NPORT-EX 2 iShares_Long_Term_NMB_ETF.htm PART F
Schedule
of
Investments
(unaudited)
May
31,
2025
iShares
®
Long-Term
National
Muni
Bond
ETF
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Municipal
Bonds
Alabama
—
2.7%
Alabama
Federal
Aid
Highway
Finance
Authority,
Series
2025A,
RB,
5.00%, 03/01/45
.....
USD
200
$
207,695
City
of
Mobile,
Series
2025A,
GO,
5.00%, 02/15/45
.................
100
104,218
County
of
Jefferson
Series
2024
,
RB
,
5.25
%
,
10/01/49
......
100
100,974
Series
2024
,
RB
,
5.50
%
,
10/01/53
......
100
102,443
Elmore
County
Board
of
Education,
RB,
3.00%, 08/01/44
.................
100
73,594
588,924
Arizona
—
1.0%
City
of
Phoenix
Civic
Improvement
Corp.,
Series
2020A,
RB,
5.00%, 07/01/40
.........
110
114,197
Salt
River
Project
Agricultural
Improvement
&
Power
District,
Series
2023A,
RB,
5.00%, 01/01/47
.................
100
102,405
216,602
California
—
13.4%
California
Enterprise
Development
Authority,
Series
2024,
RB,
4.00%, 06/01/54
......
100
85,763
California
Infrastructure
&
Economic
Development
Bank,
Series
2023,
RB,
4.00%, 10/01/44
.................
165
158,611
California
School
Facilities
Financing
Authority,
Series
2009A,
RB,
0.00%, 08/01/49
(AGM)
(a)
150
41,930
California
State
Public
Works
Board,
Series
2021C,
RB,
4.00%, 11/01/46
.........
220
200,412
Cerritos
Community
College
District,
Series
2021D,
GO,
2.38%, 08/01/44
.........
100
67,878
City
of
San
Francisco,
Series
2023AB,
Sub-
Series
B,
RB,
5.25%, 11/01/48
........
225
237,141
Clovis
Unified
School
District,
Series
C,
GO,
4.00%, 08/01/48
.................
155
141,383
Livermore
Valley
Joint
Unified
School
District,
Series
2021,
GO,
4.00%, 08/01/47
......
150
130,597
Los
Angeles
Department
of
Water
&
Power
Series
2024B
,
RB
,
5.00
%
,
07/01/38
.....
100
104,818
Series
2024A
,
RB
,
5.00
%
,
07/01/39
.....
100
103,803
Series
2019D
,
RB
,
5.00
%
,
07/01/44
.....
50
49,632
Los
Angeles
Unified
School
District,
Series
2024QRR,
GO,
5.00%, 07/01/43
.......
150
158,972
Mount
San
Antonio
Community
College
District,
Series
2024D,
GO,
4.00%, 08/01/49
.....
150
137,626
Rio
Hondo
Community
College
District,
Series
2022D,
GO,
0.00%, 08/01/44
(a)
........
200
78,689
Sacramento
City
Unified
School
District,
Series
2022A,
GO,
5.50%, 08/01/47
(BAM)
.....
130
136,697
Salinas
Union
High
School
District,
Series
B,
GO,
4.00%, 08/01/45
..............
150
139,014
San
Bernardino
Community
College
District,
Series
B,
GO,
5.00%, 08/01/49
........
120
124,585
San
Diego
Unified
School
District,
Series
2012E,
GO,
0.00%, 07/01/49
(a)
.............
125
39,653
San
Marcos
Unified
School
District,
Series
B,
GO,
0.00%, 08/01/51
(a)
.............
130
37,808
State
of
California
GO
,
5.00
%
,
08/01/39
...............
200
218,079
GO
,
4.00
%
,
03/01/40
...............
100
98,275
Series
2024
,
GO
,
5.00
%
,
09/01/43
......
35
37,230
GO
,
3.00
%
,
11/01/50
...............
250
184,728
GO
,
3.00
%
,
04/01/52
...............
200
146,565
Security
Par
(000)
Par
(000)
Value
California
(continued)
University
of
California,
Series
2020BE,
RB,
4.00%, 05/15/47
.................
USD
75
$
68,733
2,928,622
Colorado
—
3.1%
Adams
&
Weld
Counties
School
District
No.
27J
Brighton,
Series
2024A,
GO,
5.00%, 12/01/47
(SAW)
.......................
100
103,291
City
&
County
of
Denver,
Series
2021A,
RB,
4.00%, 08/01/51
.................
100
84,513
Colorado
School
of
Mines,
Series
2022B,
RB,
5.25%, 12/01/52
(AGM)
............
150
154,911
Mesa
County
Valley
School
District
No.
51
Grand
Junction,
Series
2025,
GO,
5.25%, 12/01/49
(SAW)
.......................
100
104,738
State
of
Colorado
Series
2019O
,
COP
,
4.00
%
,
03/15/44
....
100
90,958
Series
2021S
,
COP
,
4.00
%
,
03/15/46
....
150
131,727
670,138
Connecticut
—
0.5%
State
of
Connecticut
Special
Tax,
Series
2024A-
2,
RB,
5.00%, 07/01/39
.............
100
108,013
District
of
Columbia
—
0.9%
District
of
Columbia,
Series
2019A,
GO,
5.00%, 10/15/44
.................
140
141,659
District
of
Columbia
Income
Tax,
Series
2022A,
RB,
5.00%, 07/01/47
..............
50
50,950
192,609
Florida
—
4.7%
City
of
Fort
Lauderdale,
Series
2023B,
RB,
5.50%, 09/01/53
.................
65
68,854
City
of
Lakeland,
Series
2021,
RB,
5.00%, 10/01/48
.................
120
124,476
County
of
Miami-Dade,
Series
2024A,
RB,
5.00%, 04/01/51
.................
65
66,080
County
of
Miami-Dade
Seaport
Department
Series
2021B-2
,
RB
,
4.00
%
,
10/01/43
....
100
89,684
Series
2021,
Sub-Series
A-2
,
RB
,
4.00
%
,
10/01/49
(
AGM
)
...........
35
30,453
County
of
Miami-Dade
Transit
System
Series
2020A
,
RB
,
4.00
%
,
07/01/46
.....
115
102,135
Series
2022
,
RB
,
5.00
%
,
07/01/52
......
60
60,202
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2019B,
RB,
3.00%, 10/01/49
.....
200
141,172
JEA
Water
&
Sewer
System,
Series
2024A,
RB,
5.50%, 10/01/54
.................
40
42,130
School
District
of
Broward
County,
Series
2022,
GO,
5.00%, 07/01/51
..............
100
102,332
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2024B,
RB,
4.00%, 07/01/44
.................
215
197,423
1,024,941
Georgia
—
0.4%
Municipal
Electric
Authority
of
Georgia,
Series
2019A,
RB,
5.00%, 01/01/56
.........
100
98,251
Idaho
—
1.1%
Idaho
Housing
&
Finance
Association
Series
2024A
,
RB
,
5.00
%
,
08/15/48
.....
100
103,166
Series
2025A
,
RB
,
4.00
%
,
08/15/50
(b)
....
150
133,790
236,956
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
Long-Term
National
Muni
Bond
ETF
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Illinois
—
4.6%
Chicago
O'Hare
International
Airport,
Series
2023,
RB,
5.25%, 01/01/39
(BAM)
......
USD
100
$
107,000
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Series
2024A
,
RB
,
5.00
%
,
12/01/41
.....
20
20,772
Series
2022A
,
RB
,
5.00
%
,
12/01/57
.....
250
242,697
City
of
Chicago,
Series
2024A,
GO,
5.00%, 01/01/45
.................
150
142,152
County
of
Cook,
Series
2024,
RB,
5.00%, 11/15/43
.................
120
122,064
Illinois
Finance
Authority,
Series
2024A,
RB,
5.25%, 04/01/45
.................
100
103,620
State
of
Illinois
Series
2023B
,
GO
,
5.25
%
,
05/01/38
.....
160
168,616
Series
2021A
,
GO
,
5.00
%
,
03/01/46
.....
100
99,394
1,006,315
Indiana
—
1.7%
Indiana
Finance
Authority
Series
2019A
,
RB
,
5.00
%
,
02/01/39
.....
160
164,964
Series
2021-1
,
RB
,
3.00
%
,
10/01/40
.....
115
92,510
Merrillville
Multi
School
Building
Corp.,
Series
2022,
RB,
5.00%, 01/15/42
(ST
INTERCEPT)
100
103,923
361,397
Kentucky
—
1.0%
Kentucky
State
Property
&
Building
Commission,
Series
A,
RB,
5.00%, 04/01/45
........
110
112,672
Scott
County
School
District
Finance
Corp.,
Series
2022,
RB,
5.00%, 09/01/41
(BAM,
ST
INTERCEPT)
...................
100
103,601
216,273
Maryland
—
1.2%
Washington
Suburban
Sanitary
Commission
Series
2025
,
RB
,
4.00
%
,
06/01/48
(
GTD
)
..
150
136,477
Series
2025
,
RB
,
4.00
%
,
06/01/51
(
GTD
)
..
150
135,659
272,136
Massachusetts
—
4.9%
Commonwealth
of
Massachusetts
Series
2021C
,
GO
,
2.00
%
,
09/01/40
.....
200
137,309
Series
2022B
,
GO
,
3.00
%
,
02/01/41
.....
50
40,386
Series
2024I
,
GO
,
5.00
%
,
12/01/46
......
150
155,275
Series
2024I
,
GO
,
5.00
%
,
12/01/48
......
100
102,731
Commonwealth
of
Massachusetts
Transportation
Fund,
Series
2019A,
RB,
5.00%, 06/01/49
.
100
100,915
Massachusetts
Bay
Transportation
Authority
Sales
Tax,
Series
2023A,
Sub-Series
A-1,
RB,
4.00%, 07/01/53
.................
150
132,837
Massachusetts
School
Building
Authority,
Series
2020A,
RB,
5.00%, 08/15/50
.........
150
151,902
University
of
Massachusetts
Building
Authority
Series
2019-1
,
RB
,
5.00
%
,
05/01/38
.....
100
103,766
Series
2022-1
,
RB
,
4.00
%
,
11/01/46
.....
175
154,961
1,080,082
Michigan
—
1.1%
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Series
2023C,
RB,
5.25%, 07/01/53
125
128,781
Lansing
Board
of
Water
&
Light,
Series
2024A,
RB,
5.00%, 07/01/54
..............
100
101,503
230,284
Security
Par
(000)
Par
(000)
Value
Minnesota
—
0.4%
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Series
2024A,
RB,
4.00%, 01/01/54
.................
USD
100
$
86,193
Missouri
—
0.1%
City
of
Kansas
City,
Series
2025A,
RB,
5.00%, 12/01/49
.................
25
25,687
Nebraska
—
1.1%
Omaha
Public
Power
District,
Series
2024C,
RB,
5.00%, 02/01/54
.................
150
151,972
University
of
Nebraska
Facilities
Corp.
(The),
Series
2021A,
RB,
4.00%, 07/15/62
.....
100
83,529
235,501
Nevada
—
1.2%
Clark
County
School
District,
Series
2020B,
GO,
3.00%, 06/15/38
(BAM)
............
150
122,662
State
of
Nevada,
Series
2023A,
GO,
5.00%, 05/01/40
.................
125
133,559
256,221
New
Jersey
—
4.3%
New
Jersey
Transportation
Trust
Fund
Authority
Series
2010A
,
RB
,
0.00
%
,
12/15/37
(a)
....
165
94,878
Series
2022A
,
RB
,
4.00
%
,
06/15/39
.....
250
234,662
Series
2024AA
,
RB
,
5.00
%
,
06/15/42
....
150
153,969
Series
2023BB
,
RB
,
5.00
%
,
06/15/46
....
255
257,464
New
Jersey
Turnpike
Authority
Series
2025A
,
5.25
%
,
01/01/50
........
100
104,269
Series
2025A
,
4.75
%
,
01/01/55
(b)
.......
100
97,896
943,138
New
York
—
21.3%
City
of
New
York
Series
2025,
Sub-Series
C1
,
GO
,
5.00
%
,
09/01/43
................
100
103,474
Series
2020,
Sub-Series
B-1
,
GO
,
5.00
%
,
10/01/43
................
55
55,949
Series
2020D,
Sub-Series
D1
,
GO
,
3.00
%
,
03/01/45
................
120
87,384
Series
2023E,
Sub-Series
E1
,
GO
,
5.25
%
,
04/01/47
................
40
41,512
Series
2022A,
Sub-Series
A-1
,
GO
,
5.00
%
,
08/01/47
................
130
131,592
Empire
State
Development
Corp.
Series
2019A
,
RB
,
5.00
%
,
03/15/39
.....
75
76,668
Series
2019A
,
RB
,
5.00
%
,
03/15/40
.....
120
122,915
Series
2021A
,
RB
,
4.00
%
,
03/15/44
.....
70
63,008
Series
2023A
,
RB
,
5.00
%
,
03/15/47
.....
100
101,986
Series
2024A
,
RB
,
5.00
%
,
03/15/54
.....
110
111,772
Metropolitan
Transportation
Authority
Series
2024A
,
RB
,
5.00
%
,
11/15/44
.....
195
198,067
Series
2025A
,
RB
,
5.25
%
,
11/15/45
.....
100
103,477
Series
2020C-1
,
RB
,
5.25
%
,
11/15/55
....
150
152,187
Monroe
County
Industrial
Development
Corp.,
Series
2023A,
RB,
5.00%, 07/01/53
.....
100
101,447
New
York
City
Municipal
Water
Finance
Authority
Series
2019FF-2
,
RB
,
4.00
%
,
06/15/41
...
150
141,236
Series
2024BB-1
,
RB
,
5.25
%
,
06/15/54
...
200
207,620
New
York
City
Transitional
Finance
Authority
Series
2025C,
Sub-Series
C-1
,
RB
,
5.00
%
,
05/01/45
................
215
221,260
Series
2025E
,
RB
,
5.00
%
,
11/01/45
.....
100
102,912
Series
2025C,
Sub-Series
C-1
,
RB
,
5.00
%
,
05/01/46
................
250
256,217
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
Long-Term
National
Muni
Bond
ETF
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Series
2020A-3
,
RB
,
4.00
%
,
05/01/42
....
USD
250
$
231,312
Series
2021E-1
,
RB
,
3.00
%
,
02/01/51
....
100
68,516
New
York
Power
Authority
Series
2022A
,
RB
,
4.00
%
,
11/15/38
(
AGM
)
115
114,764
Series
2020A
,
RB
,
4.00
%
,
11/15/45
.....
100
90,071
New
York
State
Dormitory
Authority
Series
2021A
,
RB
,
4.00
%
,
03/15/38
.....
150
145,726
Series
2025A
,
RB
,
5.00
%
,
07/01/39
(b)
....
100
107,779
Series
2022A
,
RB
,
4.00
%
,
03/15/42
.....
100
91,618
Series
2019A
,
RB
,
5.00
%
,
03/15/43
.....
50
50,725
Series
2021A
,
RB
,
4.00
%
,
03/15/47
.....
130
113,552
Series
2024A
,
RB
,
5.00
%
,
03/15/48
.....
100
102,448
New
York
State
Environmental
Facilities
Corp.,
Series
2019B,
RB,
3.00%, 06/15/38
.....
150
127,241
New
York
State
Thruway
Authority
Series
N
,
RB
,
4.00
%
,
01/01/43
.........
90
82,037
Series
2021A-1
,
RB
,
3.00
%
,
03/15/51
....
110
75,556
Onondaga
County
Trust
for
Cultural
Resources,
Series
2019,
RB,
5.00%, 12/01/43
......
100
101,660
Port
Authority
of
New
York
&
New
Jersey,
Series
241,
RB,
5.00%, 07/15/53
...........
150
153,083
Triborough
Bridge
&
Tunnel
Authority
Series
2021,
Sub-Series
C-3
,
RB
,
2.50
%
,
05/15/51
................
50
29,480
Series
2021A
,
RB
,
5.00
%
,
11/15/51
.....
120
120,661
Series
2022C
,
RB
,
4.13
%
,
05/15/52
.....
250
215,692
Triborough
Bridge
&
Tunnel
Authority
Sales
Tax,
Series
2024A,
Sub-Series
A-1,
RB,
5.00%, 05/15/46
.................
140
143,965
Utility
Debt
Securitization
Authority,
Series
2022TE-1,
RB,
5.00%, 12/15/39
.......
100
107,468
4,654,037
Ohio
—
0.9%
Ohio
Higher
Educational
Facility
Commission,
Series
A,
RB,
5.00%, 10/01/48
........
150
153,382
Ohio
Turnpike
&
Infrastructure
Commission,
Series
2013A-2,
RB,
0.00%, 02/15/40
(a)
...
100
49,672
203,054
Oklahoma
—
0.6%
Grand
River
Dam
Authority,
Series
2023,
RB,
5.00%, 06/01/41
.................
115
120,202
Oregon
—
0.7%
State
of
Oregon
Department
of
Transportation,
Series
2019A,
RB,
5.00%, 11/15/42
.....
140
143,424
Pennsylvania
—
2.7%
City
of
Philadelphia
Water
&
Wastewater,
Series
2021C,
RB,
4.00%, 10/01/51
.........
150
129,358
Commonwealth
of
Pennsylvania,
Series
2023,
GO,
4.00%, 09/01/42
..............
150
143,269
Pennsylvania
Turnpike
Commission
Series
2024
,
RB
,
5.00
%
,
12/01/44
......
100
103,333
Series
2025A
,
RB
,
4.13
%
,
12/01/50
.....
100
91,605
Philadelphia
Authority
for
Industrial
Development,
Series
2020A,
RB,
4.00%, 11/01/45
.................
150
126,549
594,114
Rhode
Island
—
0.6%
State
of
Rhode
Island,
Series
2022A,
GO,
5.00%, 08/01/39
.................
120
127,451
Security
Par
(000)
Par
(000)
Value
South
Carolina
—
0.4%
South
Carolina
Public
Service
Authority,
Series
2024B,
RB,
5.00%, 12/01/43
.........
USD
70
$
71,145
Spartanburg
County
School
District
No.
7,
Series
2019D,
GO,
5.00%, 03/01/48
(SCSDE)
...
35
35,471
106,616
Tennessee
—
1.7%
Metropolitan
Government
of
Nashville
&
Davidson
County,
Series
2024C,
GO,
5.00%, 01/01/40
.................
115
123,701
Metropolitan
Nashville
Airport
Authority
(The),
Series
2019A,
RB,
5.00%, 07/01/54
.....
135
135,037
Tennessee
State
School
Bond
Authority,
Series
2022A,
RB,
5.00%, 11/01/47
(ST
INTERCEPT)
...................
100
102,405
361,143
Texas
—
14.7%
Austin
Independent
School
District,
Series
2023,
GO,
5.00%, 08/01/48
..............
100
100,997
Board
of
Regents
of
the
University
of
Texas
System,
Series
2020A,
RB,
5.00%, 08/15/50
100
106,391
Cedar
Hill
Independent
School
District,
Series
2024,
GO,
4.00%, 02/15/50
(PSF)
......
100
88,662
Central
Texas
Regional
Mobility
Authority,
Series
2021B,
RB,
4.00%, 01/01/51
.........
100
87,008
City
of
Austin
Water
&
Wastewater
System,
Series
2022,
RB,
5.00%, 11/15/42
......
80
83,182
City
of
Houston
Combined
Utility
System,
Series
2018D,
RB,
5.00%, 11/15/43
.........
85
86,187
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2024A,
RB,
5.00%, 02/01/39
.....
200
214,360
County
of
Ector,
GO,
5.00%, 02/15/50
.....
100
100,720
Dallas
Fort
Worth
International
Airport
Series
2021A
,
RB
,
3.00
%
,
11/01/40
.....
175
138,146
Series
2021B
,
RB
,
4.00
%
,
11/01/45
.....
100
91,289
Series
2022B
,
RB
,
4.00
%
,
11/01/45
.....
100
91,289
Dallas
Independent
School
District,
Series
2024,
GO,
5.00%, 02/15/43
(PSF)
..........
110
114,516
Forney
Independent
School
District,
Series
2022B,
GO,
5.00%, 08/15/39
(PSF)
.....
100
105,343
Galena
Park
Independent
School
District,
Series
2024,
GO,
4.00%, 08/15/49
(PSF)
......
200
177,438
Garland
Independent
School
District,
Series
2023A,
GO,
5.00%, 02/15/41
(PSF)
.....
100
105,321
Grand
Parkway
Transportation
Corp.,
Series
2020C,
RB,
4.00%, 10/01/45
.........
100
88,651
Lamar
Consolidated
Independent
School
District,
Series
2023,
GO,
4.00%, 02/15/48
......
100
87,040
Lewisville
Independent
School
District,
Series
2024,
GO,
5.00%, 08/15/39
(PSF)
......
145
154,763
Lower
Colorado
River
Authority,
Series
2020,
RB,
5.00%, 05/15/45
..............
125
125,953
Port
Authority
of
Houston
of
Harris
County
Texas,
Series
2021,
RB,
5.00%, 10/01/51
.
100
101,014
Port
Freeport,
Series
2019B,
RB,
3.00%, 06/01/49
.................
100
68,502
San
Antonio
Water
System,
Series
2025A,
RB,
5.00%, 05/15/38
(b)
................
100
108,821
Tarrant
Regional
Water
District,
Series
2025,
RB,
4.13%, 09/01/47
.................
250
225,197
Texas
State
Technical
College,
Series
2022A,
RB,
5.50%, 08/01/42
(AGM)
..........
150
160,847
Texas
Water
Development
Board
Series
2019
,
RB
,
5.00
%
,
08/01/37
......
105
109,872
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
Long-Term
National
Muni
Bond
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
May
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Series
2019
,
RB
,
5.00
%
,
08/01/39
......
USD
185
$
191,778
Series
2020
,
RB
,
4.00
%
,
10/15/45
......
100
88,531
3,201,818
Utah
—
0.4%
Intermountain
Power
Agency,
Series
2022A,
RB,
5.00%, 07/01/44
.................
105
106,313
Virginia
—
0.5%
Virginia
Public
Building
Authority,
Series
2024A,
RB,
5.00%, 08/01/44
..............
100
104,683
Washington
—
3.9%
City
of
Seattle,
Series
2023A,
RB,
5.00%, 03/01/48
.................
150
153,175
City
of
Tacoma
Electric
System,
Series
2021,
RB,
4.00%, 01/01/51
..............
130
112,956
Energy
Northwest,
Series
2020A,
RB,
5.00%, 07/01/39
.................
140
146,067
King
&
Snohomish
Counties
School
District
No.
417
Northshore,
Series
2024,
GO,
5.00%, 12/01/42
(GTD)
.............
100
105,057
King
County
School
District
No.
403
Renton,
Series
2023,
GO,
5.00%, 12/01/38
(GTD)
.
100
107,179
State
of
Washington
Series
2020B
,
GO
,
5.00
%
,
06/01/39
.....
115
118,817
Series
2023A
,
GO
,
5.00
%
,
08/01/41
.....
100
104,824
848,075
Security
Par
(000)
Par
(000)
Value
West
Virginia
—
0.4%
West
Virginia
Parkways
Authority,
Series
2021,
RB,
5.00%, 06/01/40
..............
USD
100
$
104,254
Total
Long-Term
Investments
—
98
.2
%
(Cost:
$
22,240,597
)
...............................
21,453,467
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
0.5%
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
,
2.02
%
(c)
(d)
.........
99,546
99,556
Total
Short-Term
Securities
—
0
.5
%
(Cost:
$
99,556
)
.................................
99,556
Total
Investments
—
98
.7
%
(Cost:
$
22,340,153
)
...............................
21,553,023
Other
Assets
Less
Liabilities
—
1.3
%
....................
284,261
Net
Assets
—
100.0%
...............................
$
21,837,284
(a)
Zero-coupon
bond.
(b)
When-issued
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
03/17/25
(a)
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
05/31/25
Shares
Held
at
05/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
$
—
$
99,556
(b)
$
—
$
—
$
—
$
99,556
99,546
$
1,550
$
—
—
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
Long-Term
National
Muni
Bond
ETF
5
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
—
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for
the
asset
or
liability
(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,
that
may
not have
a
secondary
market,
and/
or
may
have
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.
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
Bonds
.........................................
$
—
$
21,453,467
$
—
$
21,453,467
Short-Term
Securities
Money
Market
Funds
......................................
99,556
—
—
99,556
$
99,556
$
21,453,467
$
—
$
21,553,023
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AGM
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificates
of
Participation
GO
General
Obligation
Bonds
GTD
Guaranteed
PSF
Permanent
School
Fund
RB
Revenue
Bonds
SAW
State
Aid
Withholding
SCSDE
South
Carolina
State
Department
of
Education