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.

52

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

53