Schedule

of

Investments

(unaudited)

May

31,

2025

iShares

®

New

York

Muni

Bond

ETF

1

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

New

York

—

99.7%

Battery

Park

City

Authority

Series

2023B

,

RB

,

5.00

%

,

11/01/25

.....

USD

2,035

$

2,053,152

Series

2023B

,

RB

,

5.00

%

,

11/01/31

.....

1,000

1,132,228

Series

2023B

,

RB

,

5.00

%

,

11/01/32

.....

1,000

1,144,012

Series

2019B

,

RB

,

5.00

%

,

11/01/38

.....

1,000

1,050,193

Series

2019B

,

RB

,

5.00

%

,

11/01/39

.....

715

747,592

Series

2019B

,

RB

,

5.00

%

,

11/01/40

.....

1,000

1,043,096

Series

2023A

,

RB

,

5.00

%

,

11/01/42

.....

1,230

1,297,107

Series

2019A

,

RB

,

4.00

%

,

11/01/44

.....

2,485

2,275,953

Series

2023A

,

RB

,

5.00

%

,

11/01/44

.....

1,000

1,043,702

Series

2023A

,

RB

,

5.00

%

,

11/01/48

.....

1,300

1,338,521

Series

2019A

,

RB

,

5.00

%

,

11/01/49

.....

1,000

1,021,171

Buffalo

&

Fort

Erie

Public

Bridge

Authority,

Series

2017,

RB,

5.00%, 01/01/47

......

2,000

1,998,484

Buffalo

Municipal

Water

Finance

Authority

Series

2019A

,

RB

,

5.00

%

,

07/01/48

(

AGM

)

1,750

1,757,393

Series

2021A

,

RB

,

4.00

%

,

07/01/51

(

AGM

)

1,675

1,437,253

City

of

Albany,

Series

2022,

GO,

4.00%, 03/15/31

.................

1,940

2,016,600

City

of

New

York

Series

2018A

,

GO

,

5.00

%

,

08/01/25

.....

200

200,668

Series

2018C

,

GO

,

5.00

%

,

08/01/25

.....

390

391,302

Series

C

,

GO

,

5.00

%

,

08/01/25

........

275

275,918

Series

A

,

GO

,

5.00

%

,

08/01/26

........

250

250,688

Series

2022C

,

GO

,

5.00

%

,

08/01/26

.....

2,000

2,049,331

Series

2023F-1

,

GO

,

5.00

%

,

08/01/27

....

2,945

3,079,072

Series

2024D

,

GO

,

5.00

%

,

04/01/28

.....

1,500

1,587,511

Series

C

,

GO

,

5.00

%

,

08/01/28

........

1,145

1,170,505

Series

2023F-1

,

GO

,

5.00

%

,

08/01/28

....

825

878,194

Series

2018A

,

GO

,

5.00

%

,

08/01/28

.....

1,775

1,843,699

Series

2021C

,

GO

,

5.00

%

,

08/01/28

.....

1,000

1,064,478

Series

2023F-1

,

GO

,

5.00

%

,

08/01/29

....

2,000

2,161,531

Series

2023-1

,

GO

,

5.00

%

,

08/01/29

.....

2,000

2,161,531

Series

2021A-1

,

GO

,

5.00

%

,

08/01/29

....

1,500

1,621,148

Series

2020B-1

,

GO

,

5.00

%

,

10/01/30

....

1,340

1,435,383

Series

2025G,

Sub-Series

G-1

,

GO

,

5.00

%

,

02/01/31

(a)

...............

4,000

4,398,427

Series

2022D-1

,

GO

,

5.00

%

,

05/01/31

...

1,450

1,599,263

Series

2021A-1

,

GO

,

5.00

%

,

08/01/31

....

1,250

1,358,105

Series

2025,

Sub-Series

C-1

,

GO

,

5.00

%

,

09/01/31

................

1,000

1,106,770

Series

2023B-1

,

GO

,

5.00

%

,

10/01/31

....

1,000

1,107,672

Series

2017A,

Sub-Series

A-1

,

GO

,

4.00

%

,

08/01/32

................

3,090

3,094,713

Series

2025F

,

GO

,

5.00

%

,

08/01/32

.....

2,500

2,785,962

Series

2024C

,

GO

,

5.00

%

,

03/01/33

.....

750

836,237

Series

2024D

,

GO

,

5.00

%

,

04/01/33

.....

2,255

2,515,454

Series

2017A,

Sub-Series

A-1

,

GO

,

5.00

%

,

08/01/33

................

500

507,735

Series

2017B-1

,

GO

,

5.00

%

,

12/01/33

....

565

576,373

Series

2021A-1

,

GO

,

4.00

%

,

08/01/34

....

2,000

2,019,454

Series

2025A

,

GO

,

5.00

%

,

08/01/34

.....

1,870

2,091,474

Series

2025G,

Sub-Series

G-1

,

GO

,

5.00

%

,

02/01/35

................

2,000

2,238,642

Series

2015FF-1

,

GO

,

5.00

%

,

06/01/35

...

500

500,610

Series

2023B-1

,

GO

,

5.00

%

,

10/01/35

....

2,905

3,166,087

Series

2019D-1

,

GO

,

5.00

%

,

12/01/35

...

500

518,449

Series

2017A,

Sub-Series

A-1

,

GO

,

5.00

%

,

08/01/37

................

500

505,455

Series

2021F-1

,

GO

,

4.00

%

,

03/01/38

....

1,000

982,568

Series

2018F-1

,

GO

,

3.38

%

,

04/01/38

....

440

396,846

Series

2024D

,

GO

,

5.00

%

,

04/01/39

.....

1,440

1,534,251

Series

2019D-1

,

GO

,

5.00

%

,

12/01/39

...

1,320

1,348,133

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2020D-1

,

GO

,

5.00

%

,

03/01/40

...

USD

1,120

$

1,154,326

Series

2022A-1

,

GO

,

4.00

%

,

08/01/40

....

900

847,525

Series

2018E-1

,

GO

,

4.00

%

,

03/01/41

....

400

368,239

Series

2020A-1

,

GO

,

5.00

%

,

08/01/41

....

800

819,165

Series

2023A-1

,

GO

,

5.25

%

,

09/01/41

....

3,000

3,180,820

Series

2019D-1

,

GO

,

4.00

%

,

12/01/41

...

1,000

918,673

Series

2017B-1

,

GO

,

5.00

%

,

12/01/41

....

250

252,126

Series

2023A-1

,

GO

,

5.00

%

,

09/01/42

....

1,000

1,037,204

Series

2024C

,

GO

,

5.00

%

,

03/01/43

.....

3,000

3,110,581

Series

2024A

,

GO

,

5.00

%

,

08/01/43

.....

3,410

3,507,614

Series

2016A-5

,

GO

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.00

%

,

06/02/25

(b)

3,175

3,175,000

Series

2018F-1

,

GO

,

5.00

%

,

04/01/45

....

500

503,557

Series

2022D-1

,

GO

,

5.50

%

,

05/01/46

...

450

473,713

Series

2024D

,

GO

,

5.25

%

,

04/01/47

.....

2,000

2,083,435

Series

2022A-1

,

GO

,

3.00

%

,

08/01/50

....

750

510,830

Series

2025,

Sub-Series

C-1

,

GO

,

5.25

%

,

09/01/50

................

2,000

2,075,398

Series

2024C

,

GO

,

5.25

%

,

03/01/53

.....

1,365

1,410,207

Series

2024D

,

GO

,

5.25

%

,

04/01/54

.....

2,000

2,065,051

City

of

Rochester,

Series

2022II,

GO,

5.00%, 08/01/31

.................

1,000

1,094,669

City

of

Yonkers

Series

2019A

,

GO

,

5.00

%

,

05/01/33

(

BAM

)

280

300,169

Series

2019A

,

GO

,

4.00

%

,

05/01/37

(

BAM

)

2,000

2,005,860

County

of

Albany,

Series

2018,

GO,

4.00%, 04/01/29

.................

125

125,984

County

of

Monroe

Series

2016B

,

GO

,

5.00

%

,

06/01/26

(

AGM

)

250

256,014

Series

2021

,

GO

,

4.00

%

,

06/01/30

......

2,145

2,228,283

County

of

Nassau

Series

2016B

,

GO

,

5.00

%

,

10/01/25

.....

830

835,784

Series

2017C

,

GO

,

5.00

%

,

10/01/27

.....

975

1,025,427

Series

2017C

,

GO

,

5.00

%

,

10/01/31

.....

1,065

1,105,548

Series

2018B

,

GO

,

5.00

%

,

07/01/33

(

AGM

)

1,000

1,045,433

Series

2022A

,

GO

,

5.00

%

,

04/01/37

.....

2,000

2,168,647

Series

2022A

,

GO

,

4.00

%

,

04/01/39

.....

2,515

2,451,690

Series

2019B

,

GO

,

5.00

%

,

04/01/49

(

AGM

)

1,000

1,023,727

Series

2023A

,

GO

,

4.00

%

,

04/01/53

.....

2,000

1,708,368

County

of

Onondaga,

Series

2021,

GO,

3.00%, 08/15/33

.................

100

93,302

County

of

Suffolk

Series

2021A

,

GO

,

5.00

%

,

06/15/25

(

BAM

)

1,115

1,115,807

Series

A

,

GO

,

5.00

%

,

02/01/26

(

AGM

)

...

1,000

1,014,378

Series

2017D

,

GO

,

4.00

%

,

10/15/28

(

BAM

)

1,000

1,022,533

Series

2024A

,

GO

,

3.00

%

,

10/15/38

.....

5,000

4,382,440

County

of

Westchester

Series

2023A

,

GO

,

5.00

%

,

12/01/26

.....

2,000

2,071,462

Series

2022A

,

GO

,

5.00

%

,

12/15/26

.....

1,000

1,036,680

Series

2020A

,

GO

,

5.00

%

,

10/15/28

.....

1,000

1,077,209

Series

2021A

,

GO

,

5.00

%

,

10/15/28

.....

2,000

2,154,419

Series

2023A

,

GO

,

4.00

%

,

12/01/34

.....

2,000

2,086,154

Series

2022A

,

GO

,

4.00

%

,

12/15/35

.....

1,000

1,027,428

Dutchess

County

Local

Development

Corp.

Series

2017

,

RB

,

5.00

%

,

07/01/42

......

750

751,587

Series

2022

,

RB

,

5.00

%

,

07/01/52

......

1,000

975,497

Empire

State

Development

Corp.

Series

2016A

,

RB

,

5.00

%

,

03/15/27

.....

155

157,616

Series

2017C

,

RB

,

5.00

%

,

03/15/27

.....

285

296,454

Series

2015A

,

RB

,

5.00

%

,

03/15/29

.....

750

754,397

Series

2017A

,

RB

,

5.00

%

,

03/15/29

.....

5,530

5,752,246

Series

2023B

,

RB

,

5.00

%

,

03/15/31

.....

1,285

1,414,442

Series

2020C

,

RB

,

5.00

%

,

03/15/31

.....

575

624,057

Series

2016A

,

RB

,

5.00

%

,

03/15/31

.....

2,810

2,847,372

Series

2017A

,

RB

,

5.00

%

,

03/15/32

.....

500

512,932

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

New

York

Muni

Bond

ETF

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2017A

,

RB

,

5.00

%

,

03/15/33

.....

USD

635

$

650,285

Series

2023A

,

RB

,

5.00

%

,

03/15/34

.....

1,500

1,684,106

Series

2015A

,

RB

,

5.00

%

,

03/15/35

.....

350

351,223

Series

2016A

,

RB

,

5.00

%

,

03/15/35

.....

200

202,473

Series

2020E

,

RB

,

4.00

%

,

03/15/36

.....

1,000

994,966

Series

2020C

,

RB

,

5.00

%

,

03/15/38

.....

2,000

2,089,747

Series

2020A

,

RB

,

4.00

%

,

03/15/39

.....

1,000

948,942

Series

2017C

,

RB

,

5.00

%

,

03/15/39

.....

500

506,559

Series

2020E

,

RB

,

3.00

%

,

03/15/40

.....

500

405,933

Series

2020A

,

RB

,

4.00

%

,

03/15/40

.....

1,000

947,537

Series

2020C

,

RB

,

4.00

%

,

03/15/45

.....

2,500

2,234,881

Series

2024A

,

RB

,

5.00

%

,

03/15/47

.....

1,500

1,538,394

Series

2020C

,

RB

,

5.00

%

,

03/15/47

.....

1,000

1,009,958

Series

2021A

,

RB

,

3.00

%

,

03/15/50

.....

1,000

699,022

Series

2023A

,

RB

,

4.00

%

,

03/15/50

.....

365

314,584

Series

2023A

,

RB

,

4.00

%

,

03/15/51

.....

1,500

1,284,733

Series

2023A

,

RB

,

5.00

%

,

03/15/51

.....

1,500

1,526,528

Series

2024A

,

RB

,

5.00

%

,

03/15/54

.....

4,500

4,572,499

Series

2023A

,

RB

,

5.00

%

,

03/15/55

.....

2,500

2,528,376

Series

2023A

,

RB

,

5.00

%

,

03/15/63

.....

2,000

2,011,524

Erie

County

Fiscal

Stability

Authority

Series

2017D

,

RB

,

5.00

%

,

09/01/37

.....

445

455,586

Series

2017D

,

RB

,

5.00

%

,

09/01/38

.....

130

132,723

Series

2017D

,

RB

,

5.00

%

,

09/01/39

.....

1,360

1,385,246

Erie

County

Industrial

Development

Agency

(The)

Series

2022A

,

RB

,

5.00

%

,

05/01/26

(

SAW

)

350

357,104

Series

2021A

,

RB

,

5.00

%

,

05/01/27

(

SAW

)

500

520,161

Series

2021A

,

RB

,

5.00

%

,

05/01/29

(

SAW

)

1,000

1,076,458

Hudson

Yards

Infrastructure

Corp.

Series

2017A

,

RB

,

5.00

%

,

02/15/26

.....

1,750

1,775,769

Series

2017A

,

RB

,

5.00

%

,

02/15/29

.....

400

412,324

Series

2017A

,

RB

,

5.00

%

,

02/15/30

.....

1,100

1,132,730

Series

2017A

,

RB

,

5.00

%

,

02/15/31

.....

770

792,226

Series

2017A

,

RB

,

5.00

%

,

02/15/33

.....

500

512,600

Series

2022A

,

RB

,

5.00

%

,

02/15/34

.....

1,500

1,664,057

Series

2017A

,

RB

,

5.00

%

,

02/15/35

.....

1,400

1,430,273

Series

2017A

,

RB

,

4.00

%

,

02/15/36

.....

1,930

1,930,539

Series

2017A

,

RB

,

5.00

%

,

02/15/36

.....

2,250

2,294,626

Series

2017A

,

RB

,

5.00

%

,

02/15/38

.....

500

507,821

Series

2017A

,

RB

,

5.00

%

,

02/15/39

.....

200

202,662

Series

2022A

,

RB

,

4.00

%

,

02/15/41

.....

1,745

1,655,773

Series

2017A

,

RB

,

5.00

%

,

02/15/42

.....

200

200,981

Series

2017A

,

RB

,

5.00

%

,

02/15/45

.....

650

651,164

Series

2017A

,

RB

,

4.00

%

,

02/15/47

(

AGM

)

1,200

1,070,056

Long

Island

Power

Authority

Series

2017

,

RB

,

5.00

%

,

09/01/25

......

425

427,043

Series

2019A

,

RB

,

5.00

%

,

09/01/25

.....

700

703,567

Series

2023E

,

RB

,

5.00

%

,

09/01/26

.....

100

102,796

Series

2016B

,

RB

,

5.00

%

,

09/01/30

.....

4,730

4,828,021

Series

2021A

,

RB

,

5.00

%

,

09/01/30

.....

530

583,536

Series

2016B

,

RB

,

5.00

%

,

09/01/31

.....

1,355

1,382,580

Series

2017

,

RB

,

5.00

%

,

09/01/33

......

2,650

2,724,531

Series

2018

,

RB

,

5.00

%

,

09/01/33

......

1,465

1,534,839

Series

2017

,

RB

,

5.00

%

,

09/01/35

......

1,550

1,586,129

Series

2021A

,

RB

,

5.00

%

,

09/01/35

.....

1,115

1,207,667

Series

2019A

,

RB

,

3.00

%

,

09/01/36

.....

2,310

2,070,824

Series

2017

,

RB

,

5.00

%

,

09/01/36

......

1,000

1,021,017

Series

2021A

,

RB

,

4.00

%

,

09/01/38

.....

1,000

989,650

Series

2018

,

RB

,

5.00

%

,

09/01/38

......

2,370

2,440,331

Series

2016B

,

RB

,

5.00

%

,

09/01/41

.....

500

502,444

Series

2024A

,

RB

,

5.00

%

,

09/01/42

.....

2,980

3,141,440

Series

2017

,

RB

,

5.00

%

,

09/01/42

......

4,465

4,487,170

Series

2015B

,

RB

,

5.00

%

,

09/01/45

.....

750

750,188

Series

2023E

,

RB

,

5.00

%

,

09/01/48

.....

2,000

2,029,934

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2021B

,

RB

,

VRDN

1.50

%

,

09/01/26

(b)

USD

80

$

77,903

Series

2022B

,

RB

,

VRDN

5.00

%

,

09/01/27

(b)

3,000

3,086,924

Series

2023E

,

RB

,

5.00

%

,

09/01/53

.....

2,270

2,295,702

Metropolitan

Transportation

Authority

Series

2018B

,

RB

,

5.00

%

,

11/15/25

.....

250

251,857

Series

2017C-1

,

RB

,

5.00

%

,

11/15/25

....

200

201,486

Series

2020E

,

RB

,

4.00

%

,

11/15/26

.....

710

718,147

Series

2017B

,

RB

,

5.00

%

,

11/15/26

.....

750

769,277

Series

2006B

,

RB

,

5.25

%

,

11/15/26

(

AGM

)

1,000

1,030,087

Series

2017C-2

,

RB

,

0.00

%

,

11/15/27

(c)

...

1,000

919,992

Series

A-2

,

RB

,

5.00

%

,

11/15/27

.......

1,255

1,297,062

Series

D-1

,

RB

,

5.00

%

,

11/15/28

.......

1,570

1,577,675

Series

2017B

,

RB

,

5.00

%

,

11/15/28

.....

1,005

1,062,927

Series

2017C-2

,

RB

,

0.00

%

,

11/15/29

(c)

...

2,000

1,706,840

Series

C-1

,

RB

,

5.00

%

,

11/15/29

.......

1,085

1,089,420

Series

2024B

,

RB

,

5.00

%

,

11/15/30

.....

1,000

1,080,523

Series

2016D

,

RB

,

5.00

%

,

11/15/30

.....

500

511,090

Series

2025A

,

RB

,

5.00

%

,

11/15/32

(a)

....

2,000

2,203,761

Series

2024A

,

RB

,

5.00

%

,

11/15/34

.....

1,500

1,649,775

Series

2017C-1

,

RB

,

5.00

%

,

11/15/34

....

1,200

1,231,050

Series

C-1

,

RB

,

5.00

%

,

11/15/34

.......

350

350,479

Series

2017C-1

,

RB

,

4.00

%

,

11/15/35

....

2,000

1,968,504

Series

2025A

,

RB

,

5.00

%

,

11/15/35

.....

2,500

2,745,039

Series

2016B

,

RB

,

4.00

%

,

11/15/36

.....

350

340,579

Series

2017C-1

,

RB

,

4.00

%

,

11/15/38

....

510

478,477

Series

2017C-2

,

RB

,

0.00

%

,

11/15/39

(c)

...

245

122,220

Series

2019C

,

RB

,

5.00

%

,

11/15/40

.....

500

510,213

Series

2017D

,

RB

,

4.00

%

,

11/15/42

.....

1,250

1,104,849

Series

2020A-1

,

RB

,

4.00

%

,

11/15/43

(

AGM

)

1,085

963,847

Series

2021A-1

,

RB

,

4.00

%

,

11/15/44

....

1,500

1,303,369

Series

2020A-1

,

RB

,

4.00

%

,

11/15/46

....

350

297,964

Series

2025A

,

RB

,

5.00

%

,

11/15/47

(a)

....

2,000

2,015,994

Series

2021A-1

,

RB

,

4.00

%

,

11/15/48

....

1,500

1,258,531

Series

2015E-1

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

),

3.05

%

,

06/02/25

(b)

........

500

500,000

Series

2020D-3

,

RB

,

4.00

%

,

11/15/50

....

1,000

833,201

Series

2025A

,

RB

,

4.63

%

,

11/15/50

.....

1,000

971,460

Series

2020C-1

,

RB

,

5.00

%

,

11/15/50

....

2,000

1,982,687

Series

A-1

,

RB

,

5.00

%

,

11/15/51

.......

1,000

986,021

Series

2020A-1

,

RB

,

4.00

%

,

11/15/52

....

1,000

820,308

Series

2019B

,

RB

,

5.00

%

,

11/15/52

.....

1,000

972,408

Series

2020C-1

,

RB

,

5.25

%

,

11/15/55

....

1,000

1,014,577

Series

A-1

,

RB

,

5.25

%

,

11/15/56

.......

200

199,560

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund

Series

2012A

,

RB

,

0.00

%

,

11/15/30

(c)

....

1,035

853,015

Series

B-1

,

RB

,

5.00

%

,

11/15/35

.......

1,000

1,027,894

Series

2024B-1

,

RB

,

5.00

%

,

11/15/43

....

1,000

1,044,008

Series

2022A

,

RB

,

5.00

%

,

11/15/46

.....

1,000

1,016,362

Series

B-1

,

RB

,

5.00

%

,

11/15/46

.......

630

631,813

Monroe

County

Industrial

Development

Corp.

Series

2020A

,

RB

,

5.00

%

,

07/01/25

.....

195

195,306

Series

2017C

,

RB

,

5.00

%

,

07/01/28

.....

110

114,673

Series

2017

,

RB

,

5.00

%

,

05/01/30

(

SAW

)

.

485

503,019

Series

A

,

RB

,

5.00

%

,

07/01/32

.........

280

289,406

Series

2018

,

RB

,

5.00

%

,

05/01/34

(

SAW

)

.

4,350

4,539,956

Series

2023A

,

RB

,

5.00

%

,

07/01/34

.....

2,000

2,251,062

Series

2017C

,

RB

,

4.00

%

,

07/01/36

.....

1,000

978,253

Series

2017D

,

RB

,

4.00

%

,

07/01/36

.....

900

880,427

Series

2017C

,

RB

,

4.00

%

,

07/01/43

.....

1,550

1,377,519

Series

2020A

,

RB

,

4.00

%

,

07/01/50

.....

1,000

869,260

Series

2023A

,

RB

,

5.00

%

,

07/01/53

.....

1,000

1,014,471

MTA

Hudson

Rail

Yards

Trust

Obligations,

Series

2016A,

RB,

5.00%, 11/15/56

.........

1,000

973,178

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

New

York

Muni

Bond

ETF

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Nassau

County

Interim

Finance

Authority

Series

2021A

,

RB

,

5.00

%

,

11/15/29

.....

USD

500

$

548,554

Series

2024A

,

RB

,

5.00

%

,

11/15/29

.....

1,500

1,645,661

Series

2021A

,

RB

,

5.00

%

,

11/15/31

.....

790

884,176

Series

2021A

,

RB

,

4.00

%

,

11/15/32

.....

1,000

1,056,058

Series

2021A

,

RB

,

4.00

%

,

11/15/33

.....

2,070

2,175,905

Series

2021A

,

RB

,

5.00

%

,

11/15/33

.....

305

338,129

Series

2021A

,

RB

,

5.00

%

,

11/15/34

.....

540

594,661

Series

2021A

,

RB

,

4.00

%

,

11/15/35

.....

245

254,684

New

York

City

Municipal

Water

Finance

Authority

Series

2018FF

,

RB

,

5.00

%

,

06/15/25

....

230

230,166

Series

2020CC-2

,

RB

,

5.00

%

,

06/15/25

...

810

810,584

Series

2020DD-2

,

RB

,

5.00

%

,

06/15/27

...

505

509,997

Series

2022AA-2

,

RB

,

5.00

%

,

06/15/28

...

3,700

3,816,748

Series

2020DD-1

,

RB

,

5.00

%

,

06/15/30

...

1,310

1,436,856

Series

2020EE

,

RB

,

5.00

%

,

06/15/31

....

690

766,535

Series

2015GG

,

RB

,

5.00

%

,

06/15/31

....

2,000

2,001,377

Series

BB-2

,

RB

,

5.00

%

,

06/15/32

......

500

517,018

Series

2016

,

RB

,

4.00

%

,

06/15/33

......

250

251,731

Series

2018EE

,

RB

,

5.00

%

,

06/15/35

....

1,595

1,601,868

Series

2019FF-2

,

RB

,

4.00

%

,

06/15/36

...

560

556,629

Series

2024,

Sub-Series

BB-2

,

RB

,

5.00

%

,

06/15/36

................

1,100

1,214,899

Series

2017EE

,

RB

,

5.00

%

,

06/15/36

....

500

513,817

Series

2019FF-2

,

RB

,

4.00

%

,

06/15/37

...

3,000

2,958,434

Series

2015GG

,

RB

,

5.00

%

,

06/15/37

....

500

500,344

Series

2022EE

,

RB

,

4.00

%

,

06/15/39

....

1,305

1,269,954

Series

2018EE

,

RB

,

5.00

%

,

06/15/40

....

300

305,627

Series

2021AA-2

,

RB

,

4.00

%

,

06/15/42

...

1,500

1,383,428

Series

2020DD-3

,

RB

,

4.00

%

,

06/15/42

...

500

459,795

Series

DD-2

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.00

%

,

06/02/25

(b)

...

2,540

2,540,000

Series

2025BB

,

RB

,

5.00

%

,

06/15/43

(a)

...

2,000

2,100,866

Series

2022BB-1

,

RB

,

3.00

%

,

06/15/44

...

3,400

2,535,835

Series

2024BB-2

,

RB

,

5.00

%

,

06/15/44

...

500

519,337

Series

2017AA

,

RB

,

3.00

%

,

06/15/46

....

685

486,699

Series

2023DD

,

RB

,

4.13

%

,

06/15/46

....

1,500

1,377,068

Series

BB-1

,

RB

,

5.00

%

,

06/15/46

......

1,125

1,131,819

Series

2023DD

,

RB

,

5.25

%

,

06/15/46

....

2,915

3,052,596

Series

2017DD

,

RB

,

5.00

%

,

06/15/47

....

1,500

1,502,065

Series

2024BB-2

,

RB

,

5.25

%

,

06/15/47

...

2,995

3,136,041

Series

2018CC-1

,

RB

,

5.00

%

,

06/15/48

...

750

756,592

Series

2019FF-1

,

RB

,

5.00

%

,

06/15/49

...

1,070

1,080,252

Series

AA-2

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.00

%

,

06/02/25

(b)

...

2,480

2,480,000

Series

2020GG-1

,

RB

,

4.00

%

,

06/15/50

..

1,000

863,090

Series

2020DD-1

,

RB

,

4.00

%

,

06/15/50

...

500

430,827

Series

2021CC-1

,

RB

,

4.00

%

,

06/15/51

...

3,000

2,557,112

Series

2023CC

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.05

%

,

06/02/25

(b)

.......

1,025

1,025,000

Series

2024,

Sub-Series

AA-1

,

RB

,

5.25

%

,

06/15/53

................

2,000

2,077,875

Series

2025AA

,

RB

,

4.00

%

,

06/15/54

....

2,700

2,271,293

Series

2024CC-1

,

RB

,

5.25

%

,

06/15/54

...

2,000

2,075,398

Series

2025BB

,

RB

,

5.25

%

,

06/15/55

....

2,000

2,080,124

New

York

City

Transitional

Finance

Authority

Series

2025E

,

RB

,

5.00

%

,

11/01/29

.....

700

759,285

Series

2025D

,

RB

,

5.00

%

,

05/01/30

.....

250

272,311

Series

2025C,

Sub-Series

C-1

,

RB

,

5.00

%

,

05/01/31

................

3,360

3,702,261

Series

2025F,

Sub-Series

F-1

,

RB

,

5.00

%

,

11/01/31

(a)

...............

1,000

1,107,410

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/31

................

2,000

2,214,819

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2025B,

Sub-Series

B-1

,

RB

,

5.00

%

,

11/01/32

................

USD

2,795

$

3,116,358

Series

2025E

,

RB

,

5.00

%

,

11/01/32

.....

1,000

1,114,976

Series

2025J,

Sub-Series

J-1

,

RB

,

5.00

%

,

11/01/32

(a)

...............

2,500

2,787,440

Series

2024D-1

,

RB

,

5.00

%

,

11/01/33

....

2,000

2,240,746

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/33

................

1,400

1,568,522

Series

2025G,

Sub-Series

G-1

,

RB

,

5.00

%

,

11/01/34

................

3,120

3,486,109

Series

2025J,

Sub-Series

J-1

,

RB

,

5.00

%

,

11/01/35

................

1,755

1,956,611

Series

2024F,

Sub-Series

F-1

,

RB

,

5.00

%

,

02/01/36

................

1,000

1,098,820

Series

2024G-1

,

RB

,

5.00

%

,

05/01/36

....

2,500

2,747,678

Series

2025E

,

RB

,

5.00

%

,

11/01/36

.....

1,000

1,098,927

Series

2024D-1

,

RB

,

5.00

%

,

11/01/36

....

1,300

1,422,842

Series

2024B

,

RB

,

5.00

%

,

05/01/38

.....

1,000

1,078,177

Series

2024F,

Sub-Series

F-1

,

RB

,

5.00

%

,

02/01/43

................

2,770

2,870,296

Series

2024G-1

,

RB

,

5.00

%

,

05/01/43

....

4,570

4,741,687

Series

2024G-1

,

RB

,

5.00

%

,

05/01/45

....

2,500

2,569,654

Series

2025C,

Sub-Series

C-1

,

RB

,

5.00

%

,

05/01/45

................

1,000

1,029,116

Series

2024B

,

RB

,

5.00

%

,

05/01/45

.....

2,000

2,053,773

Series

2024F-1

,

RB

,

5.00

%

,

02/01/46

....

2,500

2,557,773

Series

2025D

,

RB

,

5.00

%

,

05/01/46

.....

3,785

3,879,120

Series

2024G-1

,

RB

,

5.00

%

,

05/01/47

....

1,500

1,534,992

Series

2025I,

Sub-Series

I-1

,

RB

,

5.50

%

,

05/01/53

................

1,175

1,246,812

Series

2025E

,

RB

,

4.13

%

,

11/01/53

.....

950

832,724

Series

2025E

,

RB

,

5.00

%

,

11/01/53

.....

880

893,144

New

York

City

Transitional

Finance

Authority

Building

Aid

Series

2018S-4A

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

.......................

115

120,233

Series

2022S-1A

,

RB

,

5.00

%

,

07/15/30

(

SAW

)

.......................

195

212,483

Series

2018S-4A

,

RB

,

5.00

%

,

07/15/31

(

SAW

)

.......................

500

524,285

Series

2019S-3A

,

RB

,

5.00

%

,

07/15/31

(

SAW

)

.......................

500

524,285

Series

2019S-3A

,

RB

,

4.00

%

,

07/15/38

(

SAW

)

.......................

500

480,836

Series

2015S-2

,

RB

,

5.00

%

,

07/15/40

(

SAW

)

500

500,127

Series

2015S-1

,

RB

,

5.00

%

,

07/15/43

(

SAW

)

685

685,027

Series

2016S-1

,

RB

,

5.00

%

,

07/15/43

(

SAW

)

560

561,575

Series

2018S-3

,

RB

,

4.00

%

,

07/15/46

(

SAW

)

380

336,964

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Series

2023B-1

,

RB

,

5.00

%

,

11/01/25

....

500

504,257

Series

2021A

,

RB

,

5.00

%

,

11/01/26

.....

700

720,825

Series

C

,

RB

,

5.00

%

,

11/01/26

.........

115

118,421

Series

2023E-1

,

RB

,

5.00

%

,

11/01/26

....

1,060

1,091,535

Series

2023E-1

,

RB

,

5.00

%

,

11/01/27

....

985

1,034,770

Series

C

,

RB

,

5.00

%

,

11/01/27

.........

615

618,888

Series

2018-1

,

RB

,

5.00

%

,

11/01/27

.....

340

357,179

Series

2019A-1

,

RB

,

5.00

%

,

08/01/28

....

2,220

2,363,217

Series

B-1

,

RB

,

5.00

%

,

11/01/28

.......

500

502,975

Series

2021G-1

,

RB

,

5.00

%

,

11/01/28

....

140

149,641

Series

2016E-1

,

RB

,

5.00

%

,

02/01/29

....

750

757,401

Series

B-1

,

RB

,

5.00

%

,

11/01/29

.......

200

201,124

Series

C

,

RB

,

5.00

%

,

11/01/29

.........

1,000

1,031,808

Series

2021-2

,

RB

,

5.00

%

,

08/01/30

.....

2,720

2,972,308

Series

2023B-1

,

RB

,

5.00

%

,

11/01/31

....

1,290

1,428,559

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

New

York

Muni

Bond

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2017A-1

,

RB

,

5.00

%

,

05/01/32

....

USD

500

$

505,925

Series

2018B-1

,

RB

,

5.00

%

,

08/01/33

....

1,000

1,027,034

Series

2018A-2

,

RB

,

5.00

%

,

08/01/33

....

1,000

1,027,034

Series

2017E-1

,

RB

,

5.00

%

,

02/01/34

....

1,500

1,529,103

Series

2016E-1

,

RB

,

5.00

%

,

02/01/34

....

500

503,851

Series

B-1

,

RB

,

5.00

%

,

08/01/35

.......

1,120

1,161,849

Series

B-1

,

RB

,

5.00

%

,

11/01/35

.......

1,015

1,018,494

Series

2020B-1

,

RB

,

5.00

%

,

11/01/35

....

1,535

1,607,566

Series

2017F-1

,

RB

,

5.00

%

,

05/01/36

....

1,000

1,018,682

Series

2019A-1

,

RB

,

5.00

%

,

08/01/36

....

1,000

1,033,675

Series

2018A-2

,

RB

,

5.00

%

,

08/01/36

....

1,000

1,020,360

Series

2016A-1

,

RB

,

5.00

%

,

08/01/36

....

1,000

1,003,144

Series

2022A-1

,

RB

,

4.00

%

,

11/01/36

....

1,875

1,856,774

Series

2021A

,

RB

,

5.00

%

,

11/01/36

.....

1,000

1,055,114

Series

2023B-1

,

RB

,

5.25

%

,

11/01/36

....

1,500

1,644,101

Series

2017E-1

,

RB

,

5.00

%

,

02/01/37

....

200

202,763

Series

2021C-1

,

RB

,

5.00

%

,

05/01/37

....

1,000

1,049,230

Series

2023D-1

,

RB

,

5.25

%

,

11/01/37

....

375

407,702

Series

2019C-1

,

RB

,

4.00

%

,

11/01/38

....

1,000

970,170

Series

2021G-1

,

RB

,

5.00

%

,

11/01/38

....

1,250

1,310,207

Series

2016E-1

,

RB

,

5.00

%

,

02/01/39

....

500

501,924

Series

2011A-4

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.05

%

,

06/02/25

(b)

.......

3,550

3,550,000

Series

2022B,

Sub-Series

B-1

,

RB

,

3.00

%

,

08/01/40

................

740

606,034

Series

2022F-1

,

RB

,

5.00

%

,

02/01/41

....

3,500

3,630,845

Series

2021C-1

,

RB

,

4.00

%

,

05/01/41

....

1,410

1,317,117

Series

2023A-1

,

RB

,

5.25

%

,

08/01/42

....

5,000

5,247,597

Series

2019C-1

,

RB

,

4.00

%

,

11/01/42

....

2,590

2,394,172

Series

2018A-3

,

RB

,

4.00

%

,

08/01/43

....

3,400

3,084,825

Series

2019C-4

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.05

%

,

06/02/25

(b)

.......

2,650

2,650,000

Series

2016E-4

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.00

%

,

06/02/25

(b)

4,020

4,020,000

Series

2020C-1

,

RB

,

4.00

%

,

05/01/45

....

200

178,853

Series

2018B-1

,

RB

,

5.00

%

,

08/01/45

....

1,000

1,004,767

Series

2023D-1

,

RB

,

5.50

%

,

11/01/45

....

850

900,964

Series

2023F-1

,

RB

,

4.00

%

,

02/01/51

....

2,000

1,756,131

New

York

Convention

Center

Development

Corp.

Series

2015

,

RB

,

5.00

%

,

11/15/40

......

250

250,103

Series

A

,

RB

,

0.00

%

,

11/15/48

(c)

........

500

147,584

New

York

Power

Authority

Series

2022A

,

RB

,

5.00

%

,

11/15/26

(

AGM

)

505

521,845

Series

2022A

,

RB

,

5.00

%

,

11/15/27

(

AGM

)

505

533,971

Series

2022A

,

RB

,

5.00

%

,

11/15/31

(

AGM

)

1,125

1,265,787

Series

2024A

,

RB

,

5.00

%

,

11/15/31

.....

2,000

2,254,187

Series

2024A

,

RB

,

5.00

%

,

11/15/35

.....

4,245

4,839,683

Series

2024A

,

RB

,

5.00

%

,

11/15/40

.....

250

268,978

Series

2024A

,

RB

,

5.00

%

,

11/15/42

.....

400

425,308

Series

2024A

,

RB

,

5.00

%

,

11/15/43

.....

1,000

1,055,987

Series

2020A

,

RB

,

4.00

%

,

11/15/45

.....

2,000

1,801,417

Series

2024A

,

RB

,

4.00

%

,

11/15/49

.....

895

778,169

Series

2020A

,

RB

,

4.00

%

,

11/15/50

.....

2,500

2,166,133

Series

2023A

,

RB

,

5.00

%

,

11/15/53

(

AGM

)

1,240

1,253,497

Series

2020A

,

RB

,

4.00

%

,

11/15/55

.....

1,000

844,806

Series

2020A

,

RB

,

4.00

%

,

11/15/60

.....

2,300

1,918,574

New

York

State

Dormitory

Authority

Series

2018A

,

RB

,

5.00

%

,

07/01/25

.....

660

660,993

Series

B

,

RB

,

5.00

%

,

10/01/25

.........

2,100

2,115,257

Series

2017B-1

,

RB

,

5.00

%

,

02/15/26

....

670

679,324

Series

2015A

,

RB

,

5.00

%

,

07/01/26

.....

300

300,447

Series

2017A

,

RB

,

5.00

%

,

07/01/26

.....

1,000

1,023,633

Series

2019A

,

RB

,

5.00

%

,

07/01/26

.....

125

127,954

Series

2020A

,

RB

,

5.00

%

,

07/01/26

.....

5,000

5,121,397

Series

B

,

RB

,

4.00

%

,

10/01/26

.........

100

101,834

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

A-1

,

RB

,

5.00

%

,

10/01/26

.......

USD

305

$

314,556

Series

F

,

RB

,

5.00

%

,

10/01/26

(

AGM,

SAW

)

25

25,040

Series

2017B-1

,

RB

,

5.00

%

,

02/15/27

....

420

436,419

Series

2015E

,

RB

,

4.00

%

,

03/15/27

.....

400

401,275

Series

B

,

RB

,

5.00

%

,

10/01/27

.........

510

519,356

Series

E

,

RB

,

5.00

%

,

10/01/27

(

SAW

)

....

2,700

2,764,835

Series

A

,

RB

,

5.00

%

,

10/01/27

.........

510

536,219

Series

2016D

,

RB

,

5.00

%

,

02/15/28

.....

200

205,462

Series

2019D

,

RB

,

5.00

%

,

02/15/28

.....

1,000

1,055,367

Series

2025A

,

RB

,

5.00

%

,

03/15/28

(a)

....

2,000

2,113,922

Series

2017A

,

RB

,

5.00

%

,

07/01/28

.....

1,330

1,384,845

Series

2021B

,

RB

,

5.00

%

,

07/01/28

.....

1,000

1,062,754

Series

2018A

,

RB

,

5.00

%

,

10/01/28

.....

505

540,705

Series

2017A

,

RB

,

5.00

%

,

02/15/29

.....

920

955,966

Series

2015E

,

RB

,

5.00

%

,

03/15/29

.....

315

316,892

Series

2024A

,

RB

,

5.00

%

,

10/01/29

(

AGM,

SAW

)

.......................

1,000

1,080,018

Series

2025A

,

RB

,

5.00

%

,

03/15/30

.....

1,015

1,104,694

Series

2022A

,

RB

,

5.00

%

,

07/01/30

.....

1,000

1,071,970

Series

2018A

,

RB

,

5.00

%

,

07/01/30

.....

2,190

2,313,530

Series

2017A

,

RB

,

5.00

%

,

02/15/31

.....

2,025

2,080,958

Series

2017B-2

,

RB

,

5.00

%

,

02/15/31

....

750

776,633

Series

2021A

,

RB

,

5.00

%

,

03/15/31

.....

1,560

1,718,012

Series

2015E

,

RB

,

5.00

%

,

03/15/31

.....

1,000

1,003,350

Series

2025A

,

RB

,

5.00

%

,

07/01/31

(a)

....

1,000

1,106,020

Series

2024A

,

RB

,

5.00

%

,

10/01/31

.....

1,150

1,278,084

Series

2021E

,

RB

,

5.00

%

,

03/15/32

.....

420

466,124

Series

2015E

,

RB

,

5.00

%

,

03/15/32

.....

1,530

1,534,906

Series

2016A

,

RB

,

5.00

%

,

03/15/32

.....

3,000

3,055,993

Series

2016A

,

RB

,

5.00

%

,

02/15/33

.....

1,500

1,523,645

Series

2020A

,

RB

,

5.00

%

,

03/15/33

.....

1,000

1,083,538

Series

2018A

,

RB

,

5.00

%

,

03/15/33

.....

800

819,847

Series

2017

,

RB

,

4.00

%

,

07/01/33

......

465

468,492

Series

2017A

,

RB

,

5.00

%

,

07/01/33

.....

840

869,718

Series

2018A

,

RB

,

5.00

%

,

07/01/33

.....

650

681,594

Series

2023A

,

RB

,

5.00

%

,

10/01/33

.....

1,475

1,664,468

Series

2017B-2

,

RB

,

5.00

%

,

02/15/34

....

1,000

1,030,138

Series

2016A

,

RB

,

5.00

%

,

03/15/34

.....

1,900

1,932,102

Series

2018A

,

RB

,

5.00

%

,

03/15/34

.....

1,000

1,034,686

Series

2015E

,

RB

,

5.00

%

,

03/15/34

.....

2,500

2,507,873

Series

2019A

,

RB

,

5.00

%

,

03/15/34

.....

1,000

1,050,940

Series

2017A

,

RB

,

5.00

%

,

07/01/34

.....

3,000

3,101,094

Series

2025A

,

RB

,

5.00

%

,

10/01/34

(

AGC

)

(a)

500

558,787

Series

2024A

,

RB

,

5.00

%

,

10/01/34

(

AGM,

SAW

)

.......................

1,800

1,973,315

Series

2020A

,

RB

,

4.00

%

,

03/15/35

.....

1,000

998,585

Series

2019A

,

RB

,

5.00

%

,

07/01/35

.....

2,335

2,464,303

Series

2024D

,

RB

,

5.00

%

,

10/01/35

(

SAW

)

2,585

2,829,298

Series

2017A

,

RB

,

5.00

%

,

02/15/36

.....

500

510,069

Series

2021A

,

RB

,

5.00

%

,

03/15/36

.....

1,000

1,068,198

Series

2021E

,

RB

,

5.00

%

,

03/15/36

.....

1,975

2,129,009

Series

2018C

,

RB

,

5.00

%

,

03/15/36

.....

1,000

1,026,545

Series

2017B-2

,

RB

,

5.00

%

,

02/15/37

....

500

511,869

Series

2019A

,

RB

,

5.00

%

,

03/15/37

.....

1,000

1,037,875

Series

2018A

,

RB

,

4.00

%

,

07/01/37

.....

2,500

2,452,100

Series

2018C

,

RB

,

5.00

%

,

03/15/38

.....

500

509,837

Series

2025A

,

RB

,

5.00

%

,

03/15/38

.....

3,000

3,253,100

Series

2015A

,

RB

,

4.00

%

,

07/01/38

.....

720

691,525

Series

2018B

,

RB

,

5.00

%

,

10/01/38

.....

1,000

1,022,880

Series

2023A

,

RB

,

5.00

%

,

03/15/39

.....

280

297,371

Series

2023A-1

,

RB

,

5.00

%

,

03/15/39

....

3,600

3,850,615

Series

2018A

,

RB

,

5.25

%

,

03/15/39

.....

725

747,744

Series

2016A

,

RB

,

5.00

%

,

02/15/40

.....

500

503,655

Series

2019A

,

RB

,

5.00

%

,

03/15/40

.....

1,000

1,023,784

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

New

York

Muni

Bond

ETF

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2001-1

,

RB

,

5.50

%

,

07/01/40

(

AMBAC

)

.....................

USD

400

$

450,853

Series

2021E

,

RB

,

3.00

%

,

03/15/41

.....

2,000

1,580,580

Series

2025A

,

RB

,

5.00

%

,

03/15/41

(a)

....

1,500

1,584,089

Series

2017A

,

RB

,

5.00

%

,

03/15/41

.....

350

353,992

Series

2021A

,

RB

,

3.00

%

,

07/01/41

.....

1,750

1,396,275

Series

2018A

,

RB

,

4.00

%

,

07/01/41

.....

4,000

3,696,428

Series

2016A

,

RB

,

4.00

%

,

07/01/41

.....

500

461,302

Series

2016A

,

RB

,

5.00

%

,

07/01/41

.....

250

250,746

Series

2021E

,

RB

,

4.00

%

,

03/15/42

.....

825

755,847

Series

2022A

,

RB

,

4.00

%

,

07/01/42

.....

1,165

1,077,079

Series

2017B

,

RB

,

5.00

%

,

02/15/43

.....

1,000

1,012,289

Series

2016A

,

RB

,

4.00

%

,

07/01/43

.....

1,265

1,140,866

Series

2017A

,

RB

,

5.00

%

,

03/15/44

.....

105

105,729

Series

2023A-1

,

RB

,

5.00

%

,

03/15/45

....

1,000

1,029,512

Series

2021B

,

RB

,

3.00

%

,

07/01/45

.....

750

549,627

Series

2019A

,

RB

,

4.00

%

,

07/01/45

.....

4,145

3,723,615

Series

2015A

,

RB

,

5.00

%

,

07/01/45

.....

100

100,144

Series

2021E

,

RB

,

4.00

%

,

03/15/46

.....

1,000

878,487

Series

2024B

,

RB

,

5.00

%

,

03/15/46

.....

1,500

1,545,559

Series

2020

,

RB

,

4.00

%

,

07/01/46

......

1,000

870,643

Series

2022

,

RB

,

4.00

%

,

07/01/46

......

730

623,055

Series

2016A

,

RB

,

5.00

%

,

07/01/46

.....

250

242,938

Series

A-2

,

RB

,

5.00

%

,

10/01/46

.......

945

966,739

Series

2021E

,

RB

,

4.00

%

,

03/15/47

.....

2,000

1,743,336

Series

2018A

,

RB

,

4.00

%

,

03/15/47

.....

500

438,667

Series

2022A

,

RB

,

4.00

%

,

07/01/47

.....

310

261,877

Series

A

,

RB

,

5.00

%

,

10/01/47

.........

300

318,509

Series

2020A

,

RB

,

4.00

%

,

03/15/48

.....

2,000

1,741,725

Series

2024A

,

RB

,

5.25

%

,

03/15/48

.....

1,500

1,565,513

Series

2018A

,

RB

,

5.00

%

,

07/01/48

.....

500

514,972

Series

2018A

,

RB

,

5.00

%

,

10/01/48

.....

500

529,796

Series

2019D

,

RB

,

4.00

%

,

02/15/49

.....

1,545

1,337,012

Series

2022A

,

RB

,

4.00

%

,

03/15/49

.....

1,820

1,565,006

Series

2024B

,

RB

,

5.00

%

,

03/15/49

.....

750

767,718

Series

2019C

,

RB

,

4.00

%

,

07/01/49

.....

500

429,988

Series

2019A

,

RB

,

5.00

%

,

07/01/49

.....

500

498,142

Series

2020A

,

RB

,

3.00

%

,

03/15/50

.....

4,750

3,263,578

Series

2020A

,

RB

,

4.00

%

,

07/01/50

.....

2,030

1,763,231

Series

2019B

,

RB

,

5.00

%

,

07/01/50

.....

500

504,713

Series

2020A

,

RB

,

5.00

%

,

07/01/50

.....

2,500

2,532,085

Series

2020A

,

RB

,

5.00

%

,

10/01/50

.....

310

326,989

Series

2021A

,

RB

,

3.00

%

,

03/15/51

.....

1,780

1,209,913

Series

2024A

,

RB

,

5.00

%

,

03/15/51

.....

2,000

2,039,183

Series

2020A

,

RB

,

5.00

%

,

07/01/53

.....

1,500

1,522,007

Series

2024B

,

RB

,

4.00

%

,

03/15/54

.....

1,000

854,834

Series

2024A

,

RB

,

5.50

%

,

07/01/54

.....

4,305

4,569,383

New

York

State

Environmental

Facilities

Corp.

Series

2020A

,

RB

,

5.00

%

,

06/15/25

.....

1,285

1,285,922

Series

2019B

,

RB

,

5.00

%

,

06/15/28

.....

500

533,542

Series

2021B

,

RB

,

5.00

%

,

08/15/29

.....

165

179,523

Series

2022B

,

RB

,

5.00

%

,

09/15/29

.....

500

544,718

Series

2024A

,

RB

,

5.00

%

,

06/15/30

.....

1,000

1,103,243

Series

2023B

,

RB

,

5.00

%

,

06/15/31

.....

125

139,817

Series

2021B

,

RB

,

5.00

%

,

08/15/31

.....

300

336,217

Series

2023B

,

RB

,

5.00

%

,

06/15/32

.....

500

565,129

Series

2022B

,

RB

,

5.00

%

,

09/15/32

.....

500

566,366

Series

2024B

,

RB

,

5.00

%

,

05/15/33

.....

1,500

1,710,468

Series

2022B

,

RB

,

5.00

%

,

09/15/34

.....

500

561,720

Series

2017A

,

RB

,

5.00

%

,

06/15/35

.....

200

205,922

Series

2018A

,

RB

,

5.00

%

,

06/15/35

.....

365

379,033

Series

2022B

,

RB

,

5.00

%

,

09/15/37

.....

500

548,335

Series

2019B

,

RB

,

3.00

%

,

06/15/38

.....

385

326,586

Series

2016A

,

RB

,

5.00

%

,

06/15/41

.....

1,000

1,013,757

Series

2022A

,

RB

,

4.00

%

,

06/15/42

.....

1,000

945,104

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2018B

,

RB

,

5.00

%

,

06/15/43

.....

USD

1,000

$

1,014,123

Series

2019A

,

RB

,

5.00

%

,

08/15/44

.....

500

511,141

Series

2020A

,

RB

,

4.00

%

,

06/15/45

.....

1,095

979,511

Series

2017A

,

RB

,

5.00

%

,

06/15/46

.....

835

840,581

Series

2024A

,

RB

,

5.00

%

,

06/15/47

.....

4,000

4,160,219

Series

2017E

,

RB

,

5.00

%

,

06/15/47

.....

3,500

3,521,614

Series

2022B

,

RB

,

5.00

%

,

09/15/47

.....

3,185

3,288,043

Series

2019A

,

RB

,

5.00

%

,

02/15/49

.....

1,200

1,219,065

Series

2019B

,

RB

,

4.00

%

,

06/15/49

.....

500

435,787

Series

2023B

,

RB

,

5.00

%

,

06/15/53

.....

2,500

2,561,376

New

York

State

Thruway

Authority

Series

2016A

,

RB

,

5.00

%

,

01/01/29

.....

3,665

3,698,195

Series

2021A-1

,

RB

,

5.00

%

,

03/15/29

....

2,570

2,764,951

Series

2016A

,

RB

,

5.00

%

,

01/01/31

.....

100

100,802

Series

Q

,

RB

,

5.00

%

,

01/01/31

........

2,000

2,212,125

Series

Q

,

RB

,

5.00

%

,

01/01/32

........

2,000

2,238,262

Series

L

,

RB

,

5.00

%

,

01/01/35

.........

810

835,982

Series

L

,

RB

,

4.00

%

,

01/01/36

.........

500

491,614

Series

2021A-1

,

RB

,

4.00

%

,

03/15/36

....

4,450

4,450,349

Series

2019B

,

RB

,

4.00

%

,

01/01/38

.....

1,500

1,468,476

Series

2021A-1

,

RB

,

4.00

%

,

03/15/40

....

1,500

1,411,696

Series

2019B

,

RB

,

4.00

%

,

01/01/41

.....

950

883,454

Series

N

,

RB

,

4.00

%

,

01/01/45

.........

1,000

888,934

Series

2016A

,

RB

,

5.00

%

,

01/01/46

.....

500

500,585

Series

N

,

RB

,

3.00

%

,

01/01/49

.........

500

352,111

Series

2022A

,

RB

,

4.00

%

,

03/15/49

.....

2,000

1,749,759

Series

2019B

,

RB

,

4.00

%

,

01/01/50

.....

2,500

2,151,954

Series

2016A

,

RB

,

4.00

%

,

01/01/51

.....

585

492,312

Series

2016A

,

RB

,

5.00

%

,

01/01/51

.....

600

600,192

Series

2022A

,

RB

,

4.00

%

,

03/15/51

.....

3,000

2,596,654

Series

2021A-1

,

RB

,

4.00

%

,

03/15/52

....

2,775

2,370,439

Series

2022C

,

RB

,

5.00

%

,

03/15/54

.....

500

503,614

Series

2016A

,

RB

,

5.25

%

,

01/01/56

.....

2,765

2,744,591

Series

2021A-1

,

RB

,

4.00

%

,

03/15/56

....

3,000

2,517,320

Series

2022C

,

RB

,

4.13

%

,

03/15/56

.....

2,000

1,727,854

Series

2021A-1

,

RB

,

4.00

%

,

03/15/59

....

1,000

831,723

Onondaga

Civic

Development

Corp.,

Series

2025,

RB,

5.00%, 12/01/37

..........

100

110,258

Onondaga

County

Trust

for

Cultural

Resources

Series

2019

,

RB

,

5.00

%

,

12/01/39

......

1,000

1,031,373

Series

2019

,

RB

,

5.00

%

,

12/01/40

......

500

514,662

Series

2019

,

RB

,

5.00

%

,

12/01/43

......

500

508,300

Series

2019

,

RB

,

4.00

%

,

12/01/47

......

1,000

878,139

Series

2019

,

RB

,

4.00

%

,

12/01/49

......

500

435,246

Onondaga

County

Water

Authority,

Series

2019A,

RB,

3.00%, 09/15/44

.........

1,000

780,623

Port

Authority

of

New

York

&

New

Jersey

Series

209

,

RB

,

5.00

%

,

07/15/25

.......

750

751,746

Series

205

,

RB

,

5.00

%

,

11/15/25

.......

1,000

1,009,455

Series

248

,

RB

,

5.00

%

,

01/15/27

.......

500

517,735

Series

248

,

RB

,

5.00

%

,

01/15/28

.......

1,000

1,056,892

Series

85

,

RB

,

5.38

%

,

03/01/28

........

255

264,696

Series

189

,

RB

,

5.00

%

,

05/01/28

.......

330

330,114

Series

194

,

RB

,

5.00

%

,

10/15/28

.......

525

527,255

Series

230

,

RB

,

4.00

%

,

12/01/28

.......

250

259,737

Series

222

,

RB

,

5.00

%

,

07/15/29

.......

520

563,972

Series

194

,

RB

,

5.00

%

,

10/15/29

.......

1,000

1,003,928

Series

230

,

RB

,

4.00

%

,

12/01/30

.......

1,500

1,580,118

Series

212

,

RB

,

5.00

%

,

09/01/32

.......

1,000

1,069,294

Series

244

,

RB

,

5.00

%

,

07/15/33

.......

1,400

1,580,079

Series

222

,

RB

,

5.00

%

,

07/15/33

.......

500

542,414

Series

213

,

RB

,

5.00

%

,

09/01/33

.......

1,000

1,064,229

Series

194

,

RB

,

5.00

%

,

10/15/34

.......

1,000

1,003,229

Series

209

,

RB

,

5.00

%

,

07/15/35

.......

500

518,516

Series

243

,

RB

,

5.00

%

,

12/01/36

.......

2,000

2,199,151

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

New

York

Muni

Bond

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

243

,

RB

,

5.00

%

,

12/01/38

.......

USD

3,700

$

3,999,522

Series

217

,

RB

,

4.00

%

,

11/01/39

.......

1,750

1,678,009

Series

243

,

RB

,

5.00

%

,

12/01/39

.......

1,300

1,390,497

Series

248

,

RB

,

5.00

%

,

01/15/40

.......

1,000

1,072,039

Series

183

,

RB

,

4.00

%

,

12/15/40

.......

400

374,540

Series

244

,

RB

,

5.00

%

,

07/15/41

.......

1,860

1,977,249

Series

194

,

RB

,

5.00

%

,

10/15/41

.......

500

500,496

Series

245

,

RB

,

5.00

%

,

09/01/42

.......

1,000

1,055,812

Series

211

,

RB

,

4.00

%

,

09/01/43

.......

750

680,433

Series

183

,

RB

,

4.00

%

,

06/15/44

.......

250

219,789

Series

216

,

RB

,

4.00

%

,

09/01/45

.......

1,000

888,628

Series

198

,

RB

,

5.00

%

,

11/15/46

.......

1,000

1,003,316

Series

245

,

RB

,

5.00

%

,

09/01/49

.......

2,000

2,052,707

Series

217

,

RB

,

4.00

%

,

11/01/49

.......

555

478,582

Series

224

,

RB

,

4.00

%

,

07/15/51

.......

1,500

1,279,133

Series

240

,

RB

,

5.00

%

,

07/15/53

.......

1,145

1,167,101

Series

200

,

RB

,

5.00

%

,

04/15/57

.......

500

501,001

Series

224

,

RB

,

4.00

%

,

07/15/61

.......

1,500

1,234,088

Saratoga

County

Water

Authority,

Series

2016,

RB,

4.00%, 09/01/48

..............

4,600

4,024,415

State

of

New

York

Series

2021A

,

GO

,

5.00

%

,

03/15/27

.....

500

520,815

Series

2023A

,

GO

,

5.00

%

,

03/15/30

.....

500

549,890

Series

2021A

,

GO

,

5.00

%

,

03/15/31

.....

500

557,765

Series

2023A

,

GO

,

5.00

%

,

03/15/32

.....

1,000

1,128,273

Series

2023A

,

GO

,

5.00

%

,

03/15/33

.....

500

568,812

Series

2025A

,

GO

,

5.00

%

,

03/15/34

.....

2,000

2,294,052

Series

2023A

,

GO

,

5.00

%

,

03/15/35

.....

500

558,749

Series

2023A

,

GO

,

5.00

%

,

03/15/36

.....

500

554,094

Series

2023A

,

GO

,

5.00

%

,

03/15/38

.....

500

545,381

Series

2023A

,

GO

,

5.00

%

,

03/15/39

.....

750

811,822

Series

2023A

,

GO

,

5.00

%

,

03/15/41

.....

500

533,657

Series

2025A

,

GO

,

5.00

%

,

03/15/42

.....

2,000

2,144,162

Suffolk

County

Water

Authority

Series

2014A

,

RB

,

5.00

%

,

06/01/25

.....

15

15,000

Series

2013

,

RB

,

3.00

%

,

06/01/28

......

2,000

1,994,221

Series

2015

,

RB

,

4.00

%

,

06/01/31

......

1,915

1,916,100

Series

2015A

,

RB

,

4.00

%

,

06/01/39

.....

500

485,244

Series

2018A

,

RB

,

4.00

%

,

06/01/41

.....

3,485

3,330,131

Series

2020B

,

RB

,

3.00

%

,

06/01/44

.....

610

470,240

Syracuse

Industrial

Development

Agency

Series

2019A

,

RB

,

5.00

%

,

05/01/31

(

SAW

)

500

516,406

Series

2019A

,

RB

,

5.00

%

,

05/01/32

(

SAW

)

130

133,955

Series

2019A

,

RB

,

4.00

%

,

05/01/33

(

SAW

)

505

509,572

Town

of

Brookhaven,

Series

2015,

GO,

5.00%, 05/01/27

.................

600

600,964

Town

of

Hempstead

Series

2018A

,

GO

,

5.00

%

,

06/15/27

.....

650

665,272

Series

2021

,

GO

,

5.00

%

,

06/15/28

......

1,000

1,071,718

Town

of

Oyster

Bay

Series

2021

,

GO

,

4.00

%

,

03/01/26

(

AGM

)

.

1,355

1,366,964

Series

2021A

,

GO

,

2.00

%

,

03/01/33

(

AGM

)

2,000

1,679,696

Triborough

Bridge

&

Tunnel

Authority

Series

2022E-1

,

RB

,

5.00

%

,

11/15/27

....

180

188,423

Series

2025A

,

RB

,

5.00

%

,

02/01/28

.....

5,000

5,278,259

Series

2022B

,

RB

,

5.00

%

,

05/15/28

.....

1,000

1,062,780

Series

B

,

RB

,

5.00

%

,

11/15/28

.........

235

251,900

Series

2023A

,

RB

,

5.00

%

,

11/15/29

.....

1,000

1,088,337

Series

2016A

,

RB

,

5.00

%

,

11/15/29

.....

2,275

2,311,886

Series

2023C

,

RB

,

5.00

%

,

11/15/30

.....

1,000

1,099,975

Series

B

,

RB

,

5.00

%

,

11/15/30

.........

1,000

1,034,725

Series

2025A

,

RB

,

5.00

%

,

12/01/30

.....

250

275,944

Series

2024B-2

,

RB

,

5.00

%

,

05/15/31

....

1,000

1,102,413

Series

2013A

,

RB

,

0.00

%

,

11/15/31

(c)

....

350

275,036

Series

2023A

,

RB

,

4.00

%

,

11/15/31

.....

625

660,249

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

B

,

RB

,

5.00

%

,

11/15/31

.........

USD

1,000

$

1,032,554

Series

2012B

,

RB

,

0.00

%

,

11/15/32

(c)

....

700

529,307

Series

2013A

,

RB

,

0.00

%

,

11/15/32

(c)

....

200

150,129

Series

2024A,

Sub-Series

A-2

,

RB

,

5.00

%

,

11/15/32

................

1,000

1,125,816

Series

2024C

,

RB

,

5.00

%

,

11/15/34

.....

1,510

1,709,313

Series

2024C

,

RB

,

5.00

%

,

11/15/35

.....

3,000

3,350,417

Series

B

,

RB

,

5.00

%

,

11/15/35

.........

325

332,514

Series

B

,

RB

,

5.00

%

,

11/15/37

.........

1,685

1,712,976

Series

2024C

,

RB

,

5.00

%

,

11/15/38

.....

1,000

1,082,248

Series

2023C

,

RB

,

5.00

%

,

11/15/38

.....

1,000

1,074,169

Series

B

,

RB

,

5.00

%

,

11/15/38

.........

4,250

4,302,047

Series

2015A

,

RB

,

5.00

%

,

11/15/40

.....

250

250,137

Series

2023C

,

RB

,

5.25

%

,

11/15/42

.....

1,000

1,064,867

Series

2019A

,

RB

,

5.00

%

,

11/15/43

.....

665

676,559

Series

2018A

,

RB

,

5.00

%

,

11/15/43

.....

500

503,472

Series

2025A

,

RB

,

5.00

%

,

12/01/44

.....

500

517,383

Series

2021A-2

,

RB

,

VRDN

2.00

%

,

05/15/26

(b)

...............

1,025

977,251

Series

2016A

,

RB

,

5.00

%

,

11/15/46

.....

1,375

1,379,451

Series

2025A

,

RB

,

5.00

%

,

12/01/46

.....

250

256,163

Series

2020A

,

RB

,

5.00

%

,

11/15/49

.....

2,500

2,513,913

Series

2025A

,

RB

,

5.00

%

,

12/01/50

.....

1,500

1,525,034

Series

2022A

,

RB

,

4.00

%

,

05/15/51

.....

1,000

852,137

Series

2022A

,

RB

,

5.00

%

,

05/15/52

.....

250

263,810

Series

2024A

,

RB

,

5.00

%

,

05/15/54

.....

3,000

3,038,351

Series

2024B-1

,

RB

,

5.25

%

,

05/15/54

....

3,280

3,385,795

Series

2020A

,

RB

,

4.00

%

,

11/15/54

.....

1,245

1,049,432

Series

2024A,

Sub-Series

A-1

,

RB

,

4.00

%

,

11/15/54

................

765

655,168

Series

2021A

,

RB

,

5.00

%

,

11/15/56

.....

500

501,175

Triborough

Bridge

&

Tunnel

Authority

Sales

Tax

Series

2024A-1

,

RB

,

5.00

%

,

05/15/49

....

2,770

2,831,064

Series

2024A-1

,

RB

,

5.25

%

,

05/15/64

....

1,500

1,549,344

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

Series

2018A

,

RB

,

5.00

%

,

01/01/34

.....

1,000

1,058,769

Series

2018A

,

RB

,

5.00

%

,

01/01/37

.....

500

523,920

Series

2018A

,

RB

,

5.00

%

,

01/01/38

.....

500

521,399

United

Nations

Development

Corp.,

Series

2019A,

RB,

5.00%, 07/01/26

.........

125

127,729

Utility

Debt

Securitization

Authority

Series

2015

,

RB

,

5.00

%

,

06/15/27

......

745

745,494

Series

2016A

,

RB

,

5.00

%

,

06/15/27

.....

2,000

2,001,326

Series

2023TE-1

,

RB

,

5.00

%

,

06/15/28

...

1,000

1,021,956

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/29

...

180

188,932

Series

2023TE-1

,

RB

,

5.00

%

,

12/15/31

...

1,000

1,084,098

Series

2015

,

RB

,

5.00

%

,

12/15/32

......

2,025

2,038,107

Series

2015

,

RB

,

5.00

%

,

12/15/33

......

400

402,335

Series

2015

,

RB

,

5.00

%

,

12/15/34

......

3,000

3,015,926

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/34

...

1,000

1,122,345

Series

2016B

,

RB

,

4.00

%

,

12/15/35

.....

1,455

1,460,639

Series

2016A

,

RB

,

5.00

%

,

12/15/35

.....

1,195

1,215,589

Series

2015

,

RB

,

5.00

%

,

12/15/35

......

600

602,868

Series

2015

,

RB

,

5.00

%

,

12/15/36

......

150

150,638

Series

2015

,

RB

,

5.00

%

,

12/15/37

......

750

752,795

Series

2017

,

RB

,

5.00

%

,

12/15/39

......

1,200

1,222,280

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/39

...

1,900

2,041,886

Series

2023TE-1

,

RB

,

5.00

%

,

12/15/41

...

5,250

5,644,104

Series

2023TE-2

,

RB

,

5.00

%

,

12/15/45

...

1,000

1,046,246

Series

2023TE-2

,

RB

,

5.00

%

,

12/15/50

...

1,000

1,030,785

Series

2023TE-2

,

RB

,

5.00

%

,

06/15/53

...

1,000

1,027,023

Western

Nassau

County

Water

Authority

Series

2021A

,

RB

,

4.00

%

,

04/01/46

.....

1,145

1,011,314

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

New

York

Muni

Bond

ETF

7

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

May

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2021A

,

RB

,

4.00

%

,

04/01/51

.....

USD

1,255

$

1,068,120

877,067,247

Total

Long-Term

Investments

—

99

.7

%

(Cost:

$

914,985,496

)

..............................

877,067,247

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.0%

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

,

2.02

%

(d)

(e)

.........

26,383

$

26,385

Total

Short-Term

Securities

—

0.0

%

(Cost:

$

26,385

)

.................................

26,385

Total

Investments

—

99

.7

%

(Cost:

$

915,011,881

)

..............................

877,093,632

Other

Assets

Less

Liabilities

—

0.3

%

....................

2,764,754

Net

Assets

—

100.0%

...............................

$

879,858,386

(a)

When-issued

security.

(b)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(c)

Zero-coupon

bond.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

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

$

12,979

$

13,406

(a)

$

—

$

—

$

—

$

26,385

26,383

$

548

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

New

York

Muni

Bond

ETF

8

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Municipal

Bonds

.........................................

$

—

$

877,067,247

$

—

$

877,067,247

Short-Term

Securities

Money

Market

Funds

......................................

26,385

—

—

26,385

$

26,385

$

877,067,247

$

—

$

877,093,632

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

AGC

Assured

Guaranty

Corp.

AGM

Assured

Guaranty

Municipal

Corp.

AMBAC

Ambac

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

GO

General

Obligation

Bonds

LOC

Letter

of

Credit

RB

Revenue

Bonds

SAW

State

Aid

Withholding

VRDN

Variable

Rate

Demand

Notes