195 | 3,466,624 | ||||||
| 5.00%, 08/01/30 (Call 08/01/27) | 2,000 | 2,176,555 | ||||||
| 5.00%, 08/01/31 (Call 08/01/27) | 3,415 | 3,713,847 | ||||||
| 5.00%, 08/01/39 (Call 08/01/32) | 5,000 | 5,635,170 | ||||||
| 5.00%, 08/01/42 (Call 08/01/27) | 2,000 | 2,111,284 | ||||||
| 5.00%, 08/01/47 (Call 08/01/32) | 2,500 | 2,736,612 | ||||||
| 5.00%, 08/01/52 (Call 08/01/32) | 3,715 | 4,031,314 | ||||||
| Series A, 5.00%, 08/01/37 (Call 08/01/30) | 8,565 | 9,530,400 | ||||||
| Series A, 5.00%, 08/01/38 (Call 08/01/30) | 2,665 | 2,951,976 | ||||||
| Series A, 5.00%, 08/01/40 (Call 08/01/31) | 3,000 | 3,327,292 | ||||||
| Series A, 5.00%, 08/01/49 (Call 08/01/30) | 1,525 | 1,636,807 | ||||||
| State of Iowa RB, Series A, 5.00%, 06/01/27 (Call 06/01/26) | 1,000 | 1,051,267 | ||||||
| 42,369,148 | ||||||||
| Kansas — 0.2% | ||||||||
| Johnson County Unified School District No. 512 Shawnee Mission GO | ||||||||
| 5.00%, 10/01/33 (PR 10/01/25) | 5,000 | 5,209,163 | ||||||
| Series A, 4.00%, 10/01/23 | 3,100 | 3,106,413 | ||||||
| Kansas Development Finance Authority RB, 5.00%, 05/01/31 (Call 05/01/29) | 5,465 | 6,107,248 | ||||||
| Seward County Unified School District No. 480 Liberal GO | ||||||||
| Series B, 4.00%, 09/01/32 (PR 09/01/25) | 3,895 | 3,963,118 | ||||||
| Series B, 4.00%, 09/01/33 (PR 09/01/25) | 4,080 | 4,151,354 | ||||||
| State of Kansas Department of Transportation RB | ||||||||
| 5.00%, 09/01/26 (Call 09/01/25) | 5,025 | 5,228,746 | ||||||
| 5.00%, 09/01/27 (Call 09/01/25) | 3,000 | 3,120,314 | ||||||
| 5.00%, 09/01/29 (Call 09/01/25) | 1,000 | 1,038,339 | ||||||
| 5.00%, 09/01/30 (Call 09/01/25) | 3,270 | 3,393,928 | ||||||
| 5.00%, 09/01/33 (Call 09/01/25) | 3,000 | 3,107,754 | ||||||
| 5.00%, 09/01/35 (Call 09/01/25) | 2,000 | 2,063,505 | ||||||
| Series A, 5.00%, 09/01/27 (Call 09/01/24) | 2,040 | 2,084,194 | ||||||
| Series A, 5.00%, 09/01/29 (Call 09/01/24) | 1,000 | 1,021,664 | ||||||
| Series A, 5.00%, 09/01/30 (Call 09/01/24) | 1,100 | 1,123,694 | ||||||
| Wyandotte County-Kansas City Unified Government Utility System Revenue RB, Series A, 4.25%, 09/01/39 (Call 09/01/24) | 9,285 | 9,136,782 | ||||||
| 53,856,216 | ||||||||
| Kentucky — 0.0% | ||||||||
| Kentucky Asset Liability Commission RB, Series A, 5.00%, 09/01/26 (Call 09/01/24) | 1,010 | 1,027,162 | ||||||
| Security | Par (000) | Value | ||||||
| Kentucky (continued) | ||||||||
| Kentucky Public Transportation Infrastructure Authority RB, Series A, 5.75%, 07/01/49 (PR 07/01/23) | $ | 1,000 | $ | 1,001,323 | ||||
| Kentucky State Property & Building Commission RB, Series B, 5.00%, 11/01/23 (SAP) | 1,650 | 1,660,714 | ||||||
| 3,689,199 | ||||||||
| Louisiana — 0.5% | ||||||||
| City of New Orleans LA Sewerage Service Revenue RB, 5.00%, 06/01/44 (PR 06/01/24) | 1,000 | 1,015,764 | ||||||
| City of New Orleans LA Water System Revenue RB, 5.00%, 12/01/44 (PR 12/01/24) | 1,000 | 1,024,619 | ||||||
| East Baton Rouge Sewerage Commission RB | ||||||||
| Series A, 4.00%, 02/01/45 (Call 02/01/29) | 3,000 | 2,891,428 | ||||||
| Series B, 5.00%, 02/01/39 (PR 02/01/25) | 2,000 | 2,058,612 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority RB, Series 2014-A, 5.00%, 02/01/44 (PR 02/01/24) | 2,000 | 2,021,023 | ||||||
| New Orleans Aviation Board RB, Series A, 5.00%, 01/01/48 (Call 01/01/27) | 1,500 | 1,537,412 | ||||||
| State of Louisiana Gasoline & Fuels Tax Revenue RB | ||||||||
| 4.00%, 05/01/41 (PR 05/01/25) | 10,000 | 10,140,425 | ||||||
| Series A, 4.50%, 05/01/39 (PR 05/01/25) | 1,000 | 1,023,247 | ||||||
| Series A, 5.00%, 05/01/41 (PR 05/01/25) | 8,500 | 8,775,833 | ||||||
| Series B, 4.00%, 05/01/39 (Call 05/01/32) | 5,830 | 5,951,934 | ||||||
| Series B, 5.00%, 05/01/36 (PR 05/01/24) | 1,000 | 1,015,258 | ||||||
| Series C, 5.00%, 05/01/40 (Call 11/01/27) | 2,000 | 2,102,071 | ||||||
| State of Louisiana GO | ||||||||
| 5.00%, 03/01/35 (Call 03/01/29) | 8,000 | 8,871,989 | ||||||
| 5.00%, 04/01/40 (Call 04/01/33) | 15,390 | 17,344,205 | ||||||
| Series A, 4.00%, 02/01/29 (Call 02/01/24) | 2,110 | 2,117,081 | ||||||
| Series A, 4.00%, 02/01/31 (Call 02/01/24) | 10,000 | 10,033,561 | ||||||
| Series A, 4.00%, 02/01/33 (Call 02/01/24) | 3,000 | 3,010,068 | ||||||
| Series A, 4.00%, 04/01/39 (Call 04/01/32) | 7,500 | 7,649,494 | ||||||
| Series A, 4.00%, 04/01/40 (Call 04/01/32) | 10,000 | 10,124,410 | ||||||
| Series A, 4.00%, 04/01/41 (Call 04/01/32) | 4,445 | 4,468,330 | ||||||
| Series A, 4.00%, 04/01/42 (Call 04/01/32) | 15,065 | 15,012,895 | ||||||
| Series A, 5.00%, 02/01/28 (Call 02/01/24) | 1,000 | 1,009,854 | ||||||
| Series A, 5.00%, 03/01/31 (Call 03/01/29) | 10,870 | 12,095,275 | ||||||
| Series A, 5.00%, 03/01/32 (Call 03/01/31) | 7,875 | 9,056,587 | ||||||
| Series A, 5.00%, 03/01/40 (Call 03/01/31) | 5,000 | 5,539,060 | ||||||
| Series B, 5.00%, 08/01/25 | 8,595 | 8,904,996 | ||||||
| Series B, 5.00%, 08/01/27 (Call 08/01/26) | 3,125 | 3,316,622 | ||||||
| Series B, 5.00%, 08/01/28 (Call 08/01/26) | 2,850 | 3,022,101 | ||||||
| Series C, 5.00%, 08/01/23 | 1,030 | 1,032,652 | ||||||
| Series C, 5.00%, 08/01/25 (Call 08/01/24) | 2,025 | 2,064,064 | ||||||
| Series C, 5.00%, 08/01/26 (Call 08/01/24) | 5,000 | 5,095,304 | ||||||
| Series D, 5.00%, 09/01/24 | 3,075 | 3,141,616 | ||||||
| State of Louisiana RB, 5.00%, 09/01/23 | 5,105 | 5,125,126 | ||||||
| 177,592,916 | ||||||||
| Maine — 0.0% | ||||||||
| Maine Turnpike Authority RB | ||||||||
| 4.00%, 07/01/45 (Call 07/01/30) | 1,000 | 972,905 | ||||||
| 4.00%, 07/01/50 (Call 07/01/30) | 2,425 | 2,300,192 | ||||||
| 5.00%, 07/01/47 (Call 07/01/28) | 1,000 | 1,049,360 | ||||||
| 4,322,457 | ||||||||
| Maryland — 2.6% | ||||||||
| City of Baltimore MD RB | ||||||||
| Series A, 4.00%, 07/01/44 (Call 07/01/29) | 6,500 | 6,332,394 | ||||||
| Series A, 4.00%, 07/01/49 (Call 07/01/29) | 2,000 | 1,915,596 | ||||||
| Series A, 5.00%, 07/01/43 (PR 01/01/24) | 1,000 | 1,009,427 | ||||||
| Series A, 5.00%, 07/01/46 (Call 01/01/27) | 3,000 | 3,099,624 | ||||||
21
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Maryland (continued) | ||||||||
| County of Anne Arundel MD | ||||||||
| 3.00%, 10/01/39 (Call 10/01/30) | $ | 8,520 | $ | 7,568,642 | ||||
| 3.00%, 10/01/40 (Call 10/01/30) | 8,520 | 7,465,617 | ||||||
| County of Anne Arundel MD GOL | ||||||||
| 4.00%, 10/01/51 (Call 04/01/32) | 15,460 | 15,195,891 | ||||||
| 5.00%, 10/01/23 | 3,110 | 3,126,544 | ||||||
| 5.00%, 10/01/25 | 2,225 | 2,322,159 | ||||||
| 5.00%, 10/01/26 | 5,275 | 5,619,593 | ||||||
| 5.00%, 04/01/28 | 6,575 | 7,224,408 | ||||||
| 5.00%, 10/01/28 | 4,690 | 5,207,494 | ||||||
| 5.00%, 10/01/47 (Call 10/01/27) | 2,000 | 2,111,388 | ||||||
| County of Baltimore MD GO | ||||||||
| 4.00%, 03/01/37 (Call 03/01/29) | 4,575 | 4,708,963 | ||||||
| 5.00%, 03/01/43 (Call 03/01/33) | 8,350 | 9,405,615 | ||||||
| County of Howard MD GO, 5.00%, 02/15/27 | 1,120 | 1,201,391 | ||||||
| County of Montgomery MD GO | ||||||||
| 4.00%, 08/01/24 | 5,000 | 5,043,855 | ||||||
| 4.00%, 12/01/30 (Call 12/01/24) | 10,000 | 10,088,374 | ||||||
| 4.00%, 11/01/33 (PR 11/01/24) | 14,630 | 14,787,365 | ||||||
| 5.00%, 11/01/23 | 1,450 | 1,459,774 | ||||||
| Series A, 4.00%, 08/01/32 (Call 08/01/31) | 12,445 | 13,428,796 | ||||||
| Series A, 4.00%, 12/01/33 (Call 12/01/24) | 5,125 | 5,166,739 | ||||||
| Series A, 5.00%, 11/01/24 | 3,125 | 3,202,763 | ||||||
| Series A, 5.00%, 11/01/26 | 5,400 | 5,762,908 | ||||||
| Series A, 5.00%, 11/01/28 (PR 11/01/24) | 525 | 537,844 | ||||||
| Series B, 4.00%, 11/01/28 | 5,545 | 5,881,788 | ||||||
| Series B, 5.00%, 11/01/24 | 2,415 | 2,475,096 | ||||||
| Series B, 5.00%, 11/01/25 (Call 11/01/24) | 3,945 | 4,035,117 | ||||||
| Series C, 5.00%, 10/01/25 | 6,365 | 6,642,939 | ||||||
| Series C, 5.00%, 10/01/26 | 5,000 | 5,326,629 | ||||||
| Series C, 5.00%, 10/01/27 | 1,500 | 1,630,526 | ||||||
| County of Prince George's MD GO, Series A, 5.00%, 09/15/26 | 1,200 | 1,277,210 | ||||||
| County of Prince George's MD GOL | ||||||||
| 4.00%, 08/01/31 (PR 08/01/23) | 7,690 | 7,696,393 | ||||||
| 5.00%, 07/01/26 | 10,990 | 11,647,359 | ||||||
| 5.00%, 07/01/32 | 15,785 | 18,685,573 | ||||||
| Series A, 5.00%, 07/15/24 | 10,000 | 10,192,741 | ||||||
| Series A, 5.00%, 07/15/27 | 1,530 | 1,655,727 | ||||||
| Series A, 5.00%, 07/01/28 | 15,580 | 17,210,645 | ||||||
| Series A, 5.00%, 07/15/28 | 7,235 | 7,998,595 | ||||||
| Series A, 5.00%, 07/01/29 | 12,150 | 13,699,044 | ||||||
| Series A, 5.00%, 07/15/29 (Call 07/15/28) | 2,000 | 2,214,445 | ||||||
| Series A, 5.00%, 07/15/31 (Call 07/15/28) | 11,000 | 12,191,152 | ||||||
| Series A, 5.00%, 07/01/33 (Call 07/01/32) | 9,200 | 10,862,458 | ||||||
| Maryland Stadium Authority RB, 5.00%, 05/01/46 (PR 05/01/26) (ST INTERCEPT) | 38,750 | 40,856,989 | ||||||
| Maryland State Transportation Authority RB | ||||||||
| 4.00%, 07/01/50 (Call 07/01/30) | 16,000 | 15,294,597 | ||||||
| 5.00%, 07/01/26 | 8,535 | 9,040,346 | ||||||
| State of Maryland Department of Transportation RB | ||||||||
| 3.00%, 10/01/34 (Call 10/01/27) | 4,180 | 3,950,250 | ||||||
| 4.00%, 11/01/25 (Call 11/01/24) | 3,025 | 3,046,427 | ||||||
| 5.00%, 11/01/23 | 2,005 | 2,018,515 | ||||||
| 5.00%, 09/01/24 | 1,275 | 1,301,521 | ||||||
| 5.00%, 11/01/24 | 4,505 | 4,607,056 | ||||||
| 5.00%, 09/01/25 | 6,155 | 6,399,125 | ||||||
| 5.00%, 09/01/26 | 10,960 | 11,627,645 | ||||||
| 5.00%, 12/01/26 | 2,000 | 2,132,722 | ||||||
| 5.00%, 09/01/27 | 7,030 | 7,613,529 | ||||||
| Security | Par (000) | Value | ||||||
| Maryland (continued) | ||||||||
| 5.00%, 10/01/27 | $ | 1,000 | $ | 1,084,894 | ||||
| 5.00%, 10/01/27 (Call 10/01/26) | 5,005 | 5,336,383 | ||||||
| 5.00%, 09/01/28 (Call 09/01/27) | 3,045 | 3,308,202 | ||||||
| 5.00%, 10/01/28 (Call 10/01/27) | 7,000 | 7,617,992 | ||||||
| 5.00%, 10/01/29 (Call 10/01/26) | 1,800 | 1,921,717 | ||||||
| 5.00%, 09/01/30 (Call 09/01/27) | 1,000 | 1,083,689 | ||||||
| 5.00%, 10/01/34 (Call 10/01/30) | 2,090 | 2,382,017 | ||||||
| Series A, 5.00%, 10/01/27 | 3,010 | 3,265,530 | ||||||
| Series A, 5.00%, 10/01/29 | 10,000 | 11,264,138 | ||||||
| Series B, 5.00%, 12/01/23 | 4,995 | 5,036,284 | ||||||
| State of Maryland GO | ||||||||
| 4.00%, 06/01/29 (Call 06/01/24) | 6,130 | 6,170,979 | ||||||
| 4.00%, 08/01/29 | 4,500 | 4,819,594 | ||||||
| 4.00%, 03/15/30 (Call 03/15/27) | 5,000 | 5,161,875 | ||||||
| 5.00%, 08/01/27 | 7,000 | 7,582,254 | ||||||
| 5.00%, 03/01/28 | 4,000 | 4,387,126 | ||||||
| 5.00%, 06/01/30 | 17,820 | 20,427,136 | ||||||
| 5.00%, 03/15/32 | 22,560 | 26,594,159 | ||||||
| 5.00%, 03/15/33 | 26,735 | 31,909,311 | ||||||
| 5.00%, 06/01/33 (Call 06/01/32) | 6,000 | 7,077,519 | ||||||
| 5.00%, 06/01/35 (Call 06/01/32) | 10,000 | 11,646,872 | ||||||
| 5.00%, 08/01/35 (Call 08/01/30) | 6,505 | 7,365,801 | ||||||
| 5.00%, 06/01/37 (Call 06/01/32) | 1,875 | 2,144,350 | ||||||
| 5.00%, 03/15/38 (Call 03/15/33) | 40,505 | 46,516,971 | ||||||
| First Series, 4.00%, 06/01/25 (Call 06/01/24) | 4,255 | 4,278,026 | ||||||
| First Series, 4.00%, 03/15/33 (Call 03/15/29) | 1,200 | 1,260,512 | ||||||
| First Series, 5.00%, 03/15/27 | 4,080 | 4,384,137 | ||||||
| First Series, 5.00%, 03/15/28 | 4,770 | 5,236,093 | ||||||
| First Series, 5.00%, 03/15/29 | 5,000 | 5,604,241 | ||||||
| First Series, 5.00%, 03/15/31 (Call 03/15/29) | 3,000 | 3,364,102 | ||||||
| First Series, 5.00%, 03/15/32 (Call 03/15/29) | 5,000 | 5,603,573 | ||||||
| Second Series, 4.00%, 08/01/32 (Call 08/01/28) | 4,000 | 4,169,478 | ||||||
| Second Series, 5.00%, 08/01/29 (Call 08/01/28) | 2,905 | 3,219,115 | ||||||
| Second Series, 5.00%, 08/01/31 (Call 08/01/28) | 1,500 | 1,663,683 | ||||||
| Second Series A, 4.00%, 08/01/35 (Call 08/01/31) | 5,000 | 5,282,436 | ||||||
| Second Series A, 5.00%, 08/01/28 | 7,650 | 8,465,029 | ||||||
| Second Series A, 5.00%, 08/01/29 | 4,500 | 5,081,360 | ||||||
| Second Series A, 5.00%, 08/01/31 (Call 08/01/29) | 5,500 | 6,207,063 | ||||||
| Series A, 3.13%, 03/15/33 (Call 03/15/28) | 4,800 | 4,705,554 | ||||||
| Series A, 4.00%, 08/01/27 (Call 08/01/23) | 2,000 | 2,001,855 | ||||||
| Series A, 4.00%, 08/01/29 (Call 08/01/23) | 2,000 | 2,001,445 | ||||||
| Series A, 4.00%, 08/01/36 (Call 08/01/31) | 13,000 | 13,586,912 | ||||||
| Series A, 5.00%, 08/01/24 (PR 08/01/23) | 2,225 | 2,230,619 | ||||||
| Series A, 5.00%, 03/15/25 | 6,740 | 6,957,463 | ||||||
| Series A, 5.00%, 03/15/26 | 6,050 | 6,371,800 | ||||||
| Series A, 5.00%, 03/01/27 | 10,000 | 10,736,529 | ||||||
| Series A, 5.00%, 03/15/27 | 1,350 | 1,450,633 | ||||||
| Series A, 5.00%, 03/15/28 | 1,160 | 1,273,348 | ||||||
| Series A, 5.00%, 08/01/28 | 7,500 | 8,299,049 | ||||||
| Series A, 5.00%, 08/01/28 (Call 08/01/27) | 5,000 | 5,429,174 | ||||||
| Series A, 5.00%, 03/15/29 (Call 03/15/27) | 7,880 | 8,510,904 | ||||||
| Series A, 5.00%, 03/15/29 (Call 03/15/28) | 2,025 | 2,227,239 | ||||||
| Series A, 5.00%, 03/15/30 | 1,185 | 1,353,210 | ||||||
| Series A, 5.00%, 08/01/30 (Call 08/01/29) | 5,215 | 5,885,004 | ||||||
| Series A, 5.00%, 03/15/31 (Call 03/15/28) | 3,000 | 3,305,150 | ||||||
| Series A, 5.00%, 08/01/31 | 3,000 | 3,504,836 | ||||||
| Series A, 5.00%, 08/01/34 (Call 08/01/31) | 7,000 | 8,116,146 | ||||||
| Series A, 5.00%, 03/01/36 (Call 03/01/31) | 1,760 | 2,001,534 | ||||||
| Series B, 4.00%, 08/01/25 | 3,970 | 4,038,410 | ||||||
| Series B, 5.00%, 08/01/25 | 1,225 | 1,274,132 | ||||||
22
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Maryland (continued) | ||||||||
| Series B, 5.00%, 08/01/26 | $ | 4,730 | $ | 5,021,510 | ||||
| Series C, 3.00%, 08/01/26 | 6,500 | 6,443,264 | ||||||
| Series C, 4.00%, 03/01/28 | 5,000 | 5,256,351 | ||||||
| Series C, 4.00%, 03/01/29 | 4,210 | 4,485,517 | ||||||
| Series C, 5.00%, 08/01/23 | 1,000 | 1,002,725 | ||||||
| Series C, 5.00%, 03/01/25 | 4,630 | 4,775,709 | ||||||
| Washington Suburban Sanitary Commission RB | ||||||||
| 4.00%, 06/01/49 (Call 06/01/33) (GTD) | 3,300 | 3,252,900 | ||||||
| 5.00%, 06/01/30 (GTD) | 8,160 | 9,353,840 | ||||||
| 824,981,726 | ||||||||
| Massachusetts — 4.3% | ||||||||
| City of Boston MA GO | ||||||||
| Series A, 5.00%, 11/01/25 | 8,000 | 8,363,896 | ||||||
| Series A, 5.00%, 11/01/28 | 10,000 | 11,143,928 | ||||||
| Series A, 5.00%, 11/01/32 | 5,000 | 5,969,559 | ||||||
| Series A, 5.00%, 11/01/35 (Call 11/01/32) | 4,565 | 5,354,242 | ||||||
| Series A, 5.00%, 11/01/38 (Call 11/01/32) | 8,920 | 10,255,679 | ||||||
| Series A, 5.00%, 11/01/40 (Call 11/01/32) | 17,275 | 19,687,931 | ||||||
| Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB | ||||||||
| Series A, 5.00%, 06/15/24 (Call 06/15/23) | 3,000 | 3,001,528 | ||||||
| Series A, 5.00%, 06/15/25 (Call 06/15/24) | 6,335 | 6,444,578 | ||||||
| Series A, 5.00%, 06/15/27 (Call 06/15/24) | 2,025 | 2,061,248 | ||||||
| Commonwealth of Massachusetts GO | ||||||||
| 5.00%, 10/01/31 | 10,000 | 11,695,063 | ||||||
| 5.00%, 10/01/52 (Call 10/01/32) | 29,280 | 31,810,744 | ||||||
| Series A, 5.00%, 01/01/25 | 4,500 | 4,626,696 | ||||||
| Commonwealth of Massachusetts GOL | ||||||||
| 4.00%, 05/01/35 (Call 11/01/23) | 2,000 | 2,000,585 | ||||||
| 4.00%, 05/01/38 (Call 05/01/24) | 1,500 | 1,499,981 | ||||||
| 4.00%, 05/01/39 (Call 05/01/24) | 2,000 | 1,989,200 | ||||||
| 4.00%, 05/01/40 (Call 05/01/24) | 1,460 | 1,452,092 | ||||||
| 4.00%, 09/01/42 (Call 09/01/26) | 5,000 | 4,933,990 | ||||||
| 4.00%, 02/01/47 (Call 02/01/27) | 5,425 | 5,296,170 | ||||||
| 5.00%, 09/01/28 | 2,000 | 2,216,864 | ||||||
| 5.00%, 07/01/30 | 1,500 | 1,719,757 | ||||||
| 5.00%, 07/01/31 (Call 07/01/30) | 5,000 | 5,719,724 | ||||||
| 5.00%, 11/01/31 | 13,370 | 15,655,249 | ||||||
| 5.00%, 07/01/37 (Call 07/01/30) | 6,000 | 6,663,554 | ||||||
| 5.00%, 07/01/38 (Call 07/01/30) | 2,000 | 2,207,860 | ||||||
| 5.00%, 07/01/40 (Call 07/01/30) | 1,500 | 1,644,490 | ||||||
| 5.00%, 11/01/43 (Call 11/01/27) | 8,665 | 9,130,311 | ||||||
| 5.00%, 11/01/44 (Call 11/01/32) | 25,000 | 27,741,075 | ||||||
| 5.00%, 07/01/45 (Call 07/01/30) | 3,720 | 4,023,913 | ||||||
| 5.00%, 11/01/45 (Call 11/01/27) | 10,825 | 11,375,617 | ||||||
| 5.00%, 11/01/45 (Call 11/01/30) | 7,330 | 7,953,397 | ||||||
| 5.00%, 11/01/45 (Call 11/01/32) | 8,000 | 8,854,742 | ||||||
| 5.00%, 09/01/51 (Call 09/01/31) | 30,000 | 32,367,351 | ||||||
| Series A, 5.00%, 09/01/24 | 16,930 | 17,311,391 | ||||||
| Series A, 5.00%, 07/01/25 | 1,340 | 1,390,042 | ||||||
| Series A, 5.00%, 07/01/26 | 2,720 | 2,880,224 | ||||||
| Series A, 5.00%, 07/01/28 (Call 07/01/26) | 1,500 | 1,588,678 | ||||||
| Series A, 5.00%, 03/01/29 | 5,000 | 5,594,045 | ||||||
| Series A, 5.00%, 01/01/34 (Call 01/01/28) | 2,500 | 2,724,633 | ||||||
| Series A, 5.00%, 07/01/36 (Call 07/01/25) | 2,500 | 2,578,996 | ||||||
| Series A, 5.00%, 01/01/38 (Call 01/01/28) | 1,000 | 1,066,908 | ||||||
| Series A, 5.00%, 01/01/38 (Call 01/01/29) | 5,000 | 5,427,425 | ||||||
| Series A, 5.00%, 01/01/39 (Call 01/01/28) | 8,710 | 9,271,134 | ||||||
| Series A, 5.00%, 03/01/41 (Call 03/01/24) | 3,470 | 3,497,415 | ||||||
| Series A, 5.00%, 01/01/42 (Call 01/01/28) | 3,795 | 4,014,210 | ||||||
| Security | Par (000) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Series A, 5.00%, 01/01/43 (Call 01/01/28) | $ | 2,000 | $ | 2,113,725 | ||||
| Series A, 5.00%, 03/01/46 (Call 03/01/24) | 1,305 | 1,313,719 | ||||||
| Series A, 5.00%, 04/01/47 (Call 04/01/27) | 6,015 | 6,272,286 | ||||||
| Series A, 5.00%, 01/01/48 (Call 01/01/28) | 3,090 | 3,246,998 | ||||||
| Series A, 5.00%, 01/01/49 (Call 01/01/29) | 2,500 | 2,645,682 | ||||||
| Series A, 5.50%, 08/01/30 (AMBAC) | 6,400 | 7,428,508 | ||||||
| Series A, VRDN,5.00%, 06/01/44(b) | 10,000 | 10,000,000 | ||||||
| Series B, 4.00%, 03/01/32 (Call 03/01/30) | 16,455 | 17,557,414 | ||||||
| Series B, 5.00%, 11/01/23 | 21,105 | 21,247,265 | ||||||
| Series B, 5.00%, 07/01/24 | 1,150 | 1,171,341 | ||||||
| Series B, 5.00%, 11/01/24 | 21,000 | 21,522,572 | ||||||
| Series B, 5.00%, 07/01/25 | 8,955 | 9,289,421 | ||||||
| Series B, 5.00%, 07/01/27 | 1,105 | 1,194,825 | ||||||
| Series B, 5.00%, 07/01/28 | 11,745 | 12,974,263 | ||||||
| Series B, 5.00%, 07/01/29 | 3,500 | 3,942,046 | ||||||
| Series B, 5.00%, 07/01/32 (Call 07/01/30) | 8,200 | 9,348,993 | ||||||
| Series B, 5.00%, 07/01/33 (Call 07/01/26) | 2,080 | 2,194,674 | ||||||
| Series B, 5.00%, 04/01/47 (Call 04/01/27) | 5,000 | 5,213,870 | ||||||
| Series B, 5.25%, 09/01/23 (AGM) | 7,095 | 7,128,523 | ||||||
| Series B, 5.25%, 09/01/24 (AGM) | 2,135 | 2,189,570 | ||||||
| Series B, 5.25%, 09/01/25 (AGM) | 1,080 | 1,129,843 | ||||||
| Series C, 2.75%, 03/01/50 (Call 03/01/30) | 3,500 | 2,465,164 | ||||||
| Series C, 3.00%, 03/01/47 (Call 03/01/30) | 3,500 | 2,739,960 | ||||||
| Series C, 5.00%, 07/01/23 | 5,510 | 5,516,876 | ||||||
| Series C, 5.00%, 10/01/24 | 6,785 | 6,942,818 | ||||||
| Series C, 5.00%, 05/01/25 | 2,500 | 2,587,249 | ||||||
| Series C, 5.00%, 08/01/25 | 1,425 | 1,480,635 | ||||||
| Series C, 5.00%, 10/01/25 | 11,110 | 11,582,396 | ||||||
| Series C, 5.00%, 04/01/26 | 5,230 | 5,509,038 | ||||||
| Series C, 5.00%, 05/01/26 | 10,000 | 10,552,322 | ||||||
| Series C, 5.00%, 10/01/26 | 9,560 | 10,175,128 | ||||||
| Series C, 5.00%, 10/01/27 | 1,250 | 1,358,772 | ||||||
| Series C, 5.00%, 05/01/29 (Call 07/03/23) | 2,000 | 2,002,836 | ||||||
| Series C, 5.00%, 05/01/30 (Call 07/03/23) | 5,000 | 5,007,193 | ||||||
| Series C, 5.00%, 09/01/31 | 9,325 | 10,892,466 | ||||||
| Series C, 5.00%, 05/01/32 (Call 07/03/23) | 1,000 | 1,001,309 | ||||||
| Series C, 5.00%, 05/01/33 (Call 07/03/23) | 3,585 | 3,589,657 | ||||||
| Series C, 5.00%, 05/01/44 (Call 05/01/29) | 2,000 | 2,142,930 | ||||||
| Series C, 5.00%, 05/01/45 (Call 05/01/29) | 11,860 | 12,685,902 | ||||||
| Series C, 5.50%, 12/01/23 (AMBAC) | 1,050 | 1,061,558 | ||||||
| Series D, 4.00%, 02/01/41 (Call 02/01/27) | 3,000 | 2,985,359 | ||||||
| Series D, 4.00%, 02/01/45 (Call 02/01/27) | 2,000 | 1,971,834 | ||||||
| Series D, 5.00%, 07/01/25 | 2,800 | 2,904,565 | ||||||
| Series D, 5.00%, 07/01/26 | 9,080 | 9,614,867 | ||||||
| Series D, 5.00%, 07/01/27 | 3,905 | 4,222,436 | ||||||
| Series D, 5.00%, 07/01/28 | 2,600 | 2,872,123 | ||||||
| Series E, 3.00%, 12/01/27 | 1,905 | 1,900,055 | ||||||
| Series E, 4.00%, 09/01/39 (Call 09/01/25) | 5,500 | 5,469,742 | ||||||
| Series E, 4.00%, 04/01/46 (Call 04/01/25) | 9,915 | 9,690,151 | ||||||
| Series E, 5.00%, 11/01/24 | 10,825 | 11,094,374 | ||||||
| Series E, 5.00%, 11/01/25 (AMBAC) | 2,150 | 2,245,244 | ||||||
| Series E, 5.00%, 11/01/26 | 5,085 | 5,421,622 | ||||||
| Series E, 5.00%, 05/01/30 (Call 05/01/24) | 22,550 | 22,923,590 | ||||||
| Series E, 5.00%, 11/01/30 | 1,600 | 1,844,565 | ||||||
| Series E, 5.00%, 05/01/32 (Call 05/01/24) | 4,750 | 4,826,200 | ||||||
| Series E, 5.00%, 11/01/32 (Call 11/01/30) | 1,500 | 1,718,668 | ||||||
| Series E, 5.00%, 05/01/33 (Call 05/01/24) | 3,000 | 3,047,798 | ||||||
| Series E, 5.00%, 11/01/33 (Call 11/01/30) | 2,000 | 2,287,871 | ||||||
| Series E, 5.00%, 09/01/37 (Call 09/01/28) | 4,000 | 4,316,950 | ||||||
| Series E, 5.00%, 11/01/50 (Call 11/01/30) | 9,765 | 10,478,932 | ||||||
23
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Series F, 5.00%, 11/01/38 (Call 11/01/27) | $ | 4,870 | $ | 5,182,783 | ||||
| Series F, 5.00%, 11/01/39 (Call 11/01/27) | 2,700 | 2,864,671 | ||||||
| Series F, 5.00%, 11/01/42 (Call 11/01/27) | 2,500 | 2,636,420 | ||||||
| Series G, 5.00%, 09/01/33 (Call 09/01/24) | 5,035 | 5,139,984 | ||||||
| Series H, 5.00%, 12/01/24 | 1,245 | 1,278,039 | ||||||
| Series J, 5.00%, 12/01/36 (Call 12/01/26) | 13,710 | 14,398,450 | ||||||
| Series J, 5.00%, 12/01/37 (Call 12/01/26) | 8,845 | 9,261,378 | ||||||
| Commonwealth of Massachusetts Transportation Fund | ||||||||
| Revenue RB | ||||||||
| 5.00%, 06/01/40 (Call 06/01/25) | 10,840 | 11,118,508 | ||||||
| 5.00%, 06/01/49 (Call 06/01/29) | 5,455 | 5,800,209 | ||||||
| Series A, 4.00%, 06/01/45 (Call 06/01/25) | 2,500 | 2,450,351 | ||||||
| Series A, 5.00%, 06/01/41 (Call 06/01/26) | 9,135 | 9,493,031 | ||||||
| Series A, 5.00%, 06/01/42 (Call 06/01/27) | 5,600 | 5,876,807 | ||||||
| Series A, 5.00%, 06/01/43 (Call 12/01/27) | 11,730 | 12,366,246 | ||||||
| Series A, 5.00%, 06/01/44 (Call 06/01/24) | 2,000 | 2,018,091 | ||||||
| Series A, 5.00%, 06/01/47 (Call 06/01/27) | 3,850 | 4,020,075 | ||||||
| Series A, 5.00%, 06/01/51 (Call 06/01/30) | 5,000 | 5,361,731 | ||||||
| Massachusetts Bay Transportation Authority Assessment | ||||||||
| Revenue RB | ||||||||
| Series A, 5.00%, 07/01/36 (Call 07/01/32) | 1,885 | 2,175,820 | ||||||
| Series A, 5.00%, 07/01/38 (Call 07/01/32) | 4,485 | 5,124,604 | ||||||
| Series A, 5.00%, 07/01/39 (Call 07/01/32) | 10,000 | 11,344,311 | ||||||
| Massachusetts Bay Transportation Authority RB | ||||||||
| 5.00%, 07/01/41 (Call 07/01/29) | 6,955 | 7,510,460 | ||||||
| 5.00%, 07/01/45 (Call 07/01/28) | 2,360 | 2,489,835 | ||||||
| 5.00%, 07/01/50 (Call 07/01/28) | 2,500 | 2,624,825 | ||||||
| Series A, 5.00%, 07/01/25 | 1,550 | 1,609,471 | ||||||
| Series A, 5.00%, 07/01/27 | 13,900 | 15,035,495 | ||||||
| Series A, 5.00%, 07/01/28 | 4,255 | 4,702,464 | ||||||
| Series A, 5.00%, 07/01/29 | 2,780 | 3,136,093 | ||||||
| Series A, 5.00%, 07/01/31 | 2,870 | 3,351,149 | ||||||
| Series A, 5.25%, 07/01/30 | 3,635 | 4,230,816 | ||||||
| Series A-1, 4.00%, 07/01/37 (Call 07/01/31) | 1,500 | 1,531,237 | ||||||
| Series A-1, 5.00%, 07/01/34 (Call 07/01/31) | 1,215 | 1,398,504 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue, 5.25%, 07/01/30 | 2,280 | 2,655,314 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue RB, Series A, 5.00%, 07/01/23 | 6,895 | 6,903,717 | ||||||
| Massachusetts Clean Water Trust (The) RB | ||||||||
| 5.00%, 08/01/23 | 2,605 | 2,611,708 | ||||||
| 5.00%, 08/01/24 | 4,015 | 4,095,686 | ||||||
| 5.00%, 08/01/26 | 2,000 | 2,125,751 | ||||||
| Massachusetts Department of Transportation RB, Series A, 0.00%, 01/01/28 (NPFGC)(a) | 1,265 | 1,065,899 | ||||||
| Massachusetts Development Finance Agency RB | ||||||||
| 5.00%, 11/15/32 | 25,000 | 29,887,620 | ||||||
| 5.00%, 01/01/41 (Call 01/01/25) | 1,000 | 1,003,897 | ||||||
| Series A, 4.00%, 07/15/36 (Call 07/15/26) | 2,500 | 2,541,943 | ||||||
| Series A, 5.00%, 10/15/25 | 11,525 | 12,046,139 | ||||||
| Series A, 5.00%, 10/15/26 | 5,195 | 5,549,274 | ||||||
| Series A, 5.00%, 10/15/27 | 8,000 | 8,727,506 | ||||||
| Series A, 5.00%, 07/15/28 (Call 07/15/26) | 7,040 | 7,486,539 | ||||||
| Series A, 5.00%, 10/15/28 | 23,090 | 25,743,981 | ||||||
| Series A, 5.00%, 10/15/29 | 5,000 | 5,689,037 | ||||||
| Series A, 5.00%, 10/15/30 | 6,020 | 6,969,886 | ||||||
| Series A, 5.00%, 07/15/33 (Call 07/15/26) | 3,000 | 3,190,287 | ||||||
| Series A, 5.00%, 07/15/34 (Call 07/15/26) | 240 | 254,707 | ||||||
| Series A, 5.00%, 07/15/36 | 1,490 | 1,809,871 | ||||||
| Series A, 5.00%, 07/15/40 | 8,000 | 9,260,922 | ||||||
| Series A, 5.00%, 01/01/47 (Call 01/01/27) | 1,500 | 1,500,990 | ||||||
| Security | Par (000) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Series BB1, 5.00%, 10/01/46 (Call 10/01/26) | $ | 1,750 | $ | 1,801,443 | ||||
| Series P, 5.00%, 07/01/43 (Call 07/01/24) | 4,125 | 4,129,707 | ||||||
| Series P, 5.00%, 07/01/50 | 10,000 | 11,632,906 | ||||||
| Series U-6E, VRDN,3.80%, 10/01/42 (Put 05/31/23)(b) | 20,000 | 20,000,000 | ||||||
| Series V, 5.00%, 07/01/55 | 1,000 | 1,150,173 | ||||||
| Massachusetts Health & Educational Facilities | ||||||||
| Authority RB | ||||||||
| 5.25%, 07/01/33 | 16,365 | 20,223,769 | ||||||
| Series A, VRDN,2.90%, 11/01/49 (Put 05/31/23)(b) | 6,415 | 6,415,000 | ||||||
| Series K, 5.50%, 07/01/32 | 1,715 | 2,117,437 | ||||||
| Massachusetts School Building Authority RB | ||||||||
| Series A, 4.00%, 02/15/43 (Call 02/15/28) | 4,000 | 3,956,619 | ||||||
| Series A, 5.00%, 02/15/49 (PR 02/15/26) | 42,710 | 44,883,960 | ||||||
| Series A, 5.00%, 08/15/50 (Call 08/15/30) | 10,870 | 11,637,739 | ||||||
| Series A, 5.25%, 02/15/48 (Call 02/15/28) | 6,360 | 6,750,331 | ||||||
| Series B, 4.00%, 01/15/45 (Call 01/15/25) | 2,000 | 1,952,246 | ||||||
| Series B, 5.00%, 11/15/39 (Call 11/15/26) | 3,000 | 3,141,514 | ||||||
| Series B, 5.00%, 11/15/46 (Call 11/15/26) | 17,385 | 18,051,266 | ||||||
| Series C, 4.00%, 08/15/32 (Call 08/15/25) | 26,555 | 26,942,732 | ||||||
| Series C, 4.00%, 11/15/35 (Call 11/15/26) | 5,500 | 5,591,462 | ||||||
| Series C, 4.00%, 08/15/36 (Call 08/15/25) | 1,000 | 1,005,459 | ||||||
| Series C, 5.00%, 08/15/24 | 1,095 | 1,117,154 | ||||||
| Series C, 5.00%, 08/15/37 (Call 08/15/25) | 13,200 | 13,616,350 | ||||||
| Series D, 5.00%, 08/15/37 (Call 08/15/25) | 18,000 | 18,567,751 | ||||||
| Massachusetts State College Building Authority RB | ||||||||
| 0.00%, 05/01/24 (AGC SAP)(a) | 6,485 | 6,273,103 | ||||||
| Series A, 5.00%, 05/01/41 (PR 05/01/25) | ||||||||
| (ST HGR ED INTERCEPT PROG) | 5,000 | 5,185,832 | ||||||
| Series A, 5.00%, 05/01/49 (PR 05/01/25) | ||||||||
| (ST HGR ED INTERCEPT PROG) | 5,000 | 5,185,832 | ||||||
| Series B, 5.00%, 05/01/39 (PR 05/01/24) | ||||||||
| (ST INTERCEPT) | 2,500 | 2,538,144 | ||||||
| Series B, 5.00%, 05/01/44 (PR 05/01/24) (HERBIP) | 10,000 | 10,152,577 | ||||||
| Massachusetts Transportation Trust Fund Metropolitan | ||||||||
| Highway System Revenue RB | ||||||||
| Series A, 5.00%, 01/01/26 | 8,500 | 8,891,894 | ||||||
| Series A, 5.00%, 01/01/29 | 3,985 | 4,441,106 | ||||||
| Series A, 5.00%, 01/01/31 (Call 01/01/29) | 1,500 | 1,662,071 | ||||||
| Series A, 5.00%, 01/01/34 (Call 01/01/29) | 4,500 | 4,968,695 | ||||||
| Massachusetts Water Resources Authority RB | ||||||||
| 5.25%, 08/01/36 (AGM) | 5,000 | 6,146,889 | ||||||
| Series A, 5.00%, 08/01/23 | 1,605 | 1,609,453 | ||||||
| Series B, 5.00%, 08/01/38 (Call 08/01/30) | 7,465 | 8,273,879 | ||||||
| Series B, 5.00%, 08/01/43 (Call 08/01/28) | 6,000 | 6,369,013 | ||||||
| Series B, 5.25%, 08/01/23 (AGM) | 1,000 | 1,003,178 | ||||||
| Series B, 5.25%, 08/01/25 (AGM) | 12,510 | 13,063,347 | ||||||
| Series B, 5.25%, 08/01/26 (AGM) | 11,020 | 11,781,791 | ||||||
| Series B, 5.25%, 08/01/28 (AGM) | 1,000 | 1,118,490 | ||||||
| Series B, 5.25%, 08/01/30 (AGM) | 3,325 | 3,866,459 | ||||||
| Series B, 5.25%, 08/01/31 (AGM) | 800 | 945,977 | ||||||
| Series C, 5.00%, 08/01/32 (PR 08/01/26) | 11,485 | 12,225,030 | ||||||
| Series C, 5.00%, 08/01/34 (PR 08/01/26) | 13,630 | 14,508,242 | ||||||
| Series C, 5.00%, 08/01/35 (PR 08/01/26) | 21,850 | 23,257,894 | ||||||
| University of Massachusetts Building Authority RB | ||||||||
| Series 1, 4.00%, 11/01/44 (Call 11/01/27) | 2,145 | 2,093,719 | ||||||
| Series 1, 4.00%, 11/01/45 (Call 11/01/25) | 2,500 | 2,418,010 | ||||||
| Series 1, 5.00%, 11/01/39 (PR 11/01/24) | 3,445 | 3,526,882 | ||||||
| Series 1, 5.00%, 11/01/40 (Call 11/01/25) | 2,500 | 2,588,100 | ||||||
| Series 1, 5.00%, 11/01/44 (PR 11/01/24) | 2,770 | 2,836,194 | ||||||
| Series 1-2021, 5.00%, 11/01/39 (Call 11/01/24) | 6,750 | 6,847,595 | ||||||
24
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Series 1-2021, 5.00%, 11/01/39 (PR 11/01/24) | $ | 5,805 | $ | 5,942,975 | ||||
| Series 2021-1, 5.00%, 11/01/23 | 1,500 | 1,509,802 | ||||||
| 1,405,032,531 | ||||||||
| Michigan — 1.1% | ||||||||
| Detroit City School District GO, Series A, 5.25%, 05/01/30 (AGM) | 2,500 | 2,871,732 | ||||||
| Great Lakes Water Authority Sewage Disposal System Revenue RB | ||||||||
| Series B, 5.00%, 07/01/28 | 2,000 | 2,197,385 | ||||||
| Series B, 5.00%, 07/01/34 (Call 07/01/26) | 2,000 | 2,113,769 | ||||||
| Great Lakes Water Authority Water Supply System Revenue RB | ||||||||
| 5.25%, 07/01/47 (Call 07/01/32) | 18,090 | 19,556,024 | ||||||
| Series A, 5.00%, 07/01/46 (Call 07/01/26) | 3,000 | 3,062,970 | ||||||
| Series D, 5.00%, 07/01/30 (Call 07/01/26) | 2,500 | 2,636,092 | ||||||
| Series D, 5.00%, 07/01/36 (Call 07/01/26) | 9,500 | 9,903,320 | ||||||
| Lansing Board of Water & Light RB | ||||||||
| 5.00%, 07/01/48 (Call 07/01/29) | 16,300 | 17,152,904 | ||||||
| Series A, 5.00%, 07/01/44 (Call 07/01/29) | 1,500 | 1,584,758 | ||||||
| Michigan Finance Authority RB | ||||||||
| 4.00%, 11/01/48 (Call 11/01/28) (SAW) | 2,000 | 1,843,624 | ||||||
| 5.00%, 10/01/27 (Call 10/01/26) | 5,020 | 5,351,224 | ||||||
| Series B, 5.00%, 10/01/28 (Call 10/01/26) | 7,395 | 7,885,352 | ||||||
| Series C, 5.00%, 07/01/34 (Call 07/01/25) | 2,600 | 2,655,462 | ||||||
| Series C-3, 5.00%, 07/01/24 (AGM) | 6,000 | 6,079,403 | ||||||
| Series C-3, 5.00%, 07/01/32 (Call 07/01/24) (AGM) | 1,000 | 1,013,764 | ||||||
| Series D2, 5.00%, 07/01/26 (Call 07/01/24) (AGM) | 1,000 | 1,014,720 | ||||||
| Series D2, 5.00%, 07/01/27 (Call 07/01/24) (AGM) | 3,380 | 3,431,911 | ||||||
| Series D4, 5.00%, 07/01/30 (Call 07/01/24) | 2,500 | 2,529,112 | ||||||
| Series D4, 5.00%, 07/01/34 (Call 07/01/24) | 1,385 | 1,399,517 | ||||||
| Michigan State Building Authority RB | ||||||||
| 4.00%, 10/15/49 (Call 10/15/29) | 14,180 | 13,802,021 | ||||||
| 4.00%, 10/15/52 (Call 10/15/32) | 2,250 | 2,156,619 | ||||||
| 4.00%, 04/15/54 (Call 10/15/29) | 10,880 | 10,385,059 | ||||||
| 5.00%, 10/15/47 (Call 10/15/32) | 3,500 | 3,777,238 | ||||||
| Series I, 3.00%, 10/15/45 (Call 10/15/30) | 3,000 | 2,391,433 | ||||||
| Series I, 3.00%, 10/15/51 (Call 10/15/31) | 4,455 | 3,392,053 | ||||||
| Series I, 4.00%, 10/15/46 (Call 10/15/31) | 5,000 | 4,879,482 | ||||||
| Series I, 5.00%, 04/15/28 (Call 10/15/25) | 3,000 | 3,137,914 | ||||||
| Series I, 5.00%, 10/15/30 (Call 10/15/26) | 3,000 | 3,200,727 | ||||||
| Series I, 5.00%, 04/15/31 (Call 10/15/25) | 11,570 | 12,128,129 | ||||||
| Series I, 5.00%, 04/15/38 (Call 10/15/25) | 3,000 | 3,096,571 | ||||||
| Series I, 5.00%, 04/15/41 (Call 10/15/26) | 1,000 | 1,041,797 | ||||||
| Series I, 5.00%, 10/15/50 (Call 10/15/25) | 7,250 | 7,399,464 | ||||||
| Series I, 5.00%, 10/15/51 (Call 10/15/26) | 2,500 | 2,572,219 | ||||||
| Series I-A, 5.00%, 10/15/29 (Call 10/15/23) | 2,845 | 2,866,799 | ||||||
| Michigan State University RB | ||||||||
| 5.00%, 02/15/32 | 6,750 | 7,817,097 | ||||||
| Series B, 5.00%, 02/15/44 (Call 02/15/29) | 5,990 | 6,334,609 | ||||||
| Series B, 5.00%, 02/15/48 (Call 02/15/29) | 6,660 | 7,006,353 | ||||||
| Series C, 4.00%, 02/15/44 (Call 08/15/29) | 7,320 | 7,022,285 | ||||||
| State of Michigan GO | ||||||||
| 5.00%, 05/15/30 | 1,100 | 1,261,425 | ||||||
| Series A, 5.00%, 05/15/31 (Call 05/15/30) | 1,685 | 1,929,451 | ||||||
| Series A, 5.00%, 05/15/32 (Call 05/15/30) | 1,800 | 2,053,190 | ||||||
| Series A, 5.00%, 05/15/33 (Call 05/15/30) | 2,100 | 2,393,685 | ||||||
| State of Michigan RB | ||||||||
| 5.00%, 03/15/24 | 5,770 | 5,835,864 | ||||||
| 5.00%, 03/15/25 | 1,700 | 1,747,085 | ||||||
| 5.00%, 03/15/26 | 5,645 | 5,943,710 | ||||||
| Security | Par (000) | Value | ||||||
| Michigan (continued) | ||||||||
| 5.00%, 03/15/27 | $ | 415 | $ | 446,244 | ||||
| State of Michigan Trunk Line Revenue RB | ||||||||
| 4.00%, 11/15/38 (Call 11/15/31) | 2,000 | 2,027,324 | ||||||
| 4.00%, 11/15/40 (Call 11/15/31) | 10,000 | 9,957,166 | ||||||
| 4.00%, 11/15/44 (Call 11/15/31) | 2,000 | 1,956,205 | ||||||
| 4.00%, 11/15/46 (Call 11/15/31) | 2,350 | 2,275,355 | ||||||
| 5.00%, 11/15/23 | 8,430 | 8,489,948 | ||||||
| 5.00%, 11/15/24 | 9,500 | 9,739,669 | ||||||
| 5.00%, 11/15/25 | 1,975 | 2,066,076 | ||||||
| 5.00%, 11/15/32 (Call 11/15/31) | 1,000 | 1,163,060 | ||||||
| Series B, 4.00%, 11/15/37 (Call 11/15/30) | 2,000 | 2,039,551 | ||||||
| Series B, 4.00%, 11/15/39 (Call 11/15/30) | 2,000 | 2,008,151 | ||||||
| Series B, 4.00%, 11/15/45 (Call 11/15/30) | 25,200 | 24,584,707 | ||||||
| Series B, 5.00%, 11/15/27 | 1,215 | 1,326,348 | ||||||
| Series B, 5.00%, 11/15/28 | 2,000 | 2,228,495 | ||||||
| Series B, 5.00%, 11/15/45 (Call 11/15/30) | 22,820 | 24,646,401 | ||||||
| University of Michigan RB | ||||||||
| 5.00%, 04/01/46 (PR 04/01/26) | 9,265 | 9,779,963 | ||||||
| 5.00%, 04/01/50 (Call 04/01/30) | 4,675 | 5,054,390 | ||||||
| VRDN,3.95%, 04/01/38 (Put 05/31/23)(b) | 17,135 | 17,135,000 | ||||||
| Series A, 5.00%, 04/01/42 (PR 04/01/27) | 2,500 | 2,690,766 | ||||||
| Series A, 5.00%, 04/01/47 (PR 04/01/27) | 4,680 | 5,037,114 | ||||||
| Wayne County Airport Authority RB, Series A, 5.00%, 12/01/46 (Call 12/01/31) | 3,750 | 4,041,865 | ||||||
| 358,549,120 | ||||||||
| Minnesota — 0.7% | ||||||||
| City of Minneapolis MN GO | ||||||||
| 4.00%, 12/01/24 | 3,005 | 3,038,944 | ||||||
| 4.00%, 12/01/26 | 10,000 | 10,357,436 | ||||||
| Metropolitan Council GO | ||||||||
| Series B, 5.00%, 12/01/23 | 14,000 | 14,115,021 | ||||||
| Series B, 5.00%, 12/01/25 | 2,500 | 2,618,335 | ||||||
| Series C, 5.00%, 12/01/27 | 2,500 | 2,732,859 | ||||||
| Series C, 5.00%, 12/01/28 | 2,500 | 2,792,262 | ||||||
| Minneapolis-St Paul Metropolitan Airports Commission RB | ||||||||
| Series A, 5.00%, 01/01/25 | 1,295 | 1,329,443 | ||||||
| Series A, 5.00%, 01/01/26 | 1,250 | 1,303,212 | ||||||
| Series C, 5.00%, 01/01/41 (Call 01/01/27) | 1,500 | 1,554,161 | ||||||
| Series C, 5.00%, 01/01/46 (Call 01/01/27) | 4,000 | 4,122,059 | ||||||
| Minnesota Public Facilities Authority RB, 5.00%, 03/01/34 (Call 03/01/26) | 9,150 | 9,562,166 | ||||||
| State of Minnesota GO | ||||||||
| 4.00%, 09/01/34 (Call 09/01/31) | 13,765 | 14,741,201 | ||||||
| 5.00%, 10/01/26 | 8,080 | 8,607,832 | ||||||
| 5.00%, 09/01/27 | 2,000 | 2,172,681 | ||||||
| 5.00%, 08/01/29 | 10,000 | 11,310,100 | ||||||
| Series A, 4.00%, 09/01/36 (Call 09/01/31) | 7,265 | 7,617,162 | ||||||
| Series A, 4.00%, 09/01/37 (Call 09/01/31) | 10,540 | 10,952,498 | ||||||
| Series A, 4.00%, 09/01/39 (Call 09/01/31) | 2,000 | 2,057,119 | ||||||
| Series A, 5.00%, 08/01/25 | 3,000 | 3,119,044 | ||||||
| Series A, 5.00%, 08/01/25 (Call 08/01/24) | 4,775 | 4,874,808 | ||||||
| Series A, 5.00%, 08/01/26 | 2,865 | 3,041,570 | ||||||
| Series A, 5.00%, 08/01/27 | 6,360 | 6,896,825 | ||||||
| Series A, 5.00%, 08/01/28 | 3,160 | 3,501,479 | ||||||
| Series A, 5.00%, 08/01/30 (Call 08/01/29) | 1,000 | 1,132,723 | ||||||
| Series A, 5.00%, 09/01/31 | 2,785 | 3,264,368 | ||||||
| Series A, 5.00%, 10/01/31 (Call 10/01/27) | 5,000 | 5,479,177 | ||||||
| Series A, 5.00%, 08/01/35 (Call 08/01/29) | 5,000 | 5,598,295 | ||||||
| Series A, 5.00%, 08/01/38 (Call 08/01/30) | 5,000 | 5,585,740 | ||||||
| Series B, 5.00%, 09/01/24 | 10,450 | 10,676,386 | ||||||
25
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Minnesota (continued) | ||||||||
| Series B, 5.00%, 09/01/25 | $ | 5,000 | $ | 5,207,155 | ||||
| Series D, 5.00%, 08/01/24 | 2,195 | 2,239,111 | ||||||
| Series D, 5.00%, 10/01/24 | 3,430 | 3,509,781 | ||||||
| Series D, 5.00%, 08/01/25 | 3,540 | 3,683,490 | ||||||
| Series D, 5.00%, 08/01/26 | 4,385 | 4,655,248 | ||||||
| Series D, 5.00%, 10/01/26 | 3,080 | 3,281,203 | ||||||
| Series D, 5.00%, 08/01/27 (Call 08/01/26) | 6,700 | 7,102,508 | ||||||
| Series F, 4.00%, 10/01/24 (Call 10/01/23) | 3,250 | 3,258,305 | ||||||
| State of Minnesota RB | ||||||||
| 5.00%, 03/01/25 | 12,290 | 12,655,615 | ||||||
| 5.00%, 03/01/26 | 17,545 | 18,481,789 | ||||||
| Western Minnesota Municipal Power Agency RB, Series A, 5.00%, 01/01/46 (PR 01/01/24) | 2,000 | 2,018,853 | ||||||
| 230,247,964 | ||||||||
| Mississippi — 0.3% | ||||||||
| State of Mississippi GO | ||||||||
| 5.00%, 11/01/28 (PR 11/01/25) | 3,065 | 3,202,233 | ||||||
| 5.00%, 12/01/34 (PR 12/01/26) | 2,000 | 2,137,525 | ||||||
| Series A, 4.00%, 10/01/35 (Call 10/01/27) | 5,000 | 5,093,718 | ||||||
| Series A, 4.00%, 10/01/36 (Call 10/01/27) | 4,145 | 4,193,712 | ||||||
| Series A, 5.00%, 10/01/27 | 1,000 | 1,082,775 | ||||||
| Series A, 5.00%, 10/01/28 (Call 10/01/27) | 1,650 | 1,789,360 | ||||||
| Series A, 5.00%, 10/01/29 (Call 10/01/27) | 6,500 | 7,036,108 | ||||||
| Series A, 5.00%, 10/01/31 (PR 10/01/27) | 1,000 | 1,087,868 | ||||||
| Series A, 5.00%, 10/01/32 (PR 10/01/27) | 1,355 | 1,474,061 | ||||||
| Series A, 5.00%, 10/01/34 (PR 10/01/27) | 14,060 | 15,295,428 | ||||||
| Series B, 4.00%, 10/01/39 (Call 10/01/29) | 1,760 | 1,763,233 | ||||||
| Series B, 5.00%, 12/01/32 (PR 12/01/23) | 7,000 | 7,056,475 | ||||||
| Series C, 4.00%, 10/01/41 (Call 10/01/28) | 2,205 | 2,179,883 | ||||||
| Series C, 5.00%, 10/01/24 | 4,000 | 4,087,260 | ||||||
| Series C, 5.00%, 10/01/26 (Call 10/01/25) | 3,575 | 3,730,052 | ||||||
| Series C, 5.00%, 10/01/27 (PR 10/01/25) | 3,440 | 3,587,846 | ||||||
| Series C, 5.00%, 10/01/36 (Call 10/01/28) | 3,250 | 3,509,195 | ||||||
| Series F, 5.00%, 11/01/32 (PR 11/01/25) | 4,700 | 4,910,439 | ||||||
| West Rankin Utility Authority RB, 5.00%, 01/01/48 | ||||||||
| (PR 01/01/28) (AGM) | 13,500 | 14,674,985 | ||||||
| 87,892,156 | ||||||||
| Missouri — 0.5% | ||||||||
| City of Kansas City MO Sanitary Sewer System Revenue RB, Series A, 4.00%, 01/01/42 (Call 01/01/28) | 1,000 | 1,001,927 | ||||||
| City of Springfield MO Public Utility Revenue RB, 4.00%, 08/01/31 (Call 08/01/25) | 2,000 | 2,035,649 | ||||||
| Curators of the University of Missouri (The) RB, Series B, 5.00%, 11/01/30 | 18,030 | 20,733,696 | ||||||
| Metropolitan St. Louis Sewer District RB | ||||||||
| Series A, 5.00%, 05/01/42 (Call 05/01/27) | 2,000 | 2,096,879 | ||||||
| Series A, 5.00%, 05/01/47 (Call 05/01/27) | 3,775 | 3,953,804 | ||||||
| Series B, 5.00%, 05/01/45 (Call 05/01/25) | 2,850 | 2,926,463 | ||||||
| Series B, 5.00%, 05/01/45 (PR 05/01/25) | 1,350 | 1,393,809 | ||||||
| Missouri Highway & Transportation Commission RB | ||||||||
| 5.00%, 11/01/23 | 5,890 | 5,929,703 | ||||||
| 5.00%, 05/01/28 | 15,000 | 16,511,649 | ||||||
| 5.00%, 05/01/29 | 15,000 | 16,805,349 | ||||||
| 5.00%, 05/01/30 | 15,000 | 17,107,760 | ||||||
| 5.00%, 05/01/31 | 15,000 | 17,388,060 | ||||||
| Series A, 5.00%, 05/01/25 (Call 05/01/24) | 5,000 | 5,070,060 | ||||||
| Series A, 5.00%, 05/01/26 | 14,205 | 15,030,306 | ||||||
| Missouri Joint Municipal Electric Utility Commission RB, Series A, 5.00%, 12/01/40 (Call 06/01/26) | 9,460 | 9,614,371 | ||||||
| Security | Par (000) | Value | ||||||
| Missouri (continued) | ||||||||
| Missouri State Board of Public Buildings RB | ||||||||
| Series B, 4.00%, 10/01/28 | $ | 5,000 | $ | 5,259,799 | ||||
| Series B, 5.00%, 10/01/24 | 6,060 | 6,200,955 | ||||||
| 149,060,239 | ||||||||
| Nebraska — 0.4% | ||||||||
| Nebraska Public Power District RB | ||||||||
| Series C, 5.00%, 01/01/24 | 2,000 | 2,018,162 | ||||||
| Series D, 4.00%, 01/01/44 (Call 01/01/31) | 3,625 | 3,469,124 | ||||||
| Omaha Public Power District Nebraska City Station Unit 2 RB, Series A, 5.00%, 02/01/49 (Call 02/01/26) | 2,000 | 2,025,079 | ||||||
| Omaha Public Power District RB | ||||||||
| 4.25%, 02/01/47 (Call 02/01/32) | 2,500 | 2,499,989 | ||||||
| 5.00%, 02/01/47 (Call 02/01/32) | 30,000 | 32,894,037 | ||||||
| 5.25%, 02/01/52 (Call 02/01/32) | 21,635 | 23,988,527 | ||||||
| Series A, 3.00%, 02/01/41 (Call 08/01/30) | 1,000 | 831,825 | ||||||
| Series A, 4.00%, 02/01/51 (Call 08/01/30) | 1,500 | 1,415,269 | ||||||
| Series A, 5.00%, 02/01/30 (Call 02/01/29) | 1,500 | 1,669,273 | ||||||
| Series A, 5.00%, 02/01/31 (Call 02/01/29) | 3,650 | 4,059,904 | ||||||
| Series A, 5.00%, 02/01/42 (Call 12/01/27) | 15,575 | 16,460,020 | ||||||
| Series A, 5.00%, 02/01/46 (Call 08/01/30) | 18,300 | 19,755,049 | ||||||
| Series AA, 4.00%, 02/01/34 (Call 02/01/24) | 2,500 | 2,504,702 | ||||||
| Series B, 4.00%, 02/01/46 (Call 08/01/30) | 3,000 | 2,906,681 | ||||||
| Series B, 5.00%, 02/01/31 (PR 08/01/24) | 3,670 | 3,742,485 | ||||||
| Series CC, 4.00%, 02/01/38 (Call 02/01/24) | 10,000 | 10,002,601 | ||||||
| University of Nebraska Facilities Corp. (The) | ||||||||
| Series A, 4.00%, 07/15/59 (Call 07/15/31) | 3,500 | 3,260,400 | ||||||
| Series B, 5.00%, 07/15/51 (Call 07/15/31) | 3,000 | 3,240,166 | ||||||
| 136,743,293 | ||||||||
| Nevada — 0.9% | ||||||||
| Clark County School District, 5.00%, 06/15/24 (AGM) | 3,000 | 3,048,652 | ||||||
| Clark County School District GOL | ||||||||
| 5.00%, 06/15/24 | 2,415 | 2,450,465 | ||||||
| 5.00%, 06/15/26 | 5,250 | 5,515,362 | ||||||
| Series A, 5.00%, 06/15/23 | 1,000 | 1,000,447 | ||||||
| Series A, 5.00%, 06/15/25 | 5,240 | 5,404,883 | ||||||
| Series C, 5.00%, 06/15/23 | 1,500 | 1,500,670 | ||||||
| Series C, 5.00%, 06/15/24 | 2,580 | 2,617,888 | ||||||
| Series C, 5.00%, 06/15/25 | 2,805 | 2,893,263 | ||||||
| Series C, 5.00%, 06/15/26 (Call 12/15/25) | 4,705 | 4,903,619 | ||||||
| Series C, 5.00%, 06/15/27 (Call 12/15/25) | 6,630 | 6,911,525 | ||||||
| Series D, 5.00%, 06/15/28 (Call 12/15/25) | 1,000 | 1,041,719 | ||||||
| County of Clark Department of Aviation RB | ||||||||
| 5.00%, 07/01/23 | 3,055 | 3,058,185 | ||||||
| 5.00%, 07/01/25 | 2,500 | 2,588,250 | ||||||
| 5.00%, 07/01/26 | 2,010 | 2,122,330 | ||||||
| 5.00%, 07/01/32 (Call 07/01/29) | 2,500 | 2,763,680 | ||||||
| Series A, 5.00%, 07/01/26 | 1,200 | 1,267,063 | ||||||
| Series A-2, 5.00%, 07/01/40 (Call 07/01/27) | 5,190 | 5,390,523 | ||||||
| County of Clark NV GOL | ||||||||
| 4.00%, 06/01/31 (Call 06/01/27) | 17,000 | 17,644,164 | ||||||
| 4.00%, 06/01/38 (Call 06/01/27) | 12,705 | 12,728,630 | ||||||
| 4.00%, 07/01/44 (Call 07/01/27) | 7,135 | 6,970,580 | ||||||
| 5.00%, 11/01/37 (PR 11/01/23) | 12,055 | 12,129,795 | ||||||
| Series B, 5.00%, 11/01/27 (Call 11/01/26) | 2,000 | 2,126,375 | ||||||
| Series B, 5.00%, 11/01/28 (Call 11/01/26) | 5,000 | 5,319,279 | ||||||
| County of Clark NV Passenger Facility Charge | ||||||||
| Revenue RB | ||||||||
| 5.00%, 07/01/23 | 1,750 | 1,751,825 | ||||||
| 5.00%, 07/01/26 | 2,000 | 2,111,771 | ||||||
| 5.00%, 07/01/33 (Call 07/01/29) | 2,000 | 2,206,909 | ||||||
26
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Nevada (continued) | ||||||||
| County of Washoe NV RB, 5.00%, 02/01/42 | ||||||||
| (Call 02/01/29) | $ | 2,000 | $ | 2,117,043 | ||||
| Las Vegas Valley Water District GOL | ||||||||
| 4.00%, 06/01/34 (Call 06/01/32) | 5,085 | 5,429,630 | ||||||
| 4.00%, 06/01/39 (Call 12/01/24) | 2,000 | 2,001,982 | ||||||
| 4.00%, 06/01/47 (Call 06/01/32) | 15,235 | 14,669,126 | ||||||
| 4.00%, 06/01/52 (Call 06/01/32) | 18,430 | 17,413,425 | ||||||
| 5.00%, 06/01/34 (Call 06/01/26) | 3,500 | 3,672,279 | ||||||
| 5.00%, 06/01/35 (Call 06/01/26) | 2,000 | 2,091,459 | ||||||
| 5.00%, 06/01/39 (Call 12/01/24) | 5,775 | 5,856,345 | ||||||
| Series A, 4.00%, 06/01/51 (Call 12/01/31) | 10,000 | 9,479,597 | ||||||
| Series A, 5.00%, 06/01/26 | 10,000 | 10,565,459 | ||||||
| Series A, 5.00%, 06/01/41 (Call 06/01/26) | 9,730 | 10,026,458 | ||||||
| Series A, 5.00%, 06/01/46 (Call 06/01/26) | 4,000 | 4,102,522 | ||||||
| State of Nevada GOL | ||||||||
| Series B, 5.00%, 11/01/24 | 10,000 | 10,218,192 | ||||||
| Series B, 5.00%, 11/01/26 (Call 05/01/25) | 1,650 | 1,704,475 | ||||||
| Series D, 5.00%, 04/01/24 | 3,070 | 3,107,945 | ||||||
| Series D, 5.00%, 04/01/25 | 3,260 | 3,355,223 | ||||||
| State of Nevada Highway Improvement Revenue RB | ||||||||
| 5.00%, 12/01/25 | 1,410 | 1,475,010 | ||||||
| 5.00%, 12/01/27 (Call 06/01/26) | 3,000 | 3,161,707 | ||||||
| 5.00%, 12/01/28 (Call 06/01/26) | 6,715 | 7,088,783 | ||||||
| Washoe County School District/NV GOL, Series C, 4.00%, 10/01/47 (Call 10/01/27) | 52,635 | 50,627,980 | ||||||
| 285,632,492 | ||||||||
| New Hampshire — 0.0% | ||||||||
| State of New Hampshire GO, Series D, 5.00%, 12/01/24 | 6,055 | 6,220,156 | ||||||
| New Jersey — 4.5% | ||||||||
| County of Monmouth NJ GO | ||||||||
| 5.00%, 01/15/35 (Call 01/15/33) | 3,265 | 3,870,323 | ||||||
| 5.00%, 01/15/36 (Call 01/15/33) | 3,980 | 4,675,277 | ||||||
| Series A, 5.00%, 01/15/31 | 6,430 | 7,461,840 | ||||||
| Series A, 5.00%, 01/15/32 (Call 07/15/31) | 5,160 | 6,033,471 | ||||||
| Series A, 5.00%, 01/15/34 (Call 07/15/31) | 6,250 | 7,300,187 | ||||||
| Garden State Preservation Trust RB, Series A, 5.75%, 11/01/28 (AGM) | 1,500 | 1,627,069 | ||||||
| New Jersey Economic Development Authority RB | ||||||||
| 4.00%, 11/01/37 (Call 11/01/29) | 2,000 | 1,978,112 | ||||||
| 4.00%, 06/15/44 (Call 12/15/29) | 2,000 | 1,882,109 | ||||||
| 4.00%, 11/01/44 (Call 11/01/29) | 750 | 707,344 | ||||||
| 5.00%, 03/01/25 | 4,425 | 4,518,794 | ||||||
| 5.00%, 03/01/26 | 7,000 | 7,274,191 | ||||||
| 5.00%, 06/15/26 | 4,910 | 5,127,799 | ||||||
| 5.00%, 06/15/27 | 1,000 | 1,060,705 | ||||||
| 5.00%, 03/01/28 | 4,000 | 4,280,503 | ||||||
| 5.00%, 11/01/34 (Call 11/01/29) | 1,000 | 1,080,546 | ||||||
| 5.00%, 11/01/36 (Call 11/01/32) | 10,000 | 10,906,467 | ||||||
| 5.00%, 11/01/40 (Call 11/01/29) | 1,000 | 1,044,292 | ||||||
| 5.00%, 06/15/43 (Call 12/15/28) | 2,890 | 2,995,839 | ||||||
| 5.00%, 06/15/43 (PR 12/15/28) | 1,700 | 1,888,017 | ||||||
| 5.00%, 11/01/44 (Call 11/01/29) | 5,000 | 5,290,349 | ||||||
| 5.00%, 06/15/47 (Call 12/15/27) | 6,110 | 6,269,681 | ||||||
| 5.00%, 06/15/49 (Call 12/15/29) | 5,000 | 5,191,829 | ||||||
| 5.25%, 11/01/47 (Call 11/01/32) | 10,000 | 10,746,065 | ||||||
| Series A, 4.00%, 11/01/27 (SAP) | 1,255 | 1,275,772 | ||||||
| Series A, 4.00%, 07/01/34 (Call 07/01/27) | 3,540 | 3,542,495 | ||||||
| Series A, 5.00%, 06/15/42 (Call 12/15/27) | 4,665 | 4,806,057 | ||||||
| Series AAA, 5.00%, 06/15/36 (Call 12/15/26) | 1,000 | 1,037,421 | ||||||
| Series AAA, 5.00%, 06/15/41 (PR 12/15/26) | 1,515 | 1,620,258 | ||||||
| Security | Par (000) | Value | ||||||
| New Jersey (continued) | ||||||||
| Series B, 5.00%, 11/01/23 (SAP) | $ | 4,430 | $ | 4,450,738 | ||||
| Series B, 5.00%, 11/01/26 (SAP) | 9,500 | 9,983,669 | ||||||
| Series B, 5.00%, 06/15/43 (Call 12/15/28) | 1,000 | 1,036,622 | ||||||
| Series BBB, 5.00%, 06/15/23 | 1,000 | 1,000,391 | ||||||
| Series BBB, 5.50%, 06/15/30 (PR 12/15/26) | 8,840 | 9,601,656 | ||||||
| Series DDD, 5.00%, 06/15/42 (PR 06/15/27) | 8,925 | 9,675,642 | ||||||
| Series EEE, 5.00%, 06/15/36 (PR 12/15/28) | 2,640 | 2,939,135 | ||||||
| Series EEE, 5.00%, 06/15/48 (Call 12/15/28) | 6,000 | 6,177,817 | ||||||
| Series MMM, 4.00%, 06/15/35 (Call 12/15/29) | 2,000 | 2,023,876 | ||||||
| Series MMM, 5.00%, 06/15/33 (Call 12/15/29) | 6,460 | 7,046,634 | ||||||
| Series MMM, 5.00%, 06/15/34 (Call 12/15/29) | 2,500 | 2,712,026 | ||||||
| Series N-1, 5.50%, 09/01/24 (AMBAC) | 1,455 | 1,484,581 | ||||||
| Series N-1, 5.50%, 09/01/26 (AMBAC) | 1,000 | 1,063,196 | ||||||
| Series PP, 5.00%, 06/15/26 (Call 12/15/24) | 4,320 | 4,392,865 | ||||||
| Series PP, 5.00%, 06/15/27 (PR 06/15/24) | 3,000 | 3,050,600 | ||||||
| Series PP, 5.00%, 06/15/31 (PR 06/15/24) | 2,500 | 2,542,167 | ||||||
| Series QQQ, 4.00%, 06/15/46 (Call 12/15/30) | 12,175 | 11,420,571 | ||||||
| Series QQQ, 4.00%, 06/15/50 (Call 12/15/30) | 2,250 | 2,086,240 | ||||||
| Series UU, 5.00%, 06/15/40 (Call 06/15/24) | 7,255 | 7,377,369 | ||||||
| Series UU, 5.00%, 06/15/40 (PR 06/15/24) | 390 | 396,578 | ||||||
| Series WW, 5.25%, 06/15/31 (PR 06/15/25) (SAP) | 2,500 | 2,604,070 | ||||||
| Series WW, 5.25%, 06/15/40 (PR 06/15/25) | 1,000 | 1,041,629 | ||||||
| Series XX, 4.00%, 06/15/24 (SAP) | 3,015 | 3,019,740 | ||||||
| Series XX, 5.00%, 06/15/25 | 5,000 | 5,145,403 | ||||||
| Series XX, 5.00%, 06/15/26 (PR 06/15/25) (SAP) | 15,000 | 15,551,008 | ||||||
| New Jersey Educational Facilities Authority RB | ||||||||
| 5.00%, 03/01/27 | 11,330 | 12,231,405 | ||||||
| 5.00%, 07/01/28 (Call 07/01/26) | 5,115 | 5,419,401 | ||||||
| 5.00%, 07/01/31 (Call 07/01/27) | 3,235 | 3,515,562 | ||||||
| 5.00%, 03/01/32 | 5,000 | 5,886,586 | ||||||
| 5.00%, 07/01/33 (Call 07/01/27) | 9,400 | 10,196,328 | ||||||
| Series A, 5.00%, 07/01/26 (Call 07/01/24) | 1,650 | 1,680,972 | ||||||
| Series B, 5.00%, 03/01/28 | 5,755 | 6,344,275 | ||||||
| Series B, 5.00%, 07/01/29 (Call 07/01/27) | 5,000 | 5,431,102 | ||||||
| Series C, 5.00%, 03/01/27 | 7,025 | 7,583,903 | ||||||
| New Jersey Institute of Technology/NJ RB, Series A, 5.00%, 07/01/45 (Call 07/01/25) | 2,500 | 2,538,831 | ||||||
| New Jersey Transportation Trust Fund Authority | ||||||||
| 5.00%, 06/15/33 (Call 12/15/32) | 2,000 | 2,257,583 | ||||||
| 5.00%, 06/15/34 (Call 12/15/32) | 1,875 | 2,100,517 | ||||||
| 5.00%, 06/15/44 (Call 12/15/32) | 10,500 | 11,192,463 | ||||||
| 5.50%, 06/15/50 (Call 12/15/32) | 3,250 | 3,542,784 | ||||||
| New Jersey Transportation Trust Fund Authority RB | ||||||||
| 3.00%, 06/15/50 (Call 12/15/30) | 9,000 | 6,689,612 | ||||||
| 4.00%, 12/15/39 (Call 12/15/29) | 500 | 484,323 | ||||||
| 4.00%, 06/15/41 (Call 12/15/31) | 5,500 | 5,255,352 | ||||||
| 4.25%, 06/15/40 (Call 06/15/33) | 10,000 | 9,887,172 | ||||||
| 5.00%, 12/15/24 | 4,500 | 4,582,141 | ||||||
| 5.00%, 12/15/25 | 5,725 | 5,941,205 | ||||||
| 5.00%, 06/15/26 | 3,335 | 3,484,893 | ||||||
| 5.00%, 12/15/26 | 2,855 | 3,006,633 | ||||||
| 5.00%, 06/15/27 | 2,965 | 3,147,291 | ||||||
| 5.00%, 12/15/27 | 1,380 | 1,476,376 | ||||||
| 5.00%, 12/15/28 | 1,000 | 1,084,063 | ||||||
| 5.00%, 06/15/29 | 6,500 | 7,095,744 | ||||||
| 5.00%, 06/15/29 (Call 12/15/28) | 7,000 | 7,567,367 | ||||||
| 5.00%, 06/15/30 | 7,000 | 7,736,221 | ||||||
| 5.00%, 06/15/32 (Call 06/15/31) | 4,250 | 4,742,499 | ||||||
| 5.00%, 06/15/32 (Call 12/15/31) | 2,500 | 2,805,308 | ||||||
| 5.00%, 12/15/32 (Call 12/15/29) | 7,340 | 8,032,333 | ||||||
27
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New Jersey (continued) | ||||||||
| 5.00%, 06/15/35 (Call 06/15/33) | $ | 3,000 | $ | 3,339,916 | ||||
| 5.00%, 06/15/36 (Call 06/15/23) | 5,000 | 5,002,739 | ||||||
| 5.00%, 06/15/36 (Call 06/15/33) | 3,500 | 3,848,522 | ||||||
| 5.00%, 06/15/37 (Call 12/15/28) | 1,250 | 1,309,837 | ||||||
| 5.00%, 06/15/37 (Call 06/15/33) | 8,000 | 8,699,722 | ||||||
| 5.00%, 06/15/38 (Call 06/15/33) | 7,810 | 8,417,305 | ||||||
| 5.00%, 06/15/39 (Call 06/15/33) | 6,000 | 6,457,893 | ||||||
| 5.00%, 12/15/39 (Call 12/15/29) | 1,000 | 1,052,529 | ||||||
| 5.25%, 06/15/42 (Call 06/15/33) | 3,000 | 3,271,296 | ||||||
| Series S, 5.00%, 06/15/34 (Call 12/15/28) | 2,500 | 2,676,154 | ||||||
| Series S, 5.00%, 06/15/46 (Call 12/15/28) | 12,000 | 12,383,222 | ||||||
| Series A, 0.00%, 12/15/23(a) | 2,000 | 1,958,949 | ||||||
| Series A, 0.00%, 12/15/25(a) | 2,255 | 2,054,691 | ||||||
| Series A, 0.00%, 12/15/28(a) | 3,655 | 2,995,841 | ||||||
| Series A, 0.00%, 12/15/29(a) | 3,290 | 2,592,037 | ||||||
| Series A, 0.00%, 12/15/30(a) | 3,000 | 2,264,129 | ||||||
| Series A, 0.00%, 12/15/31(a) | 5,425 | 3,925,652 | ||||||
| Series A, 0.00%, 12/15/32(a) | 1,290 | 897,620 | ||||||
| Series A, 0.00%, 12/15/33(a) | 930 | 621,064 | ||||||
| Series A, 0.00%, 12/15/34(a) | 16,055 | 10,272,792 | ||||||
| Series A, 0.00%, 12/15/35(a) | 11,710 | 7,123,474 | ||||||
| Series A, 0.00%, 12/15/36(a) | 3,750 | 2,171,277 | ||||||
| Series A, 0.00%, 12/15/37(a) | 7,700 | 4,226,668 | ||||||
| Series A, 0.00%, 12/15/38(a) | 4,485 | 2,340,895 | ||||||
| Series A, 0.00%, 12/15/39(a) | 33,700 | 16,713,721 | ||||||
| Series A, 0.00%, 12/15/40(a) | 5,500 | 2,575,223 | ||||||
| Series A, 4.00%, 12/15/31 (Call 12/15/28) | 9,630 | 9,843,168 | ||||||
| Series A, 4.00%, 06/15/34 (Call 06/15/31) | 9,025 | 9,239,942 | ||||||
| Series A, 4.00%, 06/15/36 (Call 06/15/31) | 1,165 | 1,169,976 | ||||||
| Series A, 4.00%, 12/15/37 (Call 12/15/28) (BAM) | 13,770 | 13,636,238 | ||||||
| Series A, 4.25%, 12/15/38 (Call 12/15/28) | 1,000 | 1,003,452 | ||||||
| Series A, 5.00%, 06/15/23 | 1,000 | 1,000,491 | ||||||
| Series A, 5.00%, 06/15/24 | 3,325 | 3,375,525 | ||||||
| Series A, 5.00%, 12/15/24 | 1,000 | 1,018,254 | ||||||
| Series A, 5.00%, 12/15/27 | 10,230 | 10,944,442 | ||||||
| Series A, 5.00%, 06/15/28 (Call 06/15/26) | 8,350 | 8,727,439 | ||||||
| Series A, 5.00%, 12/15/28 | 6,050 | 6,558,578 | ||||||
| Series A, 5.00%, 06/15/29 (Call 06/15/26) | 6,700 | 7,004,308 | ||||||
| Series A, 5.00%, 06/15/30 (Call 06/15/26) | 6,500 | 6,787,627 | ||||||
| Series A, 5.00%, 12/15/30 (Call 12/15/28) | 2,500 | 2,699,043 | ||||||
| Series A, 5.00%, 06/15/31 (Call 06/15/26) | 5,830 | 6,078,388 | ||||||
| Series A, 5.00%, 12/15/32 (Call 12/15/28) | 2,000 | 2,146,720 | ||||||
| Series A, 5.00%, 12/15/33 (Call 12/15/28) | 9,045 | 9,694,577 | ||||||
| Series A, 5.00%, 12/15/34 (Call 12/15/28) | 8,000 | 8,537,520 | ||||||
| Series A, 5.00%, 12/15/35 (Call 12/15/28) | 4,000 | 4,242,788 | ||||||
| Series A, 5.00%, 12/15/36 (Call 12/15/28) | 8,685 | 9,157,363 | ||||||
| Series A, 5.50%, 12/15/23 | 10,845 | 10,940,817 | ||||||
| Series A, 5.75%, 06/15/25 (NPFGC) | 2,600 | 2,706,324 | ||||||
| Series A-1, 5.00%, 06/15/24 | 3,890 | 3,949,111 | ||||||
| Series A-1, 5.00%, 06/15/27 (Call 06/15/26) | 3,425 | 3,575,927 | ||||||
| Series A-1, 5.00%, 06/15/29 (Call 06/15/26) | 1,870 | 1,954,934 | ||||||
| Series A-1, 5.00%, 06/15/30 (Call 06/15/26) | 1,000 | 1,044,250 | ||||||
| Series AA, 4.00%, 06/15/35 (Call 12/15/30) | 2,655 | 2,690,900 | ||||||
| Series AA, 4.00%, 06/15/36 (Call 12/15/30) | 1,750 | 1,757,073 | ||||||
| Series AA, 4.00%, 06/15/37 (Call 12/15/30) | 2,490 | 2,469,785 | ||||||
| Series AA, 4.00%, 06/15/38 (Call 12/15/30) | 3,000 | 2,940,384 | ||||||
| Series AA, 4.00%, 06/15/39 (Call 12/15/30) | 7,750 | 7,512,132 | ||||||
| Series AA, 4.00%, 06/15/40 (Call 12/15/30) | 500 | 479,422 | ||||||
| Series AA, 4.00%, 06/15/45 (Call 12/15/30) | 5,000 | 4,687,943 | ||||||
| Series AA, 4.00%, 06/15/50 (Call 12/15/30) | 13,810 | 12,804,876 | ||||||
| Security | Par (000) | Value | ||||||
| New Jersey (continued) | ||||||||
| Series AA, 5.00%, 06/15/24 | $ | 10,000 | $ | 10,116,321 | ||||
| Series AA, 5.00%, 06/15/25 (Call 06/15/24) | 1,000 | 1,015,048 | ||||||
| Series AA, 5.00%, 06/15/28 (Call 06/15/23) | 12,000 | 12,007,292 | ||||||
| Series AA, 5.00%, 06/15/36 (Call 12/15/30) | 1,000 | 1,078,167 | ||||||
| Series AA, 5.00%, 06/15/38 (Call 06/15/24) | 3,100 | 3,125,486 | ||||||
| Series AA, 5.00%, 06/15/38 (Call 12/15/30) | 2,000 | 2,122,414 | ||||||
| Series AA, 5.00%, 06/15/40 (Call 12/15/30) | 1,250 | 1,323,588 | ||||||
| Series AA, 5.00%, 06/15/44 (Call 06/15/23) | 9,380 | 9,383,306 | ||||||
| Series AA, 5.00%, 06/15/44 (Call 06/15/24) | 350 | 351,904 | ||||||
| Series AA, 5.00%, 06/15/45 (Call 06/15/25) | 2,500 | 2,519,740 | ||||||
| Series AA, 5.00%, 06/15/45 (Call 12/15/30) | 9,315 | 9,774,566 | ||||||
| Series AA, 5.00%, 06/15/50 (Call 12/15/30) | 4,100 | 4,273,292 | ||||||
| Series AA, 5.25%, 06/15/41 (Call 06/15/25) | 3,500 | 3,553,963 | ||||||
| Series AA, 5.50%, 06/15/39 (Call 06/15/23) | 3,785 | 3,788,210 | ||||||
| Series B, 5.25%, 12/15/23 (AMBAC) | 8,520 | 8,584,084 | ||||||
| Series BB, 4.00%, 06/15/36 (Call 12/15/28) | 6,200 | 6,219,090 | ||||||
| Series BB, 4.00%, 06/15/37 (Call 12/15/28) | 2,000 | 1,983,763 | ||||||
| Series BB, 4.00%, 06/15/38 (Call 12/15/28) | 15,340 | 15,035,162 | ||||||
| Series BB, 4.00%, 06/15/44 (Call 12/15/28) | 2,000 | 1,887,342 | ||||||
| Series BB, 4.00%, 06/15/50 (Call 12/15/28) | 7,640 | 7,072,638 | ||||||
| Series BB, 5.00%, 06/15/33 (Call 12/15/28) | 4,000 | 4,291,909 | ||||||
| Series BB, 5.00%, 06/15/35 (Call 12/15/28) | 8,960 | 9,532,683 | ||||||
| Series BB, 5.00%, 06/15/44 (Call 12/15/28) | 11,275 | 11,668,331 | ||||||
| Series BB, 5.00%, 06/15/50 (Call 12/15/28) | 7,185 | 7,385,330 | ||||||
| Series C, 0.00%, 12/15/24 (AMBAC)(a) | 1,790 | 1,690,581 | ||||||
| Series C, 0.00%, 12/15/25 (AMBAC)(a) | 10,170 | 9,278,157 | ||||||
| Series C, 0.00%, 12/15/27 (NPFGC)(a) | 6,050 | 5,164,753 | ||||||
| Series C, 0.00%, 12/15/28 (AMBAC)(a) | 4,615 | 3,811,626 | ||||||
| Series C, 0.00%, 12/15/30 (NPFGC)(a) | 3,760 | 2,848,224 | ||||||
| Series C, 0.00%, 12/15/31 (NPFGC)(a) | 17,280 | 12,556,681 | ||||||
| Series C, 0.00%, 12/15/32 (AGM)(a) | 55,000 | 38,993,889 | ||||||
| Series C, 0.00%, 12/15/33 (AGM)(a) | 13,040 | 8,890,236 | ||||||
| Series C, 0.00%, 12/15/35 (AMBAC)(a) | 3,990 | 2,442,176 | ||||||
| Series D, 5.00%, 12/15/23 | 2,445 | 2,460,179 | ||||||
| Series D, 5.00%, 12/15/24 | 2,830 | 2,881,658 | ||||||
| Series D, 5.00%, 06/15/32 (Call 12/15/24) | 18,390 | 18,833,887 | ||||||
| Series D, 5.25%, 12/15/23 | 8,390 | 8,453,106 | ||||||
| New Jersey Turnpike Authority RB | ||||||||
| 4.50%, 01/01/48 (Call 01/01/33) | 13,500 | 13,777,278 | ||||||
| 5.00%, 01/01/31 (Call 01/01/27) | 3,700 | 3,936,525 | ||||||
| 5.25%, 01/01/52 (Call 01/01/33) | 20,000 | 21,979,406 | ||||||
| Series A, 4.00%, 01/01/35 (Call 07/01/24) | 3,145 | 3,148,869 | ||||||
| Series A, 4.00%, 01/01/42 (Call 01/01/31) | 15,765 | 15,615,663 | ||||||
| Series A, 4.00%, 01/01/48 (Call 01/01/29) | 41,800 | 40,297,812 | ||||||
| Series A, 4.00%, 01/01/51 (Call 01/01/31) | 3,395 | 3,240,992 | ||||||
| Series A, 5.00%, 01/01/28 (Call 07/01/24) | 5,010 | 5,087,591 | ||||||
| Series A, 5.00%, 01/01/29 (Call 01/01/27) | 2,000 | 2,131,870 | ||||||
| Series A, 5.00%, 01/01/30 (Call 07/01/24) | 3,250 | 3,304,598 | ||||||
| Series A, 5.00%, 01/01/31 (PR 07/01/24) | 12,730 | 12,962,151 | ||||||
| Series A, 5.00%, 01/01/32 (Call 07/01/24) | 37,835 | 38,440,069 | ||||||
| Series A, 5.00%, 01/01/33 (Call 07/01/24) | 800 | 812,424 | ||||||
| Series A, 5.00%, 01/01/33 (Call 01/01/27) | 2,000 | 2,126,412 | ||||||
| Series A, 5.00%, 01/01/48 (Call 01/01/29) | 18,085 | 19,063,474 | ||||||
| Series B, 4.00%, 01/01/34 (Call 01/01/28) | 1,000 | 1,026,911 | ||||||
| Series B, 5.00%, 01/01/28 | 1,750 | 1,900,750 | ||||||
| Series B, 5.00%, 01/01/29 (Call 01/01/28) | 1,290 | 1,400,097 | ||||||
| Series B, 5.00%, 01/01/31 (Call 01/01/28) | 4,500 | 4,890,593 | ||||||
| Series B, 5.00%, 01/01/32 (Call 01/01/28) | 8,150 | 8,854,777 | ||||||
| Series B, 5.00%, 01/01/40 (Call 01/01/28) | 4,500 | 4,764,837 | ||||||
| Series C, 5.00%, 01/01/25 | 5,025 | 5,161,777 | ||||||
28
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New Jersey (continued) | ||||||||
| Series E, 5.00%, 01/01/31 (Call 01/01/28) | $ | 3,400 | $ | 3,695,115 | ||||
| Series E, 5.00%, 01/01/32 (Call 01/01/28) | 7,200 | 7,822,625 | ||||||
| Series E, 5.00%, 01/01/34 (Call 01/01/25) | 2,000 | 2,052,794 | ||||||
| Series E, 5.00%, 01/01/45 (Call 01/01/25) | 17,345 | 17,621,271 | ||||||
| Series G, 4.00%, 01/01/34 (Call 01/01/28) | 3,500 | 3,594,188 | ||||||
| Series G, 4.00%, 01/01/43 (Call 01/01/28) | 27,100 | 26,777,093 | ||||||
| Series G, 5.00%, 01/01/35 (Call 01/01/28) | 3,565 | 3,851,484 | ||||||
| Series G, 5.00%, 01/01/36 (Call 01/01/28) | 2,380 | 2,557,981 | ||||||
| State of New Jersey GO | ||||||||
| 2.00%, 06/01/24 | 4,810 | 4,704,547 | ||||||
| 3.00%, 06/01/32 | 5,050 | 4,768,390 | ||||||
| 5.00%, 06/01/27 (Call 06/01/25) | 2,885 | 2,980,612 | ||||||
| 5.00%, 06/01/32 (PR 06/01/25) | 1,500 | 1,552,625 | ||||||
| Series A, 4.00%, 06/01/30 | 13,250 | 14,054,210 | ||||||
| Series A, 4.00%, 06/01/31 | 32,000 | 34,077,574 | ||||||
| Series A, 4.00%, 06/01/32 | 10,500 | 11,198,044 | ||||||
| Series A, 5.00%, 06/01/24 | 10,500 | 10,656,228 | ||||||
| Series A, 5.00%, 06/01/25 | 22,580 | 23,310,217 | ||||||
| Series A, 5.00%, 06/01/26 | 34,780 | 36,573,236 | ||||||
| Series A, 5.00%, 06/01/27 | 19,335 | 20,711,967 | ||||||
| Series A, 5.00%, 06/01/28 | 22,530 | 24,593,243 | ||||||
| Series A, 5.00%, 06/01/29 | 33,380 | 37,071,821 | ||||||
| 1,462,379,088 | ||||||||
| New Mexico — 0.2% | ||||||||
| New Mexico Finance Authority RB | ||||||||
| Series A, 5.00%, 06/15/24 | 10,555 | 10,731,570 | ||||||
| Series A, 5.00%, 06/15/25 | 600 | 621,275 | ||||||
| Series A, 5.00%, 06/15/28 | 6,500 | 7,141,832 | ||||||
| Series A, 5.00%, 06/15/30 | 1,500 | 1,710,253 | ||||||
| State of New Mexico GO | ||||||||
| 5.00%, 03/01/25 | 3,010 | 3,104,727 | ||||||
| 5.00%, 03/01/26 | 1,500 | 1,577,252 | ||||||
| 5.00%, 03/01/27 | 7,725 | 8,288,286 | ||||||
| 5.00%, 03/01/29 | 5,000 | 5,571,532 | ||||||
| State of New Mexico Severance Tax Permanent Fund RB | ||||||||
| 5.00%, 07/01/24 | 5,050 | 5,138,320 | ||||||
| 5.00%, 07/01/25 | 5,000 | 5,179,565 | ||||||
| 5.00%, 07/01/31 | 13,540 | 15,639,688 | ||||||
| Series A, 5.00%, 07/01/26 | 2,500 | 2,641,222 | ||||||
| 67,345,522 | ||||||||
| New York — 21.5% | ||||||||
| Battery Park City Authority RB | ||||||||
| Series A, 4.00%, 11/01/44 (Call 11/01/29) | 5,915 | 5,876,855 | ||||||
| Series A, 5.00%, 11/01/24 (Call 11/01/23) | 1,635 | 1,647,307 | ||||||
| Series A, 5.00%, 11/01/26 (Call 11/01/23) | 1,875 | 1,888,568 | ||||||
| Series A, 5.00%, 11/01/49 (Call 11/01/29) | 3,960 | 4,258,521 | ||||||
| Series B, 5.00%, 11/01/39 (Call 11/01/29) | 840 | 923,134 | ||||||
| Series B, 5.00%, 11/01/40 (Call 11/01/29) | 3,700 | 4,048,672 | ||||||
| Series D-2, VRDN,3.50%, 11/01/38 (Put 05/31/23)(b) | 10,000 | 10,000,000 | ||||||
| City of New York GO | ||||||||
| VRDN,3.85%, 09/01/49 (Put 05/31/23)(b) | 25,000 | 25,000,000 | ||||||
| Series F-5, VRDN,4.00%, 06/01/44 (Put 05/31/23)(b) | 3,800 | 3,800,000 | ||||||
| City of New York NY GO | ||||||||
| 3.00%, 08/01/50 (Call 08/01/31) | 1,650 | 1,269,175 | ||||||
| 4.00%, 08/01/38 (Call 08/01/31) | 1,030 | 1,037,293 | ||||||
| 4.00%, 08/01/39 (Call 08/01/30) | 1,525 | 1,527,072 | ||||||
| 4.00%, 08/01/41 (Call 08/01/30) | 3,345 | 3,310,255 | ||||||
| 4.00%, 08/01/41 (Call 08/01/31) | 13,060 | 12,924,346 | ||||||
| 5.00%, 09/01/25 | 3,210 | 3,332,361 | ||||||
| 5.00%, 08/01/27 | 1,735 | 1,868,712 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 09/01/28 | $ | 5,525 | $ | 6,067,428 | ||||
| 5.00%, 09/01/29 | 5,940 | 6,627,101 | ||||||
| 5.00%, 11/01/29 | 5,000 | 5,593,576 | ||||||
| 5.00%, 08/01/30 | 18,890 | 21,358,889 | ||||||
| 5.00%, 11/01/30 | 9,950 | 11,292,077 | ||||||
| 5.00%, 08/01/31 (Call 08/01/30) | 11,150 | 12,693,172 | ||||||
| 5.00%, 04/01/32 (Call 04/01/29) | 5,250 | 5,831,244 | ||||||
| 5.00%, 08/01/32 | 3,725 | 4,313,074 | ||||||
| 5.00%, 08/01/32 (Call 08/01/30) | 6,550 | 7,445,139 | ||||||
| 5.00%, 08/01/32 (Call 08/01/31) | 5,000 | 5,768,083 | ||||||
| 5.00%, 04/01/39 (Call 04/01/33) | 12,500 | 13,930,802 | ||||||
| 5.00%, 09/01/39 (Call 09/01/32) | 2,000 | 2,217,455 | ||||||
| 5.00%, 12/01/44 (Call 12/01/28) | 13,695 | 14,555,686 | ||||||
| 5.25%, 10/01/32 (Call 10/01/27) | 10,440 | 11,486,267 | ||||||
| 5.25%, 09/01/42 (Call 09/01/32) | 2,000 | 2,247,542 | ||||||
| VRDN,3.98%, 03/01/42 (Put 05/31/23)(b) | 26,400 | 26,400,000 | ||||||
| VRDN,4.00%, 12/01/47 (Put 05/31/23)(b) | 30,000 | 30,000,000 | ||||||
| VRDN,4.10%, 08/01/44 (Put 05/31/23)(b) | 15,440 | 15,440,000 | ||||||
| Series 1, 5.00%, 08/01/25 | 6,285 | 6,514,348 | ||||||
| Series 1-I, 5.00%, 03/01/30 (Call 03/01/24) | 1,000 | 1,011,251 | ||||||
| Series 2015-A, 5.00%, 08/01/31 (Call 08/01/24) | 2,500 | 2,544,781 | ||||||
| Series 2015-A, 5.00%, 08/01/32 (Call 08/01/24) | 1,000 | 1,017,683 | ||||||
| Series A, 5.00%, 08/01/23 | 2,865 | 2,872,187 | ||||||
| Series A, 5.00%, 08/01/24 | 12,380 | 12,628,790 | ||||||
| Series A, 5.00%, 08/01/25 | 1,610 | 1,668,751 | ||||||
| Series A, 5.00%, 08/01/26 | 5,250 | 5,552,372 | ||||||
| Series A, 5.00%, 08/01/26 (Call 08/01/25) | 1,850 | 1,922,622 | ||||||
| Series A, 5.00%, 08/01/27 (Call 08/01/25) | 1,060 | 1,101,159 | ||||||
| Series A, 5.00%, 08/01/28 (Call 08/01/25) | 3,260 | 3,385,196 | ||||||
| Series A, 5.00%, 08/01/28 (Call 08/01/27) | 2,000 | 2,171,670 | ||||||
| Series A-1, 4.00%, 08/01/34 (Call 08/01/30) | 1,775 | 1,861,739 | ||||||
| Series A-1, 4.00%, 08/01/34 (Call 08/01/31) | 2,550 | 2,689,850 | ||||||
| Series A-1, 4.00%, 08/01/36 (Call 08/01/26) | 5,390 | 5,449,203 | ||||||
| Series A-1, 4.00%, 08/01/37 (Call 08/01/29) | 2,500 | 2,528,459 | ||||||
| Series A-1, 4.00%, 08/01/39 (Call 08/01/31) | 8,000 | 8,012,197 | ||||||
| Series A-1, 4.00%, 08/01/40 (Call 08/01/31) | 2,000 | 1,987,080 | ||||||
| Series A-1, 4.00%, 08/01/44 (Call 08/01/29) | 9,000 | 8,795,427 | ||||||
| Series A-1, 4.00%, 08/01/50 (Call 08/01/31) | 3,315 | 3,184,411 | ||||||
| Series A-1, 5.00%, 08/01/25 | 12,330 | 12,779,938 | ||||||
| Series A-1, 5.00%, 08/01/27 | 2,500 | 2,692,668 | ||||||
| Series A-1, 5.00%, 08/01/29 | 8,925 | 9,943,940 | ||||||
| Series A-1, 5.00%, 08/01/30 (Call 08/01/26) | 1,660 | 1,752,013 | ||||||
| Series A-1, 5.00%, 08/01/32 (Call 08/01/30) | 1,000 | 1,136,662 | ||||||
| Series A-1, 5.00%, 08/01/36 (Call 08/01/23) | 15,000 | 15,025,179 | ||||||
| Series A-1, 5.00%, 08/01/38 (Call 08/01/26) | 3,000 | 3,139,548 | ||||||
| Series A-2015, 5.00%, 08/01/24 | 1,695 | 1,729,063 | ||||||
| Series A-3, 4.00%, 08/01/35 (Call 08/01/30) | 2,500 | 2,584,702 | ||||||
| Series B, VRDN,4.00%, 10/01/46 (Put 05/31/23)(b) | 10,770 | 10,770,000 | ||||||
| Series B-1, 3.00%, 10/01/41 (Call 10/01/29) | 2,000 | 1,676,089 | ||||||
| Series B-1, 4.00%, 10/01/35 (Call 10/01/29) | 1,015 | 1,044,595 | ||||||
| Series B-1, 4.00%, 10/01/37 (Call 10/01/29) | 1,880 | 1,900,054 | ||||||
| Series B-1, 4.00%, 10/01/41 (Call 10/01/27) | 1,000 | 989,712 | ||||||
| Series B-1, 5.00%, 08/01/25 | 8,000 | 8,291,930 | ||||||
| Series B-1, 5.00%, 08/01/26 | 24,055 | 25,440,441 | ||||||
| Series B-1, 5.00%, 08/01/27 | 10,990 | 11,836,970 | ||||||
| Series B-1, 5.00%, 08/01/29 | 32,500 | 36,210,424 | ||||||
| Series B-1, 5.00%, 12/01/29 (Call 12/01/26) | 1,005 | 1,068,256 | ||||||
| Series B-1, 5.00%, 10/01/31 (Call 10/01/29) | 1,175 | 1,316,546 | ||||||
| Series B-1, 5.00%, 10/01/32 (Call 10/01/29) | 1,000 | 1,118,968 | ||||||
| Series B-1, 5.00%, 10/01/33 (Call 10/01/29) | 6,310 | 7,047,989 | ||||||
29
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series B-1, 5.00%, 12/01/33 (Call 12/01/26) | $ | 1,800 | $ | 1,912,066 | ||||
| Series B-1, 5.00%, 10/01/34 (Call 10/01/29) | 2,500 | 2,782,868 | ||||||
| Series B-1, 5.00%, 12/01/35 (Call 12/01/26) | 7,815 | 8,274,952 | ||||||
| Series B-1, 5.00%, 10/01/36 (Call 10/01/29) | 14,240 | 15,592,820 | ||||||
| Series B-1, 5.00%, 10/01/37 (Call 10/01/27) | 3,000 | 3,193,432 | ||||||
| Series B-1, 5.00%, 10/01/38 (Call 10/01/27) | 6,455 | 6,856,857 | ||||||
| Series B-1, 5.00%, 10/01/38 (Call 10/01/29) | 5,000 | 5,419,612 | ||||||
| Series B-1, 5.00%, 12/01/38 (Call 12/01/26) | 1,500 | 1,578,635 | ||||||
| Series B-1, 5.00%, 12/01/41 (Call 12/01/26) | 3,000 | 3,138,116 | ||||||
| Series C, 4.00%, 08/01/34 (Call 02/01/28) | 1,000 | 1,033,060 | ||||||
| Series C, 4.00%, 08/01/35 (Call 02/01/26) | 4,870 | 4,936,026 | ||||||
| Series C, 4.00%, 08/01/36 (Call 08/01/30) | 1,000 | 1,023,241 | ||||||
| Series C, 4.00%, 08/01/37 (Call 08/01/30) | 6,000 | 6,078,002 | ||||||
| Series C, 4.00%, 08/01/40 (Call 08/01/30) | 1,000 | 993,540 | ||||||
| Series C, 5.00%, 08/01/23 | 6,755 | 6,771,946 | ||||||
| Series C, 5.00%, 08/01/25 | 3,980 | 4,125,236 | ||||||
| Series C, 5.00%, 08/01/26 | 2,960 | 3,130,481 | ||||||
| Series C, 5.00%, 08/01/27 (Call 02/01/25) | 4,500 | 4,629,663 | ||||||
| Series C, 5.00%, 08/01/28 (Call 02/01/25) | 5,165 | 5,312,131 | ||||||
| Series C, 5.00%, 08/01/28 (Call 02/01/26) | 895 | 936,420 | ||||||
| Series C, 5.00%, 08/01/28 (Call 02/01/27) | 3,200 | 3,442,174 | ||||||
| Series C, 5.00%, 08/01/29 (Call 02/01/26) | 7,260 | 7,592,203 | ||||||
| Series C, 5.00%, 08/01/29 (Call 02/01/28) | 4,000 | 4,345,721 | ||||||
| Series C, 5.00%, 08/01/30 | 1,485 | 1,679,087 | ||||||
| Series C, 5.00%, 08/01/32 (Call 02/01/28) | 2,435 | 2,642,638 | ||||||
| Series C, 5.00%, 08/01/33 (Call 08/01/30) | 3,000 | 3,404,304 | ||||||
| Series C, 5.00%, 08/01/38 (Call 08/01/30) | 8,665 | 9,470,846 | ||||||
| Series C, 5.00%, 08/01/42 (Call 08/01/30) | 3,225 | 3,469,862 | ||||||
| Series C-1, 5.00%, 08/01/25 | 2,000 | 2,072,983 | ||||||
| Series C-1, 5.00%, 08/01/27 | 10,900 | 11,740,034 | ||||||
| Series C-1, 5.00%, 08/01/28 | 3,000 | 3,289,342 | ||||||
| Series C-1, 5.00%, 08/01/29 | 2,000 | 2,228,334 | ||||||
| Series C-1, 5.00%, 08/01/30 | 6,750 | 7,632,213 | ||||||
| Series C-1, 5.00%, 08/01/31 (Call 08/01/30) | 1,500 | 1,707,602 | ||||||
| Series C-1, 5.00%, 08/01/33 (Call 08/01/30) | 15,635 | 17,742,099 | ||||||
| Series C-1, 5.00%, 08/01/36 (Call 08/01/30) | 2,815 | 3,121,297 | ||||||
| Series D1, 4.00%, 12/01/41 (Call 12/01/28) | 3,000 | 2,969,575 | ||||||
| Series D1, 4.00%, 12/01/42 (Call 12/01/28) | 5,000 | 4,916,583 | ||||||
| Series D1, 5.00%, 12/01/34 (Call 12/01/28) | 5,000 | 5,470,632 | ||||||
| Series D1, 5.00%, 12/01/39 (Call 12/01/28) | 11,945 | 12,824,005 | ||||||
| Series D1, 5.00%, 12/01/40 (Call 12/01/28) | 4,815 | 5,154,866 | ||||||
| Series D1, 5.00%, 12/01/42 (Call 12/01/28) | 4,020 | 4,284,091 | ||||||
| Series D-1, 4.00%, 03/01/36 (Call 03/01/30) | 2,700 | 2,767,476 | ||||||
| Series D-1, 4.00%, 03/01/41 (Call 03/01/30) | 2,000 | 1,979,468 | ||||||
| Series D-1, 4.00%, 03/01/50 (Call 03/01/30) | 7,000 | 6,725,101 | ||||||
| Series D-1, 4.25%, 05/01/40 (Call 05/01/32) | 2,500 | 2,531,395 | ||||||
| Series D-1, 4.50%, 05/01/49 (Call 05/01/32) | 3,625 | 3,719,524 | ||||||
| Series D-1, 5.00%, 08/01/27 (Call 08/01/23) | 1,290 | 1,292,850 | ||||||
| Series D-1, 5.00%, 03/01/37 (Call 03/01/30) | 2,500 | 2,738,693 | ||||||
| Series D-1, 5.00%, 03/01/40 (Call 03/01/30) | 3,000 | 3,239,318 | ||||||
| Series D-1, 5.25%, 05/01/40 (Call 05/01/32) | 3,500 | 3,952,773 | ||||||
| Series D-1, 5.25%, 05/01/41 (Call 05/01/32) | 9,300 | 10,462,012 | ||||||
| Series D-1, 5.25%, 05/01/42 (Call 05/01/32) | 8,000 | 8,960,136 | ||||||
| Series D-1, 5.25%, 05/01/43 (Call 05/01/32) | 8,500 | 9,505,870 | ||||||
| Series D-1, 5.50%, 05/01/46 (Call 05/01/32) | 5,300 | 6,008,081 | ||||||
| Series D-3, 5.00%, 08/01/38 (Call 08/01/23) | 10,000 | 10,013,139 | ||||||
| Series E, 5.00%, 08/01/23 | 6,910 | 6,927,334 | ||||||
| Series E, 5.00%, 08/01/24 | 4,600 | 4,692,442 | ||||||
| Series E, 5.00%, 08/01/25 | 10,215 | 10,587,759 | ||||||
| Series E, 5.00%, 08/01/28 (Call 08/01/26) | 1,900 | 2,007,666 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series E, 5.00%, 08/01/32 (Call 02/01/29) | $ | 1,000 | $ | 1,107,550 | ||||
| Series E, 5.00%, 08/01/34 (Call 02/01/29) | 1,000 | 1,103,372 | ||||||
| Series E-1, 4.00%, 03/01/41 (Call 03/01/28) | 2,600 | 2,573,309 | ||||||
| Series E-1, 5.00%, 03/01/37 (Call 03/01/28) | 2,500 | 2,676,876 | ||||||
| Series E-1, 5.00%, 03/01/38 (Call 03/01/28) | 2,500 | 2,667,175 | ||||||
| Series E-1, 5.00%, 03/01/39 (Call 03/01/28) | 2,000 | 2,128,611 | ||||||
| Series E-1, 5.00%, 03/01/44 (Call 03/01/28) | 16,965 | 17,897,198 | ||||||
| Series F-1, 3.00%, 03/01/41 (Call 03/01/31) | 1,000 | 838,617 | ||||||
| Series F-1, 3.50%, 04/01/46 (Call 04/01/28) | 4,000 | 3,530,718 | ||||||
| Series F-1, 5.00%, 04/01/34 (Call 04/01/28) | 1,000 | 1,086,829 | ||||||
| Series F-1, 5.00%, 06/01/36 (Call 06/01/25) | 1,100 | 1,128,285 | ||||||
| Series F-1, 5.00%, 04/01/37 (Call 04/01/28) | 7,890 | 8,453,616 | ||||||
| Series F-1, 5.00%, 04/01/45 (Call 04/01/28) | 6,500 | 6,853,150 | ||||||
| Series F-3, 5.00%, 12/01/24 | 5,975 | 6,133,559 | ||||||
| Series F-3, 5.00%, 12/01/25 | 2,280 | 2,378,420 | ||||||
| Series G, 5.00%, 08/01/23 | 4,580 | 4,591,489 | ||||||
| Series H, 5.00%, 08/01/26 (Call 08/01/23) | 5,000 | 5,011,214 | ||||||
| Series I, 5.00%, 08/01/23 | 3,500 | 3,508,780 | ||||||
| Series I-A, 4.00%, 04/01/36 (Call 10/01/30) | 4,950 | 5,078,167 | ||||||
| Series J, 5.00%, 08/01/24 | 2,795 | 2,851,169 | ||||||
| Series J, 5.00%, 08/01/25 (Call 08/01/24) | 2,170 | 2,207,376 | ||||||
| Series J, 5.00%, 08/01/26 | 1,000 | 1,057,595 | ||||||
| Series J, 5.00%, 08/01/28 (Call 08/01/24) | 2,000 | 2,035,595 | ||||||
| Series J, 5.00%, 08/01/32 (Call 08/01/24) | 10,000 | 10,176,827 | ||||||
| Series J-10, 5.00%, 08/01/26 | 4,470 | 4,727,448 | ||||||
| Series J-5, 5.00%, 08/01/27 | 2,500 | 2,692,668 | ||||||
| Series L-5, 5.00%, 04/01/34 (Call 04/01/31) | 2,000 | 2,287,409 | ||||||
| City of New York NY GOL | ||||||||
| Series F-1, 5.00%, 03/01/26 | 1,825 | 1,914,070 | ||||||
| Series F-1, 5.00%, 03/01/39 (Call 03/01/31) | 4,000 | 4,373,724 | ||||||
| Series F-1, 5.00%, 03/01/50 (Call 03/01/31) | 18,575 | 19,805,636 | ||||||
| County of Nassau NY GOL | ||||||||
| 4.00%, 04/01/53 (Call 04/01/33) | 11,000 | 10,611,240 | ||||||
| Series B, 5.00%, 04/01/43 (Call 06/09/23) | 3,000 | 3,000,822 | ||||||
| Series C, 5.00%, 10/01/27. | 2,600 | 2,832,887 | ||||||
| Dutchess County Local Development Corp. RB, 5.00%, 07/01/42 (Call 07/01/27) | 750 | 782,851 | ||||||
| Hudson Yards Infrastructure Corp. RB | ||||||||
| 4.00%, 02/15/41 (Call 02/15/32) | 7,905 | 7,836,699 | ||||||
| 5.00%, 02/15/34 (Call 02/15/32) | 5,000 | 5,787,003 | ||||||
| Series A, 4.00%, 02/15/44 (Call 02/15/27) | 17,640 | 17,285,715 | ||||||
| Series A, 4.00%, 02/15/47 (Call 02/15/27) (AGM) | 23,030 | 22,516,466 | ||||||
| Series A, 5.00%, 02/15/26 | 800 | 841,714 | ||||||
| Series A, 5.00%, 02/15/27 | 1,000 | 1,074,855 | ||||||
| Series A, 5.00%, 02/15/28 (Call 02/15/27) | 1,010 | 1,071,102 | ||||||
| Series A, 5.00%, 02/15/31 (Call 02/15/27) | 1,150 | 1,220,093 | ||||||
| Series A, 5.00%, 02/15/33 (Call 02/15/27) | 5,000 | 5,297,092 | ||||||
| Series A, 5.00%, 02/15/35 (Call 02/15/27) | 1,600 | 1,689,994 | ||||||
| Series A, 5.00%, 02/15/37 (Call 02/15/27) | 2,350 | 2,467,243 | ||||||
| Series A, 5.00%, 02/15/38 (Call 02/15/27) | 3,000 | 3,144,308 | ||||||
| Series A, 5.00%, 02/15/42 (Call 02/15/27) | 7,360 | 7,669,871 | ||||||
| Long Island Power Authority RB | ||||||||
| 1.00%, 09/01/25 (Call 09/01/23) | 7,000 | 6,472,617 | ||||||
| 5.00%, 09/01/33 (Call 09/01/28) | 1,000 | 1,102,209 | ||||||
| 5.00%, 09/01/38 (Call 09/01/28) | 15,750 | 16,951,541 | ||||||
| 5.00%, 09/01/42 (Call 09/01/27) | 1,755 | 1,855,163 | ||||||
| 5.00%, 09/01/46 (Call 09/01/26) | 6,640 | 6,865,463 | ||||||
| 5.00%, 09/01/47 (Call 09/01/27) | 4,000 | 4,218,779 | ||||||
| Series A, 3.00%, 09/01/40 (Call 09/01/31) | 3,150 | 2,562,342 | ||||||
| Series A, 4.00%, 09/01/32 (Call 09/01/31) | 8,000 | 8,740,248 | ||||||
30
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series A, 4.00%, 09/01/34 (Call 09/01/28) | $ | 5,000 | $ | 5,155,404 | ||||
| Series A, 4.00%, 09/01/39 (Call 09/01/24) (AGM) | 2,000 | 1,986,642 | ||||||
| Series A, 4.00%, 09/01/41 (Call 09/01/31) | 500 | 493,819 | ||||||
| Series A, 5.00%, 09/01/30 | 9,000 | 10,359,776 | ||||||
| Series A, 5.00%, 09/01/34 (Call 09/01/24) | 4,610 | 4,679,311 | ||||||
| Series A, 5.00%, 09/01/44 (Call 09/01/24) | 20,040 | 20,170,911 | ||||||
| Series B, 5.00%, 09/01/32 (Call 09/01/26) | 3,000 | 3,171,312 | ||||||
| Series B, 5.00%, 09/01/41 (Call 09/01/26) | 500 | 520,076 | ||||||
| Series B, 5.00%, 09/01/45 (Call 09/01/25) | 6,000 | 6,077,677 | ||||||
| Series B, VRDN,0.85%, 09/01/50 (Put 09/01/25)(b) | 2,500 | 2,330,510 | ||||||
| Series B, VRDN,1.50%, 09/01/51 (Put 03/01/26)(b) | 780 | 718,572 | ||||||
| Metropolitan Transportation Authority RB | ||||||||
| 5.00%, 11/15/33 (Call 05/15/25) | 3,105 | 3,153,505 | ||||||
| 5.00%, 11/15/37 (Call 11/15/26) | 12,700 | 13,313,594 | ||||||
| 5.00%, 11/15/40 (Call 05/15/25) | 10,050 | 10,123,571 | ||||||
| Series A, 0.00%, 11/15/30(a) | 9,645 | 7,323,048 | ||||||
| Series A, 4.00%, 11/15/40 (Call 05/15/32) | 5,000 | 4,919,638 | ||||||
| Series A, 5.00%, 11/15/38 (Call 05/15/24) | 3,050 | 3,050,398 | ||||||
| Series A, 5.00%, 11/15/42 (Call 05/15/27) | 5,000 | 5,244,400 | ||||||
| Series A, 5.00%, 11/15/43 (Call 07/03/23) | 6,690 | 6,690,025 | ||||||
| Series A, 5.00%, 11/15/44 (Call 05/15/32) | 4,000 | 4,352,026 | ||||||
| Series A, 5.00%, 11/15/47 (Call 05/15/27) | 4,770 | 4,972,128 | ||||||
| Series A, 5.25%, 11/15/29 (Call 11/15/26) | 4,940 | 5,279,874 | ||||||
| Series A-1, 4.00%, 11/15/42 (Call 05/15/30) (AGM) | 2,500 | 2,439,604 | ||||||
| Series A-1, 4.00%, 11/15/44 (Call 05/15/31) | 3,500 | 3,254,627 | ||||||
| Series A-1, 4.00%, 11/15/46 (Call 05/15/30) | 9,650 | 8,898,128 | ||||||
| Series A-1, 4.00%, 11/15/47 (Call 05/15/31) | 5,000 | 4,584,768 | ||||||
| Series A-1, 4.00%, 11/15/52 (Call 05/15/30) | 1,035 | 927,884 | ||||||
| Series A-1, 5.00%, 11/15/40 (Call 05/15/25) | 3,975 | 4,004,099 | ||||||
| Series A-1, 5.00%, 11/15/44 (Call 11/15/23) | 15,385 | 15,390,439 | ||||||
| Series A-1, 5.00%, 11/15/51 (Call 05/15/27) | 1,500 | 1,504,545 | ||||||
| Series A-1, 5.25%, 11/15/56 (Call 05/15/26) | 4,525 | 4,560,690 | ||||||
| Series A-1, 5.25%, 11/15/57 (Call 05/15/27) | 2,070 | 2,097,178 | ||||||
| Series A-2, 4.00%, 11/15/42 (Call 05/15/31) | 10,000 | 9,385,789 | ||||||
| Series A-2, 5.00%, 11/15/27 (Call 11/15/26) | 3,000 | 3,112,972 | ||||||
| Series B, 4.00%, 11/15/36 (Call 11/15/26) | 3,065 | 2,990,988 | ||||||
| Series B, 4.00%, 11/15/45 (Call 05/15/25) | 1,960 | 1,812,662 | ||||||
| Series B, 5.00%, 11/15/23 | 9,165 | 9,207,836 | ||||||
| Series B, 5.00%, 11/15/24 | 14,455 | 14,696,242 | ||||||
| Series B, 5.00%, 11/15/25 | 2,000 | 2,055,648 | ||||||
| Series B, 5.00%, 11/15/26 | 3,000 | 3,120,798 | ||||||
| Series B, 5.00%, 11/15/27 (Call 11/15/26) | 2,380 | 2,469,625 | ||||||
| Series B, 5.00%, 11/15/28 | 5,810 | 6,168,755 | ||||||
| Series B, 5.00%, 11/15/37 (Call 11/15/26) | 2,180 | 2,223,844 | ||||||
| Series B, 5.00%, 11/15/38 (Call 05/15/24) | 1,660 | 1,660,219 | ||||||
| Series B, 5.00%, 11/15/52 (Call 05/15/29) | 4,090 | 4,174,253 | ||||||
| Series B, 5.25%, 11/15/23 (AMBAC) | 210 | 211,063 | ||||||
| Series B, 5.25%, 11/15/44 (Call 05/15/24) | 35,845 | 35,989,688 | ||||||
| Series B-1, 5.00%, 11/15/35 (Call 11/15/27) | 1,000 | 1,076,716 | ||||||
| Series B-1, 5.00%, 11/15/36 (Call 11/15/26) | 15,000 | 15,774,589 | ||||||
| Series B-1, 5.00%, 11/15/46 (Call 11/15/26) | 1,895 | 1,958,516 | ||||||
| Series B-1, 5.25%, 11/15/57 (Call 11/15/27) | 1,000 | 1,045,242 | ||||||
| Series B-2, 5.00%, 11/15/33 (Call 11/15/27) | 6,940 | 7,519,231 | ||||||
| Series B-2, 5.00%, 11/15/38 (Call 11/15/26) | 2,745 | 2,868,531 | ||||||
| Series C, 4.00%, 11/15/45 (Call 11/15/29) (AGM) | 1,280 | 1,237,264 | ||||||
| Series C, 4.00%, 11/15/46 (Call 11/15/29) (AGM) | 3,500 | 3,372,159 | ||||||
| Series C, 4.00%, 11/15/47 (Call 11/15/29) (AGM) | 3,500 | 3,362,126 | ||||||
| Series C, 5.00%, 11/15/40 (Call 11/15/29) | 4,500 | 4,689,959 | ||||||
| Series C, 5.00%, 11/15/43 (Call 11/15/29) (BAM) | 1,000 | 1,040,896 | ||||||
| Series C-1, 4.00%, 11/15/32 (Call 05/15/28) | 16,000 | 15,876,755 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series C-1, 4.00%, 11/15/35 (Call 05/15/28) | $ | 2,500 | $ | 2,451,351 | ||||
| Series C-1, 4.00%, 11/15/37 (Call 05/15/28) | 7,500 | 7,278,860 | ||||||
| Series C-1, 4.00%, 11/15/38 (Call 05/15/28) | 6,495 | 6,276,367 | ||||||
| Series C-1, 4.75%, 11/15/45 (Call 05/15/30) | 8,500 | 8,595,114 | ||||||
| Series C-1, 5.00%, 11/15/23 | 2,000 | 2,009,376 | ||||||
| Series C-1, 5.00%, 11/15/25 | 10,320 | 10,607,146 | ||||||
| Series C-1, 5.00%, 11/15/26 | 12,250 | 12,743,260 | ||||||
| Series C-1, 5.00%, 11/15/27 | 6,265 | 6,588,411 | ||||||
| Series C-1, 5.00%, 11/15/27 (Call 11/15/25) | 5,000 | 5,139,512 | ||||||
| Series C-1, 5.00%, 11/15/28 (Call 05/15/28) | 3,215 | 3,416,304 | ||||||
| Series C-1, 5.00%, 11/15/29 (Call 05/15/28) | 4,995 | 5,309,874 | ||||||
| Series C-1, 5.00%, 11/15/31 (Call 05/15/28) | 1,200 | 1,275,057 | ||||||
| Series C-1, 5.00%, 11/15/34 (Call 05/15/28) | 4,000 | 4,220,312 | ||||||
| Series C-1, 5.00%, 11/15/35 (Call 11/15/25) | 480 | 489,082 | ||||||
| Series C-1, 5.00%, 11/15/50 (Call 05/15/30) | 28,880 | 29,456,762 | ||||||
| Series C-1, 5.00%, 11/15/56 (Call 11/15/26) | 4,370 | 4,358,976 | ||||||
| Series C-1, 5.25%, 11/15/55 (Call 05/15/30) | 12,310 | 12,698,320 | ||||||
| Series C-2, 0.00%, 11/15/29(a) | 1,295 | 1,005,284 | ||||||
| Series C-2, 0.00%, 11/15/33(a) | 1,040 | 665,608 | ||||||
| Series D, 4.00%, 11/15/42 (Call 05/15/28) | 2,000 | 1,877,158 | ||||||
| Series D, 4.00%, 11/15/46 (Call 05/15/28) | 7,000 | 6,454,601 | ||||||
| Series D, 5.00%, 11/15/29 (Call 11/15/26) | 1,075 | 1,113,344 | ||||||
| Series D, 5.00%, 11/15/30 (Call 11/15/26) | 1,500 | 1,550,564 | ||||||
| Series D, 5.00%, 11/15/32 (Call 05/15/28) | 3,000 | 3,181,991 | ||||||
| Series D, 5.00%, 11/15/33 (Call 05/15/28) | 1,500 | 1,588,807 | ||||||
| Series D, 5.00%, 11/15/35 (Call 05/15/28) | 535 | 560,952 | ||||||
| Series D, 5.00%, 11/15/38 (Call 11/15/23) | 2,250 | 2,197,878 | ||||||
| Series D, 5.00%, 11/15/43 (Call 11/15/23) | 5,960 | 5,962,765 | ||||||
| Series D1, 5.00%, 11/15/43 (Call 11/15/30) | 16,750 | 17,264,567 | ||||||
| Series D1, 5.00%, 11/15/44 (Call 11/15/30) | 17,000 | 17,479,677 | ||||||
| Series D1, 5.00%, 11/15/45 (Call 11/15/30) | 3,500 | 3,590,082 | ||||||
| Series D-1, 5.00%, 11/15/29 (Call 11/15/25) | 7,000 | 7,184,493 | ||||||
| Series D-1, 5.00%, 11/15/39 (Call 11/15/24) | 5,100 | 5,115,789 | ||||||
| Series D-1, 5.25%, 11/15/44 (Call 11/15/24) | 3,030 | 3,048,472 | ||||||
| Series D-1, VRDN,5.00%, 11/15/34 (Put 11/15/24)(b) | 4,000 | 4,054,218 | ||||||
| Series D3, 4.00%, 11/15/50 (Call 11/15/30) | 9,000 | 8,132,978 | ||||||
| Series E, 4.00%, 11/15/38 (Call 07/03/23) | 2,345 | 2,266,063 | ||||||
| Series E, 4.00%, 11/15/45 (Call 11/15/30) | 10,905 | 10,085,246 | ||||||
| Series E, 5.00%, 11/15/43 (Call 11/15/23) | 3,050 | 3,051,415 | ||||||
| Series F, 5.00%, 11/15/26 (Call 11/15/25) | 1,150 | 1,183,175 | ||||||
| MTA Hudson Rail Yards Trust Obligations RB | ||||||||
| Series A, 5.00%, 11/15/51 (Call 11/15/23) | 4,000 | 3,999,816 | ||||||
| Series A, 5.00%, 11/15/56 (Call 11/15/23) | 10,000 | 10,000,488 | ||||||
| Nassau County Interim Finance Authority RB | ||||||||
| Series A, 4.00%, 11/15/33 (Call 05/15/31) | 5,290 | 5,796,888 | ||||||
| Series A, 4.00%, 11/15/34 (Call 05/15/31) | 2,190 | 2,387,932 | ||||||
| Series A, 4.00%, 11/15/35 (Call 05/15/31) | 855 | 922,357 | ||||||
| Series A, 5.00%, 11/15/30 | 2,500 | 2,930,004 | ||||||
| Series A, 5.00%, 11/15/31 (Call 05/15/31) | 10,000 | 11,742,009 | ||||||
| Series A, 5.00%, 11/15/32 (Call 05/15/31) | 5,000 | 5,861,628 | ||||||
| Series A, 5.00%, 11/15/33 (Call 05/15/31) | 5,000 | 5,843,233 | ||||||
| Series A, 5.00%, 11/15/34 (Call 05/15/31) | 5,020 | 5,838,207 | ||||||
| Series A, 5.00%, 11/15/35 (Call 05/15/31) | 5,180 | 5,973,730 | ||||||
| New York City Industrial Development Agency RB, 4.00%, 03/01/45 (Call 09/01/30) | 1,600 | 1,502,463 | ||||||
| New York City Municipal Water Finance Authority RB | ||||||||
| 3.00%, 06/15/40 (Call 12/15/30) | 8,470 | 7,080,801 | ||||||
| 4.00%, 06/15/43 (Call 12/15/30) | 10,000 | 9,958,523 | ||||||
| 4.00%, 06/15/48 (Call 12/15/27) | 8,830 | 8,637,270 | ||||||
| 4.00%, 06/15/50 (Call 12/15/30) | 15,500 | 15,084,152 | ||||||
31
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 06/15/32 (Call 12/15/25) | $ | 7,880 | $ | 8,204,842 | ||||
| 5.00%, 06/15/37 (Call 06/15/28) | 2,720 | 2,933,371 | ||||||
| 5.00%, 06/15/51 (Call 06/15/31) | 5,530 | 5,925,514 | ||||||
| VRDN,3.51%, 06/15/51 (Put 06/07/23)(b) | 3,700 | 3,700,000 | ||||||
| VRDN,3.98%, 06/15/49 (Put 05/31/23)(b) | 20,165 | 20,165,000 | ||||||
| Series AA, 4.00%, 06/15/40 (Call 12/15/29) | 5,550 | 5,573,947 | ||||||
| Series AA, 5.00%, 06/15/40 (Call 12/15/29) | 2,370 | 2,574,001 | ||||||
| Series AA-1, 4.00%, 06/15/51 (Call 06/15/31) | 8,250 | 8,016,293 | ||||||
| Series AA2, VRDN,4.10%, 06/15/50 (Put 05/31/23)(b) | 40,000 | 40,000,000 | ||||||
| Series B, VRDN,4.00%, 06/15/50 (Put 05/31/23)(b) | 10,000 | 10,000,000 | ||||||
| Series BB, 4.00%, 06/15/47 (Call 06/21/23) | 22,165 | 21,733,636 | ||||||
| Series BB, 4.63%, 06/15/46 (Call 06/15/23) | 1,020 | 1,020,174 | ||||||
| Series BB1, 3.00%, 06/15/50 (Call 12/15/30) | 8,780 | 6,558,012 | ||||||
| Series BB-1, 3.00%, 06/15/44 (Call 12/15/31) | 10,695 | 8,515,926 | ||||||
| Series BB-1, 4.00%, 06/15/45 (Call 12/15/31) | 5,450 | 5,372,604 | ||||||
| Series BB-1, 4.00%, 06/15/49 (Call 12/15/29) | 12,000 | 11,715,583 | ||||||
| Series BB-1, 5.00%, 06/15/49 (Call 12/15/29) | 15,500 | 16,521,475 | ||||||
| Series BB2, 4.00%, 06/15/42 (Call 12/15/30) | 12,505 | 12,489,191 | ||||||
| Series BB-2, 5.00%, 06/15/25 (Call 12/15/23) | 1,500 | 1,510,020 | ||||||
| Series C, 5.00%, 06/15/26 (Call 12/15/24) | 2,750 | 2,815,907 | ||||||
| Series CC, 5.00%, 06/15/46 (Call 06/15/26) | 14,800 | 15,253,917 | ||||||
| Series CC, 5.00%, 06/15/47 (Call 06/15/23) | 13,225 | 13,232,225 | ||||||
| Series CC, 5.00%, 06/15/47 (PR 06/15/23) | 7,020 | 7,023,835 | ||||||
| Series CC-1, 4.00%, 06/15/49 (Call 12/15/29) | 7,930 | 7,742,048 | ||||||
| Series CC-1, 4.00%, 06/15/51 (Call 06/15/31) | 1,750 | 1,700,426 | ||||||
| Series CC-1, 5.00%, 06/15/48 (Call 06/15/27) | 17,230 | 18,088,257 | ||||||
| Series CC-1, 5.00%, 06/15/49 (Call 12/15/29) | 1,500 | 1,598,852 | ||||||
| Series CC-2, 4.00%, 06/15/42 (Call 12/15/29) | 11,000 | 10,986,094 | ||||||
| Series CC-2, 5.00%, 06/15/25 | 1,365 | 1,415,587 | ||||||
| Series DD, 5.00%, 06/15/26 | 11,760 | 12,459,263 | ||||||
| Series DD, 5.00%, 06/15/35 (Call 06/15/23) | 14,430 | 14,437,883 | ||||||
| Series DD, 5.00%, 06/15/36 (Call 06/15/24) | 5,765 | 5,846,722 | ||||||
| Series DD, 5.00%, 06/15/47 (Call 12/15/26) | 19,590 | 20,299,658 | ||||||
| Series DD, 5.25%, 06/15/47 (Call 12/15/26) | 7,735 | 8,104,551 | ||||||
| Series DD1, 5.00%, 06/15/48 (Call 12/15/27) | 6,475 | 6,842,628 | ||||||
| Series DD-1, 4.00%, 06/15/49 (Call 06/15/28) | 3,860 | 3,768,513 | ||||||
| Series DD-2, 5.00%, 06/15/25 (Call 12/15/23) | 4,500 | 4,530,061 | ||||||
| Series DD-2, 5.00%, 06/15/27 (Call 12/15/25) | 5,375 | 5,627,284 | ||||||
| Series DD-2, 5.00%, 06/15/40 (Call 12/15/27) | 2,500 | 2,669,589 | ||||||
| Series DD-3, 4.00%, 06/15/42 (Call 06/15/30) | 4,500 | 4,494,311 | ||||||
| Series EE, 4.00%, 06/15/39 (Call 06/15/32) | 6,000 | 6,065,270 | ||||||
| Series EE, 4.00%, 06/15/45 (Call 06/15/32) | 5,000 | 4,928,995 | ||||||
| Series EE, 5.00%, 06/15/28 | 3,500 | 3,873,276 | ||||||
| Series EE, 5.00%, 06/15/36 (Call 06/15/24) | 4,600 | 4,665,208 | ||||||
| Series EE, 5.00%, 06/15/39 (Call 06/15/32) | 6,250 | 6,962,557 | ||||||
| Series EE, 5.00%, 06/15/40 (Call 12/15/27) | 6,650 | 7,101,105 | ||||||
| Series EE, 5.00%, 06/15/45 (Call 06/15/24) | 11,575 | 11,688,513 | ||||||
| Series EE, 5.00%, 06/15/45 (Call 06/15/28) | 10,750 | 11,367,176 | ||||||
| Series EE, 5.00%, 06/15/45 (Call 06/15/32) | 28,145 | 30,643,494 | ||||||
| Series EE-2, 4.00%, 06/15/40 (Call 06/15/29) | 6,500 | 6,526,136 | ||||||
| Series EE-2, 5.00%, 06/15/40 (Call 06/15/29) | 2,000 | 2,160,321 | ||||||
| Series FF, 4.00%, 06/15/41 (Call 06/15/30) | 1,000 | 1,002,510 | ||||||
| Series FF, 5.00%, 06/15/39 (Call 06/15/25) | 4,095 | 4,207,588 | ||||||
| Series FF, 5.00%, 06/15/39 (Call 06/15/28) | 5,750 | 6,157,036 | ||||||
| Series FF, 5.00%, 06/15/40 (Call 06/15/28) | 7,935 | 8,470,927 | ||||||
| Series FF, 5.00%, 06/15/41 (Call 06/15/30) | 1,000 | 1,082,540 | ||||||
| Series FF-1, 4.00%, 06/15/49 (Call 06/15/29) | 10,000 | 9,762,986 | ||||||
| Series FF-2, 4.00%, 06/15/36 (Call 06/15/29) | 6,315 | 6,486,332 | ||||||
| Series FF-2, 4.00%, 06/15/41 (Call 06/15/29) | 4,590 | 4,600,063 | ||||||
| Series GG, 5.00%, 06/15/37 (Call 06/15/25) | 1,815 | 1,865,621 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series GG, 5.00%, 06/15/39 (Call 06/15/25) | $ | 5,780 | $ | 5,938,916 | ||||
| Series GG-1, 5.00%, 06/15/48 (Call 06/15/30) | 18,695 | 19,936,724 | ||||||
| Series GG-1, 5.00%, 06/15/50 (Call 06/15/30) | 8,445 | 8,992,307 | ||||||
| Series GG-2, 4.00%, 06/15/50 (Call 06/15/30) | 11,500 | 11,191,468 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue RB | ||||||||
| 3.00%, 07/15/38 (Call 07/15/31) (SAW) | 9,000 | 7,902,358 | ||||||
| 3.00%, 07/15/49 (Call 07/15/29) | 1,375 | 1,065,762 | ||||||
| 5.00%, 07/15/25 (SAW) | 375 | 388,755 | ||||||
| 5.00%, 07/15/25 (ETM) (SAW) | 2,085 | 2,160,779 | ||||||
| 5.00%, 07/15/31 (Call 07/15/27) (SAW) | 2,000 | 2,166,022 | ||||||
| 5.00%, 07/15/32 (SAW) | 1,900 | 2,236,915 | ||||||
| 5.00%, 07/15/32 (Call 01/15/26) (SAW) | 5,000 | 5,232,029 | ||||||
| 5.00%, 07/15/36 (Call 07/15/25) (SAW) | 1,500 | 1,548,790 | ||||||
| Series S-1, 5.00%, 07/15/29 (Call 07/15/27) (SAW) | 3,000 | 3,248,900 | ||||||
| Series S-1, 5.00%, 07/15/31 (Call 01/15/25) (SAW) | 11,050 | 11,353,708 | ||||||
| Series S-1, 5.00%, 07/15/35 (Call 01/15/25) (SAW) | 1,500 | 1,538,121 | ||||||
| Series S-1, 5.00%, 07/15/35 (Call 07/15/27) (SAW) | 8,425 | 9,075,768 | ||||||
| Series S-1, 5.00%, 07/15/40 (Call 01/15/25) (SAW) | 1,730 | 1,764,370 | ||||||
| Series S-1, 5.00%, 07/15/43 (Call 01/15/25) (SAW) | 2,170 | 2,207,978 | ||||||
| Series S-1, 5.00%, 07/15/43 (Call 01/15/26) (SAW) | 9,900 | 10,220,768 | ||||||
| Series S-1, 5.00%, 07/15/43 (Call 07/15/28) (SAW) | 4,500 | 4,774,631 | ||||||
| Series S-1A, 4.00%, 07/15/34 (Call 07/15/31) (SAW) | 1,000 | 1,057,106 | ||||||
| Series S-1A, 4.00%, 07/15/35 (Call 07/15/31) (SAW) | 16,170 | 16,768,909 | ||||||
| Series S-1A, 5.00%, 07/15/31 (SAW) | 2,500 | 2,906,914 | ||||||
| Series S-1A, 5.00%, 07/15/32 (Call 07/15/31) (SAW) | 1,500 | 1,743,529 | ||||||
| Series S-1A, 5.00%, 07/15/33 (Call 07/15/31) (SAW) | 6,250 | 7,246,997 | ||||||
| Series S-2, 5.00%, 07/15/33 (Call 07/15/25) (SAW) | 2,000 | 2,073,775 | ||||||
| Series S-2, 5.00%, 07/15/35 (Call 07/15/25) (SAW) | 1,500 | 1,551,901 | ||||||
| Series S-2, 5.00%, 07/15/40 (Call 07/15/25) (SAW) | 6,240 | 6,410,759 | ||||||
| Series S-2A, 4.00%, 07/15/36 (Call 07/15/28) (SAW) | 2,000 | 2,032,609 | ||||||
| Series S-2A, 5.00%, 07/15/34 (Call 07/15/28) (SAW) | 3,000 | 3,290,816 | ||||||
| Series S-2A, 5.00%, 07/15/35 (Call 07/15/28) (SAW) | 3,000 | 3,267,497 | ||||||
| Series S-3, 4.00%, 07/15/38 (Call 07/15/28) (SAW) | 2,500 | 2,509,198 | ||||||
| Series S-3, 5.00%, 07/15/31 (Call 07/15/28) (SAW) | 8,240 | 9,078,435 | ||||||
| Series S-3, 5.00%, 07/15/34 (Call 07/15/25) (SAW) | 7,500 | 7,775,095 | ||||||
| Series S-3, 5.00%, 07/15/35 (Call 07/15/28) (SAW) | 5,000 | 5,445,828 | ||||||
| Series S-3, 5.00%, 07/15/36 (Call 07/15/28) (SAW) | 5,000 | 5,407,655 | ||||||
| Series S-3, 5.00%, 07/15/37 (Call 07/15/28) (SAW) | 1,000 | 1,074,474 | ||||||
| Series S-3, 5.00%, 07/15/43 (Call 07/15/28) (SAW) | 6,250 | 6,631,432 | ||||||
| Series S-4A, 5.00%, 07/15/25 (SAW) | 1,835 | 1,902,307 | ||||||
| Series S-4A, 5.00%, 07/15/31 (Call 07/15/28) (SAW) | 2,500 | 2,754,380 | ||||||
| Series S-4A, 5.00%, 07/15/32 (Call 07/15/28) (SAW) | 2,750 | 3,026,345 | ||||||
| Series S-4A, 5.00%, 07/15/37 (Call 07/15/28) (SAW) | 5,200 | 5,587,266 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue RB | ||||||||
| 3.00%, 11/01/37 (Call 11/01/30) | 2,000 | 1,763,714 | ||||||
| 3.00%, 11/01/39 (Call 11/01/30) | 2,000 | 1,698,639 | ||||||
| 4.00%, 05/01/36 (Call 11/01/30) | 10,000 | 10,276,522 | ||||||
| 4.00%, 05/01/37 (Call 11/01/30) | 4,750 | 4,828,062 | ||||||
| 4.00%, 05/01/38 (Call 11/01/30) | 6,000 | 6,049,996 | ||||||
| 4.00%, 08/01/38 (Call 08/01/32) | 1,000 | 1,009,968 | ||||||
| 4.00%, 11/01/38 (Call 11/01/30) | 11,875 | 11,973,950 | ||||||
| 4.00%, 02/01/39 (Call 02/01/31) | 3,000 | 3,008,503 | ||||||
| 4.00%, 05/01/39 (Call 11/01/30) | 3,285 | 3,294,095 | ||||||
| 4.00%, 05/01/40 (Call 11/01/30) | 6,000 | 5,974,783 | ||||||
| 4.00%, 05/01/41 (Call 11/01/30) | 2,000 | 1,985,135 | ||||||
| 4.00%, 02/01/42 (Call 02/01/31) | 5,000 | 4,941,780 | ||||||
| 4.00%, 02/01/42 (Call 02/01/32) | 4,230 | 4,180,746 | ||||||
| 4.00%, 05/01/42 (Call 11/01/30) | 3,770 | 3,725,772 | ||||||
32
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| 4.00%, 05/01/43 (Call 11/01/30) | $ | 5,000 | $ | 4,938,778 | ||||
| 4.00%, 02/01/47 (Call 02/01/32) | 26,305 | 25,641,612 | ||||||
| 4.00%, 11/01/47 (Call 11/01/30) | 8,725 | 8,501,060 | ||||||
| 4.00%, 08/01/48 (Call 08/01/32) | 14,595 | 14,186,039 | ||||||
| 4.00%, 02/01/51 (Call 02/01/33) | 1,595 | 1,542,454 | ||||||
| 5.00%, 11/01/23 | 16,780 | 16,893,111 | ||||||
| 5.00%, 11/01/23 (ETM) | 240 | 241,440 | ||||||
| 5.00%, 11/01/24 | 14,530 | 14,891,570 | ||||||
| 5.00%, 11/01/26 | 5,540 | 5,901,175 | ||||||
| 5.00%, 08/01/27 | 2,960 | 3,192,932 | ||||||
| 5.00%, 08/01/27 (Call 08/01/24) | 1,070 | 1,087,204 | ||||||
| 5.00%, 11/01/27 | 13,470 | 14,604,325 | ||||||
| 5.00%, 11/01/28 | 32,530 | 35,906,308 | ||||||
| 5.00%, 11/01/28 (Call 11/01/27) | 6,000 | 6,491,637 | ||||||
| 5.00%, 11/01/29 | 17,150 | 19,260,541 | ||||||
| 5.00%, 11/01/30 | 4,000 | 4,565,254 | ||||||
| 5.00%, 02/01/31 (Call 02/01/24) | 12,255 | 12,363,676 | ||||||
| 5.00%, 05/01/31 (Call 11/01/30) | 3,500 | 4,025,453 | ||||||
| 5.00%, 05/01/32 (Call 05/01/26) | 3,380 | 3,557,989 | ||||||
| 5.00%, 11/01/32 (Call 11/01/30) | 3,000 | 3,443,827 | ||||||
| 5.00%, 11/01/32 (Call 05/01/32) | 5,000 | 5,871,857 | ||||||
| 5.00%, 11/01/33 (Call 11/01/30) | 2,980 | 3,411,071 | ||||||
| 5.00%, 11/01/33 (Call 05/01/31) | 2,500 | 2,883,430 | ||||||
| 5.00%, 11/01/33 (Call 11/01/31) | 3,000 | 3,485,903 | ||||||
| 5.00%, 05/01/34 (Call 05/01/26) | 3,000 | 3,154,556 | ||||||
| 5.00%, 11/01/34 (Call 05/01/29) | 4,000 | 4,425,292 | ||||||
| 5.00%, 11/01/36 (Call 11/01/30) | 16,345 | 18,189,566 | ||||||
| 5.00%, 05/01/37 (Call 11/01/30) | 11,385 | 12,605,991 | ||||||
| 5.00%, 05/01/39 (Call 05/01/27) | 11,400 | 12,116,086 | ||||||
| 5.00%, 08/01/39 (Call 08/01/32) | 8,000 | 8,889,636 | ||||||
| 5.00%, 05/01/40 (Call 05/01/26) | 3,200 | 3,319,624 | ||||||
| 5.00%, 08/01/43 (Call 08/01/32) | 5,000 | 5,472,446 | ||||||
| 5.00%, 08/01/44 (Call 08/01/32) | 5,000 | 5,454,294 | ||||||
| 5.00%, 02/01/45 (Call 02/01/33) | 20,000 | 21,843,136 | ||||||
| 5.00%, 02/01/47 (Call 02/01/32) | 8,790 | 9,495,739 | ||||||
| 5.25%, 11/01/37 (Call 11/01/32) | 5,375 | 6,188,390 | ||||||
| 5.25%, 11/01/38 (Call 11/01/32) | 1,000 | 1,143,675 | ||||||
| 5.50%, 11/01/45 (Call 11/01/32) | 7,650 | 8,737,018 | ||||||
| VRDN,3.98%, 02/01/45 (Put 05/31/23)(b) | 17,010 | 17,010,000 | ||||||
| VRDN,4.10%, 02/01/45 (Put 05/31/23)(b) | 19,500 | 19,500,000 | ||||||
| Series A, 5.00%, 08/01/37 (Call 08/01/28) | 1,560 | 1,678,405 | ||||||
| Series A-1, 4.00%, 11/01/36 (Call 11/01/31) | 5,005 | 5,137,051 | ||||||
| Series A-1, 4.00%, 08/01/41 (Call 08/01/28) | 2,000 | 1,984,963 | ||||||
| Series A-1, 5.00%, 05/01/24 | 2,500 | 2,538,823 | ||||||
| Series A-1, 5.00%, 08/01/24 | 3,640 | 3,713,150 | ||||||
| Series A-1, 5.00%, 11/01/26 | 2,240 | 2,386,035 | ||||||
| Series A-1, 5.00%, 08/01/29 (Call 08/01/24) | 3,040 | 3,088,878 | ||||||
| Series A-1, 5.00%, 08/01/29 (Call 08/01/25) | 5,000 | 5,197,341 | ||||||
| Series A-1, 5.00%, 08/01/31 (Call 08/01/25) | 1,300 | 1,349,925 | ||||||
| Series A-1, 5.00%, 08/01/34 (Call 08/01/24) | 1,000 | 1,015,964 | ||||||
| Series A-1, 5.00%, 08/01/34 (Call 08/01/28) | 2,000 | 2,188,856 | ||||||
| Series A-1, 5.00%, 11/01/34 (Call 11/01/31) | 5,330 | 6,137,607 | ||||||
| Series A-1, 5.00%, 08/01/35 (Call 08/01/25) | 1,670 | 1,722,812 | ||||||
| Series A-1, 5.00%, 11/01/35 (Call 11/01/23) | 30,275 | 30,389,367 | ||||||
| Series A-1, 5.00%, 08/01/37 (Call 08/01/25) | 2,500 | 2,568,013 | ||||||
| Series A-1, 5.00%, 08/01/38 (Call 08/01/24) | 750 | 761,201 | ||||||
| Series A-1, 5.00%, 11/01/38 (Call 11/01/23) | 3,725 | 3,734,797 | ||||||
| Series A-1, 5.00%, 08/01/42 (Call 08/01/28) | 3,040 | 3,237,388 | ||||||
| Series A2, 5.00%, 05/01/36 (Call 05/01/29) | 5,000 | 5,472,330 | ||||||
| Series A2, 5.00%, 05/01/37 (Call 05/01/29) | 2,500 | 2,716,260 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series A2, 5.00%, 05/01/38 (Call 05/01/29) | $ | 3,780 | $ | 4,086,871 | ||||
| Series A-2, 5.00%, 08/01/33 (Call 08/01/27) | 1,690 | 1,827,349 | ||||||
| Series A-2, 5.00%, 08/01/35 (Call 08/01/27) | 2,165 | 2,333,435 | ||||||
| Series A-3, 4.00%, 05/01/41 (Call 05/01/29) | 22,880 | 22,709,940 | ||||||
| Series A-3, 4.00%, 05/01/42 (Call 05/01/29) | 10,795 | 10,668,358 | ||||||
| Series A-3, 4.00%, 08/01/42 (Call 08/01/27) | 4,750 | 4,693,713 | ||||||
| Series A-3, 4.00%, 05/01/43 (Call 05/01/29) | 13,955 | 13,784,129 | ||||||
| Series A-3, 5.00%, 08/01/40 (Call 08/01/27) | 5,000 | 5,329,091 | ||||||
| Series A-3, 5.00%, 08/01/41 (Call 08/01/27) | 5,000 | 5,324,226 | ||||||
| Series A4, VRDN,4.00%, 08/01/39 (Put 06/01/23)(b) | 20,000 | 20,000,000 | ||||||
| Series A-4, 3.85%, 11/01/29 (Put 05/31/23)(b) | 2,500 | 2,500,000 | ||||||
| Series A-6, 5.00%, 08/01/27 | 5,750 | 6,202,485 | ||||||
| Series A-6, 5.00%, 08/01/29 | 5,560 | 6,218,025 | ||||||
| Series B-1, 4.00%, 08/01/35 (Call 08/01/27) | 1,605 | 1,640,311 | ||||||
| Series B-1, 4.00%, 08/01/37 (Call 08/01/26) | 1,080 | 1,087,472 | ||||||
| Series B-1, 4.00%, 08/01/39 (Call 08/01/31) | 6,500 | 6,519,458 | ||||||
| Series B-1, 4.00%, 11/01/41 (Call 11/01/29) | 1,000 | 992,428 | ||||||
| Series B-1, 4.00%, 08/01/42 (Call 08/01/31) | 7,710 | 7,618,638 | ||||||
| Series B-1, 4.00%, 11/01/42 (Call 11/01/29) | 5,750 | 5,681,372 | ||||||
| Series B-1, 4.00%, 05/01/45 (Call 11/01/30) | 5,250 | 5,145,834 | ||||||
| Series B-1, 4.00%, 08/01/45 (Call 08/01/31) | 18,165 | 17,801,771 | ||||||
| Series B-1, 4.00%, 11/01/45 (Call 11/01/29) | 31,680 | 31,042,678 | ||||||
| Series B-1, 4.00%, 11/01/47 (Call 11/01/29) | 4,000 | 3,897,334 | ||||||
| Series B-1, 5.00%, 11/01/26 | 1,245 | 1,326,167 | ||||||
| Series B-1, 5.00%, 08/01/28 (Call 08/01/24) | 3,415 | 3,469,517 | ||||||
| Series B-1, 5.00%, 08/01/30 (Call 08/01/27) | 1,000 | 1,082,132 | ||||||
| Series B-1, 5.00%, 08/01/31 (Call 08/01/26) | 3,500 | 3,703,750 | ||||||
| Series B-1, 5.00%, 08/01/32 (Call 08/01/26) | 1,750 | 1,851,333 | ||||||
| Series B-1, 5.00%, 08/01/33 (Call 08/01/27) | 1,000 | 1,081,272 | ||||||
| Series B-1, 5.00%, 08/01/34 (Call 08/01/24) | 4,795 | 4,871,547 | ||||||
| Series B-1, 5.00%, 08/01/34 (Call 08/01/28) | 1,000 | 1,094,428 | ||||||
| Series B-1, 5.00%, 11/01/34 (Call 11/01/29) | 1,000 | 1,114,479 | ||||||
| Series B-1, 5.00%, 08/01/35 (Call 08/01/24) | 7,000 | 7,110,946 | ||||||
| Series B-1, 5.00%, 08/01/35 (Call 08/01/28) | 3,000 | 3,265,823 | ||||||
| Series B-1, 5.00%, 11/01/35 (Call 11/01/25) | 2,475 | 2,564,186 | ||||||
| Series B-1, 5.00%, 11/01/35 (Call 11/01/29) | 8,500 | 9,407,106 | ||||||
| Series B-1, 5.00%, 08/01/36 (Call 08/01/26) | 4,000 | 4,202,002 | ||||||
| Series B-1, 5.00%, 11/01/36 (Call 05/01/24) | 210 | 212,541 | ||||||
| Series B-1, 5.00%, 08/01/38 (Call 08/01/26) | 9,000 | 9,399,404 | ||||||
| Series B-1, 5.00%, 08/01/39 (Call 08/01/24) | 3,300 | 3,348,530 | ||||||
| Series B-1, 5.00%, 08/01/40 (Call 08/01/26) | 3,930 | 4,092,439 | ||||||
| Series B-1, 5.00%, 11/01/40 (Call 05/01/24) | 2,000 | 2,022,400 | ||||||
| Series B-1, 5.00%, 08/01/45 (Call 08/01/27) | 3,500 | 3,708,806 | ||||||
| Series B-1, 5.25%, 08/01/37 (Call 08/01/28) | 3,000 | 3,268,892 | ||||||
| Series B-4, VRDN,4.00%, 08/01/42 (Put 05/31/23)(b) | 20,000 | 20,000,000 | ||||||
| Series C, 5.00%, 11/01/25 | 2,075 | 2,164,953 | ||||||
| Series C, 5.00%, 11/01/26 | 4,255 | 4,532,401 | ||||||
| Series C, 5.00%, 11/01/26 (Call 05/01/24) | 1,050 | 1,063,083 | ||||||
| Series C, 5.00%, 11/01/27 (Call 05/01/25) | 4,005 | 4,138,734 | ||||||
| Series C, 5.00%, 11/01/28 (Call 11/01/25) | 1,000 | 1,044,062 | ||||||
| Series C, 5.00%, 11/01/29 (Call 05/01/27) | 7,235 | 7,789,218 | ||||||
| Series C-1, 4.00%, 11/01/37 (Call 05/01/29) | 3,300 | 3,337,882 | ||||||
| Series C-1, 4.00%, 11/01/38 (Call 05/01/29) | 1,000 | 1,006,827 | ||||||
| Series C-1, 4.00%, 11/01/39 (Call 05/01/29) | 10,135 | 10,157,971 | ||||||
| Series C-1, 4.00%, 11/01/40 (Call 05/01/29) | 6,780 | 6,750,926 | ||||||
| Series C-1, 4.00%, 11/01/42 (Call 05/01/29) | 6,540 | 6,461,943 | ||||||
| Series C-3, 4.00%, 05/01/42 (Call 05/01/28) | 5,780 | 5,712,192 | ||||||
| Series C-3, 4.00%, 05/01/43 (Call 05/01/28) | 5,000 | 4,938,778 | ||||||
| Series C-3, 4.00%, 05/01/44 (Call 05/01/28) | 13,005 | 12,813,993 | ||||||
| Series C-3, 5.00%, 05/01/39 (Call 05/01/28) | 7,015 | 7,480,802 | ||||||
33
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series C-3, 5.00%, 05/01/40 (Call 05/01/28) | $ | 6,260 | $ | 6,664,566 | ||||
| Series C-3, 5.00%, 05/01/41 (Call 05/01/28) | 2,000 | 2,127,003 | ||||||
| Series C-4, VRDN,4.10%, 11/01/36(b) | 7,500 | 7,500,000 | ||||||
| Series D-1, 5.00%, 02/01/29 (Call 02/01/24) | 3,500 | 3,530,578 | ||||||
| Series D-S, 3.00%, 11/01/50 (Call 11/01/30) | 3,675 | 2,755,527 | ||||||
| Series D-S, 4.00%, 11/01/39 (Call 11/01/30) | 4,000 | 4,011,075 | ||||||
| Series D-S, 4.00%, 11/01/43 (Call 11/01/30) | 13,000 | 12,838,257 | ||||||
| Series E-1, 3.00%, 02/01/51 (Call 02/01/31) | 2,000 | 1,493,342 | ||||||
| Series E-1, 4.00%, 02/01/40 (Call 02/01/31) | 2,500 | 2,489,563 | ||||||
| Series E-1, 4.00%, 02/01/43 (Call 02/01/31) | 4,000 | 3,951,360 | ||||||
| Series E-1, 4.00%, 02/01/44 (Call 02/01/27) | 2,195 | 2,162,972 | ||||||
| Series E-1, 4.00%, 02/01/46 (Call 02/01/31) | 30,580 | 29,889,592 | ||||||
| Series E-1, 4.00%, 02/01/49 (Call 02/01/31) | 1,000 | 970,304 | ||||||
| Series E-1, 5.00%, 02/01/30 (Call 02/01/26) | 1,440 | 1,507,770 | ||||||
| Series E-1, 5.00%, 02/01/31 (Call 02/01/25) | 2,250 | 2,314,094 | ||||||
| Series E-1, 5.00%, 02/01/31 (Call 02/01/26) | 1,000 | 1,047,584 | ||||||
| Series E-1, 5.00%, 02/01/33 (Call 02/01/25) | 1,710 | 1,755,352 | ||||||
| Series E-1, 5.00%, 02/01/33 (Call 02/01/27) | 1,000 | 1,069,555 | ||||||
| Series E-1, 5.00%, 02/01/34 (Call 02/01/25) | 1,000 | 1,024,889 | ||||||
| Series E-1, 5.00%, 02/01/34 (Call 02/01/26) | 5,430 | 5,681,297 | ||||||
| Series E-1, 5.00%, 02/01/34 (Call 02/01/27) | 4,595 | 4,910,666 | ||||||
| Series E-1, 5.00%, 02/01/35 (Call 02/01/25) | 2,630 | 2,691,171 | ||||||
| Series E-1, 5.00%, 02/01/37 (Call 02/01/26) | 3,635 | 3,774,917 | ||||||
| Series E-1, 5.00%, 02/01/37 (Call 02/01/27) | 2,685 | 2,850,411 | ||||||
| Series E-1, 5.00%, 02/01/40 (Call 02/01/26) | 4,145 | 4,283,191 | ||||||
| Series E-1, 5.00%, 02/01/41 (Call 02/01/25) | 15,650 | 15,899,893 | ||||||
| Series E-1, 5.00%, 02/01/43 (Call 02/01/27) | 2,820 | 2,970,070 | ||||||
| Series F-1, 4.00%, 05/01/37 (Call 05/01/27) | 6,935 | 6,998,975 | ||||||
| Series F-1, 4.00%, 02/01/40 (Call 02/01/24) | 16,775 | 16,704,964 | ||||||
| Series F-1, 4.00%, 05/01/44 (Call 05/01/27) | 1,000 | 985,313 | ||||||
| Series F-1, 4.00%, 02/01/51 (Call 02/01/32) | 10,925 | 10,565,088 | ||||||
| Series F-1, 5.00%, 05/01/31 (Call 05/01/27) | 5,000 | 5,380,435 | ||||||
| Series F-1, 5.00%, 05/01/32 (Call 05/01/27) | 3,250 | 3,495,529 | ||||||
| Series F-1, 5.00%, 05/01/36 (Call 05/01/27) | 3,210 | 3,436,538 | ||||||
| Series F-1, 5.00%, 02/01/40 (Call 02/01/32) | 1,350 | 1,485,918 | ||||||
| Series F-1, 5.00%, 02/01/43 (Call 02/01/32) | 6,000 | 6,540,737 | ||||||
| Series G-6, VRDN,4.00%, 05/01/34 (Put 06/01/23)(b) | 8,700 | 8,700,000 | ||||||
| New York City Water & Sewer System RB | ||||||||
| 4.00%, 06/15/46 (Call 06/15/25) | 5,000 | 4,915,302 | ||||||
| 5.00%, 06/15/48 (Call 06/15/31) | 9,040 | 9,713,272 | ||||||
| Series AA, 4.00%, 06/15/46 (Call 12/15/26) | 3,275 | 3,219,523 | ||||||
| Series AA, 5.00%, 06/15/44 (Call 06/15/24) | 2,000 | 2,020,627 | ||||||
| Series BB, 5.00%, 06/15/46 (Call 06/15/23) | 10,750 | 10,755,873 | ||||||
| Series BB-2, VRDN,3.98%, 06/15/35 (Put 05/31/23)(b) | 28,175 | 28,175,000 | ||||||
| Series CC-1, 4.00%, 06/15/33 (Call 12/15/26) | 1,400 | 1,444,408 | ||||||
| Series CC-1, 5.00%, 06/15/47 (Call 06/15/24) | 10,920 | 11,021,563 | ||||||
| Series DD, 5.00%, 06/15/36 (Call 06/15/24) | 3,665 | 3,716,954 | ||||||
| Series DD, 5.00%, 06/15/39 (Call 06/15/24) | 1,000 | 1,012,852 | ||||||
| Series DD-1, 5.00%, 06/15/30 | 2,000 | 2,299,623 | ||||||
| Series EE, 5.00%, 06/15/30 | 3,500 | 4,024,340 | ||||||
| Series EE, 5.00%, 06/15/36 (Call 06/15/27) | 2,000 | 2,133,919 | ||||||
| Series EE, 5.00%, 06/15/47 (Call 06/15/24) | 6,000 | 6,003,278 | ||||||
| Series FF, 5.00%, 06/15/27 (PR 06/15/25) | 1,335 | 1,385,110 | ||||||
| Series FF, 5.00%, 06/15/38 (Call 06/15/28) | 1,000 | 1,074,467 | ||||||
| Series FF-1, 5.00%, 06/15/49 (Call 06/15/29) | 3,500 | 3,714,965 | ||||||
| Series FF-2, 5.00%, 06/15/35 (Call 06/15/29) | 2,050 | 2,279,370 | ||||||
| Series GG, 5.00%, 06/15/31 (Call 06/15/25) | 2,500 | 2,582,153 | ||||||
| Series GG-2, 5.00%, 06/15/29 (Call 12/15/27) | 13,500 | 14,707,516 | ||||||
| New York Convention Center Development Corp. RB | ||||||||
| 5.00%, 11/15/40 (Call 11/15/25) | 1,500 | 1,534,180 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 11/15/45 (Call 11/15/25) | $ | 1,000 | $ | 1,017,311 | ||||
| Series A, 0.00%, 11/15/47(a) | 2,500 | 761,981 | ||||||
| Series A, 0.00%, 11/15/55(a) | 2,500 | 495,664 | ||||||
| New York Power Authority RB | ||||||||
| 4.00%, 11/15/37 (Call 11/15/31) (AGM) | 500 | 504,955 | ||||||
| 4.00%, 11/15/41 (Call 11/15/31) (AGM) | 2,000 | 1,975,163 | ||||||
| 4.00%, 11/15/47 (Call 11/15/31) | 4,000 | 3,851,934 | ||||||
| 4.00%, 11/15/52 (Call 11/15/31) (AGM) | 12,825 | 12,207,222 | ||||||
| 4.00%, 11/15/61 (Call 11/15/31) | 5,000 | 4,651,403 | ||||||
| 5.00%, 11/15/28 (AGM) | 1,000 | 1,118,009 | ||||||
| 5.00%, 11/15/32 (Call 11/15/31) (AGM) | 1,000 | 1,177,874 | ||||||
| Series A, 3.25%, 11/15/60 (Call 05/15/30) | 1,000 | 769,786 | ||||||
| Series A, 4.00%, 11/15/45 (Call 05/15/30) | 10,555 | 10,433,894 | ||||||
| Series A, 4.00%, 11/15/50 (Call 05/15/30) | 29,185 | 28,488,763 | ||||||
| Series A, 4.00%, 11/15/55 (Call 05/15/30) | 9,090 | 8,708,957 | ||||||
| Series A, 4.00%, 11/15/60 (Call 05/15/30) | 18,210 | 17,233,565 | ||||||
| New York State Dormitory Authority RB | ||||||||
| 3.00%, 03/15/51 (Call 03/15/32) | 27,350 | 20,487,346 | ||||||
| 4.00%, 07/01/36 (Call 07/01/27) | 5,000 | 5,055,760 | ||||||
| 4.00%, 07/01/37 (Call 07/01/28) | 7,095 | 7,137,269 | ||||||
| 4.00%, 07/01/41 (Call 07/01/28) | 1,000 | 978,714 | ||||||
| 4.00%, 03/15/43 (Call 03/15/31) | 10,000 | 9,851,164 | ||||||
| 4.00%, 03/15/45 (Call 03/15/32) | 5,000 | 4,901,047 | ||||||
| 4.00%, 03/15/46 (Call 03/15/32) | 11,000 | 10,766,670 | ||||||
| 4.00%, 03/15/48 (Call 03/15/32) | 7,570 | 7,348,281 | ||||||
| 4.00%, 02/15/49 (Call 02/15/30) | 3,550 | 3,433,612 | ||||||
| 4.00%, 07/01/50 (Call 07/01/29) | 5,000 | 4,718,251 | ||||||
| 4.00%, 07/01/50 (Call 07/01/30) | 1,500 | 1,462,079 | ||||||
| 5.00%, 03/15/25 | 25,000 | 25,806,615 | ||||||
| 5.00%, 02/15/26 | 2,225 | 2,330,389 | ||||||
| 5.00%, 02/15/26 (ETM) | 3,775 | 3,968,153 | ||||||
| 5.00%, 03/15/30 | 19,205 | 21,677,018 | ||||||
| 5.00%, 02/15/31 (Call 02/15/27) | 5,000 | 5,358,908 | ||||||
| 5.00%, 03/15/31 | 10,000 | 11,455,166 | ||||||
| 5.00%, 03/15/33 (Call 09/15/25) | 4,840 | 5,033,691 | ||||||
| 5.00%, 03/15/35 (Call 03/15/32) | 14,000 | 16,031,497 | ||||||
| 5.00%, 02/15/36 (Call 02/15/27) | 1,495 | 1,587,882 | ||||||
| 5.00%, 02/15/36 (PR 02/15/27) | 5 | 5,386 | ||||||
| 5.00%, 03/15/39 (Call 03/15/24) | 3,400 | 3,433,794 | ||||||
| 5.00%, 03/15/44 (Call 03/15/31) | 30,115 | 32,434,385 | ||||||
| 5.00%, 10/01/45 | 3,500 | 4,129,154 | ||||||
| 5.00%, 07/01/48 (Call 07/01/28) | 715 | 751,893 | ||||||
| 5.00%, 07/01/48 (PR 07/01/28) | 535 | 590,461 | ||||||
| 5.00%, 07/01/49 (Call 07/01/29) | 25,540 | 27,146,949 | ||||||
| 5.00%, 07/01/50 (Call 07/01/30) | 1,500 | 1,608,256 | ||||||
| 5.00%, 07/01/51 (Call 07/01/31) | 5,000 | 5,334,257 | ||||||
| Series 1, 5.50%, 07/01/40 (AMBAC) | 530 | 622,621 | ||||||
| Series 2015B-B, 5.00%, 03/15/28 (Call 09/15/25) | 2,000 | 2,084,082 | ||||||
| Series 2015B-B, 5.00%, 03/15/31 (Call 09/15/25) | 1,800 | 1,874,055 | ||||||
| Series 2015B-B, 5.00%, 03/15/32 (Call 09/15/25) | 3,130 | 3,256,664 | ||||||
| Series 2015B-B, 5.00%, 03/15/34 (Call 09/15/25) | 4,635 | 4,812,173 | ||||||
| Series A, 3.00%, 03/15/41 (Call 09/15/30) | 5,000 | 4,137,960 | ||||||
| Series A, 3.00%, 03/15/42 (Call 09/15/30) | 4,900 | 3,997,498 | ||||||
| Series A, 3.00%, 03/15/49 (Call 09/15/30) | 14,820 | 11,274,407 | ||||||
| Series A, 4.00%, 03/15/32 (Call 03/15/25) | 10,000 | 10,172,346 | ||||||
| Series A, 4.00%, 03/15/34 (Call 09/15/30) | 15,620 | 16,487,994 | ||||||
| Series A, 4.00%, 03/15/35 (Call 09/15/30) | 5,000 | 5,195,236 | ||||||
| Series A, 4.00%, 03/15/37 (Call 09/15/30) | 5,000 | 5,082,552 | ||||||
| Series A, 4.00%, 03/15/39 (Call 03/15/31) | 13,210 | 13,247,897 | ||||||
| Series A, 4.00%, 07/01/39 (Call 07/01/26) | 5,170 | 5,117,760 | ||||||
34
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series A, 4.00%, 07/01/39 (Call 07/01/31) | $ | 4,750 | $ | 4,702,004 | ||||
| Series A, 4.00%, 03/15/40 (Call 03/15/32) | 6,155 | 6,129,143 | ||||||
| Series A, 4.00%, 07/01/40 (Call 07/01/31) | 17,530 | 17,243,162 | ||||||
| Series A, 4.00%, 07/01/41 (Call 07/01/26) | 1,000 | 978,714 | ||||||
| Series A, 4.00%, 03/15/42 (Call 03/15/31) | 13,515 | 13,321,996 | ||||||
| Series A, 4.00%, 03/15/43 (Call 09/15/28) | 5,000 | 4,925,582 | ||||||
| Series A, 4.00%, 03/15/43 (Call 09/15/30) | 5,000 | 4,925,582 | ||||||
| Series A, 4.00%, 03/15/44 (Call 09/15/30) | 5,000 | 4,913,008 | ||||||
| Series A, 4.00%, 07/01/46 (Call 07/01/31) | 3,000 | 2,875,625 | ||||||
| Series A, 4.00%, 03/15/47 (Call 03/15/28) | 6,500 | 6,345,141 | ||||||
| Series A, 4.00%, 07/01/47 (Call 07/01/32) | 940 | 840,886 | ||||||
| Series A, 4.00%, 03/15/48 (Call 09/15/28) | 950 | 922,175 | ||||||
| Series A, 5.00%, 09/15/23 | 5,000 | 5,022,913 | ||||||
| Series A, 5.00%, 02/15/24 | 3,240 | 3,279,414 | ||||||
| Series A, 5.00%, 03/15/24 | 1,800 | 1,824,665 | ||||||
| Series A, 5.00%, 02/15/25 | 1,640 | 1,689,150 | ||||||
| Series A, 5.00%, 03/15/25 | 7,975 | 8,240,502 | ||||||
| Series A, 5.00%, 03/15/25 (PR 03/15/24) | 10,565 | 10,706,472 | ||||||
| Series A, 5.00%, 07/01/25 (PR 07/01/23) | 17,755 | 17,776,718 | ||||||
| Series A, 5.00%, 02/15/26 (PR 02/15/24) | 1,000 | 1,011,119 | ||||||
| Series A, 5.00%, 03/15/26 (Call 03/15/25) | 4,010 | 4,133,735 | ||||||
| Series A, 5.00%, 02/15/27 (PR 02/15/24) | 1,730 | 1,749,235 | ||||||
| Series A, 5.00%, 03/15/27 | 1,265 | 1,358,148 | ||||||
| Series A, 5.00%, 03/15/27 (PR 03/15/25) | 1,365 | 1,410,575 | ||||||
| Series A, 5.00%, 03/15/27 (PR 09/15/26) | 2,555 | 2,723,972 | ||||||
| Series A, 5.00%, 02/15/28 (Call 02/15/27) | 30,195 | 32,326,658 | ||||||
| Series A, 5.00%, 03/15/28 | 4,245 | 4,620,081 | ||||||
| Series A, 5.00%, 03/15/28 (ETM) | 5 | 5,518 | ||||||
| Series A, 5.00%, 03/15/28 (Call 03/15/24) | 2,805 | 2,839,856 | ||||||
| Series A, 5.00%, 03/15/28 (Call 03/15/25) | 3,500 | 3,609,229 | ||||||
| Series A, 5.00%, 03/15/29 | 7,500 | 8,321,565 | ||||||
| Series A, 5.00%, 03/15/29 (Call 03/15/24) | 4,780 | 4,839,771 | ||||||
| Series A, 5.00%, 02/15/30 (Call 02/15/27) | 4,000 | 4,284,307 | ||||||
| Series A, 5.00%, 03/15/30 | 10,000 | 11,287,174 | ||||||
| Series A, 5.00%, 03/15/30 (Call 03/15/24) | 1,000 | 1,012,504 | ||||||
| Series A, 5.00%, 03/15/30 (Call 03/15/25) | 2,700 | 2,783,313 | ||||||
| Series A, 5.00%, 03/15/30 (Call 09/15/26) | 5,910 | 6,257,897 | ||||||
| Series A, 5.00%, 10/01/30 (Call 10/01/27) (SAW) | 1,000 | 1,074,705 | ||||||
| Series A, 5.00%, 03/15/31 (Call 03/15/24) | 6,490 | 6,570,648 | ||||||
| Series A, 5.00%, 03/15/31 (Call 03/15/28) | 3,240 | 3,534,582 | ||||||
| Series A, 5.00%, 03/15/31 (Call 03/15/29) | 1,200 | 1,335,445 | ||||||
| Series A, 5.00%, 03/15/32 (Call 03/15/24) | 6,400 | 6,479,031 | ||||||
| Series A, 5.00%, 03/15/32 (Call 03/15/28) | 2,500 | 2,727,129 | ||||||
| Series A, 5.00%, 03/15/32 (Call 09/15/28) | 2,140 | 2,357,620 | ||||||
| Series A, 5.00%, 03/15/32 (Call 03/15/29) | 13,920 | 15,466,473 | ||||||
| Series A, 5.00%, 03/15/32 (Call 09/15/30) | 6,000 | 6,826,301 | ||||||
| Series A, 5.00%, 03/15/33 (Call 03/15/24) | 5,000 | 5,061,353 | ||||||
| Series A, 5.00%, 03/15/33 (Call 03/15/25) | 2,140 | 2,203,776 | ||||||
| Series A, 5.00%, 03/15/33 (Call 09/15/26) | 6,715 | 7,097,359 | ||||||
| Series A, 5.00%, 03/15/33 (Call 03/15/27) | 2,000 | 2,141,159 | ||||||
| Series A, 5.00%, 03/15/33 (Call 09/15/30) | 12,500 | 14,201,616 | ||||||
| Series A, 5.00%, 03/15/34 (Call 03/15/24) | 2,600 | 2,631,702 | ||||||
| Series A, 5.00%, 03/15/34 (Call 03/15/27) | 2,000 | 2,136,134 | ||||||
| Series A, 5.00%, 03/15/34 (Call 03/15/29) | 2,040 | 2,258,555 | ||||||
| Series A, 5.00%, 07/01/34 (Call 07/01/27) | 3,000 | 3,243,086 | ||||||
| Series A, 5.00%, 03/15/35 (Call 03/15/25) | 1,000 | 1,027,172 | ||||||
| Series A, 5.00%, 03/15/35 (Call 03/15/27) | 5,000 | 5,321,952 | ||||||
| Series A, 5.00%, 03/15/35 (Call 03/15/31) | 10,210 | 11,542,350 | ||||||
| Series A, 5.00%, 03/15/36 (Call 09/15/26) | 10,500 | 11,004,156 | ||||||
| Series A, 5.00%, 03/15/36 (Call 03/15/28) | 5,000 | 5,397,161 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series A, 5.00%, 03/15/36 (Call 03/15/29) | $ | 7,000 | $ | 7,650,381 | ||||
| Series A, 5.00%, 03/15/36 (Call 03/15/31) | 10,000 | 11,183,235 | ||||||
| Series A, 5.00%, 03/15/37 (Call 03/15/29) | 1,500 | 1,627,623 | ||||||
| Series A, 5.00%, 03/15/38 (Call 03/15/29) | 12,500 | 13,487,885 | ||||||
| Series A, 5.00%, 07/01/38 (PR 07/01/23) | 5,000 | 5,006,116 | ||||||
| Series A, 5.00%, 03/15/39 (Call 03/15/29) | 4,250 | 4,568,149 | ||||||
| Series A, 5.00%, 02/15/40 (Call 08/15/26) | 3,000 | 3,103,782 | ||||||
| Series A, 5.00%, 02/15/41 (Call 08/15/26) | 2,320 | 2,396,723 | ||||||
| Series A, 5.00%, 03/15/41 (Call 03/15/28) | 3,500 | 3,716,871 | ||||||
| Series A, 5.00%, 03/15/41 (Call 03/15/32) | 21,000 | 23,000,095 | ||||||
| Series A, 5.00%, 03/15/42 (Call 03/15/27) | 1,500 | 1,575,828 | ||||||
| Series A, 5.00%, 03/15/42 (Call 03/15/28) | 4,210 | 4,463,088 | ||||||
| Series A, 5.00%, 03/15/43 (Call 03/15/27) | 1,000 | 1,049,437 | ||||||
| Series A, 5.00%, 03/15/43 (Call 03/15/29) | 2,525 | 2,683,577 | ||||||
| Series A, 5.00%, 03/15/44 (Call 03/15/24) | 8,370 | 8,448,651 | ||||||
| Series A, 5.00%, 03/15/44 (Call 03/15/27) | 10,000 | 10,481,792 | ||||||
| Series A, 5.00%, 03/15/44 (Call 03/15/28) | 9,000 | 9,518,476 | ||||||
| Series A, 5.00%, 03/15/45 (Call 03/15/28) | 4,000 | 4,224,448 | ||||||
| Series A, 5.00%, 03/15/45 (Call 09/15/28) | 2,300 | 2,433,365 | ||||||
| Series A, 5.00%, 03/15/45 (Call 03/15/29) | 9,695 | 10,258,348 | ||||||
| Series A, 5.00%, 03/15/46 (Call 03/15/29) | 1,300 | 1,373,742 | ||||||
| Series A, 5.00%, 03/15/47 (Call 03/15/29) | 4,780 | 5,045,076 | ||||||
| Series A, 5.00%, 10/01/48 | 5,500 | 6,467,065 | ||||||
| Series A, 5.00%, 03/15/49 (Call 03/15/31) | 5,645 | 6,027,061 | ||||||
| Series A, 5.00%, 07/01/49 (Call 07/01/29) | 2,285 | 2,399,673 | ||||||
| Series A, 5.00%, 10/01/50 | 2,190 | 2,581,859 | ||||||
| Series A, 5.25%, 03/15/39 (Call 09/15/28) | 5,000 | 5,437,250 | ||||||
| Series A, 5.75%, 07/01/27 (NPFGC) | 375 | 393,030 | ||||||
| Series A-2, 5.00%, 10/01/46 | 2,000 | 2,357,221 | ||||||
| Series A-2, 5.00%, 10/01/46 (Call 04/01/26) | 1,000 | 1,039,283 | ||||||
| Series B, 4.00%, 02/15/44 (Call 08/15/27) | 1,425 | 1,400,271 | ||||||
| Series B, 5.00%, 02/15/25 | 3,525 | 3,636,567 | ||||||
| Series B, 5.00%, 03/15/27 (PR 09/15/25) | 5,815 | 6,058,648 | ||||||
| Series B, 5.00%, 02/15/29 (Call 08/15/27) | 11,700 | 12,658,924 | ||||||
| Series B, 5.00%, 02/15/31 (Call 02/15/25) | 8,930 | 9,189,683 | ||||||
| Series B, 5.00%, 02/15/31 (Call 08/15/27) | 2,000 | 2,165,916 | ||||||
| Series B, 5.00%, 02/15/31 (PR 02/15/25) | 5 | 5,158 | ||||||
| Series B, 5.00%, 02/15/32 (Call 08/15/27) | 1,200 | 1,298,569 | ||||||
| Series B, 5.00%, 02/15/33 (Call 02/15/25) | 5,000 | 5,141,209 | ||||||
| Series B, 5.00%, 02/15/33 (Call 08/15/27) | 2,000 | 2,162,397 | ||||||
| Series B, 5.00%, 02/15/34 (Call 02/15/25) | 6,115 | 6,282,580 | ||||||
| Series B, 5.00%, 02/15/34 (Call 08/15/27) | 5,000 | 5,402,832 | ||||||
| Series B, 5.00%, 02/15/34 (PR 02/15/25) | 5 | 5,158 | ||||||
| Series B, 5.00%, 02/15/36 (Call 08/15/27) | 1,000 | 1,072,418 | ||||||
| Series B, 5.00%, 02/15/37 (Call 02/15/25) | 2,850 | 2,914,791 | ||||||
| Series B, 5.00%, 02/15/37 (Call 08/15/27) | 6,205 | 6,628,393 | ||||||
| Series B, 5.00%, 02/15/37 (PR 02/15/25) | 5 | 5,158 | ||||||
| Series B, 5.00%, 02/15/38 (Call 02/15/25) | 1,000 | 1,021,903 | ||||||
| Series B, 5.00%, 02/15/38 (Call 08/15/27) | 1,960 | 2,085,769 | ||||||
| Series B, 5.00%, 10/01/38 (Call 04/01/28) | 10,700 | 11,530,782 | ||||||
| Series B, 5.00%, 02/15/39 (Call 08/15/27) | 2,995 | 3,181,518 | ||||||
| Series B, 5.00%, 02/15/39 (PR 08/15/27) | 5 | 5,446 | ||||||
| Series B, 5.00%, 02/15/41 (Call 02/15/25) | 3,040 | 3,100,531 | ||||||
| Series B, 5.00%, 02/15/42 (Call 02/15/25) | 170 | 173,272 | ||||||
| Series B, 5.00%, 02/15/42 (Call 08/15/27) | 1,000 | 1,056,120 | ||||||
| Series B, 5.00%, 07/01/45 (PR 07/01/25) | 8,325 | 8,630,782 | ||||||
| Series B, 5.00%, 07/01/50 (Call 07/01/29) | 2,920 | 3,105,910 | ||||||
| Series B, 5.50%, 03/15/26 (AMBAC) | 1,105 | 1,173,866 | ||||||
| Series B, 5.50%, 03/15/27 (AMBAC) | 2,335 | 2,537,512 | ||||||
| Series C, 4.00%, 07/01/49 (Call 07/01/29) | 1,000 | 954,767 | ||||||
35
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series C, 5.00%, 03/15/24 | $ | 3,250 | $ | 3,291,999 | ||||
| Series C, 5.00%, 03/15/26 | 4,000 | 4,218,678 | ||||||
| Series C, 5.00%, 03/15/31 (Call 03/15/24) | 1,850 | 1,873,565 | ||||||
| Series C, 5.00%, 03/15/32 (Call 03/15/24) | 4,370 | 4,425,325 | ||||||
| Series C, 5.00%, 03/15/33 (Call 03/15/24) | 1,000 | 1,012,660 | ||||||
| Series C, 5.00%, 03/15/33 (Call 03/15/28) | 10,950 | 11,943,514 | ||||||
| Series C, 5.00%, 03/15/35 (Call 03/15/24) | 5,390 | 5,454,881 | ||||||
| Series C, 5.00%, 03/15/37 (Call 03/15/24) | 2,000 | 2,021,276 | ||||||
| Series C, 5.00%, 03/15/38 (Call 03/15/24) | 1,000 | 1,010,327 | ||||||
| Series C, 5.00%, 03/15/39 (Call 03/15/28) | 1,500 | 1,599,911 | ||||||
| Series C, 5.00%, 03/15/44 (Call 03/15/24) | 19,100 | 19,270,601 | ||||||
| Series D, 3.00%, 02/15/49 (Call 02/15/30) | 5,250 | 3,995,599 | ||||||
| Series D, 4.00%, 02/15/37 (Call 02/15/30) | 2,500 | 2,539,786 | ||||||
| Series D, 4.00%, 02/15/47 (Call 02/15/30) | 26,190 | 25,528,760 | ||||||
| Series D, 5.00%, 02/15/24 | 3,000 | 3,036,494 | ||||||
| Series D, 5.00%, 02/15/25 | 2,770 | 2,856,352 | ||||||
| Series D, 5.00%, 02/15/26 | 10,020 | 10,494,604 | ||||||
| Series D, 5.00%, 02/15/27 (PR 08/15/26) | 1,000 | 1,062,349 | ||||||
| Series D, 5.00%, 02/15/28 (Call 08/15/26) | 1,500 | 1,586,197 | ||||||
| Series D, 5.00%, 02/15/29 | 9,705 | 10,751,076 | ||||||
| Series D, 5.00%, 02/15/33 (Call 02/15/30) | 2,205 | 2,483,520 | ||||||
| Series D, 5.00%, 02/15/34 (Call 02/15/30) | 21,700 | 24,377,237 | ||||||
| Series D, 5.00%, 02/15/48 (Call 02/15/30) | 5,000 | 5,305,999 | ||||||
| Series E, 3.00%, 03/15/41 (Call 03/15/32) | 10,250 | 8,482,818 | ||||||
| Series E, 3.25%, 03/15/35 (Call 09/15/23) | 25,000 | 24,117,940 | ||||||
| Series E, 4.00%, 02/15/34 (Call 02/15/25) | 1,445 | 1,465,474 | ||||||
| Series E, 4.00%, 03/15/37 (Call 03/15/32) | 11,000 | 11,213,386 | ||||||
| Series E, 4.00%, 03/15/39 (Call 03/15/32) | 11,230 | 11,265,745 | ||||||
| Series E, 4.00%, 03/15/42 (Call 03/15/32) | 5,605 | 5,524,957 | ||||||
| Series E, 4.00%, 03/15/44 (Call 03/15/32) | 17,500 | 17,195,526 | ||||||
| Series E, 5.00%, 02/15/24 | 1,110 | 1,123,503 | ||||||
| Series E, 5.00%, 03/15/24 | 4,125 | 4,181,524 | ||||||
| Series E, 5.00%, 03/15/27 | 2,000 | 2,155,458 | ||||||
| Series E, 5.00%, 03/15/29 (Call 09/15/28) | 5,195 | 5,705,215 | ||||||
| Series E, 5.00%, 03/15/31 (Call 09/15/25) | 23,195 | 24,138,858 | ||||||
| Series E, 5.00%, 03/15/32 (Call 09/15/25) | 300 | 312,140 | ||||||
| Series E, 5.00%, 03/15/33 (Call 03/15/32) | 7,000 | 8,125,431 | ||||||
| Series E, 5.00%, 03/15/34 (Call 09/15/25) | 5,000 | 5,192,245 | ||||||
| Series E, 5.00%, 03/15/35 (Call 09/15/28) | 10,190 | 11,137,220 | ||||||
| Series E, 5.00%, 03/15/36 (Call 09/15/25) | 24,200 | 25,016,936 | ||||||
| Series E, 5.00%, 03/15/38 (Call 09/15/28) | 10,000 | 10,768,063 | ||||||
| Series E, 5.00%, 03/15/40 (Call 09/15/28) | 4,000 | 4,278,236 | ||||||
| Series E, 5.00%, 03/15/44 (Call 09/15/28) | 9,800 | 10,418,114 | ||||||
| Series E, 5.00%, 03/15/48 (Call 09/15/28) | 2,800 | 2,963,404 | ||||||
| Series E, 5.25%, 03/15/33 (Call 03/15/25) | 2,305 | 2,408,811 | ||||||
| New York State Environmental Facilities Corp. RB | ||||||||
| 3.00%, 10/15/50 (Call 10/15/30) | 8,725 | 6,823,297 | ||||||
| 4.00%, 06/15/47 (Call 06/15/32) | 15,000 | 14,552,160 | ||||||
| 4.00%, 06/15/49 (Call 06/15/29) | 5,670 | 5,474,272 | ||||||
| 5.00%, 06/15/24 | 3,250 | 3,309,695 | ||||||
| 5.00%, 06/15/26 | 2,500 | 2,651,642 | ||||||
| 5.00%, 06/15/42 (Call 06/15/27) | 5,000 | 5,303,256 | ||||||
| 5.00%, 09/15/47 (Call 09/15/32) | 5,000 | 5,494,930 | ||||||
| 5.00%, 06/15/48 (Call 06/15/28) | 11,310 | 12,054,260 | ||||||
| Series A, 4.00%, 06/15/46 (Call 06/15/26) | 1,545 | 1,503,116 | ||||||
| Series A, 5.00%, 06/15/41 (Call 06/15/26) | 2,050 | 2,133,727 | ||||||
| Series A, 5.00%, 06/15/42 (Call 06/15/27) | 2,140 | 2,269,794 | ||||||
| Series A, 5.00%, 06/15/46 (Call 06/15/27) | 16,825 | 17,718,833 | ||||||
| Series B, 4.00%, 06/15/49 (Call 06/15/29) | 2,500 | 2,413,700 | ||||||
| Series B, 5.00%, 06/15/43 (Call 06/15/28) | 10,000 | 10,734,584 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series E, 5.00%, 06/15/47 (Call 06/15/27) | $ | 19,095 | $ | 20,084,535 | ||||
| New York State Thruway Authority RB | ||||||||
| 4.00%, 03/15/44 (Call 09/15/32) | 40,000 | 39,469,056 | ||||||
| 4.00%, 03/15/49 (Call 09/15/32) | 6,570 | 6,384,447 | ||||||
| 4.00%, 03/15/51 (Call 09/15/32) | 17,225 | 16,656,125 | ||||||
| 4.13%, 03/15/56 (Call 09/15/32) | 8,000 | 7,769,990 | ||||||
| 5.00%, 03/15/25 | 12,490 | 12,892,985 | ||||||
| 5.00%, 03/15/28 | 5,000 | 5,458,110 | ||||||
| 5.00%, 03/15/30 | 10,000 | 11,313,493 | ||||||
| 5.00%, 03/15/31 | 20,000 | 22,955,390 | ||||||
| 5.00%, 03/15/46 (Call 09/15/32) | 5,000 | 5,422,960 | ||||||
| 5.00%, 03/15/48 (Call 09/15/32) | 62,625 | 67,687,561 | ||||||
| 5.00%, 03/15/53 (Call 09/15/32) | 25,000 | 26,883,957 | ||||||
| 5.00%, 03/15/54 (Call 09/15/32) | 5,000 | 5,372,779 | ||||||
| Series A, 4.00%, 01/01/56 (Call 01/01/26) | 1,000 | 929,481 | ||||||
| Series A, 5.00%, 01/01/41 (Call 01/01/26) | 1,005 | 1,032,720 | ||||||
| Series A, 5.00%, 01/01/46 (Call 01/01/26) | 5,000 | 5,092,358 | ||||||
| Series A, 5.00%, 01/01/51 (Call 01/01/26) | 5,000 | 5,076,472 | ||||||
| Series A, 5.25%, 01/01/56 (Call 01/01/26) | 2,480 | 2,551,199 | ||||||
| Series A-1, 4.00%, 03/15/36 (Call 03/15/31) | 2,260 | 2,330,750 | ||||||
| Series A-1, 4.00%, 03/15/41 (Call 03/15/31) | 1,110 | 1,107,345 | ||||||
| Series A-1, 4.00%, 03/15/45 (Call 03/15/31) | 5,000 | 4,915,155 | ||||||
| Series A-1, 4.00%, 03/15/46 (Call 03/15/31) | 5,315 | 5,209,946 | ||||||
| Series A-1, 4.00%, 03/15/59 (Call 03/15/31) | 7,435 | 7,043,566 | ||||||
| Series A-1, 5.00%, 03/15/25 | 5,000 | 5,161,323 | ||||||
| Series A-1, 5.00%, 03/15/26 | 5,000 | 5,246,807 | ||||||
| Series B, 3.00%, 01/01/46 (Call 01/01/30) | 2,500 | 1,899,051 | ||||||
| Series B, 4.00%, 01/01/37 (Call 01/01/30) | 1,750 | 1,768,678 | ||||||
| Series B, 4.00%, 01/01/38 (Call 01/01/30) | 5,500 | 5,505,866 | ||||||
| Series B, 4.00%, 01/01/39 (Call 01/01/30) | 3,685 | 3,660,512 | ||||||
| Series B, 4.00%, 01/01/40 (Call 01/01/30) (AGM) | 2,000 | 1,983,716 | ||||||
| Series B, 4.00%, 01/01/41 (Call 01/01/30) | 2,000 | 1,957,570 | ||||||
| Series B, 4.00%, 01/01/50 (Call 01/01/30) | 8,000 | 7,573,998 | ||||||
| Series B, 4.00%, 01/01/50 (Call 01/01/30) (AGM) | 2,500 | 2,403,825 | ||||||
| Series B, 4.00%, 01/01/53 (Call 01/01/30) | 8,250 | 7,728,451 | ||||||
| Series B, 5.00%, 01/01/36 (Call 01/01/30) | 2,000 | 2,210,809 | ||||||
| Series J, 5.00%, 01/01/26 (Call 01/01/24) | 2,675 | 2,696,523 | ||||||
| Series J, 5.00%, 01/01/41 (Call 01/01/24) | 2,000 | 2,012,878 | ||||||
| Series K, 5.00%, 01/01/31 (Call 01/01/25) | 4,000 | 4,102,032 | ||||||
| Series K, 5.00%, 01/01/32 (Call 01/01/25) | 5,365 | 5,501,016 | ||||||
| Series L, 4.00%, 01/01/36 (Call 01/01/28) | 1,000 | 1,017,264 | ||||||
| Series L, 5.00%, 01/01/33 (Call 01/01/28) | 1,000 | 1,086,771 | ||||||
| Series N, 3.00%, 01/01/49 (Call 01/01/30) | 3,000 | 2,223,567 | ||||||
| Series N, 4.00%, 01/01/43 (Call 01/01/30) | 5,660 | 5,534,945 | ||||||
| Series N, 4.00%, 01/01/47 (Call 01/01/30) | 4,000 | 3,858,514 | ||||||
| Series O, 4.00%, 01/01/48 (Call 07/01/31) | 5,845 | 5,619,088 | ||||||
| Series O, 5.00%, 01/01/33 (Call 07/01/31) | 10,000 | 11,534,146 | ||||||
| New York State Urban Development Corp. RB | ||||||||
| 3.00%, 03/15/40 (Call 09/15/30) | 26,835 | 22,263,239 | ||||||
| 3.00%, 03/15/48 (Call 09/15/30) | 3,000 | 2,276,663 | ||||||
| 3.00%, 03/15/50 (Call 09/15/31) | 7,730 | 5,889,599 | ||||||
| 4.00%, 03/15/34 (Call 09/15/30) | 2,500 | 2,635,589 | ||||||
| 4.00%, 03/15/37 (Call 09/15/30) | 2,500 | 2,541,276 | ||||||
| 4.00%, 03/15/39 (Call 09/15/30) | 2,000 | 2,006,672 | ||||||
| 4.00%, 03/15/42 (Call 09/15/30) | 8,025 | 7,910,397 | ||||||
| 4.00%, 03/15/49 (Call 09/15/30) | 6,900 | 6,662,828 | ||||||
| 5.00%, 03/15/25 | 1,490 | 1,538,074 | ||||||
| 5.00%, 03/15/27 | 1,090 | 1,168,016 | ||||||
| 5.00%, 03/15/27 (PR 03/15/24) | 1,000 | 1,013,547 | ||||||
| 5.00%, 09/15/27 | 3,365 | 3,643,074 | ||||||
36
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 03/15/28 | $ | 4,580 | $ | 5,012,483 | ||||
| 5.00%, 09/15/28 | 1,000 | 1,105,702 | ||||||
| 5.00%, 03/15/29 | 8,000 | 8,935,006 | ||||||
| 5.00%, 03/15/29 (Call 03/15/24) | 2,000 | 2,025,009 | ||||||
| 5.00%, 03/15/30 | 13,020 | 14,798,985 | ||||||
| 5.00%, 03/15/32 (Call 09/15/30) | 2,500 | 2,858,415 | ||||||
| 5.00%, 03/15/33 (Call 09/15/30) | 8,000 | 9,128,499 | ||||||
| 5.00%, 03/15/34 (Call 03/15/24) | 2,300 | 2,327,149 | ||||||
| 5.00%, 03/15/35 (Call 09/15/28) | 7,500 | 8,224,015 | ||||||
| 5.00%, 03/15/36 (Call 09/15/30) | 31,000 | 34,629,564 | ||||||
| 5.00%, 03/15/40 (Call 09/15/32) | 10,000 | 11,067,699 | ||||||
| 5.00%, 03/15/43 (Call 09/15/30) | 17,900 | 19,301,846 | ||||||
| 5.00%, 03/15/44 (Call 09/15/30) | 1,000 | 1,075,357 | ||||||
| 5.00%, 03/15/44 (Call 09/15/32) | 24,105 | 26,378,625 | ||||||
| 5.00%, 03/15/46 (Call 09/15/32) | 10,000 | 10,862,159 | ||||||
| 5.00%, 03/15/47 (Call 09/15/30) | 11,850 | 12,662,662 | ||||||
| 5.00%, 03/15/48 (Call 09/15/32) | 10,000 | 10,824,563 | ||||||
| 5.00%, 03/15/50 (Call 09/15/30) | 20,950 | 22,334,896 | ||||||
| 5.00%, 03/15/50 (Call 09/15/32) | 15,000 | 16,205,970 | ||||||
| Series A, 4.00%, 03/15/37 (Call 09/15/31) | 7,500 | 7,654,502 | ||||||
| Series A, 4.00%, 03/15/39 (Call 09/15/31) | 3,265 | 3,284,068 | ||||||
| Series A, 4.00%, 03/15/40 (Call 09/15/30) | 2,910 | 2,897,775 | ||||||
| Series A, 4.00%, 03/15/42 (Call 09/15/29) | 7,750 | 7,679,400 | ||||||
| Series A, 4.00%, 03/15/43 (Call 09/15/29) | 1,000 | 989,124 | ||||||
| Series A, 4.00%, 03/15/44 (Call 09/15/29) | 5,000 | 4,926,745 | ||||||
| Series A, 4.00%, 03/15/45 (Call 09/15/30) | 1,000 | 975,997 | ||||||
| Series A, 4.00%, 03/15/45 (Call 09/15/31) | 2,250 | 2,208,642 | ||||||
| Series A, 4.00%, 03/15/46 (Call 09/15/29) | 2,500 | 2,446,971 | ||||||
| Series A, 4.00%, 03/15/47 (Call 09/15/31) | 16,500 | 16,106,896 | ||||||
| Series A, 4.00%, 03/15/49 (Call 09/15/30) | 54,995 | 53,104,668 | ||||||
| Series A, 5.00%, 03/15/24 | 3,540 | 3,586,748 | ||||||
| Series A, 5.00%, 03/15/26 | 8,805 | 9,249,244 | ||||||
| Series A, 5.00%, 03/15/27 | 10,000 | 10,734,287 | ||||||
| Series A, 5.00%, 03/15/27 (PR 09/15/25) | 10,000 | 10,418,999 | ||||||
| Series A, 5.00%, 03/15/27 (PR 03/15/26) | 3,710 | 3,896,568 | ||||||
| Series A, 5.00%, 03/15/30 (Call 03/15/27) | 1,500 | 1,607,864 | ||||||
| Series A, 5.00%, 03/15/31 (Call 03/15/26) | 2,000 | 2,098,723 | ||||||
| Series A, 5.00%, 03/15/31 (Call 03/15/27) | 10,000 | 10,718,403 | ||||||
| Series A, 5.00%, 03/15/32 (Call 09/15/25) | 1,000 | 1,036,212 | ||||||
| Series A, 5.00%, 03/15/33 (Call 03/15/27) | 1,500 | 1,606,424 | ||||||
| Series A, 5.00%, 03/15/35 (Call 03/15/24) | 3,855 | 3,899,004 | ||||||
| Series A, 5.00%, 03/15/35 (Call 09/15/25) | 6,525 | 6,730,753 | ||||||
| Series A, 5.00%, 03/15/35 (Call 03/15/27) | 2,400 | 2,563,377 | ||||||
| Series A, 5.00%, 03/15/35 (Call 09/15/29) | 2,500 | 2,787,427 | ||||||
| Series A, 5.00%, 03/15/36 (Call 09/15/28) | 2,465 | 2,684,611 | ||||||
| Series A, 5.00%, 03/15/36 (Call 09/15/29) | 1,000 | 1,104,958 | ||||||
| Series A, 5.00%, 03/15/37 (Call 09/15/29) | 2,600 | 2,846,116 | ||||||
| Series A, 5.00%, 03/15/37 (Call 09/15/30) | 2,000 | 2,210,550 | ||||||
| Series A, 5.00%, 03/15/39 (Call 09/15/29) | 2,000 | 2,165,972 | ||||||
| Series A, 5.00%, 03/15/40 (Call 09/15/29) | 2,500 | 2,697,490 | ||||||
| Series A, 5.00%, 03/15/41 (Call 09/15/28) | 3,660 | 3,897,461 | ||||||
| Series A, 5.00%, 03/15/45 (Call 09/15/28) | 2,300 | 2,431,106 | ||||||
| Series A-1, 5.00%, 03/15/28 (Call 06/21/23) | 2,020 | 2,022,432 | ||||||
| Series A-1, 5.00%, 03/15/29 (Call 03/15/24) | 1,270 | 1,271,557 | ||||||
| Series A-1, 5.00%, 03/15/30 (Call 03/15/24) | 2,500 | 2,502,929 | ||||||
| Series A-1, 5.00%, 03/15/43 (Call 06/21/23) | 6,400 | 6,404,290 | ||||||
| Series C, 5.00%, 03/15/30 (Call 03/15/24) | 4,540 | 4,548,128 | ||||||
| Series C-3, 4.00%, 03/15/47 (Call 09/15/27) | 2,000 | 1,943,512 | ||||||
| Series C-3, 5.00%, 03/15/41 (Call 09/15/27) | 2,640 | 2,800,682 | ||||||
| Series C-3, 5.00%, 03/15/42 (Call 09/15/27) | 1,500 | 1,589,401 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series E, 3.00%, 03/15/40 (Call 03/15/30) | $ | 4,500 | $ | 3,739,056 | ||||
| Series E, 3.00%, 03/15/50 (Call 03/15/30) | 14,975 | 11,177,303 | ||||||
| Series E, 4.00%, 03/15/34 (Call 03/15/30) | 5,000 | 5,254,470 | ||||||
| Series E, 4.00%, 03/15/35 (Call 03/15/30) | 2,470 | 2,563,588 | ||||||
| Series E, 4.00%, 03/15/36 (Call 03/15/30) | 3,500 | 3,590,713 | ||||||
| Series E, 4.00%, 03/15/41 (Call 03/15/30) | 19,500 | 19,330,962 | ||||||
| Series E, 4.00%, 03/15/46 (Call 03/15/30) | 7,375 | 7,186,687 | ||||||
| Series E, 5.00%, 03/15/25 | 5,025 | 5,187,130 | ||||||
| Series E, 5.00%, 03/15/26 | 2,445 | 2,568,359 | ||||||
| Series E, 5.00%, 03/15/28 | 3,000 | 3,283,286 | ||||||
| Onondaga County Trust for Cultural Resources RB | ||||||||
| 4.00%, 12/01/49 (Call 12/01/29) | 2,500 | 2,404,862 | ||||||
| 5.00%, 12/01/43 (Call 12/01/29) | 1,000 | 1,084,667 | ||||||
| 5.00%, 12/01/45 (Call 12/01/29) | 1,500 | 1,620,842 | ||||||
| Port Authority of New York & New Jersey RB | ||||||||
| 4.00%, 09/01/39 (Call 09/01/29) | 2,000 | 2,010,224 | ||||||
| 4.00%, 09/01/49 (Call 09/01/29) | 14,060 | 13,637,140 | ||||||
| 5.00%, 09/01/31 (Call 09/01/29) | 10,295 | 11,577,384 | ||||||
| 5.00%, 09/01/33 (Call 09/01/29) | 1,500 | 1,680,929 | ||||||
| 5.00%, 09/01/34 (Call 09/01/29) | 5,000 | 5,580,214 | ||||||
| 5.00%, 10/15/35 (Call 10/15/25) | 10,675 | 11,056,081 | ||||||
| 5.00%, 09/01/36 (Call 09/01/29) | 3,100 | 3,409,377 | ||||||
| Series 111, 4.00%, 09/01/43 (Call 09/01/28) | 19,000 | 18,764,432 | ||||||
| Series 111, 5.00%, 09/01/48 (Call 09/01/28) | 1,360 | 1,443,492 | ||||||
| Series 179, 5.00%, 12/01/25 (Call 12/01/23) | 2,405 | 2,422,981 | ||||||
| Series 179, 5.00%, 06/01/33 (Call 12/01/23) | 1,000 | 1,007,378 | ||||||
| Series 179, 5.00%, 12/01/38 (Call 12/01/23) | 6,615 | 6,657,297 | ||||||
| Series 179, 5.00%, 12/01/43 (Call 12/01/23) | 2,500 | 2,512,918 | ||||||
| Series 183, 4.00%, 12/15/41 (Call 06/15/24) | 1,000 | 994,989 | ||||||
| Series 184, 5.00%, 09/01/36 (Call 09/01/24) | 4,770 | 4,841,134 | ||||||
| Series 184, 5.00%, 09/01/39 (Call 09/01/24) | 1,915 | 1,936,557 | ||||||
| Series 189, 5.00%, 05/01/27 (Call 05/01/25) | 1,205 | 1,242,066 | ||||||
| Series 189, 5.00%, 05/01/40 (Call 05/01/25) | 5,000 | 5,118,303 | ||||||
| Series 189, 5.00%, 05/01/45 (Call 05/01/25) | 2,000 | 2,036,570 | ||||||
| Series 194, 4.00%, 10/15/45 (Call 10/15/25) | 1,000 | 979,897 | ||||||
| Series 194, 5.00%, 10/15/24 | 570 | 583,228 | ||||||
| Series 194, 5.00%, 10/15/28 (Call 10/15/25) | 2,000 | 2,078,801 | ||||||
| Series 194, 5.00%, 10/15/32 (Call 10/15/25) | 1,400 | 1,454,512 | ||||||
| Series 194, 5.00%, 10/15/33 (Call 10/15/25) | 3,000 | 3,115,421 | ||||||
| Series 194, 5.00%, 10/15/34 (Call 10/15/25) | 4,500 | 4,671,046 | ||||||
| Series 194, 5.00%, 10/15/41 (Call 10/15/25) | 14,780 | 15,202,299 | ||||||
| Series 194, 5.25%, 10/15/55 (Call 10/15/25) | 1,000 | 1,029,152 | ||||||
| Series 198, 5.00%, 11/15/41 (Call 11/15/26) | 9,475 | 9,786,173 | ||||||
| Series 198, 5.00%, 11/15/46 (Call 11/15/26) | 8,190 | 8,368,777 | ||||||
| Series 198, 5.25%, 11/15/56 (Call 11/15/26) | 9,500 | 9,819,745 | ||||||
| Series 200, 5.00%, 10/15/47 (Call 04/15/27) | 2,365 | 2,465,403 | ||||||
| Series 200, 5.00%, 04/15/57 (Call 04/15/27) | 3,000 | 3,102,198 | ||||||
| Series 205, 5.00%, 11/15/42 (Call 11/15/27) | 2,655 | 2,816,778 | ||||||
| Series 205, 5.00%, 05/15/57 (Call 11/15/27) | 2,000 | 2,080,893 | ||||||
| Series 209, 5.00%, 07/15/29 (Call 07/15/28) | 4,000 | 4,410,796 | ||||||
| Series 209, 5.00%, 07/15/32 (Call 07/15/28) | 3,080 | 3,387,966 | ||||||
| Series 209, 5.00%, 07/15/35 (Call 07/15/28) | 1,000 | 1,091,640 | ||||||
| Series 217, 4.00%, 11/01/49 (Call 11/01/29) | 6,500 | 6,303,972 | ||||||
| Series 217, 5.00%, 11/01/44 (Call 11/01/29) | 3,500 | 3,766,861 | ||||||
| Series 222, 4.00%, 07/15/38 (Call 07/15/30) | 9,430 | 9,535,073 | ||||||
| Series 222, 5.00%, 07/15/32 (Call 07/15/30) | 1,000 | 1,140,776 | ||||||
| Series 224, 4.00%, 07/15/40 (Call 07/15/31) | 3,850 | 3,847,829 | ||||||
| Series 224, 4.00%, 07/15/41 (Call 07/15/31) | 13,270 | 13,204,209 | ||||||
| Series 224, 4.00%, 07/15/46 (Call 07/15/31) | 12,185 | 11,906,685 | ||||||
| Series 224, 4.00%, 07/15/51 (Call 07/15/31) | 7,670 | 7,390,656 | ||||||
37
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series 224, 4.00%, 07/15/61 (Call 07/15/31) | $ | 2,500 | $ | 2,351,547 | ||||
| Series 230, 3.00%, 12/01/31 | 5,000 | 4,992,230 | ||||||
| Series 230, 3.00%, 12/01/32 | 3,000 | 2,979,005 | ||||||
| Series 230, 4.00%, 12/01/30 | 1,500 | 1,624,176 | ||||||
| Series 230, 5.25%, 12/01/52 (Call 12/01/32) | 2,500 | 2,758,209 | ||||||
| Series 5, 5.38%, 03/01/28 | 1,555 | 1,637,710 | ||||||
| Third Series, 6.13%, 06/01/94 (Call 06/01/24) | 500 | 508,721 | ||||||
| Sales Tax Asset Receivable Corp. RB | ||||||||
| Series A, 4.00%, 10/15/32 (PR 10/15/24) | 17,045 | 17,219,590 | ||||||
| Series A, 5.00%, 10/15/25 (PR 10/15/24) | 2,000 | 2,047,054 | ||||||
| Series A, 5.00%, 10/15/26 (PR 10/15/24) | 4,600 | 4,708,224 | ||||||
| Series A, 5.00%, 10/15/27 (PR 10/15/24) | 5,030 | 5,148,340 | ||||||
| Series A, 5.00%, 10/15/28 (PR 10/15/24) | 7,860 | 8,044,921 | ||||||
| Series A, 5.00%, 10/15/29 (PR 10/15/24) | 5,685 | 5,818,750 | ||||||
| Series A, 5.00%, 10/15/30 (PR 10/15/24) | 7,030 | 7,195,394 | ||||||
| Suffolk County Water Authority RB | ||||||||
| 4.00%, 06/01/31 (Call 06/01/25) | 1,000 | 1,025,558 | ||||||
| Series A, 4.00%, 06/01/41 (Call 06/01/28) | 3,000 | 3,009,635 | ||||||
| Triborough Bridge & Tunnel Authority RB | ||||||||
| 4.00%, 11/15/40 (Call 11/15/29) | 6,000 | 5,885,783 | ||||||
| 4.00%, 05/15/41 (Call 05/15/32) | 1,000 | 978,826 | ||||||
| 4.00%, 11/15/42 (Call 11/15/23) | 3,065 | 2,972,327 | ||||||
| 4.00%, 05/15/51 (Call 05/15/32) | 6,800 | 6,435,740 | ||||||
| 4.00%, 11/15/52 (Call 11/15/32) | 3,000 | 2,828,413 | ||||||
| 4.50%, 05/15/47 (Call 11/15/32) | 7,000 | 7,163,218 | ||||||
| 4.50%, 05/15/52 (Call 11/15/32) | 7,465 | 7,611,206 | ||||||
| 5.00%, 08/15/24 | 10,000 | 10,163,209 | ||||||
| 5.00%, 11/15/27 (Call 08/15/27) | 11,155 | 12,122,871 | ||||||
| 5.00%, 05/15/28 | 20,335 | 22,383,802 | ||||||
| 5.00%, 11/15/28 | 2,085 | 2,318,739 | ||||||
| 5.00%, 11/15/31 | 5,000 | 5,825,066 | ||||||
| 5.00%, 11/15/32 | 3,000 | 3,537,043 | ||||||
| 5.00%, 11/15/32 (Call 05/15/32) | 3,000 | 3,525,029 | ||||||
| 5.00%, 11/15/34 (Call 05/15/33) | 3,825 | 4,490,505 | ||||||
| 5.00%, 11/15/35 (Call 05/15/33) | 3,445 | 3,994,073 | ||||||
| 5.00%, 05/15/43 (Call 05/15/32) | 1,000 | 1,091,099 | ||||||
| 5.00%, 05/15/52 | 32,725 | 37,110,271 | ||||||
| 5.50%, 05/15/52 (Call 11/15/32) | 33,750 | 38,052,696 | ||||||
| 5.50%, 11/15/57 (Call 11/15/32) | 3,000 | 3,364,089 | ||||||
| Series A, 0.00%, 11/15/30(a) | 10,800 | 8,230,048 | ||||||
| Series A, 0.00%, 11/15/31(a) | 2,000 | 1,459,223 | ||||||
| Series A, 0.00%, 11/15/32(a) | 1,800 | 1,254,252 | ||||||
| Series A, 4.00%, 11/15/47 (Call 05/15/28) | 3,000 | 2,860,947 | ||||||
| Series A, 4.00%, 11/15/48 (Call 05/15/28) | 6,000 | 5,704,505 | ||||||
| Series A, 4.00%, 11/15/54 (Call 11/15/30) | 2,805 | 2,633,521 | ||||||
| Series A, 5.00%, 11/01/25 | 2,800 | 2,917,403 | ||||||
| Series A, 5.00%, 11/15/42 (Call 05/15/27) | 1,000 | 1,048,525 | ||||||
| Series A, 5.00%, 11/15/44 (Call 05/15/28) | 13,420 | 14,205,721 | ||||||
| Series A, 5.00%, 11/15/45 (Call 05/15/28) | 4,100 | 4,333,721 | ||||||
| Series A, 5.00%, 11/15/46 (Call 05/15/26) | 7,900 | 8,043,058 | ||||||
| Series A, 5.00%, 11/15/47 (Call 05/15/27) | 9,185 | 9,565,851 | ||||||
| Series A, 5.00%, 11/15/49 (Call 05/15/29) | 10,280 | 10,853,187 | ||||||
| Series A, 5.00%, 11/15/51 (Call 05/15/31) | 2,875 | 3,070,702 | ||||||
| Series A, 5.00%, 11/15/54 (Call 11/15/30) | 4,000 | 4,239,945 | ||||||
| Series A-1, 4.00%, 05/15/46 (Call 05/15/31) | 2,935 | 2,813,748 | ||||||
| Series A-1, 5.00%, 05/15/51 (Call 05/15/31) | 25,800 | 27,574,346 | ||||||
| Series A-2, VRDN, 2.00%, 05/15/45Put(b) | 9,935 | 9,223,918 | ||||||
| Series B, 0.00%, 11/15/32(a) | 4,745 | 3,340,259 | ||||||
| Series B, 5.00%, 11/15/30 | 1,000 | 1,149,236 | ||||||
| Series B, 5.00%, 11/15/31 | 1,000 | 1,165,013 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
| Series B, 5.00%, 11/15/31 (Call 05/15/27) | $ | 1,000 | $ | 1,070,755 | ||||
| Series B, 5.00%, 11/15/35 (Call 05/15/27) | 2,000 | 2,130,790 | ||||||
| Series B, 5.00%, 11/15/36 (Call 05/15/27) | 2,175 | 2,307,793 | ||||||
| Series B, 5.00%, 11/15/37 (Call 05/15/27) | 2,000 | 2,114,828 | ||||||
| Series B, 5.00%, 11/15/38 (Call 05/15/27) | 1,360 | 1,435,229 | ||||||
| Series B-2, VRDN,5.00%, 05/15/50 (Put 05/15/26)(b) | 2,000 | 2,082,339 | ||||||
| Series C, 3.00%, 11/15/45 (Call 11/15/29) | 17,745 | 14,183,921 | ||||||
| Series C, 5.00%, 05/15/47 (Call 05/15/32) | 3,735 | 4,034,585 | ||||||
| Series C-1, 5.00%, 11/15/25 | 4,575 | 4,771,645 | ||||||
| Series C-1A, 4.00%, 05/15/46 (Call 11/15/31) | 8,255 | 7,913,966 | ||||||
| Series C-1A, 5.00%, 05/15/39 (Call 11/15/31) | 2,000 | 2,206,128 | ||||||
| Series C-1A, 5.00%, 05/15/51 (Call 11/15/31) | 420 | 450,416 | ||||||
| Series C-1B, VRDN,5.00%, 05/15/51 (Put 05/15/26)(b) | 2,500 | 2,602,212 | ||||||
| Series C-2, 3.00%, 05/15/33 (Call 11/15/31) | 1,000 | 984,011 | ||||||
| Series C-2, 5.00%, 11/15/42 (Call 11/15/27) | 3,715 | 3,925,673 | ||||||
| Series C-3, 3.00%, 05/15/51 (Call 11/15/31) | 2,000 | 1,490,147 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax | ||||||||
| Revenue RB | ||||||||
| 4.00%, 05/15/48 (Call 05/15/33) | 4,000 | 3,811,042 | ||||||
| 4.13%, 05/15/53 (Call 05/15/33) | 5,000 | 4,813,493 | ||||||
| 4.25%, 05/15/58 (Call 05/15/33) | 5,000 | 4,911,529 | ||||||
| 4.50%, 05/15/63 (Call 05/15/33) | 10,000 | 10,000,713 | ||||||
| 5.00%, 05/15/42 (Call 05/15/33) | 1,335 | 1,478,439 | ||||||
| 5.00%, 05/15/48 (Call 05/15/33) | 1,750 | 1,901,359 | ||||||
| 5.25%, 05/15/52 (Call 11/15/32) | 3,000 | 3,318,572 | ||||||
| 5.50%, 05/15/63 (Call 05/15/33) | 2,000 | 2,232,298 | ||||||
| Utility Debt Securitization Authority RB | ||||||||
| 5.00%, 12/15/28 (Call 12/15/23) | 3,965 | 4,000,557 | ||||||
| 5.00%, 12/15/28 (Call 06/15/26) | 8,500 | 9,010,499 | ||||||
| 5.00%, 12/15/32 (Call 12/15/25) | 1,830 | 1,914,071 | ||||||
| 5.00%, 12/15/33 (Call 12/15/25) | 4,440 | 4,642,869 | ||||||
| 5.00%, 12/15/33 (Call 12/15/31) | 5,500 | 6,477,420 | ||||||
| 5.00%, 12/15/34 (Call 12/15/32) | 6,500 | 7,732,393 | ||||||
| 5.00%, 12/15/36 (Call 12/15/25) | 2,750 | 2,856,567 | ||||||
| 5.00%, 12/15/37 (Call 12/15/25) | 5,380 | 5,568,610 | ||||||
| 5.00%, 12/15/39 (Call 12/15/27) | 8,660 | 9,333,649 | ||||||
| 5.00%, 12/15/40 (Call 12/15/27) | 10,155 | 10,923,509 | ||||||
| 5.00%, 12/15/41 (Call 12/15/27) | 8,000 | 8,586,449 | ||||||
| 5.00%, 12/15/49 (Call 12/15/32) | 21,280 | 23,612,590 | ||||||
| 5.00%, 09/15/52 (Call 12/15/32) | 15,000 | 16,597,864 | ||||||
| Series A, 5.00%, 06/15/28 (Call 06/15/26) | 2,050 | 2,173,120 | ||||||
| Series A, 5.00%, 12/15/35 (Call 06/15/26) | 2,000 | 2,107,014 | ||||||
| Series B, 5.00%, 12/15/33 (Call 06/15/26) | 450 | 476,220 | ||||||
| Series TE, 5.00%, 12/15/30 (Call 12/15/23) | 6,730 | 6,791,069 | ||||||
| Series TE, 5.00%, 12/15/35 (Call 12/15/23) | 3,000 | 3,024,351 | ||||||
| Series TE, 5.00%, 12/15/41 (Call 12/15/23) | 17,285 | 17,410,622 | ||||||
| 6,931,611,309 | ||||||||
| North Carolina — 1.3% | ||||||||
| City of Charlotte NC Water & Sewer System Revenue RB | ||||||||
| 5.00%, 07/01/23 | 2,000 | 2,002,496 | ||||||
| 5.00%, 07/01/28 | 3,000 | 3,319,984 | ||||||
| 5.00%, 07/01/31 (Call 07/01/30) | 6,875 | 7,893,216 | ||||||
| 5.00%, 07/01/40 (Call 07/01/25) | 1,000 | 1,026,695 | ||||||
| City of Durham NC GO, 5.00%, 07/01/25 | 2,325 | 2,414,207 | ||||||
| City of Greensboro NC GO | ||||||||
| 5.00%, 10/01/29 (Call 10/01/28) | 5,000 | 5,576,168 | ||||||
| 5.00%, 04/01/41 (Call 04/01/32) | 3,850 | 4,329,277 | ||||||
| 5.00%, 04/01/42 (Call 04/01/32) | 3,920 | 4,391,800 | ||||||
| 5.00%, 04/01/43 (Call 04/01/32) | 2,595 | 2,902,957 | ||||||
38
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| North Carolina (continued) | ||||||||
| City of Raleigh NC Combined Enterprise System | ||||||||
| Revenue RB | ||||||||
| Series A, 4.00%, 03/01/46 (Call 03/01/27) | $ | 6,700 | $ | 6,626,182 | ||||
| Series B, VRDN,3.55%, 03/01/35 (Put 06/07/23)(b) | 5,380 | 5,380,000 | ||||||
| County of Alamance NC GO, 5.00%, 05/01/24 | 6,540 | 6,639,785 | ||||||
| County of Guilford NC GO, 5.00%, 03/01/25 | 15,735 | 16,230,191 | ||||||
| County of Mecklenburg NC GO | ||||||||
| 5.00%, 09/01/24 | 7,175 | 7,331,322 | ||||||
| 5.00%, 09/01/27 | 9,830 | 10,691,048 | ||||||
| 5.00%, 12/01/27 | 1,670 | 1,825,550 | ||||||
| 5.00%, 09/01/33 (Call 09/01/32) | 5,000 | 5,937,112 | ||||||
| County of Union NC GO, Series C, 5.00%, 09/01/25. | 3,000 | 3,125,621 | ||||||
| County of Wake NC GO | ||||||||
| 5.00%, 04/01/25 | 6,255 | 6,463,614 | ||||||
| 5.00%, 04/01/29 | 11,435 | 12,841,814 | ||||||
| 5.00%, 05/01/34 (Call 05/01/33) | 16,710 | 20,023,494 | ||||||
| Series C, 5.00%, 03/01/25. | 6,695 | 6,906,851 | ||||||
| County of Wake NC RB, 5.00%, 03/01/24 | 510 | 516,342 | ||||||
| Durham Capital Financing Corp. RB, 4.00%, 06/01/43 (PR 06/01/23) | 5,125 | 5,125,000 | ||||||
| North Carolina Capital Facilities Finance Agency RB | ||||||||
| Series B, 5.00%, 10/01/41 (PR 10/01/25) | 11,000 | 11,460,159 | ||||||
| Series B, 5.00%, 07/01/42 (Call 10/01/26) | 2,000 | 2,101,423 | ||||||
| North Carolina Municipal Power Agency No. 1 RB | ||||||||
| Series A, 5.00%, 01/01/25 | 7,530 | 7,720,904 | ||||||
| Series A, 5.00%, 01/01/27 (Call 01/01/26) | 2,500 | 2,613,183 | ||||||
| North Carolina Turnpike Authority RB | ||||||||
| 0.00%, 01/01/44 (Call 01/01/30)(a) | 2,340 | 905,809 | ||||||
| 0.00%, 01/01/49 (Call 01/01/30)(a) | 2,500 | 744,911 | ||||||
| 4.00%, 01/01/41 (Call 01/01/29) (AGM) | 2,000 | 1,948,488 | ||||||
| 4.00%, 01/01/55 (Call 01/01/30) | 2,000 | 1,804,544 | ||||||
| 4.00%, 01/01/55 (Call 01/01/30) (AGM) | 2,000 | 1,834,950 | ||||||
| 5.00%, 01/01/40 (Call 01/01/29) | 2,000 | 2,087,460 | ||||||
| 5.00%, 01/01/44 (Call 01/01/30) | 2,000 | 2,082,328 | ||||||
| 5.00%, 01/01/49 (Call 01/01/30) | 3,800 | 3,928,982 | ||||||
| 5.00%, 01/01/49 (Call 01/01/30) (AGM) | 2,415 | 2,488,622 | ||||||
| State of North Carolina 1.88%, 06/01/39 (Call 06/01/30) | 20,000 | 14,492,882 | ||||||
| 5.00%, 05/01/25 | 8,000 | 8,283,724 | ||||||
| State of North Carolina GO | ||||||||
| 3.00%, 06/01/35 (Call 06/01/28) | 5,000 | 4,772,590 | ||||||
| 5.00%, 06/01/30 (Call 06/01/29) | 3,950 | 4,458,782 | ||||||
| Series A, 5.00%, 06/01/25 | 4,000 | 4,148,983 | ||||||
| Series A, 5.00%, 06/01/26 | 11,515 | 12,193,263 | ||||||
| Series A, 5.00%, 06/01/27 | 5,530 | 5,980,041 | ||||||
| Series A, 5.00%, 06/01/27 (Call 06/01/26) | 10,995 | 11,659,024 | ||||||
| Series A, 5.00%, 06/01/28 (Call 06/01/26) | 5,000 | 5,309,352 | ||||||
| Series B, 5.00%, 06/01/26 | 12,925 | 13,686,315 | ||||||
| Series B, 5.00%, 06/01/27 | 1,500 | 1,622,073 | ||||||
| Series B, 5.00%, 06/01/28 | 11,390 | 12,588,872 | ||||||
| Series B, 5.00%, 06/01/29 | 1,000 | 1,128,754 | ||||||
| Series D, 4.00%, 06/01/23 | 5,350 | 5,350,000 | ||||||
| State of North Carolina RB | ||||||||
| 4.00%, 03/01/34 (Call 03/01/31) | 2,000 | 2,116,205 | ||||||
| 5.00%, 03/01/24 | 6,660 | 6,738,877 | ||||||
| 5.00%, 03/01/25 | 3,500 | 3,604,724 | ||||||
| 5.00%, 03/01/27 | 5,000 | 5,349,905 | ||||||
| 5.00%, 03/01/28 | 19,000 | 20,741,665 | ||||||
| 5.00%, 03/01/30 (Call 03/01/25) | 2,000 | 2,055,546 | ||||||
| 5.00%, 03/01/31 (Call 03/01/29) | 2,500 | 2,783,204 | ||||||
| Security | Par (000) | Value | ||||||
| North Carolina (continued) | ||||||||
| 5.00%, 03/01/32 (Call 03/01/31) | $ | 1,000 | $ | 1,146,298 | ||||
| 5.00%, 03/01/33 (Call 03/01/29) | 3,000 | 3,330,877 | ||||||
| Series A, 4.00%, 05/01/33 (Call 05/01/29) | 1,000 | 1,049,167 | ||||||
| Series A, 4.00%, 05/01/34 (Call 05/01/29) | 4,960 | 5,192,342 | ||||||
| Series A, 5.00%, 05/01/24 | 1,435 | 1,457,284 | ||||||
| Series A, 5.00%, 05/01/32 | 7,855 | 9,208,569 | ||||||
| Series B, 3.00%, 05/01/32 (Call 05/01/30) | 2,000 | 1,927,758 | ||||||
| Series B, 5.00%, 05/01/24 | 4,650 | 4,722,210 | ||||||
| Series B, 5.00%, 05/01/25 | 5,000 | 5,171,669 | ||||||
| Series B, 5.00%, 05/01/26 | 1,545 | 1,629,008 | ||||||
| Series B, 5.00%, 06/01/26 | 1,015 | 1,072,096 | ||||||
| Series B, 5.00%, 05/01/27 | 2,000 | 2,152,648 | ||||||
| Series B, 5.00%, 05/01/28 (Call 05/01/27) | 6,500 | 6,998,820 | ||||||
| Series B, 5.00%, 05/01/29 | 1,500 | 1,677,065 | ||||||
| Series B, 5.00%, 05/01/29 (Call 05/01/27) | 1,000 | 1,078,355 | ||||||
| Series B, 5.00%, 05/01/30 | 10,915 | 12,419,289 | ||||||
| Series B, 5.00%, 05/01/31 (Call 05/01/30) | 1,500 | 1,707,345 | ||||||
| Series B, 5.00%, 05/01/33 (Call 05/01/30) | 3,110 | 3,534,422 | ||||||
| Series B, 5.00%, 05/01/34 (Call 05/01/30) | 2,500 | 2,840,813 | ||||||
| Series C, 5.00%, 05/01/27 (Call 05/01/24) | 1,500 | 1,525,562 | ||||||
| Town of Cary NC GO | ||||||||
| 4.00%, 09/01/32 (Call 09/01/31) | 5,710 | 6,208,699 | ||||||
| 4.00%, 09/01/33 (Call 09/01/31) | 3,535 | 3,811,287 | ||||||
| 420,168,853 | ||||||||
| Ohio — 1.4% | ||||||||
| American Municipal Power Inc. RB | ||||||||
| 4.00%, 02/15/36 (Call 02/15/30) | 4,360 | 4,363,092 | ||||||
| 4.00%, 02/15/42 (Call 02/15/28) | 5,000 | 4,803,826 | ||||||
| 5.00%, 02/15/25 | 2,250 | 2,309,780 | ||||||
| 5.00%, 02/15/33 (Call 02/15/30) | 2,000 | 2,212,829 | ||||||
| 5.00%, 02/15/35 (Call 02/15/30) | 12,000 | 13,179,300 | ||||||
| Series A, 5.00%, 02/15/46 (Call 02/15/26) | 845 | 853,311 | ||||||
| Cincinnati City School District GO | ||||||||
| 5.25%, 12/01/25 (NPFGC) | 20 | 21,041 | ||||||
| 5.25%, 12/01/30 (NPFGC) | 1,000 | 1,154,444 | ||||||
| City of Cleveland OH Income Tax Revenue RB, Series A, 5.00%, 10/01/30 (PR 10/01/23) | 10,035 | 10,087,384 | ||||||
| City of Columbus OH GO | ||||||||
| 4.00%, 02/15/28 (Call 02/15/24) | 2,600 | 2,612,236 | ||||||
| 4.00%, 04/01/30 | 9,640 | 10,233,865 | ||||||
| 4.00%, 04/01/31 | 4,680 | 5,008,351 | ||||||
| 5.00%, 08/15/34 (Call 08/15/33) | 6,250 | 7,440,644 | ||||||
| 5.00%, 08/15/39 (Call 08/15/33) | 3,000 | 3,422,948 | ||||||
| Series 1, 5.00%, 07/01/25 | 1,860 | 1,929,461 | ||||||
| Series 1, 5.00%, 07/01/26 | 1,545 | 1,634,608 | ||||||
| Series 2017-1, 5.00%, 04/01/24 | 6,240 | 6,324,820 | ||||||
| Series A, 5.00%, 04/01/25 | 3,000 | 3,096,807 | ||||||
| Series A, 5.00%, 04/01/26 | 4,535 | 4,773,175 | ||||||
| Series A, 5.00%, 04/01/28 | 9,955 | 10,905,243 | ||||||
| Series A, 5.00%, 04/01/30 (Call 10/01/28) | 3,000 | 3,333,167 | ||||||
| City of Columbus OH Sewerage Revenue RB | ||||||||
| 5.00%, 06/01/28 (PR 12/01/24) | 2,150 | 2,204,516 | ||||||
| 5.00%, 06/01/30 (Call 06/01/26) | 1,565 | 1,647,064 | ||||||
| 5.00%, 06/01/32 (Call 06/01/26) | 2,525 | 2,655,926 | ||||||
| County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/48 (Call 06/01/28) | 7,480 | 7,895,224 | ||||||
| County of Hamilton OH Sales Tax Revenue RB | ||||||||
| Series A, 4.00%, 12/01/32 (Call 12/01/26) | 1,000 | 1,014,494 | ||||||
| Series A, 5.00%, 12/01/30 (Call 12/01/26) | 1,000 | 1,063,624 | ||||||
39
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Ohio (continued) | ||||||||
| Northeast Ohio Regional Sewer District RB | ||||||||
| 3.00%, 11/15/39 (Call 11/15/29) | $ | 2,475 | $ | 2,111,227 | ||||
| 4.00%, 11/15/49 (PR 11/15/24) | 8,605 | 8,686,603 | ||||||
| 5.00%, 11/15/49 (PR 11/15/24) | 5,795 | 5,932,363 | ||||||
| Ohio State University (The) RB | ||||||||
| 4.00%, 12/01/39 (Call 12/01/31) | 1,000 | 1,000,992 | ||||||
| 4.00%, 12/01/43 (Call 12/01/31) | 12,750 | 12,487,242 | ||||||
| 4.00%, 12/01/48 (Call 12/01/31) | 27,085 | 26,074,664 | ||||||
| 5.00%, 12/01/32 (Call 12/01/31) | 1,270 | 1,473,854 | ||||||
| 5.00%, 12/01/35 (Call 12/01/31) | 4,000 | 4,580,178 | ||||||
| Series A, 4.00%, 06/01/43 (Call 12/01/23) | 3,645 | 3,645,000 | ||||||
| Series A, 5.00%, 06/01/38 (Call 06/01/24) | 1,100 | 1,100,000 | ||||||
| Series A, 5.00%, 06/01/43 (Call 06/01/24) | 2,000 | 2,000,000 | ||||||
| Ohio Turnpike & Infrastructure Commission RB | ||||||||
| Series A, 4.00%, 02/15/46 (Call 02/15/28) | 32,545 | 31,209,233 | ||||||
| Series A, 5.00%, 02/15/33 (Call 02/15/28) | 2,000 | 2,182,275 | ||||||
| Series A, 5.00%, 02/15/46 (Call 02/15/31) | 8,540 | 9,251,297 | ||||||
| Series A, 5.00%, 02/15/51 (Call 02/15/31) | 6,000 | 6,463,178 | ||||||
| Series A-2, 0.00%, 02/15/37(a) | 6,880 | 3,867,175 | ||||||
| Series A-2, 0.00%, 02/15/40(a) | 2,500 | 1,178,367 | ||||||
| Series A-2, 0.00%, 02/15/41(a) | 7,095 | 3,172,548 | ||||||
| Series S, 5.70%, 02/15/34 (Call 02/15/31) | 2,145 | 2,529,798 | ||||||
| Ohio University RB, Series A, 5.00%, 12/01/44 (Call 06/01/27) | 2,000 | 2,064,088 | ||||||
| Ohio Water Development Authority RB | ||||||||
| 5.00%, 12/01/27 | 1,865 | 2,034,591 | ||||||
| 5.00%, 06/01/28 (Call 03/01/28) | 2,000 | 2,195,889 | ||||||
| 5.00%, 12/01/29 (Call 09/01/29) | 10,545 | 11,896,380 | ||||||
| 5.00%, 12/01/39 (Call 12/01/29) | 5,025 | 5,488,303 | ||||||
| 5.00%, 06/01/44 (Call 12/01/29) | 5,000 | 5,397,781 | ||||||
| Series A, 5.00%, 12/01/28 | 1,000 | 1,114,201 | ||||||
| Series A, 5.00%, 06/01/29 (Call 03/01/29) | 6,680 | 7,468,841 | ||||||
| Series A, 5.00%, 12/01/35 (Call 06/01/31) | 2,000 | 2,282,624 | ||||||
| Series A, 5.00%, 12/01/36 (Call 06/01/31) | 1,500 | 1,697,885 | ||||||
| Series A, 5.00%, 12/01/38 (Call 06/01/31) | 1,000 | 1,118,697 | ||||||
| Ohio Water Development Authority Water Pollution Control Loan Fund RB | ||||||||
| 5.00%, 12/01/23 | 6,155 | 6,204,961 | ||||||
| 5.00%, 12/01/33 (Call 06/01/30) | 1,275 | 1,452,363 | ||||||
| Series 2015-A, 5.00%, 12/01/25 | 8,055 | 8,426,385 | ||||||
| Series A, 5.00%, 06/01/29 (Call 06/01/27) | 10,000 | 10,805,958 | ||||||
| Series A, 5.00%, 06/01/32 (Call 06/01/30) | 7,480 | 8,538,007 | ||||||
| Series A, 5.00%, 12/01/46 (Call 12/01/31) | 1,580 | 1,731,679 | ||||||
| Series A, 5.00%, 12/01/50 (Call 06/01/30) | 8,780 | 9,401,849 | ||||||
| Series B, 3.00%, 12/01/34 (Call 12/01/29) | 1,500 | 1,421,906 | ||||||
| Series B, 5.00%, 12/01/37 (Call 12/01/29) | 1,500 | 1,651,111 | ||||||
| Series B, 5.00%, 12/01/44 (Call 12/01/29) | 12,815 | 13,834,513 | ||||||
| State of Ohio GO | ||||||||
| 5.00%, 03/15/29 (Call 03/15/24) | 3,515 | 3,561,144 | ||||||
| 5.00%, 09/15/31 | 2,000 | 2,332,652 | ||||||
| 5.00%, 05/01/33 (Call 05/01/25) | 5,050 | 5,210,080 | ||||||
| 5.00%, 05/01/34 (Call 05/01/25) | 5,000 | 5,154,740 | ||||||
| 5.00%, 03/01/35 (Call 03/01/32) | 1,125 | 1,305,858 | ||||||
| 5.00%, 05/01/35 (Call 05/01/25) | 4,950 | 5,090,205 | ||||||
| 5.00%, 02/01/37 (Call 02/01/26) | 5,000 | 5,183,424 | ||||||
| Series A, 5.00%, 12/15/23 | 7,425 | 7,492,375 | ||||||
| Series A, 5.00%, 09/15/24 | 2,250 | 2,298,994 | ||||||
| Series A, 5.00%, 06/15/36 (Call 06/15/31) | 2,500 | 2,841,795 | ||||||
| Series B, 5.00%, 09/15/23 | 10,000 | 10,046,977 | ||||||
| Series B, 5.00%, 09/15/24 | 1,615 | 1,650,167 | ||||||
| Security | Par (000) | Value | ||||||
| Ohio (continued) | ||||||||
| Series B, 5.00%, 09/15/25 | $ | 5,480 | $ | 5,707,920 | ||||
| Series B, 5.00%, 09/15/26 | 5,105 | 5,428,519 | ||||||
| Series B, 5.00%, 09/15/27 | 1,500 | 1,628,997 | ||||||
| Series B, 5.00%, 09/01/28 | 3,520 | 3,901,681 | ||||||
| Series B, 5.00%, 09/15/29 | 7,670 | 8,632,926 | ||||||
| Series B, 5.00%, 02/01/31 | 2,000 | 2,310,653 | ||||||
| Series C, 5.00%, 03/15/26 | 4,475 | 4,709,347 | ||||||
| Series C, 5.00%, 08/01/26 | 2,325 | 2,466,121 | ||||||
| Series C, 5.00%, 08/01/27 | 1,430 | 1,548,946 | ||||||
| Series C, 5.00%, 08/01/28 | 7,765 | 8,592,282 | ||||||
| Series C, 5.00%, 08/01/28 (ETM) | 735 | 814,053 | ||||||
| Series S, 5.00%, 05/01/25 | 2,045 | 2,115,212 | ||||||
| State of Ohio RB | ||||||||
| 5.00%, 12/15/28 (Call 06/15/26) | 7,500 | 7,914,667 | ||||||
| Series 1, 5.00%, 12/15/29 (Call 06/15/26) | 1,000 | 1,054,398 | ||||||
| Upper Arlington City School District GO, Series A, 5.00%, 12/01/48 (PR 12/01/27) | 1,000 | 1,091,817 | ||||||
| 461,441,136 | ||||||||
| Oklahoma — 0.3% | ||||||||
| Grand River Dam Authority RB | ||||||||
| Series A, 5.00%, 06/01/27 (Call 12/01/26) | 2,655 | 2,816,678 | ||||||
| Series A, 5.00%, 06/01/28 (Call 12/01/26) | 1,530 | 1,625,256 | ||||||
| Series A, 5.00%, 06/01/29 (Call 12/01/26) | 5,365 | 5,700,849 | ||||||
| Series A, 5.00%, 06/01/30 (Call 12/01/26) | 1,000 | 1,060,896 | ||||||
| Series A, 5.00%, 06/01/39 (Call 06/01/24) | 2,000 | 2,022,113 | ||||||
| Oklahoma Municipal Power Authority RB, Series A, 4.00%, 01/01/47 (Call 01/01/31) (AGM) | 9,000 | 8,696,296 | ||||||
| Oklahoma Turnpike Authority RB | ||||||||
| Series A, 4.00%, 01/01/47 (Call 01/01/26) | 2,000 | 1,958,847 | ||||||
| Series A, 4.00%, 01/01/48 (Call 01/01/27) | 3,500 | 3,395,044 | ||||||
| Series A, 5.00%, 01/01/42 (Call 01/01/26) | 6,015 | 6,169,005 | ||||||
| Series A, 5.00%, 01/01/43 (Call 01/01/27) | 2,355 | 2,457,499 | ||||||
| Series C, 4.00%, 01/01/42 (Call 01/01/27) | 2,000 | 2,003,722 | ||||||
| Series C, 5.00%, 01/01/47 (Call 01/01/27) | 3,715 | 3,856,715 | ||||||
| Series D, 5.00%, 01/01/25 | 2,310 | 2,372,517 | ||||||
| Oklahoma Water Resources Board RB | ||||||||
| 4.00%, 04/01/47 (Call 04/01/31) (OK CERF) | 18,250 | 17,950,463 | ||||||
| 4.00%, 04/01/48 (Call 04/01/33) | 3,000 | 2,939,297 | ||||||
| Series B, 5.00%, 10/01/51 (Call 10/01/32) | 15,250 | 16,735,533 | ||||||
| University of Oklahoma (The) RB, Series C, 4.00%, 07/01/45 (Call 07/01/25) | 2,000 | 1,902,400 | ||||||
| 83,663,130 | ||||||||
| Oregon — 1.2% | ||||||||
| City of Portland OR Sewer System Revenue | ||||||||
| 5.00%, 03/01/31 (Call 09/01/29) | 2,625 | 2,947,627 | ||||||
| 5.00%, 12/01/34 (Call 06/01/33) | 14,690 | 17,388,109 | ||||||
| City of Portland OR Sewer System Revenue RB | ||||||||
| 5.00%, 12/01/41 (Call 06/01/33) | 13,960 | 15,702,866 | ||||||
| Series A, 5.00%, 03/01/34 (Call 09/01/29) | 7,525 | 8,422,425 | ||||||
| Clackamas County School District No. 12 North Clackamas GO | ||||||||
| Series B, 5.00%, 06/15/33 (Call 06/15/27) (GTD) | 1,710 | 1,827,122 | ||||||
| Series B, 5.00%, 06/15/37 (Call 06/15/27) (GTD) | 1,480 | 1,559,556 | ||||||
| Clackamas County School District No. 7J Lake Oswego | ||||||||
| GO, 4.00%, 06/01/39 (Call 06/01/27) (GTD) | 6,000 | 6,037,215 | ||||||
| County of Multnomah OR GO | ||||||||
| 5.00%, 06/15/29 | 10,000 | 11,248,168 | ||||||
| Series A, 5.00%, 06/15/27 | 30,000 | 32,409,030 | ||||||
| Series A, 5.00%, 06/15/28 | 39,990 | 44,136,063 | ||||||
| Hillsboro School District No. 1J GO, 5.00%, 06/15/38 (Call 06/15/27) (GTD) | 2,250 | 2,365,761 | ||||||
40
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Oregon (continued) | ||||||||
| Multnomah County School District No. 1 Portland/OR GO | ||||||||
| 5.00%, 06/15/24 (GTD) | $ | 13,600 | $ | 13,841,434 | ||||
| 5.00%, 06/15/27 (GTD) | 2,500 | 2,695,806 | ||||||
| 5.00%, 06/15/29 (GTD) | 5,000 | 5,606,354 | ||||||
| Oregon Health & Science University RB, Series B, 4.00%, 07/01/46 (Call 07/01/26) | 2,000 | 1,954,286 | ||||||
| Oregon State Lottery RB | ||||||||
| Series A, 5.00%, 04/01/39 (Call 04/01/32) | 2,715 | 3,031,534 | ||||||
| Series C, 5.00%, 04/01/25 (Call 04/01/24) | 9,975 | 10,137,103 | ||||||
| Series D, 5.00%, 04/01/27 (Call 04/01/25) (MO) | 3,000 | 3,093,023 | ||||||
| Series D, 5.00%, 04/01/29 (Call 04/01/25) (MO) | 2,000 | 2,063,096 | ||||||
| Portland Community College District GO, 5.00%, 06/15/29 (Call 06/15/26) | 2,400 | 2,534,121 | ||||||
| Salem-Keizer School District No. 24J GO | ||||||||
| 5.00%, 06/15/36 (Call 06/15/28) (GTD) | 1,250 | 1,355,853 | ||||||
| 5.00%, 06/15/37 (Call 06/15/28) (GTD) | 5,000 | 5,394,635 | ||||||
| 5.00%, 06/15/38 (Call 06/15/28) (GTD) | 1,000 | 1,075,906 | ||||||
| 5.00%, 06/15/39 (Call 06/15/28) (GTD) | 1,000 | 1,073,179 | ||||||
| State of Oregon Department of Transportation RB | ||||||||
| 4.00%, 11/15/32 (PR 11/15/24) | 26,165 | 26,398,630 | ||||||
| Series A, 4.00%, 11/15/42 (Call 11/15/29) | 14,000 | 14,028,491 | ||||||
| Series A, 5.00%, 11/15/23 | 5,170 | 5,208,395 | ||||||
| Series A, 5.00%, 11/15/24 | 7,785 | 7,984,749 | ||||||
| Series A, 5.00%, 11/15/27 (PR 11/15/24) | 4,320 | 4,423,647 | ||||||
| Series A, 5.00%, 11/15/28 (PR 11/15/24) | 3,630 | 3,713,450 | ||||||
| Series A, 5.00%, 11/15/29 (PR 11/15/24) | 2,000 | 2,045,978 | ||||||
| Series A, 5.00%, 11/15/31 (PR 11/15/24) | 19,765 | 20,219,376 | ||||||
| Series A, 5.00%, 11/15/35 (Call 11/15/29) | 1,000 | 1,113,784 | ||||||
| Series A, 5.00%, 11/15/36 (Call 11/15/29) | 13,665 | 15,115,471 | ||||||
| Series A, 5.00%, 11/15/37 (Call 11/15/29) | 2,025 | 2,221,876 | ||||||
| Series A, 5.00%, 11/15/38 (PR 11/15/23) | 2,000 | 2,014,517 | ||||||
| Series A, 5.00%, 11/15/42 (Call 11/15/29) | 8,195 | 8,870,130 | ||||||
| State of Oregon GO | ||||||||
| 4.00%, 05/01/38 (Call 05/01/31) | 5,000 | 5,067,932 | ||||||
| 4.00%, 05/01/39 (Call 05/01/31) | 3,000 | 3,029,120 | ||||||
| 4.00%, 05/01/41 (Call 05/01/31) | 4,845 | 4,848,593 | ||||||
| 5.00%, 05/01/29 | 2,500 | 2,802,340 | ||||||
| 5.00%, 05/01/30 | 3,000 | 3,419,526 | ||||||
| 5.00%, 05/01/35 (Call 05/01/31) | 3,040 | 3,470,918 | ||||||
| 5.00%, 05/01/35 (Call 05/01/33) | 2,500 | 2,931,581 | ||||||
| 5.00%, 05/01/39 (Call 05/01/33) | 2,250 | 2,553,579 | ||||||
| 5.00%, 06/01/40 (Call 06/01/31) | 2,815 | 3,118,860 | ||||||
| 5.00%, 05/01/42 (Call 05/01/33) | 5,045 | 5,656,434 | ||||||
| Series A, 5.00%, 05/01/42 (Call 05/01/27) | 1,150 | 1,195,409 | ||||||
| Series A, 5.00%, 05/01/44 (Call 05/01/29) | 5,060 | 5,429,963 | ||||||
| Series F, 5.00%, 05/01/33 (Call 05/01/26) | 7,000 | 7,384,622 | ||||||
| Series K, 5.00%, 11/01/24 | 1,395 | 1,429,714 | ||||||
| Series L, 5.00%, 08/01/42 (Call 08/01/27) | 1,500 | 1,565,379 | ||||||
| Series N, 5.00%, 05/01/24 | 1,195 | 1,213,557 | ||||||
| Tri-County Metropolitan Transportation District of Oregon RB, Series A, 5.00%, 09/01/48 (PR 09/01/27) | 1,000 | 1,085,923 | ||||||
| Washington & Multnomah Counties School District No. 48J Beaverton GO | ||||||||
| Series D, 5.00%, 06/15/35 (Call 06/15/27) (GTD) | 2,500 | 2,641,128 | ||||||
| Series D, 5.00%, 06/15/36 (Call 06/15/27) (GTD) | 2,500 | 2,626,706 | ||||||
| 372,730,050 | ||||||||
| Pennsylvania — 2.8% | ||||||||
| Allegheny County Sanitary Authority RB, 5.00%, 06/01/43 (Call 06/01/28) | 3,000 | 3,162,412 | ||||||
| City of Philadelphia PA Airport Revenue RB, Series A, 5.00%, 07/01/47 (Call 07/01/27) | 1,000 | 1,028,986 | ||||||
| Security | Par (000) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| City of Philadelphia PA GO | ||||||||
| Series A, 5.00%, 08/01/23 | $ | 500 | $ | 501,180 | ||||
| Series A, 5.00%, 08/01/26 | 1,500 | 1,582,218 | ||||||
| Series A, 5.00%, 05/01/35 (Call 05/01/31) | 3,565 | 3,995,573 | ||||||
| City of Philadelphia PA Water & Wastewater Revenue RB | ||||||||
| Series A, 5.00%, 10/01/42 (Call 10/01/27) | 16,160 | 16,920,566 | ||||||
| Series A, 5.00%, 07/01/45 (PR 07/01/24) | 5,755 | 5,856,878 | ||||||
| Series A, 5.00%, 11/01/45 (Call 11/01/30) | 5,395 | 5,681,945 | ||||||
| Series A, 5.00%, 10/01/47 (Call 10/01/27) | 18,475 | 19,114,002 | ||||||
| Series A, 5.00%, 10/01/48 (Call 10/01/28) | 4,000 | 4,160,723 | ||||||
| Series A, 5.00%, 11/01/50 (Call 11/01/30) | 15,680 | 16,424,428 | ||||||
| Series A, 5.00%, 10/01/52 (Call 10/01/27) | 1,000 | 1,032,677 | ||||||
| Series B, 5.00%, 11/01/44 (Call 11/01/29) | 3,000 | 3,168,990 | ||||||
| Series B, 5.00%, 11/01/49 (Call 11/01/29) | 4,000 | 4,175,940 | ||||||
| Series C, 4.00%, 10/01/51 (Call 10/01/31) | 10,000 | 8,983,050 | ||||||
| Commonwealth of Pennsylvania GO | ||||||||
| 5.00%, 07/15/26 | 2,000 | 2,113,981 | ||||||
| 5.00%, 07/15/27 | 14,880 | 16,048,706 | ||||||
| 5.00%, 07/15/28 | 2,000 | 2,202,052 | ||||||
| 5.00%, 07/15/29 | 7,300 | 8,197,092 | ||||||
| 5.00%, 09/15/29 (Call 09/15/26) | 4,000 | 4,243,178 | ||||||
| 5.00%, 10/01/31 | 5,320 | 6,191,600 | ||||||
| 5.00%, 10/01/33 (Call 10/01/32) | 5,000 | 5,857,355 | ||||||
| 5.00%, 10/01/38 (Call 10/01/32) | 2,075 | 2,345,677 | ||||||
| 5.00%, 10/01/40 (Call 10/01/32) | 44,375 | 49,729,004 | ||||||
| 5.00%, 10/01/42 (Call 10/01/32) | 33,700 | 37,354,543 | ||||||
| First Series, 2.00%, 05/15/38 (Call 05/15/31) | 10,000 | 7,276,269 | ||||||
| First Series, 2.00%, 05/15/39 (Call 05/15/31) | 10,000 | 7,028,633 | ||||||
| First Series, 3.00%, 05/15/34 (Call 05/15/31) | 4,500 | 4,253,460 | ||||||
| First Series, 4.00%, 04/01/29 (Call 04/01/24) | 15,000 | 15,011,946 | ||||||
| First Series, 4.00%, 01/01/30 (Call 01/01/27) | 3,000 | 3,108,476 | ||||||
| First Series, 4.00%, 04/01/32 (Call 04/01/24) | 7,500 | 7,505,009 | ||||||
| First Series, 4.00%, 06/15/33 (Call 06/15/24) | 1,000 | 1,008,835 | ||||||
| First Series, 4.00%, 03/15/34 (Call 03/15/25) | 2,000 | 2,021,376 | ||||||
| First Series, 4.00%, 03/01/36 (Call 03/01/28) | 8,085 | 8,256,836 | ||||||
| First Series, 4.00%, 03/01/37 (Call 03/01/28) | 3,000 | 3,042,842 | ||||||
| First Series, 4.00%, 03/01/38 (Call 03/01/28) | 4,515 | 4,553,270 | ||||||
| First Series, 5.00%, 08/15/23 | 8,690 | 8,717,528 | ||||||
| First Series, 5.00%, 01/01/24 | 1,855 | 1,872,593 | ||||||
| First Series, 5.00%, 03/01/24 | 9,695 | 9,814,850 | ||||||
| First Series, 5.00%, 06/15/24 | 2,000 | 2,035,095 | ||||||
| First Series, 5.00%, 07/01/24 | 2,005 | 2,041,778 | ||||||
| First Series, 5.00%, 08/15/24 | 2,475 | 2,525,958 | ||||||
| First Series, 5.00%, 09/15/24 | 4,845 | 4,952,347 | ||||||
| First Series, 5.00%, 08/15/25 | 9,000 | 9,341,104 | ||||||
| First Series, 5.00%, 09/15/25 | 1,620 | 1,684,103 | ||||||
| First Series, 5.00%, 01/01/27 | 3,500 | 3,733,648 | ||||||
| First Series, 5.00%, 01/01/28 (Call 01/01/27) | 12,000 | 12,815,538 | ||||||
| First Series, 5.00%, 05/15/28 | 9,235 | 10,134,090 | ||||||
| First Series, 5.00%, 05/15/30 | 4,500 | 5,126,691 | ||||||
| First Series, 5.00%, 03/15/31 (Call 03/15/25) | 8,400 | 8,669,543 | ||||||
| First Series, 5.00%, 05/15/31 | 5,000 | 5,788,032 | ||||||
| First Series, 5.00%, 03/01/32 (Call 03/01/28) | 4,000 | 4,377,471 | ||||||
| First Series 2020, 5.00%, 05/01/26 | 12,655 | 13,321,406 | ||||||
| Second Series, 4.00%, 09/15/30 (Call 09/15/26) | 5,000 | 5,134,272 | ||||||
| Second Series, 5.00%, 10/15/23 | 1,290 | 1,297,618 | ||||||
| Second Series, 5.00%, 01/15/24 | 1,570 | 1,585,929 | ||||||
| Second Series, 5.00%, 09/15/24 | 1,630 | 1,666,115 | ||||||
| Second Series, 5.00%, 01/15/25 | 1,365 | 1,404,042 | ||||||
| Second Series, 5.00%, 09/15/25 | 1,575 | 1,637,323 | ||||||
41
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Second Series, 5.00%, 10/15/26 (Call 10/15/23) | $ | 1,020 | $ | 1,026,061 | ||||
| Second Series, 5.00%, 01/15/27 | 4,700 | 5,017,684 | ||||||
| Second Series, 5.00%, 09/15/27 (Call 09/15/26) | 5,475 | 5,800,807 | ||||||
| Second Series, 5.00%, 09/15/28 (Call 09/15/26) | 2,400 | 2,545,907 | ||||||
| Second Series, 5.00%, 10/15/29 (Call 10/15/23) | 2,400 | 2,414,173 | ||||||
| Second Series, 5.00%, 10/15/30 (Call 10/15/23) | 1,000 | 1,005,647 | ||||||
| Second Series, 5.00%, 10/15/31 (Call 10/15/23) | 3,450 | 3,463,632 | ||||||
| Second Series, 5.00%, 10/15/32 (Call 10/15/23) | 2,500 | 2,513,103 | ||||||
| Series D, 4.00%, 08/15/28 (Call 08/15/25) (AGM) | 10,010 | 10,181,091 | ||||||
| Series D, 4.00%, 08/15/33 (Call 08/15/25) | 3,000 | 3,047,905 | ||||||
| County of Allegheny PA GO | ||||||||
| Series C-75, 5.00%, 11/01/27 (Call 11/01/26) | 2,185 | 2,317,962 | ||||||
| Series C76, 5.00%, 11/01/41 (Call 11/01/26) | 1,500 | 1,562,115 | ||||||
| Series C-78, 4.00%, 11/01/49 (Call 11/01/30) | 1,160 | 1,103,866 | ||||||
| County of Montgomery PA GO, Series A, 5.00%, 01/01/39 (Call 01/01/31) | 7,175 | 8,004,243 | ||||||
| County of Montgomery PA GOL | ||||||||
| 5.00%, 07/01/34 (Call 07/01/32) | 1,940 | 2,290,241 | ||||||
| 5.00%, 07/01/36 (Call 07/01/32) | 5,595 | 6,491,909 | ||||||
| Delaware River Joint Toll Bridge Commission RB | ||||||||
| 5.00%, 07/01/42 (Call 07/01/27) | 1,565 | 1,631,746 | ||||||
| 5.00%, 07/01/47 (Call 07/01/27) | 4,250 | 4,408,679 | ||||||
| Delaware River Port Authority RB | ||||||||
| 5.00%, 01/01/30 (PR 01/01/24) | 1,660 | 1,675,648 | ||||||
| 5.00%, 01/01/33 (PR 01/01/24) | 2,570 | 2,594,227 | ||||||
| 5.00%, 01/01/40 (Call 01/01/24) | 1,515 | 1,525,517 | ||||||
| Series A, 5.00%, 01/01/39 (Call 01/01/29) | 875 | 932,486 | ||||||
| Series B, 5.00%, 01/01/26 | 1,815 | 1,900,520 | ||||||
| Delaware Valley Regional Finance Authority RB, Series A, 5.50%, 08/01/28 (AMBAC) | 3,110 | 3,453,985 | ||||||
| Haverford Township School District GOL, VRDN,3.50%, 03/01/30 (Put 06/07/23) (SAW)(b) | 9,500 | 9,500,000 | ||||||
| Lower Merion School District GOL, 5.00%, 11/15/26 (SAW) | 5,980 | 6,387,239 | ||||||
| Pennsylvania Higher Educational Facilities Authority RB | ||||||||
| 4.00%, 08/15/32 (Call 08/15/26) | 3,045 | 3,122,648 | ||||||
| 4.00%, 08/15/41 (Call 02/15/27) | 3,555 | 3,465,611 | ||||||
| 4.00%, 02/15/43 (Call 02/15/28) | 5,980 | 5,765,837 | ||||||
| 5.00%, 02/15/48 (Call 02/15/28) | 6,940 | 7,297,994 | ||||||
| Pennsylvania State University (The) RB | ||||||||
| 5.00%, 09/01/42 (Call 09/01/27) | 15,750 | 16,534,739 | ||||||
| 5.25%, 09/01/52 (Call 09/01/32) | 26,350 | 28,988,929 | ||||||
| Series A, 5.00%, 09/01/47 (Call 09/01/27) | 4,650 | 4,855,863 | ||||||
| Pennsylvania Turnpike Commission, VRDN,3.51%, 12/01/39 (Put 06/07/23)(b) | 10,300 | 10,300,000 | ||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax | ||||||||
| Revenue, Series A, 5.00%, 12/01/48 (Call 12/01/28) | 1,000 | 1,044,356 | ||||||
| Pennsylvania Turnpike Commission RB | ||||||||
| 4.75%, 12/01/37 (Call 12/01/26) | 2,000 | 2,057,940 | ||||||
| 5.00%, 12/01/23 | 3,995 | 4,023,885 | ||||||
| 5.00%, 06/01/24 | 10,000 | 10,136,024 | ||||||
| 5.00%, 12/01/25 | 1,050 | 1,097,124 | ||||||
| 5.00%, 12/01/31 (Call 12/01/27) | 1,500 | 1,625,655 | ||||||
| 5.00%, 12/01/32 | 6,750 | 7,770,869 | ||||||
| 5.00%, 12/01/33 (Call 06/01/33) | 8,000 | 9,196,266 | ||||||
| 5.00%, 12/01/34 (Call 12/01/24) | 3,000 | 3,069,443 | ||||||
| 5.00%, 12/01/34 (Call 06/01/33) | 2,750 | 3,114,488 | ||||||
| 5.00%, 12/01/35 (Call 06/01/33) | 1,500 | 1,681,778 | ||||||
| 5.00%, 12/01/36 (Call 06/01/33) | 1,000 | 1,110,195 | ||||||
| 5.00%, 12/01/38 (Call 06/01/33) | 1,500 | 1,648,660 | ||||||
| 5.00%, 12/01/39 (Call 06/01/33) | 875 | 957,382 | ||||||
| Security | Par (000) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 5.00%, 12/01/40 (Call 06/01/33) | $ | 1,000 | $ | 1,093,441 | ||||
| 5.00%, 12/01/43 (Call 06/01/33) | 1,345 | 1,451,453 | ||||||
| 5.00%, 12/01/47 (Call 12/01/32) | 3,900 | 4,130,258 | ||||||
| 5.25%, 12/01/52 (Call 12/01/32) | 1,500 | 1,624,012 | ||||||
| Second Series, 5.00%, 12/01/35 (Call 12/01/27) | 4,500 | 4,765,289 | ||||||
| Second Series, 5.00%, 12/01/36 (Call 12/01/27) | 1,130 | 1,190,681 | ||||||
| Series A, 4.00%, 12/01/43 (Call 12/01/30) | 2,000 | 1,944,504 | ||||||
| Series A, 4.00%, 12/01/44 (Call 12/01/30) | 10,725 | 10,342,095 | ||||||
| Series A, 4.00%, 12/01/45 (Call 12/01/30) | 14,595 | 13,971,845 | ||||||
| Series A, 4.00%, 12/01/46 (Call 12/01/30) | 3,300 | 3,151,551 | ||||||
| Series A, 4.00%, 12/01/49 (Call 12/01/29) | 2,500 | 2,360,266 | ||||||
| Series A, 4.00%, 12/01/49 (Call 12/01/29) (AGM) | 3,500 | 3,361,418 | ||||||
| Series A, 4.00%, 12/01/50 (Call 12/01/30) | 13,545 | 12,578,098 | ||||||
| Series A, 5.00%, 12/01/30 (Call 12/01/26) | 3,840 | 4,072,254 | ||||||
| Series A, 5.00%, 12/01/37 (Call 12/01/29) | 1,500 | 1,593,319 | ||||||
| Series A, 5.00%, 12/01/39 (Call 12/01/29) | 10,000 | 10,587,072 | ||||||
| Series A, 5.00%, 12/01/44 (Call 12/01/24) | 6,495 | 6,569,154 | ||||||
| Series A, 5.00%, 12/01/44 (Call 12/01/29) | 5,780 | 5,998,901 | ||||||
| Series A-1, 5.00%, 12/01/26 (Call 06/01/25) | 1,055 | 1,090,890 | ||||||
| Series A-1, 5.00%, 12/01/38 (Call 12/01/24) | 1,500 | 1,517,254 | ||||||
| Series A-1, 5.00%, 12/01/40 (Call 06/01/25) | 7,000 | 7,155,450 | ||||||
| Series A-1, 5.00%, 12/01/42 (Call 12/01/27) | 2,500 | 2,607,250 | ||||||
| Series A-1, 5.00%, 12/01/46 (Call 06/01/26) | 29,975 | 30,699,352 | ||||||
| Series A-2, 5.00%, 12/01/43 (Call 12/01/28) | 4,000 | 4,209,701 | ||||||
| Series A-2, 5.00%, 12/01/48 (Call 12/01/28) | 4,000 | 4,145,539 | ||||||
| Series B, 4.00%, 12/01/46 (Call 12/01/31) | 1,000 | 955,016 | ||||||
| Series B, 4.00%, 12/01/51 (Call 12/01/31) | 4,700 | 4,327,888 | ||||||
| Series B, 5.00%, 12/01/40 (Call 12/01/25) | 2,000 | 2,053,577 | ||||||
| Series B, 5.00%, 12/01/45 (Call 12/01/25) | 8,690 | 8,878,855 | ||||||
| Series B, 5.00%, 12/01/46 (Call 06/01/31) | 9,150 | 9,703,850 | ||||||
| Series B, 5.00%, 12/01/50 (Call 12/01/30) | 2,000 | 2,101,175 | ||||||
| Series B, 5.00%, 12/01/51 (Call 06/01/31) | 8,660 | 9,113,101 | ||||||
| Series B-1, 5.00%, 06/01/42 (Call 06/01/27) | 2,000 | 2,068,764 | ||||||
| Series B-2, 5.00%, 06/01/28 (Call 06/01/27) | 2,500 | 2,653,867 | ||||||
| Series B-2, 5.00%, 06/01/32 (Call 06/01/27) | 2,500 | 2,669,239 | ||||||
| Series C, 5.00%, 12/01/39 (Call 12/01/24) | 3,040 | 3,088,347 | ||||||
| Series C, 5.00%, 12/01/43 (Call 12/01/23) | 1,445 | 1,448,649 | ||||||
| Series C, 5.00%, 12/01/43 (PR 12/01/23) | 5,940 | 5,982,071 | ||||||
| Series C, 5.00%, 12/01/44 (Call 12/01/24) | 3,000 | 3,034,251 | ||||||
| Series E, 0.00%, 12/01/37 (Call 12/01/35)(a) | 2,500 | 2,311,231 | ||||||
| Series E, 6.00%, 12/01/30 (Call 12/01/27) | 710 | 799,955 | ||||||
| Series E, 6.38%, 12/01/38 (Call 12/01/27) | 1,265 | 1,397,439 | ||||||
| Philadelphia Gas Works Co. RB, 5.00%, 08/01/47 (Call 08/01/27) | 1,500 | 1,536,201 | ||||||
| Pittsburgh Water & Sewer Authority RB, Series A, 5.00%, 09/01/44 (Call 09/01/29) (AGM) | 1,000 | 1,057,846 | ||||||
| School District of Philadelphia (The) GOL, Series A, 5.00%, 09/01/44 (Call 09/01/29) (SAW) | 6,555 | 6,908,195 | ||||||
| State Public School Building Authority RB | ||||||||
| 5.50%, 06/01/28 (AGM, SAW) | 470 | 524,099 | ||||||
| Series A, 5.00%, 06/01/31 (Call 12/01/26) (AGM, SAW) | 2,000 | 2,100,132 | ||||||
| University of Pittsburgh-of the Commonwealth System of Higher Education RB, 4.00%, 04/15/26 (Call 02/15/26) | 19,435 | 19,868,490 | ||||||
| Upper Merion Area School District/PA GOL | ||||||||
| Series A, 4.00%, 01/15/46 (Call 01/15/29) (SAW) | 9,000 | 8,849,010 | ||||||
| Series A, 4.00%, 01/15/51 (Call 01/15/29) (SAW) | 7,870 | 7,586,073 | ||||||
| Westmoreland County Municipal Authority RB, 5.00%, 08/15/37 (PR 08/15/23) | 18,240 | 18,297,157 | ||||||
| 906,004,386 | ||||||||
42
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Rhode Island — 0.1% | ||||||||
| Rhode Island Commerce Corp. RB | ||||||||
| Series A, 5.00%, 06/15/23 | $ | 2,030 | $ | 2,030,959 | ||||
| Series B, 5.00%, 06/15/26 | 2,500 | 2,630,803 | ||||||
| Series B, 5.00%, 06/15/27 (Call 06/15/26) | 11,855 | 12,401,769 | ||||||
| Series B, 5.00%, 06/15/31 (Call 06/15/26) | 2,500 | 2,610,161 | ||||||
| Rhode Island Health and Educational Building Corp. RB | ||||||||
| Series A, 4.00%, 09/01/37 (Call 09/01/27) | 4,500 | 4,555,922 | ||||||
| Series A, 5.00%, 09/01/29 (Call 09/01/27) | 3,490 | 3,816,137 | ||||||
| 28,045,751 | ||||||||
| South Carolina — 0.6% | ||||||||
| Charleston Educational Excellence Finance Corp. RB | ||||||||
| 5.00%, 12/01/25 (Call 12/01/23) | 2,800 | 2,823,032 | ||||||
| 5.00%, 12/01/26 (Call 12/01/23) | 4,750 | 4,792,131 | ||||||
| 5.00%, 12/01/30 (PR 12/01/23) | 2,000 | 2,016,136 | ||||||
| City of Charleston SC Waterworks & Sewer System | ||||||||
| Revenue RB, 5.00%, 01/01/49 (Call 01/01/30) | 7,955 | 8,592,631 | ||||||
| City of Columbia SC Waterworks & Sewer System | ||||||||
| Revenue RB, Series A, 5.00%, 02/01/49 (PR 02/01/29) | 2,500 | 2,789,468 | ||||||
| County of Charleston SC, 4.00%, 11/01/28 (Call 11/01/27) (SAW) | 11,800 | 12,307,375 | ||||||
| County of Charleston SC GO, 4.00%, 11/01/33 (Call 11/01/27) (SAW) | 6,255 | 6,458,418 | ||||||
| South Carolina Public Service Authority RB | ||||||||
| 5.00%, 12/01/38 (Call 12/01/23) | 3,020 | 3,028,082 | ||||||
| Series A, 4.00%, 12/01/34 (Call 12/01/31) | 2,000 | 1,990,291 | ||||||
| Series A, 4.00%, 12/01/35 (Call 12/01/31) | 1,750 | 1,736,495 | ||||||
| Series A, 4.00%, 12/01/38 (Call 06/01/32) | 1,000 | 971,918 | ||||||
| Series A, 4.00%, 12/01/40 (Call 12/01/30) | 3,000 | 2,885,010 | ||||||
| Series A, 4.00%, 12/01/41 (Call 06/01/32) | 2,000 | 1,895,808 | ||||||
| Series A, 4.00%, 12/01/47 (Call 06/01/32) | 7,000 | 6,450,833 | ||||||
| Series A, 4.00%, 12/01/52 (Call 06/01/32) | 10,000 | 9,045,352 | ||||||
| Series A, 5.00%, 12/01/31 | 3,000 | 3,290,133 | ||||||
| Series A, 5.00%, 12/01/31 (Call 06/01/26) | 2,000 | 2,070,531 | ||||||
| Series A, 5.00%, 12/01/36 (Call 06/01/26) | 3,000 | 3,060,744 | ||||||
| Series A, 5.00%, 12/01/37 (Call 06/01/26) | 1,365 | 1,389,045 | ||||||
| Series A, 5.00%, 12/01/49 (Call 06/01/24) | 2,000 | 2,000,580 | ||||||
| Series A, 5.00%, 12/01/50 (Call 06/01/25) | 6,500 | 6,501,669 | ||||||
| Series A, 5.50%, 12/01/54 (Call 06/01/24) | 4,000 | 4,021,576 | ||||||
| Series B, 4.00%, 12/01/41 (Call 12/01/31) | 2,200 | 2,085,389 | ||||||
| Series B, 4.00%, 12/01/42 (Call 12/01/31) | 1,000 | 946,205 | ||||||
| Series B, 4.00%, 12/01/47 (Call 12/01/31) | 2,000 | 1,843,095 | ||||||
| Series B, 5.00%, 12/01/46 (Call 12/01/26) | 2,000 | 2,011,174 | ||||||
| Series B, 5.00%, 12/01/51 (Call 12/01/31) | 2,195 | 2,268,302 | ||||||
| Series B, 5.00%, 12/01/56 (Call 12/01/26) | 5,690 | 5,663,545 | ||||||
| Series C, 4.00%, 12/01/45 (Call 12/01/24) | 1,500 | 1,391,084 | ||||||
| Series C, 5.00%, 12/01/28 (Call 12/01/24) | 1,090 | 1,108,107 | ||||||
| Series C, 5.00%, 12/01/30 (Call 12/01/24) | 1,400 | 1,424,439 | ||||||
| Series C, 5.00%, 12/01/46 (Call 12/01/24) | 1,500 | 1,502,043 | ||||||
| Series E, 5.00%, 12/01/48 (Call 12/01/23) | 6,350 | 6,351,496 | ||||||
| Series E, 5.25%, 12/01/55 (Call 12/01/25) | 4,000 | 4,023,306 | ||||||
| South Carolina Transportation Infrastructure Bank RB | ||||||||
| 5.00%, 10/01/30 | 10,000 | 11,391,330 | ||||||
| Series A, 5.00%, 10/01/24 | 1,000 | 1,020,635 | ||||||
| Series B, 3.38%, 10/01/32 (Call 10/01/23) | 1,000 | 982,512 | ||||||
| Series B, 3.63%, 10/01/33 (Call 10/01/23) | 715 | 676,816 | ||||||
| Series B, 5.00%, 10/01/26 | 6,900 | 7,319,196 | ||||||
| Series B, 5.00%, 10/01/27 | 34,450 | 37,287,023 | ||||||
| Series-B, 5.00%, 10/01/25 | 10,000 | 10,409,170 | ||||||
| Security | Par (000) | Value | ||||||
| South Carolina (continued) | ||||||||
| State of South Carolina GO | ||||||||
| Series A, 5.00%, 04/01/24 | $ | 17,000 | $ | 17,238,077 | ||||
| Series A, 5.00%, 04/01/25 | 3,500 | 3,616,099 | ||||||
| 210,676,301 | ||||||||
| Tennessee — 0.9% | ||||||||
| City of Clarksville TN Water Sewer & Gas Revenue RB | ||||||||
| Series A, 4.00%, 02/01/51 (Call 02/01/31) | 2,000 | 1,905,788 | ||||||
| Series A, 5.00%, 02/01/45 (Call 02/01/31) | 1,500 | 1,629,188 | ||||||
| City of Memphis TN GO, Series A, 5.00%, 04/01/26 (Call 04/01/25) | 2,085 | 2,154,216 | ||||||
| City of Memphis TN GOL | ||||||||
| 5.00%, 10/01/43 (Call 10/01/31) | 8,065 | 8,852,626 | ||||||
| 5.00%, 10/01/47 (Call 10/01/31) | 8,655 | 9,391,321 | ||||||
| City of Memphis TN Sanitary Sewerage System Revenue RB, Series B, 5.00%, 10/01/45 (Call 10/01/30) | 4,200 | 4,548,005 | ||||||
| County of Shelby TN GO | ||||||||
| 4.00%, 04/01/32 (Call 04/01/29) | 5,705 | 5,985,973 | ||||||
| 5.00%, 04/01/29 | 4,445 | 4,961,362 | ||||||
| Series A, 5.00%, 03/01/24 | 1,000 | 1,011,769 | ||||||
| Metropolitan Government of Nashville & Davidson County | ||||||||
| TN Electric Revenue RB | ||||||||
| Series A, 5.00%, 05/15/42 (Call 05/15/27) | 2,000 | 2,090,308 | ||||||
| Series A, 5.00%, 05/15/46 (Call 05/15/31) | 3,485 | 3,788,495 | ||||||
| Metropolitan Government of Nashville & Davidson County TN GO | ||||||||
| 4.00%, 07/01/34 (Call 07/01/28) | 5,180 | 5,328,560 | ||||||
| 4.00%, 07/01/36 (Call 07/01/28) | 10,000 | 10,182,874 | ||||||
| 5.00%, 01/01/24 | 3,835 | 3,872,698 | ||||||
| 5.00%, 07/01/24 (Call 07/01/23) | 2,275 | 2,278,175 | ||||||
| 5.00%, 01/01/25 | 2,150 | 2,211,874 | ||||||
| 5.00%, 07/01/25 | 2,510 | 2,603,735 | ||||||
| 5.00%, 01/01/27 | 18,240 | 19,483,215 | ||||||
| 5.00%, 07/01/27 | 5,130 | 5,536,752 | ||||||
| 5.00%, 01/01/30 | 2,000 | 2,262,631 | ||||||
| 5.00%, 07/01/30 (Call 07/01/28) | 5,800 | 6,373,823 | ||||||
| 5.00%, 01/01/31 | 4,160 | 4,775,222 | ||||||
| 5.00%, 07/01/32 (Call 07/01/28) | 5,000 | 5,466,893 | ||||||
| Series C, 4.00%, 01/01/32 (Call 01/01/31) | 8,900 | 9,532,705 | ||||||
| Series C, 5.00%, 01/01/25 | 12,315 | 12,669,410 | ||||||
| Series C, 5.00%, 01/01/26 | 17,200 | 18,023,514 | ||||||
| Series C, 5.00%, 01/01/29 | 21,335 | 23,695,329 | ||||||
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB | ||||||||
| 5.00%, 07/01/40 (PR 07/01/23) | 1,045 | 1,046,278 | ||||||
| 5.00%, 07/01/42 (Call 07/01/27) | 21,645 | 22,684,767 | ||||||
| Series B, 5.00%, 07/01/46 (Call 07/01/27) | 1,290 | 1,346,258 | ||||||
| Metropolitan Nashville Airport Authority (The) RB | ||||||||
| Series A, 5.00%, 07/01/44 (Call 07/01/30) | 2,000 | 2,138,088 | ||||||
| Series A, 5.00%, 07/01/49 (Call 07/01/30) | 2,000 | 2,122,245 | ||||||
| State of Tennessee GO | ||||||||
| Series A, 5.00%, 11/01/26 | 1,470 | 1,568,299 | ||||||
| Series A, 5.00%, 08/01/28 (PR 08/01/25) | 1,595 | 1,657,952 | ||||||
| Series A, 5.00%, 11/01/34 (Call 11/01/31) | 4,585 | 5,342,856 | ||||||
| Tennessee State School Bond Authority, 5.00%, 11/01/26 (ST INTERCEPT) | 5,670 | 6,045,349 | ||||||
| Tennessee State School Bond Authority RB | ||||||||
| 5.00%, 11/01/23 | 3,610 | 3,633,590 | ||||||
| 5.00%, 11/01/39 (Call 11/01/32) (ST INTERCEPT) | 9,655 | 10,868,680 | ||||||
| 5.00%, 11/01/40 (Call 11/01/32) (ST INTERCEPT) | 10,150 | 11,375,419 | ||||||
| 5.00%, 11/01/52 (Call 11/01/32) (ST INTERCEPT) | 20,000 | 21,873,886 | ||||||
| Series A, 5.00%, 11/01/47 (Call 11/01/27) (HERBIP) | 5,000 | 5,256,411 | ||||||
43
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Tennessee (continued) | ||||||||
| Series B, 5.00%, 11/01/25 | $ | 4,470 | $ | 4,672,265 | ||||
| Series B, 5.00%, 11/01/40 (PR 11/01/25) (HERBIP) | 4,025 | 4,195,673 | ||||||
| 286,444,477 | ||||||||
| Texas — 7.7% | ||||||||
| Aldine Independent School District GO | ||||||||
| 4.00%, 02/15/48 (Call 02/15/28) (PSF) | 2,000 | 1,924,342 | ||||||
| 5.00%, 02/15/45 (Call 02/15/27) (PSF) | 4,000 | 4,153,136 | ||||||
| Aledo Independent School District GO, 4.00%, 02/15/45 (Call 02/15/29) (PSF) | 1,000 | 973,263 | ||||||
| Arlington Independent School District/TX GO, 5.00%, 02/15/24 (PSF) | 4,560 | 4,613,155 | ||||||
| Austin Community College District GOL | ||||||||
| 4.00%, 08/01/40 (Call 08/01/25) | 1,500 | 1,488,476 | ||||||
| 4.00%, 08/01/48 (Call 08/01/27) | 3,500 | 3,399,498 | ||||||
| Austin Independent School District GO | ||||||||
| 4.00%, 08/01/32 (Call 08/01/31) (PSF) | 10,355 | 10,972,493 | ||||||
| 5.00%, 08/01/26 (PSF) | 1,350 | 1,424,830 | ||||||
| 5.00%, 08/01/27 (PSF) | 2,000 | 2,152,511 | ||||||
| 5.00%, 08/01/30 (PSF) | 5,690 | 6,465,132 | ||||||
| 5.00%, 08/01/41 (Call 02/01/33) | 13,890 | 15,526,534 | ||||||
| 5.00%, 08/01/42 (Call 02/01/33) | 7,735 | 8,612,258 | ||||||
| Board of Regents of the University of Texas System RB | ||||||||
| 5.00%, 08/15/31 | 5,000 | 5,808,752 | ||||||
| Series A, 4.00%, 08/15/35 (Call 08/15/31) | 14,650 | 15,260,574 | ||||||
| Series A, 4.00%, 08/15/42 (Call 08/15/24) | 1,205 | 1,195,450 | ||||||
| Series A, 5.00%, 08/15/28 | 6,000 | 6,617,020 | ||||||
| Series A, 5.00%, 08/15/30 | 17,660 | 20,213,599 | ||||||
| Series A, 5.00%, 08/15/33 (Call 08/15/29) | 10,070 | 11,259,716 | ||||||
| Series A, 5.00%, 08/15/34 (Call 08/15/29) | 1,900 | 2,120,817 | ||||||
| Series A, 5.00%, 08/15/50 | 5,950 | 6,923,861 | ||||||
| Series B, 5.00%, 08/15/25 | 4,910 | 5,102,466 | ||||||
| Series B, 5.00%, 08/15/26 | 3,185 | 3,372,019 | ||||||
| Series B, 5.00%, 08/15/27 | 10,050 | 10,857,690 | ||||||
| Series B, 5.00%, 08/15/49 | 5,000 | 5,816,159 | ||||||
| Series C, 5.00%, 08/15/25 | 2,610 | 2,712,309 | ||||||
| Series D, 5.00%, 08/15/24 | 2,200 | 2,244,772 | ||||||
| Series E, 5.00%, 08/15/26 | 8,405 | 8,898,528 | ||||||
| Series F, 5.00%, 08/15/47 | 2,000 | 2,325,802 | ||||||
| Series I, 5.00%, 08/15/24 | 2,310 | 2,357,011 | ||||||
| Series J, 5.00%, 08/15/23 | 3,040 | 3,049,505 | ||||||
| Series J, 5.00%, 08/15/25 | 1,700 | 1,766,638 | ||||||
| Central Texas Regional Mobility Authority RB | ||||||||
| Series A, 5.00%, 01/01/40 (PR 07/01/25) | 6,060 | 6,283,827 | ||||||
| Series A, 5.00%, 01/01/45 (PR 07/01/25) | 2,500 | 2,592,338 | ||||||
| Series B, 4.00%, 01/01/51 (Call 01/01/31) | 1,000 | 910,782 | ||||||
| Series B, 5.00%, 01/01/46 (Call 01/01/31) | 1,000 | 1,049,167 | ||||||
| Series E, 5.00%, 01/01/45 (Call 01/01/30) | 2,500 | 2,611,179 | ||||||
| Central Texas Turnpike System RB | ||||||||
| Series A, 5.00%, 08/15/39 (Call 08/15/30) | 25,175 | 26,904,329 | ||||||
| Series B, 0.00%, 08/15/37 (Call 08/15/24)(a) | 1,000 | 506,497 | ||||||
| Series B, 5.00%, 08/15/37 (Call 08/15/24) | 2,500 | 2,535,181 | ||||||
| Series C, 5.00%, 08/15/33 (Call 08/15/24) | 2,000 | 2,022,106 | ||||||
| Series C, 5.00%, 08/15/34 (Call 08/15/24) | 1,500 | 1,515,313 | ||||||
| Series C, 5.00%, 08/15/37 (Call 08/15/24) | 19,020 | 19,133,901 | ||||||
| Series C, 5.00%, 08/15/42 (Call 08/15/24) | 10,250 | 10,290,852 | ||||||
| City of Austin TX Electric Utility Revenue RB | ||||||||
| 5.00%, 11/15/40 (Call 11/15/23) | 1,000 | 1,000,533 | ||||||
| Series A, 5.00%, 11/15/45 (Call 11/15/25) | 16,000 | 16,374,320 | ||||||
| Series A, 5.00%, 11/15/45 (Call 11/15/30) | 3,905 | 4,193,903 | ||||||
| Series B, 5.00%, 11/15/44 (Call 11/15/29) | 3,120 | 3,325,960 | ||||||
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
| Series B, 5.00%, 11/15/49 (Call 11/15/29) | $ | 3,000 | $ | 3,179,638 | ||||
| City of Austin TX GOL, 5.00%, 09/01/28 | 13,635 | 15,036,378 | ||||||
| City of Austin TX Water & Wastewater System Revenue RB | ||||||||
| 5.00%, 11/15/26 | 2,245 | 2,390,280 | ||||||
| 5.00%, 11/15/28 | 6,000 | 6,637,423 | ||||||
| 5.00%, 11/15/29 | 7,750 | 8,709,511 | ||||||
| 5.00%, 11/15/30 | 2,795 | 3,191,899 | ||||||
| 5.00%, 11/15/31 | 5,880 | 6,811,904 | ||||||
| 5.00%, 11/15/32 | 6,185 | 7,258,576 | ||||||
| 5.00%, 11/15/34 (Call 05/15/33) | 3,415 | 4,012,388 | ||||||
| 5.00%, 11/15/35 (Call 05/15/33) | 3,590 | 4,168,852 | ||||||
| 5.00%, 11/15/39 (Call 05/15/24) | 2,400 | 2,413,599 | ||||||
| 5.00%, 11/15/39 (Call 11/15/31) | 2,000 | 2,218,444 | ||||||
| 5.00%, 11/15/41 (Call 11/15/26) | 1,000 | 1,037,205 | ||||||
| Series C, 5.00%, 11/15/45 (Call 11/15/30) | 2,000 | 2,154,680 | ||||||
| Series C, 5.00%, 11/15/50 (Call 11/15/30) | 2,000 | 2,128,253 | ||||||
| City of Corpus Christi TX Utility System Revenue RB, Series A, 5.00%, 07/15/45 (Call 07/15/25) | 2,000 | 2,035,752 | ||||||
| City of Dallas TX GOL | ||||||||
| 5.00%, 02/15/24 | 1,800 | 1,820,480 | ||||||
| 5.00%, 02/15/27 (Call 02/15/24) | 1,500 | 1,513,488 | ||||||
| City of Dallas TX Waterworks & Sewer System Revenue RB | ||||||||
| 5.00%, 10/01/46 (Call 10/01/27) | 2,500 | 2,632,462 | ||||||
| Series A, 5.00%, 10/01/24 | 3,020 | 3,085,089 | ||||||
| Series A, 5.00%, 10/01/26 (Call 10/01/25) | 1,400 | 1,454,724 | ||||||
| Series A, 5.00%, 10/01/29 (Call 10/01/26) | 1,375 | 1,454,064 | ||||||
| Series A, 5.00%, 10/01/30 (Call 10/01/26) | 3,590 | 3,792,936 | ||||||
| Series A, 5.00%, 10/01/31 (Call 10/01/26) | 1,610 | 1,699,967 | ||||||
| Series A, 5.00%, 10/01/32 (Call 10/01/26) | 5,510 | 5,814,329 | ||||||
| Series A, 5.00%, 10/01/41 (Call 10/01/26) | 5,000 | 5,137,563 | ||||||
| Series C, 3.00%, 10/01/46 (Call 10/01/31) | 5,000 | 3,953,594 | ||||||
| Series C, 4.00%, 10/01/49 (Call 10/01/30) | 7,900 | 7,736,140 | ||||||
| Series C, 5.00%, 10/01/45 (Call 10/01/30) | 2,000 | 2,171,066 | ||||||
| City of Fort Worth TX Water & Sewer System Revenue RB, 3.00%, 02/15/24 | 8,045 | 8,020,427 | ||||||
| City of Garland TX Electric Utility System Revenue RB | ||||||||
| 4.00%, 03/01/49 (Call 03/01/29) | 1,000 | 910,128 | ||||||
| 5.00%, 03/01/44 (Call 03/01/29) | 2,000 | 2,102,176 | ||||||
| City of Houston TX Airport System Revenue RB | ||||||||
| Series B, 5.00%, 07/01/29 (Call 07/01/28) | 3,680 | 4,016,890 | ||||||
| Series B, 5.00%, 07/01/30 (Call 07/01/28) | 1,250 | 1,364,405 | ||||||
| Series D, 5.00%, 07/01/37 (Call 07/01/28) | 1,500 | 1,597,446 | ||||||
| Series D, 5.00%, 07/01/39 (Call 07/01/28) | 1,495 | 1,580,240 | ||||||
| City of Houston TX Combined Utility System Revenue RB | ||||||||
| Series A, 5.00%, 11/15/33 (Call 11/15/30) | 9,835 | 11,101,012 | ||||||
| Series B, 4.00%, 11/15/37 (Call 11/15/26) | 2,000 | 1,993,172 | ||||||
| Series B, 5.00%, 11/15/30 (Call 11/15/26) | 5,430 | 5,787,320 | ||||||
| Series B, 5.00%, 11/15/35 (Call 11/15/26) | 4,000 | 4,223,580 | ||||||
| Series B, 5.00%, 11/15/42 (Call 11/15/27) | 4,000 | 4,201,635 | ||||||
| Series B, 5.00%, 11/15/43 (PR 11/15/23) | 1,000 | 1,007,079 | ||||||
| Series B, 5.00%, 11/15/49 (Call 11/15/29) | 2,000 | 2,132,666 | ||||||
| Series C, 3.00%, 11/15/47 (Call 11/15/30) | 1,000 | 756,376 | ||||||
| Series C, 4.00%, 11/15/43 (Call 11/15/30) | 1,500 | 1,467,061 | ||||||
| Series C, 5.00%, 05/15/26 (Call 05/15/24) | 3,000 | 3,036,299 | ||||||
| Series C, 5.00%, 05/15/28 (Call 05/15/24) | 2,005 | 2,032,269 | ||||||
| Series C, 5.00%, 11/15/45 (Call 11/15/30) | 1,000 | 1,081,386 | ||||||
| Series D, 5.00%, 11/15/44 (Call 11/15/24) | 2,000 | 2,011,976 | ||||||
| City of Houston TX GOL | ||||||||
| 5.00%, 03/01/28 (Call 03/01/26) | 10,000 | 10,502,348 | ||||||
44
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
| Series A, 5.00%, 03/01/24 | $ | 2,000 | $ | 2,024,279 | ||||
| Series A, 5.00%, 03/01/25 | 2,350 | 2,421,932 | ||||||
| Series A, 5.00%, 03/01/26 (Call 03/01/24) | 1,540 | 1,559,200 | ||||||
| Series A, 5.00%, 03/01/28 (Call 03/01/27) | 1,700 | 1,823,499 | ||||||
| City of San Antonio Texas Electric & Gas Systems Revenue RB | ||||||||
| 4.00%, 02/01/47 (Call 02/01/27) | 3,970 | 3,760,488 | ||||||
| 5.00%, 02/01/27 | 3,000 | 3,203,474 | ||||||
| 5.00%, 02/01/35 (Call 02/01/30) | 2,000 | 2,208,820 | ||||||
| 5.00%, 02/01/44 (Call 02/01/24) | 2,550 | 2,564,599 | ||||||
| 5.00%, 02/01/47 (Call 02/01/27) | 7,500 | 7,771,392 | ||||||
| 5.00%, 02/01/47 (Call 08/01/27) | 2,500 | 2,601,856 | ||||||
| Series REF, 5.25%, 02/01/25 | 1,895 | 1,954,725 | ||||||
| City of San Antonio TX, 5.00%, 08/01/24 | 3,000 | 3,059,943 | ||||||
| City of San Antonio TX Electric & Gas Systems Revenue RB | ||||||||
| 5.00%, 02/01/36 (Call 02/01/30) | 4,000 | 4,383,484 | ||||||
| Series 2020, 5.00%, 02/01/49 (Call 02/01/30) | 2,000 | 2,119,517 | ||||||
| Series A, 5.00%, 02/01/26 | 1,755 | 1,837,136 | ||||||
| Series ETM, 5.00%, 02/01/25 (ETM) | 1,265 | 1,301,242 | ||||||
| Series REF, 5.00%, 02/01/31 (Call 02/01/26) | 2,000 | 2,099,040 | ||||||
| City of San Antonio TX GOL | ||||||||
| 5.00%, 02/01/25 | 6,560 | 6,754,401 | ||||||
| 5.00%, 08/01/28 | 4,630 | 5,109,208 | ||||||
| Collin County Community College District GOL | ||||||||
| 5.00%, 08/15/29 (Call 08/15/27) | 11,990 | 12,950,142 | ||||||
| Series A, 5.00%, 08/15/30 (Call 08/15/29) | 1,750 | 1,951,816 | ||||||
| Comal Independent School District GO, 4.00%, 02/01/36 (Call 02/01/31) (PSF) | 3,250 | 3,408,745 | ||||||
| Conroe Independent School District GO, Series A, 5.00%, 02/15/29 (PSF) | 7,370 | 8,197,128 | ||||||
| County of Bexar TX GOL | ||||||||
| 4.00%, 06/15/41 (Call 06/15/26) | 2,035 | 2,035,858 | ||||||
| 5.00%, 06/15/38 (PR 06/15/24) | 7,670 | 7,796,230 | ||||||
| 5.00%, 06/15/43 (PR 06/15/26) | 1,250 | 1,321,544 | ||||||
| Series A, 5.00%, 06/15/41 (PR 06/15/26) | 3,000 | 3,153,889 | ||||||
| County of Harris TX GO | ||||||||
| Series A, 5.00%, 10/01/25 | 5,000 | 5,206,873 | ||||||
| Series A, 5.00%, 10/01/25 (Call 10/01/24) | 4,225 | 4,291,769 | ||||||
| Series A, 5.00%, 10/01/27 (Call 10/01/25) | 1,705 | 1,778,669 | ||||||
| County of Harris TX RB | ||||||||
| Series A, 5.00%, 08/15/31 (Call 08/15/26) | 2,000 | 2,114,304 | ||||||
| Series A, 5.00%, 08/15/41 (Call 08/15/26) | 3,505 | 3,598,584 | ||||||
| County of Hays TX GOL, 4.00%, 02/15/42 (Call 02/15/27) | 2,000 | 1,971,473 | ||||||
| County of Williamson TX GO | ||||||||
| 4.00%, 02/15/33 (Call 02/15/29) | 11,240 | 11,782,131 | ||||||
| 5.00%, 02/15/29 | 1,000 | 1,112,229 | ||||||
| County of Williamson TX GOL | ||||||||
| 4.00%, 02/15/26 | 7,000 | 7,169,809 | ||||||
| 4.00%, 02/15/27 | 22,320 | 23,142,447 | ||||||
| 5.00%, 02/15/25 | 5,125 | 5,280,915 | ||||||
| Cypress-Fairbanks Independent School District GO | ||||||||
| 4.00%, 02/15/31 (Call 02/15/25) (PSF) | 1,000 | 1,009,873 | ||||||
| 4.00%, 02/15/34 (Call 02/15/25) (PSF) | 10,000 | 10,086,729 | ||||||
| 4.00%, 02/15/38 (Call 02/15/29) (PSF) | 2,915 | 2,955,269 | ||||||
| 4.00%, 02/15/43 (Call 02/15/28) (PSF) | 5,000 | 4,983,475 | ||||||
| 5.00%, 02/15/26 (PSF) | 4,920 | 5,159,555 | ||||||
| 5.00%, 02/15/27 (Call 02/15/26) (PSF) | 1,570 | 1,647,276 | ||||||
| 5.00%, 02/15/30 (Call 02/15/25) (PSF) | 45,000 | 46,233,216 | ||||||
| 5.00%, 02/15/31 (PSF) | 10,105 | 11,613,754 | ||||||
| Series A, 5.00%, 02/15/24 (PSF) | 7,685 | 7,773,510 | ||||||
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
| Series A, 5.00%, 02/15/26 (PSF) | $ | 4,000 | $ | 4,194,760 | ||||
| Series C, 4.00%, 02/15/29 (Call 02/15/24) (PSF) | 2,000 | 2,006,729 | ||||||
| Series C, 5.00%, 02/15/25 (Call 02/15/24) (PSF) | 3,785 | 3,832,636 | ||||||
| Series C, 5.00%, 02/15/44 (Call 02/15/24) (PSF) | 9,425 | 9,470,813 | ||||||
| Dallas Area Rapid Transit RB | ||||||||
| 5.00%, 12/01/23 | 2,000 | 2,014,461 | ||||||
| 5.00%, 12/01/31 (Call 12/01/29) | 7,510 | 8,425,961 | ||||||
| 5.00%, 12/01/32 (Call 12/01/29) | 5,000 | 5,605,516 | ||||||
| 5.00%, 12/01/33 (Call 12/01/29) | 2,825 | 3,155,012 | ||||||
| 5.25%, 12/01/28 | 250 | 278,747 | ||||||
| 5.25%, 12/01/29 (AMBAC) | 1,050 | 1,193,008 | ||||||
| Series A, 5.00%, 12/01/24 | 2,305 | 2,359,372 | ||||||
| Series A, 5.00%, 12/01/25 (PR 12/01/24) | 3,025 | 3,097,691 | ||||||
| Series A, 5.00%, 12/01/46 (PR 12/01/25) | 6,630 | 6,916,196 | ||||||
| Series A, 5.00%, 12/01/48 (PR 12/01/25) | 12,500 | 13,070,195 | ||||||
| Series B, 4.00%, 12/01/35 (Call 12/01/26) | 8,000 | 8,104,418 | ||||||
| Series B, 4.00%, 12/01/51 (Call 12/01/30) | 9,405 | 9,060,419 | ||||||
| Dallas Fort Worth International Airport, 5.00%, 11/01/25 | 2,650 | 2,757,981 | ||||||
| Dallas Fort Worth International Airport RB | ||||||||
| 4.00%, 11/01/34 (Call 11/01/30) | 9,500 | 9,856,237 | ||||||
| 4.00%, 11/01/35 (Call 11/01/30) | 2,000 | 2,062,255 | ||||||
| 4.00%, 11/01/45 (Call 11/01/32) | 7,000 | 6,750,036 | ||||||
| 5.00%, 11/01/26 | 2,000 | 2,122,371 | ||||||
| 5.00%, 11/01/27 | 2,000 | 2,159,820 | ||||||
| 5.00%, 11/01/29 | 2,000 | 2,242,395 | ||||||
| 5.00%, 11/01/40 (Call 11/01/32) | 5,000 | 5,510,793 | ||||||
| 5.00%, 11/01/43 (Call 11/01/30) | 18,380 | 19,767,925 | ||||||
| 5.00%, 11/01/50 (Call 11/01/32) | 5,000 | 5,390,384 | ||||||
| Series A, 4.00%, 11/01/34 (Call 11/01/30) | 250 | 259,375 | ||||||
| Series A, 4.00%, 11/01/35 (Call 11/01/30) | 5,085 | 5,243,283 | ||||||
| Series A, 4.00%, 11/01/46 (Call 11/01/30) | 2,600 | 2,509,949 | ||||||
| Series A, 5.00%, 11/01/27 | 1,000 | 1,079,910 | ||||||
| Series A, 5.00%, 11/01/30 | 1,000 | 1,139,165 | ||||||
| Series A, 5.00%, 11/01/32 (Call 11/01/30) | 1,000 | 1,137,888 | ||||||
| Series D, 5.25%, 11/01/30 (Call 11/01/23) | 1,000 | 1,006,910 | ||||||
| Series F, 5.13%, 11/01/25 (Call 11/01/23) | 2,100 | 2,112,228 | ||||||
| Dallas Independent School District, 5.00%, 02/15/25 (PSF-GTD) | 3,000 | 3,091,267 | ||||||
| Dallas Independent School District GO | ||||||||
| 4.00%, 02/15/31 (PR 02/15/25) (PSF) | 1,000 | 1,010,382 | ||||||
| 4.00%, 02/15/33 (Call 02/15/29) (PSF) | 3,000 | 3,155,859 | ||||||
| 5.00%, 02/15/34 (Call 02/15/29) (PSF) | 5,000 | 5,540,638 | ||||||
| Series A, 4.00%, 02/15/26 (PSF) | 4,410 | 4,507,829 | ||||||
| Series A, 5.00%, 02/15/27 (PSF) | 7,000 | 7,495,984 | ||||||
| Series A, 5.00%, 02/15/28 | 1,400 | 1,530,819 | ||||||
| Denton Independent School District GO | ||||||||
| 5.00%, 08/15/48 (Call 08/15/27) (PSF) | 3,500 | 3,658,656 | ||||||
| Series A, 4.00%, 08/15/48 (Call 08/15/28) (PSF) | 1,500 | 1,459,025 | ||||||
| Series A, 5.00%, 08/15/40 (PR 08/15/25) (PSF) | 2,000 | 2,074,242 | ||||||
| Series A, 5.00%, 08/15/45 (PR 08/15/25) (PSF) | 5,000 | 5,185,604 | ||||||
| Fort Bend Independent School District GO, 5.00%, 08/15/30 (Call 08/15/27) (PSF) | 3,360 | 3,627,345 | ||||||
| Fort Worth Independent School District GO | ||||||||
| 5.00%, 02/15/28 (Call 02/15/25) (PSF) | 3,500 | 3,606,478 | ||||||
| 5.00%, 02/15/43 (Call 02/15/27) (PSF) | 5,000 | 5,220,917 | ||||||
| Frisco Independent School District GO, 4.00%, 08/15/49 (Call 02/15/29) (PSF) | 2,285 | 2,191,753 | ||||||
| Grand Parkway Transportation Corp. RB | ||||||||
| 4.00%, 10/01/49 (Call 04/01/30) (AGM-CR) | 9,900 | 9,424,706 | ||||||
| First Series, 3.00%, 10/01/50 (Call 04/01/30) | 2,000 | 1,398,236 | ||||||
| First Series, 4.00%, 10/01/45 (Call 04/01/30) | 28,400 | 26,453,135 | ||||||
45
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
| First Series, 4.00%, 10/01/49 (Call 04/01/30) | $ | 16,400 | $ | 15,111,911 | ||||
| Series A, 5.00%, 10/01/36 (Call 04/01/28) | 3,000 | 3,222,717 | ||||||
| Series A, 5.00%, 10/01/38 (Call 04/01/28) | 8,000 | 8,528,976 | ||||||
| Series A, 5.00%, 10/01/43 (Call 04/01/28) | 10,995 | 11,566,617 | ||||||
| Series A, 5.00%, 10/01/48 (Call 04/01/28) | 21,010 | 21,979,084 | ||||||
| Series A, 5.25%, 10/01/51 (PR 10/01/23) | 8,000 | 8,047,200 | ||||||
| Series A, 5.50%, 04/01/53 (PR 10/01/23) | 1,500 | 1,510,069 | ||||||
| Series B, 0.00%, 10/01/45 (Call 10/01/28)(a) | 2,000 | 2,118,730 | ||||||
| Series B, 5.00%, 04/01/53 (PR 10/01/23) | 16,100 | 16,181,910 | ||||||
| Series B, VRDN,5.00%, 10/01/52 (Put 10/01/23)(b) | 1,000 | 1,003,764 | ||||||
| Grand Prairie Independent School District GO, 4.00%, 02/15/31 (Call 08/15/26) | 10,505 | 10,734,098 | ||||||
| Harris County Flood Control District RB | ||||||||
| 5.00%, 10/01/26 (Call 10/01/24) | 3,470 | 3,538,423 | ||||||
| Series A, 5.00%, 10/01/23 | 5,000 | 5,024,941 | ||||||
| Harris County Toll Road Authority (The) RB | ||||||||
| 4.00%, 08/15/45 (Call 08/15/30) | 2,090 | 2,017,534 | ||||||
| Series A, 5.00%, 08/15/31 (Call 02/15/28) | 2,000 | 2,177,759 | ||||||
| Series A, 5.00%, 08/15/32 (Call 02/15/28) | 3,000 | 3,264,591 | ||||||
| Series A, 5.00%, 08/15/43 (Call 02/15/28) | 4,125 | 4,325,192 | ||||||
| Harris County-Houston Sports Authority RB | ||||||||
| Series A, 0.00%, 11/15/42 (Call 11/15/31) (AGM)(a) | 1,250 | 489,362 | ||||||
| Series A, 0.00%, 11/15/50 (Call 11/15/31) (AGM)(a) | 2,000 | 505,084 | ||||||
| Series A, 5.00%, 11/15/28 (Call 11/15/24) | 1,390 | 1,415,296 | ||||||
| Houston Independent School District GOL | ||||||||
| 4.00%, 02/15/42 (Call 02/15/27) (PSF) | 1,300 | 1,302,182 | ||||||
| 5.00%, 02/15/25 (PSF) | 2,680 | 2,757,485 | ||||||
| 5.00%, 02/15/26 (PSF) | 1,175 | 1,232,834 | ||||||
| 5.00%, 02/15/28 (Call 02/15/27) (PSF) | 1,000 | 1,071,322 | ||||||
| Series A, 5.00%, 02/15/25 (PSF) | 2,385 | 2,453,956 | ||||||
| Series A, 5.00%, 02/15/27 (Call 02/15/26) (PSF) | 2,250 | 2,354,787 | ||||||
| Series A, 5.00%, 02/15/28 (Call 02/15/26) (PSF) | 1,000 | 1,048,425 | ||||||
| Series A, 5.00%, 02/15/30 (Call 02/15/26) (PSF) | 5,000 | 5,246,102 | ||||||
| Katy Independent School District GO | ||||||||
| 4.00%, 02/15/47 (Call 02/15/31) | 15,515 | 15,187,073 | ||||||
| 4.00%, 02/15/48 (Call 02/15/28) (PSF) | 3,650 | 3,555,554 | ||||||
| Lamar Consolidated Independent School District GO, | ||||||||
| 4.00%, 02/15/50 (Call 02/15/28) (PSF) | 3,000 | 2,939,135 | ||||||
| Leander Independent School District GO | ||||||||
| 5.00%, 08/15/52 (Call 08/15/31) (PSF) | 11,200 | 12,068,542 | ||||||
| Series A, 5.00%, 08/15/38 (Call 08/15/25) (PSF) | 1,075 | 1,098,709 | ||||||
| Series A, 5.00%, 08/15/40 (Call 08/15/25) (PSF) | 1,500 | 1,527,686 | ||||||
| Series C, 0.00%, 08/15/44 (PR 08/15/24) (PSF)(a) | 22,990 | 7,523,202 | ||||||
| Series C, 0.00%, 08/15/46 (PR 08/15/24) (PSF)(a) | 70,000 | 20,359,913 | ||||||
| Series D, 0.00%, 08/15/36 (PR 08/15/24) (PSF)(a) | 4,000 | 2,184,821 | ||||||
| Lewisville Independent School District GO | ||||||||
| 5.00%, 08/15/30 (PSF) | 11,190 | 12,776,660 | ||||||
| Series A, 4.00%, 08/15/27 (Call 08/15/25) (PSF) | 4,940 | 5,006,343 | ||||||
| Series B, 5.00%, 08/15/25 | 2,600 | 2,699,103 | ||||||
| Series B, 5.00%, 08/15/28 (Call 08/15/25) | 6,090 | 6,315,549 | ||||||
| Lower Colorado River Authority RB | ||||||||
| 5.00%, 05/15/25 | 1,000 | 1,032,839 | ||||||
| 5.00%, 05/15/28 | 1,000 | 1,091,564 | ||||||
| 5.00%, 05/15/39 (Call 05/15/30) | 2,000 | 2,150,952 | ||||||
| 5.00%, 05/15/40 (Call 05/15/25) | 5,760 | 5,862,249 | ||||||
| 5.00%, 05/15/41 (Call 05/15/30) | 3,500 | 3,739,329 | ||||||
| 5.00%, 05/15/43 (Call 05/15/28) | 1,000 | 1,047,241 | ||||||
| 5.00%, 05/15/45 (Call 05/15/25) | 3,130 | 3,174,745 | ||||||
| 6.00%, 05/15/52 (Call 05/15/32) | 10,000 | 11,471,293 | ||||||
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB, 5.00%, 11/01/28 (PR 11/01/24) | 2,000 | 2,047,816 | ||||||
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
| Midland County Fresh Water Supply District No. 1 RB, Series A, 0.00%, 09/15/34 (PR 09/15/27)(a) | $ | 1,250 | $ | 768,407 | ||||
| North East Independent School District/TX GO, 5.25%, 02/01/27 (PSF) | 530 | 569,365 | ||||||
| North Texas Municipal Water District Water | ||||||||
| System Revenue | ||||||||
| 5.00%, 09/01/26 | 15,200 | 16,063,164 | ||||||
| 5.00%, 09/01/28 | 3,500 | 3,863,312 | ||||||
| North Texas Municipal Water District Water System Revenue RB | ||||||||
| 4.00%, 09/01/46 (Call 09/01/26) | 6,000 | 5,937,902 | ||||||
| 5.00%, 09/01/27 | 6,000 | 6,488,057 | ||||||
| North Texas Tollway Authority RB | ||||||||
| 0.00%, 01/01/36 (AGC)(a) | 18,500 | 11,199,038 | ||||||
| 4.25%, 01/01/49 (Call 01/01/28) | 1,500 | 1,451,201 | ||||||
| 5.00%, 01/01/24 (Call 07/03/23) | 245 | 245,252 | ||||||
| 5.00%, 01/01/26 (Call 01/01/24) | 260 | 260,225 | ||||||
| 5.00%, 01/01/29 (Call 01/01/26) | 5,000 | 5,237,320 | ||||||
| 5.00%, 01/01/38 (Call 01/01/24) | 110 | 110,049 | ||||||
| 5.00%, 01/01/48 (Call 01/01/28) | 1,000 | 1,039,289 | ||||||
| First Series, 0.00%, 01/01/33 (AGC)(a) | 38,450 | 26,834,040 | ||||||
| First Series, 0.00%, 01/01/37 (AGC)(a) | 3,250 | 1,852,283 | ||||||
| Series A, 4.00%, 01/01/36 (Call 01/01/29) | 8,300 | 8,417,049 | ||||||
| Series A, 4.00%, 01/01/37 (Call 01/01/27) | 5,305 | 5,285,795 | ||||||
| Series A, 4.00%, 01/01/37 (Call 01/01/29) | 7,000 | 7,050,480 | ||||||
| Series A, 4.00%, 01/01/43 (Call 01/01/28) | 15,615 | 14,986,835 | ||||||
| Series A, 4.00%, 01/01/44 (Call 01/01/29) | 2,000 | 1,908,742 | ||||||
| Series A, 5.00%, 01/01/24 | 2,050 | 2,067,672 | ||||||
| Series A, 5.00%, 01/01/25 (Call 01/01/24) | 2,550 | 2,574,243 | ||||||
| Series A, 5.00%, 01/01/26 (Call 01/01/24) | 9,010 | 9,081,457 | ||||||
| Series A, 5.00%, 01/01/27 (Call 01/01/24) | 11,705 | 11,801,867 | ||||||
| Series A, 5.00%, 01/01/28 (Call 01/01/26) | 1,500 | 1,569,974 | ||||||
| Series A, 5.00%, 01/01/30 (Call 01/01/26) | 8,375 | 8,770,610 | ||||||
| Series A, 5.00%, 01/01/32 (Call 01/01/25) | 16,910 | 17,315,527 | ||||||
| Series A, 5.00%, 01/01/33 (Call 01/01/25) | 2,000 | 2,045,998 | ||||||
| Series A, 5.00%, 01/01/34 | 10,500 | 12,317,717 | ||||||
| Series A, 5.00%, 01/01/34 (Call 01/01/27) | 1,000 | 1,060,033 | ||||||
| Series A, 5.00%, 01/01/35 | 1,000 | 1,170,504 | ||||||
| Series A, 5.00%, 01/01/35 (Call 01/01/27) | 1,900 | 2,008,598 | ||||||
| Series A, 5.00%, 01/01/36 (Call 01/01/27) | 1,000 | 1,052,108 | ||||||
| Series A, 5.00%, 01/01/38 (Call 01/01/25) | 13,455 | 13,712,597 | ||||||
| Series A, 5.00%, 01/01/38 (Call 01/01/29) | 21,820 | 23,238,677 | ||||||
| Series A, 5.00%, 01/01/39 (Call 01/01/26) | 2,500 | 2,565,816 | ||||||
| Series A, 5.00%, 01/01/39 (Call 01/01/28) | 2,500 | 2,631,822 | ||||||
| Series A, 5.00%, 01/01/43 (Call 01/01/28) | 26,025 | 27,203,019 | ||||||
| Series A, 5.00%, 01/01/48 (Call 01/01/28) | 6,100 | 6,339,664 | ||||||
| Series B, 0.00%, 09/01/37 (PR 09/01/31)(a) | 1,620 | 780,615 | ||||||
| Series B, 0.00%, 09/01/43 (PR 09/01/31)(a) | 2,500 | 767,783 | ||||||
| Series B, 3.00%, 01/01/46 (Call 01/01/31) | 2,000 | 1,519,157 | ||||||
| Series B, 4.00%, 01/01/39 (Call 01/01/31) | 2,500 | 2,455,042 | ||||||
| Series B, 4.00%, 01/01/40 (Call 01/01/31) | 4,000 | 3,881,237 | ||||||
| Series B, 4.00%, 01/01/41 (Call 01/01/31) | 1,150 | 1,095,906 | ||||||
| Series B, 5.00%, 01/01/26 | 1,250 | 1,302,582 | ||||||
| Series B, 5.00%, 01/01/27 | 2,500 | 2,654,665 | ||||||
| Series B, 5.00%, 01/01/28 | 3,850 | 4,167,923 | ||||||
| Series B, 5.00%, 01/01/29 | 1,700 | 1,874,232 | ||||||
| Series B, 5.00%, 01/01/29 (Call 01/01/25) | 150 | 153,864 | ||||||
| Series B, 5.00%, 01/01/31 (Call 01/01/24) | 2,000 | 2,015,205 | ||||||
| Series B, 5.00%, 01/01/31 (Call 01/01/26) | 900 | 941,635 | ||||||
| Series B, 5.00%, 01/01/34 (Call 01/01/25) | 4,750 | 4,855,485 | ||||||
| Series B, 5.00%, 01/01/43 (Call 01/01/27) | 1,750 | 1,811,312 | ||||||
46
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
| Series B, 5.00%, 01/01/48 (Call 01/01/27) | $ | 1,750 | $ | 1,803,027 | ||||
| Series C, 0.00%, 09/01/43 (PR 09/01/31)(a) | 500 | 616,222 | ||||||
| Series C, 6.75%, 09/01/45 (PR 09/01/31) | 500 | 638,535 | ||||||
| Series D, 0.00%, 01/01/31 (AGC)(a) | 965 | 735,809 | ||||||
| Series D, 0.00%, 01/01/34 (AGC)(a) | 2,900 | 1,947,067 | ||||||
| Pasadena Independent School District GO, 4.00%, 02/15/44 (Call 02/15/28) (PSF) | 1,250 | 1,241,539 | ||||||
| Permanent University Fund - Texas A&M University System RB | ||||||||
| 5.00%, 07/01/41 (Call 07/01/32) | 17,245 | 19,329,476 | ||||||
| 5.50%, 07/01/25 | 5,230 | 5,484,044 | ||||||
| Permanent University Fund - University of Texas System RB | ||||||||
| 5.00%, 07/01/27 | 1,000 | 1,078,889 | ||||||
| 5.00%, 07/01/29 | 3,000 | 3,369,958 | ||||||
| Series B, 5.00%, 07/01/25 (Call 07/01/24) | 2,700 | 2,749,527 | ||||||
| Permanent University Fund-University of Texas System RB | ||||||||
| 5.00%, 07/01/41 (Call 07/01/24) | 65,030 | 65,102,073 | ||||||
| Series B, 4.00%, 07/01/41 (Call 07/01/26) | 2,515 | 2,496,192 | ||||||
| Plano Independent School District GO | ||||||||
| 5.00%, 02/15/25 | 7,010 | 7,206,802 | ||||||
| 5.00%, 02/15/26 (PSF) | 2,475 | 2,593,541 | ||||||
| Port Authority of Houston of Harris County Texas RB, 5.00%, 10/01/51 (Call 04/01/32) | 5,000 | 5,367,761 | ||||||
| Richardson Independent School District GO | ||||||||
| 4.00%, 02/15/46 (Call 02/15/30) (PSF) | 2,000 | 1,986,789 | ||||||
| 5.00%, 02/15/30 (Call 02/15/28) (PSF) | 1,800 | 1,977,613 | ||||||
| 5.00%, 02/15/42 (Call 02/15/26) (PSF) | 6,930 | 7,107,946 | ||||||
| Round Rock Independent School District GO | ||||||||
| 5.00%, 08/01/27 | 3,185 | 3,446,022 | ||||||
| Series A, 3.00%, 08/01/33 (Call 08/01/29) (PSF) | 1,750 | 1,699,149 | ||||||
| Series A, 5.00%, 08/01/31 (Call 08/01/29) (PSF) | 4,000 | 4,456,554 | ||||||
| San Antonio Independent School District/TX GO | ||||||||
| 5.00%, 02/15/24 (PSF-GTD) | 2,500 | 2,528,968 | ||||||
| 5.00%, 08/15/48 (Call 08/15/25) (PSF) | 6,000 | 6,089,258 | ||||||
| San Antonio Public Facilities Corp. RB, 4.00%, 09/15/42 (Call 09/15/23) | 6,600 | 6,284,053 | ||||||
| San Antonio Water System RB | ||||||||
| Series A, 4.00%, 05/15/51 (Call 05/15/31) | 3,790 | 3,483,842 | ||||||
| Series A, 5.00%, 05/15/48 (Call 05/15/28) | 6,720 | 7,034,225 | ||||||
| Series A, 5.00%, 05/15/50 (Call 05/15/30) | 6,000 | 6,366,077 | ||||||
| Series B, 4.00%, 05/15/40 (Call 05/15/25) | 14,785 | 14,474,336 | ||||||
| Series C, 4.00%, 05/15/50 (Call 05/15/30) | 1,000 | 926,891 | ||||||
| Series C, 5.00%, 05/15/33 (Call 11/15/26) | 10,500 | 11,157,442 | ||||||
| Series C, 5.00%, 05/15/34 (Call 11/15/26) | 1,220 | 1,294,598 | ||||||
| Series C, 5.00%, 05/15/46 (Call 11/15/26) | 1,660 | 1,717,098 | ||||||
| San Jacinto Community College District GOL, Series A, 5.00%, 02/15/44 (Call 02/15/29) | 3,660 | 3,901,422 | ||||||
| State of Texas GO | ||||||||
| 4.00%, 10/01/31 (Call 04/01/24) | 12,790 | 12,878,777 | ||||||
| 4.00%, 10/01/33 (PR 04/01/24) | 1,200 | 1,206,572 | ||||||
| 5.00%, 10/01/24 (Call 04/01/24) | 4,160 | 4,220,810 | ||||||
| 5.00%, 10/01/25 | 16,300 | 16,974,408 | ||||||
| 5.00%, 10/01/25 (Call 04/01/24) | 4,240 | 4,296,239 | ||||||
| 5.00%, 04/01/26 (Call 04/01/24) | 3,560 | 3,609,270 | ||||||
| 5.00%, 10/01/26 (PR 04/01/24) | 1,025 | 1,038,933 | ||||||
| 5.00%, 04/01/27 (PR 04/01/24) | 2,000 | 2,026,857 | ||||||
| 5.00%, 10/01/27 (Call 04/01/24) | 3,250 | 3,298,460 | ||||||
| 5.00%, 04/01/28 (PR 04/01/24) | 2,000 | 2,026,857 | ||||||
| 5.00%, 04/01/32 (Call 04/01/26) | 2,300 | 2,415,688 | ||||||
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 04/01/34 (Call 04/01/26) | $ | 16,500 | $ | 17,256,947 | ||||
| 5.00%, 10/01/34 (Call 10/01/27) | 32,000 | 34,644,451 | ||||||
| 5.00%, 04/01/35 (PR 04/01/24) | 1,660 | 1,682,291 | ||||||
| 5.00%, 04/01/36 (PR 04/01/24) | 1,000 | 1,013,428 | ||||||
| 5.00%, 04/01/43 (Call 04/01/26) | 3,000 | 3,087,655 | ||||||
| 5.00%, 04/01/46 (Call 04/01/26) | 3,780 | 3,880,240 | ||||||
| Series A, 4.00%, 10/01/31 (Call 10/01/24) | 2,000 | 2,022,109 | ||||||
| Series A, 4.00%, 10/01/44 (Call 10/01/24) | 2,000 | 1,945,258 | ||||||
| Series A, 5.00%, 10/01/23 | 4,575 | 4,599,337 | ||||||
| Series A, 5.00%, 10/01/24 | 9,350 | 9,567,480 | ||||||
| Series A, 5.00%, 10/01/26 (Call 10/01/24) | 3,305 | 3,380,571 | ||||||
| Series A, 5.00%, 10/01/26 (Call 10/01/25) | 7,000 | 7,294,432 | ||||||
| Series A, 5.00%, 04/01/27 (Call 04/01/26) | 5,890 | 6,199,338 | ||||||
| Series A, 5.00%, 10/01/27 (Call 10/01/25) | 2,435 | 2,540,770 | ||||||
| Series A, 5.00%, 10/01/28 (Call 10/01/24) | 5,000 | 5,122,221 | ||||||
| Series A, 5.00%, 10/01/28 (Call 10/01/25) | 5,105 | 5,332,608 | ||||||
| Series A, 5.00%, 10/01/30 (Call 10/01/27) | 2,000 | 2,176,459 | ||||||
| Series A, 5.00%, 10/01/30 (PR 10/01/24) | 10,000 | 10,216,838 | ||||||
| Series A, 5.00%, 10/01/31 (Call 10/01/25) | 1,000 | 1,042,749 | ||||||
| Series A, 5.00%, 10/01/33 (Call 10/01/27) | 34,100 | 37,022,595 | ||||||
| Series A, 5.00%, 10/01/36 (Call 10/01/25) | 10,150 | 10,479,828 | ||||||
| Series A, 5.00%, 04/01/44 (Call 04/01/26) | 2,045 | 2,102,541 | ||||||
| Series A, 5.00%, 10/01/44 (PR 10/01/24) | 40,000 | 40,867,352 | ||||||
| Series A, VRDN,3.90%, 06/01/44 (Put 06/07/23)(b) | 23,525 | 23,525,000 | ||||||
| Series A, VRDN,3.90%, 06/01/45 (Put 06/07/23)(b) | 19,315 | 19,315,000 | ||||||
| Series B, 5.00%, 10/01/31 (Call 10/01/27) | 6,755 | 7,350,388 | ||||||
| Series B, 5.00%, 10/01/32 (Call 10/01/27) | 5,825 | 6,329,898 | ||||||
| Series B, 5.00%, 08/01/40 (Call 08/01/25) | 3,000 | 3,084,136 | ||||||
| Series D, 4.00%, 05/15/45 (Call 05/15/25) | 2,000 | 1,935,050 | ||||||
| Tarrant County College District GOL | ||||||||
| 5.00%, 08/15/26 | 3,060 | 3,231,056 | ||||||
| 5.00%, 08/15/35 (Call 08/15/32) | 5,910 | 6,806,582 | ||||||
| Texas A&M University RB, Series E, 5.00%, 05/15/34 (Call 05/15/27) | 5,640 | 6,057,900 | ||||||
| Texas State University System RB | ||||||||
| Series A, 5.00%, 03/15/28 (Call 03/15/27) | 6,670 | 7,130,668 | ||||||
| Series A, 5.00%, 03/15/31 (Call 03/15/27) | 1,900 | 2,032,276 | ||||||
| Texas Transportation Commission GO, VRDN,0.65%, 10/01/41 (Put 04/01/26)(b) | 5,000 | 4,505,079 | ||||||
| Texas Transportation Commission RB, 5.00%, 08/01/57 (Call 02/01/29) | 1,750 | 1,752,545 | ||||||
| Texas Transportation Commission State Highway Fund RB | ||||||||
| 5.00%, 04/01/33 (PR 04/01/24) | 25,000 | 25,348,055 | ||||||
| 5.00%, 04/01/34 (PR 04/01/24) | 23,100 | 23,421,603 | ||||||
| First Series, 5.00%, 10/01/25 | 2,280 | 2,375,378 | ||||||
| First Series, 5.00%, 10/01/26 | 4,810 | 5,106,926 | ||||||
| Series A, 5.00%, 04/01/24 | 6,600 | 6,694,061 | ||||||
| Series A, 5.00%, 10/01/24 | 6,720 | 6,876,307 | ||||||
| Series A, 5.00%, 04/01/25 (Call 04/01/24) | 1,305 | 1,324,914 | ||||||
| Series A, 5.00%, 10/01/26 | 1,100 | 1,167,904 | ||||||
| Series A, 5.00%, 10/01/30 (Call 10/01/26) | 5,000 | 5,264,845 | ||||||
| Texas Water Development Board RB | ||||||||
| 3.00%, 10/15/40 (Call 10/15/30) | 3,500 | 3,017,899 | ||||||
| 4.00%, 10/15/33 (Call 10/15/30) | 3,080 | 3,225,456 | ||||||
| 4.00%, 08/01/34 (Call 08/01/30) | 5,000 | 5,215,049 | ||||||
| 4.00%, 10/15/35 (Call 10/15/31) | 4,740 | 4,917,631 | ||||||
| 4.00%, 04/15/51 (Call 10/15/30) | 6,000 | 5,884,989 | ||||||
| 4.00%, 10/15/56 (Call 10/15/31) | 7,420 | 7,211,472 | ||||||
| 4.45%, 10/15/36 (Call 10/15/32) | 1,000 | 1,078,066 | ||||||
| 4.80%, 10/15/52 (Call 10/15/32) | 1,500 | 1,591,920 | ||||||
| 5.00%, 04/15/26 | 1,380 | 1,453,682 | ||||||
47
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 10/15/26 | $ | 3,310 | $ | 3,522,569 | ||||
| 5.00%, 08/01/27 | 1,500 | 1,619,872 | ||||||
| 5.00%, 08/01/28 | 1,110 | 1,219,846 | ||||||
| 5.00%, 08/01/30 | 1,310 | 1,487,550 | ||||||
| 5.00%, 10/15/30 (Call 04/15/28) | 7,940 | 8,695,572 | ||||||
| 5.00%, 10/15/31 (Call 10/15/26) | 5,000 | 5,311,196 | ||||||
| 5.00%, 10/15/47 (Call 10/15/32) | 22,500 | 24,669,580 | ||||||
| 5.25%, 10/15/46 (Call 10/15/26) | 2,000 | 2,075,332 | ||||||
| Series A, 3.00%, 10/15/33 (Call 10/15/29) | 2,000 | 1,969,838 | ||||||
| Series A, 3.00%, 10/15/34 (Call 10/15/29) | 2,000 | 1,962,604 | ||||||
| Series A, 3.00%, 10/15/39 (Call 10/15/29) | 2,585 | 2,260,778 | ||||||
| Series A, 4.00%, 10/15/32 (Call 10/15/27) | 3,450 | 3,543,671 | ||||||
| Series A, 4.00%, 10/15/33 (Call 10/15/27) | 2,000 | 2,048,027 | ||||||
| Series A, 4.00%, 10/15/34 (Call 10/15/25) | 3,000 | 3,025,571 | ||||||
| Series A, 4.00%, 10/15/34 (Call 10/15/27) | 1,000 | 1,019,257 | ||||||
| Series A, 4.00%, 10/15/35 (Call 10/15/27) | 2,500 | 2,536,012 | ||||||
| Series A, 4.00%, 10/15/36 (Call 04/15/28) | 3,000 | 3,030,783 | ||||||
| Series A, 4.00%, 10/15/36 (Call 10/15/29) | 5,725 | 5,838,884 | ||||||
| Series A, 4.00%, 10/15/38 (Call 04/15/28) | 9,160 | 9,195,642 | ||||||
| Series A, 4.00%, 10/15/38 (Call 10/15/29) | 1,490 | 1,497,389 | ||||||
| Series A, 4.00%, 10/15/44 (Call 10/15/29) | 5,000 | 4,930,197 | ||||||
| Series A, 4.00%, 10/15/45 (Call 10/15/25) | 4,865 | 4,789,423 | ||||||
| Series A, 4.00%, 10/15/47 (Call 10/15/27) | 3,755 | 3,689,736 | ||||||
| Series A, 4.00%, 10/15/49 (Call 10/15/29) | 20,445 | 20,092,904 | ||||||
| Series A, 4.00%, 10/15/54 (Call 10/15/29) | 1,000 | 976,143 | ||||||
| Series A, 5.00%, 04/15/24 | 5,920 | 6,007,120 | ||||||
| Series A, 5.00%, 04/15/29 (Call 10/15/27) | 1,000 | 1,084,651 | ||||||
| Series A, 5.00%, 10/15/30 (Call 10/15/25) | 1,000 | 1,038,010 | ||||||
| Series A, 5.00%, 10/15/31 (Call 10/15/25) | 1,000 | 1,036,622 | ||||||
| Series A, 5.00%, 10/15/31 (Call 10/15/27) | 1,000 | 1,080,740 | ||||||
| Series A, 5.00%, 10/15/31 (Call 04/15/28) | 6,605 | 7,220,054 | ||||||
| Series A, 5.00%, 10/15/40 (Call 10/15/25) | 890 | 912,989 | ||||||
| Series A, 5.00%, 10/15/42 (Call 10/15/27) | 2,000 | 2,109,752 | ||||||
| Series A, 5.00%, 10/15/43 (Call 04/15/28) | 11,750 | 12,451,173 | ||||||
| Series A, 5.00%, 10/15/47 (Call 10/15/27) | 2,500 | 2,622,873 | ||||||
| Series B, 4.00%, 10/15/34 (Call 10/15/28) | 3,000 | 3,069,818 | ||||||
| Series B, 4.00%, 10/15/36 (Call 10/15/28) | 10,000 | 10,112,163 | ||||||
| Series B, 4.00%, 10/15/43 (Call 10/15/28) | 7,000 | 6,944,095 | ||||||
| Series B, 5.00%, 10/15/23 | 2,030 | 2,042,138 | ||||||
| Series B, 5.00%, 04/15/25 | 3,170 | 3,277,723 | ||||||
| Series B, 5.00%, 04/15/30 (Call 10/15/28) | 1,860 | 2,053,392 | ||||||
| Series B, 5.00%, 10/15/32 (Call 10/15/28) | 5,815 | 6,409,640 | ||||||
| Series B, 5.00%, 04/15/49 (Call 10/15/28) | 39,020 | 41,254,492 | ||||||
| Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/28 (Call 08/01/27) | 2,000 | 2,148,852 | ||||||
| Tyler Independent School District GO, 4.00%, 02/15/47 (Call 02/15/27) (PSF) | 1,600 | 1,559,100 | ||||||
| Waco Educational Finance Corp. RB, 4.00%, 03/01/51 (Call 03/01/31) | 2,000 | 1,804,671 | ||||||
| Wylie Independent School District GO, Series A, 5.00%, 08/15/30 (PSF) | 14,960 | 17,102,187 | ||||||
| Ysleta Independent School District GO, 5.00%, 08/15/47 (Call 08/15/26) (PSF) | 2,940 | 3,008,744 | ||||||
| 2,472,465,484 | ||||||||
| Utah — 0.9% | ||||||||
| Central Valley Water Reclamation Facility RB, Series C, 4.00%, 03/01/47 (Call 03/01/31) | 2,000 | 1,939,722 | ||||||
| City of Salt Lake City UT Airport Revenue RB | ||||||||
| Series B, 5.00%, 07/01/47 (Call 07/01/27) | 3,645 | 3,750,655 | ||||||
| Series B, 5.00%, 07/01/48 (Call 07/01/28) | 2,000 | 2,070,528 | ||||||
| Security | Par (000) | Value | ||||||
| Utah (continued) | ||||||||
| City of Salt Lake City UT Public Utilities Revenue RB, 5.00%, 02/01/52 (Call 02/01/32) | $ | 30,000 | $ | 32,597,925 | ||||
| Intermountain Power Agency RB | ||||||||
| Series A, 4.00%, 07/01/36 (Call 07/01/31) | 2,500 | 2,566,588 | ||||||
| Series A, 5.00%, 07/01/26 | 3,445 | 3,647,932 | ||||||
| Series A, 5.00%, 07/01/29 | 1,250 | 1,406,383 | ||||||
| Series A, 5.00%, 07/01/30 | 2,000 | 2,284,704 | ||||||
| Series A, 5.00%, 07/01/32 (Call 07/01/31) | 1,000 | 1,153,872 | ||||||
| Series A, 5.00%, 07/01/33 (Call 07/01/31) | 1,250 | 1,440,919 | ||||||
| Series A, 5.00%, 07/01/34 (Call 07/01/31) | 1,250 | 1,433,939 | ||||||
| Series A, 5.00%, 07/01/38 (Call 07/01/31) | 2,500 | 2,771,315 | ||||||
| Series A, 5.00%, 07/01/39 (Call 07/01/31) | 10,000 | 11,043,032 | ||||||
| Series A, 5.00%, 07/01/40 (Call 07/01/31) | 2,500 | 2,750,011 | ||||||
| Series A, 5.00%, 07/01/42 (Call 07/01/31) | 2,500 | 2,732,540 | ||||||
| State of Utah GO | ||||||||
| 3.00%, 07/01/34 (Call 01/01/29) | 4,120 | 3,979,791 | ||||||
| 5.00%, 07/01/23 | 3,525 | 3,529,399 | ||||||
| 5.00%, 07/01/24 | 13,240 | 13,485,695 | ||||||
| 5.00%, 07/01/25 (PR 01/01/25) | 18,300 | 18,806,672 | ||||||
| 5.00%, 07/01/26 | 13,300 | 14,043,276 | ||||||
| 5.00%, 07/01/27 (Call 01/01/27) | 1,140 | 1,224,523 | ||||||
| 5.00%, 07/01/29 (Call 01/01/29) | 4,000 | 4,482,112 | ||||||
| 5.00%, 07/01/30 (Call 01/01/29) | 5,600 | 6,274,813 | ||||||
| 5.00%, 07/01/31 (Call 01/01/29) | 13,500 | 15,121,609 | ||||||
| Series B, 5.00%, 07/01/24 | 10,710 | 10,908,747 | ||||||
| Series B, 5.00%, 07/01/25 | 6,010 | 6,240,596 | ||||||
| Series B, 5.00%, 07/01/26 | 11,750 | 12,406,653 | ||||||
| Series B, 5.00%, 07/01/27 | 24,550 | 26,594,887 | ||||||
| Series B, 5.00%, 07/01/28 | 1,470 | 1,627,527 | ||||||
| Series B, 5.00%, 07/01/29 (Call 01/01/29) | 1,600 | 1,792,845 | ||||||
| University of Utah (The) RB | ||||||||
| 5.00%, 08/01/27 | 1,330 | 1,436,828 | ||||||
| 5.00%, 08/01/35 (Call 08/01/32) | 5,280 | 6,107,782 | ||||||
| 5.00%, 08/01/41 (Call 08/01/32) | 11,885 | 13,214,077 | ||||||
| 5.00%, 08/01/42 (Call 08/01/32) | 2,490 | 2,757,999 | ||||||
| Series A, 4.00%, 08/01/51 (Call 08/01/31) | 12,000 | 11,562,497 | ||||||
| Utah Transit Authority RB | ||||||||
| Series A, 5.00%, 06/15/24 | 5,540 | 5,633,810 | ||||||
| Series A, 5.00%, 06/15/25 | 3,630 | 3,747,838 | ||||||
| Series A, 5.00%, 06/15/26 (PR 06/15/25) | 3,440 | 3,559,479 | ||||||
| Series A, 5.00%, 06/15/27 (PR 06/15/25) | 10,400 | 10,761,217 | ||||||
| Series A, 5.00%, 06/15/28 (PR 06/15/25) | 5,005 | 5,178,836 | ||||||
| Series A, 5.00%, 06/15/29 (PR 06/15/25) | 3,010 | 3,114,545 | ||||||
| Series A, 5.00%, 06/15/37 (PR 06/15/25) | 4,815 | 4,982,237 | ||||||
| Series A, 5.00%, 06/15/38 (PR 06/15/25) | 5,500 | 5,691,028 | ||||||
| 291,857,383 | ||||||||
| Vermont — 0.0% | ||||||||
| University of Vermont & State Agricultural College RB, 5.00%, 10/01/40 (Call 10/01/25) | 1,000 | 1,014,354 | ||||||
| Virginia — 1.9% | ||||||||
| Chesapeake Bay Bridge & Tunnel District RB | ||||||||
| 5.00%, 11/01/23 | 10,715 | 10,761,197 | ||||||
| 5.00%, 07/01/46 (Call 07/01/26) | 21,350 | 21,674,928 | ||||||
| 5.00%, 07/01/51 (Call 07/01/26) | 1,500 | 1,518,615 | ||||||
| Series 2016, 5.00%, 07/01/41 (Call 07/01/26) (AGM) | 3,000 | 3,073,053 | ||||||
| City of Alexandria VA GO, Series A, 3.00%, 07/15/46 (Call 07/15/30) | 1,000 | 817,659 | ||||||
| City of Norfolk VA, 5.00%, 08/01/46 (PR 08/01/28) (SAW) | 2,755 | 3,051,314 | ||||||
| City of Richmond VA Public Utility Revenue RB | ||||||||
| 5.00%, 01/15/30 (Call 01/15/26) | 1,000 | 1,045,636 | ||||||
48
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Virginia (continued) | ||||||||
| 5.00%, 01/15/32 (Call 01/15/26) | $ | 2,020 | $ | 2,109,078 | ||||
| Series A, 5.00%, 01/15/29 (Call 01/15/26) | 2,000 | 2,092,298 | ||||||
| Commonwealth of Virginia GO | ||||||||
| Series B, 5.00%, 06/01/26 (Call 06/01/25) (SAW) | 3,025 | 3,138,859 | ||||||
| Series B, 5.00%, 06/01/27 (Call 06/01/25) (SAW) | 2,090 | 2,168,255 | ||||||
| County of Arlington VA GO, 4.00%, 06/15/34 (Call 06/15/29) | 2,085 | 2,199,890 | ||||||
| County of Fairfax VA, 2.00%, 10/01/38 (Call 04/01/32) | 13,630 | 10,206,727 | ||||||
| County of Fairfax VA GO | ||||||||
| 4.00%, 10/01/30 (SAW) | 8,600 | 9,285,068 | ||||||
| 4.00%, 10/01/32 (Call 04/01/27) (SAW) | 9,900 | 10,292,953 | ||||||
| 5.00%, 10/01/25 (Call 04/01/25) (SAW) | 5,000 | 5,218,334 | ||||||
| 5.00%, 10/01/31 (Call 04/01/29) (SAW) | 5,280 | 5,918,038 | ||||||
| 5.00%, 10/01/32 (Call 04/01/32) (SAW) | 4,265 | 5,010,151 | ||||||
| 5.00%, 10/01/38 (Call 04/01/30) (SAW) | 5,035 | 5,587,160 | ||||||
| Series A, 4.00%, 10/01/24 | 2,165 | 2,187,111 | ||||||
| Series A, 4.00%, 10/01/27 (Call 04/01/26) (SAW) | 7,560 | 7,774,038 | ||||||
| Series A, 5.00%, 10/01/28 | 5,000 | 5,554,319 | ||||||
| Series A, 5.00%, 10/01/28 (Call 04/01/27) (SAW) | 1,800 | 1,942,205 | ||||||
| Series B, 5.00%, 10/01/24 (SAW) | 3,550 | 3,632,106 | ||||||
| County of Fairfax VA Sewer Revenue RB, Series A, 4.00%, 07/15/51 (Call 07/15/31) | 10,000 | 9,716,036 | ||||||
| County of Henrico VA GO, Series A, 5.00%, 08/01/28 (SAW) | 1,260 | 1,393,601 | ||||||
| County of Henrico VA Water & Sewer Revenue RB, 4.13%, 05/01/44 (PR 05/01/24) | 18,780 | 18,919,879 | ||||||
| County of Loudoun VA GO, 4.00%, 12/01/31 (Call 12/01/30) (SAW) | 3,295 | 3,550,295 | ||||||
| Hampton Roads Sanitation District RB | ||||||||
| Series A, 5.00%, 08/01/30 (PR 08/01/26) | 2,000 | 2,122,638 | ||||||
| Series A, 5.00%, 08/01/37 (PR 08/01/26) | 8,570 | 9,095,503 | ||||||
| Hampton Roads Transportation Accountability Commission, 5.00%, 07/01/52 (PR 01/01/28) | 10,000 | 10,937,643 | ||||||
| Hampton Roads Transportation Accountability Commission RB | ||||||||
| 5.00%, 07/01/48 (Call 01/01/28) | 16,855 | 17,733,105 | ||||||
| 5.00%, 07/01/48 (PR 01/01/28) | 4,180 | 4,571,935 | ||||||
| 5.50%, 07/01/57 (PR 01/01/28) | 11,380 | 12,690,009 | ||||||
| Series A, 4.00%, 07/01/45 (Call 07/01/30) | 2,000 | 1,943,001 | ||||||
| Series A, 4.00%, 07/01/60 (Call 07/01/30) | 5,000 | 4,770,962 | ||||||
| Series A, 5.00%, 07/01/39 (Call 07/01/30) | 5,000 | 5,500,816 | ||||||
| Series A, 5.00%, 07/01/42 (Call 01/01/28) | 8,110 | 8,599,546 | ||||||
| Series A, 5.00%, 07/01/60 (Call 07/01/30) | 2,000 | 2,141,447 | ||||||
| Northern Virginia Transportation Commission RB, 5.00%, 06/01/47 (Call 06/01/32) | 8,000 | 8,771,557 | ||||||
| University of Virginia RB | ||||||||
| 5.00%, 04/01/38 (Call 04/01/27) | 1,000 | 1,065,508 | ||||||
| Series A-2, 5.00%, 04/01/45 (Call 04/01/25) | 8,000 | 8,199,284 | ||||||
| Virginia College Building Authority, 5.00%, 02/01/30 | 6,340 | 7,219,955 | ||||||
| Virginia College Building Authority RB | ||||||||
| 3.00%, 02/01/40 (Call 02/01/31) | 2,485 | 2,104,692 | ||||||
| 3.00%, 09/01/51 (Call 09/01/31) | 7,110 | 5,459,856 | ||||||
| 3.50%, 02/01/34 (Call 02/01/32) | 2,000 | 2,014,136 | ||||||
| 5.00%, 02/01/24 | 10,000 | 10,116,322 | ||||||
| 5.00%, 02/01/27 | 14,000 | 15,050,232 | ||||||
| 5.00%, 02/01/28 | 21,120 | 23,112,784 | ||||||
| 5.00%, 02/01/30 | 12,250 | 13,950,229 | ||||||
| 5.00%, 02/01/32 | 3,015 | 3,545,437 | ||||||
| 5.00%, 02/01/34 (Call 02/01/33) | 3,500 | 4,139,205 | ||||||
| 5.00%, 02/01/35 (Call 02/01/32) | 13,000 | 14,933,478 | ||||||
| 5.00%, 02/01/36 (Call 02/01/32) | 13,000 | 14,799,643 | ||||||
| Security | Par (000) | Value | ||||||
| Virginia (continued) | ||||||||
| 5.00%, 02/01/38 (Call 02/01/32) | $ | 1,790 | $ | 2,004,826 | ||||
| 5.00%, 02/01/39 (Call 02/01/32) | 2,000 | 2,230,981 | ||||||
| 5.00%, 02/01/40 (Call 02/01/32) | 20,955 | 23,278,618 | ||||||
| 5.00%, 02/01/42 (Call 02/01/32) | 4,460 | 4,921,180 | ||||||
| 5.25%, 02/01/41 (Call 02/01/32) | 5,000 | 5,629,510 | ||||||
| Series A, 3.00%, 02/01/36 (Call 02/01/29) | 5,000 | 4,592,883 | ||||||
| Series A, 4.00%, 02/01/31 (Call 02/01/26) | 4,300 | 4,421,532 | ||||||
| Series A, 4.00%, 02/01/32 (Call 02/01/25) | 3,000 | 3,052,755 | ||||||
| Series A, 5.00%, 09/01/27 (Call 09/01/26) | ||||||||
| (ST INTERCEPT) | 4,700 | 4,981,820 | ||||||
| Series C, 5.00%, 02/01/25 | 8,500 | 8,754,683 | ||||||
| Series C, 5.00%, 02/01/28 | 500 | 547,178 | ||||||
| Series C, 5.00%, 02/01/30 (Call 02/01/27) | 3,800 | 4,057,749 | ||||||
| Series C, 5.00%, 02/01/30 (Call 02/01/29) | 2,775 | 3,098,930 | ||||||
| Series C, 5.00%, 02/01/31 (Call 02/01/27) | 1,830 | 1,954,791 | ||||||
| Series D, 3.00%, 02/01/27 (Call 02/01/25) (HERBIP) | 2,685 | 2,643,759 | ||||||
| Series E, 5.00%, 02/01/26 | 4,405 | 4,630,751 | ||||||
| Series E, 5.00%, 02/01/28 | 1,000 | 1,094,355 | ||||||
| Series E, 5.00%, 02/01/29 (Call 02/01/28) | 5,000 | 5,442,028 | ||||||
| Series E, 5.00%, 02/01/30 (Call 02/01/28) | 1,815 | 1,972,733 | ||||||
| Series E, 5.00%, 02/01/31 (Call 02/01/28) | 1,025 | 1,114,550 | ||||||
| Virginia Commonwealth Transportation Board RB | ||||||||
| 4.00%, 05/15/33 (Call 05/15/32) | 12,320 | 13,216,542 | ||||||
| 4.00%, 05/15/35 (Call 05/15/32) | 8,000 | 8,436,535 | ||||||
| 4.00%, 05/15/42 (Call 05/15/27) | 14,260 | 14,074,119 | ||||||
| 5.00%, 03/15/24 | 5,000 | 5,068,759 | ||||||
| 5.00%, 09/15/27 | 1,000 | 1,083,896 | ||||||
| Series A, 4.00%, 05/15/35 (Call 11/15/27) | 1,000 | 1,026,202 | ||||||
| Series A, 4.00%, 05/15/36 (Call 11/15/27) | 4,985 | 5,079,281 | ||||||
| Series A, 5.00%, 05/15/26 | 4,375 | 4,614,197 | ||||||
| Series A, 5.00%, 05/15/27 | 2,400 | 2,583,475 | ||||||
| Series A, 5.00%, 05/15/30 (Call 11/15/27) | 21,035 | 22,828,238 | ||||||
| Series A, 5.00%, 05/15/33 (Call 11/15/27) | 2,275 | 2,466,831 | ||||||
| Virginia Public Building Authority RB | ||||||||
| Series A, 5.00%, 08/01/26 | 4,000 | 4,240,303 | ||||||
| Series A, 5.00%, 08/01/27 | 3,000 | 3,245,861 | ||||||
| Series A, 5.00%, 08/01/28 (Call 08/01/27) | 1,145 | 1,243,281 | ||||||
| Series A, 5.00%, 08/01/38 (Call 08/01/32) | 1,010 | 1,140,589 | ||||||
| Series A-1, 5.00%, 08/01/26 | 3,000 | 3,180,227 | ||||||
| Series A-2, 4.00%, 08/01/34 (Call 08/01/31) | 2,000 | 2,118,370 | ||||||
| Series B, 5.00%, 08/01/23 | 1,030 | 1,032,635 | ||||||
| Series B, 5.00%, 08/01/24 | 9,755 | 9,949,915 | ||||||
| Series B, 5.00%, 08/01/25 | 1,975 | 2,051,688 | ||||||
| Series C, 4.00%, 08/01/25 (Call 08/01/24) | 255 | 257,105 | ||||||
| Series C, 4.00%, 08/01/26 (Call 08/01/24) | 3,660 | 3,692,048 | ||||||
| Virginia Public School Authority RB | ||||||||
| 5.00%, 08/01/23 (Call 07/03/23) | 15 | 15,019 | ||||||
| 5.00%, 08/01/26 (Call 08/01/25) (SAW) | 1,515 | 1,575,440 | ||||||
| 5.00%, 08/01/27 (Call 08/01/25) | 5,000 | 5,198,406 | ||||||
| 5.00%, 08/01/28 (Call 08/01/25) | 1,940 | 2,015,742 | ||||||
| 5.00%, 08/01/29 (SAW) | 2,685 | 3,020,519 | ||||||
| 5.00%, 08/01/47 (Call 08/01/32) (SAW) | 6,410 | 7,126,928 | ||||||
| Virginia Resources Authority Clean Water Revolving Fund RB, 5.00%, 10/01/26 (Call 10/01/24) | 26,155 | 26,711,848 | ||||||
| 623,147,337 | ||||||||
| Washington — 3.7% | ||||||||
| Central Puget Sound Regional Transit Authority RB | ||||||||
| Series S-1, 4.00%, 11/01/40 (Call 11/01/31) | 3,000 | 2,994,581 | ||||||
| Series S-1, 5.00%, 11/01/27 | 1,500 | 1,631,500 | ||||||
| Series S-1, 5.00%, 11/01/28 | 1,505 | 1,669,959 | ||||||
49
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Washington (continued) | ||||||||
| Series S-1, 5.00%, 11/01/29 (PR 11/01/25) | $ | 3,500 | $ | 3,652,558 | ||||
| Series S-1, 5.00%, 11/01/31 (PR 11/01/25) | 1,250 | 1,304,485 | ||||||
| Series S-1, 5.00%, 11/01/35 (PR 11/01/25) | 16,810 | 17,542,713 | ||||||
| Series S-1, 5.00%, 11/01/36 (Call 11/01/31) | 3,000 | 3,392,442 | ||||||
| Series S-1, 5.00%, 11/01/36 (PR 11/01/25) | 4,500 | 4,696,146 | ||||||
| Series S-1, 5.00%, 11/01/45 (PR 11/01/25) | 19,835 | 20,699,566 | ||||||
| Series S-1, 5.00%, 11/01/46 | 3,170 | 3,609,946 | ||||||
| City of Seattle WA GOL | ||||||||
| Series A, 5.00%, 12/01/29 | 5,415 | 6,151,810 | ||||||
| Series A, 5.00%, 12/01/30 | 7,860 | 9,085,564 | ||||||
| Series A, 5.00%, 09/01/31 | 6,440 | 7,506,989 | ||||||
| City of Seattle WA Municipal Light & Power Revenue RB | ||||||||
| 4.00%, 09/01/44 (Call 09/01/24) | 4,500 | 4,452,257 | ||||||
| 5.00%, 02/01/24 | 5,825 | 5,885,464 | ||||||
| 5.00%, 07/01/43 (Call 07/01/32) | 7,360 | 8,133,707 | ||||||
| 5.00%, 07/01/47 (Call 07/01/32) | 19,330 | 21,177,028 | ||||||
| Series A, 4.00%, 07/01/39 (Call 07/01/31) | 3,735 | 3,765,937 | ||||||
| Series A, 4.00%, 06/01/41 (Call 06/01/23) | 23,985 | 23,287,535 | ||||||
| Series A, 4.00%, 07/01/41 (Call 07/01/31) | 5,000 | 5,007,808 | ||||||
| Series A, 4.00%, 07/01/43 (Call 07/01/31) | 12,000 | 11,936,357 | ||||||
| Series A, 4.00%, 05/01/45 (Call 05/01/25) | 1,765 | 1,738,463 | ||||||
| Series A, 4.00%, 07/01/47 (Call 07/01/31) | 9,805 | 9,569,043 | ||||||
| Series A, 4.00%, 07/01/51 (Call 07/01/31) | 4,865 | 4,682,616 | ||||||
| Series B, 5.00%, 02/01/25 | 4,450 | 4,575,305 | ||||||
| Series C, 4.00%, 09/01/47 (Call 09/01/27) | 3,135 | 3,039,351 | ||||||
| City of Tacoma WA Electric System Revenue RB | ||||||||
| Series A, 4.00%, 01/01/42 (Call 07/01/23) | 1,000 | 980,300 | ||||||
| Series A, 5.00%, 01/01/38 (Call 07/01/23) | 4,400 | 4,403,035 | ||||||
| City of Tacoma WA Sewer Revenue RB, 4.00%, 12/01/51 (Call 12/01/31) | 19,440 | 18,561,565 | ||||||
| City of Tacoma WA Water Revenue RB, 4.00%, 12/01/43 (Call 06/01/23) | 41,415 | 40,673,771 | ||||||
| County of King WA GOL | ||||||||
| 5.00%, 01/01/28 | 3,270 | 3,566,322 | ||||||
| 5.00%, 12/01/28 | 2,515 | 2,795,434 | ||||||
| 5.00%, 12/01/39 (Call 06/01/33) | 5,140 | 5,852,595 | ||||||
| Series A, 4.00%, 01/01/25 | 3,950 | 4,000,796 | ||||||
| Series A, 5.00%, 01/01/31 | 7,000 | 8,076,531 | ||||||
| Series A, VRDN,3.85%, 01/01/46 (Put 05/31/23)(b) | 29,200 | 29,200,000 | ||||||
| County of King WA Sewer Revenue RB | ||||||||
| 5.00%, 07/01/40 (PR 01/01/25) | 2,000 | 2,055,374 | ||||||
| Series A, 4.00%, 01/01/47 (Call 01/01/30) | 3,385 | 3,260,454 | ||||||
| Series A, 4.00%, 01/01/52 (Call 01/01/30) | 27,000 | 25,520,840 | ||||||
| Series A, VRDN,0.63%, 01/01/32 (Put 01/01/24)(b) | 2,000 | 1,959,046 | ||||||
| Series B, 5.00%, 07/01/25 | 5,720 | 5,933,611 | ||||||
| Series B, 5.00%, 07/01/27 (Call 07/01/26) | 1,640 | 1,732,641 | ||||||
| Series B, 5.00%, 07/01/39 (PR 07/01/23) | 3,000 | 3,003,867 | ||||||
| Series B, 5.00%, 07/01/46 (Call 07/01/26) | 3,000 | 3,072,621 | ||||||
| County of Snohomish WA GOL, 4.00%, 12/01/43 | ||||||||
| (PR 06/01/23) | 6,000 | 6,000,000 | ||||||
| Energy Northwest RB | ||||||||
| 4.00%, 07/01/42 (Call 07/01/31) | 9,000 | 8,930,695 | ||||||
| 5.00%, 07/01/26 (Call 07/01/25) | 2,000 | 2,071,826 | ||||||
| 5.00%, 07/01/27 (Call 07/01/24) | 19,025 | 19,357,730 | ||||||
| 5.00%, 07/01/28 | 3,575 | 3,931,374 | ||||||
| 5.00%, 07/01/32 | 5,405 | 6,350,626 | ||||||
| 5.00%, 07/01/36 (Call 07/01/32) | 8,500 | 9,717,123 | ||||||
| 5.00%, 07/01/37 (Call 07/01/32) | 21,000 | 23,800,064 | ||||||
| 5.00%, 07/01/39 (Call 07/01/33) | 8,000 | 9,080,026 | ||||||
| 5.00%, 07/01/40 (Call 07/01/31) | 5,205 | 5,764,044 | ||||||
| 5.00%, 07/01/41 (Call 07/01/31) | 12,090 | 13,348,829 | ||||||
| Security | Par (000) | Value | ||||||
| Washington (continued) | ||||||||
| Series A, 4.00%, 07/01/38 (Call 07/01/25) | $ | 2,000 | $ | 2,005,181 | ||||
| Series A, 5.00%, 07/01/23 | 4,840 | 4,845,523 | ||||||
| Series A, 5.00%, 07/01/25 | 5,000 | 5,186,723 | ||||||
| Series A, 5.00%, 07/01/26 | 9,910 | 10,478,778 | ||||||
| Series A, 5.00%, 07/01/27 | 1,000 | 1,079,289 | ||||||
| Series A, 5.00%, 07/01/28 | 1,500 | 1,649,527 | ||||||
| Series A, 5.00%, 07/01/28 (Call 07/01/27) | 7,935 | 8,532,510 | ||||||
| Series A, 5.00%, 07/01/30 (Call 07/01/24) | 2,500 | 2,543,456 | ||||||
| Series A, 5.00%, 07/01/33 (Call 07/01/25) | 2,500 | 2,581,625 | ||||||
| Series A, 5.00%, 07/01/34 (Call 07/01/25) | 2,000 | 2,062,859 | ||||||
| Series A, 5.00%, 07/01/36 (Call 07/01/30) | 1,000 | 1,115,065 | ||||||
| Series A, 5.00%, 07/01/37 (Call 07/01/29) | 2,000 | 2,187,132 | ||||||
| Series A, 5.00%, 07/01/38 (Call 07/01/25) | 8,045 | 8,221,459 | ||||||
| Series C, 5.00%, 07/01/25 | 4,805 | 4,984,441 | ||||||
| Series C, 5.00%, 07/01/27 | 1,000 | 1,079,289 | ||||||
| Series C, 5.00%, 07/01/30 (Call 07/01/28) | 5,500 | 6,044,142 | ||||||
| Series C, 5.00%, 07/01/31 (Call 07/01/28) | 1,050 | 1,156,648 | ||||||
| Series C-1, 5.00%, 07/01/25 (Call 07/01/24) | 4,355 | 4,428,843 | ||||||
| Series C-1, 5.00%, 07/01/26 (Call 07/01/24) | 2,000 | 2,035,619 | ||||||
| Series C-3, 5.00%, 07/01/28 (Call 07/01/24) | 1,000 | 1,017,596 | ||||||
| King & Snohomish Counties School District No. 417 Northshore GO | ||||||||
| 5.00%, 12/01/35 (Call 06/01/28) (GTD) | 1,000 | 1,092,201 | ||||||
| 5.00%, 12/01/36 (Call 06/01/28) (GTD) | 3,000 | 3,258,667 | ||||||
| Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/39 (PR 12/01/25) (GTD) | 2,000 | 2,078,527 | ||||||
| Port of Seattle WA RB | ||||||||
| 5.00%, 08/01/30 | 3,000 | 3,369,442 | ||||||
| 5.00%, 08/01/31 | 2,500 | 2,846,012 | ||||||
| Snohomish County Public Utility District No. 1 RB, Series A, 5.00%, 12/01/51 (Call 12/01/31) | 5,000 | 5,348,916 | ||||||
| Snohomish County Public Utility District No.1 Electric System Revenue, 5.00%, 12/01/40 (Call 12/01/25) | 1,000 | 1,028,863 | ||||||
| Spokane County School District No. 81 Spokane GO, 4.00%, 12/01/39 (Call 06/01/31) (GTD) | 2,000 | 2,014,158 | ||||||
| State of Washington GO | ||||||||
| 4.00%, 07/01/29 | 53,230 | 56,285,482 | ||||||
| 4.00%, 02/01/37 (Call 02/01/32) | 11,550 | 11,853,301 | ||||||
| 5.00%, 07/01/23 | 2,000 | 2,002,496 | ||||||
| 5.00%, 01/01/24 | 16,090 | 16,244,456 | ||||||
| 5.00%, 08/01/24 | 10,000 | 10,200,961 | ||||||
| 5.00%, 07/01/25 | 5,000 | 5,186,723 | ||||||
| 5.00%, 02/01/26 | 10,000 | 10,496,764 | ||||||
| 5.00%, 02/01/29 | 16,135 | 17,994,270 | ||||||
| 5.00%, 02/01/38 (Call 02/01/29) | 3,000 | 3,253,437 | ||||||
| 5.00%, 08/01/38 (Call 08/01/31) | 20,500 | 22,898,877 | ||||||
| 5.00%, 02/01/39 (Call 02/01/30) | 6,565 | 7,163,394 | ||||||
| 5.00%, 07/01/39 (Call 07/01/33) | 15,310 | 17,237,679 | ||||||
| 5.00%, 08/01/42 (Call 08/01/32) | 9,745 | 10,793,855 | ||||||
| 5.00%, 02/01/45 (Call 02/01/33) | 32,110 | 35,478,570 | ||||||
| 5.00%, 08/01/45 (Call 08/01/32) | 10,140 | 11,157,448 | ||||||
| 5.00%, 08/01/46 (Call 08/01/32) | 10,145 | 11,141,415 | ||||||
| 5.00%, 08/01/47 (Call 08/01/32) | 29,000 | 31,791,804 | ||||||
| Series 2017-A, 5.00%, 08/01/37 (Call 08/01/26) | 1,345 | 1,398,551 | ||||||
| Series 2020 A, 5.00%, 08/01/38 (Call 08/01/29) | 1,500 | 1,636,807 | ||||||
| Series 2020-A, 5.00%, 08/01/39 (Call 08/01/29) | 2,000 | 2,175,800 | ||||||
| Series 2020-A, 5.00%, 08/01/44 (Call 08/01/29) | 2,345 | 2,516,196 | ||||||
| Series A, 5.00%, 02/01/27 | 7,270 | 7,791,790 | ||||||
| Series A, 5.00%, 08/01/33 (Call 08/01/23) | 2,800 | 2,806,605 | ||||||
| Series A, 5.00%, 08/01/35 (Call 08/01/23) | 1,500 | 1,503,539 | ||||||
| Series A, 5.00%, 08/01/37 (Call 08/01/23) | 2,000 | 2,004,718 | ||||||
50
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Washington (continued) | ||||||||
| Series A, 5.00%, 08/01/38 (Call 08/01/23) | $ | 1,215 | $ | 1,217,866 | ||||
| Series A, 5.00%, 08/01/39 (Call 08/01/30) | 10,000 | 10,971,884 | ||||||
| Series A, 5.00%, 08/01/40 (Call 08/01/30) | 3,000 | 3,279,979 | ||||||
| Series A, 5.00%, 08/01/40 (Call 08/01/31) | 10,000 | 11,083,469 | ||||||
| Series A, 5.00%, 08/01/42 (Call 08/01/27) | 3,260 | 3,419,999 | ||||||
| Series A, 5.00%, 08/01/44 (Call 08/01/31) | 10,600 | 11,590,086 | ||||||
| Series A-1, 5.00%, 08/01/32 (Call 08/01/25) | 2,500 | 2,601,868 | ||||||
| Series B, 5.00%, 07/01/24 | 6,260 | 6,376,167 | ||||||
| Series B, 5.00%, 07/01/25 (Call 07/01/24) | 1,500 | 1,526,074 | ||||||
| Series B, 5.00%, 07/01/26 (Call 07/01/24) | 1,050 | 1,068,700 | ||||||
| Series B, 5.00%, 07/01/27 (Call 01/01/26) | 1,000 | 1,046,105 | ||||||
| Series B, 5.00%, 07/01/28 (Call 01/01/26) | 10,500 | 11,000,064 | ||||||
| Series B, 5.00%, 07/01/29 (Call 01/01/26) | 1,500 | 1,569,917 | ||||||
| Series B, 5.00%, 07/01/31 (Call 01/01/26) | 1,705 | 1,782,315 | ||||||
| Series B, 5.00%, 07/01/33 (Call 01/01/26) | 3,000 | 3,133,764 | ||||||
| Series C, 5.00%, 02/01/28 | 2,000 | 2,189,626 | ||||||
| Series C, 5.00%, 02/01/29 | 2,205 | 2,459,087 | ||||||
| Series C, 5.00%, 02/01/30 | 9,840 | 11,173,621 | ||||||
| Series C, 5.00%, 02/01/31 | 3,900 | 4,499,945 | ||||||
| Series C, 5.00%, 02/01/34 (Call 02/01/30) | 4,560 | 5,152,615 | ||||||
| Series C, 5.00%, 02/01/38 (Call 02/01/31) | 4,780 | 5,309,265 | ||||||
| Series C, 5.00%, 02/01/39 (Call 02/01/28) | 1,000 | 1,064,157 | ||||||
| Series C, 5.00%, 02/01/40 (Call 02/01/30) | 5,000 | 5,437,692 | ||||||
| Series C, 5.00%, 02/01/41 (Call 02/01/28) | 2,240 | 2,377,525 | ||||||
| Series C, 5.00%, 02/01/41 (Call 02/01/30) | 6,040 | 6,552,194 | ||||||
| Series C, 5.00%, 02/01/42 (Call 02/01/28) | 1,000 | 1,059,150 | ||||||
| Series C, 5.00%, 02/01/42 (Call 02/01/31) | 1,500 | 1,643,753 | ||||||
| Series C, 5.00%, 02/01/43 (Call 02/01/32) | 2,390 | 2,631,375 | ||||||
| Series C, 5.00%, 02/01/46 (Call 02/01/32) | 1,750 | 1,913,921 | ||||||
| Series D, 5.00%, 02/01/38 (Call 02/01/24) | 8,170 | 8,223,713 | ||||||
| Series D, 5.00%, 02/01/39 (Call 02/01/24) | 900 | 905,564 | ||||||
| Series D, 5.00%, 02/01/41 (Call 02/01/27) | 2,530 | 2,658,515 | ||||||
| Series D, 5.00%, 02/01/42 (Call 02/01/27) | 1,700 | 1,774,455 | ||||||
| Series F, 5.00%, 06/01/35 (Call 06/01/31) | 2,325 | 2,655,826 | ||||||
| Series R, 4.00%, 07/01/27 | 36,300 | 37,649,899 | ||||||
| Series R, 4.00%, 07/01/28 | 13,315 | 13,920,924 | ||||||
| Series R, 4.00%, 07/01/30 | 12,785 | 13,643,999 | ||||||
| Series R, 4.00%, 07/01/33 (Call 07/01/32) | 10,000 | 10,774,254 | ||||||
| Series R, 4.00%, 02/01/38 (Call 02/01/32) | 1,000 | 1,010,978 | ||||||
| Series R, 5.00%, 02/01/25 | 4,555 | 4,690,732 | ||||||
| Series R-2015-C, 5.00%, 07/01/28 (Call 01/01/25) | 1,500 | 1,542,934 | ||||||
| Series R-2015-C, 5.00%, 07/01/29 (Call 01/01/25) | 6,455 | 6,647,824 | ||||||
| Series R-2015-C, 5.00%, 07/01/30 (Call 01/01/25) | 3,140 | 3,234,780 | ||||||
| Series R-2015-C, 5.00%, 07/01/32 (Call 01/01/25) | 2,220 | 2,286,316 | ||||||
| Series R-2015-D, 5.00%, 07/01/31 (Call 01/01/25) | 2,240 | 2,307,614 | ||||||
| Series R-2015-D, 5.00%, 07/01/32 (Call 01/01/25) | 2,000 | 2,059,744 | ||||||
| Series R-2015E, 5.00%, 07/01/28 (Call 01/01/25) | 1,500 | 1,542,934 | ||||||
| Series R-2015E, 5.00%, 07/01/31 (Call 01/01/25) | 3,000 | 3,090,554 | ||||||
| Series R-2015E, 5.00%, 07/01/33 (Call 01/01/25) | 4,395 | 4,525,600 | ||||||
| Series R-2017A, 5.00%, 08/01/33 (Call 08/01/26) | 3,915 | 4,124,757 | ||||||
| Series R-2017A, 5.00%, 08/01/34 (Call 08/01/26) | 3,000 | 3,154,268 | ||||||
| Series R-2018-C, 5.00%, 08/01/26 | 5,680 | 6,024,760 | ||||||
| Series R-2018-C, 5.00%, 08/01/28 (Call 08/01/27) | 1,670 | 1,803,457 | ||||||
| Series R-2018-C, 5.00%, 08/01/29 (Call 08/01/27) | 6,400 | 6,906,240 | ||||||
| Series R-2018D, 5.00%, 08/01/34 (Call 08/01/27) | 7,000 | 7,519,604 | ||||||
| Series R-2018D, 5.00%, 08/01/35 (Call 08/01/27) | 3,000 | 3,208,153 | ||||||
| Series R-2018-D, 5.00%, 08/01/27 | 1,060 | 1,148,170 | ||||||
| Series R-2018-D, 5.00%, 08/01/28 (Call 08/01/27) | 1,325 | 1,430,887 | ||||||
| Series R-2018-D, 5.00%, 08/01/32 (Call 08/01/27) | 3,000 | 3,232,420 | ||||||
| Series R-2018-D, 5.00%, 08/01/33 (Call 08/01/27) | 5,410 | 5,824,738 | ||||||
| Security | Par (000) | Value | ||||||
| Washington (continued) | ||||||||
| Series R-2020C, 5.00%, 07/01/25 | $ | 2,520 | $ | 2,614,108 | ||||
| Series R-2020D, 5.00%, 07/01/25 | 1,550 | 1,607,884 | ||||||
| Series R-2021A, 5.00%, 06/01/40 (Call 06/01/30) | 2,205 | 2,406,659 | ||||||
| Series R-C, 5.00%, 07/01/25 (Call 07/01/23) | 805 | 807,128 | ||||||
| Series-R-2020D, 5.00%, 07/01/26 | 14,280 | 15,121,179 | ||||||
| State of Washington RB | ||||||||
| 5.00%, 09/01/23 | 4,000 | 4,010,790 | ||||||
| 5.00%, 09/01/24 | 4,500 | 4,580,881 | ||||||
| Series C, 5.00%, 09/01/24 (Call 09/01/23) | 2,025 | 2,032,175 | ||||||
| Washington State University RB, 5.00%, 04/01/40 | ||||||||
| (Call 04/01/25) | 2,055 | 2,090,118 | ||||||
| 1,191,405,417 | ||||||||
| West Virginia — 0.1% | ||||||||
| State of West Virginia GO | ||||||||
| 5.00%, 12/01/30 (Call 06/01/29) | 5,930 | 6,673,661 | ||||||
| 5.00%, 06/01/32 (Call 06/01/31) | 2,600 | 3,016,804 | ||||||
| 5.00%, 06/01/41 (Call 06/01/29) | 2,545 | 2,737,278 | ||||||
| Series A, 5.00%, 12/01/43 (Call 06/01/29) | 2,750 | 2,946,774 | ||||||
| Series B, 4.00%, 06/01/42 (Call 06/01/28) | 4,895 | 4,866,166 | ||||||
| Series B, 4.00%, 12/01/42 (Call 06/01/28) | 3,000 | 2,985,768 | ||||||
| Series B, 5.00%, 12/01/41 (Call 06/01/28) | 2,000 | 2,128,092 | ||||||
| West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/26 | 1,465 | 1,546,801 | ||||||
| West Virginia Parkways Authority RB | ||||||||
| 4.00%, 06/01/51 (Call 06/01/31) | 1,755 | 1,648,578 | ||||||
| 5.00%, 06/01/43 (Call 06/01/28) | 3,500 | 3,710,730 | ||||||
| 5.00%, 06/01/47 (Call 06/01/31) | 3,500 | 3,800,295 | ||||||
| 36,060,947 | ||||||||
| Wisconsin — 0.7% | ||||||||
| State of Wisconsin, 5.00%, 05/01/32 | 10,000 | 11,766,335 | ||||||
| State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 4.00%, 06/01/35 (Call 06/01/30) | 3,465 | 3,611,788 | ||||||
| State of Wisconsin GO | ||||||||
| 5.00%, 05/01/27 | 5,420 | 5,837,838 | ||||||
| 5.00%, 05/01/27 (Call 11/01/24) | 2,095 | 2,144,503 | ||||||
| 5.00%, 05/01/27 (Call 05/01/25) | 1,750 | 1,811,734 | ||||||
| 5.00%, 05/01/27 (PR 11/01/24) | 405 | 414,909 | ||||||
| 5.00%, 11/01/27 (Call 05/01/27) | 1,000 | 1,079,818 | ||||||
| 5.00%, 11/01/28 (Call 05/01/27) | 6,460 | 6,997,371 | ||||||
| 5.00%, 05/01/31 | 2,855 | 3,309,527 | ||||||
| 5.00%, 11/01/31 (Call 05/01/27) | 6,530 | 7,080,649 | ||||||
| 5.00%, 05/01/33 | 10,000 | 11,927,441 | ||||||
| 5.00%, 05/01/34 (Call 05/01/33) | 16,120 | 19,208,295 | ||||||
| 5.00%, 05/01/35 (Call 05/01/33) | 4,000 | 4,720,648 | ||||||
| 5.00%, 05/01/36 (Call 05/01/32) | 4,575 | 5,277,489 | ||||||
| Series 1, 5.00%, 11/01/23 | 10,000 | 10,067,408 | ||||||
| Series 2, 5.00%, 11/01/23 | 5,000 | 5,033,704 | ||||||
| Series 2, 5.00%, 11/01/25 | 1,475 | 1,541,042 | ||||||
| Series 2, 5.00%, 11/01/26 | 3,080 | 3,286,992 | ||||||
| Series 2, 5.00%, 11/01/27 (Call 05/01/27) | 3,900 | 4,211,288 | ||||||
| Series 2, 5.00%, 11/01/29 (Call 05/01/26) | 2,000 | 2,108,748 | ||||||
| Series 2021-2, 5.00%, 05/01/28 | 1,000 | 1,100,294 | ||||||
| Series 3, 4.00%, 11/01/34 (Call 05/01/27) | 2,020 | 2,070,527 | ||||||
| Series 3, 5.00%, 11/01/32 (Call 05/01/27) | 1,175 | 1,273,444 | ||||||
| Series 3, 5.00%, 11/01/33 (Call 05/01/27) | 10,405 | 11,266,447 | ||||||
| Series 4, 5.00%, 05/01/25 (Call 11/01/24) | 4,270 | 4,377,920 | ||||||
| Series 4, 5.00%, 05/01/26 (Call 11/01/24) | 6,350 | 6,508,902 | ||||||
| Series A, 4.00%, 05/01/39 (Call 05/01/28) | 9,635 | 9,769,551 | ||||||
| Series A, 5.00%, 05/01/35 (Call 05/01/31) | 5,265 | 6,043,303 | ||||||
51
| Schedule of Investments (unaudited) (continued) | iShares® National Muni Bond ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Wisconsin (continued) | ||||||||
| Series B, 4.00%, 05/01/41 (Call 05/01/29) | $ | 5,000 | $ | 5,023,796 | ||||
| Series B, 4.00%, 05/01/42 (Call 05/01/29) | 3,225 | 3,226,685 | ||||||
| Series B, 5.00%, 05/01/31 (Call 05/01/29) | 12,540 | 14,100,908 | ||||||
| Series B, 5.00%, 05/01/38 (Call 05/01/25) | 7,550 | 7,734,259 | ||||||
| Series D, 5.00%, 05/01/37 (PR 05/01/24) | 5,000 | 5,076,288 | ||||||
| State of Wisconsin RB | ||||||||
| 5.00%, 05/01/28 (PR 05/01/27) | 2,000 | 2,148,815 | ||||||
| Series A, 5.00%, 05/01/29 (PR 05/01/27) | 13,435 | 14,434,665 | ||||||
| Wisconsin Department of Transportation RB | ||||||||
| 5.00%, 07/01/28 (Call 07/01/27) | 5,700 | 6,072,232 | ||||||
| Series 1, 5.00%, 07/01/27 | 1,000 | 1,078,091 | ||||||
| Series 1, 5.00%, 07/01/28 (Call 07/01/27) | 2,000 | 2,130,608 | ||||||
| Series 2, 5.00%, 07/01/23 | 1,700 | 1,702,121 | ||||||
| Series 2, 5.00%, 07/01/26 | 1,000 | 1,055,885 | ||||||
| Series 2, 5.00%, 07/01/31 (Call 07/01/27) | 13,395 | 14,316,193 | ||||||
| Series A, 5.00%, 07/01/36 (Call 07/01/28) | 3,025 | 3,297,283 | ||||||
| Wisconsin Health & Educational Facilities Authority RB, 5.00%, 12/01/41 (Call 11/01/26) | 3,075 | 3,181,187 | ||||||
| 238,426,931 | ||||||||
| Total Long-Term Investments — 99.2% | ||||||||
| (Cost: $33,004,680,267) | 32,029,815,286 | |||||||
| Security | Shares (000) | Value | ||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.2% | ||||||||
| BlackRock Liquidity Funds: MuniCash, 3.22%(c)(d) | 59,185 | $ | 59,184,801 | |||||
| Total Short-Term Securities — 0.2% | ||||||||
| (Cost: $59,184,709) | 59,184,801 | |||||||
| Total Investments — 99.4% | ||||||||
| (Cost: $33,063,864,976) | 32,089,000,087 | |||||||
| Other Assets Less Liabilities — 0.6% | 192,298,435 | |||||||
| Net Assets — 100.0% | $ | 32,281,298,522 | ||||||
| (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: MuniCash | $ | 54,836,735 | $ | 4,311,998 | (a) | $ | — | $ | 44,156 | $ | (8,088 | ) | $ | 59,184,801 | 59,185 | $ | 550,250 | $ | — | ||||||||||||||||
| (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.
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| Schedule of Investments (unaudited) (continued) | iShares® National 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 | $ | — | $ | 32,029,815,286 | $ | — | $ | 32,029,815,286 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 59,184,801 | — | — | 59,184,801 | ||||||||||||
| $ | 59,184,801 | $ | 32,029,815,286 | $ | — | $ | 32,089,000,087 | |||||||||
| Portfolio Abbreviation | |||
| AGC | Assured Guaranty Corp. | HERBIP | Higher Education Revenue Bond Intercept Program |
| AGM | Assured Guaranty Municipal Corp. | MO | Moral 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. | PSF | Permanent School Fund |
| COP | Certificates of Participation | RB | Revenue Bond |
| CR | Custodian Receipt | SAP | Subject to Appropriations |
| ETM | Escrowed to Maturity | SAW | State Aid Withholding |
| GO | General Obligation | ST | Special Tax |
| GOL | General Obligation Limited | TA | Tax Allocation |
| GTD | Guaranteed | ||
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