NPORT-EX 2 iShares_CMB_ETF.htm PART F
Schedule
of
Investments
(unaudited)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Municipal
Bonds
California
—
100.2%
Acalanes
Union
High
School
District,
Series
2010A,
GO,
6.35%, 08/01/39
.........
USD
200‌
$
220,983‌
Alameda
Corridor
Transportation
Authority
Series
1999A
,
RB
,
0.00
%
,
10/01/32
(
NPFGC
)
(a)
....................
745‌
565,481‌
Series
1999A
,
RB
,
0.00
%
,
10/01/34
(
NPFGC
)
(a)
....................
4,000‌
2,766,832‌
Series
2016B
,
RB
,
4.00
%
,
10/01/35
(
AGM
)
255‌
250,538‌
Series
2016B
,
RB
,
5.00
%
,
10/01/35
.....
2,000‌
2,023,429‌
Series
2016B
,
RB
,
5.00
%
,
10/01/36
(
AGM
)
600‌
609,175‌
Series
2016B
,
RB
,
5.00
%
,
10/01/36
.....
2,000‌
2,021,573‌
Series
2022A
,
RB
,
0.00
%
,
10/01/47
(a)
....
1,630‌
922,792‌
Series
2022A
,
RB
,
0.00
%
,
10/01/48
(a)
....
665‌
373,541‌
Series
2022A
,
RB
,
0.00
%
,
10/01/49
(a)
....
665‌
368,930‌
Series
2022A
,
RB
,
0.00
%
,
10/01/50
(a)
....
2,195‌
1,214,563‌
Series
A
,
RB
,
0.00
%
,
10/01/51
(
AGM
)
(a)
...
1,000‌
268,521‌
Series
2022A
,
RB
,
0.00
%
,
10/01/51
(
AGM
)
(a)
7,000‌
3,877,040‌
Series
2022C
,
RB
,
5.00
%
,
10/01/52
(
AGM
)
2,150‌
2,192,662‌
Series
C
,
RB
,
0.00
%
,
10/01/53
(
AGM
)
(a)
..
5,000‌
1,180,595‌
Alameda
County
Transportation
Commission
Series
2022
,
RB
,
5.00
%
,
03/01/40
......
4,215‌
4,530,841‌
Series
2022
,
RB
,
5.00
%
,
03/01/41
......
1,860‌
1,987,418‌
Alhambra
Unified
School
District,
Series
B,
GO,
0.00%, 08/01/39
(AGM)
(a)
...........
5,100‌
2,820,956‌
Allan
Hancock
Joint
Community
College
District,
Series
2012C,
GO,
0.00%, 08/01/47
(a)
....
1,295‌
908,285‌
Alvord
Unified
School
District,
Series
2011B,
GO,
0.00%, 08/01/43
(AGM)
(a)
........
2,500‌
1,079,614‌
Anaheim
Housing
&
Public
Improvements
Authority,
Series
2020A,
RB,
5.00%, 10/01/50
200‌
200,273‌
Antelope
Valley
Community
College
District
(a)
Series
D
,
GO
,
0.00
%
,
08/01/45
........
1,000‌
385,835‌
Series
D
,
GO
,
0.00
%
,
08/01/48
........
1,000‌
328,325‌
Arcadia
Unified
School
District,
Series
2025,
GO,
4.50%, 08/01/54
(b)
................
6,945‌
6,721,202‌
Bay
Area
Toll
Authority
Series
2017S-7
,
RB
,
5.00
%
,
04/01/28
....
1,945‌
2,073,108‌
Series
2017S-7
,
RB
,
4.00
%
,
04/01/29
....
500‌
506,542‌
Series
2023F-1
,
RB
,
5.00
%
,
04/01/29
....
3,000‌
3,257,835‌
Series
2025F-1
,
RB
,
5.00
%
,
04/01/30
(b)
(c)
..
1,900‌
2,094,894‌
Series
2017S-7
,
RB
,
4.00
%
,
04/01/33
....
1,695‌
1,698,942‌
Series
2025SSL-1
,
RB
,
5.00
%
,
04/01/33
..
3,400‌
3,887,928‌
Series
2017S-7
,
RB
,
4.00
%
,
04/01/34
....
3,500‌
3,504,265‌
Series
2017S-7
,
RB
,
4.00
%
,
04/01/38
....
400‌
389,746‌
Series
2017S-7
,
RB
,
4.00
%
,
04/01/42
....
8,035‌
7,531,921‌
Series
2024F-2
,
RB
,
5.00
%
,
04/01/42
....
4,000‌
4,218,489‌
Series
2017A
,
RB
,
VRDN
2.95
%
,
04/01/26
(d)
690‌
687,172‌
Series
2017S-7
,
RB
,
4.00
%
,
04/01/47
....
2,500‌
2,265,243‌
Series
2025F-1
,
RB
,
5.00
%
,
04/01/53
(c)
...
1,000‌
1,035,121‌
Series
2019S-8
,
RB
,
3.00
%
,
04/01/54
....
5,085‌
3,548,060‌
Series
2023F-1
,
RB
,
5.00
%
,
04/01/54
....
5,000‌
5,145,245‌
Series
2023F-1
,
RB
,
5.25
%
,
04/01/54
....
5,000‌
5,233,498‌
Series
2023B
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
),
2.45
%
,
06/02/25
(d)
...........
12,560‌
12,560,000‌
Series
2023A
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
),
2.55
%
,
06/02/25
(d)
...........
5,430‌
5,430,000‌
Series
2017F-1
,
RB
,
5.00
%
,
04/01/56
....
1,405‌
1,464,549‌
Series
2019S-8
,
RB
,
5.00
%
,
04/01/56
....
2,000‌
2,189,093‌
Series
2024I
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
2.45
%
,
06/02/25
(d)
...............
3,250‌
3,250,000‌
Series
2024H
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
),
2.55
%
,
06/02/25
(d)
........
810‌
810,000‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2024E
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
),
2.55
%
,
06/01/25
(d)
........
USD
13,515‌
$
13,515,000‌
Belmont-Redwood
Shores
School
District,
Series
A,
GO,
4.50%, 08/01/54
(b)
...........
1,000‌
980,363‌
Beverly
Hills
Unified
School
District
(a)
Series
2009
,
GO
,
0.00
%
,
08/01/27
......
11,500‌
10,786,395‌
Series
2009
,
GO
,
0.00
%
,
08/01/29
......
2,195‌
1,929,877‌
Series
2016
,
GO
,
0.00
%
,
08/01/35
......
3,100‌
2,031,877‌
Series
2016
,
GO
,
0.00
%
,
08/01/36
......
3,800‌
2,359,718‌
Series
2016
,
GO
,
0.00
%
,
08/01/37
......
5,870‌
3,440,961‌
Burbank
Unified
School
District
(b)
Series
2025
,
GO
,
5.00
%
,
08/01/29
......
500‌
545,053‌
Series
2025
,
GO
,
5.00
%
,
08/01/30
......
500‌
554,114‌
California
Educational
Facilities
Authority
Series
V-1
,
RB
,
5.00
%
,
05/01/29
.......
500‌
545,344‌
Series
T-1
,
RB
,
5.00
%
,
03/15/39
.......
1,950‌
2,205,092‌
Series
U-3
,
RB
,
5.00
%
,
06/01/43
.......
2,090‌
2,292,739‌
Series
U-6
,
RB
,
5.00
%
,
05/01/45
.......
21,795‌
23,680,605‌
Series
2015
,
RB
,
5.00
%
,
09/01/45
......
5,000‌
5,025,663‌
Series
U-7
,
RB
,
5.00
%
,
06/01/46
.......
2,650‌
2,866,165‌
Series
V-1
,
RB
,
5.00
%
,
05/01/49
.......
7,260‌
7,803,601‌
Series
2016
,
RB
,
5.00
%
,
10/01/49
......
250‌
254,700‌
Series
2018A
,
RB
,
5.00
%
,
10/01/53
.....
2,120‌
2,078,276‌
Series
V-4
,
RB
,
VRDN
5.00
%
,
03/01/32
(b)
(d)
880‌
986,054‌
Series
V-5
,
RB
,
VRDN
5.00
%
,
03/01/35
(d)
.
1,030‌
1,171,468‌
Series
2025A
,
RB
,
5.00
%
,
11/01/55
(b)
....
500‌
509,966‌
California
Infrastructure
&
Economic
Development
Bank
Series
2003A
,
RB
,
5.00
%
,
07/01/25
(
FGIC
)
300‌
300,494‌
Series
2018
,
RB
,
5.00
%
,
10/01/26
......
215‌
221,943‌
Series
2016
,
RB
,
5.00
%
,
10/01/26
......
3,550‌
3,622,055‌
Series
2018
,
RB
,
5.00
%
,
10/01/27
......
505‌
533,400‌
Series
2023
,
RB
,
5.00
%
,
10/01/28
......
1,000‌
1,078,239‌
Series
2018
,
RB
,
5.00
%
,
10/01/28
......
545‌
581,562‌
Series
2003A
,
RB
,
5.00
%
,
07/01/29
(
FGIC
)
810‌
855,415‌
Series
2025
,
RB
,
5.00
%
,
05/15/33
(b)
.....
1,000‌
1,133,267‌
Series
2003A
,
RB
,
5.00
%
,
07/01/33
(
AMBAC
)
1,410‌
1,492,045‌
Series
2003A
,
RB
,
5.00
%
,
07/01/36
(
AMBAC
)
740‌
783,059‌
Series
2025
,
RB
,
5.00
%
,
05/15/39
......
1,565‌
1,704,328‌
Series
2025
,
RB
,
5.00
%
,
05/15/40
......
1,000‌
1,081,489‌
Series
2025
,
RB
,
5.00
%
,
05/15/41
......
1,000‌
1,070,902‌
Series
2016A
,
RB
,
5.00
%
,
10/01/41
.....
700‌
721,891‌
Series
2017
,
RB
,
5.00
%
,
05/15/42
......
1,000‌
1,020,172‌
Series
2018
,
RB
,
5.00
%
,
10/01/43
......
2,000‌
2,045,707‌
Series
2019
,
RB
,
5.00
%
,
08/01/44
......
1,510‌
1,533,966‌
Series
2016A
,
RB
,
4.00
%
,
10/01/45
.....
500‌
509,142‌
Series
2023
,
RB
,
4.00
%
,
10/01/45
......
5,000‌
4,770,844‌
Series
2024
,
RB
,
4.00
%
,
10/01/47
......
1,775‌
1,663,986‌
Series
2022A
,
RB
,
5.00
%
,
10/01/47
.....
1,175‌
1,228,020‌
Series
2018
,
RB
,
5.00
%
,
10/01/48
......
125‌
127,279‌
Series
2019
,
RB
,
5.00
%
,
08/01/49
......
3,125‌
3,159,740‌
Series
2022A
,
RB
,
5.00
%
,
10/01/52
.....
8,000‌
8,295,778‌
Series
2025
,
RB
,
4.50
%
,
05/15/55
(b)
.....
5,000‌
4,739,733‌
California
Municipal
Finance
Authority
Series
2017A
,
RB
,
5.00
%
,
06/01/42
.....
500‌
502,194‌
Series
2017
,
RB
,
5.00
%
,
01/01/48
......
1,000‌
1,058,188‌
California
School
Facilities
Financing
Authority,
Series
2009A,
RB,
0.00%, 08/01/49
(AGM)
(a)
15,245‌
4,261,452‌
California
State
Public
Works
Board
Series
D
,
RB
,
5.00
%
,
06/01/25
.........
350‌
350,000‌
Series
2022A
,
RB
,
5.00
%
,
08/01/25
.....
6,680‌
6,700,854‌
Series
2021A
,
RB
,
5.00
%
,
02/01/26
.....
3,340‌
3,385,171‌
Series
2024C
,
RB
,
5.00
%
,
09/01/26
.....
4,560‌
4,680,180‌
Series
2021A
,
RB
,
5.00
%
,
02/01/27
.....
7,000‌
7,248,605‌
Series
2022A
,
RB
,
5.00
%
,
08/01/27
.....
2,390‌
2,498,293‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2024C
,
RB
,
5.00
%
,
09/01/27
.....
USD
2,185‌
$
2,287,604‌
Series
2023C
,
RB
,
5.00
%
,
09/01/27
.....
9,225‌
9,658,189‌
Series
B
,
RB
,
5.00
%
,
10/01/27
.........
395‌
414,285‌
Series
2019C
,
RB
,
5.00
%
,
11/01/27
.....
1,140‌
1,197,299‌
Series
2023D
,
RB
,
5.00
%
,
11/01/27
.....
4,510‌
4,736,682‌
Series
F
,
RB
,
5.00
%
,
05/01/28
.........
350‌
350,438‌
Series
2022B
,
RB
,
5.00
%
,
06/01/28
.....
2,000‌
2,123,132‌
Series
2022A
,
RB
,
5.00
%
,
08/01/28
.....
1,000‌
1,064,478‌
Series
2024C
,
RB
,
5.00
%
,
09/01/29
.....
2,500‌
2,706,193‌
Series
B
,
RB
,
5.00
%
,
10/01/29
.........
250‌
260,611‌
Series
2016C
,
RB
,
5.00
%
,
11/01/29
.....
1,000‌
1,025,609‌
Series
2019C
,
RB
,
5.00
%
,
11/01/29
.....
1,530‌
1,660,170‌
Series
2023C
,
RB
,
5.00
%
,
09/01/30
.....
2,735‌
3,001,489‌
Series
2024C
,
RB
,
5.00
%
,
09/01/30
.....
1,500‌
1,646,155‌
Series
2020D
,
RB
,
5.00
%
,
11/01/30
.....
1,405‌
1,545,336‌
Series
2023C
,
RB
,
5.00
%
,
09/01/31
.....
4,875‌
5,415,973‌
Series
2024C
,
RB
,
5.00
%
,
09/01/32
.....
1,880‌
2,107,870‌
Series
2019C
,
RB
,
5.00
%
,
11/01/32
.....
1,010‌
1,081,528‌
Series
2024D
,
RB
,
5.00
%
,
11/01/32
.....
5,000‌
5,613,032‌
Series
2024D
,
RB
,
5.00
%
,
11/01/33
.....
1,100‌
1,240,057‌
Series
2023C
,
RB
,
5.00
%
,
09/01/34
.....
5,000‌
5,583,216‌
Series
2016C
,
RB
,
5.00
%
,
11/01/34
.....
1,575‌
1,606,782‌
Series
2016E
,
RB
,
3.00
%
,
10/01/35
.....
1,250‌
1,145,925‌
Series
2024C
,
RB
,
5.00
%
,
09/01/37
.....
2,275‌
2,497,223‌
Series
2024C
,
RB
,
5.00
%
,
09/01/38
.....
2,000‌
2,169,463‌
Series
2024C
,
RB
,
5.00
%
,
09/01/39
.....
5,435‌
5,868,992‌
Series
2024D
,
RB
,
3.00
%
,
11/01/39
.....
7,000‌
6,110,980‌
Series
2021C
,
RB
,
5.00
%
,
11/01/40
.....
1,000‌
1,052,163‌
Series
2021D
,
RB
,
4.00
%
,
11/01/41
.....
2,510‌
2,412,738‌
Series
2024A
,
RB
,
5.00
%
,
04/01/42
.....
2,795‌
2,940,909‌
Series
2021C
,
RB
,
5.00
%
,
11/01/46
.....
3,100‌
3,180,198‌
Series
2023D
,
RB
,
4.63
%
,
11/01/48
.....
11,760‌
11,749,347‌
Series
2024A
,
RB
,
5.00
%
,
04/01/49
.....
2,000‌
2,061,024‌
California
State
University
Series
2017A
,
RB
,
5.00
%
,
11/01/26
.....
370‌
382,084‌
Series
2016A
,
RB
,
5.00
%
,
11/01/27
.....
1,385‌
1,409,766‌
Series
2016A
,
RB
,
5.00
%
,
11/01/28
.....
5,180‌
5,270,746‌
Series
2016A
,
RB
,
5.00
%
,
11/01/29
.....
3,235‌
3,290,205‌
Series
2017A
,
RB
,
5.00
%
,
11/01/30
.....
1,605‌
1,667,281‌
Series
2015A
,
RB
,
5.00
%
,
11/01/31
.....
2,500‌
2,513,400‌
Series
2017A
,
RB
,
5.00
%
,
11/01/31
.....
500‌
518,823‌
Series
2016A
,
RB
,
5.00
%
,
11/01/32
.....
1,500‌
1,522,744‌
Series
2015A
,
RB
,
5.00
%
,
11/01/33
.....
500‌
502,383‌
Series
2017A
,
RB
,
5.00
%
,
11/01/33
.....
1,325‌
1,368,415‌
Series
2016A
,
RB
,
5.00
%
,
11/01/33
.....
5,000‌
5,070,844‌
Series
2016A
,
RB
,
4.00
%
,
11/01/35
.....
3,000‌
2,983,789‌
Series
2018A
,
RB
,
5.00
%
,
11/01/35
.....
1,145‌
1,205,669‌
Series
2015A
,
RB
,
5.00
%
,
11/01/35
.....
2,780‌
2,791,298‌
Series
2017A
,
RB
,
5.00
%
,
11/01/35
.....
450‌
462,177‌
Series
2017A
,
RB
,
5.00
%
,
11/01/36
.....
485‌
496,657‌
Series
2016A
,
RB
,
4.00
%
,
11/01/37
.....
2,455‌
2,415,402‌
Series
2016A
,
RB
,
4.00
%
,
11/01/38
.....
2,540‌
2,465,991‌
Series
2015A
,
RB
,
5.00
%
,
11/01/38
.....
415‌
416,112‌
Series
2019A
,
RB
,
5.00
%
,
11/01/39
.....
1,515‌
1,570,795‌
Series
2016A
,
RB
,
5.00
%
,
11/01/41
.....
650‌
656,285‌
Series
2015A
,
RB
,
4.00
%
,
11/01/43
.....
200‌
183,812‌
Series
2015A
,
RB
,
5.00
%
,
11/01/43
.....
1,665‌
1,666,135‌
Series
2024A
,
RB
,
5.00
%
,
11/01/43
.....
4,800‌
5,139,881‌
Series
2020C
,
RB
,
4.00
%
,
11/01/45
.....
4,470‌
4,019,531‌
Series
2016A
,
RB
,
4.00
%
,
11/01/45
.....
985‌
885,735‌
Series
2016A
,
RB
,
5.00
%
,
11/01/45
.....
760‌
767,008‌
Series
2021A
,
RB
,
3.00
%
,
11/01/46
.....
2,000‌
1,476,216‌
Series
2024A
,
RB
,
5.50
%
,
11/01/46
.....
2,000‌
2,182,224‌
Series
2015A
,
RB
,
5.00
%
,
11/01/47
.....
1,300‌
1,294,223‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2016B-3
,
RB
,
VRDN
3.13
%
,
11/01/26
(d)
...............
USD
2,300‌
$
2,296,503‌
Series
2023A
,
RB
,
5.25
%
,
11/01/53
.....
1,195‌
1,259,544‌
Series
2024A
,
RB
,
5.50
%
,
11/01/55
.....
17,130‌
18,452,385‌
California
Statewide
Communities
Development
Authority,
Series
2016,
RB,
5.00%, 05/15/40
250‌
250,092‌
Campbell
Union
High
School
District,
Series
B,
GO,
4.00%, 08/01/38
..............
2,000‌
2,032,902‌
Cerritos
Community
College
District
Series
2012D
,
GO
,
0.00
%
,
08/01/26
(a)
....
545‌
525,968‌
Series
2019C
,
GO
,
3.00
%
,
08/01/44
.....
250‌
191,814‌
Series
2024A
,
GO
,
4.00
%
,
08/01/49
.....
7,000‌
6,409,529‌
Chabot-Las
Positas
Community
College
District
Series
C
,
GO
,
5.00
%
,
08/01/27
........
500‌
526,511‌
Series
2016
,
GO
,
4.00
%
,
08/01/34
......
1,000‌
1,000,171‌
Series
2017A
,
GO
,
4.00
%
,
08/01/42
.....
2,920‌
2,707,749‌
Series
2017A
,
GO
,
4.00
%
,
08/01/47
.....
3,000‌
2,747,490‌
Series
C
,
GO
,
5.25
%
,
08/01/48
........
3,735‌
3,957,684‌
Chaffey
Community
College
District
Series
A
,
GO
,
3.00
%
,
06/01/33
........
1,800‌
1,815,951‌
Series
B1
,
GO
,
5.50
%
,
06/01/49
.......
4,930‌
5,372,481‌
Chaffey
Joint
Union
High
School
District
Series
B
,
GO
,
4.00
%
,
08/01/44
........
500‌
464,579‌
Series
H
,
GO
,
0.00
%
,
08/01/48
(a)
.......
4,890‌
1,653,423‌
Series
G
,
GO
,
5.25
%
,
08/01/52
........
1,500‌
1,576,551‌
Chino
Basin
Regional
Financing
Authority,
Series
2020B,
RB,
4.00%, 11/01/25
.........
3,790‌
3,794,531‌
Chino
Valley
Unified
School
District
Series
2020B
,
GO
,
4.00
%
,
08/01/45
.....
2,500‌
2,298,842‌
Series
2022C
,
GO
,
4.00
%
,
08/01/55
.....
2,000‌
1,749,739‌
Series
2020B
,
GO
,
5.00
%
,
08/01/55
.....
4,000‌
4,077,136‌
Citrus
Community
College
District,
Series
2024B,
GO,
5.00%, 08/01/49
.........
1,000‌
1,051,190‌
City
&
County
of
San
Francisco
Series
2020R-1
,
GO
,
5.00
%
,
06/15/25
...
2,815‌
2,817,313‌
Series
2022R-1
,
GO
,
5.00
%
,
06/15/26
...
500‌
512,267‌
Series
2022R-1
,
GO
,
5.00
%
,
06/15/27
...
500‌
524,150‌
Series
2022R-1
,
GO
,
5.00
%
,
06/15/28
...
6,000‌
6,418,200‌
Series
2020R-1
,
GO
,
5.00
%
,
06/15/31
...
2,160‌
2,293,382‌
Series
2024-R1
,
GO
,
5.00
%
,
06/15/32
...
3,000‌
3,404,412‌
Series
2024R-1
,
GO
,
5.00
%
,
06/15/35
...
1,880‌
2,146,429‌
City
of
Glendale,
Series
2024-2,
RB,
5.00%, 02/01/54
.................
2,000‌
2,010,334‌
City
of
Hayward,
Series
2025,
RB,
4.00%, 03/01/52
(b)
................
5,500‌
4,892,896‌
City
of
Long
Beach
Series
2025A
,
RB
,
5.00
%
,
05/15/26
.....
2,500‌
2,550,529‌
Series
2025
,
RB
,
5.00
%
,
05/15/40
(b)
.....
1,100‌
1,167,172‌
Series
2025
,
RB
,
5.00
%
,
05/15/41
......
1,000‌
1,052,377‌
Series
2019A
,
RB
,
5.00
%
,
05/15/44
.....
2,000‌
2,059,748‌
Series
C
,
RB
,
5.00
%
,
05/15/47
.........
1,500‌
1,511,905‌
City
of
Los
Angeles
Series
2023A
,
RB
,
5.00
%
,
02/01/37
.....
1,000‌
1,113,880‌
Series
2023A
,
RB
,
5.00
%
,
02/01/38
.....
1,000‌
1,103,873‌
City
of
Los
Angeles
Department
of
Airports
Series
2020A
,
RB
,
5.00
%
,
05/15/26
.....
1,000‌
1,020,066‌
Series
2025E
,
RB
,
5.00
%
,
05/15/27
.....
1,680‌
1,750,787‌
Series
2020A
,
RB
,
5.00
%
,
05/15/28
.....
280‌
297,479‌
Series
2025C
,
RB
,
5.00
%
,
05/15/30
.....
625‌
684,669‌
Series
2025C
,
RB
,
5.00
%
,
05/15/31
(b)
....
1,285‌
1,426,713‌
Series
2025D
,
RB
,
5.00
%
,
05/15/31
(b)
....
2,470‌
2,742,398‌
Series
2020A
,
RB
,
5.00
%
,
05/15/32
.....
1,070‌
1,154,305‌
Series
2025C
,
RB
,
5.00
%
,
05/15/32
(b)
....
2,750‌
3,085,116‌
Series
2020B
,
RB
,
5.00
%
,
05/15/32
.....
1,000‌
1,087,943‌
Series
2025C
,
RB
,
5.00
%
,
05/15/33
(b)
....
1,250‌
1,412,921‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2025D
,
RB
,
5.00
%
,
05/15/33
(b)
....
USD
1,250‌
$
1,412,921‌
Series
2021B
,
RB
,
5.00
%
,
05/15/35
.....
2,105‌
2,291,866‌
Series
2025D
,
RB
,
5.00
%
,
05/15/35
.....
2,000‌
2,280,452‌
Series
2020A
,
RB
,
5.00
%
,
05/15/36
.....
5,330‌
5,642,948‌
Series
2025D
,
RB
,
5.00
%
,
05/15/37
.....
4,000‌
4,479,864‌
Series
2020A
,
RB
,
5.00
%
,
05/15/39
.....
7,455‌
7,777,721‌
Series
2020A
,
RB
,
5.00
%
,
05/15/40
.....
1,425‌
1,480,317‌
Series
2025D
,
RB
,
5.00
%
,
05/15/41
.....
3,000‌
3,233,272‌
Series
B
,
RB
,
5.00
%
,
05/15/42
.........
2,000‌
2,018,675‌
Series
2025D
,
RB
,
5.00
%
,
05/15/43
(b)
....
2,000‌
2,123,176‌
Series
2025D
,
RB
,
5.00
%
,
05/15/44
.....
4,000‌
4,214,218‌
Series
2021B
,
RB
,
5.00
%
,
05/15/45
.....
2,205‌
2,268,220‌
Series
2025D
,
RB
,
5.00
%
,
05/15/48
(b)
....
3,000‌
3,101,702‌
Series
2021B
,
RB
,
5.00
%
,
05/15/48
.....
475‌
484,242‌
Series
2018E
,
RB
,
5.00
%
,
05/15/48
.....
1,020‌
1,031,193‌
City
of
Los
Angeles
Wastewater
System
Series
2022C
,
RB
,
5.00
%
,
06/01/26
.....
3,815‌
3,894,048‌
Series
2018B
,
RB
,
5.00
%
,
06/01/27
.....
3,860‌
4,023,896‌
Series
2025C
,
RB
,
5.00
%
,
06/01/27
.....
5,000‌
5,212,301‌
Series
2022C
,
RB
,
5.00
%
,
06/01/29
.....
1,000‌
1,082,010‌
Series
2022C
,
RB
,
5.00
%
,
06/01/30
.....
1,000‌
1,098,538‌
Series
A
,
RB
,
5.00
%
,
06/01/30
.........
1,305‌
1,354,477‌
Series
2022C
,
RB
,
5.00
%
,
06/01/32
.....
2,500‌
2,810,723‌
Series
A
,
RB
,
4.00
%
,
06/01/42
.........
500‌
461,877‌
Series
2018A
,
RB
,
5.00
%
,
06/01/43
.....
1,000‌
1,019,885‌
Series
C
,
RB
,
5.00
%
,
06/01/45
.........
915‌
913,326‌
Series
2022A
,
RB
,
5.00
%
,
06/01/47
.....
5,275‌
5,442,010‌
Series
A
,
RB
,
5.25
%
,
06/01/47
.........
1,000‌
1,012,114‌
Series
2022A
,
RB
,
4.00
%
,
06/01/52
.....
1,420‌
1,243,609‌
City
of
Oakland,
Series
2023D,
GO,
5.25%, 07/15/48
.................
3,225‌
3,407,408‌
City
of
Riverside
Series
2019A
,
RB
,
5.00
%
,
10/01/36
.....
1,025‌
1,082,395‌
Series
2015A
,
RB
,
5.00
%
,
08/01/40
.....
500‌
500,521‌
Series
2019A
,
RB
,
5.00
%
,
10/01/48
.....
3,695‌
3,775,701‌
Series
2024A
,
RB
,
5.00
%
,
10/01/49
.....
2,000‌
2,078,956‌
City
of
Sacramento,
Series
2018A,
RB,
5.00%, 06/01/43
.................
1,000‌
1,001,707‌
City
of
San
Francisco
Series
A
,
RB
,
5.00
%
,
11/01/25
.........
455‌
459,104‌
Series
2025,
Sub-Series
A
,
RB
,
5.00
%
,
11/01/27
(b)
...............
5,000‌
5,283,433‌
Series
2025,
Sub-Series
A
,
RB
,
5.00
%
,
11/01/30
................
10,000‌
11,135,204‌
Series
2023C
,
RB
,
5.00
%
,
11/01/31
.....
1,000‌
1,128,267‌
Series
2025,
Sub-Series
A
,
RB
,
5.00
%
,
11/01/31
(b)
...............
8,500‌
9,590,267‌
Series
2023C
,
RB
,
5.00
%
,
11/01/32
.....
1,000‌
1,140,198‌
Series
2025,
Sub-Series
A
,
RB
,
5.00
%
,
11/01/33
................
5,000‌
5,742,852‌
Series
2023C
,
RB
,
5.00
%
,
11/01/35
.....
1,440‌
1,631,672‌
Series
A
,
RB
,
4.00
%
,
11/01/36
.........
2,500‌
2,498,554‌
Series
A
,
RB
,
4.00
%
,
11/01/39
.........
1,000‌
974,398‌
Series
2023C
,
RB
,
5.00
%
,
11/01/39
.....
1,000‌
1,085,776‌
Series
2020B
,
RB
,
5.00
%
,
11/01/50
.....
3,600‌
3,631,454‌
City
of
San
Jose
Series
2019C
,
GO
,
5.00
%
,
09/01/28
.....
370‌
398,660‌
Series
2021A
,
GO
,
5.00
%
,
09/01/45
.....
7,035‌
7,367,941‌
Series
2019A-1
,
GO
,
5.00
%
,
09/01/47
....
2,000‌
2,052,157‌
City
of
Santa
Rosa
Series
2002B
,
RB
,
0.00
%
,
09/01/32
(
AMBAC
)
(a)
....................
5,000‌
3,883,086‌
Series
2020A
,
RB
,
5.00
%
,
09/01/34
.....
4,470‌
4,873,718‌
Clovis
Unified
School
District
Series
D
,
GO
,
4.00
%
,
08/01/40
........
250‌
244,660‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
Coast
Community
College
District
Series
2006B
,
GO
,
0.00
%
,
08/01/26
(
AGM
)
(a)
USD
2,375‌
$
2,293,638‌
Series
2006B
,
GO
,
0.00
%
,
08/01/27
(
AGM
)
(a)
320‌
300,015‌
Series
2006B
,
GO
,
0.00
%
,
08/01/28
(
AGM
)
(a)
4,925‌
4,474,454‌
Series
2015
,
GO
,
5.00
%
,
08/01/29
......
4,905‌
4,925,830‌
Series
2006B
,
GO
,
0.00
%
,
08/01/30
(
AGM
)
(a)
2,985‌
2,535,579‌
Series
2015
,
GO
,
0.00
%
,
08/01/34
(a)
.....
500‌
337,859‌
Series
2017D
,
GO
,
5.00
%
,
08/01/36
.....
1,500‌
1,577,084‌
Series
2019F
,
GO
,
3.00
%
,
08/01/39
.....
2,520‌
2,133,927‌
Series
2017D
,
GO
,
4.00
%
,
08/01/42
.....
10,230‌
9,527,441‌
Series
2019F
,
GO
,
0.00
%
,
08/01/43
(a)
....
1,000‌
432,592‌
Contra
Costa
Community
College
District,
Series
2014A,
GO,
4.00%, 08/01/39
.........
1,250‌
1,190,052‌
Contra
Costa
Transportation
Authority
Sales
Tax,
Series
2021A,
RB,
4.00%, 03/01/33
.....
4,225‌
4,445,591‌
Corona-Norco
Unified
School
District
Series
A
,
GO
,
5.00
%
,
08/01/40
........
1,500‌
1,505,091‌
Series
B
,
GO
,
4.00
%
,
08/01/43
........
3,725‌
3,466,329‌
County
of
Los
Angeles,
Series
2024,
RB,
5.00%, 06/30/25
.................
9,020‌
9,031,705‌
County
of
Sacramento
Airport
System
Series
A
,
RB
,
5.00
%
,
07/01/41
.........
1,000‌
1,002,010‌
Series
B
,
RB
,
5.00
%
,
07/01/41
.........
800‌
801,608‌
Series
2024
,
RB
,
5.00
%
,
07/01/49
......
4,155‌
4,250,426‌
Series
2024
,
RB
,
5.00
%
,
07/01/54
......
7,250‌
7,369,874‌
County
of
Santa
Clara
Series
2022D
,
GO
,
5.00
%
,
08/01/34
.....
5,890‌
6,655,579‌
Series
2017C
,
GO
,
4.00
%
,
08/01/38
.....
750‌
743,016‌
Desert
Community
College
District
Series
2016
,
GO
,
5.00
%
,
08/01/37
......
1,000‌
1,014,673‌
Series
2017
,
GO
,
4.00
%
,
08/01/39
......
500‌
488,709‌
Desert
Sands
Unified
School
District
Series
2025
,
GO
,
5.00
%
,
08/01/27
......
1,000‌
1,050,644‌
Series
2025
,
GO
,
5.00
%
,
08/01/28
......
2,600‌
2,787,841‌
Series
2019
,
GO
,
4.00
%
,
08/01/44
......
1,000‌
930,582‌
Series
2025
,
GO
,
4.00
%
,
08/01/50
(b)
.....
3,000‌
2,745,032‌
Dublin
Unified
School
District,
Series
B,
GO,
4.25%, 08/01/53
.................
5,000‌
4,768,973‌
East
Bay
Municipal
Utility
District
Wastewater
System
(b)
Series
2025B
,
RB
,
5.00
%
,
06/01/36
.....
1,000‌
1,154,205‌
Series
2025B
,
RB
,
5.00
%
,
06/01/37
.....
1,000‌
1,141,667‌
Series
2025A
,
RB
,
5.00
%
,
06/01/50
.....
1,000‌
1,052,186‌
East
Bay
Municipal
Utility
District
Water
System
Series
2014B
,
RB
,
5.00
%
,
06/01/25
.....
460‌
460,000‌
Series
2015A
,
RB
,
5.00
%
,
06/01/27
.....
1,005‌
1,005,745‌
Series
2025B
,
RB
,
5.00
%
,
06/01/27
.....
7,000‌
7,338,980‌
Series
2015A
,
RB
,
5.00
%
,
06/01/28
.....
250‌
250,185‌
Series
2025B
,
RB
,
5.00
%
,
06/01/28
.....
5,000‌
5,358,253‌
Series
2017B
,
RB
,
5.00
%
,
06/01/29
.....
2,200‌
2,297,509‌
Series
2024B
,
RB
,
5.00
%
,
06/01/30
.....
1,000‌
1,111,381‌
Series
2017B
,
RB
,
5.00
%
,
06/01/32
.....
1,560‌
1,622,036‌
Series
2017B
,
RB
,
5.00
%
,
06/01/33
.....
1,000‌
1,038,108‌
Series
2017B
,
RB
,
5.00
%
,
06/01/34
.....
430‌
445,599‌
Series
2015A
,
RB
,
5.00
%
,
06/01/35
.....
540‌
540,401‌
Series
2025B
,
RB
,
5.00
%
,
06/01/36
(b)
....
1,350‌
1,558,176‌
Series
2015A
,
RB
,
5.00
%
,
06/01/36
.....
8,970‌
8,976,653‌
Series
2022A
,
RB
,
5.00
%
,
06/01/37
.....
2,000‌
2,207,879‌
Series
2017A
,
RB
,
5.00
%
,
06/01/42
.....
5,460‌
5,562,323‌
Series
2017A
,
RB
,
4.00
%
,
06/01/45
.....
1,000‌
922,148‌
Series
2017A
,
RB
,
5.00
%
,
06/01/45
.....
2,000‌
2,030,107‌
Series
2025B
,
RB
,
5.00
%
,
06/01/45
(b)
....
1,000‌
1,068,465‌
Series
2025A
,
RB
,
5.00
%
,
06/01/55
.....
1,665‌
1,739,042‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
East
County
Advanced
Water
Purification
Joint
Powers
Authority,
Series
2024A,
Sub-Series
A-2,
RB,
5.00%, 09/01/26
...........
USD
2,870‌
$
2,928,034‌
East
Side
Union
High
School
District
Series
D
,
GO
,
5.00
%
,
08/01/26
(b)
.......
3,500‌
3,591,330‌
Series
D
,
GO
,
5.00
%
,
08/01/27
(b)
.......
350‌
367,272‌
Series
2024B
,
GO
,
5.00
%
,
08/01/30
(
AGM
)
3,500‌
3,868,142‌
Series
2024B
,
GO
,
5.00
%
,
08/01/34
(
AGM
)
4,000‌
4,581,141‌
Eastern
Municipal
Water
District
Financing
Authority
Series
2020A
,
RB
,
5.00
%
,
07/01/36
.....
3,000‌
3,247,180‌
Series
2020A
,
RB
,
4.00
%
,
07/01/38
.....
2,310‌
2,267,766‌
Series
2017D
,
RB
,
5.00
%
,
07/01/47
.....
1,000‌
1,009,621‌
El
Camino
Community
College
District
Fountation
(The)
Series
2012C
,
GO
,
0.00
%
,
08/01/27
(a)
....
3,000‌
2,801,278‌
Series
2012C
,
GO
,
0.00
%
,
08/01/29
(a)
....
2,110‌
1,839,248‌
Series
2012C
,
GO
,
0.00
%
,
08/01/32
(a)
....
700‌
545,511‌
Series
2012C
,
GO
,
0.00
%
,
08/01/33
(a)
....
125‌
93,380‌
Series
2012C
,
GO
,
0.00
%
,
08/01/34
(a)
....
3,050‌
2,179,324‌
Series
2012C
,
GO
,
0.00
%
,
08/01/38
(a)
....
14,000‌
8,067,864‌
Series
2016A
,
GO
,
4.00
%
,
08/01/45
.....
500‌
461,208‌
El
Monte
Union
High
School
District,
Series
B,
GO,
4.00%, 06/01/46
..............
4,100‌
3,761,238‌
Elk
Grove
Finance
Authority
(b)
Series
2025
,
5.00
%
,
09/01/33
.........
1,000‌
1,133,800‌
Series
2025
,
5.00
%
,
09/01/36
.........
1,000‌
1,132,726‌
Elk
Grove
Unified
School
District
Series
2021
,
GO
,
2.00
%
,
08/01/34
......
2,515‌
2,057,885‌
Series
2019
,
GO
,
4.00
%
,
08/01/46
......
2,855‌
2,622,280‌
Series
2017
,
GO
,
4.00
%
,
08/01/46
......
5,950‌
5,464,997‌
Escondido
Union
High
School
District
(a)
Series
2009
,
GO
,
0.00
%
,
08/01/37
(
AGC
)
.
190‌
118,921‌
Series
2011C
,
GO
,
0.00
%
,
08/01/46
.....
985‌
359,793‌
Series
2011C
,
GO
,
0.00
%
,
08/01/51
.....
1,155‌
326,605‌
Foothill-De
Anza
Community
College
District
Series
2003B
,
GO
,
0.00
%
,
08/01/34
(
NPFGC-IBC,
FGIC
)
(a)
............
2,000‌
1,462,911‌
Series
A
,
GO
,
0.00
%
,
08/01/36
(
AMBAC
)
(a)
1,950‌
1,288,847‌
Series
2021A
,
GO
,
3.00
%
,
08/01/40
.....
5,160‌
4,423,696‌
Series
2016
,
GO
,
4.00
%
,
08/01/40
......
2,000‌
1,943,484‌
Foothill-Eastern
Transportation
Corridor
Agency
Series
1995A
,
RB
,
0.00
%
,
01/01/26
(a)
....
1,165‌
1,144,531‌
Series
1995A
,
RB
,
0.00
%
,
01/01/28
(a)
....
440‌
407,855‌
Series
1995A
,
RB
,
0.00
%
,
01/01/29
(a)
....
500‌
448,852‌
Series
1995A
,
RB
,
0.00
%
,
01/01/30
(
AGC-
ICC,
AGM-CR
)
(a)
................
320‌
277,950‌
Series
2015A
,
RB
,
0.00
%
,
01/15/33
(a)
....
750‌
563,768‌
Series
2015A
,
RB
,
0.00
%
,
01/15/34
(
AGM
)
(a)
5,500‌
4,041,154‌
Series
2015A
,
RB
,
0.00
%
,
01/15/35
(
AGM
)
(a)
300‌
210,630‌
Series
2013A
,
RB
,
0.00
%
,
01/15/36
(
AGM
)
(a)
12,490‌
8,355,914‌
Series
2013A
,
RB
,
0.00
%
,
01/15/37
(
AGM
)
(a)
3,000‌
1,906,659‌
Series
2021A
,
RB
,
4.00
%
,
01/15/46
.....
19,000‌
17,853,255‌
Series
2013B-1
,
RB
,
3.95
%
,
01/15/53
....
1,200‌
1,029,957‌
Fremont
Unified
School
District
(b)
Series
A
,
GO
,
5.25
%
,
08/01/42
........
6,675‌
7,219,253‌
Series
A
,
GO
,
4.00
%
,
08/01/44
........
8,520‌
8,131,931‌
Fremont
Union
High
School
District
Series
2021A
,
GO
,
3.00
%
,
08/01/40
.....
4,000‌
3,351,687‌
Series
2015
,
GO
,
4.00
%
,
08/01/40
......
1,950‌
1,819,924‌
Series
A
,
GO
,
5.00
%
,
08/01/44
........
1,000‌
1,014,861‌
Fullerton
Joint
Union
High
School
District,
Series
2025A,
GO,
4.00%, 08/01/46
.........
5,150‌
4,760,579‌
Glendale
Community
College
District
Series
B
,
GO
,
3.00
%
,
08/01/47
........
500‌
361,807‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
B
,
GO
,
4.00
%
,
08/01/50
........
USD
8,085‌
$
7,177,021‌
Glendale
Unified
School
District,
Series
2015B,
GO,
4.00%, 09/01/41
..............
350‌
350,978‌
Grossmont
Healthcare
District
Series
2025F
,
GO
,
5.00
%
,
07/15/35
(b)
....
1,000‌
1,143,196‌
Series
2025F
,
GO
,
5.00
%
,
07/15/40
.....
1,250‌
1,358,644‌
Grossmont-Cuyamaca
Community
College
District
Series
2008C
,
GO
,
0.00
%
,
08/01/30
(
AGC
)
(a)
2,000‌
1,686,838‌
Series
2018B
,
GO
,
4.00
%
,
08/01/47
.....
1,000‌
915,830‌
Hayward
Area
Recreation
&
Park
District,
Series
A,
GO,
4.00%, 08/01/46
............
1,000‌
916,233‌
Hayward
Unified
School
District
Series
2025A
,
GO
,
5.00
%
,
08/01/25
(b)
....
2,140‌
2,146,550‌
Series
2025B
,
GO
,
5.00
%
,
08/01/32
(
AGC
)
1,325‌
1,483,288‌
Series
2019A
,
GO
,
4.00
%
,
08/01/48
(
BAM
)
1,000‌
893,159‌
Hillsborough
City
School
District
(a)
Series
B
,
GO
,
0.00
%
,
09/01/30
........
4,995‌
4,259,354‌
Series
B
,
GO
,
0.00
%
,
09/01/31
........
5,075‌
4,170,209‌
Imperial
Irrigation
District
Electric
System,
Series
2016B-1,
RB,
5.00%, 11/01/46
........
500‌
501,775‌
Inglewood
Unified
School
District
Series
B
,
GO
,
5.00
%
,
08/01/26
(b)
.......
1,500‌
1,532,891‌
Series
B
,
GO
,
5.00
%
,
08/01/33
(b)
.......
1,000‌
1,120,055‌
Series
B
,
GO
,
5.00
%
,
08/01/35
(b)
.......
1,215‌
1,368,637‌
Series
B
,
GO
,
5.50
%
,
08/01/41
........
500‌
555,749‌
Series
B
,
GO
,
5.50
%
,
08/01/43
(b)
.......
500‌
547,730‌
Irvine
Ranch
Water
District
Water
Service
Corp.
Series
2011A-1
,
VRDN
(
Bank
of
America
NA
LOC
),
2.35
%
,
06/02/25
(d)
...........
8,315‌
8,315,000‌
Series
2011A-2
,
VRDN
(
Bank
of
America
NA
LOC
),
2.35
%
,
06/02/25
(d)
...........
3,000‌
3,000,000‌
Series
2009B
,
VRDN
(
Bank
of
America
NA
LOC
),
2.35
%
,
06/02/25
(d)
...........
4,800‌
4,800,000‌
Series
2016
,
5.25
%
,
02/01/46
.........
4,305‌
4,334,875‌
Lake
Elsinore
Facilities
Financing
Authority
Successor
Agency,
Series
2025A,
5.00%, 09/01/31
(AGC)
(b)
............
1,000‌
1,108,210‌
Lodi
Unified
School
District,
Series
2020,
GO,
3.00%, 08/01/43
.................
5,465‌
4,232,622‌
Long
Beach
Community
College
District
Series
2019C
,
GO
,
4.00
%
,
08/01/45
.....
400‌
368,390‌
Series
2012B
,
GO
,
0.00
%
,
08/01/49
(a)
....
250‌
159,677‌
Series
2019C
,
GO
,
4.00
%
,
08/01/49
.....
300‌
272,016‌
Long
Beach
Unified
School
District
Series
A
,
GO
,
5.00
%
,
08/01/25
........
3,200‌
3,210,859‌
Series
D-1
,
GO
,
0.00
%
,
08/01/33
(a)
......
1,750‌
1,252,479‌
Series
D-1
,
GO
,
0.00
%
,
08/01/37
(a)
......
5,290‌
3,093,597‌
Series
D-1
,
GO
,
0.00
%
,
08/01/39
(a)
......
200‌
103,508‌
Series
G
,
GO
,
5.00
%
,
08/01/44
........
1,015‌
1,078,320‌
Series
B
,
GO
,
4.00
%
,
08/01/45
........
500‌
463,379‌
Series
F
,
GO
,
3.00
%
,
08/01/47
.........
1,605‌
1,161,402‌
Series
C
,
GO
,
4.00
%
,
08/01/47
........
3,500‌
3,220,454‌
Series
B
,
GO
,
3.00
%
,
08/01/48
........
5,815‌
4,160,754‌
Series
C
,
GO
,
4.00
%
,
08/01/48
........
2,910‌
2,663,785‌
Series
B
,
GO
,
3.00
%
,
08/01/50
........
7,320‌
5,125,191‌
Series
C
,
GO
,
4.00
%
,
08/01/53
........
2,085‌
1,858,579‌
Los
Angeles
Community
College
District
Series
2015C
,
GO
,
5.00
%
,
08/01/25
.....
445‌
446,525‌
Series
A-1
,
GO
,
5.00
%
,
08/01/25
.......
4,420‌
4,435,146‌
Series
C
,
GO
,
5.00
%
,
08/01/25
........
10,000‌
10,034,267‌
Series
C
,
GO
,
5.00
%
,
08/01/26
........
5,000‌
5,133,375‌
Series
A-1
,
GO
,
5.00
%
,
08/01/27
.......
1,800‌
1,891,676‌
Series
D
,
GO
,
5.00
%
,
08/01/27
........
10,000‌
10,509,311‌
Series
D
,
GO
,
5.00
%
,
08/01/28
........
3,625‌
3,887,270‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
D
,
GO
,
5.00
%
,
08/01/29
........
USD
2,085‌
$
2,268,850‌
Series
E
,
GO
,
5.00
%
,
08/01/29
........
5,000‌
5,440,888‌
Series
E
,
GO
,
5.00
%
,
08/01/30
........
5,000‌
5,552,119‌
Series
K
,
GO
,
4.00
%
,
08/01/36
........
2,435‌
2,434,028‌
Series
2016
,
GO
,
4.00
%
,
08/01/37
......
1,915‌
1,895,883‌
Series
K
,
GO
,
4.00
%
,
08/01/37
........
4,325‌
4,281,825‌
Series
K
,
GO
,
4.00
%
,
08/01/38
........
1,460‌
1,433,817‌
Series
K
,
GO
,
3.00
%
,
08/01/39
........
855‌
724,086‌
Los
Angeles
County
Facilities
2,
Inc.,
Series
2024A,
RB,
5.25%, 06/01/49
.........
5,340‌
5,631,527‌
Los
Angeles
County
Facilities,
Inc.
Series
2018A
,
RB
,
5.00
%
,
12/01/43
.....
1,000‌
1,027,540‌
Series
2018A
,
RB
,
4.00
%
,
12/01/48
.....
500‌
457,276‌
Los
Angeles
County
Metropolitan
Transportation
Authority
Sales
Tax
Series
2020A
,
RB
,
5.00
%
,
06/01/25
.....
4,280‌
4,280,000‌
Series
2016A
,
RB
,
5.00
%
,
06/01/26
.....
450‌
460,397‌
Series
2020A
,
RB
,
5.00
%
,
06/01/27
.....
460‌
480,810‌
Series
2021A
,
RB
,
5.00
%
,
06/01/28
.....
1,040‌
1,112,340‌
Series
2020A
,
RB
,
5.00
%
,
06/01/28
.....
200‌
213,845‌
Series
2017A
,
RB
,
5.00
%
,
07/01/28
.....
270‌
282,920‌
Series
2016A
,
RB
,
5.00
%
,
06/01/29
.....
545‌
554,916‌
Series
2021A
,
RB
,
5.00
%
,
06/01/30
.....
2,450‌
2,715,613‌
Series
2020A
,
RB
,
5.00
%
,
06/01/30
.....
1,500‌
1,659,583‌
Series
2023A
,
RB
,
5.00
%
,
07/01/30
.....
2,000‌
2,219,753‌
Series
2020A
,
RB
,
5.00
%
,
06/01/31
.....
5,680‌
6,270,586‌
Series
2020A
,
RB
,
5.00
%
,
06/01/32
.....
2,655‌
2,918,296‌
Series
2023A
,
RB
,
5.00
%
,
07/01/32
.....
2,000‌
2,281,729‌
Series
2020A
,
RB
,
5.00
%
,
06/01/33
.....
3,460‌
3,783,889‌
Series
2021A
,
RB
,
5.00
%
,
06/01/33
.....
2,020‌
2,250,857‌
Series
2023A
,
RB
,
5.00
%
,
07/01/33
.....
500‌
574,476‌
Series
2017A
,
RB
,
5.00
%
,
07/01/33
.....
1,000‌
1,035,762‌
Series
2020A
,
RB
,
5.00
%
,
06/01/34
.....
4,095‌
4,218,604‌
Series
2019B
,
RB
,
5.00
%
,
07/01/34
.....
3,065‌
3,223,514‌
Series
2023A
,
RB
,
5.00
%
,
07/01/34
.....
2,155‌
2,460,183‌
Series
2020A
,
RB
,
4.00
%
,
06/01/35
.....
3,470‌
3,504,741‌
Series
2019B
,
RB
,
5.00
%
,
07/01/35
.....
2,285‌
2,394,611‌
Series
2020A
,
RB
,
4.00
%
,
06/01/37
.....
1,250‌
1,249,535‌
Series
2024-A
,
RB
,
5.00
%
,
06/01/37
.....
4,000‌
4,518,012‌
Series
2017A
,
RB
,
5.00
%
,
07/01/37
.....
1,000‌
1,025,624‌
Series
2017A
,
RB
,
5.00
%
,
07/01/38
.....
1,390‌
1,420,385‌
Series
2017A
,
RB
,
5.00
%
,
07/01/39
.....
2,890‌
2,948,023‌
Series
2017A
,
RB
,
5.00
%
,
07/01/42
.....
2,400‌
2,434,441‌
Series
2021A
,
RB
,
5.00
%
,
07/01/43
.....
10,120‌
10,605,083‌
Series
2019A
,
RB
,
5.00
%
,
07/01/44
.....
3,770‌
3,855,482‌
Series
2021A
,
RB
,
5.00
%
,
07/01/45
.....
1,075‌
1,118,303‌
Los
Angeles
County
Public
Works
Financing
Authority
Series
2024H
,
RB
,
5.00
%
,
12/01/32
.....
1,085‌
1,214,248‌
Series
2024H
,
RB
,
5.00
%
,
12/01/34
.....
1,000‌
1,133,030‌
Series
2024H
,
RB
,
5.00
%
,
12/01/37
.....
3,390‌
3,732,478‌
Series
2024H
,
RB
,
5.00
%
,
12/01/39
.....
1,500‌
1,623,159‌
Series
2016D
,
RB
,
4.00
%
,
12/01/40
.....
2,260‌
2,109,805‌
Series
2019E-1
,
RB
,
5.00
%
,
12/01/44
....
1,000‌
1,020,959‌
Series
2021F
,
RB
,
4.00
%
,
12/01/46
.....
2,000‌
1,792,873‌
Series
2024H
,
RB
,
4.00
%
,
12/01/53
.....
1,000‌
866,560‌
Series
2024H
,
RB
,
5.25
%
,
12/01/53
.....
4,970‌
5,185,067‌
Los
Angeles
County
Sanitation
Districts
Financing
Authority
Series
2016A
,
RB
,
5.00
%
,
10/01/31
.....
1,640‌
1,674,403‌
Series
2015A
,
RB
,
5.00
%
,
10/01/32
.....
1,370‌
1,376,444‌
Series
2015A
,
RB
,
5.00
%
,
10/01/34
.....
1,765‌
1,772,983‌
Series
2016A
,
RB
,
4.00
%
,
10/01/42
.....
5,010‌
4,595,814‌
Los
Angeles
Department
of
Water
&
Power
Series
2020A
,
RB
,
5.00
%
,
07/01/25
.....
8,305‌
8,313,082‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2018B
,
RB
,
5.00
%
,
07/01/25
.....
USD
1,495‌
$
1,496,404‌
Series
2022E
,
RB
,
5.00
%
,
07/01/25
.....
4,755‌
4,759,628‌
Series
2021C
,
RB
,
5.00
%
,
07/01/26
.....
4,815‌
4,885,142‌
Series
2018B
,
RB
,
5.00
%
,
07/01/26
.....
2,270‌
2,303,068‌
Series
2020A
,
RB
,
5.00
%
,
07/01/26
.....
3,645‌
3,702,350‌
Series
2025A
,
RB
,
5.00
%
,
07/01/28
.....
860‌
892,045‌
Series
2018A
,
RB
,
5.00
%
,
07/01/28
.....
1,175‌
1,218,782‌
Series
2022E
,
RB
,
5.00
%
,
07/01/28
.....
2,485‌
2,594,615‌
Series
2024C
,
RB
,
5.00
%
,
07/01/28
.....
4,585‌
4,787,248‌
Series
2024E
,
RB
,
5.00
%
,
07/01/28
.....
3,500‌
3,654,387‌
Series
2024E
,
RB
,
5.00
%
,
07/01/29
.....
1,725‌
1,821,986‌
Series
2024E
,
RB
,
5.00
%
,
07/01/30
.....
5,000‌
5,338,927‌
Series
2019B
,
RB
,
5.00
%
,
07/01/32
.....
1,760‌
1,826,977‌
Series
2019D
,
RB
,
5.00
%
,
07/01/32
.....
1,000‌
1,042,972‌
Series
2017B
,
RB
,
5.00
%
,
07/01/32
.....
1,960‌
1,993,848‌
Series
2002A,
Sub-Series
A-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.10
%
,
06/02/25
(d)
...............
1,970‌
1,970,000‌
Series
2002A,
Sub-Series
A-7
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.10
%
,
06/02/25
(d)
...............
1,500‌
1,500,000‌
Series
2024E
,
RB
,
5.00
%
,
07/01/35
.....
1,500‌
1,619,829‌
Series
2025A
,
RB
,
5.00
%
,
07/01/36
(
BAM
)
150‌
162,777‌
Series
2024A
,
RB
,
5.00
%
,
07/01/36
.....
1,750‌
1,868,873‌
Series
2024B
,
RB
,
5.00
%
,
07/01/37
.....
4,000‌
4,236,225‌
Series
2019D
,
RB
,
5.00
%
,
07/01/37
.....
3,865‌
3,937,090‌
Series
2020B
,
RB
,
5.00
%
,
07/01/39
.....
4,600‌
4,707,197‌
Series
2024E
,
RB
,
5.00
%
,
07/01/39
.....
1,250‌
1,299,791‌
Series
2020B
,
RB
,
5.00
%
,
07/01/40
.....
1,500‌
1,531,197‌
Series
2022C
,
RB
,
5.00
%
,
07/01/40
.....
2,000‌
2,055,627‌
Series
2022C
,
RB
,
5.00
%
,
07/01/41
.....
2,000‌
2,049,285‌
Series
2016B
,
RB
,
5.00
%
,
07/01/42
.....
2,230‌
2,204,051‌
Series
2017A
,
RB
,
5.00
%
,
07/01/42
.....
695‌
695,363‌
Series
2025A
,
RB
,
5.00
%
,
07/01/42
(
BAM
)
(b)
400‌
415,333‌
Series
2022C
,
RB
,
5.00
%
,
07/01/42
.....
8,185‌
8,362,942‌
Series
2022C
,
RB
,
5.00
%
,
07/01/43
.....
2,400‌
2,437,060‌
Series
2025A
,
RB
,
5.00
%
,
07/01/43
(
BAM
)
(b)
1,000‌
1,032,746‌
Series
2024A
,
RB
,
5.00
%
,
07/01/43
.....
5‌
5,096‌
Series
2024A
,
RB
,
5.00
%
,
07/01/44
.....
3,615‌
3,675,337‌
Series
2024C
,
RB
,
5.00
%
,
07/01/44
.....
1,000‌
1,016,691‌
Series
2019A
,
RB
,
5.00
%
,
07/01/45
.....
1,510‌
1,497,720‌
Series
2021C
,
RB
,
5.00
%
,
07/01/45
.....
3,000‌
3,028,890‌
Series
2016A
,
RB
,
5.00
%
,
07/01/46
.....
1,000‌
984,596‌
Series
2022B
,
RB
,
5.00
%
,
07/01/47
.....
6,000‌
6,033,008‌
Series
2024D
,
RB
,
5.00
%
,
07/01/47
.....
9,750‌
9,815,831‌
Series
2017C
,
RB
,
5.00
%
,
07/01/47
.....
1,000‌
984,664‌
Series
2017A
,
RB
,
5.00
%
,
07/01/47
.....
1,000‌
984,664‌
Series
2019C
,
RB
,
5.00
%
,
07/01/49
.....
2,455‌
2,409,316‌
Series
2025A
,
RB
,
5.00
%
,
07/01/50
.....
1,750‌
1,744,995‌
Series
2022A
,
RB
,
5.00
%
,
07/01/51
.....
2,480‌
2,463,510‌
Series
2021C
,
RB
,
5.00
%
,
07/01/51
.....
2,575‌
2,557,878‌
Series
2022C
,
RB
,
5.00
%
,
07/01/52
.....
2,100‌
2,084,914‌
Series
2022B
,
RB
,
5.00
%
,
07/01/52
.....
1,000‌
992,816‌
Series
2024C
,
RB
,
5.00
%
,
07/01/54
.....
7,750‌
7,665,134‌
Series
2023C,
Sub-Series
C-2
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.10
%
,
06/02/25
(d)
5,500‌
5,500,000‌
Los
Angeles
Department
of
Water
&
Power
Water
System
Series
2023A
,
RB
,
5.00
%
,
07/01/25
.....
2,000‌
2,001,946‌
Series
2020B
,
RB
,
4.00
%
,
07/01/27
.....
415‌
419,519‌
Series
2018B
,
RB
,
5.00
%
,
07/01/32
.....
1,825‌
1,885,305‌
Series
2023A
,
RB
,
5.00
%
,
07/01/34
.....
1,100‌
1,189,545‌
Series
2001B-4
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
),
3.00
%
,
06/02/25
(d)
.......
4,500‌
4,500,000‌
Series
2016A
,
RB
,
5.00
%
,
07/01/35
.....
2,830‌
2,838,971‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2017A
,
RB
,
5.00
%
,
07/01/36
.....
USD
4,765‌
$
4,814,962‌
Series
2020C
,
RB
,
5.00
%
,
07/01/36
.....
2,695‌
2,808,361‌
Series
2016A
,
RB
,
5.00
%
,
07/01/38
.....
1,330‌
1,331,290‌
Series
2022D
,
RB
,
5.00
%
,
07/01/40
.....
1,220‌
1,256,129‌
Series
2022C
,
RB
,
5.00
%
,
07/01/40
.....
4,130‌
4,252,307‌
Series
2017A
,
RB
,
5.00
%
,
07/01/41
.....
2,000‌
2,003,478‌
Series
2024B
,
RB
,
5.00
%
,
07/01/41
.....
3,200‌
3,303,228‌
Series
2022B
,
RB
,
5.00
%
,
07/01/42
.....
2,310‌
2,360,219‌
Series
2024B
,
RB
,
5.00
%
,
07/01/42
.....
2,000‌
2,056,890‌
Series
2022C
,
RB
,
5.00
%
,
07/01/43
.....
2,650‌
2,693,553‌
Series
2018B
,
RB
,
5.00
%
,
07/01/43
.....
4,345‌
4,345,610‌
Series
2017A
,
RB
,
5.00
%
,
07/01/44
.....
2,000‌
1,994,990‌
Series
2016B
,
RB
,
5.00
%
,
07/01/46
.....
250‌
246,149‌
Series
2016A
,
RB
,
5.00
%
,
07/01/46
.....
5,000‌
4,922,978‌
Series
2021B
,
RB
,
5.00
%
,
07/01/46
.....
2,950‌
2,969,859‌
Series
2022D
,
RB
,
5.00
%
,
07/01/47
.....
5,330‌
5,359,322‌
Series
2018A
,
RB
,
5.00
%
,
07/01/48
.....
1,000‌
989,008‌
Series
2022B
,
RB
,
4.00
%
,
07/01/49
.....
1,000‌
873,055‌
Series
2023A
,
RB
,
5.00
%
,
07/01/49
.....
1,000‌
1,002,911‌
Series
2022B
,
RB
,
5.00
%
,
07/01/52
.....
5,760‌
5,718,622‌
Series
2023A
,
RB
,
5.25
%
,
07/01/53
.....
1,000‌
1,013,730‌
Los
Angeles
Unified
School
District
Series
2022QRR
,
GO
,
5.00
%
,
07/01/25
...
2,000‌
2,003,096‌
Series
2017A
,
GO
,
5.00
%
,
07/01/25
.....
2,050‌
2,053,173‌
Series
2019A
,
GO
,
5.00
%
,
07/01/25
.....
2,455‌
2,458,800‌
Series
2022QRR
,
GO
,
5.00
%
,
07/01/26
...
750‌
767,984‌
Series
2024A
,
GO
,
5.00
%
,
07/01/26
.....
1,985‌
2,032,598‌
Series
2019A
,
GO
,
5.00
%
,
07/01/26
.....
2,500‌
2,559,947‌
Series
2017A
,
GO
,
5.00
%
,
07/01/26
.....
3,625‌
3,711,923‌
Series
2019A
,
GO
,
5.00
%
,
07/01/27
.....
1,170‌
1,222,807‌
Series
2025A
,
GO
,
5.00
%
,
07/01/27
(b)
....
5,000‌
5,225,670‌
Series
2020C
,
GO
,
5.00
%
,
07/01/27
.....
1,070‌
1,118,293‌
Series
2021RYRR
,
GO
,
5.00
%
,
07/01/27
..
1,250‌
1,306,418‌
COP
,
5.00
%
,
10/01/27
..............
1,000‌
1,050,261‌
Series
2020RYQ
,
GO
,
5.00
%
,
07/01/28
...
1,145‌
1,220,339‌
Series
2018B-1
,
GO
,
5.00
%
,
07/01/28
....
1,455‌
1,534,619‌
Series
2023QRR
,
GO
,
5.00
%
,
07/01/28
...
2,865‌
3,053,512‌
Series
2019A
,
GO
,
5.00
%
,
07/01/28
.....
3,945‌
4,204,574‌
Series
2020A
,
GO
,
5.00
%
,
07/01/28
.....
875‌
932,573‌
Series
2016B
,
GO
,
2.00
%
,
07/01/29
.....
6,640‌
6,197,902‌
Series
2022QRR
,
GO
,
5.00
%
,
07/01/29
...
1,000‌
1,084,320‌
Series
2016A
,
GO
,
5.00
%
,
07/01/29
.....
3,400‌
3,405,096‌
Series
2023QRR
,
GO
,
5.00
%
,
07/01/29
...
3,500‌
3,795,120‌
Series
2019A
,
GO
,
5.00
%
,
07/01/29
.....
1,850‌
2,005,992‌
Series
2024A
,
GO
,
5.00
%
,
07/01/29
.....
3,180‌
3,448,138‌
Series
2018B-1
,
GO
,
5.00
%
,
07/01/30
....
1,245‌
1,307,618‌
Series
2020C
,
GO
,
5.00
%
,
07/01/30
.....
1,225‌
1,348,104‌
Series
2021A
,
GO
,
5.00
%
,
07/01/30
.....
205‌
225,601‌
Series
2016B
,
GO
,
5.00
%
,
07/01/30
.....
1,000‌
1,021,079‌
Series
2024QRR
,
GO
,
5.00
%
,
07/01/30
...
5,000‌
5,502,466‌
COP
,
5.00
%
,
10/01/30
..............
2,000‌
2,200,389‌
Series
2020C
,
GO
,
4.00
%
,
07/01/31
.....
1,000‌
1,046,219‌
Series
2024A
,
GO
,
5.00
%
,
07/01/31
.....
10,000‌
11,149,949‌
Series
2019A
,
GO
,
5.00
%
,
07/01/31
.....
1,000‌
1,077,781‌
Series
2018B-1
,
GO
,
5.00
%
,
07/01/31
....
500‌
524,494‌
Series
2021A
,
GO
,
4.00
%
,
07/01/32
.....
440‌
460,347‌
Series
2024A
,
GO
,
5.00
%
,
07/01/32
.....
1,010‌
1,137,214‌
Series
2025A-1
,
GO
,
5.00
%
,
07/01/32
....
5,000‌
5,629,773‌
Series
2019A
,
GO
,
5.00
%
,
07/01/32
.....
1,500‌
1,611,331‌
Series
2020A
,
GO
,
5.00
%
,
07/01/33
.....
6,020‌
6,543,347‌
Series
2024A
,
GO
,
5.00
%
,
07/01/33
.....
3,500‌
3,962,661‌
Series
2024A
,
GO
,
5.00
%
,
07/01/34
.....
16,820‌
19,105,074‌
Series
2024QRR
,
GO
,
5.00
%
,
07/01/35
...
1,000‌
1,132,111‌
Series
2022QRR
,
GO
,
5.00
%
,
07/01/36
...
1,000‌
1,100,187‌
Series
2020RYQ
,
GO
,
4.00
%
,
07/01/37
...
3,500‌
3,465,637‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2018B-1
,
GO
,
5.00
%
,
07/01/37
....
USD
1,000‌
$
1,031,348‌
5.00
%
,
10/01/37
..................
785‌
876,332‌
Series
2020C
,
GO
,
3.00
%
,
07/01/38
.....
1,000‌
873,510‌
Series
2020C
,
GO
,
4.00
%
,
07/01/39
.....
2,620‌
2,558,879‌
Series
2020RYQ
,
GO
,
4.00
%
,
07/01/40
...
3,010‌
2,924,733‌
Series
2016A
,
GO
,
5.00
%
,
07/01/40
.....
4,000‌
4,005,996‌
Series
2018B-1
,
GO
,
5.25
%
,
07/01/42
....
3,075‌
3,144,577‌
Series
2023QRR
,
GO
,
5.00
%
,
07/01/43
...
2,575‌
2,715,676‌
Series
2020RYQ
,
GO
,
4.00
%
,
07/01/44
...
3,000‌
2,771,886‌
Series
2022QRR
,
GO
,
5.25
%
,
07/01/47
...
750‌
785,449‌
Series
2023QRR
,
GO
,
5.25
%
,
07/01/48
...
12,500‌
13,141,570‌
Los
Gatos
Union
School
District
Series
2025
,
GO
,
4.13
%
,
08/01/54
......
1,000‌
914,662‌
Series
2025
,
GO
,
4.13
%
,
08/01/55
......
2,500‌
2,279,020‌
Los
Rios
Community
College
District,
Series
E,
GO,
3.00%, 08/01/25
..............
1,025‌
1,024,747‌
Manteca
Unified
School
District,
Series
C,
GO,
5.25%, 08/01/42
.................
1,000‌
1,092,587‌
Marin
Community
College
District,
Series
B,
GO,
4.00%, 08/01/40
.................
2,400‌
2,456,151‌
Mendocino-Lake
Community
College
District
(a)
Series
B
,
GO
,
0.00
%
,
08/01/51
(
AGM
)
...
250‌
70,666‌
Series
B
,
GO
,
0.00
%
,
08/01/51
(
BAM
)
....
7,000‌
1,809,954‌
Menlo
Park
City
School
District
Series
2010
,
GO
,
0.00
%
,
07/01/44
(a)
.....
435‌
436,290‌
Series
2025A
,
GO
,
4.00
%
,
07/01/53
(b)
....
5,000‌
4,558,064‌
Metropolitan
Water
District
of
Southern
California
Series
2019A
,
RB
,
5.00
%
,
07/01/25
.....
280‌
280,399‌
Series
2017A
,
RB
,
2.50
%
,
07/01/26
.....
230‌
227,880‌
Series
2019A
,
RB
,
5.00
%
,
07/01/26
.....
1,260‌
1,290,621‌
Series
2019A
,
RB
,
5.00
%
,
07/01/27
.....
790‌
831,012‌
Series
2011C
,
RB
,
5.00
%
,
10/01/27
.....
980‌
1,035,112‌
Series
2022A
,
RB
,
5.00
%
,
10/01/27
.....
175‌
184,841‌
Series
2022B
,
RB
,
3.00
%
,
07/01/28
.....
5,000‌
5,017,664‌
Series
2022A
,
RB
,
5.00
%
,
10/01/29
.....
2,000‌
2,195,646‌
Series
2022B
,
RB
,
3.00
%
,
07/01/30
.....
725‌
723,555‌
Series
2016A
,
RB
,
5.00
%
,
07/01/30
.....
1,000‌
1,013,390‌
Series
2022A
,
RB
,
5.00
%
,
10/01/33
.....
1,000‌
1,138,413‌
Series
2019A
,
RB
,
5.00
%
,
07/01/34
.....
2,020‌
2,156,055‌
Series
2019A
,
RB
,
5.00
%
,
07/01/37
.....
1,000‌
1,055,017‌
Series
2019A
,
RB
,
5.00
%
,
07/01/38
.....
1,015‌
1,065,669‌
Series
2020C
,
RB
,
5.00
%
,
07/01/39
.....
355‌
377,146‌
Series
2020C
,
RB
,
5.00
%
,
07/01/40
.....
3,490‌
3,683,684‌
Series
2015A
,
RB
,
5.00
%
,
07/01/40
.....
1,525‌
1,527,599‌
Series
2020A
,
RB
,
5.00
%
,
10/01/45
.....
1,000‌
1,033,477‌
Series
2023A
,
RB
,
5.00
%
,
04/01/48
.....
6,500‌
6,829,454‌
Series
2024C
,
RB
,
5.00
%
,
04/01/49
.....
6,990‌
7,376,419‌
Series
2020A
,
RB
,
5.00
%
,
10/01/49
.....
10,915‌
11,219,403‌
Miracosta
Community
College
District,
Series
B,
GO,
4.00%, 08/01/45
..............
3,000‌
2,861,609‌
Modesto
High
School
District,
Series
B,
GO,
5.25%, 08/01/50
(b)
................
1,500‌
1,583,145‌
Modesto
Irrigation
District,
Series
2023A,
RB,
5.25%, 10/01/48
.................
1,000‌
1,054,211‌
Moreno
Valley
Unified
School
District
Series
A
,
GO
,
5.00
%
,
08/01/26
(
BAM
)
(b)
...
785‌
804,874‌
Series
A
,
GO
,
5.00
%
,
08/01/44
(
AGM
)
...
5,000‌
5,016,303‌
Series
A
,
GO
,
5.25
%
,
08/01/45
(
BAM
)
(b)
...
1,120‌
1,188,937‌
Mount
Diablo
Unified
School
District
Series
2025
,
GO
,
5.00
%
,
08/01/31
(b)
.....
1,000‌
1,118,235‌
Series
2025
,
GO
,
5.00
%
,
08/01/35
......
500‌
572,569‌
Series
2010A
,
GO
,
5.75
%
,
08/01/35
(
AGM
)
400‌
401,722‌
Mount
San
Antonio
Community
College
District
Series
2013A
,
GO
,
5.87
%
,
08/01/28
.....
5,025‌
5,423,454‌
Series
2013A
,
GO
,
0.00
%
,
08/01/43
(a)
....
2,235‌
2,138,671‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2024D
,
GO
,
4.00
%
,
08/01/46
.....
USD
6,250‌
$
5,823,991‌
Series
2024D
,
GO
,
4.00
%
,
08/01/49
.....
10,355‌
9,500,799‌
Mountain
View-Whisman
School
District,
Series
B,
GO,
4.00%, 09/01/42
............
250‌
254,268‌
Municipal
Improvement
Corp.
of
Los
Angeles
Series
2016B
,
RB
,
5.00
%
,
11/01/29
.....
5,330‌
5,458,148‌
Series
2016B
,
RB
,
5.00
%
,
11/01/30
.....
800‌
818,677‌
Series
2016B
,
RB
,
5.00
%
,
11/01/32
.....
1,055‌
1,077,575‌
New
Haven
Unified
School
District,
Series
A,
GO,
5.00%, 08/01/50
(b)
.............
1,000‌
1,040,218‌
Newport
Mesa
Unified
School
District
(a)
Series
2007
,
GO
,
0.00
%
,
08/01/31
(
NPFGC
)
5,135‌
4,176,133‌
Series
2011
,
GO
,
0.00
%
,
08/01/32
......
7,000‌
5,552,037‌
Series
2011
,
GO
,
0.00
%
,
08/01/34
......
3,715‌
2,714,910‌
Series
2011
,
GO
,
0.00
%
,
08/01/35
......
2,000‌
1,397,264‌
Series
2011
,
GO
,
0.00
%
,
08/01/36
......
2,625‌
1,748,349‌
Series
2011
,
GO
,
0.00
%
,
08/01/38
......
500‌
299,168‌
Series
2017
,
GO
,
0.00
%
,
08/01/44
......
1,000‌
411,620‌
Norman
Y
Mineta
San
Jose
International
Airport
SJC,
Series
2017B,
RB,
5.00%, 03/01/47
..
2,000‌
2,007,903‌
North
Orange
County
Community
College
District
Series
2003B
,
GO
,
0.00
%
,
08/01/27
(
NPFGC
)
(a)
....................
3,000‌
2,813,842‌
Series
B
,
GO
,
4.00
%
,
08/01/44
........
6,500‌
6,039,529‌
Series
C
,
GO
,
4.00
%
,
08/01/44
........
2,625‌
2,466,340‌
Northern
California
Sanitation
Agencies
Financing
Authority
Series
2020A
,
RB
,
5.00
%
,
12/01/27
.....
750‌
795,229‌
Series
2021
,
RB
,
5.00
%
,
12/01/31
......
1,250‌
1,418,898‌
Series
2021
,
RB
,
5.00
%
,
12/01/33
......
1,270‌
1,426,327‌
Series
2021
,
RB
,
3.00
%
,
12/01/34
......
1,500‌
1,425,423‌
Series
2024A
,
RB
,
5.00
%
,
12/01/35
.....
7,000‌
8,029,273‌
Series
2024A
,
RB
,
5.00
%
,
12/01/36
.....
1,200‌
1,365,610‌
Series
2020A
,
RB
,
5.00
%
,
12/01/50
.....
4,105‌
4,229,848‌
Northern
California
Transmission
Agency,
Series
2016A,
RB,
5.00%, 05/01/37
.........
3,150‌
3,169,155‌
Norwalk-La
Mirada
Unified
School
District,
Series
2009E,
GO,
0.00%, 08/01/38
(AGC)
(a)
2,030‌
1,135,242‌
Oakland
Unified
School
District
Series
2015
,
GO
,
5.00
%
,
08/01/26
(
AGM
)
.
6,710‌
6,723,818‌
Series
2016
,
GO
,
5.00
%
,
08/01/29
......
10,125‌
10,332,160‌
Ohlone
Community
College
District,
Series
C,
GO,
4.00%, 08/01/45
..............
1,250‌
1,153,019‌
Orange
County
Local
Transportation
Authority
Sales
Tax
Series
2025
,
RB
,
5.00
%
,
02/15/28
(b)
.....
1,820‌
1,937,769‌
Series
2019
,
RB
,
5.00
%
,
02/15/30
......
500‌
541,713‌
Series
2019
,
RB
,
4.00
%
,
02/15/38
......
3,365‌
3,361,068‌
Series
2019
,
RB
,
5.00
%
,
02/15/41
......
1,500‌
1,564,547‌
Orange
County
Sanitation
District
Series
2021A
,
RB
,
5.00
%
,
02/01/26
.....
2,005‌
2,035,215‌
Series
2022A
,
COP
,
5.00
%
,
02/01/33
....
1,000‌
1,108,111‌
Orange
County
Water
District
Series
2019C
,
RB
,
5.00
%
,
08/15/25
.....
175‌
175,757‌
Series
2017A
,
RB
,
4.00
%
,
08/15/41
.....
2,755‌
2,608,136‌
Palo
Alto
Unified
School
District,
Series
2008-2,
GO,
0.00%, 08/01/31
(a)
.............
3,450‌
2,840,013‌
Palomar
Community
College
District
Series
C
,
GO
,
4.00
%
,
08/01/40
........
250‌
250,453‌
Series
2017
,
GO
,
4.00
%
,
08/01/45
......
1,615‌
1,489,700‌
Series
D
,
GO
,
4.00
%
,
08/01/46
........
1,070‌
979,649‌
Peninsula
Corridor
Joint
Powers
Board
Measure
RR
Sales
Tax
Series
2022A
,
RB
,
5.00
%
,
06/01/47
.....
2,025‌
2,090,794‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2022A
,
RB
,
5.00
%
,
06/01/51
.....
USD
1,190‌
$
1,216,731‌
Peralta
Community
College
District
Series
2025
,
GO
,
5.00
%
,
08/01/28
(b)
.....
500‌
533,924‌
Series
2025
,
GO
,
5.00
%
,
08/01/29
......
500‌
541,974‌
Series
2025
,
GO
,
5.00
%
,
08/01/30
......
625‌
687,582‌
Placentia-Yorba
Linda
Unified
School
District
(a)
Series
D
,
GO
,
0.00
%
,
08/01/40
........
500‌
254,938‌
Series
D
,
GO
,
0.00
%
,
08/01/42
........
200‌
90,363‌
Series
D
,
GO
,
0.00
%
,
08/01/46
........
1,300‌
467,537‌
Pleasanton
Unified
School
District
(b)
Series
2025
,
GO
,
5.00
%
,
08/01/27
......
750‌
787,128‌
Series
2025
,
GO
,
4.25
%
,
08/01/46
......
1,000‌
957,928‌
Port
of
Los
Angeles
Series
2019B
,
RB
,
5.00
%
,
08/01/26
.....
2,030‌
2,083,551‌
Series
2016C
,
RB
,
4.00
%
,
08/01/39
.....
1,000‌
1,014,492‌
Poway
Unified
School
District
(a)
Series
A
,
GO
,
0.00
%
,
08/01/27
........
2,500‌
2,340,364‌
Series
A
,
GO
,
0.00
%
,
08/01/31
........
790‌
644,195‌
Series
A
,
GO
,
0.00
%
,
08/01/32
........
450‌
352,986‌
Series
B
,
GO
,
0.00
%
,
08/01/33
........
2,800‌
2,105,515‌
Series
B
,
GO
,
0.00
%
,
08/01/34
........
7,165‌
5,144,553‌
Series
B
,
GO
,
0.00
%
,
08/01/35
........
500‌
341,609‌
Series
B
,
GO
,
0.00
%
,
08/01/36
........
1,000‌
648,032‌
Series
B
,
GO
,
0.00
%
,
08/01/38
........
755‌
434,610‌
Series
B
,
GO
,
0.00
%
,
08/01/39
........
8,335‌
4,537,419‌
Series
B
,
GO
,
0.00
%
,
08/01/46
........
7,940‌
2,786,260‌
Series
B
,
GO
,
0.00
%
,
08/01/51
........
5,000‌
1,340,177‌
Rancho
Santiago
Community
College
District,
Series
C,
GO,
0.00%, 09/01/29
(AGM)
(a)
..
4,000‌
3,495,501‌
Redding
Joint
Powers
Financing
Authority,
Series
2025A,
RB,
5.00%, 06/01/50
(b)
....
1,000‌
1,024,243‌
Redondo
Beach
Unified
School
District,
Series
A,
GO,
5.00%, 08/01/50
............
1,000‌
1,039,407‌
Redwoods
Community
College
District
Series
2025
,
GO
,
5.25
%
,
08/01/50
(
BAM
)
.
2,000‌
2,099,436‌
Series
2025
,
GO
,
5.25
%
,
08/01/54
(
BAM
)
(b)
1,000‌
1,044,102‌
Rio
Hondo
Community
College
District
Series
2010C
,
GO
,
6.63
%
,
08/01/42
.....
1,210‌
1,463,508‌
Series
2010C
,
GO
,
6.85
%
,
08/01/42
.....
2,960‌
3,631,084‌
Riverside
Community
College
District
Series
2025A
,
GO
,
5.00
%
,
08/01/26
(b)
....
1,000‌
1,026,791‌
Series
2025A
,
GO
,
5.00
%
,
08/01/27
(b)
....
1,000‌
1,051,292‌
Series
2025A
,
GO
,
5.00
%
,
08/01/28
.....
600‌
643,915‌
Series
2019
,
GO
,
3.00
%
,
08/01/38
......
2,040‌
1,734,192‌
Series
2025A
,
GO
,
4.00
%
,
08/01/50
(b)
....
1,750‌
1,578,154‌
Series
2025A
,
GO
,
4.00
%
,
08/01/54
(b)
....
585‌
517,487‌
Riverside
County
Public
Financing
Authority,
Series
2015,
RB,
5.25%, 11/01/45
......
500‌
505,104‌
Riverside
County
Transportation
Commission
Series
2021B-1
,
RB
,
4.00
%
,
06/01/37
....
2,384‌
2,343,570‌
Series
2021B-1
,
RB
,
4.00
%
,
06/01/38
....
2,965‌
2,856,149‌
Series
2021B-1
,
RB
,
4.00
%
,
06/01/40
....
1,100‌
1,028,356‌
Series
B
,
RB
,
0.00
%
,
06/01/41
(a)
.......
2,500‌
1,136,069‌
Series
2021B-1
,
RB
,
4.00
%
,
06/01/46
....
6,020‌
5,365,277‌
Series
2021B-1
,
RB
,
3.00
%
,
06/01/49
....
2,000‌
1,430,064‌
Riverside
County
Transportation
Commission
Sales
Tax
Series
2017B
,
RB
,
5.00
%
,
06/01/25
.....
420‌
420,000‌
Series
2017B
,
RB
,
5.00
%
,
06/01/29
.....
1,500‌
1,577,383‌
Series
2017B
,
RB
,
5.00
%
,
06/01/30
.....
2,775‌
2,910,425‌
Series
2017B
,
RB
,
5.00
%
,
06/01/32
.....
450‌
470,445‌
Series
2017B
,
RB
,
5.00
%
,
06/01/37
.....
1,020‌
1,056,209‌
Series
2017B
,
RB
,
5.00
%
,
06/01/38
.....
1,520‌
1,569,830‌
Series
2017A
,
RB
,
5.00
%
,
06/01/39
.....
410‌
420,055‌
Series
2017B
,
RB
,
5.00
%
,
06/01/39
.....
1,000‌
1,030,387‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Riverside
Unified
School
District,
Series
B,
GO,
4.00%, 08/01/42
.................
USD
1,000‌
$
927,311‌
Rowland
Unified
School
District,
Series
2009B,
GO,
0.00%, 08/01/39
(a)
.............
1,000‌
538,302‌
Sacramento
Area
Flood
Control
Agency,
Series
2016A,
5.00%, 10/01/47
............
1,000‌
1,002,598‌
Sacramento
City
Financing
Authority,
Series
E,
RB,
5.25%, 12/01/30
(AMBAC)
........
650‌
711,221‌
Sacramento
City
Unified
School
District,
Series
2022A,
GO,
5.50%, 08/01/52
(BAM)
.....
7,945‌
8,316,239‌
Sacramento
Municipal
Utility
District
Series
2022J
,
RB
,
5.00
%
,
08/15/25
.....
750‌
753,060‌
Series
2022J
,
RB
,
5.00
%
,
08/15/26
.....
265‌
272,025‌
Series
2021I
,
RB
,
5.00
%
,
08/15/27
......
1,000‌
1,051,947‌
Series
2019G
,
RB
,
5.00
%
,
08/15/30
.....
1,000‌
1,085,400‌
Series
2020H
,
RB
,
5.00
%
,
08/15/35
.....
2,480‌
2,690,925‌
Series
2023K
,
RB
,
5.00
%
,
08/15/44
.....
1,785‌
1,890,414‌
Series
2019B
,
RB
,
VRDN
5.00
%
,
10/15/25
(d)
2,635‌
2,637,021‌
Series
2024M
,
RB
,
5.00
%
,
11/15/49
.....
3,500‌
3,670,599‌
Series
2020H
,
RB
,
5.00
%
,
08/15/50
.....
3,340‌
3,434,953‌
Series
2023K
,
RB
,
5.00
%
,
08/15/53
.....
8,145‌
8,442,681‌
Series
2024M
,
RB
,
5.00
%
,
11/15/54
.....
5,000‌
5,184,744‌
Sacramento
Transportation
Authority
Sales
Tax
Series
2023
,
RB
,
5.00
%
,
10/01/28
......
1,500‌
1,617,359‌
Series
2023
,
RB
,
5.00
%
,
10/01/29
......
2,000‌
2,195,646‌
Series
2023
,
RB
,
5.00
%
,
10/01/32
......
1,750‌
2,002,651‌
Series
2023
,
RB
,
5.00
%
,
10/01/33
......
8,265‌
9,520,815‌
San
Bernardino
Community
College
District
Series
2009B
,
GO
,
0.00
%
,
08/01/44
(a)
....
9,500‌
3,891,821‌
Series
2019A
,
GO
,
4.00
%
,
08/01/44
.....
500‌
515,579‌
San
Diego
Association
of
Governments,
Series
2019A,
RB,
5.00%, 11/15/26
.........
2,350‌
2,373,118‌
San
Diego
Association
of
Governments
South
Bay
Expressway,
Series
2017A,
RB,
5.00%, 07/01/42
.................
3,000‌
3,036,766‌
San
Diego
Community
College
District
Series
2016
,
GO
,
5.00
%
,
08/01/27
......
555‌
571,192‌
Series
2016
,
GO
,
5.00
%
,
08/01/28
......
1,450‌
1,490,731‌
Series
2016
,
GO
,
5.00
%
,
08/01/30
......
650‌
667,567‌
Series
2016
,
GO
,
5.00
%
,
08/01/31
......
2,035‌
2,089,998‌
Series
2016
,
GO
,
4.00
%
,
08/01/32
......
500‌
507,822‌
Series
2016
,
GO
,
4.00
%
,
08/01/41
......
3,500‌
3,554,753‌
Series
2016
,
GO
,
5.00
%
,
08/01/41
......
6,250‌
6,418,912‌
Series
A-1
,
GO
,
4.00
%
,
08/01/50
.......
13,000‌
11,685,415‌
Series
A-1
,
GO
,
5.00
%
,
08/01/55
.......
5,000‌
5,200,086‌
San
Diego
County
Regional
Airport
Authority
Series
2019A
,
RB
,
5.00
%
,
07/01/35
.....
1,500‌
1,586,794‌
Series
2019A
,
RB
,
5.00
%
,
07/01/36
.....
5,800‌
6,104,010‌
Series
2019A
,
RB
,
5.00
%
,
07/01/39
.....
2,000‌
2,076,591‌
Series
A
,
RB
,
5.00
%
,
07/01/42
.........
1,000‌
1,009,513‌
Series
2019A
,
RB
,
5.00
%
,
07/01/44
.....
400‌
407,341‌
Series
2021A
,
RB
,
4.00
%
,
07/01/46
.....
2,000‌
1,823,743‌
Series
2019A
,
RB
,
5.00
%
,
07/01/49
.....
1,400‌
1,414,547‌
Series
2021A
,
RB
,
5.00
%
,
07/01/51
.....
1,300‌
1,315,800‌
Series
2021A
,
RB
,
4.00
%
,
07/01/56
.....
1,000‌
869,397‌
San
Diego
County
Regional
Transportation
Commission
Series
2023A
,
RB
,
5.00
%
,
04/01/28
.....
1,300‌
1,387,869‌
Series
2023A
,
RB
,
5.00
%
,
04/01/30
.....
1,375‌
1,522,020‌
Series
2016A
,
RB
,
5.00
%
,
04/01/32
.....
1,835‌
1,858,388‌
Series
2023A
,
RB
,
5.00
%
,
04/01/35
.....
1,500‌
1,703,648‌
Series
2016A
,
RB
,
5.00
%
,
04/01/48
.....
2,115‌
2,121,736‌
Series
2021B
,
RB
,
5.00
%
,
04/01/48
.....
4,380‌
4,531,170‌
San
Diego
County
Water
Authority
Series
2021S-1
,
RB
,
5.00
%
,
05/01/28
....
4,730‌
5,028,698‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2021B
,
RB
,
4.00
%
,
05/01/38
.....
USD
2,500‌
$
2,496,766‌
Series
2022A
,
RB
,
5.00
%
,
05/01/47
.....
2,000‌
2,089,674‌
Series
2022A
,
RB
,
5.00
%
,
05/01/52
.....
1,570‌
1,628,564‌
San
Diego
Public
Facilities
Financing
Authority
Series
2016B
,
RB
,
5.00
%
,
08/01/25
.....
725‌
727,617‌
Series
2016B
,
RB
,
5.00
%
,
08/01/27
.....
1,535‌
1,564,594‌
Series
2016A
,
RB
,
5.00
%
,
05/15/29
.....
500‌
510,107‌
Series
2018A
,
RB
,
5.00
%
,
08/01/43
.....
500‌
504,976‌
Series
A
,
RB
,
5.00
%
,
10/15/44
.........
1,000‌
1,001,100‌
Series
2021A
,
RB
,
5.00
%
,
10/15/46
.....
1,000‌
1,023,482‌
Series
2023A
,
RB
,
5.25
%
,
08/01/48
.....
9,080‌
9,570,348‌
Series
2023A
,
RB
,
4.00
%
,
08/01/52
.....
1,730‌
1,570,303‌
Series
2024A
,
RB
,
5.00
%
,
05/15/54
.....
6,265‌
6,491,809‌
Series
2024A
,
RB
,
5.00
%
,
10/15/54
.....
3,995‌
4,083,602‌
San
Diego
Unified
School
District
Series
2024H-2
,
GO
,
5.00
%
,
07/01/25
...
7,255‌
7,266,529‌
Series
2015R-4
,
GO
,
5.00
%
,
07/01/26
...
1,000‌
1,001,581‌
Series
2025R-8A
,
GO
,
5.00
%
,
07/01/27
..
2,000‌
2,092,200‌
Series
2015R-4
,
GO
,
5.00
%
,
07/01/27
...
350‌
350,553‌
Series
2015R-4
,
GO
,
5.00
%
,
07/01/28
...
180‌
180,285‌
Series
2022O-2
,
GO
,
5.00
%
,
07/01/29
...
4,000‌
4,346,431‌
Series
2016R-5
,
GO
,
5.00
%
,
07/01/29
...
5,760‌
5,890,692‌
Series
2010C
,
GO
,
0.00
%
,
07/01/30
(a)
....
1,840‌
1,561,254‌
Series
R-1
,
GO
,
0.00
%
,
07/01/31
(a)
......
1,820‌
1,486,103‌
Series
SR-1
,
GO
,
4.00
%
,
07/01/31
......
500‌
501,853‌
Series
2012E
,
GO
,
0.00
%
,
07/01/32
(a)
....
3,440‌
2,696,204‌
Series
SR-1
,
GO
,
4.00
%
,
07/01/32
......
220‌
220,123‌
Series
2025SR-5B
,
GO
,
5.00
%
,
07/01/32
.
5,260‌
5,978,852‌
Series
2010C
,
GO
,
0.00
%
,
07/01/35
(a)
....
300‌
207,633‌
Series
2010C
,
GO
,
0.00
%
,
07/01/36
(a)
....
3,240‌
2,136,338‌
Series
2020D-2
,
GO
,
3.00
%
,
07/01/37
...
2,400‌
2,153,385‌
Series
2010C
,
GO
,
0.00
%
,
07/01/38
(a)
....
1,930‌
1,140,644‌
Series
2010C
,
GO
,
0.00
%
,
07/01/39
(a)
....
4,350‌
2,435,819‌
Series
2020D-2
,
GO
,
3.00
%
,
07/01/39
...
1,030‌
882,293‌
Series
R-2
,
GO
,
0.00
%
,
07/01/40
(a)
......
800‌
803,707‌
Series
R-2
,
GO
,
0.00
%
,
07/01/41
(a)
......
450‌
440,605‌
Series
2024ZR-5A
,
GO
,
5.00
%
,
07/01/41
..
1,000‌
1,083,887‌
Series
2010C
,
GO
,
0.00
%
,
07/01/42
(a)
....
3,215‌
1,512,835‌
Series
2012E
,
GO
,
0.00
%
,
07/01/42
(a)
....
1,340‌
1,025,452‌
Series
2019L
,
GO
,
4.00
%
,
07/01/44
.....
2,015‌
1,872,603‌
Series
2010C
,
GO
,
0.00
%
,
07/01/45
(a)
....
2,780‌
1,118,759‌
Series
2024ZR-5A
,
GO
,
5.00
%
,
07/01/45
(c)
1,200‌
1,269,308‌
Series
2010C
,
GO
,
0.00
%
,
07/01/46
(a)
....
1,860‌
707,241‌
Series
2021N-2
,
GO
,
3.00
%
,
07/01/46
...
3,000‌
2,252,973‌
Series
2021N-2
,
GO
,
4.00
%
,
07/01/46
...
2,500‌
2,292,980‌
Series
2010C
,
GO
,
0.00
%
,
07/01/47
(a)
....
1,100‌
396,382‌
Series
2012E
,
GO
,
0.00
%
,
07/01/47
(a)
....
3,025‌
2,273,794‌
Series
2010C
,
GO
,
0.00
%
,
07/01/47
(a)
....
780‌
715,263‌
Series
2017I
,
GO
,
4.00
%
,
07/01/47
......
5,675‌
5,114,741‌
Series
2010C
,
GO
,
0.00
%
,
07/01/48
(a)
....
1,100‌
1,004,350‌
Series
2023A-3
,
GO
,
5.00
%
,
07/01/48
....
12,750‌
13,280,168‌
Series
2012E
,
GO
,
0.00
%
,
07/01/49
(a)
....
4,000‌
1,268,899‌
Series
2019L
,
GO
,
4.00
%
,
07/01/49
.....
1,000‌
900,807‌
Series
2020M-2
,
GO
,
3.00
%
,
07/01/50
...
8,055‌
5,783,373‌
Series
2020D-2
,
GO
,
4.00
%
,
07/01/50
...
5,085‌
4,553,185‌
Series
2021E-2
,
GO
,
4.00
%
,
07/01/51
....
2,300‌
2,043,119‌
Series
2023G-3
,
GO
,
4.00
%
,
07/01/53
...
12,285‌
10,965,279‌
San
Dieguito
Union
High
School
District,
Series
B-2,
GO,
4.00%, 02/01/40
...........
200‌
200,329‌
San
Francisco
Bay
Area
Rapid
Transit
District
Series
2015D
,
GO
,
4.00
%
,
08/01/33
.....
2,250‌
2,250,572‌
Series
2020C-1
,
GO
,
4.00
%
,
08/01/35
...
1,000‌
1,009,766‌
Series
2020C-1
,
GO
,
3.00
%
,
08/01/36
...
4,025‌
3,642,225‌
Series
2020C-1
,
GO
,
3.00
%
,
08/01/38
...
1,625‌
1,402,066‌
Series
A-1
,
GO
,
4.00
%
,
08/01/42
.......
1,000‌
934,292‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
A-1
,
GO
,
5.00
%
,
08/01/47
.......
USD
1,015‌
$
1,016,860‌
Series
2019B-1
,
GO
,
3.00
%
,
08/01/49
....
3,700‌
2,702,617‌
Series
2020C-1
,
GO
,
3.00
%
,
08/01/50
...
2,600‌
1,879,574‌
San
Francisco
Bay
Area
Rapid
Transit
District
Sales
Tax
Series
2015A
,
RB
,
5.00
%
,
07/01/25
.....
1,230‌
1,232,126‌
Series
2015A
,
RB
,
5.00
%
,
07/01/27
.....
5,765‌
5,774,614‌
Series
2019A
,
RB
,
4.00
%
,
07/01/35
.....
3,800‌
3,800,325‌
Series
2019A
,
RB
,
4.00
%
,
07/01/36
.....
3,170‌
3,143,498‌
Series
2019A
,
RB
,
4.00
%
,
07/01/37
.....
1,000‌
983,631‌
Series
2019A
,
RB
,
4.00
%
,
07/01/38
.....
2,000‌
1,947,920‌
Series
2019A
,
RB
,
3.00
%
,
07/01/44
.....
1,200‌
926,531‌
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Series
2016A
,
RB
,
5.00
%
,
05/01/26
.....
1,000‌
1,019,013‌
Series
2019D
,
RB
,
5.00
%
,
05/01/31
.....
1,230‌
1,320,500‌
Series
2021-2B
,
RB
,
5.00
%
,
05/01/32
....
350‌
386,294‌
Series
2021-2B
,
RB
,
5.00
%
,
05/01/34
....
2,200‌
2,400,046‌
Series
2019D
,
RB
,
5.00
%
,
05/01/35
.....
1,955‌
2,067,312‌
Series
2020-2B
,
RB
,
4.00
%
,
05/01/37
....
4,000‌
4,027,746‌
Series
2025B
,
RB
,
5.00
%
,
05/01/37
.....
1,000‌
1,116,438‌
Series
2016C
,
RB
,
5.00
%
,
05/01/46
.....
8,850‌
8,874,624‌
Series
2017B
,
RB
,
5.00
%
,
05/01/47
.....
1,500‌
1,507,615‌
Series
2018E
,
RB
,
5.00
%
,
05/01/48
.....
2,000‌
2,013,812‌
Series
2019B
,
RB
,
5.00
%
,
05/01/49
.....
3,000‌
3,030,001‌
Series
2024B
,
RB
,
5.00
%
,
05/01/49
.....
1,180‌
1,218,856‌
Series
2019-2F
,
RB
,
5.00
%
,
05/01/50
....
745‌
751,797‌
Series
2022-2B
,
RB
,
5.00
%
,
05/01/52
....
1,500‌
1,528,949‌
San
Francisco
City
&
County
Public
Utilities
Commission
Power,
Series
2021A,
RB,
4.00%, 11/01/51
.................
2,090‌
1,833,257‌
San
Francisco
City
&
County
Public
Utilities
Commission
Wastewater
Series
2022B
,
RB
,
5.00
%
,
10/01/25
.....
2,280‌
2,297,592‌
Series
2016A
,
RB
,
5.00
%
,
10/01/27
.....
530‌
533,518‌
Series
2023A
,
RB
,
5.00
%
,
10/01/28
.....
3,195‌
3,436,378‌
Series
2023A
,
RB
,
5.00
%
,
10/01/30
.....
5,000‌
5,560,481‌
Series
2013B
,
RB
,
4.00
%
,
10/01/42
.....
2,175‌
2,001,568‌
Series
2018A
,
RB
,
4.00
%
,
10/01/43
.....
1,000‌
907,017‌
Series
2018B
,
RB
,
5.00
%
,
10/01/43
.....
1,000‌
1,021,441‌
Series
2021A
,
RB
,
5.00
%
,
10/01/45
.....
7,485‌
7,727,427‌
Series
2021A
,
RB
,
4.00
%
,
10/01/47
.....
2,000‌
1,798,629‌
Series
2024C
,
RB
,
5.00
%
,
10/01/49
.....
3,500‌
3,624,661‌
Series
2024C
,
RB
,
5.00
%
,
10/01/54
.....
6,480‌
6,642,869‌
Series
2024D
,
RB
,
5.00
%
,
10/01/54
.....
2,000‌
2,050,268‌
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency,
Series
2023B,
5.00%, 08/01/48
(AGM)
............
2,250‌
2,304,585‌
San
Francisco
Community
College
District
Series
2025
,
GO
,
5.00
%
,
06/15/27
(b)
.....
5,195‌
5,407,033‌
Series
2025
,
GO
,
5.00
%
,
06/15/31
(b)
.....
6,000‌
6,621,476‌
Series
B
,
GO
,
5.25
%
,
06/15/49
(
BAM
)
....
5,000‌
5,264,161‌
San
Francisco
County
Transportation
Authority
Sales
Tax,
Series
2017,
RB,
4.00%, 02/01/26
1,480‌
1,492,933‌
San
Francisco
Municipal
Transportation
Agency
Series
2017
,
RB
,
4.00
%
,
03/01/46
......
740‌
669,583‌
Series
2021C
,
RB
,
4.00
%
,
03/01/51
.....
2,400‌
2,122,288‌
San
Francisco
Unified
School
District,
Series
A,
GO,
5.00%, 06/15/27
..............
3,600‌
3,751,941‌
San
Joaquin
County
Transportation
Authority
Measure
K
Sales
Tax,
Series
2017,
RB,
4.00%, 03/01/41
.................
500‌
465,330‌
San
Joaquin
Hills
Transportation
Corridor
Agency
Series
1993
,
RB
,
0.00
%
,
01/01/26
(a)
.....
280‌
275,364‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
1997A
,
RB
,
0.00
%
,
01/15/26
(
NPFGC
)
(a)
....................
USD
400‌
$
391,356‌
RB
,
0.00
%
,
01/01/28
(a)
..............
750‌
697,687‌
Series
2021A
,
RB
,
5.00
%
,
01/15/31
.....
1,500‌
1,629,200‌
Series
2021A
,
RB
,
5.00
%
,
01/15/33
.....
8,830‌
9,599,655‌
Series
2021A
,
RB
,
4.00
%
,
01/15/34
.....
3,107‌
3,154,658‌
San
Jose
Evergreen
Community
College
District,
Series
B,
GO,
3.00%, 09/01/40
........
1,250‌
1,048,577‌
San
Jose
Financing
Authority,
Series
2022B,
RB,
5.00%, 11/01/52
.................
7,300‌
7,567,533‌
San
Jose
Unified
School
District
(a)
Series
C
,
GO
,
0.00
%
,
08/01/27
(
NPFGC
)
.
2,000‌
1,875,095‌
Series
2002C
,
GO
,
0.00
%
,
08/01/28
(
NPFGC
)
.....................
1,455‌
1,321,483‌
Series
C
,
GO
,
0.00
%
,
08/01/29
(
NPFGC
)
.
1,060‌
930,441‌
Series
C
,
GO
,
0.00
%
,
08/01/30
(
NPFGC
)
.
3,150‌
2,673,018‌
Series
C
,
GO
,
0.00
%
,
06/01/31
(
NPFGC
)
.
400‌
329,509‌
San
Juan
Unified
School
District
Series
2019N
,
GO
,
4.00
%
,
08/01/29
.....
5,000‌
5,055,075‌
Series
2019
,
GO
,
4.00
%
,
08/01/31
......
3,250‌
3,262,669‌
Series
2022
,
GO
,
4.00
%
,
08/01/46
......
1,095‌
1,007,352‌
San
Marcos
Unified
School
District
(a)
Series
A
,
GO
,
0.00
%
,
08/01/28
........
655‌
593,598‌
Series
B
,
GO
,
0.00
%
,
08/01/38
........
565‌
327,752‌
Series
B
,
GO
,
0.00
%
,
08/01/47
........
2,500‌
878,686‌
Series
B
,
GO
,
0.00
%
,
08/01/51
........
1,500‌
436,251‌
San
Mateo
County
Community
College
District
Series
2006B
,
GO
,
0.00
%
,
09/01/26
(
NPFGC
)
(a)
....................
1,550‌
1,492,845‌
Series
2006B
,
GO
,
0.00
%
,
09/01/30
(
NPFGC
)
(a)
....................
4,500‌
3,807,635‌
Series
A
,
GO
,
0.00
%
,
09/01/30
(
NPFGC
)
(a)
2,000‌
1,692,282‌
Series
2006B
,
GO
,
0.00
%
,
09/01/32
(
NPFGC
)
(a)
....................
5,020‌
3,946,127‌
Series
2006B
,
GO
,
0.00
%
,
09/01/35
(
NPFGC
)
(a)
....................
3,380‌
2,333,359‌
Series
2015A
,
GO
,
5.00
%
,
09/01/45
.....
775‌
779,016‌
Series
2018B
,
GO
,
5.00
%
,
09/01/45
.....
4,475‌
4,579,595‌
San
Mateo
County
Transit
District
Series
2015A
,
RB
,
5.00
%
,
06/01/29
.....
4,300‌
4,300,000‌
Series
2025A
,
RB
,
5.00
%
,
06/01/32
.....
1,000‌
1,141,284‌
San
Mateo
Foster
City
Public
Financing
Authority
Series
2021B
,
RB
,
5.00
%
,
08/01/25
.....
6,415‌
6,437,518‌
Series
2019
,
RB
,
5.00
%
,
08/01/49
......
3,000‌
3,073,716‌
San
Mateo
Foster
City
School
District
Series
A
,
GO
,
0.00
%
,
08/01/42
(a)
.......
2,235‌
2,375,090‌
Series
B
,
GO
,
4.00
%
,
08/01/51
........
10,000‌
9,179,268‌
San
Mateo
Joint
Powers
Financing
Authority,
Series
2019A,
RB,
5.00%, 07/15/25
.....
2,000‌
2,004,524‌
San
Mateo
Union
High
School
District
(a)
Series
2011A
,
GO
,
0.00
%
,
09/01/33
.....
500‌
484,172‌
Series
2011A
,
GO
,
0.00
%
,
09/01/41
.....
1,915‌
1,941,431‌
Series
2011A
,
GO
,
0.00
%
,
07/01/51
.....
1,755‌
1,286,552‌
San
Ysidro
School
District,
Series
2025A,
GO,
5.00%, 08/01/44
(BAM)
............
3,000‌
3,142,818‌
Sanger
Unified
School
District,
COP,
5.00%, 06/01/45
(AGM)
............
1,000‌
1,019,240‌
Santa
Barbara
Finance
Authority,
Series
2024,
RB,
4.00%, 05/15/57
..............
2,000‌
1,751,448‌
Santa
Barbara
Secondary
High
School
District,
Series
2011A,
GO,
0.00%, 08/01/40
(a)
....
1,755‌
881,299‌
Santa
Barbara
Unified
School
District,
Series
A,
GO,
4.00%, 08/01/41
..............
2,000‌
1,893,636‌
Santa
Clara
County
Financing
Authority,
Series
2016Q,
RB,
3.00%, 05/15/34
.........
7,735‌
7,153,384‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Santa
Clara
Unified
School
District,
Series
2019,
GO,
3.00%, 07/01/36
..............
USD
3,370‌
$
3,031,695‌
Santa
Clara
Valley
Transportation
Authority
Series
2023A
,
RB
,
5.00
%
,
04/01/27
.....
1,005‌
1,048,694‌
Series
2023A
,
RB
,
5.00
%
,
04/01/28
.....
1,000‌
1,067,591‌
Series
2023A
,
RB
,
5.00
%
,
04/01/36
.....
1,000‌
1,121,675‌
Santa
Clara
Valley
Water
District
Series
A
,
RB
,
5.00
%
,
06/01/46
.........
1,410‌
1,413,219‌
Series
2024A-1
,
RB
,
5.00
%
,
06/01/52
....
5,000‌
5,273,991‌
Santa
Clara
Valley
Water
District
Safe
Clean
Water
Series
2022B
,
COP
,
5.00
%
,
12/01/26
....
1,825‌
1,885,427‌
Series
2022A
,
RB
,
5.00
%
,
08/01/47
.....
1,000‌
1,056,083‌
Santa
Clarita
Community
College
District,
Series
2019,
GO,
3.00%, 08/01/49
..........
1,660‌
1,216,463‌
Santa
Monica
Community
College
District
Series
2009C
,
GO
,
0.00
%
,
08/01/25
(a)
....
3,430‌
3,413,206‌
Series
2018A
,
GO
,
4.00
%
,
08/01/39
.....
565‌
557,581‌
Series
2018A
,
GO
,
5.00
%
,
08/01/43
.....
2,590‌
2,657,138‌
Series
2022B
,
GO
,
5.00
%
,
08/01/45
.....
1,020‌
1,074,684‌
Series
2018A
,
GO
,
4.00
%
,
08/01/47
.....
4,485‌
4,134,407‌
Santa
Monica-Malibu
Unified
School
District
Series
A
,
GO
,
3.00
%
,
08/01/49
........
1,500‌
1,087,728‌
Series
B
,
GO
,
4.00
%
,
08/01/50
........
1,000‌
907,568‌
Simi
Valley
Unified
School
District,
Series
2007C,
GO,
0.00%, 08/01/32
(AGM)
(a)
....
10,000‌
7,914,728‌
Sonoma
County
Junior
College
District
Series
B
,
GO
,
3.00
%
,
08/01/41
........
1,500‌
1,200,932‌
Series
A
,
GO
,
5.00
%
,
08/01/41
........
4,770‌
4,842,822‌
South
San
Francisco
Unified
School
District,
Series
2016C,
GO,
4.00%, 09/01/37
.....
1,000‌
1,002,298‌
Southern
California
Public
Power
Authority
Series
2015C
,
RB
,
5.00
%
,
07/01/26
.....
1,070‌
1,071,183‌
Series
2023-1
,
RB
,
5.00
%
,
07/01/28
.....
2,610‌
2,728,237‌
Series
2023-1
,
RB
,
5.00
%
,
07/01/29
.....
4,000‌
4,226,453‌
Series
2023-1
,
RB
,
5.00
%
,
07/01/30
.....
3,000‌
3,203,356‌
Series
2024A
,
RB
,
5.00
%
,
07/01/34
.....
2,500‌
2,724,648‌
Series
2024A
,
RB
,
5.00
%
,
07/01/35
.....
2,500‌
2,717,693‌
Series
2020-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
2.40
%
,
06/02/25
(d)
.......
8,050‌
8,050,000‌
Series
2025B
,
RB
,
VRDN
3.70
%
,
07/01/27
(d)
2,500‌
2,495,024‌
Series
2024-1
,
RB
,
5.00
%
,
07/01/46
.....
3,000‌
3,030,423‌
Series
2024-1
,
RB
,
5.00
%
,
07/01/49
.....
3,485‌
3,496,157‌
Series
2024-1
,
RB
,
5.00
%
,
07/01/53
.....
9,400‌
9,315,023‌
Southern
California
Water
Replenishment
District,
Series
2015,
RB,
5.00%, 08/01/41
.
1,000‌
1,001,366‌
Southwestern
Community
College
District
Series
2004
,
GO
,
0.00
%
,
08/01/28
(
NPFGC
)
(a)
....................
2,500‌
2,267,054‌
Series
C
,
GO
,
0.00
%
,
08/01/41
(a)
.......
650‌
325,737‌
Series
D
,
GO
,
5.00
%
,
08/01/44
........
500‌
501,697‌
Series
C
,
GO
,
0.00
%
,
08/01/46
(a)
.......
6,730‌
2,459,870‌
Series
A
,
GO
,
4.00
%
,
08/01/47
........
2,000‌
1,831,660‌
State
of
California
GO
,
5.00
%
,
08/01/25
...............
5,170‌
5,188,721‌
GO
,
5.00
%
,
09/01/25
...............
1,005‌
1,010,552‌
Series
B
,
GO
,
5.00
%
,
09/01/25
........
1,015‌
1,020,607‌
GO
,
5.00
%
,
10/01/25
...............
16,580‌
16,701,677‌
Series
2017
,
GO
,
4.00
%
,
11/01/25
......
240‌
241,232‌
GO
,
5.00
%
,
11/01/25
...............
800‌
807,372‌
GO
,
5.00
%
,
12/01/25
...............
4,485‌
4,535,236‌
GO
,
5.00
%
,
04/01/26
...............
7,675‌
7,817,174‌
GO
,
5.00
%
,
08/01/26
...............
9,720‌
9,931,073‌
Series
2016
,
GO
,
5.00
%
,
08/01/26
......
2,280‌
2,338,881‌
Series
C
,
GO
,
5.00
%
,
09/01/26
........
3,500‌
3,517,982‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
GO
,
5.00
%
,
09/01/26
...............
USD
14,850‌
$
15,261,669‌
GO
,
5.00
%
,
10/01/26
...............
14,340‌
14,729,213‌
Series
2017
,
GO
,
5.00
%
,
11/01/26
......
2,500‌
2,578,909‌
Series
2003
,
GO
,
5.00
%
,
02/01/27
(
AMBAC
)
200‌
207,302‌
GO
,
4.00
%
,
03/01/27
...............
5,000‌
5,107,315‌
GO
,
5.00
%
,
03/01/27
...............
10‌
10,016‌
GO
,
5.00
%
,
04/01/27
...............
680‌
706,796‌
Series
2016
,
GO
,
5.00
%
,
08/01/27
......
760‌
777,476‌
GO
,
5.00
%
,
08/01/27
...............
2,120‌
2,156,443‌
Series
C
,
GO
,
5.00
%
,
08/01/27
........
3,350‌
3,508,266‌
GO
,
5.00
%
,
09/01/27
...............
7,055‌
7,310,779‌
GO
,
4.00
%
,
10/01/27
...............
1,740‌
1,787,994‌
GO
,
5.00
%
,
10/01/27
...............
9,915‌
10,289,410‌
GO
,
5.00
%
,
11/01/27
...............
9,600‌
10,103,191‌
Series
2020
,
GO
,
5.00
%
,
11/01/27
......
1,200‌
1,262,899‌
Series
2017
,
GO
,
5.00
%
,
11/01/27
......
1,325‌
1,394,451‌
GO
,
5.00
%
,
12/01/27
...............
6,780‌
7,147,102‌
GO
,
5.00
%
,
08/01/28
...............
12,355‌
12,842,591‌
GO
,
4.00
%
,
09/01/28
...............
1,450‌
1,462,631‌
GO
,
5.00
%
,
09/01/28
...............
5,500‌
5,817,577‌
Series
2024
,
GO
,
5.00
%
,
09/01/28
......
895‌
956,590‌
Series
C
,
GO
,
5.00
%
,
09/01/28
........
805‌
808,714‌
GO
,
5.00
%
,
10/01/28
...............
10,295‌
11,019,119‌
GO
,
5.00
%
,
11/01/28
...............
5,135‌
5,503,979‌
GO
,
5.00
%
,
12/01/28
...............
4,040‌
4,336,422‌
GO
,
3.00
%
,
03/01/29
...............
1,000‌
991,264‌
GO
,
5.00
%
,
03/01/29
...............
3,115‌
3,354,902‌
GO
,
5.00
%
,
04/01/29
...............
4,375‌
4,718,208‌
GO
,
5.00
%
,
08/01/29
...............
12,440‌
13,444,725‌
Series
2016
,
GO
,
5.00
%
,
08/01/29
......
1,920‌
1,962,153‌
GO
,
4.00
%
,
09/01/29
...............
10,005‌
10,413,025‌
GO
,
5.00
%
,
09/01/29
...............
6,680‌
6,836,657‌
GO
,
5.00
%
,
10/01/29
...............
11,115‌
12,024,142‌
GO
,
5.00
%
,
11/01/29
...............
1,500‌
1,632,156‌
GO
,
5.00
%
,
12/01/29
...............
2,405‌
2,620,143‌
GO
,
5.00
%
,
03/01/30
...............
170‌
185,865‌
GO
,
5.00
%
,
04/01/30
...............
3,175‌
3,455,351‌
GO
,
4.00
%
,
08/01/30
...............
5,000‌
5,030,050‌
GO
,
5.00
%
,
08/01/30
...............
5,545‌
6,024,726‌
Series
C
,
GO
,
5.00
%
,
08/01/30
........
100‌
104,092‌
Series
C
,
GO
,
5.00
%
,
09/01/30
........
5,675‌
5,699,908‌
GO
,
5.00
%
,
10/01/30
...............
2,000‌
2,204,576‌
Series
2017
,
GO
,
5.00
%
,
11/01/30
......
4,680‌
4,889,864‌
GO
,
5.00
%
,
11/01/30
...............
9,275‌
10,235,569‌
GO
,
5.00
%
,
03/01/31
...............
1,000‌
1,090,430‌
GO
,
5.00
%
,
04/01/31
...............
6,415‌
7,115,198‌
GO
,
5.00
%
,
08/01/31
...............
1,450‌
1,614,693‌
GO
,
5.25
%
,
08/01/31
...............
1,680‌
1,685,519‌
GO
,
5.00
%
,
09/01/31
...............
5,060‌
5,438,355‌
Series
2024
,
GO
,
5.00
%
,
09/01/31
......
3,000‌
3,343,748‌
GO
,
5.00
%
,
10/01/31
...............
695‌
769,621‌
Series
2017
,
GO
,
5.00
%
,
11/01/31
......
3,000‌
3,130,177‌
GO
,
5.00
%
,
11/01/31
...............
17,830‌
19,430,145‌
GO
,
5.00
%
,
03/01/32
...............
3,900‌
4,236,310‌
GO
,
5.00
%
,
04/01/32
...............
6,805‌
7,556,769‌
GO
,
5.00
%
,
08/01/32
...............
5,525‌
6,205,863‌
Series
2007
,
GO
,
5.25
%
,
08/01/32
(
AGM
)
.
1,825‌
2,042,914‌
GO
,
5.00
%
,
09/01/32
...............
16,325‌
18,039,814‌
Series
2024
,
GO
,
5.00
%
,
09/01/32
......
5,000‌
5,619,837‌
GO
,
3.00
%
,
10/01/32
...............
820‌
776,429‌
GO
,
5.00
%
,
10/01/32
...............
2,750‌
3,014,356‌
GO
,
5.00
%
,
11/01/32
...............
4,895‌
5,356,803‌
GO
,
5.00
%
,
12/01/32
...............
775‌
787,936‌
GO
,
5.00
%
,
03/01/33
...............
4,690‌
5,070,696‌
GO
,
5.00
%
,
04/01/33
...............
6,400‌
7,105,080‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
GO
,
5.00
%
,
08/01/33
...............
USD
4,000‌
$
4,074,462‌
GO
,
4.00
%
,
09/01/33
...............
3,560‌
3,547,024‌
Series
2024
,
GO
,
5.00
%
,
09/01/33
......
6,045‌
6,831,845‌
GO
,
5.00
%
,
09/01/33
...............
4,215‌
4,577,530‌
GO
,
4.00
%
,
10/01/33
...............
2,855‌
2,943,353‌
GO
,
5.00
%
,
10/01/33
...............
2,175‌
2,437,529‌
GO
,
5.00
%
,
03/01/34
...............
3,600‌
3,873,582‌
GO
,
4.00
%
,
09/01/34
...............
865‌
858,508‌
Series
2024
,
GO
,
4.00
%
,
09/01/34
......
5,000‌
5,216,880‌
GO
,
5.00
%
,
09/01/34
...............
3,935‌
4,008,373‌
GO
,
3.00
%
,
10/01/34
...............
1,900‌
1,806,493‌
GO
,
4.00
%
,
10/01/34
...............
1,535‌
1,568,077‌
GO
,
5.00
%
,
10/01/34
...............
13,230‌
14,754,468‌
GO
,
3.00
%
,
11/01/34
...............
7,475‌
7,098,085‌
Series
2017
,
GO
,
4.00
%
,
11/01/34
......
3,300‌
3,305,548‌
GO
,
5.00
%
,
11/01/34
...............
1,000‌
1,053,273‌
GO
,
5.00
%
,
12/01/34
...............
1,780‌
1,927,846‌
GO
,
5.00
%
,
04/01/35
...............
1,000‌
1,054,070‌
Series
2022
,
GO
,
5.00
%
,
04/01/35
......
1,365‌
1,498,918‌
GO
,
5.00
%
,
08/01/35
...............
7,900‌
8,481,802‌
GO
,
5.00
%
,
09/01/35
...............
4,085‌
4,155,657‌
Series
2024
,
GO
,
5.00
%
,
09/01/35
......
4,470‌
4,998,547‌
GO
,
3.00
%
,
10/01/35
...............
1,850‌
1,726,508‌
GO
,
4.00
%
,
10/01/35
...............
1,735‌
1,759,938‌
GO
,
5.00
%
,
10/01/35
...............
7,010‌
7,283,477‌
GO
,
5.00
%
,
12/01/35
...............
5,000‌
5,384,821‌
GO
,
4.00
%
,
03/01/36
...............
11,285‌
11,382,516‌
GO
,
5.00
%
,
08/01/36
...............
1,890‌
1,977,876‌
GO
,
5.00
%
,
09/01/36
...............
2,000‌
2,030,921‌
GO
,
3.00
%
,
10/01/36
...............
11,000‌
10,016,148‌
GO
,
4.00
%
,
10/01/36
...............
4,225‌
4,228,076‌
GO
,
5.00
%
,
10/01/36
...............
11,535‌
12,649,033‌
Series
2017
,
GO
,
5.00
%
,
11/01/36
......
3,290‌
3,393,630‌
GO
,
4.00
%
,
03/01/37
...............
3,815‌
3,825,825‌
GO
,
5.00
%
,
08/01/37
...............
2,125‌
2,215,224‌
GO
,
4.00
%
,
09/01/37
...............
3,505‌
3,431,654‌
Series
2024
,
GO
,
4.00
%
,
09/01/37
......
2,700‌
2,707,784‌
GO
,
5.00
%
,
09/01/37
...............
8,000‌
8,750,802‌
Series
2024
,
GO
,
5.00
%
,
09/01/37
......
8,775‌
9,640,989‌
Series
2019
,
GO
,
3.00
%
,
10/01/37
......
1,375‌
1,221,288‌
GO
,
5.00
%
,
11/01/37
...............
3,000‌
3,251,693‌
GO
,
5.00
%
,
08/01/38
...............
2,250‌
2,278,244‌
GO
,
5.00
%
,
09/01/38
...............
9,565‌
10,385,371‌
GO
,
4.00
%
,
11/01/38
...............
4,950‌
4,891,333‌
GO
,
5.00
%
,
09/01/39
...............
12,625‌
13,620,497‌
GO
,
4.00
%
,
10/01/39
...............
3,500‌
3,427,379‌
GO
,
5.00
%
,
10/01/39
...............
1,000‌
1,077,883‌
GO
,
5.25
%
,
10/01/39
...............
4,125‌
4,169,208‌
GO
,
4.00
%
,
11/01/39
...............
2,500‌
2,460,381‌
GO
,
5.00
%
,
11/01/39
...............
3,505‌
3,634,169‌
GO
,
4.00
%
,
03/01/40
...............
2,000‌
1,965,494‌
GO
,
4.00
%
,
11/01/40
...............
1,150‌
1,129,543‌
GO
,
4.00
%
,
10/01/41
...............
7,895‌
7,716,630‌
GO
,
5.00
%
,
10/01/41
...............
2,425‌
2,559,934‌
Series
2022
,
GO
,
4.00
%
,
04/01/42
......
1,680‌
1,621,365‌
Series
2022
,
GO
,
5.00
%
,
04/01/42
......
1,515‌
1,601,630‌
GO
,
5.00
%
,
09/01/42
...............
5,000‌
5,300,935‌
GO
,
5.00
%
,
10/01/42
...............
10,765‌
11,424,594‌
GO
,
4.00
%
,
09/01/43
...............
13,070‌
12,475,026‌
GO
,
5.00
%
,
09/01/43
...............
4,000‌
4,242,619‌
Series
2024
,
GO
,
5.00
%
,
09/01/43
......
5,000‌
5,318,598‌
GO
,
2.38
%
,
12/01/43
...............
925‌
646,002‌
Series
2024
,
GO
,
5.00
%
,
09/01/44
......
1,000‌
1,055,696‌
GO
,
4.00
%
,
11/01/44
...............
975‌
911,331‌
GO
,
4.00
%
,
03/01/45
...............
500‌
465,298‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
GO
,
5.00
%
,
04/01/45
...............
USD
3,145‌
$
3,229,059‌
GO
,
4.00
%
,
08/01/45
...............
250‌
232,477‌
GO
,
5.00
%
,
08/01/45
...............
3,400‌
3,403,873‌
GO
,
5.00
%
,
10/01/45
...............
1,145‌
1,197,348‌
GO
,
3.00
%
,
03/01/46
...............
1,000‌
768,029‌
GO
,
4.00
%
,
03/01/46
...............
9,960‌
9,085,486‌
GO
,
5.00
%
,
08/01/46
...............
6,500‌
6,557,967‌
GO
,
5.00
%
,
09/01/46
...............
1,000‌
1,009,373‌
GO
,
5.00
%
,
12/01/46
...............
2,000‌
2,066,216‌
GO
,
5.25
%
,
09/01/47
...............
5,045‌
5,322,252‌
GO
,
5.00
%
,
10/01/47
...............
3,850‌
3,871,877‌
Series
2017
,
GO
,
4.00
%
,
11/01/47
......
1,500‌
1,371,242‌
Series
2017
,
GO
,
5.00
%
,
11/01/47
......
800‌
809,453‌
Series
2024
,
GO
,
5.00
%
,
09/01/48
......
2,000‌
2,086,051‌
GO
,
4.13
%
,
03/01/49
...............
655‌
608,932‌
GO
,
4.00
%
,
04/01/49
...............
1,000‌
899,930‌
GO
,
5.00
%
,
08/01/49
...............
4,740‌
4,943,140‌
GO
,
5.50
%
,
08/01/49
...............
3,275‌
3,550,442‌
GO
,
3.00
%
,
03/01/50
...............
505‌
374,521‌
GO
,
4.00
%
,
10/01/50
...............
2,500‌
2,238,045‌
GO
,
3.00
%
,
11/01/50
...............
1,500‌
1,108,366‌
GO
,
2.38
%
,
10/01/51
...............
2,000‌
1,227,454‌
GO
,
3.00
%
,
04/01/52
...............
2,000‌
1,465,653‌
GO
,
4.25
%
,
09/01/52
...............
1,310‌
1,227,770‌
GO
,
5.25
%
,
09/01/53
...............
7,000‌
7,377,433‌
GO
,
5.25
%
,
08/01/54
...............
500‌
528,948‌
GO
,
5.50
%
,
08/01/54
...............
5,000‌
5,394,308‌
GO
,
5.00
%
,
03/01/55
(b)
.............
665‌
691,309‌
State
of
California
Department
of
Water
Resources
Series
AS
,
RB
,
5.00
%
,
12/01/25
........
2,315‌
2,323,495‌
Series
BB
,
RB
,
5.00
%
,
12/01/25
........
240‌
242,855‌
Series
BB
,
RB
,
5.00
%
,
12/01/26
........
1,900‌
1,971,333‌
Series
BG
,
RB
,
5.00
%
,
12/01/27
(b)
......
5,000‌
5,296,677‌
Series
BG
,
RB
,
5.00
%
,
12/01/28
(b)
......
5,000‌
5,403,073‌
Series
AW
,
RB
,
5.00
%
,
12/01/28
.......
1,040‌
1,073,064‌
Series
AW
,
RB
,
5.00
%
,
12/01/29
.......
4,730‌
4,871,766‌
Series
AW
,
RB
,
5.00
%
,
12/01/30
.......
4,700‌
4,833,485‌
Series
BD
,
RB
,
5.00
%
,
12/01/31
.......
2,555‌
2,874,409‌
Series
BA
,
RB
,
5.00
%
,
12/01/32
........
2,540‌
2,738,222‌
Series
BA
,
RB
,
5.00
%
,
12/01/33
........
1,500‌
1,610,390‌
Series
BB
,
RB
,
5.00
%
,
12/01/33
........
2,045‌
2,266,023‌
Series
AW
,
RB
,
5.00
%
,
12/01/33
.......
1,050‌
1,085,550‌
Series
BD
,
RB
,
4.00
%
,
12/01/34
.......
2,005‌
2,086,482‌
Series
AW
,
RB
,
4.00
%
,
12/01/35
.......
1,000‌
1,000,259‌
Series
BD
,
RB
,
4.00
%
,
12/01/35
.......
3,000‌
3,106,484‌
Series
BA
,
RB
,
5.00
%
,
12/01/35
........
580‌
629,045‌
Stockton
Public
Financing
Authority,
Series
2018A,
RB,
5.00%, 10/01/32
(BAM)
.....
1,745‌
1,840,404‌
Stockton
Unified
School
District
Series
2025A
,
GO
,
5.00
%
,
08/01/40
(
BAM
)
1,000‌
1,083,730‌
Series
2025A
,
GO
,
5.00
%
,
08/01/41
(
BAM
)
1,000‌
1,073,801‌
Series
2025A
,
GO
,
5.00
%
,
08/01/42
(
BAM
)
1,195‌
1,272,867‌
Sunnyvale
School
District,
Series
2015,
GO,
4.00%, 09/01/42
.................
500‌
462,412‌
Tamalpais
Union
High
School
District,
Series
2025A,
GO,
4.00%, 08/01/48
.........
2,000‌
1,833,737‌
Temecula
Valley
Unified
School
District,
Series
2021-D,
GO,
3.00%, 08/01/47
.........
1,500‌
1,116,925‌
Tustin
Unified
School
District,
Series
2025,
GO,
5.00%, 08/01/26
.................
1,000‌
1,025,630‌
Ukiah
Unified
School
District,
Series
2006,
GO,
0.00%, 08/01/28
(NPFGC)
(a)
..........
1,000‌
902,034‌
Union
Sanitary
District
Financing
Authority,
Series
2025A,
RB,
5.00%, 03/15/30
.....
1,895‌
2,081,035‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
University
of
California
Series
2025BZ
,
RB
,
5.00
%
,
05/15/26
(b)
...
USD
15,000‌
$
15,308,412‌
Series
2024BX
,
RB
,
5.00
%
,
05/15/26
....
1,000‌
1,020,561‌
Series
2021BH
,
RB
,
5.00
%
,
05/15/26
....
1,190‌
1,214,467‌
Series
2022S
,
RB
,
5.00
%
,
05/15/26
.....
1,000‌
1,020,561‌
Series
2023BN
,
RB
,
5.00
%
,
05/15/28
....
1,000‌
1,062,196‌
Series
2024BS
,
RB
,
5.00
%
,
05/15/28
....
2,000‌
2,124,392‌
Series
2018O
,
RB
,
4.00
%
,
05/15/29
.....
500‌
515,731‌
Series
2022S
,
RB
,
5.00
%
,
05/15/29
.....
3,005‌
3,247,148‌
Series
2025BZ
,
RB
,
5.00
%
,
05/15/30
....
5,000‌
5,477,858‌
Series
2022S
,
RB
,
5.00
%
,
05/15/30
.....
3,000‌
3,283,816‌
Series
2017AY
,
RB
,
5.00
%
,
05/15/31
....
1,000‌
1,034,506‌
Series
2024BS
,
RB
,
5.00
%
,
05/15/32
....
3,000‌
3,356,030‌
Series
2021Q
,
RB
,
5.00
%
,
05/15/32
.....
3,855‌
4,248,134‌
Series
2017AY
,
RB
,
4.00
%
,
05/15/33
....
4,000‌
4,010,130‌
Series
2017M
,
RB
,
5.00
%
,
05/15/33
.....
1,000‌
1,030,095‌
Series
2023BN
,
RB
,
5.00
%
,
05/15/33
....
1,125‌
1,267,588‌
Series
2024BW
,
RB
,
5.00
%
,
05/15/33
....
7,255‌
8,174,532‌
Series
2020BE
,
RB
,
5.00
%
,
05/15/33
....
2,000‌
2,165,247‌
Series
2016AR
,
RB
,
5.00
%
,
05/15/34
....
1,005‌
1,019,998‌
Series
2017AV
,
RB
,
5.00
%
,
05/15/35
....
2,500‌
2,563,452‌
Series
2024BV
,
RB
,
5.00
%
,
05/15/35
....
4,000‌
4,483,570‌
Series
2016K
,
RB
,
5.00
%
,
05/15/35
.....
500‌
506,991‌
Series
2023BQ
,
RB
,
5.00
%
,
05/15/35
....
9,585‌
10,631,066‌
Series
2025BZ
,
RB
,
5.00
%
,
05/15/35
....
5,000‌
5,661,286‌
Series
2021Q
,
RB
,
4.00
%
,
05/15/36
.....
2,100‌
2,135,610‌
Series
2017AY
,
RB
,
5.00
%
,
05/15/36
....
2,135‌
2,186,789‌
Series
2017AV
,
RB
,
5.00
%
,
05/15/36
....
1,100‌
1,126,683‌
Series
2018AZ
,
RB
,
5.00
%
,
05/15/36
....
750‌
777,449‌
Series
2020BE
,
RB
,
4.00
%
,
05/15/37
....
1,000‌
1,007,325‌
Series
2024BS
,
RB
,
5.00
%
,
05/15/37
....
3,000‌
3,298,263‌
Series
2024BV
,
RB
,
5.00
%
,
05/15/37
....
2,500‌
2,748,553‌
Series
2017AY
,
RB
,
5.00
%
,
05/15/37
....
4,650‌
4,754,343‌
Series
2024BV
,
RB
,
5.00
%
,
05/15/38
....
2,500‌
2,722,512‌
Series
2021Q
,
RB
,
4.00
%
,
05/15/39
.....
2,500‌
2,448,022‌
Series
2024BV
,
RB
,
5.00
%
,
05/15/39
....
8,800‌
9,554,363‌
Series
2020BE
,
RB
,
4.00
%
,
05/15/40
....
665‌
648,440‌
Series
2021Q
,
RB
,
4.00
%
,
05/15/40
.....
2,500‌
2,432,335‌
Series
2025CA
,
RB
,
5.00
%
,
05/15/40
....
3,000‌
3,247,799‌
Series
2024BV
,
RB
,
5.00
%
,
05/15/40
....
3,615‌
3,888,608‌
Series
2023BN
,
RB
,
5.50
%
,
05/15/40
....
19,000‌
21,011,606‌
Series
2023BN
,
RB
,
5.00
%
,
05/15/41
....
4,000‌
4,250,050‌
Series
2016AR
,
RB
,
5.00
%
,
05/15/41
....
970‌
979,565‌
Series
2022S
,
RB
,
5.00
%
,
05/15/42
.....
1,720‌
1,802,980‌
Series
2017AV
,
RB
,
5.00
%
,
05/15/42
....
2,405‌
2,442,351‌
Series
2023BN
,
RB
,
5.00
%
,
05/15/42
....
6,570‌
6,934,602‌
Series
2017AV
,
RB
,
5.25
%
,
05/15/42
....
5,000‌
5,105,567‌
Series
2024BV
,
RB
,
5.00
%
,
05/15/43
....
4,000‌
4,217,251‌
Series
2018AZ
,
RB
,
5.00
%
,
05/15/43
....
5,630‌
5,735,953‌
Series
2023BN
,
RB
,
5.00
%
,
05/15/44
....
2,630‌
2,747,394‌
Series
2021BH
,
RB
,
4.00
%
,
05/15/46
....
1,000‌
923,508‌
Series
2016K
,
RB
,
4.00
%
,
05/15/46
.....
3,000‌
2,752,946‌
Series
2021Q
,
RB
,
5.00
%
,
05/15/46
.....
3,000‌
3,063,368‌
Series
2020BE
,
RB
,
4.00
%
,
05/15/47
....
10,250‌
9,393,501‌
Series
2017M
,
RB
,
4.00
%
,
05/15/47
.....
250‌
227,630‌
Series
2017M
,
RB
,
5.00
%
,
05/15/47
.....
1,165‌
1,173,875‌
Series
2013AL-4
,
RB
,
VRDN
2.15
%
,
06/02/25
(d)
...............
34,900‌
34,900,000‌
Series
2013AL-1
,
RB
,
VRDN
2.30
%
,
06/02/25
(d)
...............
6,350‌
6,350,000‌
Series
2013AL-3
,
RB
,
VRDN
2.30
%
,
06/02/25
(d)
...............
1,740‌
1,740,000‌
Series
2013AL-2
,
RB
,
VRDN
2.50
%
,
06/03/25
(d)
...............
5,000‌
5,000,000‌
Series
2019BB
,
RB
,
5.00
%
,
05/15/49
....
1,500‌
1,520,061‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2017AV
,
RB
,
5.00
%
,
05/15/49
....
USD
1,500‌
$
1,512,017‌
Series
2021Q
,
RB
,
3.00
%
,
05/15/51
.....
7,000‌
4,987,335‌
Series
2021BH
,
RB
,
4.00
%
,
05/15/51
....
2,020‌
1,810,801‌
Series
2017M
,
RB
,
5.00
%
,
05/15/52
.....
250‌
251,662‌
Series
2022BK
,
RB
,
5.00
%
,
05/15/52
....
6,000‌
6,141,770‌
Series
2024BW
,
RB
,
5.00
%
,
05/15/54
....
3,000‌
3,086,705‌
Series
2018O
,
RB
,
5.00
%
,
05/15/58
.....
1,000‌
1,010,809‌
Series
2018AZ
,
RB
,
5.25
%
,
05/15/58
....
500‌
509,233‌
Series
2018O
,
RB
,
5.50
%
,
05/15/58
.....
500‌
513,204‌
Upper
Santa
Clara
Valley
Joint
Powers
Authority
Series
2020A
,
RB
,
4.00
%
,
08/01/45
.....
1,100‌
1,016,245‌
Series
2020A
,
RB
,
4.00
%
,
08/01/50
.....
3,000‌
2,727,378‌
Ventura
Unified
School
District,
Series
2022A,
GO,
4.00%, 08/01/52
..............
4,430‌
3,972,805‌
Victor
Valley
Union
High
School
District,
Series
2009A,
GO,
5.75%, 08/01/31
(AGC)
.....
1,025‌
1,055,244‌
Vista
Unified
School
District,
Series
2022B,
GO,
5.25%, 08/01/48
(BAM)
............
6,000‌
6,252,890‌
Walnut
Valley
Unified
School
District,
Series
C,
GO,
4.00%, 08/01/51
..............
2,000‌
1,810,426‌
West
Contra
Costa
Unified
School
District
Series
2025A
,
GO
,
5.00
%
,
08/01/29
(b)
....
2,000‌
2,161,918‌
Series
2025A
,
GO
,
5.00
%
,
08/01/30
.....
2,000‌
2,191,901‌
Series
2023
,
GO
,
5.00
%
,
08/01/35
(
BAM
)
.
1,000‌
1,107,080‌
Series
2024B
,
GO
,
5.00
%
,
08/01/49
(
BAM
)
6,320‌
6,505,098‌
West
Valley-Mission
Community
College
District,
Series
2015B,
GO,
4.00%, 08/01/40
.....
250‌
239,174‌
Westminster
School
District,
Series
2013A,
GO,
0.00%, 08/01/52
(BAM)
(a)
............
6,380‌
4,243,231‌
William
S
Hart
Union
High
School
District
(a)
Series
2005B
,
GO
,
0.00
%
,
09/01/29
(
AGM
)
2,345‌
2,050,094‌
Series
A
,
GO
,
0.00
%
,
08/01/33
........
990‌
744,926‌
Series
B
,
GO
,
0.00
%
,
08/01/34
(
AGM
)
...
1,250‌
904,491‌
Yosemite
Community
College
District,
Series
2010D,
GO,
0.00%, 08/01/38
(a)
........
3,610‌
2,107,678‌
3,587,130,056‌
Total
Long-Term
Investments
—
100
.2
%
(Cost:
$
3,716,005,497
)
............................
3,587,130,056‌
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
0.0%
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
,
2.02
%
(e)
(f)
.........
114,696
114,707‌
Total
Short-Term
Securities
—
0.0
%
(Cost:
$
114,707
)
.................................
114,707‌
Total
Investments
—
100
.2
%
(Cost:
$
3,716,120,204
)
............................
3,587,244,763‌
Liabilities
in
Excess
of
Other
Assets
—
(
0.2
)
%
.............
(
6,286,091‌
)
Net
Assets
—
100.0%
...............................
$
3,580,958,672‌
(a)
Zero-coupon
bond.
(b)
When-issued
security.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
13
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:
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.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
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.
Affiliated
Issuer
Value
at
02/28/25
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
$
116,854
$
—
$
(
2,147
)
(a)
$
—
$
—
$
114,707
114,696
$
4,280
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Municipal
Bonds
.........................................
$
—
$
3,587,130,056
$
—
$
3,587,130,056
Short-Term
Securities
Money
Market
Funds
......................................
114,707
—
—
114,707
$
114,707
$
3,587,130,056
$
—
$
3,587,244,763
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
California
Muni
Bond
ETF
14
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AGC
Assured
Guaranty
Corp.
AGC-ICC
Assured
Guaranty
Corp.
–
Insured
Custody
Certificate
AGM
Assured
Guaranty
Municipal
Corp.
AGM-CR
AGM
Insured
Custodial
Receipt
AMBAC
Ambac
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificates
of
Participation
FGIC
Financial
Guaranty
Insurance
Co.
GO
General
Obligation
Bonds
LOC
Letter
of
Credit
NPFGC
National
Public
Finance
Guarantee
Corp.
NPFGC-IBC
National
Public
Finance
Guarantee
Corp.
—
Insured
Bond
Certificate
RB
Revenue
Bonds
VRDN
Variable
Rate
Demand
Notes