Schedule

of

Investments

(unaudited)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

1

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

Alabama

—

1.0%

Alabama

Corrections

Institution

Finance

Authority,

Series

2022A,

RB,

5.00%, 07/01/30

USD

4,800‌

$

5,184,654‌

Alabama

Federal

Aid

Highway

Finance

Authority

Series

B

,

RB

,

5.00

%

,

09/01/25

.........

1,055‌

1,059,388‌

Series

2025A

,

RB

,

5.00

%

,

09/01/28

(a)

....

1,000‌

1,066,179‌

Series

2025A

,

RB

,

5.00

%

,

09/01/29

.....

4,000‌

4,331,222‌

Series

2025B

,

RB

,

5.00

%

,

09/01/29

(a)

....

1,180‌

1,277,711‌

Series

A

,

RB

,

5.00

%

,

09/01/33

.........

1,250‌

1,304,594‌

Series

A

,

RB

,

5.00

%

,

09/01/34

.........

1,250‌

1,304,594‌

Series

2016A

,

RB

,

5.00

%

,

09/01/36

.....

15,040‌

15,399,742‌

Series

A

,

RB

,

5.00

%

,

09/01/36

.........

6,840‌

7,138,737‌

Alabama

Public

School

&

College

Authority

Series

2020A

,

RB

,

5.00

%

,

11/01/25

.....

5,760‌

5,805,229‌

Series

2014B

,

RB

,

5.00

%

,

01/01/26

.....

2,475‌

2,484,509‌

Series

2020A

,

RB

,

5.00

%

,

11/01/26

.....

1,195‌

1,229,377‌

Series

2014B

,

RB

,

5.00

%

,

01/01/27

.....

440‌

441,696‌

Series

2020A

,

RB

,

5.00

%

,

11/01/27

.....

12,025‌

12,640,270‌

Auburn

University

Series

2016A

,

RB

,

5.00

%

,

06/01/29

.....

1,910‌

1,944,287‌

Series

2025-B

,

RB

,

5.00

%

,

06/01/29

.....

2,000‌

2,149,127‌

Series

2025-B

,

RB

,

5.00

%

,

06/01/30

.....

2,750‌

2,992,946‌

Auburn

Water

Works

Board,

Series

2015,

RB,

5.00%, 09/01/40

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

2,500‌

2,511,333‌

County

of

Jefferson,

Series

2024,

RB,

5.00%, 10/01/28

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

1,000‌

1,054,244‌

Tuscaloosa

County

Board

of

Education,

Series

2017,

4.00%, 02/01/47

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

5,015‌

5,112,446‌

Water

Works

Board

of

the

City

of

Birmingham

(The)

Series

2016B

,

RB

,

5.00

%

,

01/01/30

.....

4,020‌

4,149,322‌

Series

2016B

,

RB

,

5.00

%

,

01/01/32

.....

6,945‌

7,168,418‌

Series

2016B

,

RB

,

5.00

%

,

01/01/43

.....

9,815‌

10,130,745‌

97,880,770‌

Alaska

—

0.1%

Borough

of

Matanuska-Susitna,

Series

2015,

RB,

5.25%, 09/01/28

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

1,680‌

1,688,638‌

Borough

of

North

Slope,

Series

2022A,

GO,

5.00%, 06/30/28

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

155‌

164,713‌

State

of

Alaska

Series

2024B

,

GO

,

5.00

%

,

08/01/27

.....

1,000‌

1,045,525‌

Series

2024B

,

GO

,

5.00

%

,

08/01/28

.....

1,725‌

1,836,763‌

Series

2024B

,

GO

,

5.00

%

,

08/01/29

.....

1,000‌

1,079,543‌

Series

2025A

,

GO

,

5.00

%

,

08/01/29

(a)

....

1,700‌

1,835,223‌

7,650,405‌

Arizona

—

1.2%

Arizona

Board

of

Regents

Series

2024

,

RB

,

5.00

%

,

08/01/25

(

BAM

)

.

5,055‌

5,069,250‌

Series

2016

,

RB

,

5.00

%

,

06/01/26

......

15‌

15,319‌

Series

A

,

RB

,

5.00

%

,

06/01/26

.........

975‌

976,494‌

Series

2016

,

RB

,

5.00

%

,

06/01/27

......

155‌

158,370‌

Arizona

Department

of

Transportation

State

Highway

Fund

Series

2016

,

RB

,

5.00

%

,

07/01/27

......

1,480‌

1,509,424‌

Series

2016

,

RB

,

5.00

%

,

07/01/29

......

250‌

254,543‌

Arizona

Transportation

Board

Series

2018

,

RB

,

5.00

%

,

07/01/25

......

885‌

886,456‌

Series

2016

,

RB

,

5.00

%

,

07/01/26

......

180‌

184,118‌

Arizona

Water

Infrastructure

Finance

Authority

Series

2024

,

RB

,

5.00

%

,

10/01/26

......

3,500‌

3,601,452‌

Series

2024

,

RB

,

5.00

%

,

10/01/27

......

2,000‌

2,099,990‌

Security

Par

(000)

Par

(000)

Value

Arizona

(continued)

City

of

Glendale,

Series

2024,

RB,

5.00%, 07/01/29

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

USD

3,325‌

$

3,591,890‌

City

of

Phoenix,

Series

2016,

GO,

5.00%, 07/01/27

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

335‌

342,019‌

City

of

Phoenix

Civic

Improvement

Corp.

Series

2014B

,

RB

,

5.00

%

,

07/01/25

.....

4,615‌

4,621,714‌

Series

2016

,

RB

,

5.00

%

,

07/01/25

......

1,200‌

1,201,808‌

Series

2021B

,

RB

,

5.00

%

,

07/01/25

.....

4,850‌

4,857,308‌

Series

2016

,

RB

,

5.00

%

,

07/01/26

......

2,030‌

2,076,055‌

Series

B

,

RB

,

4.00

%

,

07/01/28

.........

6,000‌

6,101,156‌

Series

2023

,

RB

,

5.00

%

,

07/01/28

......

2,285‌

2,433,182‌

Series

2024

,

RB

,

5.00

%

,

07/01/29

......

5,625‌

6,087,772‌

City

of

Tempe,

Series

2025,

GO,

5.00%, 07/01/26

(a)

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

4,215‌

4,305,818‌

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School,

Series

2025,

GO,

5.00%, 07/01/28

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

1,875‌

1,996,594‌

Maricopa

County

Unified

School

District

No.

48

Scottsdale,

Series

2017,

GO,

5.00%, 07/01/27

180‌

187,897‌

Maricopa

County

Union

High

School

District

No.

210-Phoenix

Series

2025B

,

GO

,

5.00

%

,

07/01/29

(a)

....

1,900‌

2,058,601‌

Series

2025B

,

GO

,

5.00

%

,

07/01/30

.....

1,500‌

1,649,172‌

Salt

River

Project

Agricultural

Improvement

&

Power

District

Series

2017A

,

RB

,

5.00

%

,

01/01/26

.....

490‌

495,851‌

Series

2020A

,

RB

,

5.00

%

,

01/01/26

.....

2,700‌

2,732,238‌

Series

2021A

,

RB

,

5.00

%

,

01/01/26

.....

8,645‌

8,748,221‌

Series

2016A

,

RB

,

5.00

%

,

01/01/27

.....

145‌

149,892‌

Series

2021A

,

RB

,

5.00

%

,

01/01/27

.....

13,995‌

14,467,131‌

Series

2017A

,

RB

,

5.00

%

,

01/01/28

.....

2,070‌

2,183,962‌

Series

2016A

,

RB

,

5.00

%

,

01/01/29

.....

4,645‌

4,784,848‌

Series

2021A

,

RB

,

5.00

%

,

01/01/29

.....

5,560‌

5,970,269‌

Series

2017A

,

RB

,

5.00

%

,

01/01/30

.....

1,420‌

1,488,148‌

Series

2024A

,

RB

,

5.00

%

,

01/01/30

.....

5,380‌

5,865,820‌

Series

2025B

,

RB

,

5.00

%

,

01/01/30

.....

4,900‌

5,342,476‌

Scottsdale

Municipal

Property

Corp.,

Series

2017,

RB,

5.00%, 07/01/36

..........

2,000‌

2,089,491‌

110,584,749‌

Arkansas

—

0.0%

State

of

Arkansas,

Series

2014,

GO,

5.00%, 04/01/26

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

360‌

360,581‌

California

—

13.2%

Anaheim

City

School

District,

Series

2007,

GO,

0.00%, 08/01/26

(NPFGC)

(b)

..........

500‌

481,049‌

Bay

Area

Toll

Authority

Series

2024S-11

,

RB

,

5.00

%

,

04/01/28

...

2,000‌

2,131,731‌

Series

2018A

,

RB

,

VRDN

2.63

%

,

04/01/26

(c)

2,765‌

2,746,381‌

Series

2017F-1

,

RB

,

5.00

%

,

04/01/56

....

10,260‌

10,694,855‌

California

Infrastructure

&

Economic

Development

Bank

Series

2023

,

RB

,

5.00

%

,

10/01/26

......

5,005‌

5,166,621‌

Series

2016

,

RB

,

5.00

%

,

10/01/29

......

1,630‌

1,657,283‌

California

State

Public

Works

Board

Series

2022A

,

RB

,

5.00

%

,

08/01/25

.....

3,000‌

3,009,366‌

Series

B

,

RB

,

5.00

%

,

10/01/25

.........

340‌

342,207‌

Series

2021B

,

RB

,

5.00

%

,

05/01/26

.....

1,040‌

1,059,889‌

Series

F

,

RB

,

5.00

%

,

05/01/26

.........

290‌

290,484‌

Series

B

,

RB

,

5.00

%

,

10/01/26

.........

145‌

149,095‌

Series

2023D

,

RB

,

5.00

%

,

11/01/26

.....

670‌

690,111‌

Series

2021A

,

RB

,

5.00

%

,

02/01/27

.....

15,800‌

16,361,137‌

Series

2022D

,

RB

,

5.00

%

,

05/01/27

.....

7,845‌

8,167,445‌

Series

2022A

,

RB

,

5.00

%

,

08/01/27

.....

2,450‌

2,561,011‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2023C

,

RB

,

5.00

%

,

09/01/27

.....

USD

5,000‌

$

5,234,791‌

Series

B

,

RB

,

5.00

%

,

10/01/27

.........

1,115‌

1,169,199‌

Series

2021A

,

RB

,

5.00

%

,

02/01/28

.....

4,300‌

4,537,036‌

Series

F

,

RB

,

5.00

%

,

05/01/28

.........

1,725‌

1,727,157‌

Series

2022B

,

RB

,

5.00

%

,

06/01/28

.....

9,590‌

10,180,419‌

Series

2024C

,

RB

,

5.00

%

,

09/01/28

.....

7,500‌

7,994,469‌

Series

2016C

,

RB

,

5.00

%

,

11/01/28

.....

14,950‌

15,345,399‌

California

State

University

Series

2015A

,

RB

,

5.00

%

,

11/01/25

.....

3,195‌

3,223,749‌

Series

2016A

,

RB

,

5.00

%

,

11/01/25

.....

2,055‌

2,073,491‌

Series

2016A

,

RB

,

5.00

%

,

11/01/26

.....

345‌

352,233‌

Series

2024A

,

RB

,

5.00

%

,

11/01/28

.....

2,000‌

2,159,827‌

Series

2024A

,

RB

,

5.00

%

,

11/01/29

.....

1,125‌

1,236,262‌

Chico

Unified

School

District,

Series

A,

GO,

5.00%, 08/01/27

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

1,540‌

1,614,339‌

Chino

Basin

Regional

Financing

Authority,

Series

2020B,

RB,

4.00%, 11/01/25

.........

9,065‌

9,075,836‌

City

of

Los

Angeles,

Series

2024,

RB,

5.00%, 06/26/25

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

17,600‌

17,616,442‌

City

of

Los

Angeles

Department

of

Airports

Series

2025D

,

RB

,

5.00

%

,

05/15/29

.....

2,195‌

2,370,844‌

Series

2025E

,

RB

,

5.00

%

,

05/15/29

.....

4,020‌

4,342,047‌

Series

2025D

,

RB

,

5.00

%

,

05/15/30

.....

2,405‌

2,634,606‌

City

of

Los

Angeles

Wastewater

System

Series

2018B

,

RB

,

5.00

%

,

06/01/25

.....

640‌

640,000‌

Series

D

,

RB

,

5.00

%

,

06/01/25

.........

90‌

90,000‌

Series

2018B

,

RB

,

5.00

%

,

06/01/26

.....

690‌

704,297‌

Series

2025C

,

RB

,

5.00

%

,

06/01/27

.....

10,000‌

10,424,601‌

Series

A

,

RB

,

5.00

%

,

06/01/27

.........

170‌

170,165‌

Series

D

,

RB

,

5.00

%

,

06/01/27

.........

50‌

50,049‌

City

of

San

Francisco

Series

2025,

Sub-Series

A

,

RB

,

5.00

%

,

11/01/25

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

2,500‌

2,522,552‌

Series

A

,

RB

,

5.00

%

,

11/01/25

.........

4,890‌

4,934,111‌

Series

D

,

RB

,

5.00

%

,

11/01/25

.........

325‌

327,932‌

Series

A

,

RB

,

5.00

%

,

11/01/26

.........

4,655‌

4,807,388‌

Series

2023C

,

RB

,

5.00

%

,

11/01/28

.....

2,025‌

2,181,319‌

Series

2025,

Sub-Series

A

,

RB

,

5.00

%

,

11/01/29

(a)

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

7,500‌

8,225,341‌

Series

D

,

RB

,

5.00

%

,

11/01/29

.........

2,495‌

2,616,088‌

Coast

Community

College

District

(b)

Series

2006B

,

GO

,

0.00

%

,

08/01/26

(

AGM

)

1,205‌

1,163,720‌

Series

2015

,

GO

,

0.00

%

,

08/01/33

......

500‌

354,093‌

Contra

Costa

Transportation

Authority

Sales

Tax,

Series

2018B,

RB,

5.00%, 03/01/26

.....

3,290‌

3,349,679‌

Corona-Norco

Unified

School

District,

Series

A,

GO,

5.00%, 08/01/40

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

795‌

797,698‌

County

of

Los

Angeles,

Series

2024,

RB,

5.00%, 06/30/25

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

18,040‌

18,063,411‌

County

of

Riverside,

Series

2024,

RB,

5.00%, 06/30/25

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

13,000‌

13,020,779‌

East

Bay

Municipal

Utility

District

Water

System

Series

2014B

,

RB

,

5.00

%

,

06/01/25

.....

510‌

510,000‌

Series

2015A

,

RB

,

5.00

%

,

06/01/27

.....

1,890‌

1,891,402‌

Series

2025B

,

RB

,

5.00

%

,

06/01/29

(a)

....

4,000‌

4,369,354‌

Series

2025B

,

RB

,

5.00

%

,

06/01/30

(a)

....

4,500‌

5,001,214‌

East

Side

Union

High

School

District

Series

D

,

GO

,

5.00

%

,

08/01/28

(a)

.......

1,200‌

1,283,677‌

Series

2024A

,

GO

,

5.00

%

,

08/01/29

(

AGM

)

2,860‌

3,115,346‌

El

Camino

Community

College

District

Fountation

(The)

(b)

Series

2012C

,

GO

,

0.00

%

,

08/01/26

.....

4,875‌

4,697,754‌

Series

2012C

,

GO

,

0.00

%

,

08/01/27

.....

8,365‌

7,810,897‌

El

Camino

Healthcare

District,

Series

2006,

GO,

0.00%, 08/01/28

(NPFGC)

(b)

..........

3,000‌

2,708,629‌

Security

Par

(000)

Par

(000)

Value

California

(continued)

Foothill-De

Anza

Community

College

District

Series

2003B

,

GO

,

0.00

%

,

08/01/26

(

NPFGC

)

(b)

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

USD

1,220‌

$

1,178,746‌

Series

2000A

,

GO

,

0.00

%

,

08/01/27

(

NPFGC

)

(b)

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

1,250‌

1,174,186‌

Series

2003B

,

GO

,

0.00

%

,

08/01/27

(

NPFGC

)

(b)

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

4,000‌

3,753,390‌

Series

2015

,

GO

,

5.00

%

,

08/01/28

......

1,000‌

1,003,292‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series

2013A,

RB,

6.13%, 01/15/28

.....

5,050‌

5,463,881‌

Imperial

Irrigation

District

Electric

System,

Series

2016B-2,

RB,

5.00%, 11/01/25

........

2,595‌

2,619,269‌

Las

Virgenes

Unified

School

District,

Series

2002D,

GO,

0.00%, 09/01/27

(NPFGC)

(b)

..

13,870‌

12,953,210‌

Long

Beach

Unified

School

District

Series

A

,

GO

,

5.00

%

,

08/01/25

........

32,000‌

32,108,589‌

Series

2016

,

GO

,

5.00

%

,

08/01/27

......

40‌

41,058‌

Los

Angeles

Community

College

District

Series

C-1

,

GO

,

5.00

%

,

08/01/25

.......

10,780‌

10,816,940‌

Series

D

,

GO

,

5.00

%

,

08/01/27

........

10,005‌

10,514,566‌

Series

2024

,

GO

,

5.00

%

,

08/01/29

......

3,660‌

3,997,808‌

Los

Angeles

County

Metropolitan

Transportation

Authority

Sales

Tax

Series

2016A

,

RB

,

5.00

%

,

06/01/25

.....

20‌

20,000‌

Series

2020A

,

RB

,

5.00

%

,

06/01/25

.....

1,065‌

1,065,000‌

Series

2016A

,

RB

,

5.00

%

,

07/01/25

.....

820‌

821,263‌

Series

2024A

,

RB

,

5.00

%

,

07/01/25

.....

1,275‌

1,276,963‌

Series

2021A

,

RB

,

5.00

%

,

06/01/26

.....

1,190‌

1,217,494‌

Series

2019A

,

RB

,

5.00

%

,

07/01/26

.....

1,275‌

1,306,947‌

Series

2016A

,

RB

,

5.00

%

,

06/01/27

.....

65‌

66,307‌

Series

2021A

,

RB

,

5.00

%

,

06/01/27

.....

80‌

83,794‌

Series

2016A

,

RB

,

5.00

%

,

07/01/27

.....

10‌

10,216‌

Series

2019A

,

RB

,

5.00

%

,

07/01/27

.....

100‌

104,923‌

Series

2023A

,

RB

,

5.00

%

,

07/01/28

.....

2,470‌

2,645,956‌

Series

2016A

,

RB

,

5.00

%

,

06/01/29

.....

2,530‌

2,576,030‌

Los

Angeles

Department

of

Water

&

Power

Series

2018B

,

RB

,

5.00

%

,

07/01/25

.....

980‌

980,921‌

Series

2020A

,

RB

,

5.00

%

,

07/01/25

.....

9,335‌

9,344,085‌

Series

2021C

,

RB

,

3.00

%

,

07/01/26

.....

3,080‌

3,055,649‌

Series

2021C

,

RB

,

4.00

%

,

07/01/26

.....

2,605‌

2,617,636‌

Series

2020A

,

RB

,

5.00

%

,

07/01/26

.....

205‌

208,225‌

Series

2021C

,

RB

,

5.00

%

,

07/01/26

.....

4,920‌

4,991,671‌

Series

2024C

,

RB

,

5.00

%

,

07/01/27

.....

6,930‌

7,143,403‌

Series

2022E

,

RB

,

5.00

%

,

07/01/27

.....

3,500‌

3,607,779‌

Series

2022A

,

RB

,

5.00

%

,

07/01/27

.....

105‌

108,233‌

Series

2016B

,

RB

,

5.00

%

,

07/01/27

.....

75‌

75,621‌

Series

2020A

,

RB

,

5.00

%

,

07/01/27

.....

2,150‌

2,216,207‌

Series

2020A

,

RB

,

5.00

%

,

07/01/28

.....

4,750‌

4,959,526‌

Series

2023A

,

RB

,

5.00

%

,

07/01/28

.....

1,535‌

1,602,710‌

Series

2025A

,

RB

,

5.00

%

,

07/01/28

.....

855‌

886,858‌

Series

2020A

,

RB

,

5.00

%

,

07/01/29

.....

12,860‌

13,583,035‌

Series

2023A

,

RB

,

5.00

%

,

07/01/29

.....

1,000‌

1,056,224‌

Series

2025A

,

RB

,

5.00

%

,

07/01/30

.....

1,000‌

1,067,785‌

Los

Angeles

Department

of

Water

&

Power

Water

System

Series

2018A

,

RB

,

5.00

%

,

07/01/25

.....

20‌

20,019‌

Series

2020B

,

RB

,

4.00

%

,

07/01/26

.....

1,235‌

1,241,454‌

Series

2016B

,

RB

,

5.00

%

,

07/01/26

.....

590‌

594,751‌

Series

2020B

,

RB

,

4.00

%

,

07/01/27

.....

180‌

181,960‌

Series

2016B

,

RB

,

5.00

%

,

07/01/27

.....

75‌

75,621‌

Series

2022B

,

RB

,

5.00

%

,

07/01/27

.....

160‌

164,927‌

Series

2016A

,

RB

,

5.00

%

,

07/01/28

.....

1,480‌

1,491,698‌

Series

2023A

,

RB

,

5.00

%

,

07/01/28

.....

9,710‌

10,138,315‌

Los

Angeles

Unified

School

District

Series

2016A

,

GO

,

5.00

%

,

07/01/25

.....

455‌

455,704‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2017A

,

GO

,

5.00

%

,

07/01/25

.....

USD

4,285‌

$

4,291,633‌

Series

2019A

,

GO

,

5.00

%

,

07/01/25

.....

1,380‌

1,382,136‌

Series

2020A

,

GO

,

5.00

%

,

07/01/25

.....

135‌

135,209‌

Series

2024QRR

,

GO

,

5.00

%

,

07/01/25

...

5,000‌

5,007,740‌

Series

2020C

,

GO

,

5.00

%

,

07/01/25

.....

5,055‌

5,062,825‌

Series

2016A

,

GO

,

5.00

%

,

07/01/26

.....

4,000‌

4,004,976‌

Series

2020C

,

GO

,

5.00

%

,

07/01/26

.....

2,910‌

2,979,778‌

Series

2017A

,

GO

,

5.00

%

,

07/01/26

.....

3,880‌

3,973,038‌

Series

2018B-1

,

GO

,

5.00

%

,

07/01/26

....

105‌

107,518‌

Series

2020RYQ

,

GO

,

5.00

%

,

07/01/26

...

400‌

409,592‌

Series

2020A

,

GO

,

5.00

%

,

07/01/26

.....

250‌

255,995‌

Series

2020C

,

GO

,

5.00

%

,

07/01/27

.....

1,160‌

1,212,356‌

Series

2019A

,

GO

,

5.00

%

,

07/01/27

.....

140‌

146,319‌

Series

2016B

,

GO

,

5.00

%

,

07/01/27

.....

1,310‌

1,339,442‌

Series

2025A

,

GO

,

5.00

%

,

07/01/27

(a)

....

10,000‌

10,451,341‌

Series

2022QRR

,

GO

,

5.00

%

,

07/01/27

...

2,405‌

2,513,548‌

Series

2024A

,

GO

,

5.00

%

,

07/01/28

.....

8,870‌

9,453,629‌

Series

2020A

,

GO

,

5.00

%

,

07/01/28

.....

2,135‌

2,275,479‌

Series

2025A

,

GO

,

5.00

%

,

07/01/28

.....

7,590‌

8,089,408‌

Series

2020C

,

GO

,

5.00

%

,

07/01/28

.....

920‌

980,534‌

Series

2024A

,

GO

,

5.00

%

,

07/01/29

.....

6,820‌

7,395,062‌

Series

2025A

,

GO

,

5.00

%

,

07/01/29

.....

10,000‌

10,843,200‌

Series

2016B

,

GO

,

5.00

%

,

07/01/30

.....

10,865‌

11,094,020‌

Los

Rios

Community

College

District,

Series

E,

GO,

3.00%, 08/01/25

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

2,300‌

2,299,432‌

Marin

Community

College

District,

Series

A,

GO,

5.00%, 08/01/41

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

7,500‌

7,702,695‌

Metropolitan

Water

District

of

Southern

California

Series

2017A

,

RB

,

2.50

%

,

07/01/25

.....

595‌

594,398‌

Series

2015A

,

RB

,

5.00

%

,

07/01/25

.....

2,545‌

2,548,961‌

Series

2019A

,

RB

,

5.00

%

,

07/01/25

.....

550‌

550,784‌

Series

2022A

,

RB

,

5.00

%

,

10/01/25

.....

1,445‌

1,454,899‌

Series

2022B

,

RB

,

3.00

%

,

07/01/26

.....

3,000‌

3,002,151‌

Series

2019A

,

RB

,

5.00

%

,

07/01/26

.....

1,180‌

1,208,676‌

Series

2022B

,

RB

,

3.00

%

,

07/01/27

.....

250‌

250,929‌

Series

2022A

,

RB

,

5.00

%

,

10/01/27

.....

1,075‌

1,135,455‌

Series

2022B

,

RB

,

3.00

%

,

07/01/28

.....

3,000‌

3,010,598‌

Moreno

Valley

Unified

School

District,

Series

A,

GO,

5.00%, 08/01/44

(AGM)

.........

5,000‌

5,016,303‌

Mount

Diablo

Unified

School

District,

Series

2022B,

GO,

4.00%, 08/01/25

.........

3,100‌

3,104,742‌

Municipal

Improvement

Corp.

of

Los

Angeles

Series

2016B

,

RB

,

5.00

%

,

11/01/26

.....

1,000‌

1,027,394‌

Series

2016B

,

RB

,

5.00

%

,

11/01/29

.....

1,500‌

1,536,064‌

North

Orange

County

Community

College

District,

Series

2003B,

GO,

0.00%, 08/01/27

(NPFGC)

(b)

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

3,000‌

2,813,842‌

Northern

California

Transmission

Agency,

Series

2016A,

RB,

5.00%, 05/01/29

.........

1,775‌

1,804,737‌

Oakland

Unified

School

District

Series

2016

,

GO

,

5.00

%

,

08/01/26

......

2,125‌

2,171,840‌

Series

2016

,

GO

,

5.00

%

,

08/01/28

......

1,785‌

1,822,391‌

Series

2015A

,

GO

,

5.00

%

,

08/01/40

.....

4,000‌

4,014,041‌

Orange

County

Sanitation

District,

Series

2017A,

RB,

5.00%, 02/01/27

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

3,225‌

3,352,004‌

Palomar

Community

College

District,

Series

C,

GO,

5.00%, 08/01/44

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

25,175‌

25,261,275‌

Poway

Unified

School

District,

Series

A,

GO,

0.00%, 08/01/27

(b)

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

5,000‌

4,680,728‌

Rancho

Santiago

Community

College

District

(b)

Series

C

,

GO

,

0.00

%

,

09/01/27

(

AGM

)

...

2,715‌

2,536,664‌

Series

C

,

GO

,

0.00

%

,

09/01/29

(

AGM

)

...

2,800‌

2,446,851‌

Sacramento

City

Unified

School

District,

Series

2007,

GO,

0.00%, 07/01/28

(AGM)

(b)

.....

1,725‌

1,566,268‌

Security

Par

(000)

Par

(000)

Value

California

(continued)

Sacramento

Municipal

Utility

District

Series

2022J

,

RB

,

5.00

%

,

08/15/25

.....

USD

1,950‌

$

1,957,955‌

Series

2022J

,

RB

,

5.00

%

,

08/15/26

.....

650‌

667,230‌

Series

2022J

,

RB

,

5.00

%

,

08/15/27

.....

1,310‌

1,378,050‌

Series

2019B

,

RB

,

VRDN

5.00

%

,

10/15/25

(c)

1,890‌

1,891,449‌

San

Diego

Association

of

Governments

South

Bay

Expressway,

Series

2017A,

RB,

5.00%, 07/01/25

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

1,040‌

1,041,417‌

San

Diego

Community

College

District

Series

2016

,

GO

,

4.00

%

,

08/01/32

......

6,860‌

6,967,315‌

Series

2016

,

GO

,

4.00

%

,

08/01/41

......

13,060‌

13,264,305‌

Series

2016

,

GO

,

5.00

%

,

08/01/41

......

13,000‌

13,351,338‌

San

Diego

County

Regional

Transportation

Commission,

Series

2023A,

RB,

5.00%, 04/01/28

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

555‌

592,513‌

San

Diego

Unified

School

District

Series

C-2

,

GO

,

5.50

%

,

07/01/26

(

AGM

)

..

1,250‌

1,287,257‌

Series

2009-1

,

GO

,

0.00

%

,

07/01/28

(b)

...

1,235‌

1,123,488‌

San

Francisco

Bay

Area

Rapid

Transit

District

Series

2015D

,

GO

,

5.00

%

,

08/01/25

.....

275‌

276,002‌

Series

2019F-1

,

GO

,

5.00

%

,

08/01/25

....

100‌

100,364‌

Series

2015D

,

GO

,

5.00

%

,

08/01/29

.....

345‌

345,781‌

San

Francisco

City

&

County

Public

Utilities

Commission

Wastewater

Series

2016A

,

RB

,

5.00

%

,

10/01/26

.....

4,865‌

4,901,763‌

Series

2022B

,

RB

,

5.00

%

,

10/01/26

.....

3,000‌

3,099,401‌

Series

2022B

,

RB

,

5.00

%

,

10/01/27

.....

3,850‌

4,061,036‌

Series

2023A

,

RB

,

5.00

%

,

10/01/27

.....

3,000‌

3,164,444‌

Series

2023C

,

RB

,

VRDN

4.00

%

,

10/01/29

(c)

6,625‌

6,841,985‌

San

Francisco

Community

College

District

Series

2025

,

GO

,

5.00

%

,

06/15/26

......

11,125‌

11,357,749‌

Series

2025

,

GO

,

5.00

%

,

06/15/28

(a)

.....

7,160‌

7,583,062‌

Series

2025

,

GO

,

5.00

%

,

06/15/29

(a)

.....

6,075‌

6,533,069‌

San

Francisco

Unified

School

District,

Series

A,

GO,

5.00%, 06/15/27

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

5,500‌

5,732,131‌

San

Jose

Unified

School

District,

Series

C,

GO,

0.00%, 08/01/27

(NPFGC)

(b)

..........

5,000‌

4,687,738‌

San

Juan

Unified

School

District,

Series

2001,

GO,

0.00%, 08/01/26

(AGM)

(b)

........

11,215‌

10,827,078‌

San

Mateo

County

Community

College

District

(b)

Series

2006B

,

GO

,

0.00

%

,

09/01/27

(

NPFGC

)

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

1,000‌

934,729‌

Series

2006B

,

GO

,

0.00

%

,

09/01/29

(

NPFGC

)

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

800‌

700,270‌

San

Mateo

Foster

City

Public

Financing

Authority,

Series

2021B,

RB,

5.00%, 08/01/25

27,420‌

27,516,250‌

San

Mateo

Joint

Powers

Financing

Authority,

Series

2019A,

RB,

5.00%, 07/15/25

.....

2,715‌

2,721,142‌

Santa

Clara

Valley

Water

District

Safe

Clean

Water,

Series

2022B,

COP,

5.00%, 12/01/26

1,200‌

1,239,733‌

Santa

Monica

Community

College

District

(b)

Series

2009C

,

GO

,

0.00

%

,

08/01/25

.....

1,930‌

1,920,551‌

Series

2009C

,

GO

,

0.00

%

,

08/01/26

.....

10,525‌

10,166,771‌

Series

2010E

,

GO

,

0.00

%

,

08/01/26

.....

500‌

482,429‌

Series

2009C

,

GO

,

0.00

%

,

08/01/28

.....

1,000‌

909,085‌

Simi

Valley

Unified

School

District,

Series

2017,

GO,

5.00%, 08/01/26

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

1,635‌

1,676,336‌

Southern

California

Public

Power

Authority

Series

2015C

,

RB

,

5.00

%

,

07/01/25

.....

1,605‌

1,606,508‌

Series

2024A

,

RB

,

5.00

%

,

07/01/25

.....

4,685‌

4,689,559‌

Series

2023-1

,

RB

,

5.00

%

,

07/01/27

.....

200‌

206,321‌

Series

2024A

,

RB

,

5.00

%

,

07/01/30

.....

4,645‌

4,959,863‌

Series

2025B

,

RB

,

VRDN

3.70

%

,

07/01/27

(c)

2,500‌

2,495,025‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Southwestern

Community

College

District

Series

2004

,

GO

,

0.00

%

,

08/01/27

(

NPFGC

)

(b)

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

USD

1,795‌

$

1,680,747‌

Series

D

,

GO

,

5.00

%

,

08/01/44

........

1,000‌

1,003,394‌

State

of

California

GO

,

5.00

%

,

08/01/25

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

7,660‌

7,687,738‌

Series

C

,

GO

,

5.00

%

,

08/01/25

........

940‌

943,404‌

Series

2016

,

GO

,

5.00

%

,

08/01/25

......

895‌

898,241‌

GO

,

5.00

%

,

09/01/25

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

1,305‌

1,312,107‌

Series

B

,

GO

,

5.00

%

,

09/01/25

........

240‌

241,326‌

GO

,

5.00

%

,

10/01/25

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

35,885‌

36,141,080‌

GO

,

5.00

%

,

11/01/25

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

14,330‌

14,462,047‌

Series

2017

,

GO

,

5.00

%

,

11/01/25

......

3,500‌

3,532,251‌

GO

,

5.00

%

,

12/01/25

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

9,715‌

9,823,816‌

GO

,

3.00

%

,

03/01/26

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

800‌

800,143‌

GO

,

5.00

%

,

04/01/26

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

15,705‌

15,995,924‌

GO

,

3.88

%

,

08/01/26

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

5,000‌

5,054,822‌

GO

,

4.00

%

,

08/01/26

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

285‌

289,119‌

GO

,

5.00

%

,

08/01/26

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

9,775‌

10,015,752‌

Series

C

,

GO

,

5.00

%

,

08/01/26

........

160‌

164,132‌

Series

2016

,

GO

,

5.00

%

,

08/01/26

......

355‌

364,168‌

GO

,

4.00

%

,

09/01/26

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

240‌

243,732‌

GO

,

5.00

%

,

09/01/26

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

11,685‌

12,008,929‌

Series

C

,

GO

,

5.00

%

,

09/01/26

........

285‌

286,464‌

GO

,

4.00

%

,

10/01/26

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

9,185‌

9,338,026‌

GO

,

5.00

%

,

10/01/26

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

1,985‌

2,043,825‌

GO

,

4.00

%

,

11/01/26

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

9,755‌

9,928,522‌

GO

,

5.00

%

,

11/01/26

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

3,395‌

3,502,158‌

Series

2017

,

GO

,

5.00

%

,

11/01/26

......

2,885‌

2,976,061‌

GO

,

5.00

%

,

12/01/26

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

4,660‌

4,814,066‌

GO

,

5.00

%

,

04/01/27

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

13,870‌

14,416,550‌

Series

2016

,

GO

,

5.00

%

,

08/01/27

......

7,505‌

7,677,572‌

Series

C

,

GO

,

5.00

%

,

08/01/27

........

175‌

183,268‌

GO

,

5.00

%

,

08/01/27

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

10,100‌

10,517,127‌

GO

,

4.00

%

,

09/01/27

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

5,580‌

5,728,769‌

GO

,

5.00

%

,

09/01/27

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

3,530‌

3,646,727‌

Series

C

,

GO

,

5.00

%

,

09/01/27

........

215‌

216,008‌

GO

,

4.00

%

,

10/01/27

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

1,225‌

1,258,789‌

GO

,

5.00

%

,

10/01/27

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

2,465‌

2,582,067‌

GO

,

5.00

%

,

11/01/27

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

33,920‌

35,697,941‌

GO

,

5.00

%

,

04/01/28

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

14,695‌

15,589,373‌

Series

B

,

GO

,

5.00

%

,

08/01/28

........

4,700‌

4,910,126‌

GO

,

5.00

%

,

08/01/28

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

8,365‌

8,622,723‌

Series

C

,

GO

,

5.00

%

,

09/01/28

........

1,470‌

1,476,782‌

GO

,

5.00

%

,

10/01/28

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

15,810‌

16,922,028‌

Series

2017

,

GO

,

5.00

%

,

11/01/28

......

4,425‌

4,643,355‌

GO

,

5.00

%

,

11/01/28

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

21,170‌

22,691,185‌

GO

,

5.00

%

,

12/01/28

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

6,505‌

6,982,284‌

GO

,

5.00

%

,

03/01/29

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

5,915‌

6,370,543‌

GO

,

5.00

%

,

04/01/29

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

25,120‌

27,090,604‌

GO

,

5.00

%

,

08/01/29

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

25,575‌

27,724,149‌

GO

,

5.00

%

,

09/01/29

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

10,495‌

10,741,125‌

GO

,

4.00

%

,

11/01/29

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

1,400‌

1,458,598‌

GO

,

5.00

%

,

03/01/30

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

2,250‌

2,459,983‌

State

of

California

Department

of

Water

Resources

Series

2016

,

RB

,

5.00

%

,

12/01/25

......

55‌

55,654‌

Series

AS

,

RB

,

5.00

%

,

12/01/25

........

350‌

351,284‌

Series

AX

,

RB

,

5.00

%

,

12/01/25

........

3,115‌

3,152,056‌

Series

BA

,

RB

,

5.00

%

,

12/01/25

........

1,645‌

1,664,569‌

Series

BB

,

RB

,

5.00

%

,

12/01/25

........

225‌

227,677‌

Series

AX

,

RB

,

5.00

%

,

12/01/26

........

70‌

72,628‌

Series

BA

,

RB

,

5.00

%

,

12/01/26

........

40‌

41,502‌

Series

BB

,

RB

,

5.00

%

,

12/01/26

........

295‌

306,075‌

Security

Par

(000)

Par

(000)

Value

California

(continued)

Ukiah

Unified

School

District,

Series

2006,

GO,

0.00%, 08/01/29

(NPFGC)

(b)

..........

USD

5,145‌

$

4,471,964‌

University

of

California

Series

2017AV

,

RB

,

5.00

%

,

05/15/26

....

205‌

209,215‌

Series

2017AY

,

RB

,

5.00

%

,

05/15/26

....

680‌

693,981‌

Series

2017AY

,

RB

,

5.00

%

,

05/15/27

....

930‌

970,128‌

Series

2023BN

,

RB

,

5.00

%

,

05/15/27

....

10,025‌

10,457,560‌

Series

2025BZ

,

RB

,

5.00

%

,

05/15/27

(a)

...

5,000‌

5,215,741‌

Series

2023BN

,

RB

,

5.00

%

,

05/15/28

....

5,015‌

5,326,913‌

Series

2024BS

,

RB

,

5.00

%

,

05/15/28

....

3,000‌

3,186,588‌

Series

2016K

,

RB

,

5.00

%

,

05/15/29

.....

2,895‌

2,943,112‌

Series

2023BQ

,

RB

,

5.00

%

,

05/15/29

....

5,000‌

5,406,801‌

Series

2024BS

,

RB

,

5.00

%

,

05/15/29

....

10,000‌

10,813,601‌

Series

2024BX

,

RB

,

5.00

%

,

05/15/29

....

4,700‌

5,082,392‌

Series

2025BZ

,

RB

,

5.00

%

,

05/15/29

(a)

...

5,000‌

5,406,801‌

Series

2025CB

,

RB

,

5.00

%

,

05/15/29

(a)

...

2,000‌

2,162,720‌

Series

2016AR

,

RB

,

5.00

%

,

05/15/30

....

2,910‌

2,958,636‌

Series

2025CC

,

RB

,

5.00

%

,

05/15/30

(a)

...

3,850‌

4,217,951‌

Series

2013AL-2

,

RB

,

VRDN

2.50

%

,

06/03/25

(c)

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

10,000‌

10,000,000‌

Upland

Unified

School

District,

Series

2008A,

GO,

0.00%, 08/01/30

(AGM)

(b)

........

675‌

570,466‌

West

Contra

Costa

Unified

School

District

Series

C-1

,

GO

,

0.00

%

,

08/01/25

(

AGC

)

(b)

.

1,500‌

1,492,778‌

Series

2025B

,

GO

,

6.00

%

,

08/01/27

.....

5,050‌

5,377,979‌

1,266,491,986‌

Colorado

—

1.5%

Adams

&

Arapahoe

Joint

School

District

28J

Aurora,

Series

2025,

GO,

5.50%, 12/01/26

(SAW)

(a)

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

1,250‌

1,296,773‌

Arapahoe

County

School

District

No.

5

Cherry

Creek,

Series

2024,

GO,

5.00%, 12/15/25

(SAW)

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

3,500‌

3,536,810‌

Board

of

Governors

of

Colorado

State

University

System,

Series

2025B,

RB,

VRDN

(Bank

of

America

NA

SBPA),

1.85%, 06/09/25

(c)

...

10,000‌

10,000,000‌

Boulder

Larimer

&

Weld

Counties

St

Vrain

Valley

School

District

Re1J

Series

2024

,

GO

,

5.00

%

,

12/15/27

(

SAW

)

.

5,170‌

5,450,074‌

Series

2024

,

GO

,

5.00

%

,

12/15/28

(

SAW

)

.

3,665‌

3,926,174‌

Series

2024

,

GO

,

5.00

%

,

12/15/29

(

SAW

)

.

3,000‌

3,262,183‌

City

&

County

of

Denver

Series

2019B

,

GO

,

5.00

%

,

08/01/25

.....

1,325‌

1,329,055‌

Series

2019A

,

GO

,

5.00

%

,

08/01/26

.....

1,500‌

1,537,923‌

Series

2020B

,

GO

,

5.00

%

,

08/01/26

.....

14,055‌

14,410,340‌

Series

2020B

,

GO

,

5.00

%

,

08/01/27

.....

7,980‌

8,351,859‌

Series

2022A

,

GO

,

5.00

%

,

08/01/27

.....

10‌

10,466‌

City

&

County

of

Denver

Airport

System

Series

2022C

,

RB

,

5.00

%

,

11/15/25

.....

1,125‌

1,135,174‌

Series

2019C

,

RB

,

5.00

%

,

11/15/27

.....

3,505‌

3,678,677‌

Series

2023A

,

RB

,

5.00

%

,

11/15/28

.....

2,950‌

3,140,895‌

City

of

Aurora,

Series

2016,

RB,

5.00%, 08/01/41

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

9,460‌

9,692,611‌

City

of

Colorado

Springs

Utilities

System

Series

2020A

,

RB

,

5.00

%

,

11/15/25

.....

905‌

913,452‌

Series

2020B

,

RB

,

5.00

%

,

11/15/25

.....

1,010‌

1,019,433‌

Series

2020B

,

RB

,

5.00

%

,

11/15/26

.....

550‌

567,090‌

Series

2024B

,

RB

,

5.00

%

,

11/15/26

.....

1,805‌

1,861,087‌

Series

2020B

,

RB

,

5.00

%

,

11/15/28

.....

1,000‌

1,071,535‌

Series

2022A

,

RB

,

5.00

%

,

11/15/28

.....

1,000‌

1,072,899‌

Denver

City

&

County

School

District

No.

1

Series

2016

,

GO

,

5.00

%

,

12/01/25

(

SAW

)

.

335‌

338,392‌

Series

2021B

,

GO

,

4.00

%

,

12/01/26

(

SAW

)

9,460‌

9,626,978‌

Series

2025A

,

GO

,

5.00

%

,

12/01/26

(

SAW

)

2,150‌

2,219,264‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Colorado

(continued)

Series

2016

,

GO

,

4.00

%

,

12/01/27

(

SAW

)

.

USD

6,090‌

$

6,116,663‌

Series

2025B

,

GO

,

5.00

%

,

12/01/27

(

SAW

)

1,250‌

1,316,752‌

E-470

Public

Highway

Authority

(b)

Series

B

,

RB

,

0.00

%

,

09/01/26

(

NPFGC

)

..

4,540‌

4,356,920‌

Series

2004A

,

RB

,

0.00

%

,

09/01/28

(

NPFGC

)

4,500‌

4,037,742‌

Series

2000B

,

RB

,

0.00

%

,

09/01/29

(

NPFGC

)

11,000‌

9,509,257‌

Metro

Water

Recovery

Series

2025A

,

RB

,

5.00

%

,

04/01/26

.....

1,850‌

1,882,326‌

Series

2025A

,

RB

,

5.00

%

,

04/01/27

.....

1,765‌

1,835,295‌

Series

2025A

,

RB

,

5.00

%

,

04/01/28

(a)

....

2,120‌

2,247,245‌

Series

2025A

,

RB

,

5.00

%

,

04/01/29

(a)

....

3,800‌

4,095,235‌

Regional

Transportation

District,

Series

2015A,

COP,

5.00%, 06/01/27

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

1,000‌

1,000,000‌

Regional

Transportation

District

Sales

Tax

Series

2023A

,

RB

,

5.00

%

,

11/01/27

.....

5,000‌

5,258,486‌

Series

2021B

,

RB

,

5.00

%

,

11/01/28

.....

500‌

535,422‌

State

of

Colorado,

Series

2020A,

COP,

5.00%, 12/15/28

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

275‌

294,119‌

University

of

Colorado

Series

2025B

,

RB

,

5.00

%

,

06/01/29

.....

2,450‌

2,643,223‌

Series

2016A

,

RB

,

5.00

%

,

06/01/47

.....

4,195‌

4,281,099‌

Series

2021C-3B

,

RB

,

VRDN

2.00

%

,

10/15/26

(c)

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

250‌

244,475‌

Series

2021C-3A

,

RB

,

VRDN

2.00

%

,

10/15/25

(c)

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

250‌

248,366‌

139,351,769‌

Connecticut

—

2.6%

Connecticut

State

Health

&

Educational

Facilities

Authority

(c)

Series

2017C-1

,

RB

,

VRDN

5.00

%

,

02/01/28

1,035‌

1,086,950‌

Series

A-2

,

RB

,

VRDN

2.00

%

,

07/01/26

...

2,700‌

2,649,806‌

Series

2013A

,

RB

,

VRDN

2.80

%

,

06/01/25

17,085‌

17,085,000‌

Series

2010A-4-1

,

RB

,

VRDN

2.80

%

,

06/02/25

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

10,000‌

10,000,000‌

Series

2017C-2

,

RB

,

VRDN

2.80

%

,

02/03/26

11,345‌

11,258,051‌

Series

2025B-1

,

RB

,

VRDN

5.00

%

,

07/01/30

14,700‌

15,953,816‌

State

of

Connecticut

Series

2021B

,

GO

,

3.00

%

,

06/01/25

.....

1,535‌

1,535,000‌

Series

2018F

,

GO

,

5.00

%

,

09/15/25

.....

2,140‌

2,151,975‌

Series

H

,

GO

,

5.00

%

,

11/15/25

........

30‌

30,273‌

Series

F

,

GO

,

5.00

%

,

11/15/25

.........

565‌

570,144‌

Series

2021A

,

GO

,

4.00

%

,

01/15/26

.....

2,285‌

2,298,295‌

Series

2022A

,

GO

,

4.00

%

,

01/15/26

.....

1,815‌

1,825,560‌

Series

2024A

,

GO

,

5.00

%

,

01/15/26

.....

9,380‌

9,491,644‌

Series

2020A

,

GO

,

5.00

%

,

01/15/26

.....

1,300‌

1,315,473‌

Series

2019B

,

GO

,

5.00

%

,

02/15/26

.....

3,075‌

3,116,882‌

Series

B

,

GO

,

5.00

%

,

04/15/26

........

45‌

45,772‌

Series

2018C

,

GO

,

5.00

%

,

06/15/26

.....

1,055‌

1,076,832‌

Series

2022D

,

GO

,

5.00

%

,

09/15/26

.....

845‌

866,813‌

Series

E

,

GO

,

5.00

%

,

10/15/26

........

1,525‌

1,567,018‌

Series

2024H

,

GO

,

5.00

%

,

11/15/26

.....

9,060‌

9,321,648‌

Series

2022A

,

GO

,

4.00

%

,

01/15/27

.....

4,595‌

4,671,326‌

Series

2021A

,

GO

,

4.00

%

,

01/15/27

.....

4,575‌

4,650,993‌

Series

B

,

GO

,

5.00

%

,

04/15/27

........

75‌

77,814‌

Series

2019A

,

GO

,

5.00

%

,

04/15/27

.....

105‌

108,940‌

Series

2016B

,

GO

,

5.00

%

,

05/15/27

.....

1,605‌

1,634,837‌

Series

2021B

,

GO

,

4.00

%

,

06/01/27

.....

8,665‌

8,833,233‌

Series

2022C

,

GO

,

5.00

%

,

06/15/27

.....

1,115‌

1,163,385‌

Series

2021D

,

GO

,

5.00

%

,

07/15/27

.....

320‌

334,398‌

Series

2022D

,

GO

,

5.00

%

,

09/15/27

.....

1,365‌

1,430,973‌

Series

F

,

GO

,

5.00

%

,

11/15/27

.........

8,825‌

8,894,511‌

Series

2022A

,

GO

,

4.00

%

,

01/15/28

.....

1,905‌

1,954,640‌

Series

2019A

,

GO

,

5.00

%

,

04/15/28

.....

2,705‌

2,865,356‌

Series

2018B

,

GO

,

5.00

%

,

04/15/28

.....

1,490‌

1,578,329‌

Security

Par

(000)

Par

(000)

Value

Connecticut

(continued)

Series

2015B

,

GO

,

5.00

%

,

06/15/28

.....

USD

1,300‌

$

1,304,066‌

Series

2023B

,

GO

,

5.00

%

,

08/01/28

.....

3,340‌

3,556,055‌

Series

2022D

,

GO

,

5.00

%

,

09/15/28

.....

1,195‌

1,274,846‌

Series

2022E

,

GO

,

5.00

%

,

11/15/28

.....

1,670‌

1,786,434‌

Series

2024F

,

GO

,

5.00

%

,

11/15/28

.....

4,000‌

4,278,884‌

Series

2024A

,

GO

,

5.00

%

,

01/15/29

.....

5,000‌

5,361,015‌

Series

2024C

,

GO

,

5.00

%

,

03/01/29

.....

3,500‌

3,760,111‌

Series

2015A

,

GO

,

5.00

%

,

03/15/29

.....

6,340‌

6,359,828‌

Series

2025B

,

GO

,

5.00

%

,

12/01/29

(a)

....

2,430‌

2,639,559‌

Series

2021A

,

GO

,

4.00

%

,

01/15/30

.....

400‌

415,956‌

Series

2022A

,

GO

,

4.00

%

,

01/15/30

.....

2,725‌

2,833,699‌

Series

2025A

,

GO

,

5.00

%

,

03/15/30

.....

500‌

545,018‌

Series

2025B

,

GO

,

5.00

%

,

12/01/30

.....

500‌

550,204‌

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund,

Series

B,

RB,

5.00%, 06/01/26

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

480‌

490,603‌

State

of

Connecticut

Special

Tax

Series

A

,

RB

,

5.00

%

,

08/01/25

.........

200‌

200,658‌

Series

A

,

RB

,

5.00

%

,

09/01/25

.........

2,970‌

2,984,930‌

Series

2018B

,

RB

,

5.00

%

,

10/01/25

.....

540‌

543,678‌

Series

2021C

,

RB

,

5.00

%

,

01/01/26

.....

1,750‌

1,770,975‌

Series

2018A

,

RB

,

5.00

%

,

01/01/26

.....

325‌

328,895‌

Series

2020A

,

RB

,

5.00

%

,

05/01/26

.....

2,105‌

2,146,043‌

Series

2021A

,

RB

,

5.00

%

,

05/01/26

.....

310‌

316,044‌

Series

2024B

,

RB

,

5.00

%

,

07/01/26

.....

6,665‌

6,819,645‌

Series

A

,

RB

,

5.00

%

,

08/01/26

.........

1,710‌

1,715,078‌

Series

A

,

RB

,

5.00

%

,

09/01/26

.........

125‌

128,312‌

Series

2018C

,

RB

,

5.00

%

,

10/01/26

.....

10,100‌

10,386,074‌

Series

2018B

,

RB

,

5.00

%

,

10/01/26

.....

145‌

149,107‌

Series

2021D

,

RB

,

5.00

%

,

11/01/26

.....

2,010‌

2,070,645‌

Series

2018A

,

RB

,

5.00

%

,

01/01/27

.....

2,085‌

2,155,598‌

Series

2020A

,

RB

,

5.00

%

,

05/01/27

.....

145‌

150,990‌

Series

2021A

,

RB

,

5.00

%

,

05/01/27

.....

270‌

281,155‌

Series

2022B

,

RB

,

5.00

%

,

07/01/27

.....

1,780‌

1,858,706‌

Series

B

,

RB

,

5.00

%

,

08/01/27

.........

20‌

20,056‌

Series

A

,

RB

,

5.00

%

,

09/01/27

.........

255‌

261,462‌

Series

2023B

,

RB

,

5.00

%

,

07/01/28

.....

3,125‌

3,322,587‌

Series

A

,

RB

,

5.00

%

,

08/01/28

.........

2,685‌

2,691,508‌

Series

A

,

RB

,

5.00

%

,

09/01/28

.........

1,110‌

1,137,559‌

Series

B

,

RB

,

5.00

%

,

09/01/28

.........

1,045‌

1,070,945‌

Series

2018A

,

RB

,

5.00

%

,

01/01/29

.....

9,380‌

9,850,084‌

Series

2024A-1

,

RB

,

5.00

%

,

07/01/29

....

2,500‌

2,699,354‌

Series

2024B

,

RB

,

5.00

%

,

07/01/29

.....

4,905‌

5,296,133‌

Series

A

,

RB

,

5.00

%

,

08/01/29

.........

3,540‌

3,547,336‌

Series

A

,

RB

,

5.00

%

,

09/01/30

.........

1,965‌

2,007,444‌

University

of

Connecticut

Series

2022A

,

RB

,

5.00

%

,

05/01/26

.....

1,075‌

1,095,145‌

Series

2015A

,

RB

,

5.00

%

,

02/15/27

.....

8,000‌

8,012,740‌

Series

2016A

,

RB

,

5.00

%

,

03/15/29

(

SAP

)

.

3,010‌

3,048,364‌

Series

2022A

,

RB

,

5.00

%

,

05/01/29

(

SAP

)

.

860‌

923,671‌

245,592,886‌

Delaware

—

0.7%

County

of

New

Castle

Series

2015

,

GO

,

5.00

%

,

10/01/27

......

10,235‌

10,299,681‌

Series

2015

,

GO

,

5.00

%

,

10/01/33

......

5,000‌

5,031,598‌

Series

2015

,

GO

,

5.00

%

,

10/01/35

......

3,000‌

3,018,959‌

Delaware

Transportation

Authority

Series

2019

,

RB

,

5.00

%

,

07/01/25

......

500‌

500,790‌

Series

2020

,

RB

,

5.00

%

,

07/01/25

......

10‌

10,016‌

Series

2020

,

RB

,

5.00

%

,

07/01/26

......

2,495‌

2,553,965‌

Series

2020

,

RB

,

5.00

%

,

09/01/26

......

195‌

200,336‌

Series

2016

,

RB

,

3.00

%

,

07/01/28

......

1,160‌

1,155,993‌

Series

2020

,

RB

,

5.00

%

,

09/01/28

......

4,815‌

5,133,482‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Delaware

(continued)

State

of

Delaware

Series

2017A

,

GO

,

5.00

%

,

01/01/26

.....

USD

4,355‌

$

4,407,702‌

Series

2020A

,

GO

,

5.00

%

,

01/01/26

.....

6,460‌

6,538,176‌

Series

2021

,

GO

,

5.00

%

,

02/01/26

......

5,015‌

5,084,853‌

Series

2022

,

GO

,

5.00

%

,

03/01/26

......

40‌

40,632‌

Series

2017A

,

GO

,

5.00

%

,

01/01/27

.....

1,625‌

1,680,788‌

Series

2020A

,

GO

,

5.00

%

,

01/01/27

.....

5,530‌

5,719,852‌

Series

2018A

,

GO

,

5.00

%

,

02/01/27

.....

3,025‌

3,134,490‌

Series

2019

,

GO

,

5.00

%

,

02/01/27

......

3,625‌

3,756,207‌

Series

2021

,

GO

,

5.00

%

,

02/01/27

......

2,605‌

2,699,288‌

Series

2016D

,

GO

,

5.00

%

,

07/01/27

.....

1,200‌

1,227,090‌

Series

2017A

,

GO

,

5.00

%

,

01/01/28

.....

1,985‌

2,097,163‌

Series

2019

,

GO

,

5.00

%

,

02/01/28

......

1,500‌

1,587,308‌

Series

2019

,

GO

,

5.00

%

,

02/01/29

......

2,010‌

2,166,048‌

68,044,417‌

District

of

Columbia

—

1.8%

District

of

Columbia

Series

2016A

,

GO

,

5.00

%

,

06/01/25

.....

2,095‌

2,095,000‌

Series

2017D

,

GO

,

5.00

%

,

06/01/25

.....

70‌

70,000‌

Series

2018B

,

GO

,

5.00

%

,

06/01/25

.....

325‌

325,000‌

Series

2019A

,

GO

,

5.00

%

,

10/15/25

.....

9,195‌

9,263,990‌

Series

2020

,

RB

,

5.00

%

,

12/01/25

......

1,000‌

1,010,055‌

Series

2021D

,

GO

,

4.00

%

,

02/01/26

.....

4,270‌

4,300,159‌

Series

2021E

,

GO

,

5.00

%

,

02/01/26

.....

125‌

126,698‌

Series

2017

,

RB

,

5.00

%

,

04/01/26

......

195‌

197,803‌

Series

2015A

,

GO

,

5.00

%

,

06/01/26

.....

975‌

976,394‌

Series

2017D

,

GO

,

5.00

%

,

06/01/26

.....

155‌

158,267‌

Series

2015B

,

GO

,

5.00

%

,

06/01/26

.....

1,180‌

1,181,688‌

Series

2018B

,

GO

,

5.00

%

,

06/01/26

.....

465‌

474,800‌

Series

D

,

GO

,

5.00

%

,

06/01/26

........

20‌

20,421‌

Series

2020

,

RB

,

5.00

%

,

12/01/26

......

2,880‌

2,972,168‌

Series

2021D

,

GO

,

4.00

%

,

02/01/27

.....

160‌

163,123‌

Series

2021E

,

GO

,

5.00

%

,

02/01/27

.....

7,885‌

8,166,196‌

Series

2018B

,

GO

,

5.00

%

,

06/01/27

.....

3,715‌

3,868,010‌

Series

2019A

,

GO

,

5.00

%

,

10/15/27

.....

3,005‌

3,153,152‌

Series

2024C

,

GO

,

5.00

%

,

12/01/27

.....

2,500‌

2,629,592‌

Series

2023A

,

GO

,

5.00

%

,

01/01/28

.....

2,355‌

2,479,041‌

Series

2021D

,

GO

,

5.00

%

,

02/01/28

.....

1,225‌

1,291,453‌

Series

2023B

,

GO

,

5.00

%

,

06/01/28

.....

5,250‌

5,568,052‌

Series

2020

,

RB

,

5.00

%

,

12/01/28

......

1,000‌

1,066,379‌

Series

2024C

,

GO

,

5.00

%

,

12/01/29

.....

10,250‌

11,111,457‌

Series

2017D

,

GO

,

5.00

%

,

06/01/30

.....

2,465‌

2,544,357‌

District

of

Columbia

Income

Tax

Series

2019C

,

RB

,

5.00

%

,

10/01/25

.....

5,745‌

5,783,510‌

Series

2020B

,

RB

,

5.00

%

,

10/01/25

.....

195‌

196,307‌

Series

2020A

,

RB

,

5.00

%

,

03/01/26

.....

150‌

152,380‌

Series

2019C

,

RB

,

5.00

%

,

10/01/26

.....

8,135‌

8,370,568‌

Series

2020B

,

RB

,

5.00

%

,

10/01/26

.....

17,460‌

17,965,594‌

Series

2020A

,

RB

,

5.00

%

,

03/01/27

.....

2,460‌

2,554,426‌

Series

2019C

,

RB

,

5.00

%

,

10/01/27

.....

1,005‌

1,053,775‌

Series

2022C

,

RB

,

5.00

%

,

12/01/27

.....

10,435‌

10,975,917‌

Series

2020B

,

RB

,

5.00

%

,

10/01/28

.....

15,490‌

16,516,767‌

District

of

Columbia

Water

&

Sewer

Authority

Series

B

,

RB

,

5.00

%

,

10/01/25

.........

195‌

196,301‌

Series

2024A

,

RB

,

5.00

%

,

10/01/28

.....

5,000‌

5,336,349‌

Series

2024B,

Sub-Series

B-1

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

2.95

%

,

06/02/25

(c)

5,675‌

5,675,000‌

Series

2022E

,

RB

,

VRDN

3.00

%

,

10/01/27

(c)

8,100‌

7,982,073‌

Metropolitan

Washington

Airports

Authority

Aviation,

Series

2010D,

RB,

VRDN

(TD

Bank

NA

LOC),

1.98%, 06/09/25

(c)

..........

6,750‌

6,750,000‌

Washington

Metropolitan

Area

Transit

Authority

Series

2017B

,

RB

,

5.00

%

,

07/01/25

.....

385‌

385,494‌

Series

2021A

,

RB

,

5.00

%

,

07/15/25

.....

6,850‌

6,863,149‌

Security

Par

(000)

Par

(000)

Value

District

of

Columbia

(continued)

Series

2021A

,

RB

,

5.00

%

,

07/15/26

.....

USD

680‌

$

695,674‌

Series

2021A

,

RB

,

5.00

%

,

07/15/27

.....

5,735‌

5,983,402‌

Series

2023A

,

RB

,

5.00

%

,

07/15/27

.....

1,000‌

1,043,313‌

Series

2018

,

RB

,

5.00

%

,

07/01/28

......

1,060‌

1,102,601‌

Series

2021A

,

RB

,

5.00

%

,

07/15/28

.....

1,000‌

1,062,061‌

171,857,916‌

Florida

—

2.9%

Central

Florida

Expressway

Authority

Series

2019B

,

RB

,

5.00

%

,

07/01/25

.....

3,500‌

3,505,032‌

Series

2019B

,

RB

,

5.00

%

,

07/01/26

.....

1,320‌

1,348,752‌

Series

2021

,

RB

,

5.00

%

,

07/01/26

(

AGM

)

.

5,185‌

5,304,625‌

Series

2024B

,

RB

,

5.00

%

,

07/01/29

(

AGC

)

4,155‌

4,484,665‌

City

of

Jacksonville

Series

2019B

,

RB

,

5.00

%

,

10/01/28

.....

4,785‌

4,902,559‌

Series

2024

,

RB

,

5.00

%

,

10/01/28

......

1,160‌

1,234,992‌

Series

2024

,

RB

,

5.00

%

,

10/01/29

......

1,600‌

1,728,420‌

City

of

Port

St.

Lucie

Utility

System,

Series

2016,

RB,

5.00%, 09/01/28

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

3,160‌

3,232,652‌

County

of

Miami-Dade

Series

2016A

,

GO

,

5.00

%

,

07/01/25

.....

2,515‌

2,518,843‌

Series

B

,

RB

,

5.00

%

,

10/01/26

.........

5,105‌

5,136,866‌

Series

A

,

RB

,

5.00

%

,

10/01/27

.........

300‌

305,514‌

Series

2016A

,

GO

,

5.00

%

,

07/01/29

.....

10,905‌

11,770,222‌

County

of

Miami-Dade

Water

&

Sewer

System

Series

2015

,

RB

,

5.00

%

,

10/01/25

......

1,005‌

1,011,570‌

Series

2015

,

RB

,

5.00

%

,

10/01/26

......

1,285‌

1,293,453‌

County

of

Orange

Water

Utility

System,

Series

2020,

RB,

5.00%, 10/01/27

..........

225‌

236,388‌

Florida

Department

of

Environmental

Protection

Series

2017A

,

RB

,

5.00

%

,

07/01/25

.....

155‌

155,236‌

Series

2015A

,

RB

,

5.00

%

,

07/01/26

.....

340‌

340,534‌

Florida

Department

of

Management

Services,

Series

2018A,

COP,

5.00%, 11/01/28

....

400‌

426,010‌

Florida

Insurance

Assistance

Interlocal

Agency,

Inc.

Series

2023A-1

,

RB

,

5.00

%

,

09/01/25

....

5,025‌

5,043,960‌

Series

2023A-1

,

RB

,

5.00

%

,

09/01/26

....

2,600‌

2,633,004‌

Series

2023A-1

,

RB

,

5.00

%

,

09/01/27

....

1,000‌

1,022,127‌

Series

2023A-1

,

RB

,

5.00

%

,

09/01/28

....

3,970‌

4,054,830‌

Florida

Municipal

Power

Agency,

Series

2015B,

RB,

5.00%, 10/01/27

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

1,370‌

1,376,640‌

Hillsborough

County

School

Board,

COP,

5.00%, 07/01/28

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

8,720‌

9,018,697‌

JEA

Electric

System

Series

2017B

,

RB

,

5.00

%

,

10/01/26

.....

3,920‌

4,025,732‌

Series

2024A-3

,

RB

,

5.00

%

,

10/01/28

(

AGC

)

2,000‌

2,130,606‌

Series

2017B

,

RB

,

5.00

%

,

10/01/29

.....

1,000‌

1,040,490‌

Series

2024A-3

,

RB

,

5.00

%

,

10/01/29

(

AGC

)

5,000‌

5,405,534‌

JEA

Water

&

Sewer

System

Series

2017A

,

RB

,

5.00

%

,

10/01/29

.....

195‌

203,327‌

Series

2008B-1

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

2.16

%

,

06/04/25

(c)

.......

5,385‌

5,385,000‌

Miami-Dade

County

Educational

Facilities

Authority,

Series

2024A,

RB,

5.00%, 04/01/30

1,045‌

1,126,167‌

Orlando

Utilities

Commission

Series

2020A

,

RB

,

5.00

%

,

10/01/26

.....

10,610‌

10,904,594‌

Series

2025B

,

RB

,

5.00

%

,

10/01/29

.....

1,500‌

1,629,286‌

Series

2021B

,

RB

,

VRDN

1.25

%

,

10/01/28

(c)

1,275‌

1,139,632‌

Palm

Beach

County

School

District

Series

2022B

,

COP

,

5.00

%

,

08/01/26

....

115‌

117,609‌

Series

2015D

,

COP

,

5.00

%

,

08/01/27

....

1,415‌

1,419,190‌

Series

D

,

COP

,

5.00

%

,

08/01/28

........

7,315‌

7,336,661‌

Series

2015D

,

COP

,

5.00

%

,

08/01/29

....

4,000‌

4,011,845‌

Series

2025A

,

COP

,

5.00

%

,

08/01/29

(a)

...

1,250‌

1,346,159‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Florida

(continued)

Series

2025A

,

COP

,

5.00

%

,

08/01/30

(a)

...

USD

3,000‌

$

3,271,526‌

Pasco

County

School

Board

Series

2024

,

RB

,

5.00

%

,

10/01/26

......

5,000‌

5,132,220‌

Series

2024

,

RB

,

5.00

%

,

10/01/29

......

5,000‌

5,388,667‌

Sarasota

County

School

Board,

Series

2023A,

COP,

5.00%, 07/01/28

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

1,350‌

1,430,442‌

School

Board

of

Miami-Dade

County

(The)

Series

2015D

,

COP

,

5.00

%

,

02/01/28

....

4,350‌

4,396,046‌

Series

2025A

,

COP

,

5.00

%

,

05/01/28

....

5,000‌

5,257,761‌

Series

2015D

,

COP

,

5.00

%

,

02/01/29

....

6,000‌

6,060,352‌

Series

2025A

,

COP

,

5.00

%

,

05/01/29

....

5,000‌

5,329,974‌

School

District

of

Broward

County

Series

2015B

,

COP

,

5.00

%

,

07/01/25

....

915‌

916,203‌

Series

B

,

COP

,

5.00

%

,

07/01/25

........

110‌

110,145‌

Series

A

,

COP

,

5.00

%

,

07/01/26

........

3,100‌

3,105,675‌

Series

2019A

,

COP

,

5.00

%

,

07/01/27

....

700‌

727,638‌

South

Florida

Water

Management

District,

COP,

5.00%, 10/01/29

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

2,665‌

2,698,908‌

State

of

Florida

Series

2016C

,

GO

,

5.00

%

,

06/01/25

.....

4,740‌

4,740,000‌

Series

2019C

,

GO

,

5.00

%

,

06/01/25

.....

2,870‌

2,870,000‌

Series

2020B

,

GO

,

5.00

%

,

06/01/25

.....

4,000‌

4,000,000‌

Series

2015F

,

GO

,

5.00

%

,

06/01/26

.....

4,035‌

4,035,000‌

Series

2017A

,

GO

,

5.00

%

,

06/01/26

(

GTD

)

3,765‌

3,845,922‌

Series

2020A

,

GO

,

5.00

%

,

06/01/26

.....

175‌

178,761‌

Series

2016A

,

GO

,

5.00

%

,

07/01/26

.....

3,185‌

3,259,586‌

Series

2016C

,

GO

,

5.00

%

,

06/01/27

.....

525‌

535,337‌

Series

2025A

,

GO

,

5.00

%

,

06/01/27

.....

2,455‌

2,560,597‌

Series

2022A

,

GO

,

5.00

%

,

06/01/27

.....

10,505‌

10,956,853‌

Series

2021A

,

GO

,

5.00

%

,

07/01/27

.....

6,045‌

6,322,285‌

Series

2022B

,

GO

,

5.00

%

,

06/01/28

.....

3,985‌

4,235,851‌

Series

2020A

,

GO

,

5.00

%

,

06/01/28

.....

1,560‌

1,658,200‌

Series

2025A

,

GO

,

5.00

%

,

06/01/28

(a)

....

7,270‌

7,727,638‌

Series

2021B

,

GO

,

5.00

%

,

07/01/28

.....

875‌

932,723‌

Series

2017C

,

GO

,

5.00

%

,

06/01/29

.....

6,365‌

6,602,796‌

Series

2025A

,

GO

,

5.00

%

,

06/01/29

(a)

....

12,080‌

13,051,184‌

State

of

Florida

Department

of

Transportation

Series

2019A

,

RB

,

5.00

%

,

07/01/25

.....

3,000‌

3,004,442‌

Series

2020

,

RB

,

5.00

%

,

07/01/29

......

5,315‌

5,736,702‌

Series

2021A

,

RB

,

5.00

%

,

07/01/29

.....

2,060‌

2,219,332‌

State

of

Florida

Department

of

Transportation

Turnpike

System

Series

2018A

,

RB

,

5.00

%

,

07/01/25

.....

825‌

826,255‌

Series

2019A

,

RB

,

5.00

%

,

07/01/25

.....

110‌

110,167‌

Series

2021C

,

RB

,

5.00

%

,

07/01/25

.....

5,425‌

5,433,255‌

Series

2016B

,

RB

,

2.50

%

,

07/01/26

.....

680‌

672,642‌

Series

2021C

,

RB

,

5.00

%

,

07/01/26

.....

5,630‌

5,756,998‌

Series

2020A

,

RB

,

5.00

%

,

07/01/29

.....

2,685‌

2,899,106‌

Series

2025A

,

RB

,

5.00

%

,

07/01/30

.....

9,855‌

10,794,475‌

278,099,087‌

Georgia

—

2.0%

City

of

Atlanta,

Series

2022A-1,

GO,

5.00%, 12/01/27

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

990‌

1,042,814‌

City

of

Atlanta

Department

of

Aviation

Series

2020A

,

RB

,

5.00

%

,

07/01/25

.....

6,355‌

6,364,392‌

Series

2020A

,

RB

,

5.00

%

,

07/01/26

.....

1,000‌

1,022,414‌

Series

2020A

,

RB

,

5.00

%

,

07/01/28

.....

6,500‌

6,897,596‌

City

of

Atlanta

Water

&

Wastewater

Series

2018B

,

RB

,

5.00

%

,

11/01/25

.....

1,025‌

1,033,421‌

Series

2015

,

RB

,

5.00

%

,

11/01/26

......

1,120‌

1,121,800‌

Series

2004

,

RB

,

5.75

%

,

11/01/26

(

AGM

)

.

2,305‌

2,398,919‌

Series

2015

,

RB

,

5.00

%

,

11/01/27

......

2,645‌

2,653,403‌

Series

2009B

,

RB

,

5.25

%

,

11/01/27

(

AGM

)

2,000‌

2,063,916‌

Series

2015

,

RB

,

5.00

%

,

11/01/29

......

2,430‌

2,437,681‌

Security

Par

(000)

Par

(000)

Value

Georgia

(continued)

Series

2018B

,

RB

,

5.00

%

,

11/01/29

.....

USD

1,410‌

$

1,474,367‌

Series

2024

,

RB

,

5.00

%

,

11/01/29

(

BAM

)

..

2,750‌

2,984,779‌

Columbia

County

School

District,

Series

2020,

GO,

5.00%, 10/01/26

(SAW)

.........

145‌

149,084‌

County

of

DeKalb,

Series

2022,

RB,

5.00%, 10/01/28

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

4,600‌

4,918,509‌

County

of

Forsyth,

Series

2019,

GO,

5.00%, 09/01/25

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

10,110‌

10,159,756‌

Georgia

Ports

Authority

Series

2021

,

RB

,

5.00

%

,

07/01/25

......

500‌

500,757‌

Series

2022

,

RB

,

5.00

%

,

07/01/25

......

2,050‌

2,053,102‌

Series

2021

,

RB

,

5.00

%

,

07/01/26

......

620‌

633,919‌

Series

2022

,

RB

,

5.00

%

,

07/01/26

......

1,615‌

1,651,256‌

Series

2022

,

RB

,

5.00

%

,

07/01/27

......

2,095‌

2,188,980‌

Georgia

State

Road

&

Tollway

Authority

Series

2020

,

RB

,

5.00

%

,

06/01/25

......

4,990‌

4,990,000‌

Series

2020

,

RB

,

5.00

%

,

06/01/29

......

2,630‌

2,837,313‌

Gwinnett

County

School

District

Series

2022B

,

GO

,

5.00

%

,

08/01/25

.....

260‌

260,902‌

Series

2010

,

GO

,

5.00

%

,

02/01/26

......

2,505‌

2,505,507‌

Series

2022B

,

GO

,

5.00

%

,

08/01/26

.....

4,125‌

4,241,065‌

Series

2010

,

GO

,

5.00

%

,

02/01/27

......

1,000‌

1,000,202‌

Series

2022B

,

GO

,

5.00

%

,

08/01/27

.....

890‌

932,579‌

Gwinnett

County

Water

&

Sewerage

Authority

Series

2021

,

RB

,

4.00

%

,

08/01/25

......

1,110‌

1,112,076‌

Series

2019

,

RB

,

5.00

%

,

08/01/27

......

565‌

591,909‌

Henry

County

School

District,

Series

2016,

GO,

5.00%, 08/01/26

(SAW)

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

180‌

184,563‌

Metropolitan

Atlanta

Rapid

Transit

Authority

Series

2018A

,

RB

,

4.00

%

,

07/01/25

.....

1,910‌

1,911,169‌

Series

2025B

,

RB

,

5.00

%

,

07/01/26

.....

1,000‌

1,023,071‌

Series

2007A

,

RB

,

5.25

%

,

07/01/27

(

NPFGC

)

1,470‌

1,544,984‌

Series

2025B

,

RB

,

5.00

%

,

07/01/28

(a)

....

1,315‌

1,400,190‌

Municipal

Electric

Authority

of

Georgia

Series

2016A

,

RB

,

5.00

%

,

01/01/26

.....

1,000‌

1,010,060‌

Series

2024A

,

RB

,

5.00

%

,

01/01/27

.....

445‌

457,954‌

Series

2016A

,

RB

,

5.00

%

,

01/01/28

.....

9,845‌

10,055,166‌

Series

2024A

,

RB

,

5.00

%

,

01/01/28

.....

445‌

465,854‌

Series

2020A

,

RB

,

5.00

%

,

11/01/28

.....

500‌

530,866‌

Series

2024A

,

RB

,

5.00

%

,

01/01/29

.....

470‌

498,061‌

Series

2020A

,

RB

,

5.00

%

,

11/01/29

.....

500‌

538,412‌

Series

2024A

,

RB

,

5.00

%

,

01/01/30

.....

600‌

643,470‌

Private

Colleges

&

Universities

Authority

Series

2020B

,

RB

,

5.00

%

,

09/01/25

.....

16,015‌

16,081,385‌

Series

2022A

,

RB

,

5.00

%

,

09/01/29

.....

4,590‌

4,964,348‌

State

of

Georgia

Series

2016C-1

,

GO

,

4.00

%

,

07/01/25

...

3,325‌

3,327,150‌

Series

2022C

,

GO

,

4.00

%

,

07/01/25

.....

80‌

80,052‌

Series

2018A

,

GO

,

5.00

%

,

07/01/25

.....

4,960‌

4,967,140‌

Series

2016E

,

GO

,

5.00

%

,

12/01/25

.....

16,290‌

16,458,013‌

Series

2016F

,

GO

,

5.00

%

,

01/01/26

.....

750‌

759,076‌

Series

2017A-1

,

GO

,

5.00

%

,

02/01/26

....

530‌

537,382‌

Series

2016F

,

GO

,

5.00

%

,

07/01/26

.....

5‌

5,117‌

Series

2015A

,

GO

,

5.00

%

,

02/01/27

.....

1,000‌

1,001,473‌

Series

2022A

,

GO

,

5.00

%

,

07/01/27

.....

21,185‌

22,159,127‌

Series

2023A

,

GO

,

5.00

%

,

07/01/27

.....

17,215‌

18,006,578‌

Series

2016F

,

GO

,

5.00

%

,

01/01/28

.....

3,805‌

3,938,150‌

Series

2021A

,

GO

,

5.00

%

,

07/01/28

.....

6,110‌

6,515,941‌

Series

2018A

,

GO

,

5.00

%

,

07/01/29

.....

2,000‌

2,126,041‌

193,413,211‌

Hawaii

—

0.7%

City

&

County

Honolulu

Wastewater

System

Series

2019A

,

RB

,

4.00

%

,

07/01/26

.....

1,100‌

1,113,573‌

Series

B

,

RB

,

5.00

%

,

07/01/26

.........

1,000‌

1,001,515‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hawaii

(continued)

Series

A

,

RB

,

4.00

%

,

07/01/27

.........

USD

5,335‌

$

5,338,852‌

City

&

County

of

Honolulu

Series

2021E

,

GO

,

5.00

%

,

03/01/26

.....

450‌

456,953‌

Series

2023D

,

GO

,

5.00

%

,

03/01/26

.....

1,555‌

1,579,838‌

Series

2020D

,

GO

,

5.00

%

,

07/01/26

.....

1,870‌

1,912,828‌

Series

2023D

,

GO

,

5.00

%

,

03/01/28

.....

4,280‌

4,526,299‌

Series

2019C

,

GO

,

4.00

%

,

08/01/28

.....

105‌

108,648‌

Series

A

,

GO

,

5.00

%

,

10/01/28

........

3,415‌

3,432,910‌

Series

B

,

GO

,

5.00

%

,

10/01/28

........

5,000‌

5,026,222‌

Series

2020B

,

GO

,

5.00

%

,

03/01/29

.....

875‌

941,097‌

Series

A

,

GO

,

5.00

%

,

10/01/29

........

4,000‌

4,020,978‌

Series

C

,

GO

,

5.00

%

,

10/01/29

........

2,280‌

2,291,957‌

State

of

Hawaii

Series

EO

,

GO

,

5.00

%

,

08/01/25

.......

2,550‌

2,553,279‌

Series

EZ

,

GO

,

5.00

%

,

10/01/25

.......

3,605‌

3,628,832‌

Series

FH

,

GO

,

5.00

%

,

10/01/25

.......

280‌

281,851‌

Series

FN

,

GO

,

5.00

%

,

10/01/25

.......

45‌

45,297‌

Series

2018FT

,

GO

,

5.00

%

,

01/01/26

....

5,475‌

5,540,622‌

Series

EY

,

GO

,

5.00

%

,

10/01/26

........

715‌

719,471‌

Series

2018FT

,

GO

,

5.00

%

,

01/01/27

....

2,145‌

2,218,641‌

Series

2019FW

,

GO

,

5.00

%

,

01/01/27

....

1,175‌

1,215,339‌

Series

FE

,

GO

,

5.00

%

,

10/01/27

.......

4,815‌

4,921,266‌

Series

2018FT

,

GO

,

5.00

%

,

01/01/29

....

10,100‌

10,617,707‌

Series

2018FT

,

GO

,

5.00

%

,

01/01/30

....

1,680‌

1,763,611‌

State

of

Hawaii

Airports

System,

Series

2018D,

RB,

5.00%, 07/01/29

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

1,000‌

1,078,227‌

State

of

Hawaii

State

Highway

Fund,

Series

B,

RB,

5.00%, 01/01/29

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

1,060‌

1,076,097‌

67,411,910‌

Idaho

—

0.2%

Idaho

Housing

&

Finance

Association

Series

2025A

,

RB

,

5.00

%

,

08/15/28

.....

1,750‌

1,867,337‌

Series

2023A

,

RB

,

5.00

%

,

08/15/29

.....

625‌

677,657‌

Series

2025A

,

RB

,

5.00

%

,

08/15/29

(a)

....

1,250‌

1,355,314‌

Series

2025A

,

RB

,

5.00

%

,

08/15/30

.....

2,155‌

2,369,016‌

Idaho

State

Building

Authority

Series

2024A

,

RB

,

5.00

%

,

06/01/27

.....

3,000‌

3,129,634‌

Series

2024A

,

RB

,

5.00

%

,

06/01/28

.....

3,000‌

3,190,029‌

Series

2024A

,

RB

,

5.00

%

,

06/01/29

.....

5,755‌

6,220,653‌

Series

2025A

,

RB

,

5.00

%

,

06/01/29

.....

4,500‌

4,864,107‌

23,673,747‌

Illinois

—

4.3%

Chicago

Midway

International

Airport

Series

2023B

,

RB

,

5.00

%

,

01/01/28

(

BAM

)

2,770‌

2,913,936‌

Series

2023B

,

RB

,

5.00

%

,

01/01/29

(

BAM

)

3,500‌

3,739,653‌

Chicago

O'Hare

International

Airport

Series

2022D

,

RB

,

5.00

%

,

01/01/26

.....

3,510‌

3,545,918‌

Series

2024D

,

RB

,

5.00

%

,

01/01/26

.....

14,715‌

14,865,579‌

Series

E

,

RB

,

5.00

%

,

01/01/26

.........

510‌

515,219‌

Series

2024D

,

RB

,

5.00

%

,

01/01/27

.....

8,000‌

8,236,622‌

Series

C

,

RB

,

5.00

%

,

01/01/28

.........

1,225‌

1,234,907‌

Series

2024D

,

RB

,

5.00

%

,

01/01/29

.....

11,000‌

11,726,209‌

Series

2024D

,

RB

,

5.00

%

,

01/01/30

.....

11,000‌

11,870,203‌

Series

C

,

RB

,

5.00

%

,

01/01/30

.........

5,000‌

5,037,357‌

Chicago

Transit

Authority

Capital

Grant

Receipts,

Series

2021,

RB,

5.00%, 06/01/27

......

1,250‌

1,285,294‌

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund,

Series

2024A,

RB,

5.00%, 12/01/29

.

1,500‌

1,603,185‌

City

of

Chicago

Series

2020A

,

GO

,

5.00

%

,

01/01/28

.....

8,500‌

8,745,513‌

Series

2020A

,

GO

,

5.00

%

,

01/01/30

.....

110‌

114,458‌

City

of

Chicago

Waterworks

Series

2004

,

RB

,

5.00

%

,

11/01/27

......

1,750‌

1,786,589‌

Security

Par

(000)

Par

(000)

Value

Illinois

(continued)

Series

2000

,

RB

,

5.00

%

,

11/01/28

......

USD

3,695‌

$

3,764,355‌

Series

2000

,

RB

,

5.00

%

,

11/01/29

......

3,020‌

3,073,686‌

City

of

Springfield

Electric

Series

2024

,

RB

,

5.00

%

,

03/01/28

(

BAM

)

.

5,735‌

6,022,424‌

Series

2024

,

RB

,

5.00

%

,

03/01/29

(

BAM

)

.

5,930‌

6,307,529‌

County

of

Cook

Series

2022A

,

GO

,

5.00

%

,

11/15/25

.....

1,235‌

1,244,670‌

Series

2024

,

RB

,

5.00

%

,

11/15/27

......

750‌

783,479‌

Series

2018

,

RB

,

5.00

%

,

11/15/28

......

2,250‌

2,354,524‌

Series

2024

,

RB

,

5.00

%

,

11/15/28

......

1,000‌

1,061,898‌

Series

2016A

,

GO

,

5.00

%

,

11/15/29

.....

1,650‌

1,684,679‌

Series

2022A

,

GO

,

5.00

%

,

11/15/29

.....

3,265‌

3,522,906‌

Series

2024

,

RB

,

5.00

%

,

11/15/29

......

1,135‌

1,219,276‌

DuPage

County

Forest

Preserve

District

Series

2025

,

GO

,

5.00

%

,

11/01/28

......

835‌

889,264‌

Series

2025

,

GO

,

5.00

%

,

11/01/29

......

950‌

1,026,156‌

Illinois

Finance

Authority

Series

2016

,

RB

,

4.00

%

,

07/01/25

......

3,110‌

3,112,138‌

Series

2021A

,

RB

,

5.00

%

,

10/01/25

.....

1,300‌

1,307,803‌

Series

2016

,

RB

,

5.00

%

,

01/01/26

......

1,255‌

1,269,461‌

Series

2019

,

RB

,

5.00

%

,

01/01/26

......

825‌

834,506‌

Series

2024B

,

RB

,

5.00

%

,

04/01/27

.....

2,400‌

2,487,938‌

Series

2017

,

RB

,

5.00

%

,

07/01/27

......

290‌

299,490‌

Series

2019

,

RB

,

5.00

%

,

07/01/27

......

2,400‌

2,502,107‌

Series

2016

,

RB

,

5.00

%

,

01/01/28

......

2,630‌

2,659,428‌

Series

2024B

,

RB

,

5.00

%

,

04/01/28

.....

2,000‌

2,107,095‌

Series

2020

,

RB

,

5.00

%

,

01/01/29

......

1,330‌

1,420,921‌

Series

2024B

,

RB

,

5.00

%

,

04/01/29

.....

3,500‌

3,734,919‌

Series

2020

,

RB

,

5.00

%

,

07/01/29

......

1,155‌

1,242,905‌

Series

2025A

,

RB

,

5.00

%

,

01/01/30

(a)

....

990‌

1,073,900‌

Series

2025A

,

RB

,

5.00

%

,

07/01/30

.....

1,000‌

1,091,825‌

Illinois

Municipal

Electric

Agency,

Series

2015A,

RB,

5.00%, 02/01/28

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

6,500‌

6,512,154‌

Illinois

State

Toll

Highway

Authority

Series

2019B

,

RB

,

5.00

%

,

01/01/26

.....

1,600‌

1,619,548‌

Series

2019C

,

RB

,

5.00

%

,

01/01/26

.....

10,160‌

10,284,128‌

Series

2014C

,

RB

,

5.00

%

,

01/01/27

.....

1,065‌

1,066,648‌

Series

2016B

,

RB

,

5.00

%

,

01/01/27

.....

10‌

10,217‌

Series

2019B

,

RB

,

5.00

%

,

01/01/27

.....

215‌

222,449‌

Series

2019C

,

RB

,

5.00

%

,

01/01/27

.....

3,495‌

3,616,087‌

Series

2018A

,

RB

,

5.00

%

,

01/01/28

.....

2,120‌

2,230,522‌

Series

2019B

,

RB

,

5.00

%

,

01/01/28

.....

3,385‌

3,561,471‌

Series

2019C

,

RB

,

5.00

%

,

01/01/28

.....

1,655‌

1,741,280‌

Series

2017A

,

RB

,

5.00

%

,

01/01/29

.....

1,835‌

1,920,859‌

Series

2018A

,

RB

,

5.00

%

,

01/01/29

.....

5,510‌

5,894,413‌

Series

2019B

,

RB

,

5.00

%

,

01/01/29

.....

1,755‌

1,877,440‌

Series

2019C

,

RB

,

5.00

%

,

01/01/29

.....

3,460‌

3,701,392‌

Series

2016B

,

RB

,

5.00

%

,

01/01/30

.....

2,850‌

2,893,211‌

Series

2019C

,

RB

,

5.00

%

,

01/01/30

.....

6,295‌

6,831,292‌

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Series

A

,

GO

,

5.00

%

,

12/01/25

........

715‌

722,233‌

Series

A

,

GO

,

5.00

%

,

12/01/28

........

4,000‌

4,098,010‌

Series

2021A

,

GO

,

5.00

%

,

12/01/29

.....

1,020‌

1,108,812‌

Regional

Transportation

Authority

Series

2004A

,

RB

,

5.50

%

,

06/01/27

(

AGM

)

3,285‌

3,453,272‌

Series

2004A

,

RB

,

5.75

%

,

06/01/29

(

AGM

)

1,370‌

1,473,900‌

Series

2003A

,

RB

,

6.00

%

,

07/01/29

(

NPFGC

)

7,295‌

7,775,954‌

Sales

Tax

Securitization

Corp.

Series

2021A

,

RB

,

5.00

%

,

01/01/27

.....

7,405‌

7,598,627‌

Series

2017A

,

RB

,

5.00

%

,

01/01/28

.....

250‌

260,768‌

Series

2020A

,

RB

,

5.00

%

,

01/01/28

.....

3,225‌

3,363,906‌

Series

2021A

,

RB

,

5.00

%

,

01/01/28

.....

3,750‌

3,911,518‌

Series

2020A

,

RB

,

5.00

%

,

01/01/30

.....

3,000‌

3,208,128‌

Series

2021A

,

RB

,

5.00

%

,

01/01/30

.....

1,610‌

1,721,696‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Illinois

(continued)

State

of

Illinois

Series

2017D

,

GO

,

5.00

%

,

11/01/25

.....

USD

13,035‌

$

13,131,355‌

Series

2016

,

GO

,

5.00

%

,

02/01/26

......

6,000‌

6,068,627‌

Series

2022B

,

GO

,

5.00

%

,

03/01/26

.....

6,630‌

6,715,236‌

Series

2021B

,

GO

,

5.00

%

,

03/01/26

.....

1,075‌

1,088,820‌

Series

2021A

,

GO

,

5.00

%

,

03/01/26

.....

950‌

962,213‌

Series

2023D

,

GO

,

5.00

%

,

07/01/26

.....

1,220‌

1,242,510‌

Series

2017D

,

GO

,

5.00

%

,

11/01/26

.....

18,000‌

18,437,062‌

Series

2024

,

GO

,

5.00

%

,

02/01/27

......

8,065‌

8,286,753‌

Series

2016

,

GO

,

5.00

%

,

02/01/27

......

570‌

585,532‌

Series

2022B

,

GO

,

5.00

%

,

03/01/27

.....

4,245‌

4,365,718‌

Series

2019B

,

GO

,

5.00

%

,

09/01/27

.....

3,100‌

3,208,427‌

Series

2018A

,

GO

,

5.00

%

,

10/01/27

.....

1,600‌

1,654,031‌

Series

2017D

,

GO

,

5.00

%

,

11/01/27

.....

12,170‌

12,660,862‌

Series

2016

,

GO

,

5.00

%

,

02/01/28

......

14,800‌

15,162,032‌

Series

2024

,

GO

,

5.00

%

,

02/01/28

......

1,565‌

1,626,707‌

Series

2022B

,

GO

,

5.00

%

,

03/01/28

.....

4,000‌

4,162,837‌

Series

2021A

,

GO

,

5.00

%

,

03/01/28

.....

1,000‌

1,040,709‌

Series

2023B

,

GO

,

5.00

%

,

05/01/28

.....

5,300‌

5,525,004‌

Series

2024B

,

GO

,

5.00

%

,

05/01/28

.....

2,940‌

3,064,814‌

Series

2023D

,

GO

,

5.00

%

,

07/01/28

.....

12,380‌

12,927,602‌

Series

2018A

,

GO

,

5.00

%

,

10/01/28

.....

4,700‌

4,913,198‌

Series

2017D

,

GO

,

5.00

%

,

11/01/28

.....

13,060‌

13,494,244‌

Series

2016

,

GO

,

5.00

%

,

11/01/28

......

4,500‌

4,586,625‌

Series

2024

,

GO

,

5.00

%

,

02/01/29

......

2,965‌

3,113,804‌

Series

2016

,

GO

,

5.00

%

,

02/01/29

......

1,405‌

1,437,134‌

Series

2021A

,

GO

,

5.00

%

,

03/01/29

.....

400‌

420,511‌

Series

2024B

,

GO

,

5.00

%

,

05/01/29

.....

2,915‌

3,069,305‌

Series

2017C

,

GO

,

5.00

%

,

11/01/29

.....

10,400‌

10,728,843‌

State

of

Illinois

Sales

Tax

Series

2021C

,

RB

,

5.00

%

,

06/15/26

.....

435‌

442,520‌

Series

2016D

,

RB

,

5.00

%

,

06/15/29

.....

2,890‌

2,926,141‌

Series

2021C

,

RB

,

5.00

%

,

06/15/29

.....

755‌

801,463‌

Series

2024A

,

RB

,

5.00

%

,

06/15/29

.....

5,000‌

5,307,704‌

Series

2025A

,

RB

,

5.00

%

,

06/15/30

.....

9,900‌

10,595,306‌

University

of

Illinois,

Series

2016A,

RB,

4.00%, 04/01/29

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

3,640‌

3,666,351‌

415,419,859‌

Indiana

—

0.9%

Indiana

Finance

Authority

Series

2014A

,

RB

,

5.00

%

,

10/01/25

.....

1,140‌

1,141,573‌

Series

2021-1

,

RB

,

5.00

%

,

10/01/25

.....

3,680‌

3,703,106‌

Series

2016C

,

RB

,

5.00

%

,

12/01/25

.....

1,220‌

1,231,496‌

Series

E

,

RB

,

5.00

%

,

02/01/26

.........

710‌

719,654‌

Series

2021B

,

RB

,

5.00

%

,

02/01/26

.....

1,000‌

1,013,598‌

Series

2019C

,

RB

,

5.00

%

,

02/01/26

.....

185‌

187,516‌

Series

2017C

,

RB

,

5.00

%

,

02/01/26

.....

460‌

466,255‌

Series

2019A

,

RB

,

5.00

%

,

02/01/26

.....

10,095‌

10,232,270‌

Series

2021-1

,

RB

,

5.00

%

,

10/01/26

.....

120‌

123,288‌

Series

2019A

,

RB

,

5.00

%

,

02/01/27

.....

280‌

289,440‌

Series

2015A

,

RB

,

5.00

%

,

02/01/27

.....

1,070‌

1,070,738‌

Series

2019E

,

RB

,

5.00

%

,

02/01/27

.....

470‌

485,847‌

Series

E

,

RB

,

5.00

%

,

02/01/27

.........

210‌

214,864‌

Series

2021B

,

RB

,

5.00

%

,

02/01/27

.....

1,710‌

1,767,654‌

Series

2017C

,

RB

,

5.00

%

,

02/01/27

.....

195‌

201,575‌

Series

B

,

RB

,

5.00

%

,

02/01/27

.........

150‌

151,994‌

Series

2016C

,

RB

,

5.00

%

,

06/01/27

.....

2,090‌

2,141,757‌

Series

2021-1

,

RB

,

5.00

%

,

10/01/27

.....

1,275‌

1,337,533‌

Series

2016C

,

RB

,

5.00

%

,

06/01/28

.....

4,530‌

4,637,142‌

Series

2023A

,

RB

,

5.00

%

,

10/01/28

.....

110‌

117,408‌

Series

A

,

RB

,

5.00

%

,

02/01/29

.........

3,500‌

3,547,414‌

Series

E

,

RB

,

5.00

%

,

02/01/29

.........

6,695‌

6,846,279‌

Series

2016C

,

RB

,

5.00

%

,

06/01/29

.....

5,430‌

5,799,217‌

Series

A

,

RB

,

5.00

%

,

02/01/30

.........

3,930‌

3,983,239‌

Security

Par

(000)

Par

(000)

Value

Indiana

(continued)

Series

2025C

,

RB

,

5.00

%

,

02/01/30

(a)

....

USD

500‌

$

545,995‌

Series

A

,

RB

,

5.00

%

,

02/01/31

.........

3,645‌

3,694,378‌

Series

D

,

RB

,

5.00

%

,

08/01/35

.........

9,310‌

9,538,923‌

Indiana

Municipal

Power

Agency

Series

2025A

,

RB

,

5.00

%

,

01/01/29

(

AGC

)

9,075‌

9,690,019‌

Series

2025A

,

RB

,

5.00

%

,

01/01/30

(

AGC

)

2,705‌

2,928,598‌

Indiana

University,

Series

Z-1,

RB,

5.00%, 08/01/29

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

1,555‌

1,683,629‌

Indianapolis

Local

Public

Improvement

Bond

Bank

Series

2021A

,

RB

,

5.00

%

,

06/01/27

.....

1,940‌

2,013,775‌

Series

2024E

,

RB

,

5.00

%

,

02/01/29

.....

450‌

480,917‌

Series

2021A

,

RB

,

5.00

%

,

06/01/29

.....

6,705‌

7,168,709‌

Purdue

University,

Series

EE,

RB,

5.00%, 07/01/26

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

235‌

240,293‌

89,396,093‌

Iowa

—

0.2%

City

of

Des

Moines,

Series

2019A,

GO,

5.00%, 06/01/26

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

5,870‌

5,993,707‌

Iowa

Finance

Authority

Series

2015

,

RB

,

5.00

%

,

08/01/25

......

3,170‌

3,180,324‌

Series

2016

,

RB

,

5.00

%

,

08/01/26

......

1,305‌

1,338,264‌

Series

2017

,

RB

,

5.00

%

,

08/01/27

......

350‌

367,256‌

Series

2017

,

RB

,

5.00

%

,

08/01/30

......

5,000‌

5,192,011‌

State

of

Iowa

Series

2016

,

RB

,

5.00

%

,

06/15/27

......

215‌

219,347‌

Series

2016A

,

RB

,

5.00

%

,

06/01/28

.....

4,065‌

4,140,025‌

20,430,934‌

Kansas

—

0.6%

Johnson

County

Unified

School

District

No.

229

Blue

Valley,

Series

2015-B,

GO,

3.00%, 10/01/26

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

4,025‌

4,023,053‌

Johnson

County

Unified

School

District

No.

512

Shawnee

Mission

Series

2015A

,

GO

,

5.00

%

,

10/01/30

.....

2,000‌

2,011,975‌

Series

2015A

,

GO

,

5.00

%

,

10/01/31

.....

6,280‌

6,317,602‌

Series

2015A

,

GO

,

5.00

%

,

10/01/32

.....

4,605‌

4,632,573‌

Series

2015A

,

GO

,

5.00

%

,

10/01/34

.....

4,000‌

4,023,950‌

Series

2015A

,

GO

,

4.00

%

,

10/01/35

.....

4,000‌

4,010,934‌

State

of

Kansas

Department

of

Transportation

Series

2015B

,

RB

,

5.00

%

,

09/01/25

.....

915‌

919,211‌

Series

2018A

,

RB

,

5.00

%

,

09/01/25

.....

285‌

286,312‌

Series

2015B

,

RB

,

5.00

%

,

09/01/26

.....

1,220‌

1,225,531‌

Series

2015B

,

RB

,

5.00

%

,

09/01/27

.....

6,095‌

6,122,630‌

Series

2024A

,

RB

,

5.00

%

,

09/01/27

.....

5,000‌

5,232,197‌

Series

2025A

,

RB

,

5.00

%

,

09/01/27

(a)

....

2,000‌

2,091,878‌

Series

2015B

,

RB

,

5.00

%

,

09/01/28

.....

2,075‌

2,084,407‌

Series

2024A

,

RB

,

5.00

%

,

09/01/28

.....

4,030‌

4,290,112‌

Series

2017A

,

RB

,

5.00

%

,

09/01/29

.....

2,025‌

2,104,755‌

Series

2024A

,

RB

,

5.00

%

,

09/01/29

.....

4,000‌

4,329,384‌

Series

2025A

,

RB

,

5.00

%

,

09/01/30

(a)

....

1,500‌

1,646,794‌

55,353,298‌

Kentucky

—

0.4%

Fayette

County

School

District,

Series

2025,

GO,

5.00%, 02/01/30

(ST

INTERCEPT)

(a)

....

7,475‌

8,097,998‌

Kentucky

State

Property

&

Building

Commission

Series

B

,

RB

,

5.00

%

,

11/01/26

(

SAP

)

....

5,290‌

5,427,357‌

Series

A

,

RB

,

5.00

%

,

10/01/27

.........

680‌

711,434‌

Series

B

,

RB

,

5.00

%

,

11/01/27

(

SAP

)

....

1,400‌

1,433,877‌

Series

A

,

RB

,

5.00

%

,

10/01/28

.........

415‌

441,558‌

Series

A

,

RB

,

5.00

%

,

04/01/29

.........

2,300‌

2,462,014‌

Series

A

,

RB

,

5.00

%

,

10/01/29

.........

1,885‌

2,029,149‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Kentucky

(continued)

RB

,

5.00

%

,

04/01/30

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

USD

1,625‌

$

1,679,224‌

Series

A

,

RB

,

5.00

%

,

04/01/30

.........

2,750‌

2,978,787‌

Kentucky

Turnpike

Authority

Series

2016A

,

RB

,

5.00

%

,

07/01/26

.....

2,020‌

2,066,435‌

Series

2024A

,

RB

,

5.00

%

,

07/01/28

.....

200‌

212,281‌

Series

2024A

,

RB

,

5.00

%

,

07/01/29

.....

2,610‌

2,810,831‌

Louisville

&

Jefferson

County

Metropolitan

Government,

Series

2022A,

GO,

5.00%, 04/01/27

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

4,850‌

5,044,549‌

Louisville

Water

Co.,

Series

2015,

RB,

3.00%, 11/15/27

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

6,860‌

6,785,247‌

42,180,741‌

Louisiana

—

0.5%

City

of

New

Orleans

Series

2021A

,

GO

,

5.00

%

,

12/01/29

.....

5,015‌

5,399,735‌

Series

2022

,

GO

,

5.00

%

,

12/01/29

......

6,160‌

6,632,576‌

East

Baton

Rouge

Sewerage

Commission,

Series

2020A,

RB,

5.00%, 02/01/29

.....

105‌

112,402‌

State

of

Louisiana

Series

2024E

,

GO

,

5.00

%

,

06/01/25

.....

4,500‌

4,500,000‌

Series

2016B

,

GO

,

5.00

%

,

08/01/25

.....

4,235‌

4,249,215‌

Series

2021

,

RB

,

5.00

%

,

09/01/25

......

750‌

753,789‌

Series

2020A

,

GO

,

5.00

%

,

03/01/26

.....

1,935‌

1,964,868‌

Series

2025-B

,

GO

,

5.00

%

,

06/01/26

(a)

...

2,000‌

2,042,193‌

Series

2016B

,

GO

,

5.00

%

,

08/01/26

.....

1,890‌

1,936,642‌

Series

2016A

,

GO

,

5.00

%

,

09/01/26

.....

95‌

97,517‌

Series

2021

,

RB

,

5.00

%

,

09/01/26

......

1,035‌

1,062,420‌

Series

2021A

,

GO

,

5.00

%

,

03/01/27

.....

65‌

67,441‌

Series

2016B

,

GO

,

5.00

%

,

08/01/27

.....

2,000‌

2,043,114‌

Series

2019A

,

RB

,

5.00

%

,

09/01/27

.....

250‌

261,344‌

Series

2024C

,

GO

,

5.00

%

,

12/01/27

.....

835‌

878,948‌

Series

2023A

,

GO

,

5.00

%

,

02/01/28

.....

2,500‌

2,639,716‌

Series

2023

,

RB

,

5.00

%

,

09/01/28

......

1,150‌

1,223,571‌

Series

2016A

,

GO

,

5.00

%

,

09/01/28

.....

3,000‌

3,068,273‌

Series

2024E

,

GO

,

5.00

%

,

09/01/29

.....

2,815‌

3,044,710‌

Series

2025-B

,

GO

,

5.00

%

,

06/01/30

....

3,000‌

3,270,959‌

State

of

Louisiana

Gasoline

&

Fuels

Tax

Series

2024A

,

RB

,

5.00

%

,

05/01/27

.....

4,750‌

4,946,237‌

Series

2024A

,

RB

,

5.00

%

,

05/01/29

.....

1,500‌

1,607,675‌

51,803,345‌

Maine

—

0.3%

Maine

Turnpike

Authority

Series

2022

,

RB

,

5.00

%

,

07/01/26

......

1,000‌

1,022,880‌

Series

2025

,

RB

,

5.00

%

,

07/01/30

(a)

.....

1,100‌

1,202,149‌

State

of

Maine

Series

2019B

,

GO

,

5.00

%

,

06/01/25

.....

2,465‌

2,465,000‌

Series

2022B

,

GO

,

5.00

%

,

06/01/25

.....

100‌

100,000‌

Series

2017B

,

GO

,

5.00

%

,

06/01/26

.....

115‌

117,483‌

Series

2020B

,

GO

,

5.00

%

,

06/01/26

.....

45‌

45,972‌

Series

2017B

,

GO

,

5.00

%

,

06/01/27

.....

80‌

83,536‌

Series

2018D

,

GO

,

5.00

%

,

06/01/27

.....

4,150‌

4,333,445‌

Series

2019B

,

GO

,

5.00

%

,

06/01/27

.....

4,225‌

4,411,760‌

Series

2020B

,

GO

,

5.00

%

,

06/01/27

.....

95‌

99,199‌

Series

2021B

,

GO

,

5.00

%

,

06/01/27

.....

3,305‌

3,451,093‌

Series

2019B

,

GO

,

5.00

%

,

06/01/28

.....

3,410‌

3,627,689‌

Series

2020B

,

GO

,

5.00

%

,

06/01/28

.....

2,935‌

3,122,365‌

Series

2021B

,

GO

,

5.00

%

,

06/01/28

.....

1,895‌

2,015,974‌

26,098,545‌

Maryland

—

3.5%

County

of

Anne

Arundel

Series

2020

,

GO

,

5.00

%

,

10/01/25

......

1,135‌

1,143,137‌

Series

2022

,

GO

,

5.00

%

,

10/01/25

......

4,620‌

4,653,120‌

Security

Par

(000)

Par

(000)

Value

Maryland

(continued)

Series

2021

,

GO

,

5.00

%

,

04/01/26

......

USD

8,300‌

$

8,446,798‌

Series

2018

,

GO

,

5.00

%

,

10/01/26

......

5,635‌

5,794,442‌

Series

2021

,

GO

,

5.00

%

,

04/01/27

......

1,760‌

1,829,318‌

Series

2018

,

GO

,

5.00

%

,

10/01/27

......

75‌

78,765‌

Series

2019

,

GO

,

5.00

%

,

10/01/27

......

65‌

68,263‌

Series

2021

,

GO

,

5.00

%

,

10/01/27

......

5,625‌

5,907,381‌

County

of

Baltimore

Series

2024A

,

GO

,

5.00

%

,

07/01/25

.....

5,000‌

5,007,804‌

GO

,

5.00

%

,

03/01/26

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

180‌

182,843‌

Series

2018

,

GO

,

5.00

%

,

03/01/27

......

2,025‌

2,102,025‌

Series

2024A

,

GO

,

5.00

%

,

07/01/29

.....

5,000‌

5,421,178‌

County

of

Frederick

Series

2021A

,

GO

,

5.00

%

,

10/01/25

.....

5,395‌

5,430,447‌

Series

2021A

,

GO

,

5.00

%

,

10/01/26

.....

3,100‌

3,188,536‌

County

of

Howard

Series

2017D

,

GO

,

5.00

%

,

02/15/26

.....

290‌

294,291‌

Series

2017A

,

GO

,

3.00

%

,

02/15/29

.....

5,000‌

4,969,124‌

County

of

Montgomery

Series

2021A

,

GO

,

5.00

%

,

08/01/25

.....

2,335‌

2,342,402‌

Series

2017C

,

GO

,

5.00

%

,

10/01/25

.....

1,515‌

1,524,954‌

Series

2017A

,

GO

,

5.00

%

,

11/01/25

.....

4,085‌

4,119,068‌

Series

2019A

,

GO

,

5.00

%

,

11/01/25

.....

9,025‌

9,100,267‌

Series

2020B

,

GO

,

4.00

%

,

11/01/26

.....

10‌

10,167‌

Series

2017A

,

GO

,

5.00

%

,

11/01/26

.....

1,340‌

1,380,765‌

Series

2024B

,

GO

,

5.00

%

,

12/01/26

.....

10,000‌

10,323,004‌

Series

2023A

,

GO

,

5.00

%

,

08/01/27

.....

9,380‌

9,818,891‌

Series

2020B

,

GO

,

4.00

%

,

11/01/27

.....

305‌

313,327‌

County

of

Prince

George's

Series

2017B

,

GO

,

5.00

%

,

07/15/25

.....

175‌

175,427‌

Series

2019A

,

GO

,

5.00

%

,

07/15/25

.....

3,455‌

3,463,428‌

Series

2017A

,

GO

,

5.00

%

,

09/15/25

.....

540‌

543,236‌

Series

2019A

,

GO

,

5.00

%

,

07/15/26

.....

11,715‌

11,999,102‌

Series

2020A

,

GO

,

5.00

%

,

07/15/26

.....

2,510‌

2,570,870‌

Series

2020A

,

GO

,

5.00

%

,

07/15/27

.....

8,500‌

8,889,994‌

Series

2020B

,

GO

,

5.00

%

,

09/15/27

.....

110‌

115,422‌

Series

2022A

,

GO

,

5.00

%

,

07/01/28

.....

4,495‌

4,793,203‌

Series

2024A

,

GO

,

5.00

%

,

08/01/28

.....

6,105‌

6,519,429‌

Series

2021A

,

GO

,

5.00

%

,

07/01/29

.....

1,000‌

1,083,432‌

Series

2017A

,

GO

,

3.00

%

,

09/15/29

.....

4,375‌

4,336,001‌

Maryland

Stadium

Authority,

Series

2016,

RB,

5.00%, 05/01/46

(ST

INTERCEPT)

.....

10,000‌

10,186,997‌

Maryland

State

Transportation

Authority

Series

2024A

,

RB

,

5.00

%

,

07/01/28

.....

2,000‌

2,126,590‌

Series

2017

,

RB

,

3.00

%

,

07/01/29

......

1,030‌

1,013,281‌

State

of

Maryland

Series

2016

,

GO

,

4.00

%

,

06/01/25

......

1,180‌

1,180,000‌

Series

2015B

,

GO

,

4.00

%

,

08/01/25

.....

160‌

160,249‌

Series

2017A

,

GO

,

5.00

%

,

08/01/25

.....

590‌

591,872‌

Series

2017B

,

GO

,

5.00

%

,

08/01/25

.....

2,820‌

2,828,950‌

Series

2018-2B

,

GO

,

5.00

%

,

08/01/25

....

3,360‌

3,370,663‌

Series

2016

,

GO

,

5.00

%

,

06/01/26

......

475‌

475,820‌

Series

2020C-1

,

GO

,

3.00

%

,

08/01/26

...

19,185‌

19,178,803‌

Series

2A

,

GO

,

5.00

%

,

08/01/26

.......

245‌

251,103‌

Series

2017B

,

GO

,

5.00

%

,

08/01/26

.....

1,775‌

1,819,215‌

Series

2018-2B

,

GO

,

5.00

%

,

08/01/26

....

3,205‌

3,284,836‌

Series

2020A-2

,

GO

,

5.00

%

,

08/01/26

....

1,485‌

1,521,991‌

Series

2017

,

GO

,

5.00

%

,

03/15/27

......

180‌

186,981‌

Series

2019-1

,

GO

,

5.00

%

,

03/15/27

.....

245‌

254,502‌

Series

2016

,

GO

,

4.00

%

,

06/01/27

......

45‌

45,003‌

Series

2022-2D

,

GO

,

3.00

%

,

08/01/27

...

1,300‌

1,302,517‌

Series

2020A-2

,

GO

,

5.00

%

,

08/01/27

....

7,545‌

7,899,653‌

Series

2020-2B

,

GO

,

5.00

%

,

08/01/27

....

2,385‌

2,497,107‌

Series

2A

,

GO

,

5.00

%

,

08/01/27

.......

1,245‌

1,303,521‌

Series

2018-2B

,

GO

,

5.00

%

,

08/01/27

....

185‌

193,696‌

Series

2017A

,

GO

,

5.00

%

,

08/01/27

.....

3,805‌

3,983,854‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Maryland

(continued)

Series

2021A

,

GO

,

5.00

%

,

03/01/28

.....

USD

11,800‌

$

12,501,180‌

Series

2023A

,

GO

,

5.00

%

,

03/15/28

.....

10,800‌

11,450,264‌

Series

2017

,

GO

,

5.00

%

,

03/15/28

......

4,280‌

4,436,749‌

Series

2020A-1

,

GO

,

5.00

%

,

03/15/28

....

1,565‌

1,659,228‌

Series

2020-2B

,

GO

,

5.00

%

,

08/01/28

....

1,000‌

1,067,570‌

Series

2020A-2

,

GO

,

5.00

%

,

08/01/28

....

2,535‌

2,706,290‌

Series

2A

,

GO

,

5.00

%

,

08/01/28

.......

6,695‌

7,147,382‌

Series

2023A

,

GO

,

5.00

%

,

03/15/29

.....

3,250‌

3,504,760‌

Series

2022-1A

,

GO

,

5.00

%

,

06/01/29

....

10,000‌

10,820,510‌

State

of

Maryland

Department

of

Transportation

Series

2016

,

RB

,

4.00

%

,

09/01/25

......

3,370‌

3,378,814‌

Series

2017

,

RB

,

5.00

%

,

09/01/25

......

4,755‌

4,779,022‌

Series

2018

,

RB

,

5.00

%

,

10/01/25

......

625‌

629,277‌

Series

2019

,

RB

,

5.00

%

,

10/01/25

......

6,105‌

6,146,780‌

Series

2016

,

RB

,

4.00

%

,

11/01/25

......

1,010‌

1,010,443‌

Series

2022B

,

RB

,

5.00

%

,

12/01/25

.....

2,690‌

2,718,411‌

Series

2016

,

RB

,

4.00

%

,

09/01/26

......

2,610‌

2,649,009‌

Series

2018

,

RB

,

5.00

%

,

10/01/26

......

515‌

529,928‌

Series

2019

,

RB

,

5.00

%

,

10/01/26

......

445‌

457,899‌

Series

2018

,

RB

,

5.00

%

,

10/01/27

......

10,570‌

10,862,922‌

Series

2015-3

,

RB

,

4.00

%

,

12/15/27

.....

250‌

250,133‌

Series

2022B

,

RB

,

5.00

%

,

12/01/28

.....

1,725‌

1,849,715‌

Series

2019

,

RB

,

3.00

%

,

10/01/29

......

9,000‌

8,863,545‌

Series

2018

,

RB

,

5.00

%

,

10/01/29

......

2,000‌

2,051,283‌

University

System

of

Maryland,

Series

2017A,

RB,

4.00%, 04/01/29

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

6,100‌

6,196,828‌

Washington

Suburban

Sanitary

Commission

Series

2021

,

RB

,

5.00

%

,

06/01/25

(

GTD

)

..

1,515‌

1,515,000‌

Series

2017

,

RB

,

5.00

%

,

06/15/25

(

GTD

)

..

2,500‌

2,501,838‌

Series

2020

,

RB

,

5.00

%

,

12/01/25

(

GTD

)

..

2,060‌

2,081,224‌

Series

2018

,

RB

,

5.00

%

,

06/01/26

(

GTD

)

..

630‌

643,589‌

Series

2020

,

RB

,

5.00

%

,

06/01/26

(

GTD

)

..

8,980‌

9,173,704‌

Series

2021

,

RB

,

5.00

%

,

06/01/26

(

GTD

)

..

6,475‌

6,614,670‌

Series

2020

,

RB

,

5.00

%

,

06/01/27

(

GTD

)

..

3,545‌

3,697,327‌

Series

2020

,

RB

,

5.00

%

,

12/01/27

(

GTD

)

..

120‌

126,435‌

Series

2016

,

RB

,

5.00

%

,

06/01/28

(

GTD

)

..

1,445‌

1,474,849‌

339,093,643‌

Massachusetts

—

3.5%

City

of

Boston

Series

2022A

,

GO

,

5.00

%

,

11/01/25

.....

14,320‌

14,447,139‌

Series

2020D

,

GO

,

5.00

%

,

03/01/26

.....

200‌

203,308‌

Series

2015A

,

GO

,

5.00

%

,

04/01/26

.....

4,000‌

4,006,247‌

Series

2017A

,

GO

,

5.00

%

,

04/01/26

.....

20‌

20,370‌

Series

2020A

,

GO

,

5.00

%

,

11/01/27

.....

1,000‌

1,053,243‌

Series

2025A

,

GO

,

5.00

%

,

02/01/29

(a)

....

4,380‌

4,718,982‌

Series

2017A

,

GO

,

3.00

%

,

04/01/29

.....

5,000‌

4,964,253‌

Series

2025A

,

GO

,

5.00

%

,

02/01/30

(a)

....

5,900‌

6,462,269‌

Commonwealth

of

Massachusetts

Series

A

,

GO

,

5.00

%

,

07/01/25

........

15‌

15,024‌

Series

2020B

,

GO

,

5.00

%

,

07/01/25

.....

2,675‌

2,679,246‌

Series

C

,

GO

,

5.00

%

,

08/01/25

........

9,405‌

9,435,786‌

Series

2019G

,

GO

,

5.00

%

,

09/01/25

.....

50‌

50,250‌

Series

2018E

,

GO

,

5.00

%

,

09/01/25

.....

1,000‌

1,005,002‌

Series

2006B

,

GO

,

5.25

%

,

09/01/25

(

AGM

)

5,110‌

5,139,567‌

Series

C

,

GO

,

5.00

%

,

10/01/25

........

1,820‌

1,832,334‌

Series

2016C

,

GO

,

5.00

%

,

10/01/25

.....

420‌

422,846‌

Series

2021B

,

GO

,

5.00

%

,

11/01/25

.....

2,055‌

2,072,668‌

Series

2020E

,

GO

,

5.00

%

,

11/01/25

.....

1,865‌

1,881,034‌

Series

E

,

GO

,

5.00

%

,

11/01/25

(

AMBAC

)

..

7,430‌

7,493,879‌

Series

2019E

,

GO

,

3.00

%

,

12/01/25

.....

385‌

384,852‌

Series

2019A

,

GO

,

5.00

%

,

01/01/26

.....

1,040‌

1,052,586‌

Series

2016A

,

GO

,

5.00

%

,

03/01/26

.....

3,060‌

3,108,374‌

Series

2019C

,

GO

,

5.00

%

,

05/01/26

.....

3,830‌

3,905,374‌

Series

2016B

,

GO

,

4.00

%

,

07/01/26

.....

205‌

207,634‌

Security

Par

(000)

Par

(000)

Value

Massachusetts

(continued)

Series

2016B

,

GO

,

5.00

%

,

07/01/26

.....

USD

2,945‌

$

3,013,966‌

Series

2015D

,

GO

,

5.00

%

,

09/01/26

.....

4,455‌

4,476,788‌

Series

2020E

,

GO

,

5.00

%

,

11/01/26

.....

2,120‌

2,185,455‌

Series

2017E

,

GO

,

5.00

%

,

11/01/26

.....

440‌

453,585‌

Series

2019E

,

GO

,

3.00

%

,

12/01/26

.....

500‌

500,653‌

Series

2016H

,

GO

,

5.00

%

,

12/01/26

.....

1,195‌

1,234,172‌

Series

2019C

,

GO

,

5.00

%

,

05/01/27

.....

1,965‌

2,048,049‌

Series

2016B

,

GO

,

5.00

%

,

07/01/27

.....

3,865‌

4,040,242‌

Series

2018B

,

GO

,

5.00

%

,

07/01/27

.....

2,915‌

3,047,168‌

Series

A

,

GO

,

5.00

%

,

07/01/27

........

3,610‌

3,773,680‌

Series

2017D

,

GO

,

5.00

%

,

07/01/27

.....

2,475‌

2,587,218‌

Series

2020D

,

GO

,

5.00

%

,

07/01/27

.....

1,910‌

1,996,601‌

Series

2018C

,

GO

,

5.00

%

,

09/01/27

.....

10‌

10,488‌

Series

2021A

,

GO

,

5.00

%

,

09/01/27

.....

2,420‌

2,538,015‌

Series

C

,

GO

,

5.00

%

,

10/01/27

........

150‌

157,572‌

Series

2023A

,

GO

,

5.00

%

,

05/01/28

.....

3,275‌

3,479,003‌

Series

2025A

,

GO

,

5.00

%

,

07/01/28

.....

4,500‌

4,794,719‌

Series

2021A

,

GO

,

5.00

%

,

09/01/28

.....

2,830‌

3,023,939‌

Series

2016I

,

GO

,

5.00

%

,

12/01/28

......

4,155‌

4,281,169‌

Series

2024A

,

GO

,

5.00

%

,

03/01/29

.....

11,215‌

12,091,591‌

Series

2024B

,

GO

,

5.00

%

,

05/01/29

.....

3,030‌

3,275,657‌

Series

2016A

,

GO

,

5.00

%

,

07/01/29

.....

1,640‌

1,674,430‌

Series

2025A

,

GO

,

5.00

%

,

07/01/29

(a)

....

4,000‌

4,335,673‌

Series

2025A

,

GO

,

5.00

%

,

07/01/30

.....

5,405‌

5,937,434‌

Series

2015D

,

GO

,

4.00

%

,

09/01/30

.....

2,000‌

2,000,701‌

Commonwealth

of

Massachusetts

Transportation

Fund,

Series

2016A,

RB,

5.00%, 06/01/25

.

4,225‌

4,225,000‌

Massachusetts

Bay

Transportation

Authority

Assessment,

Series

2016A,

RB,

5.00%, 07/01/25

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

3,515‌

3,520,146‌

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Series

2005A

,

RB

,

5.00

%

,

07/01/26

.....

6,070‌

6,212,146‌

Series

B

,

RB

,

5.00

%

,

07/01/27

.........

1,285‌

1,286,947‌

Series

2006A

,

RB

,

5.25

%

,

07/01/28

.....

9,000‌

9,654,827‌

Series

2016A

,

RB

,

0.00

%

,

07/01/29

(b)

....

1,730‌

1,489,746‌

Series

2024A

,

RB

,

5.00

%

,

07/01/29

.....

5,000‌

5,415,154‌

Massachusetts

Clean

Water

Trust

(The)

Series

2014

,

RB

,

5.00

%

,

08/01/25

......

14,335‌

14,379,833‌

Series

21

,

RB

,

5.00

%

,

08/01/25

........

525‌

526,762‌

Series

2022

,

RB

,

5.00

%

,

02/01/27

......

1,000‌

1,036,692‌

Series

23A

,

RB

,

5.00

%

,

02/01/27

.......

2,115‌

2,192,603‌

Series

23B

,

RB

,

5.00

%

,

02/01/27

.......

3,800‌

3,939,428‌

Series

24B

,

RB

,

5.00

%

,

02/01/27

.......

1,250‌

1,295,865‌

Series

23B

,

RB

,

5.00

%

,

02/01/28

.......

205‌

217,052‌

Series

24A

,

RB

,

5.00

%

,

02/01/28

.......

1,125‌

1,191,141‌

Series

24B

,

RB

,

5.00

%

,

02/01/28

.......

1,775‌

1,879,356‌

Massachusetts

Development

Finance

Agency

Series

2020U

,

RB

,

5.00

%

,

07/01/25

.....

1,435‌

1,437,309‌

Series

2020A

,

RB

,

5.00

%

,

10/15/25

.....

11,440‌

11,513,082‌

Series

2020A

,

RB

,

5.00

%

,

10/15/26

.....

12,965‌

13,289,974‌

Series

2016A

,

RB

,

5.00

%

,

07/15/27

.....

280‌

285,179‌

Massachusetts

School

Building

Authority

Series

2015C

,

RB

,

5.00

%

,

08/15/25

.....

265‌

266,064‌

Series

D

,

RB

,

4.75

%

,

08/15/32

.........

2,285‌

2,292,999‌

Series

2016A

,

RB

,

5.00

%

,

11/15/41

.....

4,750‌

4,795,009‌

Series

2016A

,

RB

,

5.00

%

,

11/15/45

.....

12,960‌

13,082,804‌

Series

2019A

,

RB

,

5.00

%

,

02/15/49

.....

15,360‌

15,588,737‌

Massachusetts

Transportation

Trust

Fund

Metropolitan

Highway

System

Series

2018A

,

RB

,

5.00

%

,

01/01/27

.....

4,975‌

5,148,145‌

Series

2019A

,

RB

,

5.00

%

,

01/01/27

.....

9,900‌

10,244,550‌

Series

2022A-1

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

1.80

%

,

06/09/25

(c)

..........

10,000‌

10,000,000‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Massachusetts

(continued)

Massachusetts

Water

Resources

Authority

Series

2018C

,

RB

,

5.00

%

,

08/01/25

.....

USD

1,160‌

$

1,163,739‌

Series

B

,

RB

,

5.25

%

,

08/01/25

(

AGM

)

....

825‌

828,047‌

Series

2016C

,

RB

,

5.00

%

,

08/01/34

.....

10,000‌

10,257,484‌

Series

2016D

,

RB

,

5.00

%

,

08/01/37

.....

1,250‌

1,281,316‌

Series

2016B

,

RB

,

5.00

%

,

08/01/40

.....

5,080‌

5,210,802‌

Series

2016C

,

RB

,

5.00

%

,

08/01/40

.....

6,155‌

6,313,481‌

University

of

Massachusetts

Building

Authority

Series

2021-1

,

RB

,

5.00

%

,

11/01/27

.....

11,010‌

11,594,470‌

Series

2021-1

,

RB

,

5.00

%

,

11/01/28

.....

825‌

882,285‌

337,458,409‌

Michigan

—

1.4%

Ann

Arbor

School

District,

Series

2025,

GO,

5.00%, 05/01/26

(a)

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

7,075‌

7,201,481‌

Great

Lakes

Water

Authority

Sewage

Disposal

System

Series

2018B

,

RB

,

5.00

%

,

07/01/25

.....

125‌

125,179‌

Series

B

,

RB

,

5.00

%

,

07/01/25

.........

1,200‌

1,201,715‌

Series

2018B

,

RB

,

5.00

%

,

07/01/29

.....

8,045‌

8,657,287‌

Great

Lakes

Water

Authority

Water

Supply

System

Series

C

,

RB

,

5.00

%

,

07/01/26

.........

640‌

654,284‌

Series

2024A

,

RB

,

5.00

%

,

07/01/29

.....

4,000‌

4,306,025‌

Howell

Public

Schools,

Series

2025II,

GO,

5.00%, 05/01/30

(Q-SBLF)

..........

1,000‌

1,087,091‌

Karegnondi

Water

Authority

Series

2024

,

RB

,

5.00

%

,

11/01/25

(

BAM

)

..

1,170‌

1,179,419‌

Series

2024

,

RB

,

5.00

%

,

11/01/26

(

BAM

)

..

2,950‌

3,036,843‌

Series

2024

,

RB

,

5.00

%

,

11/01/27

(

BAM

)

..

1,420‌

1,488,511‌

Series

2024

,

RB

,

5.00

%

,

11/01/28

(

BAM

)

..

1,350‌

1,439,089‌

Series

2024

,

RB

,

5.00

%

,

11/01/29

(

BAM

)

..

1,935‌

2,092,610‌

Michigan

Finance

Authority

Series

2016B

,

RB

,

5.00

%

,

10/01/27

.....

10,225‌

10,497,641‌

Series

2015C

,

RB

,

5.00

%

,

07/01/28

.....

1,415‌

1,416,426‌

Michigan

State

Building

Authority

Series

2016I

,

RB

,

5.00

%

,

04/15/26

......

1,395‌

1,419,656‌

Series

2020I

,

RB

,

5.00

%

,

10/15/27

......

785‌

823,497‌

Series

2023II

,

RB

,

5.00

%

,

10/15/28

.....

5,700‌

6,085,164‌

Series

2016I

,

RB

,

5.00

%

,

10/15/29

......

2,815‌

2,885,278‌

Series

2015I

,

RB

,

5.00

%

,

04/15/30

......

5,000‌

5,028,462‌

Michigan

State

University

Series

2020A

,

RB

,

5.00

%

,

08/15/26

.....

2,455‌

2,517,565‌

Series

2023A

,

RB

,

5.00

%

,

02/15/28

.....

2,400‌

2,533,334‌

Series

2023A

,

RB

,

5.00

%

,

08/15/28

.....

3,750‌

3,995,291‌

Series

2025A

,

RB

,

5.00

%

,

02/15/29

(a)

....

2,000‌

2,145,450‌

Series

2025A

,

RB

,

5.00

%

,

08/15/29

(a)

....

1,750‌

1,893,505‌

Series

2025A

,

RB

,

5.00

%

,

02/15/30

(a)

....

1,250‌

1,360,467‌

Series

2025A

,

RB

,

5.00

%

,

08/15/30

(a)

....

1,120‌

1,228,882‌

State

of

Michigan

Series

2016

,

RB

,

5.00

%

,

03/15/26

......

8,810‌

8,953,599‌

Series

2016

,

RB

,

5.00

%

,

03/15/27

......

7,580‌

7,871,277‌

Series

2018

,

GO

,

4.00

%

,

05/01/28

......

5,000‌

5,045,368‌

Series

2018

,

GO

,

4.00

%

,

05/01/29

......

7,000‌

7,058,180‌

State

of

Michigan

Trunk

Line

Series

2020B

,

RB

,

5.00

%

,

11/15/28

.....

11,165‌

11,981,049‌

Series

2023

,

RB

,

5.00

%

,

11/15/28

......

1,500‌

1,609,635‌

Series

2023

,

RB

,

5.00

%

,

11/15/29

......

105‌

114,481‌

University

of

Michigan

Series

2017A

,

RB

,

5.00

%

,

04/01/26

.....

1,410‌

1,434,458‌

Series

2020A

,

RB

,

5.00

%

,

04/01/26

.....

3,880‌

3,947,303‌

Series

2019A

,

RB

,

5.00

%

,

04/01/30

.....

1,505‌

1,615,144‌

Series

2017A

,

RB

,

5.00

%

,

04/01/42

.....

5,110‌

5,306,102‌

131,236,748‌

Security

Par

(000)

Par

(000)

Value

Minnesota

—

2.4%

City

of

Minneapolis

Series

2021

,

GO

,

4.00

%

,

12/01/26

......

USD

2,235‌

$

2,273,979‌

Series

2017

,

GO

,

3.00

%

,

12/01/27

......

25‌

24,789‌

County

of

Hennepin

Series

2020B

,

GO

,

5.00

%

,

12/01/25

.....

2,930‌

2,959,462‌

Series

2019B

,

GO

,

5.00

%

,

12/15/26

.....

1,660‌

1,715,805‌

Series

2020C

,

GO

,

5.00

%

,

12/15/26

.....

5,365‌

5,545,359‌

Series

2019B

,

GO

,

5.00

%

,

12/15/27

.....

85‌

89,619‌

Series

2016C

,

GO

,

5.00

%

,

12/01/28

.....

1,500‌

1,608,851‌

Series

2020C

,

GO

,

5.00

%

,

12/15/29

.....

125‌

136,184‌

Metropolitan

Council

Series

2021B

,

GO

,

5.00

%

,

12/01/25

.....

5,215‌

5,269,247‌

Series

2016C

,

GO

,

5.00

%

,

03/01/26

.....

200‌

203,188‌

Series

2021C

,

GO

,

5.00

%

,

12/01/26

.....

2,780‌

2,871,865‌

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

Series

A

,

RB

,

5.00

%

,

01/01/28

.........

3,170‌

3,267,837‌

Series

2023A

,

RB

,

5.00

%

,

01/01/29

.....

2,230‌

2,378,784‌

Minnesota

Public

Facilities

Authority

State

Revolving

Fund

Series

2016A

,

RB

,

5.00

%

,

03/01/26

.....

1,910‌

1,942,047‌

Series

2023B

,

RB

,

5.00

%

,

03/01/28

.....

24,110‌

25,534,653‌

Series

2016A

,

RB

,

5.00

%

,

03/01/29

.....

4,750‌

4,818,575‌

Series

2023A

,

RB

,

5.00

%

,

03/01/29

.....

18,500‌

19,936,292‌

State

of

Minnesota

Series

2020E

,

GO

,

3.00

%

,

08/01/25

.....

875‌

874,472‌

Series

2015B

,

GO

,

5.00

%

,

08/01/25

.....

1,725‌

1,730,561‌

Series

2019A

,

GO

,

5.00

%

,

08/01/25

.....

1,495‌

1,499,819‌

Series

2016D

,

GO

,

5.00

%

,

08/01/25

.....

160‌

160,516‌

Series

2020A

,

GO

,

5.00

%

,

08/01/25

.....

455‌

456,467‌

Series

2015D

,

GO

,

5.00

%

,

08/01/25

.....

4,260‌

4,273,732‌

Series

2016B

,

GO

,

5.00

%

,

08/01/25

.....

115‌

115,371‌

Series

2021A

,

GO

,

5.00

%

,

09/01/25

.....

10,000‌

10,049,270‌

Series

2017A

,

GO

,

5.00

%

,

10/01/25

.....

330‌

332,204‌

Series

2022A

,

RB

,

5.00

%

,

03/01/26

.....

20,000‌

20,311,698‌

Series

2023D

,

GO

,

5.00

%

,

08/01/26

.....

4,000‌

4,099,640‌

Series

2016A

,

GO

,

5.00

%

,

08/01/26

.....

30‌

30,747‌

Series

2019B

,

GO

,

5.00

%

,

08/01/26

.....

765‌

784,056‌

Series

2018B

,

GO

,

5.00

%

,

08/01/26

.....

185‌

189,608‌

Series

2015D

,

GO

,

5.00

%

,

08/01/26

.....

1,500‌

1,504,704‌

Series

2019A

,

GO

,

5.00

%

,

08/01/26

.....

230‌

235,729‌

Series

2020A

,

GO

,

5.00

%

,

08/01/26

.....

3,205‌

3,284,836‌

Series

2021A

,

GO

,

5.00

%

,

09/01/26

.....

14,215‌

14,595,128‌

Series

2017D

,

GO

,

5.00

%

,

10/01/26

.....

235‌

241,718‌

Series

2016B

,

GO

,

4.00

%

,

08/01/27

.....

3,910‌

3,962,034‌

Series

2022A

,

GO

,

5.00

%

,

08/01/27

.....

7,525‌

7,888,070‌

Series

2019A

,

GO

,

5.00

%

,

08/01/27

.....

225‌

235,856‌

Series

2018A

,

GO

,

5.00

%

,

08/01/27

.....

45‌

47,171‌

Series

2016D

,

GO

,

5.00

%

,

08/01/27

.....

180‌

183,966‌

Series

2021B

,

GO

,

5.00

%

,

09/01/27

.....

315‌

330,612‌

Series

2017A

,

GO

,

5.00

%

,

10/01/27

.....

2,105‌

2,213,002‌

Series

2023E

,

GO

,

5.00

%

,

08/01/28

.....

17,460‌

18,605,797‌

Series

2018A

,

GO

,

5.00

%

,

08/01/28

.....

4,225‌

4,502,262‌

Series

2023D

,

GO

,

5.00

%

,

08/01/28

.....

8,480‌

9,036,492‌

Series

2019A

,

GO

,

5.00

%

,

08/01/28

.....

400‌

426,250‌

Series

2021B

,

GO

,

5.00

%

,

09/01/28

.....

3,000‌

3,209,021‌

Series

2023

,

COP

,

5.00

%

,

11/01/28

.....

3,550‌

3,792,741‌

Series

2024A

,

GO

,

5.00

%

,

08/01/29

.....

15,000‌

16,264,704‌

Series

2023

,

COP

,

5.00

%

,

11/01/29

.....

6,340‌

6,875,802‌

University

of

Minnesota

Series

2015A

,

RB

,

5.00

%

,

08/01/25

.....

55‌

55,176‌

Series

2017B

,

RB

,

5.00

%

,

12/01/25

.....

6,375‌

6,440,331‌

Series

2019B

,

RB

,

5.00

%

,

10/01/27

.....

20‌

20,976‌

229,437,075‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mississippi

—

0.5%

Mississippi

Development

Bank,

Series

2024A,

RB,

5.00%, 01/01/29

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

USD

800‌

$

852,200‌

State

of

Mississippi

Series

2015C

,

GO

,

5.00

%

,

10/01/26

.....

305‌

307,059‌

Series

2017A

,

GO

,

5.00

%

,

10/01/26

.....

2,645‌

2,719,217‌

Series

2017A

,

GO

,

5.00

%

,

10/01/27

.....

305‌

320,263‌

Series

2017A

,

GO

,

5.00

%

,

10/01/28

.....

15,000‌

15,703,926‌

Series

2017A

,

GO

,

5.00

%

,

10/01/32

.....

6,645‌

6,976,035‌

Series

2015F

,

GO

,

5.00

%

,

11/01/32

.....

7,535‌

7,597,045‌

Series

2018A

,

GO

,

5.00

%

,

11/01/32

.....

3,185‌

3,280,752‌

Series

2017A

,

GO

,

5.00

%

,

10/01/33

.....

4,005‌

4,204,517‌

Series

2017A

,

GO

,

5.00

%

,

10/01/34

.....

3,040‌

3,191,444‌

Series

2016B

,

GO

,

5.00

%

,

12/01/35

.....

1,015‌

1,047,400‌

Series

2018A

,

GO

,

5.00

%

,

11/01/36

.....

2,105‌

2,168,283‌

State

of

Mississippi

Gaming

Tax,

Series

2015E,

RB,

5.00%, 10/15/27

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

1,000‌

1,005,600‌

49,373,741‌

Missouri

—

1.2%

City

of

Kansas

City

Series

2017C

,

RB

,

5.00

%

,

09/01/28

.....

145‌

150,625‌

Series

2025C

,

RB

,

5.00

%

,

04/01/29

.....

1,000‌

1,067,788‌

Series

2025C

,

RB

,

5.00

%

,

04/01/30

.....

1,200‌

1,296,980‌

City

of

Springfield,

Series

2015,

RB,

5.00%, 08/01/25

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

10,000‌

10,029,704‌

City

of

St.

Louis,

Series

2019C,

RB,

5.00%, 07/01/27

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

2,000‌

2,071,683‌

Curators

of

the

University

of

Missouri

(The)

Series

2024

,

RB

,

5.00

%

,

11/01/25

......

5,000‌

5,040,227‌

Series

2024

,

RB

,

5.00

%

,

11/01/26

......

6,835‌

7,036,104‌

Series

2024

,

RB

,

5.00

%

,

11/01/28

......

3,400‌

3,639,517‌

Series

2024

,

RB

,

5.00

%

,

11/01/29

......

7,395‌

8,036,252‌

Kansas

City

Industrial

Development

Authority,

Series

2020B,

RB,

5.00%, 03/01/27

.....

2,955‌

3,053,006‌

Metropolitan

St.

Louis

Sewer

District,

Series

2017A,

RB,

5.00%, 05/01/26

.........

3,810‌

3,885,598‌

Missouri

Highway

&

Transportation

Commission

Series

2021A

,

RB

,

5.00

%

,

11/01/25

.....

4,775‌

4,815,657‌

Series

A

,

RB

,

5.00

%

,

05/01/26

.........

1,575‌

1,582,758‌

Series

2019B

,

RB

,

5.00

%

,

11/01/26

.....

5,230‌

5,392,213‌

Series

2022A

,

RB

,

5.00

%

,

05/01/27

.....

15,000‌

15,636,819‌

Missouri

Joint

Municipal

Electric

Utility

Commission

Series

2015A

,

RB

,

5.00

%

,

12/01/25

.....

300‌

300,000‌

Series

2023

,

RB

,

5.00

%

,

01/01/26

......

1,345‌

1,359,643‌

Series

2025

,

RB

,

5.00

%

,

12/01/26

(a)

.....

7,150‌

7,362,061‌

Series

2023

,

RB

,

5.00

%

,

01/01/27

......

1,045‌

1,077,761‌

Series

2024

,

RB

,

5.00

%

,

01/01/27

......

675‌

695,739‌

Series

2023

,

RB

,

5.00

%

,

01/01/28

......

1,600‌

1,680,561‌

Series

2025

,

RB

,

5.00

%

,

12/01/28

......

7,000‌

7,464,388‌

Series

2024

,

RB

,

5.00

%

,

01/01/29

......

1,265‌

1,344,397‌

Series

2025

,

RB

,

5.00

%

,

12/01/29

(a)

.....

4,275‌

4,619,138‌

Series

2023

,

RB

,

5.00

%

,

01/01/30

......

1,000‌

1,081,632‌

Series

2024

,

RB

,

5.00

%

,

01/01/30

......

730‌

784,744‌

Missouri

State

Board

of

Public

Buildings,

Series

2020B,

RB,

5.00%, 10/01/27

.........

4,160‌

4,359,869‌

Park

Hill

School

District

of

Platte

County,

Series

2017,

GO,

3.38%, 03/01/37

..........

11,400‌

11,437,000‌

116,301,864‌

Nebraska

—

0.5%

City

of

Lincoln

Electric

System,

Series

2018,

RB,

5.00%, 09/01/28

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

100‌

103,366‌

Douglas

County

School

District

No.

17

Series

A

,

GO

,

4.00

%

,

06/15/32

........

1,965‌

1,965,596‌

Security

Par

(000)

Par

(000)

Value

Nebraska

(continued)

Series

A

,

GO

,

4.00

%

,

06/15/33

........

USD

2,010‌

$

2,010,610‌

Series

A

,

GO

,

4.00

%

,

06/15/34

........

2,050‌

2,050,622‌

Series

A

,

GO

,

4.00

%

,

06/15/35

........

7,000‌

7,002,124‌

Gretna

Public

Schools,

Series

2022B,

GO,

5.00%, 12/15/27

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

5,000‌

5,037,664‌

Nebraska

Public

Power

District

Series

B

,

RB

,

5.00

%

,

01/01/27

.........

785‌

810,964‌

Series

B

,

RB

,

5.00

%

,

01/01/28

.........

185‌

190,830‌

Series

2023A

,

RB

,

5.00

%

,

07/01/28

.....

8,795‌

9,227,781‌

Series

C

,

RB

,

5.00

%

,

01/01/29

.........

1,225‌

1,237,013‌

Omaha

Public

Power

District

Series

2016A

,

RB

,

5.00

%

,

02/01/27

.....

1,415‌

1,434,912‌

Series

2016A

,

RB

,

5.00

%

,

02/01/28

.....

2,585‌

2,617,668‌

Series

2016A

,

RB

,

5.00

%

,

02/01/29

.....

250‌

253,044‌

Series

2018A

,

RB

,

5.00

%

,

02/01/29

.....

110‌

116,163‌

Series

2025A

,

RB

,

5.00

%

,

02/01/30

(a)

....

2,060‌

2,244,946‌

Omaha

School

District,

Series

2016,

GO,

5.00%, 12/15/29

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

1,630‌

1,673,261‌

Public

Power

Generation

Agency

Series

2024A

,

RB

,

5.00

%

,

01/01/27

.....

1,365‌

1,409,029‌

Series

2024A

,

RB

,

5.00

%

,

01/01/29

.....

4,190‌

4,473,496‌

Series

2024A

,

RB

,

5.00

%

,

01/01/30

.....

500‌

540,816‌

44,399,905‌

Nevada

—

1.5%

Clark

County

School

District

Series

2022A

,

GO

,

5.00

%

,

06/15/25

.....

6,875‌

6,879,201‌

Series

2021B

,

GO

,

5.00

%

,

06/15/26

.....

7,835‌

7,991,664‌

Series

2024C

,

GO

,

5.00

%

,

06/15/26

.....

4,780‌

4,875,578‌

Series

2020B

,

GO

,

5.00

%

,

06/15/27

(

BAM

)

5,245‌

5,470,710‌

Series

2015C

,

GO

,

5.00

%

,

06/15/28

.....

3,000‌

3,025,927‌

Series

2018B

,

GO

,

5.00

%

,

06/15/28

(

BAM

)

220‌

233,759‌

Series

2020A

,

GO

,

5.00

%

,

06/15/28

(

AGM

)

500‌

531,271‌

Series

2024B

,

GO

,

5.00

%

,

06/15/29

.....

11,130‌

11,971,530‌

County

of

Clark

Series

2017

,

RB

,

5.00

%

,

07/01/26

......

1,470‌

1,502,403‌

Series

2016B

,

GO

,

5.00

%

,

11/01/27

.....

15,030‌

15,383,319‌

Series

2017

,

GO

,

2.38

%

,

11/01/28

......

4,650‌

4,458,569‌

Series

2016B

,

GO

,

5.00

%

,

11/01/28

.....

800‌

818,360‌

Series

2016A

,

GO

,

5.00

%

,

11/01/28

.....

10,350‌

10,495,857‌

Series

2017

,

GO

,

2.50

%

,

11/01/29

......

5,780‌

5,503,450‌

Series

2016B

,

GO

,

5.00

%

,

11/01/29

.....

2,150‌

2,197,548‌

County

of

Clark

Department

of

Aviation

Series

2019A

,

RB

,

5.00

%

,

07/01/25

.....

275‌

275,400‌

Series

2019D

,

RB

,

5.00

%

,

07/01/26

.....

2,065‌

2,110,398‌

Series

2024A

,

RB

,

5.00

%

,

07/01/28

.....

5,000‌

5,301,294‌

Series

2024A

,

RB

,

5.00

%

,

07/01/29

.....

10,950‌

11,784,755‌

County

of

Washoe

Series

2021

,

GO

,

5.00

%

,

07/01/26

......

5,045‌

5,157,831‌

Series

2021

,

GO

,

5.00

%

,

07/01/27

......

1,535‌

1,602,344‌

Las

Vegas

Valley

Water

District

Series

2020A

,

GO

,

5.00

%

,

06/01/25

.....

7,720‌

7,720,000‌

Series

2022A

,

GO

,

5.00

%

,

06/01/25

.....

5,550‌

5,550,000‌

Series

2021A

,

GO

,

5.00

%

,

06/01/26

.....

4,000‌

4,086,453‌

Series

2022A

,

GO

,

5.00

%

,

06/01/26

.....

5,825‌

5,950,897‌

State

of

Nevada

Series

2015A

,

GO

,

5.00

%

,

08/01/25

.....

5,030‌

5,045,880‌

Series

2025A

,

GO

,

5.00

%

,

10/01/25

.....

10,340‌

10,407,670‌

Series

2019A

,

GO

,

5.00

%

,

05/01/26

.....

120‌

122,318‌

State

of

Nevada

Highway

Improvement,

Series

2016,

RB,

5.00%, 12/01/25

..........

270‌

272,852‌

146,727,238‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

Hampshire

—

0.1%

New

Hampshire

Municipal

Bond

Bank

Series

2016D

,

RB

,

4.00

%

,

08/15/28

.....

USD

1,500‌

$

1,513,968‌

Series

2017B

,

RB

,

5.00

%

,

08/15/28

(

ST

INTERCEPT

)

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

1,620‌

1,694,111‌

State

of

New

Hampshire,

Series

2023A,

GO,

5.00%, 02/15/27

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

2,475‌

2,565,511‌

5,773,590‌

New

Jersey

—

4.2%

County

of

Monmouth

Series

2021A

,

GO

,

5.00

%

,

01/15/26

.....

7,125‌

7,219,386‌

Series

2021B

,

GO

,

5.00

%

,

01/15/26

.....

4,000‌

4,052,989‌

Series

2014

,

GO

,

3.00

%

,

03/01/26

......

5,000‌

4,992,098‌

Series

2022ACDE

,

GO

,

5.00

%

,

01/15/28

..

4,620‌

4,884,714‌

Garden

State

Preservation

Trust,

Series

2005A,

RB,

5.75%, 11/01/28

(AGM)

..........

6,370‌

6,683,683‌

New

Jersey

Economic

Development

Authority

Series

2017DDD

,

RB

,

5.00

%

,

06/15/25

...

1,000‌

1,000,610‌

Series

XX

,

RB

,

5.00

%

,

06/15/25

........

14,250‌

14,258,697‌

Series

2005N-1

,

RB

,

5.50

%

,

09/01/25

(

AGM

)

3,475‌

3,495,484‌

Series

B

,

RB

,

5.00

%

,

11/01/25

.........

5,700‌

5,742,637‌

Series

XX

,

RB

,

4.25

%

,

06/15/26

........

3,070‌

3,070,912‌

Series

2021QQQ

,

RB

,

5.00

%

,

06/15/26

...

875‌

892,477‌

Series

2018FFF

,

RB

,

5.00

%

,

06/15/26

....

3,000‌

3,059,921‌

Series

B

,

RB

,

5.00

%

,

11/01/26

.........

2,940‌

3,020,865‌

Series

XX

,

RB

,

5.25

%

,

06/15/27

........

2,300‌

2,301,821‌

Series

2022A

,

RB

,

5.00

%

,

11/01/27

.....

1,235‌

1,290,442‌

Series

2023RRR

,

RB

,

5.00

%

,

03/01/28

...

39,535‌

41,575,714‌

Series

2018FFF

,

RB

,

5.00

%

,

06/15/28

....

6,180‌

6,519,851‌

Series

2021QQQ

,

RB

,

5.00

%

,

06/15/28

...

750‌

791,244‌

Series

BBB

,

RB

,

5.50

%

,

06/15/30

.......

13,160‌

13,688,857‌

Series

2017DDD

,

RB

,

5.00

%

,

06/15/31

...

1,500‌

1,564,280‌

Series

WW

,

RB

,

5.25

%

,

06/15/31

.......

1,525‌

1,526,203‌

Series

2017DDD

,

RB

,

5.00

%

,

06/15/32

...

1,000‌

1,042,853‌

Series

AAA

,

RB

,

5.50

%

,

06/15/32

.......

5,000‌

5,200,933‌

New

Jersey

Educational

Facilities

Authority

Series

2015A

,

RB

,

5.00

%

,

07/01/25

.....

1,640‌

1,642,626‌

Series

2016A

,

RB

,

5.00

%

,

07/01/25

.....

4,565‌

4,572,309‌

Series

2016B

,

RB

,

5.00

%

,

07/01/25

.....

2,290‌

2,293,667‌

Series

2021C

,

RB

,

5.00

%

,

03/01/26

.....

6,770‌

6,879,382‌

Series

2016A

,

RB

,

5.00

%

,

07/01/26

.....

2,045‌

2,092,817‌

Series

2016B

,

RB

,

5.00

%

,

07/01/26

.....

355‌

363,301‌

Series

2022A

,

RB

,

5.00

%

,

03/01/27

.....

19,560‌

20,283,241‌

Series

2024A

,

RB

,

5.00

%

,

05/15/27

.....

3,435‌

3,560,481‌

Series

2024A

,

RB

,

5.00

%

,

08/01/27

.....

6,885‌

7,173,077‌

Series

2021C

,

RB

,

5.00

%

,

03/01/29

.....

4,800‌

5,160,441‌

New

Jersey

Transportation

Trust

Fund

Authority

Series

2021A

,

RB

,

5.00

%

,

06/15/25

.....

4,125‌

4,127,517‌

Series

2019A

,

RB

,

5.00

%

,

12/15/25

.....

6,130‌

6,190,479‌

Series

2021A

,

RB

,

5.00

%

,

06/15/26

.....

1,055‌

1,076,072‌

Series

2006C

,

RB

,

0.00

%

,

12/15/26

(

AMBAC

)

(b)

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

1,460‌

1,387,467‌

Series

2010A

,

RB

,

0.00

%

,

12/15/26

(b)

....

765‌

726,446‌

Series

2018A

,

RB

,

5.00

%

,

12/15/26

.....

2,085‌

2,147,534‌

Series

2016A-1

,

RB

,

5.00

%

,

06/15/27

....

1,460‌

1,486,522‌

Series

2021A

,

RB

,

5.00

%

,

06/15/27

.....

5,755‌

5,978,071‌

Series

2006C

,

RB

,

0.00

%

,

12/15/27

(

BHAC-

CR,

MBIA

)

(b)

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

10,935‌

10,071,334‌

Series

2018A

,

RB

,

5.00

%

,

12/15/27

.....

3,500‌

3,666,238‌

Series

2016A-1

,

RB

,

5.00

%

,

06/15/28

....

3,700‌

3,765,092‌

Series

2018A

,

RB

,

5.00

%

,

06/15/28

.....

3,240‌

3,297,000‌

Series

2023AA

,

RB

,

5.00

%

,

06/15/28

....

4,920‌

5,195,383‌

Series

2008A

,

RB

,

0.00

%

,

12/15/28

(b)

....

6,870‌

6,082,238‌

Series

2018A

,

RB

,

5.00

%

,

12/15/28

.....

3,505‌

3,725,461‌

Series

2019A

,

RB

,

5.00

%

,

12/15/28

.....

14,125‌

15,013,448‌

Security

Par

(000)

Par

(000)

Value

New

Jersey

(continued)

Series

2016A-1

,

RB

,

5.00

%

,

06/15/29

....

USD

3,750‌

$

3,810,680‌

Series

2006C

,

RB

,

0.00

%

,

12/15/29

(

AGM

)

(b)

4,885‌

4,179,802‌

New

Jersey

Turnpike

Authority

Series

2025B

,

RB

,

5.00

%

,

01/01/26

(a)

....

2,500‌

2,528,425‌

Series

2017E

,

RB

,

5.00

%

,

01/01/27

.....

2,950‌

3,043,869‌

Series

2020D

,

RB

,

5.00

%

,

01/01/28

.....

1,900‌

1,953,007‌

Series

2017A

,

RB

,

5.00

%

,

01/01/29

.....

3,920‌

4,038,228‌

Series

2017B

,

RB

,

5.00

%

,

01/01/29

.....

1,000‌

1,048,364‌

Series

2025B

,

RB

,

5.00

%

,

01/01/29

(a)

....

15,000‌

15,998,250‌

Series

2017A

,

RB

,

5.00

%

,

01/01/30

.....

3,480‌

3,578,833‌

Series

2017E

,

RB

,

5.00

%

,

01/01/30

.....

4,520‌

4,730,752‌

Series

2025B

,

RB

,

5.00

%

,

01/01/30

(a)

....

7,845‌

8,486,015‌

State

of

New

Jersey

GO

,

5.00

%

,

06/01/26

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

420‌

420,000‌

Series

2020A

,

GO

,

5.00

%

,

06/01/26

.....

23,545‌

24,027,705‌

Series

2020A

,

GO

,

5.00

%

,

06/01/27

.....

11,940‌

12,441,747‌

GO

,

5.00

%

,

06/01/28

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

5,000‌

5,195,818‌

Series

2020A

,

GO

,

5.00

%

,

06/01/28

.....

18,650‌

19,785,356‌

Series

2020A

,

GO

,

5.00

%

,

06/01/29

.....

905‌

974,566‌

Series

2020A

,

GO

,

4.00

%

,

06/01/30

.....

15,700‌

16,401,044‌

GO

,

5.00

%

,

06/01/32

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

2,355‌

2,355,000‌

400,831,776‌

New

Mexico

—

0.6%

Albuquerque

Bernalillo

County

Water

Utility

Authority,

Series

2015,

RB,

5.00%, 07/01/26

4,695‌

4,701,804‌

New

Mexico

Finance

Authority

Series

2021A

,

RB

,

5.00

%

,

06/15/25

.....

2,485‌

2,486,645‌

Series

2018A

,

RB

,

5.00

%

,

06/15/26

.....

470‌

480,065‌

Series

2021A

,

RB

,

5.00

%

,

06/15/26

.....

2,365‌

2,415,646‌

Series

2018A

,

RB

,

4.00

%

,

06/01/29

.....

5,765‌

5,899,553‌

Series

2021A

,

RB

,

5.00

%

,

06/15/29

.....

120‌

129,547‌

Series

2021A

,

RB

,

5.00

%

,

06/15/30

.....

4,870‌

5,331,787‌

State

of

New

Mexico

Series

2021

,

GO

,

5.00

%

,

03/01/26

......

700‌

711,066‌

Series

2023

,

GO

,

5.50

%

,

03/01/28

......

5,275‌

5,652,141‌

State

of

New

Mexico

Severance

Tax

Permanent

Fund

Series

2015A

,

RB

,

5.00

%

,

07/01/25

.....

295‌

295,437‌

Series

2022A

,

RB

,

5.00

%

,

07/01/25

.....

5,470‌

5,478,099‌

Series

2021A

,

RB

,

5.00

%

,

07/01/26

.....

5,360‌

5,483,789‌

Series

2022A

,

RB

,

5.00

%

,

07/01/26

.....

15,000‌

15,346,425‌

54,412,004‌

New

York

—

12.5%

Battery

Park

City

Authority,

Series

2023B,

RB,

5.00%, 11/01/28

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

2,000‌

2,159,371‌

City

of

New

York

Series

2019E

,

GO

,

5.00

%

,

08/01/25

.....

3,850‌

3,862,852‌

Series

2021C

,

GO

,

5.00

%

,

08/01/25

.....

535‌

536,786‌

Series

2022B-1

,

GO

,

5.00

%

,

08/01/25

....

15,420‌

15,471,474‌

Series

2021A-1

,

GO

,

5.00

%

,

08/01/25

....

2,360‌

2,367,878‌

Series

E

,

GO

,

5.00

%

,

08/01/25

........

3,700‌

3,712,351‌

Series

2020C-1

,

GO

,

5.00

%

,

08/01/25

...

6,135‌

6,155,479‌

Series

C

,

GO

,

5.00

%

,

08/01/25

........

3,620‌

3,632,084‌

Series

2018-1

,

GO

,

5.00

%

,

08/01/25

.....

895‌

897,988‌

Series

2025A

,

GO

,

5.00

%

,

08/01/25

.....

3,100‌

3,110,348‌

Series

2018A

,

GO

,

5.00

%

,

08/01/25

.....

990‌

993,305‌

Series

2018C

,

GO

,

5.00

%

,

08/01/25

.....

3,555‌

3,566,867‌

Series

A

,

GO

,

5.00

%

,

08/01/25

........

375‌

376,252‌

Series

2020B-1

,

GO

,

5.00

%

,

10/01/25

....

675‌

679,572‌

Series

2021F-1

,

GO

,

5.00

%

,

03/01/26

....

4,025‌

4,087,096‌

Series

2008J-9

,

GO

,

3.00

%

,

08/01/26

....

90‌

90,072‌

Series

2018C

,

GO

,

5.00

%

,

08/01/26

.....

280‌

286,906‌

Series

2021C

,

GO

,

5.00

%

,

08/01/26

.....

715‌

732,636‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

E

,

GO

,

5.00

%

,

08/01/26

........

USD

2,315‌

$

2,372,100‌

Series

2008J-10

,

GO

,

5.00

%

,

08/01/26

...

830‌

850,472‌

Series

2022B-1

,

GO

,

5.00

%

,

08/01/26

....

145‌

148,576‌

Series

2021A-1

,

GO

,

5.00

%

,

08/01/26

....

3,630‌

3,719,535‌

Series

2018A

,

GO

,

5.00

%

,

08/01/26

.....

840‌

860,719‌

Series

2008J-11

,

GO

,

5.00

%

,

08/01/26

...

720‌

737,759‌

Series

C

,

GO

,

5.00

%

,

08/01/26

........

2,365‌

2,423,334‌

Series

2020-1

,

GO

,

5.00

%

,

08/01/26

.....

2,480‌

2,541,170‌

Series

2019E

,

GO

,

5.00

%

,

08/01/26

.....

330‌

338,140‌

Series

A

,

GO

,

5.00

%

,

08/01/26

........

700‌

717,266‌

Series

2020C-1

,

GO

,

5.00

%

,

08/01/26

...

11,445‌

11,727,295‌

Series

2022-1

,

GO

,

5.00

%

,

09/01/26

.....

1,245‌

1,277,967‌

Series

2021F-1

,

GO

,

5.00

%

,

03/01/27

....

2,710‌

2,811,719‌

Series

2006I,

Sub-Series

I-A

,

GO

,

5.00

%

,

04/01/27

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

1,135‌

1,178,693‌

Series

2023F-1

,

GO

,

5.00

%

,

08/01/27

....

4,000‌

4,182,101‌

Series

2022B-1

,

GO

,

5.00

%

,

08/01/27

....

3,610‌

3,774,346‌

Series

2021C

,

GO

,

5.00

%

,

08/01/27

.....

1,830‌

1,913,311‌

Series

2008J-11

,

GO

,

5.00

%

,

08/01/27

...

125‌

130,691‌

Series

2018A

,

GO

,

5.00

%

,

08/01/27

.....

335‌

350,251‌

Series

2021A-1

,

GO

,

5.00

%

,

08/01/27

....

12,680‌

13,257,261‌

Series

2018C

,

GO

,

5.00

%

,

08/01/27

.....

1,085‌

1,134,395‌

Series

2025,

Sub-Series

C-1

,

GO

,

5.00

%

,

09/01/27

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

3,000‌

3,141,543‌

Series

2021B-1

,

GO

,

5.00

%

,

11/01/27

....

16,000‌

16,808,018‌

Series

2024C

,

GO

,

5.00

%

,

03/01/28

.....

1,750‌

1,849,280‌

Series

2008L-6

,

GO

,

5.00

%

,

04/01/28

....

2,035‌

2,153,724‌

Series

2023F-1

,

GO

,

5.00

%

,

08/01/28

....

4,925‌

5,242,553‌

Series

E

,

GO

,

5.00

%

,

08/01/28

........

3,300‌

3,368,855‌

Series

2008J-5

,

GO

,

5.00

%

,

08/01/28

....

2,725‌

2,900,702‌

Series

2018-1

,

GO

,

5.00

%

,

08/01/28

.....

2,750‌

2,856,435‌

Series

2021A-1

,

GO

,

5.00

%

,

08/01/28

....

5,000‌

5,322,389‌

Series

2023B-1

,

GO

,

5.00

%

,

10/01/28

....

1,125‌

1,200,800‌

Series

2024C

,

GO

,

5.00

%

,

03/01/29

.....

2,750‌

2,953,680‌

Series

2021-1

,

GO

,

5.00

%

,

04/01/29

.....

4,140‌

4,452,298‌

Series

2006I,

Sub-Series

I-A

,

GO

,

5.00

%

,

04/01/29

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

100‌

107,543‌

Series

2024D

,

GO

,

5.00

%

,

04/01/29

.....

10,000‌

10,754,342‌

Series

2021A-1

,

GO

,

5.00

%

,

08/01/29

....

10,335‌

11,169,711‌

Series

C

,

GO

,

5.00

%

,

08/01/29

........

12,665‌

12,810,004‌

Series

2025A

,

GO

,

5.00

%

,

08/01/29

.....

7,500‌

8,105,741‌

Series

2025F

,

GO

,

5.00

%

,

08/01/29

.....

7,500‌

8,105,741‌

Series

E

,

GO

,

5.00

%

,

08/01/29

........

445‌

453,926‌

Series

2025,

Sub-Series

C-1

,

GO

,

5.00

%

,

09/01/29

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

2,500‌

2,705,153‌

Series

2024C

,

GO

,

5.00

%

,

03/01/30

.....

4,180‌

4,544,940‌

Series

2024D

,

GO

,

5.00

%

,

04/01/30

.....

1,705‌

1,855,875‌

Series

2025A

,

GO

,

5.00

%

,

08/01/30

.....

5,000‌

5,466,040‌

Series

2023A,

Sub-Series

A-4

,

GO

,

VRDN

(

TD

Bank

NA

SBPA

),

3.00

%

,

06/02/25

(c)

1,900‌

1,900,000‌

Series

2023A,

Sub-Series

A-3

,

GO

,

VRDN

(

Bank

of

Montreal

SBPA

),

3.00

%

,

06/02/25

(c)

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

6,600‌

6,600,000‌

Empire

State

Development

Corp.

Series

2016A

,

RB

,

5.00

%

,

03/15/26

.....

5,100‌

5,186,882‌

Series

2017C

,

RB

,

5.00

%

,

03/15/26

.....

1,100‌

1,119,569‌

Series

2020E

,

RB

,

5.00

%

,

03/15/26

.....

10,000‌

10,177,902‌

Series

2021A

,

RB

,

5.00

%

,

03/15/26

.....

25,155‌

25,602,512‌

Series

2017C

,

RB

,

5.00

%

,

03/15/27

.....

11,400‌

11,858,157‌

Series

2020C

,

RB

,

5.00

%

,

03/15/27

.....

4,020‌

4,178,048‌

Series

2022A

,

RB

,

5.00

%

,

09/15/27

.....

25,130‌

26,422,474‌

Series

2017A

,

RB

,

5.00

%

,

03/15/28

.....

2,615‌

2,720,095‌

Series

2022A

,

RB

,

5.00

%

,

09/15/28

.....

26,825‌

28,755,263‌

Series

2020A

,

RB

,

5.00

%

,

03/15/29

.....

190‌

205,435‌

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Hudson

Yards

Infrastructure

Corp.

Series

2017A

,

RB

,

5.00

%

,

02/15/26

.....

USD

520‌

$

527,657‌

Series

2017A

,

RB

,

5.00

%

,

02/15/27

.....

10,005‌

10,409,560‌

Long

Island

Power

Authority

Series

2021

,

RB

,

1.00

%

,

09/01/25

......

8,075‌

8,011,061‌

Series

1998A

,

RB

,

0.00

%

,

12/01/26

(

AGM

)

(b)

1,500‌

1,435,270‌

Series

2019A

,

RB

,

5.00

%

,

09/01/27

.....

1,800‌

1,889,343‌

Series

2024A

,

RB

,

5.00

%

,

09/01/27

.....

700‌

734,745‌

Series

2023F

,

RB

,

5.00

%

,

09/01/28

.....

3,340‌

3,571,991‌

Series

2024A

,

RB

,

5.00

%

,

09/01/28

.....

1,000‌

1,069,458‌

Series

2024A

,

RB

,

5.00

%

,

09/01/29

.....

625‌

678,110‌

Series

2024B

,

RB

,

VRDN

3.00

%

,

09/01/29

(c)

1,000‌

961,000‌

Series

2020B

,

RB

,

VRDN

0.85

%

,

09/01/25

(c)

7,000‌

6,942,926‌

Series

2021B

,

RB

,

VRDN

1.50

%

,

09/01/26

(c)

390‌

379,778‌

Series

2022B

,

RB

,

VRDN

5.00

%

,

09/01/27

(c)

5,340‌

5,494,725‌

Metropolitan

Transportation

Authority

Series

2015F

,

RB

,

5.00

%

,

11/15/25

......

1,880‌

1,893,967‌

Series

A-2

,

RB

,

5.00

%

,

11/15/25

.......

4,850‌

4,886,033‌

Series

2017B

,

RB

,

5.00

%

,

11/15/25

.....

560‌

564,160‌

Series

2017C-1

,

RB

,

5.00

%

,

11/15/25

....

17,780‌

17,912,095‌

Series

2018B

,

RB

,

5.00

%

,

11/15/25

.....

1,715‌

1,727,741‌

Series

2020E

,

RB

,

4.00

%

,

11/15/26

.....

3,530‌

3,570,505‌

Series

2016B

,

RB

,

5.00

%

,

11/15/26

.....

12,295‌

12,611,009‌

Series

2017C-1

,

RB

,

5.00

%

,

11/15/26

....

9,430‌

9,672,372‌

Series

A-2

,

RB

,

5.00

%

,

11/15/26

.......

500‌

512,851‌

Series

2016D

,

RB

,

5.00

%

,

11/15/27

.....

1,300‌

1,333,272‌

Series

2020E

,

RB

,

5.00

%

,

11/15/27

.....

5,000‌

5,213,963‌

Series

2020E

,

RB

,

5.00

%

,

11/15/28

.....

6,500‌

6,874,652‌

Series

2017C-1

,

RB

,

5.00

%

,

11/15/28

....

1,720‌

1,793,609‌

Series

2016D

,

RB

,

5.00

%

,

11/15/28

.....

2,000‌

2,048,607‌

Series

2018B

,

RB

,

5.00

%

,

11/15/28

.....

1,400‌

1,480,694‌

Series

A-2

,

RB

,

5.00

%

,

11/15/28

.......

9,110‌

9,396,552‌

Series

2016D

,

RB

,

5.00

%

,

11/15/29

.....

1,865‌

1,907,607‌

Series

2025A

,

RB

,

5.00

%

,

11/15/29

.....

500‌

535,050‌

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund,

Series

2016A,

RB,

5.25%, 11/15/29

11,530‌

11,832,280‌

Monroe

County

Industrial

Development

Corp.,

Series

2015A,

RB,

5.00%, 07/01/28

.....

1,065‌

1,066,118‌

New

York

City

Municipal

Water

Finance

Authority

Series

2020FF

,

RB

,

5.00

%

,

06/15/25

....

705‌

705,508‌

Series

2021DD

,

RB

,

5.00

%

,

06/15/25

....

8,130‌

8,135,863‌

Series

2015FF

,

RB

,

5.00

%

,

06/15/26

....

55‌

55,038‌

Series

2015HH

,

RB

,

5.00

%

,

06/15/27

....

10‌

10,007‌

Series

2022BB-2

,

RB

,

5.00

%

,

06/15/27

...

145‌

146,435‌

Series

2022CC-2

,

RB

,

5.00

%

,

06/15/27

...

4,645‌

4,690,958‌

Series

2015HH

,

RB

,

5.00

%

,

06/15/28

....

4,725‌

4,728,254‌

Series

2022AA-2

,

RB

,

5.00

%

,

06/15/28

...

1,750‌

1,805,219‌

Series

2024BB-2

,

RB

,

5.00

%

,

06/15/28

...

5,670‌

6,045,241‌

Series

2024BB-2

,

RB

,

5.00

%

,

06/15/29

...

3,250‌

3,528,065‌

Series

2025CC

,

RB

,

5.00

%

,

06/15/30

....

1,000‌

1,096,837‌

Series

BB-2

,

RB

,

5.00

%

,

06/15/30

......

4,945‌

5,127,918‌

Series

AA-2

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.00

%

,

06/02/25

(c)

...

27,085‌

27,085,000‌

Series

2015BB-4

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.05

%

,

06/02/25

(c)

.......

15,800‌

15,800,000‌

New

York

City

Transitional

Finance

Authority

Series

B

,

RB

,

4.00

%

,

08/01/25

.........

550‌

550,860‌

Series

2019A-1

,

RB

,

5.00

%

,

08/01/25

....

1,185‌

1,188,726‌

Series

B-1

,

RB

,

5.00

%

,

08/01/25

.......

2,120‌

2,126,822‌

Series

2021A

,

RB

,

5.00

%

,

11/01/25

.....

1,510‌

1,522,821‌

Series

2022B-1

,

RB

,

5.00

%

,

08/01/26

....

780‌

799,234‌

Series

2019A-1

,

RB

,

5.00

%

,

08/01/27

....

2,315‌

2,420,446‌

Series

2024B

,

RB

,

5.00

%

,

05/01/28

.....

4,000‌

4,239,941‌

Series

2025C

,

RB

,

5.00

%

,

05/01/28

.....

3,000‌

3,179,956‌

Series

2024D-1

,

RB

,

5.00

%

,

11/01/28

....

12,670‌

13,542,479‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/28

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

USD

8,000‌

$

8,550,894‌

Series

2024G-1

,

RB

,

5.00

%

,

05/01/29

....

8,285‌

8,921,632‌

Series

2025C,

Sub-Series

C-1

,

RB

,

5.00

%

,

05/01/29

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

1,250‌

1,346,052‌

Series

2025D

,

RB

,

5.00

%

,

05/01/29

.....

1,820‌

1,959,852‌

Series

2025E

,

RB

,

5.00

%

,

11/01/29

.....

9,800‌

10,629,986‌

Series

2025F,

Sub-Series

F-1

,

RB

,

5.00

%

,

11/01/29

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

3,500‌

3,796,423‌

Series

2025J,

Sub-Series

J-1

,

RB

,

5.00

%

,

11/01/29

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

10,000‌

10,846,924‌

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/29

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

20,850‌

22,597,858‌

Series

2025H,

Sub-Series

H-2

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.00

%

,

06/02/25

(c)

20,300‌

20,300,000‌

New

York

City

Transitional

Finance

Authority

Building

Aid

Series

2015S-2

,

RB

,

5.00

%

,

07/15/25

(

SAW

)

125‌

125,289‌

Series

2019S-3A

,

RB

,

5.00

%

,

07/15/25

(

SAW

)

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

1,285‌

1,287,966‌

Series

S-1

,

RB

,

5.00

%

,

07/15/25

(

SAW

)

..

135‌

135,330‌

Series

2019S-2A

,

RB

,

5.00

%

,

07/15/26

(

SAW

)

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

1,565‌

1,600,361‌

Series

2015S-2

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

170‌

170,342‌

Series

2018S-4A

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

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

150‌

156,826‌

Series

2019S-2A

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

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

125‌

130,688‌

Series

2019S-3A

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

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

205‌

214,329‌

Series

S-1

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

..

280‌

292,742‌

Series

S-1

,

RB

,

5.00

%

,

07/15/29

(

SAW

)

..

150‌

155,869‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Series

2021F-1

,

RB

,

5.00

%

,

11/01/25

....

8,540‌

8,612,715‌

Series

2023B-1

,

RB

,

5.00

%

,

11/01/25

....

1,210‌

1,220,303‌

Series

2022A-1

,

RB

,

5.00

%

,

11/01/25

....

3,180‌

3,207,076‌

Series

C

,

RB

,

5.00

%

,

11/01/25

.........

1,450‌

1,462,346‌

Series

2024A-1

,

RB

,

5.00

%

,

05/01/26

....

2,700‌

2,752,152‌

Series

B

,

RB

,

5.00

%

,

08/01/26

.........

350‌

358,647‌

Series

2022D-1

,

RB

,

5.00

%

,

11/01/26

....

3,715‌

3,825,522‌

Series

2023C-1

,

RB

,

5.00

%

,

11/01/26

....

2,000‌

2,059,500‌

Series

2023B-1

,

RB

,

5.00

%

,

11/01/26

....

8,980‌

9,247,156‌

Series

C

,

RB

,

5.00

%

,

11/01/26

.........

4,000‌

4,043,896‌

Series

2022A-1

,

RB

,

5.00

%

,

11/01/26

....

10,545‌

10,858,715‌

Series

2021F-1

,

RB

,

5.00

%

,

11/01/26

....

12,070‌

12,429,084‌

Series

2021A

,

RB

,

5.00

%

,

11/01/26

.....

6,045‌

6,224,839‌

Series

2021G-1

,

RB

,

5.00

%

,

11/01/27

....

2,925‌

3,072,793‌

Series

2023B-1

,

RB

,

5.00

%

,

11/01/27

....

12,525‌

13,157,856‌

Series

2021A

,

RB

,

5.00

%

,

11/01/27

.....

1,075‌

1,129,317‌

Series

2023E-1

,

RB

,

5.00

%

,

11/01/27

....

15,480‌

16,262,164‌

Series

2022A-1

,

RB

,

5.00

%

,

11/01/27

....

475‌

499,001‌

Series

2023E-1

,

RB

,

5.00

%

,

11/01/28

....

5,560‌

5,942,872‌

Series

2016E-1

,

RB

,

5.00

%

,

02/01/29

....

2,175‌

2,196,464‌

Series

B

,

RB

,

5.00

%

,

08/01/29

.........

1,275‌

1,297,059‌

Series

2015E-3

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.00

%

,

06/02/25

(c)

1,500‌

1,500,000‌

New

York

Power

Authority,

Series

2022A,

RB,

5.00%, 11/15/25

(AGM)

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

1,450‌

1,464,250‌

New

York

State

Dormitory

Authority

Series

2020A

,

RB

,

5.00

%

,

09/15/25

.....

1,135‌

1,141,974‌

Series

2015A

,

RB

,

5.00

%

,

10/01/25

.....

2,240‌

2,256,274‌

Series

2017B-1

,

RB

,

5.00

%

,

02/15/26

....

710‌

720,003‌

Series

2019D

,

RB

,

5.00

%

,

02/15/26

.....

1,935‌

1,965,560‌

Series

2016D

,

RB

,

5.00

%

,

02/15/26

.....

1,185‌

1,200,615‌

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2017A

,

RB

,

5.00

%

,

02/15/26

.....

USD

3,335‌

$

3,386,536‌

Series

2021E

,

RB

,

5.00

%

,

03/15/26

.....

13,755‌

13,999,704‌

Series

2016A

,

RB

,

5.00

%

,

03/15/26

.....

765‌

778,332‌

Series

2018C

,

RB

,

5.00

%

,

03/15/26

.....

525‌

534,150‌

Series

2017A

,

RB

,

5.00

%

,

03/15/26

.....

775‌

788,507‌

Series

2015E

,

RB

,

5.00

%

,

03/15/26

.....

3,095‌

3,113,591‌

Series

2015B

,

RB

,

5.00

%

,

03/15/26

.....

1,340‌

1,348,049‌

Series

2018A

,

RB

,

5.00

%

,

03/15/26

.....

295‌

299,415‌

Series

2019A

,

RB

,

5.00

%

,

03/15/26

.....

535‌

544,518‌

Series

2021A

,

RB

,

5.00

%

,

03/15/26

.....

3,705‌

3,770,913‌

Series

2018E

,

RB

,

5.00

%

,

03/15/26

.....

670‌

681,677‌

Series

2017A

,

RB

,

5.00

%

,

02/15/27

.....

320‌

332,510‌

Series

2019D

,

RB

,

5.00

%

,

02/15/27

.....

4,275‌

4,416,807‌

Series

2019A

,

RB

,

5.00

%

,

03/15/27

.....

5,735‌

5,970,590‌

Series

2018A

,

RB

,

5.00

%

,

03/15/27

.....

9,565‌

9,957,924‌

Series

2018C

,

RB

,

5.00

%

,

03/15/27

.....

4,625‌

4,814,992‌

Series

2020A

,

RB

,

5.00

%

,

03/15/28

.....

7,750‌

8,241,135‌

Series

2021A

,

RB

,

5.00

%

,

03/15/28

.....

14,180‌

14,987,704‌

Series

2016A

,

RB

,

5.00

%

,

03/15/28

.....

380‌

388,248‌

Series

2021E

,

RB

,

5.00

%

,

03/15/28

.....

18,130‌

19,162,699‌

Series

2025A

,

RB

,

5.00

%

,

07/01/28

(a)

....

2,675‌

2,839,860‌

Series

2024A

,

RB

,

5.00

%

,

07/01/28

.....

15,000‌

15,834,515‌

Series

2024A

,

RB

,

5.00

%

,

10/01/28

(

AGM,

SAW

)

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

2,900‌

3,089,796‌

Series

2017A

,

RB

,

5.00

%

,

02/15/29

.....

10,000‌

10,390,931‌

Series

2025A

,

RB

,

5.00

%

,

03/15/29

.....

5,145‌

5,523,802‌

Series

2024B

,

RB

,

5.00

%

,

03/15/29

.....

2,750‌

2,965,782‌

Series

2024A

,

RB

,

5.00

%

,

03/15/29

.....

9,935‌

10,666,467‌

Series

2023A

,

RB

,

5.00

%

,

03/15/29

.....

11,630‌

12,486,262‌

Series

2016A

,

RB

,

5.00

%

,

07/01/29

.....

315‌

320,853‌

Series

2025A

,

RB

,

5.00

%

,

07/01/29

(a)

....

4,210‌

4,543,895‌

Series

2025A

,

RB

,

5.00

%

,

10/01/29

(

AGC

)

(a)

2,905‌

3,135,343‌

Series

2017A

,

RB

,

5.00

%

,

02/15/30

.....

3,350‌

3,448,186‌

Series

2016A

,

RB

,

5.00

%

,

03/15/30

.....

10,000‌

10,203,105‌

Series

2024A

,

RB

,

5.00

%

,

03/15/30

.....

2,950‌

3,210,687‌

Series

2019A

,

RB

,

5.00

%

,

03/15/30

.....

6,070‌

6,465,586‌

Series

2025A

,

RB

,

5.00

%

,

07/01/30

(a)

....

3,500‌

3,833,725‌

Series

2023A-2

,

RB

,

5.00

%

,

09/15/30

....

9,265‌

10,101,834‌

New

York

State

Environmental

Facilities

Corp.

Series

2022A

,

RB

,

5.00

%

,

06/15/25

.....

2,090‌

2,091,499‌

Series

2015D

,

RB

,

5.00

%

,

09/15/25

.....

1,590‌

1,595,188‌

Series

2016A

,

RB

,

4.00

%

,

06/15/26

.....

25‌

25,320‌

Series

2017A

,

RB

,

5.00

%

,

06/15/27

.....

3,775‌

3,948,746‌

Series

2018A

,

RB

,

5.00

%

,

06/15/27

.....

70‌

73,222‌

Series

2021A

,

RB

,

5.00

%

,

06/15/27

.....

650‌

679,917‌

Series

2022A

,

RB

,

5.00

%

,

06/15/27

.....

2,750‌

2,876,570‌

Series

2016A

,

RB

,

5.00

%

,

06/15/29

.....

4,345‌

4,431,005‌

Series

2024A

,

RB

,

5.00

%

,

06/15/29

.....

10,000‌

10,851,601‌

Series

2017A

,

RB

,

5.00

%

,

06/15/30

.....

2,835‌

2,945,558‌

New

York

State

Thruway

Authority

Series

L

,

RB

,

5.00

%

,

01/01/26

.........

1,300‌

1,316,033‌

Series

2021A-1

,

RB

,

5.00

%

,

03/15/26

....

5,140‌

5,231,442‌

Series

2016A

,

RB

,

5.00

%

,

01/01/27

.....

500‌

505,574‌

Series

P

,

RB

,

5.00

%

,

01/01/29

.........

3,710‌

3,985,068‌

Series

Q

,

RB

,

5.00

%

,

01/01/29

........

10,000‌

10,741,424‌

Series

2021A-1

,

RB

,

5.00

%

,

03/15/29

....

5,000‌

5,379,282‌

Series

Q

,

RB

,

5.00

%

,

01/01/30

........

10,000‌

10,907,498‌

Port

Authority

of

New

York

&

New

Jersey

Series

245

,

RB

,

5.00

%

,

09/01/25

.......

5,805‌

5,833,554‌

Series

194

,

RB

,

5.00

%

,

10/15/25

.......

1,050‌

1,057,874‌

Series

205

,

RB

,

5.00

%

,

11/15/25

.......

1,220‌

1,231,536‌

Series

230

,

RB

,

4.00

%

,

12/01/25

.......

355‌

356,916‌

Series

189

,

RB

,

5.00

%

,

05/01/26

.......

215‌

215,075‌

Series

194

,

RB

,

5.00

%

,

10/15/26

.......

270‌

271,990‌

Series

205

,

RB

,

5.00

%

,

11/15/26

.......

580‌

598,573‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

230

,

RB

,

4.00

%

,

12/01/26

.......

USD

415‌

$

422,537‌

Series

222

,

RB

,

5.00

%

,

07/15/27

.......

510‌

533,746‌

Series

194

,

RB

,

5.00

%

,

10/15/27

.......

345‌

346,635‌

Series

230

,

RB

,

4.00

%

,

12/01/27

.......

665‌

684,430‌

Series

230

,

RB

,

4.00

%

,

12/01/28

.......

1,500‌

1,558,425‌

Series

243

,

RB

,

5.00

%

,

12/01/28

.......

5,835‌

6,265,362‌

Series

248

,

RB

,

5.00

%

,

01/15/30

.......

1,310‌

1,431,507‌

Triborough

Bridge

&

Tunnel

Authority

Series

2021A

,

RB

,

5.00

%

,

11/01/25

.....

2,480‌

2,500,911‌

Series

2017C-1

,

RB

,

5.00

%

,

11/15/25

....

5,530‌

5,577,846‌

Series

2018B

,

RB

,

5.00

%

,

11/15/25

.....

4,410‌

4,448,155‌

Series

2022B

,

RB

,

4.00

%

,

05/15/26

.....

5,000‌

5,046,773‌

Series

2017C-1

,

RB

,

5.00

%

,

11/15/26

....

4,950‌

5,105,806‌

Series

2023A

,

RB

,

5.00

%

,

11/15/27

.....

9,000‌

9,477,039‌

Series

2022E-2B

,

RB

,

5.00

%

,

11/15/27

...

5,965‌

6,244,122‌

Series

2022E-1

,

RB

,

5.00

%

,

11/15/27

....

5,635‌

5,898,680‌

Series

2022B

,

RB

,

5.00

%

,

05/15/28

.....

3,500‌

3,719,731‌

Series

2022D-1A

,

RB

,

5.00

%

,

11/15/28

...

990‌

1,061,194‌

Series

2023A

,

RB

,

5.00

%

,

11/15/28

.....

485‌

519,878‌

Series

2023B

,

RB

,

5.00

%

,

11/15/28

.....

5,000‌

5,335,388‌

Series

2024A,

Sub-Series

A-2

,

RB

,

5.00

%

,

11/15/29

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

1,040‌

1,131,871‌

Series

B

,

RB

,

5.00

%

,

11/15/29

.........

5,120‌

5,312,237‌

Series

2021A-2

,

RB

,

VRDN

2.00

%

,

05/15/26

(c)

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

1,950‌

1,916,491‌

Series

2021B-2

,

RB

,

VRDN

5.00

%

,

05/15/26

(c)

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

2,000‌

2,031,726‌

Series

2021C-1B

,

RB

,

VRDN

5.00

%

,

05/15/26

(c)

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

2,500‌

2,539,657‌

Utility

Debt

Securitization

Authority

Series

2016A

,

RB

,

5.00

%

,

06/15/27

.....

3,245‌

3,247,151‌

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/27

...

3,500‌

3,536,048‌

Series

2016A

,

RB

,

5.00

%

,

06/15/28

.....

4,965‌

5,074,010‌

Series

2016A

,

RB

,

5.00

%

,

12/15/28

.....

1,565‌

1,598,877‌

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/28

...

8,500‌

8,772,092‌

Series

2023TE-1

,

RB

,

5.00

%

,

12/15/28

...

3,000‌

3,096,032‌

1,201,183,405‌

North

Carolina

—

2.1%

City

of

Charlotte

Series

2021B

,

COP

,

5.00

%

,

12/01/25

....

2,305‌

2,327,607‌

Series

2021A

,

GO

,

5.00

%

,

06/01/26

.....

1,455‌

1,485,808‌

Series

2025A

,

RB

,

5.00

%

,

07/01/29

(a)

....

2,435‌

2,626,334‌

Series

2025A

,

RB

,

5.00

%

,

07/01/30

(a)

....

1,500‌

1,641,769‌

City

of

Charlotte

Water

&

Sewer

System,

Series

2015,

RB,

5.00%, 07/01/27

..........

1,500‌

1,502,131‌

City

of

Greensboro,

Series

2018B,

GO,

5.00%, 10/01/28

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

2,360‌

2,527,379‌

City

of

Raleigh

Series

2020A

,

RB

,

5.00

%

,

06/01/25

.....

125‌

125,000‌

Series

2016A

,

GO

,

5.00

%

,

09/01/25

.....

270‌

271,336‌

Series

2016A

,

GO

,

5.00

%

,

09/01/26

.....

3,095‌

3,179,218‌

City

of

Raleigh

Combined

Enterprise

System,

Series

2023,

RB,

5.00%, 09/01/27

......

1,110‌

1,164,793‌

City

of

Winston-Salem

Water

&

Sewer

System,

Series

2020A,

RB,

5.00%, 06/01/26

.....

5,045‌

5,152,822‌

County

of

Buncombe,

Series

2015,

RB,

5.00%, 06/01/28

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

1,475‌

1,475,000‌

County

of

Cabarrus

Series

2024B

,

RB

,

5.00

%

,

08/01/26

.....

4,510‌

4,613,355‌

Series

2024B

,

RB

,

5.00

%

,

08/01/29

.....

1,250‌

1,354,423‌

County

of

Forsyth,

Series

2021B,

GO,

4.00%, 03/01/26

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

130‌

131,100‌

County

of

Guilford

Series

2017B

,

GO

,

5.00

%

,

05/01/26

.....

70‌

71,376‌

Security

Par

(000)

Par

(000)

Value

North

Carolina

(continued)

Series

2017

,

GO

,

5.00

%

,

03/01/27

......

USD

1,000‌

$

1,038,558‌

Series

2017B

,

GO

,

5.00

%

,

05/01/27

.....

1,500‌

1,563,334‌

Series

2024

,

GO

,

5.00

%

,

03/01/28

......

5,000‌

5,298,323‌

Series

2025

,

GO

,

5.00

%

,

03/01/30

(a)

.....

1,455‌

1,593,353‌

County

of

Johnston,

Series

2015,

GO,

4.00%, 02/01/26

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

20‌

20,148‌

County

of

Mecklenburg

Series

2019

,

GO

,

5.00

%

,

03/01/26

......

1,150‌

1,168,161‌

Series

2022

,

GO

,

5.00

%

,

09/01/26

......

1,125‌

1,155,472‌

Series

2016B

,

GO

,

5.00

%

,

12/01/26

.....

1,780‌

1,838,290‌

Series

2017A

,

GO

,

5.00

%

,

04/01/27

.....

55‌

57,196‌

Series

2015A

,

GO

,

5.00

%

,

04/01/28

.....

5,000‌

5,006,597‌

County

of

Wake

Series

2016A

,

GO

,

5.00

%

,

03/01/26

.....

80‌

81,275‌

Series

2021

,

RB

,

5.00

%

,

03/01/26

......

1,675‌

1,701,452‌

Series

2021

,

GO

,

5.00

%

,

04/01/26

......

5,845‌

5,949,346‌

Series

2022A

,

GO

,

5.00

%

,

02/01/27

.....

10,725‌

11,119,904‌

Series

2019A

,

GO

,

5.00

%

,

03/01/27

.....

2,625‌

2,726,672‌

Series

2021

,

GO

,

5.00

%

,

04/01/27

......

1,245‌

1,295,621‌

Series

2023A

,

GO

,

5.00

%

,

05/01/27

.....

10,615‌

11,067,233‌

Series

2023A

,

GO

,

5.00

%

,

05/01/28

.....

1,015‌

1,079,301‌

Series

2025A

,

RB

,

5.00

%

,

05/01/29

.....

2,500‌

2,698,530‌

Series

2025A

,

RB

,

5.00

%

,

05/01/30

(a)

....

2,100‌

2,300,156‌

North

Carolina

Capital

Facilities

Finance

Agency

Series

2015B

,

RB

,

5.00

%

,

10/01/41

.....

1,580‌

1,590,772‌

Series

2015B

,

RB

,

5.00

%

,

10/01/55

.....

15,200‌

15,303,634‌

North

Carolina

Municipal

Power

Agency

No.

1

Series

A

,

RB

,

5.00

%

,

01/01/26

.........

690‌

698,031‌

Series

A

,

RB

,

5.00

%

,

01/01/27

.........

1,845‌

1,864,184‌

Series

2016A

,

RB

,

5.00

%

,

01/01/28

.....

1,250‌

1,269,984‌

Series

C

,

RB

,

5.00

%

,

01/01/29

.........

3,115‌

3,141,148‌

North

Carolina

Turnpike

Authority,

Series

2017,

RB,

5.00%, 01/01/28

(AGM)

..........

3,200‌

3,290,154‌

State

of

North

Carolina

Series

2013B

,

GO

,

5.00

%

,

06/01/25

.....

1,350‌

1,350,000‌

Series

2014B

,

RB

,

5.00

%

,

06/01/25

.....

3,535‌

3,535,000‌

Series

2019B

,

GO

,

5.00

%

,

06/01/25

.....

310‌

310,000‌

Series

2016A

,

GO

,

5.00

%

,

06/01/25

.....

1,320‌

1,320,000‌

Series

2019

,

RB

,

5.00

%

,

03/01/26

......

170‌

172,624‌

Series

2021

,

RB

,

5.00

%

,

03/01/26

......

1,645‌

1,670,392‌

Series

2022A

,

RB

,

5.00

%

,

05/01/26

.....

70‌

71,371‌

Series

2014C

,

RB

,

5.00

%

,

05/01/26

.....

535‌

536,863‌

Series

2019A

,

RB

,

5.00

%

,

05/01/26

.....

435‌

443,521‌

Series

2017B

,

RB

,

5.00

%

,

05/01/26

.....

270‌

275,289‌

Series

2018A

,

GO

,

5.00

%

,

06/01/26

.....

12,770‌

13,048,271‌

Series

2025

,

RB

,

5.00

%

,

03/01/27

......

5,000‌

5,183,429‌

Series

2017B

,

RB

,

5.00

%

,

05/01/27

.....

875‌

911,482‌

Series

2019A

,

RB

,

5.00

%

,

05/01/27

.....

210‌

218,756‌

Series

2014C

,

RB

,

5.00

%

,

05/01/27

.....

120‌

120,204‌

Series

2019B

,

GO

,

5.00

%

,

06/01/27

.....

9,760‌

10,193,365‌

Series

2020A

,

GO

,

5.00

%

,

06/01/27

.....

2,235‌

2,334,239‌

Series

2022A

,

RB

,

5.00

%

,

05/01/28

.....

2,650‌

2,813,290‌

Series

2017B

,

RB

,

5.00

%

,

05/01/28

.....

3,830‌

3,984,200‌

Series

2016B

,

GO

,

5.00

%

,

06/01/28

.....

8,565‌

8,746,443‌

Series

2020A

,

GO

,

5.00

%

,

06/01/28

.....

10,335‌

11,008,697‌

Series

2013A

,

RB

,

3.00

%

,

05/01/29

.....

2,055‌

2,029,260‌

Series

2025A

,

RB

,

5.00

%

,

05/01/29

.....

5,000‌

5,397,059‌

Series

2020B

,

RB

,

5.00

%

,

05/01/29

.....

3,445‌

3,718,574‌

Series

2025

,

RB

,

5.00

%

,

03/01/30

......

1,440‌

1,566,176‌

Series

2019

,

RB

,

5.00

%

,

03/01/30

......

3,625‌

3,878,047‌

Town

of

Cary,

Series

2021,

GO,

5.00%, 09/01/26

4,590‌

4,714,898‌

205,117,730‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

North

Dakota

—

0.2%

North

Dakota

Public

Finance

Authority

Series

2024A

,

RB

,

5.00

%

,

10/01/28

.....

USD

10,785‌

$

11,532,935‌

Series

2024A

,

RB

,

5.00

%

,

10/01/29

.....

6,315‌

6,860,139‌

18,393,074‌

Ohio

—

2.2%

American

Municipal

Power,

Inc.

Series

2023A

,

RB

,

5.00

%

,

02/15/27

.....

300‌

310,047‌

Series

2023A

,

RB

,

5.00

%

,

02/15/29

.....

4,260‌

4,551,767‌

City

of

Cincinnati

Water

System,

Series

C,

RB,

5.00%, 12/01/29

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

2,520‌

2,577,338‌

City

of

Cleveland

Series

2025A

,

RB

,

5.00

%

,

01/01/26

(a)

....

100‌

101,093‌

Series

2025A

,

RB

,

5.00

%

,

01/01/27

(a)

....

100‌

103,099‌

Series

2025A

,

RB

,

5.00

%

,

01/01/28

(a)

....

100‌

104,688‌

Series

2025A

,

RB

,

5.00

%

,

01/01/29

.....

2,300‌

2,443,810‌

Series

2025A

,

RB

,

5.00

%

,

01/01/30

(a)

....

1,960‌

2,108,985‌

City

of

Columbus

Series

2016-1

,

GO

,

5.00

%

,

07/01/25

.....

930‌

931,459‌

Series

2023A

,

GO

,

5.00

%

,

08/15/25

.....

1,070‌

1,074,312‌

Series

2018A

,

GO

,

5.00

%

,

04/01/26

.....

3,070‌

3,124,552‌

Series

2019A

,

GO

,

5.00

%

,

04/01/26

.....

930‌

946,525‌

Series

2016-1

,

GO

,

5.00

%

,

07/01/26

.....

1,650‌

1,688,778‌

Series

2016-3

,

GO

,

5.00

%

,

02/15/27

.....

5,195‌

5,390,067‌

Series

2017-1

,

GO

,

4.00

%

,

04/01/27

.....

155‌

158,525‌

Series

2018A

,

GO

,

5.00

%

,

04/01/27

.....

410‌

426,596‌

Series

2021A

,

GO

,

5.00

%

,

04/01/27

.....

425‌

442,203‌

Series

2022A

,

GO

,

5.00

%

,

04/01/27

.....

3,000‌

3,121,432‌

Series

2016-1

,

GO

,

5.00

%

,

07/01/27

.....

815‌

830,854‌

Series

2016-1

,

GO

,

3.00

%

,

07/01/28

.....

5,830‌

5,799,693‌

Series

2024-1

,

GO

,

5.00

%

,

02/15/29

.....

6,765‌

7,295,576‌

County

of

Cuyahoga,

Series

2020D,

RB,

5.00%, 12/01/25

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

5,000‌

5,046,567‌

County

of

Hamilton

Sewer

System

Series

2020A

,

RB

,

5.00

%

,

12/01/25

.....

1,295‌

1,307,381‌

Series

2019A

,

RB

,

5.00

%

,

12/01/27

.....

5,000‌

5,266,601‌

Kent

State

University,

Series

2016,

RB,

5.00%, 05/01/29

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

1,245‌

1,263,670‌

Northeast

Ohio

Regional

Sewer

District,

Series

2024,

RB,

5.00%, 11/15/29

..........

5,000‌

5,441,458‌

Ohio

State

University

(The)

Series

2021A

,

RB

,

5.00

%

,

12/01/25

.....

1,700‌

1,716,748‌

Series

2021A

,

RB

,

5.00

%

,

12/01/26

.....

905‌

933,409‌

Ohio

Turnpike

&

Infrastructure

Commission,

Series

2022A,

RB,

5.00%, 02/15/29

.....

5,120‌

5,494,819‌

Ohio

Water

Development

Authority

Series

2019

,

RB

,

5.00

%

,

06/01/25

......

1,500‌

1,500,000‌

Series

2019A

,

RB

,

5.00

%

,

06/01/25

.....

1,650‌

1,650,000‌

Series

2016

,

RB

,

5.00

%

,

06/01/26

......

1,970‌

2,012,537‌

Series

2016B

,

RB

,

5.00

%

,

06/01/27

.....

150‌

153,692‌

Series

2018

,

RB

,

5.00

%

,

06/01/28

......

21,555‌

22,781,954‌

Series

2023A

,

RB

,

5.00

%

,

12/01/28

.....

2,000‌

2,148,817‌

Series

2019

,

RB

,

5.00

%

,

12/01/29

......

5,630‌

6,078,404‌

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Series

2015A

,

RB

,

5.00

%

,

12/01/25

.....

2,605‌

2,631,868‌

Series

2020B

,

RB

,

5.00

%

,

06/01/27

.....

165‌

172,195‌

Series

2020A

,

RB

,

5.00

%

,

06/01/29

.....

1,090‌

1,180,768‌

State

of

Ohio

Series

2022A

,

GO

,

4.00

%

,

06/15/25

.....

3,375‌

3,376,158‌

Series

2017C

,

GO

,

5.00

%

,

08/01/25

.....

4,250‌

4,263,700‌

Series

2020B

,

GO

,

5.00

%

,

08/01/25

.....

7,470‌

7,494,078‌

Series

2015A

,

GO

,

5.00

%

,

09/15/25

.....

585‌

588,358‌

Series

2017B

,

GO

,

5.00

%

,

09/15/25

.....

6,030‌

6,064,613‌

Series

2020B

,

GO

,

5.00

%

,

09/15/25

.....

3,370‌

3,389,344‌

Security

Par

(000)

Par

(000)

Value

Ohio

(continued)

Series

2024-1

,

RB

,

5.00

%

,

12/15/25

.....

USD

3,250‌

$

3,284,492‌

Series

2018-1

,

RB

,

5.00

%

,

12/15/25

.....

145‌

146,539‌

Series

2020C

,

GO

,

5.00

%

,

03/01/26

.....

45‌

45,711‌

Series

2021C

,

GO

,

5.00

%

,

03/15/26

.....

3,200‌

3,253,413‌

Series

2018A

,

RB

,

5.00

%

,

04/01/26

.....

225‌

228,797‌

Series

U

,

GO

,

5.00

%

,

05/01/26

........

9,260‌

9,442,235‌

Series

2019A

,

GO

,

5.00

%

,

05/01/26

.....

6,230‌

6,352,605‌

Series

2022A

,

GO

,

4.00

%

,

06/15/26

.....

2,800‌

2,834,452‌

Series

2021A

,

GO

,

5.00

%

,

06/15/26

.....

280‌

286,285‌

Series

2015A

,

GO

,

5.00

%

,

08/01/26

.....

5,685‌

5,827,423‌

Series

2017C

,

GO

,

5.00

%

,

08/01/26

.....

235‌

240,936‌

Series

2017B

,

GO

,

5.00

%

,

09/15/26

.....

680‌

698,423‌

Series

2024-1

,

RB

,

5.00

%

,

12/15/26

.....

2,500‌

2,577,264‌

Series

2021-1A

,

RB

,

5.00

%

,

12/15/26

....

75‌

77,318‌

Series

2021A

,

GO

,

5.00

%

,

03/01/27

.....

1,870‌

1,939,576‌

Series

U

,

GO

,

5.00

%

,

05/01/27

........

255‌

265,438‌

Series

2019A

,

GO

,

5.00

%

,

06/15/27

.....

405‌

422,820‌

Series

2017C

,

GO

,

5.00

%

,

08/01/27

.....

35‌

36,676‌

Series

2021A

,

RB

,

5.00

%

,

10/01/27

.....

1,035‌

1,085,549‌

Series

2025B

,

GO

,

5.00

%

,

11/01/27

.....

10,000‌

10,531,348‌

Series

2024-1

,

RB

,

5.00

%

,

12/15/27

.....

1,500‌

1,581,259‌

Series

2022A

,

GO

,

5.00

%

,

03/01/28

.....

1,155‌

1,224,297‌

Series

2021A

,

RB

,

5.00

%

,

10/01/28

.....

1,100‌

1,174,477‌

Series

2024-1

,

RB

,

5.00

%

,

12/15/28

.....

1,250‌

1,341,255‌

Series

S

,

GO

,

5.00

%

,

05/01/29

........

100‌

101,572‌

Series

2025B

,

GO

,

5.00

%

,

11/01/29

.....

5,000‌

5,451,357‌

Series

2024-1

,

RB

,

5.00

%

,

12/15/29

.....

1,500‌

1,631,092‌

Series

2018A

,

GO

,

5.00

%

,

02/01/38

.....

8,020‌

8,130,770‌

University

of

Cincinnati,

Series

2016A,

RB,

5.00%, 06/01/29

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

1,545‌

1,571,973‌

Upper

Arlington

City

School

District,

Series

2018A,

GO,

5.00%, 12/01/48

.........

4,125‌

4,350,627‌

211,624,517‌

Oklahoma

—

0.4%

City

of

Oklahoma,

Series

2022,

GO,

4.00%, 03/01/28

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

4,900‌

5,039,804‌

Grand

River

Dam

Authority

Series

2016A

,

RB

,

5.00

%

,

06/01/27

.....

295‌

303,254‌

Series

2016A

,

RB

,

5.00

%

,

06/01/28

.....

7,680‌

7,879,753‌

Series

2016A

,

RB

,

5.00

%

,

06/01/29

.....

2,225‌

2,280,902‌

Oklahoma

Capitol

Improvement

Authority

Series

2020A

,

RB

,

5.00

%

,

07/01/25

.....

2,465‌

2,468,609‌

Series

2016

,

RB

,

5.00

%

,

07/01/28

......

2,890‌

2,943,472‌

Oklahoma

County

Independent

School

District

No.

89

Oklahoma

City,

Series

2023A,

GO,

3.00%, 07/01/26

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

4,000‌

4,006,918‌

Oklahoma

Industries

Authority,

Series

2024,

RB,

5.00%, 04/01/29

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

3,020‌

3,211,358‌

Oklahoma

Municipal

Power

Authority,

Series

2021A,

RB,

5.00%, 01/01/26

(AGM)

.....

6,000‌

6,066,362‌

Oklahoma

Turnpike

Authority

Series

2017E

,

RB

,

5.00

%

,

01/01/26

.....

810‌

819,568‌

Series

2017D

,

RB

,

5.00

%

,

01/01/28

.....

5,060‌

5,318,780‌

40,338,780‌

Oregon

—

1.5%

City

of

Portland,

Series

2021A,

GO,

5.00%, 06/01/26

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

2,665‌

2,722,599‌

City

of

Portland

Sewer

System

Series

2015A

,

RB

,

5.00

%

,

06/01/26

.....

5,350‌

5,350,000‌

Series

2025B

,

RB

,

5.00

%

,

06/01/27

.....

425‌

443,298‌

Series

2025B

,

RB

,

5.00

%

,

06/01/29

(a)

....

3,750‌

4,053,423‌

Series

2025A

,

RB

,

5.00

%

,

10/01/29

.....

2,140‌

2,324,734‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oregon

(continued)

City

of

Portland

Water

System

Series

2021B

,

RB

,

5.00

%

,

05/01/26

.....

USD

600‌

$

611,492‌

Series

2016A

,

RB

,

4.00

%

,

04/01/28

.....

6,000‌

6,049,185‌

Series

2024A

,

RB

,

5.00

%

,

05/01/28

.....

2,500‌

2,654,206‌

Series

2024A

,

RB

,

5.00

%

,

05/01/29

.....

1,950‌

2,105,011‌

Clackamas

&

Washington

Counties

School

District

No.

3,

Series

2015,

GO,

5.00%, 06/15/29

(GTD)

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

1,550‌

1,551,050‌

Clackamas

Community

College

District

Series

2025

,

GO

,

5.00

%

,

06/15/29

(

GTD

)

.

1,000‌

1,079,955‌

Series

2025

,

GO

,

5.00

%

,

06/15/30

(

GTD

)

.

750‌

821,117‌

Multnomah

County

School

District

No.

1J

Portland

Series

2023

,

GO

,

5.00

%

,

06/15/25

(

GTD

)

.

450‌

450,295‌

Series

2023

,

GO

,

5.00

%

,

06/15/28

(

GTD

)

.

15,090‌

16,056,401‌

Multnomah

County

School

District

No.

7

Reynolds,

Series

B,

GO,

0.00%, 06/15/36

(GTD)

(b)

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

8,500‌

5,242,826‌

Oregon

State

Lottery

Series

2025A

,

RB

,

5.00

%

,

04/01/28

.....

5,500‌

5,828,575‌

Series

2025A

,

RB

,

5.00

%

,

04/01/29

(a)

....

8,450‌

9,106,508‌

Series

2025A

,

RB

,

5.00

%

,

04/01/30

.....

1,000‌

1,091,781‌

Series

C

,

RB

,

5.00

%

,

04/01/30

.........

4,650‌

4,800,947‌

Portland

Community

College

District

Series

2018

,

GO

,

5.00

%

,

06/15/25

......

1,615‌

1,616,130‌

Series

2016

,

GO

,

5.00

%

,

06/15/27

......

1,500‌

1,525,898‌

Series

2018

,

GO

,

5.00

%

,

06/15/27

......

225‌

228,839‌

Series

2016

,

GO

,

5.00

%

,

06/15/28

......

100‌

101,681‌

Series

2018

,

GO

,

5.00

%

,

06/15/29

......

130‌

132,052‌

State

of

Oregon

Series

2015A

,

GO

,

5.00

%

,

08/01/25

.....

25‌

25,080‌

Series

2019A

,

GO

,

5.00

%

,

05/01/26

.....

145‌

147,827‌

Series

2019N

,

GO

,

5.00

%

,

05/01/26

.....

2,785‌

2,839,301‌

Series

2021A

,

GO

,

5.00

%

,

05/01/26

.....

525‌

535,236‌

Series

2023A

,

GO

,

5.00

%

,

05/01/26

.....

650‌

662,674‌

Series

F

,

GO

,

5.00

%

,

05/01/26

.........

3,025‌

3,083,981‌

Series

2017A

,

GO

,

5.00

%

,

05/01/27

.....

25‌

26,047‌

Series

2021A

,

GO

,

5.00

%

,

05/01/27

.....

6,140‌

6,397,165‌

Series

2021A

,

GO

,

5.00

%

,

05/01/28

.....

4,565‌

4,847,897‌

Series

2023A

,

GO

,

5.00

%

,

05/01/28

.....

4,710‌

5,001,882‌

Series

F

,

GO

,

5.00

%

,

05/01/28

.........

4,580‌

4,657,807‌

Series

2025A

,

GO

,

5.00

%

,

05/01/30

.....

3,000‌

3,289,121‌

Series

2015O

,

GO

,

5.00

%

,

08/01/40

.....

7,005‌

7,026,908‌

State

of

Oregon

Department

of

Transportation

Series

2015A

,

RB

,

5.00

%

,

11/15/25

.....

835‌

835,837‌

Series

A

,

RB

,

5.00

%

,

11/15/25

.........

690‌

696,375‌

Series

A

,

RB

,

5.00

%

,

11/15/26

.........

1,080‌

1,113,994‌

Series

2024A

,

RB

,

5.00

%

,

11/15/28

.....

4,940‌

5,293,383‌

Series

B

,

RB

,

5.00

%

,

11/15/28

.........

6,385‌

6,625,186‌

Series

2024

,

RB

,

5.00

%

,

05/15/29

......

750‌

810,114‌

Series

B

,

RB

,

5.00

%

,

11/15/29

.........

3,800‌

3,939,283‌

Tri-County

Metropolitan

Transportation

District

of

Oregon,

Series

2018A,

RB,

5.00%, 10/01/29

5,020‌

5,236,603‌

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton,

Series

2025B,

GO,

5.00%, 06/15/29

(GTD)

(a)

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

1,250‌

1,350,439‌

140,390,143‌

Pennsylvania

—

2.6%

City

of

Philadelphia

Series

2019A

,

GO

,

5.00

%

,

08/01/25

.....

2,165‌

2,171,431‌

Series

2019B

,

GO

,

5.00

%

,

02/01/28

.....

2,000‌

2,094,340‌

City

of

Philadelphia

Water

&

Wastewater

Series

2015B

,

RB

,

5.00

%

,

07/01/28

.....

2,640‌

2,643,029‌

Series

2024C

,

RB

,

5.00

%

,

09/01/29

(

AGC

)

10,355‌

11,164,736‌

Security

Par

(000)

Par

(000)

Value

Pennsylvania

(continued)

Commonwealth

of

Pennsylvania

Series

2016

,

GO

,

5.00

%

,

09/15/25

......

USD

3,645‌

$

3,665,397‌

Series

2017

,

GO

,

5.00

%

,

01/01/26

......

2,875‌

2,908,960‌

Series

2016

,

GO

,

5.00

%

,

02/01/26

......

1,170‌

1,185,909‌

Series

2019

,

GO

,

5.00

%

,

07/15/26

......

5,000‌

5,118,591‌

Series

2015

,

GO

,

3.25

%

,

08/15/26

......

100‌

100,040‌

Series

2024

,

GO

,

5.00

%

,

08/15/26

......

10,000‌

10,255,244‌

Series

2016

,

GO

,

5.00

%

,

09/15/26

......

2,985‌

3,066,635‌

Series

2017

,

GO

,

5.00

%

,

01/01/27

......

1,640‌

1,695,530‌

Series

2018-1

,

GO

,

5.00

%

,

03/01/27

.....

11,080‌

11,496,095‌

Series

2020-1

,

GO

,

5.00

%

,

05/01/27

.....

200‌

208,263‌

Series

2016

,

GO

,

5.00

%

,

09/15/27

......

15,385‌

15,779,261‌

Series

2022-1

,

GO

,

5.00

%

,

10/01/27

.....

14,800‌

15,525,116‌

Series

2018-1

,

GO

,

5.00

%

,

03/01/28

.....

21,720‌

22,914,891‌

Series

2016

,

GO

,

5.00

%

,

09/15/28

......

2,465‌

2,522,512‌

Series

2017

,

GO

,

4.00

%

,

01/01/29

......

7,950‌

8,040,162‌

Series

2016

,

GO

,

5.00

%

,

02/01/29

......

1,300‌

1,317,270‌

Series

2018-1

,

GO

,

3.20

%

,

03/01/29

.....

5,000‌

4,964,803‌

Series

1

,

GO

,

5.00

%

,

03/15/29

........

2,090‌

2,092,530‌

Series

2015

,

GO

,

4.00

%

,

08/15/29

(

AGM

)

.

1,400‌

1,402,621‌

Series

2023-1

,

GO

,

5.00

%

,

09/01/29

.....

18,065‌

19,567,611‌

Series

2016

,

GO

,

5.00

%

,

09/15/29

......

5,265‌

5,385,830‌

County

of

Chester,

Series

2016A,

GO,

4.00%, 07/15/28

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

1,075‌

1,086,705‌

County

of

Montgomery

Series

2022

,

GO

,

5.00

%

,

07/01/25

......

3,190‌

3,194,953‌

Series

2022

,

GO

,

5.00

%

,

07/01/26

......

2,260‌

2,311,412‌

Delaware

River

Joint

Toll

Bridge

Commission,

Series

2019B,

RB,

5.00%, 07/01/25

.....

350‌

350,506‌

Delaware

River

Port

Authority,

Series

2018B,

RB,

5.00%, 01/01/26

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

1,100‌

1,113,234‌

Pennsylvania

Higher

Educational

Facilities

Authority,

Series

B,

RB,

5.00%, 10/01/26

..

1,675‌

1,686,290‌

Pennsylvania

State

University

(The),

Series

B,

RB,

5.00%, 09/01/28

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

5,040‌

5,150,897‌

Pennsylvania

Turnpike

Commission

Series

1

,

RB

,

5.00

%

,

06/01/25

.........

1,005‌

1,005,000‌

Series

2016B

,

RB

,

5.00

%

,

06/01/25

.....

3,000‌

3,000,000‌

Series

2019

,

RB

,

5.00

%

,

12/01/25

......

245‌

247,406‌

Series

A-2

,

RB

,

5.00

%

,

12/01/25

.......

1,300‌

1,312,765‌

Series

2025-2

,

RB

,

5.00

%

,

12/01/26

(a)

....

3,000‌

3,093,876‌

Series

A-2

,

RB

,

5.00

%

,

12/01/26

.......

935‌

964,258‌

Series

2016B

,

RB

,

5.00

%

,

06/01/27

.....

19,700‌

20,056,720‌

Series

2016B-2

,

RB

,

5.00

%

,

06/01/28

....

825‌

839,005‌

Series

2024

,

RB

,

5.00

%

,

12/01/28

......

2,870‌

3,063,459‌

Series

2016-2B

,

RB

,

5.00

%

,

06/01/29

....

7,925‌

8,054,731‌

Series

2017A

,

RB

,

5.00

%

,

12/01/29

.....

1,085‌

1,111,027‌

Series

2024

,

RB

,

5.00

%

,

12/01/29

......

1,160‌

1,254,953‌

Series

2025-2

,

RB

,

5.00

%

,

12/01/29

(a)

....

3,000‌

3,253,449‌

Series

2020

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

1.95

%

,

06/05/25

(c)

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

2,270‌

2,270,000‌

Philadelphia

Gas

Works

Co.

Series

17B

,

RB

,

5.00

%

,

08/01/27

.......

1,000‌

1,040,961‌

Series

15

,

RB

,

5.00

%

,

08/01/29

........

1,135‌

1,171,578‌

Series

17B

,

RB

,

5.00

%

,

08/01/29

.......

1,370‌

1,469,906‌

Series

14TH

,

RB

,

5.00

%

,

10/01/29

......

2,000‌

2,039,830‌

Pittsburgh

Water

&

Sewer

Authority,

Series

1998B,

RB,

0.00%, 09/01/29

(NPFGC)

(b)

..

3,930‌

3,400,236‌

Temple

University-of

The

Commonwealth

System

of

Higher

Education

Series

2025

,

RB

,

5.00

%

,

04/01/28

(

AGC

)

.

4,355‌

4,595,475‌

Series

2025

,

RB

,

5.00

%

,

04/01/29

(

AGC

)

.

3,385‌

3,627,372‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pennsylvania

(continued)

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education,

Series

2021,

RB,

4.00%, 04/15/26

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

USD

14,690‌

$

14,791,333‌

253,844,144‌

Rhode

Island

—

0.1%

Rhode

Island

Commerce

Corp.

Series

2020A

,

RB

,

5.00

%

,

05/15/28

.....

3,200‌

3,383,704‌

Series

2016B

,

RB

,

5.00

%

,

06/15/28

.....

5,970‌

6,080,202‌

Rhode

Island

Health

&

Educational

Building

Corp.,

Series

2019A,

RB,

5.00%, 09/01/29

.

1,130‌

1,221,690‌

10,685,596‌

South

Carolina

—

0.7%

Charleston

Educational

Excellence

Finance

Corp.

Series

2023

,

RB

,

5.00

%

,

12/01/28

......

1,660‌

1,775,888‌

Series

2024

,

RB

,

5.00

%

,

12/01/29

......

1,000‌

1,085,799‌

City

of

Charleston

Waterworks

&

Sewer

System,

Series

2024A,

RB,

5.00%, 01/01/30

.....

2,720‌

2,971,470‌

City

of

Columbia

Waterworks

&

Sewer

System,

Series

2016B,

RB,

5.00%, 02/01/27

.....

70‌

72,462‌

County

of

Charleston,

Series

2021A,

GO,

5.00%, 11/01/26

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

3,000‌

3,092,532‌

County

of

Richland,

Series

2021A,

GO,

5.00%, 03/01/27

(SAW)

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

290‌

301,031‌

Greenville

County

School

District,

Series

2023,

RB,

5.00%, 12/01/28

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

2,500‌

2,674,529‌

Piedmont

Municipal

Power

Agency,

Series

2004A-2,

RB,

0.00%, 01/01/26

(NPFGC)

(b)

.

15,000‌

14,700,300‌

South

Carolina

Public

Service

Authority

Series

2021A

,

RB

,

5.00

%

,

12/01/26

.....

625‌

642,950‌

Series

2025B

,

RB

,

5.00

%

,

12/01/28

.....

1,555‌

1,654,042‌

Series

2025B

,

RB

,

5.00

%

,

12/01/29

.....

780‌

839,125‌

Series

2019A

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

),

2.22

%

,

06/04/25

(c)

........

20,000‌

20,000,000‌

South

Carolina

Transportation

Infrastructure

Bank

Series

2016A

,

RB

,

5.00

%

,

10/01/25

.....

1,645‌

1,655,766‌

Series

2021B

,

RB

,

5.00

%

,

10/01/25

.....

6,480‌

6,522,408‌

Series

2021B

,

RB

,

5.00

%

,

10/01/26

.....

8,620‌

8,865,296‌

66,853,598‌

Tennessee

—

1.3%

City

of

Chattanooga,

Series

2025,

RB,

5.00%, 09/01/26

(a)

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

4,415‌

4,528,356‌

City

of

Memphis

Series

2018

,

GO

,

5.00

%

,

06/01/25

......

6,260‌

6,260,000‌

Series

2018

,

GO

,

5.00

%

,

06/01/29

......

915‌

930,692‌

City

of

Memphis

Electric

System

Series

2024

,

RB

,

5.00

%

,

12/01/27

......

1,330‌

1,399,600‌

Series

2024

,

RB

,

5.00

%

,

12/01/28

......

1,205‌

1,290,367‌

Series

2024

,

RB

,

5.00

%

,

12/01/29

......

1,205‌

1,309,446‌

County

of

Hamilton

Series

2020A

,

GO

,

5.00

%

,

01/01/26

.....

6,960‌

7,040,110‌

Series

2024A

,

GO

,

5.00

%

,

08/01/27

.....

3,000‌

3,142,880‌

Series

2024A

,

GO

,

5.00

%

,

08/01/28

.....

3,000‌

3,203,547‌

Series

2024A

,

GO

,

5.00

%

,

08/01/29

.....

2,585‌

2,806,238‌

County

of

Montgomery,

Series

2017,

GO,

5.00%, 04/01/27

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

215‌

223,468‌

County

of

Wilson,

Series

2018,

GO,

3.00%, 04/01/29

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

5,100‌

5,062,293‌

Metropolitan

Government

of

Nashville

&

Davidson

County

Series

2020B

,

RB

,

5.00

%

,

07/01/25

.....

940‌

941,375‌

Security

Par

(000)

Par

(000)

Value

Tennessee

(continued)

Series

2022A

,

GO

,

4.00

%

,

01/01/26

.....

USD

7,725‌

$

7,777,377‌

Series

2016

,

GO

,

5.00

%

,

01/01/26

......

520‌

526,497‌

Series

2021C

,

GO

,

5.00

%

,

01/01/26

.....

5,000‌

5,062,471‌

Series

2024A

,

GO

,

5.00

%

,

01/01/26

.....

10,000‌

10,124,942‌

Series

2018

,

GO

,

5.00

%

,

07/01/26

......

645‌

660,089‌

Series

2020B

,

RB

,

5.00

%

,

07/01/26

.....

1,575‌

1,610,999‌

Series

2021C

,

GO

,

5.00

%

,

01/01/27

.....

2,210‌

2,286,491‌

Series

2018

,

GO

,

5.00

%

,

07/01/27

......

2,075‌

2,167,989‌

Series

2024A

,

GO

,

5.00

%

,

01/01/28

.....

6,790‌

7,156,112‌

Series

2024B

,

RB

,

5.00

%

,

05/15/29

.....

1,390‌

1,499,082‌

State

of

Tennessee

Series

A

,

GO

,

5.00

%

,

08/01/25

........

120‌

120,389‌

Series

B

,

GO

,

5.00

%

,

08/01/25

........

1,705‌

1,710,524‌

Series

2019A

,

GO

,

5.00

%

,

09/01/25

.....

25‌

25,124‌

Series

A

,

GO

,

5.00

%

,

08/01/26

........

30‌

30,761‌

Series

B

,

GO

,

5.00

%

,

08/01/26

........

740‌

758,777‌

Series

2019A

,

GO

,

5.00

%

,

09/01/26

.....

2,420‌

2,485,916‌

Series

2021A

,

GO

,

5.00

%

,

11/01/26

.....

2,615‌

2,696,106‌

Series

A

,

GO

,

5.00

%

,

08/01/27

........

2,980‌

3,056,083‌

Series

B

,

GO

,

5.00

%

,

08/01/27

........

3,060‌

3,138,125‌

Series

2021A

,

GO

,

5.00

%

,

11/01/27

.....

3,080‌

3,243,810‌

Series

A

,

GO

,

5.00

%

,

08/01/28

........

2,230‌

2,237,345‌

Series

A

,

GO

,

5.00

%

,

08/01/29

........

3,000‌

3,009,882‌

Series

A

,

GO

,

5.00

%

,

08/01/30

........

1,365‌

1,369,496‌

Series

A

,

GO

,

5.00

%

,

08/01/31

........

3,010‌

3,019,915‌

Tennessee

State

School

Bond

Authority

Series

2022A

,

RB

,

5.00

%

,

11/01/25

(

ST

INTERCEPT

)

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

3,845‌

3,877,208‌

Series

2015B

,

RB

,

5.00

%

,

11/01/26

(

ST

INTERCEPT

)

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

1,150‌

1,159,294‌

Series

2022A

,

RB

,

5.00

%

,

11/01/27

(

ST

INTERCEPT

)

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

6,255‌

6,573,567‌

Series

A

,

RB

,

5.00

%

,

11/01/27

(

HERBIP

)

..

100‌

105,093‌

Series

2015B

,

RB

,

5.00

%

,

11/01/28

(

ST

INTERCEPT

)

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

1,995‌

2,008,014‌

Series

2015B

,

RB

,

5.00

%

,

11/01/29

(

ST

INTERCEPT

)

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

5,500‌

5,547,566‌

123,183,416‌

Texas

—

11.8%

Alamo

Community

College

District

Series

2022

,

GO

,

5.00

%

,

02/15/27

......

3,110‌

3,224,896‌

Series

2022

,

GO

,

5.00

%

,

02/15/29

......

3,140‌

3,359,488‌

Aldine

Independent

School

District,

Series

2017A,

GO,

5.00%, 02/15/29

(PSF)

.....

1,465‌

1,514,992‌

Allen

Independent

School

District,

Series

2016,

GO,

5.00%, 02/15/30

(PSF)

..........

1,500‌

1,515,028‌

Arlington

Independent

School

District

Series

2020

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

..

685‌

710,655‌

Series

2023

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

..

2,050‌

2,234,026‌

Series

2025

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

..

3,750‌

4,086,632‌

Austin

Community

College

District

Public

Facility

Corp.,

Series

2015,

RB,

5.00%, 08/01/28

..

1,750‌

1,755,020‌

Austin

Independent

School

District

Series

2020

,

GO

,

5.00

%

,

08/01/25

(

PSF

)

..

25‌

25,082‌

Series

2021

,

GO

,

5.00

%

,

08/01/25

(

PSF

)

..

1,510‌

1,514,923‌

Series

2019

,

GO

,

5.00

%

,

08/01/26

(

PSF

)

..

35‌

35,885‌

Series

2020

,

GO

,

5.00

%

,

08/01/26

(

PSF

)

..

815‌

835,605‌

Series

2021

,

GO

,

5.00

%

,

08/01/26

(

PSF

)

..

115‌

117,907‌

Series

2019

,

GO

,

5.00

%

,

08/01/27

(

PSF

)

..

1,630‌

1,700,985‌

Series

2022B

,

GO

,

5.00

%

,

08/01/27

(

PSF

)

80‌

83,484‌

Series

2023

,

GO

,

5.00

%

,

08/01/27

......

1,350‌

1,413,071‌

Series

2021

,

GO

,

5.00

%

,

08/01/28

(

PSF

)

..

1,075‌

1,141,894‌

Series

2022B

,

GO

,

5.00

%

,

08/01/28

(

PSF

)

6,900‌

7,329,367‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Birdville

Independent

School

District

Series

2024

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

..

USD

10,225‌

$

10,951,638‌

Series

2024

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

..

5,000‌

5,430,522‌

Board

of

Regents

of

the

University

of

Texas

System

Series

2014B

,

RB

,

5.00

%

,

08/15/25

.....

675‌

677,649‌

Series

2016J

,

RB

,

5.00

%

,

08/15/25

.....

385‌

386,511‌

Series

2017C

,

RB

,

5.00

%

,

08/15/25

.....

8,260‌

8,292,420‌

Series

2014B

,

RB

,

5.00

%

,

08/15/26

.....

1,925‌

1,974,289‌

Series

2016B

,

RB

,

5.00

%

,

08/15/26

.....

5,055‌

5,184,431‌

Series

2016D

,

RB

,

5.00

%

,

08/15/26

.....

675‌

692,283‌

Series

2016E

,

RB

,

5.00

%

,

08/15/26

.....

945‌

969,196‌

Series

2016J

,

RB

,

5.00

%

,

08/15/26

.....

4,370‌

4,481,892‌

Series

2017C

,

RB

,

5.00

%

,

08/15/26

.....

4,990‌

5,117,767‌

Series

2021A

,

RB

,

5.00

%

,

08/15/27

.....

100‌

104,603‌

Series

2016J

,

RB

,

5.00

%

,

08/15/27

.....

155‌

159,101‌

Series

2016E

,

RB

,

5.00

%

,

08/15/27

.....

135‌

141,215‌

Series

2020C

,

RB

,

5.00

%

,

08/15/28

.....

245‌

261,026‌

Series

2021A

,

RB

,

5.00

%

,

08/15/28

.....

5,060‌

5,390,980‌

Series

2025A

,

RB

,

5.00

%

,

08/15/28

.....

10,000‌

10,647,793‌

Series

2024B

,

RB

,

5.00

%

,

08/15/29

.....

6,000‌

6,490,144‌

Series

2025A

,

RB

,

5.00

%

,

08/15/29

(a)

....

4,250‌

4,595,436‌

Carrollton-Farmers

Branch

Independent

School

District,

Series

2023,

GO,

5.00%, 02/15/28

(PSF)

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

15,135‌

15,995,918‌

Central

Texas

Regional

Mobility

Authority

Series

2021D

,

RB

,

5.00

%

,

01/01/30

.....

250‌

268,467‌

Series

A

,

RB

,

5.00

%

,

01/01/40

.........

5,330‌

5,338,296‌

Series

A

,

RB

,

5.00

%

,

01/01/45

.........

13,095‌

13,115,381‌

Central

Texas

Turnpike

System,

Series

2002-A,

RB,

0.00%, 08/15/28

(AMBAC)

(b)

.......

3,000‌

2,689,267‌

City

of

Austin

Series

2020

,

GO

,

5.00

%

,

09/01/25

......

530‌

532,532‌

Series

2015

,

GO

,

5.00

%

,

09/01/26

......

2,300‌

2,311,375‌

Series

2021

,

GO

,

5.00

%

,

09/01/26

......

695‌

713,344‌

Series

2016

,

GO

,

5.00

%

,

09/01/27

......

1,000‌

1,023,265‌

City

of

Austin

Electric

Utility

Series

2015A

,

RB

,

5.00

%

,

11/15/25

.....

200‌

201,777‌

Series

2020A

,

RB

,

5.00

%

,

11/15/26

.....

3,310‌

3,410,462‌

City

of

Austin

Water

&

Wastewater

System

Series

2021

,

RB

,

5.00

%

,

11/15/26

......

2,045‌

2,107,954‌

Series

2024

,

RB

,

5.00

%

,

11/15/26

......

1,525‌

1,571,946‌

Series

2017

,

RB

,

5.00

%

,

11/15/28

......

2,115‌

2,210,757‌

City

of

Dallas

Series

2024C

,

GO

,

5.00

%

,

02/15/26

.....

7,310‌

7,409,670‌

Series

2023A

,

GO

,

5.00

%

,

02/15/28

.....

4,515‌

4,759,496‌

Series

2024C

,

GO

,

5.00

%

,

02/15/28

.....

15,760‌

16,613,434‌

Series

2024A

,

GO

,

5.00

%

,

02/15/29

.....

1,015‌

1,085,949‌

City

of

Dallas

Waterworks

&

Sewer

System

Series

2015A

,

RB

,

5.00

%

,

10/01/25

.....

15,120‌

15,221,067‌

Series

2015A

,

RB

,

5.00

%

,

10/01/27

.....

2,000‌

2,010,040‌

Series

2016A

,

RB

,

5.00

%

,

10/01/29

.....

2,000‌

2,048,141‌

City

of

Denton,

Series

2024,

GO,

5.00%, 02/15/29

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

10,000‌

10,717,147‌

City

of

El

Paso

Series

2016

,

GO

,

5.00

%

,

08/15/28

......

1,500‌

1,531,355‌

Series

2025

,

RB

,

5.00

%

,

03/01/30

(a)

.....

1,000‌

1,082,099‌

City

of

Fort

Worth,

Series

2016,

GO,

5.00%, 03/01/28

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

2,625‌

2,661,623‌

City

of

Fort

Worth

Water

&

Sewer

System

Series

2020A

,

RB

,

5.00

%

,

02/15/26

.....

360‌

365,085‌

Series

2020A

,

RB

,

5.00

%

,

02/15/28

.....

1,760‌

1,857,238‌

City

of

Garland

Electric

Utility

System

Series

2024

,

RB

,

5.00

%

,

03/01/26

(

AGC

)

.

1,250‌

1,268,012‌

Series

2024

,

RB

,

5.00

%

,

03/01/27

(

AGC

)

.

2,420‌

2,505,092‌

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

2019A

,

RB

,

5.00

%

,

03/01/28

.....

USD

3,890‌

$

4,092,421‌

Series

2024

,

RB

,

5.00

%

,

03/01/28

(

AGC

)

.

1,400‌

1,473,986‌

Series

2024

,

RB

,

5.00

%

,

03/01/29

(

AGC

)

.

1,650‌

1,761,728‌

City

of

Greenville

Electric

System,

Series

2024,

RB,

5.00%, 02/15/30

(BAM)

..........

1,500‌

1,612,050‌

City

of

Houston

Series

2017A

,

GO

,

5.00

%

,

03/01/26

.....

1,330‌

1,350,655‌

Series

2024B

,

GO

,

5.00

%

,

03/01/26

.....

2,815‌

2,858,706‌

Series

2016A

,

GO

,

5.00

%

,

03/01/28

.....

19,700‌

19,993,896‌

Series

2017A

,

GO

,

5.00

%

,

03/01/28

.....

9,430‌

9,723,613‌

City

of

Houston

Airport

System,

Series

2018D,

RB,

5.00%, 07/01/25

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

975‌

976,201‌

City

of

Houston

Combined

Utility

System

Series

2024A

,

RB

,

5.00

%

,

11/15/27

.....

4,000‌

4,199,930‌

Series

1998A

,

RB

,

0.00

%

,

12/01/27

(

AGM

)

(b)

2,000‌

1,843,042‌

City

of

Lubbock,

Series

2016,

GO,

5.00%, 02/15/26

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

1,250‌

1,266,869‌

City

of

Plano,

Series

2025,

GO,

5.00%, 09/01/27

(a)

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

2,850‌

2,981,807‌

City

of

San

Antonio

Series

2015

,

GO

,

5.00

%

,

02/01/27

......

4,915‌

4,922,640‌

Series

2024

,

GO

,

5.00

%

,

02/01/27

......

2,000‌

2,072,791‌

Series

2019

,

GO

,

5.00

%

,

08/01/27

......

125‌

130,545‌

Series

2024

,

GO

,

5.00

%

,

02/01/29

......

1,100‌

1,178,610‌

City

of

San

Antonio

Electric

&

Gas

Systems

Series

2018

,

RB

,

5.00

%

,

02/01/28

......

2,855‌

3,009,125‌

Series

2024D

,

RB

,

5.00

%

,

02/01/29

.....

3,430‌

3,672,784‌

Series

2019

,

RB

,

4.00

%

,

02/01/30

......

320‌

332,556‌

Series

2016

,

RB

,

5.00

%

,

02/01/30

......

11,605‌

11,841,862‌

Series

2017

,

RB

,

5.00

%

,

02/01/30

......

2,600‌

2,695,174‌

Series

2024D

,

RB

,

5.00

%

,

02/01/30

.....

1,000‌

1,085,978‌

Clear

Creek

Independent

School

District

Series

2024B

,

GO

,

5.00

%

,

02/15/29

.....

3,205‌

3,418,595‌

Series

2024A

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

5,000‌

5,439,673‌

College

Station

Independent

School

District

(a)

Series

2025

,

GO

,

5.00

%

,

08/15/29

(

PSF

)

..

2,000‌

2,150,397‌

Series

2025

,

GO

,

5.00

%

,

08/15/30

(

PSF

)

..

1,400‌

1,527,981‌

Collin

County

Community

College

District

Series

2024

,

RB

,

5.00

%

,

08/15/26

......

5,315‌

5,440,919‌

Series

2024

,

RB

,

5.00

%

,

08/15/28

......

5,860‌

6,228,516‌

Conroe

Independent

School

District

Series

2019

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

..

3,570‌

3,622,427‌

Series

2020A

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

5,975‌

6,196,753‌

Series

2016

,

GO

,

3.00

%

,

02/15/28

(

PSF

)

..

6,430‌

6,414,966‌

Series

2020A

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

9,795‌

10,352,165‌

Series

2024

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

..

7,500‌

7,926,619‌

Series

2024

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

..

5,000‌

5,373,507‌

Coppell

Independent

School

District,

Series

2019,

GO,

5.00%, 08/15/25

(PSF)

......

5,995‌

6,017,734‌

County

of

Dallas,

Series

2016,

GO,

5.00%, 08/15/25

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

3,325‌

3,337,678‌

County

of

Denton,

Series

2017,

GO,

5.00%, 07/15/28

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

3,500‌

3,576,469‌

County

of

Fort

Bend,

Series

B,

GO,

5.00%, 03/01/29

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

1,250‌

1,251,487‌

County

of

Galveston,

Series

2017,

GO,

5.00%, 02/01/28

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

7,135‌

7,227,108‌

County

of

Harris

Series

2015A

,

GO

,

5.00

%

,

10/01/25

.....

2,320‌

2,335,816‌

Series

2015B

,

RB

,

5.00

%

,

08/15/26

.....

2,330‌

2,339,800‌

Series

2015A

,

GO

,

5.00

%

,

10/01/27

.....

6,335‌

6,373,313‌

Series

2015B

,

RB

,

5.00

%

,

08/15/28

.....

1,905‌

1,911,628‌

Series

2016A

,

RB

,

5.00

%

,

08/15/28

.....

2,455‌

2,506,829‌

Series

2015A

,

GO

,

5.00

%

,

10/01/28

.....

6,660‌

6,698,510‌

Series

2024A

,

GO

,

5.00

%

,

09/15/29

.....

1,000‌

1,082,482‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

County

of

Harris

Toll

Road

Series

2021

,

RB

,

5.00

%

,

08/15/25

......

USD

1,000‌

$

1,003,751‌

Series

2022A

,

RB

,

5.00

%

,

08/15/25

.....

2,760‌

2,770,353‌

Series

2018A

,

RB

,

5.00

%

,

08/15/29

.....

330‌

346,169‌

Series

2022A

,

RB

,

5.00

%

,

08/15/29

.....

2,095‌

2,264,330‌

County

of

Hays,

Series

2017,

GO,

5.00%, 02/15/28

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

1,010‌

1,042,796‌

County

of

Travis,

GO,

5.00%, 03/01/29

.....

10,000‌

10,728,073‌

County

of

Williamson

Series

2021

,

GO

,

4.00

%

,

02/15/26

......

10,000‌

10,077,158‌

Series

2020

,

GO

,

5.00

%

,

02/15/26

......

1,505‌

1,526,996‌

Series

2021

,

GO

,

4.00

%

,

02/15/27

......

5,000‌

5,102,150‌

Series

2021

,

GO

,

4.00

%

,

02/15/28

......

10,000‌

10,254,597‌

Series

2024

,

GO

,

5.00

%

,

02/15/29

......

5,000‌

5,349,503‌

Series

2025

,

GO

,

5.00

%

,

02/15/29

(a)

.....

5,000‌

5,347,279‌

GO

,

5.00

%

,

02/15/30

(a)

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

3,105‌

3,366,508‌

Cypress-Fairbanks

Independent

School

District

Series

2016

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

..

5,180‌

5,258,250‌

Series

2020A

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

3,905‌

3,963,990‌

Series

2016

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

..

1,325‌

1,343,869‌

Series

2018

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

..

300‌

311,236‌

Series

2019A

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

185‌

191,929‌

Series

2020A

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

225‌

233,427‌

Series

2025

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

..

5,000‌

5,366,225‌

Dallas

Area

Rapid

Transit

Series

2019

,

RB

,

5.00

%

,

12/01/25

......

1,230‌

1,241,847‌

Series

2016A

,

RB

,

5.00

%

,

12/01/26

.....

1,340‌

1,353,371‌

Series

2019

,

RB

,

5.00

%

,

12/01/27

......

7,000‌

7,354,217‌

Series

2019

,

RB

,

5.00

%

,

12/01/28

......

445‌

475,454‌

Dallas

College

Series

2023

,

GO

,

5.00

%

,

02/15/27

......

3,000‌

3,107,786‌

Series

2023

,

GO

,

5.00

%

,

02/15/28

......

3,020‌

3,180,318‌

Dallas

Fort

Worth

International

Airport

Series

2020B

,

RB

,

5.00

%

,

11/01/25

.....

2,525‌

2,542,705‌

Series

2020A

,

RB

,

5.00

%

,

11/01/26

.....

630‌

647,211‌

Series

2021B

,

RB

,

5.00

%

,

11/01/26

.....

1,605‌

1,648,847‌

Series

2020B

,

RB

,

5.00

%

,

11/01/28

.....

1,745‌

1,862,104‌

Series

2023B

,

RB

,

5.00

%

,

11/01/28

.....

5,915‌

6,311,947‌

Series

2024

,

RB

,

5.00

%

,

11/01/28

......

2,635‌

2,811,831‌

Series

2020A

,

RB

,

5.00

%

,

11/01/29

.....

4,300‌

4,656,376‌

Series

2024

,

RB

,

5.00

%

,

11/01/29

......

5,470‌

5,923,344‌

Dallas

Independent

School

District

Series

2021

,

GO

,

4.00

%

,

02/15/27

(

PSF

)

..

7,180‌

7,330,297‌

Series

2023

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

..

2,075‌

2,194,698‌

Series

2025C

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

3,750‌

4,034,232‌

Series

2025C

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

(a)

3,800‌

4,142,865‌

Series

2025A,

Sub-Series

2025A-4

,

GO

,

VRDN

5.00

%

,

02/15/29

(

PSF

)

(a)

(c)

.....

7,120‌

7,563,610‌

Series

2025A,

Sub-Series

2025A-5

,

GO

,

VRDN

5.00

%

,

02/15/30

(

PSF

)

(c)

......

6,500‌

6,990,980‌

Del

Valle

Independent

School

District,

Series

2022,

GO,

5.00%, 06/15/29

(PSF)

......

860‌

927,329‌

Denton

Independent

School

District

Series

2023

,

GO

,

5.00

%

,

08/15/28

(

PSF

)

..

750‌

798,339‌

Series

2016

,

GO

,

5.00

%

,

08/15/29

(

PSF

)

..

1,695‌

1,714,579‌

Series

2023

,

GO

,

5.00

%

,

08/15/29

(

PSF

)

..

3,000‌

3,240,141‌

Fort

Bend

Independent

School

District

Series

2020

,

GO

,

5.00

%

,

08/15/25

(

PSF

)

..

550‌

552,097‌

Series

2017E

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

7,870‌

7,981,162‌

Series

2019B

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

2,900‌

3,053,360‌

Series

2024A

,

GO

,

5.00

%

,

08/15/29

(

PSF

)

2,550‌

2,759,364‌

Series

2019B

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

2,130‌

2,235,928‌

Series

2024B

,

GO

,

VRDN

4.00

%

,

08/01/27

(

PSF

)

(c)

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

12,180‌

12,361,595‌

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Fort

Worth

Independent

School

District,

Series

2023,

GO,

5.00%, 02/15/29

(PSF)

......

USD

1,160‌

$

1,245,809‌

Frisco

Independent

School

District

Series

2016

,

GO

,

3.00

%

,

08/15/28

(

PSF

)

..

5,520‌

5,510,751‌

Series

2025

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

..

6,080‌

6,625,793‌

Garland

Independent

School

District

Series

2023A

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

2,100‌

2,218,891‌

Series

2016

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

..

1,040‌

1,041,417‌

Series

2023A

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

925‌

993,088‌

Grand

Parkway

Transportation

Corp.,

Series

2023,

RB,

VRDN,

5.00%, 04/01/28

(c)

.....

2,800‌

2,921,047‌

Harris

County

Flood

Control

District,

Series

2015B,

RB,

5.00%, 10/01/29

.........

10,000‌

10,071,776‌

Highland

Park

Independent

School

District,

Series

2025,

GO,

5.00%, 02/15/29

(a)

.....

9,345‌

10,004,998‌

Houston

Independent

School

District

(a)

Series

2025B

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

2,000‌

2,029,090‌

Series

2025B

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

1,300‌

1,347,807‌

Series

2025A

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

3,380‌

3,632,491‌

Humble

Independent

School

District

Series

2025

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

..

2,500‌

2,537,239‌

Series

2025

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

(a)

8,675‌

9,453,743‌

Katy

Independent

School

District

Series

2019B

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

2,000‌

2,073,211‌

Series

D

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

....

5,080‌

5,253,226‌

Series

2024

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

..

1,360‌

1,480,214‌

Lamar

Consolidated

Independent

School

District

Series

2024A

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

1,625‌

1,648,408‌

Series

2018

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

..

4,220‌

4,356,076‌

Series

2024A

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

3,960‌

4,250,050‌

Series

2024A

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

3,475‌

3,780,573‌

Leander

Independent

School

District

Series

2022

,

GO

,

5.00

%

,

08/15/25

(

PSF

)

..

1,200‌

1,204,748‌

Series

2025A

,

GO

,

0.00

%

,

08/15/26

(

PSF

)

(a)

(b)

800‌

768,954‌

Series

2025B

,

GO

,

0.00

%

,

08/15/28

(a)

(b)

...

910‌

814,834‌

Series

2025B

,

GO

,

5.00

%

,

08/15/30

(a)

....

1,500‌

1,633,007‌

Lewisville

Independent

School

District

Series

2016A

,

GO

,

5.00

%

,

08/15/25

(

PSF

)

3,145‌

3,156,991‌

Series

2016B

,

GO

,

5.00

%

,

08/15/25

.....

7,820‌

7,849,816‌

Series

2016B

,

GO

,

5.00

%

,

08/15/26

.....

115‌

115,436‌

Series

2020

,

GO

,

5.00

%

,

08/15/26

(

PSF

)

..

2,640‌

2,705,871‌

Series

2020

,

GO

,

5.00

%

,

08/15/27

(

PSF

)

..

430‌

449,512‌

Series

2024

,

GO

,

5.00

%

,

08/15/29

(

PSF

)

..

2,670‌

2,887,018‌

Series

2025

,

GO

,

5.00

%

,

08/15/29

(

PSF

)

(a)

1,000‌

1,080,174‌

Series

2025

,

GO

,

5.00

%

,

08/15/30

(

PSF

)

(a)

1,000‌

1,096,130‌

Lower

Colorado

River

Authority

Series

2015D

,

RB

,

5.00

%

,

05/15/27

.....

1,200‌

1,201,725‌

Series

2019

,

RB

,

5.00

%

,

05/15/28

......

5,110‌

5,391,493‌

Series

2019A

,

RB

,

5.00

%

,

05/15/28

.....

1,335‌

1,408,541‌

Series

2020

,

RB

,

5.00

%

,

05/15/28

......

1,800‌

1,899,156‌

Series

2022

,

RB

,

5.00

%

,

05/15/28

......

1,875‌

1,978,287‌

Series

2025

,

RB

,

5.00

%

,

05/15/28

(a)

.....

4,000‌

4,220,346‌

Series

2016

,

RB

,

5.00

%

,

05/15/29

......

1,025‌

1,039,598‌

Series

2023

,

RB

,

5.00

%

,

05/15/29

(

AGM

)

.

1,770‌

1,899,316‌

Series

2024

,

RB

,

5.00

%

,

05/15/29

(

AGM

)

.

1,845‌

1,979,795‌

Series

2024A

,

RB

,

5.00

%

,

05/15/29

(

AGC

)

2,000‌

2,146,119‌

Series

2025

,

RB

,

5.00

%

,

05/15/29

......

12,155‌

12,996,254‌

Series

2023B

,

RB

,

VRDN

5.00

%

,

05/15/28

(c)

3,805‌

3,947,335‌

Metropolitan

Transit

Authority

of

Harris

County

Sales

&

Use

Tax

RB

,

5.00

%

,

11/01/28

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

2,000‌

2,135,412‌

Series

A

,

RB

,

5.00

%

,

11/01/29

.........

1,440‌

1,479,126‌

Midland

Independent

School

District,

Series

2024,

GO,

5.00%, 02/15/29

(PSF)

......

3,185‌

3,415,969‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

North

East

Independent

School

District,

Series

2015,

GO,

5.00%, 08/01/25

(PSF)

......

USD

2,635‌

$

2,643,240‌

North

Texas

Municipal

Water

District

Water

System,

Series

2016,

RB,

5.00%, 09/01/29

5,115‌

5,225,163‌

North

Texas

Tollway

Authority

Series

2019B

,

RB

,

5.00

%

,

01/01/26

.....

2,430‌

2,456,626‌

Series

B

,

RB

,

5.00

%

,

01/01/26

.........

50‌

50,070‌

Series

2021B

,

RB

,

5.00

%

,

01/01/27

.....

2,465‌

2,542,745‌

Series

2008D

,

RB

,

0.00

%

,

01/01/28

(

AGC

)

(b)

10,000‌

9,171,056‌

Series

2019B

,

RB

,

5.00

%

,

01/01/28

.....

4,405‌

4,630,282‌

Series

2022B

,

RB

,

5.00

%

,

01/01/28

.....

2,860‌

3,006,267‌

Series

2016A

,

RB

,

5.00

%

,

01/01/29

.....

1,265‌

1,278,080‌

Series

2024A

,

RB

,

5.00

%

,

01/01/29

.....

4,840‌

5,179,550‌

Series

2016A

,

RB

,

5.00

%

,

01/01/30

.....

4,180‌

4,221,227‌

Series

2024B

,

RB

,

5.00

%

,

01/01/30

.....

9,065‌

9,805,416‌

Series

A

,

RB

,

5.00

%

,

01/01/30

.........

2,015‌

2,034,874‌

Northside

Independent

School

District,

Series

2020,

GO,

VRDN,

3.55%, 06/01/25

(PSF)

(a)

(c)

2,835‌

2,842,471‌

Permanent

University

Fund

-

Texas

A&M

University

System

Series

2023

,

RB

,

5.00

%

,

07/01/27

......

1,085‌

1,132,555‌

Series

2023

,

RB

,

5.00

%

,

07/01/28

......

3,850‌

4,092,430‌

Permanent

University

Fund

-

University

of

Texas

System

Series

2014B

,

RB

,

5.00

%

,

07/01/25

.....

2,680‌

2,683,611‌

Series

2015B

,

RB

,

5.00

%

,

07/01/26

.....

5,000‌

5,007,371‌

Series

2016A

,

RB

,

5.00

%

,

07/01/26

.....

1,000‌

1,001,474‌

Series

2016B

,

RB

,

5.00

%

,

07/01/27

.....

150‌

153,159‌

Series

2022A

,

RB

,

5.00

%

,

07/01/27

.....

9,750‌

10,177,342‌

Series

2022A

,

RB

,

5.00

%

,

07/01/28

.....

1,305‌

1,387,571‌

Series

2006B

,

RB

,

5.25

%

,

07/01/28

.....

1,600‌

1,712,954‌

Series

2024A

,

RB

,

5.00

%

,

07/01/29

.....

1,750‌

1,889,619‌

Plano

Independent

School

District

Series

2016A

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

3,540‌

3,588,926‌

Series

2016A

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

5,000‌

5,063,309‌

Series

2025

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

..

1,595‌

1,712,406‌

Series

2025

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

(a)

3,000‌

3,266,554‌

Richardson

Independent

School

District,

Series

2017,

GO,

5.00%, 02/15/29

(PSF)

......

3,000‌

3,040,521‌

Round

Rock

Independent

School

District

Series

2019A

,

GO

,

5.00

%

,

08/01/27

(

PSF

)

145‌

151,625‌

Series

2016

,

GO

,

5.00

%

,

08/01/31

(

PSF

)

..

3,255‌

3,264,639‌

Series

2016

,

GO

,

5.00

%

,

08/01/32

(

PSF

)

..

3,420‌

3,430,127‌

Series

2016

,

GO

,

5.00

%

,

08/01/33

(

PSF

)

..

3,590‌

3,600,631‌

Series

2016

,

GO

,

5.00

%

,

08/01/34

(

PSF

)

..

3,770‌

3,781,164‌

Series

2016

,

GO

,

5.00

%

,

08/01/35

(

PSF

)

..

3,355‌

3,364,935‌

San

Antonio

Water

System

Series

2020A

,

RB

,

5.00

%

,

05/15/28

.....

1,100‌

1,166,028‌

Series

2018A

,

RB

,

5.00

%

,

05/15/29

.....

2,365‌

2,494,639‌

Series

2020A

,

RB

,

5.00

%

,

05/15/29

.....

2,560‌

2,752,965‌

Series

2021A

,

RB

,

5.00

%

,

05/15/29

.....

1,955‌

2,102,362‌

Series

2022B

,

RB

,

5.00

%

,

05/15/29

.....

920‌

989,347‌

Series

2013F

,

RB

,

VRDN

1.00

%

,

11/01/26

(c)

2,000‌

1,926,406‌

Sherman

Independent

School

District,

Series

2023B,

GO,

5.00%, 02/15/29

(PSF)

.....

1,000‌

1,073,973‌

Southwest

Higher

Education

Authority,

Inc.

Series

2016A

,

RB

,

5.00

%

,

10/01/28

.....

2,725‌

2,789,796‌

Series

2016A

,

RB

,

5.00

%

,

10/01/29

.....

1,470‌

1,504,181‌

Spring

Independent

School

District

Series

2015

,

GO

,

5.00

%

,

08/15/28

(

PSF

)

..

6,575‌

6,599,061‌

Series

2017

,

GO

,

5.00

%

,

08/15/28

(

PSF

)

..

6,905‌

7,059,640‌

Series

2017A

,

GO

,

5.00

%

,

08/15/28

.....

5,940‌

6,071,237‌

State

of

Texas

Series

2018A

,

GO

,

5.00

%

,

08/01/25

.....

1,430‌

1,434,610‌

Series

2016

,

GO

,

5.00

%

,

10/01/25

......

50‌

50,334‌

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

A

,

GO

,

5.00

%

,

10/01/25

........

USD

4,000‌

$

4,026,710‌

Series

2016

,

GO

,

5.00

%

,

04/01/26

......

2,885‌

2,936,078‌

Series

2016A

,

GO

,

5.00

%

,

04/01/26

.....

4,270‌

4,345,599‌

Series

2015A

,

GO

,

5.00

%

,

10/01/26

.....

2,845‌

2,863,392‌

Series

A

,

GO

,

5.00

%

,

10/01/26

........

2,000‌

2,057,973‌

Series

2015A

,

GO

,

5.00

%

,

10/01/27

.....

7,045‌

7,079,665‌

Series

2024A

,

GO

,

5.00

%

,

04/01/28

.....

2,000‌

2,030,093‌

Series

2024

,

GO

,

5.00

%

,

10/01/28

......

4,165‌

4,447,913‌

Series

2016

,

GO

,

5.00

%

,

04/01/29

......

14,570‌

14,778,419‌

Series

2016A

,

GO

,

5.00

%

,

04/01/29

.....

2,160‌

2,190,898‌

Series

2024

,

GO

,

5.00

%

,

10/01/29

......

1,665‌

1,803,564‌

Series

2013B

,

GO

,

VRDN

(

State

Street

Bank

&

Trust

Co.

SBPA

),

2.25

%

,

06/09/25

(c)

..

4,745‌

4,745,000‌

Tarrant

County

College

District,

Series

2022,

GO,

5.00%, 08/15/25

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

3,500‌

3,513,488‌

Tarrant

Regional

Water

District,

Series

2025,

RB,

5.00%, 09/01/29

(a)

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

7,365‌

7,959,241‌

Tarrant

Regional

Water

District

Water

Supply

System

Series

2015

,

RB

,

5.00

%

,

03/01/27

......

1,390‌

1,392,278‌

Series

2015

,

RB

,

5.00

%

,

03/01/28

......

1,000‌

1,001,340‌

Series

2024

,

RB

,

5.00

%

,

03/01/29

......

1,500‌

1,609,269‌

Texas

A&M

University

Series

2016C

,

RB

,

5.00

%

,

05/15/26

.....

255‌

259,996‌

Series

2017E

,

RB

,

5.00

%

,

05/15/26

.....

3,160‌

3,221,909‌

Series

2017C

,

RB

,

5.00

%

,

05/15/27

.....

1,660‌

1,726,407‌

Series

2017E

,

RB

,

5.00

%

,

05/15/27

.....

5,760‌

5,990,426‌

Series

2021A

,

RB

,

5.00

%

,

05/15/27

.....

1,460‌

1,518,407‌

Series

2024A

,

RB

,

5.00

%

,

05/15/28

.....

3,500‌

3,712,281‌

Series

2021A

,

RB

,

5.00

%

,

05/15/29

.....

1,005‌

1,082,739‌

Series

2024A

,

RB

,

5.00

%

,

05/15/29

.....

5,000‌

5,386,762‌

Texas

Department

of

Transportation

State

Highway

Fund

Series

2015

,

RB

,

5.00

%

,

10/01/25

......

29,190‌

29,396,557‌

Series

2016A

,

RB

,

5.00

%

,

10/01/25

.....

1,605‌

1,616,357‌

Series

2015

,

RB

,

5.00

%

,

10/01/26

......

8,920‌

9,178,559‌

Texas

Public

Finance

Authority,

Series

2019,

RB,

5.00%, 02/01/27

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

2,870‌

2,968,186‌

Texas

State

University

System

Series

2017A

,

RB

,

5.00

%

,

03/15/26

.....

565‌

574,018‌

Series

2024

,

RB

,

5.00

%

,

03/15/28

......

5,000‌

5,273,406‌

Series

2017A

,

RB

,

5.00

%

,

03/15/29

.....

2,750‌

2,840,893‌

Series

2024

,

RB

,

5.00

%

,

03/15/29

......

4,325‌

4,630,092‌

Texas

Tech

University

System

Series

2025A

,

RB

,

5.00

%

,

02/15/29

.....

2,620‌

2,809,041‌

Series

2025A

,

RB

,

5.00

%

,

02/15/30

(a)

....

1,890‌

2,056,215‌

Texas

Transportation

Commission

Series

2024

,

GO

,

5.00

%

,

04/01/29

......

7,000‌

7,532,200‌

Series

2014B

,

GO

,

VRDN

0.65

%

,

04/01/26

(c)

5,000‌

4,854,136‌

Texas

Water

Development

Board

Series

2018

,

RB

,

5.00

%

,

08/01/25

......

530‌

531,576‌

Series

2022

,

RB

,

5.00

%

,

08/01/25

......

1,090‌

1,093,242‌

Series

2017A

,

RB

,

5.00

%

,

04/15/26

.....

725‌

738,505‌

Series

2018B

,

RB

,

5.00

%

,

04/15/26

.....

335‌

341,240‌

Series

2020

,

RB

,

5.00

%

,

08/01/26

......

600‌

614,946‌

Series

2019A

,

RB

,

5.00

%

,

10/15/26

.....

805‌

828,714‌

Series

2018

,

RB

,

5.00

%

,

08/01/27

......

420‌

438,911‌

Series

2019A

,

RB

,

5.00

%

,

10/15/27

.....

1,860‌

1,951,265‌

Series

2017A

,

RB

,

5.00

%

,

04/15/28

.....

7,865‌

8,232,825‌

Series

2023A

,

RB

,

5.00

%

,

04/15/28

.....

1,000‌

1,058,715‌

Series

2024A

,

RB

,

5.00

%

,

04/15/28

.....

1,600‌

1,693,943‌

Series

2024A

,

RB

,

5.00

%

,

04/15/29

.....

2,000‌

2,151,892‌

Series

2017A

,

RB

,

5.00

%

,

04/15/30

.....

1,095‌

1,141,657‌

Tomball

Independent

School

District,

Series

2024,

GO,

5.00%, 02/15/29

(PSF)

......

7,820‌

8,398,468‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Trinity

River

Authority

Central

Regional

Wastewater

System

Series

2017

,

RB

,

5.00

%

,

08/01/28

......

USD

3,370‌

$

3,500,030‌

Series

2021

,

RB

,

5.00

%

,

08/01/28

......

1,590‌

1,688,392‌

Series

2022

,

RB

,

5.00

%

,

08/01/28

......

1,285‌

1,364,518‌

Series

2017

,

RB

,

5.00

%

,

08/01/29

......

135‌

139,941‌

Series

2018

,

RB

,

5.00

%

,

08/01/29

......

1,890‌

1,995,427‌

University

of

North

Texas

System

Series

2017A

,

RB

,

5.00

%

,

04/15/28

.....

1,200‌

1,241,465‌

Series

2025A

,

RB

,

5.00

%

,

04/15/28

.....

500‌

528,529‌

Series

2017A

,

RB

,

5.00

%

,

04/15/29

.....

4,080‌

4,216,044‌

Series

2025A

,

RB

,

5.00

%

,

04/15/29

.....

750‌

805,282‌

Series

2025A

,

RB

,

5.00

%

,

04/15/30

(a)

....

480‌

522,466‌

Weatherford

Independent

School

District,

Series

2024,

GO,

5.00%, 02/15/26

(PSF)

......

5,400‌

5,476,274‌

1,133,933,893‌

Utah

—

0.9%

Alpine

School

District,

Series

2021A,

GO,

5.00%, 03/15/27

(GTD)

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

6,000‌

6,236,116‌

Intermountain

Power

Agency

Series

2023A

,

RB

,

5.00

%

,

07/01/26

.....

1,000‌

1,011,489‌

Series

2022A

,

RB

,

5.00

%

,

07/01/27

.....

3,500‌

3,624,810‌

Series

2022A

,

RB

,

5.00

%

,

07/01/28

.....

2,000‌

2,105,496‌

Series

2022A

,

RB

,

5.00

%

,

07/01/29

.....

3,815‌

4,068,201‌

Series

2023A

,

RB

,

5.00

%

,

07/01/29

.....

2,000‌

2,132,740‌

State

of

Utah

Series

2020

,

GO

,

3.00

%

,

07/01/25

......

210‌

209,941‌

Series

2017

,

GO

,

5.00

%

,

07/01/25

......

45‌

45,076‌

Series

2018

,

GO

,

5.00

%

,

07/01/25

......

1,685‌

1,687,841‌

Series

2020

,

GO

,

5.00

%

,

07/01/25

......

4,245‌

4,252,157‌

Series

2020B

,

GO

,

5.00

%

,

07/01/25

.....

7,150‌

7,162,055‌

Series

2018

,

GO

,

5.00

%

,

07/01/26

......

1,745‌

1,785,864‌

Series

2020

,

GO

,

5.00

%

,

07/01/26

......

5,090‌

5,209,197‌

Series

2020B

,

GO

,

5.00

%

,

07/01/26

.....

3,000‌

3,070,253‌

Series

2017

,

GO

,

5.00

%

,

07/01/27

......

25‌

25,780‌

Series

2020B

,

GO

,

5.00

%

,

07/01/27

.....

8,165‌

8,531,648‌

University

of

Utah

(The)

Series

2017B-1

,

RB

,

5.00

%

,

08/01/26

(

SAP

)

1,500‌

1,537,829‌

Series

2022B

,

RB

,

5.00

%

,

08/01/27

.....

1,605‌

1,680,065‌

Series

B1

,

RB

,

5.00

%

,

08/01/29

........

2,000‌

2,040,322‌

Utah

Transit

Authority

Series

2015A

,

RB

,

5.00

%

,

06/15/26

.....

5,035‌

5,038,411‌

Series

2015A

,

RB

,

5.00

%

,

06/15/30

.....

4,005‌

4,007,713‌

Series

2015A

,

RB

,

5.00

%

,

06/15/34

.....

5,000‌

5,003,388‌

Series

2015A

,

RB

,

5.00

%

,

06/15/37

.....

9,480‌

9,486,423‌

Series

2015A

,

RB

,

5.00

%

,

06/15/38

.....

2,385‌

2,386,616‌

82,339,431‌

Virginia

—

3.4%

City

of

Alexandria

Series

2021A

,

GO

,

5.00

%

,

12/15/25

(

SAW

)

2,775‌

2,806,197‌

Series

2022B

,

GO

,

5.00

%

,

12/15/25

.....

5,195‌

5,253,402‌

Series

2023

,

GO

,

5.00

%

,

12/15/27

(

SAW

)

.

8,115‌

8,568,232‌

City

of

Harrisonburg,

Series

2021A,

GO,

5.00%, 07/15/26

(SAW)

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

7,165‌

7,337,960‌

City

of

Norfolk,

Series

2017C,

GO,

5.00%, 09/01/31

(SAW)

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

1,600‌

1,659,872‌

Commonwealth

of

Virginia

Series

2024B

,

GO

,

5.00

%

,

06/01/25

.....

10,000‌

10,000,000‌

Series

2015B

,

GO

,

5.00

%

,

06/01/26

(

SAW

)

11,810‌

11,828,785‌

Series

2024B

,

GO

,

5.00

%

,

06/01/26

.....

10,000‌

10,218,903‌

Series

B

,

GO

,

5.00

%

,

06/01/27

........

1,000‌

1,021,375‌

County

of

Arlington

Series

B

,

GO

,

5.00

%

,

08/15/25

........

1,015‌

1,019,111‌

Security

Par

(000)

Par

(000)

Value

Virginia

(continued)

Series

2017

,

GO

,

5.00

%

,

08/15/26

......

USD

260‌

$

266,848‌

Series

B

,

GO

,

5.00

%

,

08/15/26

........

1,450‌

1,488,188‌

Series

B

,

GO

,

5.00

%

,

08/15/27

........

75‌

76,906‌

Series

2019

,

GO

,

5.00

%

,

06/15/28

......

560‌

596,650‌

County

of

Fairfax

Series

2021A

,

GO

,

4.00

%

,

10/01/25

(

SAW

)

2,235‌

2,242,701‌

Series

2022A

,

GO

,

4.00

%

,

10/01/25

(

SAW

)

5,825‌

5,845,071‌

Series

2014B

,

GO

,

5.00

%

,

10/01/25

(

SAW

)

3,525‌

3,530,052‌

Series

2016A

,

GO

,

4.00

%

,

10/01/26

(

SAW

)

235‌

237,094‌

Series

2019A

,

GO

,

4.00

%

,

10/01/26

(

SAW

)

1,415‌

1,436,139‌

Series

2024A

,

GO

,

5.00

%

,

10/01/26

(

SAW

)

5,875‌

6,038,901‌

Series

2021A

,

GO

,

4.00

%

,

10/01/27

(

SAW

)

150‌

154,058‌

Series

2022A

,

GO

,

4.00

%

,

10/01/27

(

SAW

)

3,750‌

3,851,443‌

Series

2023A

,

GO

,

4.00

%

,

10/01/28

(

SAW

)

3,000‌

3,109,117‌

Series

2020A

,

GO

,

5.00

%

,

10/01/28

(

SAW

)

460‌

492,608‌

Series

2024A

,

GO

,

5.00

%

,

10/01/28

(

SAW

)

5,775‌

6,184,373‌

County

of

Henrico,

Series

2020A,

GO,

5.00%, 08/01/25

(SAW)

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

1,470‌

1,474,782‌

County

of

Loudoun

Series

2019A

,

GO

,

5.00

%

,

12/01/25

(

SAW

)

9,000‌

9,090,053‌

Series

2020B

,

GO

,

5.00

%

,

12/01/25

(

SAW

)

95‌

95,951‌

Series

2021A

,

GO

,

5.00

%

,

12/01/26

(

SAW

)

515‌

531,788‌

Series

2017A

,

GO

,

3.00

%

,

12/01/28

(

SAW

)

5,435‌

5,401,585‌

Series

2017A

,

GO

,

3.00

%

,

12/01/29

(

SAW

)

5,235‌

5,152,516‌

Hampton

Roads

Sanitation

District,

Series

2016A,

RB,

5.00%, 08/01/34

.........

120‌

122,881‌

Hampton

Roads

Transportation

Accountability

Commission

Series

2018A

,

RB

,

5.00

%

,

07/01/52

.....

16,000‌

16,857,272‌

Series

2018A

,

RB

,

5.50

%

,

07/01/57

.....

7,650‌

8,154,408‌

Upper

Occoquan

Sewage

Authority,

Series

2014,

RB,

4.00%, 07/01/39

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

1,000‌

1,000,804‌

Virginia

College

Building

Authority

Series

2017E

,

RB

,

5.00

%

,

02/01/26

.....

465‌

471,467‌

Series

2022A

,

RB

,

5.00

%

,

02/01/26

.....

6,650‌

6,742,482‌

Series

2020A

,

RB

,

5.00

%

,

02/01/26

.....

1,520‌

1,541,139‌

Series

2021A

,

RB

,

5.00

%

,

02/01/26

.....

11,010‌

11,163,116‌

Series

2020A

,

RB

,

5.00

%

,

02/01/27

.....

730‌

755,899‌

Series

B

,

RB

,

5.00

%

,

02/01/27

.........

80‌

82,838‌

Series

2017E

,

RB

,

5.00

%

,

02/01/27

.....

18,410‌

19,063,161‌

Series

A

,

RB

,

5.00

%

,

02/01/27

.........

515‌

521,903‌

Series

2021A

,

RB

,

5.00

%

,

02/01/27

.....

9,130‌

9,453,920‌

Series

B

,

RB

,

4.00

%

,

02/01/28

.........

2,000‌

2,010,083‌

Series

B

,

RB

,

5.00

%

,

09/01/28

(

ST

INTERCEPT

)

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

1,655‌

1,662,567‌

Series

B

,

RB

,

4.00

%

,

02/01/29

.........

5,000‌

5,020,465‌

Series

2017C

,

RB

,

4.00

%

,

02/01/29

.....

10,000‌

10,070,774‌

Series

2017E

,

RB

,

5.00

%

,

02/01/29

.....

1,050‌

1,107,226‌

Series

2016A

,

RB

,

5.00

%

,

09/01/29

(

ST

INTERCEPT

)

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

6,610‌

6,755,442‌

Series

2017C

,

RB

,

5.00

%

,

02/01/30

.....

2,315‌

2,386,020‌

Series

2019A

,

RB

,

5.00

%

,

02/01/30

.....

1,555‌

1,662,003‌

Virginia

Commonwealth

Transportation

Board

Series

2017

,

RB

,

5.00

%

,

09/15/25

......

825‌

829,712‌

Series

2017

,

RB

,

5.00

%

,

03/15/26

......

9,565‌

9,715,660‌

Series

2017A

,

RB

,

5.00

%

,

05/15/26

.....

710‌

723,798‌

Series

2017

,

RB

,

5.00

%

,

09/15/26

......

365‌

374,655‌

Series

2017A

,

RB

,

5.00

%

,

05/15/27

.....

5,505‌

5,729,838‌

Series

2017

,

RB

,

5.00

%

,

09/15/27

......

180‌

188,781‌

Series

2016

,

RB

,

5.00

%

,

03/15/28

......

500‌

512,005‌

Series

2018

,

RB

,

3.00

%

,

05/15/30

......

5,550‌

5,456,164‌

Series

2017A

,

RB

,

5.00

%

,

05/15/30

.....

4,465‌

4,655,551‌

Virginia

Public

Building

Authority

Series

B

,

RB

,

5.00

%

,

08/01/25

.........

440‌

441,418‌

Series

2015B

,

RB

,

5.00

%

,

08/01/26

.....

3,050‌

3,060,224‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Virginia

(continued)

Series

2020B

,

RB

,

5.00

%

,

08/01/26

.....

USD

4,075‌

$

4,177,925‌

Series

2021A-1

,

RB

,

5.00

%

,

08/01/26

....

9,005‌

9,232,446‌

Series

2022A

,

RB

,

5.00

%

,

08/01/26

.....

5,500‌

5,638,917‌

Series

B

,

RB

,

5.00

%

,

08/01/26

.........

280‌

287,072‌

Series

2020A

,

RB

,

5.00

%

,

08/01/27

.....

50‌

52,326‌

Series

A

,

RB

,

5.00

%

,

08/01/27

.........

3,000‌

3,071,641‌

Series

2022A

,

RB

,

5.00

%

,

08/01/28

.....

4,370‌

4,659,510‌

Series

2017A

,

RB

,

5.00

%

,

08/01/29

.....

155‌

162,068‌

Series

2025A

,

RB

,

5.00

%

,

08/01/29

(a)

....

4,245‌

4,599,438‌

Virginia

Public

School

Authority

Series

2015A

,

RB

,

5.00

%

,

08/01/25

(

ST

INTERCEPT

)

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

2,415‌

2,422,785‌

Series

2016

,

RB

,

5.00

%

,

08/01/26

(

SAW

)

.

2,125‌

2,178,673‌

Series

2017B

,

RB

,

5.00

%

,

08/01/26

(

ST

INTERCEPT

)

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

1,360‌

1,394,350‌

Series

2022

,

RB

,

5.00

%

,

01/15/27

(

SAW

)

.

3,550‌

3,672,676‌

Series

XI

,

RB

,

5.00

%

,

04/15/27

........

2,745‌

2,858,197‌

Series

2025B

,

RB

,

5.00

%

,

08/01/27

(

SAW

)

(a)

10,000‌

10,463,132‌

Series

2016B

,

RB

,

3.00

%

,

08/01/28

(

ST

INTERCEPT

)

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

6,835‌

6,743,479‌

Series

2020B

,

RB

,

5.00

%

,

08/01/28

(

ST

INTERCEPT

)

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

125‌

133,242‌

Virginia

Resources

Authority

Series

2016C

,

RB

,

5.00

%

,

11/01/28

.....

1,085‌

1,116,458‌

Series

2024B

,

RB

,

5.00

%

,

11/01/28

.....

4,265‌

4,570,990‌

322,739,662‌

Washington

—

4.5%

Central

Puget

Sound

Regional

Transit

Authority

Series

2021S-1

,

RB

,

5.00

%

,

11/01/25

....

2,000‌

2,017,212‌

Series

2015S-1

,

RB

,

5.00

%

,

11/01/26

....

2,670‌

2,691,986‌

Series

2016S-1

,

RB

,

5.00

%

,

11/01/26

....

1,260‌

1,298,054‌

Series

2021S-1

,

RB

,

5.00

%

,

11/01/26

....

3,885‌

4,002,332‌

Series

2021S1

,

RB

,

5.00

%

,

11/01/29

....

1,000‌

1,088,970‌

Series

2015S-1

,

RB

,

5.00

%

,

11/01/30

....

4,190‌

4,224,502‌

Series

2015S-1

,

RB

,

5.00

%

,

11/01/31

....

6,065‌

6,114,941‌

Series

2015S-1

,

RB

,

5.00

%

,

11/01/32

....

3,805‌

3,836,332‌

Series

2015S-1

,

RB

,

5.00

%

,

11/01/35

....

1,990‌

2,006,386‌

Series

2015S-1

,

RB

,

5.00

%

,

11/01/45

....

7,100‌

7,158,464‌

Series

2015S-1

,

RB

,

5.00

%

,

11/01/50

....

15,050‌

15,173,926‌

City

of

Seattle

Series

2015A

,

GO

,

5.00

%

,

06/01/25

.....

250‌

250,000‌

Series

2022

,

RB

,

5.00

%

,

09/01/25

......

8,095‌

8,135,533‌

Series

2016

,

RB

,

4.00

%

,

04/01/26

......

130‌

131,277‌

Series

2020A

,

RB

,

5.00

%

,

07/01/26

.....

1,015‌

1,038,901‌

Series

2022

,

RB

,

5.00

%

,

07/01/26

......

5,000‌

5,117,741‌

Series

2022A

,

GO

,

4.00

%

,

09/01/26

.....

2,000‌

2,028,712‌

Series

2017C

,

RB

,

5.00

%

,

09/01/26

.....

3,225‌

3,312,927‌

Series

2023A

,

GO

,

5.00

%

,

11/01/26

.....

1,380‌

1,421,678‌

Series

2021A

,

GO

,

5.00

%

,

12/01/26

.....

2,495‌

2,575,007‌

Series

2016

,

RB

,

5.00

%

,

04/01/27

......

1,555‌

1,582,550‌

Series

2022

,

RB

,

5.00

%

,

07/01/27

......

2,905‌

3,032,449‌

Series

2023A

,

RB

,

5.00

%

,

03/01/28

.....

13,645‌

14,430,223‌

Series

2017C

,

RB

,

5.00

%

,

09/01/28

.....

105‌

109,539‌

City

of

Seattle

Water

System

(a)

Series

2025

,

RB

,

5.00

%

,

05/01/29

......

3,500‌

3,778,224‌

Series

2025

,

RB

,

5.00

%

,

05/01/30

......

775‌

848,945‌

Clark

County

Public

Utility

District

No.

1

Electric

Series

2024

,

RB

,

5.00

%

,

01/01/28

......

915‌

963,038‌

Series

2024

,

RB

,

5.00

%

,

01/01/29

......

720‌

770,591‌

Series

2024

,

RB

,

5.00

%

,

01/01/30

......

700‌

758,518‌

Clark

County

School

District

No.

37

Vancouver,

Series

2018,

GO,

5.00%, 12/01/29

(GTD)

.

500‌

528,892‌

County

of

King

Series

2018B

,

RB

,

5.00

%

,

07/01/25

.....

425‌

425,623‌

Security

Par

(000)

Par

(000)

Value

Washington

(continued)

Series

2021A

,

GO

,

4.00

%

,

01/01/27

.....

USD

1,705‌

$

1,737,938‌

Series

2023

,

RB

,

5.00

%

,

01/01/28

......

9,310‌

9,822,554‌

Series

2021A

,

GO

,

5.00

%

,

01/01/29

.....

1,000‌

1,073,789‌

Series

2024

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

2.95

%

,

06/02/25

(c)

..........

15,000‌

15,000,000‌

County

of

Snohomish

Series

2022

,

GO

,

5.00

%

,

12/01/25

......

2,000‌

2,020,153‌

Series

2022

,

GO

,

5.00

%

,

12/01/26

......

1,500‌

1,547,654‌

Energy

Northwest

Series

2015A

,

RB

,

5.00

%

,

07/01/25

.....

9,360‌

9,373,415‌

Series

2015C

,

RB

,

5.00

%

,

07/01/25

.....

2,805‌

2,809,020‌

Series

2016A

,

RB

,

5.00

%

,

07/01/25

.....

1,845‌

1,847,644‌

Series

2018C

,

RB

,

5.00

%

,

07/01/25

.....

915‌

916,311‌

Series

2015C

,

RB

,

5.00

%

,

07/01/26

.....

90‌

90,129‌

Series

2016A

,

RB

,

5.00

%

,

07/01/26

.....

245‌

250,474‌

Series

2021A

,

RB

,

5.00

%

,

07/01/26

.....

715‌

730,975‌

Series

2022A

,

RB

,

5.00

%

,

07/01/26

.....

1,735‌

1,773,764‌

Series

2015A

,

RB

,

5.00

%

,

07/01/27

.....

9,310‌

9,323,343‌

Series

2018C

,

RB

,

5.00

%

,

07/01/28

.....

1,910‌

2,035,028‌

Series

2020A

,

RB

,

5.00

%

,

07/01/28

.....

15,000‌

15,981,894‌

Series

2015-A

,

RB

,

5.00

%

,

07/01/29

.....

2,500‌

2,503,583‌

Series

2017-A

,

RB

,

5.00

%

,

07/01/29

.....

180‌

186,980‌

Series

2025A

,

RB

,

5.00

%

,

07/01/29

.....

4,000‌

4,332,292‌

Series

2025A

,

RB

,

5.00

%

,

07/01/30

.....

1,800‌

1,976,328‌

Grant

County

Public

Utility

District

No.

2

Priest

Rapids

Hydroelectric

Project

Series

2024B

,

RB

,

5.00

%

,

01/01/27

.....

2,000‌

2,066,215‌

Series

2024B

,

RB

,

5.00

%

,

01/01/28

.....

1,500‌

1,580,664‌

Series

2024B

,

RB

,

5.00

%

,

01/01/29

.....

1,500‌

1,606,982‌

King

County

School

District

No.

401

Highline

Series

2017

,

GO

,

5.00

%

,

12/01/28

(

GTD

)

.

145‌

148,427‌

Series

2017

,

GO

,

4.00

%

,

12/01/29

(

GTD

)

.

1,950‌

1,969,808‌

King

County

School

District

No.

405

Bellevue,

Series

2016,

GO,

5.00%, 12/01/27

(GTD)

.

360‌

368,721‌

King

County

School

District

No.

414

Lake

Washington,

Series

2020,

GO,

4.00%, 12/01/28

(GTD)

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

4,000‌

4,136,753‌

Port

of

Seattle

Series

2022A

,

RB

,

5.00

%

,

08/01/25

.....

1,865‌

1,870,754‌

Series

2022A

,

RB

,

5.00

%

,

08/01/26

.....

1,175‌

1,203,544‌

Series

2022A

,

RB

,

5.00

%

,

08/01/27

.....

2,500‌

2,612,623‌

Series

2024A

,

RB

,

5.00

%

,

03/01/28

.....

2,200‌

2,322,288‌

Series

2016

,

RB

,

5.00

%

,

02/01/29

......

500‌

505,227‌

Series

2024A

,

RB

,

5.00

%

,

03/01/29

.....

1,500‌

1,609,327‌

Series

2022A

,

RB

,

5.00

%

,

08/01/29

.....

3,000‌

3,238,373‌

Port

of

Tacoma

Series

2016A

,

GO

,

5.00

%

,

12/01/28

.....

790‌

809,253‌

Series

2008B

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

),

1.85

%

,

06/04/25

(c)

........

6,280‌

6,280,000‌

State

of

Washington

Series

2021E

,

GO

,

5.00

%

,

06/01/25

.....

1,000‌

1,000,000‌

Series

R-2020C

,

GO

,

5.00

%

,

07/01/25

...

4,515‌

4,522,019‌

Series

R-2020D

,

GO

,

5.00

%

,

07/01/25

...

4,535‌

4,542,050‌

Series

R-2022C

,

GO

,

5.00

%

,

07/01/25

...

7,635‌

7,646,869‌

Series

R-2018D

,

GO

,

5.00

%

,

08/01/25

...

975‌

978,127‌

Series

R-2018C

,

GO

,

5.00

%

,

08/01/25

...

700‌

702,245‌

Series

2017D

,

GO

,

5.00

%

,

02/01/26

.....

3,080‌

3,122,697‌

Series

2018C

,

GO

,

5.00

%

,

02/01/26

.....

175‌

177,426‌

Series

R-2022C

,

GO

,

4.00

%

,

07/01/26

...

2,500‌

2,530,791‌

Series

R-2016B

,

GO

,

5.00

%

,

07/01/26

...

2,215‌

2,241,754‌

Series

R-2020D

,

GO

,

5.00

%

,

07/01/26

...

5,335‌

5,457,064‌

Series

R-2025C

,

GO

,

5.00

%

,

07/01/26

...

3,340‌

3,416,419‌

Series

R-2025B

,

GO

,

5.00

%

,

07/01/26

...

1,660‌

1,697,981‌

Series

R-2017B

,

GO

,

4.00

%

,

08/01/26

...

120‌

121,598‌

Series

2016A-1

,

GO

,

5.00

%

,

08/01/26

....

30‌

30,089‌

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Washington

(continued)

Series

2021C

,

GO

,

5.00

%

,

02/01/27

.....

USD

165‌

$

170,890‌

Series

R-2022B

,

GO

,

5.00

%

,

02/01/27

...

5,015‌

5,194,028‌

Series

2017D

,

GO

,

5.00

%

,

02/01/27

.....

45‌

46,606‌

Series

2022C

,

GO

,

5.00

%

,

02/01/27

.....

19,030‌

19,709,344‌

Series

R-2022D

,

GO

,

4.00

%

,

07/01/27

...

5,000‌

5,113,936‌

Series

R-2020C

,

GO

,

5.00

%

,

07/01/27

...

95‌

99,325‌

Series

2020A

,

GO

,

5.00

%

,

08/01/27

.....

50‌

52,362‌

Series

R-2024A

,

GO

,

5.00

%

,

02/01/28

...

6,270‌

6,630,521‌

Series

2022C

,

GO

,

5.00

%

,

02/01/28

.....

840‌

888,299‌

Series

2005C

,

GO

,

0.00

%

,

06/01/28

(

AMBAC

)

(b)

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

3,855‌

3,507,121‌

Series

2024B

,

GO

,

5.00

%

,

06/01/28

.....

9,575‌

10,187,189‌

Series

2020E

,

GO

,

5.00

%

,

06/01/28

.....

2,000‌

2,127,872‌

Series

R-2016C

,

GO

,

5.00

%

,

07/01/28

...

1,250‌

1,263,548‌

Series

R-2017B

,

GO

,

5.00

%

,

08/01/28

...

455‌

464,908‌

Series

2024A

,

GO

,

5.00

%

,

08/01/28

.....

14,540‌

15,518,418‌

Series

R-2023A

,

GO

,

5.00

%

,

08/01/28

...

19,160‌

20,449,305‌

Series

2016B

,

GO

,

5.00

%

,

08/01/28

.....

7,050‌

7,070,876‌

Series

2025A

,

COP

,

5.00

%

,

01/01/29

(a)

...

8,100‌

8,683,409‌

Series

2024C

,

GO

,

5.00

%

,

02/01/29

.....

16,885‌

18,173,371‌

Series

R-2025B

,

GO

,

5.00

%

,

07/01/29

...

3,585‌

3,884,256‌

Series

R-2023A

,

GO

,

5.00

%

,

08/01/29

...

4,000‌

4,339,408‌

Series

R-2017A

,

GO

,

5.00

%

,

08/01/29

...

10,660‌

10,878,601‌

Series

2025A

,

COP

,

5.00

%

,

01/01/30

....

2,655‌

2,882,870‌

Series

R-2022C

,

GO

,

4.00

%

,

07/01/30

...

1,750‌

1,826,719‌

Series

R-2018D

,

GO

,

5.00

%

,

08/01/30

...

2,500‌

2,592,408‌

University

of

Washington

Series

2015B

,

RB

,

5.00

%

,

06/01/27

.....

5,175‌

5,175,000‌

Series

2025A

,

RB

,

5.00

%

,

04/01/29

(a)

....

2,500‌

2,685,567‌

Series

2024A

,

RB

,

5.00

%

,

04/01/30

.....

2,840‌

3,092,391‌

Series

2025A

,

RB

,

5.00

%

,

04/01/30

(a)

....

2,000‌

2,177,741‌

Series

2022C

,

RB

,

VRDN

4.00

%

,

08/01/27

(c)

12,965‌

13,129,574‌

434,718,692‌

West

Virginia

—

0.1%

State

of

West

Virginia

Series

2015A

,

GO

,

5.00

%

,

06/01/25

.....

530‌

530,000‌

Series

2015A

,

GO

,

3.00

%

,

11/01/25

.....

425‌

424,418‌

Series

2018A

,

GO

,

5.00

%

,

06/01/28

.....

4,710‌

5,003,699‌

Series

2019A

,

GO

,

5.00

%

,

12/01/28

.....

100‌

107,119‌

West

Virginia

Commissioner

of

Highways

Series

2017A

,

RB

,

5.00

%

,

09/01/26

.....

1,045‌

1,071,749‌

Series

2017A

,

RB

,

5.00

%

,

09/01/29

.....

3,625‌

3,759,781‌

West

Virginia

Parkways

Authority,

Series

2021,

RB,

5.00%, 06/01/29

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

1,490‌

1,602,786‌

12,499,552‌

Wisconsin

—

1.5%

City

of

Milwaukee

Series

2021N-3

,

GO

,

5.00

%

,

04/01/26

...

12,535‌

12,720,448‌

Series

2021N-4

,

GO

,

5.00

%

,

04/01/26

...

5,425‌

5,505,260‌

Germantown

School

District

Series

2017A

,

GO

,

4.00

%

,

04/01/34

.....

4,585‌

4,690,481‌

Series

2017A

,

GO

,

4.00

%

,

04/01/36

.....

6,795‌

6,951,323‌

Series

2017A

,

GO

,

4.00

%

,

04/01/37

.....

7,070‌

7,232,650‌

Green

Bay

Area

Public

School

District

GO

,

5.00

%

,

04/01/28

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

835‌

882,678‌

GO

,

5.00

%

,

04/01/29

(a)

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

1,555‌

1,670,302‌

GO

,

5.00

%

,

04/01/30

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

980‌

1,066,067‌

Racine

Unified

School

District,

GO,

5.00%, 04/01/30

(AGC)

(a)

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

2,000‌

2,170,029‌

State

of

Wisconsin

Series

2016-2

,

GO

,

5.00

%

,

11/01/25

.....

2,715‌

2,737,892‌

Series

2017-2

,

GO

,

5.00

%

,

11/01/25

.....

2,240‌

2,258,887‌

Series

2022-1

,

GO

,

5.00

%

,

05/01/26

.....

8,185‌

8,345,334‌

Security

Par

(000)

Par

(000)

Value

Wisconsin

(continued)

Series

2021B

,

GO

,

5.00

%

,

05/01/26

.....

USD

5,725‌

$

5,837,145‌

Series

2021-1

,

GO

,

5.00

%

,

05/01/26

.....

1,000‌

1,019,589‌

Series

2021-2

,

GO

,

5.00

%

,

05/01/26

.....

1,835‌

1,870,945‌

Series

2017-2

,

GO

,

5.00

%

,

11/01/26

.....

3,995‌

4,117,784‌

Series

2020B

,

GO

,

5.00

%

,

05/01/27

.....

1,775‌

1,849,343‌

Series

2021-2

,

GO

,

5.00

%

,

05/01/27

.....

3,055‌

3,182,954‌

Series

2017-2

,

GO

,

5.00

%

,

11/01/27

.....

485‌

504,880‌

Series

2017-1

,

GO

,

5.00

%

,

11/01/27

.....

765‌

796,358‌

Series

2021-1

,

GO

,

5.00

%

,

05/01/28

.....

4,500‌

4,774,405‌

Series

2021A

,

GO

,

5.00

%

,

05/01/28

.....

1,315‌

1,395,187‌

Series

2023-1

,

GO

,

5.00

%

,

05/01/28

.....

12,885‌

13,670,713‌

Series

2019A

,

RB

,

5.00

%

,

05/01/28

.....

15,180‌

15,776,085‌

Series

2025-3

,

GO

,

5.00

%

,

05/01/29

.....

5,000‌

5,392,807‌

Series

2024-1

,

GO

,

5.00

%

,

05/01/29

.....

4,000‌

4,314,245‌

Series

2024-2

,

GO

,

5.00

%

,

05/01/29

.....

1,880‌

2,027,695‌

Series

2025-3

,

GO

,

5.00

%

,

05/01/30

.....

5,000‌

5,471,263‌

State

of

Wisconsin

Environmental

Improvement

Fund

Series

2018A

,

RB

,

5.00

%

,

06/01/25

.....

2,340‌

2,340,000‌

Series

2021A

,

RB

,

5.00

%

,

06/01/26

.....

1,405‌

1,435,337‌

Sun

Prairie

Area

School

District,

GO,

5.00%, 03/01/30

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

2,250‌

2,442,890‌

Wisconsin

Department

of

Transportation

Series

2015-1

,

RB

,

5.00

%

,

07/01/25

.....

605‌

605,945‌

Series

2017-2

,

RB

,

5.00

%

,

07/01/28

.....

3,355‌

3,495,221‌

Series

2025-1

,

RB

,

5.00

%

,

07/01/29

(a)

....

4,000‌

4,330,013‌

142,882,155‌

Total

Long-Term

Investments

—

100

.3

%

(Cost:

$

9,658,808,209

)

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

9,626,870,030‌

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

0.1%

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

,

2.02

%

(d)

(e)

.........

6,749,567

6,750,242‌

Total

Short-Term

Securities

—

0

.1

%

(Cost:

$

6,750,242

)

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

6,750,242‌

Total

Investments

—

100

.4

%

(Cost:

$

9,665,558,451

)

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

9,633,620,272‌

Liabilities

in

Excess

of

Other

Assets

—

(

0.4

)

%

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

(

34,024,050‌

)

Net

Assets

—

100.0%

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

$

9,599,596,222‌

(a)

When-issued

security.

(b)

Zero-coupon

bond.

(c)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

27

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

$

84,934

$

6,665,308

(a)

$

—

$

—

$

—

$

6,750,242

6,749,567

$

100,413

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Municipal

Bonds

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

$

—

$

9,626,870,030

$

—

$

9,626,870,030

Short-Term

Securities

Money

Market

Funds

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

6,750,242

—

—

6,750,242

$

6,750,242

$

9,626,870,030

$

—

$

9,633,620,272

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

Short-Term

National

Muni

Bond

ETF

28

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.

BHAC-CR

Berkshire Hathaway

Assurance

Corp.

Custodial

Receipt

COP

Certificates

of

Participation

GO

General

Obligation

Bonds

GTD

Guaranteed

HERBIP

Higher

Education

Revenue

Bond

Intercept

Program

LOC

Letter

of

Credit

MBIA

Municipal

Bond

Insurance

Association

NPFGC

National

Public

Finance

Guarantee

Corp.

PSF

Permanent

School

Fund

Q-SBLF

Qualified

School

Bond

Loan

Fund

RB

Revenue

Bonds

SAP

Subject

to

Appropriations

SAW

State

Aid

Withholding

VRDN

Variable

Rate

Demand

Notes